MARCH 11/TODAY IS PROBABLY THE LAST DAY OF OUR BANKER’S FAILED ATTEMPT TO RAID OUR TWO PRECIOUS METALS: GOLD FELL BY $14.60 TO $1981.10//SILVER DOWN ONLY 13 CENTS TO $25.80//COMEX GOLD STANDING FOR MARCH RISES AGAIN BECAUSE OF A HUGE QUEUE JUMP OF 62,200 OZ//NEW STANDING 34.021 TONNES//SILVER OZ STANDING ALSO INCREASES WITH A STRONG 290,000 QUEUE JUMP//NEW STANDING: 51.755 MILLION OZ/COVID UPDATES/VACCINE MANDATE UPDATES/VACCINE IMPACT//RUSSIA VS UKRAINE UPDATES//IRAN NUCLEAR DEAL OFF MUCH TO THE ANGER OF BIDEN/SWAMP STORIES FOR YOU TONIGHT//

March 11, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

MARCH11

GOLD;  $1981.10 DOWN $14.60

SILVER: $25.80 DOWN $0.13

ACCESS MARKET: GOLD $1986.50

SILVER: $25.83

Bitcoin morning price:  $40,006 UP 534 

Bitcoin: afternoon price: $38,605 DOWN 867

Platinum price: closing DOWN $2.45 to $1077.30

Palladium price; closing DOWN $116.10  at $2788.10

END

end

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comex notices/

March: JPMorgan stopped/total issued  173/293 

COMEX//NOTICES FILED

EXCHANGE: COMEX
CONTRACT: MARCH 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,998.100000000 USD
INTENT DATE: 03/10/2022 DELIVERY DATE: 03/14/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 5
104 C MIZUHO 9
363 H WELLS FARGO SEC 15
365 H ED&F MAN CAPITA 4
435 H SCOTIA CAPITAL 28
624 H BOFA SECURITIES 36
657 H MORGAN STANLEY 9
661 C JP MORGAN 250 173
690 C ABN AMRO 3
737 C ADVANTAGE 12 3
800 C MAREX SPEC 27 5
905 C ADM 7


TOTAL: 293 293

MONTH TO DATE: 9,454  



NUMBER OF NOTICES FILED TODAY FOR  Mar. CONTRACT:293 NOTICE(S) FOR 29,300 OZ  (.91135  TONNES)

total notices so far:  9454 contracts for 945,400 oz (29.405 tonnes)

SILVER NOTICES: 

520 NOTICE(S) FILED TODAY FOR  2.600,000   OZ/

total number of notices filed so far this month  9930  :  for 49,650.000  oz

END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

END

GLD

WITH GOLD DOWN $14.60

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//

A BIG CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF 1.74 TONNES FORM THE GLD..

INVENTORY RESTS AT 1061.54 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $0.39

AT THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

NO CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 5.174 MILLION OZ FROM THE SLV//

FROM THE SLV. 

CLOSING INVENTORY: 542.897 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A STRONG SIZED  759 CONTRACTS TO 164,741  AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG GAIN IN OI WAS ACCOMPLISHED WITH OUR STRONG  $0.39 GAIN  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.39) AND WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS  AS WE HAD A STRONG GAIN OF 3360 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE!!! 

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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A HUGE INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 42.860 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 290,000 OZ //NEW STANDING 51.755 MILLION OZ //         V)    STRONG SIZED COMEX OI GAIN/

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : —2381

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

TOTAL CONTACTS for 9 days, total  contracts: :  23,123 contracts or 115.615 million oz  OR 12.3846 MILLION OZ PER DAY. (2569 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 23,123 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 115,615 MILLION OZ

.

LAST 11 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: 115.615 MILLION OZ//THIS IS GOING TO BE A HUGE EFP ISSUANCE MONTH AND MOST LIKELY WILL SET A RECORD FOR ANY MONTH

RESULT: WE HAD A STRONG  SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 759 WITH OUR STRONG  $0.39  GAIN SILVER PRICING AT THE COMEX// THURSDAY  THE CME NOTIFIED US THAT WE HAD A  VERY SMALL  SIZED EFP ISSUANCE OF 220 CONTRACTS( 220 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 290,000 OZ QUEUE JUMP  ///  .. WE HAD A STRONG SIZED GAIN OF 979 OI CONTRACTS ON THE TWO EXCHANGES FOR 4.895 MILLION OZ 

 WE HAD 520 NOTICES FILED TODAY FOR  2,600,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 22,254 CONTRACTS  TO 619,721 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: –3594  CONTRACTS. 

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE HUGE SIZED DECREASE IN COMEX OI CAME DESPITE OUR STRONG GAIN IN PRICE OF $11.55//COMEX GOLD TRADING/THURSDAY/.AS IN SILVER WE MUST  HAD  HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GOOD SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   AS THE ENTIRE LOSS NO DOUBT WAS THE EARLY USE OF SPREADER AND THE NEW T.A.S. FORMAT.  OBVIOUSLY THIS IS HUGELY CRIMINAL.

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 14.818 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 62,200 OZ//NEW STANDING 34.021 TONNES 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $11.55 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A HUGE SIZED LOSS OF 17,943  OI CONTRACTS (55.810 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED  4311 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 623,315.

IN ESSENCE WE HAVE AN ATMOSPHERIC SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 14,349, WITH 18,660 CONTRACTS DECREASED AT THE COMEX AND 4311 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 14,349 CONTRACTS OR 44.63 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4311) ACCOMPANYING THE HUMONGOUS SIZED LOSS IN COMEX OI (22,254,): TOTAL LOSS IN THE TWO EXCHANGES 17,943 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 TODAY’S STRONG QUEUE JUMP OF 62,200 OZ//NEW STANDING 34.021 TONNES ///  3) ZERO LONG LIQUIDATION AS THE ENTIRE LOSS IN OI WAS DUE TO SPREADER/TAS LIQUIDATION///. ,4)  HUMONGOUS SIZED COMEX OI. LOSS 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL/

LADIES AND GENTLEMEN: THE GOLD COMEX IS ALSO BEING ATTACKED FOR GOLD METAL FROM LONDON ET AL.

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 MAR :

56,464 CONTRACTS OR 5,646,400 OR 175.62  TONNES 9 TRADING DAY(S) AND THUS AVERAGING: 627 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 175.62TONNES

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

THUS EFP TRANSFERS REPRESENTS  175.62/3550 x 100% TONNES  4.95% 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.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH:  162.21 TONNES INITIAL( THIS WILL PROBABLY BE A RECORD EFP ISSUANCE MONTH)

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  NON ACTIVE 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 759 CONTRACTS TO 164,741  AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  4 1/2 YEARS AGO.  

EFP ISSUANCE 220 CONTRACTS

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

MAR 220  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2335 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 759 CONTRACTS AND ADD TO THE 220 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 979 OPEN INTEREST CONTRACT FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.895 MILLION  OZ, 

OCCURRED WITH OUR  $0.39 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)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 13.66 PTS OR 0.41%       //Hang Sang CLOSED DOWN 336.47 PTS OR 1.61 %  /The Nikkei closed DOWN 527.62 PTS or 2.05%       //Australia’s all ordinaires CLOSED DOWN 0.97%  /Chinese yuan (ONSHORE) closed DOWN 6.3324    /Oil DOWN TO 106.94 dollars per barrel for WTI and DOWN TO 110.54 for Brent. Stocks in Europe OPENED  ALL GREEN        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3324. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3439: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE 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 GIGANTIC SIZED 22,254 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 STRONG GAIN OF $11.55 IN GOLD PRICING THURSDAY’S COMEX TRADING. WE ALSO HAD A  GOOD SIZED EFP (4311 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4311 EFP CONTRACTS WERE ISSUED:  ;: ,   & FEB. 0 APRIL:4311 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6700 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: AN ATMOSPHERIC SIZED  TOTAL OF 17,943 CONTRACTS IN THAT 4311 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A  HUMONGOUS SIZED  COMEX OI LOSS OF 22,254  CONTRACTS..AND THIS OCCURRED WITH A STRONG GAIN IN PRICE OF $11.55. THE ONLY ANSWER TO WHY THE COMEX OI DROPPED SO MUCH WAS PROBABLY AN EARLY RELEASE OF THE SPREADERS/AND THE NEW T.A.S. (TRADING AT SETTLEMENT).  THE TAS WORKS IDENTICAL TO THE SPREADER FORMULA THAT I HAVE PRESENTED TO YOU.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAR   (34.021),

 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

YEAR 2022:

JANUARY 2022 XXXX

FEB 2022: 59.023 TONNES

MARCH: 34.021 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $11.55) AND  THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAVE  REGISTERED A HUGE  SIZED LOSS  OF 55.810 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAR (34.021 TONNES)…WITH THE PROBABLE LOSS DUE TO SPREADER/TAS.LIQUIDATION.

WE HAD  –3594 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 17,943 CONTRACTS OR 1,794,300 OZ OR 55.810 TONNES

Estimated gold volume today: 318,701 ///STRONG

Confirmed volume yesterday: 403,955contracts  strong

INITIAL STANDINGS FOR MAR ’22 COMEX GOLD //MARCH 11

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz319.080 oz
Brinks
HSBC
1 kilobars
/Brinks
Deposit to the Dealer Inventory in oz32,487.840OZ
Brinks 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today293  notice(s)29300 OZ
0.91135 TONNES
No of oz to be served (notices)1484 contracts 
148,400 oz
4.615 TONNES
Total monthly oz gold served (contracts) so far this month9454 notices
945,400 OZ
29.405 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

For today:

1)dealer deposit 

i)Into Brinks: 32,487.840 oz

total dealer deposit 32,487.840 oz

No dealer withdrawal 0

0 customer deposit

total deposit: nil  oz

2 customer withdrawal

i) Out of HSBC  286.929 oz

ii) Out of Brinks  32.151 oz  one kilobar

total withdrawals: 319.080l     oz  

ADJUSTMENTS:  3/

a)  dealer to customer:

Brinks 385.812 oz

b) customer to dealer

JPMorgan: 80,007.290 oz

c) Manfra 24,113.250 oz  750 kilobars

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MARCH.

For the front month of MARCH we have an oi of 1777 contracts having lost 571

We had 1193 notices filed yesterday so strangely again on day 9 we gained another whopper of a queue jump i.e. 622 contracts or an additional 62,200 oz will  stand for delivery and these guys refused again to be EFP’d over to London. They must

be after large amounts of gold on this side of the pond after Russia cannot//will not supply any precious metals to London. The 62,200 oz is represented by 1.9346 tonnes, 

April saw a loss of 43,708 contracts down to 338,980.

May saw a gain of 516 contracts to stand at 4055

June saw a GAIN of 21,070 contracts up to 212,112 contracts

We had 293 notice(s) filed today for 29,300  oz FOR THE MAR 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and 250 notices were issued from their client or customer account. The total of all issuance by all participants equates to 293 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 173 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 5  notice(s) received (stopped) by the squid  (Goldman Sachs)

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

we take the total number of notices filed so far for the month (9454) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR: 1777 CONTRACTS ) minus the number of notices served upon today  1293 x 100 oz per contract equals 1,031,600 OZ  OR 32.087 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 (9454) x 100 oz+   (1777)  OI for the front month minus the number of notices served upon today (293} x 100 oz} which equals 1,093,800 oz standing OR 34.021 TONNES in this  NON active delivery month of MAR.

TOTAL COMEX GOLD STANDING:  34.021 TONNES  (A WHOPPER FOR A MAR (NON ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

191,133,764.7, oz NOW PLEDGED /HSBC  5.94 TONNES

123,963.792 PLEDGED  MANFRA 3.86 TONNES

54,339.114oz PLEDGED JPMorgan no 1  1.690 tonnes

243,923.704, oz  JPM No 2  7.58 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:  1,543,044.471 oz                                     47.99 tonnes

TOTAL REGISTERED AND ELIG GOLD AT THE COMEX: 32,948,292.235  OZ (1024.83 TONNES)

TOTAL ELIGIBLE GOLD: 15,393,727.427 OZ (478.80 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,554,565.808 OZ  (546.02 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 16,011,521.0 OZ (REG GOLD- PLEDGED GOLD)  498.02 tonnes

END

MAR 2022 CONTRACT MONTH//SILVER//MARCH 11

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory355,076.511  oz
Brinks
CNT
Delaware’
Manfra
Deposits to the Dealer InventorynilOZ
Deposits to the Customer Inventorynil oz
No of oz served today (contracts)520CONTRACT(S)
2,600,000  OZ)
No of oz to be served (notices)421 contracts (2,105,000 oz)
Total monthly oz silver served (contracts)9930 contracts 
49,650,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 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 0 deposits into the customer account

total deposit:  nil oz

JPMorgan has a total silver weight: 182.328 million oz/344.952 million =52.85% of comex 

ii) Comex withdrawals: 4

a)Out of Brinks  3751.50 oz

b) Out of CNT: 101,921.610 oz

c) Out of Delaware 48,139.701 oz

d) Out of Manfra 200,263.700 oz

total withdrawal 355,076.511  oz

we had 1 adjustments//  dealer to customer

a) Brinks  385.812 oz

customer to dealer

b) JPMorgan 80,007.290 oz

c) Manfra:  24,113.250 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 92.094 MILLION OZ

TOTAL REG + ELIG. 344.952 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH OI:  941, HAVING LOST 166 CONTRACTS FROM THURSDAY.

WE HAD 224 NOTICES SERVED UPON YESTERDAY, SO WE GAINED A STRONG 58 CONTRACTS OR AN ADDITIONAL 290,000 OZ WILL  STAND

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

APRIL HAD A  18 CONTRACT GAIN// CONTRACTS RISING TO 647

MAY HAD A GAIN OF 482 CONTRACTS UP TO 127,431 contracts

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 520 for 2,600,000 oz

Comex volumes: 54,004// est. volume today//fair/

Comex volume: confirmed yesterday: 62,884 contracts (strong/l )

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  9930 x 5,000 oz = 49,650,000 oz 

to which we add the difference between the open interest for the front month of MAR (1777) and the number of notices served upon today 520 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAR./2021 contract month: 9930 (notices served so far) x 5000 oz + OI for front month of MAR (1777)  – number of notices served upon today (520) x 5000 oz of silver standing for the MAR contract month equates 51,755,000 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 11/WITH GOLD DOWN 414.60: A BIG CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1061.54 TONNES

MARCH 10//WITH GOLD UP $11.55: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.06 TONNES FORM THE GLD///INVENTORY RESTS AT 1063.28 TONNES

MARCH 9/WITH GOLD DOWN $53.85//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.64 TONNES INTO THE GLD//INVENTORY RESTS AT 1067.34 TONNES

MARCH 8/WITH GOLD UP $46.10: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 8.42 TONNES INTO THE GLD///INVENTORY RESTS AT 1062.70 TONNES

MARCH 7/WITH GOLD UP $28.40 A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.06 TONNES INTO THE GLD..//INVENTORY RESTS AT 1054.28 TONNES

MARCH 4/WITH GOLD UP $28.40//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1050.22 TONNES

MARCH 3/WITH GOLD UP $13.95: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 7.84 TONNES//INVENTORY RESTS AT 1050.22 TONNES

MARCH 2/WITH GOLD DOWN $20.80//A MONSTER CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 13.36 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1042.38 TONNES

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

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

CLOSING INVENTORY FOR THE GLD//1061.54 TONNES

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

MARCH 11/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.897 TONNES

MARCH 10/WITH SILVER UP 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.897 MILLION OZ/

MARCH 9/WITH SILVER DOWN 88 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.174 MILLION OZ OF FAKE SILVER.//INVENTORY RESTS AT 542.897 MILLION OZ//

MARCH 8/WITH SILVER UP 88 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.217 MILLION OZ INTO THE SLV////INVENTORY RESTS A 548.071 MILLION OZ//

MARCH 7/WITH SILVER UP 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ//

MARCH 4/WITH SILVER UP 50 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ/

MARCH 3/WITH SILVER UP 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ//

MARCH 2/WITH SILVER DOWN $.32 TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 198,000 OZ FROM THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ//

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

SLV FINAL INVENTORY FOR TODAY: 542.897 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

END

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

Von Greyerz: “The Dark Years Are Here”

FRIDAY, MAR 11, 2022 – 05:00 AM

Authored by Egon von Greyerz via GoldSwitzerland.com,

A GLOBAL MONETARY & COMMODITY INFERNO OF NUCLEAR PROPORTIONS

When the sh-t hits the global fan, it often does it at the optimal time for the maximum amount of damage and with the worst kind of sh-t to soil the world.

For years I have been clear that the world is reaching the end of an economic, financial and monetary era which will affect mankind catastrophically for decades. 

The world will obviously blame Putin for the catastrophe which will hit every corner of our planet. But we must remember that neither Putin nor Covid is the reason for the economic cataclysm that we are now approaching. 

These events are catalysts which will have a major effect because they are hitting a gigantic debt bubble of a magnitude that has never been seen before in history. And it obviously takes very little to prick this epic bubble.

What is unequivocal is that all currencies will finish the 100+ year fall to ZERO in the next few yearsIt is also crystal clear that all the asset bubbles – stocks, bonds and property – will implode at the same time leading to a long and deep depression.

We had the warning in 2006-9 but central banks ignored it and just added new worthless debt to existing worthless debt to create worthless debt squared – an obvious recipe for disaster.

So as is often typical for the end of an economic era, the catalyst is totally unexpected and worse than anyone could have forecast.

WAR CYCLES

Yes, I and a few others have pointed out that we are in a war cycle currently, and recent events have clearly confirmed this and hit the world with a vengeance.

Just as nobody paid any serious attention to the warning that the Great Financial Crisis in 2006-9 gave the world, few people have taken Putin’s warnings seriously since the 2014 Maidan revolution in Ukraine.

When sh-t happens at the end of an excessive bubble era, it will always be the worst kind. And what can be worse than a major war that could develop into a nuclear and world war.

Sadly, wars are part of history and there is virtually no period in history without a war. Wikipedia lists around 40 ongoing wars and conflicts currently with most of them being relatively small and local. The majority are in the Middle East and Africa.

Wars are horrible at any level and Russia’s invasion of Ukraine certainly qualifies as another grim conflict that potentially could have been avoided. In the US backed Maidan Revolution in Ukraine in 2014, the Russian friendly Ukrainian President Yanukovych was pushed out. Since then, Putin has always made it clear that he could not accept being surrounded by a US and Western backed Ukraine as well as Nato members with missile systems pointing to Russia. The parallel with Cuba, Kennedy and Khrushchev in 1962 is obvious.

Whether anyone listened to Putin’s demands or not, he made it very clear that he could never let Russia be cornered in this manner. If the US and the West had focused more on critical diplomacy for the sake of global peace, things could have been different. But instead, all Western world leaders found nebulous and uncontroversial areas to agree on such as Covid, climate change, wokeism, rewriting history and creating unlimited genders.

Leaders also deliberately ignored the fact that the world was going towards an inevitable economic debt and asset collapse. Much easier to rearrange the deck chairs than to deal with real and emphatically catastrophic issues.

So Putin is now the number one enemy of the Western world since starting a war is always unacceptable whoever starts it. Lindsey Graham, a US Republican senator just suggested that Putin should be taken out! But Boris Johnson fortunately disagreed but  suggested instead that Putin should be held to account at the International (Criminal) Court. 

Fair enough, war crimes are always crimes and should therefore be punished.

But what is interesting to observe is that when the US with Allies start unprovoked wars in Vietnam, Iraq, Libya or Syria with hundreds of thousands of innocent victims, destroying the fabric of these societies and also leading to anarchy, no one calls for the US president or UK prime minister to be held to account.

Obviously, the world has never been a level playing field.

THE FED CAN NEVER GET INFLATION RIGHT

Inflation leading to hyperinflation was always guaranteed in the current debt infested era, although the Fed and other Western central banks have never understood what inflation is. Just as they didn’t understand that their fake and manipulated inflation figures couldn’t even reach the Fed target of 2%. Now with real US inflation exceeding 15% (see graph below), the Fed has a new dilemma that they are totally unprepared for.

The US government conveniently changed the calculation of inflation to suit their purpose. Had they stuck to the 1980s established method, official inflation would be over 15% today and rising.

For years, the US Fed unsuccessfully tried, with all the king’s horses and all the king’s men, to get inflation up to 2%. In spite of throwing $ trillions at the problem and keeping interest rates at zero, they never understood why they failed.

In spite of printing unlimited amounts of counterfeit money, inflation for years stayed nearer 0% than 2%.

Now with official inflation at 7% and real at 15%, the Fed can’t understand what has hit them as we know from their laughable “transitory” language.

So now a quick volte face for the Fed to figure out how to reduce inflation by 5 percentage points and more likely by 13 to get inflation down to 2% instead of up to 2%.

Clearly the Fed can never get it right but many of us have known that for a very long time.

