JULY 11/GOLD CLOSED DOWN $4.45 TO $1733.80//SILVER IS DOWN 17 CENTS TO $19.16//PLATINUM IS DOWN 65 CENTS TO $876.30//PALLADIUM IS DOWN $237.35 TO $2153.95//COVID UPDATES//VACCINE MANDATE UPDATES/VACCINE IMPACT//DR PAUL ALEXANDER UPDATES//CHINA NOW EXPERIENCING BANK RUNS//JAPAN’S ABE ASSASSINATED FRIDAY MORNG/GERMANY’S BIGGEST LANDLORD RESTRICTS HEATING TEMPATURE AT NIGHT TO 62 DEGREES/GERMANY SLOWLY GRINDS TO AN ENERGY CRUNCH//TOM LUONGO: A VERY IMPORTANT READ//SRI LANKA TOTALLY COLLAPSES//USA HOUSING AFFORDABILITY HITS ROCK BOTTOM//SWAMP STORIES FOR YOU TONIGHT(BIDEN’S APPROVAL RATING HITS ITS NADIR//

by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1733.80 DOWN $4.45 

SILVER: $19.16 DOWN 17 CENTS

ACCESS MARKET: GOLD $1734.00

SILVER: $19.15

Bitcoin morning price:  $20,541 DOWN 959

Bitcoin: afternoon price: $21,500.  UP 1166 

Platinum price: closing DOWN $0.65 to $876.30

Palladium price; closing UP $237.35  at $2153.95

END

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

 EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JULY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,740.600000000 USD
INTENT DATE: 07/08/2022 DELIVERY DATE: 07/12/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 150
323 H HSBC 97
657 C MORGAN STANLEY 3
661 C JP MORGAN 296 305
737 C ADVANTAGE 4 1
800 C MAREX SPEC 10 5
880 C CITIGROUP 44
905 C ADM 5


TOTAL: 460 460
MONTH TO DATE: 3,962

no. of contracts issued by JPMorgan: 305/460

_____________________________________________________________________________________ 

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT 460  NOTICE(S) FOR 46,000 Oz//1.4307  TONNES)

total notices so far: 3962 contracts for 396,200 oz (12.323 tonnes)

SILVER NOTICES: 

45 NOTICE(S) FILED 225,000   OZ/

total number of notices filed so far this month  2682 :  for 13,410,000  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 DOWN $4.45 

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 HUGE WITHDRAWAL OF 1.16 TONNES FROM THE GLD//

INVENTORY RESTS AT 1023.27 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER  DOWN 17 CENTS

AT THE SLV// ://HUGE CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 5.533 MILLION OZ FROM THE LV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 517.729 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A STRONG SIZED 1700 CONTRACTS TO 140,677   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  GAIN IN OI WAS ACCOMPLISHED DESPITE OUR  SMALL $0.10 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.10) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY 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 FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A POOR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 15.220 MILLION OZ FOLLOWED BY TODAY’S 165,000 OZ QUEUE JUMP  / //  V)    STRONG SIZED COMEX OI GAIN

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : -71

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

TOTAL CONTACTS for 6 days, total 7047  contracts:  35.235 million oz  OR 5.86MILLION OZ PER DAY. (1175 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 35.235 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: 94.470 MILLION OZ

JULY : 35.235 MILLION OZ

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1700 DESPITE OUR TINY  $0.10 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A FAIR  SIZED EFP ISSUANCE  CONTRACTS: 310 CONTRACTS ISSUED FOR SEPT 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 15.22 MILLION  OZ FOLLOWED BY TODAY’S QUEUE JUMP  OF 165,000 OZ  //  .. WE HAD A VERY STRONG SIZED GAIN OF 2010 OI CONTRACTS ON THE TWO EXCHANGES FOR 10.050 MILLION  OZ DESPITE THE TINY GAIN IN PRICE..

 WE HAD 45  NOTICES FILED TODAY FOR  225,000 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 STRONG SIZED 5435 CONTRACTS  TO 500,451 AND CLOSER TO THE 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: —219 CONTRACTS.

.

THE STRONG SIZED  INCREASE  IN COMEX OI CAME WITH OUR RISE IN PRICE OF $5.80//COMEX GOLD TRADING/FRIDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR GOOD 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 JULY AT 2.914 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 36,200 OZ 

YET ALL OF..THIS HAPPENED DESPITE OUR SMALL  GAIN IN PRICE OF   $5.80 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A VERY STRONG SIZED GAIN OF 11,411  OI CONTRACTS 35.493 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED  5435 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 500,451

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,411 CONTRACTS  WITH 5435 CONTRACTS INCREASED AT THE COMEX AND 5956 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 11,411 CONTRACTS OR 36.111 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5956) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (5435,): TOTAL GAIN IN THE TWO EXCHANGES 11,411 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 JULY. AT 2.914 TONNES FOLLOWED BY TODAY’S 36,200 OZ QUEUE JUMP   3) ZERO LONG LIQUIDATION//SOME SPECULATOR SHORT COVERING//SOME SPECULATOR SHORT ADDITIONS //.,4) STRONG SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JULY

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

36,562 CONTRACTS OR 3,656,200 OZ OR 113.72  TONNES 6 TRADING DAY(S) AND THUS AVERAGING: 6093 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6  TRADING DAY(S) IN  TONNES: 113.72 TONNES

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

THUS EFP TRANSFERS REPRESENTS  113.72/3550 x 100% TONNES  3,21% 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: 2238.13 TONNES  FINAL

JULY: 113.72 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 JUNE HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF JULY, 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, ROSE BY A STRONG SIZED 1700 CONTRACT OI TO 140,677 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 310 CONTRACTS

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

SEPT 310  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:310 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 1771 CONTRACTS AND ADD TO THE 310 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED GAIN OF 2010   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 10.411 MILLION OZ

OCCURRED DESPITE OUR RISE IN PRICE OF  $0.10 .

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

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 42.49 PTS OR 1.27%   //Hang Sang CLOSED DOWN 601.58 OR 2.27%    /The Nikkei closed UP 295.11 OR % 1.11.          //Australia’s all ordinaires CLOSED DOWN 1.23%   /Chinese yuan (ONSHORE) closed DOWN 6.7107    /Oil UP TO 102.39 dollars per barrel for WTI and UP TO 104.71 for Brent. Stocks in Europe OPENED  ALL RED        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7107 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7127: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER  

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 STRONG SIZED 5435 CONTRACTS TO 500,451 AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS FAIR  COMEX INCREASE OCCURRED DESPITE OUR GAIN OF $5.80  IN GOLD PRICING FRIDAY’S COMEX TRADING. WE ALSO HAD A  STRONG SIZED EFP (5028 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 IN THE NON  ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 5956 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :5956 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5956 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 11,411  CONTRACTS IN THAT 5956 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED  COMEX OI GAIN OF 5435  CONTRACTS..AND  THIS VERY STRONG GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR RISE IN PRICE OF GOLD $5.80.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING JULY   (13.909),

 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: 74.933 TONNES FINAL

JULY 13.909 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $5.80) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS/COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS////  WE HAVE  REGISTERED A VERY STRONG SIZED GAIN  OF 36.111 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR JULY (13.909 TONNES)

WE HAD -219 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 11,411 CONTRACTS OR  1,141,000  OZ OR 35.493 TONNES

Estimated gold volume 229,967/// poor/

final gold volumes/yesterday  247,080  /fair

INITIAL STANDINGS FOR JULY ’22 COMEX GOLD //JULY 11

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz70,989.408 oz
Manfra
JPMorgan
2010 kilobars
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oz110,920.950 oz
HSBC
No of oz served (contracts) today460  notice(s)
46000 OZ
1.4307 TONNES
No of oz to be served (notices)510 contracts 51,000 oz
1.586 TONNES
Total monthly oz gold served (contracts) so far this month3962 notices
396,200 OZ
12.323 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

total dealer deposit  0

No dealer withdrawals

Customer deposits:  

i) customer deposits 110,920.950 oz

total deposits: 110,920.950 oz

2 customer withdrawals:

i) Out of JPMorgan:  6265.898 oz

ii) Out of Manfra:  64,623.500 oz (2010 kilobars)

total withdrawal: 70,989.408   oz

ADJUSTMENTS:3  all dealer to customer

Loomis: 4822.65 oz

Malca 33,662.097  oz

Manfra: 3568.761 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an  oi of 970 contracts losing 870 contracts . We had

1232 notices filed on Friday so we gained a strong 362  contracts or an additional 36200 oz will stand in this non active

delivery month of July.

August has a LOSS OF 16,056 contracts down to 342,909 contracts

Sept. gained 433 contracts to 1992 contracts.

We had 460 notice(s) filed today for  46,000 oz FOR THE July 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  296 notices were issued from their client or customer account. The total of all issuance by all participants equate to 460 contract(s) of which 305  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 JULY /2022. contract month, 

we take the total number of notices filed so far for the month (3962) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY 970  CONTRACTS ) minus the number of notices served upon today 460 x 100 oz per contract equals 447,200 OZ  OR 13.909 TONNES the number of TONNES standing in this  active month of July. 

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

No of notices filed so far (3962) x 100 oz+   (970)  OI for the front month minus the number of notices served upon today (460} x 100 oz} which equals 447,200 oz standing OR 13.909 TONNES in this   active delivery month of JULY.

TOTAL COMEX GOLD STANDING:  13.909 TONNES  (A FAIR STANDING FOR A JULY (  NON ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  2,443,533.842 oz   76.00 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  32,767,694.014 OZ 

TOTAL ELIGIBLE GOLD: 16,166,938.636  OZ

TOTAL OF ALL REGISTERED GOLD: 16,664,755.738 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 14,221,222.0 OZ (REG GOLD- PLEDGED GOLD)  

END

SILVER/COMEX/JULY 11

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory755,571.742  oz
Loomis
CNT
jpm
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,355,980,16 oz
Delaware
JPMorgan
No of oz served today (contracts)45CONTRACT(S)
225,000  OZ)
No of oz to be served (notices)288 contracts
 (1,440,000 oz)
Total monthly oz silver served (contracts)2682 contracts
 13,410,000 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:  0    oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have 2 deposits into the customer account

i) Into JPMorgan: 1,164,087.300 oz

ii) Into Delaware: 191,892.860 oz

total deposit:  1,355,980.160    oz

JPMorgan has a total silver weight: 174.598 million oz/339.518 million =51.43% of comex 

 Comex withdrawals: 3

i) Out of CNT  148,052.256 oz

ii) Out of loomis  10,019.686 oz

iii)Out of JPMorgan: 597,489.800

total withdrawal  755,571.742         oz

 adjustments: 0/

the silver comex is in stress!

TOTAL REGISTERED SILVER: 68.131 MILLION OZ

TOTAL REG + ELIG. 337.518 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JULY OI: 333 CONTRACTS HAVING LOST 16.  WE HAD 49 NOTICES FILED

ON FRIDAY, SO WE GAINED 33 CONTRACTS OR AN ADDITIONAL  165,000 OZ WILL STAND FOR METAL AT THE COMEX.

AUGUST LOST80 CONTRACTS TO STAND AT 1090

SEPTEMBER HAD A GAIN OF 1166 CONTRACTS UP TO 116,590 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 45 for  225,000 oz

Comex volumes:38,877// est. volume today//   poor

Comex volume: confirmed yesterday: 45,737 contracts ( poor )

To calculate the number of silver ounces that will stand for delivery in JULY we take the total number of notices filed for the month so far at 2682 x 5,000 oz = 13,410,000 oz 

to which we add the difference between the open interest for the front month of JULY(333) and the number of notices served upon today 45  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JULY./2022 contract month: 2682 (notices served so far) x 5000 oz + OI for front month of JULY (333)  – number of notices served upon today (45) x 5000 oz of silver standing for the JULY contract month equates 14,850,000 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:

JULY 11/WITH GOLD DOWN $4.45: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWL OF 1.16 TONNES FROM THE GLD./INVENTORY RESTS AT 1023.27 TONNES

JULY 7/WITH GOLD UP $1.35: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.61 TONNES FORM THE GLD///INVENTORY REST AT 1024.43 TONNES

JULY 6/WITH GOLD DOWN $26.70: BIG CHANGES IN GOLD INVENTORY AT  THE GLD: A WITHDRAWAL OF 9.86 TONNES FROM THE GLD//INVENTORY REST AT 1032.04 TONNES

JULY 5/WITH GOLD DOWN $36.55//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.41 TONNES FROM THE GLD///INVENTORY RESTS AT 1041.90 TONNES

JULY 1/WITH GOLD DOWN $5.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.32 TONNES//INVENTORY RESTS AT 1050.31 TONNES

JUNE 30/WITH GOLD DOWN $9.20: big CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 1052.63 TONNES//

JUNE 28/WITH GOLD DOWN $3.05//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.64 TONNES FROM THE GLD///INVENTORY RESTS AT 1056.40 TONNES

JUNE 27/WITH GOLD DOWN $4.90 CENTS TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD///INVENTORY RESTS AT 1061.04 TONNES 

JUNE 24/WITH GOLD 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: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 1068.36 TONNES

GLD INVENTORY: 1023.27 TONNES

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

JULY 11/WITH SILVER DOWN 17 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 5.533 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 517.729 MILLION OZ

JULY 7/WITH SILVER UP 3 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.889 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 523.262 MILLION OZ/

JULY 6/WITH SILVER UP ONE CENT: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 12.558 MILLION OZ FORM THE SLV///INVENTORY RESTS AT 528.151 MILLION OZ

JULY 5/WITH SILVER DOWN 55 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 540.709MILLION OZ//

JULY 1/WITH SILVER DOWN 61 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 553,000 OZ//INVENTORY RESTS AT 540.709 MILLION OZ//

JUNE 30/WITH SILVER DOWN 41 CENTS : SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 738,000 OZ FROM THE SLV//INVENTORY RESTS AT 541.262 MILLION OZ//

JUNE 28/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.00 MILLION OZ..

JUNE 27/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.000 MILLION OZ

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//

CLOSING INVENTORY 517.729 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: This Won’t Be A Short Shallow Recession

MONDAY, JUL 11, 2022 – 03:19 PM

Via SchiffGold.com,

The mainstream seems to have conceded that the economy is heading toward a recession. But most people aren’t too worried. They seem to think the downturn will turn out short and shallow. In his podcast, Peter explains why the recession will more likely be long and deep. Since people don’t understand the nature of the boom, they can’t understand the nature of the bust.

Last week, the Atlanta Fed raised its projection for GDP in Q2, but it still remains negative at -1.2%. That would mean we are officially in a recession with two consecutive months of negative GDP growth.

Peter said everything he thought would be happening in the economy is happening.

The economy is, in fact, headed to recession. We probably are in a recession. … So, it’s not a question of will the economy go into recession. The question now is when is it going to come out of recession? Because we’re already there.”

Meanwhile, inflation remains elevated. It came in surprisingly hot in May, and the projection for June is for CPI to rise even higher. Peter said he expected this stagflationary environment would be bullish for gold and bearish for the dollar. So far, it’s been the opposite. But Peter said he remains convinced that ultimately his forecast for how this condition will impact gold and the dollar will prove correct.

The question is: why is the market pricing in a strong dollar? The answer is most likely because most people believe the recession will be short and shallow, and that it will recover without any help from the Fed. That would mean a strong economy with higher interest rates as the central bank continues to rid the economy of the scourge of inflation. Peter called this a fantasy.

The idea that this recession could be anything but severe is farcical. There is no way we can have a shallow recession.”

One of the main reasons people remain sanguine about the economy is the appearance of a strong labor market. According to the June jobs report, the economy added 372,000 jobs last month. As Peter pointed out, this might not be as good as everybody thinks.

We are just on the cusp, and it is getting much, much worse. What they don’t understand is that if the economy is already in a recession with strong job growth and low unemployment, imagine how much worse this recession gets when we start losing jobs and unemployment rises. Because that is exactly what is going to happen.”

And is the labor market even as strong as it appears?

There are, in fact, some cracks in the foundation. One bad sign is the revisions for previous months have turned negative. This could be a sign that the labor market is cooling. Meanwhile, there is a surge in moonlighting. That adds jobs to the economy, but it is a sign of weakness, not strength. As Peter explains later in the podcast, needing a second crappy job is not good news for the economy.

Peter said the biggest reason people think the recession will be shallow is that most people don’t understand recessions and why they come about.

Recessions have to do with the market’s attempt to correct misallocations of recourses — malinvestments that occur during a phony economic boom — a boom that is created by a central bank keeping interest rates artificially low. When interest rates are artificially low, capital is misallocated. Projects end up getting funded that, if the market reflected a true interest rate, never would have attracted funding. So, you get all sorts of mistakes that occur. And then the bubble pops. Rates have to rise. And now the markets have to unwind all of those mistakes. That’s why recessions are generally in proportion to the booms that precede them, meaning the bigger the boom, the bigger the bust.”

We’ve just had arguably the biggest artificial boom and engineered recovery ever with the Federal Reserve showering the economy with trillions of dollars during the pandemic. And it really goes back further than that. The Fed held interest rates close to zero for well over a decade after the ’08 financial crisis.

Consider the economic chaos we experienced after Alan Greenspan dropped rates in the wake of the dot-com bust.

Those mistakes were so great that we had the 2008 financial crisis. We had the worst recession since the Great Depression. Well, the mistakes that must have been made as the Fed held interest rates at zero for more than a decade have to dwarf the mistakes that were made back then. And therefore, the economic downturn necessary to correct them must be greater than what happened in 2008-2009. So, that takes any kind of shallow recession completely off the table. And the people who think that that’s what we’re heading for have no clue what they’re talking about. They don’t understand the nature of the boom, so they don’t understand the nature of the bust.”

Listen to the rest of the podcast for Peter’s breakdown of the jobs report, the assassination of Shinzo Abe, Elon Musk’s “Twitter bluff,” and a bit of bitcoin news.

END

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

LAWRIE WILLIAMS: Gold may be the best bet in a recession/depression scenario

The gold price has been having a pretty torrid time over the past week or so with falls at one time taking it back well below $1,800 spot, although it has since made a partial recovery. Not everyone in the analytical community is downbeat though, and Mike McGlone of Bloomberg Intelligence has gone on record as seeing some distinct parallels with the situation in 2000 which, if replicated, could well take the gold price back above $2,000 again this year.

McGlone points to a situation that year when gold was behaving particularly sluggishly while the dotcom stock bubble had surged ready to burst, which it did spectacularly. When it came down hard, precious metals moved into an extended bull market. The Fed interest rate raising likelihood, predicted at at least 75 basis points at the next FOMC meeting only a few weeks ago, before the June CPI inflation data came out, seemingly a completely over- the-top response (some had even considered a 50 basis point rise excessive), is likely to confirm a tip of the U.S. economy into recession. This, coupled with the Fed’s other tightening measures, may well decimate equity markets (apart probably from gold stocks), and provide gold with the safe haven price boost it needs to make a decent advance. This will probably not be an immediate rise as general market nervousness will abound, but once the markets settle down, safe haven assets like gold could benefit hugely.

The flaw in the process, of course, is that a high interest rate rise may well even strengthen the dollar further and a strong dollar tends to lead to a weaker gold price in dollar terms. But the higher rate rise also suggests that inflation is continuing at a high level which ultimately means continued degradation of the dollar’s purchasing power. The fact that the US economy would then very obviously also be in recession territory will mitigate against the stronger dollar too as time passes.

The latest reading from the Atlanta Fed’s GDPNow model, which is considered the central bank’s primary tool for measuring growth in real-time, indicated at the beginning of this month that real GDP has shrunk by 2.1% on a seasonally adjusted annual rate in Q2. This follows on from a negative reading for Q1 and with the official definition of a recession being two successive quarters of negative growth it looks like the U.S. is already in a technical recession. If this negative growth continues into Q3, the recessionary trend would be considered severe and would probably start to affect the dollar index adversely anyway– although much of the rest of the world looks like it is also heading for recession too – if it is not already in one.

The big global economic fear though is that the world is heading for a depression to match that of the 1930s which was only ended by global conflict. If so, gold and gold stocks may be among the few assets to perform positively under such circumstances. One hopes, of course, that the culmination of such a process may not be world war given the destructive capability of modern weaponry. Jaw, jaw is definitely preferable to war, war. Even global economic meltdown seems to be to be a preferable alternative.

11 Jul 2022

END

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

For your interest..

Alasdair Macleod

Alasdair Macleod: Failing states and strangled economies

Submitted by admin on Thu, 2022-07-07 11:11 Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 7, 2022

Fickle markets have stopped worrying about inflation and begun to worry about recession. Both the financial establishment and investors seem incapable of understanding that it is not either one or the other but both together.

Behind the inevitable crisis now emerging is a lack of understanding that it is not supply chain failures or an evil president of Russia that have caused our current predicament, but our previous monetary excesses.

To add to our troubles we have elected a weak political class incapable of even preserving a scintilla of moral standards. In addition to the re-education required of our leaders, it renders a resolution of the developing credit and currency crisis virtually impossible.

We face a downturn of exceptional destruction in the bank credit cycle, even rivalling that of the 1930s. With today’s fiat currencies and governments determined to bail out everyone from the consequences of their actions, we have a global systemic and currency crisis without the wise heads required to steer us through it. 

The lessons from history are clear. Currencies and the entire credit system are staring collapse in the face, which will ensure the impoverishment of nearly everyone. These are the conditions that lead to calls for strong leadership, for leaders willing to ride roughshod over vested interests. A different form of socialism will be called for, instead of free markets. These are the conditions that led Germany, Italy, and Spain in the 1920s into fascist dictatorships.

To understand and hopefully avoid these dangers, it is time to reprise Hayek’s “The Road to Serfdom,” and to understand that if nations are not steered wisely through the forthcoming financial hurricane, the long-run political consequences will also be dire. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/failing-states-and-strangled-economies

END

A must view:  Andrew Maguire and R. Kientz with Live from the vault

(GATA/Andrew Maguire)

London-New York axis losing control of pricing for real metal, Maguire and Kientz say

Submitted by admin on Sat, 2022-07-09 17:45Section: Daily Dispatches

5:45p ET Saturday, July 9, 2022

Dear Friend of GATA and Gold:

This week’s Kinesis Money “Live from the Vault” program is a discussion with London Metals trader Andrew Maguire and Robert Kientz of GoldSilverPros about the control of gold and silver prices by four major U.S. banks using an ever-growing volume of derivatives. Maguire and Kientz agree that the banks are at existential risk if the market ever moves against them but, disappointingly, don’t acknowledge the possibility that the banks are not trading for their own accounts but for governments and particularly the U.S. government and thus not really at existential risk at all.. 

Maguire and Kientz say that the price-setting mechanisms of the London Bullion Market Association and the New York Commodities Exchange are increasingly avoided by traders seeking to acquire real metal rather than paper claims on gold and a new, physical gold market is taking shape in other locations.

Kientz warns against holding gold at the Perth Mint, which, he reiterates, does not have possession of all the metal it owes customers.

The interview is an hour long and can be seen at YouTube here:

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

END

Another big inflation number looms

(Bloomberg/GATA)

Fed braces as another big inflation number looms

Submitted by admin on Sun, 2022-07-10 11:10Section: Daily Dispatches

By Vince Golle
Bloomberg News
Sunday, July 10, 2022

U.S. inflation data in the coming week may stiffen the resolve of Federal Reserve policy makers to proceed with another big boost in interest rates later this month.

The closely watched consumer price index probably rose nearly 9% in June from a year earlier, a fresh four-decade high, based on the median projection of economists in a Bloomberg survey. Compared with May, the CPI is seen rising 1.1%, marking the third month in four with an increase of at least 1%.

While persistently high and broad-based inflation is seen persuading Fed officials to raise their benchmark rate 75 basis points for a second consecutive meeting on July 27, recession concerns are mounting. There are signs, though, that price pressures at the producer level are stabilizing as commodities costs — including energy — retreat.

Even so, the inflation data are likely to draw heightened scrutiny globally after a faster-than-consensus result for May caused ructions in financial markets. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-07-09/fed-braces-as-another-big-us-inflation-number-looms-eco-week

END

4. OTHER GOLD COMMENTARIES

STEVE BROWN…

LBMA Gold Cartel Sends a Message

Leave a reply

Note the source, Bloomberg:

Link: https://www.bloomberg.com/news/articles/2022-07-07/jpmorgan-s-big-hitters-of-gold-market-face-trial-over-spoofing

This case is not about the gold market being fair or free; this case is about who gets to rig and play it.

These guys were operating inside the London Bullion Market Association (LBMA) gold cartel but violated the cartel’s rules by manipulating certain trades to enrich themselves – beyond the bounds of the Fed’s own gold-rigging modus operandi – and that’s why they were busted.

Via the MSM and this prosecution, the LBMA gold cartel’s operators are sending a warning message to traders who attempt to go rogue from within it.

“Either way, somebody got ripped off” (Federal prosecutor)

Reuters author Jody Godoy writes:

The racketeering statute, a federal law enacted in 1970 to take down the Mafia, is rarely used to prosecute corporate crime. It allows prosecutors to charge a group of individuals, including those indirectly involved in alleged wrongdoing, on the basis they participated in a “criminal enterprise.”

Link: https://www.reuters.com/markets/commodities/ex-jpmorgan-traders-face-us-trial-racketeering-charges-2022-07-08/

As always the Federally-mandated gold cartel has conflated a number of issues in an attempt to divert and deflect from its own duplicity and criminal conspiracy to suppress and manipulate the gold price, as the central government allows to be ‘legally’ fixed, as revealed and exposed by GATA https://www.gata.org/ Harvey Organ and others, for many years.

Since the operation of the LBMA gold cartel is de facto condoned by the US federal government, such action versus traders and “small fry” in the empire’s game provides an illusory appearance that the western gold market is somehow “regulated” and prima facie fair. Yes, the gold market is ‘regulated’ alright, by the Federal fox minding the gold hen house.

