MAY 16/GOLD CLOSED UP $5.40 TO $1814.90//SILVER CLOSED UP $.52 TO $21.51//PLATINUM FELL SLIGHTLY BY 40 CENTS TO $943.20//PALLADIUM RISES BY $81.35 TO $2018.50/GOLD STANDING FOR MAY RISES BY ANOTHER HUGE QUEUE JUMP OF 33,000 OZ//NEW STANDING 17.8150 TONNES//SILVER OZ STANDING REMAINS RELATIVELY CONSTANT AT 27.815 MILLION OZ//GASOLINE PRICES RISE TO RECORD LEVELS IN THE USA AND EUROPE//BOTH SWEDEN AND FINLAND SET TO JOIN NATO: RUSSIA CUTS OFF FINLAND FROM ITS NATURAL GAS//COVID UPDATES//IVERMECTIN UPDATES//VACCINE INJURY REPORT//VACCINE IMPACT//COMMODITY REPORT: WHEAT//SWAMP STORIES FOR YOU TONIGHT//

May 16, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1814.90 UP $5.40

SILVER: $21.51 UP  $.52

ACCESS MARKET: GOLD $1824.50

SILVER: $21.60

Bitcoin morning price:  $30,051 DOWN 97

Bitcoin: afternoon price: $29,803 DOWN 345

Platinum price: closing DOWN $0.40 to $943.20

Palladium price; closing UP $81.35  at $2018.50

END

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 EXCHANGE: COMEX

comex notices percentage of JPMorgan notices filed:5/5

EXCHANGE: COMEX
CONTRACT: MAY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,807.400000000 USD
INTENT DATE: 05/13/2022 DELIVERY DATE: 05/17/2022
FIRM ORG FIRM NAME ISSUED STOPPED


661 C JP MORGAN 5
685 C RJ OBRIEN 1
737 C ADVANTAGE 3
905 C ADM 1


TOTAL: 5 5
MONTH TO DATE: 5,381


NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 5  NOTICE(S) FOR 500 OZ  (0.0155  TONNES)

total notices so far:  5381 contracts for 538,100. oz (16.727 tonnes)

SILVER NOTICES: 

0 NOTICE(S) FILED nil   OZ/

total number of notices filed so far this month  4854  :  for 24,295,000  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.

GLD

WITH GOLD UP $5.40

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 HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD

INVENTORY RESTS AT 1055.89 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 52 CENTS

AT THE SLV// A BIG CHANGE IN SILVER INVENTORY AT THE SLV://A HUGE CHANGE IN SILVER INVENTORY

AT THE SLV.: A WITHDRAWAL OF 1.546 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 568.593 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A SMALL SIZED  146 CONTRACTS TO 142,543   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE SMALL LOSS IN OI WAS ACCOMPLISHED DESPITE OUR  $0.31 GAIN  IN SILVER PRICING AT THE COMEX ON FRIDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.31) AND WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS  AS  WE HAD A STRONG GAIN OF 804 CONTRACTS ON OUR TWO EXCHANGES.

WE  MUST HAVE HAD: 
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 30.170 MILLION OZ FOLLOWED BY TODAY’S 50,000 OZ QUEUE. JUMP   //NEW STANDING 27.815 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  : 1685

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

TOTAL CONTACTS for 10 days, total 15,264,  contracts:  76.320 million oz  OR 7.632 MILLION OZ PER DAY. (1526CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 76.320 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: 207.430  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE AND WE ARE STILL GOING STRONG THIS MONTH.

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 76.32 MILLION OZ//INCREASING AGAIN

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 146 DESPITE OUR  $0.31 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 950 CONTRACTS ISSUED FOR MAY 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 MAY. OF 30.170 MILLION  OZ  FOLLOWED BY TODAY;S 50,000  OZ QUEUE. JUMP //NEW STANDING 27.815 MILLION OZ//  .. WE HAD A STRONG SIZED GAIN OF 804 OI CONTRACTS ON THE TWO EXCHANGES FOR 4.02 MILLION  OZ WITH THE GAIN IN PRICE. 

 WE HAD 0  NOTICE FILED TODAY FOR  nil 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 STRONG SIZED 6042 CONTRACTS  TO 573,287 AND FURTHER FROM 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:  –6284 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  STRONG SIZED LOSS IN COMEX OI CAME WITH OUR STRONG LOSS IN PRICE OF $16.25//COMEX GOLD TRADING/FRIDAY /.AS IN SILVER WE MUST  HAD  HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR MAY AT 5.353 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY”S QUEUE JUMP OF 33,000 OZ//NEW STANDING 17.850 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $16.25 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A FAIR SIZED LOSS OF 1642  OI CONTRACTS (5.107 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED  5000 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 566,403.

IN ESSENCE WE HAVE A  FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1642, WITH 6042 CONTRACTS DECREASED AT THE COMEX AND 5000 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 1642 CONTRACTS OR 5.107 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5000) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (6042,): TOTAL LOSS IN THE TWO EXCHANGES  1642 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY. AT 5.353 TONNES FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 33,300 OZ//NEW STANDING 16.824 ///  3) ZERO LONG LIQUIDATION //.,4) STRONG SIZED COMEX  OI. LOSS 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

MAY

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

45,363 CONTRACTS OR 4,536,300 OR 141.09  TONNES 10 TRADING DAY(S) AND THUS AVERAGING: 4536 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 141.09 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  141.09/3550 x 100% TONNES  3.97% 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:  409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  141.09 TONNES INITIAL// INCREASING AGAIN

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 MAY.WE ARE NOW INTO THE SPREADING OPERATION OF SILVER

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 APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY, FOR SILVER:

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, FELL BY A TINY SIZED 146 CONTRACT OI TO 142,543 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  5 YEARS AGO.  

EFP ISSUANCE 950 CONTRACTS

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

MAY 950  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF146 CONTRACTS AND ADD TO THE 950 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 804 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 4.020 MILLION OZ

OCCURRED DESPITE OUR GAIN IN PRICE OF  $0.31 .

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

end

5. Other gold commentaries

end

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 10.53 PTS OR 0.34%   //Hang Sang CLOSED UP 51.44 PTS OR 0.25%    /The Nikkei closed UP 119.40 OR 0.45%          //Australia’s all ordinaires CLOSED UP 0.25%   /Chinese yuan (ONSHORE) closed DOWN 6,7908    /Oil UP TO 109.03 dollars per barrel for WTI and down TO 110.25 for Brent. Stocks in Europe OPENED  ALL MIXED       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7908 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8097: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

a)NORTH KOREA

outline

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 STRONG SIZED 6042 CONTRACTS TO 566,403 AND CLOSER TO 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 STRONG  COMEX DECREASE OCCURRED WITH OUR  LOSS OF $16.25 IN GOLD PRICING FRIDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (5000 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  ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A  STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 5000 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :5000 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5000 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: A  FAIR SIZED  TOTAL OF 1642 CONTRACTS IN THAT 5000 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED  COMEX OI LOSS OF 6042  CONTRACTS..AND YET  THIS GAIN OCCURRED WITH  OUR LOSS IN PRICE OF GOLD $16.25.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (17.850),

 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  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 17.850 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $16.25) BUT  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS// AS WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 16.30 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (17.850 TONNES)

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

NET GAIN ON THE TWO EXCHANGES 5242 CONTRACTS OR 524,200  OZ OR 16.30

 TONNES

Estimated gold volume today: 168,817/// poor

Confirmed volume yesterday:205,090 contracts  fair

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //MAY 16

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz92,928.304 oz
Brinks
Int. Delaware
JPMorgan
Manfra
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oz49,769.748 oz
HSBC
1548 kilobars
No of oz served (contracts) today5  notice(s)500 OZ
0,0155 TONNES
No of oz to be served (notices)358 contracts 35800 oz
1.113 TONNES
Total monthly oz gold served (contracts) so far this month5381 notices
538,100 OZ
16.737 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:

dealer deposits  0

total dealer deposit  nil   oz//

No dealer withdrawals

1 customer deposit

i) Into HSBC  49,768.748 oz (1,548 kilobars)

4 customer withdrawals:

i) Out of Brinks:  33,051.230  oz 1028 kilobars

ii) Out of Int. Delaware  8,037.150 oz (250 kilobars)

iii Out of JPMorgan: 23,341.623 oz

iv) Out of Manfra: 28,497.701 oz

total withdrawal: 92,928.304 oz

ADJUSTMENTS:   a)  Brinks//dealer to customer 203,901.640 oz (6,342 kilobars)

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 363 contracts having GAINED 230 contracts

We had 100 notices filed on FRIDAY, so we gained 330 contracts or  AN ADDITIONAL 33,000 oz will stand for delivery in this non active delivery month of May.

June saw a loss of 10,494 contracts down to 265,996 contracts 

July has a GAIN OF 27 OI to stand at 203

August has a gain of 3109 contracts up to 242,156 contracts

We had 5 notice(s) filed today for  500 oz FOR THE MAY 2022 CONTRACT MONTH. 


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

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

we take the total number of notices filed so far for the month (5381) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY 363  CONTRACTS ) minus the number of notices served upon today  15 x 100 oz per contract equals 573900 OZ  OR 17.850 TONNES the number of TONNES standing in this non  active month of MAY. 

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

No of notices filed so far (5381) x 100 oz+   (363)  OI for the front month minus the number of notices served upon today (5} x 100 oz} which equals 540.900 oz standing OR 17.850 TONNES in this NON  active delivery month of MAY.

TOTAL COMEX GOLD STANDING:  17.850 TONNES  (A STRONG STANDING FOR A MAY ( NON ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  2,026,795.134 oz                             

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  35,734,640.273 OZ 

TOTAL ELIGIBLE GOLD: 17,959,183.340  OZ

TOTAL OF ALL REGISTERED GOLD: 17,975,457.673 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,948,662.0 OZ (REG GOLD- PLEDGED GOLD)  

END

MAY 2022 CONTRACT MONTH//SILVER//MAY 16

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory674,931.640  oz
CNT
HSBC
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory624,438.356oz 
No of oz served today (contracts)0 CONTRACT(S)
(0  OZ)
No of oz to be served (notices)709 contracts 
(3,545,000 oz)
Total monthly oz silver served (contracts)4854contracts 
24,270,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month


And now for the wild silver comex results

total dealer deposits:  nil     oz

we had 0 deposit into the dealer

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposits into the customer account

i) Into CNT:  624,438.356 oz

total deposit:  624,438.356    oz

JPMorgan has a total silver weight: 177.434 million oz/338.646 million =52.36% of comex 

 Comex withdrawals: 2

i) Out of CNT  79,203.270 oz

ii) Out of HSBC:  601,728.370 oz

total withdrawal 674,931.640     oz

1 adjustments: 

b) customer to dealer/Brinks 10,345.580 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 80.514 MILLION OZ

TOTAL REG + ELIG. 338.646 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 709 HAVING LOST 36 CONTRACTS.  WE HAD 86 NOTICES FILED ON FRIDAY

SO WE GAINED 50   CONTRACTS OR AN QUEUE. JUMP OF 250,000 OZ

JUNE HAD A LOSS OF 14 TO STAND AT 1533

JULY HAD A GAIN OF 429 CONTRACTS UP TO 113,002 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for 0 oz

Comex volumes: 44,193// est. volume today//   fair

Comex volume: confirmed yesterday: 61,608 contracts (  good )

To calculate the number of silver ounces that will stand for delivery in MAY we take the total number of notices filed for the month so far at 4859 x 5,000 oz = 24,295,000 oz 

to which we add the difference between the open interest for the front month of MAY(709) and the number of notices served upon today 0  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY./2021 contract month: 4859 (notices served so far) x 5000 oz + OI for front month of MAY (709)  – number of notices served upon today (0) x 5000 oz of silver standing for the MAY contract month equates 27,815,000 oz. .

We GAINED 50 contracts or AN ADDITIONAL 250,000 OZ will  stand for delivery at the comex

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:

MAY 16/WITH GOLD UP $5.40: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD///INVENTORY RESTS AT 1055/89 TONNES

MAY 13/ WITH GOLD DOWN $16.25//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.8 TONNES FROM THE GLD.//INVENTORY RESTS AT 1060.82 TONNES

MAY 12/WITH GOLD DOWN $26.50: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.99 TONNES FROM THE GLD////INVENTORY RESTS AT 1066.62 TONNES

MAY 11/WITH GOLD UP $9.85//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.25 TONNES FROM THE GLD/////INVENTORY RESTS AT 1068.65 TONNES

MAY 10//WITH GOLD DOWN $16.90: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 6.10 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 1075.90 TONNES

MAY 9/WITH GOLD DOWN $24.05: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.98 TONNES FROM THE GLD..//INVENTORY RESTS AT 1082.00 TONNES

MAY 6/WITH GOLD UP $7.95: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.06 TONNES FROM THE GLD////INVENTORY RESTS AT 1084.98 TONNES

MAY 5/WITH GOLD UP $6.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1089.04 TONNES

MAY 4//WITH GOLD UP 70 CENTS TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 \TONNES FROM THE GLD//INVENTORY RESTS AT 1089.04 TONNES

MAY 3/WITH GOLD UP $6.05: A BIG CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWL OF 2.32 TONNES//INVENTORY RESTS AT 1092.23

MAY 2/WITH GOLD DOWN $46.20: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD///INVENTORY RESTS AT 1094.55 TONNES

APRIL 29/WITH GOLD UP $20.05/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1095,72 TONNES

APRIL 28/WITH GOLD UP $2.35: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.77 TONNES FROM THE GLD //INVENTORY RESTS AT 1095.72 TONNES

APRIL 27/WITH GOLD DOWN $15.30//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1099.49 TONNES

APRIL 26/WITH GOLD UP $7.60//HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.9 TONNES INTO THE GLD./INVENTORY RESTS AT 1101.23 TONNES

APRIL 25/WITH GOLD DOWN $36.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1104.13 TONNES 

APRIL 22/WITH GOLD DOWN $13.50: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD.//INVENTORY RESTS AT 1104.13 TONNES

APRIL 21/WITH GOLD DOWN $6.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1106.74 TONNES

APRIL 20/WITH GOLD DOWN $3.05: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT IF 6.36 TONNES INTO THE GLD..//INVENTORY RESTS AT 1106.74 TONNES

APRIL 19//WITH GOLD DOWN $26.90//A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .87 TONNES INTO THE GLD//INVENTORY RESTS AT 1100.36 TONNES

APRIL 18/WITH GOLD UP $11.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD..//INVENTORY RESTS AT 1099.44 TONNES

APRIL 14/WITH GOLD DOWN $8.90: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A  DEPOSIT OF 11.32 TONNES INTO THE GLD..//INVENTORY RESTS AT 1104.42 TONNES

APRIL 13/WITH GOLD UP $8.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1093.10 TONNES

APRIL 12/WITH GOLD UP $26.95: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.61 TONNES INTO THE GLD///INVENTORY REST AT 1093.10 TONNES

APRIL 11/WITH GOLD UP $3.40 //A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 1090.49 TONNES

GLD INVENTORY: 1055.89 TONNES

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

MAY 16/WITH SILVER UP $.52 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.546 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.593 MILLION OZ//

MAY 13/WITH SILVER UP 31 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 570.439 MILLION OZ/

MAY 12/WITH SILVER DOWN 88 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 570.439 MILLION OZ//

May 11/WITH SILVER UP 8 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.487 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 570.439 MILLION OZ//

MAY 10.//WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 9/WITH SILVER DOWN 50 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ

MAY 6/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 5/WITH SILVER UP 6 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .93 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 4/WITH SILVER DOWN 27 CENTS TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .851 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 576.900 MILLION OZ

MAY 3/WITH SILVER UP 4 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF.877 MILLION OZ INTO THE SLV.

MAY 2/WITH SILVER DOWN 47 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 554,000 OZ FROM THE SLV.//INVENTORY RESTS AT 575.171 MILLION OZ//

APRIL 29//WITH SILVER DOWN 12  CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.725 MILLION OZ/

APRIL 28/WITH SILVER DOWN 23 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.308 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.725 MILLION OZ//

APRIL 27/WITH SILVER DOWN 4 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.385 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 578.033 MILLION OZ

APRIL 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 579.418 MILLION OZ

APRIL 25/WITH SILVER DOWN 69 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.031 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 579.418 MILLION OZ//

APRIL 22/WITH SILVER DOWN 34 CENTS : STRANGE!! A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WHOPPING DEPOSIT OF 3.508 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 581.449 MILLION OZ//

APRIL 21/WITH SILVER UP 57 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 577.941 MILLION OZ

APRIL 20/WITH SILVER DOWN 15 CENTS : A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.955 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 577.941 MILLION OZ///

APRIL 19/WITH SILVER DOWN 62 CENTS: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .461 MILLION OZ FROM THE SLV INVENTORY…//INVENTORY RESTS AT 574.986 MILLION OZ

APRIL 18/WITH SILVER UP 38 CENTS: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.771 MILLION OZ INTO THE SLV./INVENTORY RESTS AT 575.447 MILLION OZ//

APRIL 14/WITH SILVER DOWN 25 CENTS : A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.355 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 569.676 MILLION OZ//

APRIL 13/WITH SILVER UP 27 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 565.521 MILLION OZ

APRIL 12/WITH SILVER UP 66 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 565.521 MILLION OZ//

APRIL 11/WITH SILVER UP 13 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 831,000 OZ FORM THE SLV////INVENTORY RESTS AT 565.521 MILLION OZ

INVENTORY TONIGHT RESTS AT 568.593 MILLION OZ/

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

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

-END-

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

it seems that Guinea’s gold is gone.  No doubt many countries will experience the same disappearance of its gold

(Bloomberg//GATA)

Where is Guinea’s gold? A London laundering case may hold clues

Submitted by admin on Fri, 2022-05-13 20:47Section: Daily Dispatches

By Eddie Spence, Jonathan Browning, and Katarina Hoije
Bloomberg News
Friday, May 13, 2022

The government of Guinea wants to know what happened to three tons of its gold. The answer may lie in London.

In March, Guinean authorities arrested a former head of the central bank and charged him with embezzlement after the custodian of the gold, Belgian refiner Affinor BVBA, said it was unable to return it

The arrest of Lounceny Nabe cast a new light on a previously unreported court ruling in London that showed the refiner, which held and sold the gold, had already faced scrutiny by UK police in a money-laundering case. 

Millions of euros the firm said it made from trading Guinea’s gold was transferred to bank accounts around the world, some of which could be linked back to the refiner. It prompted prosecutors to say there was “overwhelming evidence that the money was unlawfully obtained from international money laundering.” And it led to the seizure last year of 34 million euros ($35.2 million) in the country’s biggest forfeiture of crime proceeds.

Now worry is building in Guinea about the safety of its gold. And a murky deal stretching across three continents is raising questions about money laundering in London’s bullion market, where trillions of dollars in precious metals trade each year. …

… For the remainder of the report:

https://www.bloomberg.com/news/features/2022-05-13/where-is-guinea-s-gold-a-london-money-laundering-case-may-hold-clues

end

James Turk explains why gold is natural money

Submitted by admin on Fri, 2022-05-13 21:21Section: Daily Dispatches

9:21p ET Friday, May 13, 2022

Dear Friend of GATA and Gold:

In an essay published this week at the Free Gold Money Report, GoldMoney founder and GATA consultant James Turk explains why gold is natural money that will still be in use even as government currencies come and go.

Gold’s ratio to the most crucial commodity, oil, has remained remarkably constant throughout the industrial age, Turk writes, and its ratio to other commodities has been pretty stable too.

Turk’s essay is titled “Natural Money” and it’s posted here:

https://www.fgmr.com/natural-money/

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

end

This is why mining in other countries can be dangerous to your financial wealth

(Reuters/GATA)

Chile’s constitutional assembly rejects major mining overhaul

Submitted by admin on Sat, 2022-05-14 20:10Section: Daily Dispatches

From Reuters
Saturday, May 14, 2022

SANTIAGO, Chile — A constitutional assembly in the top-copper producing nation today rejected a major overhaul to mining rights, including expanding Chilean state ownership.

Controversial Article 27, which would have given the state exclusive mining rights over lithium, rare metals, and hydrocarbons and a majority stake in copper mines, faced fierce opposition from the mining sector and was voted down last week.

The environmental commission submitted multiple variations of the article to a vote today, but they all failed to achieve the 103-vote supermajority needed to pass into the draft constitution. …

… For the remainder of the report:

https://www.reuters.com/world/americas/chiles-constitutional-assembly-rejects-major-mining-overhaul-2022-05-14/

end

4.OTHER GOLD/SILVER COMMENTARIES

end

5.OTHER COMMODITIES //DIAMONDS

Russian sanctions in the diamond industry has forced India into the forefront

(zerohedge)

India Engages In “Balancing Act” To Steady Diamond Trade After Russian Sanctions Send Industry Into A “Panic”

SATURDAY, MAY 14, 2022 – 01:00 PM

Sanctions on diamonds coming out of Russia have sent the industry into a “panic” , with traders reportedly working to try and figure out end-arounds to continue accessing one of the world’s best sources of diamonds despite the sanctions.

The diamond trade is a “billion dollar trade” and Russian mining company Alrosa PJSC supplies about 33% of the world’s raw gems, a Bloomberg writeup this week said. Sanctions against the company have led to those seeking out diamonds to implement “workarounds” from places like India. 

India provides the U.S. with about half its diamonds, making the country the easy choice to turn to during times of such disruptions. Meanwhile, 2.5 million weddings are expected in the U.S. this year, the report notes, as we head into wedding season. 

Diamond bazaars in places like the Indian city of Surat have “gone quiet” as imports slow and prices fall. Everyone in the industry is lamenting the sanctions, Bloomberg wrote. 

Manish Jain, a trader, said: “Normally the streets are chock-a-block with buyers and sellers, Prices suddenly dropped after the war began and we are now left holding high-valued stocks with no buyers.”

U.S. sanctions are allowing for imports that are “substantially transformed” in other countries, but even clients are starting to refuse Russian-made stones, the report says, calling them “conflict diamonds”. India’s traders are preparing to mark the origin of every stone in order to tackle this issue. 

However, India has still been exporting Russian diamonds to the U.S. since what they have on hand was obtained before the sanctions went into place and because since the price dropped, inventories have ballooned. 

The world’s second major diamond provider, DeBeers, says there is little chance of material increases until they get a South African mine online in 2024. Bruce Cleaver, chief executive officer, said: “It’s very difficult to see us bringing on any new production.”

In the long term, a loss of Russian diamonds would “devastate” the industry.  Vipul Shah, vice chairman of India’s Gem & Jewellery Export Promotion Council, said: “Diamonds are not like oil, where some other country can jump in to make up for a shortfall. No new mines are coming up elsewhere. Our dependence is huge.”