If the Fed studied and understood Austrian economics rather than defunct Keynesianism, they would know that the real inflation rate depends on growth in money supply rather than the obsolete consumer price model.

BASED ON THE GROWTH IN MONEY SUPPLY, US INFLATION IS NOW 19%

So let’s take a look at the growth in Money Supply. Since 1971, M2 has grown by 7% annually. A 7% growth means that prices double every 10 years. Thus 100% total inflation over 10 years rather than the 2% per annum that is the Fed target.

But as the chart above shows, the exponential phase started in March 2020 with M2 growing by 19% annually since then. That means a doubling of prices every 3.8 years.

Since money supply is growing at 19% annually, this means that inflation is also 19% based on our Austrian friends.

And this is what the US and the world was facing before the Ukraine crisis. But now there is a lot of explosive fuel being poured on the global inflation fire.

RUSSIA HAS THE BIGGEST GLOBAL NATURAL RESOURCE RESERVES

Russia has the biggest natural resource reserves in the world which include coal, natural gas, oil, gold, timber, rare earth metals etc. In Rubles these reserves will obviously appreciate substantially with the falling currency.

In total, the Russian natural resource reserves are estimated at $75 trillion. That is 66% higher than the second country USA and more than twice as much as Saudi Arabia and Canada.

Even if the total Russian supply is not lost to the world, it is clear that the West is determined to punish Russia to the furthest extent possible. Therefore, as we have already seen in the major escalation of oil and gas prices, the shortages will put insufferable pressure on the prices of natural resources.

The table below shows the countries in Europe that are dependent on Russian gas for more than 50% of their total consumption.

A COMMODITY BLACK SWAN IS COMING

The global market for grains, vegetable oil and fertilisers was already extremely tight before Russia’s attack.

What is happening now is a commodity black swan across both energy and agricultural resources.

The World Food Programme warned of a catastrophic scarcity for several hundred million people last November. What is happening now will make this exponentially worse.

“Everything is going up vertically. The whole production chain is under pressure from every side,” said UN’s ex-head of agricultural markets.

Energy and agricultural products are interlinked. Gas is feedstock for fertiliser production in Europe. Russia and Belarus together account for 1/3 of the world’s potash exports.

Around 33% of world exports of barley come from Russia and Ukraine together, 30% of wheat, 20% of maize and 80% of sunflower oil.

The consequences are unforeseeable.

Goldman Sachs Commodity Index is up 3X since April 2020. The exponential phase of  the move has just started.

UN’s Food and Agricultural Organisation (FOA) are reporting a 43% increase in food price since 2020. And remember, this was before the real problems had started.

A GLOBAL MONETARY AND COMMODITY INFERNO

I have for quite a few years warned about the coming inflation, leading to hyperinflation, based on unlimited money printing.

But the dynamite of a global commodity crisis and shortages thrown into the already catastrophic debt and global monetary fire will create an inferno of nuclear proportions.

If a miracle doesn’t stop this war very quickly (which is extremely unlikely), the world will soon be entering a hyperinflationary commodity explosion (think both energy, metals and food) combined with a cataclysmic deflationary asset implosion (think debt, stocks and property).

The world will be experiencing totally unknown consequences without the ability to solve any of them for a very long time.

All the above would most likely happen even without a global war. But if the war spreads outside Russia and Ukraine, then all bets are off. At this point I am not going to speculate about such an outcome since what is standing in front of us currently certainly is bad enough.

IS THERE ANY GOOD NEWS?

So is there any good news? Well, first of all as I often repeat, family and a small group of friends and colleagues will be invaluable in the coming crisis.

And since a commodity inflation is guaranteed, it is obvious that physical gold and some silver will be a life saver against the coming bubble-asset destruction (stocks, bonds, property.

As I have said many times:

“GOLD AND SILVER WILL REACH UNTHINKABLE HEIGHTS!”

In a crisis of this magnitude, I would stay away from paper assets including ETFs of any kind. It is clearly imperative to have physical metals stored outside the financial system.

And remember not to measure your wealth or your gold in worthless paper money. Instead measure your gold and silver in ounces or grammes.

Just look at what happens to gold when the currency collapses. The chart below shows gold in Rubles since 2000. Gold is up 38X in the last 21 years. Just in the last 12 months, gold is up 89% in Rubles and the problems have just began.

Russia was the world’s second largest gold producer in 2020 with 331 tonnes after China with 368 tonnes.

These two countries have officially accumulated 3,400 tonnes of gold since 2000 giving them a total of 4,200t.

Some insiders estimate that China’s gold reserves could be as high as 20,000t and Russia’s also considerably higher than the 2,300t.

So while Russia and China have increased their combined gold holdings 5X since 2000 The US allegedly has held 8,000 since 1980. But since there has been no official physical audit of the US gold since 1953, few believe that they hold this amount of unencumbered gold.

Remember: “He who holds the gold makes the rules”

In 2009 I wrote an article called “The Dark Years Are Here”. I have republished parts of it a couple of times and the last time in 2020 with an article called “The Dark Years & The Forth Turning”

Sadly it now looks like the Dark Years are starting in earnest.

Except for protecting your assets against collapsing currencies, I repeat that the circle of family and friends and helping others will be absolutely critical.

PAM AND RUSS MARTENS:

WALL STREET ON PARADE

Citigroup, Goldman Sachs and JPMorgan Are in the Hot Seat: Sever Cozy Ties with Russia or Earn the Wrath of U.S. and EU Clients

By Pam Martens and Russ Martens: March 11, 2022 ~

Wall Street Bank Logos with Russian FlagRussia began its brutal invasion of Ukraine on February 24. Two days later the European Commission, U.S., U.K. and Canada announced sweeping sanctions, which have grown in granular details since then. By early this week, hundreds of corporations with the most famous brands in the world had announced that they were closing their stores in Russia, or ceasing to ship their products there, or severing joint business operations in a rebuke to Russia’s illegal war in Ukraine.

But it wasn’t until this past Wednesday that anyone heard a peep from the largest U.S. banks on Wall Street about their plans to cease operations in Russia. Citigroup made its ambiguous announcement on Wednesday, March 9, followed by equally vague statements by Goldman Sachs and JPMorgan Chase on Thursday, March 10.

A slogan of “The Coalition of the Timid” came to mind.

Citigroup’s statement was officially released by Edward Skyler, Executive Vice President of Global Public Affairs. It read in part:

“We are continuing our previously announced efforts to exit our consumer banking business in Russia. As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations. We are also supporting our corporate clients in Russia, including many American and European multi-national corporations who we are helping as they suspend or unwind their business. With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country.”

Citigroup has the most extensive operations in Russia of any other U.S. bank. Its Russian website reports that it is “a key banking partner” for about 3,000 corporate clients; has branches servicing approximately 500,000 individual customers in 10 major cities in Russia. It provides the following services: “…cash management, trade finance, investment banking, corporate finance, lending, foreign exchange and hedging services, securities services, issuer services and retail banking solutions, including wealth management, credit cards and personal loans.”

Citigroup said it was continuing “efforts to exit consumer banking.” Efforts to exit, and actually exiting, are two very different things. Citigroup has been saying that it plans to sell its consumer business in Russia since April of last year.

Notice that Citigroup’s statement of March 9 said nothing about exiting its corporate client business. That business has been very significant over the years and Citigroup brags about it as follows in its historical archive on its involvement in Russia, writing:

“In 2010, Citi acted as the joint lead manager of a USD 5.5 billion bond placement for Russia, the second largest dollar debt placement by an emerging market and Russia’s first placement in the global capital markets since 1998.

“In 2013, Citi marked a major milestone in our role as a leading international debt capital market intermediary: $100 billion in funds raised for Russian and CIS Eurobond issuers since participating in the debut placement in 1997.

“In 2014 Citi coordinated one of the major deals in that year with Phos Agro’s $440 million ECA-backed financing to fund construction of a new ammonia plant.

“In 2015 according to Dealogic, Citi was No.1 in cross-border M&A [Mergers and Acquisitions] in Russia. Citi advised on a number of Jumbo cross-border M&A deals, including Naspers’ $1.2 billion acquisition of a 50.5% stake in Avito, the largest technology M&A transaction ever in Russia and one of the largest Internet M&A transactions ever in EMEA. Citi played a key role in the one of the most significant cross-border M&A activities in Russia in 2016 — the sale of major stakes in Rosneft’s giant Vankor oil field to a group of Indian companies. This was not only the largest M&A deal of the year in Russia (totaling nearly USD 3 billion), it was also the largest ever acquisition by an Indian consortium outside of India.

“In 2017 Citi also invested in its private client infrastructure in Moscow by opening an upscale office to serve its wealthy clients on the 10th floor of Lotte Plaza Business Center on Novy Arbat.

“Citi is a leading provider of depositary receipt services and in 2017 Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by PJSC LUKOIL, one of the world’s largest oil and gas companies, as the successor depositary bank for its sponsored American Depositary Receipt (ADR) programs.”

As far as we can tell, Goldman Sachs and JPMorgan Chase did not release a formal statement on their websites regarding their plans to exit businesses in Russia, but simply opted to provide an emailed statement to reporters who were pressing them on the issue.

In an emailed statement to Reuters, Goldman Sachs and JPMorgan Chase said this:

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements.”

JPMorgan Chase: “In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia.”

However, JPMorgan’s website for its Russian operations continued to say this as of this morning:

“The bank offers a broad range of financial and banking services to legal entities, including treasury services, currency conversion operations, money market transactions, securities and derivatives trading, custody services and trade finance.

“The bank does not provide services to retail customers.”

JPMorgan Chase conducts its business in Russia under the name of J.P. Morgan Bank International. According to the Russian central bank, it has been registered there since October 26, 1993. The Russian central bank lists numerous licenses for the bank to conduct various businesses, including this one:

“License covering the following activities excluding for own company needs: development, manufacture, distribution of cryptographic solutions for information and telecommunication systems protected by cryptographic solutions; executing operations and providing services related to information encryption, technical maintenance of cryptographic tools and information and telecommunication systems protected by cryptographic solutions, No. 17696 H issued by Centre for Licensing, Certification and Protection of State Secrecy….”

Protecting Russian “State Secrecy” does not exactly sound like something President Biden’s administration would want to encourage at this particular time.

Goldman Sachs’ website says its physical presence in Russia began in 1998. It has been contractually hired, at least twice, to build Russia’s image and reputation among international investors. One contract was signed in 1992 between Goldman Sachs and the Boris Yeltsin administration. Another image-boosting contract was signed in 2013 under Putin. On February 4, 2013, Bloomberg News reported the following:

“Goldman Sachs Group Inc. (G) has been hired by the Russian government to burnish the nation’s image overseas and attract more institutional investors.

“The bank has signed a three-year agreement with the Economy Ministry and the Russian Direct Investment Fund to advise on issues such as communicating government decisions and setting up meetings with investors, according to Sergei Arsenyev, Goldman Sachs’s managing director of investment banking in Moscow…

“Goldman Sachs is one of 23 foreign and domestic banks selected to advise Russia on its 1 trillion-ruble ($33 billion) privatization program. Last year it helped advise OAO Sberbank, Russia’s largest lender, on a $5.2 billion equity sale.”

Sberbank, Russia’s largest bank, was trading for pennies on the London Stock Exchange last week, losing almost all of its market value since the Ukraine invasion, before the London Stock Exchange suspended trading in most Russian companies last week. The Moscow Stock Exchange has been closed to stock trading since Monday, February 28.

Goldman Sachs’ Russian website states that it “provides analytical research services for the Russian economy and Russian and foreign issuers. The Bank’s analytical research covers shares of 110 companies (99.5% of the MSCI index).”

Unfortunately for Goldman Sachs and its image building efforts, many of those Russian companies have seen their market value almost wiped out since Putin invaded Ukraine.

-END-

LAWRIE WILLIAMS: 

-END-

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

Sudan has announced emergency committee reports to address their collapsing economy (higher inflation in food/etc).  They pointed to gold mining as a possible boost.

They denied reports that Russia has been smuggling gold out of Sudan .

Sudan looks to gold to boost economy, denies smuggling to Russia 

Submitted by admin on Thu, 2022-03-10 21:57Section: Daily Dispatches

By Samah Khater
Voice of America, Washington
Thursday, March 10, 2022

KHARTOUM, Sudan — Sudan’s military rulers this week announced an emergency committee to address the country’s collapsing economy and pointed to its gold mining as a possible boost. 

Sudan’s ambassador to Russia has denied reports that Moscow has been smuggling gold from Sudan in preparation for sanctions over its invasion of Ukraine. But Sudanese analysts say gold smuggling is rampant, including to Russia.

State media today said the ruling Sovereign Council’s second in command, General Mohamed Hamdan Dagalo, known as Hemeti, met with gold miners who vowed to supply the central bank with gold.

The report came after Hemeti gave a rare press statement this week on efforts to prevent the country’s economic collapse.

Sudan’s exports dropped 85% in January and prices for everything are quickly rising — one of the main sparks for the 2019 uprising that led the military to oust former president Omar al-Bashir.

In remarks to media Monday, Hemeti announced an economic emergency committee to address the issues. Among other measures, he pointed to Sudan’s gold mining, which amounts to at least 50 tons per year, as a potential solution. …

… For the remainder of the report:

https://www.voanews.com/a/sudan-looks-to-gold-to-boost-economy-denies-russian-smuggling-/6479240.html

end

Your weekend reading material

Alasdair Macleod…

Alasdair Macleod: The end of fiat is coming into view

Submitted by admin on Thu, 2022-03-10 12:49Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, March 10, 2022

Tragic though the situation in Ukraine has become, the real war, which started out as financial in character some time ago, has now become both financial and about commodities. Russian President Vladimir Putin made a huge mistake invading Ukraine, but the West’s reaction by seeking to isolate Russia and its commodity exports from the global marketplace is an even greater one.

Further, with Ukraine being Europe’s breadbasket and a major exporter of fertiliser, this summer will bring acute food shortages, worsened by China having already accumulated the bulk of the world’s grains for its own population. Inflation measured by consumer prices has only just commenced an accelerated rise.

Because they discount falling purchasing power for currencies, rising interest rates and collapsing bond prices are now inevitable. Since it is loaded up with bonds and financial assets as collateral, the consequences for the global banking system are so significant that it is virtually impossible to see how it can survive. 

And if the banking system faces collapse, being unbacked by anything other than rapidly disappearing faith in them, fiat currencies will fail as well. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-end-of-fiat-hoving-into-view?gmrefcode=gata

end

Brought this major paper to you yesterday but if you missed it, I am repeating it:

(Ronan Manly)

Ronan Manly: With anti-Russia legislation, U.S. senators are clueless about gold

Submitted by admin on Thu, 2022-03-10 12:35Section: Daily Dispatches

12:35p ET Thursday, March 10, 2022

Dear Friend of GATA and Gold:

Bullion Star analyst Ronan Manly writes that legislation proposed in the U.S. Senate to freeze Russian gold reserves, while laughably ignorant about the monetary metal, is likely to push the East toward a financial system based on commodities and away from Western currencies.

Manly’s commentary is headlined “U.S. Tees Up ‘Stop Russian Gold Act,’ Triggering LBMA and Comex to Eject Russian Refiners” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/us-tees-up-stop-russian-gold-act-triggering-lbma-and-comex-to-eject-russian-refiners/

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

end

4.OTHER GOLD/SILVER COMMENTARIES

THIS IS BIG!!

(GATA) Russia is suspended from the Bank for International Settlements

By Caitlin Ostroff

The Wall Street Journal

Friday, March 11, 2022

https://www.wsj.com/livecoverage/russia-ukraine-latest- news-2022-03-11/card/russia-suspended-from-bank-for- international-settlements-gEiXwjyiIlkp9jSTV7sU

The Bank for International Settlements, known as the central bank for central banks, has suspended Russia from using its services following Western sanctions.

The move will prevent Russia’s central bank from accessing banking services at the Basel, Switzerland-based institution. Following Russia’s invasion of Ukraine, the U.S. and European Union blocked Russia’s central bank from utilizing about 40% of its $630 billion reserves.

Foreign reserves are by their nature held abroad, often in government bonds of other nations as well as at accounts with commercial banks and other nations central banks. The U.S. and European countries imposed sweeping sanctions on Russia in response to its invasion of Ukraine. Those strictures bar Russia’s central bank from conducting transactions with domestic banks in those countries, removing its ability to procure dollars and euros through selling its reserves.

Prior to the announcement by the BIS, economists said it was unclear whether the sanctions would prevent Russia’s central bank from accessing accounts and other services at the BIS.

“The Bank for International Settlements is following international sanctions against the central bank of Russia, as applicable, and will not be an avenue for sanctions to be circumvented,” a BIS spokeswoman said. “The access of the central bank of Russia to all BIS services, meetings, and other BIS activities, has been suspended.”

end

END

end

5.OTHER COMMODITIES/ 

NICKEL UPDATE

JPMorgan Emerges As Largest Counterparty To Chinese Tycoon’s Massive Nickel Short Squeeze

FRIDAY, MAR 11, 2022 – 01:30 PM

Until yesterday, it appeared that a bailout plan for Chinese stainless steel titan Tsingshan Holding Group owned by “Big Shot” Xiang Guangda (and which was facing an $8 billion nickel margin call following the explosive surge in Nickel prices which briefly soared above $100,000/ton up 4x in just a few days, or would be if the Hong Kong-owned LME ever reopened Nickel trading) was coming along with the support of the largest US commercial bank, JPMorgan, and one of China’s largest banks, China Construction Bank, both of which would provide credit guarantees to the distressed producer (as we reported in “JPMorgan Bails Out Chinese Nickel Giant Facing Billions In Losses From Record Margin Call“). However, that rapidly cobbled-together rescue plan (which saw meetings running into the pre-dawn hours of Wednesday morning) took a major detour yesterday when Xiang announced that he intends to keep shorting nickel, as he thinks the price will drop eventually but raising the risk that the margin call will only get worse as buyers of nickel swarm the offer and inflict even more pain on the Chinese tycoon.

By way of quick background for those who have missed one of the most dramatic moments in metals market history, Tsingshan – which under the leadership of Xiang has emerged from obscurity to become the world’s biggest producer of nickel and also stainless steel – has struggled to meet margin calls as the price of nickel on the LME exploded higher as a result of an avalanche of short squeezes by producers (who traditionally hedge their physical exposure by shorting futures). As the WSJ reported previously, the total size of the margin call is roughly $8 billion, resulting from a short of some 150,000 tonnes of nickel; the company had started to amass its short position at the back end of last year when prices started to pick up because of demand from carmakers.

So as banks in the “rescue syndicate” perhaps got cold feet about their continued involvement in what may ultimately end up being an even bigger bail out, this morning the FT reported that none other than China itself was exploring a plan to rescue the billionaire owner of Tsingshan – which is China’s largest stainless steel producer and is thus systematically important for Beijing.

According to the FT, one option being considered is for Tsingshan to swap some of the lower grade nickel it produces –  which does not meet the LME’s quality standards – for refined metal held in China’s State Reserves Bureau. Tsingshan could then deliver the high-grade metal against its contract on the LME, pay off its brokers and close its lossmaking position.

But a wrinkle has emerged: as the FT reports, Chinese officials and the LME both want Tsingshan to pay its brokers, who are also facing large trading losses, and then exit its position. That will allow the market to reopen in a more orderly fashion. Another potential pathway is for Tsingshan to sell some of its low-grade metal and use the proceeds to settle with its brokers.

But all that was thrown in disarray yesterday when, as Bloomberg first reported, Xiang refuses to unwind his position and wants to keep his short positions in place, meaning that he would be at risk of an even bigger margin call should the price of nickel rise further.

Meanwhile, the LME which initially had said it would reopen nickel trading today, kept the market halted out of fears of displeasing Beijing and defaulting the country’s largest stainless steel producer. The LME has not said when nickel trading will resume. It said on Thursday that a plan to match long and short positions before the market reopens had received a mixed response.

So what happens next? Well, we reported previously Tsingshan has secured credit promises from several banks – including JPMorgan – that would give the company the ability to withstand further margin calls when the market reopens. According to the FT, Tsingshan could also use an agreement with China’s State Reserves Bureau (SRB) “to send a powerful message to the market about its ability to stay in its position without being squeezed.”

Meanwhile, as we wait to see what form the bailout will take, and whether Tsingshan will be forced to pay out on its margin call or will somehow be given a pass,  moments ago Bloomberg reported that JPMorgan is the largest counterparty to the nickel trades of the Chinese tycoon.

According to Bloomberg’s Jack Farchy, about 50,000 tons, or roughly a third, of Xiang Guangda’s total nickel short position of over 150,000 tons is held through an over-the-counter position with JPMorgan, citing “people familiar with the matter”.

Based on that figure, Tsingshan would have owed JPMorgan over $1 billion in margin on Monday.

