MAY 20/GOLD UP $7.75 TO $1844.20//SILVER DOWN 20 CENTS TO $21.69//PLATINUM UP $15.10 TO $965.95/PALLADIUM DOWN $56.10 TO $1959.15//COVID UPDATES/ VACCINE IMPACT//CHINA TO BUY CHEAP RUSSIAN OIL FOR ITS RESERVES AND NO DOUBT WILL PAY FOR IT WITH GOLD//RUSSIAN ROUBLE HITS A 7 YEAR HIGH//RUSSIA NOW CUTS OF FINLAND FROM ELECTRICITY/SWAMP STORIES FOR YOU TONIGHT///

May 20, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1844.20 UP $7.75

SILVER: $21.69 DOWN  $.20

ACCESS MARKET: GOLD $1846.00

SILVER: $21.76

Bitcoin morning price:  $30,263 UP 150

Bitcoin: afternoon price: $29,004 DOWN 1109

Platinum price: closing UP $15.10 to $950.85

Palladium price; closing DOWN $56.10  at $1959.15

END

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 EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: MAY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,841.200000000 USD
INTENT DATE: 05/19/2022 DELIVERY DATE: 05/23/2022
FIRM ORG FIRM NAME ISSUED STOPPED


363 H WELLS FARGO SEC 13
435 H SCOTIA CAPITAL 25
657 C MORGAN STANLEY 4
661 C JP MORGAN 121
690 C ABN AMRO 74 22
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 2 1
905 C ADM 28


TOTAL: 146 146
MONTH TO DATE: 5,976

comex notices percentage of JPMorgan notices filed: 121/146


NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 146  NOTICE(S) FOR 14,600 OZ  (0.4914  TONNES)

total notices so far:  5830 contracts for 583,000. oz (18.1337 tonnes)

SILVER NOTICES: 

0 NOTICE(S) FILED nil   OZ/

total number of notices filed so far this month  5153  :  for 25,765,000  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 $7.75

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 HUGE DEPOSIT OF 6.97 TONNES INTO THE GLD

INVENTORY RESTS AT 1056.18 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 20 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 0.785 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 562.408 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A GOOD SIZED  654 CONTRACTS TO 145,699   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE GOOD GAIN IN OI WAS ACCOMPLISHED DESPITE OUR STRONG  $0.34 GAIN  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.34) AND WE ALSO UNSUCCESSFUL IN KNOCKING OFF ANY SILVER LONGS AS THEY REMAIN FIRM IN THEIR BELIEF OF A SILVER FAILURE AS WE HAD A NET GAIN OF 747 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 TINY ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 30.170 MILLION OZ FOLLOWED BY TODAY’S 40,000 OZ QUEUE. JUMP   //NEW STANDING 27,990,000 MILLION OZ/ //  V)    GOOD 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  : -7

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 14 days, total 16,750,  contracts:  83.750 million oz  OR 5.978 MILLION OZ PER DAY. (1191CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 83.750 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: 83.75- MILLION OZ//INCREASING AGAIN

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 661 WITH OUR  $0.34 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A TINY  SIZED EFP ISSUANCE  CONTRACTS: 93 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 40,000  OZ QUEUE. JUMP //NEW STANDING 27.990 MILLION OZ//  .. WE HAD A STRONG SIZED GAIN OF 754 OI CONTRACTS ON THE TWO EXCHANGES FOR 3.770 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 GOOD SIZED 2563 CONTRACTS  TO 548,595 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:  –215 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED LOSS IN COMEX OI CAME WITH OUR STRONG GAIN IN PRICE OF $24.20//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR GIGANTIC SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   //JUST SPECULATOR SHORT COVERING FROM OUR STUPID SPECULATORS.

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 16,900 OZ//NEW STANDING 19.480 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $24.20 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A SMALL SIZED LOSS OF 492  OI CONTRACTS (2.446 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  2071 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 548,595

IN ESSENCE WE HAVE A  TINY SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 492, WITH 2563 CONTRACTS DECREASED AT THE COMEX AND 2071 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 492 CONTRACTS OR 2.466 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2071) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2563,): TOTAL LOSS IN THE TWO EXCHANGES  492 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY. AT 5.353 TONNES FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 16,900 OZ//NEW STANDING 19.480 ///  3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT COVERING //.,4) FAIR SIZED COMEX  OI. LOSS 5) FAIR 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 :

65,204 CONTRACTS OR 6,520,400 OR 202.81  TONNES 14 TRADING DAY(S) AND THUS AVERAGING: 4657 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 202.81 TONNES

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

THUS EFP TRANSFERS REPRESENTS  202.81/3550 x 100% TONNES  5.70% 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:  202.81 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, ROSE BY A GOOD SIZED 654 CONTRACT OI TO 145,699 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 93 CONTRACTS

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

MAY 93  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 GAIN OF  654 CONTRACTS AND ADD TO THE 93 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF747 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 3,735 MILLION OZ

OCCURRED WITH OUR STRONG GAIN IN PRICE OF  $0.34 .

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)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 10.99 PTS OR 0.36%   //Hang Sang CLOSED UP 523.60 PTS OR 2.54%    /The Nikkei closed DOWN 508.36 OR 1.89%          //Australia’s all ordinaires CLOSED DOWN 1.66%   /Chinese yuan (ONSHORE) closed UP 6,7505    /Oil DOWN TO 108.07dollars per barrel for WTI and UP TO 108.00 for Brent. Stocks in Europe OPENED  ALL ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7505 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7622: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

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 FAIR SIZED 2563 CONTRACTS TO 548,595 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS FAIR  COMEX DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $24.20 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2071 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO SHORT BIG TIME AND THEY ARE CAUGHT. THE COMMERCIALS WILL SLAUGHTER THESE GUYS WHEN THEY THINK THE TIME IS RIGHT

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  FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2071 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :2071 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2071 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  VERY TINY SIZED  TOTAL OF 277 CONTRACTS IN THAT 2071 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI LOSS OF 2348  CONTRACTS..AND YET  THIS TINY GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR STRONG GAIN IN PRICE OF GOLD $24.20.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (19.480),

 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: 19.480 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $24.20) BUT WERE SUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS/COMMERCIAL LONGS AS WELL AS SPECULATOR SHORTS////  WE HAVE  REGISTERED A SMALL SIZED loss  OF 2.466 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (19.079 TONNES)

WE HAD 215 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 492 CONTRACTS OR 49200  OZ OR 2,466 TONNES

Estimated gold volume today: 170,268/// poor

Confirmed volume yesterday:218,846 contracts  poor

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //MAY 20

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz1639,701 oz
Manfra
 BRINKS
INT DELAWARE
INCLUDES 10, 38  AND 3 KILOBARS
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today146  notice(s)14,600 OZ
0.45412 TONNES
No of oz to be served (notices)287 contracts 28,700 oz
0.8926 TONNES
Total monthly oz gold served (contracts) so far this month5976 notices
597,600 OZ
18.587 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  0   oz//

No dealer withdrawals

0 customer deposits

total deposits: 0 oz

3 customer withdrawals:

i) Out of Brink s 321,51 iz (10 kilobars

Int. Delaware 1221.738 oz ( 38 kilobars)

Manfra  96.453  3 kilobars

total withdrawal: 1639.701  oz

ADJUSTMENTS:   

a) Manfra:  2607.14 0z 

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 433 contracts having LOST ONLY291 contracts

We had 158 notices filed on THURSDAY, so we gained 129 contracts or  AN ADDITIONAL 12,900 oz will stand for delivery in this non active delivery month of May.

June saw a loss of 12,291 contracts down to 205,307 contracts 

July has a GAIN OF 192 OI to stand at 527

August has a gain of 9537 contracts up to 284,062 contracts

We had 146 notice(s) filed today for  14,600 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 146 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  121 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 (5976) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY 433  CONTRACTS ) minus the number of notices served upon today  146 x 100 oz per contract equals 626,300 OZ  OR 19.48 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 (5976) x 100 oz+   (433)  OI for the front month minus the number of notices served upon today (146} x 100 oz} which equals 626,300 oz standing OR 19.480 TONNES in this NON  active delivery month of MAY.

TOTAL COMEX GOLD STANDING:  19.480 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:  2,064,524.720 oz                             

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  35,602,112.786 OZ 

TOTAL ELIGIBLE GOLD: 17,613,183.558  OZ

TOTAL OF ALL REGISTERED GOLD: 17,643,183.558 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,557,866.0 OZ (REG GOLD- PLEDGED GOLD)  

END

MAY 2022 CONTRACT MONTH//SILVER//MAY 20

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory487,447.550  oz
Brinks
CNT
Manfra
Delaware
Int. Delaware
JPMorgan
Deposits to the Dealer InventorynilOZ
Deposits to the Customer Inventory974.910 oz
Delaware
No of oz served today (contracts)0CONTRACT(S)nil  OZ)
No of oz to be served (notices)445 contracts (2,225,000 oz)
Total monthly oz silver served (contracts)5153 contracts 25,765,,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


i) zero dealer deposits  
And now for the wild silver comex results

total dealer deposits:  0     oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposits into the customer account

i) Into Delaware: 974.900 oz

total deposit:  974.900    oz

JPMorgan has a total silver weight: 175.84 million oz/337.779 million =52.16% of comex 

 Comex withdrawals: 5

i) Out of Brinks  9520.210 oz

ii) Out of CNT:  75,526.000 oz

iii) Out of Delaware 2000.19 oz

iv) Out of Int. Delaware  97,967.110 oz

v) Out of JPMorgan:  302,434.05 oz

total withdrawal  487,447.550      oz

0 adjustments:  

the silver comex is in stress!

TOTAL REGISTERED SILVER: 80.093 MILLION OZ

TOTAL REG + ELIG. 337.779 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 445 HAVING LOST 26 CONTRACTS.  WE HAD 34 NOTICES FILED ON THURSDAY

SO WE GAINED 8   CONTRACTS OR A QUEUE JUMP OF 40,000 OZ

JUNE HAD A LOSS OF 5 TO STAND AT 1544

JULY HAD A GAIN OF 712 CONTRACTS UP TO 114,195 CONTRACTS.

 .

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

Comex volumes: 33,886// est. volume today//   poor

Comex volume: confirmed yesterday: 44,604 contracts ( fair )

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 5153 x 5,000 oz = 25,765,000 oz 

to which we add the difference between the open interest for the front month of MAY(445) 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./2022 contract month: 5153 (notices served so far) x 5000 oz + OI for front month of MAY (445)  – number of notices served upon today (0) x 5000 oz of silver standing for the MAY contract month equates 27,990,000 oz. .

We GAINED 8 contracts or AN ADDITIONAL 40,000 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 20/WITH GOLD UP $7.75: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.97 TONNES INTO THE GLD/INVENTORY RESTS  AT 1056.18 TONNES

MAY 19/WITH GOLD UP $24.20; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.21 TONNES//

MAY 18/WITH GOLD DOWN $2.55//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.07 TONNES FROM THE GLD///INVENTORY RESTS AT 1049.21 TONNES

MAY 17/WITH GOLD UP $5.40:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD////INVENTORY RESTS AT 1053.28 TONNES

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: 1049.21 TONNES

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

MAY 20.WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WIHDRAWAL OF .785 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 19/WITH SILVER UP 34 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 565.085 MILLION OZ//

MAY 18/WITH SILVER UP $0.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL  1.892 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 17/WITH SILVER UP $.22 TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.508 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 565.085 MILLION OZ//

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 562.408 MILLION OZ/

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: The Fed Girds For Battle

FRIDAY, MAY 20, 2022 – 12:25 PM

Via SchiffGold.com,

It’s the Fed’s “hold my beer” moment.

After more than a year in which Federal Reserve leadership appeared clueless, pollyannish, and indecisive, the Fed is conducting a full-throated messaging campaign to show that it is as serious as cancer about the inflation surge that is scaring the bejesus out of consumers, investors, and economists.

Their public pronouncements in recent weeks go something like this: “Out of a good faith misreading of post-pandemic data we had concluded, mistakenly as it happens, that the inflation wave, which began in 2021, was transitory. But now that we know it is not, we are moving with great speed and resolve to bring the problem to heel. Given the power of our tools, the underlying strength of our economy, and our hard-earned credibility, we are confident we can get the job done quickly, and without inflicting undue harm on the economy. We will continue until inflation gets closer to our 2% target. And so, if you don’t mind, kind sir, please step aside and let us do the job we were created to do. We got this!”

This newly found resolve may assure many that at least the Fed is no longer in denial and has a plan to get us out of this mess. In reality, these open-mouth operations are simply a desperate Hail Mary designed to convince us that the Fed can do what it clearly has no stomach or power to do. I would suggest that Fed officials hold onto their beers and drink. They are going to need it.

While most observers have focused on Chairman Jerome Powell’s press conference last week as the clearest insight into the Fed’s thinking, I think more can be gleaned from the extensive conversation two days later in Minneapolis between Christopher Waller, a member of the Federal Reserve Board of Governors (a current voting member of the FOMC) and Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis (and an FOMC alternative member). In particular, Waller offered a very clear assessment of the Fed’s battle plan.

Right off the bat, he confronted mounting criticism that the Fed failed to read the economy accurately over the past 18 months, thereby grossly miscalculating policy, which let the inflation genie out of the bottle. His defense, which essentially boils down to “don’t blame us, no one with mainstream credentials in government, economics, or finance saw this coming,” is both bizarre and inadvertently illuminative. Not only does this ignore the 2021 predictions of former Treasury Secretary Larry Summers, who used to have at least some mainstream credibility, but it completely ignores all those like me who had been shouting from the rooftops that this danger was lurking. Waller’s admission, which shows how deeply embedded Fed leaders are in their own echo chamber, is more of an indictment of the entire economic elite rather than an excuse for their errors.

Waller then admitted that inflation data that was released way back in September 2021 revealed to them that the “transitory story’ that they had been spinning since the beginning of 2021, would no longer hold water. He explained that members of the FOMC were so alarmed that they immediately responded with plans to roll out new messaging that hinted strongly at tighter policy. Say what?

They determined nine months ago that very high inflation had been running rampant for the better part of a year, that it showed no signs of slowing, that the Fed Funds rate (which was then at 0%, and likely 800 basis points below the rate of inflation) was adding fuel to the fire, and the only thing they were prepared to do was to start talking tougher?

The Fed did not implement its first rate hike (25 basis points) until March of this year, fully seven months later! And during that entire time, it continued to expand its balance sheet by hundreds of billions of dollars through quantitative easing rather than immediately stopping the program or, better yet, reversing it. That’s insane. Captain, there is a huge gash in the hull of the ship but rather than try to repair the damage now, let’s think about how we are going to word our next few press releases!

Instead of taking bold steps back in the fourth quarter of last year to get ahead of the curve, or to at least not fall far further behind, the Fed irresponsibly took a slow and muted path. Given its admitted understanding of the conditions nine months ago, its actions seem hard to justify.

Despite these past missteps, Waller claims that the Fed is well-suited to make up for lost time. Emboldened by what he sees as a “historically” strong labor market, Waller believes the current economy can absorb the negative effects of higher interest rates without succumbing to recession. As a result, he predicts the Fed will not be deterred by weaker jobs or economic reports that may emerge in the coming months. In fact, he claims such data would be welcome developments. In his view, the economy needs to lose jobs to be put back into balance. Reduced hiring, he argues, will diminish upward wage pressure, which he sees as the root cause of inflation.

To justify his confidence that higher rates will kill inflation but not the broad economy, Waller took pains to draw a sharp contrast between today’s conditions and those that predominated in the late 1970s/early 1980s, which was the last time the Fed confronted nearly double-digit inflation with bold monetary tightening. Back then, the sharp rise in interest rates brought down inflation AND plunged the country into a recession. But as he views the current economy as benefiting from a “historically strong” labor market, he believes that fate will be avoided.

But Waller is looking at the rear-view mirror. He assumes that the economy that arose during the last decade of almost zero percent interest rates and historically stimulative fiscal policy will persist after those props are removed. But now, as rates increase and stimulus is removed, the economy must contract and change. We are already seeing such a change in the more speculative end of the economy. That’s where the problems are usually first manifest.

In case you hadn’t noticed, the wheels are coming off the technology and the cryptocurrency sectors. The technology-heavy Nasdaq composite index is down more than 25% thus far this year. The ARK Innovation ETF, which tracks the highest-flying growth-oriented technology, and “new economy” stocks are down 56%. E-commerce bellwethers such as Netflix and Shopify are down even more. The carnage in the crypto space is also spectacular. Although bitcoin is down about 60% from its high, that’s the good news. Lesser-known cryptos are down 70% or 80%. Some have been nearly wiped out completely, even those “stable” coins that were supposed to be pegged to the dollar. The pain extends to the businesses that worked in the crypto space. Financial firm Microstrategies, which borrowed to invest in bitcoin, is down 60% year to date while Coinbase, the crypto trading platform, is down 72%. (Bear in mind that all the losses listed above are just this calendar year. If you started measuring from the November 2021 highs, the losses are significantly greater.)

Recall that the Recession of 2001 and 2002 largely resulted from the implosion of the dot-com bubble when the pain in Silicon Valley rippled through the broader economy. But this time the outsized gains were even bigger and less tethered to reality. Many tech firms have already announced large-scale layoffs. Hundreds of thousands of highly paid workers may suddenly find themselves looking for jobs. Falling stock prices may also encourage recent retirees, who may have been coaxed out of the labor force by oversized stock market gains, or millennials who’ve been trading meme stocks and cryptocurrencies on Robinhood for a living, to join former Netflix, Twitter and Peloton employees in looking for work. Boom will go bust, and the unemployment rate may rise much quicker than Fed models suggest.

Waller also, somewhat bizarrely, believes that the Fed’s job will now be made easier by higher credibility than it had in the late 1970s when Paul Volcker went to war against high inflation. His theory holds that the Fed’s routine failures to confront inflation for much of the 1970s had diminished its credibility, making Volcker’s task that much harder. But by raising rates to nearly 20% in 1980, Volcker restored the credibility, which, in Waller’s view, the Fed holds to this day. He argues that since the Fed has already demonstrated it can do the job, the people are assured it can do it again. This is laughable.

Firstly, the Fed has largely “won” the battle against inflation in recent years by lying about it.

The CPI has been changed and weakened so many times since 1980 that the index barely resembles the one used by Volcker.

Secondly, the Fed has been routinely backing off from tough choices since the Great Recession of 2008.

The taper tantrum of 2013, its painfully slow decisions to lift rates from zero in 2015, the rapid pivot away from tightening to easing in December of 2018, all speak to its jitters in the face of turmoil.

Thirdly, the Fed’s repeated failures to recognize dangerous bubbles in the stock and real estate markets and its pathetic predictions about the mortgage problems in 2007 being “contained” to subprime, or inflation in 2021 being “transitory,” all add to the vaudevillian nature of its economic insight.

If Powell and Waller believe, despite all its recent failures, that the Fed can draw on a 40-year-old mystique generated by a man who passed away more than two years ago, they are in for a very rude awakening.

Left out of the discussion between Kashkari and Waller about the differences between the 1970s and today is how much more leverage we must contend with today and how much higher stock, bond and real estate prices are in relation to the overall economy. Back in 1980, those asset prices had been falling or stagnant for the better part of a decade. Consequently, there weren’t that many gains left to lose. Now stocks, bonds, and real estate are still not far off from record highs. The bursting of those bubbles, which could result from higher interest rates, will be much more recessionary than what happened in 1980.

So, interest rate increases in 2022 and 2023 may be high enough to burst the debt bubble and plunge the economy into another financial crisis, but they will not be nearly high enough to kill inflation. If the Fed has to reverse course to stimulate an economy in recession, while inflation remains well above its 2% target, the dollar will likely collapse, sending commodity prices and the costs of imported goods upward.

As Fed officials tell us how they are ready for battle and that they have the enemy in their sights, I can’t help thinking about “Baghdad Bob,” the hapless spokesman for Saddam Hussein who boldly pronounced in live interviews how the U.S. invasion was failing even as American tanks lumbered into the scene behind him. We can laugh at their predicament. But we won’t laugh long.

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

Rickards: “We Are On The Precipice”

THURSDAY, MAY 19, 2022 – 09:20 PM

Authored by James Rickards via DailyReckoning.com,

I don’t believe many people grasp the enormity of the global food crisis we’ll be facing in the months ahead. But the world could be on the verge of a massive humanitarian crisis. Let’s dive in…

The supply chain collapse preceded the war in Ukraine, but the war has only intensified the problems. You can see it with your own eyes when you walk into a supermarket and find long stretches of empty shelves in stores that used to be chock-full of food and other merchandise.

Even goods that are available such as gasoline are being sold at much higher prices. Prices for gasoline (and diesel, which is critical for goods transportation) have more than doubled in the past nine months. All of this is clear. The question is will it get worse from here?

Unfortunately, the answer is yes.

Bob Unanue is the CEO of Goya Foods, which is one of the largest food distributors in the world. Few people are better positioned to assess the global food situation than Unanue, who deals with raw food deliveries on the one hand and retail customers on the other.

Unanue is now warning, “We are on the precipice of a global food crisis.” Other experts are quoted making a similar point. That’s not hyperbole or fearmongering, but a serious analysis. Here’s why…

29% of All Wheat Exports in Jeopardy

In the Northern Hemisphere, the planting season for 2022 is well underway. Crops were planted (or not) in March and April. Based on that, you can already form estimates of output next September and October during the harvest season (subject to some variability based on weather and other factors).

Plantings have been far below normal in 2022, either due to a lack of fertilizer or to much higher costs for fertilizer where farmers simply chose to plant less. This predictable shortage is in addition to the much greater shortages due to the fact that Russian output is sanctioned and Ukrainian output is nonexistent because it’s at war.

Russia and Ukraine together account for 29% of global wheat and 19% of global corn exports.

Russia and Ukraine together produce 29% of all the wheat exports in the world. That doesn’t mean they grow 29% of the wheat in the world. It means they grow 29% of the wheat exports.

The U.S., Australia, Canada and others grow a lot of wheat but consume most of it themselves. They export relatively little. Importantly, they don’t simply eat it. They feed it to their farm animals. People don’t often make the connection between grain and animal products, but it’s critical.

Many countries get 70–100% of their grains from either Russia or Ukraine or both. Lebanon gets 100%. Egypt is over 70%. Kenya, Sudan, Somalia, many central African countries and Jordan and other Middle Eastern countries receive much of their grain from Russia or Ukraine.

No Planting, No Crops

But it’s worse than that because not only are many Ukrainian exports shut down now, but the planting season is nearly over. And you’re not going to get any grain in October if you didn’t plant it in April or May. And they didn’t for obvious reasons.

What that means is you project ahead to October, November, December of this year, those countries I mentioned are not going to be able to get their grain supplies. There simply aren’t going to be any, or they’ll be greatly reduced. The combined population of countries that get between 70% and 100% of their imports from Russia or Ukraine is 700 million people.

That’s 10% of the global population. So you’re looking at mass starvation. You’re looking at a humanitarian crisis of unprecedented proportions, probably the worst since the Black Death of the 14th century. That’s coming down the road, even if most people can’t see it coming or fully fathom the depths of the coming crisis.

In short, we know enough now to predict much higher prices, empty shelves and, in some cases, mass starvation in the fourth quarter of this year and beyond.

Beyond the humanitarian aspect of the coming food shortages, there are also potentially serious social and geopolitical ramifications.

Another Arab Spring?

You remember the “Arab Spring” starting in 2010. It started in Tunisia and spread from there. Well, it was triggered by a food crisis. There was a shortage of wheat, which triggered the protests.

There were underlying problems in these societies, but a food crisis was the catalyst for the protests.

Now, many poorer countries in the Middle East and Africa are facing a much greater crisis as the impact of shortages manifests itself later this year and into next year. Will we see even more social unrest than in 2011?

It’s very possible, and it could be even more destabilizing than the Arab Spring. We could also see waves of mass migration from Africa and the Middle East as desperate and hungry people flee their homelands.

Europe endured a wave of mass immigration in 2015. Many migrants were attempting to flee the war in Syria, but there were great amounts of people who weren’t affected by the war. They were just seeking better lives in the welfare states of Europe.

Mass starvation could trigger an even greater migration, which would present Europe with enormous challenges.

The United States could also witness another wave of migration at the southern border, which is currently being inundated by migrants. A global food crisis could send the numbers spiraling to uncontrollable limits.

What if the War Drags On?

And what if the war in Ukraine drags on well into next year? Next year’s growing season would also be disrupted and the shortages could extend into late 2023 and beyond.

Well, maybe some would argue that other nations could pick up the slack and grow additional grain. That’s nice in theory, but it’s not that simple.

Russia is the largest exporter of fertilizer, and sanctions are cutting off supplies. Many farmers cannot get fertilizer at all, and those who can are paying between twice and three times last year’s price.

That means that crops actually produced will have much higher prices because of the higher price of inputs such as fertilizer, and the higher transportation costs due to higher prices for diesel and gasoline.

Like I said earlier, we’re looking at a humanitarian crisis of unprecedented proportions, probably the worst since the black death of the 14th century.

And we’re not prepared to handle it.

END

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

it’s very weird!

(Bloomberg GATA)

Gold vaulted at Bank of England trades at rare discount in hint of central bank selling

Submitted by admin on Thu, 2022-05-19 10:59Section: Daily Dispatches

By Eddie Spence and Ranjeetha Pakiam
Bloomberg News
Wednesday, May 18, 2022

Gold stored at the Bank of England has been trading at an unusually low price, in a sign that central banks may be shedding some of their holdings.

The Bank of England’s vaults contain 5,676 tons of bullion, one of the largest stockpiles in the world, which it holds on behalf of other central and commercial banks. Gold held by central banks is typically bought and sold between large institutions in bilateral trades at prices usually within a few cents of the market rate.

In recent days, however, gold at the BOE traded as much as a dollar an ounce beneath benchmark London prices, according to traders familiar with the matter. Such a big discount usually indicates a big institution like a central bank selling a sizable amount of reserves to raise US dollars or other currencies, one of the traders said. …

The BOE gold discount has narrowed since the dollar-an-ounce margin, but remains large by normal standards, said the people, who asked not be identified discussing private information. Bullion has slipped more than 12% since peaking in March, leaving it close to unchanged this year.

A spokesperson for the BOE declined to comment on the discount.

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-05-19/boe-gold-trades-at-rare-discount-in-sign-of-central-bank-selling

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4.OTHER GOLD/SILVER COMMENTARIES

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5.OTHER COMMODITIES //DIAMONDS

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COMMODITIES IN GENERAL/

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6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED UP 6.6758

OFFSHORE YUAN: 6.6859

HANG SANG CLOSED  UP 596.56 PTS OR 2.96% 

2. Nikkei closed UP 336.19 OR 1.27%

3. Europe stocks  ALL CLOSED  ALL GREEN

USA dollar INDEX  DOWN TO  102.94/Euro FALLS TO 1.0579

3b Japan 10 YR bond yield: RISES TO. +.240/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 127.97/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 UP /JAPANESE Yen UP CHINESE YUAN:   UP -SHORE CLOSED  UP//  OFF- SHORE  UP

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 DOWN for WTI and DOWN 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 FALLS TO 3.53

3j Gold at $1841.80 silver at: 21.93  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP   3 & 1/15      roubles/dollar; ROUBLE AT 58.75

3m oil into the 112 dollar handle for WTI and  112 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 127.94 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 0.9707– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.027well 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: 2.869 UP 1  BASIS PTS

USA 30 YR BOND YIELD: 3.075 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 15.88

Futures Jump After China Cuts Main Lending Rate By Most On Record But $1.9 Trillion Op-Ex Looms…

FRIDAY, MAY 20, 2022 – 08:02 AM

After months of endless jawboning and almost no action, overnight China finally cut its main mortgage interest rate by the most on record since the rate was introduced in 2019, as it tries to reduce the economic impact of Covid lockdowns and a property sector slowdown. The five-year loan prime rate was lowered from 4.6% to 4.45% on Friday (even as the 1 Year LPR was unchanged at 3.70%) . The reduction in the rate, which is set by a committee of banks and published by the People’s Bank of China, will directly reduce the borrowing costs on outstanding mortgages across the country (the move wasn’t much of a shock as the central bank had kept the 1-Year MLF Rate unchanged earlier in the week and effectively cut interest rates for first-time homebuyers by 20bps on Sunday).

The rate cut was long overdue for China’s property market which has experienced 8 straight months of home-price reductions with developers under extreme pressure. There was more bad news for China’s embattled tech sector as Canada banned Huawei Technologies and ZTE equipment from use in its 5G network.

The good news is that China’s easing helped push Asian stocks higher, while European markets and US stock index futures also rose on Friday as buyers returned after a selloff fueled by recession fears saw the underlying S&P 500 lose more than $1 trillion in market value this week. Contracts on the S&P 500 advanced 1.1% as of 7:15a.m. in New York suggesting the index may be able to avoid entering a bear market (which would be triggered by spoos sliding below 3,855) at least for now, although today’s $1.9 trillion Option Expiration will likely lead to substantial volatility, potentially to the downside. 

Even with a solid jump today, should it not reverse as most ramps in recent days, the index – which is down almost 19% from its January record – is on track for a seventh week of losses, the longest such streak since March 2001. Futures on the Nasdaq 100 and Dow Jones indexes also gained. 10Y TSY yields rebounded from yesterday’s tumble while the dollar was modestly lower. Gold and bitcoin were flat.

In premarket trading, shares of gigacap tech giants rose, poised to recover some of the losses they incurred this week. Nasdaq 100 futures advanced 1.7%. The tech heavy benchmark has wiped out about $1.3 trillion in market value this month. Apple (AAPL US) is up 1.3% in premarket trading on Friday, Tesla (TSLA US) +2.6%.Palo Alto Networks jumped after topping estimates. Continuing the retail rout, Ross Stores cratered after the discount retailer cut its full-year outlook and first quarter results fell short of expectations. Here are some other notable premarket movers:

  • Chinese stocks in US look set to extend this week’s gains on Friday after Chinese banks cut the five-year loan prime rate by a record amount, an effort to boost mortgage and loan demand in an economy hampered by Covid lockdowns. Alibaba (BABA US) +2.6%, Baidu (BIDU US) +1.1%, JD.com (JD US) +2.6%.
  • Palo Alto Networks (PANW US) rises 11% in premarket trading on Friday after forecasting adjusted earnings per share for the fourth quarter that exceeded the average of analysts’ estimates.
  • Applied Materials (AMAT US) falls 2.1% in premarket trading after its second-quarter results missed expectations as persistent chip shortages weighed on the outlook. However, Cowen analyst Krish Sankar notes that “while the macro/consumer data points have weakened, semicap demand is still healthy.”
  • Ross Stores Inc. (ROST US) shares sank 28% in US premarket trade on Friday after the discount retailer cut its full-year outlook and 1Q results fell short of expectations, prompting analysts to slash their price targets.
  • Foghorn Therapeutics (FHTX US) shares plunged 26% in postmarket trading after the company said the FDA has placed the phase 1 dose escalation study of FHD-286 in relapsed and/or refractory acute myelogenous leukemia and myelodysplastic syndrome on a partial clinical hold.
  • Wix.com (WIX US) cut to equal-weight from overweight at Morgan Stanley as investors are unlikely to “give credit to a show-me story” in the current context which limits upside catalysts in the near term, according to note.
  • Deckers Outdoor (DECK US) jumped 13% in US postmarket trading on Thursday after providing a year sales outlook range with a midpoint that beat the average consensus estimate.
  • VF Corp’s (VFC US) reported mixed results, with analysts noting the positive performance of the company’s North Face brand, though revenues did miss estimates amid a tricky macro backdrop. The outdoor retailer’s shares rose 2.2% in US postmarket trading on Thursday.

“The ‘risk-on’ trading mood has registered a solid rebound during the last couple of hours as traders cheered the significantly dovish monetary decision from China after the PBoC cut one of the key interest rates by a record amount,” said Pierre Veyret, a technical analyst at ActivTrades. “This will provide a fresh boost to the economy, helping small businesses and mitigate the negative impacts of lockdowns in the world’s second-largest economy.”

Still, the broader market will have to fend off potential risks from options expiration, which is notorious for stirring up volatility. Traders will close old positions for an estimated $1.9 trillion of derivatives while rolling out new exposures on Friday. This time round, $460 billion of derivatives across single stocks is scheduled to expire, and $855 billion of S&P 500-linked contracts will expire according to Goldman.

Rebounds in risk sentiment have tended to fizzle this year. Investors continue to grapple with concerns about an economic downturn, in part as the Federal Reserve hikes interest rates to quell price pressures. Global shares are on course for an historic seventh week of declines.

“The risk-on trading mood has registered a solid rebound during the last couple of hours as traders cheered the significantly dovish monetary decision from China,” said Pierre Veyret, an analyst at ActivTrades. “This move significantly contrasts with the lingering inflation and recession risks in Western economies, where an increasing number of market operators and analysts are questioning the policies of central banks.”

In Europe, the Stoxx Europe 600 index added 1.5%, erasing the week’s losses. The French CAC 40 lags, rising 0.9%. Autos, travel and miners are the strongest-performing sectors, rebounding after two days of declines. Basic resources outperformed as industrial metals rallied. Consumer products was the only sector in the red as Richemont slumped after the Swiss watch and jewelry maker reported operating profit for the full year that missed the average analyst estimate and its Chairman Johann Rupert said China is going to take an economic blow and warned the Chinese economy will suffer for longer than people think. The miss sent luxury stocks plunging: Richemont -11%, Swatch -3.8%, Hermes -3.2%, LVMH -1.9%, Kering -1.7%, Hugo Boss -1.7%, etc. These are the biggest European movers:

  • Rockwool rises as much as 10% as the market continued to digest the company’s latest earnings report, which triggered a surge in the shares, with SocGen and BNP Paribas upgrading the stock.
  • Valeo and other European auto stocks outperformed, rebounding after two days of losses. Citi says Valeo management confirmed that auto production troughed in April and activity is improving.
  • Sinch gained as much as 5.4% after Berenberg said peer’s quarterly results confirmed the cloud communications company’s strong positioning in a fast-growing market.
  • Lonza shares gain as much as 4.1% after the pharmaceutical ingredients maker was raised to outperform at RBC, with the broker bullish on the long-term demand dynamics for the firm.
  • THG shares surge as much as 32% as British entrepreneur Nick Candy considers an offer to acquire the UK online retailer, while the company separately announced it rejected a rival bid.
  • Maersk shares rise as much as 4.6%, snapping two days of declines, as global container rates advance according to Fearnley Securities which says 2H “looks increasingly promising.”
  • PostNL shares jump as much as 8.2% after the announcement that Vesa will acquire sole control of the Dutch postal operator. Analysts say reaction in the shares is overdone.
  • Dermapharm shares gain as much as 6.1%, the most since March 22, with Stifel saying the pharmaceuticals maker is “significantly undervalued” and have solid growth drivers.
  • Richemont shares tumble as much as 14%, the most in more than two years, after the luxury retailer’s FY Ebit was a “clear miss,” with cost increases in operating expenses. Luxury peers were pulled lower alongside Richemont after the company’s disappointing earnings report, in which its CEO also flagged the Chinese market will lag for longer than people assume.
  • Instone Real Estate shares drop as much as 12% as the stock is downgraded to hold from buy at Deutsche Bank, with the broker cutting its earnings estimates for the property developer

Earlier in the session, Asia-Pac stocks picked themselves up from recent losses as risk sentiment improved from the choppy US mood. ASX 200 gained with outperformance in tech and mining stocks leading the broad gains across industries. Hang Seng and Shanghai Comp strengthened with a rebound in tech setting the pace in Hong Kong and with the mainland also lifted following the PBoC’s Loan Prime Rate announcement in which it defied the consensus by maintaining the 1-Year LPR at 3.70% but cut the 5-Year LPR by 15bps to 4.45%, which is the reference for mortgages. Nonetheless, this wasn’t much of a shock as the central bank had kept the 1-Year MLF Rate unchanged earlier in the week and effectively cut interest rates for first-time homebuyers by 20bps on Sunday.

Japanese stocks regain footing in the wake of Thursday’s selloff, after Chinese banks cut a key interest rate for long-term loans by a record amount. The Topix rose 0.9% to 1,877.37 at the 3 p.m. close in Tokyo, while the Nikkei 225 advanced 1.3% to 26,739.03. Toyota Motor Corp. contributed the most to the Topix’s gain, increasing 2.1%. Out of 2,171 shares in the index, 1,511 rose and 567 fell, while 93 were unchanged.

In Australia, the S&P/ASX 200 index rose 1.2% to close at 7,145.60 on the eve of Australia’s national election. Technology shares and miners led sector gains. Chalice Mining climbed after getting approvals for further exploration drilling at the Hartog-Dampier targets within its Julimar project. Novonix advanced with other lithium-related shares after IGO announced its first and consistent production of battery grade lithium hydroxide from Kwinana. In New Zealand, the S&P/NZX 50 index rose 0.5% to 11,267.39

India’s benchmark stocks index rebounded from a 10-month low and completed its first weekly gain in six, boosted by an advance in Reliance Industries.  The S&P BSE Sensex jumped 2.9% to 54,326.39 in Mumbai. The NSE Nifty 50 Index also rose by a similar magnitude on Friday. Stocks across Asia advanced after Chinese banks lowered a key interest rates for long-term loans.   Reliance Industries climbed 5.8%, the largest advance since Nov. 25, and gave the biggest boost to the Sensex, which had all 30 member stocks trading higher. All 19 sector indexes compiled by BSE Ltd. advanced, led by a gauge of realty stocks.  “Stocks in Asia and US futures pushed higher today amid a bout of relative calm in markets, though worries about a darkening economic outlook and China’s Covid struggles could yet stoke more volatility,” according to a note from SMC Global Securities Ltd.  In earnings, of the 36 Nifty 50 firms that have announced results so far, 21 have either met or exceeded analyst estimates, while 15 have missed forecasts.

In FX, the Bloomberg Dollar Spot Index inched higher as the greenback traded mixed against its Group-of-10 peers. Treasuries fell modestly, with yields rising 1-2bps. The euro weakened after failing to hold on to yesterday’s gains that pushed it above $1.06 for the first time in more than two weeks. Inversion returns for the term structures in the yen and the pound, yet for the euro it’s all about the next meetings by the European Central Bank and the Federal Reserve. The pound rose to a session high at the London open, coinciding with data showing UK retail sales rose more than forecast in April. Retail sales was up 1.4% m/m in April, vs est. -0.3%. Other showed a plunge in consumer confidence to the lowest in at least 48 years. The Swiss franc halted a three-day advance that had taken it to the strongest level against the greenback this month. Australia’s sovereign bonds held opening gains before a federal election Saturday amid fears of a hung parliament, which could stifle infrastructure spending. The Australian and New Zealand dollar reversed earlier losses. The offshore yuan and South Korean won paced gains in emerging Asian currencies as a rally in regional equities bolstered risk appetite.

In rates, Treasuries were slightly cheaper as S&P 500 futures advanced. Yields were higher by 2bp-3bp across the Treasuries curve with 10- year around 2.865%, outperforming bunds and gilts by 1.7bp and 3.5bp on the day; curves spreads remain within 1bp of Thursday’s closing levels. Bunds and Italian bonds fell, underperforming Treasuries, as haven trades were unwound. US session has no Fed speakers or economic data slated. UK gilts 2s10s resume bear-flattening, underperforming Treasuries, after BOE’s Pill said tightening has more to run. Gilts 10y yields regain 1.90%. Bund yield curve-bear steepens. long end trades heavy with 30y yield ~6bps cheaper. Peripheral spreads widen to core with 5y Italy underperforming. Semi-core spreads tighten a touch.

In commodities, WTI trades within Thursday’s range, falling 0.5% to around $111. Most base metals trade in the green; LME lead rises 2.6%, outperforming peers. LME nickel lags, dropping 1.5%. Spot gold is little changed at $1,844/oz. KEY HEADLINES:

Looking at the day ahead, there is no macro news in the US. Central bank speakers include the ECB’s Müller, Kazāks, Šimkus, Centeno and De Cos, along with the BoE’s Pill. Finally, earnings releases include Deere & Company.

Market Snapshot

  • S&P 500 futures up 1.1% to 3,940.00
  • STOXX Europe 600 up 1.2% to 433.00
  • MXAP up 1.6% to 164.68
  • MXAPJ up 2.1% to 539.85
  • Nikkei up 1.3% to 26,739.03
  • Topix up 0.9% to 1,877.37
  • Hang Seng Index up 3.0% to 20,717.24
  • Shanghai Composite up 1.6% to 3,146.57
  • Sensex up 2.5% to 54,115.12
  • Australia S&P/ASX 200 up 1.1% to 7,145.64
  • Kospi up 1.8% to 2,639.29
  • German 10Y yield little changed at 0.97%
  • Euro down 0.2% to $1.0567
  • Gold spot up 0.2% to $1,845.64
  • U.S. Dollar Index up 0.25% to 102.98
  • Brent Futures down 0.4% to $111.55/bbl

Top Overnight News from Bloomberg

  • BOE Chief Economist Huw Pill said monetary tightening has further to run in the UK because the balance of risks is tilted toward inflation surprising on the upside
  • ECB Governing Council Member Visco says a June hike is ‘certainly’ out of the question while July is ‘perhaps’ the time to start rate hikes
  • China’s plans to bolster growth as Covid outbreaks and lockdowns crush activity will see a whopping $5.3 trillion pumped into its economy this year
  • Chinese banks cut a key interest rate for long- term loans by a record amount, a move that would reduce mortgage costs and may help counter weak loan demand caused by a property slump and Covid lockdowns
  • China’s almost-trillion dollar hedge fund industry risks worsening the turmoil in its stock market as deepening portfolio losses trigger forced selling by some managers. About 2,350 stock-related hedge funds last month dropped below a threshold that typically activates clauses requiring them to slash exposures, with many headed toward a level that mandates liquidation
  • Investors fled every major asset class in the past week, with US equities and Treasuries a rare exception to massive redemptions
  • Ukraine’s central bank is considering a return to regular monetary policy decisions as soon as next month in a sign the country is getting its financial system back on its feet after a shock from Russia’s invasion
  • The Group of Seven industrialized nations will agree on more than 18 billion euros ($19 billion) in aid for Ukraine to guarantee the short-term finances of the government in Kyiv, according to German Finance Minister Christian Lindner
  • The best may already be over for the almighty dollar as growing fears of a US recession bring down Treasury yields

A more detailed look at global markets courtesy of Newsquqawk

Asia-Pac stocks picked themselves up from recent losses as risk sentiment improved from the choppy US mood.  ASX 200 gained with outperformance in tech and mining stocks leading the broad gains across industries. Nikkei 225 was underpinned following the BoJ’s ETF purchases yesterday and despite multi-year high inflation. Hang Seng and Shanghai Comp strengthened with a rebound in tech setting the pace in Hong Kong and with the mainland also lifted following the PBoC’s Loan Prime Rate announcement in which it defied the consensus by maintaining the 1-Year LPR at 3.70% but cut the 5-Year LPR by 15bps to 4.45%, which is the reference for mortgages. Nonetheless, this wasn’t much of a shock as the central bank had kept the 1-Year MLF Rate unchanged earlier in the week and effectively cut interest rates for first-time homebuyers by 20bps on Sunday.

Top Asian News

  • Chinese Premier Li vows efforts to aid the resumption of production, via Xinhua; will continue to build itself into a large global market and a hot spot for foreign investment, via Reuters.
  • US and Japanese leaders are to urge China to reduce its nuclear arsenal, according to Yomiuri. It was also reported that Japanese PM Kishida is expected to announce a defence budget increase during the summit with US President Biden, according to TV Asahi.
  • Offshore Yuan Halts Selloff With Biggest Weekly Gain Since 2017
  • Hong Kong Dollar Traders Brace for Rate Spike Amid Intervention
  • Shanghai Factory Output Fell 20 Times Faster Than Rest of China
  • Japan’s Inflation Tops 2%, Complicating BOJ Stimulus Message

European indices have started the week’s last trading day positively and have extended on gains in early trade. Swiss SMI (+0.5%) sees its upside capped by losses in Richemont which provided a downbeat China outlook. European sectors are almost wholly in the green with a clear pro-cyclical bias/anti-defensive bias – Healthcare, Personal & Consumer Goods, Telecoms, Food & Beverages all reside at the bottom of the chart, whilst Autos & Parts, Travel & Leisure and Retail lead the charge on the upside. US equity futures have also been trending higher since the reopening of futures trading overnight

Top European News

  • Holcim, HeidelbergCement Said to Compete for Sika US Unit
  • Prosus Looking to Sell $6 Billion Russian Ads Business Avito
  • European Autos Outperform in Rebound, Driven by Valeo, Faurecia
  • Volkswagen Pitted Against Organic Farmer in Climate Court Clash

FX

  • DXY bound tightly to 103.000, but only really firm relative to Yen on renewed risk appetite.
  • Yuan back to early May peaks after PBoC easing of 5 year LPR boosts risk sentiment – Usd/Cny and Usd/Cnh both sub-6.7000.
  • Kiwi outperforms ahead of anticipated 50 bp RBNZ hike next week and with tailwind from Aussie cross pre-close call election result.
  • Euro and Pound capped by resistance at round number levels irrespective of hawkish ECB commentary and surprisingly strong UK consumption data.
  • Lira lurching after Turkish President Erdogan rejection of Swedish and Finnish NATO entry bids.
  • Japanese PM Kishida says rapid FX moves are undesirable, via Nikkei interview; keeping close ties with overseas currency authorities, via Nikkei.

Fixed Income

  • Debt futures reverse course amidst pre-weekend risk revival, partly prompted by PBoC LPR cut.
  • Bunds hovering above 153.00, Gilts sub-119.50 and T-note just over 119-16.
  • UK debt also taking on board surprisingly strong retail sales metrics and EZ bonds acknowledging more hawkish ECB rhetoric.

Commodities

  • WTI and Brent July futures consolidate in early European trade in what has been another volatile week for the crude complex.
  • Spot gold has been moving in tandem with the Buck and rose back above its 200 DMA
  • Base metals are mostly firmer, with LME copper re-eyeing USD 9,500/t to the upside as the red metal is poised for its first weekly gain in seven weeks
  • Russia’s Gazprom continues gas shipments to Europe via Ukraine, with Friday volume at 62.4mln cubic metres (prev. 63.3mbm)

Central Banks

  • BoE Chief Economist Pill says inflation is the largest challenge faced by the MPC over the past 25 years. The MPC sees an upside skew in the risks around the inflation baseline in the latter part of the forecast period. Pill said further work needs to be done. “In my view, it would be preferable to have any such gilt sales running ‘in the background’, rather than being responsive to month-to-month data news.”, via the BoE.
  • ECB’s Kazaks hopes the first ECB hike will happen in July, according to Bloomberg.
  • ECB’s Muller says focus needs to be on fighting high inflation, according to Bloomberg.
  • ECB’s Visco says the ECB can move out of negative rate territory; a June hike is “certainly” out of the question but July is perhaps the time to start
  • Chinese Loan Prime Rate 1Y (May) 3.70% vs. Exp. 3.65% (Prev. 3.70%); Chinese Loan Prime Rate 5Y (May) 4.45% vs. Exp. 4.60% (Prev. 4.60%)
  • Fed’s Kashkari (2023 voter) said they are removing accommodation even faster than they added it at the start of COVID and have done quite a bit to remove support for the economy through forward guidance. Kashkari stated that he does not know how high rates need to go to bring inflation down and does not know the odds of pulling off a soft-landing, while he is seeing some evidence they are in a longer-term high inflation regime and if so, the Fed may need to be more aggressive, according to Reuters

US Event Calendar

  • Nothing major scheduled

DB’s Jim Reid concludes the overnight wrap

The good thing about having all these injuries in recent years is that when it comes down to any father’s football matches or sport day races I now know that no amount of competitive juices make getting involved a good idea. However my wife has not had to learn her lesson yet and tomorrow plays her first netball match for 37 years in a parents vs schoolgirls match. The mums had a practise session on Tuesday and within 3 minutes one of them had snapped their ACL. I’ll be nervously watching from the sidelines.

Markets were also very nervous yesterday after a torrid day for risk sentiment on Tuesday. Although equities fell again yesterday it was all fairly orderly. This morning Asia is bouncing though on fresh China stimulus, something we discussed in yesterday’s CoTD here. More on that below but working through things chronologically, earlier the Stoxx 600 closed -1.37% lower, having missed a large portion of the previous day’s US selloff, but generally continues to out-perform. US equities bounced around, with the S&P 500 staging a recovery from near intraday lows after the European close, moving between red and green all day (perhaps today’s option expiry is creating some additional vol) before closing down -0.58%.

This sent the index to a fresh one year low and puts the week to date loss at -3.06%, having declined -18.68% since its January peak. Barring a major reversal today, the index is now on track to close lower for a 7th consecutive week for the first time since 2001. In terms of the sectoral breakdown, it was another broad-based decline yesterday, but consumer discretionary stocks (+0.13%) recovered somewhat following their significant -6.60% decline the previous day. Consumer staples, meanwhile, continued their poor run, falling -1.98%, while tech (-1.07%) was not far behind.

Those losses occurred against the backdrop of a fresh round of US data releases that came in beneath expectations, which also helped the dollar index weaken -0.93% to mark its worst daily performance since March. First, there were the weekly initial jobless claims for the week through May 14, which is one of the timeliest indicators we get on the state of the economy. That rose to 218k (vs. 200k) expected, which is its highest level since January. Then there was the Philadelphia Fed’s manufacturing business outlook survey for May, which fell to a two-year low of 2.6 (vs. 15.0 expected). And finally, the number of existing home sales in April fell to its lowest level since June 2020, coming in at an annualised rate of 5.61m (vs. 5.64m expected).

The broader risk-off move that created meant that sovereign bonds rallied on both sides of the Atlantic. Yields on 10yr Treasuries were down -4.7bps to 2.84%, which follows their -10.2bps decline in the previous session. We didn’t get much in the way of Fed speakers yesterday, but Kansas City Fed President George nodded to recent equity market volatility, saying that it was “not surprising”, and that whilst policy wasn’t aimed at equity markets, “it is one of the avenues through which tighter financial conditions will emerge”. So no sign yet of the Fed being unhappy about tighter financial conditions so far, and markets are continuing to fully price in two further 50bp moves from the Fed in June and July. Nobody said getting inflation back to target from such lofty levels would be easy. So if you’re looking for a Fed put, it may take a while. Later on, Minneapolis Fed President Kashkari drove that point home, saying he was not sure how high rates ultimately needed to go, but said the Fed must ensure inflation does not get embedded in expectations.