The impact is being felt in places like New York, too. Avi Davidoff, a consultant at Leon Diamond told Bloomberg that clients are asking about diamond origins. “The cherry on top is no one knows where this war is going,” he said. 

Amitendu Palit, a senior research fellow in South Asian studies at the National University of Singapore, commented on what he called a “balancing act” that India must carry on: “Challenges are likely to increase if the conflict continues for a long time. There will be tacit pressure on India to shift away from Russia for its trade.”

Last month, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) hit Russian diamond miner Alrosa PJSC with sanctions, as we wrote. We noted at the time that Alrosa was a Russian state-owned enterprise and the world’s largest diamond mining company responsible for 90% of the country’s diamond mining capacity. All clients and other counterparties must halt transactions with the Russian miner by Thursday, the OFAC said.

“These sanctions will continue to apply pressure to key entities that enable and fund Russia’s unprovoked war against Ukraine,” said Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence said at the time. In 2021 Alrosa generated over $4.2 billion in revenue. Diamonds are one of Russia’s top non-energy exports by value, with exports in 2021 totaling over $4.5 billion. 

Recall, we wrote last year that Pandora was even looking to entertain the idea of lab grown diamonds, in a push to be more ESG. 

END

COMMODITIES IN GENERAL//FOOD AND DIESEL//SHORTAAGES FOR THE FORESEEABLE FUTURE

(Michael Snyder_

Now We Are Being Told To Expect Food And Diesel Shortages For The Foreseeable Future

MONDAY, MAY 16, 2022 – 02:05 PM

Authored by Michael Snyder via The Economic Collapse blog,

If you think that the food and diesel shortages are bad now, then you will be absolutely horrified by what the globe is experiencing by the end of the year.  All over the planet, food production is being crippled by an unprecedented confluence of factors.  The war in Ukraine, extremely bizarre weather patterns, nightmarish plagues and a historic fertilizer crisis have combined to create a “perfect storm” that isn’t going away any time soon.  As a result, the food that won’t be grown in 2022 will become an extremely severe global problem by the end of this calendar year.  Global wheat prices have already risen by more than 40 percent since the start of 2022, but this is just the beginning.  Meanwhile, we are facing unthinkable diesel fuel shortages in the United States this summer, and as you will see below there are “no plans” to increase refining capacity in this country for the foreseeable future.

If you had told me six months ago that we would be dealing with the worst baby formula shortage in U.S. history in the middle of 2022, I am not sure that I would have believed you.

But that is precisely what we are now facing.  One young couple in Florida searched stores in their area for four hours and couldn’t find anything

When Erik and Kelly Schmidt, both 35, went into a Central Florida Target store this week to buy their usual baby formula, Up & Up Gentle, for their five-month-old twins, they found an empty shelf.

The pair then embarked on a half-day journey in search of formula, any formula, and their quest didn’t end there. “We spent over four hours going to every Target, different Walmarts, different grocery stores, just finding absolutely nothing,” Erik Schmidt said.

Of course the Biden administration has made sure that there is enough baby formula for migrants that are illegally crossing the border, but for millions of ordinary American families this crisis has become a complete and utter nightmare.

One father actually broke down in tears right in the middle of the baby formula aisle in Walmart because things have become so desperate for his family…

Sara Owens, of Florence County, said she was hunting for baby formula for his six-month-old daughter, Namoi, amid a nationwide shortage when she encountered a dad break into tears after driving from store to store looking for his daughter’s brand of formula.

‘As tears continued to stream down his face he said ‘I never thought I would be crying because I can’t find what my child has to have,” Owens wote in the Facebook post that’s been shared more than 180,000 times. ‘My heart broke to 100 pieces on the formula aisle in Walmart.’

Sadly, we shouldn’t expect any improvement any time soon.

As I discussed last week, the Biden administration shut down one of the most important baby formula manufacturing facilities in this country a while ago, and the CEO of Abbott Nutrition says that it will take a few months to get products back on the shelves once the FDA finally allows them to reopen the plant…

Meanwhile, the plant remains closed as the company works to make upgrades to the facility to meet the FDA’s recommendations. Abbott says it can have products from the facility back on store shelves after a few months once the FDA signs off on them doing so.

Needless to say, baby formula is not the only thing in short supply right now.  As shortages grow and prices spiral out of control, grocery stores are increasingly becoming prime targets for thieves.

In fact, things have already gotten so bad in the Midwest that one major supermarket chain has decided to post armed guards in their stores

The shoulder patches say, “A Helpful Smile in Every Aisle,” but the police-style uniforms, complete with belts with holstered taser and possibly handguns, may send a very different message as Hy-Vee deploys a new retail security team in its stores.

The West Des Moines-based supermarket chain will begin introducing its own security force “as part of its ongoing efforts to ensure the health and safety of both its customers and employees,” the company announced in a news release on Dec. 29. The program will roll out throughout 2022, but security teams are already present in some stores.

As I have warned for many yearseventually we will see armed guards in supermarkets and on food delivery trucks all over the nation.

In the months ahead, food production is going to be way below expectations all over the globe.  The following summary of what farmers are currently facing comes from Zero Hedge

Across the world, top wheat-producing regions are experiencing adverse weather conditions that could threaten production. In places like Ukraine, a military invasion by Russia has slashed production significantly. All of this suggests the world is on the cusp of a food crisis.

Droughts, floods, and heatwaves have plagued farmland in the U.S., Europe, India, and China. As for Ukraine, the world’s largest wheat producer, the war could slash production by upwards of a third.

As I have previously detailed, some countries have already decided to ban certain types of agricultural exports as they brace for the coming global food crisis.

And we just learned that India has now decided to ban the export of all wheat

India, the second-largest producer of wheat, has banned exports of the commodity, due to a risk to its food security.

A Friday notice in the government gazette signed by Santosh Kumar Sarangi, the Director General of Foreign Trade, said that a “sudden spike” in the global prices of wheat was putting India, neighboring and other vulnerable countries at risk.

This is huge.

Supplies of food are getting tighter with each passing week, and this is already starting to spark food riots all over the world.

For example, we witnessed some very emotional protests in Iran last week

Protests broke out in Iran Thursday after the government cut subsidies for food, sending prices through the roof as authorities brace for more unrest in the following weeks.

In videos shared on social media, protesters can be seen marching through Dezful and Mahshahr in the southwestern province of Khezestan, chanting “Death to Khamenei! Death to Raisi!” referring to Iranian President Ebrahim Raisi has promised to create jobs, lift sanctions, and rescue the economy.

And in Sri Lanka the citizens are so angry that they are actually burning down the homes of politicians

Protesters in Sri Lanka have burned down homes belonging to 38 politicians as the crisis-hit country plunged further into chaos, with the government ordering troops to “shoot on sight.”

Police in the island nation said Tuesday that in addition to the destroyed homes, 75 others have been damaged as angry Sri Lankans continue to defy a nationwide curfew to protest against what they say is the government’s mishandling of the country’s worst economic crisis since 1948.

This is just the tip of the iceberg.

Things will get really crazy in the months ahead as global food supples get a whole lot tighter.

Meanwhile, we are being warned that there is likely to be a “diesel fuel shortage on the East Coast” during the months ahead…

The possibility of a diesel fuel shortage is being monitored as diesel fuel prices across the country and in Maryland continue to surpass all-time highs.

According to fuel industry experts, all signs are pointing to a potential diesel fuel shortage on the East Coast that could cripple an already fragile supply chain.

Last week, the price of diesel fuel in the U.S. rose to an all-time record high of $5.62 a gallon, and it is only going to go higher.

The biggest reason why we are facing such a supply crunch right now is because there are “simply too few refineries turning oil into usable fuels”

From record gasoline prices to higher airfares to fears of diesel rationing ahead, America’s runaway energy market is disquieting both US travelers and the wider economy. But the chief driver isn’t high crude prices or even the rebound in demand: It’s simply too few refineries turning oil into usable fuels.

Surely more refineries are being built to meet the growing demand, right?

Wrong.

Mountains of regulations that have been instituted by our politicians make it extremely difficult to build and operate a new refinery in this country.

As a result, we are being told that “the supply squeeze is only going to get worse” for the foreseeable future…

More than 1 million barrels a day of the country’s oil refining capacity — or about 5% overall — has shut since the beginning of the pandemic. Elsewhere in the world, capacity has shrunk by 2.13 million additional barrels a day, energy consultancy Turner, Mason & Co. estimates. And with no plans to bring new US plants online, even though refiners are reaping record profits, the supply squeeze is only going to get worse.

To a very large degree, we have done this to ourselves.

And as I keep telling my readers, decades of very foolish decisions are starting to catch up with us in a major way.

Our trucks and our trains run on diesel, and so a shortage of diesel will only make our ongoing supply chain crisis even worse.

This nightmare never seems to end, and there will be plenty of pain in the months ahead.

*  *  *

It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.

END

6.CRYPTOCURRENCIES

WALL STREET ON PARADE

Crypto’s Crash: 100-to-1 Leverage Goes Poof!

By Pam Martens and Russ Martens: May 16, 2022 ~

BitcoinCrypto was in full-blown crash mode last week, wiping out more than $300 billion in market value. TerraUSD, a so-called stablecoin that is supposed to trade at a “stable” $1 value, crashed to a few cents on the dollar. Its sister cryptocurrency, Luna, likewise imploded.

Then there was Bitcoin, which Warren Buffett has called “rat poison squared.” Bitcoin plunged further last week and is now down more than 30 percent year-to-date. So much for the hype that it would be an inflation hedge like gold.

Coinbase, the big crypto exchange, knocked more wind out of the sails of the crypto market on Tuesday of last week when it filed its 10-Q (quarterly report) with the Securities and Exchange Commission and essentially said it had no idea what might happen to $256 billion it held for customers. The filing illuminated its shareholders and customers as follows:

“As of March 31, 2022, we held $256 billion in custodial fiat currencies and cryptocurrencies on behalf of customers. Supported crypto assets are not insured or guaranteed by any government or government agency. We have also entered into partnerships with third parties, such as with the Centre Consortium, as a reseller of USDC, where we or our partners receive and hold funds for the benefit of our customers. Our and our partners’ abilities to manage and accurately safeguard these customer assets requires a high level of internal controls. As our business continues to grow and we expand our product and service offerings, we must continue to strengthen our associated internal controls and ensure that our partners do the same. Our success and the success of our offerings requires significant public confidence in our and our partners’ ability to properly manage customers’ balances and handle large and growing transaction volumes and amounts of customer funds. In addition, we are dependent on our partners’ operations, liquidity, and financial condition for the proper maintenance, use, and safekeeping of these customer assets… Moreover, because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors. This may result in customers finding our custodial services more risky and less attractive and any failure to increase our customer base, discontinuation or reduction in use of our platform and products by existing customers as a result could adversely impact our business, operating results, and financial condition.”

Imagine walking into your federally-insured bank to make a deposit into your savings account and being handed a notice that said it had no idea what might happen to your deposits.

Coinbase went public in April of last year and traded as high as $368.90 intraday last year. It closed the trading week last Friday at a share price of $67.87, a decline of 82 percent from its 52-week intraday high.

If the words “pump and dump” are floating around in your head, you can be forgiven. In 2018, Bill Harris, the former CEO of Intuit and PayPal, wrote a detailed critique of Bitcoin for Vox under the headline: “Bitcoin is the greatest scam in history.” Harris wrote:

“In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen. In a pump-and-dump game, promoters ‘pump’ up the price of a security creating a speculative frenzy, then ‘dump’ some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.”

Two Nasdaq stocks which hold large positions in Bitcoin on their balance sheets, MicroStrategy and Tesla, also saw their share prices plunge last week.

Tone deaf Goldman Sachs, however, somehow interpreted last week’s market action as a signal to double down. According to the Financial Times over the weekend, “Goldman Sachs and Barclays have invested in Elwood Technologies, the cryptocurrency trading platform founded by British hedge fund billionaire Alan Howard, in a fresh bet on the mainstream adoption of digital assets.”

The dystopian feel to markets and this socio-political era did not go unnoticed at Saturday Night Live. Weekend Update co-anchor Colin Jost offered this take:

“Is it me or does every story sound like the opening voiceover in a Mad Max movie? The year is 2022. A virus rages across the planet. Digital money has collapsed. Infants have nothing to eat. Women are forced to breed. Men are ready to die for gasoline….”

The situation with crypto was easy to foresee and has been for a long time. (See our 2014 report: Bitcoins, Tulips, and the Madness of Crowds.) On June 30 of last year, the House Financial Services’ Subcommittee on Oversight and Investigations held a hearing on the crypto craze. The hearing was titled: “America on ‘FIRE’: Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?”

Wall Street veteran, Alexis Goldstein, then the Director of Financial Policy for the nonprofit group, the Open Markets Institute, was a witness at the hearing. Goldstein was asked by Congresswoman Maxine Waters about a survey released earlier in the year by the accounting firm, PwC, which indicated that 1 in 7 hedge funds have 10 to 20 percent of their total assets under management invested in crypto. The survey also found that 86 percent of the hedge funds investing in crypto intended to deploy more capital by the end of 2021.

Goldstein responded that the public had already witnessed the collapse of the family office hedge fund, Archegos, which demonstrated that when banks have prime broker relationships with hedge funds it can create losses at the banks, which hold federally-insured (taxpayer-backstopped) deposits. Large global banks lost more than $10.4 billion when Archegos defaulted on its margin loans to the banks in March of 2021. Goldstein explained:

“If hedge funds get farther into crypto, they don’t care about direction. They’ll go long, they’ll go short. They can use leverage. There are lots of cryptocurrency exchanges like FTX and Binance and many others that allow people to use insane amounts of leverage – 100 times to 1…So what happens if a huge number of hedge funds have prime broker relationships with too-big-to-fail banks [and] all happen to be in similar crypto positions, whether it’s long or short and there’s massive volatility in the market. They may have to sell some of their other assets. It may lead to margin calls in their non-crypto assets which could lead to forced liquidations and sort of redound to the banks themselves in the form of counterparty risk.”

Counterparty risk is what led to the financial contagion that crashed Wall Street in 2008, leading to the worst economic crisis in the U.S. since the Great Depression of the 1930s. (For a look at Goldman Sachs’ role in that leverage and counterparty contagion in the 2008 crash, here’s a chart of Goldman Sachs’ derivative exposure to other banks as of June 2008.)

Waters then asked Goldstein if there was any transparency on which specific hedge funds held the largest positions in crypto and who their counterparties are. Goldstein responded that crypto is not currently reported on the 13F forms that hedge funds are required to file with the SEC so regulators are currently “totally in the dark.” Regulators were also in the dark about Archegos. It also did not make 13F filings with the SEC.

Goldstein also explained how the mega banks on Wall Street, which provide margin lending and securities lending to hedge funds under a program they call “prime broker” services, are themselves taking a “growing presence in the cryptocurrency market.” Goldstein provided the following remarks in her written testimony to the Subcommittee:

“…Too Big To Fail banks are also a growing presence in the cryptocurrency market. Goldman Sachs plans to open a cryptocurrency trading desk, BNY Mellon allows its clients to hold Bitcoin as of February 19, Wells Fargo will offer professionally managed cryptocurrency funds for qualified investors. Morgan Stanley’s Europe Opportunity Fund reported owning 28,298 shares of the Grayscale Bitcoin Trust, according to a June 28 filing. Venture Capital firms have already invested $17 billion into cryptocurrency firms so far in 2021, more than three times what they invested in all of 2020. In addition, the concentration of particular cryptocurrency assets into a small handful of addresses raise concerns about power concentrations. To take one example, there are several very large ‘whales’ in the Dogecoin cryptocurrency, including a single address that holds over 36.7 billion DOGE (or some 28% of total Dogecoin) worth more than $8 billion. As of February [2021], the top 20 largest Dogecoin addresses held half of the cryptocurrency’s entire supply.”

Another loud warning came last December 14 when the Senate Banking Committee held a hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” Senator Sherrod Brown (D-OH), the Chair of the Committee, said the following as part of his remarks:

“So let’s be clear about one thing: if you put your money in stablecoins, there’s no guarantee you’re going to get it back. They call it a currency, implying it’s the same as having dollars in the bank, and you can withdraw the money at any time. But many of these companies hide their terms and conditions in the fine print, allowing them to trap customers’ money. And if there’s no guarantee you’ll get your money back, that’s not a currency with a fixed value – it’s gambling.

“And with this much money tied up, it sure looks to me like a potential asset bubble.”

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.7908

OFFSHORE YUAN: 6.8097

HANG SANG CLOSED  UP 51.44 PTS OR 0.25% 

2. Nikkei closed 119.00 OR 0.45%

3. Europe stocks  ALL CLOSED  ALL GREEN

USA dollar INDEX  UP TO  104.70/Euro RISES TO 1.0425

3b Japan 10 YR bond yield: RISES TO. +.242/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 129.42/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

3f 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.

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +0.859%/Italian 10 Yr bond yield FALLS to 2.75% /SPAIN 10 YR BOND YIELD FALLS TO 1.90%…

3i Greek 10 year bond yield RISES TO 3.55

3j Gold at $1798.50 silver at: 21.07  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  1.3875      roubles/dollar; ROUBLE AT 63.19

3m oil into the 109 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 129.42 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 1.0000– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0470well 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: 2.911- DOWN 2  BASIS PTS

USA 30 YR BOND YIELD: 3.084 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 15.65

Futures Slide After China’s “Huge” Data Miss Sparks “Broad-Based Recession Talk”

MONDAY, MAY 16, 2022 – 08:02 AM

Friday’s bear market rally dead-cat bounce appears to be over, and global stocks have started the new week in the red with US equity futures lower after a “huge miss”, as Bloomberg put it, in Chinese data fueled concerns over the impact of a slowdown in the world’s second-largest economy. As reported last night, China’s industrial output and consumer spending hit the worst levels since the pandemic began, hurt by Covid lockdowns.

And even though officials took another round of measured steps to help the economy by cutting the interest rate for new mortgages over the weekend to bolster an ailing housing market, even as they left the one-year policy loan rate was left unchanged Monday, few believe that any of these actions will have a tangible impact and most continue to expect much more from Beijing. 

As such, after a weekend that saw even Goldman’s perpetually optimistic equity strategists slash their S&P target (again) from 4,700 to 4,300, and amid growing fears that a recession is now inevitable, Nasdaq 100 futures slid as much as 1.2%, before paring losses to 0.4% as of 730 a.m. in New York. S&P 500 futures were down 0.3%. 10Y Treasury yields were flat at 2.91% and the dollar dipped modestly while bitcoin traded just above $30,000 dropping from $31,000 earlier in the session.

Among notable moves in premarket trading, Spirit Airlines jumped as much as 21% following a report that JetBlue Airways is planning a tender offer at $30 a share in cash. Major US technology and internet stocks were down after rebounding on Friday, while Tesla shares dropped, with the electric-vehicle maker set to recall 107,293 cars in China over a potential safety risk. Twitter shares fall 3.4% in premarket trading on Monday, on course to wipe out all the gains the stock has made since billionaire Elon Musk disclosed his stake in the social media platform. Twitter fell to as low as $37.86 — below the the April 1 close of $39.31, before Musk disclosed his stake.

US stocks have been roiled this year, with the S&P 500 on tick away from a bear market as recently as last Thursday, on worries of an aggressive pace of rate hikes by the Federal Reserve at a time when macroeconomic data showed a slowdown in growth. Data from China on Monday highlighted a massive toll on the economy from Covid-19 lockdowns, with retail sales and industrial output both contracting.

Although lower valuations sparked a rally in stocks on Friday, strategists including Morgan Stanley’s Michael Wilson warned of more losses ahead as equity markets also price in slower corporate earnings growth. Goldman Sachs strategists led by David Kostin cut their year-end target for the S&P 500 on Friday to 4,300 points from 4,700. 

“The broad-based recession talk is the major catalyzer this Monday,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “Activity in US futures hint that Friday’s rebound was certainly nothing more than a dead cat bounce” just as we said at the time

The risk of an economic downturn amid price pressures and rising borrowing costs remains the major worry for markets. Goldman Sachs Group Senior Chairman Lloyd Blankfein urged companies and consumers to gird for a US recession, saying it’s a “very, very high risk.” Traders remain wary of calling a bottom for equities despite a 17% drop in global shares this year, with Morgan Stanley warning that any bounce in US stocks would be a bear-market rally and more declines lie ahead.

In Europe, the Stoxx Europe 600 index fell as much as 0.8% before paring losses, with declines for tech and travel stocks offsetting gains for basic resources as industrial metals rallied. The Euro Stoxx 50 falls 0.4%. IBEX outperforms, adding 0.3%. Tech, personal care and consumer products are the worst performing sectors. Here are some of the biggest European movers today:

  • Basic Resources stocks outperformed with broad gains among mining and steel companies; ArcelorMittal +3.5%; SSAB +2.6%; Glencore +2.1%; Voestalpine +3.1%.
  • Sartorius AG and Sartorius Stedim shares gain as UBS upgrades both stocks to buy following a “significant de-rating” for the lab-equipment companies, seeing supportive global trends.
  • Carl Zeiss Meditec gains as much as 4.9% after HSBC raised its recommendation to buy from hold, saying the medical optical manufacturer is “well-equipped to deal with supply chain challenges.”
  • Interpump rises as much as 7.6%, extending winning streak to five days, as Banca Akros upgrades the stock to buy from accumulate following Friday’s 1Q results.
  • Casino shares jump as much 5.8% after the French grocer said it’s started a process to sell its GreenYellow renewable energy arm, confirming a Bloomberg News report from Friday.
  • Ryanair shares decline as much as 4.3% on FY results, with analysts focusing on the low-budget carrier’s recovery outlook. They note management is cautiously optimistic about summer travel.
  • Vantage Towers shares decline after the company posted FY23 adjusted Ebitda after leases and recurring free cash flow forecasts that missed analyst estimates at mid- points.
  • Unilever falls after a 13-F filing from Nelson Peltz’s Trian shows no position in the company, according to Jefferies, damping speculation after press reports earlier this year that the fund had built a stake.
  • Michelin shares fall as much as 3.7% after being downgraded to neutral from overweight at JPMorgan, which says it writes off any chance of seeing a recovery in volume production growth in FY22.

Earlier in the session, Asian stocks eked out modest gains as surprisingly weak Chinese economic data spurred volatility and caused traders to reassess their outlook on the region. The MSCI Asia-Pacific Index was up 0.1%, paring an earlier advance of as much as 0.9%  on stimulus hopes. The region’s information technology index rose as much as 1.5%, with TMSC giving the biggest boost. A sub-gauge on materials shares fell the most.

