JUNE 24//GOLD CLOSES UP 45 CENTS TO $1828.30//SILVER RISES 10 CENTS TO $21,17//PLATINUM RISES 35 CENTS TO $911.85//PALLADIUM UP $37.00 TO $1878.50//USA SUPREME COURT OVERTURNS ROE VS WADE: NOW ITS UP TO INDIVIDUAL STATES TO DETERMINE ABORTIONS//COVID UPDATES//VACCINE IMPACT//MASSIVE RECALL AT TOYOTO AS EV MAY EXPERIENCE WHEELS FALLING OFF//EUROPE HIT WITH A MASSIVE CANCELLATION OF FLIGHTS DUE TO INCREASE COVID SICKNESS AND LACK OF PILOTS (SAME REASON)//RUSSIA WARNS AGAIN ON BLOCKADE OF KALININGRAD FROM LITHUANIA//PELOSI’S HUSBAND TO BE ARRESTED ON DRUG DRIVING CAUSING INJURY//MORE SWAMP STORIES FOR YOU TONIGHT///

by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1828.30 UP $0.45 

SILVER: $21.17 UP 10 CENTS

ACCESS MARKET: GOLD $1826.50

SILVER: $21.13

Bitcoin morning price:  $21,095 UP 240

Bitcoin: afternoon price: $21,214  UP 359.  

Platinum price: closing UP $0.35 to $911.50

Palladium price; closing UP $37.00  at $1841.55

END

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 EXCHANGE: COMEX EXCHANGE:EXCHANGE:  

 EXCHANGE: COMEX

CONTRACT: JUNE 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,825.700000000 USD
INTENT DATE: 06/23/2022 DELIVERY DATE: 06/27/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 108
363 H WELLS FARGO SEC 15
365 H ED&F MAN CAPITA 1
624 H BOFA SECURITIES 18
661 C JP MORGAN 12
700 C UBS 1
732 C RBC CAP MARKETS 1
905 C ADM 10
991 H CME 50


TOTAL: 108 108
MONTH TO DATE: 23,916

no. of contracts issued by JPMorgan:  12/108  

_____________________________________________________________________________________ 

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT 108  NOTICE(S) FOR 10800 Oz//0.3359  TONNES)

total notices so far: 23,916 contracts for 2,391,600 oz (74.388 tonnes)

SILVER NOTICES: 

2 NOTICE(S) FILED 10,000   OZ/

total number of notices filed so far this month  1820 :  for 9,100,000  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  $0.45 

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//

BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.70 TONNES FROM THE GLD//

INVENTORY RESTS AT 1063.07 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 10 CENTS

AT THE SLV// ://BIG CHANGES IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 3.127 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 542.000 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A VERY STRONG SIZED 1042 CONTRACTS TO 141,555   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG LOSS IN OI WAS ACCOMPLISHED WITH OUR STRONG   $0.41 LOSS  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.41) AND WERE SUCCESSFUL IN KNOCKING OFF SOME SILVER LONGS//BUT MAINLY WE HAD ADDITIONAL SPECULATOR ADDITIONS.  

WE  MUST HAVE HAD: 
I) HUGE SPECULATOR SHORT ADDITIONS /. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 7.635 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 6 CONTRACTS OR 30,000 OZ//NEW STANDING:  9,225,000 / //  V)    STRONG SIZED COMEX OI LOSS/

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : -59

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

TOTAL CONTACTS for 17 days, total 12,890,  contracts:  64.035 million oz  OR 3.764 MILLION OZ PER DAY. (758 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 64.035 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: 105.635 MILLION OZ//

JUNE: 64.035 MILLION OZ

RESULT: WE HAD A  STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF  1042 WITH OUR  $0.41 LOSS IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 690 CONTRACTS ISSUED FOR JULY 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 JUNE. OF 7.635 MILLION  OZ FOLLOWED BY TODAY’S 30,000 QUEUE JUMP //NEW STANDING: 9,225,000 OZ //  .. WE HAD A SMALL SIZED LOSS OF 352 OI CONTRACTS ON THE TWO EXCHANGES FOR 1.76 MILLION  OZ WITH THE LOSS IN PRICE. 

 WE HAD 2  NOTICES FILED TODAY FOR  10,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A FAIR SIZED 2405 CONTRACTS  TO 501,712 AND FURTHER 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: -39 CONTRACTS.

.

THE  SMALL GAIN IN COMEX OI CAME DESPITE OUR STRONG FALL IN PRICE OF $8.60//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   //AND SOME SPECULATOR SHORT COVERING 

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.26 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY’S  0 OZ QUEUE JUMP //NEW STANDING:  74.786TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $8.60 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 6457  OI CONTRACTS 20.083 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED  4052 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 501,712

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6495, WITH 2405 CONTRACTS INCREASED AT THE COMEX AND 4052 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 6457 CONTRACTS OR 20.083 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4052) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (2405,): TOTAL GAIN IN THE TWO EXCHANGES 6457 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING AND SOME ADDITION TO SPECULATOR SHORTS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE. AT 69.26 TONNES FOLLOWED BY TODAY’S E.F.P  JUMP  OF 3900 OZ//NEW STANDING: 74.9611 TONNES /  3) ZERO LONG LIQUIDATION//SOME SPECULATOR SHORT COVERING//SOME SPECULATOR SHORT ADDITIONS //.,4) SMALL SIZED COMEX OI GAIN 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JUNE

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

62,038 CONTRACTS OR 6,203,800 OZ OR 192.96  TONNES 17 TRADING DAY(S) AND THUS AVERAGING: 3624 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES: 169.18 TONNES

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

THUS EFP TRANSFERS REPRESENTS  192.96/3550 x 100% TONNES  5.43% 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:  247,44 TONNES FINAL// 

JUNE: 192.96 TONNES

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

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A  STRONG SIZED 1042 CONTRACT OI TO 141,555 AND FURTHER FROM  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 690 CONTRACTS

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

JULY 690  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1042 CONTRACTS AND ADD TO THE 690- OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED LOSS OF 352   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 1.76 MILLION OZ

OCCURRED WITH OUR FALL IN PRICE OF  $0.41 .

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

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//

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 29.60 PTS OR 0.89%   //Hang Sang CLOSED UP 445.12 PTS OR 2.09%    /The Nikkei closed UP 320.72 OR 1/23%          //Australia’s all ordinaires CLOSED UP 1.06%   /Chinese yuan (ONSHORE) closed UP 6.6958    /Oil UP TO 106.11 dollars per barrel for WTI and UP TO 111.75 for Brent. Stocks in Europe OPENED  ALL GREEN        //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6958 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6910: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH 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 ROSE BY A SMALL SIZED 2405 CONTRACTS TO 501,673 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED WITH OUR LOSS OF $8.60  IN GOLD PRICING  THURSDAY’S COMEX TRADING. WE ALSO HAD A GOOD SIZED EFP (4052 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 ADDED TO THEIR SHORT POSITIONS

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 JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4052 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :4052 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4052 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  TOTAL OF 6457  CONTRACTS IN THAT 4052 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED  COMEX OI GAIN OF 2405  CONTRACTS..AND  THIS  GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR FALL IN PRICE OF GOLD $8.60.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING JUNE   (74.793),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

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: 20.11 TONNES FINAL

JUNE: 74.793 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $8.60) BUT WERE UNSUCCESSFUL IN KNOCKING OFF  SPECULATOR LONGS/COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS////  WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 6452 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (74.793 TONNES)

WE HAD 39 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 6457 CONTRACTS OR 645700  OZ OR 20.083 TONNES

Estimated gold volume 137,760/// poor/

final gold volumes/yesterday  176,400  /poor

INITIAL STANDINGS FOR JUNE ’22 COMEX GOLD //JUNE 24

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz187,532.727 oz
Manfra
Loomis HSBC
27 kilobars
Deposit to the Dealer Inventory in oznilOZ 
Deposits to the Customer Inventory, in oz1488.84 oz
Brinks
No of oz served (contracts) today108  notice(s)10800 OZ
.3359 TONNES
No of oz to be served (notices)130 contracts 18,400 oz
0.4043 TONNES
Total monthly oz gold served (contracts) so far this month23,916 notices
2,391600 OZ
74.388 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
xxx oz

total dealer deposit  0

No dealer withdrawals

1 customer deposit

i) Into Brinks: 1488.84 oz

total deposits: 1488.84 oz

3 customer withdrawals:

i)Out of HSBC  129,486.312 oz

ii) Out of Loomis: 868.077 oz (27 kilobars)

iii) Out of Manfra:  56,856.827 oz

total withdrawal: 187,532.727  oz

ADJUSTMENTS:0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an  oi of 238 contracts having lost 12 contracts

We had 12 notices filed on THURSDAY so we LOST 0   contracts or an additional NIL oz will   stand for gold in this very active month of June 

July has a LOSS OF 76 OI to stand at 1376

August has a GAIN of 374 contracts UP to 412,185 contracts

We had 108 notice(s) filed today for  NIL 10,80 oz FOR THE JUNE 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 108 contract(s) of which 12  notices were stopped (received) by j.P. Morgan dealer and  0 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 JUNE /2021. contract month, 

we take the total number of notices filed so far for the month (23,916) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE 238  CONTRACTS ) minus the number of notices served upon today 108 x 100 oz per contract equals 2,404,600 OZ  OR 74.793 TONNES the number of TONNES standing in this  active month of JUNE. 

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

No of notices filed so far (23,916) x 100 oz+   (238)  OI for the front month minus the number of notices served upon today (108} x 100 oz} which equals 2,404,600 oz standing OR 74.793 TONNES in this   active delivery month of JUNE.

TOTAL COMEX GOLD STANDING:  74.793 TONNES  (A STRONG STANDING FOR A JUNE (  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:  2,419,784.828 oz   75.26 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  33,318,650.828 OZ 

TOTAL ELIGIBLE GOLD: 16,042,586.107  OZ

TOTAL OF ALL REGISTERED GOLD: 17,276,064.721OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 14,921,555.0 OZ (REG GOLD- PLEDGED GOLD)  

END

SILVER/COMEX/JUNE 24

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory3,348,842.466  oz
Brinks
CNT
HSBC
Int. Delaware
Deposits to the Dealer Inventoryni lOZ
Deposits to the Customer Inventory608,289.756 oz
CNT
No of oz served today (contracts)2CONTRACT(S)10,000  OZ)
No of oz to be served (notices)25 contracts (125,000 oz)
Total monthly oz silver served (contracts)1820 contracts 9,100,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results


i)  0 dealer deposit

total dealer deposits:  nil    oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposit into the customer account

i) Into CNT  608,289.756 oz

total deposit:  608,289.756    oz

JPMorgan has a total silver weight: 169.099 million oz/337.812 million =50.02% of comex 

 Comex withdrawals: 4

CNT  100,002.056 oz

Brinks: 2,628,947.960 oz

HSBC  600,000.000???

Int. Delaware: 19,922.450 oz

total withdrawal  3,348,842.466         oz

 adjustments: 2

dealer to customer

HSBC:  136,860.000 oz

Loomis: 126,994.666

the silver comex is in stress!

TOTAL REGISTERED SILVER: 71.116 MILLION OZ

TOTAL REG + ELIG. 336/553 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 27 HAVING LOST 3 CONTRACTS. 

WE HAD 9 NOTICES FILED ON THURSDAY SO WE GAINED 6 CONTRACTS OR AN ADDITIONAL 30,000 OZ WILL  STAND IN THIS NON ACTIVE

DELIVERY MONTH OF JUNE

JULY HAD A LOSS OF 7148 CONTRACTS DOWN TO 28,408 CONTRACTS.

AUGUST GAINED 83 CONTRACTS TO STAND AT 1186

SEPTEMBER HAD A GAIN OF 5712 CONTRACTS UP TO 93,904 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 6 for  30,000 oz

Comex volumes:99,287// est. volume today//   STRONG

Comex volume: confirmed yesterday: 103,356 contracts ( strong )

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 1820 x 5,000 oz = 9,100,000 oz 

to which we add the difference between the open interest for the front month of JUNE(27) and the number of notices served upon today 2  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE./2022 contract month: 1820 (notices served so far) x 5000 oz + OI for front month of JUNE (27)  – number of notices served upon today (2) x 5000 oz of silver standing for the JUNE contract month equates 9,225,000 oz. .

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

END

GLD AND SLV INVENTORY LEVELS:

JUNE 24/WITH SILVER UP 45 CENTS TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.70 TONNES FROM THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 23/WITH GOLD DOWN $8.60:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD//INVENTORY RESTS AT 1071.77 TONNES

JUNE 22/WITH GOLD UP 15 CENTS:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1073.80 TONNES

JUNE 21/WITH GOLD DOWN $2.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1075.54 TONES

JUNE 17/WITH GOLD DOWN $11.25: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.60 TONNES INTO THE GLD.///INVENTORY RESTS AT 1075.54 TONNES

JUNE 16/WITH GOLD UP $28.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.74 TONNES

JUNE 15/WITH GOLD UP $6.50/BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.65 TONNES FROM THE GLD////INVENTORY RESTS AT 1063.74 TONNES

JUNE 14/WITH GOLD DOWN $18.80/NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 13/WITH GOLD DOWN $41.55: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 10/WITH GOLD UP $21.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 9/WITH GOLD DOWN $3.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1065.39 TONNES

JUNE 8/WITH GOLD UP $4.75: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 7/WITH GOLD UP $7.45: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 6/WITH GOLD DOWN $5.85: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 3/WITH GOLD DOWN $19.75//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 2/WITH GOLD UP $22.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.64 TONNES FROM THE GLD//INVENTORY RESTS AT 1067.20 TONNES

JUNE 1/WITH GOLD UP $1$ HUGE CHANGES IN GOLD INVENTORY AT THE GLD: AWITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 1068.36 TONNES

MAY 31/WITH GOLD DOWN $15.10: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 27/WITH GOLD UP $4.95//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

May 26/WITH GOLD UP $2.10/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 25/WITH GOLD UP @$2.70: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.89./INVENTORY RESTS AT 1068.07 TONNES

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//

GLD INVENTORY: 1063.07 TONNES

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

JUNE 24/WITH SILVER UP 10 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.137 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 542.000 MILLION OZ

JUNE 23/WITH SILVER DOWN 41 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SL: A WITHDRAWAL OF 2.029 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 545.137 MILLION OZ//

JUNE 22/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.166 MILLION OZ.

JUNE 21/WITH SILVER UP 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.506 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 547.166 MILLION OZ//

JUNE 17/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 739,000 OZ FROM THE SLV./:INVENTORY RESTS AT 543.660 MILLION OZ/

JUNE 16/WITH SILVER UP 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ

JUNE 15/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ

JUNE 14/WITH SILVER DOWN 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 13/WITH SILVER DOWN 62 CENTS  TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 10.WITH SILVER UP 13 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 830,000 Z FROM THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 9/WITH SILVER DOWN 27 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 923,000 OZ INTO THE SLV////INVENTORY RESTS AT 545.229 MILLION OZ

JUNE 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 544.306 MILLION OZ//

JUNE 7/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.306 MILLION OZ/

JUNE 6/WITH SILVER UP 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.459 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 547.167 MILLION OZ//

JUNE 3/WITH SILVER DOWN $.34: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITTHDRAWAL OF 246,000 OZ FORM THE SLV//INVENTORY RESTS AT 553.626 MILLION OZ..

JUNE 2/WITH SILVER UP 57 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.261 MILLION OZ FORM THE SLV.//INVENTORY RESTS T 553.872 MILLION OZ

JUNE 1/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 556.133 MILLION OZ//

MAY 31/WITH SILVER DOWN $.41 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 558.071 MILLION OZ//

MAY 27/WITH SILVER UP 10 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.071 MILLION OZ///

MAY 26/WITH SILVER UP 8 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.515 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 558.071 MILLION OZ

MAY 25/WITH SILVER UP 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .922 MILLION OZ FROM THE SLV/ //INVENTORY RESTS AT 561.486 MILLION OZ//

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//

CLOSING INVENTORY 542.000 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

2. Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg

(Egon von Greyerz)

Von Greyerz: Concurrent Deflation & Hyperinflation Will Ravage The World

FRIDAY, JUN 24, 2022 – 06:30 AM

Authored by Egon von Greyerz via GoldSwitzerland.com,

FLATION will be the keyword in coming years. The world will simultaneously experience inFLATIONdeFLATIONstagFLATION and eventually hyperinFLATION.

I have forecasted these FLATIONARY events, which will hit the world in several articles in the past. Here is a link to an article from 2016.

With most asset classes falling rapidly, the world is now approaching calamities of a proportion not seen before in history. So far in 2022, we have seen an implosion of asset prices across the board of around 20%. What few investors realise is that this is the mere beginning. Before this bear market is over, the world will see 75-90% falls of stocks, bonds and other assets.

Since falls of this magnitude have not been seen for more than three generations, the shockwaves will be calamitous.

At the same time as bubble assets deflate, prices of goods and services have started an inflationary cycle of a magnitude that the world as whole has never experienced before.

We have seen hyperinflation in individual countries previously but never on a global scale.

Currently the official inflation rate is around 8% in the US and Europe. But for the average consumer in the West, prices are rising by at least 25% on average for their everyday needs such as food and fuel.

A CALAMITOUS WORLD

So the world is now approaching calamities on many fronts.

As always in periods of crisis, everybody is looking for someone to blame. In the West most people blame Putin. Yes, Putin is the villain and it is his fault that food and energy prices are surging. Nobody bothers to analyse what or who prompted Russia to intervene, nor do politicians or main stream media understand the importance of history, which is the key to understanding current events.

In troubled times, everyone needs someone to blame. Many Americans will blame Biden who has both lost his grip on most US events as well as his balance. In the UK, the people blame Boris Johnson who has lost control of Britain since Partygate. In France the people are blaming Macron who just lost his majority in parliament, and in Germany people blame Scholz for sending money to Ukraine for weapons and money to Russia for gas.

This blame game is only just beginning. Political turmoil and anarchy will be the rule rather than the exception as the people will blame the leaders for higher prices and taxes and deteriorating services in all areas.

No country will be able to provide social security payments in line with galloping inflation. Same with unfunded or underfunded pensions, which will fall dramatically or even disappear totally as the underlying asset base of stocks and bonds implodes.

As a consequence, many countries will be anarchic.

Deflationary implosion of investment markets

Stocks

The everything bubble has come to an end. It was only possible due to the benevolence of central banks in creating the most perfect manipulation of the instruments that they control, namely money printing and interest rates.

The result of free money has meant a trebling of global debt in this century to $300 trillion at virtually zero interest cost.

This has been real Manna from heaven for investors, both big or small. Everything investors touched went up and at every correction in the market, more Manna was produced.

For investors it was always “Heads I win, Tails I win.”

This Shangri-La of markets makes everyone an investment guru. Even a fool became rich.

Speaking to investor friends today, they might be slightly unsettled but see no reason why the long term bull trend won’t continue. As far as investors are concerned, Greenspan, Bernanke, Yellen and Powell have been their best friends and the Fed’s main purpose is to keep investors happy and rich. Therefore most investors are sitting tight in spite of 20% falls or more across the board. They will regret it.

So most investors are relying on being saved yet another time and don’t realise that this time it is really different.

As we know, it is NOT the fact that central bankers have done a volte face (about turn) in raising rates and also reversed quantitive easing into tightening which has led to investment markets crashing.

No, these geniuses running the Central Banks can never see anything coming before it is too late. Inflation hitting the world with a vengeance was clear to many of us for quite a while–but obviously not to the people running monetary policy. They are clearly not paid to see anything coming before it has actually happened.

The chart below shows the Dow since 1970. In 1982, the current 40 year bull market started. Since then investors have seen a dramatic 46X increase in their stock portfolios.

There have been four frightening corrections of between 35% and 55%. I remember well the first one in October 1987. It was Black Monday and I was in Tokyo for the listing of Dixons in Japan, the UK FTSE 100 company I was Vice-Chairman of. The market crashed 23% on October 19th and over a 12 day period the Dow was down 40%.

Not the best timing for a listing on the Tokyo stock exchange😩.

If we look at 1987 in the chart below, we can see that the massive fall we experienced at the time is hardly visible.

Another very important technical factor on this chart is the bearish divergence on the Relative Strength Index – RSI. Since 2018, I have pointed out that the RSI on this quarterly chart has made lower highs since 2018 as the Dow has made new highs. This is a very bearish signal and will inevitably result in a major fall of the Dow as we are now seeing.

My long standing forecast of a 90% fall in stocks in real terms has not changed. This fall is no bigger than the 1929-32 one with dramatically worse conditions today both in debt markets and in the global magnitude of the bubbles . Just a return to the 2002 and 2009 lows would involve an 80% fall from the top.

The Wilshire 5000 representing all US stocks has lost $11 trillion or 23% since the beginning of 2022. See chart below. Additional trillions have been lost in bond markets.

Bonds

The 39 year bull market in bond prices  (bear market in interest rates) has now come to an end. In fact it ended in 2020 at 0.5% having fallen all the way from 15.5% in 1981.