For much more in-depth commentary, analysis, and fact on gold and silver market manipulation and suppression please see:

GATA https://www.gata.org/

END

5.OTHER COMMODITIES: CORN/GRAINS

Corn Prices Soar As Heat Could Damage Yields

MONDAY, JUL 11, 2022 – 03:29 PM

Chicago corn soared the most in nearly a year after the sweltering summer heat may dent crop yields.  

Bloomberg reports a heatwave over the Midwest grain belt is underway during corn’s pollination period, a flowering stage for the grain, and is the most crucial development period for yield determination. High temperatures and a lack of rainfall during the pollination phase usually result in lower yields. 

Russia’s attacks across Ukraine’s agriculture sector and Western sanctions against Russian exports have tightened food supplies globally and shifted the spotlight on North America’s growing season. 

“The market’s tightness going into season 2022 is beginning to reassert itself, as is the patchy weather outlook across several significant segments across Europe,” Tobin Gorey, commodities strategist at Commonwealth Bank of Australia, wrote in a note to clients. “Crop yields are at risk of a downgrade in many of these locations.”

As a result of the pessimistic outlook, corn futures in Chicago jumped as high as 5.6% on Monday. It was the most significant intraday gain since August. 

JPMorgan commodity specialist Tracey Allen told clients the latest decline in grain prices to pre-Ukraine invasion levels “is masking the broader outlook of historically tight exportable grain and oilseed inventories.”

Allen pointed out, “markets are trading as if Ukrainian production and export flows will be back to business as usual through 2022/23 – that is simply not the case … adding there are still “immense dislocations across global trade flows, which may not be felt until the typical peak period of Ukrainian exports in late 3Q and through 4Q.” 

Meanwhile, China could make grain markets even tighter if the Biden administration rolls back some of former President Trump’s tariffs. 

“There is some speculation that if President Biden drops some of the existing import tariffs on China to lower inflation, it could push China to be a buyer of additional US ag products,” Tomm Pfitzenmaier of Summit Commodity Brokerage, told clients. 

Unlike prior periods of high food inflation, the war in Ukraine and Western sanctions plus weather woes around the world crunching inventories could result in years of high food prices. Look at the social unrest in Sri Lanka to understand the consequences of high food inflation and shortages. 

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 MONDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.7107

OFFSHORE YUAN: 6.7127

HANG SANG CLOSED DOWN AT 601.58 PTS OR  1.27%

2. Nikkei closed UP 295.11 OR 1.11%

3. Europe stocks   CLOSED ALL RED 

USA dollar INDEX  UP TO  107.65/Euro FALLS TO 1.0093

3b Japan 10 YR bond yield: FALLS TO. +.233/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 137.18/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 UP CHINESE YUAN:   DOWN -//  OFF- SHORE DOWN

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

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. 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 DOWN TO +1.271%/Italian 10 Yr bond yield RISES to 3.35% /SPAIN 10 YR BOND YIELD RISES TO 2.38%…

3i Greek 10 year bond yield RISES TO 3.65//

3j Gold at $1735.00 silver at: 19.20  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  1  AND 7/8        roubles/dollar; ROUBLE AT 61.03

3m oil into the 102 dollar handle for WTI and  104 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 137.18DESTROYING 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 0.9815– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9900well 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: 3.056 DOWN 5  BASIS PTS

USA 30 YR BOND YIELD: 3.229  DOWN 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.37

Futures Slide On Renewed China Covid Lockdown Fears As Traders Brace For Q2 Earnings, Red Hot CPI

MONDAY, JUL 11, 2022 – 08:03 AM

US equity futures and global markets started the second week of the 3rd quarter on the back foot, with spoos sliding on Monday morning as traders were spooked by fears that Covid may be making a return to China leading to more virus restrictions sending Chinese stocks tumbling the most in a month, amid growing concern about an ugly second-quarter earnings season which begins this week. A closely watched CPI print on Wednesday which is expected to rise again, will also keep markets on edge.

Contracts on the S&P 500 and Nasdaq 100 traded 0.7% lower, suggesting last week’s rally in US stocks my stall as concerns about China’s Covid resurgence weigh on risk appetite. The dollar jumped, reversing two weeks of losses and trading around the highest level since 2020 while Treasuries gained. Bitcoin dropped, oil declined and iron ore extended losses on concern about the demand outlook in China.

Adding to the risk-off mood were the latest covid news out of China, whose stocks had their worst day in about a month as a Covid resurgence combined with fresh fines for the tech giants sent investors running for the door.  Both the Hang Seng and Shanghai traded negative after a rise in Shanghai’s COVID-19 cases prompted authorities to declare more high-risk areas and the city also reported its first case of the BA.5 omicron subvariant, as well as two more rounds of mass testing in at least 9 districts. Casino stocks were heavily pressured in Hong Kong after Macau announced to shut all non-essential businesses including casinos, while shares in tech giants Tencent and Alibaba weakened after reports that they were among the companies fined by China’s antitrust watchdog concerning reporting of past transactions. There was more bad news out China including a rejection by China Evergrande Group’s bondholders on a proposal to extend debt payment, as well as a warning by a prominent investor’s wife that a key lithium maker’s stock is overvalued.

The Chinese selloff is a reminder that the nation’s Covid Zero policy and lingering uncertainty toward tech crackdowns remain key risks for investors betting on a sustained rebound in Chinese shares. The Hang Seng China gauge has recorded just one positive session in the last eight after rallying nearly 30% from a March low. 

Anyway, back to the US where in premarket trading, Twitter shares slumped in premarket trading after Elon Musk terminated his $44 billion takeover approach for the social media company. Some other social media stocks were lower too, while Digital World Acquisition (DWAC US), the SPAC tied to Donald Trump, jumps as much as 30%. Bank stocks are also lower in premarket trading Monday amid a broader decline in risk assets as investors await the release of key inflation data later this week. S&P 500 futures are also lower, falling as much as 1%, while the US 10-year Treasury yield holds above the 3% level. In corporate news, UBS is considering a plan to promote Iqbal Khan to sole head of the bank’s global wealth management business. Meanwhile, Klarna is shelling out loans for milk and gas with cash-strapped customers looking for ways to cover basic necessities. Here are some other notable premarket movers:

  • US-listed Macau casino operators and Chinese tourism stocks fall after local authorities in the gambling hub shut almost all business premises as a Covid-19 outbreak in the area worsened. Las Vegas Sands (LVS US) down 3.5%, MGM Resorts (MGM US) -3.5%, Wynn Resorts (WYNN US) -3.1%.
  • Cryptocurrency-exposed stocks were lower after the latest MLIV Pulse survey suggested that the token is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000. Crypto stocks that are down include: Marathon Digital (MARA US) -6%, Riot Blockchain (RIOT US) -4.5%, Coinbase (COIN US) -3.8%.
  • Lululemon (LULU US) cut to underperform and Under Armour (UAA US) downgraded to hold by Jefferies in a note on athletic apparel firms, with buy-rated Nike (NKE US) “still best-in-class.” Lululemon drops 1.8% in US premarket trading, Under Armour -3.1%
  • Morgan Stanley cut its recommendation on Fastly (FSLY US) to underweight from equal-weight, citing a less favorable risk/reward scenario heading into the second half of the year. Shares down 5.2% in premarket.

Price pressures, a wave of monetary tightening and a slowing global economy continue to shadow markets. the June CPI print reading on Wednesday is expected to get closer to 9%, a fresh four-decade high, buttressing the Federal Reserve’s case for a jumbo July interest-rate hike. Company earnings will shed light on recession fears that contributed to an $18 trillion first-half wipe-out in global equities.

“The real earnings hit will come in the second half as we’re hearing from companies, especially retailers, saying they’re already seeing weakness from consumers,” Ellen Lee, portfolio manager at Causeway Capital Management LLC, said on Bloomberg Television.

The Stoxx Europe 600 index pared a decline of more than 1% as an advance for utilities offset losses for carmakers and miners. The Euro Stoxx 50 was down 0.8% as of 10:30 a.m. London time, having dropped as much as 1.9% shortly after the cash open. DAX and CAC underperform at the margin. Autos, miners and consumer products are the worst-performing sectors.  Copper stocks sank as fear of global recession continues to suppress metals prices; miners suffered: Anglo American -5.1%, Antofagasta -5.3%, Aurubis -3.7%, Salzgitter -5.1%. Copper was hit hard, with futures down 1.9% today. Here are the top European movers:

  • Dufry shares rise as much as 11%, while Autogrill falls as much as 9.4% after the Swiss duty-free store operator agreed to buy the Italian company from the billionaire Benetton family, with the offer price being below Autogrill’s closing price on Friday.
  • Danske Bank declines as much as 6.4% after the lender cut its outlook for the year.
  • Fincantieri advances as much as 7% after the Italian shipbuilder said it secured an ultra-luxury cruise ship order that will be built by the end of 2025.
  • Joules drops as much as 25% after the British retailer said it hired KPMG to advise on how to shore up its cash position.
  • MJ Gleeson jumps as much as 7.4% after the homebuilder published a trading update stating that it sees full-year earnings being “significantly ahead of expectations.” Peel Hunt says it was a “strong finish to the year.”
  • Uniper falls as much as 12%, adding to its declines in recent weeks, after the German utility last week asked the government for a bailout.
  • Wizz Air declines as much as 5.3% after the low-cost carrier provided a 1Q update, with ticket fares down 12% versus FY20.
  • Nordex rises as much as 7.8%, reversing early losses after the wind-turbine maker said it plans to raise EU212m via a fully-underwritten rights issue.
  • Mining stocks sink as fear of global recession continues to suppress metals prices. Anglo American and Antofagasta are among the decliners.

“Earnings expectations will come down this year and probably next year as well, which is somewhat priced,” Barclays Private Bank Chief Market Strategist Julien Lafargue said on Bloomberg Television. “The question is how big are the cuts we are going to see,” he added. The declines in Europe came as Chinese stocks had their worst day in about a month as the Covid resurgence combined with fresh fines for tech giants hit markets

Earlier in the session, Asian stocks tumbled as resurging Covid-19 cases in China dented investor sentiment and raised fears of lockdowns that could hurt growth and corporate earnings. The MSCI Asia Pacific Index dropped as much as 1.1%, erasing an earlier gain of as much as 0.5%. Chinese stocks had their worst day in about a month as a Covid resurgence combined with fresh fines for the tech giants sent investors running for the door. Japan was a bright spot, buoyed by the prospect of administrative stability after the ruling coalition expanded its majority in an upper house election. Alibaba and Tencent dragged the gauge the most after China’s watchdog fined the internet firms. All but two sectors declined, with materials and consumer discretionary sectors leading the retreat. Chinese stocks were the region’s notable losers, with benchmarks in Hong Kong slumping about 3% and those in mainland China down more than 1%. A bevy of bad news from the world’s second-largest economy ahead of major economic data releases later this week dampened the mood. The first BA.5 sub-variant case was reported in Shanghai in another challenge to authorities struggling to counter a Covid-19 flare-up in the financial hub. Macau shuttered almost all casinos for a week from Monday as virus cases remain unabated. 

“Sentiment got weakened again as Covid-19 cases spread again in China,” said Cui Xuehua, a China equity analyst at Meritz Securities in Seoul. “There are also worries about lockdowns as companies will start reporting their earnings.”   Meanwhile, benchmarks in Japan outperformed the region, gaining more than 1% following the ruling bloc’s big election victory.   Traders in Asia are awaiting for a set of data from the world’s second-largest economy this week, including its growth and money supply figures. Also on the watch are corporate earnings, which would give investors more clues about the impact of lockdowns in China and rising costs of goods and services.

Japanese equities climbed after the ruling coalition expanded its majority in an upper house election held Sunday, two days after the assassination of former Prime Minister Shinzo Abe.  The Topix index rose 1.4% to 1,914.66 as of the market close in Tokyo, while the Nikkei 225 advanced 1.1% to 26,812.30. Toyota Motor Corp. contributed the most to the Topix’s gain, increasing 1.9%. Out of 2,170 shares in the index, 1,862 rose and 256 fell, while 52 were unchanged. “In the next two years or so, the government will be able to make some drastic policy changes and if they don’t go off in the wrong direction, the stability of the administration will be a major factor in attracting funds to the Japanese market,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management

Australia’s S&P/ASX 200 index fell 1.1% to close at 6,602.20, with miners and banks contributing the most to its drop. All sectors declined, except for health. EML Payments was the worst performer after its CEO resigned. Costa slumped after Credit Suisse downgraded the stock. The produce company also said it’s faced quality issues from weather. In New Zealand, the S&P/NZX 50 index fell 0.6% to 11,106.14

India’s benchmark stock index declined following the start of the first quarter earnings season, with bellwether Tata Consultancy Services Ltd. disappointing amid worsening cost pressures faced by Indian companies.  The S&P BSE Sensex Index fell 0.2% to 54,395.23 in Mumbai, after posting its biggest weekly advance since April on Friday, helped by a recent correction in key commodity prices. The NSE Nifty 50 Index ended little changed on Monday.  Tata Consultancy contributed the most to the Sensex’s drop, falling 4.6%, its sharpest decline in seven weeks. Bharti Airtel slipped as Adani Group’s surprise announcement of participating in a 5G airwaves auction potentially challenges its telecom business. Still, 15 of the 19 sub-sector gauges compiled by BSE Ltd. gained, led by power producers. Software exporter HCL Technologies Ltd. slumped more than 4% before its results on Tuesday.

In FX, the pound fell as the race to replace Boris Johnson as UK premier heats up. Over in Europe, the main conduit for Russian gas goes down for 10-day maintenance on Monday. Germany and its allies are bracing for President Vladimir Putin to use the opportunity to cut off flows for good in retaliation for the West’s support of Ukraine following Russia’s invasion. The Bloomberg Dollar Spot Index snapped a two-day decline as the greenback rose against all of its Group-of-10 peers. The Norwegian krone and the Australian dollar were the worst performers. The Aussie declined amid the greenback’s strength, and poor sentiment triggered by Covid news and political strife with China. Australian Prime Minister Anthony Albanese has ruled out complying with a list of demands from the Chinese government to improve relations between the two countries. Shanghai reported its first case of the BA.5 sub-variant on Sunday, warning of “very high” risks as the city’s rising Covid outbreak sparks fears of a return to its earlier lockdown. The yen dropped to a 24-year low above 137 per dollar. Japanese Prime Minister Fumio Kishida’s strong election victory presents him with a three-year time frame to pursue his own agenda of making capitalism fairer and greener, with no need to quickly change course on economic policy including central bank stimulus

In rates, Treasuries are slightly richer across the curve with gains led by the front end, following a wider rally seen across bunds and, to a lesser extent, gilts as stocks drop. Sentiment shifts to second-quarter earnings season, while focus in the US will be on Tuesday’s inflation print. Bunds lead gilts and Treasuries higher amid haven buying. Treasury yields richer by up to 3.5bp across front end of the curve, steepening 2s10s and 5s30s spreads by almost 2bp; 10-year yields around 3.06%, with bunds and gilts trading 3bp and 1bp richer in the sector.  Auctions are front loaded, with 3-year note sale today, followed by 10- and 30-year Tuesday and Wednesday. Auctions resume with $43b 3-year note sale at 1pm ET, followed by $33b 10-year and $19b 30-year Tuesday and Wednesday. WI 3-year around 3.095% is above auction stops since 2007 and ~17bp cheaper than June’s stop-out.

Bitcoin caught a downdraft from the cautious start to the week in global markets, falling as much as 2.6% but holding above $20,000.

In commodities, crude futures decline. WTI trades within Friday’s range, falling 1.3% to trade near $103.48. Base metals are mixed; LME copper falls 1.4% while LME lead gains 1.4%. Spot gold maintains the narrow range seen since Thursday, falling roughly $4 to trade near $1,739/oz.

It is a quiet start tot he week otherwise, with nothing scheduled on the US calendar today.

Market Snapshot

  • S&P 500 futures down 0.6% to 3,877.75
  • STOXX Europe 600 down 0.8% to 413.75
  • MXAP down 0.9% to 157.30
  • MXAPJ down 1.6% to 516.87
  • Nikkei up 1.1% to 26,812.30
  • Topix up 1.4% to 1,914.66
  • Hang Seng Index down 2.8% to 21,124.20
  • Shanghai Composite down 1.3% to 3,313.58
  • Sensex down 0.2% to 54,349.37
  • Australia S&P/ASX 200 down 1.1% to 6,602.16
  • Kospi down 0.4% to 2,340.27
  • German 10Y yield little changed at 1.28%
  • Euro down 0.6% to $1.0122
  • Brent Futures down 2.2% to $104.66/bbl
  • Gold spot down 0.3% to $1,738.11
  • U.S. Dollar Index up 0.47% to 107.51

Top Overnight News from Bloomberg

  • Foreign Secretary Liz Truss entered the race to replace Boris Johnson as UK premier, the latest cabinet minister to make her move in an already fractious contest
  • Price action in the spot market Friday for the euro was all about short-term positioning, options show
  • The Riksbank needs to prevent high inflation becoming entrenched in price- and wage-setting, and to ensure that inflation returns to the target, it says in minutes from latest monetary policy meeting
  • The probability of a euro-area economic contraction has increased to 45% from 30% in the previous survey of economists polled by Bloomberg, and 20% before Russia invaded Ukraine. Germany, one of the most- vulnerable members of the currency bloc to cutbacks in Russian energy flows, is more likely than not to see economic output shrink
  • ECB Governing Council member Yannis Stournaras said a new tool to keep debt-market turmoil at bay as interest rates rise may not need to be used if it’s powerful enough to persuade investors not to test it
  • The number of UK households facing acute financial strain has risen by almost 60% since October and is now higher than at any point during the pandemic

A more detailed look at global markets courtesy of Newqsuawk

Asia-Pac stocks traded mostly lower as the region digested last Friday’s stronger than expected NFP data in the US, with sentiment also mired by COVID-19 woes in China. ASX 200 was led lower by underperformance in tech and the mining-related sectors, while hopes were dashed regarding an immediate improvement in China-Australia ties following the meeting of their foreign ministers. Nikkei 225 bucked the trend amid a weaker currency and the ruling coalition’s strong performance at the Upper House elections, but with gains capped after Machinery Orders contracted for the first time in 3 months. Hang Seng and Shanghai Comp. traded negative amid COVID concerns after a rise in Shanghai’s COVID-19 cases prompted authorities to declare more high-risk areas and the city also reported its first case of the BA.5 omicron subvariant, as well as two more rounds of mass testing in at least 9 districts. Casino stocks were heavily pressured in Hong Kong after Macau announced to shut all non-essential businesses including casinos, while shares in tech giants Tencent and Alibaba weakened after reports that they were among the companies fined by China’s antitrust watchdog concerning reporting of past transactions.

Top Asian News

  • Shanghai’s COVID-19 cases continued to increase which prompted authorities to declare more high-risk areas and is fuelling fears that China’s financial hub may tighten movement restrictions again, according to Bloomberg. In relevant news, Shanghai reported its first case of the BA.5 omicron subvariant and authorities ordered two more rounds of mass testing in at least 9 districts. An official from China’s Shanghai says authorities have classified additional areas as high risk areas.
  • Macau will shut all non-essential businesses including casinos this week due to the COVID-19 outbreak, according to Reuters. It was separately reported that Hong Kong is considering a health code system similar to mainland China to fight COVID.
  • China’s Foreign Minister Wang said he had a candid and comprehensive exchange with US Secretary of State Blinken, while he called for the US to cancel additional tariffs on China as soon as possible and said the US must not send any wrong signals to Taiwan independence forces, according to Reuters.
  • US Secretary of State Blinken stated that the US expects US President Biden and Chinese President Xi will have the opportunity to speak in the weeks ahead, according to Reuters.
  • US Commerce Secretary Raimondo said cutting China tariffs will not tame inflation and that many factors are pushing prices higher, according to FT.
  • China’s antitrust watchdog fined companies including Alibaba (9988 HK) and Tencent (700 HK) regarding reporting of past deals, according to Bloomberg.
  • Japan’s ruling coalition is poised to win the majority of seats contested in Sunday’s upper house election and is projected to win more than half of the 125 Upper House seats contested with a combined 76 seats and the LDP alone are projected to win 63 seats, according to an NHK exit poll cited by Reuters.
  • Japanese PM Kishida said that they must work toward reviving Japan’s economy and they will take steps to address the pain from rising prices, while he added they will focus on putting a new bill that can be discussed in parliament when asked about constitutional revision and noted that they are not considering new COVID-19 restrictions now, according to Reuters.

European bourses are pressured, Euro Stoxx 50 -0.5%, but will off post-open lows amid a gradual pick-up in sentiment. Pressure seeped in from APAC trade amid further China-COVID concerns amid a relatively limited docket to start the week. Stateside, futures are directionally in-fitting but with magnitudes less pronounced with earnings season underway from Tuesday; ES -0.4%. Toyota (7203 JP) announces additional adjustments to its domestic production for July; volume affected by the adjustment will be around 4000 units, global production plan to remain unchanged, via Reuters.

Top European News

  • Fitch affirmed European Stability Mechanism at AAA; Outlook Stable and affirmed Greece at BB; Outlook Stable, while it cut Turkey from BB- to B+; Outlook Negative.
  • UK Companies are bracing for a recession this year with multiple companies said to have begun “war gaming” for a recession, according to FT. In other news, local leaders warned that England’s bus networks could shrink by as much as a third as the government’s COVID-19 subsidies end and commercial operators withdraw from unprofitable routes, according to FT.
  • Senior Tory party figures are reportedly seeking to narrow the leadership field quickly, according to FT. It was separately reported that only four Tory party leadership candidates are expected to remain by the end of the week under an accelerated timetable being drawn up by the 1922 Committee of backbenchers, according to The Times.
  • UK Chancellor Zahawi, Transport Minister Shapps, Foreign Secretary Truss, junior Trade Minister Mordaunt, Tory MPs Jeremy Hunt and Sajid Javid have announced their intentions to run for party leader to replace UK PM Johnson, while Defence Secretary Wallace decided to not run for PM and several have declared the intention to cut taxes as PM, according to The Telegraph, Evening Standard and Reuters.

FX

  • Buck firmly bid after strong US jobs report and pre-CPI on Wednesday that could set seal on another 75bp Fed hike this month, DXY towards top of 107.670-070 range vs last Friday’s 107.790 high.
  • Aussie undermined by rising Covid case count in China’s Shanghai, AUD/USD loses grip of 0.6800 handle
  • Yen drops to fresh lows against Greenback after BoJ Governor Kuroda reiterates dovish policy stance amidst signs of slowing Japanese growth, USD/JPY reaches 137.28 before waning.
  • Euro weak due to heightened concerns that Russia may cut all gas and oil supplies, EUR/USD eyes bids ahead of 1.0100.
  • Pound down awaiting Conservative Party leadership contest and comments from BoE Governor Bailey, Cable under 1.2000 and losing traction around 1.1950.
  • Hawkish Riksbank minutes help Swedish Crown avoid risk aversion, but Norwegian Krona declines irrespective of stronger than forecast headline inflation; EUR/SEK sub-10.7000, EUR/NOK over 10.3200.
  • Yuan soft as Shanghai raises more areas to high-risk level; USD/CNH and USD/CNY nearer 6.7140 peaks than troughs below 6.6900 and 6.7000 respectively.

Fixed Income

  • Debt regains poise after post-NFP slide, with Bunds leading the way between 151.00-149.75 parameters
  • Gilts lag within 114.94-33 range awaiting Conservative leadership contest and comments from BoE Governor Bailey
  • 10 year T-note firm inside 118-00+/117-18+ bounds ahead of USD 43bln 3 year auction

Commodities

  • Crude benchmarks are curtailed amid the COVID situation with broader developments limited and heavily focused on Nord Stream.
  • French Economy and Finance Minister Le Maire warned there is a strong chance that Moscow will totally halt gas supplies to Europe, according to Politico.
  • Canada will grant a sanctions waiver to return the repaired Russian turbine to Germany needed for maintenance on the Nord Stream 1 gas pipeline but will expand sanctions against Russia’s energy sector to include industrial manufacturing.
  • The US does not expect any specific announcements on oil production at this week’s US-Saudi summit, according to FT sources.
  • JPMorgan (JPM) sees crude prices in the low USD 100s in H2 2022, falling to high USD 90s in 2023.
  • Spot gold remains relatively resilient, torn between the downbeat risk tone and the USD’s modest advances; attention on the metal’s reaction if DXY surpasses Friday’s best.
  • Copper pulls back as Los Bambas returns to full output and on the China readacross.

US Event Calendar

  • Nothing major scheduled

Central Banks

  • 14:00: Fed’s Williams Takes Part in Discussion on Libor Transition

DB’s Jim Reid concludes the overnight wrap

If you’re in Europe over the next week good luck coping with the heatwave. In the UK I read last night that there’s a 30% chance that we will see the hottest day ever over that period. The warning signs are always there when at 5am you’re sweating and not just because of the immense effort put in on the EMR.

Talking of red hot, it’s that time of the month again where all roads point to US CPI which will be released exactly half way through the European week. This will be followed by the US PPI release (Thursday) and the University of Michigan survey for July on Friday where inflation expectations will be absolutely key. With US Q2 GDP currently tracking negative Friday’s retail sales and industrial production could still help swing it both ways. Staying with the US it’s time for Q2 earnings with a few high profile financials reporting. This is a very important season (aren’t they all) as the collapse in equities so far in 2022 is largely due to margin compression and not really earnings weakness.

Elsewhere China’s Q2 GDP on Friday alongside their main monthly big data dump is a highlight as we see how data is rebounding after the spike in Covid. In Europe, it will be a data-packed week for the UK.

Going through some of this in more detail now and US CPI is the only place to start. Our economists note that while gas prices fell in the second half of June, the first half strength will still be enough to help the headline CPI print (+1.33% forecast vs. +0.97% previously) be strong on the month but with core (+0.64% vs. +0.63%) also strong. They have the headline YoY rate at 9.0% (from 8.6%) while core should tick down from 6.0% to 5.8%.