Equities in China led losses, as Beijing’s moves to cut the mortgage rate for first-time home buyers and ease lockdown restrictions in Shanghai failed to reverse the downbeat mood. Asian stocks were trading higher early Monday, building on Friday’s rally, only to trim or reverse gains as data showed a sharper-than-expected contraction in Chinese activity in April. Signs of an earnings recovery in China are needed for investors to come back, Arnout van Rijn, chief investment officer for APAC at Robeco Hong Kong Ltd., said on Bloomberg Television.

“It looks like China is not going to meet the 15% earnings growth that people were looking for just a couple of months ago. So now we’re looking for five, 10, maybe it’s even going to fall to zero.”   Meanwhile, JPMorgan analysts, who had called China tech “uninvestable” in March, upgraded some tech heavyweights including Alibaba in a Monday report, citing less regulatory uncertainties. Benchmarks in Japan, Australia, India and Taiwan maintained gains while Hong Kong also recovered some ground later in the day. Markets in Singapore, Thailand, Malaysia and Indonesia were closed for holidays.     

Japanese equities were mixed, with the Topix closing slightly lower after worse-than-expected Chinese economic data amid the impact from virus-related lockdowns. The Topix fell 0.1% to close at 1,863.26, with Honda Motor contributing the most to the decline after its forecast for the current year missed analyst expectations. The Nikkei advanced 0.5% to 26,547.05, with KDDI among the biggest boosts after announcing its results and a 200 billion yen buyback. “Though the lockdowns in China are pushing down the economy and causing supply chain difficulties, there’s a positive outlook since the weekend that there could be a gradual easing of the lockdowns as it seems that virus cases have peaked out,” said Masashi Akutsu, chief strategist at SMBC Nikko Securities.

In Australia, the S&P/ASX 200 index rose 0.3% to 7,093.00, trimming an earlier advance of as much as 1.1% after soft Chinese economic data stoked concerns about global growth. Read: Aussie, Kiwi Slump After Weak China Data: Inside Australia/NZ Brambles was the top performer after confirming it’s in talks with private equity firm CVC Capital Partners on a takeover proposal. Qube also climbed after completing a A$400 million share buyback.  In New Zealand, the S&P/NZX 50 index fell 0.1% to 11,157.66.

In rates, Treasuries were steady with yields within 1bp of Friday’s close. US 10-year yield near flat ~2.91% with bunds cheaper by ~5bp, gilts ~3.5bp amid heavy. German 10-year yield up 5 bps, trading narrowly below 1%. Italian 10-year bonds underperform, with the 10-year yield up 8 bps to 2.93%. Peripheral spreads are mixed to Germany; Italy and Spain widen and Portugal tightens. The Italy 10-year was cheaper by more than 6bp on the day amid renewed ECB jawboning. Core European rates are higher, pricing in ECB policy tightening. During Asia session, Chinese data showed industrial output and consumer spending at worst levels since the pandemic began. The dollar issuance slate includes CBA 3T covered SOFR; $30b expected for this week as syndicate desks seek opportunities for pent-up supply. Three-month dollar Libor +1.13bp at 1.45500%.

In FX, the Bloomberg Dollar Spot Index was little changed while the greenback advanced against most of its Group-of-10 peers. Treasuries inched lower, led by the front end, and outperformed European bonds. The euro inched up against the dollar. Italian bonds dropped, leading peripheral underperformance against euro- area peers, while money markets showed increased ECB tightening wagers after policy maker Francois Villeroy de Galhau said a consensus is “clearly emerging” at the central bank on normalizing monetary policy and that June’s meeting will be “decisive.” He also signaled that the weakness of the euro is focusing the minds of ECB policy makers at a time when the currency is heading toward parity with the dollar. The euro may resume its rally versus the pound in the spot market as options traders pile up bullish wagers. The pound fell against both the dollar and euro, staying under selling pressure on concerns that high UK inflation will weigh on the economy. Markets await testimony from Bank of England Governor Andrew Bailey and other central bank officials later in the day, ahead of a reading of April inflation later in the week. Australian and New Zealand dollars fell after Chinese industrial and consumer data fanned concerns of a further slowdown in the world’s second-largest economy.

In commodities, WTI drifts 0.4% lower to trade above $110. Spot gold pares some declines, down some $6, but still around $1,800/oz. Most base metals trade in the green; LME tin rises 3.4%, outperforming peers. Bitcoin falls 4.6% to trade below $30,000

Looking ahead, we get the US May Empire manufacturing index, Canada April housing starts, March manufacturing, wholesale trade sales. Central bank speakers include the Fed’s Williams, ECB’s Lane, Villeroy and Panetta, BOE’s Bailey, Ramsden, Haskel and Saunders. We get earnings from Ryanair, Take-Two Interactive.

Market Snapshot

  • S&P 500 futures down 0.3% to 4,008.75
  • STOXX Europe 600 little changed at 433.33
  • MXAP up 0.2% to 160.34
  • MXAPJ up 0.2% to 523.32
  • Nikkei up 0.5% to 26,547.05
  • Topix little changed at 1,863.26
  • Hang Seng Index up 0.3% to 19,950.21
  • Shanghai Composite down 0.3% to 3,073.75
  • Sensex up 0.6% to 53,119.79
  • Australia S&P/ASX 200 up 0.3% to 7,093.03
  • Kospi down 0.3% to 2,596.58
  • German 10Y yield little changed at 0.98%
  • Euro up 0.1% to $1.0424
  • Brent Futures down 1.4% to $109.98/bbl
  • Gold spot down 0.8% to $1,797.30
  • US Dollar Index little changed at 104.46

Top Overnight News from Bloomberg

  • NATO members rallied around Finland and Sweden on Sunday after they announced plans to join the alliance, marking another dramatic change in Europe’s security architecture triggered by Russia’s war in Ukraine
  • The euro area’s pandemic recovery would almost grind to a halt, while prices would surge even more quickly if there are serious disruptions to natural-gas supplies from Russia, according to new projections from the European Commission
  • UK energy regulator Ofgem plans to adjust its price cap every three months instead of every six. Changing the level more often would help consumers to take advantage of falling wholesale prices more quickly, it said in a statement Monday. This would also mean higher prices filter through bills quicker
  • Boris Johnson has warned Brussels that the UK government will press ahead with unilateral changes to parts of the Brexit agreement if it does not engage in “genuine dialogue”
  • While debt bulls on Wall Street have been crushed all year, market sentiment has shifted markedly over the past week from inflation fears to growth. That theme gathered more strength Monday, when data showing China’s economy contracted sharply in April set off fresh gains for Treasuries
  • China’s economy is paying the price for the government’s Covid Zero policy, with industrial output and consumer spending sliding to the worst levels since the pandemic began and analysts warning of no quick recovery. Industrial output unexpectedly fell 2.9% in April from a year ago, while retail sales contracted 11.1% in the period, weaker than a projected 6.6% drop
  • Japanese manufacturers are increasingly looking to move offshore operations to their home market, according to a Tokyo Steel Manufacturing Co. executive. The rapidly weakening yen, global supply-chain constraints, geopolitical risks and shifting wages patterns are prompting the switch, Kiyoshi Imamura, a managing director of the steelmaker, said in an interview in Tokyo last week

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded mixed after disappointing Chinese activity data clouded over the early momentum from Friday’s rally on Wall St. ASX 200 was higher as tech stocks were inspired by US counterparts and amid M&A related newsflow with Brambles enjoying a double-digit percentage gain after it confirmed it had talks with CVC regarding a potential takeover by the latter. Nikkei 225 kept afloat as earnings releases provided the catalysts for individual stocks but with gains capped by a choppy currency. Hang Seng and Shanghai Comp initially gained with property names underpinned after China permitted a further reduction in mortgage loan interest rates for first-time home purchases and with casino stocks also firmer in the hope of a tax reduction on gaming revenue. However, the mood was then spoiled by weak Chinese data and after the PBoC maintained its 1-year MLF rate.

Top Asian News

  • PBoC conducted a CNY 100bln in 1-year MLF with the rate kept unchanged at 2.85% and stated the MLF and Reverse Repo aim to keep liquidity reasonably ample, according to Bloomberg.
  • Beijing extended work from home guidance in several districts and announced three additional rounds of mass COVID-19 testing in most districts including its largest district Chaoyang, according to Reuters.
  • Shanghai will gradually start reopening businesses including shopping malls and hair salons in China’s financial and manufacturing hub beginning on Monday following weeks of a strict lockdown, according to Reuters.
  • Shanghai city official said 15 out of the 16 districts achieved zero-COVID outside quarantine areas and the city’s epidemic is under control but added that risks of a rebound remain and they will need to continue to stick to controls. The official said the focus until May 21st will be to prevent risks of a rebound and many movement restrictions are to remain, while they will look to allow normal life to resume in Shanghai from June 1st and will begin to reopen supermarkets, convenience stores and pharmacies from today, according to Reuters.
  • Chinese financial authorities permitted a further reduction in mortgage loan interest rates for some home buyers whereby commercial banks can lower the lower limit of interest rates on home loans by 20bps based on the corresponding tenor of benchmark Loan Prime Rates for purchases of first homes, according to Reuters.
  • China’s stats bureau spokesman said economic operations are expected to improve in May and that China is steadily pushing forward production resumption in COVID-hit areas, while they expect China’s economic recovery and rebound in consumption to quicken but noted that exports face some pressure as the global economy slows, according to Reuters.
  • Macau is reportedly considering a tax cut for casinos amid a decline in gaming revenue in which a cut could be as much as 5% off the current 40% levied on casino gaming revenue, according to Bloomberg.

European bourses are mixed, Euro Stoxx 50 -0.6%, following a similar APAC session with impetus from Shanghai’s reopening offset by activity data and geopolitics. Stateside, futures are lower across the board, ES -0.4%, with the NQ marginally lagging as yields lift; Fed’s Williams due later before Powell on Tuesday. US players are focused on whether the end-week bounce is a turnaround from technical bear-market levels or not. China’s market regulator says Tesla (TSLA) has recalled 107.3k Model 3 & Y vehicles, which were made in China. JetBlue (JBLU) is to launch a tender offer for Spirit Airlines (SAVE); JetBlue is to offer USD 30/shr, but prepared to pay USD 33/shr if Spirit provides JetBlue with requested data, WSJ sources say. Elon Musk tweeted that Twitter’s (TWTR) legal team called to complain that he violated their NDA by revealing the bot check sample size and he also tweeted there is some chance that over 90% of Twitter’s daily active users might be bots.

Top European News

  • UK PM Johnson is reportedly set to give the green light for a bill on the Northern Ireland protocol, according to the Guardian.
  • UK PM Johnson said he hopes the EU changes its position on the Northern Ireland protocol and if not, he must act, while he sees a sensible landing spot for a protocol deal and will set out the next steps on the protocol in the coming days, according to Reuters.
  • UK PM Johnson is expected to visit Northern Ireland on Monday for talks with party leaders in an effort to break the political deadlock at Stormont, according to Sky News.
  • Irish Foreign Minister Coveney says the EU is prepared to move on reducing checks on goods coming into the region from Britain, via Politico.
  • UK Cabinet ministers have turned on the BoE regarding rising inflation, whereby one minister warned that the Bank was failing to “get things right” and another suggested that it had failed a “big test”, according to The Telegraph.
  • Group of over 50 economists warned that the UK’s post-Brexit plans to boost the competitiveness of its finance industry risk creating the sort of problems that resulted in the GFC, according to Reuters.
  • European Commission Spring Economic Forecasts: cuts 2022 GDP forecast to 2.7% from the 4.0% projected in February. Click here for more detail.

Central Banks

  • ECB’s Villeroy expects a decisive June meeting and an active summer meeting, pace of further steps will account for actual activity/inflation data with some optionality and gradualism; but, should at least move towards the neutral rate. Will carefully monitor developments in the effective FX rate, as a significant driver of imported inflation; EUR that is too weak would go against the objective of price stability.
  •  
  • ECB’s de Cos said the central bank will likely decide at the next meeting to end its stimulus program in July and raise rates very soon after that, while he added that they are not seeing second-round effects and are monitoring it, according to Reuters.

FX

  • Euro firmer following verbal intervention from ECB’s Villeroy and spike in EGB yields EUR/USD rebounds from sub-1.0400 to 1.0435 at best.
  • Dollar up elsewhere as DXY pivots 104.500, but Yen resilient on risk grounds as Chinese data misses consensus by some distance; USD/JPY capped into 129.50.
  • Franc falls across the board after IMM specs raise short bets and Swiss sight deposits show SNB remaining on the sidelines; USD/CHF above 1.0050 at one stage.
  • However, HKMA continues to defend HKD peg amidst CNY, CNH weakness in wake of disappointing Chinese industrial production and retail sales releases.
  • Norwegian Crown undermined by pullback in Brent and narrower trade surplus, EUR/NOK over 10.2100.
  • SA Rand soft as Gold retreats to test support around and under Usd 1800/oz.
  • Loonie slips with WTI ahead of Canadian housing starts, manufacturing sales and wholesale trade, Sterling dips before BoE testimony; USD/CAD 1.2900+, Cable sub-1.2250.

Fixed income

  • EGBs rattled by ECB rhetoric inferring key policy meetings kicking off in June and extending through summer.
  • Bunds down towards 153.00 and 10 year yield back up around 1%, Gilts almost 1/2 point adrift and T-note erasing gains from 12/32+ above par at best.
  • Eurozone periphery underperforming with added risk-off angst following much weaker than expected Chinese data.

In commodities

  • WTI and Brent are pressured, but well off lows, and torn between China’s lockdown easing and poor activity data amid numerous other catalysts
  • Specifically, the benchmarks are around USD 110/bbl and USD 111/bbl respectively,
  • Saudi Aramco Q1 net income rose 82% Y/Y to INR 39.5bln for its highest quarterly profit since listing, according to Sky News.
  • Saudi Energy Minister says they are going to get to 13.2-13.4mln BPD, subject to what is done in the divided zone, by end-2026/start-2027; can maintain production when there, if the market demands this.
  • OPEC+ to continue with monthly output increases, according to Bahrain’s oil minister via Reuters.
  • Iraqi state-run North Oil Company said Kurdish armed forces took control of some oil wells in northern Kirkuk, according to Reuters.
  • Iraq oil minister says they aim to increase oil production to 6mln BPD by end-2027, OPEC is targeting a energy market balance not a price; adding, current production capacity is 4.9mln BPD, will reach 5mln BPD before the end of 2022.
  • China is to increase fuel prices from Tuesday, according to China’s NDRC; gasoline by CNY 285/t and diesel by CNY 270/t.

US Event Calendar

  • 08:30: May Empire Manufacturing, est. 15.0, prior 24.6
  • 16:00: March Total Net TIC Flows, prior $162.6b

DB’s Jim Reid concludes the overnight wrap

Markets managed a big bounce on Friday but the mood has soured again in the Asian session after a weak slew of data from China as covid lockdowns had an even worse impact than expected. Industrial production (-2.9% vs +0.5% expected), retail sales (-11.1% vs -6.6% expected) and property investment (-2.7% vs -1.5% expected) all crashed through estimates by a large margin. The slump in retail sales and industrial production was the weakest since March 2020. The latter also had the lowest print on record, with the worst decline coming from auto manufacturing (-31.8%). The surveyed jobless rate (6.1% vs estimates of 6.0%) also ticked up by more than expected from 5.8% in March and is now close to the high of 6.2% in February 2020. Although the 1-year policy loan rate was left unchanged today, the PBoC did ease the rate on new mortgages this weekend. In other data releases, Japan’s April PPI (+10.0%) came in above estimates of +9.4%, the highest since 1980.

Amid this, the Shanghai Composite (-0.51%) and the Hang Seng (-0.43%) are in the red, and outperformed by the KOSPI (-0.21%) and the Nikkei (+0.46%). The sentiment has soured in American markets too, with S&P 500 futures also trading lower (-0.68%) and the US 10y yield declining by -2.2bps. Oil (-1.48%) is edging lower too on growth concerns.

After last week’s meltdown in crypto markets, Bitcoin is back at above $30k this morning – a jump since the lows of nearly $26k last Thursday but way short of the $38k it traded at in the beginning of the month and $68k early last November. The infamous TerraUSD, the stablecoin that fuelled the crypto slide, is at $0.18. It is supposed to trade at $1 at all times.

Looking forward now and there’s not a standout event to focus on this week but they’ll be plenty to keep us all occupied. US retail sales (tomorrow) looks like the highlight alongside Powell’s speech the same day. There will also be US housing data smattered across the week and UK and Japanese inflation on Wednesday and Friday respectively.

Let’s start with US retail sales as it will be a good early guide for Q2 GDP. Our US economists are anticipating a +1.7% print, up from +0.7% in March. Rebounding auto sales should help the headline number. For more on the consumer, Brett Ryan put out this chartbook last week on the US consumer (link here). US industrial production is out the same day.

We have a long list of central bank speakers this week headed by Powell and Lagarde (tomorrow) and BoE Bailey today. There are many more spread across the week and you can see the list in the day by day event list at the end. We do have the last ECB meeting minutes on Thursday but the subsequent push towards a July hike might make these quite dated.

US housing will be a big focus next week. It’s probably too early for the highest mortgage rates since 2009 to kick in but with these rates around 220bps higher YTD, some damage will surely soon be done after the highest YoY price appreciation outside of an immediate post WWII bounce, in our 120 year plus housing database. On this we will see the NAHB housing market index (tomorrow), April’s US building permits and housing starts (Wednesday), and existing home sales (Thursday).

Turning to corporate earnings, it will be another quiet week after 457 of the S&P 500 companies and 368 of the STOXX 600 companies have reported earnings this season so far. Yet, it will be an important one to gauge how the US consumer is faring amid inflation at multi-decade highs, including reports such as Walmart, Home Depot (tomorrow), Target and TJX (Wednesday). Results will also be due from China’s key tech and ecommerce companies like JD.com (tomorrow), Tencent (Wednesday) and Xiaomi (Thursday). Other notable corporate reporters will include Cisco (Wednesday), Applied Materials, Palo Alto Networks (Thursday) and Deere (Friday).

A quick recap of last week’s markets now. Fears that global growth would slow due to the tightening task at hand for central banks sent ripples across markets, without a clear specific catalyst. Equities declined, credit spreads widened, the dollar rallied, and sovereign yields declined.

The S&P 500 fell for the sixth consecutive week for the first time since 2011, falling -13.0% over that time. Even with a +2.39% rally on Friday, it fell -2.41% last week. Large cap technology firms underperformed, with the NASDAQ falling -2.80% (+3.82% Friday), while the FANG+ index fell -3.48% (+5.45% Friday). Volatility was elevated, with the Vix closing above 30 for 6 straight days for the first time since immediately following the invasion, narrowly avoiding a 7th straight day above 30 by closing the week at 28.8. European equities outperformed, with the STOXX 600 climbing +0.83% after a banner +2.14% gain Friday. The Itraxx crossover ended the week at 446bps, its widest level since June 2020. Crypto assets sharply declined, with Bitcoin down -12.51% and Coinbase -34.58% over the week, with a number of so-called ‘stablecoins’ breaking their pledged parity, forcing some to stop trading.

The growth fears drove a flight to quality. The dollar index increased +0.87% (-0.27% Friday) to its highest levels since 2002. Only the yen outperformed the US dollar in the G10 space. Sovereign yields rallied significantly, with 10yr Treasuries, bunds, and gilts falling -19.3bps (+8.5bps Friday), -23.0bps (+6.2bps Friday), and -28.7bps (+4.7bps Friday), respectively.

Reports that the EU was considering softening their oil-related sanctions due to member resistance combined with growth fears to send oil prices much lower at the beginning of the week, with Brent crude futures almost breaking $100/bbl. When all was said and done, a gradual rally over the back half of the week saw Brent merely -1.04% lower (+3.82% Friday). On the back of disappointing data from China it is down -1.48% this morning.

There was a lot of high-profile central bank speak to work through, as there will be this week. The main takeaways included Fed officials aligning behind a series of +50bp hikes the next few meetings, downplaying the chances of +75bp hikes until September at the earliest. Meanwhile, momentum in the ECB is growing toward a July policy rate hike, with policy rates breaching positive territory by the end of the year.

In terms of data Friday, the University of Michigan survey of inflation expectations for the next five years was unchanged at 3 percent, though inflation has weighed on consumers’ perception of the current situation.

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 10.53 PTS OR 0.34%   //Hang Sang CLOSED UP 51.44 PTS OR 0.25%    /The Nikkei closed UP 119.40 OR 0.45%          //Australia’s all ordinaires CLOSED UP 0.25%   /Chinese yuan (ONSHORE) closed DOWN 6,7908    /Oil UP TO 109.03 dollars per barrel for WTI and down TO 110.25 for Brent. Stocks in Europe OPENED  ALL MIXED       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7908 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8097: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

3 a./NORTH KOREA/ SOUTH KOREA

///SOUTH KOREA

3B  JAPAN

3c CHINA

COVID//LOCKDOWNS/

CHINA/LOCKDOWNS//CREDIT CREATION

The lockdowns forced their economy to collapse.  Now we need new credit creation

(zerohedge)

Collapse Of China Credit Growth Opens Door For Rate Cuts

MONDAY, MAY 16, 2022 – 03:30 AM

By Ye Xie, Bloomberg Markets Live analyst and reporter

Three things we learned last week:

1. China’s credit growth plunged. Friday’s data showed banks lent 645 billion yuan ($94.9 billion) of new loans in April, when Shanghai was locked down. It was less than half of the amount expected, and the lowest since 2017. The credit slump creates a strong case for policy easing, as Bloomberg economist David Qu wrote. Indeed, nine of 14 economists surveyed by Bloomberg expect the benchmark one-year loan prime rate will be cut this week.

Lower rates may help on the margin, but when Covid restrictions disrupt the economy and life, business and households may remain reluctant to borrow to expand production or buy homes. The biggest stimulus would be a turnaround in public-health policies.

2. Speaking of which, Beijing appears to have settled on regular mass testing to strike a balance between sticking to the zero-Covid policy and minimizing economic harms. The National Health Commission said Friday Covid tests will be available within a 15-minute walk in big cities, aiming to detect virus flareups early and impose more targeted lockdowns.

That may add to China’s already high debt load. There are growing calls for Beijing to issue “special sovereign bonds” to fight the pandemic. In 2020, 1 trillion yuan ($147 billion) of such debt was sold.

But will it work? Beijing’s experience offers a cautionary tale. The city began its regular Covid testing three weeks ago. While the Chinese capital is not under an official lockdown, many of what were once the city’s busiest streets are now deserted and the virus continues to spread in the community.