Over in Europe debt moves were more significant yesterday, having not taken part in the late US rally on Wednesday. Yiields on 10yr bunds (-8.0bps), OATs (-7.4bps) and BTPs (-6.2bps) all saw a reasonable decline on the day. Over in credit as well, iTraxx Crossover widened +10.2bps to 478bps, which surpasses its recent high earlier this month and takes it to levels not seen since May 2020. We also got the account from the April ECB meeting, although there wasn’t much there in the way of fresh headlines, with hawks believing that it was “important to act without undue delay in order to demonstrate the Governing Council’s determination to achieve price stability in the medium term.” That group also said that the monetary policy stance “was no longer consistent with the inflation outlook”. But then the doves also argued that moving policy “too aggressively could prove counterproductive” since monetary policy couldn’t tackle “the immediate causes of high inflation.”

Asian equity markets are trading higher this morning after the People’s Bank of China (PBOC) lowered key interest rates amid the faltering economy. They cut the 5-year loan prime rate (LPR) – which is the reference rate for home mortgages for the second time this year from 4.6% to 4.45%, the largest cut on record, as Beijing seeks to revive the ailing housing sector to prop up the economy. Meanwhile, it left the 1-year LPR unchanged at 3.7%.

Across the region, the Hang Seng (+1.83%) is leading gains in early trade with the Shanghai Composite (+1.11%) and CSI (+1.41%) also trading up. Elsewhere, the Nikkei (+1.08%) and Kospi (+1.75%) are trading in positive territory. Outside of Asia, equity futures in DMs indicate a positive start with contracts on the S&P 500 (+0.75%), NASDAQ 100 (+1.01%) and DAX (+1.13%) all notably higher.

In other news, Japan’s national CPI rose +2.5% y/y in April, the highest for the headline rate since October 2014 and compared to the previous month’s +1.2% increase. Oil prices are lower with Brent futures -0.77% down to $111.18/bbl, as I type.

To the day ahead now, and data releases include UK retail sales and German PPI for April, as well as the advance Euro Area consumer confidence reading for May. Central bank speakers include the ECB’s Müller, Kazāks, Šimkus, Centeno and De Cos, along with the BoE’s Pill. Finally, earnings releases include Deere & Company.

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 49.60 PTS OR 1.60%   //Hang Sang CLOSED UP 596.56 PTS OR 2.96%    /The Nikkei closed UP 336.19 OR 1.27%          //Australia’s all ordinaires CLOSED UP 1.20%   /Chinese yuan (ONSHORE) closed UP 6,6758    /Oil UP TO 112.45dollars per barrel for WTI and UP TO 112.63 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6758 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6859: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/

3B  JAPAN

end

3c CHINA

COVID//LOCKDOWNS/SHANGHAI

Maersk & Goldman Warns China Restart Will Spark Renewed Supply Chain Congestion

THURSDAY, MAY 19, 2022 – 11:00 PM

A.P. Møller – Maersk A/S, the world’s largest container shipping company by capacity, and Goldman Sachs’ supply chain congestion analysis (in separate reports) indicate if China restarts, renewed supply chain congestion will be seen worldwide. 

Maersk told its Asia-Pacific customers that China’s zero COVID policy to lockdown Shanghai, the world’s largest port and China’s financial hub, for nearly two months, will “have an effect all over the world in the coming months.” 

For seven weeks, a massive parking lot of vessels has been building outside Shanghai ports as operations came to a crawl because of the lockdown of 26 million residents. 

Since the lockdown began in late March, Goldman Sachs’ weekly congestion index has slid as US West and East Coast port congestion plunged. This is because the trans-Atlantic volume of vessels from China to the US declined as port capacity was restricted due to lockdowns. 

Maersk told clients, “statically speaking, the virus is under control,” and this could soon indicate Chinese port capacity may expand and sailings could increase to the US, which will only complicate things down the line for US West Coast ports as a backlog of goods will flood US ports. 

Goldman also agrees and warns: “We could see a resurgence of ship bottlenecks if sudden restarts in China lead to renewed sailings all at once.”

A forward leading indicator of Chinese port activity and if a resurgence of bottlenecks is ahead for the US are global container freight rates. 

Weekly changes of the World Container Index show that when China went into lockdown, container rates for 40-foot boxes dropped. 

By shipping lane, if there’s a tick-up in freight rates between China and the US West Coast, then it would be safe to assume China is restarting. 

If China restarts and container rates begin to rise, the countdown will be about 1-2 months until a massive backlog hits US ports, renewing port congestion right before midterm elections. 

end

CHINA/RUSSIA

China In Talks To Buy Cheap Russian Oil For Strategic Reserves

THURSDAY, MAY 19, 2022 – 10:20 PM

China is in talks with Russia to buy its cheap oil to replenish strategic reserves, in the latest indicator of deepened energy ties between the two large powers and rivals to the United States. It’s also the latest sign that a mulled EU Russian oil embargo may in the end be blunted before it ever gets off the ground, amid continuing inter-EU resistance led by Hungary.

Bloomberg reports Thursday that “The crude would be used to fill China’s strategic petroleum reserves, and talks are being conducted at a government level with little direct involvement from oil companies, said a person with knowledge of the plan.”

Currently the EU is negotiating toward a phased embargo, seeking to find compromise with those central and eastern European members which are heavily dependent on Russian energy.

The prior US ban on imports of Russian oil, which came early in the invasion of Ukraine, has already served to push more Russian oil tankers east towards Asia, diverting from Western markets. India too has reportedly been taking advantage of the comparatively cheaper prices.

A source privy to the talks said they aren’t close enough that a deal is guaranteed to be signed, nor is an estimated volume of crude Beijing is reportedly seeking known at this point.

“There is still room to replenish stocks and it would be a good opportunity for them to do so, if they can be sourced on commercially attractive terms,” a senior oil analyst at industry firm Kpler, Jane Xie, told Bloomberg.

The report cites the data analytics firm to estimate that China’s “overall stockpiles are at 926.1 million barrels, up from 869 million barrels in mid-March — but still 6% lower than a record in September 2020.” And by way of comparison, “the US Strategic Petroleum Reserve has a capacity of 714 million barrels. It currently holds about 538 million barrels.”

Chart via Reuters

China remains the world’s single biggest buyer of Russian oil, with official Chinese government figures for 2021 showing it imported almost 1.6 million barrels per day of Russian crude that year.

But the immediate impact of Western punitive action targeting Moscow has seen more shipments sent to Asia. “China is now clearly buying more Ural cargoes. Ural exports to China have more than tripled. This is despite a weakening of Chinese imports,” said Homayoun Falakshahi, senior analyst at Kpler, as cited in Reuters

end

4/EUROPEAN AFFAIRS//UK AFFAIRS/

GERMANY

German Supreme Court Rules Compulsory Vax For Health Workers Constitutional

FRIDAY, MAY 20, 2022 – 04:15 AM

Three months after denying an injunction over a mandate requiring healthcare workers to present proof of full vaccination, Germany’s Supreme Court ruled that the mandate is constitutional.

On Thursday, Germany’s Federal Constitutional Court rejected complaints about compulsory vaccination for health workers, arguing that the need to ‘protect’ vulnerable populations in hospitals outweighs ‘my body, my choice’ arguments.

“In Germany, too, an average of 130 to 150 people are dying every day due to the pandemic,” Health Minister Karl Lauterbach told reporters in Berlin. “So the impression that the pandemic has been defeated is wrong.”

Lauterbach made the comments during a two-day summit with his G7 counterparts, where he said that “the state is obliged to protect vulnerable groups.”

Fully vaccinated US Health Secretary Xavier Becerra was due to attend the meeting in person, but came down with Covid-19 in Berlin on Wednesday, one day after meeting Lauterbach and other other prominent German figures, according to the Washington Post.

Nearly 76% of Germans have received two shots of Covid-19 vaccine so far, while nearly 60% have also received a booster shot.

END

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/FINLAND

First gas and now electricity

(zerohedge)

Russia Halts Finland’s Gas Supply Two Days After Applying To NATO

FRIDAY, MAY 20, 2022 – 08:42 AM

Precisely a week after Russia cut electricity supplies to Finland over non-payment (in rubles), Moscow has made its first explicitly retaliatory move over its Nordic neighbor’s application to NATO with an announcement to cut off natural gas.

Finland’s state-owned gas wholesaler Gasum has announced natural gas imports from Russia will stop Saturday, saying in a statement, “On the afternoon of Friday May 20, Gazprom Export informed Gasum that natural gas supplies to Finland under Gasum’s supply contract will be cut on Saturday May 21, 2022 at 07.00.”

Company CEO Mika Wiljanen stressed to the public it is adequately prepared “and provided that there will be no disruptions in the gas transmission network, we will be able to supply all our customers with gas in the coming months.”

“Gasum will supply natural gas to its customers from other sources through the Balticconnector pipeline. Gasum’s gas filling stations in the gas network area will continue in normal operation,” he said.

And Bloomberg confirms based on the statement, “In the meantime, supplies continue to flow into Finland via the Balticconnector pipeline from Estonia, but its capacity may not be enough to meet demand. That’s after a number of companies have already switched to other fuels or secured alternative supplies.” The report adds: “For the coming winter, the government on Friday agreed on renting a floating LNG terminal together with Estonia.”

While Gasum itself didn’t go into the reasons for the gas supply halt, it comes just two days after both Finland and Sweden submitted applications for NATO membership, which President Vladimir Putin subsequently called a problem. Kremlin statements earlier assured a coming “military and technical” response.

Like with last week’s Russian electricity cut-off, Helsinki has refused to acquiesce to Putin’s demand that Russia be paid in rubles amid ratcheting US and EU sanctions as punishment for the invasion of Ukraine. Poland and Bulgaria were previously the first to have their taps cut off.

As we previewed earlier, natural gas represents only 5% of Finland’s total energy consumption among diverse sources, though of that supply the country relies on 60%-70% coming from Russia, but is typically used by Finnish factories and less so for residential heating. Finland’s mains sources include oil, biomass and nuclear power.

Starting a week ago, Finnish national media first warned that Moscow was threatening to cut the country off from its gas supply. Citing unnamed sources at the time, Finland’s Iltalehti reported the warning was communicated from Kremlin officials to top Finnish politicians. This had been accompanied by a public foreign ministry statement saying, “Russia will be forced to take retaliatory steps, both of a military-technical and other nature, in order to stop the threats to its national security that arise in this regard.”

end

Stop The Denial: Ukraine Is A Proxy War That Will Lead To Wider World War

FRIDAY, MAY 20, 2022 – 12:00 AM

Authored by Brandon Smith via Alt-Market.us,

At the onset of the Russian incursion into Ukraine I argued in my article ‘Order Out Of Chaos: How The Ukraine Conflict Is Designed To Benefit Globalists‘ that US boots would be on the ground within a few months. I was wrong – As it turns out, US and European military boots were ALREADY on the ground. Ukraine was a proxy war from the very beginning.

But what is a proxy war, really? It means that Russian troops are fighting Ukrainian soldiers that are intermingled with western “advisors” and most likely US and European special forces, not to mention US intelligence operatives utilizing all the information gathering technology at the disposal of the Department of Defense. In other words, Russian soldiers are being killed by Western assets. Some pro-Ukraine people might ask why this is a problem?

To understand the gravity of this situation we have to first examine the historical significance.

The closest event in history that I could approximate Ukraine to is Vietnam, when communist elements within the country were receiving constant aid, weaponry and even some troops from China, along with monetary and technological aid from the Soviet Union. Vietnam was essentially a “safe” arena or cage match between the West and Communism; a place where the paradigm players could fight it out without risk of a larger nuclear exchange. The globalists could sit back, relax and watch the show while Americans sacrificed their lives over a conflict that did not need to exist.

Ukraine is similar, but the stakes this time are much higher. This is probably why the mainstream media and the White House have been in full denial that Ukraine is a proxy war at all, and have consistently downplayed the complex involvement of Western military assets. The fact is that Ukraine would have fallen completely by now had it not been for the fact that Russia is not really facing Ukraine; it is facing a proxy force of US and European support elements feeding intel, weaponry and likely direct kinetic support.

In my article ‘Ukraine Learns The Value Of An Armed Citizenry, But Far Too Late,’ published on March 2nd, I noted that the Ukrainian “militia” programs being instituted at the last minute while Russia troops swiftly marched across the Donbass were a side show. The media was acting as if citizens with no more than a couple of weeks of training were going to make some kind of difference in the war; this was nonsense. In my view, the insurgency narrative was meant as cover for well trained Western assets already in place with advanced anti-tank and anti-aircraft technology. As I stated in that article:

Today, as Russia invades, the Ukrainians don’t even have basic [defense] measures in place. Their ability to hold off the Russians at all is predicated on American missile systems like the Javelin which are being steadily funneled into the Ukrainian military.

Also, the methods which Ukrainian forces are using to ambush Russian armor columns are rather advanced and familiar. I suspect the possibility that there are outside military “advisers” (perhaps US advisers) on the ground right now in Ukraine. The advanced guerrilla-style ambush tactics and the results look similar to training that is often given to Green Berets or SAS. The UK did send anti-tank weapons along with a small group of “trainers” to Ukraine in January.

Maybe I am mistaken, but if this is the case it would be diplomatically disastrous if such adviser teams were ever discovered to be involved in the fighting…”

Not long after I wrote this, a stream of information leaks revealed that US and EU military involvement was far deeper than I had expected.

French journalist and Le Figaro senior international correspondent Georges Malbrunot came back from Ukraine with revelations that Americans are “directly in charge” of the war on the ground. He added that he and the volunteers he was with “almost got arrested” by the officials and that they were forced to sign a contract “until the end of the war” which denied then the right to tell the public about the circumstances they witnessed.

Citing a French intelligence source, Malbrunot also tweeted that British SAS units “have been present in Ukraine since the beginning of the war, as were the American Deltas.”

This was obvious from the advanced tactics being used by “Ukrainian” forces to stall the Russian advance, but the first hand accounts confirm the problem is real. The New York Times and other media outlets have been publishing rare admissions of US involvement in intelligence sharing with Ukrainians which have led directly to the deaths of multiple Russian generals as well as the destruction of major assets such as troop transport planes and the Russian flagship Moskva.

In the meantime, Pentagon officials and Joe Biden have incessantly denied that Ukraine is a “proxy war.” If it’s not a proxy war, then I don’t know what is. Without US, UK and EU involvement, there is NO WAR. It would already be over and Ukraine would have surrendered weeks ago.

People can argue whether or not this is a good thing or a bad thing. As I have mentioned in multiple articles, I have no feelings either way because the entire event appears to be a distraction from the much more important threat of global economic decline and the inflationary crisis. The thing to remember here is that this is indeed a proxy war and that the very presence of American and European military assets on the ground in Ukraine could be used as a rationale by Russia to expand their operations far beyond the Donbass region.

Not only that, but it also justifies wider tactics that directly target the US and Europe. For example, a proxy war allows Russia to reasonably argue in favor of completely cutting off the EU from oil and natural gas resources, which Europe relies on for around 40% of its energy needs. It justifies Russian economic strategies including alliances with China to cut out the US dollar as the world reserve currency. And, I continue to expect cyberwarfare attacks sometime this year as a result of the Ukraine situation. At the very least, such attacks will be blamed on Russia and China whether or not they are actually responsible.

Does the presence of US and European troops in Ukraine mean a global nuclear war is imminent? It;s unlikely. Just as Vietnam did not lead to a nuclear war between Russia, China and the US despite the NVC receiving steady supplies and training from Soviet and Chinese forces, there is minimal chance that global nuclear war will erupt from the Ukraine. Mutual destruction does not serve the interests of the globalists, at least not if they hope to predict the outcome in the slightest.

That said, I would not be surprised to see at least one mushroom cloud somewhere in the world this decade within a regional conflict. Also, world war does not have to become nuclear to be disastrous.

Sadly, because of Hollywood movies a large number of people have misguided notions of what World War III might actually look like. Entertainment media always depict WWIII as happening in a flash, an instant in which missiles are launched and a broken civilization of survivors is left to pick up the pieces. What they never show is a long grinding war of financial attrition, supply chain disruptions, cyber attacks, and drawn out regional battles in which Americans are shipped overseas to die for no purpose other than to pretend that these territorial disputes are somehow “our responsibility.”

What I see in Ukraine is the beginnings of a war unlike any other; a war in which the weapons are primarily indirect and financial rather than kinetic. Because of global interdependency in trade many Western nations have been left utterly defenseless in this kind of conflict. We don’t have the ability to fight back because our economic systems are built around a model that demands we abandon domestic production and rely on the resources and industry of other nations.

This is never more true than in our relationship with China, which controls around 20% of all export goods into the US. China has closely allied with Russia. This is not going to change because they know that there is nothing the West can do to about it; there is far too much economic leverage involved. Furthermore, the events in Ukraine are probably a precursor to China’s own invasion of Taiwan.

If this is the plan, then China would have to wait for optimal weather conditions after the monsoon season, sometime in September. This would start with missile bombardment and infrastructure attacks, followed by an amphibious assault sometime in early October.

The proxy war in Ukraine is a key moment in history going forward (along with the potential invasion of Taiwan), because it offers global power interests with dreams of a “Great Reset” the ability to offload the worldwide economic crisis they created years ago onto the “tides of fate.” They can say that the collapse only happened because of the hubris of sovereign nations and “meaningless borders.” If the US and Europe are directly involved in the killing of Russian troops, and this is widely exposed, then the Russian side of the narrative become clarified and the Western side becomes muddled. Direct Russian retribution becomes logical and rational rather than the crazed reaction of a nation led by a madman as the mainstream media claims.

Both sides of the Kabuki theater have to feel as though they are justified in escalating a small war into a world war. That is how this has always worked. When the working class population gets a little too unruly and the threat of rebellion against the establishment is at hand, the elites start a war. It’s like clockwork. This tactic weakens the general population, wears down the number of fighting age men that might have otherwise presented a threat to the ruling class and creates enough fear and panic to convince the public to trade away more of their freedoms.

The wild card right now is the US and European populations, and to some extent the Russian citizenry, and how they respond. The old joke is “What if they held a war and nobody showed up to fight?” This is a potential reality right now as it is in the hands of the public how far the Ukraine issue goes. Are most Americans and Europeans willing to send their sons and in some cases daughters to fight and die over the Donbass? Are Russian citizens willing to fight and die beyond the borders of Ukraine?

A lot of people are engaging in big talk lately, but is this really the hill they are ready to die on? I think not. Why? Because deep down most people know that this war is a farce, a play on the global chess board by elitists with nefarious aspirations. They know that the reasons for the war are not pure, on either side. They virtue signal in favor of Ukraine, but they will never be willing to go and risk their lives for Ukrainian soil. Nor are they willing to risk a family member’s life for Ukraine.

I suspect that the globalists know this by now, as the narrative has been shifting away from trying to convince Americans that open military involvement is needed. They will switch to the economic side of the conflict in the hopes that fiscal disaster will fog the minds of the public and make them more willing to support wider war tomorrow.

end

From Robert H



This is reality in the Donbas quite contrary to what the lying cartoon character called Zelensky says for his handlers. He is a selfish traitor to Ukrainians and the Ukraine having sold out for money. He will soon see how Ukrainians deal with folks like him if he does not run away to England or Florida with his ill gotten gains. What is of interest is why he has British and American status at all? Perhaps, it is because in reality we have been watching a proxy war all along with much more reveals to come in the future. It is well acknowledged the Brits had 2 naval facilities being built blown away day 1 in this so called policing action with stand off missiles. One supposes that none of this matters as the reality will be decided as it is on the ground where men fight and die and where it is clear by techniques deployed who is training who. 

Over time, I have often written about the Absolute futility of a direct confrontation with Russia. For better or for worse, Russia today is unparalleled and unequaled in its missile defense systems and anyone attempting a direct confrontation needs to accept real hurt. 

Let’s touch on this remotely discussed fact: there are ONLY two countries which have a state-of-the-art ISR complex, from satellites in space to massive optronic and signal intel. Right now it is US and Russia.  China is trying but it is not there yet and will not be for some time. Modern Russian ISR is cutting edge and I written on the issues of such things as legacy MKRTz Legenda or newest Liana, but those two are just a few tools in the vast arsenal of Russian recon and targeting complex–NO other nation with the exception of the US has anything comparable. And even the US does not have the hypersonic missiles Russia has. Yes, i know that people question the value of using hyper sonic missiles to take  out buildings and the like. However, please appreciate you are seeing the first generation missiles being used. No this is not a typo. The 2nd generation hypersonic missiles are already in serial production reportedly with speeds of Mach 10. I personally do not see the difference as both are unstoppable, however speed allows more rapid coordination on a battlefield and a theater war forcing real time reactions by all participants where delay hurts and kills. So yes, on a integrated coordinated battlefield seconds and minutes do matter. 

Russian forces are completely integrated in the art of a ISR complex of warfare having trained extensively. Remember that the Russian and LDNR forces were vastly out numbered like 3 to 1 and not the other way around. And no matter how many foreign special forces are put into Ukraine you cannot integrate at a combat level because the tools do not exist for Ukrainians. They like are used by the foreign boots on the ground to ambush and the like but are pointless in direct contact because there is no integration and the Russian control the skies. I have repeatedly written that the real technology battle tested in Syria and improved or discarded was not used before. However what you will see in the pictures is some of the higher technology being now used for combat training experience. Hence the futility of dying Ukrainians and a corrupt leadership willing to sacrifice the last Ukrainian for profit, and foreign meddlers with no better or higher purpose. You would think we could learn something from history to become more intelligent and purposeful to our fellow man become a brother’s brother instead of a brother’s keeper using the blood of innocent people to further agendas. And with the mess countries have domestically, one would think looking after one’s own citizens might trump foreign costly escapades. Because every dollar spent abroad is one dollar not spent domestically. 

While i am not a fan of what is happening when other options existed the sooner this carnage is over and a new relationship occurs the better off the world will be as will the Ukrainians who have been thrown back many decades in development and are reduced to being a rural farming area much like the Canadian prairie provinces of Saskatchewan and Manitoba. And one should not rule out what will be left in times ahead of the Ukraine maybe broken up into smaller pieces as many eager fingers reach forward. And for expectations of great crop yields, i suggest that one counts no more than 30% of last years’ yield this year and it doubtful that the 20 million tons of wheat will leave the Ukraine because Ukrainians will need it to feed themselves or face hunger. Russia will see to it that that grain does not leave by sea so what is smuggled out and sold will be by rail should it be allowed. I suspect if this happens in any great quantity, hypersonic missiles will come calling. 

As i wrote the other day the narrative is shifting to the Pacific and China, so watch for the news shift as this Ukrainian fiasco fades away. 

end

RUSSIA/ROUBLE

hits 7 yr high//good for gold!

Ruble Hits 7-Year High As Gas Buyers Bow To Putin’s Payment Mandate

FRIDAY, MAY 20, 2022 – 10:52 AM

On Friday the ruble surged to the highest level in seven years against the euro, thanks in large part to the Putin-ordered mandatory conversion of foreign currency by export-focused companies, also as China and India (and much of Europe) are still buying Russia’s energy and agricultural products… despite the loud the threats coming from Washington, which have lately included a potential move to block Russian sovereign debt payments.

At this point the Russian currency is about 20% stronger than pre-invasion, as the war grinds on into its fourth month. Jumping as much as 9% against the Euro, the ruble last hit this level in June 2015…

And the Ruble is at its strongest against the dollar since 2018…

Aiding the surge, there’s further been weak demand for dollars and euros given restrictions on cross-border transactions, and as an increasingly isolated Russia sees slowed imports.

While it’s unclear which companies or countries are consenting to the Putin-ordered ruble payment mechanism, it’s clear the Russian leader’s gambit is working, as Bloomberg reviews:

Under the new mechanism, importers of Russian pipeline gas must open two accounts at Gazprombank to handle payments for the fuel. Around half of Gazprom’s more than 50 foreign clients have already opened such accounts, Deputy Prime Minister Alexander Novak said earlier this week. 

Finland has become the latest alongside Poland and Bulgaria last month being cut off from Russian gas supplies (Finland confirmed its taps will be cut Saturday, though much less reliant on gas among its diverse resources).

Novak further confirmed that a number of “major clients” have either already paid using the mechanism are are willing to pay on time to avoid cutoff.

One Russian stock market analysts was cited by Bloomberg as saying, “Pressure on the dollar and euro will increase as more buyers of gas open special accounts.” Further according to Freedom Finance LLC’s George Vaschenko: “There won’t be pressure every day — and the currency could fall back into the range of 59-60 rubles — but there will be fresh waves of strengthening for sure.”

So much for President Biden’s “rubble” narrative of a mere weeks ago…

end

IRAN/FOOD RATIONING

Watch: Iran Rolls Out Digital Food-Rationing

FRIDAY, MAY 20, 2022 – 03:30 AM

Via Off-Guardian.org,

Iran is set to be the first country to roll out a food-rationing scheme based on new biometric IDs.

Where vaccine passports failed, food passports will now be eagerly accepted by hungry people who can’t afford rapidly inflating food prices.

This is the realization of a longstanding agenda by the Rockefeller/UN/WEF crowd to, as Kissinger put it, “control food, and control people.”

Christian breaks it down in this Ice Age Farmer broadcast…

 END

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Biden Seeks New Unilateral Powers For WHO Chief To Declare Public Health Emergencies

D EADLY!!

FRIDAY, MAY 20, 2022 – 05:00 AM

Authored by Mark Tapscott via The Epoch Times,

President Joe Biden’s administration is pushing amendments to the World Health Organization’s (WHO) governing regulations to give Director-General Tedros Adhanom Ghebreyesus unilateral authority to declare a public health emergency in any nation based on whatever evidence he chooses.

The proposed U.S. amendments were forwarded to the WHO in January for consideration next week by the UN’s 75th World Health Assembly in Geneva, Switzerland.

In a Jan. 26 letter to a virtual meeting of WHO’s executive board, Loyce Pace, Assistant Secretary for Global Affairs of the U.S. Department of Health and Human Services (HHS) described “the importance of equity and equitable access to medical countermeasures and the negative impacts of misinformation and disinformation related to the pandemic. We agree that we must all do better.

“The United States led an inclusive and transparent process to develop this decision, as we are mindful that updating and modernizing the IHR [International Health Regulations] are critical to ensuring the world is better prepared for and can respond to, the next pandemic.”

Among the proposed U.S. amendments, one removes an existing requirement in Section 9 that WHO “consult with and seek to obtain verification” from officials in a nation in which a health crisis is suspected before making any public declarations. The same amendment provides that “WHO may take into account reports from sources other than notifications or consultations” from the nation with the suspected problem.

A proposed change to Section 5 would direct WHO to establish “early warning criteria for assessing and progressively updating the national, regional, or global risk posed by an event of unknown causes or sources.”

A proposed amendment to Section 10 requires that the WHO, in the event the nation with the suspected problem doesn’t cooperate within 48 hours, shall “when justified by the magnitude of the public health risk, immediately share with other [nations] the information available to it.”

Nowhere do the amendments or accompanying documents explain how or why U.S. public health officials believe the equity issue in health care would be addressed by giving Tedros the authority to declare a public health emergency on the basis of information provided by a source other than the affected nation.

A search of the White House Press Office website found only one veiled reference to the WHO amendments. That reference was in a Feb. 2 Fact Sheet issued by the White House saying the U.S. “will continue to advance health security and pandemic preparedness abroad, including through strengthening WHO, working with partners towards targeted IHR amendments.”

The proposed amendment Section 5 of the WHO regulations also appears to parallel the Biden administration’s reference in a fact sheet on its proposed 2023 federal budget that was issued in April.

That reference commits the Biden administration to support “global threat detection innovations through a globally connected network of public health surveillance systems that optimizes disease prevention and health promotion as we strengthen surveillance initiatives to provide necessary actionable data before, during, and after a pandemic.”

“The budget includes $2.47 billion in mandatory funding for CDC to include enhancements to domestic sentinel surveillance programs, expansion of domestic and global wastewater surveillance, and investments in global genomic surveillance approaches, as well as global respiratory disease surveillance platforms,” the fact sheet states.

Respiratory surveillance platforms include video cameras and recorders that alert authorities when members of the public are seen coughing or otherwise acting in a manner that could indicate the presence of an infectious disease or help spread one already present in a population. Such equipment is widely used in China.

The Biden WHO amendments are the latest step in the current president’s efforts to reintegrate the U.S. with WHO after his predecessor, President Donald Trump, slashed U.S. funding to the international health organization and then gave notice of U.S. withdrawal.

One of Biden’s first acts as president was to withdraw Trump’s withdrawal notice and to restore U.S. funding, which accounts for half of WHO’s budget. Trump’s dissatisfaction with WHO stemmed from what he saw as the international health organization’s excessive deference to China regarding the origin of the CCP virus, which causes COVID-19.

A White House spokesman didn’t respond to The Epoch Times’ request for information on the amendments and the administration’s rationale for the proposals. An HHS spokesman also didn’t respond to The Epoch Times’ request for comment.

Critics of the amendments such as Dr. Peter Breggin, however, have not been reluctant to comment on the proposed amendments.

“The amendments would give WHO the right to take important steps to collaborate with other nations and other organizations worldwide to deal with any nation’s alleged health crisis, even against its stated wishes,” Breggin said in a May 4 post under a byline shared with his wife, Ginger Ross Breggin.

“The power to declare health emergencies is a potential tool to shame, intimidate, and dominate nations. It can be used to justify ostracism and economic or financial actions against the targeted nation by other nations aligned with WHO or who wish to harm and control the accused nation,” Breggin wrote.

Peter Breggin is a Harvard-trained psychiatrist, former U.S. Public Health Service officer, and former National Institute on Mental Health (NIMH) consultant. Ginger Ross Breggin is a journalist, author, and medical reform advocate.

Travis Weber, vice president for policy and government affairs at the Washington, D.C.-based Family Research Council, told The Epoch Times that “the American people need to express concern with the White House, especially as our president representing us on the world stage—we need an explanation of what you are doing here and why.”

Weber said Biden administration officials have “not really talked about this, so we need reporters to ask them at a press conference what are they proposing and really get them to explain it. People can express their concern about that to the White House and express concern to their members of Congress, and we need Members of Congress to challenge the administration to explain themselves. Part one of this is: ‘What is going on, what are you proposing, and why.’”

Similarly, Mat Staver, founder and chairman of the Florida-based Liberty Counsel public interest law firm, told The Epoch Times that if the U.S. decided not to cooperate with WHO on a possible health emergency, and “say you had Trump back in office who wants to pull out, or you have somebody else who doesn’t want to deal with WHO, they could bring it before the International Court at the Hague for fines or some other form of restriction. They could coordinate with their other member nations to take actions with regards to supplies, sharing data or other documentation for trade, and who knows what the consequences of that would be.”

Liberty Counsel also pointed out in a statement on May 12 that a UN report claimed in May 2021 that the pandemic would have been avoided had the international health organization had greater authority.

That report also recommended that WHO be given “an adaptable incentive regime, [including] sanctions such as public reprimands, economic sanctions, or denial of benefits” to nations that don’t cooperate with it.

END

How Has Monkeypox Suddenly Spread All Over The Globe At Lightning Speed?

FRIDAY, MAY 20, 2022 – 09:15 AM

Authored by Michael Snyder via TheMostImportantNews.com,

What in the world is going on?  In the past, we were told that monkeypox was not a major concern because it was so difficult to spread it from person to person. 

But now monkeypox seems to be spreading like wildfire.  On May 7th, the very first case in the western world in 2022 was confirmed in the United Kingdom.  Now here we are less than two weeks later and there are now dozens of confirmed and suspected cases in eight different countries outside of Africa.  

Yesterday, I discussed the cases that have popped up in SpainPortugal and the United States.  Now there are three more nations that are reporting confirmed or suspected cases, and that should greatly alarm all of us.

The confirmed case in Massachusetts involves a man that had recently traveled to Canada, and so it was suspected that there were additional cases among the Canadians. 

Earlier today, we learned that “thirteen probable cases are being investigated in Canada, and the test results for those thirteen “probable cases” should be released soon.

Meanwhile, a case has been confirmed all the way up in Sweden

‘One person in the Stockholm region has been confirmed to be infected with monkeypox,’ Sweden’s Public Health Agency said in a statement.

The infected person ‘is not seriously ill, but has been given care,’ according to the agency.

And it appears that there could be multiple cases in Italy

Italy’s patient was holidaying in the Canary Islands and is now in isolation at the Spallanzani hospital in Rome, the hospital said.

Another two other suspected cases are being monitored, it added.

The first case of monkeypox in Australia has been confirmed in the state of Victoria from a man in his 30s who recently returned from the United Kingdom.

“There are few close contacts that have been identified, obviously the GP is one of them,” Victoria Chief Health Officer (CHO) Brett Sutton told reporters on Friday, referring to the general practitioner who referred the man for testing.

This was never supposed to happen.

Even though monkeypox is a relatively new disease, cases were always extremely rare, and a global outbreak was always considered to be extremely unlikely because it was so hard to spread monkeypox.

Has something changed?

A prominent infectious disease expert at Johns Hopkins University is telling us that this virus “is spreading via physical touch”, and that it can spread “through respiratory droplets” under certain circumstances

Dr Amesh Adalja, an infectious disease expert at Johns Hopkins University in Baltimore, Maryland, also told DailyMail.com that the virus is spreading via physical touch – and that it only spreads through respiratory droplets in the air in people that are already exhibiting symptoms.

That is extremely alarming to hear.

But before we jump to conclusions, it is important to note that we still really don’t know too much about this virus.  It hasn’t been around for that long, and scientists have long warned that it could potentially mutate into a more transmissible form

For decades, a few scientists have voiced concerns that the monkeypox virus could have become better at infecting people—ironically because we eradicated its relative, smallpox, in the late 1970s. The smallpox vaccine incidentally protected against monkeypox. And when new generations were born into a world without either smallpox or smallpox-vaccination campaigns, they grew up vulnerable to monkeypox. In the Democratic Republic of Congo, this dwindling immunity meant that monkeypox infections increased 20-fold in the three decades after smallpox vanished, as Rimoin showed in 2010. That gives the virus more chances to evolve into a more transmissible pathogen in humans. To date, its R0—the average number of people who catch the disease from one infected person—has been less than 1, which means that outbreaks naturally peter out. But it could eventually evolve above that threshold, and cause more protracted epidemics, as Bergstrom simulated in 2003. “We saw monkeypox as a ticking time bomb,” he told me.

Hopefully those that are investigating this new outbreak will soon be able to tell us whether the virus has mutated or not.

Meanwhile, authorities are claiming that it seems to be particularly spreading among men that have sex with other men.  The following comes from CNN

Both in the United Kingdom and Canada, health authorities have noted that many of the monkeypox cases were identified in men who have sex with men — but the virus is not typically described as a sexually transmitted infection and investigations into these recent cases continue.

If this new outbreak continues to grow, it will only be a matter of time before people start clamoring for vaccines.  Health officials say that the existing smallpox vaccine should offer at least some protection against monkeypox, and they are already considering giving it to certain groups

CDC officials are evaluating whether smallpox vaccine should be offered to healthcare workers treating monkeypox patients and other people who may be at “high risk” for exposure to monkeypox, McQuiston said.

“It’s definitely something that we’re discussing and evaluating, whether offering smallpox vaccine makes sense in the current setting,” she said.

“We’ll be closer to making recommendations for that in the next day or so.”

And it is being reported that there are enough doses of the smallpox vaccine “to vaccinate basically everyone in the U.S.”

And as another bioterrorism precaution, stockpiles of three smallpox vaccines are large enough “to vaccinate basically everyone in the U.S.” Inglesby said. And though monkeypox patients usually get just supportive care, a possible treatment does exist and has also been stockpiled: Tecovirimat, or TPOXX, was developed to treat smallpox but would likely work for monkeypox too.

Hopefully we never get to a point where officials feel like a full-blown vaccination campaign is needed.  After what we have been through with COVID, nobody wants to see that.

Apparently a monkeypox vaccine already exists as well, and the New York Post is reporting that the U.S. has just ordered “13 million additional doses”

The US has ordered 13 million additional doses of the monkeypox vaccine after a Massachusetts man contracted the rare — but potentially severe — virus, officials said Thursday.

The massive $119 million order of Jynneos jabs — which can be used to treat both the monkeypox virus and smallpox — was created by the biotechnology company Bavarian Nordic, according to Newsweek.

Authorities in the western world are certainly acting as if this is going to turn into something big.

Time will tell whether that turns out to be true or not.

But without a doubt, I believe that we have entered a time in history when there will regularly be great pestilences.

In secret labs all over the globe, mad scientists are feverishly trying to make the deadliest diseases on the planet even deadlier.

I could not possibly overstate the foolishness of conducting such “research”, but no matter how much we object they are just going to continue their work.

Over time, it is inevitable that at least some of their creations will get loose, and vast numbers of people could end up dead as a result.

END

He might need more than this:

(zerohedge)

Biden Admin Places $119 Million Order For Monkeypox Vaccines As Virus Hits US

FRIDAY, MAY 20, 2022 – 03:40 PM

Authored by Mimi Ngyuen Ly via The Epoch Times (emphasis ours),

The Biden administration has placed an order for millions of doses of a vaccine intended to protect against smallpox and monkeypox, after the first case of monkeypox in the United States this year was confirmed in Massachusetts on May 18.

Monkeypox, a viral disease typically limited to Africa, has been reported in several countries with more than 25 confirmed cases since the beginning of May.

Denmark-based biotech group Bavarian Nordic announced the order on May 18, which prompts the company to convert its bulk liquid smallpox vaccine into freeze-dried versions, which have an improved shelf life. The bulk vaccine has already been manufactured and invoiced under previous contracts with the U.S. government, the Bavarian Nordic stated. The vaccine is approved under the name “JYNNEOS” in the United States.

The order represents $119 million worth of the Jynneos vaccines, which would be manufactured and invoiced in 2023 and 2024.

Under the contract, the Biden administration has the option to place another order worth $180 million. That would allow for about 13 million freeze-dried doses of the Jynneos smallpox vaccine to be manufactured by around 2024 and 2025. The majority of the bulk vaccine for those doses has already been manufactured and invoiced, according to the company.

Bavarian Nordic later announced on May 19 it will supply “an undisclosed European country” with its smallpox vaccine. It is approved under the name “IMVANEX” in Europe for smallpox, but has been previously given off-label for monkeypox, the company said.

The U.S. Food and Drug Administration (FDA) approved the company’s Jynneos vaccine in September 2019 for the prevention of smallpox and monkeypox disease in people aged 18 and over. The vaccine would be “available for those determined to be at high risk of either smallpox or monkeypox infection.”

The FDA stated at the time, “This is the only currently FDA-approved vaccine for the prevention of monkeypox disease.

Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, said at the time that “the intentional release” of smallpox, a highly contagious virus, “could have a devastating effect.”

Bavarian Nordic President and CEO Paul Chaplin called the current monkeypox situation in Europe one that “calls for a rapid and coordinated approach by the health authorities,” adding that the company is “pleased to assist in this emergency situation.”

The National Institute of Allergy and Infectious Diseases (NIAID) back in 2004 had given Barvarian Nordic a $100 million contract for research on a smallpox vaccine, as part of Project BioShield, a government initiative to incentivize private companies to develop vaccines and other countermeasures to deal with chemical, biological, radiological, and nuclear threats.

Growing Cases of Monkeypox

According to the Centers for Disease Control and Prevention, monkeypox in humans shows symptoms similar to smallpox, but milder. Those infected may have fever, headache, muscle aches, and exhaustion, as well as skin lesions that can last up to a month.

After fever onset, patients can also develop a rash that often starts on the face and spreads to other parts of the body. Monkeypox causes lymph nodes to swell while smallpox does not, the CDC states on its website.

Authorities in multiple countries have reported that the vast majority of cases involve men who have sex with other men, but have not yet confirmed how people have been infected. The World Health Organization says monkeypox “can be transmitted by droplet exposure via exhaled large droplets and by contact with infected skin lesions or contaminated materials.”

On May 7th, the very first case in the western world in 2022 was confirmed in the United Kingdom. 

Now here we are less than two weeks later and there are now dozens of confirmed and suspected cases in twelve different countries outside of Africa.  

Paul Alexander….


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\Alexander
Aggregated COVID and non-COVID news Watch, May 19th 2022; “Taking back our rights, freedoms, & liberties, USA” (TBORFAL)Dr. Paul Alexander
May 19HOT TOPICS (brought up top as MUST READS or LISTENS):

1)Gates, Fauci Funded Experiments on Bird Flu — Will It Be the Next Pandemic?2)Elon Musk says he’ll vote Republican, bashes Democrats3)Wearing masks leads to breathing in dangerous levels of carbon dioxide, study finds4)Manchin gives Democrats a reality check on gun control5)‘Yes,’ Men Can Become Pregnant and Have Abortions, Abortion Activist Testifies in House Hearing6)Top Biden health officials sound warning on rising covid infections7)More Subprime Borrowers Are Missing Loan Payments8)America’s COVID apathy stress test9)U.S. may be barreling toward recession in next year, more experts say10)US Confirms Monkeypox Virus In Massachusetts After UK, Spain, Portugal Cases In MenMUST KNOWs PRIORITY 1 news (COVID and non-COVID related):1)Biden invokes Defense Production Act to boost baby formula manufacturing to ease shortage2)BREAKING: FDA Authorizes Pfizer Booster Shot for Children Ages 5 to 11 Years Old3)Court date set for lawsuit against Trudeau gov’t vaccine travel mandate4)“They Shut Us Down”: Michigan Businesses Sue Whitmer For Losses Due To COVID Lockdowns5)Unsuccessful constitutional complaint against the obligation to provide evidence of a vaccination against COVID-19 (so-called “facility and company-related obligation to provide evidence”)6)China Warns US a ‘Dangerous Situation’ Forming Over Taiwan7)Are you even looking Joe? Two young children in Memphis are hospitalized after needing IV fluids and nutritional support due to baby formula shortage8)School exposure policies keep healthy children away from in-person learning9)It’s Déjà Vu All Over Again: Is the Uniparty Stealing PA GOP Primary from Dr. Oz? – They’re Delaying Results in Allegheny County -Third World Tactic10)Erdogan To Sweden: Don’t Expect Us To Approve NATO Bid Without First Returning ‘Terrorists’PRIORITY 2 news (COVID and non- COVID related):1)March 2021 Amish community may have reached COVID ‘herd immunity,’ health official says2)EXCLUSIVE: Cobalt-60 dirty bombs combined with mRNA vaccine suppression of chromosomal repair mechanism could unleash CANCER DEATH WAVE across America and vaccine-compliant nations3)As Russia’s Invasion of Ukraine Stalls, Critical Voices Emerge in Moscow4)George W. Bush called Iraq war ‘unjustified and brutal.’ He meant Ukraine.5)Eighth graders using the wrong pronouns is now considered sexual harassment6) NATIONAL CATASTOPHE — IGNORED BY MEDIA: 10 Straight Days of New All-Time Highs in Gas Prices Under Joe Biden — Up 20 Cents in 10 Days7)The Scene from Philadelphia – While Our Leaders Send Billions to Ukraine (VIDEO)8)What COVID Jabs Are Doing to the Immune System and How the Injured Can HealPRIORITY 3 News (COVID and non- COVID related):1)Homeland Security ‘pauses’ disinformation board three weeks after creating itPRIORITY 4 News (COVID and non- COVID related):1)Gov. Kathy Hochul Announces Gun Control Executive Order in the Wake of Buffalo Shooting – Declares ‘Domestic Terrorism’ as Public Enemy No. 12)“Reprehensible and Reckless:” Noted Cardiologist Blasts the FDA For Downplaying Vaccine-Induced Myocarditis and Approving Experimental Jab For Children – Says An “Extraordinary Number” of Young People Will End Up With “PERMANENT Heart Damage”

GLOBAL ISSUES/SUPPLY CHAINS

Supply chains are never returning to normal

(Freightwaves)

Supply Chains Are Never Returning To “Normal”

FRIDAY, MAY 20, 2022 – 07:32 AM

By Craig Fuller, CEO at FreightWaves

The conventional wisdom at this time is that most of the world has moved on from the pandemic (except for China); therefore, supply chains will return to “normal.” Unfortunately, this is not the case. The world has permanently changed and supply chains are going to face continuing challenges for decades to come. Among those challenges are:

  • Supply chains will remain under constant threat of disruption for the next decade 
  • Supply chains operate best when the world is peaceful and stable 
  • A smoothly running supply chain requires “buffer stock,” which is challenging with declining population demographics 
  • There is a conflict between environmental, social and governance (ESG) goals and supply chains optimized for cost and speed. If we prioritize ESG, we will need to contend with supply chain risks 
  • Supply chain technology will become the big venture capital category winner as companies continue to make investments in technologies that can help them mitigate their supply chain challenges 

In a world faced with the prospect of tightening supplies, higher energy costs, heightened geopolitical risk, and strained transportation networks, advanced supply chain technologies will become mission-critical for many more companies.

Supply chains benefit from times of peace

Anyone that has been a part of the supply chain industry can attest to the fact that supply chains have always been subject to disruptions. Natural disasters, terrorism, economic cycles, and capacity shortages have created challenges since the beginning of trade.

Since the end of the Cold War, global supply chains have benefited from peaceful trade between developed and developing countries. Many poorer and less developed countries that were previously ruled by Communist or autocratic regimes took advantage of new markets in the developed world and used global trade to move beyond subsistence economies to prosperous ones. Some of these countries developed into capitalistic and democratic countries, while other governments exploited the free market system to solely benefit those already in power, and became wealthy and powerful enough to threaten the very system that enabled their ascension. 

The Eastern European countries that were formerly part of the Soviet bloc are examples of the countries that embraced capitalism and shifted toward democracy, while China did the opposite.

Labor is key in supply chains

The arbitrage between the developed and developing countries has been massive. The cost of producing goods in countries with cheap labor, lax environmental and labor regulations, and little regard for sustainable natural resources has enabled the world to enjoy unprecedented prosperity and peace.

Because the goods produced in these parts of the world were so cheap, it made sense that they would be produced in excess. This buffer stock kept inflation in check and provided supply chains with ample supplies that could fend off short-term fluctuations and disruptions. Think about how the cost of televisions and computing hardware has fallen over the past few decades, and how auto prices haven’t risen as significantly as the many improvements in product features and quality were made.

This all happened at a time when the United States was the only superpower and the only expectation that the U.S. had of other nations is that trade should be unobstructed. 

Cheap labor is becoming scarcer, particularly in Asia. This is largely due to aging populations – the average age continues to increase and there are fewer people to work in these manufacturing jobs.

ESG requirements hamper the stability of supply chains

Companies have instituted ESG requirements that require disclosures and monitoring of how and where products have been sourced. This pressure means that goods that are produced in factories that don’t match Western standards for environmental controls and human rights may not be available to Western consumers. The factories that do produce goods that match Western standards will often be more expensive and therefore there will be less buffer stock in the system.  

The same ESG standards also create challenges for commodity producers, as the cost of adhering to environmental and social disclosures makes it more expensive and less productive. It also discourages investment in the production of environmentally sensitive commodities – most obviously in energy. 

Environmental concerns and regulations that have prevented exploration and production and killed pipeline projects are largely the reason that the world currently lacks sufficient energy resources to buffer against the consequences of the Russia-Ukraine war. 

n the previous three decades, supply chains have operated relatively smoothly because companies could source from around the world and not have to worry about global military conflict or autocratic regimes shutting down manufacturing. While international trade regulations were complicated to navigate, the world overall was trending toward larger, more open trading blocs – not just in North America, but in Europe and Asia as well.

As the United States has become more insular and has pulled back from being the world’s policeman, and China has started to flex its muscles and create a global competitor to the United States, the world has become far more unstable and less peaceful. This global friction is unlikely to go away. China desires to take Taiwan as its own, risking sending the world into a geopolitical crisis that is more dangerous than at any point since World War II. 

Buffer stocks of products are far less likely in the future, as the cost of producing those items continues to rise. Cheap labor, offered by large populations of young people, is largely a thing of the past. This will make it more expensive for companies to produce buffer stock and far less likely that supply chains will enjoy the ability to absorb short-term shocks that are inherent to complex global networks.

Supply chain technology will be the big winner 

Companies will look closer to home for product sourcing. They will prioritize production in countries that are far more stable and friendly to the United States. The Freedom Trade movement will drive supply chain professionals to prioritize production and sourcing in the Americas. 

Latin America will become a big winner, as it benefits greatly from having direct land transportation networks with North America and seas that are well protected by the U.S. Navy. 

The American South and Midwest will also see an acceleration in manufacturing and production, as they can offer predictable and resilient sourcing, without the geopolitical risks of foreign suppliers or the labor unions of the Rust Belt.

Automation, including robotics, will become more important. Nearshoring manufacturers will try to offset higher production costs with robotics and other automated production systems.

Supply chain market intelligence systems, a data category that monitors developments around supply and demand, will be critical for supply chain professionals who are trying to navigate increasingly complex and opaque markets. Materials and product supplies are no longer guaranteed, so the need for constantly refreshed data models that track the balance of supply and demand will be critical to the success of companies. 