Aside from an array of Fed speakers, investors will be paying attention to speeches from the BoE Governor Bailey (today and tomorrow). Markets will be also anticipating the Bank of Canada’s decision on Wednesday, and another +50bps hike is expected based on Bloomberg’s median estimate. Finally, G20 central bankers and finance ministers will gather in Bali on July 15-16.

In Europe, it will be a busy week for the UK, with monthly May GDP, industrial production and trade data due on Wednesday, among other indicators. Germany’s ZEW Survey for July (tomorrow) will also be in focus as European gas prices continue to be on a tear amid risks of Russian supply cut-offs. Speaking of which, Nord Stream 1 will be closed from today to July 21st for maintenance with much anticipation as to what happens at the end of this period. Elsewhere, Eurozone’s May industrial production (Wednesday) and trade balance (Friday) will also be due.

Finally, as Q2 earnings releases near for key US and European companies, key US banks will provide an early insights on the economic backdrop and consumer spending patterns. Results will be due from JPMorgan, Morgan Stanley (Thursday), Citi and BlackRock (Friday). In tech, TSMC’s report on Thursday may provide more insight into the state of supply-demand imbalance in semiconductors. In consumer-driven companies, PepsiCo (tomorrow) and Delta (Wednesday) will also release their results. The rest of the day by day week ahead is it the end as usual.

Asian equity markets are starting the week mostly lower on rising concerns around a fresh Covid flare-up in China as Shanghai reported its first case of the highly infectious BA.5 omicron sub-variant on Sunday. Across the region, the Hang Seng (-2.89%) is the largest underperformer amid a broad sell-off in Chinese tech shares after China imposed fines on several companies including Tencent and Alibaba for not adhering to anti-monopoly rules on disclosures of transactions. In mainland China, the Shanghai Composite (-1.50%) and CSI (-2.05%) both are trading sharply lower whilst the Kospi (-0.30%) is also weaker after see-sawing in early trade. Bucking the trend is the Nikkei (+1.02%) after Japan’s ruling party, the Liberal Democratic Party (LDP) and its coalition partner, Komeito, expanded its majority in the upper house in the country’s parliamentary vote held on Sunday and following the assassination of former Prime Minister Shinzo Abe last week. Outside of Asia, US stock futures are pointing to a weaker start with contracts on the S&P 500 (-0.60%) and NASDAQ 100 (-0.85%) moving lower.

Early morning data showed that Japan’s core machine orders dropped -5.6% m/m in May (v/s -5.5% expected) and against an increase of +10.8% in the previous month. Over the weekend, China’s factory gate inflation (+6.1% y/y) cooled to a 15-month low in June (v/s +6.0% expected) compared to a +6.4% rise in May. Additionally, consumer prices rose +2.5% y/y in June (v/s +2.4% expected), widening from a +2.1% gain in May and to the highest in 23 months.

Elsewhere, oil prices are lower with Brent futures down -0.36% at $106.63/bbl and WTI futures (-0.77%) at $103.98/bbl as I type. Treasury yields are less than a basis point higher at the moment.

Recapping last week now and a return to slightly more optimistic data boosted yields and equities, as central bank pricing got a bit more hawkish after a dovish run. More pessimistically, natural gas and electricity prices in Europe skyrocketed, as another bout of supply fears gripped the market. Elsewhere, the resignation of Prime Minister Johnson left a lot of questions about the medium-term policy path for the UK.

After global growth fears intensified at the beginning of the month, a combination of stronger production and labour market data allayed short-term aggressive slow down fears. This sent 10yr Treasury and bund yields +20.6bps (+9.1bps Friday) and +11.3bps (+2.7bps Friday) higher last week. In the US, the better data coincided with expectations that the Fed would be able to tighten policy even more, which drove 2yr yields +27.2bps higher (+9.1bps Friday), and drove the 2s10s yield curve into inversion territory, closing the week at -2.5bps. The market is still anticipating that the FOMC will reach its terminal rate this cycle around the end of the first quarter next year, but that rate was +24.4bps (+12.2bps Friday) higher over the week. A large part of the jump in yields came on Friday following the much stronger than expected nonfarm payrolls figures, which climbed +372k in June, versus expectations of +265k. It’s hard to have a recession with that much job growth, so hiking will continue. Elsewhere in the print, average hourly earnings were in line at 0.3%, with the prior month revised higher to 0.4%, while the unemployment rate stayed at an historically tight 3.6% as consensus expected.

Contrary to the US, yield curves were steeper in Europe, with 2yr bund yields managing just a +1.1bp climb (-3.1bps Friday). The continent had more immediate concerns in the form of a potential energy crisis. Fears that Russia would use the planned Nord Stream maintenance period beginning this week as a chance to squeeze supplies, alongside a now averted strike in Norway, sent European natural gas prices +14.44% higher (-4.24% Friday), ending the week at €175 per megawatt-hour, levels last rivaled during the initial invasion of Ukraine. German electricity prices also took off, increasing +20.26% (-7.54% Friday), setting off fears of a genuine energy crisis on the continent. That, combined with more expected Fed tightening priced in versus the ECB over the week, drove the euro -2.23% (+0.21% Friday) lower versus the US dollar, to $1.018, the closest to parity the single currency has come in over two decades. The fears were somewhat tempered by the end of the week, when it was reported that Canada would send a necessary turbine to Russia via Germany, enabling Russia to in theory remit gas supply back to Germany post the shutdown.

Through all the macro noise the S&P 500 posted its 12th weekly gain of the year, climbing +1.94% (-0.08% Friday), driven by a particularly strong performance among tech and mega-cap stocks, with the NASDAQ (+4.56%, +0.12% Friday) and FANG+ (+5.82%, -0.22% Friday) both outperforming. European equities also managed to climb despite the energy fears, with the STOXX 600 gaining +2.35% (+0.51% Friday), the DAX gaining +1.58% (+1.34% Friday), and the CAC +1.72% higher (+0.44% Friday). UK equities underperformed, with the FTSE 100 gaining just +0.38% (+0.10% Friday). The pound was in the middle of the pack in terms of G10 currency performance versus the US dollar, however losing -0.53% (+0.05% Friday).

MONDAY /SUNDAY NIGHT

SHANGHAI CLOSED DOWN 42.49 PTS OR 1.27%   //Hang Sang CLOSED DOWN 601.58 OR 2.27%    /The Nikkei closed UP 295.11 OR % 1.11.          //Australia’s all ordinaires CLOSED DOWN 1.23%   /Chinese yuan (ONSHORE) closed DOWN 6.7107    /Oil UP TO 102.39 dollars per barrel for WTI and UP TO 104.71 for Brent. Stocks in Europe OPENED  ALL RED        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7107 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7127: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER  

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B Japan

This will be a big loss for Japan and the West.  He was a strong conservative and very friendly to Trump and his gang

(zerohedge)

Former Japanese PM Shinzo Showing No Vital Signs After Apparent Assassination Attempt

THURSDAY, JUL 07, 2022 – 10:51 PM

Update (2317ET): Accroding to Kyodo news, former Japanese Prime Minister Abe is reportedly showing no signs of life and has suffered from cardiac arrest after being taken to the hospital, according to police and fire officials.

The 67-year-old was shot from approximately 3 meters (10 feet) away. The shooter, a man in his 40s, reportedly stayed on the scene until his arrest on an attempted murder charge.

Nikkei 225 futures erased gains following news of Abe’s collapse, while the yen gained with US Treasuries.

*  *  *

Former Japanese Prime Minister Shinzo Abe has reportedly been shot in the chest during a campaign speech at around 11:30 a.m. in the city of Nara, near Kyoto. According to NHK what sounded like ‘consecutive bangs’ were heard, after which Abe could be seen bleeding – with some reports saying from the neck. It appears he was shot in the left chest area from behind.

The local fire department reports that Abe is in cardiac arrest, while Liberal Democratic Party (LDP) members reported him to be unconscious.

Wow l’ancien premier ministre Shinzo Abe se serait fait tiré dessus lors d’un meeting à Nara.pic.twitter.com/KxFZApaF2B— ⛩ Ryo Saeba ⛩ (@Ryo_Saeba_3) July 8, 2022

A suspect, believed to be a young or middle-aged man, was apprehended at the scene along with a shotgun, according to NHK.

Futures took an immediate hit on the news.

end

3c CHINA

CHINA

Huge number of Chinese bank runs. Angry crowd storms the Bank of China over frozen deposits.

(zerohedge)

Chinese Bank Run Turns Violent After Angry Crowd Storms Bank of China Branch Over Frozen Deposits

SUNDAY, JUL 10, 2022 – 07:00 PM

While the world of high, and not so high finance, is obsessing over the volatility of cryptos and recent painful losses for overlevered players who – much to the amazement of plain vanilla equity investors – were not bailed out by a magnanimous Fed (which however only rescues stock markets, not cryptos), things in China with its $54 trillion financial system, or more than double the size of assets across US commercial banks, are once again getting heated.

As Reuters reports, a large crowd of angry Chinese bank depositors faced off with police Sunday in the city of Zhengzhou, and many were injured as they were taken away, amid the freezing of their deposits by some rural-based banks.

The banks froze millions of dollars worth of deposits in April, telling customers they were upgrading their internal systems. The banks have not issued any communication on the matter since, depositors said.

According to Chinese media the frozen deposits across the various local banks could be worth up to $1.5 billion and authorities are investigating the three banks.

On Sunday, about 1,000 people gathered outside the Zhengzhou branch of China’s central bank on Sunday to demand action; they held up banners and chanted slogans on the wide steps of the entrance to a branch of China’s central bank in the city of Zhengzhou in Henan province, about 620 kilometers (380 miles) southwest of Beijing.

The protesters are among thousands of customers who opened accounts at six rural banks in Henan and neighboring Anhui province that offered higher interest rates. They later found they could not withdraw their funds after media reports that the head of the banks’ parent company was on the run and wanted for financial crimes.

Videos and photographs on social media showed depositors waving banners and throwing plastic bottles at approaching security guards who then roughly dragged some of the protesters away.

Besides uniformed police, there were the teams of men in plain T-shirts. A banking regulator and a local government official arrived, but their attempts to talk to the crowd were shouted down.

“We came today and wanted to get our savings back, because I have elderly people and children at home, and the inability to withdraw savings has seriously affected my life,” said a woman from Shandong province, who only gave her last name, Zhang, out of fear of retribution. Zhang and another protester, a man from Beijing surnamed Yang, told the AP the protesters had heard from the officials before and don’t believe what they say.

The police then announced to the protesters from a vehicle with a megaphone that they were an illegal assembly and would be detained and fined if they didn’t leave. Around 10 a.m., the men in T-shirts rushed the crowd and dispersed them. Zhang said she saw women dragged down the stairs of the bank entrance. Zhang herself was hit, and said she asked the officer, “Why did you hit me?” According to her, he responded: “What’s wrong with beating you?”

Yang said he was hit by two security officers including one who had fallen off the stairs and mistakenly thought in the chaos that Yang had hit or pushed him.

“Although repeated protests and demonstrations don’t necessarily have a big impact, I think it is still helpful if more people get to know about us, and understand or sympathize with us,” Yang said. “Each time you do it, you might make a difference. Although you will get hit, they can’t really do anything to you, right?”

“I feel so aggrieved I can’t even explain it to you,” Zhang, 40, told Reuters. Zhang said he had been hoping to retrieve about 170,000 yuan ($25,000) deposited with one of the banks, the Zhecheng Huanghuai Community Bank.

Zhang said he had suffered injuries to his foot and thumb, and was taken away by four unidentified security personnel at around midday. Security personnel outnumbered protesters by around three to one, he said.

“They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That’s ridiculous. It’s the banks that are breaking the law.”

The banks, which include the Yuzhou Xinminsheng Village Bank and the Shangcai Huimin Country Bank, are under investigation by the authorities for illegal fundraising, the state-run Global Times reported.

The protesters were eventually bused to various sites where Zhang said they were forced to sign a letter guaranteeing they would not gather anymore. Late Sunday, Henan banking regulators posted a short notice on their website saying that authorities are speeding up the verification of customer funds in four of the banks and the formulation of a plan to resolve the situation to protect the rights and interests of the public.

More than 1,000 depositors from across the country had planned to gather in Zhengzhou last month to try to withdraw their money but they were unable to when their COVID-19 health codes, which determine if one can travel, switched to a “no travel” status.

end

The hope that Chinese tariff cuts are being overshadowed in China by COVID and higher pork prices

(LI/Bloomberg/)  

China Tariff Hope Overshadowed by Covid, Pork-Price Risks

MONDAY, JUL 11, 2022 – 06:30 AM

By George Lei, Bloomberg Markets Live Commentator and Reporter

Three things we learned last week:

1. Speculation about likely US tariff cuts had little immediate impact on Chinese financial markets. President Joe Biden said on Friday he hasn’t decided whether to roll back any of the levies. The offshore yuan gained 0.2% versus the greenback last week, its onshore counterpart rose 0.1% and China’s benchmark CSI 300 index declined 0.9%, its first weekly drop in six.

Among sectors that potentially may benefit from tariff rollbacks, a gauge of light industry manufacturing stocks fell more than 2.5% last week, textile and clothing gained 0.3% while the electrical and household appliances group was down 0.8%. The mixed reactions suggest that investors have moved on from trade headlines to focus on other catalysts.

2. The Chinese economy, particularly consumer spending and investment, is on a solid path of recovery — evidenced by strong car sales and falling inventories of steel rebar used in construction. Beijing is also mulling fresh fiscal stimulus through early bond sales. Still, a new Covid wave appears to be in the making, possibly derailing the economic rebound if Beijing’s Zero Covid policy remains intact.

The National Health Commission said last week that the omicron BA.5 sub-variant was already detected in some of northern China’s most important cities such as Beijing, Tianjin and Xi’an. Experiences in other Asian countries including Singapore and Malaysia suggest BA.5 will almost certainly lead to another surge of cases.

“The probability of a new Omicron wave is rising again” and “the risk of a downswing in the Covid Business Cycle should not be underestimated despite a sizable amount of stimulus rolled out in 2Q,” warned Nomura economists Ting Lu, Jing Wang and Harrington Zhang.

3. The specter of soaring domestic inflation may be getting closer. Last week, hog futures in Dalian climbed to a one-year high and Beijing summoned the biggest pork producers to warn them against inflating prices. Officials also suggested opening up state reserves to deter speculators.

Through iron-fisted crackdowns on commodities speculation, such as coal price caps, China has so far avoided the type of runaway inflation that is haunting much of the world. When it comes to pork prices, however, authorities have a spotty record.

In 2011 as well as late-2019/early-2020, pork prices soared more than 50% annually and sent headline inflation above 5%. And pork prices in the two-week period through July 5 soared more than 40%. If that momentum persists and the economic rebound picks up steam, it may create a perfect storm that leads the PBOC to scale back easing or even consider tightening.

end

CHINA;MACAU//COVID UPDATES

Macau Orders All Casinos Shut Amid City’s Biggest COVID Surge Yet

MONDAY, JUL 11, 2022 – 02:11 PM

Macau, the semi-autonomous Chinese region known as the “Las Vegas of the East,” has ordered all casinos to shut down for a week amid the city’s largest-yet Covid-19 surge—which has seen 1,467 cases out of a population of 680,000. 

A former Portuguese colony with a political status similar to that of Hong Kong, Macau is following Chinese President Xi Jinping’s zero-Covid policy, which is characterized by lockdowns, mass testing and quarantines. In June, U.S. ambassador Nicholas Burns cautioned China that the approach was damaging the global economy. 

Given Macau is the world’s largest gambling locale, authorities have been reluctant to close the city’s more than 30 casinos, which account for more than 80% of government revenue. Indeed, this is the first such closure since a 15-day shutdown in February 2020

The casino closure is part of a much broader lockdown hitting all “non-essential” businesses. Exempted categories of business include utilities, groceries, pharmacies, hotels, restaurants and healthcare. Dine-in service has been banned since a June 23 directive that also closed salons, gyms, bars and entertainment venues. 

“The Executive Order instructs all individuals to stay at home, unless their outings are necessary,” said the government in its announcement.  

Reuters reports: 

More than 30 zones in the city that have been deemed high risk are now under lockdown, meaning no one is allowed to enter or exit for at least 5 days. While the government said it was not imposing a citywide lockdown, the stringent measures mean Macau is effectively closed.

Though the casino shutdown is slated to last one week—from Monday to Monday—observers see a strong likelihood it could be extended by a few more weeks.  

Following China’s lead, the testing regime in Macau is extraordinary. After having already been tested six times since the middle of June, residents will required to submit to four tests this week alone. That’s sure to add to tensions in the city, which has already seen fights breaking out at testing centers and aggravation over 20-hour waits for medical attention.   

The record Covid-19 surge, fueled by the rise of the BA.5 subvariant of the Omicron strain, comes despite the fact that more than 90% of the territory’s are fully vaccinated. 

4/EUROPEAN AFFAIRS//UK AFFAIRS/

GERMANY

Germany’s largest landlord restricts heating at night. A big story!

(zerohedge)

Germany’s Largest Landlord To Restrict Heating At Night

FRIDAY, JUL 08, 2022 – 06:55 AM

Two days ago, Germany’s second-largest town of Hamburg told residents to prepare for hot-water rationing during certain times of the day due to “an acute gas shortage.”

Now, Germany’s largest landlord has warned tenants that when the heating season starts in autumn, they will only be able to turn their heat up to 17C (62.6F) between the hours of 11pm and 6am.

A thermostat on a radiator. Photo /u/krrad123

In a Thursday announcement, Vonovia said the move was intended to save energy and gas use during the current crisis. The company added that the change won’t affect daytime temperatures, and that access to hot water won’t be affected, meaning tenants can wash and shower as usual according to The Local.

Workers will modify the heating system during routine maintenance, and is expected to save around 8% on heating costs once the change comes into force.

Vonovia’s announcement comes after it emerged that a housing co-op in Saxony had taken drastic steps to minimise energy use in its buildings – including turning off the hot water for several hours a day.

The move means tenants of Dippoldiswalde Housing Cooperative can only take warm showers in the early mornings and late afternoons on the weekdays. The heating systems are also set to remain off until September. -The Local

Meanwhile, Germany’s Federal Network Agency has been pushing for a change in the legal minimum temperatures for tenants – with president Klaus Müller telling the Rheinische Post last month that tenants should face pressure to reduce their energy usage ahead of winter.

“In tenancy law, there are specifications according to which the landlord must set the heating system so that a minimum temperature of between 20C and 22C is achieved,” he said, adding “The state could temporarily lower the specifications for landlords. We are discussing this with politicians.”

Right now the legal minimum temperature is currently 16-17C in the night, and 20-22C (68-71.6F) during the day.

With Germany scrambling to replenish its energy supply for the winter, Economics Minister Robert Habeck (Greens) has set strict legal targets for gas storage facilities – with just 40% of the usual deliveries flowing through the Nord Stream 1 pipeline from Russia.

If the situation continues to deteriorate, caps on energy usage or other measures – such as reducing temperatures in apartment complexes, may be ordered at the federal level.

END

Germany is quietly shutting down as the energy crunch paralyzes their economy

(zerohedge)

“Social Peace Is In Great Danger”: Germany Is Quietly Shutting Down As Energy Crunch Paralyzes Economy

SATURDAY, JUL 09, 2022 – 11:00 AM

Earlier today we wrote that Germany’s largest landlord, Vonovia, had taken the unprecedented step of restrictring heating at night, a terrifying preview of what lies in stock for the “most advanced” European nation this winter. Alas, it’s going to get worse, much worse.

According to the FT, Germany is now rationing hot water, dimming its street lights and shutting down swimming pools as the impact of its energy crunch begins to spread like the proverbial Ice-Nine wave, from industry to offices, leisure centers and residential homes.

The reason behind Germany’s slow motion paralysis is well-known: the huge increase in gas prices triggered by Russia’s move last month to sharply reduce supplies to Germany has plunged Europe’s biggest economy into its worst energy crisis since the oil price shock of 1973 (see “What’s Unfolding In Europe In Recent Days Is A Fresh Big Negative Supply Shock“)

With electricity prices hitting never before seen levels, gas importers and utilities are fighting for survival while consumer bills are going through the roof, with some warning of rising friction (not to mention the infamous wheelbarrows full of cash).

“The situation is more than dramatic,” said Axel Gedaschko, head of the federation of German housing enterprises GdW. “Germany’s social peace is in great danger.”

Unfortunately, as tensions over Russia’s war in Ukraine escalate, officials fear the situation could get worse. On Monday, as we reported last week, Russia is shutting down its main pipeline to Germany, Nord Stream 1, for 10 days of scheduled maintenance. Many in Berlin fear it will never reopen.

Commenting on the infamous July 22 day when Russian gas flows are expected to resume, DB’s Jim Reid writes that “while we all spend most of our market time thinking about the Fed and a recession, I suspect what happens to Russian gas in H2 is potentially an even bigger story. Of course by July 22nd parts may have be found and the supply might start to normalise. Anyone who tells you they know what is going to happen here is guessing but as minimum it should be a huge focal point for everyone in markets.”

The bank also conveniently warns that “if the gas shutoff is not resolved in coming weeks this would lead to a broadening out of energy disruption with material upfront effects on economic growth, and of course much higher inflation.”

Anticipating the worst case outcome, Germany last month took a crucial step towards rationing gas when economy minister Robert Habeck activated the second stage of the country’s gas emergency plan. “The situation on the gas market is tense and unfortunately we can’t guarantee that it will not get worse,” he said on Tuesday. “We have to be prepared for the situation to become critical.”

Habeck, who says he is now taking shorter showers, has appealed to the population to save energy — and municipalities and property owners have heeded the call.

As we reported this morning, Vonovia, the country’s largest residential landlord, said it would be lowering the temperature of its tenants’ gas central heating to 17C between 11pm and 6am. It said the measure would save 8 per cent in heating costs.

A housing association in the Saxon town of Dippoldiswalde, near the Czech border, went a step further this week, saying it was rationing the supply of hot water to tenants. From now on they can only take hot showers between 4am-8am, 11am-1pm and 5pm-9pm.

“As we announced in our general meeting, we have to save for the winter,” a notice in the affected blocks reads.

Such measures could become routine in the coming weeks. Helmut Dedy, head of the German Association of Towns and Cities, said the “whole of society” must now cut down on its energy consumption, saving in summer “so we have warm flats in winter”.

“Every kilowatt-hour we save helps to fill the gas storage a bit more,” he said as he appealed to town councils up and down the country to take emergency action. He had a few suggestions: turn off traffic lights at night; shut off hot water in council buildings, museums and sports centres; adjust air conditioners; and stop illuminating historic buildings

Some have already taken measures. The district of Lahn-Dill, near Frankfurt, is switching off the hot water in its 86 schools and 60 gyms from mid-September, a move it hopes will save it €100,000 in energy costs, and Düsseldorf has temporarily closed a massive swimming pool complex, the Münster-Therme. Meanwhile, Berlin has turned down the thermostat on open-air swimming pools, reducing their temperature by 2 degrees. In western Germany, Cologne is dimming its street lighting to 70 per cent of full strength from 11pm.

Residential customers are also taking action, reactivating wood-burning stoves and fireplaces. Sales of firewood, wood pellets and coal, as well as of gas canisters and cartridges, have shot up.

It is unclear how far such measures will soften the impact of higher heating bills, which which be through the roof. The GdW said the Ukraine war will push up energy prices for consumers by between 71 per cent and 200 per cent, amounting to additional annual costs of between €1,000 and €2,700 for a one-person household and up to €3,800 for four people, compared with 2021 levels.

Costs could increase even more as a result of a new law working its way through the German parliament. This would allow the government to impose an emergency levy on all gas consumers to spread the cost of higher prices more evenly. It is designed to prevent gas importers becoming insolvent, a scenario ministers fear could cause a Lehman Brothers-style meltdown of the whole sector. Uniper, the largest importer of Russian gas in Germany, is already in talks with officials on a state bailout that experts say could be as large as €9bn.

In the meantime, German consumers — both industrial and residential — are reverting back to East Gcutting their energy use. A study by the Hertie School in Berlin said industrial gas consumption fell 11 per cent in March and April this year, compared with the same period in 2021, and by 6 per cent in private households.

Much more needs to be done, said Lion Hirth, one of the study’s co-authors. “The decline in demand that we’ve seen up until now is unfortunately far from adequate to completely close the supply gap threatening us this winter,” he said. In his appeal to Germany’s municipalities this week, Dedy made a similar point. “The situation is very serious,” he said. “It’s already clear we’re going to have to leave our comfort zone.”

Let’s just hope that by exiting the “comfort zone” Germany does not enter the “war zone” – it’s traditionally not a happy ending for Europe when that happens…

end

EUROPE/RUSSIA/GAS

The Fate Of The Euro After Parity Is In The Hands Of Putin

MONDAY, JUL 11, 2022 – 10:45 AM

Echoing what we first wrote two weeks ago when explaining why July 22 may be the most important day in modern European history, today Bloomberg’s Mak Cudmore writes that “the fate of the European industry, and hence the global economy, hinges on the future of Russian gas flows.”

While US CPI, the ECB meeting next week and the Fed policy decision the week after will understandably generate much analyst commentary, they all matter much less to global markets than if Russia instigates a sudden energy-shortage in Europe after the July 22 planned Nord Stream 1 restart date, Cudmore notes, adding that traders should “expect the region’s assets to trade with a risk-premium all this week until there’s clarity, which means any developments should be watched very closely.”

As a reminder, today the primary pipeline will be turned off for 10 days of maintenance. That much is known and expected. The nervousness is around whether it will be turned back on as scheduled. The good news from the weekend is that Canada has agreed to make a sanctions-exemption to export the key turbine needed. The more worrying development is Russia threatening to shut down an oil export terminal for a month, as flagged by Julian Lee, signaling its leverage in this situation.