3. China’s Covid struggle adds to markets’ concern about the global economy. With stocks declining and credit spread widening, Goldman Sachs’ financial condition index rose 2 percentage points over the past year. That points to a significant headwind for economic growth in coming months. This chart compares the annual change in Goldman’s index (inverted) and the level of the ISM manufacturing index

4/EUROPEAN AFFAIRS//UK AFFAIRS/EU

FINLAND/USA//saturday morning

Biden  encourages Finland and Sweden to join NATO.  Russia moves to cut electricity supply by Saturday night

(zerohedge)

Biden Encourages Finland & Sweden’s Move Into NATO As Russia Cuts Electricity Supply Overnight

SATURDAY, MAY 14, 2022 – 09:55 AM

In a Friday phone call President Joe Biden expressed his direct support to the leaders of Finland and Sweden in their bid to join the North Atlantic Treaty Organization.

Speaking with Prime Minister Magdalena Andersson of Sweden and President Sauli Niinistö of Finland in the joint call, the US president “underscored his support for NATO’s Open Door policy and for the right of Finland and Sweden to decide their own future, foreign policy, and security arrangements,” according to a call read-out.AFP via Getty Images

“They reiterated their shared commitment to continued coordination in support of Ukraine and the Ukrainian people affected by the war,” the White House stated.

The call followed White House press secretary Jen Psaki’s answering in the affirmative Thursday when asked whether Washington would formally support the two Scandinavian countries’ membership bids. “We would support a NATO application by Finland and Sweden, yes.”

Earlier that day Finland’s prime minister as well as president in a joint statement said Helsinki would be applying to join the Western military alliance “without delay”.

The Kremlin was quick to threaten certain “military and technical measures” in response should its neighbor move into NATO. Finland shares an 810-mile border with Russia. Interestingly, Turkey has so far been the only major NATO power to voice its disapproval, concerned over the numbers of PKK “terrorists” that Sweden is home to.

The first action, though said to be long in coming over non-payment in rubles as previously demanded by President Putin of “unfriendly countries”, is the unprecedented halt in Russian electricity delivery, as Fox Business reports Saturday:

Electrical services, which account for 10% of the country’s total consumption, were discontinued “for the time being” at 1 a.m. local time, Finnish grid operator Fingrid said, according to the report. 

Given Finland relies on Russia for 10% of its electricity supply, the stoppage is not expected to have significant effect – also as nuclear power accounts for over35% of Finland’s electricity needs among five operating nuclear reactors.

The Finnish electricity network operator said it has contingency plans in place:

“We’re prepared for this and it won’t be difficult. We can make do with a bit more imports from Sweden and Norway,” Fingrid’s manager for operational planning Timo Kaukonen told AFP.

“We are forced to suspend the electricity import starting from May 14,” RAO Nordic, a subsidiary of Russian state energy holding Inter RAO, said Friday explaining as the reason that it had yet to receive payment for volumes sold in May. “RAO Nordic is not able to make payments for the imported electricity from Russia.”

END

FINLAND/RUSSIA/ELECTRICITY/SATURDAY NIGHT

Russia cuts off electricity to Finland

end

FINLAND/RUSSIA/SUNDAY

Finland announces officially their application to join NATO and informed Putin of their decision

(zerohedge)

Finland’s President Informs Putin Of Application To Join NATO

SUNDAY, MAY 15, 2022 – 10:30 AM

Finland’s President Sauli Niinisto and Prime Minister Sanna Marin held a press conference to formally announce Sunday their country wants to join NATO. “This is a historic day. A new era begins,” Niinisto said. This after the two initially signaled Finland’s intent to apply starting Thursday, and now the decision will await Finnish parliament endorsement, expected in the coming days, which is widely being seen as but a formality.

Crucially the announcement confirmed that Finland’s large powerful neighbor Russia has been informed. “President Niinistö told President Putin how fundamentally the Russian demands in late 2021 aiming at preventing countries from joining NATO and Russia’s massive invasion of Ukraine in February 2022 have altered the security environment of Finland,” a statement indicated.Image: Associated Press

“The conversation was direct and straight-forward and it was conducted without aggravations. Avoiding tensions was considered important,” President Niinistö said of the Saturday phone call initiated by the Finnish side.

Putin was notified that the Scandinavian country will “seek NATO membership in the next few days,” and that “By joining NATO Finland strengthens its own security and assumes its responsibility. It is not away from anyone else,” according to a call readout.

The response from a summit of NATO top diplomats, currently meeting in Berlin to discuss both Ukraine developments and Finland’s path into NATO, was immediately positive.

“The brutal invasion (by) Russia is losing momentum,” NATO Deputy-Secretary General Mircea Geoana told reporters Sunday, standing in for Secretary General Jens Stoltenberg, who is recovering from a Covid-19 infection. “We know that with the bravery of the Ukrainian people and army, and with our help, Ukraine can win this war,” he added.

Recent reports say both Finland and Sweden will rely heavily on Washington’s backing in their NATO membership bid. Some Western officials have even suggested they could be fast-tracked given the Russian threat. So far Turkey has been the only alliance country to significant push back. 

In a Friday phone call President Joe Biden expressed his direct support to the leaders of Finland and Sweden in their bid to join the North Atlantic Treaty Organization. Speaking with Prime Minister Magdalena Andersson of Sweden and Finland’s Niinistö in the joint call, the US president “underscored his support for NATO’s Open Door policy and for the right of Finland and Sweden to decide their own future, foreign policy, and security arrangements,” according to a call read-out.

end

SWEDEN/NATO //SUNDAY

Late Sunday, Sweden declares its wish to be a member of NATO

Sweden Declares NATO Membership Bid Hours After Neighboring Finland

SUNDAY, MAY 15, 2022 – 03:35 PM

The big news in Europe Sunday was the president of Finland Sauli Niinisto along with Prime Minister Sanna Marin formally announcing the country is applying to NATO. Niinisto had also phoned his Russian counterpart Vladimir Putin, who reportedly took the news “calmly” according to Helsinki’s description of the phone call. Putin only warned that it “could have a negative effect on Russia-Finland relations” – despite foreign ministry officials days ago issuing specific threats of “military and technical” retaliation.

On the same day a mere hours later, and as fully expected based on prior statements, Sweden’s ruling party formally affirmed Stockholm’s simultaneous application to NATO. “Sweden’s ruling Social Democratic Party on Sunday said it was in favor of joining NATO, reversing its decades-long opposition and paving the way for the country to submit a membership application,” AFP reported.

Like with Finland, prior to Russia’s invasion of Ukraine public support for joining the Western military alliance was low, with the country content to stay neutral on the issue, and with amicable relations with Moscow.

The statement introduced a key caveat amid prior warnings from Kremlin officials that the Scandinavian countries joining NATO could result in nuclearization of the Baltic region. “The Social Democrats will thereby work to ensure that Sweden, if the application is approved, expresses unilateral reservations against the deployment of nuclear weapons and permanent bases on Swedish territory,” the party said in its statement.

The statement out of Sweden stopped short of being as definitive as Finland’s, and didn’t recommend concrete steps toward joining, but stressed that for the country it is “not realistic to develop bilateral defense alliances outside existing European and Euro-Atlantic structures.”

It also said that “within the framework of current cooperation, there is no guarantee that Sweden would be helped if it were the target of a serious threat or attack.”

Sweden has been historically and proudly neutral, not having been part of any external military alliance for over 200 years, though engaged in closer cooperation with NATO forces going back to the 1990s.

NATO Secretary-General Jens Stoltenberg weeks ago said that both Finland and Sweden would be welcomed with “open arms” – suggesting also that given the circumstances of war in eastern Europe they could be ‘fast-tracked’ for entry.

Finland admission is seen as much more controversial given its 810-mile border with Russia. But as Axios notes, “Sweden does not share a border with Russia, but has long feared the possibility of Moscow invading Gotland — a strategically located island in the Baltic Sea viewed as critical to the defense of the region.”

end

Surprising! Putin states that Finland and Sweden joining NATO is not a threat to Russia but it will illicit a response

(zerohedge)

Putin Says Finland, Sweden Entering NATO Doesn’t Threaten Russia, But Will Likely ‘Trigger’ Response

MONDAY, MAY 16, 2022 – 02:25 PM

When Finnish president Sauli Niinisto phoned President Vladimir Putin on Saturday to notify the Russian leader of Finland’s imminent intent to apply for NATO membership, Niinisto remarked afterward he was surprised at how “calmly” Putin responded. “Altogether the discussion was very good,” Niinisto in a Sunday media interview. “I say calm and cool, and he did not repeat those threats he had earlier, and his people had been telling that is that if Finland joins – that means some kind of contra steps, military contra steps, whatever that meant – but he didn’t repeat it now.” 

Continuing his ‘calm’ response, Putin explained his thinking on Sweden and Finland’s moves toward NATO before a summit of Collective Security Treaty Organization (CSTO) heads in Moscow on Monday. Putin told the group of former Soviet allied nations that the Scandinavian countries’ membership bid “doesn’t pose a threat” but it may still “trigger a response”

“Russia has no problem with those states. So there is no direct threat from expansion to those countries. But deploying military infrastructure will provoke a response,” Putin said.

“What kind [of response] it will be, we will decide depending on threats that are created against us,” Putin warned. 

He underscored the danger of NATO’s “expansionist politics” which has led to Western alliance “to overstep its intended geographic boundaries” – while assuring CSTO allies which include Belarus, Armenia, Kazakhstan, Kyrgyzstan and Tajikistan, that the Kremlin will keep a close watch on the situation.

An official CSTO statement issued by the conference urged for “de-escalation tensions” in Eurasia: 

“Realizing our responsibility for ensuring lasting peace in the Eurasian region, we emphasize the importance of de-escalating tensions in the continent and reaffirm our readiness for practical cooperation with NATO,” it states.

Following Finland’s president as well as the prime minister formally declaring application to NATO Sunday morning, within hours later Sweden’s government issued a similar statement, which indicated Stockholm will “shortly” notify Brussels. Crucially, Sweden has voiced repeatedly that it will not host NATO based or nuclear missiles on its soil – a key caveat it repeated Sunday.

Sweden on Monday formally affirmed the prior announcement in the following:

“The Government’s assessment is that NATO membership is the best way to protect Sweden’s security in light of the fundamentally changed security environment following Russia’s invasion of Ukraine,” the country said in a statement posted to its government website

Bloomberg notes on Monday the move comes “after Andersson’s ruling party, the Social Democrats, decided to abandon their long-standing policy of military non-alignment after the Russian invasion of Ukraine in February.” Last week the UK’s Boris Johnson signed a defense pact with Finland and Sweden, also as the US has said it will support their membership bids.

Also on Monday, Helsinki announced that Denmark and Iceland stand ready to support Finland and Sweden in any future scenario wherein they come under attack (their tiny militaries notwithstanding).

end

So much for the sanctions.  They are killing the west but not harming Russia yet

(Zerohedge)

At Least 20 European Gas Buyers Open ‘Rubles-For-Gas’ Account With Gazprombank

MONDAY, MAY 16, 2022 – 08:30 AM

Europe’s anti-Russian virtue signaling and harsh language are nothing more than a facade as the number of European companies opening accounts with Gazprombank JSC has doubled as President Vladimir Putin demands rubles for natural gas. 

Bloomberg reports a person close to Gazprombank said twenty European companies had opened accounts with the private-owned Russian bank to swap euros for rubles to purchase natgas. Another 14 companies are requesting paperwork to facilitate transactions in rubles. 

European gas buyers quietly paid for supplies in rubles, and the list continues to grow — despite being in breach of Brussels sanctions. 

“Under the new mechanism, clients have to open two accounts: one in foreign currency and one in rubles in Gazprombank,” the person said. 

This comes as deadlines for April supplies are near for major European buyers. The person said the payment structure involves European clients paying foreign currency to Gazprombank, then the funds automatically convert to rubles and won’t involve Russia’s central bank, which is under EU sanctions. 

Last week, former Goldman partner and ECB head – Italian Prime Minister Mario Draghi – confirmed companies will be able to pay for natgas in rubles without breaking EU sanctions. 

“Most of the gas importers have already opened their account in rubles with Gazprom,” Draghi said during a recent press conference. He added that German companies were already paying rubles for natgas as both countries are top importers of Russian fossil fuels. 

On April 27, European Commission President Ursula von der Leyen specifically warned companies not to cave to Russia’s demands to pay for gas in rubles: “companies with such contracts should not accede to the Russian demands,” von der Leyen said. “This would be a breach of the sanctions, so a high risk for the companies.”

It should be evident that more and more European companies are going against Brussels’ sanctions. The bloc’s harsh words against Putin are nothing more than fluff. 

Putin forcing natgas to be paid in rubles, on top of capital controls, has transformed the ruble into the world’s best-performing currency this year. It’s now up more than 11% against the US Dollar since the start of the year, even outpacing the Real’s 9% increase to become the top mover in 31 major currencies tracked by Bloomberg. 

The person close to Gazprom said four clients paid in rubles and expects more to come. So much for the worthless EU sanctions to put an end to Putin war funding

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/USA

Saturday saw 3 Republicans visit Zelensky in a show of support.  Zelensky presses the uSA to desginate Russia as a terrorist state

(zerohedge)

Zelensky Presses US To Designate Russia “A Terrorist State” During McConnell Visit

SUNDAY, MAY 15, 2022 – 12:50 PM

Senate Minority Leader Mitch McConnell led a congressional delegation to visit the Ukrainian capital on Saturday. The unannounced trip included Republican Senators John Cornyn of Texas, Susan Collins of Maine, and John Barrasso of Wyoming.

McConnell unveiled the trip after he “just left” Ukraine, calling it an “honor” to meet with President Volodymyr Zelensky. The McConnell statement stressed that the group of US officials “reaffirmed” to Zelensky “that the United States stands squarely behind Ukraine and will sustain our support until Ukraine wins this war. It is also essential that America not stand alone.” Crucially, Zelensky used the occasion to argue that the US should designate Russia as a “terrorist state”.

McConnell’s statement continued: “It is squarely in our national interest to help Ukraine achieve victory in this war and to help Ukraine and other countries deter other wars of aggression before they start.”

The Republican delegation’s talk of “victory” echoes statements by Democrat House Speaker Nancy Pelosi when she met with Zelensky in Kiev at the start of this month. She had stated at the time from neighboring Poland just after her trip that Washington will support the Ukrainians “until victory is won” against Russia.

As we noted at the time this has made some European allies nervous, given it signals a US willingness to abandon diplomacy and negotiations toward ceasefire altogether, in favor of continued escalation but with little definable end goal objectives of what “victory” will amount to. France’s Emmanuel Macron in particular has reportedly pressed Zelensky on being willing to make some territorial compromises with Russia, particularly in the east, which Kiev has apparently rejected.

Zelensky’s request to the group of senators for the US to designate Russia “as a terrorist state” comes on the heels of a similar request given to UK lawmakers.

Though President Joe Biden and top US officials have recently used to term “genocide” to describe Russia’s action in Ukraine, which has been met with some considerable controversy given the UN definition for application of the word has strict meaning, there’s yet been no formal move for a ‘terrorism’ label applied to Russia. Possibly the administration is keeping this as leverage to threaten later.

END

RUSSIA/USA

McDonalds is selling all of its Russian stores

“De-Arched”: McDonald’s Plans To Sell Russian Stores  

MONDAY, MAY 16, 2022 – 07:00 AM

The invasion of Ukraine has led many Western companies to suspend or exit Russia, and the latest to do so is McDonald’s, after three decades of operations. 

NYTimes reports McDonald’s will sell its Russian book of business to a local buyer. The stores will be “de-arched,” meaning the new buyer will no longer use the McDonald’s logo. 

Most of McDonald’s 847 restaurants in Russia are company-operated. It will write off between $1.2-$1.4 billion and recognize “foreign currency translation losses,” McDonald’s said. 

“This is a complicated issue that’s without precedent and with profound consequences,” Chris Kempczinski, the chief executive of McDonald’s, told franchises in a letter that NYT obtained. 

“Some might argue that providing access to food and continuing to employ tens of thousands of ordinary citizens is surely the right thing to do. But it is impossible to ignore the humanitarian crisis caused by the war in Ukraine. And it is impossible to imagine the Golden Arches representing the same hope and promise that led us to enter the Russian market 32 years ago,” Kempczinski continued. 

He added: “This was not an easy decision, nor will it be simple to execute given the size of our business and the current challenges of operating in Russia … But the end state is clear.”

Since Russian President Vladimir Putin invaded Ukraine on Feb. 24, Western companies have been pressured by their respective governments to cut ties with Russia. Energy companies, such as BPShell, and Exxon Mobile, have unwound their investments in the country. 

From consumer goods and retail to finance to food to media to technology to travel and logistics to manufacturing, dozens of Western companies have either suspended operations or divested from Russia. 

The local buyer of McDonald’s stores in Russia has yet to be announced. 

end

He is perfectly correct!

(zerohedge)

“What’s Next”: Former Russian President Warns West’s “Self-Harming” Sanctions Mean “Collapse Of US-Centric World”

MONDAY, MAY 16, 2022 – 04:15 AM

Following wave after wave of sanctions threats and impositions, former Russian president Dmitry Medvedev predicted this week that there would be a number of global consequences.

Medvedev, who is deputy chairman of Russia’s Security Council, wrote on Telegram that the sanctions could be the spur to a new world order which Moscow has previously said it would welcome.

“As a result [of sanctions], a new security architecture will be created,” he said.

This would highlight, “the weakness of the Westernized concepts of international relations such as ‘order based on rules’,” Medvedev also predicted “the collapse of the idea of ​​an American-centric world.”

In a post titled, “What will happen next, or the world after anti-Russian sanctions (not a forecast at all)“, Medvedev outlined in 10 bullet points how supply chains could collapse, inflation could spike and food and financial crises would ensue.

1. A number of global supply chains of goods will collapse, a major logistical crisis is possible, including the collapse of foreign airlines, which are banned from flying over Russian territory.

2. The energy crisis will intensify in those states that have imposed “shooting in their own feet” sanctions on the supply of Russian energy carriers, further growth in fossil fuel prices will continue, and the development of the digital economy in the world will slow down.

3. A full-fledged international food crisis will come with the prospect of starvation in individual states.

4. A monetary and financial crisis is possible in some countries or communities of countries, associated with the undermining of the stability of a number of national currencies, galloping inflation and the destruction of the legal system for protecting private property.

5. New regional military conflicts will arise in those places where the situation has not been peacefully resolved for many years or the significant interests of major international players are ignored.

6. Terrorists are becoming more active, believing that the attention of Western authorities today is diverted to a showdown with Russia.

7. New epidemics will begin, caused by the rejection of honest international cooperation in the sanitary and epidemiological sphere or by direct facts of the use of biological weapons.

8. There will be a decline in the activities of international institutions that have not been able to prove their effectiveness in the course of settling the situation in Ukraine, such as, for example, the Council of Europe.

9. New international alliances of countries based on pragmatic rather than ideological Anglo-Saxon criteria will be formed.

10. As a result, a new security architecture will be created, in which de facto, and then de jure, the existing realities are recognized:

a) the weakness of Westernized concepts of international relations such as “Order based on rules” and other senseless Western junk;

b) the collapse of the idea of ​​an American-centric world;

c) the presence of interests respected by the world community in those countries that are in an acute stage of conflict with the Western world.

Medvedev’s gloomy picture of the future – a pivot away from the post-Cold War international order – echoes Russian President Putin’s comments right before he invaded Ukraine.

end

RUSSIA/POLAND

Russian lawmaker says that Poland is next in line for “de nazification”

(Ozimek/EpochTimes)

Russian Lawmaker Says Poland Next In Line For ‘De-Nazification’

MONDAY, MAY 16, 2022 – 02:00 AM

Authored by Tom Ozimek via The Epoch Times,

A Russian lawmaker has issued a fiery warning that Warsaw is next in line for “de-nazification” after Poland’s Prime Minister penned an op-ed calling Russia’s imperialist “Russkiy Mir” ideology a “cancer” consuming Russian society and a “deadly threat” to other countries.

Oleg Morozov, chairman of Russia’s State Duma Committee on Control, wrote in a message on Telegram on Friday that the Polish leader’s comments have essentially made Poland a target.

In his remarks, Morozov resorted to the Kremlin’s rhetoric in its military operation in Ukraine of so-called “de-Nazification,” a label Moscow has used to vilify its geopolitical adversaries and justify the war.

“With its statements about Russia as a ‘cancer’ and about the ‘indemnity’ that we must pay to Ukraine, Poland encourages us to put it in first place in the queue for de-Nazification after Ukraine,” Morozov wrote, according to a translation of his statement.

Morozov’s remarks were prompted by statements made by Polish Prime Minister Mateusz Morawiecki and Polish President Andrzej Duda, who have both been highly critical of Russia’s invasion of Ukraine.

Duda has said Russia should be forced to pay compensation to Ukraine for war damages while Morawiecki said Russian President Vladimir Putin is “more dangerous” than both Adolf Hitler and Joseph Stalin because he has nuclear weapons and a massive propaganda machine at his disposal.

Morawiecki wrote in a column in the British newspaper The Telegraph that “the cursed phantoms of the 20th century have risen again over Ukraine,” alleging that Russia’s invasion of its neighbor bears the hallmarks of fascism, “has already opened the gates to genocide,” and is driven by a “monstrous new ideology” that he called “Russkiy Mir.”

Morawiecki alleged that in the name of this ideology, Putin and his military entourage have ordered Russian forces into war, “convinced them of their superiority, and encouraged them to commit inhuman war crimes—the murder, rape, and torture of innocent civilians.”

“Putin’s ‘Russkiy Mir’ ideology is the equivalent of 20th-century communism and Nazism,” Morawiecki wrote, calling it a “cancer which is consuming not only the majority of Russian society, but also poses a deadly threat to the whole of Europe.”

It’s not enough to help Ukraine fend off Russia’s attack, Morawiecki argued, “we must root out this monstrous new ideology entirely.”

“Just as Germany was once subject to denazification, today the only chance for Russia and the civilised world is ‘deputinisation.’ If we do not engage in this task immediately, we will not only lose Ukraine, we will lose our soul and our freedom and sovereignty,” the Polish leader wrote.

Morawiecki argued that, unless it is opposed, Russia will not stop at Kyiv but will continue on a “long march towards the West.”

The Kremlin has denied it has any intentions of invading other countries. Putin has claimed that what he describes as a “special military operation” in Ukraine comes in response to attempts by Western powers to establish a bulwark in Ukraine that threatens Moscow’s security.

In particular, Putin has long said that NATO is trying to expand its borders to pressure Russia militarily, claims the defensive alliance has rejected as unfounded.

Another of the Kremlin’s key justifications for its operation in Ukraine has been to allege that the Russian-speaking population in the separatist-controlled Donbass and Luhansk region were being subjected to repression and what Putin has described as “genocide.”

A long list of scholars and academics has denounced Russia’s claims of genocide and “de-Nazification” of Ukraine as a false pretext meant to justify “unprovoked aggression” against its southern neighbor.

end

Death by a thousand cuts: where is the west’s Ukraine strategy?