That sizable figure, which JPMorgan would be on the hook for if Tsingshan fails, explains why Jamie Dimon’s bank is leading discussions between Xiang and roughly 10 banks and brokers through which his nickel short position is held. It also explains why JPMorgan emerged as the US bank that was working alongside Chinese lenders to organize a financial bailout of the steel maker.

Besides JPM, other banks and brokers include BNP Paribas, Standard Chartered, CCB International Holdings, ICBC Standard Bank, United Overseas Bank, DBS Group, BOC International and brokerage Sucden, according to Bloomberg.

For those who are getting a sense of deja vu, that what is taking place in the Nickel market now is reminiscent to Archegos one year ago, when a syndicate of banks had allowed the family office to put on billions in risk exposures via TRS only to pull their funding when they all realized the party was over, you are not too far off: the only difference is that this time, the banks are working hard to help the Archegos of 2022 stay alive, mostly because of the firm’s strategic importance to China.

Tsingshan’s difficulty in paying its margin call have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. If Tsingshan walks away from its commitments, the banks stand to lose billions of dollars. And now we know that none would lose more than JPM.

Making matters even more complciated, the crisis could still be resolved without losses for Xiang and the banks, as Tsingshan stands to benefit from the increase in prices if it can weather the storm. Meanwhile if Xiang holds on to his short position, as he has told his banks he wants to, and nickel prices go down once the LME reopens, the amount of money he owes his banks and brokers would also drop sharply. The big question of course is whether the price will drop, or if sensing the opportunity of a lifetime, speculators bounce and push the price of Nickel even higher, replicating the Volkswagen melt up squeeze, in the process leading to billions more in variation margin… and losses.

As Bloomberg also reveals, Tsingshan has a short position of about 30,000 tons of nickel directly on the LME, held through brokers CCBI, ICBC Standard Bank and Sucden. The remainder of the over 150,000 ton short position is held through bilateral deals with banks like JPMorgan. Many companies prefer to trade via such “over-the-counter” positions, which mean dealing only with the bank and also are subject to much fewer reporting requirements. The banks in turn generally offset their risk by placing short positions on the LME.

Meanwhile, JPMorgan – the leading bank in global metals trading by far – has the largest single short position on the LME, according to people familiar with the matter. But that position is held for client businesses, and according to Bloomberg “there’s no suggestion that the bank is placing its own short bets on nickel prices.”

So as we enter the weekend with no bailout deal still in place and with the LME not giving a clear date of when trading reopens, what happens next is anyone’s guess.

END

6.CRYPTOCURRENCIES

Russians cashing in their cryptos for hard assets

(zerohedge)

Bitcoin Slides On Report Russians Seek To Liquidate “Billions In Crypto” In UAE

FRIDAY, MAR 11, 2022 – 11:29 AM

After briefly rising above $40,000 this morning following the earlier report of some soothing words from Putin over the Ukraine conflict, Bitcoin and the broader crypto sector has slumped to session lows…

… following a Reuters report that crypto firms in the United Arab Emirates (UAE) are being flooded with requests to “liquidate billions of dollars of virtual currency” as Russians seek a safe haven for their fortunes, citing company executives and financial sources.

According to the report, some Russians are using cryptocurrency to “invest in real estate” in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere.  One crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of bitcoin because their clients are afraid Switzerland will freeze their assets, adding that none of the requests had been for less than $2 billion.

If accurate, that would naturally indicate that the recent Citi report suggesting that Russian crypto purchases had been de minimis was dead wrong, and instead Russians have been busy scooping up cryptos, just not in Rubles but in other currencies, which is why Citi never captured the transactions.

“We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest,” an executive said, adding that his firm normally receives an inquiry for a large transaction once a month.

“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,” the executive said.

Dubai, the Gulf’s financial and business center and a growing crypto hub, has long been a magnet for the world’s ultra-rich and the UAE’s refusal to take sides between Western allies and Moscow has signaled to Russians that their money is safe there.

One real estate broker, whose company has partnered with a cryptocurrency service to help people buy property, said: “We’ve been seeing a lot of Russians and even Belarusians coming to Dubai and bringing whatever they can bring, even in crypto.”

Meanwhile, finding themselves non-grata across most of Europe, a financial source in the UAE told Reuters that Russians are now buying property in Dubai, using crypto as a way of getting their money out of other jurisdictions and into the Gulf state.

Which is also strange considering that cryptocurrency exchanges have said that they are blocking the accounts of Russians sanctioned by the West over Moscow’s invasion of Ukraine. Major exchanges such as Coinbase and Binance say they are taking steps to ensure that crypto is not used as a vehicle to evade sanctions, and that they collaborate with law enforcement on the issue.

Still, European countries such as Germany and Estonia have this week called for tighter oversight to snuff out any loopholes that could allow sanctions busting. Three Western diplomats said they were increasingly alarmed by the number of Russians who in recent weeks were seeking a refuge in the UAE for their fortunes, including in property, and were wary that some could be acting on behalf of those under sanctions.

Two of the diplomats said they were skeptical that the UAE would crack down on Russian wealth in the Gulf state, which they said was predominantly held in Dubai, citing the country’s neutral stance in the conflict. A third said they hoped the UAE, which is also a gold trading hub, understood the implications for its reputation and would take action.

To be sure, the UAE’s role in facilitating global money laundering is nothing new, and a decade ago, Dubai emerged as a key pillar for Iran’s evasion of western sanctions when the state would allow Iran to trade gold with Turkey, while evading monetary sanctions (see “Turkish gold trade booms to Iran, via Dubai“).

Not surprisingly, the UAE was put on a “grey list” this month for increased monitoring by financial crime and money laundering watchdog the Financial Action Task Force (FATF). The FATF cited risks in certain industries, including real estate agents and precious metals dealers. Dubai adopted a virtual assets law this week and established a regulator. The UAE’s regulator said it was close to issuing regulations and has consulted on money laundering risks in the sector.

The UAE’s Foreign Ministry told Reuters it had no further comment beyond previous statements that the government has a “strong commitment” to working with FATF on areas for improvement in its anti-money laundering and counter-terrorism financing regime.

Countering the argument that bitcoin is the preferred currency of money launderers, Reuters cited experts who said the relative transparency of cryptocurrency transactions, which are recorded on the blockchain ledger that underpins bitcoin and other tokens, makes large-scale sanctions evasion difficult. Furthermore, the U.S. Treasury said on Monday that sanctions-busting using crypto was “not necessarily practicable,” and called for vigilance from companies in the industry.

Two sources familiar with the matter said UAE companies had reputational concerns about doing business with Russians, but felt the state’s abstention at the U.N. Security Council, when Russia vetoed a resolution condemning its invasion of Ukraine, was a signal they should not impose restrictions on Russians.

The UAE, which has deepened ties with Russia over the years, has not matched sanctions imposed by Western nations and its central bank has not issued any guidance regarding the measures. Dubai has long been popular with Russians, who were among the top visitors and purchasers of real estate even before the war and ensuing sanctions threw the Russian economy into turmoil.

Apurv Trivedi of Healy Consultants, which advises on setting up businesses, including crypto companies, said they had definitely been getting more interest from Russian clients.

“They’re basically trying to protect themselves against the inflationary pressures that are happening against the Russian currency. So crypto has been a very good exit for them to manage the risks that they’re facing,” Trivedi said. “It’s a good liquidity provider for them.”

Healy’s Sami Fadlallah said a lot of the money coming from Russia has been moving into Dubai’s real estate, citing both industry talk and their company’s experience.

“People parking their money in dozens of apartments in the Marina, Downtown,” Fadlallah said. “We’ve seen a lot of Russians hedging their bets against the devaluation of the rouble by moving a lot of assets into crypto. And the UAE is relatively loose in terms of its regulation and authorities over transferring crypto here.”

7. GOLD/ TRADING TODAY

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

ONSHORE YUAN: CLOSED DOWN 6.3334

OFFSHORE YUAN: 6.3439

HANG SANG CLOSED DOWN 336.47 PTS OR 1.61%

2. Nikkei closed DOWN 527.92 PTS 2.05%

3. Europe stocks  ALL GREEN 

USA dollar INDEX  DOWN TO  98.41/Euro FALLS TO 1.1008-

3b Japan 10 YR bond yield: FALLS TO. +.184/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 116.87/ 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:: 106.94 and Brent: 110.54–

3f Gold  DOWN /JAPANESE Yen DOWN 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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.0.313%/Italian 10 Yr bond yield RISES to 1.91% /SPAIN 10 YR BOND YIELD RISES TO 1.30%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.60: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 2.58

3k Gold at $1972.75 silver at: 25.52   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble;// Russian rouble UP 15.0/100 in roubles/dollar; ROUBLE AT 115.50

3m oil into the 106 dollar handle for WTI and 110 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 116.87 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 .9313– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0251 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: 2.018 UP 3 BASIS PTS

USA 30 YR BOND YIELD: 2.380 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 14.79

Futures Soar On Ukraine “Positive Developments” Comment From Putin

FRIDAY, MAR 11, 2022 – 07:52 AM

Here comes another rollercoaster of a day for markets.

In a rerurn of last week’s (transitory) Ukraine war “ceasefire” euphoria which fizzled almost as fast as it emerged, a little after 6am ET on Friday morning, futures which had been trading rangebound for much of the overnight session, soared 60 points in seconds after Interfax reported that according Putin told his Belarusian counterpart Alexander Lukashenko that “there are certain positive developments, as far as negotiators from our side informed me” adding that “Talks are happening almost daily.”

Whether this was merely an attempt to boost morale or an accurate reflection of events (doubtful since at the same time Bloomberg reports that Putin also said “Russia to Send Fighters From Middle East to Ukraine the WSJ reports that “Russian Forces Intensify Strikes on Cities in Western Ukraine“) did not matter because contracts on the S&P 500 and Nasdaq 100 indexes spiked higher as much as 1.5%, while safe havens like gold tumbled and 10Y yields pushed to new session highs above 2.01% and the he dollar erased gains.

Despite the positive shift in mood this morning, not everyone was on board: “our view remains that simply selling risk assets is not the best response to the war in Ukraine,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “But in this environment of heightened uncertainty, we advise investors to reduce excess equity exposure above long-term strategic benchmark allocations and add to hedges.”

In premarket trading, China’s Didi Global fell 20% in U.S. premarket trading after people familiar with the matter said the ride-hailing giant halted a plan to list its shares in Hong Kong for failing to appease regulators’ demands about its handling of user data.

DocuSign plunged 18% in early New York trading after the electronic-signature company forecast revenue for the first quarter that fell short of the average analyst estimate.

In the latest Ukraine developments, the big news as noted above is that Putin said there are certain positive shift in talks with Ukraine. Here are some other notable headlines in the always changing situation:

  • EU said it will support Ukraine in pursuing its European path and Austrian Chancellor Nehammer noted that EU leaders see Ukraine as part of the European family, while Netherlands PM Rutte said it may take years for the EU Commission to assess the Ukraine bid.
  • A source close to Turkish President Erdogan says a meeting between Russian President Putin and Ukrainian President Zelensky could become possible in the near future, according to Sky News Arabia.
  • US President Biden will speak regarding Russia at 10:15EST/15:15GMT today and will announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine, according to the White House. US President Biden also called for an end to Russia’s preferred trade status and is to announce a trade push by the G7, US and EU this Friday, which paves the way for higher tariffs on Russian goods.
  • US Treasury Secretary Yellen said they can do more regarding sanctions on Russia and she hasn’t seen evidence of China assisting Russia with sanctions.
  • White House Press Secretary Psaki said the US supports corporations making decisions about Russia and if Russia seizes companies’ assets, it will cause further suffering.

In Europe, the Stoxx Europe 600 Index rose 2.1% and was headed for its first weekly gain since the start of the Ukraine war, as investors reacted to the news of Putin’s commentary as they weighed the ECB’s newly found hawkishness amid the emerging stagflationary outlook. Travel and mining stocks were standout outperformers, while utilities, food and bank shares underperformed.  European stocks had their largest equity outflows on record in the week to March 9, while investors bought U.S. stocks, according to Bank of America Corp strategists citing EPFR data. Here are some of the biggest European movers today:

  • Leonardo shares jump as much as 12% in Milan trading after results and FY22 guidance. Mediobanca notes the forecast for free operating cash flow generation came in ahead of expectations.
  • EQT rises as much as 5.9% as Deutsche Bank initiates with a buy recommendation, saying alternative asset management is highest growth segment within the sector.
  • EssilorLuxottica shares climb as much as 4.5% as the eyewear giant unveiled longer-term profitability goals that exceeded expectations, outweighing worries over lack of 2022 guidance.
  • Pearson shares rise as much as 7.8%, following a so- called “uncooked” mention in a Betaville report regarding potential interest in the publishing company.
  • Wind energy stocks resumed their rally after a dip mid-week, with Citi expecting outperformance amid record energy prices and Europe’s strive for energy independence.
  • Lanxess shares climb as much as 7.4% in Frankfurt. The company’s guidance for adjusted Ebitda for 2022 showed outlook for “significant growth,” Jefferies says in a note to investors.
  • Rubis shares jump as much as 10% after the French company increased its dividend, gave a positive outlook and said it has no direct exposure to Russia and Ukraine.

Earlier in the session, Asian markets reflected overnight losses in the U.S. market. The MSCI index of Asian stocks capped its fourth consecutive weekly decline as a technology gauge in Hong Kong slumped more than 6% early in the session, after the U.S. identified five Chinese firms that could be delisted,before a burst of afternoon buying by China’s PPT salvaged some of the plunge.

Chinese stocks traded in the U.S. had their worst day since 2008 Thursday amid renewed regulatory concerns.

Japanese stocks dropped following declines on Wall Street as the fastest U.S. inflation in 40 years drove bond yields higher and raised expectations for steeper interest-rate hikes.  The Topix fell 1.7% to close at 1,799.54, while the Nikkei 225 declined 2.1% to 25,162.78. Toyota Motor Corp. contributed the most to the Topix’s decline, decreasing 4.4%. Out of 2,175 shares in the index, 413 rose and 1,703 fell, while 59 were unchanged.

Oil initially rebounded following news that Iran nuclear deal talks had been halted, but then then reversed following the Putin comments and was still on track for its biggest weekly loss since November. U.S. President Joe Biden is expected to call for an end to normal trade relations with Russia, clearing the way for increased tariffs on the country’s imports.

Treasuries remained near session lows reached in early U.S. session after Russian President Putin cited positive developments in talks with Ukraine. Front-end yields led the curve higher, with 2-year rising more than 5bp. S&P 500 futures jumped to a weekly high. U.S. 10-year yields hover around 2% with bunds underperforming in the sector, cheaper by 1bp while gilts trade broadly in line; 2s10s curve flattens by ~2bp, 5s30s by ~1bp. IG dollar issuance slate empty so far; over $67b has so far priced this week, eighth largest on record; 5 to 6 borrowers stood down Thursday, are expected to try again Friday.

In FX, the Bloomberg Dollar Spot Index rose as the greenback strengthened against all of its Group-of-10 peers apart from the Norwegian krone. The dollar advanced past 1.10 per euro in European session and Treasury yields rose by up to 2bps led by the front end while European benchmark yields were 1bp lower to 2bps higher. The pound slid to the lowest since November 2020 against the dollar amid concern that bets on interest-rate hikes may be too aggressive despite an unexpected surge in the U.K. economy. The U.K. economy surged at the strongest pace in seven months in January, surpassing levels prevailing before the coronavirus struck. GDP rose 0.8%, recovering from an 0.2% in December when the omicron variant of the virus was spreading. The yen was the worst G-10 performer and fell to a five-year low against the dollar; Australian and New Zealand dollars were also underperforming as traders cut positions before the weekend on concern fallout from the war in Ukraine will worsen in coming days. Ruble gained against dollar for a second day in onshore trading.

In commodities, crude futures advance after coming down from this week’s highs. WTI drifts 2.4% higher to trade around $108. Brent rises 2.6% at the $112 level. Spot gold falls roughly $6 to trade below $1,990/oz. Most base metals trade in the green; LME tin rises 1.7%, outperforming peers. LME zinc lags, dropping 0.6%

Looking at the day ahead, data releases include the UK’s GDP for January, whilst in the US there’s the University of Michigan’s preliminary consumer sentiment index for March. Otherwise, central bank speakers include the ECB’s Rehn and Centeno.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,268.00
  • STOXX Europe 600 up 0.7% to 430.00
  • MXAP down 1.7% to 171.77
  • MXAPJ down 1.3% to 563.03
  • Nikkei down 2.1% to 25,162.78
  • Topix down 1.7% to 1,799.54
  • Hang Seng Index down 1.6% to 20,553.79
  • Shanghai Composite up 0.4% to 3,309.75
  • Sensex up 0.3% to 55,616.90
  • Australia S&P/ASX 200 down 0.9% to 7,063.60
  • Kospi down 0.7% to 2,661.28
  • Brent Futures up 1.6% to $111.03/bbl
  • Gold spot down 0.3% to $1,990.83
  • U.S. Dollar Index up 0.29% to 98.80
  • German 10Y yield little changed at 0.26%
  • Euro down 0.2% to $1.0963

Top Overnight News from Bloomberg

  • President Joe Biden on Friday is set to call for an end of normal trade relations with Russia, clearing the way for increased tariffs on Russian imports, according to people familiar with the matter
  • The Senate passed a full year $1.5 trillion federal funding bill that wards off a possible government shutdown while also providing Ukraine with aid to respond to the Russian invasion of its territory
  • ECB Governing Council member Olli Rehn says the central bank on Thursday decided that the gradual normalization of monetary policy can continue and that the calibration of net purchases of securities will depend on data and reflect an “evolving assessment” of the outlook
  • The ECB’s decisions on Thursday mean there’s no longer an automatic link between the end of net asset purchases and possible interest-rate increases, Bank of France Governor Francois Villeroy de Galhau says
  • European equities broke last week’s record for outflows, while investors bought U.S. stocks, materials and gold as war rages in Ukraine, according to Bank of America strategists citing BofA and EPFR Global data
  • Global investors are losing faith in China’s ability to navigate an increasingly complex maze of challenges. The war in Ukraine raises the specter of harsh sanctions being applied to Chinese firms should they proceed with plans to acquire stakes in Russian energy and materials producers

A more detailed looka t global markets courtesy of newsquawk

Asian markets reflected overnight losses in the U.S. market. The MSCI index of Asian stocks capped its fourth consecutive weekly decline as a technology gauge in Hong Kong slumped more than 6% early in the session, after the U.S. identified five Chinese firms that could be delisted,before a burst of afternoon buying by China’s PPT salvaged some of the plunge.

Top Asian News

  • Didi Said to Halt Hong Kong Listing on Cybersecurity Probe
  • China Move to Boost Yuan-Ruble Trading Meets Dire Liquidity
  • Logan Cut Deeper into Junk; Bonds Decline: Evergrande Update
  • China Markets in Turmoil as Russia Ties Add to List of Risks

European bourses are firmer, Euro Stoxx 50 +3.0%, and were back around cash-open parameters after a choppy first-half to the session; however, President Putin’s remarks have sparked further risk-on. US futures are firmer across the board and derived recent upside from the Russian President, ES +1.3%, though magnitudes are somewhat more contained amid a thin US docket. In terms of the European sectors, cyclicals are outperforming with Energy/Retail among the top performers throughout the morning. France is said to be mulling reviving plans to nationalise EDF (EDF FP), according to Bloomberg sources. UK CMA and European Commission are launching parallel probes into the “Jedi Blue” agreement between Alphabet’s (GOOG) Google and Meta’s (FB).

Top European News

  • European Gas Set for Record Weekly Drop on Extreme Volatility
  • Wizz Air Leads Travel-Stock Rebound on HSBC Upgrade
  • Pearson Shares Rise Following Betaville ‘Uncooked Alert’ Mention
  • India is Said to Consider Rupee Payments for Trade With Russia

In FX, the DXY firmer, but off highs, around 98.500 after recent steep retreat as acceleration in US CPI underpins Fed tightening expectations, but with safe-havens and USD paring amid Russia’s Ukraine commentary. Yen folds amidst multiple bearish factors, including rates, risk, fiscal and technical impulses; USD/JPY probed 117.00 after breaching prior YTD twin peaks. Aussie also underperforming as RBA Governor Lowe keeps markets guessing on a 2022 rate hike, AUD/USD is back under 0.7350 and nearer round number below. Euro trying to find its feet following sharp post-ECB reversal that saw EUR/USD snap-back from 1.1100+ peaks to sub-1.1000 again; lifting to a new high of 1.1042 post-Putin. Rouble maintains and extends on recovery momentum as prospects  for a Russia/Ukraine Presidential talks persist, but Lira continues to weaken as Turkish IP falls short of expectations and CBRT survey reveals another jump in end 2022 inflation projections; USD/RUB circa 113.7500, USD/TRY on brink of 15.000.