EUR/USD was trading at 1.0430 this day last week when Cudmore flagged that parity is an unambitious target for euro bears in the context of the gas crisis. Now the pair is trading at 1.0066 and parity will likely be seen this week (if not today) just on the back of stress/concern over the pipeline outcome.

It’ll be binary after that: If the flow of gas isn’t turned on as scheduled, the pair will trade much lower very rapidly, but there’s room for a sizeable relief rally if flows resume as scheduled.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

UKRAINE/RUSSIA

Ukraine will not like this:

(ZEROHEDGE)

Putin Signs Decree Offering Citizenship To All Ukrainians

MONDAY, JUL 11, 2022 – 12:50 PM

After a month ago Russia began offering passports to Ukrainian citizens of the pro-Russian separatist republics in the Donbas region, Russian President Vladimir Putin has signed a hugely controversial decree ordering that “all citizens of Ukraine” be given “the right to apply for admission to the citizenship of the Russian Federation in a simplified manner.”

This is driving speculation that Putin’s war aims include complete annexation of territory taken by Russian forces, especially conquered regions in the east and south. 

The new citizenship for Ukrainians scheme already appears in full swing, as “Nearly 40% of the 137,700 citizens of former Soviet countries who obtained Russian citizenship in January-April 2022 were from Ukraine, according to Interior Ministry data,” The Moscow Times writes.

To be expected, the Ukrainian government is furious over the new decree, with Ukraine’s foreign ministry stating, “The illegal issuing of passports… is a flagrant violation of Ukraine’s sovereignty and territorial integrity, as well as norms and principles of international humanitarian law.”

Meanwhile, in another sign of Russia’s intentions for eastern Ukraine, a series of top administration posts overseeing local and regional Ukrainian municipalities have been filled in the last days.

The Moscow Times has, for example, described the “parachuting in of officials” in regions firmly under Russian military control:

A growing number of Russian officials have been handed senior jobs in occupied parts of Ukraine in what analysts said was an attempt to strengthen ties to Moscow ahead of a possible annexation process.

This week alone, appointments included a former deputy from the Russian parliament, regional government officials and a high-ranking Federal Security Service (FSB) officer. 

The report details further, “Perhaps the most high-profile instance so far came Tuesday, when former Russian parliamentary deputy Andrei Kozenko was made the deputy head of the ‘military-civilian administration’ for occupied areas of Ukraine’s Zaporizhzhya region. He will oversee economic integration with Russia, according to an official statement.”

“The day before Kozenko was installed in the Zaporizhzhya region, former FSB officer Sergei Yeliseyev was made head of the government in the occupied Kherson region,” The Moscow Times additinoally points out.

Some Western analysts have said that Putin has sought direct annexation of parts or all of Ukraine from the beginning, while others like John Mearsheimer have speculated that Putin’s initial more limited war aims may have changed and broadened in scope since the invasion began, perhaps largely in response to the US and NATO ramping up their involvement in the conflict.

END

Putin is beginning more war-like in recent days.

(zerohedge)

“Let West Try To Defeat Us On Battlefield… We Haven’t Started Anything Seriously Yet”: Putin In Fiercest Warning Since Invasion

THURSDAY, JUL 07, 2022 – 05:20 PM

During a Thursday speech addressing Russian parliament officials, President Vladimir Putin warned that the military has barely started its operations in Ukraine – suggesting he sees a long haul fight possibly for the whole of Ukraine ahead – in a direct challenge to the West as it continues to send arms to Kiev.

It’s being widely viewed as one of the fiercest speeches and challenges issued to Western backers of Ukraine since he authorized the Feb.24 invasion. He said that “the West wants to fight us until the last Ukrainian” – which he called a tragedy for the Ukrainian people, before adding, “It looks like it’s heading in that direction,” and then put the world on notice that Russia “by and large hasn’t started anything seriously yet.”

“Today we hear that they want to defeat us on the battlefield. Well, what can you say here? Let them try,” Putin said, in a direct challenge to the US and NATO, though without naming them specifically.

“At the same time, we don’t reject peace talks. But those who reject them should know that the further it goes, the harder it will be for them to negotiate with us,” he added, according to a translation carried in Reuters.

Other translations of the speech quoted Putin as saying Russia’s military hasn’t started anything “in earnest yet”. He charged that it was the West that started hostilities through the war in Donbas – ongoing since 2014. Putin further reiterated a prior theme he’s spoken about of witnessing the birth of a multi-polar world due to Russia’s resistance to NATO hegemony, according his words cited in The Moscow Times:

He accused “the collective West” of unleashing a “war” in Ukraine and said Russia’s intervention in the pro-Western country marked the beginning of a shift to a “multi-polar world.”

“This process cannot be stopped,” he added.

He also warned Kyiv and its Western allies that Moscow has not even started its military campaign in Ukraine “in earnest.”

“Everyone should know that we have not started in earnest yet,” he said. 

He also seemed to aim comments at the domestic populations of the West, and hinted at the resistance of BRICS countries to “totalitarian liberalism”:

Putin said most countries did not want to follow the Western model of “totalitarian liberalism” and “hypocritical double standards.”

“People in most countries do not want such a life and such a future,” he said.

“They are simply tired of kneeling, humiliating themselves in front of those who consider themselves exceptional.”

Given that this week the Pentagon has said it will introduce further advanced and longer range weapons systems into Ukraine’s arsenal, the Russia-NATO game of chicken looks to continue dangerously into the indefinite future. Statements from US, UK, and EU officials have meanwhile continued calling for domestic populations to “sacrifice”. 

Biden said last week that this will go on “for as long as it takes”…

As for the next big air defense systems headed to Ukraine after the earlier deployment of the HIMARS systems, Al Jazeera describes in a fresh update, based on Pentagon statements:

The US Pentagon says it will supply Ukraine with two NASAMS surface-to-air missile systems and four Raytheon AN/TPQ-37anti-artillery radar systems, introducing two new advanced weapons systems into Ukraine’s arsenal.

Putin’s rhetoric as well as that of his top national security officials has grown bolder especially coming off Russian forces capturing all of Luhansk province, following Ukraine’s retreat from Lysychansk city. Russian troops and their Ukrainian separatist allies are now expected to push to liberate all of the Donbas, with a siege against against the strategically located Kramatorsk city having begun this week.

Of course, none of this bodes well at all for the already bleak near and long-term outlook regarding energy, food supply, and continued global economic uncertainty persisting in the wake of the war. Recall too that given the initial Russian invasion force numbered about 190,000 troops, and that according to most estimates Russia has some 900,000 active military members across land, sea, and air – with around two million reservists to boot – Moscow does have at least the manpower capable to sustain the war in Ukraine. There’s also speculation that Belarus could join at anytime.

Add to this that the Kremlin took a major step toward placing its economy on a war footing this week, as Reuters reported earlier, “The Russian government will be able to compel businesses to supply the military with goods and make their employees work overtime under two laws to support Moscow’s war in Ukraine that were approved in an initial vote in parliament on Tuesday.”

end

Zelensky BANS All TV Stations in Ukraine after Abolishing Opposition Party – News Punch

Inbox

Robert Hryniak12:18 PM (28 minutes ago)
to

You have to wonder why he is so afraid to allow dissent. Despotic support by foreign enablers falls short of creditability in a global stage of opinion.
Before this tragic tale is finished, we will all be surprised as remaining Ukrainians turn their backs on the Collective West, holding them responsible for both the death of the flower of soldiers killed or maimed, lives ruined and the destruction of a land they came to hold dear.
This will be a far larger fiasco than Afghanistan for the enabling parties and economic blowback hits their shores in reduced standards of living. Many billions have been wasted with more to come and like with most ill thought expenditures, there is a price. Corresponding with this is a hegemony price as a watching global community watches both the waste and double speak of nations who should know better than to show such color on a stage where moral authority is being challenged along with hegemony that goes along with it.

Expanded War is coming

Inbox

Robert HryniakSat, Jul 9, 6:23 PM (2 days ago)
to

> 
> I personally abhor the idea of modern war to advance political and financial agendas but that does not mean history requires to be liked nor the future. Today various Russian Reserve troops are being brought forward westward for future engagements. Meanwhile the Brits are training 10,000 Ukrainians by monthly to die on front lines via the Russian meat grinder of artillery.  While Ukrainian gunrunners sell off equipment to the tune of 65% of received equipment and readily accept order requests with over night delivery in Europe. Madness all of it, but is happening in real time as cheerleaders applaud such efforts. And the long fingers of Davos reach ensures that teleprompters work to promote this insanity.

>  This is new escalation of a sort, the launch of “Belgorod “ after completing a year of sea trials ( what was really tried out)  … this is the 2nd Submarine of a new class  ( 1st was Sarov, which is forerunner ) to have one specific primary purpose and that is to deploy a new weapon system called “Poseidon” which is a bus sized undersea vessel that moves at 70 knots per hour and packs a 2 megaton warhead, once thought to be thermonuclear only. This is no longer the case, as certain advancements have negated thermonuclear warheads to being a singular tool and not the only one. Imagine a western carrier fleet formation by which a great number of ships is to be neutralized by a localized mass EMP hit frying all communication and movement. The ships are now rendered silent as nothing works not even toilets as you can forget the planes and missile or propulsion systems. Who saves such a floating wasteland of metal rendered to float with the whims of currents, while those on board face a real prospect of human disaster. Who has supply vessels and tugboats to haul such mass to port for repair, assuming repair is possible? This warhead is designed to be used against carrier fleets and coastal targets far removed from active combat engagements. Think about what I just said. At depths of 1 + kilometer this missile cruises into position for future use and can lie dormant for a very long time before suddenly springing into action. Detonation can be on a surface level or at great depths producing a 1500 foot avalanche of water cascading to its’ target. There is little warning, like in minutes at best.
> These vessels or vehicles are AI equipped and can sit in position for extended time waiting for an active signal for engagement. The manner in which even such a signal is given suggests an advanced understanding not seen before. The Poseidon has been in serial production for some time now. So it is safe to assume that at least 2 or 3 such vessels have been deployed to positions deemed necessary, prior to the launch of the Belgorod the other day. One can expect that both variants will be positioned as offensive and defensive tools in short order.  Remember that Russia has said it will hold centers of decision making responsible for attacks on Russia, and expanding the war in the  Ukraine. And it has been restrained in deployment of certain asset classes in inventory in the “special operation” in the Ukraine not withstanding foreign arms shipments( well publicized and in the hands of many gangs and terrorists and even the Russians as money buys as Ukrainians sell) or use of foreign soldiers ( advisors)  on the ground. This proxy conflict is simply one like many before it. This time it is a race to escape the claws of time in serving reward for foolish monetary decisions like zero or negative interest before currencies collapse.
> I have in the last week noticed that certain sites trying to give actual truthful non bias reporting have fallen, in the wake of truth suppression so that propaganda can persist unchallenged. This is real sign of looming escalations where truth will be a even scarcer commodity. In coming days, expect a widening conflict zone. Some scarified nation, perhaps Lithuania will find itself a candidate for demonstration of what can be, by example. Even Canada seems to be thinking twice about continuing to hold Germany to harm withholding a Siemens compressor rebuilt in Montreal, much needed for a Nord Stream1 assuming it comes back on after the annual maintenance. One would think countries would think twice before placing their industries and citizens to risk. We live in crazy times soon to be more crazy!
>
https://youtu.be/gOIsGaOGB1g

GLOBAL ISSUES AND COVID COMMENTARIES

Natural Immunity 97% Effective Against Severe COVID-19 After 14 Months: Study

MONDAY, JUL 11, 2022 – 11:05 AM

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

The protection against severe illness from so-called natural immunity remains superior to the protection bestowed by COVID-19 vaccines, according to a new study.

People who survived COVID-19 infection and were not vaccinated had sky-high protection against severe or fatal COVID-19, researchers in Qatar found.

Effectiveness of primary infection against severe, critical, or fatal COVID-19 reinfection was 97.3 percent … irrespective of the variant of primary infection or reinfection, and with no evidence for waning. Similar results were found in sub-group analyses for those ≥50 years of age,” Dr. Laith Abu-Raddad, with Weill Cornell Medicine-Qatar, and colleagues said after studying long-term natural immunity in unvaccinated people.

That percentage is higher than the protection from COVID-19 vaccines, according to other studies and real-world data.

Swedish researchers, for instance, found in May that two doses of a vaccine were just 54 percent effective against the Omicron variant of COVID-19.

South African scientists, meanwhile, found the effectiveness of the AstraZeneca and Pfizer vaccines peaked at 88 percent, and quickly dropped to 70 percent or lower.

The Qatar group found natural immunity for over 14 months after a person’s first infection “remains very strong, with no evidence for waning, irrespective of variant.”

The study was published ahead of peer review on the website medRxiv.

Few researchers have studied natural immunity long-term among unvaccinated persons, in part because many of the people have eventually received a COVID-19 vaccine.

The vaccines, meanwhile, have waned against both infection and severe illness over time, triggering recommendations for booster doses, with some Americans even getting five doses within 10 months.

Natural Immunity Performs Poorly Against Reinfection

The vaccines were once said to provide close to 100 percent protection against symptomatic infection. They now provide under 50 percent protection against infection after a short period of time, even after booster doses, following the emergence of Omicron.

Read more here…

LA county set to resume mask mandate….how foolish!

(Adam Dick/Ron Paul Institute)

Tyranny On Autopilot: LA County Set To Resume Mask Mandate

SUNDAY, JUL 10, 2022 – 04:30 PM

Authored by Adam Dick via The Ron Paul Institute for Peace & Prosperity,

People in the city and county of Los Angeles, California have suffered under some the more extreme coronavirus crackdown measures in America.

And, one of those authoritarian measures — the county’s mask mandate — may be about to make a comeback under county policy to automatically reimpose the mandate if the coronavirus “community transmission” in the county is determined to have risen to what the Centers for Disease Control and Prevention (CDC) considers “high” and stay at that level for two weeks.

Los Angeles County Department of Public Health Director Barbara Ferrer is advising that the mask mandate will return before the end of this month if the current trend of increasing “cases” continues.

Insanity upon insanity. Tyranny on autopilot.

The coronavirus circulating today is different than what was circulating when Los Angeles County previously mandated mask wearing. Yet, the county has put the reimposing of the same supposedly responsive policy on autopilot. Further, masks, while causing known health detriments, have not been shown to provide net protection against the spread of any coronavirus.

The county might as well mandate each person in the county carry a rabbit’s foot in his pocket to ward off infection. Most importantly, mask mandates impinge on liberty and exceed proper governmental bounds.

Nonetheless, if a number on the county’s CDC-inspired chart crosses an arbitrary level and stays there or higher for two weeks, the county is set to reimpose a draconian mask mandate.

A previous Los Angeles County government imposed mask mandate ended in March when “community transmission” dropped below the “high” level. Fortunately for people in the county, Los Angeles County Sheriff Alex Villanueva had declared in July of last year that the county sheriff’s department would decline to enforce the mandate.

Of course, you can count on politicians on the Los Angeles County Board of Supervisors to be displeased by such refusal to enforce the mandate. For reasons surely including his refusal to enforce the county government’s previous mask mandate, Villanueva now finds himself in jeopardy of being fired by county board members.

Next week, the county board is considering placing on the same November election ballot on which Villanueva is a candidate for reelection a measure designed to give the county board the means to remove an elected county sheriff from office

END

We are now witnessing an outbreak of the deadly Marburg virus in Africa

(Economic Collapse Blog)

Now An Outbreak Of The Marburg Virus Has Begun

SUNDAY, JUL 10, 2022 – 05:30 PM

Authored by Michael Snyder via The Economic Collapse blog,

Why are so many unusual outbreaks of disease suddenly happening all over the planet?  We were already dealing with a seemingly endless global pandemic coming into 2022, and so far this year a bird flu pandemic has resulted in the deaths of tens of millions of our chickens and turkeys, the worst monkeypox outbreak in history has spread like wildfire in the western world, and now it is being reported that there is an outbreak of the Marburg Virus in Africa.  We have already lost our opportunity to contain monkeypox, and that is really bad news.  But if authorities are not able to successfully contain this new Marburg outbreak, we could potentially be facing a scenario that is downright apocalyptic.

The new outbreak of the Marburg Virus is happening in Ghana.  The two victims that have died so far did not know each other, and officials believe that this is evidence that “the disease is spreading more widely”

Two people are believed to have died from the extremely deadly Marburg virus in Ghana as officials gear up for a potential outbreak.

The patients, from the country’s southern Ashanti region, were not known to each other, suggesting the disease is spreading more widely.

Initial tests came back positive for the virus and the samples are being reanalysed by the World Health Organization (WHO).

Global health authorities have always warned that the Marburg virus is a good candidate for a horrifying global pandemic because it can have a very long incubation period.  The following information comes from the World Health Organization

The incubation period (interval from infection to onset of symptoms) varies from 2 to 21 days.

Illness caused by Marburg virus begins abruptly, with high fever, severe headache and severe malaise. Muscle aches and pains are a common feature. Severe watery diarrhoea, abdominal pain and cramping, nausea and vomiting can begin on the third day. Diarrhoea can persist for a week. The appearance of patients at this phase has been described as showing “ghost-like” drawn features, deep-set eyes, expressionless faces, and extreme lethargy.

All of that sounds terrible, but the next stage of the disease is truly nightmarish

Many patients develop severe haemorrhagic manifestations between 5 and 7 days, and fatal cases usually have some form of bleeding, often from multiple areas. Fresh blood in vomitus and faeces is often accompanied by bleeding from the nose, gums, and vagina. Spontaneous bleeding at venepuncture sites (where intravenous access is obtained to give fluids or obtain blood samples) can be particularly troublesome. During the severe phase of illness, patients have sustained high fevers. Involvement of the central nervous system can result in confusion, irritability, and aggression. Orchitis (inflammation of one or both testicles) has been reported occasionally in the late phase of disease (15 days).

In fatal cases, death occurs most often between 8 and 9 days after symptom onset, usually preceded by severe blood loss and shock.

The largest previous outbreak of the disease was in 2005.

During that outbreak, 88 percent of the victims died…

The largest outbreak to date was in Angola in 2005, when 374 caught the virus and 329 died – a fatality rate of 88 percent.

A disease that has a death rate of way less than one percent ended up paralyzing much of the planet for months on end.

So what do you think will happen if the Marburg Virus becomes a true global pandemic?

Needless to say, the panic would be off the charts, and there is no cure and no vaccine

The Marburg virus is a top concern for public health officials who are worried about the next pandemic. It has the potential to cause serious public health emergencies but there are currently no vaccines or antiviral treatments approved to treat the virus.

Meanwhile, the number of monkeypox cases continues to rise at an exponential rate.

When I wrote about monkeypox yesterday, there were 7,534 global cases.  Unfortunately, Friday was the worst day for this outbreak so far by a very wide margin, and now there are 9,109 global cases.

I had been hoping that this outbreak would fade after the initial spike of cases, but instead it seems to be rapidly picking up momentum.

Here in the United States, it has already spread to 39 different states and the total number of cases has now risen to 790.

If the number of cases continues to double at a very fast pace, it won’t be too long before we have a major national crisis on our hands.

Let us hope that doesn’t happen, because this is a disease that you definitely do not want to get.

This highly mutated version of monkeypox causes extremely intense pain In fact, one victim that was interview by NBC News said that it was “the worst pain in my life”.

Since monkeypox causes very ugly sores on the skin, many have suggested that this sounds eerily similar to a future scenario that I described in my books.

But we don’t know if monkeypox will become a true global pandemic yet.  We will just have to wait and see what happens.

Of course COVID has been a global pandemic for a long time, and now it is being reported that a new subvariant that is becoming dominant in the western world is “the worst so far”

The latest subvariant of the novel coronavirus to become dominant in Europe, the United States, and other places is also, in many ways, the worst so far.

The BA.5 subvariant of the basic Omicron variant appears to be more contagious than any previous form of the virus. It’s apparently better at dodging our antibodies, too—meaning it might be more likely to cause breakthrough and repeat infections.

Despite everything that they have tried, authorities have failed to stop this pandemic.  Our planet has been hit by wave after wave, and now hospitalizations in the U.S. are spiking once again

Eighteen states reported more cases in the week of June 30-July 7 than in the week before, according to a USA TODAY analysis of Johns Hopkins University data.

That has also led to a rise in hospitalizations, with hospitals in 40 states reporting more COVID-19 patients than a week earlier. Thirty-eight states had more patients in intensive care beds, and 17 states reported more deaths than a week earlier.

Personally, I am far, far more concerned about monkeypox.

If the number of monkeypox cases continues to explode like it has been, it won’t be too long before there is widespread panic among the general public.

And if the Marburg Virus starts getting loose in the western world we will be facing a scenario that is absolutely unthinkable.

So hopefully authorities in Africa are on top of this, because the death toll from a full-blown global pandemic would be off the charts.

*  *  *

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

END

Biden wasting $10.6 billion on Pfizer’s COVID 19 product Paxlovid.  The drug is a total flop!

(Dr Gortler)

Biden Admin Wasting $10.6 Billion On Pfizer’s COVID-19 Paxlovid Flop

SUNDAY, JUL 10, 2022 – 11:30 PM

Authored by Dr. David Gortler via thebluestateconservative.com,

Back in November 2021, the White House paid drugmaker Pfizer nearly $5.3 billion ($5,290,000,000) for 10 million treatment courses of its experimental COVID-19 treatment.  Paxlovid is an antiviral combination of nirmatrelvir and ritonavir.

Ritonavir was developed in 1989 and nirmatrelvir was developed in 2020.  In other words, Paxlovid wasn’t developed from scratch to treat COVID-19; the compounds already existed.

In December 2021 Pfizer claimed initial study findings showed that Paxlovid cut the risk of hospitalization and death by nearly 90% in people with mild to moderate coronavirus infections.  Without context this statement is grossly misleading.  Just about everyone who gets the existing COVID-19 mutation will have mild or moderate disease yet, the drugmaker limited its study to people who were unvaccinated and who faced the greatest risk from the virus due to age or health problems, such as obesity.  An updated more recent analysis from 1,153 patients (out of a possible 2,246 patients) showed a lackluster, non-significant 51% relative risk reduction.  A sub-group analysis of 721 vaccinated adults with at least one risk factor for progression to severe COVID-19 showed a non-significant relative risk reduction in hospitalization or death (treatment arm: 3/361; placebo: 7/360)

According to Pfizer’s official June 14th 2022 press release, results from the Phase 2/3 of the amended Paxlovid EPIC-SR (Evaluation of Protease Inhibition for COVID-19 in Standard-Risk Patients) study showed:

  • Paxlovid, the novel primary endpoint of self-reported, sustained alleviation of all symptoms for four consecutive days was not met.
  • Pfizer will cease enrollment into the EPIC-SR trial due to low rate of hospitalization or death in the standard-risk population.

Tucked within Pfizer’s press release was the following financial nugget for investors:  “The results from these additional analyses are not expected to impact Pfizer’s full-year 2022 revenue guidance.”  The reason for that is: Pfizer already has $5.3 billion in hand from taxpayers, and has locked in “blockbuster status” (defined as one billion dollars in sales of a single drug).

In addition to the $5.3 billion already committed, in January the U.S. announced a confidential additional “commitment” to order an additional 10 million doses (at the price of 5.3 billion dollars more, for a total of $10.6 billion) giving Pfizer highly sought after “super blockbuster status” (defined as having 10 billion dollars in sales of a single drug).  “The administration is firmly committed to proceeding with the (additional) purchase” a White House official stated in April 2022.

According to Bloomberg, The White House initially sought $22.5 billion in new pandemic funding. Democrats were prepared to include just over $15 billion in a broad government spending bill earlier this year, but it was removed amid disputes with Republicans about whether it should be offset by spending cuts elsewhere in the government.

The $10 billion Senate bill includes a requirement that at least half the money must be spent on therapeutics, but why did Biden gamble every dollar on one, single drug from one single drugmaker? Why was Pfizer chosen to satisfy the therapeutics clause by itself?

Pfizer Altered its Paxlovid Protocol. . . After Receiving its first $5.3 billion:  

As we can see, FDA Emergency Use Authorizations (EUAs) don’t always work out as they should, but in this case, it was because of some manipulative action by Pfizer and an outrageous and risky bet by the Biden White House.

That’s because with no public mention, Pfizer had secretly lowered its own bar following its EUA after the White House had committed to purchasing $5.3 billion dollars of product.  Pfizer stated:

“Following the Emergency Use Authorization of Paxlovid for individuals at high risk of progression to severe COVID-19, the protocol was amended to exclude high-risk individuals and allow enrollment of patients without risk factors for progression to severe COVID-19 who were either unvaccinated, or whose last COVID-19 vaccination occurred more than 12 months from enrollment.”  (emphasis added)

This way, Pfizer was able to administer its drug to a less severely ill, and healthier population in hopes of having a superior efficacy signal and a decreased safety signal, but it still failed to show an adequate clinical effect on any of its prospective protocol-established endpoints.

Secret FDA Meetings Sound Familiar?  That’s Because it’s Happened Before:  

In order to amend the protocol following FDA submission, Pfizer would have had to have communicate about it with the FDA formally and in writing.  A former Pfizer non-scientist executive, Patrizia Cavazzoni is now the head of the FDA’s Center for Drug Evaluation and Research, would have had to approve the change.  Interestingly, Pfizer’s protocol amendment was kept under such tight wraps, that it was not known about until the Pfizer June 2022 press release.  About a week prior, Yale University’s YaleMedicine publication had even published a lengthy article on the benefits of Paxlovid as quoting the outdated original protocol endpoints.  On June 7th 2022, Pfizer CEO Albert Bourla had announced plans to spend over $100 million to increase Paxlovid production and committing to hire hundreds of new employees as its way to maintain appearances with the White House and Pfizer investors.