Inbox

Robert Hryniak1:04 PM (0 minutes ago)
to

What would be astute is to work or force a deal with Russia on the Ukraine. Making the Ukraine a neutral country as everyone agreed upon the breakup of the Soviet Union would benefit everyone.  However, this will not happen as the decision to alter the status of the EU is well underway. Instead, expect severe reductions in crop yield, as from sources there, we should anticipate a 70% reduction in corn, sunflower oil, wheat etc. This will have a major impact in Europe by early fall.

https://thecradle.co/Article/columns/10277

That is where all the weapons given to Ukraine is being sold:

Western Weapons in Ukraine Being Sold On via Encrypted Messaging App

Inbox

Robert HryniakSun, May 15, 2:59 PM (16 hours ago)
to

As i keep saying the best and most modern weapons will be sold. Even China is buying the latest weapons as is North Korea, Iran and host of others.

https://www.breitbart.com/europe/2022/05/14/western-weapons-in-ukraine-being-sold-on-via-encrypted-messaging-app-report/

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Growing Number Of COVID-19 Deaths Among Vaccinated People: Federal Data

FRIDAY, MAY 13, 2022 – 05:40 PM

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

An increasing number of COVID-19 deaths are occurring among individuals in the United States who have been vaccinated, according to federal data.A 87-year-old man getting his booster shot at the vaccination center in Frankfurt, Germany, on Nov. 11, 2021. (Michael Probst/AP Photo)

In August of 2021, roughly 18.9 percent of COVID-19 deaths happened among individuals who were vaccinated, an ABC News analysis of the data shows. Six months later in February 2022, that figure had risen to over 40 percent as the highly-transmissible Omicron variant made its way across the globe.

Similarly, in September 2021, just 1.1 percent of COVID-19 deaths occurred among Americans who had been fully vaccinated and boosted once. Five months later in February, that percentage had jumped to about 25 percent, according to ABC News.

A separate analysis of federal data by CNN shows that in the second half of September 2021—when the Delta variant was at its peak—less than a quarter of all COVID-19 deaths were among individuals who were vaccinated with at least two doses of the Moderna or Pfizer/BioNTech mRNA vaccines or a single dose of the Johnson & Johnson vaccine. However, just months later in January and February as Omicron surged, that figure had jumped to 40 percent.

Some experts believe the increase in deaths among fully vaccinated people or “breakthrough infections” in those who have received all their shots is not overly concerning, saying it is because while more and more people become fully vaccinated, new variants emerge and vaccine protection begins to wane as fewer people continue to get booster shots.

These data should not be interpreted as vaccines not working. In fact, these real-world analyses continue to reaffirm the incredible protection these vaccines afford especially when up to date with boosters,” said John Brownstein, an epidemiologist at Boston Children’s Hospital and an ABC News contributor.

Despite an increasing number of deaths among the vaccinated, the Centers for Disease Control and Prevention (CDC) states that vaccines are safe and effective. Data from the government agency says that overall, the risk of death from COVID-19 is roughly five times higher in unvaccinated individuals than in those who have had at least their initial dose of a vaccine.

However, in some cases, serious adverse events such as thrombosis with thrombocytopenia syndrome (blood clots), myocarditis (inflammation of the heart muscle), and pericarditis (inflammation of the outer lining of the heart) have been documented.

As of May 4, around 257.9 million people in the United States, or 77.7 percent of the total population in the nation have received at least one dose of vaccine, while roughly 219.9 million people, or 66.2 percent of the total U.S. population, have been fully vaccinated.

Around 100.9 million of those who are fully vaccinated have received a booster shot, while 49.4 percent of those eligible for booster shots have not yet had one.

As the Omicron variant swept through the nation, an increasing number of vulnerable, older populations were being hospitalized, and 73 percent of deaths have been among those 65 and older, despite the fact that 90 percent of seniors have had all of their vaccine shots.

However, a large percentage—a third of them—have not yet had their booster jab.

“This trend in increased risk among the elderly further supports the need for community-wide immunization,” Brownstein said. “Older populations, especially those with underlying conditions, continue to be at great risk of severe complications, especially as immunity wanes. The best way to protect them is to make sure everyone around them is fully immunized.”

The data comes a month after pharmaceutical and biotechnology company Moderna said that preliminary results from its study on a COVID-19 vaccine intended to protect against variants showed that it outperformed the company’s currently authorized booster shot, mRNA-1273.

Moderna said on April 19 that its mRNA-1273.211 shot, its first bivalent booster vaccine candidate, showed “superiority” against the Beta, Delta, and Omicron variants of the virus one month after being administered, compared to the booster shot of its original vaccine currently in use.

END

This is to be expected:

(zerohedge)

Days After Federal Mask Mandate Lifted, In-Air Unruly Passenger Incidents Plunge

FRIDAY, MAY 13, 2022 – 06:00 PM

It’s amazing what happens when you stop forcing people to wear masks. 

After several years where in-air confrontations and unruly passengers became the norm for air travel, with most disputes arising over people wearing or not wearing masks, incidents have started to level off now that masks are no longer required. 

It’s almost as if people don’t like being micromanaged…

The unruly passenger rate has fallen for the second week in a row, Bloomberg noted this morning, following the April 18 decision by a judge to end mask mandates on U.S. airlines and mass transportation. 

The FAA reported 2.1 unruly incidents per 10,000 flights in week ending May 1, Bloomberg reported. This is the lowest rate since cases started surging in early 2021 with, again, a “majority” of those cases related to the federal mask mandate.

There have been 1,344 cases registered as of May 10, below last year’s record of 5,981 cases.

Remember back in February we noted that unruly incidents had hit 27 year highs. At the time Delta Airlines CEO Ed Bastian had officially asked the Biden DOJ to help deter aggressive behavior on flights, telling AG Merrick Garland that a no-fly list “will help prevent future incidents and serve as a strong symbol of the consequences of not complying with crew member instructions on commercial aircraft.”

We noted that last year, 72% of the 5,981 reports of pandemic-era passenger incidents were related to masks according to the FAA, which launched investigations into more than 1,105 more serious incidents in 2021 – over 3x the previous high since the agency began collecting data in 1995.

According to Transportation Secretary Pete Buttigieg, a unified no-fly list was being considered at the time.

END

Vaccines do cause variants:

(Stieber/EpochTimes)

CDC Admits It Can’t Back Claim That Vaccines Don’t Cause Variants

FRIDAY, MAY 13, 2022 – 09:00 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Centers for Disease Control and Prevention (CDC) says it does not have documents backing its claim that COVID-19 vaccines do not cause variants of the virus that causes COVID-19.

The CDC’s website calls it a myth that the vaccines cause variants.

FACT: COVID-19 vaccines do not create or cause variants of the virus that causes COVID-19. Instead, COVID-19 vaccines can help prevent new variants from emerging,” the website states.

“New variants of a virus happen because the virus that causes COVID-19 constantly changes through a natural ongoing process of mutation (change). As the virus spreads, it has more opportunities to change. High vaccination coverage in a population reduces the spread of the virus and helps prevent new variants from emerging,” it also says.

The Informed Consent Action Network (ICAN), a nonprofit, asked the CDC in Freedom of Information Act requests for documentation supporting the claim.

In one request, the group asked for “All documents sufficient to support that COVID-19 vaccines do not create or cause variants of the virus that causes COVID-19.”

Another requested “All documents sufficient to support that the immunity conferred by COVID-19 vaccines does not contribute to virus evolution and the emergence of variants.”

The CDC has now responded to both requests, saying a search “found no records responsive” to them.

The first response came in January (pdf); the second came on May 4 (pdf).

If the CDC is making declaratory statements, the agency should have documents supporting them, Aaron Siri, an attorney representing ICAN, told The Epoch Times.

The responses are “very troubling,” Siri said. “I thought the CDC was a data-driven organization, that they made their decisions based on the studies and the science and the data.”

The CDC did not respond to a request for comment.

ICAN has been one of the more prolific requesters of information from the CDC during the pandemic. Many requests have yielded information. Others have not.

In this case, the CDC should act to ensure continued public trust, Siri says.

Remove the language or provide the evidence,” he said. “There obviously are going to be instances where recommendations from the CDC might prove helpful or useful. And I think they do a disservice to everybody by hurting their own credibility by making statements that they either don’t have support or won’t produce the support for.”

Scientists outside the CDC have also said that vaccines can help prevent new variants.

“As more people get vaccinated, we expect virus circulation to decrease, which will then lead to fewer mutations,” the World Health Organization says on its site.

But many of the claims relied on the vaccines being able to stop infection from the CCP (Chinese Communist Party) virus, which causes COVID-19. The vaccines are increasingly unable to do so, particularly against the newest dominant strain, Omicron.

Dr. Geert Vanden Bossche, a virologist, is among those who say that the vaccines themselves are behind new variants.

“All COVID-19 vaccines fail in blocking viral transmission, especially transmission of more infectious variants. This is a huge problem as viral transmission is now increasingly taking place among healthy people in general and vaccinees in particular (as their S-specific Abs do not sufficiently neutralize S variants),” Vanden Bossche says on his website. “The resulting suboptimal S-directed immune pressure serves as a breeding ground for even more infectious variants.”

end

Dr Robert Malone

special thanks to Neil A who brought this to our attention

(Global Research)

Global COVID Summit Declaration Representing 17,000 Physicians and Medical Scientists

A Joint Statement, representing 17,000 Physicians and Medical Scientists to End the National Emergency, Restore Scientific Integrity, and Address Crimes Against Humanity

By Dr. Robert Malone

Global Research, May 15, 2022

Who is Robert Malone 13 May 2022

Theme: Law and Justice

All Global Research articles can be read in 51 languages by activating the “Translate Website” drop down menu on the top banner of our home page (Desktop version).

To receive Global Research’s Daily Newsletter (selected articles), click here.

Visit and follow us on InstagramTwitter and Facebook. Feel free to repost and share widely Global Research articles.

***

The time is now. As most readers of this substack are now well aware, this is not just about COVID. The constitution hangs in the balance. Please help us to get these messages spread far and wide. The 17,000 Physicians and Medical Scientists in our organization, who are not financially conflicted and remain committed to the Hippocratic Oath, are doing our part. Now we ask that you help us to help you. We need your help.

Global COVID Summit, Declaration IV

A Joint Statement, representing 17,000 Physicians and Medical Scientists 

To Restore Scientific Integrity

17,000 Physicians and Medical Scientists Declare that the State of Medical Emergency must be lifted, Scientific integrity restored, and crimes against humanity addressed.

We, the physicians and medical scientists of the world, united through our loyalty to the Hippocratic Oath, recognize that the disastrous COVID-19 public health policies imposed on doctors and our patients are the culmination of a corrupt medical alliance of pharmaceutical, insurance, and healthcare institutions, along with the financial trusts which control them. They have infiltrated our medical system at every level, and are protected and supported by a parallel alliance of big tech, media, academics and government agencies who profited from this orchestrated catastrophe.

This corrupt alliance has compromised the integrity of our most prestigious medical societies to which we belong, generating an illusion of scientific consensus by substituting truth with propaganda. This alliance continues to advance unscientific claims by censoring data, and intimidating and firing doctors and scientists for simply publishing actual clinical results or treating their patients with proven, life-saving medicine. These catastrophic decisions came at the expense of the innocent, who are forced to suffer health damage and death caused by intentionally withholding critical and time-sensitive treatments, or as a result of coerced genetic therapy injections, which are neither safe nor effective.

The medical community has denied patients the fundamental human right to provide true informed consent for the experimental COVID-19 injections. Our patients are also blocked from obtaining the information necessary to understand risks and benefits of vaccines, and their alternatives, due to widespread censorship and propaganda spread by governments, public health officials and media. Patients continue to be subjected to forced lock-downs which harm their health, careers and children’s education, and damage social and family bonds critical to civil society. This is not a coincidence. In the book entitled “COVID-19: The Great Reset”, leadership of this alliance has clearly stated their intention is to leverage COVID-19 as an “opportunity” to reset our entire global society, culture, political structures, and economy.

Our 17,000 Global COVID Summit physicians and medical scientists represent a much larger, enlightened global medical community who refuse to be compromised, and are united and willing to risk the wrath of the corrupt medical alliance to defend the health of their patients.

The mission of the Global COVID Summit is to end this orchestrated crisis, which has been illegitimately imposed on the world, and to formally declare that the actions of this corrupt alliance constitute nothing less than crimes against humanity.

We must restore the people’s trust in medicine, which begins with free and open dialogue between physicians and medical scientists. We must restore medical rights and patient autonomy. This includes the foundational principle of the sacred doctor-patient relationship. The social need for this is decades overdue, and therefore, we the physicians of the world are compelled to take action.

After two years of scientific research, millions of patients treated, hundreds of clinical trials performed and scientific data shared, we have demonstrated and documented our success in understanding and combating COVID-19. In considering the risks versus benefits of major policy decisions, our Global COVID Summit of 17,000 physicians and medical scientists from all over the world have reached consensus on the following foundational principles:

  1. We declare and the data confirm that the COVID-19 experimental genetic therapy injections must end.
  2. We declare doctors should not be blocked from providing life-saving medical treatment.
  3. We declare the state of national emergency, which facilitates corruption and extends the pandemic, should be immediately terminated.
  4. We declare medical privacy should never again be violated, and all travel and social restrictions must cease.
  5. We declare masks are not and have never been effective protection against an airborne respiratory virus in the community setting.
  6. We declare funding and research must be established for vaccination damage, death and suffering.
  7. We declare no opportunity should be denied, including education, career, military service or medical treatment, over unwillingness to take an injection.
  8. We declare that first amendment violations and medical censorship by government, technology and media companies should cease, and the Bill of Rights be upheld.
  9. We declare that Pfizer, Moderna, BioNTech, Janssen, Astra Zeneca, and their enablers, withheld and willfully omitted safety and effectiveness information from patients and physicians, and should be immediately indicted for fraud.
  10. We declare government and medical agencies must be held accountable.

*

 Dr, Paul Alexander….

Figure 2, Fleming-Dutra et al: Association of Prior BNT162b2 COVID-19 Vaccination With Symptomatic SARS-CoV-2 Infection in Children & Adolescents During Omicron Predominance; VE drops to ‘0’ at 4 mths

DEVASTATING: they looked at Pfizer’s BNT162b2 2-Dose Adjusted Estimated Vaccine Effectiveness Against Symptomatic SARS-CoV-2 Infection In Children and Adolescents; it fell below ‘0’ 4 mths out

Dr. Paul AlexanderMay 13

When they looked at VE, it fell dramatically for both 5-11 yrs and 12-15 yrs old. Key statement:

“Among children and adolescents, estimated vaccine effectiveness for 2 doses of BNT162b2 against symptomatic infection decreased rapidly”

SOURCE:

Katherine E. Fleming-Dutra et al: Association of Prior BNT162b2 COVID-19 Vaccination With Symptomatic SARS-CoV-2 Infection in Children and Adolescents During Omicron Predominance

A test-negative, case-control study conducted from December 2021 to February 2022 during Omicron variant predominance that included 121 952 tests from sites across the US, estimated vaccine effectiveness against symptomatic infection for children 5 to 11 years of age was 60.1% 2 to 4 weeks after dose 2 and 28.9% during month 2 after dose 2. Among adolescents 12 to 15 years of age, estimated vaccine effectiveness was 59.5% 2 to 4 weeks after dose 2 and 16.6% during month 2

Figure 2 is the key figure:

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end

Is Ivermectin a Cancer Solution?

Inbox

Robert HryniakSun, May 15, 5:27 PM (14 hours ago)
to

Worthy of reading 



Is Ivermectin a Cancer Solution?

NK-cell destroys a cancer cell. By Alpha Tauri 3D Graphics/Shutterstock

It’s been vilified as being dangerous, useless or both, but extensive research shows that’s not true. This study demonstrates potential for its use against a broad range of cancers. Along with direct cytotoxic effects, it’s believed to help regulate the tumor microenvironment, mediating immunogenic cell death.

Ivermectin is a widely used antiparasitic drug that’s listed on the World Health Organization’s essential medicines list1 and approved by the U.S. Food and Drug Administration. In low- and middle-income countries, ivermectin is commonly used to treat parasitic diseases including onchocerciasis (river blindness), strongyloidiasis and other diseases caused by soil-transmitted helminthiasis, or parasitic worms.2

The drug is also used to treat scabies and lice. It’s estimated that the total number of ivermectin doses distributed is equal to one-third of the world’s population and, as such, “ivermectin at the usual doses (0.2–0.4 mg/kg) is considered extremely safe for use in humans.”3

Ivermectin also has demonstrated antiviral and anti-inflammatory properties and made headlines for its potential role in treating COVID-194 — although much of the positive press has been censored and falsely labeled misinformation.5 Now researchers are highlighting another potential use for ivermectin, which is equally as exciting as its potential role in COVID-19 — as an anticancer agent.

Ivermectin’s Powerful Antitumor Effects

Ivermectin has notable antitumor effects, which include inhibiting proliferation, metastasis and angiogenic activity in cancer cells.6 It appears to inhibit tumor cells by regulating multiple signaling pathways, which researchers explained in the Pharmacological Research journal, “suggests that ivermectin may be an anticancer drug with great potential.”7

Their graphic, below, shows the multiple ways that ivermectin may target cancer, including inducing apoptosis and autophagy while also inhibiting tumor stem cells and reversing multidrug resistance. They stated that ivermectin “exerts the optimal effect when used in combination with other chemotherapy drugs.”8

Ivermectin's Powerful Antitumor Effects<img class=” mlazyloaded” src=”https://media.mercola.com/ImageServer/Public/2022/April/ivermectin-antitumor-effects.jpg” alt=”Ivermectin’s Powerful Antitumor Effects” data-mlazyload-src=”https://media.mercola.com/ImageServer/Public/2022/April/ivermectin-antitumor-effects.jpg” />Pharmacol Res. 2021 Jan; 163: 105207

Many may not be aware that scientists Satoshi ōmura and William C. Campbell won the Nobel Prize in Physiology or Medicine in 2015 for their discovery of ivermectin.9 The medicine is used to treat not only parasitic diseases like malaria but also shows promise for treating asthma and neurological diseases, in addition to cancer.

Along with direct cytotoxic effects, it’s believed that ivermectin regulates the tumor microenvironment, mediating immunogenic cell death — another reason for its promise as an anticancer agent.10 Research suggests the drug may be useful for the following cancers:11

Epoch Times Photo<img class=”alignnone size-medium wp-image-4463762″ src=”https://img.theepochtimes.com/assets/uploads/2022/05/12/Screenshot-2022-05-12-at-16-56-14-Can-Ivermectin-Be-a-Tumor-Solution-600×618.png” alt=”Epoch Times Photo” width=”600″ height=”618″ />

Ivermectin Shows Promise Against Colorectal Cancer

A study published in Frontiers in Pharmacology specifically highlighted ivermectin’s potential to fight colorectal cancer, which is the third most common cancer worldwide.12 The drug was found to inhibit colorectal cancer cell growth in a dose-dependent manner as well as promote cell apoptosis.

Further, even at low doses of 2.5 and 5 µM, ivermectin inducted cell arrest in colorectal cancer, leading researchers to state, “[I]vermectin might be a new potential anticancer drug therapy for human colorectal cancer and other cancers.”13 Considering that the “war against cancer” has been ongoing for decades, with little to show in terms of lives saved, repurposing existing drugs with favorable safety profiles and notable anticancer effects — like ivermectin — makes sense.

The Pharmacological Research scientists similarly noted, “Drug repositioning is a shortcut to accelerate the development of anticancer drugs.”14 Not only has ivermectin been shown to permeate tumor tissues effectively, but it has a long history of successful use in humans. They explained that even when doses were increased, no serious adverse effects were found:15

“[T]he broad-spectrum antiparasitic drug IVM (ivermectin), which is widely used in the field of parasitic control, has many advantages that suggest that it is worth developing as a potential new anticancer drug. IVM selectively inhibits the proliferation of tumors at a dose that is not toxic to normal cells and can reverse the MDR [multidrug resistance] of tumors.

Importantly, IVM is an established drug used for the treatment of parasitic diseases such as river blindness and elephantiasis. It has been widely used in humans for many years, and its various pharmacological properties, including long- and short-term toxicological effects and drug metabolism characteristics are very clear. In healthy volunteers, the dose was increased to 2 mg/Kg, and no serious adverse reactions were found …”

Is Liposomal Delivery a Game Changer?

The development of an injectable form of ivermectin, or liposomal ivermectin, could help overcome some of its limitations regarding solubility and open its use to a broader range of cancers. The cancer immunotherapy treatment pembrolizumab, for instance, is approved to treat PD-L1-positive, triple-negative breast cancer, which accounts for only about 20% of cases.

As an immune checkpoint inhibitor, it works best in so-called “hot” tumors, which are already infiltrated by T cells. If ivermectin could be injected into the tumor, inducing T-cell infiltration into the area and inducing immunogenic cancer cell death, it’s possible that it could turn a “cold” tumor into a “hot” one, thereby making it more effectively treated.16

Biotech company Mountain Valley MD has developed a liposomal delivery system for ivermectin that they believe could dramatically widen its treatment potential. In an interview with Medical Update Online, Dennis Hancock, Mountain Valley MD president and CEO, explained:17

“So the business value proposition really simply is, we take the best-selling and best-acting drugs and expand their ability to be used on … more types of cancer on a broader spectrum. So you still need the cancer drug and what our Ivectosol does is it enables it to be used in a broader universe …

What’s really exciting about the work that Mountain Valley MD is doing is we’re enabling drugs that have already been proven in their efficacy and safety to do better and do more faster — so we’re not asking people to ‘wait five years and see’…”

Most of the research involving ivermectin for cancer to date involves oral or in-vitro administration. Mountain Valley MD is conducting preclinical trials using liposomal ivermectin for metastatic melanoma, non-small cell lung cancer, triple-negative breast cancer and possibly bladder cancers. They also have plans to produce liposomal ivermectin for use in human trials.18 In a news release, Mike Farber, director of life sciences at Mountain Valley MD, stated:19

“The extensive research supporting the drug ivermectin as effective in the inhibition of proliferation, metastasis, and angiogenic activity in a variety of cancers, and as an initiator of immunogenic cell death, is overwhelming. Imagine what is possible when you have the world’s only human injectable form of ivermectin that can be directly injected into a tumor or provided through more bio-available forms such as intravenously.

We believe this will be groundbreaking research with near-immediate application to be able to proceed directly to human trials based on the safety and efficacy of ivermectin.”

ivermectin
<img class=”size-medium wp-image-4289903″ src=”https://img.theepochtimes.com/assets/uploads/2022/02/20/ivermectin-600×400.jpeg” alt=”ivermectin” width=”600″ height=”400″ /> Ivermectin tablets packaged for human use. (Natasha Holt/The Epoch Times)

What About Ivermectin for SARS-CoV-2?