FreightWaves SONAR provides near real-time market intelligence information, which has seen explosive growth in recent months as shippers have realized that supply chains are not returning to normal and the need for high-frequency data is increasingly critical for success. Historical models no longer work – as the world becomes far less predictable, peaceful, and safe – and supply chains are far more exposed to supply and demand shocks. 

end

VACCINE IMPACT

Merck Pushes Deadly Gardasil Vaccine on 9-Year-Olds to Increase Sales – Vaccine Known for Causing Infertility

May 19, 2022 3:52 pm

After slumping sales of their blockbuster HPV vaccine, Gardasil, during the COVID-19 plandemic, sales are now rebounding again, and Merck has now started a new ad campaign targeting 9-year-old children to increase sales of their deadly vaccine that has killed and injured so many young people over the years. One of the most devastating side effects of the Gardasil vaccine is premature menopause in young girls, making them infertile and unable to have children. Since Gardasil was approved by the FDA, there have been 70,854 cases filed in VAERS (Vaccine Adverse Events Reporting System) resulting in 605 deaths, and 3,411 permanent disabilities. This probably represents about 1% of the actual cases. Almost 50% of those cases (33,997 cases) were reported in children under the age of 17, in the 6-17 years old age group. When we break it down even further, it is easy to see why Merck is targeting 9-year-olds, the youngest age the vaccine is approved for, as 33,594 of the 33,997 cases for this age group are between the ages of 10 and 17. So this is purely a marketing strategy to grow their market by targeting the least vaccinated, the 9-year-olds, for a virus that is only transmitted among those sexually active. Prior to COVID-19 being forced upon the world to justify the COVID-19 vaccines, many doctors stated that Gardasil was the greatest medical scandal of all time, and there is no evidence whatsoever that a vaccine that targets an alleged “virus” can stop cancer. This negative information about Gardasil has been known for years, but the official position of the corporate-run media and Big Pharma is that this is “fake news,” and all the doctors, and all the scientists who have spoken out against this vaccine have been censored by them, or they have been labeled “quacks” if their voices became too popular to suppress. For the new class of superstar medical doctors who are pro-vaccine but oppose the COVID-19 killer shots, I wonder what their stance is on Gardasil, which has been destroying the lives of our young people in the U.S. for over a decade now.

Read More…


END

Michael Every//

Rabobank: We Are In An Undeclared Global Economic War, And Worldwide Famine Is Coming

Tyler Durden's Photo

BY TYLER DURDEN

FRIDAY, MAY 20, 2022 – 03:00 PM

By Michael Every of Rabobank

How Dare You

Markets whipsawed yesterday after bad US initial jobless claims and Philly Fed data, with stocks down and bond yields also lower, as was the US dollar. Commodities were a mixed picture, however, and oil prices rose around 5% again from its intra-day low to close over $111. Referring again to a bond yields/commodities matrix, that suggested the Fed falling behind the curve, not getting ahead of it, in crushing demand to fit restrained supply. Lo and behold, we then got the headline, ‘Fed’s George Says ‘Rough’ Market Won’t Alter Fed Tightening Plan’. So, how far down can bond yields go when actual Fed Funds are still going up? Likewise, how far down can the US dollar go when the 1-month Treasury bill is 41bps, and trending lower, when Fed Funds is 100bps, and trending higher – which screams ‘Eurodollar collateral shortage’?

As I tried to flag yesterday, those (valid) questions are desperately small beer in the face of what now confronts us globally – or at they should be. That is because The Economist’s front page and main story this week is ‘The coming food catastrophe’, replete with a graphic of sheaves of wheat made up of human skulls. The summary concludes,

“The high cost of staple foods has already raised the number of people who cannot be sure of getting enough to eat by 440m, to 1.6bn. Nearly 250m are on the brink of famine. If, as is likely, the war drags on and supplies from Russia and Ukraine are limited, hundreds of millions more people could fall into poverty. Political unrest will spread, children will be stunted, and people will starve.”

We are talking about a Biblical famine lasting years, and if we get a bad weather-related crop, perhaps tens, and maybe hundreds of millions of dead.

As The Economist also notes, echoing work by our own Michael Magdovitz (who was already warning of risks of Biblical famine in March 2021):

“It takes a world to feed a world, and the way the world does it is through trade. By some estimates four-fifths of the global population live in countries which are net importers of food. More than 20% of the world’s calories, and more than 18% of its grain, crosses at least one border on the journey from plough to plate.”

That system is now breaking-down due to war in Ukraine – and we in the West are not doing much to help.

Indeed, “Reactions to higher food prices in rich countries are making things even harder. Food prices account for about 1.3ppts of America’s 8.3% inflation rate, and about 1.0ppt of the euro area’s 7.4% rate. They are thus one of the factors driving more aggressive monetary policies. The higher rich-world interest rates which ensue drag down currencies and tighten financial conditions in emerging economies. Falling currencies make food imports costlier still.”

Russia has now offered to reduce these food problems by removing its naval blockade of Black Sea ports to allow Ukrainian grain to flow if sanctions on it are removed. In other words, using food as a weapon, and blackmailing the West into reducing its support for Ukraine. How anyone can condone that is unclear – but some give it a good try “because reasons”.

However, the onus is also on the West rejecting (non-US) imperialism to offer those at risk of starvation something higher in calories than moral superiority, hypocrisy, and empty rhetoric. The recent gaffe by former US President George W Bush decrying “an absence of checks and balances,” and “the decision of one man to launch a wholly unjustified and brutal invasion of Iraq,” – before correcting himself to “I mean, of Ukraine,” speaks volumes to much of the non-Western world.

There is talk of a food Marshall Plan – but just that: talk. And the clock is ticking down to the point where any action will be too late. The Economist details a list of things that could realistically be done to fight both Putin and hunger. Let’s see if anyone in a position to do anything about it is willing to or not. If you are reading this, and you are one of them – act now while you still can.

Lower down in the pecking order, we have been told endlessly on all manner of other political issues that we all have a part to play. So, play one! If you work in relevant markets, how does it help to ignore the risk of mass death by talking of ‘a focus on clients’ who are NOT the ones starving!– or on ‘regulations’? Such stances take one back to the Irish Potato Famine, when the free-trade British government forced the export of food from Ireland while the Irish starved or emigrated en masse. As the Dublin Review of Books noted in 2020, “It was politics that turned a disease of potatoes and tomatoes into famine, and it was politics which ensured its disastrous aftereffects would disfigure numerous future generations.” Imagine the global disfigurement the West will generate talking about Ukraine and Europe while allowing non-Europeans to starve.

Even “failing conventionally” with the rest of the market, as Keynes noted most in finance are happy to do, is not the quite same when instead of saying, “Well, that bubble burst in the end – whocouldanooed?”, you are looking at tens of millions, and maybe up to 3.5% of the global population, starving to death via deliberate action – and inaction. For those who are still pointing to the political/market norms of 2021, or to PowerPoint presentations that took ages to put together, as a moral compass pointing to business-as-usual in this crisis, I say: “How dare you!” Frankly, one starts to understand how the darker chapters of 20th century history managed to transpire: there are always beans to count, windows to gaze out of, or orders to follow – or transact.

With eerie timing, I was recommended ‘Mr. Jones’ on Netflix last night. It’s the usual flat production, but tells the powerful true tale of the Welsh journalist who travelled to the USSR in 1933 and exposed Stalin’s deliberate starvation of millions of Ukrainians to pay for industrialisation by exporting all their grain. The US overlooked this to re-open relations with Moscow so US businesses could gain new markets, aided by Pulitzer-prize winning New York Times journalist Walter Duranty, who lied about what was happening due to his pro-Communist views. Spoiler: Jones was shot by the Soviets in Inner Mongolia in 1935, while Duranty lived on comfortably in retirement in Florida for decades, got to keep his Pulitzer, and still keeps it today despite posthumous calls to strip him of it. I am not advocating anyone take a literal bullet – but do you really want to be remembered as a Duranty?

If that doesn’t move you, consider this: the hundreds of millions of hungry might march on Europe; and even if not, if global labour supply is reduced among a population that never provided much demand, that means higher wages with a lag, as with the medieval Black Death; that means higher inflation; that means higher rates; and that means lower asset prices. You are finally shocked into outrage?! Good! Pity we had to get there the long way round.

More so because we are in an undeclared global economic war: and not one under an economic system, but OVER the economic system. How do the West, liberalism, and democracy –and not using food as a weapon– win hearts and minds if they cannot fill stomachs for global swing voters? Or are these luxuries, and food, only the preserve of the West as a splendid fortress island? That’s a moral and geopolitical issue – and one with vast importance for all asset prices.

After all, the other side is not sitting still. Russia is offering its wheat and energy to one and all. China just invited new countries to join the meaningless acronym of the ‘BRICS’ ironically created by a ‘vampiric’ US investment bank, as embryonic New World Orders wait in a geopolitical pregnant pause.

China also just arrested a PBOC official for corruption, while “…investigators sternly warned the central bank against any talk of Western-style central-bank independence” (as the PBOC cut its 5-year Loan Prime Rate by a larger-than-expected 15bps to 4.45%, and left the 1-year rate at 3.70%, flattening its own curve); and China will block promotions for senior CCP cadres whose spouses or children hold significant assets abroad, “as Beijing seeks to insulate its top officials from the types of sanctions now being directed at Russia,” both according to the Wall Street Journal. That is as Politico quotes a professor of politics and international affairs at Princeton saying, “There is no question that the perceived reality of the possibility [of a Chinese invasion of Taiwan] is greater than it was three months ago.”

I hope this is food for thought. Because the risks are too many people *only* have thoughts of food ahead. And if you think the world will just chug along as before if that transpires, then you have been reading too much Walter Duranty.

Happy Friday – now please go do something to help prevent mass starvation.

Michael Every on the day’s most important topics

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

 

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 FRIDAY morning 7:30 AM

Euro/USA 1.0579 DOWN 0.0008 /EUROPE BOURSES //ALL GREEN

USA/ YEN 127.94   UP 0.016 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2433 UP   0.0088

 Last night Shanghai COMPOSITE CLOSED UP 49.60 POINTS UP 1,60%

 Hang Sang CLOSED  UP 596.56 PTS OR 2.96%

AUSTRALIA CLOSED UP  1.20%    // EUROPEAN BOURSES ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL  GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 596.56 PTS OR 2.96%   

/SHANGHAI CLOSED UP 49.60 PTS UP 1.60% 

Australia BOURSE CLOSED UP  1.20% 

(Nikkei (Japan) CLOSED  DOWN 336.14 OR 1.27%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1843.10

silver:$21.98

USA dollar index early FRIDAY morning: 102.94  DOWN 19  CENT(S) from THURSDAY’s close.

 FRIDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.18%  UP 10  in basis point(s) yield

JAPANESE BOND YIELD: +0.237% DOWN 0    AND 5/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.08%// UP 5   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.9  UP 10   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +0.941.%

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0562 DOWNP 0.0017    or 17 basis points

USA/Japan: 127.85 DOWN 0.60  OR YEN UP  60  basis points/

Great Britain/USA 1.2489 UP 0.0027 OR 27  BASIS POINTS

Canadian dollar DOWN .0015 OR 15 BASIS pts  to 1.2834

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6930  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.7008

TURKISH LIRA:  15.92  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.237

Your closing 10 yr US bond yield DOWN 4  IN basis points from THURSDAY at  2.83% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.013 DOWN 5 in basis points 

Your closing USA dollar index, 103.06 DOWN 10   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 FRIDAY: 12:00 PM

London: CLOSED UP 85.06 PTS OR 1.16%

German Dax :  CLOSED UP 90.05  POINTS OR 0.65%

Paris CAC CLOSED UP 8.32 PTS OR 0.17% 

Spain IBEX CLOSED UP 75.40 OR 0.90%

Italian MIB: CLOSED UP 11.48 PTS OR  0.05%

WTI Oil price 112.36   12: EST

Brent Oil:  112.70   12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  60.29  UP 1 & 60/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.941

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0551 DOWN   .0028   OR  DOWN 28 BASIS POINTS

British Pound: 1.2479 UP .0018  or  18 basis pts

USA dollar vs Japanese Yen: 127.73 DOWN 0.042//YEN UP 4 BASIS PTS

USA dollar vs Canadian dollar: 1.2840 UP .0022 (CDN dollar UP 2 basis pts)

West Texas intermediate oil: 112.78

Brent OIL:  112,70

USA 10 yr bond yield: 2.783 DOWN 7 points

USA 30 yr bond yield: 2.999  DOWN 7  pts

USA DOLLAR VS TURKISH LIRA: 15.92

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  60.23 DOWN  1 AND 5/ ROUBLES (ROUBLE UP 1 &  5/8 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: UP 7.45 PTS OR .01%

NASDAQ 100 DOWN 46.01 PTS OR 0.34%

VOLATILITY INDEX: 29.76 UP .41 PTS (1.40%)

GLD: 172.04 UP 0.13 PTS OR 0.08%

SLV/ 20.07 DOWN 20 PTS OR .99%

end)

USA trading day in Graph Form

Dow Suffers Longest Losing Streak In 99 Years, Bonds & Bullion Bid

FRIDAY, MAY 20, 2022 – 04:02 PM

US Macro Surprise data slumped for the 5th straight week, back into negative territory at its weakest weekly close since Nov 2021

Source: Bloomberg

China ‘stimulus’ (cutting only 5Y prime rates) overnight offered some hope against the relentless tightening of financial conditions by The Fed and that buoyed stocks ahead of the open (and OpEx). But that all ended after the cash open (OpEx) and what had been a relatively calm week of selloffs turned more violent as gamma expired away and stocks puked. Then as the final drips of gamma were wrung out into the close, stocks went literally vertical with The Dow and S&P briefly tagging unchanged…

So futures started falling at 0500ET, accelerated lower the open around 0930ET, bottomed for the day at 1330ET, then in the last 30 minutes of the day, ramped it all back.

On the week, Nasdaq was the biggest loser, down almost 5%…

In the last 8 weeks, following that late-March meltup, The Dow is down 13% and Nasdaq -25%…

Source: Bloomberg

The S&P is now in a bear market, along with Small Caps and Nasdaq, which is suffering its biggest drawdown since the great financial crisis…

Source: Bloomberg

In the last 30 mins of the day, the machines tried to get back above the key 3855 ‘bear market’ level for the S&P

Source: Bloomberg

Some context for this move in stocks, completely decoupled from bonds and FX…

Source: Bloomberg

It’s been a tough day, week, month for some…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1527737174577250307&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fdow-suffers-longest-losing-streak-99-years-bonds-bullion-bid&sessionId=b4c328e43355f33ae71de6d4406bcd5b89f768e1&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

S&P is down 7 straight weeks, its longest losing-streak since March 2001.

Dow is down 8 straight weeks, its longest losing-streak since May 1923.

The S&P broke below 3855, down 20% from its record highs to its lowest since March 2021, testing below the Fib 38.2% retracement of the post-COVID crash rally level at 3815…

Source: Bloomberg

FANG stocks have fallen for 8 straight weeks, seeing over $ 2 trillion in market cap erased from record highs (over $220 billion this week alone)…

Source: Bloomberg

The last week saw a significant regime shift in the stock-bond relationship…

Source: Bloomberg

VIX rose on the week (most notably after the VIXpiration) but remains decoupled from stocks…

Source: Bloomberg

Still a little more to go before it’s “priced in”…

Source: Bloomberg

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1527695217566130179&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fdow-suffers-longest-losing-streak-99-years-bonds-bullion-bid&sessionId=b4c328e43355f33ae71de6d4406bcd5b89f768e1&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

And here are the biggest loser from their post-COVID highs…

Source: Bloomberg

Treasuries were notably bid this week, led by the longer-end

Source: Bloomberg

…as the curve flattened significantly…

Source: Bloomberg

10Y yields tagged 3.00% during the week and then puked back lower, to their lowest close in a month

Source: Bloomberg

The dollar suffered its first weekly drop in 8 weeks and the biggest weekly drop since the election in Nov 2020…(finding support at the spike lows from FOMC meeting)…

Source: Bloomberg

Meanwhile, the Ruble soared to greater than 4 year highs against the dollar (and 7 year highs against the euro)…

Source: Bloomberg

Bitcoin ended the week lower from last Friday’s “close” but has traded in a relatively narrow range since then (albeit trading at the lows of that range now, back below $30k)…

Source: Bloomberg

Gold had a solid week amid the weaker dollar, bouncing off $1800 twice…

Oil prices also rallied once again – as Biden’s SPR release actually began – with WTI closing back above $110…

Finally, we wonder which Biden’s polls will find more problematic…

Source: Bloomberg

A bear market in stocks…

Source: Bloomberg

Or record high and surging gas prices…

Source: Bloomberg

But, hey, at least we don’t get ‘mean tweets’ anymore, right?

I) / EARLY MORNING TRADING/

II)USA data

END

IIB) USA COVID/VACCINE MANDATES

END.

iii)a.  USA economic stories

iii b USA//inflation stories/log jams etc/GAS

Gas Prices Hit Another Record High Today, What’s Biden Doing?

FRIDAY, MAY 20, 2022 – 01:01 PM

“We did it Joe!”

Record high gas prices for the 11th straight day…

MishTalk.com’s Mike Shedlock checks in on gas prices… and the Biden administration’s plans to deal with them…

AAA reports Increased Gas Demand Pushed Pump Prices Higher

Since Monday, the national average for a gallon of regular gasoline has increased by 10 cents to $4.58. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl last week. On the other hand, gasoline demand increased from 8.7 million b/d to 9 million b/d. Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.

Gas price info courtesy of AAA

What’s Biden Doing?

The truth accidentally comes out: “We have no plan to bring down energy prices today” [corrected to they, from we]

Q: What are Democrats doing?

A: Nothing that makes any sense 

The Consumer Fuel Price Gouging Prevention Act was sponsored by Rep. Kim Schrier (D-Wash.) and Katie Porter (D-Calif.).

Under the bill, “Companies would be barred from charging “unconscionably excessive” prices for gasoline or other fuels during the emergency. 

The Federal Trade Commission could investigate allegations of price gouging at the federal level, while state attorneys general could take action at the retail level.

Idiocy is Striking

As noted previously, the big oil refiners own less than 5% of the 145,000 retail stations.

Where Your Money Goes On a Gallon of Gas

Please consider Why Most Gas Stations Don’t Make Money From Selling Gas

Gas stations typically only receive a fraction of the price listed on the sign. And after factoring in overhead — labor, utilities, insurance, credit card transaction fees — the average profit is winnowed down to ~$0.03 to $0.07 per gallon.

Now, there is a lot of variance here: Some owners The Hustle spoke to claim to make $0.30+/gallon; others, as little as $0.01.

But assuming daily sales of 4k gallons at $0.05/gallon, your typical station might only bring home $200-300/day from gas.

By contrast, those coin-operated air machines you find at most stations can rake in $300 to $500 in profit per month — even after paying the companies that lease them out.

Most of the stations with big markups are in out of the way places where you are thankful to have gas at all. 

Death Valley comes to mind. 

The Real Money is Made Inside the Store

Today, 80% of all gas stations have a convenience store on site.

According to a study conducted by the National Association of Convenience Stores, 44% of gas station customers go inside. And among them, 1 in 3 ends up indulging in some kind of treat.

The goods inside these stores — Doritos, sunglasses, lotto tickets, energy drinks — only account for ~30% of the average gas station’s revenue, yet bring in 70% of the profit.

Strategic Reserve Release

Hey, what about Biden’s Strategic Oil Reserve release?

OK: Let’s check in on that. 

Please note this White House Briefing

President Biden Announces Release from the Strategic Petroleum Reserve As Part of Ongoing Efforts to Lower Prices and Address Lack of Supply Around the World.

When was that? 

Excuse me for pointing out, November 23, 2021. 

Also forgive me for asking “Did it work?”

Nonetheless, Biden doubled down. 

April 21, 2022 Fact Sheet

Please consider the April 21, 2022 Fact Sheet

Biden Administration Responds to Putin’s Price Hike by Awarding First Barrels from Historic Strategic Petroleum Reserve Release & Deploying Affordable Clean Energy

With these announcement, President Biden is demonstrating both his unwavering commitment to doing everything in his power to ease the pain American families are facing today at the pump as a result of Putin’s Price Hike, while continuing to take strong action – right now and without delay – to achieve lasting American energy independence.

Largest-Ever Release of Oil from the Strategic Petroleum Reserve. President Biden announced the largest-ever release of oil from the Strategic Petroleum Reserves, which will put one million additional barrels on the market per day on average—every day—for the next six months. The release will provide a record amount of supply to the market until the end of the year, when domestic production is expected to increase by 1 million barrels per day. 

Political Strategy vs Strategic Release

For starters, until this announcement, the November release was the biggest ever. How did that work out?

Second, there is nothing all all strategic about either of these releases. 

This is nothing more than a political strategy by the President. The ridiculous effort in Congress today is more of the same.

At most there will be a temporary drop in price of 15 cents a gallon. But eventually the reserves will have to be filled back up in case there is a genuine strategic need. 

And at what price will that happen? 

Meanwhile, Biden is begging Venezuela and Saudi Arabia to pump more even though we have sanctions on Venezuela.

Biden’s Plan in Action

US and EU sanctions have driven up the price of oil and natural gas so much that Russia is actually benefitting from the sanctions!

That my dear readers is Biden’s plan in action. The Republican plan is to pump more US oil. 

Even if the latter cannot happen immediately, no plan at all is better than mess the Democrats have concocted.

In case you missed it, please see MishTalk TV With the Head Energy Trader at Price Futures Group

Flynn notes the targeted release cannot happen because the pipes do not have the physical capacity. 

Rather than blame themselves, Democrats blame gas gougers. What a hoot.

*  *  *

Please Subscribe to MishTalk Email Alerts.

END

iv)swamp stories

end

end

The King Report (including swamp stories)

Senate plans a vote on sending billions to pandemic-hit restaurants
The Senate has teed up a key vote to replenish the fund with an infusion of an additional $40 billion for restaurants and $8 billion more for other small businesses. The vote is set for as soon as Thursday and faces Republican resistance, but advocates say it could be the difference between some hospitality businesses holding on or closing their doors…
https://finance.yahoo.com/news/senate-last-opportunity-to-send-billions-to-help-pandemic-hit-restaurants-184900504.html

Gas stations in Washington reprogram pumps to prepare for $10-a-gallon fuel price
https://t.co/PbYvhsO45W

BOE Gold Trades at Rare Discount in Sign of Central Bank Selling

  • Gold in central bank’s vaults traded $1 below London benchmark
  • Rally in the dollar has put emerging economies under pressure

Gold stored at the Bank of England has been trading at an unusually low price, in a sign that central banks may be shedding some of their holdings… https://t.co/5a2o9oswAk

Inflation-fighting Fed isn’t focused on impact of rates on stocks, Esther George Says
“So it’s not aimed at the equity markets in particular, but I think it is one of the avenues through which tighter financial conditions will emerge.”…
https://www.cnbc.com/2022/05/19/fed-isnt-focused-on-impact-of-rates-on-stocks-esther-george-says.html

Initial Jobless Claims 218k (200k exp), a 4-month high; Philly Fed tumbled to 2.6 from 17.6, 15 exp.

Twitter Gained Influence on a Foundation of Lies that Elon Mush Threatens to Uncover
The phrase “Twitter is not real life” has new meaning. The entire platform is deceiving, from the numbers to the engagement to the fame…The true Tale of Elon Musk and Twitter is about exposing how a social media platform that most working Americans barely know exists has reshaped our culture, a lie at a time.
https://www.outkick.com/elon-musk-twitter-bots-veritas/

China Insists Party Elites Shed Overseas Assets, Eyeing Western Sanctions on Russia
An internal Communist Party directive bars senior officials from owning property abroad or stakes in overseas entities, whether directly or through spouses and children
https://www.wsj.com/articles/china-insists-party-elites-shed-overseas-assets-eyeing-western-sanctions-on-russia-11652956787

CNBC’s @carlquintanilla: “The end of the labor shortage,” writes the B of A desk. “Did co’s double-order.. people?.. WMT & AMZN are the 2 biggest private employers… and both have made comments on their calls.. on being ‘overstaffed’… the ‘labor shortage’ narrative officially died in the past week.”

‘I Had to Go Back’: Over 55, and Not Retired After All
After leaving the labor force in unusual numbers early in the pandemic, Americans approaching retirement age are back on the job at previous levels.
https://www.nytimes.com/2022/05/19/business/economy/older-workers-labor-force.html
Gas producers slow to ramp up drilling despite high prices because of federal ‘uncertainty’
Instead of increased drilling, producers are using their extra profits to pay off debt, buy shares back, and increase dividends.  https://justthenews.com/nation/states/center-square/uncertainty-factor-gas-producers-not-ramping-drilling-despite-high

House approves bill to take aim at gasoline ‘price gouging’
A bill backed by House Democrats would give President Joe Biden authority to declare an energy emergency that would make it unlawful to increase gasoline and home energy fuel prices in an “excessive” or exploitative manner. The bill directs the Federal Trade Commission to punish companies that engage in price gouging… (Insanely idiotic; See Nixon’s deleterious Wage & Price controls 8/15/71) https://thehill.com/news/ap/ap-business/house-approves-bill-to-take-aim-at-gasoline-price-gouging/

A Worker Shortage Is Driving US Nursing Homes to the Brink of Collapse
‘Declining enrollment and higher labor and supply costs have forced 327 nursing homes to shut down since 2020, and more than 400, or about 3% of homes in the US, are at risk of closing this year. “The industry itself is on the brink of collapse.”‘https://t.co/uNvkPmXH8u

The Fed is trying to talk down inflation and inflationary behavior; but it has done little to arrest the highest inflation in 40+ years.  Proof: The Fed Balance for the week ended on Wednesday increased $3.890B.  The Fed monetized $18.802B of MBS.  Why is the Fed buying MBS with home price inflation surging?  Qui bono?  A decline of $14.213B in forex swaps offset most of the MBS monetization. https://www.federalreserve.gov/releases/h41/20220519/

David Rosenberg @EconguyRosie: In the past 50 years, every 18% slump in the stock market over a four-month-or-longer period foreshadowed a recession. And recessions, on average, see the market slide 30%. So, no – we’re not “there” yet. 

Biden job disapproval among Hispanics hits 60%, just 26% approve: poll (Quinnipiac, leans left)
https://nypost.com/2022/05/19/biden-job-disapproval-among-hispanics-hits-60-percent-poll/

NY Post cover yesterday: Joe’s Train Wreckhttps://nypost.com/cover/may-19-2022/

Today – Activity should be exacerbated by the May option expiration.  After the momentous tumble on Wednesday, bulls and bears locked horns in a battle over stock prices.  Each concerted rally attempt was stymied by sellers.  There is no telling who will run out of orders or determination today because expiry pressures can produce illogical and irrational behavior.  Pro Tip: Most pundits, analysts, and traders refer to supply and demand for stocks.  This is misguided.  It’s the intensity of buyers or sellers that counts!

ESMs are +21.25 at 20:40 ET on buying for an expected expiry-related, or Friday, rally.

Expected economic data: none

S&P 500 Index 50-day MA: 4310; 100-day MA: 4410; 150-day MA: 4481; 200-day MA: 4470
DJIA 50-day MA: 33,792; 100-day MA: 34,360; 150-day MA: 34,792; 200-day MA: 34,813

S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 5016.24 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 4389.19 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4148.26 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 3970.25 triggers a buy signal

Griffin’s Citadel Nears Tipping Point on Chicago Exit Over Crime
We’re getting to the point that if things don’t change, we’re gone,” Griffin… said Thursday in an interview. “Things aren’t changing.”…https://t.co/IOjkjSqiIH

Ongoing teen violence puts parenting at center stage in Chicago
The city is besieged for the third year running by elevated levels of violent black-on-black crime including murders and shootings – and by other predatory crimes…
    Chicago 911 dispatcher Keith Thornton, who is black, called on Chicago parents to do better… Thornton wrote, “Chicago is in a death spiral and has quickly turned into a city that caters strictly to criminals who target the innocent. There is absolutely no accountability and there are no consequences for bad or even deadly behavior. Many parents have stopped parenting and most politicians have forced our police officers to stop policing…Four of every five murders in Chicago in 2017 through 2020 were of blacks…While 70 percent of black births in Chicago were to unmarried mothers in 1980, since no later than 2000 the figure has been lodged above 80 percent. Latinos are up from 47 percent to 57 percent. For whites and Asians the rate has stayed steady near 10 percent…
https://wirepoints.org/ongoing-teen-violence-puts-parenting-at-center-stage-in-chicago-wirepoints/

Chicago Democrats Unleash the Furies Upon a Once-Great City. And national media looks away, on purpose…there is no advantage for Democrats to remind voters of left-wing local prosecutors. Chicago is ground zero for these Soros backed prosecutors…“We know how to fix this,” she says. “You enforce the law. It will work.” … Democrats… don’t really want to enforce the law…Chicago Democrats used the rage of the BLM riots to leverage their politics. They unleashed the furies upon Chicago to serve their own power interests…https://t.co/PzGhjRPqxq

NBC News: Analysis of Hunter Biden’s hard drive shows he, his firm took in about $11 million from 2013 to 2018, spent it fast
https://www.nbcnews.com/politics/national-security/analysis-hunter-bidens-hard-drive-shows-firm-took-11-million-2013-2018-rcna29462?s=02

@RNCResearch: Here’s Joe Biden in 2020 saying his deadbeat son Hunter “has not made money” from China… (‘On my word as a Biden.’)  https://twitter.com/RNCResearch/status/1527275034024230919

President’s “Word as a Biden” Isn’t Worth Much, His Record Shows
Jon Favreau, speechwriter for then-President Barack Obama, said, “Biden’s reputation before he became vice president wasn’t ‘middle-class Uncle Joe’ and it also wasn’t too old and out of touch—it was that he was a blowhard.”…  https://www.heritage.org/progressivism/commentary/presidents-word-biden-isnt-worth-much-his-record-shows

Georgia early voting shatters records despite election reforms Dems labeled ‘voter suppression’
Georgia early voting outpaces 2018 and 2020 elections despite passing election security law
https://www.foxnews.com/us/georgia-early-voting-shatters-record-voter-suppression

BLM co-founder Patrisse Cullors says group flooded with ‘White guilt money’
“That was a lot of White guilt money,” Cullors continued. “There’s a lot of White folks being like, ‘We just got to put the money.”‘https://t.co/gSgysCJwdA

BLM co-founder Patrisse Cullors says her mistakes with ‘white guilt money’ were weaponized against her  https://nypost.com/2022/05/18/blm-co-founder-patrisse-cullors-says-white-guilt-money-mistakes-weaponized-against-her/

Dem Rep. Beatty blames White supremacy for Dallas Korean hair salon shooting, but suspect is Black – Congressional Black Caucus chair blamed ‘White supremacy replacement theorist’ for Dallas Korean hair salon shooting https://www.foxnews.com/politics/rep-beatty-blames-white-supremacy-dallas-korean-salon-shooting-suspect-black

University of Illinois Chicago wants to cancel the word ‘obesity’ because it’s ‘racist’https://trib.al/62RJzpv

Donny Deutsch: Democrats losing on economy, so we need to ‘scare’ voters against ‘racist’ GOPhttps://t.co/XBVO92Fxcp

“Racist” is bandied about so much, it’s lost its sting.  Everything that the libs doesn’t like or disagree with is now commonly labeled ‘racist’ or ‘racism’.  Ironically, it’s mostly libs that fear being called ‘racist’.

@TuckerCarlson: The Washington Post assigned their single creepiest reporter to investigate the love life of Ron DeSantis’ press secretary, ChristinaPushaw. It’s clear the paper is afraid that DeSantis might run for president, so they want to get a head start on destroying everyone around him. https://t.co/e71yMnT9TM

@bennyjohnson: George W. Bush: “The decision of one man to launch a wholly unjustified and brutal invasion of Iraq. I mean, of the Ukraine.” (Self-incriminating Freudian Slip) https://t.co/1uFr0jH2za

Bush refers to Russia’s Ukraine invasion as ‘Iraq War ‘ in speech slip-uphttps://t.co/4XEK0dvZKs

At least 135 teachers, aides charged with child sex crimes this year alone
https://www.fox5dc.com/news/at-least-135-teachers-aides-charged-with-child-sex-crimes-this-year-alone

Let us close today with this offering courtesy of Greg Hunter

Dem Desperate Disaster, More Ukraine Propaganda, Unstoppable Inflation

By Greg Hunter On May 20, 2022 In Weekly News Wrap-Ups20 Comments

By Greg Hunter’s USAWatchdog.com (WNW 530 5.20.22)   

The DHS Disinformation Governance Board was put on pause this week as yet another disastrous desperate attempt to control the narrative falls apart for the Democrats in the Biden/Obama Administration.  A new person at the board has been appointed, and that is Michael Chertoff.  He is the former DHS Secretary in the Bush 43 Administration.  The former Disinformation Board leader Nina Jankowicz resigned in disgrace after, wait for it — too much disinformation.  Controlling alt media under the label of “disinformation” is a brazen unconstitutional and desperate attempt to try to take control of free speech in America.  This is another sign that the Democrats do not feel they can win the upcoming election in November of 2022 without this sort of oppression.

According to the propaganda that is passed off as “news” at the New York Times, the Ukraine Army simply “ended its combat Mission in Mariupol” that has been under Russian Army siege for weeks.  This fantasy portrayal of what went down is yet another piece of fake news propaganda by the NYT about the war in Ukraine.  In reality, Ukraine forces were forced to surrender or be cut to ribbons by the Russian Army.  More than 1,700 have surrendered in the last three days.  It is another stunning defeat of the Ukrainian army.  This is the country the U.S. Senate just approved another $40 billion to keep this farce of a war going instead of stopping it.  The mainstream media sources like the New York Times are gaslighting the public into thinking this is going well for Ukraine when it is a total disaster.  Talk about throwing good money after bad.

Looks like inflation is here to stay with record high fuel prices clocking in every week and skyrocketing food prices.  This has all happened because of Biden/Obama Administration policies on everything from energy to war.  What is the answer to this spiking inflation?  It’s not a change in policies that got us here in little more than a year of the Biden/Obama Administration.  It’s price controls under the new name of “gouging” legislation.  Big time Democrat and former Treasury Secretary Larry Summers calls this plan “dangerous nonsense” that will make the inflation problem far worse.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 5.20.22.

(https://usawatchdog.com/dem-desperate-disaster-more-ukraine-propaganda-unstoppable-inflation)

After the Wrap-Up: 

Dr. Betsy Eads will be the guest for the Saturday Night Post.  Dr. Eads will discuss new information about how AIDS is increasing for the people who got the CV19 vax and boosters.

See you on MONDAY

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