Paxlovid is not the first example of “secret” and scientifically questionable decisions have been made outside of standard channels at the FDA under Patrizia Cavazzoni’s watch.  About a year ago, secret meetings surrounded Biogen’s multi-billion-dollar monoclonal antibody drug aducanumab (Aduhelm) for Alzheimer’s Disease, which had failed both safety and efficacy on every study it had attempted.  However following contentious and potentially illegal and unethical back-channel meeting with Biogen executives.  Biogen’s drug was approved by Cavazzoni against advice from FDA advisory committee members and FDA employees.  Cavazzoni affirmed her decision by writing a comically inadequate 1.5 page justification — which mostly quoted others’ opinions and did zero to address their debatable hypotheses.  Nearly every medical commentator  scolded Cavazzoni’s approval of aducanumab, calling it things like “false hope,” “bad medicine,” “disgraceful,” “dangerous” “a disaster” or “a new low.”  The circumstances surrounding Pfizer’s Paxlovid and clinical outcomes are similarly awful.

But unlike Biogen, I couldn’t even find any online record of a meeting, justifying the protocol amendment for Paxlovid by Cavazzoni, — let alone an inadequate one.  Pfizer would have had to provide detailed reasoning in its protocol amendment and the FDA kept those requests and those changes a secret.  Its just another example of the total lack of FDA transparency.

I had opined in an op-ed article a year ago that Cavazzoni would continue to make questionable decisions due to her close ties and extended history of employment in big pharma.  Most of Cavazzoni’s career shows her working as a non-scientist big pharma executive.   She also has a conspicuous lack basic scientific or research experience for holding such a critical public health position. Unfortunately, I was correct, but it’s the taxpayer that will bear the failed Paxlovid gamble.

The White House Wasted Many Billions and Looks Stupid(er) 

One question is:  why did the White House commit to and cut a blank check of taxpayer dollars before obtaining conclusive findings?

It’s not as if Pfizer is hurting for money or that Americans don’t already have multiple alternative inexpensive generic alternatives with an voluminous amount of peer-reviewed evidence behind them, covering decades and hundreds of thousands of patients.  Still the Biden White House made the choice to purchase Paxlovid and ignore the historic 6th century BCE wisdom from the Proverbs of Ahiqar and “throw away two in the hand (ie, hydroxychloroquine and ivermectin) for one in the bush (Paxlovid).”

Americans Never Needed Paxlovid; Omicron/Delta COVID-19 Symptoms Are Mild. 

What we all have known for some time is that the dominant mutated variants of Delta and Omicron (which comprise >99%, of current cases per the CDC) infections are mild, and deaths and hospitalizations are down because most people only get minimal to moderate cold-like symptoms these days.  Even Johns Hopkins shows all-time record lows in COVID-19-related hospital ICU admissions.

Pfizer may have exaggerated its experimental product and been deceptive about changing its protocol without informing the public.  By trusting Pfizer and making a considerable gamble with taxpayer funds, the White House flushed $5.3 billion taxpayer dollars largely down the drain.  The White House is now on the hook for an additional $5.3 billion for a total of $10.6 billion for an ineffective COVID-19 treatment that Pfizer had already developed, when they could have spent almost nothing and promoted the established safety and efficacy of hydroxychloroquine and ivermectin with an established, superior outcome.  More practically, since Delta and Omicron are mild, we could have just let COVID-19 mutations run their course and treat infections symptomatically with available generic pharmacology so that individuals can obtain natural immunity.

What a preposterous and outrageous waste of taxpayer money.  Will President Biden or anyone else be held responsible?  I think we all know the answer to that.

By Dr. David Gortler

Dr. David Gortler is a pharmacologist, pharmacist, and FDA and health care policy oversight fellow and FDA reform advocate at the Ethics and Public Policy Center think tank in Washington, DC. He was a professor of pharmacology and biotechnology at the Yale University School of Medicine, where he also served as a faculty appointee to the Yale University Bioethics Center.  While at Yale, he was recruited by the FDA and become a medical officer who was later appointed as senior advisor to the FDA commissioner for drug safety, FDA science policy, and FDA regulatory affairs.  He is an exiled columnist from Forbes, where he used to write on drug safety, healthcare politics, and FDA policy.

end

Dr Paul Alexander..

MONKEYPOX, COVID-19, & avian influenza: potential intersection of 3 diseases WITH overlapping epidemiologies due to ONE (1) non-sterilizing sub-optimal COVID VACCINE; what is the link?

The underestimation of the interplay of the COVID virus & human host immune system in these 3 overlapping viruses & the key role of non-neutralizing vaccinal antibodies in driving the unholy alliance

Dr. Paul AlexanderJul 9

I remind again about the use of Povidone iodine or hydrogen peroxide (even sodium hypochlorite) diluted, swish and spit, clean out of the nostrils, no swallow, and this will cut the risk of COVID infection (progression) by near 100%.

now

Do not inject children with the COVID injections as this will damage and subvert their functional innate immune systems that protect them. The COVID injection’s vaccinal antibodies will prevent the training of the innate antibodies in children and this will leave children vulnerable to a broad range of pathogen, viral, bacterial, fungal even. Including expanding monkeypox and avian flu. We beg you as parents.

This stance by you as a parent or guardian is the most important gift in today’s world that you can give a healthy child. The FDA, CDC, NIH, the public health leaders such as Fauci, Walensky, Francis Collins, Ashish Jha, Njoo, Tam etc. have been reckless and dangerous. Pharmaceutical CEOs Bourla (Pfizer) and Bancel (Moderna) have been equally reckless. Not one of the persons named above or public health agencies, have shown us any data, none, to support injecting 6 month olds to 17 year olds with these ineffective and harmful injections. The data given by Bourla (Pfizer) and Bancel (Moderna) to FDA and then to CDC was outrageous, very flawed, very deceptive, very deficient methodologically, and could never be accepted or stand up to scientific scrutiny under normal circumstances for any sort of regulatory approval.

Parents must say “NO, under no condition will my healthy child get these gene injections. You FDA and CDC must put liability protection you enjoy on the table, make it so that if my child is harmed or dies I can sue you, then we will talk. You say the injection is safe and effective, then place liability protection on the table and remove it”!

The non-neutralizing vaccinal antibodies (Abs) induced by the COVID injections remains a key ingredient to this discussion in its role in pressuring the spike protein and driving infectious variant after infectious variant (selection pressure, natural selection of the ‘fittest’ most infectious variant that becomes the new dominant variant/clade).

What is happening as to COVID’s continued existence is not due to the virus alone in terms of properties intrinsic to the virus. It is the complex interplay of host immune system and virus, both entities, that virus-host ecosystem, that is determining what is happening with COVID. It is what the sub-optimal immune response pressure from the population (due to non-neutralizing vaccinal antibodies) induced by mass vaccination, indeed non-neutralizing Abs that ‘cannot’ eliminate the virus, and the fact that there is such massive pressure from the circulating virus, that is determining the outcome. One has to stop one or change one or reduce one (either the immune pressure or the virus), for this pandemic to end. Either we stop the gene inoculations/injections, these failed ineffective non-sterilizing injections, or we remove virus via steps such as the use of antiviral chemoprophylaxis (reduces the pressure).

We are however talking now about a very intriguing, fascinating, and very dangerous phenomenon and interplay and we are linking these 3 viruses/diseases that could potentially expand and emerge and be devastating if we continue with these gene inoculations. The potential is there. If we inject our children, we can damage (subvert, outcompete) their potent functional innate immune systems (innate poly-specific Abs and natural killer cells (NK cells)) that are broadly protective against a range of pathogens, viruses etc. including cancers. The innate immune system is the 1st line of immune defense.

We position as always, the potent innate immune system of children that they come with, that is pre-primed, pre-activated, in the center of this immunological battlefield. There is a brief window of opportunity for the training (of innate immunity antibodies) to occur and if it is not, then the innate immunity will be subverted long term and young children will be vulnerable to a wide range of pathogen.

We argue that by damaging the innate immune system in children with the COVID gene injections, we will never ever get to population level herd immunity. In that, the COVID pandemic will potentially continue for 100 years with infectious variant after infectious variant.

We are saying that the non-neutralizing Abs induced by the mRNA COVID injections are the common denominator and driver of this potential intersecting 3 disease phenomenon. There are severe immune-epidemiologic consequences of the mass COVID vaccination program into a pandemic with injections that do not sterilize (eliminate) the virus such that the non-neutralizing vaccinal Abs enhances infectiousness of the virus (as it binds but does not neutralize the virus) and at the same time block the innate antibodies from exercising it’s functional capacity to bind to the virus (bind to the binding site with the relevant epitopes) and eliminate the virus. Sterilization of the virus means that the vaccinal Abs can stop infection, replication, and transmission, as well as severe disease and death. The mRNA induced vaccinal Abs does none of these!

‘The emergence of global starting epidemics of several varying infectious diseases (meningococcal, TB, HIV, dengue, hepatitis, herpetic diseases, etc.) including that of 2 major pandemics (even if not yet officially declared as pandemics), i.e., Monkeypox and Avian Flu, are indeed linked to the mass vaccination program.’ This is the core thesis with the non-neutralizing vaccinal Abs as a key ingredient.

The enhanced susceptibility of persons injected with the COVID gene injections to COVID virus (due to the induced vaccinal Abs that are infection-facilitating/enhancing) will work to tax and exhaust the innate and acquired-adaptive immune system. This would depress the population’s immune defense downward to a level where microorganisms can proliferate and expand within the population.

The argument is that we are faced with an imminent threat due to declining innate & acquired-adaptive immune systems as a result of the COVID injections/vaccines/inoculations. We/I have been in close discussion with the master virologist, immunologist, and vaccinologist Dr. Geert Vanden Bossche (GVB).

I am going to try to explain what we are thinking NOW (even cursorily) and this is my view and understanding (subject to corrections/tweaking by GVB) given the new emerging data and evidence across the last few weeks. Particularly the threat of expansion into the general population of monkeypox virus, given the intransigence, politicization, and failures of the public health authorities to act and to tamp down the transmission in the high-risk men-who-have-sex-with-men sub-group. Moreover, given the immune compromised situation that COVID vaccinees find themselves in.

Let me begin and I owe deep thanks to GVB for his input in this and global lead.

The potential intersection of three infections (Monkeypox virus, COVID-19 virus, Avian influenza virus) and the link to the mRNA COVID injections

1)Mass COVID inoculations will potentially contribute to a significant increase in the occurrence of metastatic cancers, recurrence or resurgence of  herpes-related diseases (e.g., HSV, CMV, EBV) as well as of HIV symptoms and chronic diseases caused by other glycosylated microbial pathogens (e.g., bacteria or fungi). This is because of subversion and damage of the natural innate and acquired-adaptive immune systems, particularly in young persons. This can become a catastrophic situation if our healthy infants and children are mass vaccinated.

2)GVB (and I agree) also predicts a dramatic escalation in the incidence of autoimmune diseases as well as acute respiratory viral and bacterial diseases (e.g., common cold, seasonal Flu, RSV and other glycosylated pathogens causing acute disease). This is projected mostly in young, vaccinated children and older, vaccinated seniors.

3)While the declines in the functional capacity of both the innate (i.e., antigen-nonspecific, low-affinity for the target antigen, and broadly potent) and adaptive (i.e., spike-specific, high-affinity for the target antigen) immune system (as outlined in 1 & 2 above) within the population is a result of the mass vaccination (using a sub-optimal non-neutralizing gene injection in the midst of a pandemic with high infectious pressure and mounting ‘immature’ and ‘undeveloped’ vaccinal antibodies with resulting selection pressure on the spike protein), there is an emerging potentially devastating threat from two additional infections/diseases.

4)We theorize that besides the devastation by the COVID gene injections in causing infection (and disease and death) in the vaccinated person (and thus continuation of the COVID pandemic due to infectious variant after infectious variant emerging as a result of the sub-optimal vaccinal antibody immune pressure), there is a real potential for two new zoonotic pandemics (along with additional COVID pandemic (s)).

To open the discussion fully, at a 50,000 foot level, the argument is that those who are COVID unvaccinated (have been through the pandemic with no COVID jabs and especially our children), are very much less vulnerable and susceptible to severe disease from AI and monkeypox. Similarly less susceptible to COVID infection and disease. GVB has argued (and I myself (and select others) have been arguing given study under GVB) that the children as an example, would be protected due to a level of ‘training’ of their potent innate immunity during the course of the pandemic (their innate Abs and natural killer (NK) cells). They are in effect, ‘COVID experienced’ though unvaccinated.

Children, young persons, healthy people one could argue, once unvaccinated with the COVID injections, would have a sufficiently trained innate immune system (innate Abs and NK cells) that would protect them.

5)Back to the two additional pandemics. These two additional pandemics are linked to the COVID injections and COVID disease. We have been in discussion with GVB on the potential for monkeypox and avian influenza (AI) to expand and we agree there is a valid risk potential. His thinking is phenomenal in this as it seeks to connect all the dots and seeks to warn the globe and those public health officials who would listen.

WHO recently stopped short in declaring monkeypox a pandemic yet denotes it as an ‘evolving health threat’ (WHO stops short of declaring monkeypox a global emergency as cases surge). Cases are rising globally and this can be due to the reluctance of public health agencies and leaders in CDC etc. to control transmission (acute contact tracing and risk management and control messaging) as well as post COVID injection immune compromise.

6)GVB advises that there is no doubt that officials will soon declare the current spread of AI a pandemic (currently, it is labelled as ‘pandemic threat’??).

7)The reasoning is based on the massively COVID vaccinated population and the consequent extensively subverted and damaged innate immune system. We are theorizing that as the COVID pandemic will continue with more sub-variants due to the sub-optimal injections pressuring the spike, that the monkeypox and AI potential pandemics will mainly impact vaccinees. Similar to the COVID pandemic affecting mainly vaccinees.

In the case of monkeypox, COVID vaccinees that have not been vaccinated against smallpox in the past (smallpox vaccination ended in around 1970s or so) will be especially vulnerable to contracting monkeypox disease. This cannot be discounted. This is due to their compromised immune system due to the COVID injection. At the same time, COVID vaccinees that have previously been vaccinated with inactivated seasonal Flu vaccines would be highly susceptible to suffering severe avian flu disease. Immune compromise due to the COVID injection, as well as original antigenic sin (OAS) and antibody-dependent enhancement of infection (ADEI) remain high risk realities.

8)GVB argues that the monkeypox pandemic ‘will first affect younger age groups (about 55-60y) whereas the avian flu pandemic will first hit the older age groups (about 60-65y) to then primarily affect the remainder of the vaccinated population. The third pandemic has started too and will culminate when COVID virus breaks through the suboptimal immune pressure that is massively exerted on the virulence of the virus in many highly vaccinated populations. This will first entail a high COVID hospitalization rate in youngsters and adults to then lead to a high COVID mortality rate, particularly in young vaccinated children and elderly people’ (or people with co-morbidities).

Again, the only remedy is to stop these sub-optimal non-neutralizing COVID injections as mass vaccination, and certainly not in children, as there is no credible evidence to support use or that shows COVID risk for severe illness or death in children.

9)There is no doubt that vaccination of near zero risk young children for COVID with a non-sterilizing injection conferring no benefit yet subverts and damages their functional innate immune systems, will have devastating outcomes. This can be catastrophic and it is why children must not be injected with these COVID shots. We simply cannot take the chance especially since we did not conduct the proper safety studies and especially long-term studies to assess these risks. FDA did not mandate that the vaccine developers perform these studies and the vaccine developers simple did not.

We argue that healthy children (if injected with the COVID injections) will be susceptible to all three pandemics (COVID, monkeypox, and AI) due to their heavily compromised innate immunity. The compromise of the innate immunity of children due to the COVID injection is the key driver and we write this again, imploring parents to ensure that they healthy near zero risk child is not a recipient of these COVID injections.

10)The argument is that if children do get the COVID injections, then they can no longer be in receipt of any childhood nor smallpox vaccine. If the smallpox vaccine is live attenuated, then it could provoke severe disease given the compromised innate immunity in children post COVID injection. It is imperative that we stop and do not inject our healthy children with these ineffective and not properly safe COVID injections. It is also important to consider a debate on immunizing children (not injected with the COVID injection) with smallpox vaccine (if they did not get in the past).

This no doubt will require high level debate with relevant experts and is not a conclusive suggestion here and it may well be that once you are sufficiently healthy with functional immune systems and intact innate immune system that is trained (innate Abs and NK cells), then even if you did not get the smallpox vaccine in the past, that you would be fine. There would be no need. The issue is that we are imploring public health to do it’s job to confine monkeypox etc. within the existing high-risk group and to eliminate it now before it expands to the general population. We are imploring parents to ensure their near zero-risk children do not get the COVID injections that would undermine functional innate immune systems.

Raising the issue about the smallpox vaccine is because the smallpox vaccine yields very high protection against monkeypox virus. Again, this is a serious debate that must take place with high level experts in immunology, virology, and vaccinology (as well as informed clinicians) prior but it must be a serious consideration. Of note, any vaccine for monkeypox must eliminate (neutralize) the virus and not subject it to sub-optimal immune pressure as we see in COVID with the mRNA injections. This runs the risk of issues of increased expansion, increased enhancement or facilitation of infectiousness (susceptibility to) of the virus and potential antibody dependent enhancement of infection (ADEI). GVB in prior exchanges warned that any such considerations must be based on live attenuated replication-competent vaccine, as this also facilitates training of innate immunity.

We are arguing too to help explain the potency of the innate immunity in healthy children and innate immunity that is trained and NOT subjected to COVID injections. A functional well trained innate immune system in a child (non-COVID vaccinated) is well capable of taking smallpox vaccination as you and I did when we were children. Remember, we had no COVID injection back then damaging our innate immunity. That is the core argument here too.

11)The unvaccinated (especially children and young people) will be very well protected against any of the emerging COVID virus variants due to their ‘well-trained’ innate immunity (having not been injected yet exposed or recovered with constantly boosted Abs). GVB also advises that this protection will be in place ‘because the evolving pathogenic behavior of the virus will essentially be facilitated by additional glycosylation (which is not seen as a ‘change’ by the innate immune system).’

The innate immunity also functions as a first line of immune defense to Influenza and paramyxovirus, then we are arguing that the unvaccinated persons (children) will be less impacted by these pandemics (AI and monkeypox). Smallpox vaccination with replication-competent smallpox vaccine could be a consideration (see 10) above) and may be recommended for those who did not receive it in the past (e.g. persons 45 years old and below). Again see 10) above.

This initial discussion ends by saying clearly, that the roots of this debate reside in the mass vaccination of the population with the COVID injections that are non-neutralizing and which do not prevent infection or transmission. We argue that it is highly likely that we will be faced with three major intersecting pandemics due to the mass vaccinations using COVID injections. It is a very vicious cycle where we vaccinate with the non-neutralizing COVID vaccines, this enhances infection in the vaccinated as well as additional infectious variants, then there is more vaccination, and all the while, the natural innate immune system (and natural acquired-adaptive immune system) is being compromised.

I hope you understand the tremendous challenges and problems these failed ineffective and not properly safe COVID injections have presented humanity. It can create a stupefying disaster! It is the mass population vaccination using these non-sterilizing, non-neutralizing vaccines and resulting Abs, that has driven the emergence of infectious variant one after the other e.g. Omicron, now sub-variants//clades BA.4 & BA.5 & BA.2.12.1. With more to come if we do not stop this failed COVID injection!

end

Dr Paul Alexander..


Open in browser
I am pleading, Geert is begging, Yeadon is begging, that under no condition, NONE, zero, do you vaccinate your child with the COVID injection, ever, you will kill them! Tell FDA and CDC to phuck off!These injections will subvert and damage the innate immune system in your child as their innate antibodies need training, are not developed yet, and this injection will subvert the training!Dr. Paul AlexanderJul 10Vaccinating children during childhood will damage the naïve innate antibody training and these, the innate antibodies, have a short window for training and instructions to recognize the virus it is confronted with but many other viruses. Remember, the maternal immunity lasts only a short period so child must train their own innate immune system. Only live attenuated replication-competent vaccine (with live viruses) are used in childhood for an important reason and it is linked to the innate antibodies. The innate antibodies last a short period in childhood and disappear.Vaccinating with live attenuated vaccines help train the innate immune system, specifically trains innate antibodies.
Remember, the innate antibodies will disappear so it needs training to recognize the viruses it is confronted with and viruses in the future. The low-affinity innate antibodies can neutralize (broadly) the viruses. It can neutralize pathogen around it. In binding to live viruses, the innate antibodies (innate immune system) can be educated to then recognize the confronted virus but many other pathogen.The high-affinity vaccinal antibodies will bind to the virus and prevent and blocks (outcompetes) the innate antibodies from binding (and by this we also mean binding to live virus that is all around, not only vaccine virus). The innate antibodies will not be able to bind as biding domain (epitopes etc.) are blocked by the vaccinal antibodies. So worthless non-neutralizing vaccinal antibodies that do not sterilize/neutralize the circulating variants, bind to the virus. And in so doing, block innate antibodies that have the functional capacity to sterilize the virus. So then the child will be at risk of infection from COVID but also a range of virus.Also, in binding, the vaccinal antibodies enhance infectiousness of the virus to the vaccinated child via antibody-dependent enhancement of infection (ADEI). In addition, by innate antibodies binding to live viruses (live vaccine virus or virus that is around the child), the innate antibodies prevents the child’s innate immune system (trains it) from recognizing self components, components of the child’s own body from being recognized (self vs non-self). You do not want the innate immune system recognizing self components. Only happens when innate antibodies bind to live virus (from vaccine or virus that is around the child).This is critical. The immune system then can attack (auto-immune disease) itself if this is breached.Importantly, if you vaccinate the child, the induced vaccinal antibodies will be boosted constantly (with high antibody titers) due to high infectious pressure, circulating pandemic omicron etc. This means the innate immune system antibodies will be constantly suppressed and outcompeted (to the target antigen spike) by the boosted vaccinal antibodies.So in conclusion, the innate immune antibodies must be trained and educated in the young child and as part of this training, must bind to live viruses so that it can educate the innate antibodies. When the vaccinal antibodies bind to the virus as it outcompetes the innate antibodies, it prevents the innate antibodies from binding and being educated to recognize those viruses. Vaccinating your child will suppress their innate immune system long-term, and leave them vulnerable to re-infection and infection from a range of other pathogen.Do not ever, ever vaccinate your healthy child with these COVID injections. You can kill them!endOpen in browserMy friend xxxxx (clinician) his sharing internally, not as your doctor or I, not as your doctor, just sharing what we discuss back & forth; we were discussing the BA.5 omicron clade as to masks etc.Note, nasal-oral wash of povidone-iodine or hydrogen peroxide or even sodium hypochlorite, always diluted, never swallowed, swish and spit, multiple times, Q-tip for nostril cleanse; cuts risk 99.9%Dr. Paul AlexanderJul 11If this can inform and help, this is why I share. This is xxxxx’s recent sharing to a group of us as we bantered on BA.5 and masks and steps to reduce risk from this more infectious sub-variant given the COVID vaccine has failed, it is junk. Any protection wanes near immediate and you are now on a booster treadmill and will never get off.Start here:‘There is such a high % of people that don’t understand that this is much different, and also that surgical masks are useless, but so far there is not much risk to healthy under age 60.Of course the MSM and Democrats and Govt. want us to continue to be afraid.I don’t know the best treatment protocol, but if at risk, you can’t go wrong with daily diluted Iodine mouthwash (povidone-iodine), along with nasal application (either via fine sprayer or Q-tips).3 tablespoons of 10% povidone-iodine in one liter of clear mouthwash, is an 18 fold dilution, resulting in a 0.45% P-I solution (consistent with effective studies.).Of course upon first symptoms, or suspected exposure, increase above multiple times daily.Due to the rapid replication, it makes even more sense than ever to begin taking 200 mg hydroxychloroquine daily (or dose of ivermectin), beginning with the first suspected symptoms (fatigue, headache, fever) even before the coughing/phlegm begin.  Of course always have Mucinex DM around, to reduce the inconvenience of excessive coughing and phlegm.If there is more evidence that replication goes to lungs, should have 250 mgs Azithromycin (antibiotic) around.’end
Open in browser
Israel: New study links COVID vaccines to 25% increase in cardiac arrest for both males & females; Study based on data from emergency services.Increased cardiac arrest follows the rollout of COVID vaccines, among both males and females. No similar increase was found due to COVID infection alone.Dr. Paul AlexanderJul 11Israeli reporting indicates ‘An increase of over 25% was detected in both call types during January–May 2021, compared with the years 2019–2020. That is to say, “increased rates of vaccination … are associated with increased number of CA [cardiac arrest] and ACS [acute coronary syndrome].” By contrast, the trial “did not detect a statistically significant association between the COVID-19 infection rates and the CA and ACS weekly call counts.”A new study by Israeli researchers and published in Nature has revealed an increase of over 25 percent in cardiovascular-related emergency calls in the young-adult population, following the rollout of COVID vaccines, among both males and females. No similar increase was found due to COVID infection alone.Israel health authorities and the U.S. Centers of Disease Control (CDC) have acknowledged a link between COVID vaccines and specific cardiovascular complications. The risk of myocarditis after receiving a second vaccine dose is now estimated to be between 1 in 3000 to 1 in 6000 in men aged 16 to 24.’SOURCE Israel


GLOBAL INFLATION/SUPPLY ISSUES

GLOBE//CLIMATE CHANGE AGENDA

This is where we are heading folks: going for climate change.

The carbon is us along with animals. They are basically going after the periodic table which are the essentials for life:

Carbon, Nitrogen, Oxygen, Phosphorus, Sulfur.

(Tom Luongo)

The Great Awakening Continues – ‘Ve Vil Not Eet Ze Bugz, Klaus’

MONDAY, JUL 11, 2022 – 02:00 AM

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

“The greatest trick the Devil ever pulled was convincing the world he didn’t exist.”