I expect rates to surpass the 1981 level as the biggest debt market in history implodes.

Many debtors, both sovereign and private will fail and bond rates will reach infinite levels as bond prices collapse.

This implosion of bond markets will obviously have major repercussions for the financial system and markets with banks and other financial institutions defaulting.

After more than a decade of long struggle to raise inflation up to 2%, central bankers like Yellen and Lagarde got the shock of a life time with official inflation rapidly surging to over 8% with real inflation probably around 20-25% for most people.

This increase in inflation was such a shock to the Bank heads that they were in denial for many weeks, calling it transitory.

These Fed and ECB chiefs have this uncanny ability not to see anything that they haven’t projected. And since they never project one single market trend correctly, they will inevitably always take the wrong road.

They would be more successful it they just rolled the dice. Over time they would then at least have a 50% chance of being right. Instead they have a perfect record of being 100% wrong.

As I state over and over again, central banks should not exist. The laws of nature and supply and demand would do a much better job at regulating markets. Without central banks and their manipulation, markets would be self correcting rather than the extreme peaks and troughs that the banks create. 

The absurdity of central banks’ disastrous manipulation is clearly exposed in credit markets. We have for years had credit surging with rates being around zero or negative.

It is obvious to any student of economics that high demand for credit would lead to a high cost of borrowing. These would be the obvious consequences of supply and demand in a free and non-manipulated market. 

The inverse would clearly also be the case. If there is no demand for credit, interest rates would come down and stimulate demand.

I wonder what they teach students of economics today since no market functions properly with the current blatant manipulation. I suppose that our woke society is rewriting the books also in economics just as they have done with history.

I would hate to be a student today under those conditions.

INVESTMENT MARKETS – NOWHERE TO HIDE

So what are the consequences of these calamitous times?

Well, in 2022 virtually every single investment class is down around 20%, as the table below shows. And the era of successful dip buying has ended as everything is collapsing.

With panic in markets and already some blood in the streets, investors are paralysed. They hope that the Fed and other central banks will save them but they fear that it might be different this time. This is just the very beginning. Much more panic and blood to come.

Both private and institutional investors are totally lost. All sectors are falling together. There just is nowhere to turn.

Just look at the table below:

Gold in euros as well as gold in most other currencies have had a positive return in 2022 so far.

But just look at the rest – from Corporate Bonds to Treasuries to Stocks, Real Estate, Tech Stocks and Cryptos etc they have all seen double digit losses in 2022 from 16% to 71%.

And nobody realises that this is just the beginning.

The majority of investors are totally paralysed. They are all hoping for the rapid April-2020-style recovery but they will be very, very disappointed. IT JUST WON’T COME!

Investors are neither mentally nor financially prepared for what is coming.

The selling we are currently seeing is just marginal. Most investors are staying put and will ride the market down by 50% or more before they realise that this is serious. And at that point they will hope and pray since they will believe it is too late to get out.

Sadly no one will understand that it is really different this time and that most asset classes will fall by 90% or more in real terms.

EPIC SUPER BUBBLES ALWAYS HAVE AN UNHAPPY ENDING

Epic super bubbles can only end badly. But no investor has the experience of such a massive implosion of bubbles because it has never happened before in history.

I have discussed the consequences in many articles, and they will be devastating. 

Sadly Cassandras are never taken seriously until it is too late. This time will be no different.

And don’t believe there is anyone there to help. The Fed, which has reacted at least 10 years too late in tightening, will not save investors. Instead, they will offer more pain in the form of higher rates and more tightening.

Yes, of course the Fed will react at some point and in panic lower rates and inject fake money into the system. But that will be much too late. Also, no amount of fake money can  save a system which is morally and financially bankrupt.

A morally and financially bankrupt western world  has created this coming calamity, and we will now have to suffer the consequences.

Sadly, this this is the only way that it can end. A rotten and debt infested system can only end in a calamity.

Debts will implode and assets will implode. Society will not function nor will social security, pensions etc. This will create human suffering of a magnitude, which will be devastating for everyone.

Global population will also come down dramatically. In the mid 1800s there were 1 billion people on earth with very slow growth for the previous thousands of years. Then population exploded over the next 170 years to 8 billion. A chart that look like a spike up normally always corrects up to 50% down. The reasons for a reduction of world population are obvious: Economic collapse, misery, famine, disease and wars.

Such a singularity event is necessary for the world to clean up the rotten system and start a new era with green shoots and stronger moral and ethical values.

WEALTH PROTECTION A NECESSITY

For the few people who have assets to protect, physical gold and some silver will perform much better than all conventional asset markets which will collapse. That trend has already started as the table above shows.

Stocks will tank and commodities will soar.

For investors this is best illustrated in the Dow/Gold Ratio. This ratio is currently 16.5 and is likely to find long turn support at 0.5. Reaching that target would involve a 97% fall of the Dow relative to gold. Sounds incredible today but bearing in mind the circumstances this level is certainly possible. See my article.

An 0.5 Dow/Gold ratio could for example mean Dow 5,000 and Gold $10,000

GOLD – THE ULTIMATE INSURANCE AGAINST WEALTH DESTRUCTION

Anyone who has experienced hyperinflation also knows that the only money that survives such a calamity is gold. I met a year ago a man from former Yugoslavia who recognised me and told my friends who were with me that physical gold saved his family from total devastation. My friends sadly did not take his advice.

But remember that any protection or insurance must be acquired before disaster hits you.

Your most important assets are your brain, heart and soul. There are always opportunities for individuals who apply those assets wisely.

And as always in periods of crisis, being with and helping family and friends is your most important task.

-END-

My goodness!!  JPMorgan’s derivatives at a six yr high of $60 trillion

(Pam and Russ Martens)

JPMorgan Chase’s Derivatives Spike by $14 Trillion in First Quarter to Six-Year High of $60 Trillion

By Pam Martens and Russ Martens: June 24, 2022 ~

Add JPMorgan Chase, the biggest bank in the United States with an unprecedented five criminal felony counts since 2014, to the growing list of debacles of which the Fed has lost control.

The Fed has its bank examiners pouring over the books of JPMorgan Chase on an ongoing basis, but somehow the bank’s dangerous book of derivatives has been allowed to spike by $14.42 trillion in the first quarter of this year, soaring from $45.84 trillion on December 31, 2021 to $60.26 trillion on March 31, 2022. That’s an increase of 24 percent in a three-month span. That information comes from page 18 of the newly-released report on derivatives in the banking system from the Office of the Comptroller of the Currency (OCC).

The Dodd-Frank Act of 2010 was supposed to stop the insanity of unfathomable amounts of risky derivatives being held at federally-insured banks. Under the so-called “push-out” rule in Dodd-Frank, derivatives were supposed to be moved out of the federally-insured bank to other parts of the bank holding company so that they could be wound down in a bankruptcy proceeding without endangering the federally-insured bank. Citigroup and its lobbyists succeeded in getting that provision repealed in a sneak maneuver in December 2014.

Then there was Dodd-Frank’s promise that all of these dangerous derivatives would become centrally-cleared in short order instead of being opaque over-the-counter contracts with bespoke (custom) terms that regulators and the public could not make heads or tails of. Well, that didn’t happen either. The current OCC report tells us that 71 percent of JPMorgan Chase’s equity derivatives are not centrally cleared; 100 percent of its precious metals contracts are not centrally cleared; and 96 percent of its foreign exchange derivative contracts are not centrally cleared.

The Fed and its fellow regulators deserve a grade of F for brazenly ignoring the intent of Congress when it passed the Dodd-Frank Act in 2010. Twelve years after its passage, dangerous derivatives are still not centrally cleared and instead of shrinking, their quantities and threat to financial stability are growing.

According to the official report from the Financial Crisis Inquiry Commission, which was statutorily mandated to investigate and report on the Wall Street financial collapse of 2008, derivatives played a central role in the crash. The report summarized its findings as follows:

“We conclude over-the-counter derivatives contributed significantly to this crisis. The enactment of legislation in 2000 to ban the regulation by both the federal and state governments of over-the-counter (OTC) derivatives was a key turning point in the march toward the financial crisis…without any oversight, OTC derivatives rapidly spiraled out of control and out of sight, growing to $673 trillion [globally] in notional amount. This report explains the uncontrolled leverage; lack of transparency, capital, and collateral requirements; speculation; interconnections among firms; and concentrations of risk in this market. OTC derivatives contributed to the crisis in three significant ways.

“First, one type of derivative—credit default swaps (CDS)—fueled the mortgage securitization pipeline. CDS were sold to investors to protect against the default or decline in value of mortgage-related securities backed by risky loans. Companies sold protection—to the tune of $79 billion, in AIG’s case—to investors in these newfangled mortgage securities, helping to launch and expand the market and, in turn, to further fuel the housing bubble.

“Second, CDS were essential to the creation of synthetic CDOs. These synthetic CDOs were merely bets on the performance of real mortgage-related securities. They amplified the losses from the collapse of the housing bubble by allowing multiple bets on the same securities and helped spread them throughout the financial system. Goldman Sachs alone packaged and sold $73 billion in synthetic CDOs from July 1, 2004, to May 31, 2007…

“Finally, when the housing bubble popped and crisis followed, derivatives were in the center of the storm. AIG, which had not been required to put aside capital reserves as a cushion for the protection it was selling, was bailed out when it could not meet its obligations. The government ultimately committed more than $180 billion because of concerns that AIG’s collapse would trigger cascading losses throughout the global financial system. In addition, the existence of millions of derivatives contracts of all types between systemically important financial institutions—unseen and unknown in this unregulated market—added to uncertainty and escalated panic, helping to precipitate government assistance to those institutions.”

As an example of just how lax regulators have been when it comes to reining in the threat of derivatives at the megabanks on Wall Street which, like JPMorgan Chase, own the largest federally-insured banks in the country, consider the research report that was released by the Office of Financial Research (OFR) on July 12, 2021. (OFR was also created under the Dodd-Frank Act to keep U.S. regulators informed about threats to financial stability.)

The OFR report is titled: “Counterparty Choice, Bank Interconnectedness, and Systemic Risk.” The researchers, Andrew Ellul and Dasol Kim, examined 18 different over-the-counter (OTC) derivative markets and concluded the following:

“Bank interconnectedness through the OTC derivative markets was identified as an important factor that contributed to the severity of the Great Financial Crisis… and remains an area of fragility of systemically important banks on which we have very limited understanding. The trading of OTC derivatives is notoriously concentrated in the largest banks, which are also the ones for which we have data. One important feature is the substantial counterparty risk that banks face, in our context the most important counterparty risk is that faced by banks trading with non- bank entities.”

Just how concentrated are these risky derivatives at the megabanks? The current report from the OCC tells us this:

“A total of 1,291 insured U.S. national and state commercial banks and savings associations reported trading and derivatives activities at the end of the first quarter of 2022. A small group of large financial institutions continues to dominate trading and derivatives activity in the U.S. commercial banking system. During the first quarter of 2022, four large commercial banks represented 89.0 percent of the total banking industry notional amounts [of derivatives] and 68.8 percent of industry net current credit exposure (NCCE).”

Notional means face amount of derivatives. As of March 31, 2022, the four federally-insured commercial banks that held 89 percent of all derivatives in the banking system were as follows: JPMorgan Chase with $60.26 trillion; Goldman Sachs Bank USA with $49.75 trillion; Citibank (part of Citigroup) with $45.74 trillion; and Bank of America NA with $22.48 trillion.

Yesterday, Fed Chairman Powell appeared before the House Financial Services Committee to deliver his monetary policy report. During the hearing, Powell was asked a question about systemic risks in the financial system by Congressman Jim Himes, a Democrat from Connecticut. The exchange went as follows:

Himes: “In my remaining minute I’m going to ask you a question I ask you a lot, Mr. Chairman. We’re obviously seeing pretty dramatic swings in the financial markets. Money is no longer free. We’re seeing that in the SPAC market, in the high yield market, the equities market, cryptocurrency. In my very short remaining time Mr. Chairman, what should we be focused on. What is concerning you with respect to systemic risk that may develop in the face of rising rates and rising inflation?”

Powell: “Basically, the financial markets have been functioning well and the banking system in particular is very strong, well-capitalized, has lots of liquidity, better understanding and management of its risks….”

Consider that statement from Powell against this headline from May 27: “Dow Ends Biggest Losing Streak Since 1932 as Tech Prevails.” Not to put too fine a point on it, but 1932 was the early days of the Great Depression – the worst economic collapse in U.S. history.

Under Powell’s tenure at the helm of the Fed, the Fed has lost control of inflation, which is now hovering at a 40- year high. The Fed lost control of policing its own officials, triggering the biggest trading scandal in the Fed’s 109-year history. (Investigative findings regarding that scandal, by the way, have yet to be released by any federal body after nine months.) Instead of reining in the trading abuses on Wall Street, the Fed has encroached further into markets with its own trading activities. See our report: The New York Fed Has Quietly Staffed Up a Second Trading Floor Near the S&P 500 Futures Market in Chicago.

Powell also permitted the biggest, secret, bailout of the megabanks and their derivative counterparties beginning in September 2019 – months before there was any reported case of COVID-19 anywhere in the world. And, somehow, when the names of the banks that received these windfall repo loans from the Fed were finally released two years later, there was a blanket news blackout by mainstream media. Only Wall Street On Parade, a two-person investigative team, has documented this bailout, graphed the data, and named names. (See our archive of more than 100 articles on these Fed bailouts.)

Senator Elizabeth Warren is the only member of Congress with the courage to tell the simple truth to the American people about Fed Chairman Powell: He’s a “dangerous man.”

END

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

The age of central bank credibility is now over.

A good piece from John Authers

(John Authers/GATA)

John Authers: The age of central bank credibility is over

Submitted by admin on Thu, 2022-06-23 11:54Section: Daily Dispatches

By John Authers
Bloomberg News
Thursday, June 23, 2022

Monetary regimes don’t fall often. 

Half a century ago, in 1971, Richard Nixon ended the Age of Gold by formally eliminating the dollar’s peg to the precious metal. Since then, the dollar and other currencies have rested on fiat — they’re worth something because governments say they are. 

You could call this the Age of Credibility. In place of gold, currency’s anchor is the trust in the central banks that issue them.

 Now credibility appears to be at an end. With central banks desperately ripping up their playbooks to try to rein in inflation that has veered far beyond target, they’re admitting they have been wrong, and giving up on trying to steer the markets on their plans for the future.

That’s alarming, because the precedent of the 1970s is not encouraging. Oil briefly took over from gold as the anchor for currencies, and the world suffered through a period of protracted stagflation. 

The new Age of Credibility arrived courtesy of Paul Volcker, who as chairman of the Federal Reserve raised rates repeatedly at the turn of the ’80s and managed to squeeze inflation out of the system. 

For the four decades since, central bankers’ credibility has been the anchor. Provided everyone trusts central bankers to do what it takes to protect the buying power of the money, fiat currencies can work. …

… For the remainder of the commentary:

https://www.bloomberg.com/news/articles/2022-06-23/inflation-responses-by-central-banks-have-destroyed-trust

end

Your weekend reading material

Alasdair Macleod…

Alasdair Macleod: Russia is winning the financial war

Submitted by admin on Thu, 2022-06-23 11:48Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, June 23, 2022

Sanctions have backfired on those described by Vladimir Putin as the unfriendly nations. It is setting in train a series of events likely to undermine the whole Western financial system, as prices rise driving interest rates higher, and economic activity shrinks. These developments alone are leading to contracting bank credit, crashing stock markets, and sharply higher bond yields.

Last week, I wrote about the impact on the banking system and the likely consequences. Russia, China, and associated nations who depend upon them for trade and economic development are now moving to protect themselves from what is emerging as a full scale systemic and fiat currency crisis for the dollar and the entire Western financial system. 

These developments are hastening the end of the petrodollar era and the dollar’s role as a reserve currency.  A central Asian replacement is planned to be a new super-currency used for cross-border payments, based on an index of a basket of commodities and currencies of the participating nations. Including currencies is a mistake, but otherwise the proposition has merit. 

This article explains why and how a properly constructed scheme would work. I demonstrate why it could act as a de facto gold standard.

Its designers intend this new trade currency to appeal to other important nations, such as Saudi Arabia, into using a commodity-linked currency for settling their trade payments, replacing the dying petrodollar. But its success could prove to be fatal for the fiat dollar and other Western currencies. With the demise of the dollar, the new super-currency can be expected to lead eventually to some national currencies adopting gold standards. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/russia-is-winning-the-financial-war

4.OTHER GOLD/SILVER COMMENTARIES

GATA Chairman Murphy interviewed by Andrew Maguire on ‘Live from the Vault’

9:14a ET Friday, June 24, 2022

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy is the guest in this week’s interview with London metals trader Andrew Maguire on Kinesis Money’s “Live from the Vault” program, discussing the longstanding manipulation of the gold and silver markets and GATA’s work exposing it. The interview is 40 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch? v=BxSwl_7GOrY

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

end

5.OTHER COMMODITIES //LITHIUM

END 

COMMODITIES IN GENERAL/

END

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 6.6958

OFFSHORE YUAN: 6.6910

HANG SANG CLOSED  UP 445.12  PTS OR 2.09% 

2. Nikkei closed UP 320.72% OR 1.23%

3. Europe stocks  ALL CLOSED  ALL GREEN 

USA dollar INDEX  DOWN TO  104.09/Euro RISES TO 1.0535

3b Japan 10 YR bond yield: FALLS TO. +.215/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 135.03/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 ABOVE the important 120 barrier this morning

3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN:   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. EIGHTY percent of Japanese budget financed with debt.

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +1.482%/Italian 10 Yr bond yield RISES to 3.58% /SPAIN 10 YR BOND YIELD FALLS TO 2.52%…

3i Greek 10 year bond yield RISES TO 3.80//

3j Gold at $1824.20 silver at: 20.88  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  1/4        roubles/dollar; ROUBLE AT 53.21

3m oil into the 106 dollar handle for WTI and  111 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 135.03DESTROYING 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 0.9569– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.00080well 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: 3.111 UP 4  BASIS PTS

USA 30 YR BOND YIELD: 3.229  UP 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.37

Futures Surge To Two Week High As Traders Eye End Of Fed’s Hiking Cycle

FRIDAY, JUN 24, 2022 – 11:53 AM

Futures are pointing to solid close to the week – now that a recession and earlier rate cuts are assured…

…. with a continuation of the rally which has pushed stocks to two week highs, with Tech continuing to lead while Chinese Tech is helping to fuel the global risk-on rally to end the week. Tech-heavy Nasdaq 100 futures added 1% while contracts on the S&P 500 gained 0.9%, trading near session highs  at 3,833 after the main US stock gauge closed near session highs Thursday, adding more than 3% in three days. In Europe, the Stoxx Europe 600 rose 1.5%, with the benchmark set for a small bounce this week. 10-year Treasury yields rose to 3.13% after earlier sliding as low as 3.04%.

In premarket trading, software maker Zendesk Inc. soared over 50% on reports it’s close to reaching a deal to be acquired by a group of buyout firms led by Hellman & Friedman and Permira. Bank stocks were mostly higher as well after the latest stress test that results showed all 34 participating banks had passed (of course). In corporate news, Coinbase will launch its first crypto derivative product on Monday in the midst of the current crypto winter. US-listed Chinese stocks rise in premarket trading, on track for their best week since April as more market watchers turn positive on the group amid a gradual easing in Beijing’s crackdown on tech. Alibaba (BABA US) +3%, Nio (NIO US) +2.8%. Here are some other notable premarket movers:

  • FedEx Corp. (FDX US) shares gained in premarket trading with analysts mostly welcoming its annual earnings forecast that was above expectations amid higher package prices and resolution on some operation issues related to labor shortage. Nevertheless, they still maintained caution amid cost pressures and macroeconomic uncertainty.
  • US bank stocks may be volatile Friday after the Federal Reserve announced after the close of trading on Thursday that all banks had passed its annual stress test.
  • Blackberry (BB CN) gained in postmarket trading after it reported an adjusted basic loss per share for the first quarter of 5c, in line with estimates.
  • LendingTree (TREE US) shares dropped 10% in extended trading on Thursday, after the consumer finance company cut its second-quarter forecast for both revenue and adjusted Ebitda.
  • Sarepta Therapeutics (SRPT US) shares may be under pressure after it announced that the FDA has placed a clinical hold on the company’s peptide-conjugated phosphorodiamidate morpholino oligomer to treat patients with Duchenne muscular dystrophy. That said, analysts believe this is mostly a hiccup and that the stock should get a lift once data from the company’s NT gene therapy is disclosed.

In his market wrap note, JPM’s Andrew Tyler asks “Does this rally have legs” and answers: “The next major catalyst is the June 30 PCE data. This current rally is seeing Tech and Defensive sectors as the largest outperformers. While some investors may play momentum, there seems to be a collective lack of conviction with many believing that this rally fizzles. Traders are looking for confirmation from a breakout above ~3900 resistant level.”

To be sure, investors are grappling with the question of what comes next if an economic downturn takes hold. One scenario – the bullish one – predicts cooling price pressures and thus scope for central banks to ease up on the pace of interest-rate hikes. In the other one, Jerome Powell hardened his resolve to cool inflation in testimony to lawmakers this week, after acknowledging that a recession may be the price to pay.

“In spite of the hawkish remarks from Fed officials, the growing worries that their hikes would trigger a recession actually meant that investors priced in a shallower pace of rate hikes over the coming 12-18 months,” Deutsche Bank AG strategists led by Jim Reid wrote in a note. “That had a knock-on impact on Treasuries.” We discussed this extensively last night. The rising probability of a peak in rates put the policy-sensitive US two-year yield on course for one of its biggest weekly drops since March 2020. Meanwhile, traders are starting to price out any Fed action on rates beyond the December meeting, scaling back the additional tightening they expect and flirting with the possibility of cuts by in 2023.

In Europe, equities traded well with the Stoxx rising 1.5% and the Euro Stoxx 50 1% higher back near Thursday’s highs. CAC 40 outperforms peers. Health care and media are the strongest sectors, autos and retail names lag. Here are some of the biggest European movers today:

  • European health care stocks jump, outperforming the broader market. Societe Generale says the fundamentals of the European pharma sector are healthier than US peers. Roche rises as much as 3.4%, Novo Nordisk +3.2% and AstraZeneca +2.6% among the biggest contributors to the gain
  • Ultra Electronics shares rise as much as 13% after a statement that the UK government is leaning toward approving Cobham’s planned takeover of the British defense-technology specialist.
  • LVMH shares rise as much as 2.9% on Bernstein’s top luxury pick at a time of macroeconomic and geopolitical uncertanties, thanks in part to the French giant’s Dior mega-brand, which analyst Luca Solca says is one of the industry’s biggest success stories
  • Telenet shares rise as much as 6.4%, with Barclays and New Street Research both noting that the stock is cheap and it may become more attractive for majority holder Liberty Global to consider buying the rest of the shares.
  • Zalando shares sink as much as 18%, hitting the lowest since Jan. 2019. The online retailer warning on its sales and earnings outlook was not a total surprise, but the scale of the downgrade to its expectations was more significant than anticipated, analysts say. Fast fashion and online retailers decline in Europe following another warning in the sector, this time from Germany’s Zalando. HelloFresh slumps as much as -9.7%, Delivery Hero -6.0%, Deliveroo -2.7%.
  • Fertilizer stocks sink in Europe with Morgan Stanley flagging the industry’s exposure to surging gas prices, gas supply uncertainties and related government measures in Europe to prevent shortages. K+S shares fall as much as 4.9%, Yara down as much as 4.8% and OCI down 3.9%

Earlier in the session, Asian stocks headed for a second day of gains as technology shares staged a comeback amid falling yields, with investors continuing to weigh the prospect of higher inflation and monetary tightening. The MSCI Asia Pacific Index rose as much as 1.2%, lifted by tech-heavy markets such as South Korea. A gauge of Asian tech stocks jumped, rallying from the lowest level since September 2020. A Chinese tech measure in Hong Kong advanced 4%. Consumer and health care names also contributed to Friday’s gains amid a global shift to defensive stocks. Asian equities headed for their first weekly gain in three, as the market took a breather from intense selling pressure fueled by fears that aggressive monetary tightening will push the US economy into a recession. Federal Reserve Chair Jerome Powell in testimony to lawmakers stressed his “unconditional” commitment to bringing down inflation.

Stocks have fared relatively better in Asia than in other regions as China’s move to dial back Covid restrictions supports market sentiment. Asia’s benchmark is down about 6% this month, compared with at least 8% declines in the S&P 500 Index and the Euro Stoxx 50. “The growth differentials are going to open up between China and the rest of the world,” Kinger Lau, chief China equity strategist at Goldman Sachs, said in a Bloomberg TV interview. Chinese equities “tend to do quite well going into the party congress, three to six months before that. Right now seems like we are in the sweet spot.”

Japanese stocks climbed as investors assessed hawkish comments by Fed Chair Jerome Powell on further interest rate hikes and a rally in Treasuries that sent yields lower, boosting tech shares. The Topix Index rose 0.8% to 1,866.72 as of market close Tokyo time, while the Nikkei advanced 1.2% to 26,491.97. Japan’s Mothers index rallied as much as 5.8%.  Nidec Corp. contributed the most to the Topix Index gain, increasing 6.5%. Out of 2,170 shares in the index, 1,540 rose and 550 fell, while 80 were unchanged.

In Australia, the S&P/ASX 200 index completed a weekly gain of 1.6% to close at 6578.70, as technology shares staged a comeback amid falling yields. The tech benchmark had a weekly gain of 8.1%, the most since August. Nine of the 11 subgauges ended Friday higher, with only energy and mining stocks sliding after a gauge of commodities retreated.   New Zealand’s market was closed for a public holiday

In FX, the Bloomberg dollar spot index dipped into the red, poised for its first weekly decline in a month as investors gauge whether aggressive Federal Reserve rate hikes would tip the US economy into a recession; the Bloomberg Dollar Spot Index fell 0.5% this week while the policy-sensitive US two-year yield is on course for its biggest weekly drop since March 2020. The Japanese yen was the only Group-of-10 currency to fare worse than the dollar, sliding back under 135. “The dollar is undermined by the weakness in PMI data and growing concerns that aggressive rate hikes will eventually cause growth slowdown,” said Akira Moroga, manager of currency products at Aozora Bank in Tokyo. “US yields are also stabilizing from recent sharp climb to weigh on the dollar,” he said. NOK and SEK are the strongest in G-10 FX, JPY is the weakest.

Rates erase initial gains, with Treasuries now slightly cheaper across the curve as US stock futures advance beyond Thursday’s highs, while core European bond gains fade and European stocks rally. US yields cheaper by 1bp-3bp across the curve and spreads within a basis point of Thursday’s close; 10-year higher by 1.5bp at 3.10%, bunds in the sector by an additional 3.5bp. Bunds futures complete a ~150 tick round trip, rallying near 149.00 before returning toward 147.50. Cash curves remain bear-steeper, long end bunds cheapen ~3bps having initially richened ~5bps. Cash USTs and gilts are comparatively quiet after following bunds price action in early trade. Italian bonds lag peers, widening the 10y BTP/Bund spread back above 200bps. Focal points of US session include early Bullard comments and University of Michigan inflation expectations, cited by Fed Chair Powell in latest policy decision. 

In commodities, crude futures advance, albeit holding within a relatively narrow range. West Texas Intermediate crude traded near $105 a barrel after retreating over the previous two sessions. The US benchmark has lost almost 4% this week, putting prices on course for their first monthly drop since November. Base metals complex is under pressure, LME tin drops over 12%, nickel down over 6%. Spot gold rises roughly $4 to trade near $1,827/oz.  Bitcoin traded rangebound on either side of the 21,000 level.

Sliding raw materials prices have contributed to a moderation in market-based measures of inflation expectations. Oil headed for its first back-to-back weekly loss since early April amid a broader selloff in commodities markets.

To the day ahead now, and data releases include Germany’s Ifo business climate indicator for June, Italian consumer confidence for June, and UK retail sales for May. Over in the US, there’s also the University of Michigan’s final consumer sentiment index for June, and new home sales for May. From central banks, we’ll hear from the ECB’s Centeno and de Cos, the Fed’s Bullard and Daly, the BoE’s Pill and Haskel, and BoJ Deputy Governor Amamiya.

Market snapshot

  • S&P 500 futures up 0.7% to 3,826.75
  • STOXX Europe 600 up 1.1% to 406.65
  • German 10Y yield little changed at 1.40%
  • Euro little changed at $1.0525
  • Brent Futures up 0.4% to $110.51/bbl
  • Gold spot up 0.2% to $1,826.53
  • MXAP up 1.1% to 159.08
  • MXAPJ up 1.3% to 527.68
  • Nikkei up 1.2% to 26,491.97
  • Topix up 0.8% to 1,866.72
  • Hang Seng Index up 2.1% to 21,719.06
  • Shanghai Composite up 0.9% to 3,349.75
  • Sensex up 0.7% to 52,652.22
  • Australia S&P/ASX 200 up 0.8% to 6,578.70
  • Kospi up 2.3% to 2,366.60
  • U.S. Dollar Index little changed at 104.35

Top Overnight News from Bloomberg

  • Global equity funds saw their biggest outflows in nine weeks as investors piled into cash amid fears that the US economy could be headed for a recession.
  • UK consumers are starting to crumple in the face of soaring prices, according a series of reports that paint a grim picture of the nation’s cost of living crisis.
  • Germany’s economy minister said he can’t be sure that Russia will resume shipments through a key gas pipeline following planned maintenance next month, raising the prospect of a fresh surge in prices and rationing this winter.

A more detailed look at global markets from Newsquawk

Asia-Pac stocks ultimately followed suit to the gains on Wall St where a decline in yields and lower commodity prices helped the major indices claw back from the opening losses which were triggered by disappointing PMI data. ASX 200 was positive with tech stocks encouraged by US counterparts which benefitted from the lower yield environment although gains in the index were capped by weakness in the commodity-related sectors after the recent pressure in energy and metal prices. Nikkei 225 found early momentum alongside currency flows and held on to gains despite the JPY reversal. Hang Seng and Shanghai Comp. were positive after officials recently suggested ample policy space to sustain a steady economic performance and with the PBoC upping its liquidity efforts.

Top Asian News

  • PBoC injected CNY 60bln via 7-day reverse repos with the rate at 2.10% for a CNY 50bln net daily injection, according to Reuters.
  • Xi Trip to Hong Kong in Doubt After Top Officials Get Covid
  • Hong Kong’s Jumbo Mystery Deepens as Restaurant May Be Afloat
  • Gold Set for Weekly Drop on Powell’s Unconditional Inflation Vow
  • Iron Ore Poised to End Wild Week Down as Steel Inventories Rise
  • Hedge Funds Buy Dollar-Yen Downside Options on Recession Risks

European bourses have coat-tailed on the positivity seen on Wall Street yesterday and across APAC overnight, with European indices firmer to varying degrees. Sectors overall project a modest defensive bias as Healthcare, Media, Consumer Products, and Food & Beverages reside among the winners, although Tech is also buoyed by the pullback in bond yields. Europe’s largest online retailer Zalando (-12%) slumped following a profit warning, and in turn dragged the European Retail sector to the lowest level since March 2020. Stateside, US equity futures are firmer across the board – with the NQ narrowly leading the pack – participants also flagged the ES overcoming resistance at 3,800.

Top European News

  • UK PM Johnson’s Conservatives lost the parliamentary seat in the Wakefield by-election to the Labour Party and lost the by-election in Tiverton and Honiton to the Liberal Democrats, according to Reuters. Subsequently, PM Johnson has been warned to “watch out for a coup”, according to reporting in The Telegraph. Furthermore, Conservative Party Chairman Dowden has resigned following the by-elections.
  • 1922 Committee treasurer Sir Geoffrey Clifton-Brown hints that Tory leadership rules could be changed to allow rebels another shot at the PM, according to Mail’s Grove.
  • Boris Johnson’s Party Chair Quits After Double Election Blow
  • Zurich Insurance Sells Legacy German Life Portfolio to Viridium
  • Ukraine Latest: Troops to Leave Key Eastern City as Russia Gains
  • Airlines 2Q Seen Profitable for Most, Deterioration in 2023: DB

FX

  • Kiwi elevated amidst favourable crosswinds on NZ market holiday – Nzd/Usd probes 0.6300 as Aud/Nzd retreats towards 1.0950.
  • Euro encouraged by elements of German Ifo survey and Pound shrugs off mixed UK consumption data, all time low consumer sentiment and more pain for PM Johnson on risk factors and gravitating Greenback – Eur/Usd firm on 1.0500 handle, Cable tests 1.2300 and DXY close to base of 104.120-510 range.
  • Aussie, Loonie and Franc all bounce within ranges as Buck backs off, but Yen continues to encounter resistance after decent retracement – Aud/Usd back over 0.6900, Usd/Cad fades from pop above 1.3000 and Usd/Chf reverses through 0.9600 pivot.
  • Scandi Crowns claw back lost ground, Yuan underpinned by PBoC liquidity injection and Peso by hawkish Banxico guidance to supplement 75 bp hike – Eur/Sek sub-10.7000, Eur/Nok near 10.4500, Usd/Cnh under 6.7000 and Usd/Mxn beneath 20.0000.

Fixed Income

  • Debt recoils after stretching recovery limits further – Bunds top out at 149.00, Gilts at 114.55 and 10 year T-note 118-00
  • Trading volumes pick-up on the way back down towards or to intraday lows of 147.21, 113.54 and 117-10+, as risk appetite steadily improves and focus turns to pm agenda

Commodities

  • WTI and Brent August futures are extending their modest gains in recent trade despite a lack of news flow.
  • EIA said a status update on the weekly DOE oil inventories report will be provided on Monday.
  • Spot gold remains uneventful under USD 1,850/oz – with the Dollar similarly contained intraday thus far.
  • Focus has turned to base metals, with nickel, zinc, and tin among the biggest losers amid demand woes and surplus concerns.
  • Chile state copper miner Codelco reached an agreement with workers to end the strike, according to Reuters.
  • China is to auction 500k tonnes of imported soybeans from state reserves on July 1st, according to the trade centre cited by Reuters.

US Event Calendar

  • 10:00: June U. of Mich. Sentiment, est. 50.2, prior 50.2
    • 10:00: June U. of Mich. Expectations, prior 46.8; Current Conditions, est. 55.4, prior 55.4
    • 10:00: June U. of Mich. 1 Yr Inflation, est. 5.4%, prior 5.4%; 5-10 Yr Inflation, est. 3.3%, prior 3.3%
  • 10:00: May New Home Sales, est. 590,000, prior 591,000
    • MoM, est. -0.2%, prior -16.6%

Central Bank speakers

  • 07:30: Fed’s Bullard Discusses Central banks and Inflation
  • 13:15: Fed’s Daly Interviewed on Fox Business News
  • 16:00: Fed’s Daly Speaks at Shadow Open Market Conference

DB’s Jim Reid concludes the overnight wrap

Fears about an imminent recession have continued to dominate markets over the last 24 hours, with a combination of Chair Powell’s comments, weak economic data and renewed concerns about a European gas cutoff all helping to sound the alarm for investors. Indeed, the sudden rush for safe havens (along with doubts over how far central banks will actually hike if there’s a recession) meant that sovereign bonds rallied sharply, with yields on 10yr bunds (-20.6bps) seeing their largest daily decline in over a decade, which is quite something considering just how volatile bonds have been this year. Having said that the S&P 500 finished up +0.95% so it wasn’t all doom and gloom on what was a pretty bad day for news.

In terms of the various developments, weak data hampered the narrative and led to a flight to bonds from the outset, with the flash PMIs from Europe and the US painting a gloomy economic picture as we round out Q2. For instance, the Euro Area composite PMI fell to a 16-month low of 51.9 (vs. 54.0 expected), including larger-than-expected declines in both Germany and France. Later in the day, the US composite PMI also fell to 51.2 (vs. 53.0 expected), whilst the weekly initial jobless claims of the week through June 18 came in at 229k, thus taking the smoother 4-week moving average to its highest level since early February. So a bad run of numbers that at the very least add to the growing signs that we’re seeing a noticeable slowdown in growth.

As the data was getting weaker, there was no sign that Fed Chair Powell was going to be put off from his challenge of restoring price stability, and he even reiterated before the House Financial Services Committee that their commitment to deal with inflation was “unconditional”. Bear in mind that he left that word out of his testimony before the Senate Banking Committee the previous day, which some had interpreted in a dovish light, so there’s no sign that the Fed are set to let up on the task ahead. Furthermore, Fed Governor Bowman became the latest member of the FOMC to endorse another 75bp hike at the next meeting in July, saying beyond that she favoured “increases of at least 50 basis points in the next few subsequent meetings”.

In spite of the hawkish remarks from Fed officials, the growing worries that their hikes would trigger a recession actually meant that investors priced in a shallower pace of rate hikes over the coming 12-18 months. For instance, the rate priced in by the December meeting came down a further -5.5bps to 3.46%, whilst the terminal rate is now seen at just over 3.5%, having expected to be above 4% just before the Fed meeting. The market now sees the terminal rate being hit as early as February 2023 after most of the year so far has seen hikes priced in through the third quarter of 2023. That had a knock-on impact on Treasuries, with the 10yr yield down -6.9bps to 3.09%, and the 2s10s curve flattened -2.9bps to just 6.4bps. The Fed’s preferred indicator of the near-term forward spread also saw a large decline, with a -11.8bps move lower to 168bps, which was the lowest since early March.

US equities continued trading in wide intraday ranges but were ultimately boosted by the shallower expected path of policy tightening. The S&P 500 gained +0.95%, leaving it +3.29% on the holiday-shortened week and on pace for its first weekly gain in a month. It was an interesting sector breakdown with shares sensitive to discount rates gaining, as one might expect with the rate move, sending the NASDAQ +1.62% higher. Otherwise, there was a clear delineation between defensives, which outperformed due to the slowing outlook, and cyclicals which ended the day in the red. Utilities, health care, real estate, and staples led the index and all ended in the green, while industrials, financials, materials, and energy all finished in the red. So a risk-off defensive rally in the States. Energy was particularly hit by the fall in brent crude futures, which were -1.51% lower on the day and nearly back beneath $110/bbl for the first time since mid-May.

Over in Europe, there were further dramatic developments on the energy side, with German economy minister Habeck raising the country’s gas risk level to the second stage of the emergency plan. That takes them from the early warning phase to the alarm phase, with Habeck going as far as to warn about “a Lehman effect in the energy system” if the market collapsed. Our research colleagues in Frankfurt have written more about what this means (link here), but natural gas futures in Europe rose a further +3.33% yesterday to a fresh 3-month high of €131/MWh. The third and final stage of the plan would be the emergency phase, which occurs when there isn’t enough gas to meet general demand.

The fears of recession and the threat of energy shortages meant that European equities took a tumble again yesterday, with the STOXX 600 (-0.82%) closing at its lowest level in 16 months with banks (-3.17%) leading the way as cyclicals also got hit hard in Europe. The DAX (-1.76%) was a regional under-performer with all the focus on the German government gas alert. Sovereign bond yields also plummeted, with those on 10yr bunds (-20.6bps) seeing their largest daily move lower in over a decade, whilst those on 10yr OATs (-20.7bps), gilts (-18.2bps) and BTPs (-15.9bps) witnessed a significant pullback as well. Our European economists don’t think that growth uncertainties will derail the near-term exit path for the ECB, but they write in a blog post yesterday (link here) that the release is another catalyst for a shift in the debate from a question of how quickly they need to catch up, to how far they will be able to go.

Moving on to Asia, equity markets in the region are seeing decent gains overnight, with the Kospi (+1.66%) leading the pack followed by the Hang Seng (+1.23%), the Nikkei (+0.76%), the CSI (+0.74%) and the Shanghai Composite (+0.54%). Looking forward as well, US stock futures has risen overnight with contracts on the S&P 500 (+0.43%) and NASDAQ 100 (+0.70%) trading higher amidst the decline in bond yields.

In economic data, inflation in Japan is likely to remain closely watched after the core consumer prices climbed +2.1% y/y in May as expected, following a similar rise in April, a level not seen in seven years mainly because of higher energy prices. Excluding energy, prices were up +0.8% in May, also in line with market consensus, following a 0.8% increase in the preceding month.

Moving on to some political news, the Conservative party lost two parliamentary seats in yesterday’s by-elections, which will be unwelcome news for Prime Minister Johnson, who’s already seen 41% of his own MPs vote no confidence in his leadership at the start of the month. One of the losses was to Labour in the “red wall” seat of Wakefield, which had been Labour for the entire post-war period until it was won by the Conservatives in 2019, and the Conservative vote share was down from 47% at the last general election to 30% yesterday. Elsewhere, they also lost the usually safe Conservative seat of Tiverton and Honiton to the Liberal Democrats, with the Conservative vote share down from 60% in 2019 to 38% yesterday. Meanwhile, there was some bad news overnight on the economic front from the UK, with GfK’s consumer confidence reading dropping to a record low of -41 in June (vs. -40 expected), something not seen since the survey began 48 years ago.

To the day ahead now, and data releases include Germany’s Ifo business climate indicator for June, Italian consumer confidence for June, and UK retail sales for May. Over in the US, there’s also the University of Michigan’s final consumer sentiment index for June, and new home sales for May. From central banks, we’ll hear from the ECB’s Centeno and de Cos, the Fed’s Bullard and Daly, the BoE’s Pill and Haskel, and BoJ Deputy Governor Amamiya.

 

 FRIDAY /THURSDAY NIGHT

SHANGHAI CLOSED UP 29.60 PTS OR 0.89%   //Hang Sang CLOSED UP 445.12 PTS OR 2.09%    /The Nikkei closed UP 320.72 OR 1/23%          //Australia’s all ordinaires CLOSED UP 1.06%   /Chinese yuan (ONSHORE) closed UP 6.6958    /Oil UP TO 106.11 dollars per barrel for WTI and UP TO 111.75 for Brent. Stocks in Europe OPENED  ALL GREEN        //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6958 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6910: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER  

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/SOUTH KOREA/

3B  JAPAN

Trouble for Toyoto!