In commodities, WTI and Brent futures are firmer on the day with initial upside bolstered by a pause in Iranian talks, whilst upside pared amid constructive remarks from Russian President Putin. G7 is looking at measures to halt gas price hikes and called on oil and gas producers to increase deliveries, according to AFP. Canada is examining boosting oil pipeline flows to the US and is conducting the analysis to ramp up pipeline flows with the industry, according to Reuters citing natural resources minister Wilkinson  who expects to have an answer of what Canada can do as soon as next week. Kuwait set April KEC OSP for Asia at Oman/Dubai + USD 4.80/bbl, according to Reuters. Qatar sold May-loading Al-Shaheen and Marine crude at record premiums of USD 11-12/bbl above Dubai quotes. Spot gold fell further below USD 2,000/oz amid a Putin-induced unwind. LME copper extends gains above USD 10k/t as risk appetite buoys the red metal

In fixed income, core EZ debt remains mildly divergent at the end of another bleak week, as Bunds suffer post-APP taper hangover.
However, benchmarks dropped in tandem to fresh lows sending the US/German 10yr yields back to 2.0% and 0.30% respectively following Putin’s update. BTPs have regrouped after pronounced ECB fallout with supply out of the way. USTs are now unchanged after initial firmer performance though the curve continues its post-supply flattening.

US Event Calendar

  • 10am: March U. of Mich. Sentiment, est. 61.0, prior 62.8
    • Expectations, est. 57.0, prior 59.4
    • Current Conditions, est. 65.8, prior 68.2
    • 1 Yr Inflation, est. 5.0%, prior 4.9%; 5-10 Yr Inflation, prior 3.0%

DB’s Jim Reid concludes the overnight wrap

It’s a sign of the times that we have 1140 more words today until we get to a 7.9% US CPI print and also that hardly anyone cared about a 41.8% YoY Italian PPI print yesterday. The Russian/Ukraine conflict and a hawkish (relative to expectations) ECB meeting dominated the headlines. In fact it probably wasn’t too far from the ECB meeting we expected before the invasion. More on this below.

Asia has started on a weaker note this morning. The Hang Seng (-3.63%) is leading losses as Chinese tech stocks listed in Hong Kong slumped after the US Securities and Exchange Commission (SEC) indicated that it has put five Chinese firms on a provisional waitlist for delisting from the US exchanges. Elsewhere the Shanghai Composite (-2.16%) and CSI (-2.44%) are also trading down. Also challenging the mainland Chinese stocks are the latest covid numbers as Beijing reported 1,000 new local cases – the highest daily count in two years. Meanwhile, the Nikkei (-2.36%) and the Kospi (-1.14%) are also weak this morning. S&P 500 (-0.35%) and Nasdaq (-0.62%) futures (-0.30%) are also down.

Before this, last night European Union leaders met in Versailles, but without anything materially to shift the outlook at the moment. Indeed, President Macron managed expectations by noting the summit will lead to historic decisions for Europe in the coming weeks, so more to come. What we did get from the meeting included reports that EU leaders disagreed about the desirability of paving the way to swift EU membership for Ukraine. Also out of the meeting, following reports of an updated energy strategy earlier in the week, EC President Leyen is proposing measures to reduce reliance on Russian gas and oil by 2027.

When it comes to the conflict itself, markets adopted a more risk-off posture yesterday, even if the S&P 500 (-0.43%) closed well off the lows before a slight reversal again in Asia as mentioned above. The meeting of the Russian and Ukrainian foreign ministers failed to produce the progress that some had hoped for. While expectations weren’t exactly high for the talks, there had been a slight shift in Russia’s language ahead of the meeting on regime change, and Ukrainian President Zelensky himself had said the previous day that he was prepared for certain compromises, which contributed to that stronger investor optimism we saw on Wednesday. But yesterday there was a more negative tone from the meeting, with Ukraine’s foreign minister Kuleba saying of Russian foreign minister Lavrov that “The broad narrative he conveyed to me is that they will continue their aggression until Ukraine meets their demands, and the least of these demands is surrender”. So no signs of a ceasefire being instituted any time soon.

Against that backdrop, there was intense focus on the ECB (see our economists’ review here) as they made their first policy decision since Russia’s invasion. They adopted a more hawkish position than had been anticipated by announcing a faster reduction in their asset purchases, which led to a sharp selloff in sovereign bonds as well as a significant widening in peripheral spreads, which meant we saw another day of multi-year records. Indeed, yields on 10yr bunds were up +5.6bps yesterday, bringing their gains since the start of the week to a massive +34.3bps. Even if they’re unchanged today, that would still mark their biggest weekly increase since June 2015, when they rose +35.7bps. Furthermore, the widening in the Italian 10yr spread over bunds yesterday (+16.7bps) was the largest daily widening since April 2020. It’s quite clear that the ECB won’t allow Italian spreads to gap out but they also probably won’t devise a policy tool to deal with it until it threatens to. So the market may need to push for it if it wants it.

In terms of the decision itself, the ECB described Russia’s invasion as a “watershed for Europe”, and pledged to take “whatever action is needed to fulfil the ECB’s mandate to pursue price stability and to safeguard financial stability.” On immediate policy moves, they said that net purchases under their Asset Purchase Programme would go from €40bn in April to €30bn in May and then €20bn in June, and said that they may end purchases in Q3. That came as their inflation forecast for 2022 was upgraded to +5.1% (vs. +3.2% in December), and 2023 was upgraded to +2.1% (vs. +1.8% in December). And in another hawkish move, they also dropped the reference to interest rates potentially moving lower, only saying that rates would remain “at their present levels” until their forward guidance conditions were met, rather than “present or lower levels”. So overall it looks like the concerns about inflation (which is currently at the highest since the formation of the single currency) have dominated the uncertainties presented by the invasion of Ukraine, and overnight index swaps are now pricing in more than 40bps worth of moves this year (+7.6bps on the day) from the ECB for the first time since the conflict began.

That more hawkish-than-anticipated ECB outcome along with the more negative signals from the Russia-Ukraine talks saw equities lose ground on both sides of the Atlantic, with the S&P 500 (-0.43%), after being as much as -1.59% lower intraday, and still leaving it up +2.13% over the last two days. The STOXX 600 shed -1.69% but finished at roughly the same levels as before the ECB announcement. Tech stocks led the US declines, and similarly put in a large round trip performance, with the NASDAQ as low as -2.33% intraday before finishing the session at -0.95%. Megacap stocks were the hardest hit as the FANG+ index fell -2.09%. Despite the price retreat and roundtrips, the VIX fell for a third straight day, falling -2.22ppts. Nevertheless, the VIX has now closed above 30pts for 9 straight days, the longest run since June 2020, and on 11 of the last 12 days. Despite the late pullback in oil prices (more in a second), energy was the clear outperformer, with S&P 500 energy stocks gaining +3.07%. This continues this year’s trend where not only are energy stocks the sole S&P 500 sector in the green YTD, they’re up +38.51%.

Speaking of intraday volatility, oil put in another roller coaster session. Brent futures increased +6.49% in the New York morning before falling -1.63% to $109.33/bbl to end the day. Following a day where it looked like some OPEC members would break rank, the Iraqi oil minister noted that “OPEC will stay with the program”, but would make the right decision to increase production should real shortages result from the war. The discrete drop in oil prices happened when President Putin announced that Russia would honor its energy commitments, ameliorating concern that there would be shortages to contend with in the first place. European natural gas likewise fell, as the front futures contract dropped -14.68%, bringing prices -41.46% lower over the last three days.

So 1140 words later, and with all those other events yesterday, the US CPI release for February took something of a back seat, not least since the numbers were exactly in line with consensus for both headline and core, meaning the direct market reaction was pretty limited. In fact US Treasuries saw their biggest shift of the day around the time of the ECB meeting and were basically unaffected by the CPI, with yields on 10yr Treasuries up +3.8bps to 1.99%, whilst the 2yr yield (+2.1bps) hit its highest level since September 2019, at 1.70%. 30 year yields increased +3.2bps to 2.37%, their highest levels for 10 months. In terms of the CPI details, the release saw year-on-year CPI rise to +7.9%, which is the highest in 40 years, and the month-on-month print rose to +0.8%, which was the fastest monthly price growth since October. Core also accelerated to +6.4% year-on-year, which was similarly a post-1982 high. I mentioned the release in my chart of the day yesterday (link here), since it means that the real Federal Funds rate has now fallen to fresh lows once again, and continues to remain beneath levels seen throughout the entirety of the inflationary 1970s.

To the day ahead now, and data releases include the UK’s GDP for January, whilst in the US there’s the University of Michigan’s preliminary consumer sentiment index for March. Otherwise, central bank speakers include the ECB’s Rehn and Centeno.

END

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 13.66 PTS OR 0.41%       //Hang Sang CLOSED DOWN 336.47 PTS OR 1.61 %  /The Nikkei closed DOWN 527.62 PTS or 2.05%       //Australia’s all ordinaires CLOSED DOWN 0.97%  /Chinese yuan (ONSHORE) closed DOWN 6.3324    /Oil DOWN TO 106.94 dollars per barrel for WTI and DOWN TO 110.54 for Brent. Stocks in Europe OPENED  ALL GREEN        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3324. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3439: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

3B JAPAN

3c CHINA

CHINA/

Another outbreak in Shanghai

(zerohedge)

Shanghai Shutters Schools, Builds Hospitals As COVID Comes Roaring Back Across China

FRIDAY, MAR 11, 2022 – 03:05 PM

Despite rumblings about Beijing potentially dropping its controversial zero-COVID policy, authorities in Shanghai, China’s financial capital and a city home to nearly 25 million, have decided to shutter schools and rapidly construct hospitals as the omicron variant appears to be spreading rapidly within the country’s financial capital, according to Bloomberg. 

The latest outbreak has been labeled “the most significant” since Wuhan, with some 1,000 domestic cases having been confirmed as of Friday, up from just 300 a week ago. That’s the highest number of new cases recorded in 2 years, since the days of the original Wuhan outbreak.

But in Shanghai, only two of the 75 Covid cases reported in the city Friday were considered to be caused by community spread, which might explain why authorities haven’t deployed city-wide testing as yet.

Source: Bloomberg

Domestic infections of the omicron variant have surged in Shanghai, which is why the city has been subjected to the draconian lockdown measures which have mostly been used on smaller cities until now. 

In what Bloomberg described as a sign that Beijing is anticipating a further surge in cases, authorities also said they would allow the use of rapid antigen tests for the first time late Friday. While used widely in other parts of the world, rapid tests had previously been restricted in China.

Still, the latest outbreak has cast more doubt upon the “Covid Zero strategy” that helped keep the world’s second-largest economy largely virus-free for much of the pandemic and now appears to be buckling as the more transmissible omicron variant repeatedly breaks through its stringent containment regime. The virus’s spread in China’s largest cities also makes enforcing “COVID zero” more difficult.

An outbreak in the northeastern province of Jilin, which borders Russia and North Korea, resulted in the capital Changchun being placed on lockdown on Friday.

Starting Saturday, students who are in middle school and below will return to remote learning across Shanghai. China’s aviation authority has also looked into limiting international flights into the city. Officials cited the stretched capacity at the quarantine hotels which all travelers arriving in China are required to use and isolate in for a couple of weeks before being released to go about their business in China.

Didi, China’s huge “Uber” /ride sharing operation who has already been delisted in NY but its ADR’s still trade in NY sa its shares plummet to  $2.70 per share.  Didi wants a listing on Hong Kong but Chinese authorities are delaying this after the company failed to meet the demands of the cybersecurity regulators.

(zerohedge)

Didi Shares Crash On Report Hong Kong Listing Halted 

FRIDAY, MAR 11, 2022 – 07:19 AM

U.S.-listed shares of China’s troubled ride-hailing giant Didi plunged as much as 20% Friday premarket after Bloomberg reports its debut on Hong Kong markets would be delayed after failing to meet the demands of Chinese cybersecurity regulators. 

According to Bloomberg’s sources, the Cyberspace Administration of China (CAC) allegedly told Didi that their plan to stop security and data leaks had fallen short, forcing bankers who were preparing to list the company in Hong Kong this summer to cease work.

As a result, Didi’s American depositary shares tumbled 20% in premarket to as low as $2.70 a share. 

Didi delisted its shares in New York in December 2021 and said it would pursue a listing in Hong Kong, but now those efforts have been derailed. There was no timetable on when the bankers would resume listing preparations. The company has been one of the highest-profile targets of a regulatory crackdown by Beijing to rein in the country’s tech sector, especially after the company went public in the U.S. last summer. Shortly after, Chinese authorities launched a probe into the company for allegedly violating the country’s data privacy and national security laws. Then weeks later, the company’s offices were raided for a cybersecurity review. 

CAC’s dissatisfaction with the proposed safeguards puts the company’s plans to return to markets closer to China at risk. Sources said the results of the Didi probe would be made public by CAC in the coming weeks. 

Last year, Chinese authorities introduced rules for companies with at least one million users to undergo a cybersecurity review. A suspension of Didi’s listing continues to cloud Chinese tech. 

Investors are losing faith in China’s tech stocks…

…as the Nasdaq Golden Dragon China Index on Thursday crashed the most since October 2008 after the U.S. Securities and Exchange Commission said five Chinese companies could be delisted for failure to comply with auditing requirements. 

The news of Didi this morning is more doom and gloom for U.S. investors trying to catch the falling knife in Chinese tech stocks. 

.

end

4/EUROPEAN AFFAIRS//UK AFFFAIRS

POLAND/UKRAINE//RUSSIA

Polish ambassador says sanctions on should should last for a decade or may 15 years

(zerohedge)

Polish Ambassador Says Sanctions On Russia Should “Last For A Decade, Maybe 15 Years”

THURSDAY, MAR 10, 2022 – 07:00 PM

Poland’s Ambassador to the United States, Marek Magierowski, wants the new US and EU-led sanctions on Russia which came in the aftermath of its Feb.24 invasion of Ukraine to last for ten or up to 15 years.

He described in a live interview with CNN’s Christiane Amanpour on Thursday that the sanctions should “last for a decade, maybe 15 years.” Also amid allegations that Russian forces are targeting hospitals, which are similar to claims made in Aleppo during Russia’s prior years’ military action there, Magierowski cited “acts of barbarism in Ukraine” that he called “war crimes, atrocities.”

On this point, he said, “I do believe and I am confident that Mr. Putin and his cronies and all his closest aides will end up in the dock, in the Hague, in the International Criminal Court, because this is what he has already fully deserved,” according to CNN.

Here’s what he told Amanpour in the interview on how long-lasting Russia’s total economic isolation should be:

“I think that if we wanted to retaliate for that invasion against Ukraine with punitive measures and by crippling the Russian economy, we have to be determined and ready to uphold the sanctions in a longer term. Maybe they should last for a decade, maybe 15 years, because I’m afraid we are going to live with Mr. Putin for many years to come.”   

Magierowski additionally described that he doesn’t think a diplomatic solution is reachable, but stressed the outcome will likely be decided on the battlefield, while underscoring it’s not going well for Russia…

“Russia is losing this war right now. Not only in the hearts and mind of Europeans and Americans or the societies of the so-called free world but Russia is losing this war literally,” the Polish ambassador said. “I don’t know whether we will find a diplomatic solution, but maybe a military solution… I believe the Ukrainian army is capable of defeating the Russian army right now.”

But it remains that Ukraine’s army is vastly outnumbered by Russian forces, which are now said to be just a few miles outside the capital of Kiev.

Meanwhile, Axios has an updated list of major global businesses across multiple sectors which have abandoned Russia since the start of the invasion

  • Yum Brands, the parent company of KFC and Pizza Hut, has suspended operations and investment in Russia.
  • McDonald’s announced it is temporarily closing all of its stores in Russia.
  • Starbucks suspended all activity in Russia.
  • Coca-Cola was suspending operations in Russia.
  • Deloitte said it “will no longer operate in Russia and Belarus,” and “will separate our practice” in the two countries “from the global network of member firms.”
  • Ernst & Young was severing ties with Russia, axing its 4,700-person business in the country.
  • PricewaterhouseCoopers was cutting ties with its Russian member, affecting 3,700 partners and staff in the country.
  • KPMG was ending its association with its 4,500 partners and staff in Russia and Belarus.
  • Estée Lauder said it was suspending “all commercial activity in Russia.
  • Boeing suspended major operations in Moscow, as well as maintenance and technical support for Russian airlines.
  • Airbus is halting supply of parts and services to Russian airlines.
  • Shell was severing ties with Russian gas giant Gazprom and ending its roughly $1 billion financing of the Nord Stream 2 gas pipeline. It’s donating profits from a recent purchase of Russian crude oil to aid Ukrainian refugees.
  • BP is exiting its nearly 20% stake in Russian oil giant Rosneft, and faces a potential financial hit of as much as $25 billion.
  • Exxon Mobil said it was exiting Russia oil and gas operations valued at more than $4 billion and cease new investment.
  • GM, which sells only about 3,000 cars a year in Russia,was suspending exporting vehicles.
  • Ford suspended operations.
  • BMW stopped shipments and will stop production in Russia.
  • Daimler Truck Holdings said it would no longer send supply components to its Russian joint-venture partner.
  • Volvo Cars, owned by Chinese conglomerate Zhejiang Geely, halted sales and shipments.
  • Renault ceased operations and production at two assembly plants because it can’t get parts.
  • VW paused delivery of Audis already in Russia so it can adjust car prices to reflect the decline in value of the ruble.
  • Harley-Davidson suspended shipments to Russia.
  • Adidas suspended its partnership with the Russian Football Union.
  • Nike ceased online sales because it can’t guarantee delivery.
  • FedEx and UPS suspended shipments.
  • Yoox Net-A-Porter Group and Farfetch, luxury e-commerce platforms, are suspending deliveries in Russia.
  • Apple has paused product sales and limited services (including Apple Pay), on top of ceasing exports to Russia and restricting features in Apple Maps in Ukraine to safeguard civilian safety.
  • Dell stopped selling products.
  • Ericsson was suspending deliveries to Russia.
  • Walt Disney was pausing film debuts in Russia. Warner Bros., Sony, Paramount and Universal say they won’t release films in the country.
  • Ikea was closing its Russian stores and pausing all exports and imports in the country and ally Belarus.
  • Airbnb said it was “suspending all operations in Russia and Belarus.”
  • Google suspended all online advertising in Russia.
  • Microsoft suspended all new sales of its products and services in Russia.
  • Hermès temporarily closed all of its stores in Russia.
  • Visa, MasterCard and American Express suspended all Russian operations.
  • Amazon Web Services was no longer accepting new customers Russia and Belarus.
  • Uniqlo’s owner, Fast Retailing, temporarily suspended operations in Russia.

End

ITALY/TRUCKERS

Big news: Italian truckers declare force majeure over huge gas price increases as they will halt deliveries starting Monday

(Mish Shedlock/Mishtalk)

Italian Truckers Declare Force Majeure Over Gas Pains, Halt Deliveries Starting Monday

FRIDAY, MAR 11, 2022 – 07:40 AM

Authored by Mike Shedlock via MishTalk.com,

Let’s discuss gas pains in the EU and the US…

Italian Bonds

Not sure I call this a crash as yields are spiking in many places but yes, it’s messy.

Force Majeure Starting Monday Stops Trucking

Via Google Translate from Ansa.

Starting from next Monday, March 14, the trucking companies will suspend their services nationwide ‘due to force majeure’ “and that is the explosion of fuel costs.

“The suspension of services has become inevitable – underlines a letter sent by Trasportiunito to the Prime Minister, the Minister and Deputy Minister of Sustainable Infrastructures and Mobility and the President of the Guarantee Commission in Strikes – also to protect companies and prevent that the exasperated market conditions, determined by the record rise in fuel prices, translate into advantages for other subjects in the transport sector, or into charges for contractual obligations that the companies in the logistics chain are no longer able to guarantee “.

The road transport block will have direct effects on the community, suspending the supplies of goods in the commercial sector and leading to a surge in retail price lists in shops and supermarkets – says the president Carlo Rienzi – An inevitable consequence, considering that the 85% of goods sold in Italy travel by road, and a further damage for consumers, exhausted like companies by expensive fuel”.

In this situation, a shameful immobility arrives from the Government, and it is not clear what awaits the executive to immediately cancel the VAT on petrol and diesel and reduce excise duties,

The trucking industry calls on the government to suspend the Value Added Tax (VAT) on gas and diesel and remove excise duties.

Six US Governors Seek Tax Holiday 

Meanwhile, in the US where gasoline is much lower than in the EU, Six US Governors Seek Tax Holiday.  

Pennsylvania Gov. Tom Wolf and the governors of five other states are calling on Congress to suspend the federal gas tax until the end of 2022. The governors sent a letter to congressional leaders asking for the suspension. The federal gas tax is 18 cents per gallon.

The Letter 

“According to the American Automobile Association, the national average gas price in the United States is $4.173, up more than a dollar from 2021. The Gas Prices Relief Act as introduced in the House and Senate – H.R. 6787 and S. 3609 respectively – would alleviate the consumer cost of rising gas prices while protecting the federal government’s capacity to make infrastructure investments.

“At a time when people are directly impacted by rising prices on everyday goods, a federal gas tax holiday is a tool in the toolbox to reduce costs for Americans, and we urge you to giver every consideration to this proposed legislation.”

That is a small snip of the letter signed by Gov. Gretchen Whitmer, Michigan; Gov. Jared Polis, Colorado; Gov. Tim Walz, Minnesota; Gov. Michelle Lujan Grisham, New Mexico; Gov. Tom Wolf, Pennsylvania; Gov. Tony Evers, Wisconsin to Speaker Pelosi, Leader Schumer, Leader McCarthy, and Leader McConnell.

Applause and Prayers

Please note that Gov. Wolf Applauds President Biden’s Ban on Russian Energy Imports, Calls on Congressional Leaders to Enact Federal Gas Tax Holiday

Hooray! 18 cents!

If the bill passes, it will suspend the federal gas tax through next January. That will shave about 18 cents off every gallon.

Gas Pains

Image courtesy of AAA

The AAA says $4 Gas the Tipping Point for Most Americans

In California, the price of regular hit $5.694 and diesel $6.212 today. Both are new records. 

Californians pay $1.37 more than the national average. The reason is massive gas taxes on top of special blending rules. 

The state is considering a tax on EVs to make sure motorists pay their fair share of road maintenance. 

Gas Relief

Here is the Gas Relief Act of 2022

And here is the real problem: President Biden and the Fed are giving us too much gas where we don’t need it and too little where we do.

The average worker has lost money to inflation twelve times in the last fourteen months.

For details, please see Real Wages Decline 12 Times in the Last 14 Months

*  *  *

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END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

What is going on here?  The Russian convoy heading to Kiev is breaking up and heading into the forest

(Roberts/EpochTimes)

Satellite Images Appear To Show Russian Convoy Near Kyiv Has Dispersed, Redeployed

FRIDAY, MAR 11, 2022 – 06:56 AM

Authored by Katabella Roberts via The Epoch Times,

Satellite images taken on Thursday appear to show that the large Russian military convoy that had been slowly advancing towards the Ukraine capital city of Kyiv has dispersed and redeployed into nearby locations.

The convoy, which stretches for as much as 40 miles, was last seen northwest of Kyiv near Antonov airport.

On March 7,  U.S. Press Secretary John Kirby said the convoy remained stalled but noted that the Pentagon doesn’t have “perfect visibility” on the convoy.

However, satellite imagery from U.S. company Maxar Technologies showed the line of vehicles, tanks, and artillery has broken up and been redeployed, with armored units moving into positions in surrounding towns.

Satellite image of convoy with trucks and equipment in Stoyanka, Ukraine on March 10, 2022. (Maxar Technologies via Reuters)

Some of the vehicles have moved into forests, Maxar reported, adding that images also show parts of the convoy further north have repositioned near the town of Lubyanka with towed artillery in firing position.

Still, the immediate threat to Kyiv remains unclear.

The convoy originated in Belarus and had been slowly advancing south toward Kyiv but last week it appeared to have stopped entirely amid reports of food and fuel shortages.

It’s a very, very long convoy. We don’t even know if it’s all, we can’t even say that, that it’s all one convoy and not several. But it does remain as our best assessment as it remains stalled,” Kirby said during a press conference last week.

Kirby said the Pentagon believes the convoy was heading to Kyiv to “resupply.”

“When you look at the images from the air, you can see a lot of it but they don’t look like armored vehicles so much as they look like resupply trucks. That’s not to say that there aren’t combat vehicles in there,” he said.

“We don’t have perfect visibility on it. But the assessment is that it was largely meant to help resupply and it is still stalled. It’s still stuck.”

U.S. officials previously said the large Russian convoy had been targeted by Ukrainian troops with anti-tank missiles, adding that they likely slowed down its progress and even stopped it in some places.

Kirby said the Russian military likely did not anticipate such problems or the extent of Ukrainian resistance.

But on Wednesday, the Institute for the Study of War said Russian forces “continued concentrating in the eastern, northwestern and western outskirts of Kyiv for an assault on the Ukrainian capital in the coming 24-96 hours.”

Meanwhile, Kyiv mayor Vitali Klitschko said that half of the city’s population has fled, and that the city has been “transformed into a fortress” while “every street, every building, every checkpoint has been fortified.”

The convoy’s re-deployment comes shortly after Mariupol Mayor Vadym Boichenko called for a no-fly zone to be implemented over Ukraine after a reported Russian airstrike devastated a maternity hospital, leaving 17 people injured during what was meant to be a temporary ceasefire in Mariupol.

In a video message posted to Telegram, Boichenko asked for the global community to “close the sky over Ukraine.”

“Today I am asking the global community for help. Close the sky over Ukraine. Our will has not been broken, we will fight to the end,” Boichenko said.

“We have motivated soldiers and officers who defend our homeland. But today we need support.”

Russian President Vladimir Putin has issued a stark warning that he would view any country that declares a no-fly zone over Ukraine as a participant in the “armed conflict.”

Meanwhile, Dmitry Polyanskiy, Russia’s first deputy permanent representative to the United Nations, said reports that Russian forces had bombed the maternity hospital in Mariupol were “fake news” and accused Ukraine of having set up the hospital as a combat site.

On Thursday, the Russian Ministry of Defense claims that the hospital building, “due to its favorable tactical location close to the city center, was re-equipped into a stronghold of the Azov National Battalion,” an insurgent group with strong allegiance to neo-Nazi ideology that has been battling Russian forces or forces aligned with Russia. There were “two separate staged explosions near the hospital”—more specifically, “[a]n underground explosion and another of minor power, aimed at the hospital building,” the ministry claims.

end

RUSSIA/UKRAINE/MIDDLE EAST

Despite “peace” optimism, Putin has decided to send fighters from the Middle east to the Ukraine

(zerohedge)

Putin To Send Fighters From Middle East To Ukraine Despite ‘Peace’ Optimism

FRIDAY, MAR 11, 2022 – 08:29 AM

One day after pessimistic headlines followed the first high-level peace talks between Russia and Ukraine, Russian President Vladimir Putin on Friday said, “there are certain positive developments in the negotiations on Ukraine.” This came hours after the president said he would send thousands of Middle Eastern fighters into the war-torn country. 

We covered Putin’s comment earlier about the so-called “positive developments” that was a well-timed headline that sent equity futures soaring and crude prices lower (read: here). Now we focus our attention on the not-so-good news. 

Hours ago, Bloomberg quoted Putin as saying thousands of local fighters from the Middle East were ready to join its forces in Ukraine. 

“We need to help them get to the war zone,” Putin told his Security Council on a video conference call earlier on Friday. Defense Minister Sergei Shoigu said Russia received at least 16,000 applications from people in the Middle East who want to fight in Ukraine. 

Putin said: “If you see that there are these people who want of their own accord, not for money, to come to help the people living in Donbas, then we need to give them what they want and help them get to the conflict zone.”

Shoigu said western weapons were flooding Ukraine in an “absolutely uncontrolled” way. The Russian military, he said, is strengthening its western border as NATO continues to expand its presence with troops and weapons.  

“The general staff is working on, and has almost finished, a plan to strengthen our western borders, including, naturally, with new modern complexes,” Shoigu said.

Putin has been quoted as saying the “special military operation” in Ukraine ensures Russia’s security. 

And for some more context about why Russia might have invaded Ukraine comes from the NYPost, who provided an account of an Ukranian shot by Russian forces who told him:

“We’re not at war with Ukraine and Ukrainians, but at war with the USA inside Ukraine.” 

Russia/USA/Ukraine

Russia calls for UN security council meeting over biological activities in Ukraine

(Ly/EpochTimes)

Russia Calls For UN Security Council Meeting Over “Biological Activities” In Ukraine

FRIDAY, MAR 11, 2022 – 06:17 AM

Authored by Mimi Nguyen Ly via The Epoch Times,

Russia has called for a United Nations Security Council meeting to discuss alleged U.S. “military biological activities” in Ukraine.

Dmitry Polyanskiy, first deputy permanent representative of Russia to the United Nations, said in a Twitter post on March 10:

“Russian Mission asked for a meeting of #SecurityCouncil for 11 March to discuss the military biological activities of the US on the territory of #Ukraine.

Reuters reported that diplomats have indicated the U.N. Security Council will convene on Friday, March 11, to discuss Moscow’s claims of U.S. biological activities in Ukraine.

Late on March 9, the United States denied Russian accusations that Washington is running labs in Ukraine geared toward developing bioweapons.

Russia on March 8 repeated its longstanding accusations the United States is working with Ukrainian laboratories to develop biological weapons.

The United States and Ukraine maintain that the laboratories seek to prevent bioweapons and pathogens, not develop them. Ukraine, like many other countries, has public health laboratories researching how to minimize the threats of dangerous diseases affecting humans and animals.

Fact sheets featured on the U.S. Embassy of Ukraine website, found via Internet Archive, link to several documents detailing what appears to be U.S. government investments for select laboratories in Ukraine.

Under Secretary of State for Political Affairs Victoria Nuland on March 8 said Ukraine has “biological research facilities” and the United States is working to prevent Russians from taking control of them.

In a statement released on March 9, State Department spokesman Ned Price said Russia “is inventing false pretexts in an attempt to justify its own horrific actions in Ukraine.”

Separately, the World Health Organization (WHO) said in an interview with Reuters on Thursday that it “has strongly recommended to the Ministry of Health in Ukraine and other responsible bodies to destroy high-threat pathogens to prevent any potential spills.”

end

RUSSIA/UKRAINE/EUROPE

(zerohedge)

Here Are All The Latest News And Developments From The Ukraine War: March 11

FRIDAY, MAR 11, 2022 – 10:08 AM

Here is a snapshot of all the latest market-moving news out of Ukraine from the last few hours, courtesy of Newsquawk:

Session Highlights:

  • Russian President Putin says there are certain positive shift in talks with Ukraine
  • US President Biden will speak regarding Russia at 10:15EST/15:15GMT today and will announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine, according to the White House. US President  Biden also called for an end to Russia’s preferred trade status and is to announce a trade push by the G7, US and EU this Friday, which paves the way for higher tariffs on Russian goods.

Discussions/Negotiations

  • EU said it will support Ukraine in pursuing its European path and Austrian Chancellor Nehammer noted that EU leaders see Ukraine as part of the European family, while Netherlands PM Rutte said it may take years for the EU Commission to assess the Ukraine bid.
  • A source close to Turkish President Erdogan says a meeting between Russian President Putin and Ukrainian President Zelensky could become possible in the near future, according to Sky News Arabia.

Energy/Economic Updates

  • US Treasury Secretary Yellen said they can do more regarding sanctions on Russia and she hasn’t seen evidence of China assisting Russia with sanctions.
  • White House Press Secretary Psaki said the US supports corporations making decisions about Russia and if Russia seizes companies’ assets, it will cause further suffering.
  • Ukrainian Foreign Minister Kuleba says he had a productive meeting with his Polish counterpart and agreed pressure on Russia must further mount until it ceases its barbaric aggression.
  • Netherlands PM Rutte said the EU is almost finished with the fourth package of sanctions against Russia.
  • Russian Embassy to the US demanded that Washington hold Meta (FB) to account over extremist activities after it permitted calls for violence against Russians, according to Sputnik.
  • Russia is seeking ways to resume stock trading next week with the Bank of Russia and Moscow Exchange in talks on stock trading, according to Vedomosti.
  • Moody’s cut Belarus from B3 to Ca; Outlook Negative and downgraded the ratings of 95 Russian corporates.

Defence/Military

  • UN Security Council is to convene on Friday at Russia’s request as it seeks to discuss its claims of US biological activities in Ukraine, while US dismissed the claims as laughable and warns Moscow may be preparing to use chemical or biological weapons.
  • UK’s PM Johnson said he fears Russia will use chemical weapons in Ukraine.
  • Ukrainian Parliament said Russian forces attacked a Kharkiv institute that contains an experimental nuclear reactor and the neighboring hostel is on fire.
  • US satellite image company Maxar said new images show the large Russian military convoy that was last seen northwest of Kyiv near Antonov Airport has largely dispersed and redeployed, while images showed armored units manoeuvring in and through the surrounding towns close to the airport and that convoy elements further north have repositioned near Lubyanka with artillery howitzers nearby.
  • Russian President Putin agrees to the idea of sending volunteers who want to fight Ukrainian forces in Ukraine, supports sending additional arms to separatists in Donbas.
  • Russia’s Defence Minister Shoigu says Russia plans to reinforce its western borders; over 16,000 volunteers from the Middle East are ready to help; proposes handing over the spoils of Ukrainian weapons from tanks, artillery, Stinger missiles and Gafflin to Donetsk and Lugansk forces.

Other

  • Iran Foreign Minister tweeted that a deal is within sight if the US acts realistically and consistently, while it added that no single party can determine an end result with a joint endeavor needed.
  • EU Foreign Affairs Minister Borrell says “a pause in Vienna Talks is needed, due to external factors. A final text is essentially ready and on the table.”; subsequently, journalists such as Aslani and Stein suggest that Russia’s new demands are blocking the option to sign a deal.
  • Russian Envoy to Iranian talks says the conclusion of the Nuclear Deal does not just depend on Russia; other actors have additional concerns.
  • Saudi Arabia said a petroleum refinery in Riyadh was attacked by a drone on Thursday although the refinery’s operations and supplies were unaffected and there were no casualties or injuries.
  • Senior US official said North Korea’s recent launches involved an ICBM-capable platform, but did not demonstrate inter-continental ranges and the US concluded they involved a relatively new ICBM system, while US Treasury is to announce new actions on Friday to prevent North Korea from accessing foreign items and technology that would enable it to advance its weapons program.

RUSSIA/UKRAINE/MAP UPDATE

Map update

Inbox

Robert Hryniak7:25 PM (3 hours ago)
to

What people have  missed is the Russians achieved strategic surprise which was achieved by immediately launching a full-scale strategic assault. And that was limited forces. 

  1. Dismembering and disorganizing the Ukrainian military achieved in 1 day.
  2. Closing the operational cauldron behind the Ukie forces in the Donbass: achieved in 2 weeks (in fact, it is even better, the Russians are now cutting the Ukrainian forces in the Donbass into two smaller cauldrons, see map here: (you see TWO blue circles, not one anymore!)
  3. Within the same two weeks, Russia liberated the entire Sea of Azov coast and much of the Black Sea Coast, which is now either under Russian control, or under direct Black Sea Fleet blockage. This is why alternative rail is being looked at for supply of grains 
  4. Also within these two weeks, Russia basically encircled Kiev.  This map shows you the situation around Kiev as it was today.  While the situation on the south side is still unstable, combat operations are taking place, what is certain is this: only small, secondary, roads and open terrain are left to escape the city.  Like everywhere else (see below), the Russians have offered humanitarian corridors and promised safety and good treatment to all Ukrainian POWs (Nazis are excluded, as are foreign mercenaries, they will be interrogated and shot). 

END

Russian Missiles Hit Targets Near Polish Border In Likely “Message To NATO”

FRIDAY, MAR 11, 2022 – 10:45 AM

In a likely ‘message’ and warning to NATO, Russia’s air force is attacking locations in the far west of Ukraine – some of them for the first time since the invasion began on Feb.24.

Ukraine’s government on Friday is saying that explosions rocked Lutsk, near the Polish border, as well as a military airfield at Ivano-Frankivsk in western Ukraine, which was struck by multiple missiles. Fox News’ Lucas Tomlinson described it a “possible message to NATO” as calls from Western officials to impose a no-fly zone, including among hawks in Congress, grow louder.

The Russian Defense Ministry in a Friday statement confirmed the reports, saying, “high-precision long-range weapons attacked Ukraine’s military infrastructure.”

“The military airfields in Lutsk and Ivano-Frankovsk were put out of action,” the Russian Defense Ministry statement continued.

According to CNN, based on local Ukrainian government authorities:

There was substantial damage to the airport at Lutsk in northwestern Ukraine, which is only about 70 miles from the Polish border. The governor of the Volyn region said four missiles had been fired from a Russian bomber and two people were killed. Plumes of smoke also rose from the military airfield at Ivano-Frankivsk in western Ukraine, which was struck by missiles.

There is also widespread reporting that the previous huge, miles-long Russian tank and armored column that had been stalled while en route to Kiev has now advanced, reaching to within a few miles of the capital.

This has resulted in intensified fighting in the suburbs, particularly to the northeast and east of Kiev.

NATO has continued sending additional forces to Eastern Europe…

Meanwhile, Ukrainian President Volodymyr Zelensky on Friday hailed that resistance by his forces have caused “a strategic turning point” in the conflict.

“It’s impossible to say how many days we will still need to free our land, but it is possible to say that we will do it because… we have reached a strategic turning point,” he said, but didn’t explain further.

The remarks came as Russia’s Vladimir Putin on Friday seemed to change his tone, saying “certain positive shifts” had come out of Russia’s latest talk with the Ukrainian delegation.

END

USA ends “preferred nation status” on Russia and with that they will raise tariffs on some Russian goods that are not already sanctioned

(zerohedge) 

Biden: NATO-Russia Conflict Would Be “World War 3”, Warns Kremlin Of “Severe Price” If Chemical Weapons Used

FRIDAY, MAR 11, 2022 – 11:45 AM

During his relatively brief Friday speech on the Russia-Ukraine war, President Biden called for an end to normal trade relations with Russia, clearing the way for increased import tariffs, and announced a ban on Russian-made vodka and caviar, as we detailed earlier. 

But perhaps the most important part of the speech came when Biden once again pledged that the United States would not directly engage in conflict with Russia, as this scenario would lead to “World War III” between NATO and Russia – in the president’s words. 

“We’re going to continue to stand together with our allies in Europe and send an unmistakable message. We will defend every single inch of NATO territory with the full might of the united and galvanized NATO,” Biden said after detailing some of the fresh anti-Russia sanctions.

“We will not fight a war against Russia in Ukraine. Direct conflict between NATO and Russia is World War III, something we must strive to prevent,” he stressed.

And at a moment that ‘false flag’ accusations continue to fly between Russia, Ukraine, and the US – Biden was asked a question by a reporter in the press pool at the moment he wrapped up the televised address over what the US response would be in the event Russia launched a “chemical weapons attack”.

“Would the U.S. have a military response if Putin does launch a chemical weapons attack?” the reporter questioned. 

The exchange came days after Jen Psaki issued the below very unusual tweet, saying, “we should all be on the lookout for Russia to possibly use chemical or biological weapons in Ukraine, or to create a false flag operation using them. It’s a clear pattern.”

Biden’s answer on Friday was vague, saying he wouldn’t discuss specific intelligence, and then followed with, “Russia would pay a severe price if they use chemical weapons.”

The day prior, after Psaki warned of a potential Russian “pretext” for chemical attack, she said that “The President and our NATO partners have not changed their assessment about their plans to send U.S. troops in.”

end

UKRAINE/BIOLABS/USA/RUSSIA//.

From Robert H

More on bio labs

Inbox

Robert Hryniak10:13 AM (1 minute ago)
to



The West will have many questions addressed to it and I doubt it will have good answers, if any. 

The lies from the delusional crowd will trip up the various actors. Nuland should be worried as the truth comes out.

Apparently the Russians have a trove of documents on what was being researched. If there is a connection to Covid, watch what happens as a world turns away from the involved actors.

END

SPECIAL THANKS TO ROBERT H FOR SENDING THIS TO US:

Documents expose US biological experiments on allied soldiers in Ukraine and Georgia – Dilyana.bg

Inbox

Robert Hryniak3:52 PM (4 minutes ago)
to

“The Pentagon has conducted biological experiments with a potentially lethal outcome on 4,400 soldiers in Ukraine and 1,000 soldiers in Georgia. According to leaked documents, all volunteer deaths should be reported within 24 h (in Ukraine) and 48 h (in Georgia).”How many died? Pretty clear that certain pathogens were being specifically tailored for a given audience. One might imagine this is or should be a violation of the Geneva convention or UN.Perhaps, everyone is conducting such research but now America’s program is in full view and it stinks. 

http://dilyana.bg/documents-expose-us-biological-experiments-on-allied-soldiers-in-ukraine-and-georgia/

RUSSIA/UKRAINE UPDATE

Drone From Ukraine War Travels Over Multiple NATO Countries Before Crashing In Croatia

FRIDAY, MAR 11, 2022 – 12:25 PM

A drone crash in Croatia which is believed to have come from the nearby war in Ukraine is being described as “a serious incident” by the Balkan country’s president Zoran Milanovic. The Soviet-era Tu-141 “Strizh” reconnaissance drone, likely operated by Ukraine’s military (given as the Associated Press noted that it’s the only known country currently operating Tu-141 drones) crashed just outside the capital city of Zagreb on Thursday.

Milanovic questioned “how a relatively unsophisticated drone flew for over an hour over NATO countries without being detected” – indeed it appears it flew across Hungary, possibly Romania, and over much of Croatia.

Croation and Hungarian authorities are investigating the crash. NATO HQ in Brussels is also said to be part of the investigation into the crash.

“We can’t say at this moment whose it was. Those are relatively old-era flying objects that were used in the Soviet Union,” Croatian Chief of Defense Adm. Robert Hranj said. “I can’t even say it flew from Ukraine without detailed analysis.”

When on Thursday unconfirmed crash photos began circulating on the internet, there was speculation it could have been an errant Russian ballistic missile. This week the US dispatched two new Patriot missile batteries to Poland in part on fears that a Russian “stray” missile could enter NATO airspace and territory.

According to details of the drone’s entry into Croatian airspace

The drone entered Croatia at a speed of 430 miles per hour and an altitude of 4,300. No one was injured in the crash, which is “amazing” consider how big the aircraft was, Zagreb mayor Tomislav Tomasevic said. 

The mayor of Zagreb, Tomislav Tomašević, said that “No one was hurt and that is good fortune,” adding that, “It is a relatively big object. It is amazing that no one was hurt.” Debris was reportedly scattered across multiple locations in the vicinity of the crash.

An impact and explosion was heard by area residence, who reported something “foul smelling” in the aftermath. “Photos from the scene show metal pieces of the wreckage scattered on the ground, a parachute hanging from tree branches, and what seems to be a section of a wing,” The Guardian details. Police sealed off the area of the blast for investigation. The Tu-141 has parachutes used for soft landings.

END

IRAN/EU/ISRAEL/GLOBE

Talks abruptly suspended with Russia claiming “dirty misrepresentations” that they sabotaged the dea.

(zerohedge)

Iran Nuclear Talks Abruptly Suspended – Russia Slams As “Dirty Misrepresentations” That It Sabotaged Deal

FRIDAY, MAR 11, 2022 – 09:19 AM

It was a mere two weeks ago that optimism for world powers reaching a restored nuclear deal in Vienna was at its highest, with especially European officials declaring a deal was imminent and within sight. But it now appears the at this point two week long war in Ukraine has upended that prior optimism as talks fall apart at the very moment it was thought they were at their conclusion.

“World powers and Iran suspended their efforts to revive the 2015 nuclear accord, reigniting a crisis that’s set to roil already surging oil markets and potentially plunge the energy-exporting Persian Gulf into a new cycle of violence,” Bloomberg begins of its latest reporting on Friday. EU foreign policy chief Josep Borrell confirmed what he dubbed a “pause” in negotiations with a tweet, due to “external factors”.

IRAN CHIEF NUCLEAR NEGOTIATOR LEAVES VIENNA AS TALKS PAUSED -IRNA

And The Wall Street Journal writes, “The Iran nuclear talks broke off Friday with no agreement, imperiling negotiations… After weeks of round-the-clock negotiations in Vienna, the breakoff in talks significantly raises the prospect that efforts to revive the 2015 nuclear deal may fail.”

Things began to break down when over the weekend Russia introduced its last-minute demand for “guarantees” that Ukraine-related sanctions arising from the invasion which began on Feb.24 wouldn’t impact its trade partnership with Iran. 

“We have asked for a written guarantee…that the current process triggered by the United States does not in any way damage our right to free and full trade, economic and investment cooperation and military-technical cooperation with the Islamic Republic,” Russian Foreign Minister Sergei Lavrov said on Saturday for the first time.

Some Western pundits accused the Russians – as one diplomat put it to the WSJ – of a likely “play to try to carve a huge hole out of the overall Ukraine sanctions.”

But Russia’s chief negotiator, Mikhail Ulyanov, sought to bat down the charge that it’s all about Moscow throwing a monkey wrench into the Vienna process. He said Friday after the stoppage of talks was announced:

“The only thing which I want to tell you…the conclusion of the deal does not depend on Russia only.”

He downplayed the idea that there is “any impasse” caused by Russian demands. Ulyanov also in a pointed Tweet charged officials in the West of “dirty misrepresentation” in trying to pin the blame for the halt in talks on Moscow…

With oil prices having surged to historic highs on Russia’s invasion of Ukraine and the resulting rapid-fire of Western sanctions, including a US ban on Russian energy imports, cinching up the Iran deal was seen by the Biden administration as bringing some hoped-for relief. 

As for Iran, its Foreign Ministry spokesman Saeed Khatibzadeh described the pause as not necessarily “end of the road” – but said there’s still outstanding issues that can be dealt with in this period. The overriding concern, however, from the point of view of the West and also Israel is that the more time that passes without a deal, the closer the Islamic Republic gets to advancing past key nuclear thresholds, given Tehran has already reached uranium enrichment at levels just below that needed for atomic weapons. 

6// GLOBAL COVID ISSUES/VACCINE MANDATE ISSUES/

GLOBAL ISSUES//FREIGHT//FOOD INFLATION

UN Warns Ukraine War Could Spark 20% Surge In Global Food Prices 

FRIDAY, MAR 11, 2022 – 04:40 PM

The UN’s Food and Agriculture Organization (FAO) warned Friday global food prices could rise 20% from current levels as the conflict in Ukraine rages on

FAO said there’s uncertainty whether Ukraine would be able to harvest crops this year as the Russian invasion has disrupted the country’s agriculture industry.

Russia and Ukraine account for a quarter of the global wheat trade, about a fifth of corn, and 12% of all calories traded globally. 

The inability to export crucial farm goods from the region has led FAO to believe that global food prices, already at record highs, could increase another 8%-20% from here.

“The likely disruptions to agricultural activities of these two major exporters of staple commodities could seriously escalate food insecurity globally,” FAO Director-General Qu Dongyu said in a statement.

Dongyu said the disruption could push “international food and feed prices by 8 to 22% above their already elevated levels.” 

Spring is right around the corner for the Northern Hemisphere. On Friday, Ukrainian President Volodymyr Zelensky urged citizens to begin the planting season despite the conflict. 

Governments worldwide are preparing for a global food crisis and are taking steps to safeguard domestic food supplies. Russia announced it would ban fertilizer exports to ‘not friendly’ countries

Meanwhile, French President Emmanuel Macron said his country needs to defend ‘our food security’ after the fallout of the Ukraine conflict. He expects the disruption in the food supply will impact African countries the hardest

The world’s next food emergency is rapidly emerging. World leaders are already blaming Russia for everything from record-high food costs to soaring gas prices. This week, the Biden administration began their propaganda push to blame Russia for high inflation. Russian President Vladimir Putin has conveniently become the scapegoat for the West’s inability to control inflation after unleashing trillions of dollars stimulus

END

VACCINE INJURIES/

VACCINE MANDATES

BOMBSHELL: Video Emerges Where Fauci and Others Planned for a “Universal mRNA Flu Vaccine” Which Became the “COVID-19 mRNA Vaccine” Because People were not Afraid Enough of the Flu Virus

Inbox

Robert Hryniak10:42 AM (9 minutes ago)
to

How can anyone believe anything coming out from the likes of Fauci????

end

World Economic Forum global digital ID for travelers lists Canada, Netherlands as partners – LifeSite

Inbox

Robert Hryniak10:52 AM (0 minutes ago)
to

What balderdash!
Of course it is about control with then likes of Trudeau as a WEF puppet. And you thought this was fiction?

https://www.lifesitenews.com/news/canada-netherlands-partnered-with-world-economic-forum-to-pilot-traveler-digital-id/

VACCINE IMPACT


After 33 Years of Failure to Produce Any Vaccine Novavax Targets Children for COVID-19 VaccineMarch 10, 2022 6:18 pmBen Adams of FiercePharma, the marketing trade publication for the pharmaceutical industry, just published an article today announcing that Novavax has unveiled a new “education campaign” for its COVID-19 vaccine that is expected to get an EUA (emergency use authorization) from the FDA soon. This “education campaign,” which I would not choose to use the word “education” but instead “marketing” or “propaganda,” targets the “vaccine hesitant” and children, the targeted market for their COVID-19 vaccine. In reading this press release at FiercePharma today, I found it rather remarkable that they are admitting that the mRNA COVID-19 vaccines are actually dangerous for children, something the FDA and CDC refuse to acknowledge, as they position Novavax as a better alternative for children. I had been led to believe in the past that Novavax was a new company that had never produced a single vaccine, but I dug a bit deeper today and learned that they have actually been around for over 33 years, and have had multiple failures in trying to produce any vaccine at all in the past. So how does a company with a 33-year track record of failure, even after receiving an $89 million research grant from the Bill and Melinda Gates Foundation in 2015, and then another $384 million from the Coalition for Epidemic Preparedness Innovations in 2020, which is also funded by Bill Gates, get to the point where it introduces its first vaccine for the COVID-19 “virus”? The same way that Pfizer and Moderna were able to introduce an mRNA vaccine into the market after decades of failing to get an mRNA vaccine approved for HIV/AIDS: Have President Trump’s administration declare a “pandemic” so that the FDA can start handing out EUAs to Big Pharma to resurrect these old vaccines that could never pass FDA approval without an EUA, and then give them a boatload of money to make it happen. And that’s what happened in July of 2020 when Trump’s Operation Warp Speed gave Novavax $1.6 BILLION, even though they had failed to produce a single vaccine for over 30 years.Read More…CDC Admits To Collecting COVID Nasal Swab PCR Tests For Genomic Sequencing AnalysisMarch 10, 2022 6:29 pmThe Centers for Disease Control published a controversial post on Twitter, admitting that Americans who took a Covid-19 nasal swab PCR test may have had their DNA harvested. “Remember that #COVID19 nose swab test you took?” the post reads. “What happened to the swab? If it was processed with a PCR test, there’s a 10% chance that it ended up in a lab for genomic sequencing analysis. Learn more about the process and its importance.” Republican Congresswoman Marjorie Taylor Greene (GA) asked on Twitter, “Did the CDC get permission from people to take their DNA?” There is a precedent to suspect a government would seek to build a database of human DNA. The U.S. government has been collecting DNA samples of nearly every child born in the nation’s hospitals for decades now.Read More…


Michael Every

on the major topics of the day

Michael Every…

Rabobank: That Is Perhaps The End Of Western Liberal Global Capitalism As We Knew It

FRIDAY, MAR 11, 2022 – 09:43 AM

By Michael Every of Rabobank

Despite know-nothing, buy-anything market expectations that peace talks would prompt a rapid end to this war –because markets– we are no nearer that happening. Russia is still insisting Ukraine surrender or be flattened: so far, it won’t do and is being. Russian media calls Ukraine Nazi… as Russians wear the same color shirt with ‘Z’s emblazoned on them, wave flags and pump fists in unison, shouting “Za Russiu! Za Presidenta! Za Putina!” (“For Russia! For the president! For Putin!”) They think they are fighting WW2. Which is ironic given The Economist points out Russia is being Stalinized. Ukrainians remain as defiant as they were in WW2 too.

The Russian people are now the poorest in Europe per capita (lower in dollar terms than Moldova): yet Putin says Western sanctions were going to be imposed anyway, and they will adapt. And adapt they are. As a mirror to the Western seizure of Russian yachts and mansions in Europe, foreign business assets of departing firms in Russia –which now include Goldman Sachs and JP Morgan – and when you’ve lost the “vampire squid”…– will be auctioned off to Russian bidders, and if none emerge the state takes control. This looks like an equally corrupt reversal of the disastrous privatisations of the early 1990s. At the same time, 500 leased Western jets in use in Russia, which can no longer get insurance or service, are likely to be seized too, with compensation offered in roubles: don’t expect Russia to ever get Western replacements. Russia is also proposing a ban of foreign ships at its ports as Russian ships cannot call at Western ports. As we argued in ‘In Deep Ship’, this shows how geopolitical supply chains and ocean carriers now are.

Crucially, Russia and Belarus have imposed a fertilizer ban. Even given the many different kinds of fertilizer and different prices in different geographies, this will have yet more inflationary consequences for global food prices. Putin knows this; he knows the industry is prepared to buy fertilizer regardless of what he does to Ukraine; and he blocked it anyway, even warning food prices would go up as a result.

Understand this: Russian agri commodities are being used an economic weapon rather than a neutral exception to that war, as the West tried to achieve. (Albeit failing because so many Russian agri businesses have a sanctioned oligarch someone in their structure.) This is no surprise. Indeed, debating the point with a brilliant colleague focused on the food and agri markets, I was told Putin would rationally want the billions of dollars fertilizer sales could bring in. I replied this war is now about the fact that Putin rationally does not want billions of DOLLARS, because he cannot use them; and he will use commodities as a weapon to win a new sphere of influence and trading structure.

Tellingly, Putin says he has agreements with “friendly countries” to get fertilizer: so, sign up to Putinism and get cheap commodities; uphold the sovereignty of nations and get expensive commodities. This is exactly what we have previously modeled – and it ends in global bifurcation and countertrade (as Beijing warns it will react furiously if the US sanctions it for dealing with Russia). After all, logically:

  • The West can retreat out of fears of hunger for up to 1bn people – and a new illiberal world order emerges with huge consequences for agri trade; or
  • The West can fight Putinism and hunger – by shifting agri policies and trade patterns; or
  • The West can only fight Putinism – and we see that hunger, which will create global chaos.

Indeed, regardless of whether you want to fight Putin and hunger, or just fight Putin, or fight reality to say “BAU, please!”, rapid change is coming. While the plural of Tweets is not “truth” or “analysis”, one from an individual who works in the global fertilizer industry was succinct: ”Newsflash: Globalisation as we know it is dead. Great power politics will determine commerce, not the commodity traders.” After all, if Russian oligarchs can be humbled by raw geopolitics, why won’t far poorer commodity traders be? Even perennial Pollyanna Bloomberg yesterday ran an article (“Another MMT Idea That More And More Governments May Embrace”) quoting an academic and an analyst arguing what we have done for years, that:

“…while EMs may not enjoy monetary sovereignty, they can engage in long-term policies to pursue monetary sovereignty. In other words, they can create the conditions where they need to hold less foreign hard currency…. this starts with –to the greatest extent possible– establishing self-sufficiency in areas like food and energy.

Rather than orienting an economy around exporting as much as possible in order to build up stockpiles of foreign cash, build up more self-sufficiency, so that the foreign cash becomes less necessary in the first place… Russia’s invasion of Ukraine as well as surging commodity prices may accelerate this type of thinking… Putin’s aggression will make [commodities] even harder to come by. The resulting shortages will have to be managed with some combination of delivery delays, rationing, and price increases… Spending money on rearmament and supply chain security will boost incomes and employment and may support technological innovation.”

A few hours later, Serbia joined the list of countries halting agri exports, in the case of corn; and Sweden and Denmark said they would now spend 2% of GDP on defense; and the UK announced 150 Royal Navy warships and civilian vessels will be built –at home– over the next 30 years.

Meanwhile, even before the war had really begun to hit economies we already had high inflation. Yesterday saw US CPI at 7.9% y/y, a 40-year peak, and with far worse to come as it broadens out from the ‘only used cars’ base some claimed for it last year. We also saw Italian PPI at 41%(!) y/y –which Turkey had to see a currency collapse to achieve– while German PPI is running at the highest since 1949. No, this is not “transitory”. It is now structural on the supply side at least.

So, on top of all the physical calamities being inflicted, central banks think now is the time to act. As our ECB team put it in ‘Cautiously hawkish steps’:

  • The APP taper has been accelerated to €40bn in April, €30bn in May and €20bn in June.
  • The ECB signalled that purchases could end in Q3 already but remains fully data-driven.
  • Policy rates will be hiked “some time” after the end of net purchases, rather than “shortly”
  • Moreover, the ECB signals that the hiking cycle will be gradual.

In short, despite the fog of war, the ECB took more decisive actions than expected. It’s cautiously hawkish recalibration of asset purchases shows it will not lose sight of inflation – which is hard to do when it is 41%. The bank’s inflation forecast has been revised up significantly, but the ECB seems to underestimate the potential adverse impact on growth – which is easy to do for central banks who do not understand geopolitics, it seems. Overall, these adjustments somewhat reduce the risk that an economic downturn hits before the ECB can exit its asset purchases and implement a first rate hike. Or, in my own words, they are making their mistakes in advance.

If you want an example of what that meant for markets, the Italian 10-year bond yield jumped 29bp from the intra-day low to the close of 1.90%. And, again, this is before the insanity seen in commodities markets even starts to hit home in full. Expect far more far more violent volatility in all asset classes going forwards.

Relatedly, Bloomberg says “Hedge Funds Walk Away From LME After $3.9bn Trades Torn Up”, where a fund manager is quoted as saying it is too risky to trade. Nickel trading, like the Moscow stock market, is still not open on the Hong-Kong owned LME; the Exchange anticipates it will set a maximum limit-up and limit-down for all outright contracts when trading resumes; Bloomberg says Xiang Guangda, the Chinese tycoon facing a multi-billion dollar loss on his short nickel position, is determined to stick with it, which is described as “a characteristic display of self-confidence”; and @CliffordAsness of Principal AQR Capital Management tweets: “And the cheaters win. @LME_news please note, I’m accusing you of reversing trades to save your favoured cronies and robbing your non-crony customers. Everyone who trades should know what you did. You got lawyers, I’m ready. Bring it slime balls.”

There is a direct link to Putinism here. The price surge in nickel was due to him invading Ukraine; and the concept of open global trade in commodities based on politically neutral supply and demand, and transparent prices, rules, and regulations is deeply undermined –as with fertilizer– in this case, to prevent massive losses by what some see as a politically powerful client.

That is perhaps the end of Western liberal global capitalism as we knew it: and the birth of a zero-sum geopolitical bareknuckle “markets go where we want them to” global state capitalism.

And, yes, dear readers, the West paved the way here with its own past actions. The folks who will look past this chaos to US household wealth rising $5,279bn in Q4 (tell that to the people who can’t fill up their car, buy food, or pay rent!) introduced globalization, QE, ‘Fed puts’, the ‘Too Big to Jail’ 2008 response, and even historical efforts to ‘corral’ key commodity prices geopolitically when needed.

But that was always sold as the exception. It is now risks becoming the global rule – and with the West on the wrong side of it.

end

7. OIL ISSUES

Quite risky but Russia has no choice as they allow Chinese banks to buy Russian oil without letters of credit to bypass western sanctions

(zerohedge_

Russia Allows Chinese Banks To Buy Oil Without Letters Of Credit To Bypass Western Sanctions

FRIDAY, MAR 11, 2022 – 11:08 AM

One week ago, Shell quietly purchased Russian seaborne crude (at a record discount of $28.50) amid a self-imposed boycott by most other Western purchasers of Russian energy products, only to spark widespread populist outrage over its indirect funding of the Putin regime and prompting a vow from the largest European energy company to not purchase Russian crude any more. As a result, Moscow has found itself in the crippling position where despite carve outs for its oil exports (Europe has vocally refused to join the US ban of Russian energy exports), not a single western major is willing to buy Russian oil over fears of public backlash, while Chinese banks are reportedly on the fence when it comes to providing letters of credit to shippers seeking to purchase Russian oil, in the process freezing Russia’s entire seaborne oil exporting industry.

So fast forward to today, when in hopes of short circuiting the Chinese quasi-ban, Russian oil giant Surgutneftegaz (Surgut) has allowed Chinese buyers to receive oil without providing guarantees known as letters of credit (LC) in order to bypass Western sanctions, Reuters reported citing three people with knowledge of the matter said.

A letter of credit, which allows 30 days for payment and is backed by a bank, is seen as the strongest guarantee for both sides.

The change in terms will allow Surgutneftegaz – which will now face a direct monetary risk that “something might happen” to the uninsured cargo but since it has no other choices it will gladly take it – to continue to sell ESPO Blend crude from the port of Kozmino in Russia’s Far East to China, the world’s top oil importer. As a reminder, Russian ESPO crude exports – of around 750,000 barrels per day in normal times – provide China’s biggest source of spot crude.

While China has repeatedly voiced opposition to the sanctions, calling them ineffective and insisting it will maintain normal economic and trade exchanges with Russia, Bloomberg recently reported that Chinese state banks had restricted purchases of Russian commodities and stopped issuing U.S. dollar-denominated letters of credit for purchases of physical Russian commodities ready for export, perhaps out of fear of being seen as violating western sanctions.

To get round the restrictions, Chinese companies are using open accounts that allow the customer to buy goods on a deferred payment basis, with a requirement to pay in full up to three days after the cargo is loaded.  It was not immediately clear which banks were involved.

Reuters also noted that payment in U.S. dollars was still possible during a grace period until June for the implementation of U.S. sanctions on Russia’s access to the SWIFT international payment system. It added that arrangements were also being worked out with buyers of Russian Urals crude.

Since late February, Surgutneftegaz has failed to award most of the spot tenders for March-loading Urals as potential buyers did not bid after banks halted the issuance of LCs for Russian oil.

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 FRIDAY morning 7:30 AM

Euro/USA 1.1008 DOWN .0005 /EUROPE BOURSES //ALL GREEN    

USA/ YEN 116.87  UP + .690 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3105 UP   0.0002

 Last night Shanghai COMPOSITE CLOSED UP 13.66 PTS OR 0.41%

 Hang Sang CLOSED DOWN 336,47PTS OR 1.61%

AUSTRALIA CLOSED DOWN 0.97%   // EUROPEAN BOURSES OPENED ALL GREEN   

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN     

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 336.47 PTS OR 1.61%

/SHANGHAI CLOSED UP 13.66 PTS OR 0.41%

Australia BOURSE CLOSED DOWN 0.97%

(Nikkei (Japan) CLOSED DOWN 527.62 PTS OR 2.05%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1965.35

silver:$25.49-

USA dollar index early FRIDAY morning: 98.41  DOWN 10  CENT(S) from THURSDAY’s close.

THIS ENDS FRIDAY MORNING NUMBERS

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.11%  DOWN 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.184%  DOWN 0 AND 8/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.27%// UP 1   in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD 1.86 DOWN 6    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 59 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO +0.261% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.60% AND NOW ABOVE   THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0939  DOWN .0073    or 73 basis points

USA/Japan: 117.12 UP 0.941 OR YEN DOWN 94  basis points/

Great Britain/USA 1.3064 DOWN 38  BASIS POINTS

Canadian dollar UP 34 BASIS pts to 1.2722

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED )..DOWN 6.3398  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.3554

TURKISH LIRA:  14.71  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.184

Your closing 10 yr US bond yield UP 0  IN basis points from THURSDAY at  1.995% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.352 DOWN 2 in basis points 

Your closing USA dollar index, 98.88 UP 37   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 50.92 PTS OR 0.72%

German Dax :  CLOSED UP 180.01 points or 1.38%

Paris CAC CLOSED UP 53.05.PTS OR 0.85% 

Spain IBEX CLOSED UP 100.40PTS OR 1.24%

Italian MIB: CLOSED UP 182.27 PTS OR 0.80%

WTI Oil price 109.33    12: EST

Brent Oil:  111.71  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:   130.50 DOWN  .50 RUBLES/DOLLAR (RUBLE UP BY 0.5  BASIS PTS )

GERMAN 10 YR BOND YIELD; +.261

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0909 DOWN  .01036   OR DOWN 104 BASIS POINTS

British Pound: 1.3031 DOWN  .0071 or DOWN 71 basis pts

USA dollar vs Japanese Yen: 117.31 UP 1.127YEN/DOLAR 

USA dollar vs Canadian dollar: 1.2742 DOWN .0015 (CDN dollar UP 15 basis pts)

West Texas intermediate oil: 109.20

Brent OIL:  112.51

USA 10 yr bond yield: 1.998 UP 1/2 points

USA 30 yr bond yield: 2.362  DOWN 1  pts

USA DOLLAR VS TURKISH LIRA: 14.74

USA DOLLAR VS RUSSIA ROUBLE:  133.00 UP  0.50ROUBLES (ROUBLE UP 1/2 ROUBLES/USA )//

DOW JONES INDUSTRIAL AVERAGE: DOWN 229.88 PTS OR 0.69%

NASDAQ 100 DOWN 289.17 PTS OR 2.12%

VOLATILITY INDEX: 30.99 DOWN 0.75 PTS OR 2.51%

GLD: 185.09 DOWN 1.31 PTS OR 0.70%

SLV/ 23.85 DOWN .16 PTS OR 0.67%

end)

USA trading day in Graph Form

Bonds, Stocks, & Commodities Crushed Because ‘Putin’

FRIDAY, MAR 11, 2022 – 04:00 PM

Quick reminder on inflation…

Source: Bloomberg

Having got that out of the way, stocks, bonds, and commodities were all hit hard this week as financial conditions tightened and geopolitical risks surged (mixed with some optimism of a peace deal in there somewhere)… oh and because “Putin” went full ‘Leeroy Jenkins’ and everyone knows you never go full ‘Leeroy Jenkins’…

Or was it Biden’s “world war 3” tweet that killed the market today?

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NrZWxldG9uX2xvYWRpbmdfMTMzOTgiOnsiYnVja2V0IjoiY3RhIiwidmVyc2lvbiI6bnVsbH0sInRmd19zcGFjZV9jYXJkIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1502311940907016197&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbonds-stocks-commodities-crushed-because-putin&sessionId=545cc3501abcad8389c88b5d806e5e5af090d78f&siteScreenName=zerohedge&theme=light&widgetsVersion=2582c61%3A1645036219416&width=550px

Today was a great example of that chaos – a throwaway line from Putin that some advances were made in negotiations sent stocks to the highs of the day, then a dismal sentiment print along with more sanctions, more threats and finally headlines that Russia will source weapons to Belarus, sent stocks to the lows of the day. Nasdaq swung from up 2% to down over 2% on the day….

That sent everything red for the week with Nasdaq the biggest loser, down over 3%…

Could be worse… could be China tech! Now down over 70% from the highs….

Inflation angst sent yields on sovereign bonds soaring this week with The ECB’s acceleration of the end of its free-money-for-all program also monkeyhammering European yields…

Source: Bloomberg

The belly of the US curve underperformed significantly (5s and 7s up over 30bps!) while the long-end rose ‘only’ 20bps…

Source: Bloomberg

The Treasury yield curve is screaming ‘Fed Policy Error Imminent’ as the entire curve flattened drastically with 7s10s joining 20s30s in inversion and 5s10s getting very close to inverting…

Source: Bloomberg

And rate-hike odds for 2022 surged to 70% chance of a 7th hike pried in (while March remains pretty confident that just 1 rate-hike will hit)…

Source: Bloomberg

Credit markets ‘cracked’ further this week…

Source: Bloomberg

With junk bond yields now at their highest relative to S&P earnings yield since Nov 2020…

Source: Bloomberg

Commodities suffered their first weekly loss in 3 months…

Source: Bloomberg

Wheat was clubbed like a baby seal this week (following last week’s chaotic meltup)…

Source: Bloomberg

Crude and Copper were dumped while PMs managed to cling to gains amid the chaos…

Source: Bloomberg

Gold fell back below $2000 from its midweek spike…

And just for good measure, gas prices at the pump rose to a record $4.32/gallon…

Source: Bloomberg

Finally, in case you were wondering just how much damage ‘Putin’ has done to global stock and bond markets… it’s a lot…

Source: Bloomberg

From the record highs in November, global bond and stock markets are down $18 trillion! (and admittedly it did accelerate in the last two post-Putin weeks obviously)

And it seems investors have rediscovered the real safe-haven once again (as global negative-yielding debt has dropped to just $4 trillion)…

Source: Bloomberg

World War 3 risk?

I) /MORNING TRADING

false news caused stocks to pop/crude drops

(zerohedge)

Stocks Pop, Crude Drops After Reports Of Putin ‘Peace’ Optimism

FRIDAY, MAR 11, 2022 – 06:36 AM

After a day of pessimistic headlines yesterday following the first high level peace talks going nowhere, this morning has started optimistically…

InterFax reports that Russian President Putin commented that “there are certain positive developments in the negotiations on Ukraine.”

That well-timed headline sent futures surging higher…

10Y yields spiked back above 2.00%…

Spanked gold lower (back below $2000)…

And took the wind out of crude’s overnight gains…

Meanwhile WSJ warns that Kiev is bracing for the next wave of attacks.

END

AFTERNOON

END

II) USA DATA

UMich Sentiment Slumps In March As ‘Hope’ Plunges, Inflation Expectations Surge

FRIDAY, MAR 11, 2022 – 10:07 AM

Following February’s plunge to new post-COVID lows, March’s preliminary University of Michigan sentiment data was expected to fall even further, plumbing new lows not seen since 2011. However, things were much worse than expected with the headline sentiment print dropping from 62.8 to 59.7 (well below 61.0 exp) as expectations plunged (from 59.4 to 54.4) and current conditions slipped from 68.2 to 67.8…

Source: Bloomberg

Sentiment tumbled across all political groups with Democrats worst…

Source: Bloomberg

And finally, and perhaps most importantly, inflation expectations soared with the highest 1-year inflation expectations since Dec 1981…

Source: Bloomberg

And we all know who is to blame for that right! That evil man who last name starts with a ‘P’… (take your pick)

end

end

IIb) USA COVID/VACCINE MANDATE STORIES

Rand Paul will force a vote to scrap the mask mandate

(Watson/SummitNews)

As TSA Extends Mask Mandate, Rand Paul Vows To Force Vote To Scrap It

FRIDAY, MAR 11, 2022 – 11:05 AM

Authored by Steve Watson via Summit News,

After the TSA announced Thursday that it will extend the mask mandate on public transportation and inside transportation hubs, Senator Rand Paul promised to force a vote to end it urging “we’re about two years past anyone believing the masks work.”

A TSA official told the media that it is leaving the mask mandate in place until at least April 18th, saying it is “at CDC’s recommendation.”

“CDC will work with government agencies to help inform a revised policy framework for when, and under what circumstances, masks should be required in the public transportation corridor,” the official also noted, adding “This revised framework will be based on the COVID-19 community levels, risk of new variants, national data, and the latest science.”

All U.S. states apart from Hawaii, which will end theirs later this month, have already ended mask mandates, yet the Biden administration wants to EXTEND federal mandates for planes and trains.

Senator Paul asserted that “government doesn’t want to relinquish its power,” and pledged to end the ‘unscientific’ move:

Appearing on Fox56, Paul declared “we’re about two years past anyone believing the masks work,” adding “the holes in the cloth masks are about a thousand times larger than the virus.”

end

iii) USA inflation//SHIPPING commentaries//LOG JAMS//

NY

Manhattan apartment rents climb to record highs as inventory tightens

(zerohedge)

Manhattan Apartment Rents Climb To Record High As Inventory Tightens 

THURSDAY, MAR 10, 2022 – 08:20 PM

Appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate published a new report of the latest trends in the Manhattan apartment market. According to Bloomberg, they found that rent in the borough jumped to a record high. 

Finding a bargain on a rental in Manhattan is near impossible today. Prices have steadily increased (read: here & here) since the pandemic low (between late 2020 and through the summer of 2021) and have steadily increased. Now rents are higher than they were during pre-pandemic times. In February, the median rent was at a record-high of $3,630 and up 28% from a year earlier.

Rents are now 2.5% higher than the previous record set in April 2020, right before the rental market imploded during COVID as Manhattanites broke their leases and moved outside of the metro area or to an entirely different state to avoid draconian public health restrictions. Even with most white-collar workers still out of the office and remotely working or on some hybrid work schedule, people have been flooding into the borough since late 2021 in hopes of finding deep discounts. 

Bidding wars have ensued as demand for apartments is elevated, but supply is exceptionally tight. Inventory plunged 81% from a year earlier to just over 4,500 units, the lowest for a month since February 2008. Attractive concessions were no more. Only 20% of new leases offered a free month of rent. 

Hal Gavzie, executive manager of leasing at Douglas Elliman, said renters who had signed leases at a discount are seeing price increases of 15% to 30%. Even then, he said, tenants who rented at the pandemic lows opted to renew because inventory is so tight. 

Gavzie said units priced around $2,500 might see between 50 to 100 inquiries in one day. Some places are in such a hot demand that prices are usually driven up. 

 A separate report by real estate firm Corcoran Group noted that the higher end of the market, especially doorman buildings, is in huge demand, where 58% of new leases were signed last month. The brokerage said that the share is the highest in more than three years.

“With the city relaxing Covid restrictions, and more office workers and students returning to in-person work and school, I expect demand to rise even further in the near term,” Gary Malin, chief operating officer at Corcoran, said.

“I suggest tenants enter the market prepared, patient, and willing to compromise,” Malin said. 

Corcoran said the shortfall of new apartment buildings in the borough could add to tighter inventory and may only intensify rent prices. 

end

iii) USA economic stories

Goldman Sachs steps the uSA is closer to stagflation.  They have slashed 2022 GDP forecast to only a growth of 1.75%/

(zerohedge)

One Step Closer To Stagflation: Goldman Slashes 2022 GDP Forecast To 1.75%, Sees 35% Odds Of Recession

THURSDAY, MAR 10, 2022 – 10:20 PM

Back in October, when Goldman revised its 2022 GDP estimate from an euphoric 3.6% to a still euphoric 3.3%, we said that this assessment was dead wrong, as it was predicted on the overly optimistic assumption that the US consumer would remain solid thanks to generous spending of “excess savings” (the biggest lie about the post-covid recovery is that US society ended up with over $2 trillion in excess savings, when in reality it was just a handful of ultra rich that benefited from government generosity) which would never materialize. Instead we said that “the contribution to consumption from excess savings will end up being far smaller than most Wall Street strategists predict (since the propensity of the top 1% to spend their savings which are instead invested in the market, is far less than the broader population).” As a result, we also told readers to “expect even more aggressive cuts to GDP growth in coming quarters – from both Goldman and its peers – even as inflation continues to rise, cementing a painful period of non-transitory stagflation for the US as the mid-term elections approach.

Well fast forward to today, when on Thursday night the vampire squid just confirmed we were right – again – when unleashed its most draconian GDP cut yet, saying when it – again – downgraded its US GDP forecast “to reflect higher oil prices and other drags on growth related to the war in Ukraine”, or said otherwise, to reflect the woeful state of the US consumer which it was completely wrong about 5 months ago and is now blaming it on, who else, Vladimir Putin.

Of course, Goldman can’t admit that its entire bullish case was wrong from the beginning so instead it blames it on exogenous factors, the same factors which we have been saying for the past 6 months are pushing the US in a stagflationary recession (if not depression) as a result of dismal monetary, fiscal and energy policy, whose dire outcomes were merely precipitated by the Russian invasion of Ukraine.

According to Goldman chief economist Jan Hatzius, “oil and commodity prices have risen sharply since Russia invaded Ukraine. Our commodity strategists’ near-term crude oil and agricultural commodity forecasts imply an effective 0.7% drag on real disposable income that will weigh on spending in 2022.”

Goldman, which earlier today noted that global financial conditions are suddenly the tightest they have been in the past decade as a result of soaring commodity prices and interest rates, also expects “modest drags on growth from further tightening of financial conditions, lower consumer sentiment, and slower growth in Europe, and see additional downside risks if shortages of key metals constrain US production.”

As a result, Goldman slashes its GDP growth forecast as follows:

  • Q1 2022 to +0.5% vs 1.0% previously
  • Q2 2022 to +1.5% vs 2.5% previously
  • Q3 2022 to +2.5% vs 2.5% previously
  • Q4 2022 to +2.5% vs 2.0% previously

Compare this to what Goldman predicted in October:

  • Q1 2022 to 4.5 vs 5.0% previously
  • Q2 2022 to 4% vs 4.5% previously
  • Q3 2022 to  3% vs 3.5% previously
  • Q4 2022 to 1.75% vs. 1.5% previously

In other words, in 5 months Goldman has gone from 5.0% in Q1 to 0.5%. And that’s why Goldman’s economists are millionaires. Alternatively you could have simply read the following article we published at around the same time, “The Fed Just Started The Countdown To The Next Recession: Here’s When It Will Strike“, to know what is really going to happen.

As for the full year, the bank is lowering its 2022 real GDP growth forecast to +1.75% on a Q4/Q4 basis vs. +2.0% previously, and 1 percent below the consensus of 2.7%. Compared to the bank’s 2022 GDP forecast in October, it just around 50% off the 3.3% GDP forecast then, and when we said this number will collapse precipitously. Once again, we were right and Goldman was wrong.

And finally, while Goldman still won’t admit what is patently obvious to anyone, namely that a stagflationary recession will be here in a few months, when both Q1 and Q2 GDP print negative as CPI prints double digits, the bank at least breaches the topic of recession probability, and for the first time says that it now “sees the risk that the US enters a recession during the next year as broadly in line with the 20-35% odds currently implied by models based on the slope of the yield curve.”

For the record, we see odds that the US enters recession this year at 100%. And once that happens, the Fed will go all in…

Admitting that its forecast will be overly optimistic yet again, the bank concedes that “even after these downgrades, we still see risks around our growth forecast as skewed to the downside, particularly if sanctions escalate or if oil prices rise even further, for example, to the $175/bbl price target our commodity strategists see as possible if supply losses reach 4mb/d. Additionally, we have not assumed any growth hit due to metal shortages since — aside from palladium — only a small share of US commodity demand is met by Russian exports. However, if supply chain disruptions lead to challenges in sourcing key metals and other inputs that constrain production (as has already occurred for some European automakers), the negative growth impact could be more substantial.”

Reading between the lines, it appears that Goldman agrees with our “recession assured” call, a call we have absolute certain in after Janet Yellen said she sees none.

Finally, Goldman also nudged up its year-end unemployment rate forecast to 3.5% (vs. 3.4% previously) to reflect “the worse growth outlook, but still expect healthy job gains in 2022 despite fairly weak GDP growth due to strong labor demand.” Here too, we disagree, and see double digit unemployment once the recession transforms into a global depression.

end

President Biden Unveils More Punishments For Putin

FRIDAY, MAR 11, 2022 – 10:10 AM

Having tried to shift the narrative to blaming Putin for all that ails the Democratic party’s poor standings with the American public, President Biden is set to announce more actions this morning to further isolate Russia economically from the rest of the world (except of course, the 2.7 billion people living in China and India).

FOX News White House correspondent Peter Doocy to WH press secretary Jen Psaki at Thursday’s briefing:

Are you guys going to start blaming Putin for everything until the midterms? […] Last month, the statement didn’t mention the Putin Price Hike. It mentioned inflation because of the pandemic.”

Even The Wall Street Journal is calling the Biden admin out for blame-scaping Putin for ‘inflation’…

Inflation keeps rising, and working Americans are paying the price in falling real incomes. That’s the bad news from Thursday’s consumer-price index report for February, and the White House can’t blame Vladimir Putin for this one, though it’s trying.

But we are more than confident, the president will use this morning’s address to reinforce that exact narrative.

The Associated Press reports that the U.S. will move to revoke “most favored nation” trade status for Russia over its invasion of Ukraine. The move would be in conjunction with the European Union and the Group of Seven countries.

Stripping the most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy in retaliation for the invasion.

The Wall Street Journal reports that the US is expected to ban Russian imports of alcohol and seafood entirely.

Presumably that polled well after we reported the actions of some store ownersGOP hawks had already bee calling for this.

Despite these initiatives, Russia might not be impacted much by the boycott.

Only around 1.2 percent of all vodka imports into the United States in the first half of 2021 came from Russia, according to data from the Distilled Spirits Council of the United States.

The most popular vodka brands sold in the United States like Smirnoff, Svedka, New Amsterdam, Tito’s, Absolut, Ciroc, and SKYY, are made either domestically or in European countries like the UK, France, and Sweden.

The White House said the actions would “continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

And when those tariffs hit – and send prices even higher – you know who Biden will blame…

end 

Interesting:

The WHO told Ukraine to destroy high threat pathogens to prevent disease spread. The uSA has denied knowledge or funding of these labs..

(zerohedge)

WHO Told Ukraine To Destroy ‘High-Threat Pathogens’ In Labs To Prevent Disease Spread

THURSDAY, MAR 10, 2022 – 10:00 PM

The World Health Organization advised Ukraine to destroy ‘high-threat pathogens’ in the country’s public health laboratories in order to prevent “any potential spills” that might infect the population during the Russian invasion, Reuters reports.

“As part of this work, WHO has strongly recommended to the Ministry of Health in Ukraine and other responsible bodies to destroy high-threat pathogens to prevent any potential spills,” said the UN agency.

The report comes after a tense back-and-forth between US and Russian officials over “dangerous” biolabs in the country – with Russia, and then China, accusing the US military of involvement in Ukraine’s biolabs.

On Wednesday, Russian foreign ministry spokesperson Maria Zakharova repeated a longstanding claim that the United States operates a biowarfare lab in Ukraine, an accusation that has been repeatedly denied by Washington and Kyiv.

Zakharova said that documents unearthed by Russian forces in Ukraine showed “an emergency attempt to erase evidence of military biological programmes” by destroying lab samples. -Reuters

The US has denied the allegations – issuing (among other things) a Thursday statement that “The United States does not have chemical or biological weapons labs in Ukraine,” adding that America “does not develop or possess chemical and biological weapons anywhere.”

On Tuesday, US Undersecretary of State Victoria Nuland acknowledged that Ukraine “has biological research facilities, which, in fact, we are now quite concerned Russian troops, Russian forces may be seeking to gain control of. So we are working with the Ukrainians on how they can prevent any of those research materials from falling into the hands of Russian forces should they approach.”

Nuland’s answer made clear that whatever is inside Ukraine’s biolabs is a serious concern, however it should be noted that there’s no public evidence of bioweapons, nor did the WHO statement make reference to biowarfare – which is a separate issue from whether the laboratories contained, or contain, dangerous pathogens which could be used in a bioweapon

In response to Russian foreign ministry spokesperson Maria Zakharova’s Wednesday claim that the US is operating a biowarfare lab in Ukraine, a Ukrainian presidential spokesperson said: “Ukraine strictly denies any such allegation.”

The UN Security Council will convene on Friday at Russia’s request to discuss the claims.

iv)swamp stories

Leaked FBI Docs Reveal U.S. Govt. Funded Ukrainian Neo-Nazi Group That Orchestrated Charlottesville Riot To Destabilize The West And Stoke Racial Tension – enVolve

Inbox

Robert Hryniak12:32 PM (6 minutes ago)
to

Crazy stuff …
https://en-volve.com/2022/03/11/leaked-fbi-docs-reveal-u-s-govt-funded-ukrainian-neo-nazi-group-that-started-charlottesville-riot-in-order-to-destabilize-the-west-and-stoke-racial-tension/

KING REPORT/SWAMP STORIES

A trifecta of bad news hit the markets before the NYSE opened.

  • The hope for an imminent peace deal between Ukraine and Russia dissipated.
  • The ECB unexpectedly announced it would accelerate its exit from bond buying.
  • US February CPI (7.9% y/y) and Core CPI (6.4% y/y) hit 40-year highs.

 
Ukraine’s Kuleba: No cease-fire agreement reached at Turkey meeting
Ukrainian Foreign Minister Dmytro Kuleba has said no progress on a cease-fire was made…
    Kuleba said at a news conference that the “broad narrative” from Lavrov was that Russia would continue its invasion until Ukraine met its demands. “Russia is not in a position at this point to establish a cease-fire. They seek a surrender from Ukraine. This is not what they’re going to get. Ukraine is strong, Ukraine is fighting,” Kuleba said…
https://www.dw.com/en/ukraines-kuleba-no-cease-fire-agreement-reached-at-turkey-meeting/a-61075621
 
No progress on Ukraine ceasefire in Lavrov-Kuleba meeting
At a separate news conference Lavrov said there had been no discussion of a ceasefire, and that the talks in Turkey could not be an alternative to the “real, main diplomatic track”, referring to lower-level meetings in Belarus, an ally of Moscow. “I am not surprised that Mr Kuleba said that it was not possible to agree about a ceasefire. Here, no one was intending to agree a ceasefire,” he said.
https://www.reuters.com/world/europe/top-russian-ukrainian-diplomats-meet-first-time-since-invasion-2022-03-10/
 
@Quicktake: “We do not plan to attack other countriesWe did not attack Ukraine either.”  Russian Foreign Minister Lavrov denied that Russia attacked its neighbor…
 
Lavrov admitted that Russia deliberately bombed a maternity hospital in Ukraine
“A few days ago, the Russian delegation at a meeting of the Security Council UN stated the facts that this maternity hospital has long been occupied by the Azov battalion and other radicals, expelled all the mothers, nurses and all the staff. It was the base of the ultra-radical Azov battalion.”…
https://en.24tv.ua/lavrov-admitted-that-russia-deliberately-bombed-maternity-hospital_n1900377
 
Russia’s Defense Ministry admits using ‘lung-busting’ thermobaric ‘vacuum bombs’ in Chernihiv https://t.co/gPDIIsjTka
 
ECB Surprises with Faster Stimulus Exit on Risk to Inflation
ECB officials pledged to slow bond buying from the start of May, and said they could halt the program as soon as the third quarter… They tried to temper that by making a subsequent interest-rate hike less automatic…  https://financialpost.com/pmn/business-pmn/ecb-unexpectedly-accelerates-stimulus-exit-citing-war-in-ukraine
 
In her press conference ECB President Christine LaGarde tried to mitigate the hawkish ECB Communique.  “The Governing Council sees it as increasingly likely that inflation will stablize at it 2% target over the medium term.”
 
LaGarde Says Data Matter More than Timing for Rate Hike – BBG
Lagarde repeatedly stressed “optionality” … and the changes to guidance are not an acceleration toward tighter settings.  The ECB dropped its pledge to end net asset purchases “shortly” before a rate hike, deliberately switching possible lift-off to “some time after”, which Lagarde said could mean week or months and is “all-encompassing.”
 
After surging on the ECB’s announced accelerated exit from QE, the euro tumbled on Lagarde’s dovish comments and the untethered link between the termination of debt monetization and the first-rate hike.
 
Die Welt’s @Schuldensuehner: The rollercoaster Euro chart shows the messiness of the ECB Governing Council meeting revealed in the ECB press conferencehttps://t.co/KYHhjBPIfW
 
It is fallacious and misleading to compare current CPI with CPI from prior eras.   The BLS has altered its CPI methodology about 19 times since 1980.  Current CPI would double under 1980 methodology.  Using real rent and housing prices by themselves would add over 500 percentage points to CPI.  Ergo, real interest rates are even more negative than advertised; and the Fed is even more behind the curve.
 
@AlessioUrban: Real inflation (Flexible Price CPI Core, St.L Fed chart) in US hit almost 20% in Feb.
https://twitter.com/AlessioUrban/status/1501994068074811394
 
GOP @RepDanBishop: There’s nobody suggesting there’s unchecked inflation on the way — no serious economist.” – Biden last summer.
 
@jasonfurman: The goods to services inflation handoff began in February as core services inflation exceeded durable goods inflation for the first month in nearly a year. Durables could easily turn negative the year but services have more room to grow and are 5X the weight. Net effecthttps://t.co/7mQuBiOvbD
 
GOP Rep @laurenboebert: Inflation is up 8% from this time last year. Gas is sitting at historically high prices. The House just passed a $1.5 trillion spending bill they didn’t read. How’s one-party rule working out for you, America?
 
@CBSLA: Gas prices this morning at a station in West Hollywood. Premium is just under $8 a gallon. https://cbsloc.al/3tK7BGQ
 
Americans hurting over gas prices call ‘bull’ on Biden’s claim he ‘can’t do much,’ Russia responsible https://www.foxnews.com/us/americans-call-bull-on-bidens-claim-he-cant-do-much-about-rising-gas-prices-russia-responsible
 
@thejcoop: “First it was transitory, then ‘inflation is good.’ Then we went to ‘corporate greed.’ Now we’re at Putin.”  Rick Santelli absolutely hammering the Biden administration’s ever-evolving excuses on inflationhttps://t.co/9FoyfOrhYe
 
@bennyjohnson: Jen Psaki: “High gas prices — buy and electric car!” (Fox’s) Doocy: “Joe Biden owns a corvette. Does he have an electric car?” Jen Psaki: …. um …. uh …. Joe Biden has his own taxpayer funded drivers and a fleet of SUVs…. so …no?”   https://t.co/WdpTaH9p2k
 
Bonds tumbled on the ugly US CPI.  The US 10-year jumped above 2%, the highest yield since Feb. 25.
 
ESHs bottomed at 9 ET on buying for the expected NYSE opening rally.  ESHs and stocks peaked at 10:16 ET.  An ensuing tumble pushed ESHs and stocks to new session lows.  Another bottom developed at 11:40 ET.  ESHs and stocks then rallied into the close.  It was yet another session in which ESHs and stocks tumbled in morning trading in the US and someone pushed ESHs higher from midday to 15:53 ET.
 
Biden personally killed Polish jet deal (No 10% for The Big Guy?) https://t.co/HuaZCeYESD
 
@cspan: Sen. Tom Cotton: “If we continue to blink every time Vladimir Putin says ‘boo’ it’s not going to stop in Ukraine…because we will never stand up to Russia if every time Vladimir Putin says ‘boo’ we back down.”  https://twitter.com/cspan/status/1502034560321687565
 
Gerhard Schröder in Moscow to meet Putin in Ukraine peace bid
Ex-German chancellor has close ties to Russian leader.
    Schröder, who was expected to meet Putin late on Thursday afternoon, has come under fierce criticism at home and abroad for refusing to sever his close ties to Moscow following Putin’s invasion of Ukraine. Even several of his office staff quit last week after he insisted on keeping his senior roles at Kremlin-linked energy giants Rosneft and Gazprom.  Schröder, a Social Democrat, served as German chancellor from 1998 to 2005. He has since enjoyed a lucrative business career thanks to his Russian energy roles.
https://www.politico.eu/article/gerhard-schroder-in-moscow-to-meet-putin-in-ukraine-peace-bid-sources/
 
Politico Europe’s @florianeder: More details: Schröder went to meet with Putin at Ukrainian request. German government officials said weren’t informed of the initiative: Schröder didn’t bother to inform Olaf Scholz or the chancellery
 
Russian ex-minister says invasion of Ukraine is stalling because officials stole from military budget for ‘mega-yachts in Cyprus’ – Andrey Kozyrev, a former foreign minister… claimed Putin had overestimated Russia’s military, not realizing its budget had been embezzled…
https://www.businessinsider.com/russia-ex-fm-kozyrev-miitary-failing-budget-spent-yachts-2022-3?r=AU&IR=T
 
Russia accuses US of ‘experimenting with bat coronavirus samples’ and carrying out research on ANTHRAX in Ukraine…
https://www.dailymail.co.uk/news/article-10597799/Now-Russia-accuses-experimenting-bat-coronavirus-samples-Ukraine.html
 
@BloombergAsia: Open interest in the main oil contracts plunges to a six-year low in recent days as traders retreat from risk amid volatility https://t.co/ruPktjXqoM

@MZHemingway: Energy Sec. Granholm dodges questions on gas crisis as aides whisk her away, block camera: video https://t.co/C26CqmRNU7
 
Big bureaucracy fumbled COVID and our faith in institutions
Americans will never again trust what our health agencies tell us
     From locking us all down to frequently providing conflicting information and lying that the “science” had “changed,” our health agencies were a complete disaster.  Again and again, they pushed failed mitigation policies that had actual harm on Americans…
    As late as November 2021, Walensky was alleging that masking was at least 80% effective in stopping all viruses! “Masks can help prevent the spread of COVID-19 by reducing your chance of infection by more than 80%, whether it’s an infection from the flu, from the coronavirus, or even just the common cold.” That would be miraculous if true. It is not true. There has not been a single study that showed masking to be an effective way of stopping COVID-19, let alone the common cold… Walensky let teachers union head Randi Weingarten craft actual policy that would keep kids out of school. Fauci would argue for Biden’s stimulus bill in order to open schools. Both were doing a political job while pretending to be nonpartisan. Their partisanship cost kids an education and for many kids far more than that…  https://www.foxnews.com/opinion/big-bureaucracy-fumbled-covid
 
WSJ: Fears over a possible nuclear confrontation with Russia have prompted a run on potassium-iodide pills that can protect against radiation poisoninghttps://t.co/tYOLRDu0eu
 
Why Putin Went to War to Keep Ukraine Out of the European Union
Vladimir Putin’s war against Ukraine began, not in February of this year, but February eight years ago when Putin seized Crimea and installed puppet governments in two eastern areas of Ukraine, areas that he now calls “independent republics.”…
    What triggered Putin’s sudden aggression, the first military seizure of territory in Europe since the 1940s? The fact that, via the Euromaidan protests, the Ukrainian people dethroned his puppet in Kyiv, a man named Viktor Yanukovych. The uprising began when, on orders from the Kremlin, Yanukovych reneged on a pact with the European Union intended to lead to full membership. Joining Europe was hardly the only issue. Yanukovych had been tagged as the most corrupt ruler in the world.
    Poland’s per capita GDP has tripled since 1990 while Ukraine’s per capita GDP halved in the 1990s and, as of 2020 was still 25% below its level three decades ago… By contrast, Russia’s economic recovery stalled out after 2013. Whether coincidentally or not, that’s during the same period when Putin shifted from focusing on economic recovery to recreating the Russian/Soviet empire…
     On the trade side, Ukraine shifted toward the West. The peak value of Ukraine’s trade with Russia came in 2011 at $49 billion. By 2020, it had plummeted to just $7.2 billion. By contrast, in 2021, trade with the EU totaled to more than $58 billion…
    No wonder Putin sees Ukraine as a threat. If the Ukrainian people can do this, might not Russians start asking: why not us?  https://richardkatz.substack.com/p/why-putin-went-to-war-to-keep-ukraine
 
Ukraine Worked with Democrats Against Trump in 2016 to Stop Putin. The Bet Backfired Badly.
The improper, if not illegal, operation was run chiefly out of the Ukrainian Embassy in Washington, where officials worked hand-in-glove with a Ukrainian-American activist and Clinton campaign operative to attack the Trump campaign. The Obama White House was also deeply involved in an effort to groom their own favored leader in Ukraine and then work with his government to dig up dirt on – and even investigate — their political rival.
    Ukrainian and Democratic operatives also huddled with American journalists to spread damaging information on Trump and his advisers – including allegations of illicit Russian-tied payments that, though later proved false, forced the resignation of his campaign manager Paul Manafort. The embassy actually weighed a plan to get Congress to investigate Manafort and Trump and stage hearings in the run-up to the election… Ukraine’s ambassador took the extraordinary step of attacking Trump in an Op-Ed article published in The Hill… other top Ukrainian officials slammed the GOP candidate on social media… (A lot more at the link.) https://www.realclearinvestigations.com/articles/2022/03/10/how_ukraine_conspired_with_dems_against_trump_to_prevent_the_kind_of_war_happening_now_under_biden_820873.html
 
@FedHistory: The 1933 annual report of the Fed Board offers a compelling account of the banking crisis and the Fed’s plan to reopen banks after the weeklong bank holiday    https://t.co/OMJDzxTc7b
 
Today – Be alert for the usual afternoon rally that appears on the Friday before expiry week.  4200 is solid S&P 500 Index support; 4300 is resistance.  There is a lot of air in between these levels. 
 
The market is still hostage to rumors and stories about Ukraine and Russia.  We have no clue what traders or the equity rescue team will do.  However, who wants to go home for the weekend with large exposure?
 
The Fed Balance Sheet: +$6.293B   ESHs are -12:25; WTI oil is +1.61; and gold is -4.50 at 20:05 ET

@tomselliott: @VP Harris awkwardly starts laughing when asked about the Ukrainian refugee crisis
(Cackle diplomacy in Poland?)  https://twitter.com/tomselliott/status/1501901624943464449
 
Ex-DNI @RichardGrenell: Oh, Dear God. This is a total disaster. She (Kamala) isn’t prepared. She isn’t grasping issues & solutions. She rambles. I blame the Sacramento media for never properly vetting her. Just watch….  https://twitter.com/tomselliott/status/1501904857749405699
 
‘It Would Be a Tragedy If This Woman Won The Presidency’: Zelensky’s Ex-Press Secretary Blasts Kamala In Since-Deleted Tweet https://t.co/fHsAmzsO9c
 
Special Counsel’s Office Is Investigating The 2016 DNC Server Hack
The U.S. Department of Defense tasked the same Georgia Tech researcher embroiled in the Alfa Bank hoax with investigating the “origins” of the Democratic National Committee hacker, according to an email first obtained by The Federalist on Wednesday. That email also indicates the special counsel’s office is investigating the investigation into the DNC hack and that prosecutors harbor concerns about the DOD’s decision to involve the Georgia Tech researcher in its probe….
    Something caused the special counsel’s office to discover that DARPA had tasked Antonakakis with investigating the DNC hack. And something caused the special counsel’s office to question the Georgia Tech researcher about that project…
https://thefederalist.com/2022/03/10/exclusive-special-counsels-office-is-investigating-the-2016-dnc-server-hack/
 
Ballot Bombshells: 20 episodes exposing fraud, illegalities and irregularities in 2020 election
Illegal rule changes, ballot harvesting, Iranian voter hack are among the many now-confirmed serious irregularities, putting the lie to the “perfect election” narrative.
https://justthenews.com/politics-policy/elections/ballot-bombshells-20-episodes-exposing-fraud-illegalities-and
 
@FedProm: How much of the $14B to Ukraine will actually go to Ukraine?
    @TonyNashNerd: Ukraine is ranked 122 on Transparency International’s Corruption Perception Index, just behind Zambia and just above Gabon. 23% of the UKR public sector engagements required bribes over the past year, according to the report. Simple explanation: ~$3.2bn (23% of 14bn).
 
Iran suggests new obstacles hinder nuclear deal after Russian interruption
“US approach to Iran’s principled demands, coupled with its unreasonable offers and unjustified pressure to hastily reach an agreement, show that US isn’t interested in a strong deal that would satisfy both parties,” Khamenei’s top security official Ali Shamkhani said in English on Twitter on Thursday morning. “Absent US political decision, the talks get knottier by the hour,” said Shamkhani, secretary of Iran’s Supreme National Security Council… (Iran bashes Team Obama-Biden for being ‘hasty’!)
https://www.reuters.com/world/middle-east/iran-says-us-desire-quick-accord-shows-it-has-no-will-strong-deal-2022-03-10/
 
Why is Team Obama-Biden so desperate for a nuclear deal with Iran?  Is the “unjustified pressure to hastily reach an agreement” an attempt to reach a deal before Americans and Congress see the deal?
 
Dozen House Dems: ‘Hard to envision supporting’ new Iran deal – The Democrats, joined by nine Republicans, object to some of the major publicly reported provisions of the pending deal
    12 Democrats and nine Republicans, emphasize their concerns about the possibility of lifting both the Islamic Revolutionary Guard Corps’ designation as a Foreign Terrorist Organization and sanctions on members of the Supreme Leader’s inner circle…
    Following that press conference, Sen. Ted Cruz (R-TX), who organized the event, told JI that “the only approach that has a reasonable chance of stopping a nuclear Iran is maximum pressure” on the Iranian economy, with an end goal of regime change. “I don’t believe the ayatollah will ever stop pushing for nuclear weapons,” Cruz said. “I believe we should continue to ratchet sanctions up until the Iranian people rise up and achieve new leadership.”
https://jewishinsider.com/2022/03/eleven-house-dems-hard-to-envision-supporting-new-iran-deal/



END

Let us close with this offering courtesy of Greg Hunter

Globalists Want War, Ukraine Lies & Propaganda, Economy Tanking
InboxGreg Hunter
 via aweber.com 12:46 AM (7 hours ago)to Harvey

Globalists Want War, Ukraine Lies & Propaganda, Economy Tanking
By Greg Hunter On March 11, 2022 In Weekly News Wrap-Ups14 Comments
By Greg Hunter’s USAWatchdog.com

 (WNW 519 3.11.22)Even though Russia and Ukraine have been talking, zero agreement has been reached in stopping the three-week-old war between the two countries.  There is no good faith effort to end it, and it appears the Deep State globalists want this conflict to continue. The only conclusion you can come to is, ultimately, this leads to war, and that’s what they want.  Be prepared for this conflict and escalating sanctions to continue for some time to come.  Maybe this is why Martin Armstrong sees a big war cycle coming in 2023.It’s been difficult reporting on Ukraine because of the lies and propaganda.  For the past few weeks, the Biden/Obama Administration has been denying there are U.S. bio-weapons labs in Ukraine.  They called it conspiracy theories and “fake news.”  They should have told that to State Department Under Secretary Victoria Nuland because in Senate testimony under oath, she basically confirmed the U.S. did indeed have bio-weapons labs in Ukraine.  Nuland said she was worried about the labs falling into the hands of the Russians, and she was not talking about the Russians finding out about a cure for cancer.  This breaks a 1992 agreement by the U.S. and Russia on bio-weapons.  Another example of propaganda in Ukraine is many of the videos you are seeing contain old video from other battles and even video game footage that simulate war.  A big percentage are fake or total misrepresentations of what is going on in Ukraine.  It’s all used to sway public opinion against Russia and for NATO.  Even globalist George Soros is shilling for Ukraine, and that alone is a huge red flag.As the sanctions on Russia increase, the economy continues to tank.  The big issue is supply of goods and commodities causing spiking inflation.  Just look at wheat prices.  Last fall, when winter wheat was planted, the grain was around $5.50 per bushel.  Today, thanks to sanctions on Russia, it is averaging more than $11.00 per bushel.  Expect the free bread at Outback and every other restaurant to not be so free in the future.  All indications are the tanking of the global economy will keep going because the Russia/Ukraine conflict has no end in sight. and that’s what the Deep State globalists want.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 3.11.22.(To Donate to USAWatchdog.com Click Here.)
After the Wrap-Up:
Precious metals and financial expert David Morgan of “The Morgan Report” will be the guest for the Saturday Night Post. 
He thinks the up-trend for metals is here to stay, and there are many geopolitical reasons why.

Rob Kirby Update: Doctors have taken Rob off the respirator, and he is breathing on his own.  I think doctors are going to slowly bring Rob out of his medically induced coma this weekend!!! 

https://usawatchdog.com/globalists-want-war-ukraine-lies-propaganda-economy-tanking/

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

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