— THE USUAL SUSPECTS

When the Canadian truckers descended in peace on Ottawa protesting the vaccine mandate of Justin TrueDOH! it was obvious to many that something fundamental had changed. This wasn’t some Davos Crowd psy-op like burning down Minneapolis or a Million Vagina March.

This was a real awakening of the opposition to the Great Reset. Destroying the livelihoods of the people who bring the goods to our stores was a step too far. Even the most normalcy-biased shitlib had to do a double take at what was happening with the COVID vaccines.

How did we get here so fast?

Davos’ agenda has accelerated in recent months as major events force their hand. From Jerome Powell’s war on the offshore dollar markets to Putin choosing the whether he hangs or we drown, the pillars of their powerbase are crumbling under the weight of their ambitions.

Most people can’t conceive of what these big shifts actually mean. Sadly, they still rely on what small amount of information they get from their overlords to form their opinions. But that information has become so ludicrous, so low quality, it’s got enough people open to questions they would have never contemplated previously.

It’s a start. And once the last vestiges of trust in our media melts away, we’ll see a whole lot more than the protests we’ve seen to date.

Yes, things can get worse.

That said, the catalyst for Europe’s farmers rising up was the crazy miscalculation of Davos‘ minions TrueDOH! and his Ukrainian diaspora bagwoman Chrystia Freeland. Freezing the accounts of truckers and trampling peaceful protestors with horses woke way too many people up.

When you anger the banks, radicalize normies, and create a nationwide bank run you set a countdown timer on your rule.

First they came for the truckers to engineer a supply crisis. People supported them in droves and were trampled.

Now they came for the Dutch farmland to further engineer a food crisis and the farmers took up the Truckers’ flag.

For weeks I’ve wondered whether the spate of fires at food processing facilities all across North America were sabotage or just the natural downstream effect of overworked people and under-maintained equipment.

It’s a fair point to consider rather then just go off half-cocked about evils of Davos. Because in the end, it doesn’t matter what the truth is (likely a mixture of both), these breakdowns are all their fault anyway.

Thank that idiotic COVID policy.

But how about fertilizer train derailments?

Or a thousand dead cows from heat prostration?

When the Farmers Revolution began in the Netherlands I realized this was something deeper. And I was glad for it. The Great Awakening that began in Ottawa and spread worldwide then has metastasized into a real political nightmare for Klaus Schwab and his merry gang of nihilist midwits.

You know they are on auto-pilot seizing the land of efficient Dutch farmers. The Netherlands is routinely praised by Davos as a kind of sustainable agriculture Mecca. So why go after them? Why not further demonize American farmers. I mean everyone just knows Americans are wasteful and dirty pigs, right?

And then I came across the plans for Tristate City and, for me, it all clicked into place.

Bankrupt the farmers through legislative fiat and seize their land to build the Davos Smart City of the Future. The perfect “Capitol of the Corporatocracy.”

Try googling anything about this connection and you’ll find very little. Look at a Twitter search of “Tristate City” and come to your own conclusions.

Think Minority Report but with Germans.

Periodic Revolution

Davos’ War Against the Periodic Table continues unabated. But notice how they aren’t going after truly poisonous elements like Mercury (Hg) or Thallium (Tl) or even Arsenic (As). FYI, due to their extreme chemistry they are actually easy and cheap to deal with.

No they are going after the building blocks of life itself — Carbon (C), Hydrogen (H), Oxygen (O), Nitrogen (N), Phosphorus (P) and Sulfur (S), or CHNOPS.

We have the stated goal of ‘decarbonization’ worldwide.

Phosphorus and Nitrogen have been attacked relentlessly as outgrowths of the war on ‘chemical fertilizers,’ smokestack emissions, etc. for decades now.

Our entire transport industry has been made less efficient, raising the costs through unnecessary low-sulfur diesel and bunker fuel rules.

Now we’re supposed to cheer LNG-powered small dry weight tonnage ships as PROGRESS! Yeah, a $350 million boat for moving goods from Jacksonville to Puerto Rico. Brilliant!

Let’s use the most expensive fuel imaginable (liquefied methane) for shipping, an industry where fuel costs are literally everything.

But I thought fracking BAD!

All under the rubric of clean air and buzzwords like ‘sustainability.’

Now I’m all for a clean environment and dealing with real pollution which hampers human life and even the greater ecosystem/food web, but cows producing nitrogen are a part of the natural cycle of this essential element.

What’s next? Legislating away volcanoes?

Anti-Transhumanism

It’s all downstream of convincing so many people to view themselves as a pollutant and to separate human activity out as ‘not-natural.’ Think of the argument framing here and it’s very simple. Humanity is not a part of the ‘natural world.’ Our activities are not an outgrowth of ‘nature’s pure design.’

This is literally the argument about man-made Climate Change. Too bad they had to define man’s energy inputs to the environment in the most idiotic (and inaccurate) way imaginable, by ignoring more than 90% of the energy the sun and the Universe imparts to our planet.

Now add in the basic understanding that everyone has a religion, even atheists. They just turn to worshipping something else. They go from gathering in churches to courthouses, cathedrals to classrooms, and temples to tract housing.

The bottom line folks is this, “Everyone believes in somethingeven nihilists.”

But this anti-humanism is far worse than any ‘Original Sin’ doctrine of Christianity. There the message is that we are flawed but redeemable because we carry the spark of the divine within us. The path to enlightenment is self-discovery and self-improvement.

There the existential threat is your own legacy, nothing more. It’s an inward journey.

Now the Climate religion has merged cynically with the hubris and colonialism of Davos to create something horrific and deadly. And since they have control over the sacred texts now, they are now crusaders who will not be stopped by people refusing to comply.

You will be assimilated through the hammer and sickle masking the sword and shield.

It’s for the greater good, after all.

The memes are real, folks. We are the carbon they want to reduce. We are the livestock the think they can farm. The full force of their program to reduce us back to when we used to eat bugs to survive is here.

Is that the legacy you want to leave this world with?

If we don’t stop this here, there isn’t much room left to retreat. And if you doubt me, go talk to a farmer.

Think Global, Act Local just took on a raft of deeper meanings. It’s past time we put them into action.

*  *  *

VACCINE INJURY/

Vaccine Impact

Vaccine Impact

System Collapses Begin as Germans Warned to Prepare for Heating Shortages, School Closures
July 8, 2022 6:11 pm

Officials in Germany warned citizens this week to prepare for gas shortages due to cuts in natural gas imported from Russia. Trying to sell the war in Ukraine and sanctions against Russia, Germans are being told to prepare for hot water shortages, and rationing of gas to heat their homes where limits may be set to only 62 F (17 C). This has caused mass panic buying of wood-burning stoves and firewood throughout Europe. This energy shortage also threatens to shut down schools and educational facilities in Germany this winter. As we reported yesterday with the farmer rebellion in Europe right now, shortages of just about everything now loom in the worldwide economy, due to government actions, such as the “Green Agenda” in the Netherlands that is trying to take farmland away from farmers, to the war in Ukraine, or to government mandates such as COVID-19 vaccines where a significant portion of the workforce has either quit, or for the ones who complied, have now died or become permanently disabled. Very few people today are truly understanding just what is in store in the future, especially because so many have a false belief in the technology that today holds everything together. The technology is failing, and will continue to fail, as it takes a tremendous workforce to be able to service this technology and keep it running, not to mention that it also takes massive amounts of energy to produce the electricity that runs it. Today in Canada, millions of people could not use their debit cards due to a major Internet outage. Reports out of Sri Lanka show the country has completely broken down, where chaos now rules. What is to stop this from happening to other countries in the not-too-distant future? In the U.S., it is being reported that the Biden Administration has been shipping the nation’s emergency oil reserves overseas, which will cause higher gas prices and potential shortages here in the U.S. As we have been warning for months now, all these actions are PLANNED, and not accidental, being the result of government actions who are doing the bidding of the Billionaires and Bankers they work for and who know full well that the current economy cannot sustain the massive debts and corruption that have propped up the system for far too long, and their goal is to crash everything, reducing the world’s population in the process, and then implement the Great Reset where they are the masters, and where those of us who survive are the slaves. A critical mass of people waking up from the mind-numbing propaganda and resisting the tyrants, as maybe we are beginning to see in Europe with the farmers, is perhaps the only thing standing in their way.Read More…

Farmers Across Europe Protest in Solidarity with Dutch Farmers as Green Agenda Takes Away Their Farms with Food Shortages Looming
July 7, 2022 6:22 pm

If you haven’t figured out yet that government policies designed to transition to the New Green World Order are an assault on humanity with the goal of reducing the world’s population all in the name of “saving the planet,” then it is time to wake up, because this is WAR! Farmer protests are sweeping across much of Europe this week, mainly to join in solidarity with Dutch farmers in the Netherlands, because new government policies to reduce “nitrogen” emissions threaten to shut down almost 50% of the nation’s farms. Given the fact that the Netherlands is the second largest exporter of food in the world, with only the United States exporting more food globally, these actions happening “across the pond” have significant impacts for those of us living in America as well. Hard as it is still for many people to believe, this is a Global plan to reduce the world’s food and kill off a significant portion of the world’s population, a plan that has been in place for over a year and a half now as the COVID-19 vaccines were weaponized to kill and maim people. As is usually the case with covering protests, this news is best communicated by video from those on the ground, so here is our video report that gives an overview in less than 15 minutes.
Read More…
You are receiving this message at this email address as it was used to subscribe for Health Impact News updates.
Vaccine ImpactUK Government Stats Show Vaccinated Children are 30,200% more Likely to Die than Unvaccinated Children
July 9, 2022 3:38 pm

The U.S. Food & Drug Administration (FDA) has questionably authorised emergency use of both the Pfizer and Moderna mRNA Covid-19 injections for use among children aged 6 months and above despite the UK Government admitting the Covid-19 Vaccine is killing children after it published data via the Office for National Statistics proving children are 82 to 303x more likely to die following Covid-19 vaccination than children who have not had the Covid-19 vaccine.Read More…
Is Sri Lanka leading the way into the New World Order? Or is it showing us the way out?
July 9, 2022 6:31 pm
I don’t believe any single country is the “model” for the New World Order because so many countries are neck deep in Klaus Schwab’s World Economic Forum-driven madness that’s referred to as the Great Reset. But Sri Lanka is certainly one nation to watch. Its corrupt puppet politicians, just like those in Canada, New Zealand, Australia, the U.S. and Europe, have been in a race to the finish line of Schwab’s dystopian global technocracy, which is the final destination, a truly dark place of total surveillance and soul-crushing control over all human activity. All resisters will be dealt with harshly as we’ve seen from the J6 protest here in America and the truckers’ uprising in Canada. But maybe, just maybe, the resisters in some of these countries will find a way to tap into the fury that is rising up among the people and throw off their shackles. It will be interesting to watch Sri Lanka as it seems things may be coming to a head there faster than anywhere else.Read More…

MICHAEL EVERY

Michael Every  on the day’s most important topics

And now Michael Every…(KOOPMAN))

Rabobank: No Cucumbers

MONDAY, JUL 11, 2022 – 01:10 PM

By Stefan Koopman, senior macro strategist at Rabobank

Schools in much of the Northern Hemisphere are gradually closing for the summer holidays and it won’t be long before it’s komkommertijd. This Dutch idiom, which translates literally into cucumber time, is used to express that very few important things happen during the period between mid-July and late August. These weeks used to be a particularly busy time for cucumber growers, while there wasn’t much work to do in many other fields, so cucumber time became associated with the lack of news, activities or events. Most media have jumped on this, tending to give it even a little more substance by publishing reports that would hardly have any news value outside of cucumber time.

The word also regularly shows up in the financial press or in analyst reports, indicating little action is happening in the markets. Don’t expect to see much of it this year, though, with equity, rates and FX volatility remaining at elevated levels. In particular in Europe, there literally and figuratively is no energy left for a silly season. In fact, French Finance minister Le Maire suggested on Sunday that a full stop of Russian gas inflows is now the most likely scenario. Consequentially, the French government is currently drawing up lists of regions, sectors and companies in order to determine which industries may be forced to reduce consumption and which are of enough vital importance to be prioritized. It may not take too long before tough decisions need to be made: the 10-day annual maintenance on the crucial Nord Stream 1 pipeline has just started and the fear is Moscow may find a couple of screws that can be tightened just a little bit further.

With input costs at sky-high levels, inventories of unsold stock rising, production levels falling and new orders plummeting, an additional dose of energy rationing will hollow out European manufacturing to levels only seen during the Covid lockdowns. Please tell me how exactly the ECB is going to achieve a ‘gradual but sustained path’ of further increases when large parts of the economy are either in a significant slowdown or in a deep recession? We expect to see more repricing of ECB policy expectations, in particular for 2023.

It’s not entirely surprising that selling the euro has been a popular macro trade as of late, but much of the move lower in EUR/USD is also reflective of dollar strength. The greenback remains caught between two competing narratives, but still looks well positioned in both: there is uncertainty about the significant slowdown in the global industrial production cycle, with demand for services being simultaneously under pressure by high inflation, a sharp tightening of global financial conditions, and renewed covid lockdowns in China. This spurs demand for safe assets, such as the dollar. On the other hand, Friday’s US employment report showed that some parts of the economy, and the labour market in particular, remains remarkably resilient whilst facing these recession risks. Non-farm payroll growth was a very solid 372k, which is the fourth consecutive time we’re seeing a number in the 300k’s, whilst the unemployment rate remained steady at 3.6% and average hourly earnings only slowly decelerated to a rate of 0.3% m/m and 5.1% y/y. 

Even as this month’s decline in commodity prices indicate inflation may have seen its peak (again…), these numbers should provide the Fed more than enough leeway to continue aggressively raising interest rates and to stamp out the tarry parts of inflation. We expect a 75 bps hike to 2.25-2.50% at the July 27 meeting; and following the strong payroll numbers, the market is now fully positioned for such a move. Even though Q2 GDP data, scheduled for July 28, may indicate only a day later that the US economy has been in a ‘fake recession’ in the first half of 2022, we expect the Fed’s aggressiveness could eventually tip the US economy into a ‘real recession’ in the second half of 2023.

Another victim of dollar strength and higher US yields is the yen, which currently flirts with the 137 level. This is its weakest since 1998. This morning the pair got an extra lift higher from Bank of Japan Governor Kuroda, even has he didn’t say more than what he always says: the Bank of Japan will not hesitate to add more monetary easing if that is necessary. On the political front, Japan’s ruling coalition has expanded its majority in the Upper House elections in the wake of the assassination of former PM Abe. This not only strengthens the mandate of PM Kishida, but also implies the Japanese people may not be as concerned about rising prices as feared. This could be taken as an endorsement of the Bank of Japan’s easy policy settings.

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

8 EMERGING MARKET& AUSTRALIA ISSUES

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

Sri Lanka 

Sri Lanka has totally collapsed/ Protesters storm the President’s house

(zerohedge)

Sri Lanka Protesters Storm President’s House Amid Economic Meltdown

SATURDAY, JUL 09, 2022 – 09:55 AM

Thousands of protesters stormed Sri Lankan President Gotabaya Rajapaksa’s official residence as part of an anti-government demonstration calling for his resignation following the country’s economic collapse.

Demonstrators marched to Sri Lanka’s commercial capital of Colombo early Saturday. They jumped security fences surrounding the residence and overran the president’s security forces. Rajapaksa was evacuated from the palace around 1000 local time, his secretary Gamini Senarath told Bloomberg.

“The president was escorted to safety,” a senior defense source told AFP. “He is still the president, he is being protected by a military unit.”

Alleged footage of the president fleeing on a naval ship. 

Footage uploaded to social media platforms from the president’s residence shows thousands of protesters surrounding the palace and then charging inside. 

Prime Minister Ranil Wickremesinghe held emergency talks with party leaders before the parliament speaker during the unrest to decide what was next in resolving the worsening socio-economic crisis in the country of 22 million people. 

Lawmakers asked Rajapaksa to relinquish his power to allow a new leader with a parliament majority to regain control and find a swift resolution to high inflation and shortages that have angered people for months. 

The debt-laden economy of the tiny South Asian nation has “completely collapsed” as it lacks foreign exchange reserves to import essential items such as food and fuel. Shortages have materialized as the government began rationing goods last month. 

Even though the government has held talks with the IMF, India, China, and Japan for new credit lines and even spoke with Russia about purchasing heavily discounted crude, the country entered a terminal phase where social unrest is spiraling out of control. 

Visual Capitalist’s Avery Koop details several reasons for this crisis and the economic turmoil has sparked unrest over the last several months. This visual breaks down some of the elements that led to Sri Lanka’s current situation.

The Sri Lankan crisis carries the potential for an Arab Spring-style eruption across other countries that could quickly morph into an “Everywhere Spring” as people worldwide are angered by high inflation and shortage of food and fuel. This eruption in unrest could eclipse the revolution seen in 2011 that spread across the Arabic-speaking world due to high food prices.

Everyone’s favorite permabear, SocGen’s Albert Edwards, first warned about the consequences of central banks injecting record amounts of money into the global economy in late 2020 and how it could spark soaring food prices, similar to 2011, where social unrest and revolutions were seen in many Arab countries. 

Edwards’ prediction appears to be playing out. It could be much worse than a decade ago as much of the world experiences economic hardships and what some believe could be the emergence of stagflation.  

Could the fall of Sri Lanka signal that weak, heavily indebted countries worldwide are about to fall like dominos? 

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

Euro/USA 1.0093 DOWN  0.088 /EUROPE BOURSES //ALL RED 

USA/ YEN 137.18   UP 1.226 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.1938 DOWN   0.0078

 Last night Shanghai COMPOSITE CLOSED DOWN 42.49 POINTS UP  1.27%

 Hang Sang CLOSED DOWN 601.59 PTS OR 2.77% 

AUSTRALIA CLOSED DOWN 1.29%    // EUROPEAN BOURSES ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL  RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 601.58 PTS OR   2.77% 

/SHANGHAI CLOSED DOWN 42.49 PTS DOWN 1.27% 

Australia BOURSE CLOSED DOWN 1.25% 

(Nikkei (Japan) CLOSED UP 295.11 OR 1.11%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1734.60

silver:$19.19

USA dollar index early MONDAY morning: 107.72  UP 0.83  CENT(S) from THURSDAY’s close.

 MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.34%  DOWN 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.234% DOWN 1     AND 8/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.33%// DOWN 6   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.31  DOWN 8   points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLS TO +1.25%

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0064 DOWN  0.01161    or 116 basis points

USA/Japan: 137.42 UP 1.467 OR YEN DOWN  147  basis points/

Great Britain/USA 1.1884  DOWN  0.01322 OR 132  BASIS POINTS

Canadian dollar DOWN .0068 OR 68 BASIS pts  to 1.2995

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.7183  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.7213

TURKISH LIRA:  17.37  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.239

Your closing 10 yr US bond yield DOWN 12  IN basis points from THURSDAY at  2.984% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.163 DOWN 11 in basis points 

Your closing USA dollar index, 107.84 UP 1.02   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 0.35 PTS OR  0.00%

German Dax :  CLOSED DOWN 182.73  POINTS OR 1.40%

Paris CAC CLOSED DOWN 36.83 PTS OR 0.61% 

Spain IBEX CLOSED DOWN 35.10 OR 0.43%

Italian MIB: CLOSED DOWN 629.90PTS OR  3.01%

WTI Oil price 103.87   12: EST

Brent Oil:  106,71  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  58.90  UP  2 & 5/100        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.25

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0047 UP .0134     OR  134 BASIS POINTS

British Pound: 1.1890 DOWN .01264  or  126 basis pts

USA dollar vs Japanese Yen: 137.39  UP 1.43//YEN DOWN 143 BASIS PTS

USA dollar vs Canadian dollar: 1.3002 up 0074 (CDN dollar DOWN  74  basis pts)

West Texas intermediate oil: 10.69

Brent OIL:  106.64

USA 10 yr bond yield: 2.99 DOWN 11 points

USA 30 yr bond yield: 3.176  DOWN 9  pts

USA DOLLAR VS TURKISH LIRA: 17.27

USA DOLLAR VS RUSSIA//// ROUBLE:  58.90   UP 2 AND  5/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 164.31 PTS OR 0.52 % 

NASDAQ 100 DOWN 265.41 PTS OR 2.19%

VOLATILITY INDEX: 26.22 UP 0.93 PTS (1.58)%

GLD: 162.23 DOWN 0.87 PTS OR 0.54%

SLV/ 17.69 DOWN .21 CENTS OR 1.18%

end)

USA trading day in Graph Form

Labor Market Reality-Check Sends Stocks, Bond Yields Tumbling

MONDAY, JUL 11, 2022 – 04:01 PM

As humans actually spent some time over the weekend examining the jobs data from Friday (and reading our post from Friday morning), the realization dawned that the labor market was in fact nothing like as strong as talking heads had proclaimed.

Household survey losing jobs and multiple jobholders rising are not a good sign for the consumer.

That realization sent futures down Sunday night and things went just a little bit more turbo at the US equity cash open, bounced across the EU Close and then sunk back to the Lows into the close…

The short-squeeze appear to have run its course…

Source: Bloomberg

Bonds were bid across the curve, with the longer-end outperforming (10Y -10bps, 2Y -4bps), erasing much of Friday’s meltup in yields…

Source: Bloomberg

10Y Yield fell back below 3.00% once again…

Source: Bloomberg

The dollar didn’t care – it just kept on doing what it does as the euro slipped ever closer to parity…

Source: Bloomberg

Arguably – based on rate diffs – the euro has a lot further to fall than just parity…

Source: Bloomberg

Oil was lower on the day (amid renewed lockdowns in China), but bounced back from overnight weakness after the US equity market opened…

Gold drifted lower again also…

Finally, as a gentle reminder, we are back at a critical level for the world’s reserve currency against its fiat peers…

Source: Bloomberg

Strap in America, this is far from over.

I) / EARLY MORNING TRADING//

ii) USA DATA//JOBS REPORT FROM FRIDAY/

Goldman Repeats ZeroHedge Analysis, Concludes “A Labor Market Slowdown Is Well Underway”

MONDAY, JUL 11, 2022 – 12:17 PM

On Friday, when the pro-Biden echo chamber of cheerleading economists was patting itself on the back because the BLS reported that in June the US added 372K jobs, far higher than the median consensus expectation, and thus “confirmed” that a Biden recession was still far away or something, we immediately countered that the big picture is far uglier than represented and pointed to the Household survey, where there was a loss of 315K workers. We also observed that full-time and part-time jobs had tumbled at the expense of surging multiple-jobholders, and that something apparently had broken a few months ago, around March, when the Establishment Survey kept on rising as if with the magic of excel’s goalseek function, while the Household Survey hit some unexplained brick wall, and hasn’t moved at all.

Indeed, since March, the Establishment Survey shows a gain of 1.124 million jobs while the Household Survey shows an employment loss of 347K!

Today, confirming that imitation is the sincerest form of flattery, none other than Goldman’s chief economist Jan Hatzius published a note (available to professional subs) in which he writes that while “fears of an imminent US recession have abated somewhat after the 372k nonfarm payroll gain reported for June” he also counters that “there is no doubt that a labor market slowdown is underway.”

Goldman also echoed our latest JOLTS analysis, and notes that “job openings and quits are declining, jobless claims are rising, the ISM employment indices in manufacturing and services have fallen to contractionary levels, and many publicly traded companies have announced hiring freezes or slowdowns.” This, too, we have been pounding the table on (see “We Could See A Million Layoffs Or More” – Here Comes The Job Market Shock“)

Going back to the jobs report, Hatzius verbatim copies what we said on Friday, and writes that “perhaps most tellingly, the household survey of employment has shown essentially no job gains for the past three months, both on a headline basis and when adjusted to the definitions of the establishment survey. While the household survey is much noisier than the establishment survey on a month-to-month basis, it picks up changes in net new firm creation in real time and therefore often outperforms the establishment survey at cyclical turning points, provided both measures are averaged over several months.”

This to Goldman suggests that “the still-robust nonfarm payroll prints of recent months probably overstate true job growth” which of course regular ZH readers knew on Friday when we panned the jobs report “Something Snaps In The US Labor Market: Full, Part-Time Workers Plunge As Multiple Jobholders Soar“, while Goldman’s kneejerk response was erroneously full of praise.

It took Goldman the weekend – and reading this website – to figure out how to correctly read the data.

There is much more in the full Goldman note which makes the case that Zero Hedge readers (if not the fed) are all too familiar with: the US economy is rapidly crashing into a recession, if not depression.

END

IIB) USA COVID/VACCINE MANDATES

end

iii)a.  USA economic stories

This says a mouthful:  88% of Americans believe the USA is on the “wrong track” amid inflation//economic situation.

(zerohedge)

88% Of Americans Believe Country On “Wrong Track” Amid Inflation Storm, Poll Says

THURSDAY, JUL 07, 2022 – 08:00 PM

The number of Americans in financial distress continues to soar, as the latest Labor Department report shows the consumer-price index at a 40-year high of 8.6% annually. The Monmouth University Polling Institute commissioned a new study that found a majority of Americans believe the nation is on the “wrong track” because of President Biden’s economic policies. 

Monmouth conducted the survey in late June and asked eleven questions to 978 adults age 18 and older. One question that piqued our interest was Question Six. It asked: “Would you say things in the country are going in the right direction, or have they gotten off on the wrong track?” 

Not surprisingly, considering the inflation situation and impending economic downturn, 88% of respondents answered “wrong track.” 

“Economic concerns tend to rise to the top of the list of family concerns, as you might expect, but the singular impact of inflation is really hitting home right now,” Patrick Murray, director of the Monmouth University Polling Institute, wrote in the study. 

Murray added: “And most Americans are blaming Washington for their current pain.”

When respondents were questioned about their “current financial situation,” 42% said they were “struggling.” 

The study results mirror the weak performance of Biden’s job approval data, at a record low of around 38%. 