“Tires May Fall Off” – Toyota Recalls First Mass-Produced EV SUV

FRIDAY, JUN 24, 2022 – 12:45 PM

Toyota is the world’s largest carmaker and planned to take on Tesla with its first mass-produced battery-powered sport utility vehicle called “bZ4X,” but had to recall the SUV only two months after launch because of a danger that wheels could fall off, according to Reuters.  

“The hub bolt may loosen due to repeated sharp turns and sudden braking. Therefore, if you continue to drive in that state, abnormal noise will be generated, and in the worst case, the tires may fall off,” Toyota wrote in a Japanese recall notice. 

About 2,700 bZ4Xs were recalled, 2,220 were sent to Europe, 280 for North America, 110 for Japan, and 60 for various Asian countries. Many of the vehicles have yet to be delivered to customers. 

“We are examining if tightening the bolts will solve the problem, or if any change in components is needed,” the company told FT

The bZ4X is Toyota’s first mass-market EV SUV and is a major setback as it attempts to compete with Tesla. Toyota has pledged a whopping $35bln to mass-produce 30 battery-powered models by 2030. So far, its entrance into the EV space has been similar to Ford Motor Company. 

Last week, Ford halted sales of its new all-electric Mustang Mach-E due to concerns about a potential safety defect that would “cause the vehicles to become immobile.” 

The Mach-E is Ford’s first mass-produced battery-powered vehicle and has been plagued with problems since it went on sale in December 2020, including software errors causing unintended acceleration, loose subframe bolts, and inadequate bonding for thousands of glass panel roofs.

Toyota might want to be extra cautious of its first mass-produced battery-powered SUV launch for the sake of its brand. The recall comes one day after the Japanese carmaker slashed global production targets for July as the global economy rapidly slows under the weight of central banks aggressively tightening monetary policy to get a handle on some of the highest inflation in decades. 

3c CHINA

CHINA/

China faces power shortages as their heatwave pushes demand to record levels

(Paraskova/OilPrice,com)

China Faces Power Shortage As Heatwave Pushes Demand To Record

THURSDAY, JUN 23, 2022 – 05:40 PM

By Tsvetana Paraskova of OilPrice.com

Chinese Premier Li Keqiang said this week that China should increase its coal production capacity in order to prevent power outages, as the northern and central parts of the country are baking in a heatwave that is driving power consumption to record levels.

China needs to “resolutely prevent power outages,” the premier was quoted as saying on Tuesday while a heatwave sweeps through northern and central China, while heavy rain in the southern provinces is flooding cities, including in the most populous province, Guangdong.

Consumers are cranking up air conditioning in the north, driving power demand in China to records, and threatening to overwhelm the Chinese power grid again.

China has significantly boosted its coal production in recent months, following government orders for more coal supply. Faced with power shortages last autumn, Chinese authorities ordered an increase in domestic coal production as global coal prices soared.

In March, China’s daily coal production hit a record high as it jumped by 15 percent compared to March 2021.

However, Chinese miners are looking to meet the required quantity regardless of the quality, which is often low and less efficient when burnt at coal-fired power stations.

So, despite a boom in coal production in recent months, China could experience another power crunch this summer as miners race to meet government targets with lower-quality coal, analysts and traders told Reuters earlier this week. 

China has put more emphasis on energy security in recent months. Earlier this year, China said it would continue to maximize the use of coal in the coming years as it caters to its energy security, despite pledges to contribute to global efforts to reduce emissions.

China is concerned about its energy security after the autumn 2021 power crisis and, most recently, the Russian invasion of Ukraine, which pushed energy commodity prices sky-high. 

4/EUROPEAN AFFAIRS//UK AFFAIRS/

EUROPE

Lack of crew has caused Lufthansa to cancel 3100 flights over the summer

(zerohedge)

Europe Hit With Travel Chaos As Top Airline Cancels 3,100 Flights 

FRIDAY, JUN 24, 2022 – 09:10 AM

Following the chaotic scenes witnessed at US airports over the last several weeks, travel chaos has spread to Europe as airlines canceled thousands of flights this summer. 

Bloomberg reports Deutsche Lufthansa AG, the second-largest airline in Europe in terms of passenger volume, canceled 3,100 flights for July and August as COVID-19 infections exacerbated staffing shortages. 

Germany’s top airline slashed 2,200 domestic flights on Friday, adding to the 900 announced weeks ago at Frankfurt and Munich hubs. 

“In order to inform the passengers as early as possible, Lufthansa will now take another 2,200 of a total of around 80,000 flights at the hubs in Frankfurt and Munich out of the system for the summer – also on the others, so far less affected days of the week. The cancellations relate in particular to domestic German and intra-European flights, but not to the classic holiday destinations, which are well occupied during the holiday season. In addition, there may also be changes in flight times,” Lufthansa spokesman told German newspaper BILD.

Besides Lufthansa, labor strikes are emerging among Ryanair Holdings Plc, IAG SA’s British Airways, and Brussels Airlines (Belgian subsidiary of Lufthansa) employees. 

Cabin crew at Ryanair went on strike across Belgium, Spain, and Portugal on Friday over lack of pay amid surging inflation. British Airways check-in staff are set to strike at Heathrow Airport in London. And Brussels Airlines workers began strikes on Thursday. 

“Airports have had to adjust their schedules as a result of the chaos. London Gatwick last week announced it would scrap hundreds of flights over the peak summer travel period — hours after Amsterdam’s Schiphol hub took a similar step — because of the deepening staffing crisis,” Bloomberg said. 

Have you got European travel plans this summer? Be prepared for delays and canceled flights, similar to what’s happening in the US because of a pilot shortage

UK

UK unveils new law to ease the rail strike that is paralyzing UK 

(Zhang/EpochTimes)

UK Unveils New Law To Ease Strike Disruptions As Rail Network Paralysed For 2nd Time In A Week

FRIDAY, JUN 24, 2022 – 02:00 AM

Authored by Alexander Zhang via The Epoch Times,

The UK government has announced new legislation to enable businesses to supply agency workers to plug staffing gaps during industrial action, as train services were disrupted again by the second nationwide strike of the week.

Following widespread travel chaos on Tuesday, some 40,000 members of the Rail, Maritime, and Transport Workers’ union (RMT) walked out again on Thursday, and are expected to go on strike again on Saturday.

Union leaders launched what they touted as the “biggest rail strike in modern history” after rail operators refused to agree to the union’s demands including a 7 percent pay rise.

On Thursday, the government announced new measures to help reduce disruption from strike action by removing the restrictions on businesses supplying temporary agency workers to cover striking staff.

‘Not Sustainable’

The move would reverse a legal restriction introduced under former Labour Prime Minister Tony Blair that prevents employers from hiring agency workers to cover for striking staff.

The government said the existing restriction “can have a disproportionate impact, including on important public services, causing severe disruption to the UK economy and society.”

Business Secretary Kwasi Kwarteng said: “Once again trade unions are holding the country to ransom by grinding crucial public services and businesses to a halt. The situation we are in is not sustainable.”

He said repealing the restrictions will “give businesses freedom to access fully skilled staff at speed, all while allowing people to get on with their lives uninterrupted to help keep the economy ticking.”

Transport Secretary Grant Shapps said that “far too many hard working families and businesses were unfairly affected by unions’ refusal to modernise” and the new legislation will “ensure any future strikes will cause even less disruption.”

Network Rail, which manages Britain’s rail network, welcomed the new legislation but the opposition Labour Party and unions condemned it as a “recipe for disaster.”

Millions Working From Home

On Thursday, major railway stations were much quieter than normal as services were crippled by the strike. Just one in five trains are running, and they are mostly restricted to main lines, with around half of the network closed.

But Shapps said, “Despite the best efforts of militant union leaders to bring our country to a standstill, it’s clear this week’s strikes did not have the desired impact due to more people being able to work from home.”

Broadband provider Virgin Media O2 said it recorded an increase in usage of up to 10 percent on the first day of the strikes on Tuesday, indicating that “millions more people are working from home” this week.

National Highways senior network planner Frank Bird said traffic flows on motorways and major A roads on Thursday morning were “remarkably good,” despite earlier fears of a surge in traffic as train passengers switch to road transport during the rail strikes.

He said: “Two years on [from the COVID-19 pandemic] we’ve learned to work in different ways, people are working from home, so it’s a very different picture. People are still able to carry on working even though the rail dispute is ongoing.”

end

EU/NATO

Dangerous words from the usually mild manner Lavrov

(zerohedge)

EU & NATO Appear To Be Forming A Bloc For War Against Russia: Lavrov

On Friday Russia’s Foreign Minister Sergei Lavrov addressed Ukraine and Moldova achieving EU candidate status as a first step toward joining the 27-nation bloc, saying Russia sees “no risks” in this status per se, before stressing it remains the militarization among alliances that’s the real problem and threat.

Lavrov used the opportunity to accuse the EU and NATO of forming a bloc in preparation to wage war against Russia. “Hitler under his banner had brought together a large part of European countries to wage war against the Soviet Union,” Lavrov said while traveling in Azerbaijan. “Today the EU and NATO are bringing together such a contemporary coalition to fight and, to a large extent, wage war against Russia.”Image: Associated Press

He added, “Of course, we will be looking at the real actions of the European Union and following the steps it is taking. [We will monitor] whether candidate countries comply with these requirements or [if] they still try to maintain their independence.”

Expanding on this in separate remarks, Kremlin spokesman Dmitry Peskov described EU candidacy as merely a “domestic” affair in a press briefing. Notably, Georgia’s push to become a candidate has thus far been rejected by Brussels. 

“These are domestic European affairs. It is very important for us that all these processes do not bring more problems to us and more problems in the relations of these countries with us,” Peskov said, noting that regardless when it comes to Russian-EU relations, it would be “very difficult to spoil them further”

Lavrov’s charge of NATO and the EU conspiring for preparations of potential future “war” with Russia weren’t followed with further specifics, but is generally in line with the Kremlin’s position that Ukraine must be ‘demilitarized’ – after seeing signs of NATO infrastructure in the country, which was among President Putin’s “red lines” in the months leading up to the Feb.24 invasion.

Already, Kremlin sources have increasingly viewed the conflict in Ukraine as a “proxy war” which the West is escalating by supplying heavier and heavier weapons. Kiev on Thursday announced that the US-supplied HIMARS long-range rocket systems had begun to be delivered.

Washington says it’s gained assurances from Ukrainian leadership that the systems, which have a range of 50 miles, won’t be used to target inside Russian territory. The Kremlin has vowed to target any externally supplied weapons that it finds.

Norway

Norway raises rates by 50 basis points amid inflation fears

special thanks to Doug C for sending

(Finance.yahoonews)

Norway’s Central Bank Hikes Rates by 50 Basis Points Amid Inflation Fears

Inbox

douglas cundey9:18 AM (0 minutes ago)
to Chris, William, Bill, me

https://finance.yahoo.com/news/norways-central-bank-hikes-rates-052436343.html

Norway’s Central Bank Hikes Rates by 50 Basis Points Amid Inflation Fears

Thu, June 23, 2022, 1:24 AM

By Scott Kanowsky

Investing.com — Norway’s central bank hiked interest rates by 50 basis points on Thursday, becoming the latest global monetary policy maker to move aggressively in a bid to rein in soaring inflation.

Norges Bank said the unanimous decision to raise its policy rate to 1.25% from 0.75% came amid worries that prices may continue to rise due in part to tight spare capacity in the Norwegian economy and a weaker local currency.

“A faster rate rise now will reduce the risk of inflation remaining high and the need for a sharper tightening of monetary policy further out,” said Norges Bank Governor Ida Wolden Bache in a statement.

The central bank added that borrowing costs will “most likely be raised” even further to 1.5% in August. It also revised up its monetary policy forecast, saying it now predicts a potential uptick in interest rates to around 3% by summer 2023.

The move comes after a slew of central banks around the world – including the Federal Reserve, Bank of England, and the Swiss National Bank – unveiled rate hikes recently to cool red-hot inflation. Meanwhile, the European Central Bank has also signaled its intention to increase borrowing costs at its July meeting.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

UKRAINE/RUSSIA/KALININGRAD

The fight over Lithuania’s blockade of good to Kaliningrad continues and now Moscow will offer a practical but not diplomatic response

(zerohedge)

Russia Warns Of ‘Non-Diplomatic’ Response Over Kaliningrad Blockade

FRIDAY, JUN 24, 2022 – 02:45 AM

Russia’s Foreign Ministry has threatened that their response to transit restrictions on Kaliningrad by Lithuania will be “practical” and “not diplomatic,” the Jerusalem Post reports.

Over the past week, Lithuania has implemented a ban on various rail transit goods going to Russia’s far-western exclave of Kaliningrad to comply with EU sanctions on items such as coal, advanced technology, metals and construction materials.

“As for response measures, now possible measures are being worked out in an interdepartmental format,” Foreign Ministry spokeswoman Maria Zakharova told state-owned TASS. “Both Lithuania and the EU, through their diplomatic missions in Moscow, were told that such actions are inadmissible and that the steps taken must be changed and the situation returned to a legal and legitimate course. If this is not done, then, of course, and this was emphasized at all levels in Moscow, retaliatory actions will be inevitable.”

“On the question of what they will be…Will they be exclusively in the diplomatic plane? [The] answer is no. They will not be in the diplomatic, but in the practical plane,” she added.

The EU enforcement measure being implemented from Vilnius marks a complete break in a three decade long treaty that’s been in effect

Kaliningrad’s governor Alikhanov has already called on Russian federal authorities to prepare tit-for-tat measures against Lithuania in wake of the transit ban.

According to Zakharova, however, this ‘tit-for-tat’ may be a little more explosive than Lithuania counted on

On Wednesday, Kremlin spokesman Dmitry Peskov said that while it’s “premature” to discuss possible Kremlin responses, “concrete measures” are under discussion in response to the sanctions. “There is no set format, here the main thing for us is to respond to such unfriendly steps, and not meet any deadlines,” he added.

Additionally on Wednesday, Leonid Slutsky, head of the State Duma Committee on International Affairs, stated that one possible response to the Kaliningrad restrictions could be cutting off Lithuania from the common electricity supply system between Russia, Belarus and the Baltic states, according to Interfax.

Slutsky added that another possible response could be banning the transit of Lithuanian truckers through Russia. -Jerusalem Post

Meanwhile, Moscow has responded to the use of Western arms in Ukraine.

According to a Thursday statement by Peskov, Russia’s defense ministry will monitor how the West is arming Ukraine with weapons from Germany and the US, adding that the weapons would have to “reach the frontline” without being destroyed on the way.

Peskov was responding to a question over whether Moscow would trust Ukraine’s promises to Western nations not to use provided weapons to attack Russia.

“We carefully record all episodes of the use of these weapons,” he continued. “So, if any of these weapons reach the front lines and are not destroyed by our military, we will track how they are being used.”

German Defense Minister Christine Lambrecht on Wednesday told lawmakers in Berlin that Ukrainian counterpart Alexy Reznikov assured her that Kiev will only use Western weapons for self defense, and not to strike Russian territory. The day before, Germany delivered seven 155mm PzH 2000 howitzers and other military equipment to the Ukrainian armed forces.

END

No ruby slippers, maybe thermal socks for thee

Inbox

Robert Hryniak4:45 PM (0 minutes ago)
to

No withstanding the amateur attempts to get Russia to attack Lithuania, over the blockage of rail for supplies to the Russian enclave, life goes on with real things needed to be done. Even something Iike the supply chain of natural gas needs attention to keep it running. 

Nord Stream1 is to be switched off for 10 days due to planned maintenance which occurs every year with this year’s 
Planned annual maintenance taking place from July 11 to July 21. Does anyone panic over such activity every year? No, but they sure are this year. 

The German government is alarmed over upcoming maintenance fearing that the flow of gas will not be turned back on, the Financial Times reported yesterday. One does ask Germans why? Well, the response is that if the shoe was on the other foot they would leave the gas turned off. However, would Russians ever think to do this? Seems Germany is convinced they might, so fear walks those government halls imagining Russians to do what they would do, if they had the opportunity.

According to the paper, last week’s 60% reduction of gas flow by Gazprom due to a technical issue with compressor parts being overhauled in Quebec, Canada adds to fears that the supply may be shut down completely. This comes as Europe is trying to top up its’ gas reserves ahead of the winter season. We can thank Canadians for this decision to deny return of the Siemens compressor to screw Germany, while trying to screw Russia. Is that a new definition of “friendly fire”?

Germany’s Federal Network Agency warned that during the 10-day period transporting gas through the pipeline would be impossible. Such brilliance is hard to ignore. Everyone knows pipes under going maintenance cannot have gas running through them. Ever tried to change the oil in a car with the engine running? 

In recent years, the maintenance-related shortfall in supplies via Nord Stream were compensated by increased flows through Ukraine or Poland. However, various officials and industry representatives seem dumbfounded that Russians have not taken it upon themselves to address this 10 day maintenance period. Does one not think that maybe the customer has something to do with asking for redirected supply in advance. It is not like no one did not know. Redirection instructions were given in the past. Or can we cast this off to being nervous over NATO’s attempts to ignite war? It matters not now, because it is too late to for gas supplies to be redirected so a 10 day shortage will occur likely resulting in higher prices just in time for peak heat conditions to drive power usages to summer highs. How can you tell someone that brownouts might just occur? Yes, we read about all the coal coming back on like it is the same as flipping a light switch. And if you believe this i suggest you to invest heavily in Mississippi swamps as tomorrow’s new real estate haven. One will experience the same delusion of loss and pain. 

The German government seems to have bought into delusion or is badly advised as to what truly is possible with mothballed coal plants and this reality will impact Europe greatly. Apart, from driving the clean air crowd nuts with polluted air making a mockery of green energy efforts. The reality is that natural gas from Russia is a lower cost solution to Europe’s energy needs while new sources can be found or discovered over time to lessen dependency on Russia. Anything less will drive Europe into a black hole of economic hell that will not be scenic. And polluted skies will only cause more harm to the environment and the people living there putting further stress on the financial cost of pollution. 

Invest in thermal socks and mittens because gas shortages will be a reality come winter and forget the ruby slippers. 

end

Despite all of the sanctions placed on Russia, the country is still earning more than $100 million every say from oil sales to Europe

(Paraskova/OilPrice.com)

Russia Is Still Earning More Than $100 Million Every Day From Oil Sales To Europe

FRIDAY, JUN 24, 2022 – 05:00 AM

By Tsvetana Paraskova of Oilprice.com

Russia is earning more than $100 million every day from the gas it sells to Europe despite the slashed deliveries to major EU consumers in the past week, according to data from Independent Commodity Intelligence Services (ICIS) cited by Bloomberg.

Due to the rallying natural gas prices, Russian revenues from gas exports are believed to be equal to the revenue last year, when Moscow wasn’t limiting gas flows to Europe and wasn’t (yet) on a collision course with the EU.

“It’s shocking to see that, despite the 75% cut in daily supply by Gazprom to Europe, the daily receipts are still in line with where they were a year ago, and certainly higher than pre-Covid times,” Tom Marzec-Manser, head of gas analytics at ICIS, told Bloomberg.

Over the past week, Russia has significantly lowered supply to major European consumers, including the biggest customers, Germany and Italy, despite the fact that their buyers bowed to Putin’s demand to open accounts in rubles at Gazprombank for processing of the payments the way Russia wanted to. Moreover, the annual maintenance at Nord Stream is coming and will completely halt deliveries through the pipeline for two weeks in July, leaving Europe further scrambling to fill gas storage sites to adequate levels before the winter. 

Despite the EU embargo on Russian seaborne oil, to take effect by the end of the year, and the drastically reduced pipeline gas supply, Russia continues to benefit from the high oil and gas prices. Despite Western sanctions designed to hurt Russia’s oil revenues and war chest, Moscow is still getting a lot of additional billions of U.S. dollars in oil and gas revenues.

In June alone, Russia expects to receive as much as $6.37 billion in additional oil and gas revenues in June, its finance ministry said earlier this month, as energy commodity prices have rallied since the Russian invasion of Ukraine.

end

UKRAINE/RUSSIA/

Ukraine forces retreat from encircled Severodonetsk as Russia achieves its hold over the Luhanks Province

(zerohedge)

Ukraine Forces Retreat From Encircled Severodonetsk As Russia Achieves Hold Over Luhansk Province

FRIDAY, JUN 24, 2022 – 08:30 AM

Ukraine’s government on Friday announced for the first time that its remaining forces defending the key eastern city of Severodonetsk have been ordered to withdraw, after having lost control of most of the city to Russian forces for weeks, amid relentless shelling and persistent Ukrainian army complaints of being low on ammo and men.

“Remaining in positions that have been relentlessly shelled for months just doesn’t make sense,” Luhansk regional governor Serhiy Haidai said, after Severodonetsk had been nearly completely encircled over the past days. “Ukrainian armed forces will have to retreat from Severodonetsk. They have received an order to do so.”

Like in prior instances of defeat in the Donbas region, the government is emphasizing the new action as a ‘strategic retreat’: “They have received orders to retreat to new positions… and from there continue their operations,” Haidai told Ukrainian television.

It remained unclear how quicky the withdrawal and evacuation from the city will take place. Haidai in the Friday morning statements described a city infrastructure entirely destroyed, estimating that over 90% of houses had been shelled. It had a pre-war population of over 100,000 and it’s believed there could be 10,000 or more civilians still there. Haidai stressed that Severodonetsk has been “nearly turned to rubble”.

The announced Ukrainian retreat marks a significant point of momentum for Russian forces in the four month long war, given the fall of Severodonetsk means Russia’s military now effectively holds the entirety of Luhansk province.

Ukrainian officials have also acknowledged that nearby Lysychansk is also being overtaken by Russian forces. Starting Thursday Ukrainian troops began withdrawing from parts of the frontline city to “avoid being encircled” – as Reuters wrote – amid what’s looking like may be complete rout from the region.

Besieged Lysychansk is likely to suffer a similar fate as Severodonetsk, also with an estimated 7,000 to 8,000 civilians still trapped there, reportedly with nowhere to go. With both cities, Russian forces systematically destroyed key bridges in the area while issuing ultimatums to holdout Ukrainian fighters:

“You have two options,” a commander of the pro-Russian separatists battling to take the city warned Ukraine’s defenders. “Surrender or die.”

Still, each major Ukrainian army exit is dubbed by its leadership a withdraw to more fortified positions, and not as defeat.

At the same time, the battle for the city has highlighted a glaring discrepancy between Russian artillery capabilities and superior supply compared to a lack of the same on the Ukrainian side. One British military veteran who is currently assisting Ukrainian forces as a foreign trainer told CBS of a “sheer unevenness” of the battlefield due to the Russian military’s “overwhelming hardware” advantage.

end

Amateur hour

Inbox

Robert Hryniak9:55 AM (0 minutes ago)
to

NATO is desperate for war before the EU collapses under its’ own weight. There is no reason to rush to a response as Russia could end such recklessness in a minute. Since Lithuania is reliant on Russia for electricity a cut off might cause common sense to be found or trigger mass revolt. 

Military means are not required to solve this senseless action. Take and accept it as simple goading to ignite a military response to trigger Article 5 to have a war. Better to amuse oneself with an opponent’s stupidity or desire of self sacrifice by their own hand. The Baltic nations are not self sufficient and are unlikely to be so in the future. As it is, the wisdom of the Port of Tallinn was to cut off Belarusian Potash traffic cutting 80% of the port’s revenue and laying off much of employees. Such is Baltic wisdom. 

There are no winners in a Modern War with nukes; to think that there are winners is simply naive and mindless thinking not worthy of real discussion as with a fool wisdom never comes. 

6/23/22 
By Warnews 24/7 
Translated from Greek

Tensions around the Russian enclave of Kaliningrad are escalating dangerously, with Russian journalist and Putin’s spokesman Vladimir Soloviev stressing that “time is running out”.

“We are no longer seconds away from World War III, the seconds are over,” Soloviev said on the set of his evening show “The Evening With Vladimir Soloviev,” threatening the West ahead of the NATO summit.

Soloviev essentially announced an increase in the level of readiness of Russia’s nuclear deterrent strategic weapons.

He specifically said: 
“We are not seconds away from World War III” 
“I have the feeling that some westerners are watching our program very closely, believing that there are secret clues as to when and if we will hit them.

You do not really understand that we are no longer just seconds from World War III, but even those seconds are already over.

Russia is not aggressive. We are acting very rationally, which is evident from the fact that in 30 years we have managed to move from a country that has almost ceased to exist to a country that you are all afraid of.

And together you all try and fail to break us up.

Russia has superiority in its strategic weapons.

Our innate humanity prevents us from using them. But you can not forever rely on our humanity.

For those who watch and write about our programs, let me remind you that our programs are banned in the United Kingdom, Germany and other countries.

Beware, we have not even started with your countries. You understand how lucky you are that Putin is a very peaceful man.

We even help you in the fight against terrorism. You too;”

The crisis with Kaliningrad is escalating 
Vladimir Soloviev, a Russian journalist, television presenter and writer, is launching threats in the wake of the Kaliningrad crisis.

World War II bequeathed to the Soviet Union this small (twice as large as Crete) territory of strategic importance, which was cut off from Russia after the collapse of the USSR. The rich, industrialized province found itself surrounded by NATO states.

The 2002 Agreement with the EU ensured seamless communication between Russia and the enclave, despite the fact that (two years later) the corridor between the always friendly Belarus and Kaliningrad, the Swalki Pass, was now within EU territory.

Today Kaliningrad is surrounded by countries that not only belong to the EU (Lithuania, Poland and on the other side of the Baltic, Sweden), but also to NATO.

This increases the strategic importance of the region for Russia, but also the interest of the West in what is happening there. Just take a look at the military flights and you will find that every day the isolated territory of Russia is “surrounded” by reconnaissance aircraft and, in fact, before the invasion of Ukraine.

Earlier this week, Lithuania decided to block the passage of Russian goods subject to sanctions to the isolated territory, angering Moscow. Kaliningrad authorities claim that the ban covers 50% of the goods imported from Russia by the province, ie heavy machinery, spare parts and raw materials. The TASS agency claimed that food transports were also blocked.

Lithuania insists it is simply complying with European Union sanctions against Russia for invading Ukraine, and Brussels immediately backed it. Lithuania is in a hurry to say that non-sanctioned products will continue to be transported from Swalki – the rest can be transported by sea.

In this context, Moscow spoke of an embargo that violates international law.

Russian Security Council Secretary Nikolai Patrushev went to Kaliningrad and spoke directly about a “hostile act” and appropriate, multilevel measures that Moscow is preparing in response to Lithuania.

In this climate of threats against Lithuania, a NATO member, the United States has also discussed Article 5 of the Alliance for a collective response in the event of an attack. This was reminded by Washington on Tuesday.

Source: 
https://warnews247.gr/se-etoimotita-ta-pyrinika-opla-logo-kaliningkrant-rosia-o-chronos-teleionei-den-apechoume-oute-defterolepta-apo-ton-g-pagkosmio-vinteo/

17,152255

NE

GLOBAL ISSUES AND COVID COMMENTARIES

No question about it: it is a terrible mistake to recommend COVID 19 vaccines for all children according to a Danish health official

(Stieber/EpochTimes)

Mistake To Recommend COVID-19 Vaccines For All Children: Top Danish Health Official

FRIDAY, JUN 24, 2022 – 12:20 AM

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

COVID-19 vaccines should not have been recommended for all children aged 5 and up, a top Danish health official has said.Director of Denmark’s National Board of Health Søren Brostrøm addresses a press conference to explain why the AstraZeneca vaccine is stopped in Denmark, in Copenhagen, on April 14, 2021. (Philip Davali / Ritzau Scanpix / AFP via Getty Images)

Søren Brostrøm, the director general of the Danish Health Authority, told TV 2 that it was a mistake to broadly vaccinate children based on the knowledge that has accumulated since late 2021.

Children aged 5 to 15 were advised to get a vaccine then, as the Omicron variant of Covid-19 became dominant around the world.

I want to look all parents of children who have vaccinated their child in the eye and say, ‘You did the right thing and thank you for listening,‘” Brostrøm said.

“But at the same time—and this is the important thing to maintain confidence—I will admit and say that we have become wiser and we would not do the same today. And we will not do that in the future either,” he added.

Studies on the effects of the vaccines have shown that they confer little protection against infection from the virus. Research has also increasingly indicated that the vaccines do not protect well against severe disease in children, who are largely at little risk from severe outcomes if they get the virus.

Denmark’s new vaccine strategy recommends adults get vaccinated but specifies different advice for children.

Children and adolescents only very rarely have a serious course of COVID-19 with the Omicron variant, which is why the offer of primary vaccination for children between 5 and 17 years will not be a general offer, but can be given after specific medical assessment,” authorities said on Wednesday.

At the same time, Brostrøm encouraged adults to get vaccinated and, if they already have received a primary series, to get a booster, and if they’ve already received a booster, to get a second booster due to waning protection against Omicron.

He said the country did well amid the pandemic in the winter of 2021 even though it removed restrictions due to vaccination. “The strategy for the coming winter is also that the vaccines should get us through a new wave without restriction,” he said in a statement.

Like many nations, Denmark offers Pfizer and Moderna COVID-19 vaccines. Both have two-dose primary series.

As of June 15, approximately 85 percent of Danes have received one vaccine dose, about 77 percent have received two or three doses, and about 66 percent have received four doses, according to the Danish Vaccination Register.

About 40 percent of children have been vaccinated.

end

Why are the Nation’s Pharmacies and Retail Outlets Refusing to Give the New FDA-Authorized COVID Shots to Babies?

June 23, 2022 5:43 pm

Florida’s largest private employer, Publix Food & Pharmacy, announced yesterday that they would NOT be giving the new FDA-authorized COVID vaccines to babies and toddlers between 6 months old and 4 years old. The Tampa Bay Times reports: “Since COVID-19 vaccines first became available, Publix has played a major role in tackling the public health emergency in Florida by offering vaccines to adults and, later, children as young as 5. But the Lakeland grocery company says it will not offer the vaccine approved for children ages 4 and under ‘at this time.’ Spokesperson Hannah Herring said Tuesday that Publix will not release a statement explaining its decision.” Apparently Publix is not the only retail outlet in Florida refusing to inject babies with the toxic COVID shots. Brianna Andrews, writing in Jacksonville for News4Jax, reports: “Children under 5 years old are now eligible for COVID-19 vaccines, but some local parents say they are struggling to find appointments to get them. News4JAX called a dozen local pharmacies in the area, and none of them offered the vaccine for children under 5. They told us they did not intend to.” And while this hesitancy to inject babies with COVID experimental shots is at least somewhat understandable in Florida, where the State announced they were not supplying the shots through the Health Department, national retail outlets are also seemingly hesitant to inject babies and infants. According to an article published on Axios yesterday, Walgreens, Costco, Rite Aid, Walmart, H-E-B, Hy-Vee, and Wegmans are only offering the shots to 3 and 4-year-olds, but not 6 months old through 2. CVS offers the shots for children as young as 1.5 years old, but apparently not babies younger than that. Why are these retail outlets refusing to inject the babies now that they are authorized by the FDA? Publix refused to explain their decision, suggesting that this is a legal can of worms. Hospitals are apparently the only ones injecting the babies. Is it because they have Neonatal Intensive Care Units (NICU) to handle the casualties, while retail outlets do not?

Read More…


US Supreme Court Declines Bayer/Monsanto Bid to Challenge Glyphosate Cancer Rulings

June 23, 2022 6:08 pm

The US Supreme Court on Tuesday declined to hear a bid from Bayer-owned Monsanto that aimed to challenge thousands of lawsuits claiming its weedkiller Roundup causes cancer – a potentially costly ruling, AFP reported Tuesday. The high court did not explain its decision, which left intact a $25 million ruling in favor of a California man who alleged he developed cancer after using the chemical for years. The decision marks a major blow to the German conglomerate’s legal fight against Roundup-related cases, and Bayer has set aside more than $15 billion to deal with a wave of US lawsuits linked to the weedkiller.

Read More…

GLOBAL ISSUES/SUPPLY CHAINS

This is an important commentary. Pozsar was right when several months ago he predicted that shipping costs will soar and it did amid a global supply chain chaos started after the Ukraine/Russia war

(zerohedge)

Pozsar Was Right Again: Shipping Costs Soar 82,000% Amid Global Supply Chain Chaos After Ukraine

THURSDAY, JUN 23, 2022 – 10:00 PM

Several months ago, Credit Suisse strategist and former NY Fed “liquidity plumber” Zoltan Pozsar predicted that as a result of Russian commodity exports being shunned by western nations and/or distributors while greeted by eastern nations (such as India and China) would would find delight in the 30% discount to spot on Russian oil, shipping costs would soar as a result of the challenging – and expensive – realignment of global supply chains which would see legacy tanker flows be scrapped only to be resurrected in the form of much more expensive alternatives.

Well, Pozsar was right again because four months after the Russian invasion of Ukraine, the resulting dislocation of global fuel markets has lead to a surge in shipping costs of products such as diesel by sea.

Rates to haul fuels such as gasoline and diesel, known in the industry as clean tanker freight, have more than doubled this year to the highest since April 2020, according to Baltic Exchange data. On one key route in Asia, ship owners are now earning over $47,000 a day transporting products from South Korea to the distribution hub of Singapore, compared with $98 a day prior to the war.

The Russian invasion has exacerbated a tightening of energy markets, upending trade flows and forcing buyers to scour the world for alternative fuel supplies, according to Bloomberg. At the same time, an initial surge in rates for hauling crude hasn’t been sustained, partly due to reduced demand from China, leading to some shipowners switching part of their fleet to haul fuels rather than oil, according to two tanker charterers.

The last time clean tanker freight rates were this elevated was in early 2020, after the pandemic decimated oil consumption and forced fuel producers to export as much product as possible to alleviate swelling storage tanks. Now, we are observing a mirror image of that predicament as demand for ships to haul fuels is expected to climb by 6% this year, underpinned by Europe, said Anoop Singh, head of tanker research at Braemar ACM Shipbroking.

“The European resolve to reduce reliance on Russian supplies will likely outlive the war in Ukraine and that will re-draw trade routes,” said Singh, who notes that Russia was the single largest external supplier of diesel to Europe prior to the war.

Furthermore, and also as Zoltan predicted, more long-range class ships are being used to transport refined fuels since the invasion in late February, according to S&P analysts Fotios Katsoulas and Krispen Atkinson. Longer voyages are reducing the amount of available capacity on vessels and driving up freight rates, they said. LR tankers are the most common and are used to carry both products and oil.

The surge in rates is being replicated across other regions. Ship owners transporting fuel from the Middle East to Japan on a route known as TC-5 — a key passage for naphtha — were earning more than $50,000 a day on Wednesday, compared with as low as $61 a day in February, an 82000% increase,  according to Baltic Exchange data. The cost of shipping fuel from the US to Brazil on the TC-18 route was near $37,000 a day, up “more modestly”, from $3,800 a day four months ago.

end

VACCINE INJURY/

Vaccine Impact


end

MICHAEL EVERY

Michael Every with today’s major topics

Rabo: The Market Is Telling The Fed That After September They Are Done

FRIDAY, JUN 24, 2022 – 09:30 AM

By Michael Every of Rabobank

Hopium and despairium

‘Asia Risk Assets Poised for Goldilocks Friday’, says Bloomberg this morning: “Asia will be hoping to catch the mood of firmer equities and lower yields, along with a softer USD/JPY and commodities. The 3% gain in the Nasdaq Golden Dragon China Index may also provide a boost. In early business on Friday, US equity futures are a tad lower. Federal Reserve Chair Jerome Powell called his commitment to curbing inflation “unconditional”. Meanwhile, the ECB may raise rates by more than 200bps in the next 12 months, Governing Council member Peter Kazimir said.”

**Sigh** And if you can’t see why I sighed at the above then I sigh at you again even louder.

It was nice, yet depressing, when the market showed logic this week as everything sold off: the sell-off was depressing; the ability to think was nice. Of course, it couldn’t last given our traders and analysts who have never seen real inflation, rate hikes, or geopolitics: their use of the “g” word is as methodologically sound as a doctor talking about “biology” rather than symptoms, diseases, and treatments. So, it was nice, yet depressing, when the market preferred another big prescription of hopium to logic yesterday.

We saw another hefty decline in bond yields, helped by weak global PMI data. Yet Mexico raised rates 75bps to 7.75%. The Fed-speak also flagged another 75bps in July, and 50-75bps steps in September, November, and December, at least. Fed Chair Powell even used the “unconditional” word again in his testimony on Thursday, which he had omitted on Wednesday. We also got the Fed mea culpa, “In hindsight, inflation was not transitory.” The ECB implied rates will rise 200bp.

The market that enthusiastically bought “transitory” is now buying all of the fixed-income things even as rates rise. There was a reassessment in the US short end, with 2 year yields -22bp intraday but closing -4bp at just over 3.0%, but 10s fell by more and are also not far above 3.0%. The market is telling the Fed that after September they are done, or will have to U-turn, which is not what the Fed is telling the market. Recall a month ago when US 10s dropped from 3.15% to 2.75% because the Fed was going to take it easy? Here we are, 75bps later, with another 75bps ready for next month.

Yet the hopium sold so well. Bund yields collapsed,… as Europe (finally) prepares for Russian economic warfare, which will mean gas rationing in Germany, and PPI of, what, 50% y-o-y(?), and CPI far higher than where it sits now. UK gilt yields also collapsed,… as it faces 9.1% y-o-y inflation, soon to be over 10%, higher PPI pipeline inflation, what many see as structural high inflation due to Brexit, and more workers walking out on strike in rejection of up to 10% pay rises.

Yes, one can make the ‘preservation of capital’ argument – but via buying assets that will soon yield less than the cash rate and inflation? Why not cash / T-bills?

Hopium also saw US stocks up. There is a logical case that the Fed over-tightens into a supply shock, prompting a recession. In fact, it’s our base case. Yet there is no logic that says all other assets must rally “because lower yields”. Mathematically, that might happen via multiples; but corporate earnings are not going to tell that story if recession means demand collapses while input costs soar.

There is also a logical case that the Fed has to hold off on rate hikes “because markets” – and there is a logical case that it cannot. The latter happens to be what the Fed itself is saying.

Yes, recession looms. So what? I keep being told inflation was not about strong demand, but rather weak supply. Indeed, today Bloomberg talks about the next LME crisis being in zinc, which is in very short supply; and someone in energy comments the only reason oil is not at $150 is due to the weak data backdrop, especially in China.

Commodity supply can’t come back online via monetary loosening, but monetary tightening can force out speculators from commodity markets, which acts like increased supply – look at the recent dip in broad commodity prices as the Fed got serious and QT started. Now imagine the Fed U-turns from September: commodities would rally again!

That’s even before we get to worst-case geopolitical scenarios. For example, where the EU accepts Ukraine and Moldova as accession candidates, and Lithuania cuts off Kaliningrad, which incentivizes Russia to deliberately destabilise the EU even further? As such, even a boring inflation forecast require a geopolitical one. Or how about if the BRICS countries try to create a rival global reserve currency to undermine the USD and EUR, necessitating higher US rates to push back? As such, even a boring rates forecast requires a geopolitical one.  Or how about the growing risks in the Middle East and Indo-Pacific that would also push supply of goods much lower and inflation much higher?

These scenarios all imply sustained incession and sustained high rates – as emerging markets who don’t control their supply chains experience all the time. Indeed, if supply can’t come back online we could theoretically be talking about a potential ‘lost decade’, not ‘two quarters of negative growth’ – as emerging markets who don’t control their supply chains experience all the time.

So, hard choices need to be made. The upcoming G7 will focus on energy. Proposals to cap Russian oil and gas prices or to stop US oil exports are already being floated but will likely sink. The EU is finding Qatar won’t sell it LNG without a 20-year contract, which clashes with its green targets. The White House wants more solar and yet just signed a law that bans them if they are made in China, where most are. A further Western green transition requires a vast stock of minerals that sit in countries already in or drifting into the Chinese and Russian camps, and/or removing environmental regulations in the West.

So, what is to be done? Until we see the answer, we must rely on central banks. Yet where once that meant low rates and QE, now it means high rates and QT.

However, I keep repeating I suspect we get more QE and rate hikes, giving us hypothecated credit allocation/rationing in the same way we used to have before financial deregulation in the 1980s. That will be fun for some but hard for others: the Fed can always buy US Treasuries and say, “defence!”, so the government borrows for free, and the private sector pays 3-4% or whatever is needed; the ECB can buy Eurozone peripherals so they borrow for free and say, “anti-fragmentation!”, while infuriating the Germans if that means selling core bonds to do so; but the RBA and BOC would have to buy MBS and say,… “we need high house prices!”.

Such policies would also mean downwards pressure on the FX of those economies if they are running balance of payments deficits –except the US– as emerging markets who don’t control their supply chains experience all the time. (Which is why JPY is so happy that US yields are edging lower.)

The logical solution is to increase supply (and until then, rates). That might mean states owning refineries as an energy transition measure, because no private firm will invest in an asset that has to be phased out almost immediately it is finished. Which, to extend an argument I made yesterday, is why markets don’t work in all areas. Paying people to sit around in expensive facilities and only rely on them in an emergency is economically ridiculous – until you call it an army: then it’s common sense. Or rather, it should have been: we are where we are today partly because too many snorting too much hopium for far too long thought it wasn’t.

Now it’s despairum in the air, which is a good segue to another Bloomberg story to close, that ‘China’s Tech Giants Lost Their Swagger and May Never Get it Back’:

“On trading floors in New York and Hong Kong, the brightening mood toward Chinese technology companies is unmistakable: With stocks like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. surging from multi-year lows, talk of a new bull market is growing louder.

Yet speak to executives, entrepreneurs and venture capital investors intimately involved in China’s tech sector and a more downbeat picture emerges. Interviews with more than a dozen industry players suggest the outlook is still far from rosy, despite signs that the Communist Party’s crackdown on big tech is softening at the edges.

These insiders describe an ongoing sense of paranoia and paralysis, along with an unsettling realization that the sky-high growth rates of the past two decades are likely never coming back.”

The above applies all over when you think about it.


END

7. OIL ISSUES//NATURAL GAS//ELECTRICITY ISSUES/USA//GLOBE

end

8 EMERGING MARKET& AUSTRALIA ISSUES

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

END

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

Euro/USA 1.0535 UP  0.0016 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 135.03   UP .214 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2283 UP   0.0022

 Last night Shanghai COMPOSITE CLOSED UP 29.60 POINTS UP 0.89%

 Hang Sang CLOSED  UP 445.12 PTS OR 2.09%

AUSTRALIA CLOSED UP 1.06%    // EUROPEAN BOURSES ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 445.12 PTS OR 2.09%   

/SHANGHAI CLOSED UP 29.60 PTS UP 0.89% 

Australia BOURSE CLOSED UP  1.06% 

(Nikkei (Japan) CLOSED  UP 320.72 OR 1/23%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1823.790

silver:$20.84

USA dollar index early FRIDAY morning: 104.09  DOWN 10  CENT(S) from THURSDAY’s close.

 FRIDAY  MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.51%  UP 3  in basis point(s) yield

JAPANESE BOND YIELD: +0.318% UP 10     AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.54%// DOWN 30   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.55  UP 6   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.43%

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0551 UP  0.0032    or 32 basis points

USA/Japan: 135.11 UP 1.177  OR YEN UP  282  basis points/

Great Britain/USA 1.2291  UP  0.0031 OR 31  BASIS POINTS

Canadian dollar UP .0074 OR 74 BASIS pts  to 1.2916

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6898  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.6832

TURKISH LIRA:  17.38  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.318

Your closing 10 yr US bond yield UP 5  IN basis points from THURSDAY at  3.117% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.248 UP 7 in basis points 

Your closing USA dollar index, 103.91 DOWN 29   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 190.62 PTS OR  2.72%

German Dax :  CLOSED UP 219.10  POINTS OR 1.70%

Paris CAC CLOSED UP 201.81 PTS OR 3.43% 

Spain IBEX CLOSED UP 150.40 OR 1.86%

Italian MIB: CLOSED UP 534/40 PTS OR  2.47%

WTI Oil price 105,44   12: EST

Brent Oil:  110.48  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  53.17  UP  25/100        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.43

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0556 UP   .0037   OR  37 BASIS POINTS

British Pound: 1.2280 UP .0020  or  20 basis pts

USA dollar vs Japanese Yen: 135.20 UP 0.380//YEN DOWN 38 BASIS PTS

USA dollar vs Canadian dollar: 1.2895 DOWN 95 (CDN dollar UP 95 basis pts)

West Texas intermediate oil: 107.52

Brent OIL:  113.05

USA 10 yr bond yield: 3.136 UP 7 points

USA 30 yr bond yield: 3.265  UP 8  pts

USA DOLLAR VS TURKISH LIRA: 16.79

USA DOLLAR VS RUSSIA//// ROUBLE:  53.46   UP  0 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 823.32 PTS OR 2.68 % 

NASDAQ 100 UP 408.17 PTS OR 3.49%

VOLATILITY INDEX: 27.42 DOWN 1.63 PTS (5.61)%

GLD: 170.06 DOWN 0.20PTS OR 0.12%

SLV/ 19.51 UP .14 PTS OR 0.72%

end)

USA trading day in Graph Form

Stocks Emerge From Bear Market As End Of Fed Rate Hikes Priced In With Recession Looming

FRIDAY, JUN 24, 2022 – 04:00 PM

There was an interesting headline earlier this afternoon in Bloomberg, which tried to explain today’s furious rally which pushed e-minis right back out of bear market territory:

It’s a good headline, unfortunately it’s dead wrong, because while stocks did in fact snap a three week losing streak and also averted being down for a record 11 out of 12 weeks…

… with every single sector closing solidly green…

… the reason for said snapping was just the opposite of optimism because with a recession now assured…

… what prompted today’s furious short squeeze, because that’s what it was – a short squeeze of the most shorted names…

… was the market’s realization – helped by our explanation yesterday – that a recession means the Fed will end its hiking cycle much sooner than previously expected, most likely some time around the mid-term election…

… with markets now pricing in just a 71% chance of a 75bps rate hike in July, and less than a 100% chance of 125bps in rate hikes through the September meeting (including the assumes 75bps next month)….

… while both Dec and Feb rate hike odds plunged…

… in a clear reversal in market sentiment, which now expects a major dovish U-turn by the Fed in just a few months.

The declining odds that the Fed will keep hiking until it sees “whites in the eyes” meant that the recent capitulation, which just saw the biggest equity outflows in 9 weeks, is rapidly being reversed…

… and together with this week’s powerful short squeeze, we have gotten a sharp, violent move higher which sent the spoos to 3,900, the highest in more than 2 weeks…

…  just before the S&P slumped into a bear market. Which makes sense since today’s 100 point emini ramp has pushed the market right out of bear market territory.

And while the market’s realization that a recession is now the baseline certainly helped, it was the unexpected news from the final UMIch inflation expectation print for the next 5-10 years, which was revised down from 3.3% to 3.1%, meaning that the “unanchored” inflation expectations that Powell saw and was freaked out by (in his own words), never actually happened and was revised away before it even hit the history books!

Today’s meltup was enough to almost undo this week’s rout in oil, which after plunging 7.5% last week, and slumping earlier this week, staged a dramatic bounce on Friday, rising as much as 3%, and just barely closing red on the week. Needless to say, oil – and energy stocks – remain the best performing asset and sector of 2022, and the fact that this space is bouncing hard suggests that traders are already starting to price in the coming Fed easing which will slingshot commodities even higher.

There were less fireworks in the bond space today, where the 2Y yield drifted modestly higher, closing just over 3.04%, in a much more subdued session than yesterday’s epic plunge in 2Y yields which saw a nearly 20bps move lower as the end of the Fed’s rate hikes at the end of 2022 and the coming recession got priced in.

And yes, following the CPI shock yields have drifted sharply lower and are now just fractionally higher compared to where they were before the “blackout period” CPI prompted Powell to panic.

In retrospect, this will be just the latest Fed panic that turns out to be a dud.

Finally, after many left the space for dead following last Saturday’s daisy-chained margin calls and liquidations, cryptos have moved sharply higher, with bitcoin +20% and eth +40% from last Saturday’s lows… 

… which reminds us of what we said then, that “once the dust settles, Powell capitulates and the liquidity firehose goes into overdrive again, a few years from today everyone will again be asking why they did not take advantage of today’s buying opportunity…”

I) / EARLY MORNING TRADING//

ii) USA DATA

New Home Sales Unexpectedly Rebounded In May As Prices Plunged

FRIDAY, JUN 24, 2022 – 10:13 AM

Following the disappointing tumble in existing home sales (to 2 year lows), analysts expect a modest drop in new home sales in May of just 0.2% MoM (after April’s 16.6% MoM plunge). Instead, new home sales spiked 10.7% MoM (from an updwardly revised -12% MoM print in April) – despite soaring mortgage rates…

Source: Bloomberg

New home sales SAAR bounced from near COVID lockdown lows to 696k from an upwardly revised 629k…

Source: Bloomberg

New Home average price tumbles from $569.5K to $511.4K, the lowest since Jan.

New home prices are falling relative to existing home prices…

Earlier this month, the average rate for a 30-year loan posted its largest one-week increase since the 1980s. It’s risen even further since then.

“Supply remains limited across the country,” Miller said.

“Clearly, production must catch up to the growing household numbers as production of dwellings over the past decade has lagged prior decades by as many as 5 million homes.”

A separate report out last week showed US homebuilder sentiment slid to a two-year low in June, the sixth-straight decline, as rising inflation and higher mortgage rates weighed on demand.

The pickup in sales may also reflect some buyers locking in their mortgage rate in anticipation of even higher borrowing costs.

end

UMich Inflation Expectations Ease, Sentiment Hits All-Time-Low

FRIDAY, JUN 24, 2022 – 10:06 AM

While the headline sentiment reading from The University of Michigan’s survey made all the headlines – hitting a record low in preliminary June data – it was Fed Chair Powell’s later reflection on the inflation expectations breakout that has most trader’s attention focus in today’s final June print.

A silver lining appeared as the 5-10Y inflation expectation dropped from the preliminary 3.3% to 3.1% final…

Source: Bloomberg

Inflation continued to be of paramount concern to consumers; 47% of consumers blamed inflation for eroding their living standards, just one point shy of the all-time high last reached during the Great Recession.

Of course, the headline sentiment reading remains extremely noteworthy. Pump prices are down 10 straight days so some might have expected improvement from the preliminary print… but it didn’t, actually worsening to 50.0 from 50.2 – a new all-time low.

Source: Bloomberg

Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines.

“Overall, the late-June reversion in long run inflation expectations was generated by growth in the share of consumers expecting extremely low inflation in the years ahead,” Joanne Hsu, director of the survey, said in a statement.

“About half of these consumers expressed bleak views about the risks of recession or unemployment during the interviews.”

Buying Conditions remain a total shitshow (but the consumer is strong?)

“About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009.”

The wealthiest respondents sentiment puked to a record low…

Source: Bloomberg

Finally, we note that all political cohorts are suffering but Democrats saw the largest drop on the month…

Source: Bloomberg

“Continued pessimism on both personal finances and the economy could dampen consumer spending going forward,” Hsu said.

So, good news – inflation fears ease… even if the consumer is the most pissed off in 40 years.

END

IIB) USA COVID/VACCINE MANDATES

iii)a.  USA economic stories

Supreme Court Overturns Roe V. Wade

Big news of the day!

FRIDAY, JUN 24, 2022 – 10:13 AM

The Supreme Court has overturned Roe vs. Wade.

In a Friday decision written by Justice Samuel Alito – the May 2 leak of which led to widespread protests and an attempted murder against Justice Brett Kavanaugh, the court overturned the 1973 case which guaranteed access to abortion nationwide.

Justices Breyer, Sotomayor and Kagan unsurprisingly dissented.

Last week, President Biden told Jimmy Kimmel that there would be a “mini revolution” in November’s midterm elections if the landmark decision was overturned – insisting that overturning the law would be “ridiculous” and would drive Democrat turnout in November’s midterm elections.

“I don’t think the country will stand for it,” he said, adding “If in fact the decision comes down the way it does, and these states impose the limitations they’re talking about, it’s going to cause a mini revolution and they’re going to vote these folks out of office.

Earlier this year, Congressional Democrats tried and failed to codify Roe v. Wade into federal law. Meanwhile, Biden said he was exploring the use of executive orders depending on the final Supreme Court decision.

Biden also pushed voters to come out during midterms so that Congressional dems would have enough of a majority to codify abortion rights into law.

“You gotta vote to let people know exactly what the devil you think,” he told Kimmel.

And now, for protests:

end

DHS Communicates Specific Threats Facing Pro-Life Orgs, Churches As They Brace For “Night Of Rage”

FRIDAY, JUN 24, 2022 – 10:45 AM

With the Supreme Court on Friday officially publishing its historic ruling overturning Roe vs. Wade, crisis pregnancy centers, Catholic churches, and pro-life institutions across the country are bracing for a coming “Night of Rage”.

According to Newsweek and others, the Department of Homeland Security (DHS) has communicated specific threats to pro-life groups and Catholic leaders, after suspicious individuals and groups have in some instances been found “casing” the offices and buildings of pro-life organizations:

An internal document obtained by Newsweek outlines intelligence shared by the Department of Homeland Security with the Catholic Church of a planned “Night of Rage,” targeting churches and pregnancy centers over their opposition to abortion rights. The document sheds light on how law enforcement and the church are bracing for backlash after a leaked opinion showed the Supreme Court preparing to rescind federal abortion rights.

Antifa march in Washington DC, file image: AFP/Getty

Two days ago, we detailed an initiative by the pro-abortion group “Jane’s Revenge” to widely distribute flyers in the D.C. are after recently declaring “open season” on pro-life groups and crisis pregnancy centers.

It appears there’s similar “planning” across various cities and states, particularly California, according to Newsweek, which details more from the DHS memo:

Labeled an “urgent memo,” the document is from the Diocese of Stockton, California, and is directed to all clergy, as well as parish and pastoral staff. The memo states that Jesse Rangel, a DHS agent, told the diocese that federal law enforcement has discovered a manifesto from an “extremist group” calling for attacks on churches beginning at 8 p.m. the evening the court issues its opinion.

The memo instructs churches which have active services during the eve and days following the Supreme Court decision to “Make sure you have ushers and or security available during your services and perhaps identify who among your volunteers and parishioners are law enforcement.”

Some national pro-life organizations have reported this week that they have been contacted by federal government officials, warning them to take steps amid threats of “extreme violence”

The memo adds: “Suspicious activity would include someone asking out of place questions (Largest Mass times? Doors always open? Do you have security?), looking around church property, protestors, and general disturbances.”

Over the past several days and weeks since the draft ruling on Roe v. Wade was leaked to Politico, Catholic churches have reported a spike in targeted vandalism across the country, which has often included pro-abortion graffiti and threats. 

These messages showed up on sidewalks and corners of D.C. this week…

An ominous sign of what’s about to come going into Friday night and the weekend? Like the summer of 2020, is CNN about to treat us to live coverage of what some pundits dubbed “peaceful riots”?

end

Only 23% of New Yorkers can afford the median rent.  The market is tight

(zerohedge)

Only 23% Of New Yorkers Can Afford Median Rent Amid “Incredibly Tight Market”

FRIDAY, JUN 24, 2022 – 02:40 AM

Living in a spacious apartment with no roommates in Midtown Manhattan is one of the hallmarks of feeling like you’ve made it in New York City. But that era is over for many as skyrocketing rents and wages failing to outpace inflation have sparked a housing affordability crisis.

Bloomberg cites a New York City Department of Housing Preservation and Development report that found only 23% of full-time workers in the city can afford median rent. 

The city’s report used the median asking rent of $2.75k for vacant and available units in 2021, and 2020 salary data showed that only 23% of full-time workers in New York made over $100k. 

If renters followed the 30% rule, a popular standard for budgeting rent that says a maximum of 30% of your monthly income before taxes should be spent on rent, then those making over $100k could afford the 2021 median rent was only 23% of all workers. 

Affordability worsened this year as appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate revealed median rents in May topped $4,000 for the first time

Matthew Murphy, the executive director of the NYU Furman Center, said the “incredibly tight rental market” and robust demand have pushed rent prices sky-high, adding: “The inventory and supply has not kept up with intense demand.”

Compound the affordability crisis in the rental market with soaring food and energy costs, and many New Yorkers are struggling to survive in the worst inflationary period in four decades. 

The dream of living in a spacious apartment alone in Midtown is over, as some New Yorkers might have to find roommates to help pay rent.

end

Inflation is playing havoc to many Americans, nervous about their savings

(zerohedge)

Inflation Is Causing More Americans To Be Nervous About Their Savings

FRIDAY, JUN 24, 2022 – 08:51 AM

Authored by Bryan Jung via The Epoch Times,

Rapidly rising high inflation rates are causing Americans to feel insecure about dipping into their emergency savings, according to a June 23 survey from Bankrate.com.

The rise in everyday living expenses due to inflation throughout the country has forced Americans to reassess their household budgets.

Inflation in May hit a 40-year historic high, forcing the Federal Reserve to boost interest rates in order to slow down the economy to control prices.

The consumer price index rose by 8.6 percent in May, according to the June 14 U.S Bureau of Labor Statistics report.

Some 63 percent of U.S. households have recently cut back on consumer spending, while 57 percent spent less on groceries, and 44 percent are reducing gas expenditures, according to a study from Breeze.

About 35 percent are making fewer debt payments, which can put people even further into debt.

About 58 percent of the 1,025 Americans surveyed are uncomfortable with the amount of money they have in their savings, up from 48 percent in July 2021 and up from 44 percent two years ago.

Eroding Comfort Levels

For those who answered that they were comfortable with their savings, 82 percent had at least three months’ worth of expenses saved, while those who were comfortable with their emergency savings are now at 42 percent, down from 54 percent two years ago.

“The percentage of Americans who are comfortable with their emergency savings has gone from 54 percent to 42 percent in the past two years, while those [feeling] uncomfortable has jumped from 44 percent to a majority 58 percent,” says Greg McBride, CFA, Bankrate chief financial analyst.

“Inflation, at the highest levels in 40 years, will erode the comfort level with and buying power of your emergency savings.”

Out of those who responded that they were uncomfortable with their emergency fund, 75 percent said they had no savings or not enough to cover at least three months’ worth of living expenses.

Meanwhile, only 43 percent surveyed who were very uncomfortable have any personal savings on hand.

Of the more positive respondents, 29 percent are somewhat comfortable, while just 13 percent are very comfortable, while 82 percent in those two categories had at least three months of expenses accumulated in their savings.

Some 23 percent of respondents admitted that they have no emergency savings at all, down from 25 percent in 2021, a sign that slightly more people may have more in their savings compared to before, likely due to remaining stimulus cash.

At least 27 percent of households still have enough emergency savings to cover six months or more of expenses, up from 25 percent since 2020, the highest it has been since 2018.

A total of 22 percent of households have enough saved to cover three to five months’ worth of expenses, the highest percentage in this category since 2011, while 28 percent had some savings, but not enough over the same time frame to cover expenses.

Only 24 percent said that they have more than they had in savings from a year ago, while 34 percent said things remain the same.

That figure is one of the lowest levels on record in 12 years since Bankrate started its poll.

“Despite having more savings, comfort level is way down,” said McBride, who continued, saying that “inflation being at four-decade highs will erode your comfort level in the buying power of your emergency savings.”

For households with higher annual incomes earning more than $100,000, 59 percent were comfortable with their savings, while 46 percent of those earning $50,000 to $99,999 reported being comfortable with their emergency funds.

Difficulties Saving

For households earning below $50,000, the number of those without any savings goes up to 37 percent.

“Even with fewer households having no emergency savings and 56% having the same or more savings than one year ago, the majority of Americans are uncomfortable with the emergency savings they have in 2022, a change from the previous two years,” said McBride.

Younger respondents are obviously having a more difficult time with savings, due to the fact that they have had less time to save.

Some 40 percent of millennials had admitted that they have enough saved to cover three months of expenses, while that number was at a respective 47 percent for Generation Xers and 62 percent for baby boomers.

end

My goodness! housing rents in Miami jump a huge 41% in April

(zerohedge)

Miami Housing Rents Jump A Stunning 41% In April 

FRIDAY, JUN 24, 2022 – 03:25 PM

Nationally, single-family rent growth surged 14% year-over-year in April, according to real estate research firm CoreLogic. The supply-demand mismatch continues to drive rents higher, as many parts of the country print double-digit jumps in monthly rent prices. 

Among large cities, Miami recorded a stunning 41% increase in single-family rent growth for April. It was the most significant increase in April rent across all major metro areas CoreLogic tracks. The second was Orlando, with a 25.8% increase. 

It’s crucial to note Miami and Orlando are both located in Florida and had the largest rental price gains out of all US cities. The reason is supply shortages due to a large influx of people piling into the Sunshine State from high taxed, violent metro areas in the Northeast. We pointed out last month that New Yorkers are still panic exiting the city for Florida. 

WSJ recently noted Miami locals are irritated by New Yorkers flooding their most desirable neighborhoods, like Brickell, Edgewater, and Downtown, and driving up rents. 

Molly Boesel, the principal economist at CoreLogic, was quoted by Bloomberg as saying, “single-family rent growth will continue to increase at a rapid pace throughout 2022.” 

Rents increasing at the fastest pace in decades makes housing costlier than ever for Americans. Compound that with the highest consumer prices in four decades and today’s souring economic environment has devastated the working poor. A recent Gallup poll found low wages and housing costs were on the top of the minds of Americans. 

Finally, those living paycheck to paycheck should avoid large metro areas with skyrocketing living costs to survive the inflationary storm. 

end

Cost Of Insulin Driving 80% Of Diabetic Americans Into Debt: Survey

FRIDAY, JUN 24, 2022 – 08:40 PM

new survey finds that the cost of insulin is driving many diabetic Americans to go into debt, forcing them to ration medication as they struggle to pay for other living expenses.

The survey, conducted by CharityRX, found that 79% of respondents said insulin costs had created financial difficulty for them personally, or for those in their care – both with and without health insurance, The Hill reports. 80% of those surveyed said they had to take on credit card debt to afford the drug.

What’s more, on average, diabetic Americans take on $9,000 of debt to cover these costs.

That cost carries serious implications, as 83 percent of respondents indicated they’ve feared not being able to pay for living expenses — such as clothing, food and their rent or mortgage — due to high insulin costs. 

The pressure to afford insulin even drove 63 percent of people to consider selling prized personal possessions and 32 percent to consider selling prescriptions or illicit drugs to get the money needed to buy insulin.   

More than half of respondents, 62 percent, skipped and/or adjusted their insulin dosage to cut down on costs. -The Hill

“While the pandemic has made this situation worse, insulin rationing is a crisis that has been decades in the making. The price of insulin nearly tripled between 2002 and 2013, and the trend upward has made affording this life-saving medication even more challenging for millions of Americans living with diabetes,” the American Diabetes Association said in a statement.

According to CharityRX, the new legislation would carry a potential cost savings of 91% by capping insulin costs at $35, or 25% of a health insurance plan’s negotiated price – whichever is less.

The survey comes as a bipartisan group of Senators are working on legislation that would cap the cost of insulin, after President Biden reversed a Trump-era measure designed to lower out-of-pocket insulin costs for seniors on Medicare.

More via CharityRX;

The exorbitant pricing of insulin in the U.S. has forced many diabetics and their caregivers to make difficult decisions and compromises that put their health and/or livelihood at risk. Of the 4 in 5 who’ve struggled financially due to insulin pricing:

  • 83% say they’ve feared not being able to pay for living expenses due to high insulin costs, cutting expenses such as clothing (55%), food costs (50%) and for some, even rent/mortgage (29%)
  • 63% have felt pressure to sell prized, personal possessions (63%), put themselves in risky situations (50%) or to sell prescriptions or illicit drugs (32%) in order to obtain the money needed for insulin
  • In an effort to lower costs, 62% have skipped and/or adjusted the dosage of insulin injections for themselves, or as a caregiver for someone else to cut down on costs
  • Of those who’ve rationed their insulin, diabetics have experienced the following negative impacts on their day to day life:
    • Inability to do everyday activities (54%)
    • Inability to work (44%)
    • Admission to the hospital for one or more days (38%)
    • Inability to attend school (37%)
  • Further, 38% have been admitted to the hospital for more than one day and 33% have become sick with an additional health issue as a result of insulin rationing

Summer Preview: Rolling Blackouts, Higher Gas Prices, Natural Gas Rationing In Europe And A Historic Diesel Crisis

FRIDAY, JUN 24, 2022 – 04:20 PM

Authored by Michael Snyder via The Economic Collapse blog,

Almost everyone has heard about the rapidly growing global energy crisis by now, but most people assume that this crisis will eventually go away because they think that authorities have everything under control.  Unfortunately, that is not true at all.  This crisis has taken our leaders by surprise, and now many of them have shifted into panic mode because they realize that there will be no easy fixes.  Decades of neglect and foolish decisions have brought us to the precipice of a nightmare, and many of us are going to be absolutely astonished by some of the things that happen in the months ahead.

Here in the United States, we have neglected to properly invest in our power grids for a very long time, and now they are at a breaking point.

We are being warned that there could be widespread “rolling blackouts” this summer, and the situation is particularly dire in Midwest states such as Michigan

The Lansing Board of Water and Light, or BWL, warned in a press release on Tuesday that the company is preparing for potential ‘rolling black-outs’ this summer.

The Mid-Continent Independent System Operator, or MISO, is Michigan’s power grid regulator. MISO will have to ‘load-shed’ if they see expected energy shortages during peak usage times due to hot weather. Load-shedding is purposefully shutting down electric power in some areas of a power-distribution system to prevent the entire system from failing when it is strained by high demand.

Meanwhile, the price of gasoline is likely to continue to go up.

For quite some time, the amount of oil that is being produced around the world each day has been lower than the amount of oil that is being used around the world each day, and as a result supplies have been getting tighter and tighter

Fast forward to today, and where are we? Intrinsic demand is thought to be around 103 million barrels a day now, owing to 1% per year global population growth, plus increased wealth–and demand should keep growing at roughly that pace. But supplies aren’t nearly keeping up. We’re currently producing around 100.6 million barrels (reflecting the loss of about a million barrels from Russia), and the resulting spike in prices is already constraining demand to around 101 million barrels, according to Majcher.

When demand is greater than supply, either prices go up or eventually you have shortages.

And sometimes both things happen.

Bank of America is telling us that oil inventories have reached a “dangerously low point”, and until that changes prices are likely to continue to rise…

The result is a market that for the second straight year is under-supplied, and drawing down inventories as a result–on top of the drawdown in strategic reserves approved by political leaders to try and lower prices. Bank of America is already warning that global oil inventories have fallen to a “dangerously low point,” with certain gasoline and diesel supplies in particular at “precarious levels” as we head into peak U.S. driving season. U.S. oil inventories are already 14% below their five-year average, BofA notes, while distillates (like diesel) are 22% below.

I wish that I could tell you that there is hope that things will turn around eventually.

But at this point the CEO of Exxon is actually warning us to expect “up to five years of turbulent oil markets”

Consumers must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil said Tuesday, citing under-investment and the coronavirus pandemic.

Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on Russian fossil fuels in coming years.

If you think that things are bad now, just wait until you see what happens after a major war erupts in the Middle East.

Then things will really start getting crazy.

Speaking of war, over in Europe a looming natural gas shortage due to the war in Ukraine is likely to cause immense economic problems in the months ahead.

Now that Russia has significantly reduced the flow of natural gas to Germany, it looks like the Germans will soon be forced to ration it, and the Wall Street Journal is telling us that authorities expect “a gas shortage by December”…

The German government moved closer to rationing natural gas on Thursday after Russia cut deliveries to the country last week in an escalation of the economic war triggered by Moscow’s invasion of Ukraine.

Berlin triggered the second of its three-step plan to deal with gas shortages after the Kremlin-controlled energy giant Gazprom, the country’s biggest gas exporter, throttled delivery via the Nordstream pipeline by around 60% last week. Germany’s gas reserves are at 58% capacity, and the government now expects a gas shortage by December if supplies don’t pick up, Economy Minister Robert Habeck said.

It would be difficult for me to overstate the seriousness of this problem.  Energy prices have already gone completely nuts in Europe, and one German official is actually comparing this crisis to the collapse of Lehman Brothers

With energy suppliers piling up losses by being forced to cover volumes at high prices, there’s a danger of a spillover effect for local utilities and their customers, including consumers and businesses, Economy Minister Robert Habeck said Thursday after raising the country’s gas risk level to the second-highest “alarm” phase.

“If this minus gets so big that they can’t carry it anymore, the whole market is in danger of collapsing at some point,” Habeck said at a news conference in Berlin, “so a Lehman effect in the energy system.”

Needless to say, it isn’t just Germany that is being affected

The crisis has spilled far beyond Germany, with 12 European Union member states affected and 10 issuing an early warning under gas security regulation, Frans Timmermans, the European Union’s climate chief, said in a speech to the European Parliament.

“The risk of a full gas disruption is now more real than ever before,” he said. “All this is part of Russia’s strategy to undermine our unity.”

If the war in Ukraine could be brought to a peaceful resolution, that would greatly help matters.

But we all know that isn’t going to happen any time soon.

On top of everything else, global supplies of diesel fuel get squeezed a little bit more with each passing day.  The price of diesel fuel is 75 percent higher than it was a year ago, and here in the United States we have been warned that the Northeast “is quietly running out of diesel”

The upward pressure on diesel and jet fuel prices in particular is getting attention in the White House, Amrita Sen of Energy Aspects told Squawk Box yesterday. Diesel prices are up a whopping 75% from a year ago, and the spread between diesel and gasoline prices has also widened considerably. The high cost is creating huge strains on truckers and the supply chain; the Northeast “is quietly running out of diesel,” FreightWaves warned two weeks ago.

Even though there could be a historic supply crunch, we won’t completely run out of diesel fuel.

However, as I detailed in an article that has gone extremely viral, we are potentially facing really severe shortages of both diesel exhaust fluid and diesel engine oil if solutions cannot be found.

Urea is required to produce diesel exhaust fluid, and the U.S. doesn’t produce enough.  We are normally one of the largest importers of urea in the entire world, and Russia and China are two of the largest exporters.  Our leaders have decided that we don’t want urea from Russia, and China has restricted exports.

So that puts us in a really tough position.  If you have a diesel vehicle, I would highly recommend stocking up on diesel exhaust fluid while you still can.

As for diesel engine oil, there are several key additives that are in short supply right now due to major problems at several manufacturers.  An article that Mike Adams just posted goes into the details.  This is a very serious situation that is not going to be resolved any time in the near future.

The bottom line is that supplies of diesel fuel are going to get very tight, and there may be times when diesel exhaust fluid and diesel engine oil are not available at all.

All three are required in order for diesel vehicles to operate, and as I explained yesterday, the U.S. economy runs on diesel.

If we were suddenly unable to use our diesel vehicles, all of our supply chains would collapse and we would no longer have a functioning economy.

So hopefully our leaders are working really hard to find some solutions.

Because it looks like this summer could be quite difficult, and the outlook for the months beyond is even less promising.

*  *  *

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

end

4 Million Americans Priced-Out As Home Rents Rise Significantly, Home Loan Qualifications ‘Skyrocket’

FRIDAY, JUN 24, 2022 – 11:05 AM

Authored by Naveen Anthrapully via The Epoch Times,

As costs of home ownership rise, millions of Americans have been pushed out of the housing market, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday.

At today’s home prices, a first-time buyer would have had to shell out $27,400 (7 percent of the sales price) as a down-payment in April on a median-priced home, said the report. This rules out 92 percent of renters, who only have a median of $1,500 in savings. If the downpayment is halved to 3.5 percent, the monthly mortgage payment on a median-priced home would be $2,020.

“In combination with rising prices, the recent interest rate hikes raised the minimum income needed to afford these payments from $79,600 in April 2021 to $107,600 in April 2022 – effectively pricing out some 4 million renter households with incomes in this range,” the report said.

Between December 2021 and mid-April 2022, mortgage interest rates rose by 2 percent, which is equivalent to a 27 percent jump in home prices. As prices increased along with interest rates, the income and savings required to qualify for a home loan “skyrocketed.” This presents a financial burden on middle-income and first-time buyers.

In April 2021, the interest rate was at 3.06 percent, growing to 4.98 percent by April 2022. During this period, the value of a median-priced home jumped from $340,700 to $391,200.

The down-payment and closing costs, which came in at $22,100 in April last year, rose to $25,400 this April. Monthly mortgage payments rose from $1,400 to $2,020 while total monthly owner costs jumped from $2,060 to $2,780.

Persistently Soaring Prices

Home price appreciation across the United States hit 20.6 percent in March 2022, eclipsing the previous high of 20 percent in August 2021. This was also the largest jump in three decades.

“The runup has been widespread, with 67 of the top 100 housing markets experiencing record-high appreciation rates at some point over the past year. And even in the other 33 major markets, home prices increased by at least 9 percent,” the report states.

A recent Goldman Sachs note says the company expects houses to become much less affordable for average Americans despite home price growth slowing down sharply, according to Business Insider. An average American is now much less likely to be able to afford a home when compared to just a few months ago.

“In the US, our latest model update pointed to substantial slowing in home price growth to the low single digits over the next year,” Goldman analysts wrote. Since the COVID-19 pandemic began, U.S. home prices have risen by around 38 percent according to the Case-Shiller Home Price Index.

end

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

Too many truck drivers for the work that is available. This is driving small truckers out of business at an unprecedented rate.

(Premack/Freightwaves).

A “Great Purge” Is Pushing Small Truckers Out Of Business At An Unprecedented Rate

FRIDAY, JUN 24, 2022 – 02:25 PM

By Rachel Premack of FreightWaves

Chris Tucker needed to move some hot tubs. It seemed like a good gig for his network of small truckers.

The Winchester, Kentucky-based owner of Full Coverage Freight, a truck brokerage, recently advertised to truck drivers on a load board that it had a shipment of hot tubs headed from Seattle to a small town in the middle of Wisconsin. The rate came out to under $2 a mile, which Tucker thought was low. He expected drivers to haggle with his company to get paid at least $2.50 a mile, or about $1,000 more for the gig.

Instead, his office was slammed with dozens of phone calls and hundreds of texts clamoring for the hot tub job — exactly at the rate advertised.

It’s not an ideal situation for America’s 2 million truck drivers. Too many truck drivers for the amount of work available means lower and lower pay. During the last major trucking recession in 2019, hundreds of trucking companies declared bankruptcy, unable to cover the costs of running a trucking company with deflating rates.

The last few months have made Tucker believe trucking is about to enter the “Great Purge,” or another spate of major bankruptcies. He predicted in a June 10 Facebook post on the Rate Per Miles Masters group, which hosts about 33,000 trucking professionals, that the many truck drivers who flooded the industry amid unprecedented truck volumes would have to shut down their operations. Ill-prepared brokers would also face the same doom, he wrote. 

“I don’t think there’s enough freight out there to justify their existence anymore,” Tucker told FreightWaves this week. 

The Great Purge appears to be underway already. In May, net motor carrier revocations hit a record high, according to an analysis of federal data by FTR Transportation Intelligence. January and March of this year were the previous records. 

As the above FTR graph shows, revocations of trucking authorities reached a record high in May, hitting nearly 9,300. The yellow bar represents some 4,000 revocations from entities that failed to file a required form and may be considered aberrations in the data. Even counting that out, though, the net revocations peaked. 

Small fleets as tiny as one driver comprise the bulk of these shuttering trucking companies. Avery Vise, who is the vice president of trucking at FTR, said many of these drivers will join larger fleets rather than get flushed out of the market completely.  

The following months will likely break May’s record, representing more fleets fleeing the market. The revocations represented above were likely filed before this spring’s diesel surge and spot rate decline, Vise said. 

It’s an about-face from just a few months ago, when small truckers were still bringing in major cash. Here’s what happened:

2020-2022: All the cool kids are becoming owner-operators

In March 2020, retailers and manufacturers expected a long-term economic meltdown to result from the coronavirus. Instead, consumers bought more and more

Retailers were caught flat-footed with empty warehouses and had to quickly scale up to meet consumer demand for exercise equipment, computer monitors and, yes, toilet paper. 

New trucking fleets poured into the market to profit from these sky-high rates. From July 2020 to now, almost 195,000 new carriers have entered the market, according to Vise of FTR. About 70% of these new carriers were just one truck. The previous record 23-month period saw just 86,000 new carriers. 

The flood of new carriers was felt around the industry. 

Tucker of Full Coverage Freight, which is an independent agency with GlobalTranz, confirmed that through his own experiences. His office was flooded with calls from small truckers who had set up their authority only a few days prior.

“We saw this developing 18 months ago,” Tucker said. “We could support this artificial introduction of all these carriers just because of all this activity going on.”

The unusual marker of the last two years isn’t just that rates and volumes skyrocketed but where they skyrocketed: the spot market.  

The spot market usually accounts for 10-20% of the overall trucking market. Vise said that share may have climbed to as high as 50% in the height of COVID-buying craziness. 

The rate to move a load on the spot market soared. Each month of 2021 seemed to break a new record in the rate to move a dry van, with the peak hitting in January 2022. It was a fantastic time to be a small trucker, who can pick up spot jobs easily.

Contract rates didn’t climb at the same pace. That’s best measured by the Outbound Tender Reject Index, which shows how much contract freight is getting rejected. 

Unlike, well, every other industry, you don’t need to honor your trucking contracts. If you’re a fleet that can make more money moving spot loads, you’re free to go do that. (Of course, keep in mind that your customer might not be so happy to give you a fair rate when spot rates inevitably crash again — and you’re struggling to make ends meet.)

Around 27% of all contract freight was getting rejected last spring. Even in late December 2021 and early January 2022, the rejection rate was more than 20%.

The spike in spot rates meant more capacity on the small trucker side. Trucking companies with more than 100 trucks didn’t grow at nearly the same pace as the part of the market with one-man bands. Vise estimated around 6-7% of capacity shifted from those fleets of 100-plus drivers to those under 100 in the past two years.

Spring 2022: A collapse in spot rates meets a surge in diesel

As you can safely expect in trucking, the good times ran out. In March, spot rates began a freefall at a stunning rate.

Mazen Danaf, who is the senior economist at Uber Freight, compared the month-over-month drop in spot rates excluding fuel. In March and April, rates dropped by 30 cents compared to the months prior. Rates dropped another 20 cents in May.

Those declines outpace the previous record decline: 15 cents.

Meanwhile, the contract side of the market is regaining territory. The rejection rate for contract rate, which loomed at more than 20% earlier this year, is now sitting at 7.7%.

Danaf said freight contracts that were negotiated in early 2022 took into account high spot rates. That allowed big trucking companies, which aren’t as active in the spot market as smaller ones, to secure higher rates from their customers. The new, small truckers that flooded the market in the last few years were less likely to have those sort of long-term relationships with big retailers and manufacturers. They lost out on any bump in contract rates earlier this year. 

Now, Vise said spot accounts for about 30% of the market. Danaf estimated that number was 18%. Both indicate a trucking economy that’s shifting back from the volatile spot world to steadier contracts — even though it means that some smaller trucking companies will get shuttered in the process.

“What we’re seeing is a shift of the market back to a traditional split,” Vise said. “It could take a long time however.” 

Even more challenging to small trucking companies is the soaring cost of doing business. According to a report from loadboard Truckload.com, it’s now 51% more expensive to run a trucking company in 2022 than last year. Smaller carriers are more likely to shoulder than burden

The staggering cost of diesel is the most marked cost increase, with the smallest fleets struggling to keep up. Some truck drivers have shut down simply because they couldn’t afford diesel anymore. 

David Guzman of San Antonio is one of them. “The way the rates are, you have to run twice as hard to make ends meet,” he told FreightWaves in April. “I can’t help but feel for my fellow truck drivers.”

Equipment has also become more expensive. Truck drivers who bought their trucks in 2021 are paying off loans on trucks that might be two or three times higher than normal. The cost of repairs is also pricier — up nearly 9% in late 2021 from late 2020. Such expenses aren’t getting subsidized by ultra-high spot rates anymore. 

Others believe that this winnowing out of small truckers resembles something spookier than a mere shift from spot to contract. This week, FreightWaves CEO Craig Fuller wrote that the issues plaguing trucking may resemble a larger economic recession. Ocean volumes are beginning to collapse, reflecting record inflation and big-box retailers that are already full-up on inventory. What consumer spending is still growing is on the travel and entertainment side, which doesn’t move as much freight.

“What’s going to happen is going to be tough,” Tucker, the freight broker, said. “It’s going to be painful for a lot of people. Very few people will be left standing.”

There’s one way out for small truckers, but that opportunity is closing

Vise said many of the small truckers who gave up their authority rejoined a big fleet as company drivers. Others leased their truck back to one of those mega-carriers, where they can benefit from fuel surcharges to underwrite big diesel payments 

Those drivers might be the lucky ones. Those who already sold their trucks were still able to take advantage of high used truck prices, which are now quickly declining

What’s more, there may not be many more jobs available at big carriers. Nonsupervisory trucking employment hit a record high in April, the latest available data from the Bureau of Labor Statistics. Vise said he’s closely monitoring these numbers to see if trucking fleets decide themselves they have too many drivers.

Vise is still positive on the current market, saying that trucking is shifting from spot freight dominated by small truckers back to contract loads dominated by big carriers. Pointing to pent-up manufacturing demand and signs of resiliency on the consumer side, he said he’s “fairly optimistic we will muddle through this year without a recession.”

Not all are feeling so chipper. Thom Albrecht, chief financial officer of transportation insurance agency Reliance Partners, said current rates can’t match the new cost structure of running a trucking company. Fuel, equipment and labor have become too expensive — and these problems are matching a slowdown in job creation and the Federal Reserve’s struggle to tame inflation. 

“The party’s over,” Albrecht said. 

iv)swamp stories

Finally, he will be arrested

(Phillips/EpochTimes)

Nancy Pelosi’s Husband Could Face Jail Time After DUI Charge Filed Thursday

THURSDAY, JUN 23, 2022 – 11:00 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),Paul Pelosi and Nancy Pelosi attend the TIME 100 Gala 2019 Cocktails at Jazz at Lincoln Center in New York City on April 23, 2019. (Jemal Countess/Getty Images for TIME)

House Speaker Nancy Pelosi’s (D-Calif.) husband, Paul Pelosi, was charged Thursday with driving under the influence with injury—stemming from a May arrest.

A press release issued by the Napa County District Attorney’s office said Paul Pelosi, 82, allegedly had a blood alcohol content of 0.082 percent, which is over the legal limit in California, after he crashed his vehicle. The blood sample, the DA’s office said, was obtained two hours after the collision at around 12:32 a.m.

Based upon the extent of the injuries suffered by the victim, the District Attorney filed misdemeanor charges. This decision is consistent with how our office handles these cases with similar injuries,” the office said in a statement on Thursday evening.

Several weeks ago, the California Highway Patrol said Pelosi was involved in a collision with a Jeep in Napa County. Speaker Pelosi wasn’t with him at the time, and a spokesperson for her said she was in Rhode Island giving a speech to college graduates, while describing the incident involving her husband as a personal matter.

Her husband is scheduled to appear in a Napa County court on Aug. 3, said the DA’s office last week. His mugshot was released about a week ago.

Punishment

Under state law, Pelosi now could face a short stint in jail and several years’ worth of probation, according to the news release.

The punishment for driving under the influence causing injury as a misdemeanor is set by California law. It includes up to five years of probation, a minimum of five days in jail, installation of an ignition interlock device, fines and fees, completion of a court-ordered drinking driver class, and other terms as appropriate,” the DA’s office said on Thursday.

*  *  *

Following Pelosi’s arrest, officials in Northern California refused to release footage of Paul’s arrest to the Times.

“The Public Records Unit (PRU) has determined the Department possesses records responsive to your request,” the California Highway Patrol told Fox News in response to a California Public Records Act request from the news outlet.

The law enforcement agency added:

“However, the Napa County District Attorney’s Office has advised the release of records would jeopardize an ongoing investigation. As such, records are being withheld pursuant to Government Code section 6254 (f).”

Pelosi was driving a 2021 Porsche when the accident occurred.

end

King Report

The King Report June 24, 2022 Issue 6787Independent View of the NewsEconomic data released yesterday implies that an old-fashioned recession is knocking at the door.
 
@SPGlobalPMI: PMI data indicated a slowdown in US growth in June (51.2, May: 53.6), with the manufacturing sector signaling its first contraction in two years .Flash US PMI Composite Output Index (1) at 51.2 (May: 53.6). 5-month low.Flash US Services Business Activity Index (2) at 51.6 (May: 53.4). 5-month low.Flash US Manufacturing Output Index (4) at 49.6 (May: 55.2). 24-month low.Flash US Manufacturing PMI (3) at 52.4 (May: 57.0). 23-month low.Finally, business confidence slumped to one of the greatest extents seen since comparable data were
available in 2012, down to the lowest since September 2020Survey data are consistent with the (US) economy expanding at an annualized rate of less than 1% in Junewith the goods-producing sector already in decline and the vast service sector slowing sharply.”… https://t.co/ELJVdPgDrg
 
@SPGlobalPMI: Eurozone flash PMI data showed the region moving closer to recession territory in June… The seasonally adjusted S&P Global Eurozone PMI® Composite Output Index fell from 54.8 in May to 51.9 in June https://t.co/yxA6y3gkx9
    Eurozone growth slumped to a 16-month low in June, according to PMI flash estimates, with the headline index dropped to 51.9 (May: 54.8). Demand levels stalled whilst goods production fell for the first time in 2 years. Read morehttps://t.co/C8Mzmh43EW
 
@SPGlobalPMI: Latest flash data revealed growth in the UK with the PMI unchanged at 53.1 in June. That said, new order growth slowed as the cost-of-living crisis intensified while service providers continued to outperform manufacturers. Read morehttps://t.co/HeY8QDLdU0
 
@SPGlobalPMI: Latest flash data for Germany revealed a slowdown in growth with the PMI at a 6-month low of 51.3 (May: 53.7). Steep price pressures weighed on demand, particularly in the manufacturing sector, while job creation slowed. Read more:  https://t.co/odBiLnJevN
 
@SPGlobalPMI: Japan flash PMI rose to 53.2 in June (May: 52.3) as companies saw the quickest expansion in activity for 7 months. Input price inflation stayed close to May’s record but showed a tentative easing. Read morehttps://t.co/5blgeUVV5F
 
Powell’s prepared remarks for the House Financial Services Committee yesterday were the same prepared remarks that he issued to the Senate Finance Committee on Wednesday.
 
BBG: Fed Chair Jerome Powell called his commitment to curbing inflation “unconditional” and another of his colleagues backed raising interest rates by 75 basis points again next month, even as Democrats warned him against triggering a recession https://t.co/TJIPYICWS1
 
US Equities Rise Ahead of Powell’s Testimony – BBG
Rising odds Fed will pivot back to easy policy by May 2023 – BBG
 
Even the financial media is aware that stocks tend to rise into Fed CEO appearances before Congress.
 
It is time for our regular admonition that buying stocks when the economy could recede – because the Fed will ease – has historically been disastrous.  There have been some mighty summer rallies on this notion; and most have ended with autumn plunges.
 
Financial media types, pundits, and Street shills have been promoting the notion that the Fed will soon abandon its rate hike cycle and begin a new easing cycle in coming months.  This is why a few weeks ago, we opined that the current inflation surge could be analogous to the US inflation surge in 1973-1974 that produced the worst recession since the Great Depression – and the ensuing careless monetary policy that generated the great inflation of 1978-1980 (Q1 peak).
 
PS – Economic and financial developments have been occurring at a far faster pace in the past two decades than in prior decades due to the increased financialization of markets and the economy as well as the surge in market participants that play for the short term.
 
ESUs and USUs rallied sharply on recession is nigh; so, the Fed’s tightening cycle will end soon.
 
ESUs rallied sharply from the session low of 3725.00 at 3:37 ET until 7:28 ET.  After a 32-handle decline, ESU rallied in a very whippy manner, for the NYSE open and Powell’s 10 ET appearance at the House Financial Services Committee.  ESUs peaked at 11:12 ET; they tumbled 54 handles by 13:01 ET.
 
ESUs then went berserk in the afternoon, surging to the session high of 3805.75 at 14:49 ET.  ESUs and stocks then declined into the NYSE close.  Fangs led the rally.
 
USUs traded like ESUs until the afternoon arrived.  USUs then declined into the close.  USUs surged from 136 4/32 at 7:49 ET to 137 27 at 10:55 ET on the ugly S&P Global PMI from the US and EZ.
 
Biden: “I want you to look in my eyes.  I guarantee you we’re going to and fossil fuels…”
https://www.youtube.com/watch?v=OJ7MMsheHzQ
 
GOP Sen. @MarshaBlackburn: Since Biden took office, he issued 39 new regulations & executive orders that restricted American energy independence & caused gas prices to rise.  It’s Biden — not Putin.
 
Some idiot or idiots on Team Biden instructed The Big Guy to admonish the GOP directly and Americans indirectly to stop whining about inflation because it is a product of rebuking Putin.
 
Washington Post’s personal finance columnist says Americans ‘got to stop complaining’ about inflation https://t.co/f6rnRWNXit
 
Biden’s Notecard Has Step-By-Step (dumbed down) Instructions for Everything, Like Walking into Room and Sitting Down: YOU enter the Roosevelt Room and say hello to participantsYOU take YOUR seatPress entersYOU give brief comments (Minutes)Press departsYOU ask Liz Shuler AFL-CIO President a questionNote: Liz is joining virtually.YOU thank participants.You depart.  (Image what Putin & Xi think about this!https://www.dailywire.com/news/you-take-your-seat-bidens-notecard-has-step-by-step-instructions-for-everything-like-walking-into-room-and-sitting-down 
NY Post’s @mirandadevine: There should be an instruction not to show your cheat sheet to the worldThis display of weakness plays into the hands of America’s enemies.
 
Biden attending G7, NATO summits amid ‘the most serious security situation in decades’
The G7 summit begins in Germany June 25, while the NATO summit starts June 28 in Spain
https://www.foxnews.com/politics/biden-participate-g7-nato-summits-amid-most-serious-security-situation-decades
 
Gasoline price talks between oil refiners, Biden officials end in impasse https://t.co/ZV4ZxzyHUq
 
Positive aspects of previous session
Equities and bonds rallied sharply; Fangs and techs led the equity rally
 
Negative aspects of previous session
Stocks are soaring on the notion that the Fed will stop hiking rates due to recession
 
Ambiguous aspects of previous session
Commodities decline sharply – inflation or economic ebbing – or both?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: UpLast Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3780.61
Previous session High/Low3802.58; 3743.52
 
Absolutely Stunning DC Corruption – State Dept Appoints Blackrock Investment Chairman Tom Donilon, a Deep China Biden Insider, to U.S. Foreign Policy Board (“10% for The Big Guy”?)
    Donilon’s literal job description at Blackrock is to “leverage the firm’s expertise and generate proprietary research to provide insights on the global economy, markets, geopolitics and long-term asset allocation,” and the State Dept has just appointed him as Co-Chair of the U.S. foreign policy advisory board… To say that Blackrock is invested in globalism, climate change and leftist politics, would be a severe understatement…  https://theconservativetreehouse.com/blog/2022/06/22/absolutely-stunning-dc-corruption-state-dept-appoints-blackrock-investment-chairman-tom-donilon-a-deep-china-biden-insider-to-u-s-foreign-policy-board/
 
Musk says Tesla’s new car factories ‘losing billions of dollars’ https://t.co/JuO9Fzcc4H
 
Mark Cuban’s new online pharmacy is saving people huge amounts of money and is absolutely humiliating the federal government in the process https://t.co/L6YBZYgfE1
 
Ken Griffin Moving Citadel HQ Out of Chicago, Into Miami – “I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary
https://www.nbcchicago.com/news/local/billionaire-hedge-fund-manager-ken-griffin-moving-citadel-hq-out-of-chicago-into-miami/2864133/
 
The Fed Balance Sheet: + $1.926B, still no QT (quantitative tightening).  Powell and his ilk dread what will occur with even the slightest Fed asset sales. 
 
Today – It’s a Friday in the summer; traders are extremely bullish.  The looming negative: If the Atlanta Fed releases an updated GDPNow forecast that sports a negative reading for Q2 GDP.  Last week, the GDPNow Model fell to zero for Q2.  Traders will buy dips, barring unexpected bad news, and play for the standard Friday afternoon rally.  ESUs are -13.50 and USUs are -6/32 at 20:10 ET. 
 
Expected econ data: June UM Sentiment 50.2, Current Conditions 55.4, May New Home Sales 590k; St. Louis Fed Pres Bullard 7 ET discusses central banks & inflation
 
S&P 500 Index 50-day MA: 4076; 100-day MA: 4251; 150-day MA: 4379; 200-day MA: 4409
DJIA 50-day MA: 32,569; 100-day MA: 33,471; 150-day MA: 34,162; 200-day MA: 34,407
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4928.42 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 4251.19 triggers a buy signal
Daily: Trender and MACD are negative – a close above 3875.35 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 3720.12 triggers a sell signal
 
Tucker Carlson: “Joe Biden is the weakest, most unpopular leader of our lifetime… Biden’s malicious ineptitude is so overwhelming that it is single handedly changing American politics… a massive generational realignment taking shape.  The old coalitions are crumbling before our eyes… Hispanic voters, African and Middle Eastern immigrants as well as huge numbers of American-born young men all running at remarkable speed from Joe Biden and the antihuman corporate neo-liberalism that he represents… Biden’s approval rating among African Americans has dropped by 20 percentage points, and the same is true of Asian voters. The only group that continues to enthusiastically support Joe Biden is college educated white voters in urban areas…  we are seeing the end of the modern Democratic Party… Joe Biden has destroyed the Democratic coalition… How are Republican leaders responding to this opportunity?… Republican leaders are siding with Joe Biden
     At the very moment that Joe Biden is at his weakest, months before a pivotal midterm election, Republicans are propping him up. They are saving Biden from himself… You can’t have guns because they no longer trust you and they no longer trust you because they know they’ve betrayed you. This is how democracy dies, not in darkness, but in plain sight, live on C-SPAN…”   https://twitter.com/bennyjohnson/status/1539781931239411712
 
On a 6-3 vote, the SCOTUS voided a New York law that requires people to show “proper cause” to obtain a concealed carry gun permit. 
 
Justice Thomas: Held: New York’s proper-cause requirement violates the Fourteenth Amendment by preventing law-abiding citizens with ordinary self-defense needs from exercising their Second Amendment right to keep and bear arms in public for self-defense
    The historical evidence from antebellum America does demonstrate that the manner of public carry was subject to reasonable regulation, but none of these limitations on the right to bear arms operated to prevent law-abiding citizens with ordinary self-defense needs from carrying arms in public for that purpose… The constitutional right to bear arms in public for self-defense is not “a second-class right, subject to an entirely different body of rules than the other Bill of Rights guarantees.”…
    The exercise of other constitutional rights does not require individuals to demonstrate to government officers some special need(You aren’t required to prove that you need religious freedom.) The Second Amendment right to carry arms in public for self-defense is no different… https://supremecourt.gov/opinions/21pdf
 
@bennyjohnson: Clarence Thomas goes SCORCHED EARTH in based 2A opinion: “Public carry was a component of the right to keep and bear arms—a right free blacks were often denied in antebellum America. https://t.co/3ItLKHAMyO (Thomas using leftist tactics, invoking racism, against libs.)
 
Alito Takes a Blow Torch to Liberal Justices’ Dissent on Latest Second Amendment Case
Does the dissent think that laws like New York’s prevent or deter such atrocities? Will a person bent on carrying out a mass shooting be stopped if he knows that it is illegal to carry a handgun outside the home? And how does the dissent account for the fact that one of the mass shootings near the top of its list took place in Buffalo? The New York law at issue in this case obviously did not stop that perpetrator. What is the relevance of statistics about the use of guns to commit suicide?
    The dissent cites statistics on children and adolescents killed by guns, see post, at 1, 4, but what does this have to do with the question whether an adult who is licensed to possess a handgun may be prohibited from carrying it outside the home?… (Much more at link)
https://townhall.com/tipsheet/katiepavlich/2022/06/23/alito-takes-a-blow-torch-to-liberal-justices-opinion-on-latest-gun-case-n2609218
 
Fox’s @ShannonBream: Today’s SCOTUS opinion does NOT mean people can simply start carrying guns… States can still require licenses/permits, but the criteria for getting them must be objective.
 
The above SCOTUS ruling probably invalidates provisions in the newly crafted Senate gun control bill.
 
GOP Sen @marcorubio (responding to Dem & libs’ venomous SCOTUS denunciations): It is a federal offense to incite rebellion or insurrection against the authority of the United States or the laws thereof…
 
Biden slams SCOTUS vote to overturn 108-year-old NY gun law requiring ‘proper cause’ to carry concealed weapon and says the decision ‘contradicts both common sense and the Constitution’
https://www.dailymail.co.uk/news/article-10946287/US-Supreme-Court-strikes-New-York-law-restricting-concealed-carry-licenses.html
 
@townhallcom: (NY Gov) KATHY HOCHUL: “I would like to point out to the Supreme Court justices, that the only weapons at that time were muskets. I’m prepared to go back to muskets.” (What is the logic behind this risible statement?  Plus, it’s false!) https://twitter.com/JesseKellyDC/status/1540013700240777216?s=02
 
By Hochul’s logic/legal reasoning, freedom of the press extends only to printing press documents.
 
NY Gov. Hochul defiant after Supreme Court gun decision: ‘We’re just getting started’
This decision isn’t just reckless. It’s reprehensibleIt’s not what New Yorkers want. And we should have the right of determination of what we want to do in terms of our gun laws in our state.”…
https://t.co/Ttmw5D3FNf
 
@ChadPergram: (NY Sen) Gillibrand on SCOTUS: This is clearly an activist Supreme Court. We’ve seen a draft decision that intends to undermine Roe. We have a decision undermining states’ rights where they want to protect its citizens. It’s an outrage. (Now, Dems are emphatic states’ rights advocates!)
    Pelosi: … a supermajority of the Supreme Court has chosen to endanger more American lives.  Today’s decision by a radical, Republican-controlled Court extends what was intended to be a limited right to self-defense at home to a new right to bring guns into our public spaces.
 
@andrewklavan: The left, led by the @nytimes, waged a ferocious legal battle to make sure the NYPD couldn’t search people for illegal guns (NYC’s “Stop & Frisk” policy). They were fine with armed criminals in New York. It’s the honest armed citizens they’re afraid of.
 
@TomFitton: In response to Supreme Court Second Amendment civil rights restoration ruling, leftists calling for destruction of the Supreme Court and our constitutional republic.
https://twitter.com/TomFitton/status/1540024322609348611?s=02
 
Biden, Kamala, Hochul, Pelosi, and Gillibrand are insurrectionists per MSN & Dem standards.  Of course, they are protected, at taxpayer expense, by beaucoup security guards
 
GOP Sen. Cruz calls on Senate to support alternative gun bill ‘targeting criminals’ not civilians https://t.co/JKoHaydB7i
 
ABC: Federal agents have searched the Virginia home of Jeffrey Clark, a former DOJ official tied to Donald’s Trump’s efforts to overturn the 2020 election… https://t.co/XEbmJa6aUg
 
@YossiGestetner: The Biden/Garland DOJ raided the home of a former acting Number 3 at the DOJ; that’s a level above Bruce Ohr who corruptly pushed the Steele Dossier at the DOJ while his wife worked for Fusion the company quarterbacking the dossier. No raids. No charges by the Barr DOJ.
    Complaining about election outcomes; demanding investigations of claims (including knowingly fake once such as collusion), organizing rallies and then some rally goers popping off, were all part of regular politics in the US the last 20 years… He (DJT) was treated as illegitimate for 4 years!
    The Gartland/Biden DOJ are persecuting and prosecuting political opponents/dissidents of all levels — From selfie holding grandmas to former sr aides to a POTUS; their attorneys & former senior officials.
 
@julie_kelly2: This DOJ is out of control, clearly working hand in hand with this lawless January 6 committee.  Republicans do nothing to stop it.
 
If Republicans do not ‘do unto Dems as Dems did unto them’, the GOP will implode.
 
@MZHemingway: 12 Minutes of Every Single Prominent Democrat You Know Repeatedly Denying Election Results   https://t.co/X8oRn5IK8O
 
@RNCResearch: Democrats LONG history of denying election results:
https://twitter.com/RNCResearch/status/1540067214656786434
 
@bennyjohnson: Reporter leaves MSNBC host STUNNED after EXPOSING Democrats Jan 6th show trial: Democrats privately ADMITTING “nobody gives a bleep about January 6th” https://t.co/Obe8I2dcvf
 
NYT: Liz Cheney Encourages Wyoming Democrats to Change Parties to Vote for Her
 
@ggreenwald: NYT: Liz Cheney Encourages Wyoming Democrats to Change Parties to Vote for Her  https://www.nytimes.com/2022/06/23/us/politics/liz-cheney-wyoming-democrats.html
    Do it! Keep in power a key supporter of torture, kidnapping, due-process-free detention, wars of aggression, CIA coups, NSA spying, imprisonment of whistleblowers.
 
For about 20 years, Dems, the MSM, and liberals viewed Dick and daughter Liz Cheney as war criminals.
 
@Not_the_Bee: So when do these Planned Parenthood insurrectionists get arrested for storming the Wisconsin capitol building today to intimidate lawmakers?  The lawmakers were in session as this happened, and these protesters swarmed the building to pressure them into changing a vote, which I’ve heard is high treason…. https://t.co/OlIeS8CGiq
 
White House Press Secretary Won’t Say Whether They’ll Respect SCOTUS Decision Overturning Roe as ‘Legitimate’ https://townhall.com/tipsheet/rebeccadowns/2022/06/23/white-house-press-secretary-wont-say-n2609250
 
Gallup: Confidence in U.S. Supreme Court Sinks to Historic Low (Democracy on the ropes! Why?)
    25% of Americans have confidence in Supreme Court, down from 36% in 2021
    Current reading is five percentage points lower than prior record low
    Confidence is down among Democrats and independents this year
https://news.gallup.com/poll/394103/confidence-supreme-court-sinks-historic-low.aspx
 
@newsmax: “A Metaphor for her leadership”: Kamala Harris misses 5 straight basketball shots. https://bit.ly/3HQBiNi  Harris’ office only posted the clip of her making a shot but left out all of the misses. 

Greg Hunter: https://usawatchdog.com/dem-desperation-were-they-vaxed-biden-inflation/

Dem Desperation, Were They Vaxed, Biden Inflation

By Greg Hunter On June 24, 2022 In Weekly News Wrap-Ups49 Comments

By Greg Hunter’s USAWatchdog.com (WNW 535 6.24.22)

The economy is so bad, and inflation is so high, that the Democrat National Committee (DNC) is worrying more about retaining Democrats than cultivation of new voters for the mid-terms this fall.  A new poll shows a majority of Democrats say Biden is responsible for the inflation we are seeing.   There are record high gasoline prices, rising food prices and just about everything else costing more—much more.  Not a good time to ride the Biden coat tails.

So many young people are dying unexpectedly that the government has a new name for this phenomenon.  It’s called “Sudden Adult Death Syndrome.”  Someone young dies with no apparent cause of death and everyone is baffled.  Of course, this strange phenomenon after millions were coerced or psyched into taking a so-called CV19 vaccine.  Maybe we should be asking, “Were they vaxed?”

Gasoline is near record high, and inflation is running at levels not seen in 40 years.  Has it peaked or is there more pain to come?  Looks like it has leveled off for now, but many think the economy will tank and more inflation is on the way.  They call this stagflation, and it’s not going away anytime soon.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.24.22.

(https://usawatchdog.com/dem-desperation-were-they-vaxed-biden-inflation/)

After the Wrap-Up:

Renowned radio legend and filmmaker Steve Quayle will join us for the Saturday Night  Post.  Quayle has astounding proof our history in North America is not what you were taught in school.

 

SEE YOU ON MONDAY

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