In the U.S., ivermectin has been vilified as a treatment for SARS-CoV-2, despite its impressive inhibitory effects on the virus.20 Even the FDA has a dedicated webpage warning “why you should not use ivermectin to prevent COVID-19.”21

It’s interesting to note, however, that Africa has a lower number of cases, severity of disease, hospitalizations and deaths than other areas of the world,22 which may be due to using prophylactic medications for endemic infections — ivermectin and others, such as sweet wormwood — that have successfully treated COVID-19.

For instance, a study from Japan demonstrated that just 12 days after doctors were allowed to legally prescribe ivermectin to their COVID-19 patients, the cases dropped dramatically.23 The chairman of the Tokyo Medical Association24 noticed the low number of infections and deaths in Africa, where many use ivermectin prophylactically and as the core strategy to treat river blindness.25 More than 99% of people infected with river blindness live in 31 African countries.

Aside from these observations, a study published in the March 2022 issue of the International Journal of Infectious Diseases found that treatment with ivermectin reduced mortality in COVID-19 patients — and to a greater degree than remdesivir.26

Another recent investigation by Cornell University, posted on the University’s preprint server January 20, 2022, found ivermectin outperformed 10 other drugs against COVID-19, making it the most effective against the Omicron variant.27 It even outperformed nirmatrelvir (Paxlovid), which was granted emergency use authorization against COVID-19 in December 2021.

Remdesivir costs between $2,340 and $3,120,28 and nirmatrelvir costs $529 per treatment,29 while ivermectin’s average treatment cost is $58.30 Do you think this has anything to do with ivermectin’s vilification?

Dr. Pierre Kory, who is part of the group that formed the Front Line COVID-19 Critical Care Working Group (FLCCC) to advance early treatments for COVID-19, pleaded with the U.S. government early on in the pandemic to review the expansive data on ivermectin to prevent COVID-19, and to keep those with early symptoms from progressing and help critically ill patients recover — to no avail.31,32

However, if you’d like to learn more about its potential uses for SARS-CoV-2, FLCCC’s I-MASK+ protocol can be downloaded in full,33 giving you step-by-step instructions on how to prevent and treat the early symptoms of COVID-19.

FLCCC also has protocols for at-home prevention and early treatment, called I-MASS, which involves ivermectin, vitamin D3, a multivitamin and a digital thermometer to watch your body temperature in the prevention phase and ivermectin, melatonin, aspirin and antiseptic mouthwash for early at-home treatment.

<img class=”mlazyloaded aligncenter” src=”https://media.mercola.com/ImageServer/public/2022/January/dr-mercola-covid-treatment-protocol-infographic.jpg” alt=”dr mercola covid treatment protocol” data-mlazyload-src=”https://media.mercola.com/ImageServer/public/2022/January/dr-mercola-covid-treatment-protocol-infographic.jpg” />

Household or close contacts of COVID-19 patients may take ivermectin (18 milligrams, then repeat the dose in 48 hours) for post-exposure prevention.34 Whether ivermectin’s potential as an anticancer agent will be stifled the same way it was for COVID-19 remains to be seen, but it appears to be a compound that’s worth watching as a potential powerful agent in the fight against cancer.

Originally published May 12, 2022 on Mercola.com

Dr Paul Alexander…..

HOT TOPICS (brought up top as MUST READS or LISTENS):

1)Executive at COVID-19 Vaccine Maker Moderna Abruptly Resigns After 1 Day

2)Democrats Silent as Republicans Rip Into Secret Royalty Checks to Fauci, Hundreds of NIH Scientists

3)Sedition from within, like the Milley: Emails reveal top US scientist warned Chinese colleagues that Republicans wanted to investigate Wuhan lab for COVID-19 origins

4)Illegal immigrants getting ‘pallets’ of baby formula at detention center while shelves are nearly empty in American stores, US congresswoman declares

5)MAGA World Melts Down as ‘Ultra-MAGA’ Barnette Blows Up in Pennsylvania

6)The Green Side of White Coat Supremacy; Anthony Fauci and NIH boss Francis Collins got part of $350 million in undisclosed royalties.

7)Cryptocurrencies Melt Down in a ‘Perfect Storm’ of Fear and Panic

8)RED ALERT ; President Xi ‘suffering from deadly brain aneurysm’ as he faces coup over devastating Covid lockdowns, reports claim

9)BREAKING: Louisiana Supreme Court Sides with Pastor Tony Spell – Agrees that COVID Orders Violated His Freedom of Religion – All Charges Dropped (VIDEO)

10)Zelensky Urges Direct Talks With Putin Before War Spirals Outside Borders

11)Is there cause for concern as the COVID-19 R-rate rises? – analysis

MUST KNOWs PRIORITY 1 news (COVID and non-COVID related):

1)Israeli People Committee’s Report Find Catastrophic Side Effects Of Pfizer Vaccine To Every System In Human Body

2)Executive at COVID-19 Vaccine Maker Moderna Abruptly Resigns After 1 Day

3)Is Putin Sick – Or Are We Meant to Think He Is?

4)Reuters data tech: I was fired for showing police do not kill more black suspects

5)(READ) ‘Safety lapses’ and ‘violations’ at US biosafety laboratories

6)Johns Hopkins center dedicated to preventing child sexual abuse hires prof who said adult sexual attraction to minors is OK as long as it’s not acted upon

7)N. Korea reports 6 deaths after admitting COVID-19 outbreak

8)‘View’ panel explodes as Whoopi Goldberg insists each woman should be able to decide when unborn children begin to have rights

PRIORITY 2 news (COVID and non- COVID related):

1)Shanghai Lockdown Causing Global Medical Imaging Supply Shortage

2)Fact-deprived Americans hear TRUTH about Roe v. Wade, and something beautiful happens

3)Sen. Paul Delays Vote on $40 Billion Ukraine Package, Calls for Spending Oversight

4)Powell Says He Can’t Promise a ‘Soft Landing’ and Avoid Recession as Fed Fights Inflation

5)Suicide Threats Spike on Reddit After Crypto Crash

6)Top Russian Official Says NATO Risking ‘Full-Fledged’ Nuclear War

7)N.Korea reports first COVID-19 outbreak, orders lockdown The first public admission of COVID infections highlights the potential for a major crisis in a country that has refused to accept international help with vaccination and shut down its borders.

PRIORITY 3 News (COVID and non- COVID related):

1)Hatred Will Destroy You: What the Holodomor Teaches Us Today

2)Putin’s successor ‘could be young mystery man’ who is one of few he trusts, reports say

3)Turkey’s leader opposes letting Finland, Sweden join NATO

4)China and Mexican Drug Cartels Helped Murder 339,849 Americans and Most Politicians Do Not Care

PRIORITY 4 News (COVID and non- COVID related):

1)Had Covid At Christmas? You Could Get It Again Now

2)If You’ve Had COVID, Please Don’t Get Vaccinated

3)ANOTHER CRISIS IS LOOMING: Major Trucking Firms Prepare for “Imminent Diesel Shortage in Eastern Half of US” – Blame Emergency on Joe Biden

end

Paul Alexander…

UPDATED: BROWNSTONE (Alexander); “51 Efficacy Studies that Rebuke Vaccine Mandates, shows COVID vaccines are ineffective, fails in OMICRON”; shows the mRNA Bourla and Bancel vaccine is failed

I have updated this op-ed with 3 new studies, 49, 50, 51 showing the ineffectiveness of the COVID mRNA vaccines in the era of COVID; these vaccines are ineffective certainly in OMI and not safe

Dr. Paul AlexanderMay 15

SOURCE:

51 Efficacy Studies that Rebuke Vaccine Mandates

end

Paul Alexander.


Open in browser
COVID policies & actions by governments, technocrats, COVID Task Forces, Science Tables, medical establishment (medical doctors, State Licensing bodies/Colleges of Physicians & Surgeons)…the medical journals, editors, vaccine developers Pfizer & Moderna & their CEOs Bourla & Bancel, that MUST be investigated & examined in proper public inquiries in ALL nations, USA FIRST!Dr. Paul AlexanderMay 15We need urgent and ongoing inquiries and investigations in proper legal settings so that all lockdown and school closure polices and the COVID vaccines and EUAs can be examined so that this disastrous unscientific COVID pandemic response can never occur again, and the harms and deaths due to the policies are not forgotten. We need full accountability including financial penalties and up to imprisonment if wrong doing in COVID responding by government officials, public health officials, medical establishment/research establishment, and/or vaccine developers is properly legally shown:We need each and every person responsible for COVID polices that harmed and killed people, to answer to what they did, and how they arrived at that policy. Who made the policy? Who made the decisions? And we want to examine each and every person in the decision chain.The evidence that they used to inform their harmful policies must be examined. The type of issues that must be examined urgently are (and these were largely led and perpetrated by the US’s COVID Task Force members, technocrats, and bureaucrats):1)The misleading unscientific declaration that all persons exposed to COVID virus were at equal risk of severe outcome and mortality, and hence the need for carte blanche across the board lockdowns; we knew in a matter of weeks that COVID was amenable to risk stratification and that baseline risk was prognostic on severity of outcome; we knew that a focused ‘age-risk’ stratified approach was needed and not an across the board restrictive policy that did more to harm and kill thousands (including children) needlessly2)The intentional lie about ‘breakthrough’ cases and how they were defined; these are actually vaccine failures3)Which public health officials, government officials, policy makers etc. had direct ties to the vaccine development companies Pfizer and Moderna, with direct interests in the vaccine4)The lie about recurrent infection (re-infection) at the start of the pandemic (February/March 2020); note this is not taking into account the immune pressure placed on the infectiousness of the virus (spike) by the sub-optimal non-sterilizing vaccinal antibodies (Abs) (non-neutralizing Abs)5)The lie that asymptomatic, well, healthy persons transmit infection/disease6)The lie that natural immunity was inferior to vaccinal immunity7) The lie that the vaccine reduced the risk of hospitalization, ICU, ventilation, and death8) The lie that the COVID vaccines were safe and effective despite not being properly tested9)The lie that existing safe, effective, cheap, and approved anti-virals were ineffective and unsafe in treating COVID10)The devastating lie that remdesivir (failed Ebola drug) was safe and effective and its continued use in hospitals when we knew it was causing kidney and liver toxicity/failure11)The lie that ventilators (ventilator intubation) were safe and effective and would reduce risk of death when we witnessed that ventilator use caused many to die12)The lie that anti-viral drugs for chemoprophylaxis were unsafe and ineffective13)The lie that mass testing of asymptomatic persons was correct and effective14) The lie that there were no available early treatment drugs and one would have to wait for the vaccine15)The lie that sequenced and combined multi-drugs (anti-virals, corticosteroids, and anti-clotting/anti-platelets) were unsafe and ineffective in treating COVID16)The lie that early treatment did not cut the risk of hospitalization and death by near 90%17)The lie that mass quarantine/isolation for asymptomatic persons was effective18)The lie that the RT-PCR test could differentiate between old and existing infection, and could differentiate between RSV, common cold, influenza, and COVID virus19)The fraud that the needle should not be aspirated to limit or prevent accessing the blood vessels20)The fraud and lie that the cycle count threshold (amplifications) used in the PCR test above Ct of 35 was still picking up infectious, viable, culturable virus and not virus junk and fragments etc.21) The lie that myocarditis post COVID vaccine was rare and the symptoms mild22)The lie that the vaccine content (LNP, mRNA, spike) stayed in the injection site only and only migrated to the local lymph draining nodes as part of the immune response23)The lie and fraud that lockdowns, school closures, church closures, business closures, and mask mandates would stop transmission and death24)The lie that blue surgical face masks and white cloth masks (man made face coverings) were effective in cutting transmission and death25)The lie that non-sterilizing COVID vaccines with the non-neutralizing antibodies do not drive emergence of infectious variants (immune escape)26)The lie that VAERS deaths are not due to the COVID vaccine27)The lie that face masks were not harmful and especially for children28)The lie that COVID virus only spread via droplet infection and not via an aerosolized route29)The fraud and lie that the COVID vaccine was the only way to stop the pandemic, spread and deaths30)The lie of the 6 foot social distancing rule that was not grounded in science31)The lie that big box stores like COSTO, SAMS, Walmart etc. could remain open with no increased risk, while small businesses posed huge risk for transmission and deaths32)The lie that this is a pandemic of the unvaccinated33)The ‘give us two weeks to bend the curve’ lie when they have had over 2 years and billions in PPP/PPE and hospital tax payer money to prepare, yet announcing that OMICRON has strained hospitals; an examination of where the money has gone and who have benefitted from bogus contracts etc.34)The lies around EUA issuance and the underlying vaccine data35)The lies around the travel and vaccine mandates and emergency powers36)The fraud around liability protection for vaccine developers and all associated with the vaccines37) The failure to recognize the covid recovered and natural immunity status of individuals38) The recognition by the FDA in the legacy trials of the risks of the experimental vaccine to pregnant women, women of child bearing age, covid recovered persons, persons 65 years and older, and children, yet then allowing the administration of these experimental vaccines to these same excluded groups; results from a study can only be extrapolated to groups who were part of the study and this must be investigated39) The reports that the FDA, Pfizer and Moderna are rushing to approve the vaccines in June 2022 in children, with the intent that once a vaccine is approved for children, then the vaccine developers cannot be sued under torte, and adults could also access the very same children vaccine; this is a work around for adults given the FDA cannot grant full BLA for adults based on the effectiveness and harms that have emerged40) The lie that repetitive boosting is safe; this was not studied by the vaccine maker nor mandated for study by the FDA, and along with the failure to study ADE, this is a catastrophic failure by the FDA as the oversight regulator41) The failure by the FDA to mandate that vaccine developers study the harms and safety signals over the proper duration of follow-up; this has to be investigatedend

GLOBAL ISSUES//WHEAT

Wheat Farmland Under Threat Worldwide As USDA Reveals Dismal Grain Outlook

FRIDAY, MAY 13, 2022 – 05:20 PM

Across the world, top wheat-producing regions are experiencing adverse weather conditions that could threaten production. In places like Ukraine, a military invasion by Russia has slashed production significantly. All of this suggests the world is on the cusp of a food crisis. 

Droughts, floods, and heatwaves have plagued farmland in the U.S., Europe, India, and China. As for Ukraine, the world’s largest wheat producer, the war could slash production by upwards of a third. There’s one exception: Russia, which is expected to have a bumper crop as wheat prices soar

“If there was ever a year where we needed to see optimum conditions and strong yields around the world, this was going to be it.

“Clearly that situation is not being seen. It adds more risk to this highly volatile situation,” said James Bolesworth, managing director at CRM AgriCommodities, told Bloomberg

Bloomberg provides a current snapshot of what’s happening globally in wheat markets. 

European Union 

Warm, dry weather is a burgeoning concern in the world’s top wheat exporter, after a favorable start to spring. Crops in half the wheat belt lack rain at the onset of a key development period, and temperatures in top grower France have soared to summer-like levels unseasonably early. While the production outlook could still brighten, much will hinge on whether the water deficit eases in the next few weeks.

“If the lack of rain persists until the end of the month, we’ll have to look again at our yield forecasts,” said Aurelien Blary, a crop analyst at Strategie Grains.

United States

Dryness plaguing the U.S. Central Plains has already led some growers to write off parched hard red winter wheat, used by millers and bakers for bread flour. Harvests in top producer Kansas start next month, and output will fall “well below” the five-year average, said Aaron Harries, vice president of research and operations for Kansas Wheat. Crop insurance agents expect some fields to yield zero to five bushels an acre, versus the normal 35 to 40 bushels, he said.

The supply pinch threatens to send elevated grain prices even higher, worsening inflation across supply chains and hurting U.S. exports. “Everything west of the Mississippi River needs rain,” Harries said. “If we don’t have those regular showers, the size of the crop will get smaller every day.”

Meanwhile, excessive rains further north are making it tough to plant spring wheat used to make bagels and pizza. Minnesota farmer Tim Dufault estimates his state has already lost about 5 bushels per acre in yield potential from the delays. Sowing in North Dakota has been “painfully slow,” with only 8% seeded versus nearly two-thirds at this time last year, according to the state’s wheat commission. 

Canada

Similar dueling weather problems are playing out across the border. Cool temperatures delayed seeding in Canada, and producers are now trying to plant in fields that are either too wet or too dry.

Drought is a concern in southern Alberta, a growing area for spring wheat and durum used in pasta. Moisture there is lower than a year ago and dry, windy conditions are eroding soils, according to its agriculture ministry. Further east in Manitoba, a series of storms have sidelined farmers. More rain is in the forecast this week, casting doubt on progress anytime soon.

“Virtually 99% of the farmers haven’t got to the field yet,” said Bill Campbell, president of Keystone Agricultural Producers, noting it may take a week for things to dry once the rain stops. “It’s back to square one.”

India

Blistering heat scorched wheat fields in the world’s second-biggest grower, damping expectations for exports to alleviate a global shortage. March temperatures soared to the highest ever for the month in records going back to 1901, parching the crop during a crucial period. That spurred estimates that yields will slump 10% to 50% this season.

The food ministry cut its production forecast to 105 million tons, from an earlier outlook of 111 million tons, and some traders think the crop will be even smaller. Severe heatwaves are continuing in parts of northern India, which may cause some harvest delays if people avoid going out. 

China 

China leads global wheat production, and there are concerns about its winter wheat after unusual autumn floods. Videos on social media show acres being cut down before maturation by farmers hoping to get a better price selling it for animal feed. 

Fields are due to be harvested in about 20 days, and officials are investigating whether there has been any illegal destruction. China will want to limit its dependence on foreign supply after becoming one of the top importers over the past two seasons.

Black Sea

Soil moisture is satisfactory in Ukraine, buoying yield prospects. But the war will curb production, and there’s worries about where to store the crop as backlogged exports leave silos bulging with last year’s grain.

Russia has also seen favorable weather and could reap a near-record harvest. That’s bolstered shipment prospects, although freight and insurance costs are high and some merchants are shunning its commodities.

On Thursday, wheat prices in Chicago rose 3.5% following the release of one of the most important World Agricultural Supply and Demand Estimates (WASDE) reports published by the USDA this year. 

WASDE showed wheat production in Ukraine is expected to plunge by one-third this season compared with last year. The report also noted global corn production would decline while rice production could hit a record. 

Meanwhile, President Joe Biden on Wednesday outlined efforts to increase plantings to offset expected declines in global grain production. 

end

Wheat/India

India bans wheat exports to try and tame prices

(special thanks to Robert H for sending this to us)

India bans wheat exports to try and tame prices as a scorching heatwave curtailed output

Inbox

Robert HryniakSat, May 14, 5:18 PM (19 hours ago)
to

Food prices have no where to go but up ….

https://www.cnbc.com/2022/05/14/india-blocks-all-wheat-exports-with-immediate-effect.html

VACCINE INJURIES

Antibody-Dependent Enhancement: Covid-19 Case/Hospitalisation/Death Rates now highest among Triple Vaccinated in Trudeau’s Canada – The Expose

Inbox

Robert Hryniak9:44 AM (1 minute ago)
to

Good reason to avoid that 3rd shot ..

Cheers
Robert

END

VACCINE IMPACT


DOD Edits Medical Database to Hide Military COVID-19 Vaccine Injuries as U.S. Military is Decimated by the Mandatory Shots

May 13, 2022 2:12 pm

Back in March this year the U.S. Supreme Court ruled 6-3 against Navy Seals being entitled to a religious exemption for COVID-19 vaccine mandates. One of the whistleblowers in the case was Lt. Col. Peter Chambers, a 38-year career military commander. He is a Green Beret Commander having served in the Special Forces, and he is a military doctor, serving as a Flight Surgeon and combat medic. He has earned the Purple Heart and Bronze Star Medal, as well as other military awards for his service. Lt. Col. Peter Chambers became a whistleblower after suffering neurological issues following mandatory COVID-19 vaccines, and seeing similar vaccine injuries in other soldiers, including: strokes, blood clots, cerebral bleeding, and various neurological injuries. He began to research vaccine injuries following the COVID-19 vaccines that were mandated for service members, in the Defense Medical Epidemiology Database (DMED) sponsored by the DOD. Now, Just the News is reporting that Dr. Chambers and other military medical doctor whistleblowers can no longer depend upon the data in DMED because “[The] DOD took down, edited and restored the Defense Medical Epidemiology Database earlier this year after whistleblowers including Chambers testified on the reported spike (in vaccine injuries) in a legal challenge.” It appears to be a forgone conclusion now that our military is “being decimated” by COVID-19 vaccine injuries, just as Dr. Chambers stated back in March, at the same time that the current Administration is picking fights with Russia over Ukraine, and China over Taiwan. What happens next? Will a foreign force or perhaps a UN force be able to just annex the United States and take over our government without even having to fire a shot? Are there still enough soldiers left in our armed forces to repel a foreign invasion? Are there enough local militia groups and honest law enforcement, such as Constitutional Sheriffs, left to defend our neighborhoods?

Read Mor

Wheat Farmland Under Threat Worldwide As USDA Reveals Dismal Grain Outlook

May 14, 2022 5:13 pm

Across the world, top wheat-producing regions are experiencing adverse weather conditions that could threaten production. In places like Ukraine, a military invasion by Russia has slashed production significantly. All of this suggests the world is on the cusp of a food crisis.

Read More…


California Bill to let 12-Year-Olds Get Vaccine Without Parental Consent Passes State Senate

May 14, 2022 5:22 pm

SB 866 by Senators Scott Wiener (D-San Francisco) and Richard Pan (D-Sacramento) to allow children ages 12 to 17 to take the COVID-19 vaccine without parental consent, just passed the California State Senate Thursday. As Karen England with the  Capitol Resource Institute explained to the Globe in March, “This legislative body is relentless in their pursuit to strip away parental rights as they also fast-track SB 866, a bill that will give minors as young as 12 years-old the ability to consent to any FDA approved vaccination WITHOUT parental consent. This bill not only strips parents of their right to make important decisions regarding their child’s health, but it also places minors in a potentially dangerous situation. If a minor were to have an immediate adverse reaction to a vaccine, the parent would not know. Parents MUST be allowed to be the decision makers when it comes to the health of their children.”

Read More…

big news!!

India Supreme Court Rules Against COVID-19 Vaccine Mandates

May 15, 2022 6:23 pm

A landmark judgment was passed against vaccine mandates in India which has now made it illegal for anyone to discriminate between people on the basis of their vaccination status. As a result of this decision, people who were removed from their jobs and not paid salaries due to them not being vaccinated have already started being reinstated and some have even been given compensation for the same. The people of India are very fortunate to have a Supreme Court rule for the protection of public health and not the pharmaceutical companies. Hopefully, the lawsuit filed against Bill Gates for murder and asking for the Death Penalty will also be successful.

Read More…


END

Michael Every//

Michael Every on the day’s most important topics

Rabobank: There Are Whispers Of A Shift To Physical Commodities Being Used As Trade Settlement

MONDAY, MAY 16, 2022 – 09:30 AM

By Michael Every of Rabobank

Name That Tune? Scandinavian Black Metal

When I was young there was a TV show called ‘Name That Tune’, where panellists would compete to see how few notes they could name a tune in: I was recently told the same idea has been relaunched as an app. Looking at the key notes struck recently, can you ‘name that tune’?

Many were sure it was “transitory inflation”, but even Jeff Bezos is Tweeting the White House wanted to spend trillions more dollars than they have been able to, in which case inflation would be even higher than it is now. There is broad agreement that Friday’s dead-cat-bounce in markets in no way captures the real mood music. As such, some now think the tune is “more new normal”, as Fed Chair Powell talks about 50bp hikes in both June and July, while not ruling out a possible recession, suggesting rates will have to come back down again.

Both those hikes and a recession are likely the right notes. However, many tunes start the same, but then diverge sharply. Are we really going to see rate hikes and then rate cutsArguably, the music now playing is more sinister – but as a result, many are trying to avoid naming what the tune actually is.

Think of Scandinavian Black Metal as Finland and Sweden officially announce bids for NATO membership, overturning decades and centuries of neutrality, respectively; as Ukraine wins the Eurovision Song Contest, showing the tune the EU public is singing, and President Zelenskiy floats hosting it in demolished and occupied Mariupol; and as France and Germany come last, an EU-wide rejection of their continuous bids to harmonize with Russia.

Think similarly as the G7 warns of 43 million people going hungry if Russia won’t stop its blockade of the Black Sea, which it won’t. That seems an undercount given recent surveys in even Western countries talking about 2 in 7 people facing some form of hunger, and a surge in the use of food banks. Worse, India just halted exports of wheat, or will only sell to those in real need, which injects another layer of (geo)politics into commodities trading.

Likewise, oil remains over $100 despite much of China in lockdown, which Shanghai may lift slightly from 16 May. Imagine how high oil would be with China open. Diesel is in short supply, and Bloomberg’s Javier Blass says at prices the equivalent of $200-250. There are warnings of diesel shortages in the north-east US, which will bring trucking to a halt. Recent conversations with taxi drivers in London and Singapore, which there are evident shortages of, complaining that current fuel prices mean they struggle to make ends meet. Nigerian domestic airlines have threatened to stop flying completely.

We can all name the tune that follows. Pro-China Sri Lanka is in chaos over rising food and energy prices. Pro-China Iran is seeing street protests, despite being a major energy producer – and is still no closer to a nuclear deal despite the EU thinking ‘Wandel Durch Handel’ will work in the Middle East in the same way it has not worked in eastern Europe or the Far East. China itself, besides sealing people into their homes, is restricting outbound international travel, clipping passports of those arriving, and according to one source, blocking overseas calls.

China also saw terrible data: industrial production -2.9% y-o-y vs. consensus of 0.5% and 5.0% in March; in year-to-date (y-t-d) terms, it was up 4.0%, down from 6.5% from last month; retail sales y-o-y were -11.1% vs. -6.6% consensus, and down from -3.5%, and in y-t-d terms were -1.2%, down from 3.3%; fixed investment y-o-y y-t-d was 6.8% vs. 7.0% consensus and down from 9.3%, the last leg standing; and property investment was -2.7% y-o-y y-t-d vs. -1.5% consensus and 0.7% in March, underlining that the investment seen was into infrastructure not housing. Indeed, residential property sales were -32.2% y-o-y y-t-d, and unemployment ticked up from 6.0% to 6.1%. China’s response was to cut mortgage rates 20bp for first-home buyers, but there was no rate cut in the MLF interest rate from 2.85% despite 50-50 market expectations of such a move.

In short, it’s easy to look at those data and the terrible fall in real incomes around the world and conclude that rate hikes are a mistake that will end in recession – and worse. However, there are several tunes that follow those obvious notes.

We could see the familiar ‘new normal’ music of a rapid rates retreat, as normal until now.

In which case, we would not just get a knee-jerk rally in bonds and stocks, and a weaker US dollar; we would also get more commodity-price inflation, which would imply even more socio-economic and socio-political polarisation and destabilisation. As a result, the Fed might sing a new tune.

Look at what just happened in crypto. This obvious bubble, led by people who think if you wear black and sunglasses you somehow become Neo from the Matrix, and cheer-led by people who don’t care provided it tastes like steak, is likely bursting. If/when it does, it will take trillions in ‘wealth’ with it. And what will that achieve? First, the primacy of the fiat US dollar over ‘safe haven’ digital money-printing. Second, it will force millions of people who had walked away from burger-flipping due to ‘crypto wealth’ back into the workforce. Can you see why the Fed would want that to happen? And all it took was fiat Fed Funds at 1%.

Likewise, as commodities surge, have been weaponised, and are talked of as backing a ‘new world order’, there are also whispers of a shift to physical commodities being used as trade settlement. Cargoes are still priced in US dollars but, allegedly, de facto barter is already taking place to circumvent the global dollar system and any potential Western sanctions.

Can you see why the Fed needs to act on that urgently too? This is not an existential threat per se but, as with crypto, it limits the Fed’s ability to achieve its goals. Just as if everyone can print their own money what does it matter where Fed Funds sits, if commodities are so expensive they can be bartered as settlement, how can the Fed bring inflation down? (As Japanese PPI also hits 10% y-o-y today, and the BOJ keep pegging 10-year JGB bond yields at 0.25%.)

The answer/tune might be for the Fed to go well beyond 1%,… and stay there: to do unto commodities what they are doing unto crypto.

If so, inflation then falls. Bonds rally. Real incomes rise – for those who still have jobs. Unfortunately, assets get truly smashed – including bonds for quite some time, and most at the short end. Stocks obviously suffer – unless some people help to ramp certain key names, which obviously never happens. Then again, asset-backed ‘new world orders’ also get smashed. Which is part of the tune people won’t name.

Of course, so do net exporters such as China; and although lower commodity prices would make another debt-driven infrastructure stimulus package more affordable for Beijing, lower exports plus more stimulus plus higher Fed Funds would be very negative for CNY – which in that kind of scenario becomes another bubble cheer-led by people who think they are Neo and/or who don’t care provided it tastes like steak.

On a related note, the IMF just raised the CNY’s share of its Special Drawing Rights (SDR) basket. Yet who cares? The WHO might as well have announced the news. In the first quintennial review since CNY –pointlessly– became an official reserve currency in 2016, delayed a year by Covid, its weighting rose from 10.92% to 12.28%. As I argued in ‘Why Bretton Woods 3 Won’t Work’, current FX reserve holdings of CNY are arguably already higher than required by day-to-day activity, so this IMF news changes nothing. Indeed, the US dollar’s weighting also rose from 41.73% to 43.38%, while the euro’s dropped from 30.93% to 29.31%, JPY’s fell from 8.33% to 7.59%, and GBP’s from 8.09% to 7.44%.

With PM Boris Johnson apparently about to walk away from the Northern Ireland protocol, potentially triggering a UK-EU trade war, GBP was already likely to stay under pressure.

Let’s see what there is to ‘note’ today on that front, and others.

end

7. OIL ISSUES

END   

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND/ SOUTH AFRICA/BRAZIL/ARGENTINA/INDIA

END

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

Euro/USA 1.0425 UP 0.0015 /EUROPE BOURSES //ALL MIXED 

USA/ YEN 129.42   UP 0.255 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2293 DOWN   0.0003

 Last night Shanghai COMPOSITE CLOSED DOWN 10.53 POINTS UP 0.34%

 Hang Sang CLOSED  UP 51.44 PTS OR 0.25%

AUSTRALIA CLOSED UP  0.25%    // EUROPEAN BOURSES ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 51.44 PTS OR 0.25%   

/SHANGHAI CLOSED DOWN 10,53 PTS UP 0.34% 

Australia BOURSE CLOSED 0 0.25% 

(Nikkei (Japan) CLOSED  UP 119.02 OR 0.45%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1800.40

silver:$21.12

USA dollar index early MONDAY morning: 104.47  DOWN 15  CENT(S) from FRIDAY’s close.

THIS ENDS MONDAY MORNING NUMBERS

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And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.05%  UP 0  in basis point(s) yield

JAPANESE BOND YIELD: +0.240% DOWN 0    AND 3/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.99%// UP 3   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.84  UP 0   points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLS TO +0.930.%

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0404  DOWN 0.0005    or 5 basis points

USA/Japan: 129.11DOWN .047  OR YEN UP 5  basis points/

Great Britain/USA 1.2247 DOWN 8  BASIS POINTS

Canadian dollar DOWN .0012 OR 12 BASIS pts up to 1.2908

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.7809  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.8058

TURKISH LIRA:  15.57  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.240

Your closing 10 yr US bond yield DOWN 2  IN basis points from FRIDAY at  2.868% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.070 DOWN 2 in basis points 

Your closing USA dollar index, 104.57 DOWN 35   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 MONDAY: 12:00 PM

London: CLOSED DOWN 33.04 PTS OR 0.45%

German Dax :  CLOSED DOWN 82.01  POINTS OR 0.66%

Paris CAC CLOSED DOWN 30.87PTS OR 0.49% 

Spain IBEX CLOSED  UP 6.00 OR 0.07%

Italian MIB: CLOSED DOWN 28.63 PTS OR  0.12

%

WTI Oil price 111.56   12: EST

Brent Oil:  112.29 12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  64.41   DOWN 1 & 1/10       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.930

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0434 UP   .0052   OR UP 25 BASIS POINTS

British Pound: 1.2320 UP .0642  or  64 basis pts

USA dollar vs Japanese Yen: 129.07 DOWN 0.101//YEN UP 10 BASIS PTS

USA dollar vs Canadian dollar: 1.2844 DOWN .0052 (CDN dollar UP 52 basis pts)

West Texas intermediate oil: 113.72

Brent OIL:  114.03

USA 10 yr bond yield: 2.884 down 2 points

USA 30 yr bond yield: 3.090  down 0  pts

USA DOLLAR VS TURKISH LIRA: 15.54

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  63.40 DOWN  1 AND 14/100 ROUBLES (ROUBLE up 1  14/100 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: UP 26.76 PTS OR 0.08%

NASDAQ 100 DOWN 143.82 PTS OR 1.16%

VOLATILITY INDEX: 27.74 DOWN 1.13 PTS (4.07%)

GLD: 170.40 UP 1 61 PTS OR 0.95%

SLV/ 19.93 UP 51 PTS OR 2.63%

end)

USA trading day in Graph Form

Growth Scare Sparks Stock Chaos; Bonds & Bullion Jump As Bitcoin & The Buck Dump

MONDAY, MAY 16, 2022 – 04:00 PM

This morning’s 8-sigma miss to the downside for Empire Fed manufacturing dragged the US Macro Surprise Index into the red for the first time since February

Source: Bloomberg

And combined with near record low liquidity in equity markets (Top of book liquidity in the S&P 500 futures (the most liquid future in the world) is $2.12M available on the touch. This ranks in the zeroth percentile aka less than 1st percentile the last decade)…

The US majors swung wildly around all day. Nasdaq was the day’s biggest loser, The Dow the best performer but the swings suggested very little confidence either way…

With the S&P 500 pinned around peak Gamma levels around 4,000…

Musk and his bid for Twitter made lots of headlines today, pushing the price of the bot-heavy social media plunging below Musk’s initial purchase price announcement levels…

Musk dropped a lot of truth bombs, like “Trump admin has officials who accomplished more,” and “Biden admin doesn’t have the drive to get things done,” but this one really blew people’s minds…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1526286252521271296&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fgrowth-scare-sparks-stock-chaos-bonds-bullion-jump-bitcoin-buck-dump&sessionId=0d0a23f1667310e7a65bc347705fd490655e4d1f&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

VIX dropped today as stocks chopped. Smells like hedge unwinds coupled with derisking in the underlying (and this Friday’s OpEx has some serious Gamma leakage)…

Source: Bloomberg

Bonds were bid today with the belly of the curve outperforming the wings. The long-end drifted higher in yield on the day by the close while the 5Y was -5bps on the day…

Source: Bloomberg

The dollar index tumbled today, back to pre-CPI-spike levels from last week…

Source: Bloomberg

Meanwhile, the Ruble hit 5 year highs against the euro…

Source: Bloomberg

Bitcoin dropped back below $30k today, but remains its recent range (admittedly at the lows) post the plunge on Terra’s collapse…

Source: Bloomberg

Gold jumped back above $1800 today…

WTI surged again today, almost tagging $115, quite a dramatic swing from its sub-$100 lows less than a week ago…

Interestingly, Jet Fuel and Diesel prices tumbled today relative to Wholesale Gasoline’s jump (incentivizing refiners to shift their product mix)…

Source: Bloomberg

And finally, with wholesale gasoline prices being squeezed by refining bottlenecks, expect $5 gas prices at the pump very soon…

Source: Bloomberg

All of this is happening just two weeks ahead of the start of the summer driving season with gasoline suppliers stocking up to meet what’s expected to be high demand from leisure travel and office commuters. The question is, who will Biden blame this time?

Source: Bloomberg

No dip-buying there!

END

I) /MORNING TRADING/

II)USA data

Empire Fed Manufacturing Survey Unexpectedly Crashes To Post-COVID Lows

MONDAY, MAY 16, 2022 – 08:41 AM

As Goldman lowers its US growth forecasts for 2022 and 2023, the NY Fed’s survey of manufacturers surprised with a drastic plunge into contraction in May, for the second time in 3 months. general business conditions index dropped over 36 points to -11.6 (against expectation of a +15 print)…

Source: Bloomberg

That -11.6 print is lower than the lowest forecast from analysts (-10) – an 8 sigma miss from expectations…

Under the hood, new orders dropped nearly 34 points in May to -8.8, and the shipments measure fell at the fastest pace since early in the pandemic, sinking about 50 points.

The prices paid index fell from a record high last month to a still-elevated 73.7.

As in April, firms expressed less optimism about the six-month outlook than they did earlier this year. The index for future business conditions was little changed at 18.0. Increases in prices and employment are expected to continue in the months ahead. The capital expenditures index fell to its lowest level in several months

This is the first of several regional Fed manufacturing numbers set for release over the coming weeks. Is this the start of ‘weakness’ that offers Powell his ‘out’ from uber-hawkishness?

Or is this yet more signals that stagflation is becoming embedded… the central bankers’ nemesis.

end

IIB) USA COVID/VACCINE MANDATES

iiia) USA inflation// commodity//SHIPPING commentaries//LOG JAMS//EGGS

Now egg prices have soared after the uSA wiped out 10% of the nations hens due to supposed bird flu

(zerohedge)

Egg Prices Soar As 10% Of Nation’s Hens Wiped Out By Devastating Bird Flu

SATURDAY, MAY 14, 2022 – 04:00 PM

Food prices are rising across the U.S., but the latest sticker shock at the supermarket is in the eggs and poultry aisles, as the deadly bird flu wreaks havoc on the country’s egg-laying hen flock. 

Inflation data tracked by the U.S. Bureau of Labor Statistics found a dozen of eggs jumped 23% in April compared with the month before to $2.52. Prices reached levels not seen since early 2016, a period that followed the highly pathogenic avian influenza outbreak of 2014-15, which led to a 50% increase in egg prices in the second half of 2015.

Since January, the outbreak has spread to 32 states, killing more than 37 million chickens and turkeys. Of that, 29 million egg-laying hens have died, or about 10% of the U.S.’ total flock of 300 million. Bloomberg says the bird flu is “shaping up to be the worst outbreak of its kind.”

“When the outbreaks first started, the jump in wholesale values was being driven primarily by demand, as there was a bit of panic and short covering going on in the marketplace. But at this point, so much production has been removed from the landscape that it’s more of a supply-side issue,” Karyn Rispoli, an egg market reporter at commodity research firm Urner Barry, told CBS News. 

Breakfast has become the most expensive in years. It’s not just eggs, orange juice and wheat prices are also soaring. 

Egg prices could be headed higher as there are no indications the avian influenza spread is under control. This is just another sign that food shortages could get much worse in the second half of the year

end

GAS

US Gasoline Prices Hit New Record Amid Refinery Bottlenecks And Tight Supplies 

MONDAY, MAY 16, 2022 – 11:01 AM

US retail gasoline prices soared to another record on Monday as global refineries struggled with adding new capacity ahead of the driving season. 

Before diving into Goldman Sachs’ new commodity note explaining how global refining will be tight for the foreseeable future, last week, Saudi Energy Minister said, “the bottleneck is now to do with refining … many refineries in the world, especially in Europe and the US, have closed.” 

Goldman’s commodity analyst Neil Mehta outlines a rash of refinery retirements, reduced Russian energy exports, recovering jet fuel demand, and tight global inventories for products, particularly diesel, have supported higher retail fuel prices. 

Mehta points out US product inventories are below a 10% five-year average, refining utilization rates are below normal, global natural gas prices are high, and demand for diesel remains robust. 

US product and total inventories are well below a five-year average. 

US refining utilization struggles to increase as the driving season begins. 

“We believe the oil market needs to price to demand destruction, which will drive the least elastic prices, such as those for distillate, higher,” he said, adding tight inventories could last through this year and well into 2023. 

While the demand destruction has not begun yet (from what we have seen in the data), the price adjustments for refined products is starting to reprice drastically (in barrel equivalents below for easy comparisons)…

A lack of refinery capacity is the culprit of rising fuel prices. The average cost of US gas prices at the pump on Monday morning is $4.483 and $5.56 for diesel. 

Today’s refinery bottlenecks may suggest that even higher prices are ahead this summer as the driving season begins. 

end

IIIB) USA ECONOMIC STORIES

END.

-END-

iv)swamp stories

Fusion GPS Loses Its Fight Over “Privileged” Documents

FRIDAY, MAY 13, 2022 – 06:20 PM

Authored by Techno Fog via The Reactionary,

We’ve documented the ongoing battle to obtain Fusion GPS e-mails and documents in the Michael Sussmann case. At issue in the Sussmann case are 38 e-mails and attachments between and among Fusion GPS, Rodney Joffe, and Perkins Coie. These 38 e-mails and attachments are among approximately 1,500 documents that Fusion GPS withheld from production to the grand jury based on “privilege.”

What Fusion GPS has to produce.

Today, the court in the Sussmann case made an important ruling and rejected, in large measure, Fusion’s assertion of attorney-client or work-product privilege:

Fusion GPS will have to produce these documents to Special Counsel Durham by May 16, 2022. What do these e-mails and documents contain? The court’s order provides guidance, stating they relate to:

Internal Fusion GPS e-mails discussing the Alfa Bank data and e-mails circulating draft versions of the Alfa Bank white papers that were “ultimately provided to the press and the FBI.”

Here are some examples of what these e-mails might include. These are privilege logs in Fusion GPS’s other litigation relating to the Alfa Bank hoax.

The other emails.

This leaves 16 e-mails and documents remaining. For now, Durham will not get them. These are divided into two categories:

  1. Eight of the e-mails involve internal communications among Fusion GPS employees. The court was “unable to tell from the emails or the surrounding circumstances whether they were prepared for a purpose other than assisting Perkins Coie in providing legal advice to the Clinton Campaign in anticipation of litigaiton.” Coming from the court, that’s a long way of saying that the sworn declarations of Fusion/Clinton lawyers (Levy and Elias) were sufficient to meet the “privilege” burden. This doesn’t mean that Durham can’t overcome this hurdle – just that it hasn’t been overcome yet.
  2. The other eight e-mails and attachments include those among Fusion GPS’s Laura Seago, Sussmann, and Rodney Joffe. The court observed that the e-mails are consistent with Joffe’s assertion of privilege.

With respect to the Joffe e-mails, we note that he is still a subject – perhaps a target – of the Special Counsel’s investigation. Here’s a portion of the transcript from an evidentiary hearing in the Sussmann case that discusses their ongoing investigation into Joffe:

Because the investigation into Joffe is ongoing, it makes sense that the Special Counsel is hesitant to disclose to the court information that could overcome this purported “privilege.” Keep in mind the crime-fraud exception, where communications are not considered privileged where they “are made in furtherance of a crime, fraud, or other misconduct” (citation omitted). In other words, the Special Counsel may still be able to get Joffe’s e-mails – assuming Joffe is charged under 18 USC 1031. He can also get them through the grand jury process, as we saw with Mueller’s investigation of Paul Manafort.1

I’ll also add that the fact that privilege applies to some of these documents strengthens the Special Counsel’s argument that Sussmann was representing a client when he met with then-FBI General Counsel James Baker in September 2016.

As to the e-mails and documents Durham will obtain, he cannot use them during trial. The court considered Durham’s efforts to be too close to the May 16, 2022 trial date to allow these e-mails and documents into trial. I’m not sure that matters. Sussmann is facing a false statement charge, and the court observed these e-mails are not “particularly revelatory.”

Finally, while “Court takes no position on the other approximately 1500 documents that Fusion GPS withheld as privileged,” we can assume based on this ruling that the majority of those documents would not be privileged. Durham will likely get most of them.

For those interested: After I wrote this post, New York Times reporter Eric Lichtblau filed this request for a protective order. Lichtblau will be called as a witness by Sussmann’s attorneys to discuss “communications between Mr. Sussmann and Mr. Lichtblau” – meetings at which Rodney Joffe was present (that confidentiality privilege was waived).

The Special Counsel has refused to limit Lichtblau’s testimony to that narrow topic:

Durham is taking this position because Lichtblau was in contact with Peter Fritsch (and Glenn Simpson) of Fusion GPS leading up to the 2016 election. Fritsch was feeding Lichtblau Fusion “opposition research” (what we might accurately call bullshit), and Lichtblau was at least somewhat receptive, though not salivating like Franklin Foer. These are relevant to the broader “media relations” strategy that Sussmann and Fusion GPS pursued on behalf of the Hillary Clinton campaign.

Here are the e-mails:

END

D”Souza’s “2000 mules” grosses over $1 million on rumble in first 12 hrs

(Stieber/EpochTimes)

D’Souza’s “2000 Mules” Grosses Over $1 Million On Rumble In First 12 Hours

BY TYLER DURDEN

SATURDAY, MAY 14, 2022 – 09:30 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Dinesh D’Souza’s new documentary hauled in over $1 million on a streaming website in just 12 hours.Filmmaker Dinesh D’Souza in Washington on Aug. 1, 2018. (Shannon Finney/Getty Images)

Viewers paid to watch “2000 Mules” on Rumble and its platform Locals after the movie became available to rent on May 7 at noon, Rumble announced.

“The success of ‘2000 Mules’ on Rumble is a great sign for creators who do not want to be silenced or censored for their speech,” D’Souza said in a statement.

“Supporting creative independence is core to our values, and we are thrilled to offer creators a new way to distribute and sell movies independently,” Assaf Lev, the president of Locals, added.

The film was screened at theaters across the country before it became available to stream online.

Described as an expose of “widespread, coordinated voter fraud in the 2020 election,” the movie draws on cellphone location data paired with video surveillance that captured people dropping ballots off at drop boxes, boxes situated outdoors where people can drop off ballots.

While some states allow people to gather ballots from certain people and drop them off, the volume of ballots inserted into the boxes and the fact that the people—described as mules—went to multiple boxes to drop ballots off, showed what happened was illegal, filmmakers say.

The mules are instructed to do three votes over here or five votes over there, 10 votes over here, they spread it around so as not to raise eyebrows and not to raise suspicion,” D’Souza said on EpochTV’s “Crossroads.”

The scale of the operation was enough to tip the 2020 election, he said.

Former President Donald Trump and other Republicans have urged supporters to see the movie.

Rep. Mo Brooks (R-Ala.) called it “revealing and sickening” while Rep. Paul Gosar (R-Ariz.) put it forth after being asked for recommendations for a good war movie.

Rep. Louie Gohmert (R-Texas) was among those watching the documentary at Mar-a-Lago, Trump’s resort in Florida, calling it afterward a “great work by some serious investigators.”

But not everybody has agreed.

Many elections officials say they investigated claims of voter fraud and substantiated few of the cases.

Georgia Secretary of State Brad Raffensperger, a Republican, said during a recent debate that his office investigated complaints, including video footage showing a man dropping off ballots into a drop box.

“We investigated, and the five ballots that he turned in were all for himself and his family members,” he said.

The Michigan Secretary of State’s office, meanwhile, told The Epoch Times that the movie did not show anything illegal.

end

2000 Mules Just “Tip of the Voter Fraud Iceberg” – Michigan Investigators Reveal Mountain of New Evidence of 2020 Election Fraud

Inbox

Robert Hryniak3:49 PM (8 minutes ago)
to

The smell grows just like a rotting fish

The King Report (including swamp stories)

The King Report May 16 2022 Issue 6760Independent View of the News
ESMs traded marginally lower when Asian markets opened on Friday.  They quickly soared, jumping 58 handles from the opening low by 23:22 ET on this:
 
Bank of Japan Will Stick to Easy Monetary Policy, Gov. Kuroda Says https://t.co/Qfmf8S6kqh
@charliebilello on Thu: If the year ended today, it would be the worst in history for the US Bond Market with a loss of 9.4%. Entering the year, the 2.9% decline for bonds in 1994 was the largest ever
 
ESMs and stocks hit daily highs at the European close.  ESMs soared 106.25 from the low, a 2.7% rally!  Old Word traders effectively forced stocks higher and marked their positions at beneficial prices. 
 
Friday’s King Report: Many actors on the Street desperately need a rally.  With CPI and PPI out of the way, and it being a Friday, the usual suspects, barring negative developments, will try to force stuff to the moon.  It is far easier to predict what The Street wants to do or needs to do than guessing other stuff. ‘Desperate times call for desperate’ manipulation.
 
It was time for New World traders to markup positions.  As part of a Noon Balloon, ESMs jumped to 4036.00 at 12:15 ET, +120.50 from the low.
 
At 12:36 ET, WTI Oil hit +4.21%, gasoline was +4.16%, another all-time high.  USMs were -1 26/32.  The ESM and stock rallies stalled.  Gasoline kept trucking higher, hitting +4.74% at 13:55 ET.  By this time, ESMs had declined 41 handles from the high and were below 4000 (3995).
The pre-last hour rally was glorious on Friday.  ESMs soared 38 handles from the 14:05 ET low until 15:00 ET.  The last-hour manipulation peaked at 15:29 ET with a 54-handle ESM rally from the afternoon low.  ESMs and stocks then slid until a final manipulation occurred during the last 6 minutes of trading.
 
Even the dilletantes at CNBC knew that there was an urgent need to manipulate stocks higher on Friday.
 
@CNBC: Stocks jumped Friday, as investors looked to steer the S&P 500 away from official bear market territory and bounce back from a week of sharp losses.  The Dow gained 1.47%.  The S&P 500 was up 2.39%.  The Nasdaq surged 3.82%. (Can’t have negative stock news punctuating the weekend)
 
University of Michigan consumer confidence hit an 11-year low, tumbling to 59.1 from 65.2; 64 was expected.  Current Conditions: 63.6 from 69.4; 69.3 was consensus.  Expectations: 56.3 from 62.5; 61.5 was expected.  1-year inflation remained at 5.4%; 5.5% was consensus. 
 
UM: “Consumers’ assessment of their current financial situation relative to a year ago is at its lowest reading since 2013with 36% of consumers attributing their negative assessment to inflation.  Buying conditions for durables reached its lowest reading since the question began appearing in monthly surveys in 1978”   http://www.sca.isr.umich.edu/
 
U.S. Oil and Gas Association President: The country is facing the ‘most challenging energy crisis’ in 50 years- The Biden administration’s actions on oil and gas are “counterproductive,” says Tim Stewart
https://www.foxnews.com/media/u-s-oil-gas-association-president-country-facing-most-challenging-energy-crisis-50-years
 
Netflix Fires Major Warning Shot at Its Woke Employees with New ‘Culture Memo’
Netflix is going unwoke. They can’t afford not to. They lost subscribers for the first time in years because the Obama/Rice programming was not appreciated by much of America. To make sure their employees understood that programming will no longer be done by wokeness, they sent out a memo telling employees that if they do not like the changes in the programming, they might be working for the wrong company… https://djhjmedia.com/steven/netflix-fires-major-warning-shot-at-its-woke-employees-with-new-culture-memo/
 
JPMorgan, Goldman exploited ‘loophole’ in Russia sanctions: Lawmakers (Do 1/6 treatment on em)
Megabanks are buying up massive amounts of Russian sovereign debt, as well as debt from Russian companies tied to the government, to be resold to American-based hedge funds and other investors…
https://www.americanbanker.com/news/jpmorgan-goldman-exploited-loophole-in-russia-sanctions-lawmakers
ColumbiaBugle: U.S. House Majority Leader Steny Hoyer (D-MD): “Really focus on the enemy.  I know there’s a lot of politics here, but we’re at war…”  https://twitter.com/ColumbiaBugle/status/1525168784587337728
    Another Moment from Today of Majority Leader Steny Hoyer (D-MD) Saying “We’re At War” “But very frankly, we’re at war. A dictator has invaded without justification a friendly country, the Ukraine.”
https://twitter.com/ColumbiaBugle/status/1525191763341848578
 
@greg_price11: House Majority Leader Rep. Steny Hoyer: It is unfortunate that in a time of war, we spend all the time blaming our own president.”  https://twitter.com/greg_price11/status/1525161726643257344
 
@RNCResearch: After not saying ONE WORD about the baby formula shortage previously, Joe Biden says he’ll finally answer a question on the issue because “all of a sudden it’s on the front page of every newspaper.” (Another Biden lie, it’s been a big problem for weeks.)https://t.co/B9D1JesZ8u
 
U.S. FDA says baby formula crisis will ease in coming weeks
Commissioner Dr. Robert Califf said the FDA will announce plans next week detailing how manufacturers and suppliers abroad will be able to import their products into the United States, as well as new options for U.S. companies…  http://reut.rs/3McXClf
 
Once again, The Big Guy retreated to Delaware for the weekend (35th time of his presidency). 
 
@realJoelFischer: And….. It happened again (The Big Guy stumbling on Air Force One’s steps)
https://twitter.com/realJoelFischer/status/1525229170858549248
 
House Republicans demand answers from Biden administration on baby formula shortage
https://www.foxbusiness.com/politics/house-republicans-demand-answers-biden-administration-baby-formula-shortage
 
‘If we’d been better mind readers, I guess we could have’: Biden lashes out at critics on baby formula crisis as detractors say his administration should have acted sooner
https://www.dailymail.co.uk/news/article-10814793/Biden-lashes-critics-baby-formula-crisis.html
 
Rep. Stefanik Blasts Biden Administration for Formula Shortage, Says FDA has Known About Threat Since February (We had trouble finding formula near the holidays.  Walgreens locked up baby formula because people were stealing it.)  https://www.breitbart.com/politics/2022/05/13/exclusive-rep-stefanik-blasts-biden-administration-for-formula-shortage-says-fda-has-known-about-threat-since-february/
 
Abbott (@AbbottNews): At the White House press conference today, the Press Secretary mistakenly said that our formulas were tainted and killed two infants… A comprehensive investigation by Abbott, FDA and CDC found no evidence that our formulas caused infant illnesses.
    CDC concluded its investigation with no findings of a link between our formulas and infant illnesses. We conduct microbiological testing on products prior to distribution and no Abbott formula distributed to consumers tested positive for Cronobacter or Salmonella.  All retained product tested by Abbott and the FDA during the inspection of the facility came back negative for Cronobacter and/or Salmonella. No Salmonella was found at the Sturgis facility… https://twitter.com/AbbottNews/status/1525191088159477760?s=02
 
@ProfMJCleveland: What the White House did to Abbott is horrifying! Where is their Minister of Truth when you need her? (To FDA: Why wasn’t the Abbott plant reopened weeks ago?)
 
White House buried over tweet claiming there was ‘no vaccine’ when Biden took office: ‘Delete this’ –‘Biden himself has said 8% of seniors had gotten the vaccine on the day he took office. Biden was one of them,’    https://t.co/w5pJkVSeGL
 
Covid shutdowns in China are delaying medical scans in the U.S. – Doctors are postponing nonemergency tests after a GE Healthcare factory in Shanghai was closed amid covid lockdowns
    A covid lockdown in China temporarily closed a GE Healthcare factory that is a vital source for a key ingredient in medical imaging… https://www.washingtonpost.com/business/2022/05/11/medical-scans-dye-shortage/
 
@SenTomCotton: It’s more urgent than ever that we decouple from China. We can’t depend on the whims of communist Chinese officials when it comes to Americans’ health and safety.
 
@ElbridgeColby: Why is the United States talking about a $40 billion plus Ukraine aid package when Europe is talking about an additional…$500 million? Supporting Ukraine is important, but Europe should be in the lead. This is unbalanced. (Qui bono?  Who gets the 10% of $40B?)
 
@JoeBiden: You want to bring down inflation?  Let’s make sure the wealthiest corporations pay their fair share. (Whoever is running The Big Guy’s Twitter accounts should be summarily dismissed.)
 
@JeffBezos: The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirectiontwitter.com/joebiden
   In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves. Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.
 
@ByronYork: New NBC News poll, 75% say country is on wrong track – highest number since 2008. Just 16% say country is on right track – lowest since 2008. (Biden 39% approval) https://t.co/UngjOYtAJx
 
‘Green New Deal’ plan will cost NYers ‘hundreds of billions’ in energy bills: official
John Howard, former chairman and current member of the state Public Service Commission, claimed former Gov. Andrew Cuomo and the Democratic-run legislature never leveled with the public on the costs associated with the Climate Leadership and Community Protection Act approved in 2019….
https://nypost.com/2022/05/15/green-new-deal-plan-will-cost-nyers-hundreds-of-billions-official/
 
@washingtonpost: An estimated $163 billion from pandemic unemployment benefits was stolen or misspent…  https://www.washingtonpost.com/us-policy/2022/05/15/unemployment-pandemic-fraud-identity-theft/
 
@elonmusk: Very important to fix your Twitter feed: 1. Tap home button. 2. Tap stars on upper right of screen. 3. Select “Latest tweets”. You are being manipulated by the algorithm in ways you don’t realize.
Easy to switch back & forth to see the difference.
     (Tweeted on Friday) Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.  To find out, my team will do a random sample of 100 followers of @twitter…Still committed to acquisition.
    Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100!  This actually happened.
 
85% of S&P 500 Companies Are Citing “Inflation” on Q1 Earnings Calls
https://insight.factset.com/85-of-sp-500-companies-are-citing-inflation-on-q1-earnings-calls
 
Yellen Seeks to Win European Support for a Tax Deal Congress Hasn’t Approved
Treasury secretary to meet next week with officials in Poland, a holdout in EU on global minimum tax
https://t.co/lPMsNqqkUc
 
@jsmian: I have found it useful to study the Nifty Fifty period and the 1973-1974 bear market, in particular, as it appears to have considerable overlap to the so-called FAANG stocks of today… At their peak in 1972, the Nifty Fifty traded at 42 times earnings, compared to S&P 500’s lofty average of 19.
    They were considered “one-decision” stocks, to buy and hold for life, as quality franchises allowed them to earn high returns on capital well into the future…
“The Nifty Fifty were taken out and shot one by one,” wrote a Forbes columnist. From the highs, Coca-Cola fell 69%, Xerox 71%, McDonald’s 72%, Avon 86%, Disney 87% and Polaroid 91%.  The Dow’s January 1973 high would not be surpassed for another nine years…
https://twitter.com/jsmian/status/1525481095550091267?s=02
House Republicans probe DOJ for info on reluctance to enforce federal law amid protests at justices’ homes https://www.foxnews.com/politics/house-republicans-probe-doj-info-reluctance-enforce-federal-law-protests-justices-homes
 
House Democrats stall measure boosting security for SCOTUS justices, claim bill should include law clerks (Once again, non-enforcement of existing laws produces new law calls) https://t.co/RsbJXyXwoo
 
Sheriff of Arizona county featured in ‘2000 Mules’ announces 2020 general election investigations
Alleged Yuma County ballot harvesting “mule” interviewed in the documentary is cooperating with authorities…  https://justthenews.com/politics-policy/elections/2000-mules-exposes-ballot-harvesting-yuma-county-sheriff-announces-voter
 
@Cernovich: In terms of supposed “voter fraud,” I’ll say this for the newcomers. Trump raised $250,000,000 to Stop the Steal. Ask where that money went…
 
Harvey Weinstein-Linked Biden Adviser, Liberal Group Created ‘MAGA’ Smear During Six-Month Research Project – Outgoing White House Press Secretary Jen Psaki recently implied that the president’s new nickname for Republicans — some variation of MAGA, like “Ultra-MAGA” — was something that he created on his own accord…
https://www.dailywire.com/news/harvey-weinstein-linked-biden-adviser-liberal-group-created-maga-smear-during-six-month-research-project-report?s=02
 
Six months of research and Team Biden comes up Ultra MAGA?!  No wonder his presidency is a disaster!  DJT and his followers eagerly embraced Ultra MAGA, embarrassing Team Biden even further.
 
Vacation Canceled for Chicago PD After Nearly 1,000 Cops Quit Last Year
In anticipation of violence over Memorial Day Weekend, Chicago has canceled vacation for all officers going into the holiday… https://t.co/nWtIvV2BB1
 
@samjcharles: A day after three people were shot downtown (Chicago) — including a 16-year-old boy killed near The Bean — Mayor Lightfoot announces “effective immediately, from Thursday through Sunday, unaccompanied minors are not allowed in Millennium Park after 6:00 pm.”
 
24 wounded, 3 killed from Milwaukee shootings near Bucks playoff game https://t.co/SISB1l72xq
 
@AP: The FBI is investigating a mass shooting in Buffalo, N.Y., as a hate crime and racially motivated violent extremism… Ten people are dead in the shooting at a supermarket…
 
@Cernovich: The manifesto of the terrorist (18 yrs. old) who killed people (in Buffalo) today contains the following: He did a chart of Jewish people and included me under “troll Jew.” – Rejection of Christianity. – An admission that he is “authoritarian left wing.” – Hybrid Nazi and “green nationalism.”
Soros and Ben Shapiro are in there too.  The terrorist was unhinged, called himself a socialist, Nazi, green nationalist and really hated black and Jewish people…
 
Buffalo shooting suspect allegedly made threat in 2021, underwent mental health evaluation
Was hospitalized for a mental health evaluation for one-and-a-half days in June 2021, after he made the general threat in his hometown…  (FBI/police/mental health officials miss another mass murderer)
https://www.foxnews.com/us/buffalo-shooting-suspect-payton-gendron-threat-school-mental-health
 
Buffalo gunman, 18, ‘had name of a Waukesha Parade victim on his rifle when he murdered 10 in racist attack’ six months after five died when SUV sped through crowd in Wisconsin
https://www.dailymail.co.uk/news/article-10818255/Buffalo-gunman-Waukesha-Parade-victim-rifle-killed-10-racist-spree.html
 
@bonchieredstate: In nearly every single mass killing case, the solution would have been to enforce laws already on the books. Waukesha killer was out on low cash bail for a violent attack. Buffalo killer made terroristic threats but wasn’t charged. (Another mass murder into violent video games)
 
(NY Gov) Kathy Hochul says social media companies should do ‘better job monitoring the hate speech’ after shooting https://t.co/ZyRklMu3Ih
 
The Demented – and Selective – Game of Instantly Blaming Political Opponents for Mass Shootings
The examples of liberal pundits instantly blaming Carlson for this murder (in Buffalo) are far too numerous to comprehensively cite…To the contrary, Gendron explicitly describes his contempt for political conservatism. In a section entitled “CONSERVATISM IS DEAD, THANK GOD,” he wrote: “Not a thing has been conserved other than corporate profits and the ever increasing wealth of the 1% that exploit the people for their own benefit. Conservatism is dead. Thank god. Now let us bury it and move on to something of worth.”…  https://greenwald.substack.com/p/the-demented-and-selective-game-of?s=w
 
Non-enforcement of laws, corrupt FBI, overly lenient judiciary, 24/7 MSM race bating, apathetic mental healthcare, institution decay, drug surfeit, culture war on children and teens engenders evil & violence.
 
Justice Clarence Thomas: “What happened at the Court is tremendously bad. I wonder how long we’re going to have these institutions at the rate we’re undermining them.
https://twitter.com/bennyjohnson/status/1525657712071163904
 
Biden headed to Buffalo on Tuesday following massacre https://trib.al/kj61Pkv
 
Biden refused to visit Waukesha, despite appearing in the Upper Midwest days after the attack.
https://www.wdio.com/politics-news/white-house-biden-has-no-waukesha-visit-planned/6316118/
 
Meanwhile on Sunday evening, a mass murder attempt against Asians in California occurred.
@ValerioCNN LAGUNA WOODS, Calif. (@CNN) — Today’s mass shooting happened as a Taiwanese-American congregation was having lunch at the Geneva Presbyterian Church.  Authorities confirmed the suspect, in custody, is a man in his 60’s…. congregants hogtied the suspect.
 
There has been an epidemic of shootings at US houses of worship.  There must be a reason for this.
 
@TomFitton: (Dem Sen.) Blumenthal’s Family Splurged on Intel Stock Before He Voted for Massive Subsidy Bill “Another example why there is strong public support for restricting stock purchases by senators and House members… ‘disclosing’ conflicts doesn’t erase them.” https://t.co/eLfTZUPquc
 
One lie that hides an enormous conspiracy: Inside the trial that exposes Clinton’s plot to slander Trump – Durham contends that the Clinton campaign left most of the scandal-mongering to its lawyers. Thus did Sussmann become central to the scheme, as did his law partner, Marc Elias. (Both attorneys have since left their white shoe international law firm, Perkins-Coie.) The deployment of lawyers in their schemes and scandals is a time-tested Clinton modus operandi, enabling them to claim attorney-client privilege to cover their tracks when controversy erupts, and investigators start snooping around — a frequent occurrence over the last 30 years.
    Here, as we’ll see, there is delicious irony in the attorney-client gambit. The Clinton campaign is now claiming privilege in a desperate effort to block Durham from examining its communications with Sussmann and others. Yet Sussmann is on trial for allegedly telling the FBI, falsely, that he was not representing the Clinton campaign when he urged the Bureau to investigate Trump — insisting that the Republican nominee had established a secret back channel for communications with Vladimir Putin, through servers at Alfa Bank, an important Russian financial institution…
https://nypost.com/2022/05/13/inside-the-trial-that-exposes-clintons-plot-to-slander-trump/?s=02 

Let us close today with this offering courtesy of Greg Hunter interviewing Bo Polny

Abortion at Center of Evil Control Over USA – Bo Polny

By Greg Hunter On May 14, 2022 In Political Analysis40 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Biblical cycle timing expert, geopolitical and financial analyst Bo Polny has made many spot-on predictions, but none as critical to America’s future as the overturning of the historic abortion Supreme Court case of Roe v. Wade.  Polny has made a series of predictions on USAWatchdog.com since 2020 concerning the overturning of the landmark case as seen here in this 2 minute video that proves it.  Now, Polny is back to explain what it all means for the future of America.  Polny says, “Probably the biggest thing in the history of this world that we are witnessing right now is Roe v. Wade.  This is Biblical, historic and the most powerful thing on this planet right now.  Mark my words, and I have not waivered, Roe v. Wade is overturned. . . . You are going to watch these things unfold this year. . . . this is all about abortion because abortion is what got us here.  Roe v. Wade is what got us here today with this insanity upon us. . . . This is what ancient Israel was doing, they were killing their children.  We are doing the exact same thing.  Evil tried to take control of the United States. . . .  We are founded under God.  A third of the Constitution is out of the Bible.  We were founded under God—period.  So, what have they tried to do this entire time?  Dismantle the Constitution.  . . . They can’t proceed until they dismantle the Constitution, and it’s happening right before your eyes. . . . When the Supreme Court ruled in favor of Roe v. Wade in 1973 (The case made it to the High Court in late 1971),  God turned his back on the United States.  What has happened in the last 50 years?  The rise of this satanic system.  If you want to reference this Biblically, it’s the rise of the Harlot.  The Harlot has been able to control everything. . . . They are in complete control right now.  How did this all happen?  Because of abortion—because of abortion.  We allowed this to happen, and God turned his back on the United States and, thus, we got what we got.”

Polny is also predicting financial fireworks this year as well, and it’s not going to go well for the evil ones attacking “We the People.”  Polny explains, “Roe v. Wade has confirmed what comes next.  What comes next is the greatest wealth transfer in human history is about to happen.  For these people who have done what they have done, Proverbs states, ‘The wealth of the sinner is stored up for the righteous.’  So, what’s about to happen is the greatest financial event in human history.”

Polny says this is the year everything breaks in the financial world.  Polny says, “The bonds will be broken.  The bonds will break.  That will break the financial system.  That will break the mortgages.  That will break the housing market.  All of this is going to break, break, break and mark my words, it’s all going to break this year.”

Polny has also predicted that Trump would be put back in office, although he is not sure how God will do this.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny, founder of Gold2020Forecast.com for 5.14.22.  (There is much more in the 1 hour and 4 minute interview.)

(https://usawatchdog.com/abortion-at-center-of-evil-control-over-usa-bo-polny/)

After the Interview: 

See you on TUESDAY

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