Even with 22 straight days of gasoline declines at the pump, the president’s approval rating has yet to turn higher meaningfully — and suggests failed “Bidenomics” has scarred many working-class folks. 

The state of the consumer is concerning. Many have maxed out their credit cards and drained savings to survive the inflation storm. Millions are on the verge of eviction as they can no longer pay rent. Inflation has crippled many households, and the cure to inflation is a recession, which may inflict even more pain with increasing job loss. 

High inflation is becoming hard to ignore, and the administration continues to scapegoat Russia for the highest inflation rate in 40 years.

“We’ve got a long way to go because of inflation, because of – I call it the Putin tax increase – Putin because of gasoline and all that grain he’s keeping from being able to get to the market,” Biden said on Wednesday in a speech to a union group in Ohio.

Monmouth’s newest survey is a wake-up call for the Biden folks who assured everyone inflation “transitory” had been one of the worst calls in decades. The result is crushing the middle class (or whatever is left). People will take their anger out on “Bidenomics” at the polls and vote with their empty wallets come midterm elections. 

END

Finally, the knives are out for Biden as both the Washington Post and the New York times are going for Biden’s blood

(zerohedge)

Knives Out: WaPo, NYT Go For Biden Blood In Scathing Moment Of Honesty

MONDAY, JUL 11, 2022 – 05:44 AM

Over the past month or so, mainstream media has overtly abandoned President Biden – the man they relentlessly shilled for during the 2020 election as the establishment went to extreme measures to unseat Donald Trump.

After months of gentile distancing, the media’s come-to-Jesus finally happened after the White House ‘botched’ the response to the Supreme Court overturning Roe v. WadeCNN published an article last Wednesday titled: “After string of Supreme Court setbacks, Democrats wonder whether Biden White House is capable of urgency moment demands.”

“Top Democrats complain the President isn’t acting with — or perhaps is even capable of — the urgency the moment demands,” reads the piece.

Ouch!

Rudderless, aimless and hopeless” is how one member of Congress described the White House.

Two dozen leading Democratic politicians and operatives, as well as several within the West Wing, tell CNN they feel this goes deeper than questions of ideology and posture. Instead, they say, it gets to questions of basic management. -CNN

Fast forward to Saturday, and both the New York Times and the Washington Post have taken serious shots at Biden.

The Post built on CNN‘s article – slamming the White House’s “struggle to respond” to the abortion ruling, writing that “Many Democrats were dismayed by his slow-footed response.”

For many Democrats, however, it was too little and too late — just one more example over the two weeks in which Biden and his team struggled to come up with a muscular plan of action on abortion rights, even though the Supreme Court ruling had been presaged two months earlier with the leak of a draft opinion. -WaPo

The New York Times straight-up suggested Biden is too old to govern – writing that his team ‘delayed his Middle East trip so the 79-year-old president would have more time to rest’ following last month’s Europe/NATO meetings.

Some excerpts:

  • “managing the schedule of the oldest president in American history presents distinct challenges.”
  • “Polls show many Americans consider Mr. Biden too old, and some Democratic strategists do not think he should run again.”
  • “They acknowledged Mr. Biden looks older than just a few years ago…”
  • “His energy level, while impressive for a man of his age, is not what it was, and some aides quietly watch out for him. He often shuffles when he walks, and aides worry he will trip on a wire. He stumbles over words during public events, and they hold their breath to see if he makes it to the end without a gaffe.
  • “His speeches can be flat and listless. He sometimes loses his train of thought, has trouble summoning names or appears momentarily confused. More than once, he has promoted Vice President Kamala Harris, calling her “President Harris.””

In short, the knives are out…

Sure, the Post and The Atlantic have also run recent op-eds suggesting we “Give Biden a Break” and “Leave Joe Biden Alone,” but they boil down to ‘sure, things are bad, but they aren’t Biden’s fault.’

And as some have noticed, the same group that went to extraordinary lengths to deem President Trump mentally unfit are dead silent about Biden.

One has to wonder if the media is simply trying to get ahead of a disastrous run for reelection in 2024, or if they’re getting ready for GOP-led investigations into Hunter and crew if the Republicans take back Congress in this year’s midterm elections.

What say you?

END

Housing crisis worsens as affordability reaches record lows

(zerohedge)

Housing Crisis Worsens As Affordability Reaches Record Low

SUNDAY, JUL 10, 2022 – 03:00 PM

Just as we warned back in March, housing affordability, as measured by Goldman Sachs, has deteriorated to its worst level on record.

The recent decline in affordability has been driven largely by higher mortgage rates. This stands in contrast with last year, when higher home prices were the main driver…

As mortgage rates (and home prices) have soared, rental affordability has held up better than mortgage affordability

The housing market has cooled significantly in recent weeks as buyers have stepped back from the market. Sales of previously owned homes slid in May for the fourth straight month.

“I don’t know that we’ll ever see affordability again like we saw in the last year or two,” said Mark Fleming, chief economist at First American Financial Corp.

Even The Dallas Fed recently admitted that the US housing market is suffering “abnormal market behavior” for the first time since the boom of the early 2000s. They add to what Goldman says, citing clear reasons for concern in certain economic indicators – the price-to-rent ratio, in particular, and the price-to-income ratio – which show signs that house prices appear increasingly out of step with fundamentals.

While The Dallas Fed notes that historically low interest rates are a factor, they point out that rates do not fully explain housing market developments.

Other drivers have played a role, including pandemic-related U.S. fiscal stimulus programs and COVID-19-related supply-chain disruptions and associated policy responses.

The resulting fundamental-driven higher house prices may have fueled a fear-of-missing-out wave of exuberance involving new investors and more aggressive speculation among existing investors.

Last week saw mortgage rates fall significantly but “rates are still significantly higher than they were a year ago, which is why applications for home purchases and refinances remain depressed,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting.

“Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance.”

Speaking to Fox Business, Redfin chief economist Daryl Fairweather pointed out that higher interest rates are pushing buyers away from the housing market, and sellers are unwilling to drop prices at present. But things could change once the economy begins to weaken.

“Rate movement depends on Federal Reserve policy and how the market anticipates that, so it makes forecasting incredibly difficult,” said Lien Kiefer, an economist at Freddie Mac.

“Given all the volatility in the market, it’s hard to say how rates will behave week to week. But the risks are kind of balanced – I don’t think they’ll move dramatically higher or lower.”

That means borrowers could see mortgage rates hover around 5% well into 2023.

Finally, Goldman expects affordability will linger at historically challenging levels through year-end.

end

Texas grid operator warns of blackouts.

(zerohedge)

Texas Grid Operator Warns Of Blackouts

MONDAY, JUL 11, 2022 – 08:30 AM

The Electric Reliability Council of Texas (ERCOT), which operates Texas’ electric power grid, asked households and businesses to conserve power this afternoon and warned of potential rolling blackouts

The grid faces a “potential reserve capacity shortage with no market solution available,” ERCOT said in a notice released Sunday night. 

ERCOT asked people to reduce energy consumption between 1400-2000 local time when temperatures are expected to soar into triple-digit territory. 

Scorching temperatures are driving record power demand and low wind output could push the grid near its breaking point. Current projections show wind generation coming in around 8% of its total capacity during peak hours today. 

Today’s forecasted power demand is expected to be around 79,671 megawatts (near a record high). 

We previously noted an imminent power shock in Texas could result in higher crude prices because oil/gas industries would be forced to shutter operations during blackouts. Here is what a dealer for one of the larger institutional crude and products books told us:

… looking like Texas may be short power for the next week or so. Wild rumors floating around that the Governor may call on industrials (ie refineries) to idle or significantly de-rate plants for up to a week to keep from having to black out residential consumers (Mom&Pop) in a heat wave. Don’t want to make folks sweat at home in the dark during an election year.

Key takeaway? Cracks may just be getting started and could go parabolic here.

Max temperatures across the state will bounce between 100-105 degrees Fahrenheit through the second half of the month, meaning no relief in sight. 

Reuters notes, “record temperatures are expected across much of the state on Monday.”

A reporter at Dallas-Fort Worth WFAA, Chris Sadegh, tweetedBuckle up and tighten up. Could be an iffy day for the Texas energy grid.

Elon Musk terminates deal to buy Twitter as their board pursues legal action

(zerohedge)

Elon Musk Terminates Deal To Buy Twitter; Board To Pursue Legal Action

SATURDAY, JUL 09, 2022 – 06:35 AM

Update (1800ET): Twitter’s Board of Directors said on Friday that they intend to close the transaction with Musk at $54.20 per share, and that they plan to pursue legal action to enforce the agreement, Twitter chairman of the board Bret Taylor tweeted following the news, adding that the board is “confident it will prevail in Delaware Court of Cancery.”

Musk’s filing won’t be the end of this, but it does mark the conclusion of high-stakes suspense over whether he would complete the deal, after a public spat with the company over the number of bots on the platform.

In recent weeks the company said that it had been sharing information with Musk in order to consummate the deal as laid out in the merger agreement, and reiterated their intention to close the transaction and enforce the agreement, the Wall Street Journal reports.

There are no guarantees Mr. Musk will be able to walk away from the deal entirely, as Twitter is expected to challenge his legal arguments. Deal clashes often end in negotiated settlements that can include a price cut or one-time payments.

Mr. Musk’s lawyer cited concerns over Twitter’s estimates about how many of its daily users are fake or spam accounts as an issue Mr. Musk raised as a concern about the deal almost three weeks after he signed it.

Discovery should be fun…

*  *  *

Many were wondering how the Musk-Twitter takeover saga ends, or rather, who will be the first to sue.

Late on Friday, Elon Musk decided to resolve the debate by effectively breaching his contract signed three months ago, and making a Delaware lawsuit inevitable, by announcing in a 13D filing that he is terminating his Twitter merger agreement, and claiming that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect.”

Of course, none of that will stick as Elon waived all rights to rework the deal when he signed the purchase agreement on April 25, and now it will be up to either i) a judge to impose the original deal, an outcome which will likely take place after several years of lawsuits or ii) to renegotiate the purchase price lower.

Here is the letter sent from Musk’s law firm, Skadden Arps, to Twitter’s general counsel, Vijaya Gadde.

Twitter, Inc.

1355 Market Street, Suite 900

San Francisco, CA 94103

Attn: Vijaya Gadde, Chief Legal Officer

Dear Ms. Gadde:

We refer to (i) the Agreement and Plan of Merger by and among X Holdings I, Inc., X Holdings II, Inc. and Twitter, Inc. dated as of April 25, 2022 (the “Merger Agreement”) and (ii) our letter to you dated as of June 6, 2022 (the “June 6 Letter”). As further described below, Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect (as that term is defined in the Merger Agreement).

While Section 6.4 of the Merger Agreement requires Twitter to provide Mr. Musk and his advisors all data and information that Mr. Musk requests “for any reasonable business purpose related to the consummation of the transaction,” Twitter has not complied with its contractual obligations. For nearly two months, Mr. Musk has sought the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform” (our letter to you dated May 25, 2022 (the “May 25 Letter”)). This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business. Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.

Mr. Musk and his financial advisors at Morgan Stanley have been requesting critical information from Twitter as far back as May 9, 2022—and repeatedly since then—on the relationship between Twitter’s disclosed mDAU figures and the prevalence of false or spam accounts on the platform. If there were ever any doubt as to the nature of these information requests, the May 25 Letter made clear that Mr. Musk’s goal was to understand how many of Twitter’s claimed mDAUs were, in fact, fake or spam accounts. That letter noted that “Items 1.03 to 1.13 of the diligence request list contain high-priority requests for enterprise data and other information intended to enable Mr. Musk and his advisors to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform…” The letter then provided Twitter with a detailed list of requests to this effect.

Since then, Mr. Musk has provided numerous additional follow-up requests, all aimed at filling the gaps in the incomplete information that Twitter provided in response to his broad requests for information relating to Twitter’s reported mDAU counts and reported estimates of false and spam accounts.1 For example, in our letter to you dated June 29, 2022 (the “June 29 Letter”), we referenced Mr. Musk’s request in the May 25 Letter for “information that would allow him ‘to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.’” Because Twitter, by its own admission, provided only incomplete data that was not sufficient to perform such an independent assessment,2 the June 29 Letter “endeavored to be even more specific, and to reduce the burden of the [original] request,” by identifying a specific subset of high priority information, responsive to Mr. Musk’s prior requests, for Twitter to immediately make available.

Notwithstanding these repeated requests over the past two months, Twitter has still failed to provide much of the data and information responsive to Mr. Musk’s repeated requests, including, but not limited to:

  1. Information related to Twitter’s process for auditing the inclusion of spam and fake accounts in mDAU. Twitter has still not provided much of the information specifically requested by Mr. Musk in Sections 1.01-1.03 of the May 19 diligence request list that is necessary for him to make an assessment of the prevalence of false or spam accounts on its website. As recently as the June 29 Letter, Mr. Musk reiterated this long-standing request for information related to Twitter’s sampling process for detecting fake accounts. The June 29 Letter identified specific data necessary to enable Mr. Musk to independently verify Twitter’s representations regarding the number of mDAU on its platform—including, but not limited to (1) daily global mDAU data since October 1, 2020; (2) information regarding the sampling population for mDAU, including whether the mDAU population used for auditing spam and false accounts is the same mDAU population used for quarterly reporting; (3) outputs of each step of the sampling process for each day during the weeks of January 30, 2022 and June 19, 2022; (4) documentation or other guidance provided to contractor agents used for auditing mDAU samples; (5) information regarding the user interface of Twitter’s ADAP tool and any internal tools used by the contractor agents; and (6) mDAU audit sampling information, including anonymized information identifying the contractor agents and Quality Analyst that reviewed each sampled account, the designation given by each contractor agent and Quality Analyst, and the current status of any accounts labelled “compromised.” A subsequent request along these lines should not have been necessary, as this information should have been provided in response to Mr. Musk’s original diligence request. Yet, to date, Twitter has not provided any of this information.
  2. Information related to Twitter’s process for identifying and suspending spam and fake accounts. In addition to information regarding Twitter’s mDAU audits, the June 29 Letter also reiterated requests for data specifically identified in Sections 1.04-1.05 of the May 19 diligence request list regarding Twitter’s methodology and performance data relating to identification and suspension of spam and false accounts, including, but not limited to, information regarding account suspensions, including information sufficient to identify daily numbers of account suspensions since October 2020 and numbers of account suspensions for each of Twitter’s internal reasons for suspension. In addition, during the June 30, 2022 call, Twitter’s representatives indicated for the first time that the workflow and processes for detecting spam and false accounts in the mDAU population is different and separate from the workflow and processes for identifying and suspending accounts in violation of Twitter’s policies. On that call, Twitter indicated that it would not be willing to provide information regarding the methodologies employed to identify and suspend such accounts.
  3. Daily measures of mDAU for the past eight (8) quarters. On June 17, 2022 (the “June 17 Letter”) Mr. Musk reiterated his request for “access to the sample set used and calculations performed, as well as any related reports or analysis, to support Twitter’s representation that fewer than 5% of its mDAUs are false or spam account.” To that end, Mr. Musk requested that Twitter provide “daily measures of mDAU for the previous eight quarters, and through the present.” This information is derivative of the information Mr. Musk first sought in Sections 1.01-1.03 of the May 19 diligence request list. Although Twitter has provided certain summary data regarding the mDAU calculations, Twitter has not provided the complete daily measures as requested.
  4. Board materials related to Twitter’s mDAU calculations. In the June 17 Letter, Mr. Musk requested a variety of board materials and communications related to Twitter’s mDAU metric, its calculation of the number of spam and false accounts, its disclosure of the mDAU metric, and the company’s disclosure of the number of spam accounts on the platform. Twitter has provided an incomplete data set in response to this request, and has not provided information sufficient to enable Mr. Musk to make an independent assessment of Twitter’s board and management’s understanding of its mDAU metric.
  5. Materials related to Twitter’s financial condition. Mr. Musk is entitled, under Section 6.4 of the Merger Agreement to “all information concerning the business … of the Company … for any reasonable business purpose related to the consummation of the transactions” and under Section 6.11 of the Merger Agreement, to information “reasonably requested” in connection with his efforts to secure the debt financing necessary to consummate the transaction. To that end, Mr. Musk requested on June 17 a variety of board materials, including a working, bottoms-up financial model for 2022, a budget for 2022, an updated draft plan or budget, and a working copy of Goldman Sachs’ valuation model underlying its fairness opinion. Twitter has provided only a pdf copy of Goldman Sachs’ final Board presentation.

In short, Twitter has not provided information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests.

While Twitter has provided some information, that information has come with strings attached, use limitations or other artificial formatting features, which has rendered some of the information minimally useful to Mr. Musk and his advisors. For example, when Twitter finally provided access to the eight developer “APIs” first explicitly requested by Mr. Musk in the May 25 Letter, those APIs contained a rate limit lower than what Twitter provides to its largest enterprise customers. Twitter only offered to provide Mr. Musk with the same level of access as some of its customers after we explained that throttling the rate limit prevented Mr. Musk and his advisors from performing the analysis that he wished to conduct in any reasonable period of time.

Additionally, those APIs contained an artificial “cap” on the number of queries that Mr. Musk and his team can run regardless of the rate limit—an issue that initially prevented Mr. Musk and his advisors from completing an analysis of the data in any reasonable period of time. Mr. Musk raised this issue as soon as he became aware of it, in the first paragraph of the June 29 Letter: “we have just been informed by our data experts that Twitter has placed an artificial cap on the number of searches our experts can perform with this data, which is now preventing Mr. Musk and his team from doing their analysis.” That cap was not removed until July 6, after Mr. Musk demanded its removal for a second time.

Based on the foregoing refusal to provide information that Mr. Musk has been requesting since May 9, 2022, Twitter is in breach of Sections 6.4 and 6.11 of the Merger Agreement.

Despite public speculation on this point, Mr. Musk did not waive his right to review Twitter’s data and information simply because he chose not to seek this data and information before entering into the Merger Agreement. In fact, he negotiated access and information rights within the Merger Agreement precisely so that he could review data and information that is important to Twitter’s business before financing and completing the transaction.

As Twitter has been on notice of its breach since at least June 6, 2022, any cure period afforded to Twitter under the Merger Agreement has now lapsed. Accordingly, Mr. Musk hereby exercises X Holdings I, Inc.’s right to terminate the Merger Agreement and abandon the transaction contemplated thereby, and this letter constitutes formal notice of X Holding I, Inc.’s termination of the Merger Agreement pursuant to Section 8.1(d)(i) thereof.

In addition to the foregoing, Twitter is in breach of the Merger Agreement because the Merger Agreement appears to contain materially inaccurate representations. Specifically, in the Merger Agreement, Twitter represented that no documents that Twitter filed with the U.S. Securities and Exchange Commission since January 1, 2022, included any “untrue statement of a material fact” (Section 4.6(a)). Twitter has repeatedly made statements in such filings regarding the portion of its mDAUs that are false or spam, including statements that: “We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter,” and “After we determine an account is spam, malicious automation, or fake, we stop counting it in our mDAU, or other related metrics.” Mr. Musk relied on this representation in the Merger Agreement (and Twitter’s numerous public statements regarding false and spam accounts in its publicly filed SEC documents) when agreeing to enter into the Merger Agreement. Mr. Musk has the right to seek rescission of the Merger Agreement in the event these material representations are determined to be false.

Although Twitter has not yet provided complete information to Mr. Musk that would enable him to do a complete and comprehensive review of spam and fake accounts on Twitter’s platform, he has been able to partially and preliminarily analyze the accuracy of Twitter’s disclosure regarding its mDAU. While this analysis remains ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading. First, although Twitter has consistently represented in securities filings that “fewer than 5%” of its mDAU are false or spam accounts, based on the information provided by Twitter to date, it appears that Twitter is dramatically understating the proportion of spam and false accounts represented in its mDAU count. Preliminary analysis by Mr. Musk’s advisors of the information provided by Twitter to date causes Mr. Musk to strongly believe that the proportion of false and spam accounts included in the reported mDAU count is wildly higher than 5%. Second, Twitter’s disclosure that it ceases to count fake or spam users in its mDAU when it determines that those users are fake appears to be false. Instead, we understand, based on Twitter’s representations during a June 30, 2022 call with us, that Twitter includes accounts that have been suspended—and thus are known to be fake or spam—in its quarterly mDAU count even when it is aware that the suspended accounts were included in mDAU for that quarter. Last, Twitter has represented that it is “continually seeking to improve our ability to estimate the total number of spam accounts and eliminate them from the calculation of our mDAU…” But, Twitter’s process for calculating its mDAU, and the percentage of mDAU comprised of non-monetizable spam accounts, appears to be arbitrary and ad hoc. Disclosing that Twitter has a reasoned process for calculating mDAU when the opposite is true would be false and misleading.

Twitter’s representation in the Merger Agreement regarding the accuracy of its SEC disclosures relating to false and spam accounts may have also caused, or is reasonably likely to result in, a Company Material Adverse Effect, which may form an additional basis for terminating the Merger Agreement. While Mr. Musk and his advisors continue to investigate the exact nature and extent of this event, Mr. Musk has reason to believe that the true number of false or spam accounts on Twitter’s platform is substantially higher than the amount of less than 5% represented by Twitter in its SEC filings. Twitter’s true mDAU count is a key component of the company’s business, given that approximately 90% of its revenue comes from advertisements. For this reason, to the extent that Twitter has underrepresented the number of false or spam accounts on its platform, that may constitute a Company Material Adverse Effect under Section 7.2(b)(i) of the Merger Agreement. Mr. Musk is also examining the company’s recent financial performance and revised outlook, and is considering whether the company’s declining business prospects and financial outlook constitute a Company Material Adverse Effect giving Mr. Musk a separate and distinct basis for terminating the Merger Agreement.

Finally, Twitter also did not comply with its obligations under Section 6.1 of the Merger Agreement to seek and obtain consent before deviating from its obligation to conduct its business in the ordinary course and “preserve substantially intact the material components of its current business organization.” Twitter’s conduct in firing two key, high-ranking employees, its Revenue Product Lead and the General Manager of Consumer, as well as announcing on July 7 that it was laying off a third of its talent acquisition team, implicates the ordinary course provision. Twitter has also instituted a general hiring freeze which extends even to reconsideration of outstanding job offers. Moreover, three executives have resigned from Twitter since the Merger Agreement was signed: the Head of Data Science, the Vice President of Twitter Service, and a Vice President of Product Management for Health, Conversation, and Growth. The Company has not received Parent’s consent for changes in the conduct of its business, including for the specific changes listed above. The Company’s actions therefore constitute a material breach of Section 6.1 of the Merger Agreement.

Accordingly, for all of these reasons, Mr. Musk hereby exercises X Holdings I, Inc.’s right to terminate the Merger Agreement and abandon the transaction contemplated thereby, and this letter constitutes formal notice of X Holding I, Inc.’s termination of the Merger Agreement pursuant to Section 8.1(d)(i) thereof.

Sincerely,

/s/ Mike Ringler
Mike Ringler
Skadden, Arps, Slate, Meagher & Flom LLP

*  *  *

With all due respect to Elon and his law firm, all of the above is bunk, and all that matters is his signature on the original merger agreement when he waived all rights. And now it is up to the Twitter board to decide how to pursue next steps.

TWTR stock dropped 7% after hours on an outcome that everyone should have priced in by now: the real fun begins now.

Elon Musk Reveals CIA Likely Using Twitter As A Military Grade Psy-Op To Brainwash the Masses And As Many As 90% Of Users Are Bots – enVolve

Inbox

Robert Hryniak2:08 PM (51 minutes ago)
to

If this is true then he is right to walk on buying a pig in a poke

END

3b/INFLATION COMMENTARIES/LOG JAMS ETC

END 

SWAMP STORIES

King report

The US June Employment Report has a huge discrepancy between NFP (+327,000, 268k expected) and Household Survey ‘Employed’ (-315,000).   https://www.bls.gov/news.release/pdf/empsit.pdf
 
Zero Hedge: What is even more confounding is that according to “big data” (Industry employment metrics) watched by Goldman, today’s print should have been a -1 million drop.
https://www.zerohedge.com/markets/wall-street-stunned-june-payrolls-unexpectedly-smash-expectations
 
BLS: Frequently Asked Questions about Employment and Unemployment Estimates
1. Why are there two monthly measures of employment?
The household survey and establishment survey both produce sample-based estimates of
employment, and both have strengths and limitations. The establishment survey employment series
has a smaller margin of error on the measurement of month-to-month change than the household
survey because of its much larger sample size… However, the household survey has a
more expansive scope than the establishment survey because it includes self-employed workers
whose businesses are unincorporated, unpaid family workers, agricultural workers, and private
household workers, who are excluded by the establishment survey
www.bls.gov/web/empsit/ces_cps_trends.htm.
 
The household survey has no duplication of individuals because individuals are counted only once, even if they hold more than one job. In the establishment surveyemployees working at more than one job and thus appearing on more than one payroll are counted separately for each appearance.
https://www.businessinsider.com/the-differences-between-the-household-and-establishment-employment-surveys-2014-8
 
@zerohedge: There is a record number of Americans who now hold two FULL-TIME jobs.
https://twitter.com/zerohedge/status/1545499094763847680/photo/1
 
April NFP was revised 68k lower, to +368k from +436k.  May NFP was revised 6k lower, from +390k to +384k. Ergo, the two-month revision is -74,000.  Manufacturing added 29k jobs in June. 
 
Low-paying gigs provided many jobs: Leisure & Hospitality 67k (41k from food service & drinking places), Healthcare +56.7k, Retail 15.4k; Professional & Business Services +74k; Transportation & Warehousing +35.5k; Wages +0.3% m/m as expected, May wages were revised to 0.4% from 0.3%.
 
The Unemployment Rate remains at 3.6%; Civilian Labor Force -353k (Huh?); Not in the Labor Force +510k; Participation Rate -0.1 to 62.2% (62.4% exp); Employment-Population ratio -0.2 to 59.9%
 
The BLS: The number of persons employed part time for economic reasons declined by 707,000 (Slack work or business conditions -630k) to 3.6 million in June… These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)… In June, 2.1 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic…
 
Because of the focus on NFP, the market construes the June Employment as a greenlight for the Fed to hike rates 75-bp rate on July 27.  Atlanta Fed Q2 GDP Now rose to -1.2% from -1.9% on the June NFP.
 
Atlanta Fed President Bostic: Can Move 75 BPS at Next Meeting and Not Damage Economy
 
@SuburbanDrone: Payrolls stronger than expected, stoking higher interest rate expectations.  Steve Liesman is questioning how payrolls could rise in a recession. It’s not common in recent years, but in the inflationary 1970s payrolls kept rising at the start of every recession.
 
May Wholesale inventories 1.8% m/m, 2.0% expected, April 2.0%
May Wholesale Sales 0.5% m/m, 1.0% expected, April 0.8%
 
ESUs traded in negative territory during Asian trading on Friday and during European trading except from 6:29 ET to 6:43 ET.  ESUs tumbled to a daily low of 3868.00 within 15 minutes of the June Employment Report release.  Then the usual rally for the NYSE open appeared.  After a 32-handle rally, ESUs hit a peak at 9:45 ET; they then sank 29.25 by 10:00 ET. 
 
ESUs and stocks then surged to session highs on the rally for the European close.  ESUs hit a daily high of 3922.00 at the European close.  With the manipulators out of the way, ESUs tumbled 41 handles by 13:04 ET.  The standard Friday afternoon rally then commenced.
 
The afternoon rally peaked at 15:10 ET, five handles below the 3922.00 high.  ESUs and stocks then slid into the close.  Obviously, the afternoon rally was trader driven.
 
USUs, which were positive for most of Asian trading and early European trading, tumbled on the release of the June Employment Report.  USUs hit a peak of 138 29/32 at 3:41 ET.  They sank to 136 26/32 by 11:54 ET.  USUs went inert, trading in a 5-tick range until 15:54 ET. The US 2-year jumped to 3.11%. 
 
Energy commodities rallied sharply on Friday.  Is the energy commodity retreat over?
 
@SaraEisen: Buy the pullbacks, oil will go back to $150 or $200 – says @Jkylebass…
 
@PeconicCapital: Kyle Bass: “Buy oil with every dollar you can scrape together… it’s going to $150 and then to $200.  We now have less oil in emergency reserves than we did in 1982… all for this administration to try and buy votes “
 
FT: Germany is rationing hot water, dimming its street lights and shutting down swimming pools as the impact of its energy crunch begins to spread from industry to offices, leisure centres and homes.
https://www.ft.com/content/d0c5815f-f0a2-49ad-8772-f4b0fbbd2c94
 
Thousands of US flights delayed Friday – 18.5% of flights were delayed Monday through Thursday
https://www.foxbusiness.com/lifestyle/thousands-us-flights-delayed-friday?intcmp=tw_fnc
 
Positive aspects of previous session
Stocks rallied after another early US tumble
The Nasdaq 100 rallied for a 5th consecutive session; Nasdaq rallied modestly
 
Negative aspects of previous session
Bonds declined sharply and energy commodities rallied smartly
Despite two concerted upward manipulations, the DJIA, DJTA, and S&P 500 declined
 
Ambiguous aspects of previous session
Is the next inflation leg up germinating?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: UpLast Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3895.74
Previous session High/Low3918.50; 3869.34
 
Democrats pressure Biden to take executive action on abortion rights
At the end of the day, the Supreme Court’s rule, the president can’t in any way turn this decision around…
https://www.pbs.org/newshour/show/democrats-pressure-biden-to-take-executive-action-on-abortion-rights
 
Biden signs executive order on abortion access amid pressure from Democrats (symbolic gesture)
His executive… finalizes… instructions to the Justice Department to make sure women can travel out-of-state for abortion care… https://abcnews.go.com/Politics/biden-sign-executive-order-abortion-access-amid-pressure/story
 
Leftists have been pressuring The Big Guy to do something about abortion.  So, The Big Guy’s handlers crafted a nothing burger that was hyped as an EO that mitigated the Supreme Court decision.
 
@ArtValley818_: Biden — “We cannot allow an out of control Supreme Court, working in conjunction with extremist elements of the Republican party, to take away freedoms…the choice we face as a nation is between the mainstream and the extreme…” (Viciously attacking the SCOTUS again.)
https://twitter.com/ArtValley818_/status/1545444386141401088
 
@townhallcom: REPORTER: “The President’s rhetoric today was almost declaring war on the court…”
KJP: “The President respects the institution. He respects the court…He believes the decision is extreme.”
 
@bennyjohnson: Karine Jean-Pierre on Brett Kavanaugh being forced out of a DC restaurant by protesters over his opinion: “People should be allowed to be able to do that… This is what a democracy is.”  https://twitter.com/bennyjohnson/status/1545471913442549761
 
On Friday, The Big Guy had one of the worst Teleprompter reading days in US Presidential history.
 
@Not_the_Bee: President Teleprompter just read the instructions “end of quote” (again) AND “repeat the line”   https://twitter.com/Not_the_Bee/status/1545449815982628865
 
The Big Guy was mocked so brutally for reading the instructions on the Teleprompter that a WH aide replied that The Big Guy said, “Let me repeat the line.”  The video proves that this is a blatant lie.
 
White House called out for cover-up of Biden teleprompter gaffe: ‘Paid to lie for a living’
https://www.foxnews.com/media/white-house-cover-up-biden-teleprompter-gaffe
 
Biden said a 10-year-old traveled to Indiana “to terminate the presidency and maybe save her life.”
https://twitter.com/charliespiering/status/1545443088188964874
 
@charliespiering: Asked if WH can verify the story of the ten-year-old Ohio girl who was raped, Karine Jean-Pierre says she has nothing else to share on the incident.
 
@laureldugg: I contacted Dr. Caitlin Bernard, the *sole source* behind the sensational story about a 10-year old fleeing Ohio to get an abortion, to see if she could offer any details to corroborate her story. She couldn’t(The Big Guy, MSM, leftists, and some Dems are also lying about ectopic pregnancies.)
 
@RNCResearch: BIDEN: “Right now, in all 50 straits and the District of Combia…”
https://twitter.com/RNCResearch/status/1545443724733419520
 
@townhallcom: Joe Biden claims that the assassination of Former Prime Minister of Japan Shinzo Abe is “is the first use of a weapon to murder someone in in Japan.” (You cannot make this up!)
https://twitter.com/townhallcom/status/1545445196221087744
 
@KyleMartinsen_: In case you missed Biden’s incredibly incoherent speech just now, here’s a quick 21 second recap.   https://twitter.com/KyleMartinsen_/status/1545453047551328257
 
@RNCResearch: Biden’s gigantic teleprompter in actionhttps://twitter.com/RNCResearch/status/1545505821450272768/photo/2
 
Elon Musk: “Whoever controls the teleprompter is the real President!”
 
Biden’s approval rating craters to 30% after brutal week: poll https://trib.al/AEfZps7
 
The NY Times in a front-page story on Sunday highlights Biden’s diminished mental capacity!
 
At 79, Biden is testing the limits of age and the presidency
He often drags his feet when he walks, and helpers fear that he will trip over a wire. He stumbles over words during public events, and they hold their breath to see if he gets through without a mistake.
    White House officials… are privately trying to protect Biden’s weekends in Delaware as much as possible. He is usually a president for five or five and a half days a week… He stays out of the public eye at night (cognition difficulties intensify at night) and has participated in fewer than half the press conferences or interviews of his recent predecessors…
     He sometimes loses his train of thought, has trouble calling up names, or seems momentarily confused…The White House seems equally determined to shield Mr. Biden from impromptu interactions with the media… During his trip to Europe last month, foreign leaders followed suit while treating him protectively like a distinguished elderly relative…another day (at NATO Summit) he skipped evening festivities with other leaders and his public schedule ended with a 3:30 pm event… (Joe delayed his trek to Saudi Arabia so he could rest up after his NATO trip!)
https://nationworldnews.com/at-79-biden-is-testing-the-limits-of-age-and-the-presidency/
 
@nytimes: As President Biden insists he plans to run for a second term, his age has increasingly become an uncomfortable issue for him and his party. Polls show many Americans (64%) consider him too old, and some Democratic strategists do not think he should run againhttps://t.co/OxncGGcbL4
 
Biden isn’t running out of ideas, Dems fear. He’s running out of time – Democrats are pressing the White House to try and change the dynamics of the midterms. They fear it’s getting too late.
    With the 2022 elections four months away, Democrats both inside and outside of the White House acknowledge there is no silver bullet to slay a host of political problems… whereas earlier in the year, there was hope that some of those problems would abate, there is diminishing confidence in that now.  White House aides, from their vantage point, do not appear to be in enough of a hurry. Rather than abruptly changing strategy, Biden’s team has doubled down on what it believes is an effective two-pronged approach: First, to make steady — if at times slow — progress on the challenges it faces, or at least demonstrate to voters the president is fighting an intractable problem; and second, to highlight contrasts with Republicans to paint them as a party beholden to its extremists and doing little to help struggling Americans… https://www.politico.com/news/2022/07/08/president-joe-biden-running-out-of-time-00044636
 
Dems and their stenographers in the MSM are preemptively blaming Biden for a looming electoral disaster in November.  In 2020, the usual suspects hid Joe; now they want him gone!
 
Biden’s Mental Decay – How do you formulate a strategy about China or Russia when you rely on a cheat sheet for a 5-minute meeting?  Make no mistake, Biden’s senility is one of the biggest stories in the world… if the press is willing to cover-up Biden’s dementia – then what other stories are they euthanizing?  https://technofog.substack.com/p/bidens-mental-decay
 
@stephenwertheim: Biden: “Next week, I will be the first president to visit the Middle East since 9/11 without U.S. troops engaged in a combat mission there.” Hard to see how this is not misleading, unless he is removing U.S. troops from Iraq, Syria, and Yemen within days.
 
@markets: The precious-metals business at JPMorgan operated for years as a corrupt group of traders and sales staff who manipulated gold and silver markets, a federal prosecutor told jurors in Chicago https://t.co/JqKioRPzMt  (But Jamie Dimon regularly preaches to others!)
 
Elon Musk cancels bid (Friday night) to buy Twitter, Company to sue him to complete the deal
Citing the company’s failure to produce information on fake accounts while Twitter announced it would sue him to complete the deal.  https://justthenews.com/accountability/media/elon-musk-cancels-bid-buy-twitter
 
@zerohedge: This is interesting: “during the June 30, 2022 call… Twitter indicated that it would not be willing to provide information regarding the methodologies employed to identify and suspend accounts… in violation of Twitter’s policies.”  Because of political intervention?
 
John Hussman: After a decade of deranged monetary policies that ultimately amplified speculation beyond 1929 and 2000 extremes, we are so far from “normal’ that arriving anywhere near that neighborhood will be a journey. The recent market decline has simply retraced the frothiest portion of the recent bubble, bringing the most reliable market valuation measures back toward their 1929 and 2000 extremes
     “During the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude towards the investment merits of common stocks…The notion that the desirability of a common stock was entirely independent of its price seems incredibly absurd… It was only necessary to buy ‘good’ stocks, regardless of price, and then to let nature take her upward course. The results of such a doctrine could not fail to be tragic. – Benjamin Graham & David L. Dodd, Security Analysis, 1934
    The danger for investors is that they have learned all the wrong lessons from this bubble. They’ve come to believe that valuations can be ignored, and that Fed easing is omnipotent. They’ve come to believe that “it always comes back.” They’ve learned to embrace passive investing, because… prices that have gone nowhere but up, and conclude that attending to valuations would have been costly and useless. They’ve come to imagine that more risk means more return, regardless of the prices they pay to get in…  https://www.hussmanfunds.com/comment/mc220707/?mc_cid=8579f97826&mc_eid=de19a80fd5
 
Chinese protesters demanding bank deposits tussle with security men
Several people protesting in the Chinese city of Zhengzhou over the freezing of deposits by some rural-based banks said they were injured on Sunday when heavy-handed security personnel dispersed the crowd…  https://www.reuters.com/world/china/chinese-protesters-demanding-bank-deposits-tussle-with-security-men-2022-07-10/
 
Wells Fargo Bank took control of the 610-room JW Marriott Chicago hotel Friday morning with a winning bid of nearly $251 million during a foreclosure auction.  Orlando-based owner Estein USA hadn’t made a payment on the $203 million loan tied to the property at 151 West Adams St. since last summer… https://patabook.com/news/2022/07/09/wells-fargo-bank-takes-control-of-jw-marriott-at-auction/
 
Barron’s: Car Repos Are Exploding. That’s a Bad Omen – Companies in the business of repossessing autos are among the first to know when economic trouble is brewing. And now those companies are buying car lots to handle the flood of repossessed, used cars coming to the market
 
Today – Q2 earnings reporting commences this week – and its expiry week.  Perhaps part of last week’s equity rally was pattern traders buying for the usual rally into earnings reporting season and the usual rally for expected expiry week upward manipulation.  Huge earnings caveat: The strong dollar could impair Q2 earnings for US multinational companies, particularly tech firms, if they didn’t hedge!
 
ESUs are -9.00 and USUs are +2/32 at 20:45 ET. 
 
Events: NY Fed Pres Williams 14:00 ET; The Big Guy returns from Delaware
 
S&P 500 Index 50-day MA: 3973; 100-day MA: 4185; 150-day MA: 4326; 200-day MA: 4380
DJIA 50-day MA: 31,927; 100-day MA: 33,059; 150-day MA: 33,885; 200-day MA: 34,245
 
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 4145.22 triggers a buy signal
DailyTrender and MACD are positive – a close below 3731.15 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 3862.86 triggers a sell signal
 
ShutDownDC group offers bounties on Twitter for public sightings of conservative Supreme Court justices – Twitter’s policies prohibit ‘behavior that encourages others to harass’
https://www.foxnews.com/politics/shutdowndc-group-offers-bounties-twitter-public-sightings-conservative-supreme-court-justices
 
@TomFitton: In a historic vindication for Trump, Wisconsin Supreme Court details how use of drop boxes and ballot harvesting in 2020 presidential elections was illegalhttps://wicourts.gov/sc/opinion/Dis
 
@ScottPresler: The Wisconsin Supreme Court ruled 4-3 that absentee ballot drop boxes may only be placed in election offices & no one other than the voter can return a ballot in person.  In 2020, Wisconsin had more than 500 unmanned drop boxes — this won’t happen again.
 
Every president invites Henry Kissinger to the White House — except Biden https://trib.al/dV2EkNp
 
Leftists and the MSM hate Kissinger and have incessantly impugned him; but they protect Soros!
 
ABC, NBC, CBS, CNN, MSNBC ignore voicemail Joe Biden allegedly left for Hunter Biden on business dealings  https://www.foxnews.com/media/abc-nbc-cbs-cnn-msnbc-voicemail-joe-biden-hunter-biden-business-dealings
 
Hunter Biden reportedly called Jill an ‘entitled c-word’ in texts
“And you do know the drunkest I’ve ever been is still smarter than you could ever even comprehend and you’re a shut [sic] grammar teacher that wouldn’t survive one class in a ivy graduate program,” Hunter said in the text…  https://nypost.com/2022/07/08/hunter-biden-calls-jill-an-entitled-c-t-in-texts/
 
4chan users claim hack of Hunter Biden’s iCloud account, start leaking alleged screenshots
“Can we talk about how Biden is polling as the least popular president of all time and also that his son refers to him as Pedo Peter?” The Post Millennial’s Ian Miles Cheong said on Twitter.  The alleged nickname “Pedo Peter” comes after Joe Biden asked his son to call him using the pseudonym “Peter Henderson,” a fictional KGB spy in Tom Clancy novels, The New York Post reported.
https://justthenews.com/government/white-house/4chan-users-say-theyve-hacked-hunter-bidens-icloud-account-start-leaking
 
@HansMahn>https://nypost.com/2022/07/09/kamala-harris-mocked-for-answer-to-roe-v-wade-abortion-question/
 
White House statement on the assassination of Shinzo Abe: “While there are many details we do not yet know, we know violent attacks are never acceptable & that gun violence always leaves a deep scar on the communities that are affected by it. The U.S. stands with Japan in this moment of grief.”
 
@mattdizwhitlock: This statement is pretty odd. Abe has been one of America’s most important strategic partners for the last decade (including the Obama years – which Biden was loosely involved in) and Biden is focusing on the larger impact of gun violence?
 
@TomFitton: INCREDIBLE: Terrible assassination of Abe is excuse for Biden to use the bulk of his “condolence” statement to complain about “gun violence.”
 
@greg_price11: Biden on the murder of Shinzo Abe: “One thing did strike my attention that this is the first use of a weapon to murder someone in Japan and I think we have thus far have 3,000, 688, or between 3 to 4 thousand cases. They have one.” https://twitter.com/greg_price11/status/1545444519705038849
 
@mrglenn: Wow. The Japanese prime minister did not take President Biden’s call earlier today. Regardless of the circumstances following the assassination of former PM Shinzo Abe (or the time difference) it says something when a foreign leader puts off a call from the President of the US.
 
@CurtisHouck: @CBSMornings trashes Shinzo Abe hours after his assassination, calling him “a polarizing figure,” “right-wing nationalist, and conservative” whose “political opinions were controversial   https://twitter.com/CurtisHouck/status/1545390720663576580
 
NPR deleted a Tweet that had insensitive remarks about Abe.
https://twitter.com/JerryDunleavy/status/1545386641984028672
 
GOP @RepMarkWalker: When Fidel Castro died, NPR called him a “prominent international figure.”  On Yasser Arafat’s death “a freedom fighter.” On Prime Minister’s Abu’s assassination, NPR’s statement: “a divisive arch-conservative and an ultranationalist.” Brought to you by your US tax dollars.
 
@bennyjohnson: The media are truly evil. Never forget that outlets like The Washington Post eulogized the leader of ISIS and described him as a “religious scholar”.  Now Shinzo Abe is being labeled “divisive” hours after he was assassinated. Shameful.
https://twitter.com/bennyjohnson/status/1545390560034291712
 
Highland Park shooter tried to kill himself ‘MULTIPLE TIMES’ after a ‘downward spiral’ because he was a loner whose relatives ignored him… threatened to overdose in 2016 and 2017…
https://www.dailymail.co.uk/news/article-10997809/Bobby-Crimo-tried-kill-multiple-times-including-twice-friends.html
 
Highland Park shooter’s mom was convicted of leaving him in hot car for 27 MINUTES when he was 2, as arrest reports reveal her attacks on his dad with shoe and screwdriver
https://www.dailymail.co.uk/news/article-10994923/Highland-Park-shooters-parents-constantly-fighting-records-show.html
 
Democratic Party leadership silent on teachers union plan to replace ‘mother’ with ‘birthing parent’  https://www.foxnews.com/politics/democratic-party-leadership-silent-teachers-union-plan-replace-mother-birthing-parent
 
@ErrolWebber: Brittney Griner actively refused to be present during the playing of the U.S. National Anthem before games, and even demanded the Anthem and flag ceremony be avoided in all games.  I wonder what it feels like now with her begging the Red, White and Blue to come to her rescue? (She is incarcerated in Russia on drug charges to which she pled ‘guilty’.)
 
@BillFOXLA: CBP announces their investigation found no evidence any migrants were “whipped” or struck by horseback BP agents in TX, but they’re proposing discipline for 4 agents for derogatory language & using “threat of force” to drive migrants back into Rio Grande. (To save face for The Big Guy because Joe condemned the Border Patrol agents) Multiple federal sources tell me the agents received their proposed discipline from CBP yesterday, and it includes unpaid suspensions of up to 14 days. The agents will have an opportunity to respond/fight the allegations.
 
@JonathanTurley: Eisenhower once said “The search for a scapegoat is the easiest of all hunting expeditions.” For presidents it can be a canned hunt. This week President Biden bagged four Border Patrol agents in one of the most cowardly canned hunts in political history... https://t.co/4q12z3WzD0
 
Armed police swarm Steve Bannon’s $2.35M DC home ‘while he was live on air’ after false report https://t.co/vmIggVFCN6
 
Turley: J6 Committee Member Says Cipollone “Did Not Contradict” Hutchinson but Sources Say He was Not Asked – There is a new controversy over the alleged bias of the J6 Committee and the extreme measures used to avoid alternative or conflicting accounts. On Friday, Rep. Zoe Lofgren (D-Calif.), a member of the House select committee, declared that former Trump White House counsel Pat Cipollone ”did not contradict” the testimony of previous witnesses like Cassidy Hutchinson. However, the New York Times is reporting that he was not asked about statements that the Committee knew he would contradict.  The controversy comes at a time when the head of the Oath Keepers has offered to testify, an extraordinary move since he is facing criminal charges. However, he has one big demand: it must be live and in public. In other words, it cannot be edited or tailored by the Committee
https://jonathanturley.org/2022/07/10/dont-ask-dont-tell-j6-committee-member-says-former-white-house-counsel-did-not-contradict-hutchinson-but-sources-say-he-was-not-asked/
 
Velina Tchakarova @vtchakarova: Any relationship between China and Russia, including the current modus vivendi of coordination of certain positions, can only be of temporary and asymmetric characterThe current approximation is defined by a struggle for survival & creating counterweight to US…
 
US Army (active) medic Sgt. Rahasenfratz has gone viral for criticizing SCOTUS (No discipline)
https://www.dailymail.co.uk/news/article-10999863/Female-Army-medics-blistering-TikTok-blasting-end-Roe-v-Wade-sweeps-internet.html
 
Retired three-star general Gary Volesky suspended after tweet at Jill Biden
Biden tweeted that “for nearly 50 years, women have had the right to make our own decisions about our bodies. Today, that right was stolen from us.”  Volesky responded, “Glad to see you finally know what a woman is.”… https://t.co/p7JBmu3Y1j
 

Greg Hunter: interviewing Dr Pierre Kory

Guilty are Now Hiding Humanitarian Catastrophe – Dr. Pierre Kory

By Greg Hunter On July 9, 2022 In Political Analysis116 Comments

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

A month ago, world renowned CV19 critical care and pulmonary expert Dr. Pierre Kory, said ,” “This is a humanitarian catastrophe, and it has been ignored.  It has been suppressed.  It has been censored.”

Well, the dark powers who pushed the vax bioweapon have stopped ignoring the growing massive deaths and injuries and are now trying to shut people up.  Namely, doctors like Perrie Kory, who is under investigation by his certification board for so-called “misinformation” about treating Covid and vax injuries that have followed the injections.  The facts and data show Dr. Kory has been right all along.  Dr. Kory explains, “I definitely think, and Dr. Robert Malone agrees and says, they are getting really nervous on the inside.  There are a lot of people that promoted these policies and pushed this vaccine campaign, aggressively, even when the data was coming out that the initial trials were fraudulent.  They mischaracterized and manipulated the data and ignored safety signals. . . . The stopping point for these vaccines was probably reached in the second week of January 2021.  There were enough deaths being reported and enough injuries being reported that had the FDA been functioning as it should have, the vaccine campaign should have been stopped back then.  We are at 15 months now.  They are still pushing boosters.  We are vaccinating toddlers.  There is no limit to this vaccine obsession . . . . This is absolutely terrifying to behold.”

Dr. Kory says the people are waking up to CV19 vax nightmare.  Dr. Kory sees vax deaths and injuries accelerating in his own practice.  Dr. Kory says, “You can tell the population and the average Joe who have been lied to, drowning on propaganda, and censored from really accurate and appropriate guidance and data are figuring this out.  You cannot hide a humanitarian catastrophe of this scale.  You cannot hide it even with all the propaganda and censorship.  You have young people dying everywhere for no good reason.  That can no longer be ignored.”

Dr. Kory also says, “The excess mortality that we have seen and are seeing, first of all, it’s historically unprecedented.  A few months ago, a number of life insurance companies were reporting increases in life insurance claims for young working age Americans 18 to 65 . . . up to 40%.  Lincoln Financial, the fifth largest life insurance company in the country, just a week ago, announced in the last quarter of 2021 there was a 163% increase in life insurance claims over historical baselines.  Those are the drop-deads, heart attacks and strokes.  The excess mortalities of cancers we are seeing are going to continue to rage throughout the vaccinated population.   That’s going to be going on for some time.”

While the medical boards keep trying to silence and punish people like Dr. Kory, he is still treating patients with vaccine injuries.  Kory says, “Almost all the patients we are seeing are disabled (from the CV19 vax) and they cannot work, and if they can work, they are very limited.  That is one pattern.  Another is they get vaxed and they get sick, and then they get better, but a week or two later, weird stuff starts to happen.  The most common symptom that is I see is #1 fatigue.  The vast majority are having a chronic fatigue syndrome presentation.”

Dr. Kory is trying a variety of new treatments for the vax injured, but his baseline go-to drug is still Ivermectin because it binds to the spike proteins and removes them from the body.  Ivermectin is also a very good anti-inflammatory, according to Dr. Kory.  The good news is he is finding ways to help people with vax injuries and is learning more every day.

There is much more in the 53-minute interview.

Join Greg Hunter as he goes One-on-One with Dr. Pierre Kory, one of the top Pulmonary and Covid Critical Care experts on the planet, who is co-founder of the Front Line Covid-19 Critical Care Alliance (flccc.net) and author of the upcoming book “The War on Ivermectin.”

(https://usawatchdog.com/guilty-are-now-hiding-humanitarian-catastrophe-dr-perrie-kory/)

After the Interview: 

All the information is free on Front Line Covid-19 Critical Care Alliance website flccc.net.

If you want to preorder Dr. Kory’s book (coming out in September) “The War on Ivermectin,” click here, or click here.

If you want donate to the FLCCC Alliance, click here.

See you Tuesday

H

One comment

  1. […] by Harvey Organ, Harvey Organ Blog: […]

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: