SEPT 1//GOLD CLOSED DOWN $26.70 TO $1698.40//SILVER CLOSED DOWN $.58 TO $17.86//PLATINUM CLOSED DOWN $34.80 TO $832.45//PALLADIUM WAS DOWN $135.05 TO $2007.45//COVID UPDATES: LOCKDOWNS CONTINUE BUT THIS TIME IN CHENGDU//COVID UPDATES BY DR PAUL ALEXANDER//VACCINE IMPACT, VACCINE INJURY//RONAN MANLY A MUST READ ON THE NEW PHYSICAL EXCHANGE ORIGINATING IN MOSCOW//ENERGY UPDATES ON THE UK AND EUROPE//USA MANUFACTURING WEAKEST IN 2 YEARS//SWAMP STORIES FOR YOU TONIGHT//

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GOLD;  $1698.40 DOWN $26.70

SILVER: $17.86 DOWN 58 CENTS 

ACCESS MARKET: 

GOLD $1797.50

SILVER: $17.81

Bitcoin morning price:  $20,015 DOWN 656

Bitcoin: afternoon price: $19,890 DOWN 781

Platinum price closing DOWN $34.80 AT $832.45

Palladium price; closing DOWN $135.05  at $2007.45

END

DONATE

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,712.800000000 USD
INTENT DATE: 08/31/2022 DELIVERY DATE: 09/02/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 169
132 C SG AMERICAS 107
365 H ED&F MAN CAPITA 1
435 H SCOTIA CAPITAL 112
657 C MORGAN STANLEY 26
661 C JP MORGAN 478
690 C ABN AMRO 97
709 C BARCLAYS 691
737 C ADVANTAGE 23 28
800 C MAREX SPEC 4 14
905 C ADM 24


TOTAL: 887 887
MONTH TO DATE: 1,291

JPMorgan stopped:   478/887

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

887 NOTICES FOR 88700 OZ //2.7589 TONNES

total notices so far: 1291 contracts for 129,100 oz (4.0175 tonnes) 

SILVER NOTICES: 357 NOTICES FILED FOR 1,785,000 OZ/

 

total number of notices filed so far this month  5601 :  for 28,005,000  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 $26.70 

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS):

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD//

INVENTORY RESTS AT 973.37 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $.58

AT THE SLV// ://BIG CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 1.478 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 465.573 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY  A HUGE SIZED 1742  CONTRACTS TO 136,972.   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE HUGE LOSS IN OI WAS ACCOMPLISHED WITH OUR  $0.36 LOSS  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.36) BUT WERE  UNSUCCESSFUL IN KNOCKING OFF ANY SPEC SILVER LONGS AS WE HAD A GOOD GAIN OF 693 CONTRACTS ON OUR TWO EXCHANGES,; WE HAD MINOR  SPECULATOR LIQUIDATION.

WE  MUST HAVE HAD: 
I) SOME//MINOR  SPECULATOR SHORT LIQUIDATIONS ////CONTINUED BANKER OI COMEX ADDITIONS /. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ FOLLOWED BY TODAY’S 475,000 OZ QUEUE JUMP   / //  V)   HUGE SIZED COMEX OI LOSS/(//MINOR SPEC LIQUIDATION/)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -7

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

TOTAL CONTACTS for 1 days, total 2425  contracts:  12.140 million oz  OR 12.140 MILLION OZ PER DAY. (2425 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 12.140  MILLION OZ

.

LAST 16 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 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 12.140 MILLION OZ///

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1742 WITH OUR   $0.36 LOSS IN SILVER PRICING AT THE COMEX// MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A GIGANTIC SIZED EFP ISSUANCE  CONTRACTS: 2425 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: /SOME BANKER ADDITIONS A// MINOR SPEC SHORT  LIQUIDATIONS  /// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ FOLLOWED BY TODAY’S 475,000 OZ QUEUE JUMP  //  .. WE HAD A STRONG SIZED GAIN OF 686 OI CONTRACTS ON THE TWO EXCHANGES FOR 3.430 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 357  NOTICE(S) FILED TODAY FOR  1,785,000 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 SMALL SIZED 242 CONTRACTS  TO 459,407 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE WILL PROBABLY SEE THE COMEX OI FALL TO AROUND 380,000 AS OUR SPECS GET ANNIHILATED.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:–157   CONTRACTS.

.

THE SMALL SIZED  INCREASE  IN COMEX OI CAME DESPITE OUR STRONG FALL IN PRICE OF $10.20//COMEX GOLD TRADING/WEDNESDAY / WE MUST HAVE  HAD  MINOR SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND SOME/M INOR SPECULATOR SHORT COVERINGS//CONTINUED ADDITIONS TO OUR BANKER LONGS!! THE COMEX WILL BLOW UP AS THE SPECS CANNOT DELIVER GOLD TO OUR BANKER LONGS.

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR AUGUST AT 8.401 TONNES ON FIRST DAY NOTICE  FOLLOWED BY TODAY’S  GIGANTIC JUMP OF 43,900 OZ //NEW STANDING 9.7667 TONNES

YET ALL OF..THIS HAPPENED DESPITE OUR FALL IN PRICE OF   $10.20 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A FAIR SIZED GAIN OF 3142  OI CONTRACTS 9.773 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 2900  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 459,407

IN ESSENCE WE HAVE A GOOD  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3142 CONTRACTS  WITH 242 CONTRACTS  INCREASED AT THE COMEX AND 2900 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 3142 CONTRACTS OR 9.773 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2900) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (242): TOTAL GAIN IN THE TWO EXCHANGES 3142 CONTRACTS. WE NO DOUBT HAD 1) MINOR SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS//  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 99.272 TONNES FOLLOWED BY TODAY’S QUEUE. JUMP OF 43,900 oz.    3) ZERO LONG LIQUIDATION//// //.,4)   SMALL SIZED COMEX OPEN INTEREST GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

SEPT

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

2900 CONTRACTS OR 290,000 OZ OR 9.020  TONNES 1 TRADING DAY(S) AND THUS AVERAGING: 2900 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1  TRADING DAY(S) IN  TONNES: 9.020 TONNES

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

THUS EFP TRANSFERS REPRESENTS  9.020/3550 x 100% TONNES  0.25% 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: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 9.02 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 OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF OCT., FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (JULY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A HUGE SIZED 1742 CONTRACT OI TO 136,972 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 2425 CONTRACTS

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

SEPT 2425  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2425 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1742  CONTRACTS AND ADD TO THE 2425 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 686   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 3.430 MILLION OZ

OCCURRED WITH OUR LOSS IN PRICE OF  $0.36

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)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 17.16 PTS OR 0.54%   //Hang Sang CLOSED DOWN 357.08 OR 1.79%    /The Nikkei closed DOWN 430.06 OR % 1.53.          //Australia’s all ordinaires CLOSED DOWN 2.02%   /Chinese yuan (ONSHORE) closed UP AT 6.8907//OFFSHORE CHINESE YUAN DOWN 6.8980//    /Oil DOWN TO 88.04  dollars per barrel for WTI and BRENT AT 94.30    / Stocks in Europe OPENED  ALL RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

 COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A SMALL SIZED 242 CONTRACTS TO 459,407 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 COMEX INCREASE OCCURRED DESPITE OUR FALL OF $10.20  IN GOLD PRICING  WEDNESDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2900 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 MASSIVELY SHORT  AND NOW THEY ARE DESPERATELY TRYING TO COVER THEIR FOLLY.

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 AUGUST..  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 2990 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :2900 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2900 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 FAIR SIZED SIZED  TOTAL OF 3299  CONTRACTS IN THAT 2900 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL  SIZED  COMEX OI GAIN OF 242  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR STRONG FALL IN PRICE OF GOLD $ 10.20.  WE  ARE NOW WITNESSING THE SPECULATORS WHO HAVE BEEN MASSIVELY SHORT TRYING DESPERATELY TO COVER WHILE THE BANKERS WHO ARE LONG CONTINUE TO ADD TO THEIR PURCHASES. THIS  WILL NOT END WELL FOR OUR SPECS.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING SEPT   (9.7667),

 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 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  9.7667 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $10.20) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A FAIR SIZED TOTAL GAIN ON OUR TWO EXCHANGES //   COMMERCIAL LONGS ADDED TO THE POSITIONS, AND SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS//////  WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 10.261 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (9.7667 TONNES)

WE HAD -157  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3299 CONTRACTS OR 32,900  OZ OR 9.773 TONNES

Estimated gold volume 197,122///  poor/

final gold volumes/yesterday  190,092/ poor

INITIAL STANDINGS FOR SEPT ’22 COMEX GOLD //SEPT 1

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz189,471.742  oz


Brinks
JPMorgan




Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz4,469.651 oz
No of oz served (contracts) today887   notice(s)
88700  OZ
2.7549 TONNES
No of oz to be served (notices)1849 contracts 
184900 oz
5.75 TONNES
Total monthly oz gold served (contracts) so far this month1291 notices
129,100 OZ
4.0155 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

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 0

total deposits nil oz

2 customer withdrawals:

i) Out of Brinks 64,623.510  (2010 kilobars)

ii) Out of JPMorgan:  124,848.232 oz

total:  189,471.742   oz

total in tonnes: 5.893 tonnes

Adjustments:0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of SEPT we have an  oi of 2736 contracts having GAINED 35 contracts .

We had 404 notices filed yesterday so we gained a whopping 439 contracts or an additional 43900 oz

will stand for gold in this very non active delivery month of September.

October GAINED 264 contracts UP to 39,159 

December lost 429 contracts down to 377,464.

We had 887 notice(s) filed today for 88,700 oz FOR THE SEPT. 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 887 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 478 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 SEPT /2022. contract month, 

we take the total number of notices filed so far for the month (887) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT 2756 CONTRACTS ) minus the number of notices served upon today 887 x 100 oz per contract equals 314000 OZ  OR 9.7667 TONNES the number of TONNES standing in this NON  active month of SEPT. 

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

No of notices filed so far (887) x 100 oz+   (2736)  OI for the front month minus the number of notices served upon today (887} x 100 oz} which equals 314,000 oz standing OR 9.7667 TONNES in this NON active delivery month of SEPTEMBER.

TOTAL COMEX GOLD STANDING:  9.7667 TONNES  (A GREAT STANDING FOR A SEPT (   NON ACTIVE) DELIVERY MONTH)

VERY UNUSUAL THAT ON DAY 2 WE HAD A HUGE QUEUE JUMP.  (NORMALLY AN EFP JUMP//REDUCTION  IN GOLD STANDING ON DAY 2)

SOMEBODY IS AFTER A HUGE AMOUNT OF GOLD.  THE EFPS ARE NOW BEING USED TO TAKE GOLD FROM THE COMEX.  THUS THE AMOUNT OF GOLD STANDING FOR AUGUST WILL RISE EXPONENTIALLY.

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:  2,343,125.744 oz   72.88 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  27,771,187.296 OZ  

TOTAL REGISTERED GOLD: 13,684,725.139  OZ (425.65 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,086,402.157 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 11,450,600. OZ (REG GOLD- PLEDGED GOLD) 356.16 tonnes//rapidly declining 

END

SILVER/COMEX/SEPT 1

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1155315.078 oz
CNT

Brinks
CNT
Delaware
Int. Delaware
HSBC
JPMorgan


 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory nil oz


 
No of oz served today (contracts)357CONTRACT(S)
1,785,000   OZ)
No of oz to be served (notices)372 contracts 
(1,860,000 oz)
Total monthly oz silver served (contracts)5601 contracts
 28,005,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results


i)  0 dealer deposit

total dealer deposits:  nil    oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  0  deposits into the customer account

total deposit:  nil   oz

JPMorgan has a total silver weight: 169.301 million oz/326.647million =51.84% of comex 

 Comex withdrawals:6

i) Out of CNT:  126,060.710 oz

ii) Out of Brinks: 100,037.480  oz

iii)Out of Delaware 3943.600 oz

iv)Int. Delaware  170,066.680 oz

v) Out of HSBC 158,626.680 oz

vi)JPMorgan  596,580.100 oz

total: 1,155,315.072    oz

 adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 50.552 MILLION OZ

TOTAL REG + ELIG. 326.647 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF SEPT OI: 729 CONTRACTS HAVING LOST 5147 CONTRACTS. WE HAD

5244 CONTRACTS SERVED UPON YESTERDAY SO WE GAINED 97 CONTRACTS OR AN ADDITIONAL

485,000 OZ WILL STAND FOR METAL IN THIS VERY ACTIVE MONTH OF SEPT.

UNUSUAL THAT IN BOTH GOLD  AND SILVER WE WITNESSED A HUGE QUEUE JUMP ON DAY 2 OF THE DELIVERY

CYCLE.

OCTOBER GAINED 3 CONTRACTS TO STAND AT 703

 CONTRACTS.

NOVEMBER SAW ITS FIRST INITIAL NOTICE SERVED: STANDING 1

DECEMBER SAW A STRONG 3013 NOTICES INCREASE UP TO 124,912.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 357 for  1,785,000 oz

Comex volumes:63,749// est. volume today//   fair

Comex volume: confirmed yesterday: 65,687 contracts ( fair)

To calculate the number of silver ounces that will stand for delivery in SEPT we take the total number of notices filed for the month so far at  5601 x 5,000 oz = 28,005,000 oz 

to which we add the difference between the open interest for the front month of SEPT(729) and the number of notices served upon today 357  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 5,601 (notices served so far) x 5000 oz + OI for front month of SEPT (729)  – number of notices served upon today (357) x 5000 oz of silver standing for the SEPT contract month equates 29,865,000 oz. .

we have inventory of 50 million oz of registered silver at the comex so Sept delivery of 29.855 represents 59.6% of that category of silver.

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

Comex volumes:38,731// est. volume today//    poor

Comex volume: confirmed yesterday: 96,524 contracts ( good)

END

GLD AND SLV INVENTORY LEVELS

SEPT 1/WITH GOLD DOWN $26.70: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.37 TONNES

  AUGUST 31.WITH GOLD DOWN $10.20:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.24 TONNES FROM THE GLD////INVENTORY RESTS AT 973.37 TONNES  

AUGUST 30.WITH GOLD DOWN $12.00:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 980.61 TONNES

AUGUST 29/WITH GOLD DOWN $.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FORM THE GLD/////INVENTORY RESTS AT 982.64 TONNES

AUGUST 26/WITH GOLD DOWN $26.60; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 984.38 TONNES

AUGUST 25/WITH GOLD UP $9.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 984.38 TONNES

AUGUST 24/WITH GOLD UP $.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.28 TONNES FROM THE GLD//INVENTORY RESTS AT 984.38 TONNES

AUGUST 23/WITH GOLD UP $12.25 TODAY; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.83 TONNES INTO THE GLD///INVENTORY RESTS AT: 987.66

AUGUST 22/WITH GOLD DOWN $14.00: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 985.83 TONNES

AUGUST 19/WITH GOLD DOWN $8.00 : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 985.83 TONNES

AUGUST 18/WITH GOLD DOWN $5.25: GIGANTIC CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.78 TONNES FROM THE GLD////INVENTORY RESTS AT 985.83 TONNES

AUGUST 17/WITH GOLD DOWN $12.00: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 992.20 TONNES

AUGUST 16/WITH GOLD DOWN $7.85: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 993.94 TONNES

AUGUST 15/WITH GOLD DOWN $16.45: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD////INVENTORY RESTS AT 995.97 TONNES

AUGUST 12/WITH GOLD UP $7.65: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 995.97 TONNES

AUGUST 11/WITH GOLD DOWN $5.95: HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 997.42 TONNES

AUGUST 10//WITH GOLD UP $2.45: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 996.16 TONNES

AUGUST 9/WITH GOLD UP $6.70: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 996.16 TONNES.

AUGUST 8/WITH GOLD UP $13.55: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FORM THE GLD//INVENTORY RESTS AT 999.16 TONNES

AUGUST 5/WITH GOLD DOWN $14.25: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .33 TONNES FROM THE GLD////INVENTORY RESTS AT 1000.32 TONNES

AUGUST 4 WITH GOLD UP $29.00 : BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.32 TONNES FROM THE GLD///INVENTORY REST AT 1000.65 TONNES

AUGUST 2/WITH GOLD UP $3.70; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 TONNES FROM THE GLD//INVENTORY RESTS AT 1002.97 TONNES//

AUGUST 1/WITH GOLD UP $5.75: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .58 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1005.87 TONNES

GLD INVENTORY: 973.37 TONNES

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

SEPT 1/WITH SILVER DOWN 58 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.573 MILLION OZ//

  AUGUST 31/WITH SILVER DOWN 36 CENTS TODAY: BIG CHANGES:A WITHDRAWAL OF 3.087 MILLION OZ FROM THE SLV. //INVENTORY RETS AT 465.573 MILLION OZ//  

AUGUST 30/WITH SILVER DOWN 34 CENTS TODAY: BIG CHANGES:A WITHDRAWAL OF 1.478 MILLION OZ FROM THE SLV. //INVENTORY RETS AT 470.135 MILLION OZ//

AUGUST 29/WITH SILVER DOWN 7 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY A THE SLV: A WITHDRAWAL OF 2.765 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 470.135 MILLION OZ//

AUGUST 26/WITH SILVER DOWN 39 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 472.900 MILLION OZ//

AUGUST 25/WITH SILVER UP 21 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.160 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 472.900 MILLION OZ//

AUGUST 24/WITH SILVER DOWN 12 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.424 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 475.066 MILLION OZ/

AUGUST 23/WITH SILVER UP 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.194 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 479.490 MILLION OZ//

AUGUST 22/WITH SILVER DOWN 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/ INVENTORY RESTS AT 483.684 MILLION OZ

AUGUST 19/WITH SILVER DOWN 38 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.798 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 483.684 MILLION OZ.

AUGUST 18/WITH SILVER DOWN 27 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 369,000 OZ INTO THE SLV////INVENTORY RESTS AT 485.482 MILLION OZ//

AUGUST 17/WITH SILVER DOWN 32 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.106 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 485.113 MILLION OZ//

AUGUST 16/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 486.219 MILLION OZ/

AUGUST 15/WITH SILVER DOWN 38 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.152 MILLION OZ INTO THE SLV/ INVENTORY RESTS AT 486.219 MILLION OZ//

AUGUST 12/WITH SILVER UP 34 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 485.067 MILLION OZ//

AUGUST 11/WITH SILVER DOWN 46 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920, 000 OZ FORM THE SLV.//INVENTORY RESTS AT 485.067 MILLION OZ//

AUGUST 10/WITH SILVER UP 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 485.159 MILLION OZ//

AUGUST 9/WITH SILVER DOWN 25 CENTS TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV: FIRST: A DEPOSIT OF 461,000 OZ INTO THE SLV AND THEN A WITHDRAWAL OF 1.014 MILLION OZ..//INVENTORY RESTS AT 485.159 MILLION OZ//

AUGUST 8/WITH SILVER UP 83 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 485.712 MILLION OZ//

AUGUST 5/WITH SILVER DOWN 28 CENTS:BIG CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 922,000 OZ FROM THE SLV//INVENTORY RESTS AT 485.712 MILLION OZ//

AUGUST 4  WITH SILVER UP 21 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 527,000 OZ FROM THE SLV////INVENTORY RESTS AT 486.634 MILLION OZ

AUGUST 2/WITH SILVER DOWN 21 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.504 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 487.161 MILLION OZ//

AUGUST 1/WITH SILVER UP 17 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE GLD: NO CHANGES IN SILVER INVENTORY AT THE SLV////INVENTORY RESTS AT 483.657 MILLION OZ//

CLOSING INVENTORY 465.573 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Fed Paper Admits Central Bank Can’t Control Inflation; Finger-Points At Federal Government

THURSDAY, SEP 01, 2022 – 07:20 AM

Authored by Michael Maharrey via SchiffGold.com,

It appears somebody at the Federal Reserve has figured out that the central bank can’t tame inflation, so it’s setting up a scapegoat – Uncle Sam…

A paper co-authored by Leonardo Melosi of the Federal Reserve Bank of Chicago and John Hopkins University economist Francesco Bianchi and published by the Kansas City Federal Reserve argues that central bank monetary policy alone can’t control inflation.

The paper’s abstract asserts, “This increase in inflation could not have been averted by simply tightening monetary policy.”

In a nutshell, Melosi and Bianchi argue that the Fed can’t control inflation alone.

US government fiscal policy contributes to inflationary pressure and makes it impossible for the Fed to do its job.

Trend inflation is fully controlled by the monetary authority only when public debt can be successfully stabilized by credible future fiscal plans. When the fiscal authority is not perceived as fully responsible for covering the existing fiscal imbalances, the private sector expects that inflation will rise to ensure sustainability of national debt. As a result, a large fiscal imbalance combined with a weakening fiscal credibility may lead trend inflation to drift away from the long-run target chosen by the monetary authority.”

There are a couple of startling admissions in this single paragraph.

First, the authors acknowledge that the federal government uses inflation as a tool to handle its debt. In other words, it acknowledges that we’re all paying an inflation tax.

Peter Schiff talked about this inflation tax in an interview on Rob Schmitt Tonight.

Inflation is a tax. It’s the way government finances deficit spending. Government spends money. It doesn’t collect enough taxes, so it has to run deficits. The Federal Reserve monetizes those defiticts – prints money. They call it quantitative easing, but that’s inflation. Government is getting bigger and bigger, and families across America are going to have to bear that burden through higher prices.”

Second, the paper concedes that merely tinkering with interest rates won’t slay inflation if the government continues to spend far beyond its means.

And make no mistake, the US government is spending far beyond its means. Although the budget deficit is shrinking as emergency pandemic spending programs wind down, the Biden administration continues to spend about half-a-trillion dollars every single month, piling onto the ever-ballooning deficit.

This paper admits what I’ve been saying for months. Government spending is a big problem for the Federal Reserve. Powell and Company continue to insist they will stay in this inflation fight until the end. But Uncle Sam depends on the Fed buying Treasury bonds in order to facilitate its borrowing addiction. As the central bank buys bonds, it creates artificial demand and holds interest rates down. The government needs low interest rates when it’s borrowing trillions of dollars. Without the Fed’s big fat thumb on the bond market, Treasury prices will continue to sink as supply outstrips demand, and interest rates will rise.

Melosi and Bianchi also tacitly admit that the Fed isn’t going to win this inflation fight and warns we could be heading toward stagflation.

When fiscal imbalances are large and fiscal credibility wanes, it may become increasingly harder for the monetary authority to stabilize inflation around its desired target. If the monetary authority increases rates in response to high inflation, the economy enters a recession, which increases the debt-to-GDP ratio. If the monetary tightening is not supported by the expectation of appropriate fiscal adjustments, the deterioration of fiscal imbalances leads to even higher inflationary pressure. As a result, a vicious circle of rising nominal interest rates, rising inflation, economic stagnation, and increasing debt would arise.”

This is exactly what is happening.

Melosi and Bianchi call this a “pathological situation.”

Monetary tightening would actually spur higher inflation and would spark a pernicious fiscal stagflation, with the inflation rate drifting away from the monetary authority’s target and with GDP growth slowing down considerably.”

Well hello there, Fed! Welcome to reality.

The Federal Reserve has raised rates to 2.5%. Despite mainstream assertions to the contrary, it appears the economy has already dipped into a recession.  Private sector economic activity has dropped to the lowest levels since early in the COVID lockdowns, the housing market is tanking, and the economy has charted two straight months of negative GDP growth.

During his Jackson Hole speech, Jerome Powell said the Fed will “use our tools forcefully” to get inflation under control and even conceded that it will cause some economic pain. But the numbers undercut Powell’s confident assertions. The Fed would have to raise rates to a level that would obliterate this bubble economy in order to cool inflation.

I think the central bankers know this. This paper, co-authored by a Fed official, makes that pretty clear. I think the central bankers are setting the stage to finger point and pass the buck when this whole inflation-fighting scheme blows up in their faces.

The paper states,  that the central bank can control inflation “only when public debt can be successfully stabilized by credible future fiscal plans.”

Do you think that is going to happen?

I don’t either.

In fact, the only workable plan is for the Federal Reserve to monetize more debt by buying more Treasuries with more money created out of thin air. This is one reason I’ve been saying for months that the Fed won’t win this inflation fight.

In one sense, I think the Fed is setting the stage for its own failure. It’s already making excuses. And it’s a little pathetic. The central bank put quantitative easing on steroids during the pandemic, injecting nearly $5 trillion into the economy. That is the very definition of inflation. If you want to know who to blame for this inflation mess, the Fed stands at the front of the line.

That said, this paper isn’t completely disingenuous. As I’ve already explained, the federal government plays a role in the inflation game as well. As the saying goes, it takes two to tango. Federal government spending is out of control, and the spending spree necessitates inflation. (It’s not just Biden’s fault — the Trump administration was running massive deficits prior to the pandemic.)

So, even if Melosi and Bianchi are trying to point the finger in another direction, they aren’t wrong when they write, “[Stagflation] is caused by the progressive deterioration of the fiscal authority’s credibility to stabilize its large debt and the realization that the reputation of the monetary authority is incompatible with the expected behavior of the fiscal authority.”

In plain English, the central bank can’t stop inflation when the federal government needs inflation to survive.

This paper won’t get much attention. In fact, it comes with a disclaimer — “The views in this paper are solely those of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Chicago or any person associated with the Federal Reserve System.”

Regardless, they’ve swerved into the truth and we’d do well to pay attention.

end

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

LAWRIE WILLIAMS: Dollar strength vis-a-vis gold not replicated in other key currencies

We are all used to assessing movements in the price of gold in U.S. dollar terms, and by this measure gold has not been acting as a great wealth protector in the past month or so. The dollar has been advancing in value in global currency markets, while the gold price has been seemingly more than reluctant to follow this upwards path. Thus in terms of wealth preservation, to those who look to the gold price through greenback tinted spectacles, gold has been something of a disappointment, having fallen in value in U.S. dollar terms by over 4% since the beginning of 2022. That’s actually not too bad a performance considering all the major stock indexes are down by multiples of that amount. The Dow is down around 12% year to date, the S&P 500 down over 15% and the NASDAQ some 23%.

Chart showing gold’s price performance year-to-date in various currencies: Courtesy Bloomberg.

But in this article we’re primarily looking at the gold price performance in U.S. dollar terms. In many other key major global currencies, as can be seen in the Bloomberg chart above, the gold price has actually risen this year so far – in the Japanese yen for example quite substantially so by close on 14%. Even in the Swiss Franc (not shown in the chart), gold is up over 1% year-to-date. All these currencies have fallen in value against the dollar. Indeed in some weaker currencies, like the Argentinian peso for example the price of gold has risen by over 30% since the beginning of the year. Research published by http://www.goldprice.org shows that gold’s value has appreciated year on year on average by between 6 and 11% for virtually all major currencies over the past 15 years. Even in U.S. dollar terms it has averaged a rise of 7.7% over this period. Not bad for a pet rock!

So don’t assess gold’s performance in the short term against a single currency like the U.S. dollar, even if its price is normally quoted in dollar terms. The U.S. dollar is itself a variable and if it falls back again, as some analysts believe it will, particularly if the U.S. economy is seen as moving into recession, then the dollar gold price would probably rise accordingly to match the greenback’s decline in purchasing power – not to mention a continuing likely appreciation against your own domestic currency. What appears to be a price fall as quoted in U.S. dollar terms may hide a price rise in your own domestic situation assuming you bought the metal in your own monetary unit.

True, if you offloaded any gold holdings in the weeks immediately after Russia invaded Ukraine, in retrospect you would have made good gains in any currency at the time, but most holders hang on to the yellow metal as a long term investment/wealth protector. Like any investment, it has its ups and downs, but overall, as the http://www.goldprice.org research demonstrates, it tends to serve this purpose well over time. If you hold gold look upon it primarily as insurance against economic collapse. There are many out there who will tell you that its price will go through the roof, but a majority of these will have almost certainly been singing the same tune for many years and it hasn’t happened yet. Maybe they’ll be right some day, but don’t bank on it!

01 Sep 202

Biden’s Most Enduring Legacy?

THURSDAY, SEP 01, 2022 – 08:45 AM

Authored by James Rickards via DailyReckoning.com,

Central bank digital currencies (CBDCs) are coming fast, and you need to be prepared for them because they’ll mark a major victory in the war against cash — and against your personal privacy.

You’ll see why today.

As the name implies, central bank digital currencies are digital, existing exclusively in electronic form. They’re not physical at all. Central banks would control them.

But it’s important to understand they’re not new currencies. They’re just digital forms of existing currencies. So the central bank digital currency of the European Central Bank will still be the euro. The central bank digital currency of the Fed will be the dollar. The Chinese yuan will be a digital yuan.

They’ll just exist in 100% digital form. A lot of people say, “Wait a second. Isn’t that a cryptocurrency?” The answer is it’s not.

Digital, but Not Crypto

Cryptocurrencies are different in some important respects. Number one, cryptocurrencies operate on a blockchain, or a digital ledger. It’s a way of keeping track of every transaction involving a particular cryptocurrency like Bitcoin.

A central bank digital currency does not have to be on a blockchain. It could be, but it probably won’t be. So it is digital, it is encrypted, but it’s not a blockchain and it’s not a cryptocurrency.

The other thing about cryptocurrencies is that they’re not issued by any central authority. They’re created mathematically. But a central bank digital currency is issued by a central authority. It’ll come from the Federal Reserve, or the European Central Bank, or the People’s Bank of China or other central bank institutions.

So CBDCs and cryptocurrencies aren’t the same.

Slowly, Then Quickly

The idea of CBDCs has gained momentum over the past few years, and they’re actually being implemented in China.

If you had asked me about CBDCs two years ago, I would have said, “Yes, China’s rolling them out. Europe is coming along not far behind. The U.S. was still maybe three or four years away because the U.S. is taking a much more studious approach.”

But that’s changed under Biden, who has fast-tracked their development. We’ve moved fairly quickly from what I would call the research phase to an implementation phase. The Federal Reserve is working with MIT to work out the technological kinks, which shouldn’t take long.

The Bahamas actually has a central bank digital currency, so if they can figure it out the U.S. certainly can.

How CBDCs Will Be Promoted

What are the advantages of a central bank digital currency? Well, the advantages are speed, cost, security and ease of use.

Assume you buy a candy bar at a convenience store. You pay for it with a credit card, which begins a payment process involving maybe five parties including the merchant, the credit card company, the bank and an intermediary called a merchant acquirer (no need to list the details here, but it’s complicated).

Ultimately the bank that issues your credit card sends you a bill and you pay it. You also pay a fee, maybe 3%, all to buy a candy bar. But with a central bank digital currency, you could simply pay for the candy bar with an account you have at the Fed.

You would disintermediate the merchant acquirer, the banks and the credit card company. It would eliminate the fees we currently face.

In a nutshell, the payment system will be faster, cheaper, easier, more streamlined and more secure.

The Real Reasons They’re Pushing CBDCs

The question is why are they doing this? Well, the banks and the government will tell you that it’s cheaper, faster and safer, so it makes sense. And that’s true, as far as it goes, but there are a lot of hidden agendas here.

The first one is to eliminate cash. If you didn’t like the central bank digital currency system for privacy reasons, you might say, “Hey, I feel like I’m under surveillance. This is intrusive. I just don’t trust it. Where’s my alternative?”

Particularly if they eliminate the traditional credit card payment system, you might buy your candy bar with cash. But if you’re the government and you want the central bank digital currency to succeed, you have to eliminate cash because it’s your competition.

The government hates cash because it’s not traceable. If you spend it, they don’t know that you spent it or how you spent it. They can’t put you under surveillance with cash.

Negative Interest Rates

The other thing the government wants is the ability to impose negative interest rates. Instead of earning interest on your money in the bank, you’d be charged to keep it there. Cash stands in the way of negative interest rates because cash doesn’t have a negative interest rate.

Assume you bury $100,000 in cash in your backyard. You come back a year later, you still have $100,000. You might not earn any interest on your money, but at least the government can’t take it away. But if all your money is in digital form within the banking system, they can impose negative interest rates on it.

The government wants to use the banking system for a lot of other things. They might want to freeze your account, they might want to seize your assets, they might also want to put an expiration date on your money.

Imagine you get paid and the government tells you, “That money is going to evaporate or disappear if you don’t spend it in the next six months.” How’s that for a stimulus program?

So the push for central bank digital currencies, which has a full head of steam, should be understood in the context of eliminating cash.

The Total Surveillance State

CBDCs also have enormous political implications, including the culmination of the total surveillance state. This is why China did it. And don’t believe anyone who tells you that the United States won’t do it.

They’ll start out saying, “Oh, it’s cheaper than Mastercard. Sign up here.” They won’t give you a chance. They’ll force you to sign up, but what they’re doing is putting you under a new level of surveillance. They have you at the point of purchase.

What if you’re in a bookstore and buy a book written by Donald Trump or a book by some author who supports Trump, Ron DeSantis, Rand Paul or any of Biden’s political enemies?

Now they can tag you and potentially label you a domestic terrorist or some such. And what if you make a political contribution to a candidate the administration doesn’t like?

Well, now you could really be in trouble. You bought a pro-Trump book. You gave money to a pro-Trump political candidate. You’re on a list. And they know this because of the payment system.

This is the point.

Biden’s Most Enduring Legacy?

Obviously, they can have an FBI agent follow you around and see what you bought at the book counter, but they don’t have enough FBI agents for that. But if they’re using central bank digital currencies in an account that identifies you, then they can pigeonhole you.

And what about these 87,000 IRS agents they’re hiring? Maybe your name will pop up on one of their lists and they’ll audit you.

So I would caution you that CBDCs aren’t just a cheaper, better, faster payment system, although they may be and that is how they’ll be sold. They will also be used to eliminate cash, impose negative interest rates and track your purchases. They can even freeze your account.

I call the dollar version of the CBDC Biden Bucks because Joe Biden will prove to have been responsible for implementing CBDCs at a very quick tempo in the U.S.

They could one day end up as his most enduring legacy.

end

GOLD/SILVER

END

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

This is a major story that we have been following.  The Eurasian alliance plans a Moscow World Standard for gold to destroy LBMA/Comex monopoly.

And they will win. The group controls most of the world’s above ground gold

(Ronan Manly)

Ronan Manly: Eurasian alliance plans a Moscow World Standard to destroy LBMA’s monopoly

Submitted by admin on Wed, 2022-08-31 09:48Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Wednesday, August 31 2022

Toward the end of July, news emerged in the Russian media that Moscow and a number of its Eurasian allies are now reviewing a proposal to create an entirely new trading and pricing infrastructure for the international precious metals in order to both destroy London and New York’s monopoly over global precious metals pricing, and to stabilise the Russian gold market.

This infrastructure would take the form of:

— A Moscow World Standard (MWS) for precious metals trading, akin to the London Good Delivery List of the London Bullion Market Association (LBMA)

— A new international precious metals exchange (trading venue) headquartered in Moscow based on the MWS, and known as the Moscow International Precious Metals Exchange

— A Price Fixing Committee, with price discovery and new precious metals price fixings based on the MWS, and reference prices derived in the national currencies of participant countries or in new international settlement units

This article will review these developments, explain who has proposed them, explore the potentially wide range of countries that could participate in such a system, and look at the originators’ thinking on what gold and other precious metals pricing should be based on. …

… For the remainder of the analysis:

https://www.bullionstar.com/blogs/ronan-manly/eurasian-alliance-plans-a-moscow-world-standard-to-destroy-lbmas-monopoly-in-precious-metals-pricing/

end

Free trading gold is liberty, while gold price manipulation is a prerequisite for totalitarianism

(James Turk)

james Turk: A century of fascism

Submitted by admin on Wed, 2022-08-31 19:55Section: Daily Dispatches

7:54p ET Wednesday, August 31, 2022

Dear Friend of GATA and Gold:

In an essay today GoldMoney founder and GATA consultant James Turk reviews some history and concludes that just as free-trading gold is a prerequiste of liberty, gold price manipulation is a prerequisite of totalitarianism. Turk’s analysis is headlined “A Century of Fascism” and it’s posted at the Free Gold Money Report here:

https://www.fgmr.com/a-century-of-fascism/

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

end

4. OTHER GOLD/SILVER COMMENTARIES

-END-

.

end

5.OTHER COMMODITIES:

COMMODITIES IN GENERAL/COAL

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED UP 6.8997

OFFSHORE YUAN: 6.8980

HANG SENG CLOSED DOWN 357.08 PTS OR  1.79%

2. Nikkei closed DOWN 430.06 OR  1.53%

3. Europe stocks   SO FAR:  ALL RED 

USA dollar INDEX  DOWN TO  109.02/Euro FALLS TO 1.00164

3b Japan 10 YR bond yield: FALLS TO. +.234/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 139.18/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:   UP -//  OFF- SHORE: UP

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

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. EIGHTY percent of Japanese budget financed with debt.

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +1.554%/Italian 10 Yr bond yield RISES to 3.94% /SPAIN 10 YR BOND YIELD RISES TO 2.75%…

3i Greek 10 year bond yield RISES TO 4.17//

3j Gold at $1700.90 silver at: 17.73  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 10/100        roubles/dollar; ROUBLE AT 60.12//

3m oil into the 88 dollar handle for WTI and  94 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 136.39DESTROYING 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 9779– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9793well 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: 3.191  UP 8  BASIS PTS

USA 30 YR BOND YIELD: 3.314 UP 6 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 18,19

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Slump In Ugly Start To Ugliest Month Of The Year

THURSDAY, SEP 01, 2022 – 08:13 AM

With September already historically the ugliest month for markets of the entire year…

… an underperformance which this year will likely be on steroids thanks to the Fed’s doubling of QT to $95BN starting today…

… especially with stocks having gone from overbought to oversold in two weeks as bullish sentiment imploded…

… it’s not like stocks needed an additional impetus to dump, yet they got just that overnight when first China announced that it would put 21 million citizens living in its megacity of Chengdu on lockdown (as part of Beijing’s “Zero Covid” policy of blaming China’s slowdown on 1 or 2 cases of covid per city and promptly locking down whole swaths of the economy, you know, for the kids), and second in a major escalation, Taiwan shot down an unidentified drone off the Chinese coast; the news sent S&P 500 futures sharply lower on the first of the month, dropping as much as 0.9%, with Nasdaq futures down as much as 1.3% after another sales warning from Nvidia sent chipmakers in retreat on new China export rules.

The US 10-year Treasury yield rose to 3.20% and threatening to break above the previous level, a move which would be seen as especially bearish. The dollar gained and oil tumbled for a 3rd day amid fears about Chinese demand, even as OPEC+ is preparing to announce some sort of price stabilization intervention. Industrial metals fell after China locked down Chengdu’s 21 million residents, while oil and natural gas retreated as Europe considers various measures to intervene in the energy market. Commodity-linked and Group-of-10 currencies weakened, while the yen dropped to a 24-year low.

The market jitters come after August’s losses, reflecting fears of an economic downturn alongside restrictive monetary policy to choke inflation. A global bond rout saw the two-year Treasury yield touch 3.50% for the first time since 2007.

In premarket trading, US chipmakers fell in premarket trading after Nvidia warned that new rules governing the export of artificial-intelligence chips to China may affect hundreds of millions of dollars in revenue. Nvidia fell 6%, AMD -3.5%, Intel -1.2%, Micron -2.3%. Bank stocks were lower as investors await the release of jobs data. Here are other notable premarket movers:

  • Okta shares slumped as much as 15% in premarket trading after results, which analysts said were “muted” and spurred worries over billings growth and demand.
  • MongoDB shares fell 17% in premarket trading, after the database software company gave a “conservative” full-year forecast.
  • C3.ai shares were down 14% in premarket trading after the application software company cut its full-year revenue forecast amid an uncertain macro environment.
  • Bed Bath & Beyond shares slid as much as 6.3% in premarket trading, with other meme stocks also down, as investors continue to assess the home-goods retailer’s turnaround plan.
  • Five Below reported second-quarter results that failed to meet estimates. While disappointed, analysts said they weren’t surprised. The stock rose 3.2% in thin premarket trading.

“The Fed effect is now melding with other global factors such as China’s growth slowdown and Europe’s stagflation to create a more fraught global macro environment with higher rates and lower growth,” said Alvin Tan, strategist at RBC Capital Markets in Singapore. “It is this combination of hawkish central banks led by the Fed, China’s slowdown and Europe’s stagflation that is now driving volatility across global markets.”

European stocks also declined, Euro Stoxx 50 slumps 1.6%. IBEX outperforms, dropping 0.9%, CAC 40 lags, dropping 1.7%. Miners, real estate and consumer products are the worst-performing sectors.  Miners led declines in Europe as commodities dropped amid concerns that aggressive tightening and China’s slowdown will lower demand.  Among individual moves, Reckitt Benckiser Group Plc’s shares fell on news that Chief Executive Officer Laxman Narasimhan will step down at the end of the month to pursue a new opportunity in the US. Here are the other notable European movers today:

  • Jet2 shares rise as much as 4.2% with HSBC saying the tour operator’s AGM statement was reassuring for the short- term
  • EuroAPI gains as much as 6.1%, the most since June, after the company presented its 1H earnings. Oddo BHF says the strong report shows EuroAPI’s strategy is “beginning to bear fruit.”
  • Chrysalis Investments climbs as much as 5.7% as the Telegraph newspaper’s Questor column says now is “the best time to buy” shares in the investment firm
  • Basic Resource stocks fall the most in seven weeks, the sector’s longest losing streak since mid-June, as a slide in metal prices accelerated amid demand concerns over fresh Covid lockdowns in China
  • The European real estate sector is among the day’s worst performers on the regional equity benchmark, weighed down by concerns around hawkish central banks
  • Luxury-goods stocks slide in Europe after a new Covid lockdown in the key market of China and as HSBC downgraded a bunch of the sector’s biggest firms
  • Reckitt Benckiser drops as much as 5.7%, the most since July 2021, after the unexpected news that CEO Laxman Narasimhan will step down
  • Zur Rose slumps as much as 11% after an offering of shares priced at CHF39 apiece, representing a 15% discount to the last close
  • Warsaw’s WIG20 index continues its retreat, widening this year’s drop to 34% as appetite for commodity stocks wanes amid growth fears and a decline in energy prices in Europe

Some of Wall Street’s biggest banks now expect the European Central Bank to hike rates by 75 basis points at next week’s meeting, while the latest economic data underlined a parlous outlook for China. Meanwhile, Russia said it is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment.

Earlier in the session Asian stocks traded mostly lower following the weak handover from global counterparts amid the higher yield environment and following a surprise contraction in Chinese Caixin Manufacturing PMI data. Hang Seng and Shanghai Comp were subdued after weak factory activity data from China and with Meituan among the worst performers in Hong Kong after reports its shareholder Tencent is planning about USD 14.5bln of divestments from its equity portfolio including a partial divestment of its stake in Meituan, while the mainland was cushioned after further policy support pledges by China’s cabinet. 

Japanese stocks closed lower ahead of a raft of US data that may back the case for the Federal Reserve to continue raising interest rates. The Topix index fell 1.4% to 1,935.49 at the 3 p.m. market close in Tokyo, while the Nikkei 225 declined 1.5% to 27,661.47,  closing beneath the 28k alongside the broader risk aversion with further currency weakness and an upgrade to Japanese PMI data doing little to inspire a turnaround. Toyota contributed the most to the Topix’s decline, decreasing 2.3%. Out of 2,169 stocks in the index, 226 rose and 1,879 fell, while 64 were unchanged. Shares also slid as parts of China went back into lockdown.

In Australia, the S&P/ASX 200 index fell 2%, the most since June 14, to close at 6,845.60, dragged by losses in banks and mining shares.  The materials sub-gauge was the worst performer, slumping to the lowest since July 27, as commodity prices tumbled and as BHP, the benchmark’s heaviest-weighted stock, trades ex-dividend. In New Zealand, the S&P/NZX 50 index was little changed at 11,609.83.

In FX, the Bloomberg Dollar Spot Index advanced as the greenback strengthened against all of its Group-of-10 peers apart from the Swiss Franc. The euro slumped but managed to hold above parity against the dollar after Germany July retail sales rose 1.9% m/m vs estimated 0.1% decline. Italian bonds and bunds slid for a fifth day, lifting Italy’s 10-year yield above 4% for the first time since June 15 as money markets continued to raise ECB tightening bets ahead of next week’s policy outcome. The Swiss Franc snapped a four-day loss against the dollar. A report showed that Swiss prices increased by 3.5% in August, above July’s reading of 3.4% — already the highest in three decades. The pound extended declines, dropping to a 2 1/2-year low against a broadly stronger US dollar. Sterling was set for its fifth- straight day of declines, after August saw its worst month versus the greenback since 2016. The yen dropped to 139.68 per dollar, its lowest since 1998 as surge in Treasury yields heaped more pressure on the currency, prompting a warning from a Japanese government official that did little to stem the tide. Australian and New Zealand dollars fell as a stronger greenback boosted by rising Treasury yields and a drop in iron ore prices weighed.

The offshore yuan fleetingly extended gains against the dollar on reports that Russia is considering buying as much as $70 billion in yuan and other “friendly” currencies. The yen pares some declines to trade at 139.24/USD after falling to weakest level since 1998 as US-Japan yield spread keeps widening. Bloomberg dollar spot index rises 0.2%, while CHF outperforms G-10 peers.

In rates, Treasuries were narrowly mixed as US trading gets under way Thursday with the yield curve steeper after the 2-year failed to sustain its first breach of 3.5% since 2007. 2-year yields are lower by 1.4bp at 3.479% after rising as much as 1.8bp to 3.511%; 30-year higher by 2.2bp near day’s high; inverted 2s10s spread steeper by 1.6bp at -29bp, 5s30s by nearly 4bp at -2.2bp. Wednesday’s month-end close entailed bear-flattening that continued until 5pm New York time, an hour after the Bloomberg Treasury index rebalancing, and was especially pronounced in TIPS. The US 10-year trails steeper yield increases for UK and most euro-zone counterparts. Treasuries’ 2.5% August loss was the market’s biggest since April; paced by UK and euro-zone yields, it was driven by more hawkish expectations for Fed policy that lifted 2- and 5-year yields by more than 60bp. Gilts push lower, with the yield on 10-years up 7 bps to 2.87%, while European bonds extend declines. Italian 10-year yield went briefly above 4% for the first time since June 15. Bunds also slipped, leaving the two-year rate within a whisker of its June peak.

In commodities, WTI crude fell to around $88; gold loses ~$5 to near $1,705. European natural gas declines for a fourth day. Spot gold is meandering just north of USD 1,700/oz after testing the figure to the downside. Base metals are lower across the board following the downbeat Chinese manufacturing PMI overnight alongside news of stricter Chinese lockdowns in some regions. US Treasury Secretary Yellen and UK Chancellor Zahawi discussed efforts regarding a price cap on Russian oil to lower global energy prices and restrict Russia’s revenue, according to the US Treasury Department. It was separately reported that US and allies are to set out a plan on Friday to limit the price of Russian oil with a strategy that aims to cut Russian energy revenues without increasing global oil prices, according to WSJ. OPEC+ JTC acknowledges the relevance of the Saudi Energy Minister’s comments on volatility and thin liquidity of crude markets, via Reuters citing a document.

Bitcoin remains under pressure and below the USD 20k mark, fairly in-fitting with its Ethereum peer in residing at the bottom-end of very narrow ranges.

To the day ahead now, data releases include the global manufacturing PMIs for August and the ISM manufacturing reading from the US. Otherwise, there’s also the US weekly initial jobless claims, the Euro Area unemployment rate for July, and German retail sales for July. Central bank speakers include the ECB’s Centeno and the Fed’s Bostic. Finally, earnings releases include Broadcom and Lululemon.

Market Snapshot

  • S&P 500 futures down 0.8% to 3,924.25
  • STOXX Europe 600 down 1.6% to 408.48
  • MXAP down 1.9% to 155.53
  • MXAPJ down 1.9% to 510.07
  • Nikkei down 1.5% to 27,661.47
  • Topix down 1.4% to 1,935.49
  • Hang Seng Index down 1.8% to 19,597.31
  • Shanghai Composite down 0.5% to 3,184.98
  • Sensex down 1.6% to 58,581.55
  • Australia S&P/ASX 200 down 2.0% to 6,845.60
  • Kospi down 2.3% to 2,415.61
  • German 10Y yield little changed at 1.63%
  • Euro down 0.2% to $1.0032
  • Brent Futures down 1.8% to $93.88/bbl
  • Brent Futures down 1.9% to $93.87/bbl
  • Gold spot down 0.6% to $1,701.34
  • U.S. Dollar Index up 0.19% to 108.91

Top Overnight News from Bloomberg

  • The hotly anticipated US jobs report has the potential to tip the scales toward a third jumbo-sized hike in interest rates later this month after a wave of data that point to a resilient consumer and high labor demand
  • The Chinese metropolis of Chengdu will lock down its 21 million residents to contain a Covid-19 outbreak, a seismic move in the country’s vast Western region that has largely been untouched by the virus
  • Europe is considering various measures to intervene in the energy market, including price caps, reducing power demand and windfall taxes on energy companies as surging prices threaten the economy and push households toward poverty
  • PMIs for the 19-nation euro zone slipped to 49.6 in August from 49.8 in July, according to S&P Global — a reflection of dwindling demand as consumers face surging costs for energy and a broadening range of goods and services. Germany and Italy both saw the worst readings in 26 months
  • Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment
  • Japanese workers’ share of company earnings fell for the first time in four years, suggesting Prime Minister Fumio Kishida’s call for companies to pay more to employees is running into resistance

A more detailed summary of global markets courtesy of Newsquawk

Asia-Pac stocks traded mostly lower following the weak handover from global counterparts amid the higher yield environment and following a surprise contraction in Chinese Caixin Manufacturing PMI data. ASX 200 was dragged lower by the mining-related sectors after recent declines in underlying commodity prices. Nikkei 225 retreated beneath the 28k alongside the broader risk aversion with further currency weakness and an upgrade to Japanese PMI data doing little to inspire a turnaround. Hang Seng and Shanghai Comp were subdued after weak factory activity data from China and with Meituan among the worst performers in Hong Kong after reports its shareholder Tencent is planning about USD 14.5bln of divestments from its equity portfolio including a partial divestment of its stake in Meituan, while the mainland was cushioned after further policy support pledges by China’s cabinet.

Top Asian News

  • China’s city of Chengdu will conduct mass COVID testing from September 1st-4th and the city government said all residents will stay at home from this evening, according to Reuters.
  • Hong Kong will push ahead with a proposal that will allow more residents to travel to mainland China after completing a quarantine period locally, according to SCMP citing sources.
  • UN Human Rights Office issued its assessment of human rights concerns in Xinjiang in which it stated that China’s government has committed serious human rights violations in Xinjiang and recommended China take prompt steps to release all those detained in training centres, prisons or detention facilities, according to Reuters and AFP.
  • Chinese mission in Geneva said it expresses strong dissatisfaction regarding the UN report on Xinjiang and firmly opposes the report, while it added that the so-called assessment was a farce planned by the US, western nations and anti-China forces, according to Reuters.
  • Hong Kong officials are targeting a conclusion to hotel COVID quarantines in November.
  • Macau gov’t intends to gradually reopen the city to foreign travellers, via Reuters.

European bourses are underpressure amid continued hawkish pricing, but off lows as yields ease from highs, Euro Stoxx 50 -1.4%. Stateside, a similar picture to fixed with action in-fitting directionally but steadier in terms of magnitudes ahead of data, ES -07%; NQ -1.1% lags given elevated yields.

Top European News

  • Russia is said to be mulling as much as USD 70bln in “friendly” currencies, according to Bloomberg sources; this is in order to slow the RUB surge “before shifting to a longer-term strategy of selling its holdings of the Chinese currency”.
  • Lufthansa Pilot Union Calls for One-Day Strike on Friday
  • Zur Rose Slumps Amid Offering at Discount, Convertibles Sale
  • Russia Mulls Buying $70 Billion in Yuan, ‘Friendly’ Currencies
  • Factory Slowdown in Europe and Asia Is Warning for Global Trade

Central Banks

  • Fed’s Logan (2023 voter) said the number one priority is to restore price stability, according to Reuters.
  • Japan’s Chief Secretary Matsuno provides no comment on every day-to-day FX moves, watching moves with a high sense of urgency; desirable for currencies to move stably, reflecting economic fundamentals.

FX

  • DXY sits around USD 109.00 after seeing fresh lows amid Yuan appreciation.
  • EUR, GBP AUD, NZD, JPY are all softer vs the USD to similar magnitudes.
  • CAD and CHF are the G10 outliers, with the latter supported after Swiss CPI and the former hit by softer oil prices.

Fixed Income

  • Core benchmarks are under pronounced pressure once more with yields across the board at fresh near-term peaks
  • Pressure occurring despite geopolitical tensions as hawkish ECB pricing continues to increase, ~85% chance of a 75bp hike.
  • Though, following the passing of hefty European/UK issuance, the magnitude of this downside has eased.
  • USTs are directionally in-fitting but more contained overall awaiting ISM Manufacturing today and then NFP on Friday.

Commodities

  • WTI and Brent futures have resumed downward action following an APAC session of consolidation.
  • Spot gold is meandering just north of USD 1,700/oz after testing the figure to the downside.
  • Base metals are lower across the board following the downbeat Chinese manufacturing PMI overnight alongside news of stricter Chinese lockdowns in some regions
  • US Treasury Secretary Yellen and UK Chancellor Zahawi discussed efforts regarding a price cap on Russian oil to lower global energy prices and restrict Russia’s revenue, according to the US Treasury Department. It was separately reported that US and allies are to set out a plan on Friday to limit the price of Russian oil with a strategy that aims to cut Russian energy revenues without increasing global oil prices, according to WSJ.
  • OPEC+ JTC acknowledges the relevance of the Saudi Energy Minister’s comments on volatility and thin liquidity of crude markets, via Reuters citing a document.
  • EU Commission President von der Leyen will outline ideas on an energy price cap in more detail in a speech on September 14th.
  • Four people killed in overnight clashes in Iraq’s Basra, according to security officials cited by Reuters.

US Event Calendar

  • Aug. Wards Total Vehicle Sales, est. 13.3m, prior 13.4m
  • 07:30: Aug. Challenger Job Cuts YoY, prior 36.3%
  • 08:30: 2Q Unit Labor Costs, est. 10.5%, prior 10.8%
    • 2Q Nonfarm Productivity, est. -4.3%, prior -4.6%
  • 08:30: Aug. Initial Jobless Claims, est. 248,000, prior 243,000
    • Continuing Claims, est. 1.44m, prior 1.42m
  • 10:00: July Construction Spending MoM, est. -0.2%, prior -1.1%
  • 10:00: Aug. ISM Manufacturing, est. 51.9, prior 52.8
    • ISM Employment, est. 49.5, prior 49.9
    • ISM New Orders, est. 48.0, prior 48.0
    • ISM Prices Paid, est. 55.2, prior 60.0

DB’s Henry Allen concludes the overnight wrap

Welcome to September. Given it’s the start of the month, we’ll shortly be publishing our regular monthly review of financial assets across for the month just gone. August was very much a month of two halves when it came to risk assets, with most ending the month in negative territory. There were still plenty of headlines though, and in Europe we saw some of the largest rises in short-term yields in decades. For instance, yields on 2yr German debt haven’t risen this much in a month since 1981, and for their UK counterparts you also have to go back to 1986. The full report will be in your inboxes shortly.

When it comes to the last 24 hours, markets have been playing a familiar theme, with risk assets losing further ground as investors price in more rate hikes over the coming months. The big driver behind that yesterday was another stronger-than-expected inflation print from the Euro Area, where the flash CPI reading rose to a record +9.1%. We haven’t seen inflation that strong since the formation of the single currency, and it was also above the +9.0% reading expected by the consensus. The details didn’t look much better either, with core inflation rising to a record +4.3% too (vs. +4.1% expected). So a disappointment for those hoping we might have seen the worst of inflation by now, and another demonstration of how the energy shock is sending European inflation increasingly above that in the US.

Unsurprisingly, the high inflation bolstered the arguments of the hawks on the ECB’s Governing Council, and Bundesbank President Nagel said yesterday that “We need a strong rise in interest rates in September.” In addition, Austria’s Holzmann further said that he saw “no reason to show any kind of leniency in our positioning and our wish to reduce inflation”. That’s more voices bolstering the speakers we’ve heard from in recent days who’ve put a 75bps hike on the table, and investors themselves moved to price in a more aggressive ECB response too. Indeed, overnight index swaps are now pricing in a 69.0bps hike for the next meeting, which is noticeably closer to 75 than 50 now. And for the September and October meetings as a whole, 130.7bps worth of hikes are priced in, which is equivalent to at least one of them being a 75bps move and the other at 50bps.

In light of these developments, our own European economists at DB have changed their call and now expect that the ECB will hike by 75bps at the next meeting (link here for the full details). Their view is that the upside inflation surprise and the more vocal support from Governing Council members to have 75bps on the table has tipped the balance in favour of a larger hike. Remember that we’re just a week away from the next policy decision now, so not long until we find out, and it was only at the last meeting in July when the ECB went against their own forward guidance in June and hiked by 50bps rather than the 25bps they’d indicated.

For markets, the prospect of additional rate hikes knocked European sovereign bonds once again, meaning that for many country’s government bonds (including Germany and the UK) it’s been their worst monthly performance on a total returns basis for the 21st century so far. Yields rose across the continent, with those on 10yr bunds (+2.8bps), OATs (+1.9bps) and BTPs (+6.7bps) all moving higher. Gilts underperformed in particular with a +9.6bps move, whilst US Treasuries also lost ground as the 10yr yield rose +9.0bps to 3.19%. The move in Treasuries came as Cleveland President Mester said that her view was the “move the fed funds rate up to somewhat above 4% by early next year and hold it there”, saying in addition that she did “not anticipate the Fed cutting the fed funds rate target next year.”

For equities it wasn’t a great day either, with the S&P 500 (-0.78%) in negative territory for a 4th consecutive session, and leaving the index down by -4.08% over the month in total return terms. That came in spite of a decent performance at the open yesterday, when it had been up +0.73% at one point, but it couldn’t sustain those gains by the close. In Europe there was an even worse performance as the inflation data hurt risk appetite, and the STOXX 600 (-1.12%) fell to a six-week low. That said, in a contrast with recent days, megacap tech stocks were an outperformer, and the FANG+ index advanced +0.32%.

One brighter piece of news for the ECB yesterday was the latest decline in energy prices, which have continued to fall back from their recent highs. European natural gas futures shed -5.15%, bringing their declines since the start of the week to more than -29%, and German power prices for next year fell -5.61%, bringing their own declines since the start of the week to more than -40%. Oil lost ground too, with Brent Crude down -2.84% as it capped off its worst monthly performance since last November, with a -12.29% decline over August as a whole.

Those negative moves in the US and European equities are continuing in Asia this morning with many of the major indices seeing sharp losses. The Kospi (-1.89%) is the biggest underperformer followed by the Nikkei (-1.77%) and the Hang Seng (-1.52%) whilst the CSI (+0.09%) and the Shanghai Comp (+0.24%) have made modest gains. An important factor affecting sentiment this morning has been a new lockdown in the Chinese city of Chengdu, making it the largest city to be locked down since Shanghai earlier in the year. 157 cases were reported in the city yesterday.

We also got the latest manufacturing PMIs for August overnight, which painted a mixed picture across the region’s main economies. In China, the Caixin PMI showed the sector falling into contraction for the first time in three months with a 49.5 reading (vs. 50.0 expected), and in South Korea the reading fell to 47.6 (vs. 49.8 previously), which is its lowest level since July 2020. Meanwhile in Japan, the 51.5 reading was the lowest since September 2021, and the Yen has hit a 24-year low of 139.52 against the US Dollar overnight.

Elsewhere on the data side, we had the ADP’s report of private payrolls from the US ahead of tomorrow’s jobs report. That came in at +132k (vs. +300k expected) and marked the first release that uses an updated methodology. They also updated their previous data, and on the same basis the job growth in August was the slowest since January 2021.

Otherwise in the UK, there was a significant piece of news from the Office for National Statistics, as they said that the government’s £400 discount for energy customers this winter would not affect the Consumer Price Index. As our UK economist has written, that decision was an important one because if it had been counted as part of inflation, then the October RPI projections would have been affected by around 2.7 percentage points.

To the day ahead now, and data releases include the global manufacturing PMIs for August and the ISM manufacturing reading from the US. Otherwise, there’s also the US weekly initial jobless claims, the Euro Area unemployment rate for July, and German retail sales for July. Central bank speakers include the ECB’s Centeno and the Fed’s Bostic. Finally, earnings releases include Broadcom and Lululemon.

AND NOW NEWSQUAWK

Hawkish ECB pricing continues to ramp up, weighing on equity performance – Newsquawk US Market Open

Newsquawk Logo

THURSDAY, SEP 01, 2022 – 06:41 AM

  • European bourses are under pressure amid continued hawkish pricing, but off lows as yields ease from highs, Euro Stoxx 50 -1.4%.
  • Stateside, a similar picture to fixed with action in-fitting directionally but steadier in terms of magnitudes ahead of data, ES -07%; NQ -1.1% lags given elevated yields.
  • DXY around 109.00 having recovered from fresh lows in wake of Russian-driven Yuan appreciation, peers softer across the board ex-CAD & CHF
  • Core benchmarks are under pronounced pressure once more with yields across the board at fresh near-term peaks
  • Crude resumes downward price action with focus on potential energy price caps
  • Taiwan’s Defense Command said it has shot down an unknown civilian drone near Kinmen
  • Looking ahead, highlights include US Manufacturing PMIs, US ISM Manufacturing, Construction Spending, Speech from Fed’s Bostic.

As of 11:10BST/06:10ET

For the full report and more content like this check out Newsquawk.

Try a 14 day trial with Newsquawk and hear breaking trading news as it happens.

LOOKING AHEAD

  • US Manufacturing PMIs, US ISM Manufacturing, Construction Spending, Speech from Fed’s Bostic.
  • Click here for the Week Ahead preview.

GEOPOLITICS

CHINA -TAIWAN

  • Taiwan’s Defense Command said it has shot down an unknown civilian drone near Kinmen after the usual protocol to repel the drone fail to achieve the goal, via DW News’ Yang. Following initial reports that Taiwan’s Defence Ministry shot down a unidentified drone in Kinmen – NOTE: newswire correction to the original headline from “Chinese” to “unidentified” drone
  • China Global Times’ Hu Xijin tweets “The drone that was reportedly shot down definitely does not belong to PLA…ut the shooting down will raise the Straits situation to the level of using opening fire to resolve issue”.
  • Taiwanese Defence Ministry report notes that Taiwanese military is facing a “severe challenge” from China’s reputed crossing of the Taiwanese Strait median line. China is modifying its attack plans on Taiwan in lieu of the Russian invasion of Ukraine. China continues to strengthen its combat preparedness for an attack on Taiwan.

UKRAINE

  • Russian Defence Ministry says Ukrainian forces attempted to attack the Zaporizhzhia nuclear plant, via Ria.
  • IAEA mission is on the way to the Zaporizhzhia nuclear plant; subsequently, an IAEA spokesperson says its mission to the nuclear power plant has been delayed for around three hours on the Ukraine-held side of the front line.

EUROPEAN TRADE

CENTRAL BANKS

  • Fed’s Logan (2023 voter) said the number one priority is to restore price stability, according to Reuters.
  • Japan’s Chief Secretary Matsuno provides no comment on every day-to-day FX moves, watching moves with a high sense of urgency; desirable for currencies to move stably, reflecting economic fundamentals.

EQUITIES

  • European bourses are underpressure amid continued hawkish pricing, but off lows as yields ease from highs, Euro Stoxx 50 -1.4%.
  • Stateside, a similar picture to fixed with action in-fitting directionally but steadier in terms of magnitudes ahead of data, ES -07%; NQ -1.1% lags given elevated yields.
  • Click here for more detail.

FX

  • DXY sits around USD 109.00 after seeing fresh lows amid Yuan appreciation.
  • EUR, GBP AUD, NZD, JPY are all softer vs the USD to similar magnitudes.
  • CAD and CHF are the G10 outliers, with the latter supported after Swiss CPI and the former hit by softer oil prices.
  • Click herefor more detail.

Notable FX Expiries, NY Cut:

  • Click here for more detail.

FIXED INCOME

  • Core benchmarks are under pronounced pressure once more with yields across the board at fresh near-term peaks
  • Pressure occurring despite geopolitical tensions as hawkish ECB pricing continues to increase, ~85% chance of a 75bp hike.
  • Though, following the passing of hefty European/UK issuance, the magnitude of this downside has eased.
  • USTs are directionally in-fitting but more contained overall awaiting ISM Manufacturing today and then NFP on Friday.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent futures have resumed downward action following an APAC session of consolidation.
  • Spot gold is meandering just north of USD 1,700/oz after testing the figure to the downside.
  • Base metals are lower across the board following the downbeat Chinese manufacturing PMI overnight alongside news of stricter Chinese lockdowns in some regions
  • US Treasury Secretary Yellen and UK Chancellor Zahawi discussed efforts regarding a price cap on Russian oil to lower global energy prices and restrict Russia’s revenue, according to the US Treasury Department. It was separately reported that US and allies are to set out a plan on Friday to limit the price of Russian oil with a strategy that aims to cut Russian energy revenues without increasing global oil prices, according to WSJ.
  • OPEC+ JTC acknowledges the relevance of the Saudi Energy Minister’s comments on volatility and thin liquidity of crude markets, via Reuters citing a document.
  • EU Commission President von der Leyen will outline ideas on an energy price cap in more detail in a speech on September 14th.
  • Four people killed in overnight clashes in Iraq’s Basra, according to security officials cited by Reuters.
  • Click here for more detail.

NOTABLE HEADLINES

  • Russia is said to be mulling as much as USD 70bln in “friendly” currencies, according to Bloomberg sources; this is in order to slow the RUB surge “before shifting to a longer-term strategy of selling its holdings of the Chinese currency”.

NOTABLE DATA

  • German Retail Sales YY Real (Jul) -2.6% vs. Exp. -6.5% (Prev. -8.8%); MM Real* (Jul) 1.9% (Prev. -1.6%)
  • UK Nationwide House Price YY (Aug) 10.0% vs. Exp. 8.9% (Prev. 11.0%); MM (Aug) 0.8% vs. Exp. 0.1% (Prev. 0.1%, Rev. 0.2%)
  • EU S&P Global Manufacturing Final PMI (Aug) 49.6 vs. Exp. 49.7 (Prev. 49.7)
  • UK S&P GLBL/CIPS Manufacturing PMI Final (Aug) 47.3 vs. Exp. 46.0 (Prev. 46.0)

NOTABLE US HEADLINES

  • Click here for the US Early Morning Note.

CRYPTO

  • Bitcoin remains underpressure and below the USD 20k mark, fairly in-fitting with its Ethereum peer in residing at the bottom-end of very narrow ranges.

APAC TRADE

  • APAC stocks traded mostly lower following the weak handover from global counterparts amid the higher yield environment and following a surprise contraction in Chinese Caixin Manufacturing PMI data.
  • ASX 200 was dragged lower by the mining-related sectors after recent declines in underlying commodity prices.
  • Nikkei 225 retreated beneath the 28k alongside the broader risk aversion with further currency weakness and an upgrade to Japanese PMI data doing little to inspire a turnaround.
  • Hang Seng and Shanghai Comp were subdued after weak factory activity data from China and with Meituan among the worst performers in Hong Kong after reports its shareholder Tencent is planning about USD 14.5bln of divestments from its equity portfolio including a partial divestment of its stake in Meituan, while the mainland was cushioned after further policy support pledges by China’s cabinet.

NOTABLE APAC HEADLINES

  • China’s city of Chengdu will conduct mass COVID testing from September 1st-4th and the city government said all residents will stay at home from this evening, according to Reuters.
  • Hong Kong will push ahead with a proposal that will allow more residents to travel to mainland China after completing a quarantine period locally, according to SCMP citing sources.
  • UN Human Rights Office issued its assessment of human rights concerns in Xinjiang in which it stated that China’s government has committed serious human rights violations in Xinjiang and recommended China take prompt steps to release all those detained in training centres, prisons or detention facilities, according to Reuters and AFP.
  • Chinese mission in Geneva said it expresses strong dissatisfaction regarding the UN report on Xinjiang and firmly opposes the report, while it added that the so-called assessment was a farce planned by the US, western nations and anti-China forces, according to Reuters.
  • Hong Kong officials are targeting a conclusion to hotel COVID quarantines in November.
  • Macau gov’t intends to gradually reopen the city to foreign travellers, via Reuters.

DATA RECAP

  • Chinese Caixin Manufacturing PMI Final (Aug) 49.5 vs. Exp. 50.2 (Prev. 50.4)
  • Australian Capital Expenditure (Q2) -0.3% vs. Exp. 1.5% (Prev. -0.3%); Private Capital Expenditure 2022-2023 (AUD)(Est. 3) 146.4B (Prev. 130.5B)

i)WEDNESDAY MORNING// TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 17.16 PTS OR 0.54%   //Hang Sang CLOSED DOWN 357.08 OR 1.79%    /The Nikkei closed DOWN 430.06 OR % 1.53.          //Australia’s all ordinaires CLOSED DOWN 2.02%   /Chinese yuan (ONSHORE) closed UP AT 6.8907//OFFSHORE CHINESE YUAN DOWN 6.8980//    /Oil DOWN TO 88.04  dollars per barrel for WTI and BRENT AT 94.30    / Stocks in Europe OPENED  ALL RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

end

3c CHINA

CHINA/COVID

Chengdu, a huge city in Central China of 21 million citizens is now under lockdown as zero covid rule intensifies.  The policy is nuts!! Covid is here to stay and the merry go round on lockdowns will continue ad infinitum

(zerohedge)

China Puts Megacity Chengdu Under Lockdown As Zero-Covid Intensifies

THURSDAY, SEP 01, 2022 – 07:06 AM

Asian stocks tumbled after China announced the metropolis of Chengdu would lock down its 21 million residents as authorities battled a new Covid-19 outbreak.

In China’s Western region, officials in Chengdu launched massive Covid testing and requested residents to abide by “stay home in principle” from 6 pm on Thursday. The new measure allows one person per household the ability to procure essential items at places like supermarkets. 

“The current state of epidemic control is abnormal, complex, and grim,” officials said, adding the lockdown aims to “decisively arrest the spread of the outbreak and guarantee the health of all citizens.”

Chengdu is the biggest city to shut down since Shanghai’s lockdown earlier this year. The move to lock down Chengdu will generate even more macro instability for the world’s second-largest economy. It accounts for 1.7% of the national economy and is one of southwestern China’s most important manufacturing hubs. 

As the capital of Sichuan province — the 6th-largest province in terms of annual GDP — the metro area is home to 96 listed companies in the automobile, aerospace, IT, machinery, and pharmaceutical industries. 

Automakers, including Toyota Motor Corp. and VW China. Foxconn Technology Group, the world’s largest assembler of Apple Inc.’s iPhones and other devices. All have manufacturing facilities in the city. 

The lockdown was unexpected and caught investors off guard: Hong Kong’s Hang Seng Index slumped almost 2%, and CSI 300 Index dropped by nearly 1% to its lowest in three months. 

Some US-listed Chinese stocks declined on the lockdown news. Alibaba traded 2% lower in the US premarket, while EV stocks such as Nio, XPeng, and Li Auto were down 3.4%, 3.1%, and 2.2%, respectively. 

A spillover of pessimism from China leaked into European luxury stocks after HSBC analyst Erwan Rambourg downgraded LVMH, Hermes, Richemont, and Swatch to a “hold” from “buy.” Rambourg wrote in a note he was more cautious about the short-term industry outlook, and valuation at these levels didn’t make sense. 

Analyst commentary (provided by Bloomberg) was overwhelmingly negative due to the uncertainty zero-Covid produces for the Chinese economy.

Bloomberg Intelligence, (Marvin Chen) 

  • “China’s Covid-zero policy will continue to be a risk for markets and sporadic lockdowns mean any reopening recovery will likely be a bumpy one” 
  • “Local governments may ramp up efforts to contain rising Covid cases ahead of the 20th party congress” 

Union Bancaire Privee, (Vey-Sern Ling) 

  • Sporadic Covid-19 lockdowns such as this will pressure already-weak economic conditions in China but we do not expect the Covid-zero policy to shift substantially ahead of the 20th party congress in October” 

AutoML Capital, (Rebecca Lim) 

  • “This worsens the worry of China’s economic slowdown, deepening of property crisis and even contagious to banking crisis if bad-loan continues” 
  • The “stringent zero-Covid measures have been enforced for more than 2 years and the wider economic environment will have a bigger impact”

All residents in the southwestern Chinese city will be confined to their homes until they test negative for Covid. There was no guidance from officials on how long the lockdown will persist. 

Also, in the Nanshan district in Shenzhen, tighter Covid measures beginning today through Sunday will close indoor public places, including cinemas, gyms, and bars, and halt in-person tutoring services to contain an outbreak. 

New lockdowns will pressure Beijing’s economic planners as the economy slips into the abyss as a worsening property market slowdown is causing turmoil among developers. 

China’s playbook to unleash stimulus primarily focused on infrastructure spending might not be enough to counter Covid lockdowns and a property market slump.

end 

4/EUROPEAN AFFAIRS//UK AFFAIRS

UK/

Regulator: Brits will see energy prices jump up to 80% this winter

By Clyde Hughes

British Chancellor Nadhim Zahawi, shown at the National Exhibition Center in Birmingham on August 23, called the news of the coming energy rate hikes stressful to residents. Photo by Andy Rain/EPA-EFE

British Chancellor Nadhim Zahawi, shown at the National Exhibition Center in Birmingham on August 23, called the news of the coming energy rate hikes stressful to residents. Photo by Andy Rain/EPA-EFE

Aug. 26 (UPI) — The British regulator said energy bills are expected to explode in the fall, jumping in some instances as high as 80%, putting pressure on customers as a new prime minister takes hold and the Russian war in Ukraine continues.

Britain’s energy regulator Ofgem said the typical household would pay $4,200 over the next year for electricity and natural gas from the currently $2,330 currently.

The increase to the British energy cap is expected to take in October, which follows a 54% increase in April.

“This will be devastating for many families,” Jonathan Brearley, chief executive of Ofgem, told the BBC. “The difficult news I have to give today is that prices look like they are continuing to rise.”

The energy price cap was created to keep customers from being taken advantage of by creating a maximum that households will pay per unit.

British Chancellor Nadhim Zahawi said, according to Sky News, while “help is coming” as far as energy prices, he admitted the new price increases will cause stress and anxiety for many people.”

Keith Anderson, the chief executive of ScottishPower, said the government needs to provide some kind of relief for homeowners in the cold-weather months.

“The size and scale of this issue is truly catastrophic for U.K. households and that’s why only a big solution can tackle it once and for all to shelter people from the worst this winter,” Anderson said, according to Sky News.

end

Robert H on the above story:

2/3 of Brits will have trouble paying fuel bills soon. What agenda is being payed out here? Truly tragic impact to English life. And the secondary impact will be on the quality of like in families, especially single parent ones.
This impact will not be a short term crisis but a longer term blow to British based industry. While we can opinion or even have disgust for what is occurring in the Ukraine; to allow that tragedy to so severely impact other nations is revolting as well. Sure, punish Russia by actually investing in real alternative energy supply but to impact one’s own nation this way is to weaken one’s ability to act in the future, to fund alternatives.

end

EUROPE//ENERGY

Saudi Aramco executive states that Europe has no real alternatives to Russian gas.

(zerohedge)

Europe Has No Real Alternatives To Russian Gas: Ex-Aramco EVP

THURSDAY, SEP 01, 2022 – 02:45 AM

Echoing what Zoltan Pozsar said in his latest must read note, the former executive vice president at Saudi Aramco, Sadad Al-Husseini, told CNBC on Monday that there’s not enough capacity in the world to replace Russia’s gas supply to the European Union, while Moscow has plenty of markets to sell its energy to.

“The US doesn’t have the LNG capacity to replace Russia’s exports to Europe,” he said, noting that power bills across the EU are set to soar this winter. He did not comment on China reselling Russian LNG to Europe although we expects others will soon. 

According to Al-Husseini, the lack of freely available supply could lead to serious problems on the global energy market. “This situation is a new world, and it’s not a very good one for energy,” he warned.

“In any case, there isn’t enough LNG capacity in the world to make up for the Russian exports to Europe,” the former executive said, adding that, “It will take years for the EU to find resources to replace Russian supply.”

He also said that while Russia may lose Europe as an end-market, there are “plenty of alternative markets” for Russian energy, including China, Japan, or India, that eagerly flount Western sanction, realizing that the Biden admin is increasingly toothless in punishing sanctions violators.

Meanwhile, Europe does not have alternative energy sources, he said, “while the US is maxed out already, North Africa has got problems,” and OPEC is also running out of spare capacity.

“So, it’s a global problem,” he said.

The official suggested that, while the Russian economy may suffer under Western sanctions, the rest of the world will be suffering with them.

However, he stressed that “Russia may recover a lot sooner than Europe.”

end

POLAND

A  top EU Parliament politician, who has a total dislike to Poland warns that Poland will not get EU recovery funds.  Verhofstadt wants the leftist party in Poland to take control over the fiscally responsible conservative ruling party.

(Adamczzk/Remix)

Poland “Will Not Get EU Recovery Funds”, Warns Top EU Parliament Politician In Latest Attack

THURSDAY, SEP 01, 2022 – 03:30 AM

Authored by Grzegorz Adamcyzk via Remix News,

No matter how much Poland contributes to Ukraine war aid, the country will not receive any European Union recovery funds, said Guy Verhofstadt, a Belgian politician and leader of the Group of the Alliance of Liberals and Democrats for Europe (ALDE Group) in the European Parliament.

Verhofstadt, who has long opposed Poland’s government, issued the threat on social media. While Poland has fulfilled EU milestones set by Brussels to unlock National Recovery Plan funds, the EU has issued new milestones in what appears to be an effort to continuously move the goalposts and interfere in Poland’s upcoming elections in favor of the left-wing opposition.

In 2017, we heard from Verhofstadt when shortly after Poland’s Independence March he called the participants of the patriotic demonstration “60,000 fascists, Nazis and white supremacists” in a forum of the European Parliament.

Verhofstadt is also very keen on voicing his opinion about Poland on social media. Let us note that despite the unprecedented support Poland provides to war refugees from Ukraine, it still has not received any new funds from the EU.

Now, the Belgian politician has appealed to not unfreeze the EU recovery funds as well.

He is currently attending Campus Polska, a left-wing conference, where he appears together with Warsaw Mayor Rafał Trzaskowski and Radosław Sikorski, the former Polish foreign minister. They will discuss “a Europe of shared healthcare standards, law mechanisms, security policies, protection of civil rights, and energy.”

Warsaw Mayor Trzaskowski bragged earlier that during his talks with European Commission President Ursula von der Leyen he had received confirmation “that Brussels will impose additional demands on the Polish government before it receives due funds from the National Recovery Plan.”

What is interesting, the very same Polish politician in 2018 said in an interview for Radio ZET: “Thanks to our efforts, those funds have not disappeared but are frozen instead. If we win the next elections, those funds will get unfrozen.”

END

GERMANY

Nuclear power is back in the spotlight as Habeck, German economy minister is pushing for nuclear plants to stay on the grid

(zerohedge)

German Economy Minister Habeck Reportedly Pushing For Nuclear Plants To Stay On Grid

THURSDAY, SEP 01, 2022 – 05:45 AM

It sure looks as though momentum is all of a sudden getting behind nuclear power, with even NPR coming out and writing yesterday that “resistance to nuclear power is on the decline worldwide — and environmentalists helped lead the push.”

Now, with energy prices going parabolic in his country, German Economy Minister Robert Habeck is once again pushing nuclear power plants that were set to be shut down to stay on the grid for longer, Bloomberg reported yesterday. 

The ministry is looking at a potential draft law to facilitate the extension, Bloomberg noted, citing Der Spiegel. It has also changed the parameters for stress tests on the country’s energy security that would make prolonging the reactors a viable option. 

Recall, in mid August, we wrote that Germany was considering the idea of keeping the plants online. 

The country has been mulling over the idea of extending the life of its nuclear power plant fleet for months as the ‘wait and see’ approach of Russia actually increasing Nord Stream 1’s NatGas capacity to normal levels ahead of winter is a dangerous one.

As German power prices surged above 500 euros per megawatt-hour on the European Energy Exchange AG for the first time as the energy crisis worsened, WSJ reported two weeks ago that the largest economy in Europe would “postpone” the closure of its last three nuclear power plants.

Three senior government officials told WSJ that the decision to extend the life of its nuclear power plants has yet to be formally adopted by German Chancellor Olaf Scholz’s cabinet and will still need a parliamentary vote. 

However, following the WSJ report that indicated Germany plans to postpone the closure of its last three nuclear power plants, the German spokesperson for the Federal Ministry for Economic Affairs and Climate Action said the media report about extending the life of nuclear plants “lacks any factual basis.” 

We wonder if Germany would like to revisit this statement now? We noted a couple weeks ago that the country has about three months to save itself from a winter energy crisis. 

END

GERMANY//UKRAINE

German Foreign Minister Says Support For Ukraine Will Continue “No Matter What Voters Think”

THURSDAY, SEP 01, 2022 – 09:15 AM

Authored by Paul Joseph Watson via Summit News,

Despite soaring energy prices that threaten the stability of the country, Foreign Minister Annalena Baerbock said she would continue to support Ukraine “no matter what German voters think.”

Baerbock made the remarkable comments during an event in Prague yesterday organized by the NGO Forum 2000.

“If I give the promise to people in Ukraine – ‘We stand with you, as long as you need us’ – then I want to deliver. No matter what my German voters think, but I want to deliver to the people of Ukraine,” she said.

The German official said that such an approach would not change even if large numbers of people were out in the streets protesting against crippling energy bills.

“We are facing now wintertime, when we will be challenged as democratic politicians. People will go in the street and say ‘We cannot pay our energy prices’. And I will say ‘Yes I know, so we help you with social measures.’ But I don’t want to say ‘Ok then we stop the sanctions against Russia.’ We will stand with Ukraine, and this means the sanctions will stay also in wintertime, even if it gets really tough for politicians,” said Baerbock.

The comment is a fairly stunning admission that world leaders are intent on prolonging the war for as long as possible, no matter how much it harms the countries they are supposed to represent.

Germans face one of the worst cost of living crises in Europe, with governments arranging ‘warm up spaces’ in major cities where people who can’t pay their bills will go to avoid freezing to death, with blackouts expected.

Citizens have already exhausted supplies of electric heaters, firewood and stoves in many areas as they prepare for energy rationing this winter, while inflation in Germany just hit its highest level in almost 50 years.

Those planning to protest against the situation have also been demonized as domestic extremists by the authorities.

As we reported last month, the interior minister of the German state of North Rhine-Westphalia (NRW), Herbert Reul (CDU), outrageously suggested Germans who may be planning to protest against energy blackouts were “enemies of the state” who want to overthrow the government.

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS//

RUSSIA/UKRAINE/UN

UN Team Arrives At Ukraine Nuclear Plant As Shelling Prompts Reactor Shutdown

THURSDAY, SEP 01, 2022 – 10:35 AM

UN inspectors with the International Atomic Energy Agency (IAEA) have arrived Thursday to the Russian-controlled Zaporizhzhia nuclear plant in southeastern Ukraine, after their mission was earlier approved by both the Ukrainian side and Russian President Vladimir Putin.

“A Reuters reporter saw the IAEA team arrive at the plant in a large convoy with a heavy presence of Russian soldiers nearby,” Al Jazeera writes, noting that the convoy had been slightly delayed due to fresh shelling in the area. The inspectors also confirmed their safe arrival on Twitter.

The UN-IAEA convoy was seen being waved through Russian checkpoints in the Russian-controlled town of Enerhodar en route to the site amid “increased military activity in the area”. Each side is blaming the other for the fresh shelling. An IAEA spokesperson said the mission had been delayed for three hours as the team was held up on the Ukrainian side of the frontline before being given permission to pass.

In its latest statement, Russia’s defense ministry has denounced the efforts of Ukrainian “saboteurs” alleged to have attempted to seize the plant just as the IAEA was en route.

The New York Times has since confirmed the team is at the site, which is Europe’s largest nuclear power station, but which has been under control of some 500 Russian troops since March

“The I.A.E.A. mission arrived” at the plant, the Ukrainian nuclear power company, Energoatom, said on the Telegram messaging app. A convoy of nine vehicles entered the complex around 2:15 p.m. local time, Russia’s Interfax news agency reported.

As the U.N. experts set off on Thursday morning in a convoy of armored S.U.V.s toward the dangerous buffer zone separating the two armies in southern Ukraine, Russian mortar shells struck the plant, Energoatom said, causing equipment failures that forced the shutdown of one reactor and the activation of backup generators at another.

A key aspect of the UN team’s mission is to gather accurate technical data and to interview the Ukrainian technicians and engineers who have been keeping it operational. Further they will assess the extent of damage after the complex has been impact by shelling on multiple occasions.

“The extent of damage from the strikes was not immediately clear, and there were no reports of heightened radiation levels around the facility,” the NY Times observed of Thursday’s fighting in the area.

The Times described further that the team being led by agency chief Rafael Grossi proceeded even as artillery fire was exchanged nearby: “The urgency of the threat prompted the U.N. team, which includes 14 experts with the International Atomic Energy Agency, to make the last-minute decision to proceed to the plant even as the thud of artillery strikes was heard in the parking lot of their hotel 30 miles away,” according to the report.

Grossi has emphasized that the mission will proceed as planned despite the “inherent risks”. At the same time, the risk of some kind of catastrophic nuclear or radiation event grows by the day, per CNN:

The fifth reactor at the nuclear power plant was shut down and its emergency protection system activated on Thursday due to shelling, Ukraine’s nuclear operator Energoatom said in a statement. The plant, which was disconnected from the country’s power grid last Thursday, has six reactors, only two of which have been functioning.

Meanwhile, the Ukrainian government is accusing the Russians of trying disrupt the IAEA visit, also following accusations that Ukrainian personnel at Zaporizhzhia were tortured in order to cover up the true status of the plant’s operations.

END

Stupidity on full display

Inbox

Robert Hryniak12:14 PM (4 minutes ago)
to

Here is the brutal truth about the Ukrainian commandos or foreign actors in this raid. They are dead or taken prisoner or severely wounded. And despite Ukrainian shelling the inspection team from the IAEA has made it through to the Zaporozyhe Nuclear Power Plant.

One can only wonder was this shelling of the inspection team a diversion so the commandos could seize the plant to possibly blow it up and blame the Russians ? Whatever the truth maybe, attacking and shelling a Nuke Plant is a dumb assed idea and shows zero integrity on the part of the criminal regime in Kiev who have no issues risking millions of lives for the agenda of their enablers. 

Large forces of Ukrainian landing force landed in the Energodar(Nuke Plant) area, combat aircraft are operating 
9/1/22 
by Avia .Pro 
Translated from Russian

Ukrainian troops sent their landing units to the Energodar region.

At the moment, it is known that a large group of Ukrainian troops landed in the Energodar area, where the Zaporozhye NPP is located. The exact number of the military is not disclosed, however, given the fact that aviation is actively working on the enemy, we are talking about a landing group, which poses a serious threat. Information on this subject was announced by the head of Energodar Alexander Volga.

How exactly the landing was carried out is not specified, however, it is emphasized that a group of Ukrainian paratroopers, and among them there may well be foreign mercenaries, and even representatives of foreign armies, are being hit by combat aircraft. The circumstances of the landing have not yet been disclosed, however, according to Vladimir Rogov, a member of the main council of the administration of the Zaporozhye region, Kyiv may try to interfere with the IAEA mission by such actions.

According to a number of data, the landing of the Ukrainian troops was covered by powerful artillery work, which indicates the fact that the landing was supposed to go unnoticed, however, obviously, the mission of the Armed Forces of Ukraine was disrupted and the landing force could be defeated in the near future.

Source: https://avia.pro/news/v-rayone-energodara-vysadilis-krupnye-sily-ukrainskogo-desanta-rabotaet-boevaya-aviaciya

end

More info comes out on the Nuke Plant

Inbox

Robert Hryniak2:32 PM (32 minutes ago)
to

Zaporizhia NPP: what is Ukraine really trying to achieve by firing at a nuclear facility?

“…Attempts to cause an accident at the plant are based on the desire to hide the real state of affairs at the nuclear power plant and not give an opportunity to check and analyze anything. So that no one, except for the Russian Federation, which, of course, no one in the civilized world will believe, does not know in what state the station passed to the Armed Forces of the Russian Federation.

The NPP equipment is in a worn-out, deplorable state. It was not repaired for years, the allocated funds were totally plundered, the famous Kiev oligarchy in the person of Rinat Akhmetov profited from its operation. As evidence – an original document: a letter from employees of the nuclear power plant to the President of Ukraine Vladimir Zelensky, where they reported on the condition of the equipment and asked to take measures to repair it.

The risk of Chernobyl 2.0, or even a more serious nuclear catastrophe, remains if the shelling continues, and the dilapidated power units are operated in the same conditions. The latter will now be under the control of experienced Russian power engineers, but who is to blame for the critical equipment being in such a state?Will anyone hold Rinat Akhmatov to account? As it is he lost his steel plant in Mauripol that Azov was protecting for him. 

END

6.GLOBAL ISSUES AND COVID COMMENTARIES/

Newsome is nuts! California will now punish doctors for refusing to comply with the COVID narrative

(zerohedge0

California Will Now Punish Doctors For Refusing To Comply With The Establishment COVID Narrative

WEDNESDAY, AUG 31, 2022 – 05:00 PM

In January of this year the California state government formed the “Vaccine Work Group” which was tasked to construct a series of draconian bills designed to silence the large percentage of the population that refuses to comply with covid lockdowns and vaccine mandates.  Most of these bills have since been attempted and have failed to pass or have been shelved.  They included:

A bill that would have required all schoolchildren to get vaccinated against COVID, another that would have made all employees in California show proof of vaccination, and legislation that would have required local law enforcement officials to enforce public health orders.

All of these measures fell apart for obvious reasons, but for the sake of clarity let’s consider these facts:

1)  School children are at virtually no risk of facing extreme illness or death from covid and the vaccine does nothing to prevent transmission of the virus.  So, there’s no legitimate scientific reason to vaccinate them.

2)  Proof of vaccination is what we call a “vax passport.”  They are using this system now in China to apply even more oppression to the citizenry, and that type of thing is just not going to fly here in the US, not even in California.  Furthermore, if the vaccines actually work, then the vaccinated have nothing to fear from the unvaccinated.  If the vaccines don’t work, then there’s no reason to force people to take them in the first place.

3)  Finally, they can pass any law they want to pressure law enforcement to bully people with covid mandates, but these would still be unlawful orders according to the constitution.  Beyond that, what is the Vaccine Work Group going to do if LEOs still refuse?  Fire them?  You can’t fire a Sheriff.  You can fire a city cop, but who are you going to replace them with if large numbers do not comply?  And there are plenty of other LEO jobs in other states waiting for them if they do get fired.  The state government has zero leverage; they are scrambling desperately for control that they will never achieve.  

Only one bill put together by the Vaccine Work Group has been passed by the state senate, and it is being sent for approval by Governor Gavin Newsom this week.  Doctors and other medical professionals accused of spreading “disinformation” and “misinformation” can now have their state license suspended or revoked by the Medical Board or Osteopathic Medical Board of California for “unprofessional, conduct.”

The bill defines “misinformation” as:  False information that is contradicted by contemporary scientific consensus contrary to the standard of care.

Note that it does not define misinformation as info that is contrary to scientific facts and evidence.  Rather, it defines it as something that runs contrary to “consensus” and “standards of care.”  The state government gets to dictate what the consensus is, and what the standard of care is.  Meaning, any doctor that contradicts the STATE is subject to punishment.  Science has nothing to do with it.   

In a lawsuit against California’s Medical Board, Physicians for Informed Consent called the bill an attempt to “unconstitutionally target dissenting physicians, including by attempting to intimidate by investigation, censor and sanction physicians who publicly disagree with the government’s ever-evolving, erratic, and contradictory public health Covid-19 edicts.”

Another point to consider is that vax mandate cheerleaders have long argued that most people standing in opposition to the mandates don’t have the “knowledge” or education to make informed decisions or arguments on the matter.  But what happens when trained doctors and virologists stand in opposition?  Well, they aren’t taken seriously either.  Those people are now treated like criminals and face the loss of their careers.  

Clearly this debate is not about knowledge or education, it’s about conformity.   

California is the only state in the US that has rendered such a bill into law so far.  While numerous blue states have sought to use intimidation to bring the medical community into line with the mandate agenda, California is the first on one seeking to justify government force against doctors through legislation. It’s hard to say if this is evil or admirable – At least they are now being open about their true intentions.     

end

Paul Alexander..

CDC & Fauci & Baric filed patents on all of the Coronavirus so that only they could; so they had the means to turn coronavirus from a ‘pathogen’ to profit $ and that’s what they did! CRIMINALS!

In 2003, CDC used the coronavirus outbreak in Asia to patent it so that all of it’s protection and measurement of it, belonged to them, all the money made; they made it exploitable

Dr. Paul AlexanderAug 31

Because of their patents, everyone (we, if ‘we’ wanted to fix this) was always constrained. They had the monetary gain to make full profit. ONLY. They, Fauci, CDC, Collins etc. All the players, including pharma are and were involved. We investigate and jail them all if wrong is shown in public and legal hearings.

SOURCE

Open in browserOMICRON BA.4.6 & BA.2.75 variants may well emerge as more infectious & dangerous to the lungs than the current BA.5 sub-variant clade; we are seeing BA.4.6 increasing in spread; new booster may be DOA

Yes, I just wrote that, but we need to wait & see, but the new BIVALENT booster from Pfizer may be ineffective as soon as brought out if BA.4.6 supplants BA.5 as the dominant clade; look at graph
Dr. Paul Alexander
Sept 1
Remember, as per my prior stack below, the FDA is authorizing this bi-valent shot based on a study on mice, 8 mice. Not humans and only 8 mice.This is pure insanity and I raised several points prior for consideration that I include again:Substack Alexander COVID News evidence-based medicine is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Upgrade to paid1)Original Antigenic Sin (OAS) (antigen immune imprinting, fixation, prejudicing based on initial exposure, vaccine etc.); antibody-dependent enhancement of infection (ADEI) and antibody dependent enhancement of disease (ADED); viral immune escape; natural selection pressure; keep these concepts always in your mind as you assess these failed COVID gene shots. It remains the rate limiting step.2) they have not done the proper testing especially as to safety3)they have not conducted any of their studies including the legacy trials for the proper duration of follow-up; long-term harmful and death sequela remains a massive concern as it is happening in the short and medium term already4)Tests as far as I have heard are only in mice thus far and results and decisions being based on 8 mice? Mice model is not the human experience and behavior and response and this is ludicrous5)As far as I know they are also relying on data from the BA.1 human trials and BA.5 mice trials for their EUA authorization. This is ludicrous for the BA.1 is not a dominant variant; BA.1 and Wuhan are obsolete.6) Having the initial Wuhan legacy strain as one of the contents of the booster vaccine (that spike) with BA.5 spike is a joke for the Wuhan strain is long gone, is not dominant. This will drive Original Antigenic Sin and viral immune escape. Again how inept can these people at CDC and Pfizer and FDA be?7)An increase in antibodies is not representative of how the immune response will be and this is the garbage type science Pfizer and Moderna have subjected us to so as to get their fraud killer shots into us, and the corrupted inept FDA has accepted. It is the FDA that fails each time. Why? Corrupted bogus vaccine maker methods to show effectiveness such as ‘immuno-bridging’ (immuno-bridging) with antibody spikes in young kids used as a measure of immune response success if it matches increases in antibodies in prior adult or other older children trials. Such utter garbage. This is scientific malfeasance!8)All of these EUAs are based on antibody titer surges. This is crap bogus research and tells us nothing for as we saw the antibody levels wane quickly (gets to negative efficacy in a week) and this is the continuation of these malfeasant vaccine makers driving profits by having you on the booster tread-mill and you cannot come off. This is fraud. This is criminal IMO. It does not work, will not work and will never work. We are being tricked again! A ‘shiny toy, shiny object’ again, a new booster and it is a fraud, will fail!9)This is the ‘Future Framework’ bullshit we were telling you about that the FDA is operating under, has corruptibly devised, where future COVID etc. vaccines will not be tested, they will be carte blanched approved once shown to be ‘similar’. Similar how? Antibody surges? You sit back and think about it for a moment and tell me how much hair you pulled out of your head.
Additional source:
FDA set to authorize updated COVID-19 booster shots for newer Omicron strains without completed human tests: Agency will assess new jabs based on mice research and older vaccinessee my prior stack on this:Substack Alexander COVID News evidence-based medicine
Of EUA’s, FDA, Pfizer, & COVID shots: there is NO emergency so why EUA for BA.4 & BA.5? Now Latest Covid Boosters Are Set to Roll Out Before Human Testing Is Completed; Original Antigenic Sin? AZAR!

First, there is today no data on if this new booster is safe or actually will work in humans, NONE! FDA is bypassing all of that! This is the new ‘normal’. UPDATE: The FDA as of August 31, 2022, has now authorized the bi-valent boosters (original Wuhan and BA.5 clade sub-variant…Read more4 days ago · 86 likes · 64 comments · Dr. Paul AlexanderLook, IMO and I am a student of Geert Vanden Bossche, and this bi-valent injection is dead on arrival (DOA) and can only drive further adaptation and evolution of the virus. Negatively. The resulting vaccinal antibodies will place the omicron spike under sub-optimal immune pressure and Pfizer and the FDA continue to not understand and have no clue of what they are doing, greatly under-estimating the evolutionary capacity of the virus to evolve, and do not understand the dynamics between the virus and the host immune system.IMO there will be original antigenic sin (OAS) (prior immune imprinting, priming) with recall of the vaccinal antibodies to the legacy Wuhan strain. This means potentially that the recalled antibodies can outcompete the BA.5 vaccine induced antibodies for the omicron spike and the virus will be resistant to the recall antibodies. This will drive selection pressure and thus natural selection which will select for more infectious sub-variants and thus expansion of the sub-variants which will be enriched in the environment. We are looking at antibody-dependent enhancement of infection (and disease), original antigenic sin and viral immune escape. Vaccinated persons will potentially be at risk for infection and severe illness.see Dr. Geert Vanden Bossche’s view on this bi-valent updated COVID injection:SOURCE TrialSite news:Geert Vanden BosscheGeert’s conclusion:“One wonders though why studies conducted to test these new vaccines have only enrolled baseline seronegative participants whereas the new vaccines will predominantly be administered to people who have already been vaccinated with first generation C-19 vaccines. This is quite striking as usage of these updated C-19 vaccines to fight dominantly circulating Omicron variants in previously C-19-vaccinated populations is highly contra-indicated as it violates all basic principles of vaccinology…Updated C-19 vaccines comprising new mRNA- or protein-derived S-associated sequences of one or more Omicron (sub)variants will only further deteriorate the already dire consequences of C-19 mass vaccination—abundant cell surface-expressed and/ or free circulating S protein will cause a unilateral and potentially protracted recall of IEABs without priming neutralizing Abs against new Omicron-specific antigenic sequences in the vast majority of healthy vaccinees. Whereas the purpose of these novel vaccines is to enhance protection against continuously evolving variants, they will have exactly the opposite effect, in that they will enhance the evolutionary dynamics of the virus. Continued mass vaccination with novel Omicron-adapted vaccines will only increase population-level immune pressure on viral virulence by the IEABs (which currently have a virulence-inhibiting effect at the level of the lower respiratory tract). Large scale vaccination with these updated vaccines will merely expedite natural selection and expansion of SC-2 variants that will exhibit a high level of virulence and infectiousness in vaccinees, while sparing the unvaccinated from this impact.”see 2nd row for the BA.4.6 sub-variant prevalence at this time (2nd at this time) and we need to wait to see what happens with BA.4.6 and if it emerges as a dominant clade that supplants BA.5, then the new bi-valent COVID shot (comprised of Wuhan spike and BA.5 spike) will be sub-optimal and likely contribute to the same disaster we are having now. The new bi-valent shot will not work optimally for the BA.4.6. Whereby the vaccine drives infectious sub-variants and thus the pandemic will last for 100 years as it seems planned.
Substack Alexander COVID News evidence-based medicine


URGENT: OMICRON BA.2.75 sub-variant may be a problem, pre-print study in hamsters suggest BA.2.75 is more infectious & harmful than even dominant BA.5 & BA.2; BA.2.75 caused focal viral pneumonia..

(this is the most important section: the Omicron BA.275 is rapidly increasing in India and Nepal.
it is more lethal than other variants as the virus attacks the lower lungs. (harvey)

.SOURCE ‘The prevalence of the Omicron subvariant BA.2.75 is rapidly increasing in India and Nepal. In addition, BA.2.75 has been detected in at least 34 other countries and is spreading globally. However, the virological features of BA.2.75 are largely unknown. Here, we evaluated the replicative ability and pathogenicity of BA.2.75 clinical isolates in …

Vaccine Impact//

Thousands of Businesses Closing in Europe Due to High Energy Bills That Make it No Longer Possible to Stay Open

August 31, 2022 4:10 pm

Over the past week, shocked Europeans – mostly in the UK and Ireland – have been posting viral photos of shockingly high energy bills amid the ongoing (and worsening) energy crisis. Several of the posts were from small business owners who getting absolutely crushed right now, and won’t be able to remain operational much longer. As the Irish Times reports, “The cost of electricity to the Poppyfields cafe for 73 days from early June until the end of August came in at €9,024.70 an increase of 250 per cent in just 12 months. There doesn’t include the €812.22 in VAT, which brought her total bill to €9,836.92.” “How in the name of God is this possible,” tweeted cafe owner Dolan. Europe is facing economic devastation and depression at a scale that will make 2008 seems like a walk in the park. As the FT reports, German manufacturers are halting production in response to the surge in energy prices, a trend the government has described as “alarming”. German economy minister Robert Habeck said industry had worked hard to reduce its gas consumption in recent months, partly by switching to alternative fuels like oil, making its processes more efficient and reducing output. But he amusingly clarified, some companies had also “stopped production altogether” — a development he said was “alarming”. “It’s not good news,” he said, “because it can mean that the industries in question aren’t just being restructured but are experiencing a rupture — a structural rupture, one that is happening under enormous pressure.”

Read More…


The American Kleptocracy: A Government Of Liars, Thieves, & Lawbreakers

August 31, 2022 7:18 pm

The American kleptocracy (a government ruled by thieves) continues to suck the American people down a rabbit hole into a parallel universe in which the Constitution is meaningless, the government is all-powerful, and the citizenry is powerless to defend itself against government agents who steal, spy, lie, plunder, kill, abuse and generally inflict mayhem and sow madness on everyone and everything in their sphere. Think about it. Almost every tyranny being perpetrated by the U.S. government against the citizenry—purportedly to keep us safe and the nation secure—has come about as a result of some threat manufactured in one way or another by our own government. Cyberwarfare. Terrorism. Bio-chemical attacks. The nuclear arms race. Surveillance. The drug wars. Domestic extremism. The COVID-19 pandemic. In almost every instance, the U.S. government (often spearheaded by the FBI) has in its typical Machiavellian fashion sown the seeds of terror domestically and internationally in order to expand its own totalitarian powers. Who is the biggest black market buyer and stockpiler of cyberweapons (weaponized malware that can be used to hack into computer systems, spy on citizens, and destabilize vast computer networks)? The U.S. government. Who is the largest weapons manufacturer and exporter in the world, such that they are literally arming the world? The U.S. government. Which country has a history of secretly testing out dangerous weapons and technologies on its own citizens? The U.S. government. Which country has conducted secret experiments on an unsuspecting populace—citizens and noncitizens alike—making healthy people sick by spraying them with chemicals, injecting them with infectious diseases and exposing them to airborne toxins? The U.S. government. What country has a pattern and practice of entrapment that involves targeting vulnerable individuals, feeding them with the propaganda, know-how and weapons intended to turn them into terrorists, and then arresting them as part of an elaborately orchestrated counterterrorism sting? The U.S. government. Are you getting the picture yet? The U.S. government isn’t protecting us from terrorism. The U.S. government is creating the terror. It is, in fact, the source of the terror.

Read More…

VACCINE INJURY

Blood damage explains many harmful impacts of COVID ‘vaccines’ – LifeSite

Inbox

Robert Hryniak12:35 PM (15 minutes ago)
to

FYI
https:

//www.lifesitenews.com/opinion/blood-damage-explains-many-harmful-impacts-of-covid-vaccines/

END

Like a warning not to do 3 shots

Inbox

Robert HryniakAttachments12:22 PM (29 minutes ago)
to

https://www.theepochtimes.com/high-percentage-of-covid-deaths-had-3rd-shot-more-excess-deaths-after-4th-shot_4696054.html

MICHAEL EVERY//RABOBANK & BILL BLAIN

Michael Every on the major topics of the day

“All Rules Of The Game, Institutional Architecture, And Physical Supply Chains Will Now Have To Change”

THURSDAY, SEP 01, 2022 – 10:15 AM

By Michael Every of Rabobank

EU wholesale electricity prices have collapsed a staggering 50% in a week – but that only takes them from “nobody can pay” to “very few can afford to pay” territory. Gazprom has turned off EU gas flow through Nord Stream 1, again. Europe claims it has stored 80% of the gas it needs for winter, cheering markets. Yet analysts point out Germany needs much more than it stores each year, and with no flow, huge problems – or very high LNG import prices. The colder this winter gets, the more so. German industry is already responding by closing down: and if it sees there is no power resolution possible for 2023, 2024, or 2025 (or longer), where might all that mighty production muscle be transplanted to?

Oil prices closed down another 2.3% yesterday with Brent at $96.50 – but there is a broadening public admittance from key players that financial markets are not reflecting physical reality and, as with many other commodities, are becoming less liquid and more volatile. Indeed, after US Energy Secretary Granholm recently implied the States may stop exporting diesel within months, and the ongoing decline in the US Strategic Petroleum Reserve, OPEC+ just tightened its outlook for the physical oil market for 2022 and 2023: the expected surplus for this year was cut in half to 400,000 barrels a day, and for 2023 it flipped from a projected surplus of 900,000 to a deficit of 300,000 barrels a day. Worse, OPEC+’s Joint Technical Committee has endorsed a Saudi recommendation to soon cut physical supply. Fortunately, the oil tanker that got stuck in the Suez Canal was quickly refloated: but it underlined again we are in truly Deep Ship given how easily such an ‘accident’ could happen, crippling global commodity and physical supply chains, should somebody want it to. (If rolling strike action doesn’t do the trick endogenously.)

Our agri-commodity team has tamed their longstanding bullish expectations on grains and oilseeds on the back of a stronger US dollar and specific supply and demand (destruction, as wheat consumption heads for its biggest annual decline in decades: and that’s a euphemism I despise given it means ‘hunger’.); yet they also acknowledge that any price rises from here will be about energy – which is likely to stay high/higher. Those life-time neck-deep in commodities trading also admit transparent, liquid, dollar-based markets are far less so, and parallel barter is all over – exactly as was warned alongside ‘Why Bretton Woods 3 Won’t Work’ several months ago. What you see on a screen is only part of what is happening.

The accusation of markets failing to reflect reality can also be leveled at financial assets. Equities’ critics point out the army of sell and buy analysts saying stocks only go up, as they keep going down. Yet even the global benchmark US Treasury market is not proving immune to whispers of lower liquidity and rising volatility as participants begin to realize that rates are going up and aren’t going down again fast, because supply-side inflation may be very sticky.

On which note, Eurozone inflation yesterday was 9.1% y-o-y and core inflation accelerated 0.3ppts to 4.3%. On the same day, a Financial Times interview with a UK construction CEO underlined while the initial shock from energy prices had already hit his firm, it is still filtering downstream through other inputs, and on into wage demands. He expects inflation to level off at 4-5% for 3-4 years after the peak (of maybe 20%?!) in early 2023. Which bond market is correctly pricing that coal-face (tin-foil hat?) view, even given eruptions like 20-year Gilt yields surging 20bps intra-day yesterday, before retracing to just 10bps?

It seems we all need to go back to Maslow’s 1943 paper “A Theory of Human Motivation”. This argues all humans have a hierarchy of needs. The ‘Maslow pyramid’ has “physiological” at its base, then “safety”, “belonging and love”, “social needs”, “self-actualization”, and finally “transcendence”. “Physiological” means FOOD (which is now becoming too expensive for many) and SHELTER (which does not mean unaffordable property prices, and unaffordable energy bills for owners and renters alike). “Safety” ranges from the individual, and their community, to national security and not being, well, invaded or co-opted, or forced to kow-tow.

Modern economics –with its math wizardry and real-world stupidity– and modern Western leadership –who listened to it– have ignored the “physiological” and “safety” in favor of “transcendence”, defined as “the very highest and most inclusive or holistic levels of human consciousness, behaving and relating, as ends rather than means, to oneself, to significant others, to human beings in general, to other species, to nature, and to the cosmos.” (Maslow really was able to project 2022 Twitter, wasn’t he?)

Or, to put it another way, the global neoliberal model dug a basement level under the pyramid called “because markets”, which is now causing it all to fall down on us.

There is also irony in that the pyramid appears on the US dollar, which is still king through all this chaos, even if one day in a smaller kingdom, if only because the only alternative, sadly, *is* this chaos. Furthermore, the pyramid is one of the key ‘new world order’ memes, for those who like that kind of thing.  

However you want to look at, or however you choose to ignore it, the painful facts of the matter are that all rules of the game, institutional architecture, and physical supply chains will now have to change: either be ahead of that curve, or be crushed by it.

We need to focus on the Maslow pyramid, not pyramid schemes.

We are not ‘lower for longer’. We are ‘Maslow-er for longer.’    

END   

Bill Blain

Blain: The Stock Market Rout Has Only Just Begun

THURSDAY, SEP 01, 2022 – 08:24 AM

Authored by Bill Blain via MorningPorridge.com,

The thieves, they love a siege. Soon as the gates are sealed, they steal all the food. By the time it’s all over, they’re the richest men in town.”

Harry Hindsight is the greatest trader who ever lived. He saw the July/August rally was just a bear trap. But, he’s not revealing his thoughts on how much further the market has to correct. Some analysts see mean reversion all the way back to 2008 levels!

This morning – back the usual stuff: Wither the stock market?

Yesterday myself and some colleagues were recording the latest Shard Podcast, talking about the market outlook for the rest of this tumultuous year. We weighed the risks of recession, price to earnings ratios, declining profits, inflation eating into consumer discretionary cash, and global trade, plus a host of other stuff. We concluded there is still significant downside risk to equities, and more pain to come for longer in bond markets.

As soon as the podcast is out, I will flag it.

I’m pretty sure I mentioned “mean reversion” risk at one point… the basic rule of everything that all things revert back to normal, which in the case of the stock market is going to be “painful” at best.

Yesterday we also had market legend Jeremy Grantham on BBerg warning the current stock market super bubble has “yet to pop”. He said what many of us believed about the July/August rally – it was a bear trap: a bear market rally after an initial sharp decline. Grantham cited “a dangerous mix of overvalued stocks, bonds and housing, combined with a commodity shock and hawkishness from the Fed” as further reasons to be fearful.

The reality of mean reversion takes us right back to when the stock market was last normal – which was sometime back in the late 1990s, early 2000s before Central Banks decided their price stability mandate included market stability as a precondition to stability.

Oh, ye Mighty, look upon my works and despair… is the lesson they have now learnt. Mess with markets, and they will mess you back.

Central Bank monetary experiment has proved a clusterf*ck of monumental proportions. Its  resulted in the most distorting period of market manipulation ever. From 2010-2021 central banks piled on Quantitative Easing and Zero Interest Rate Policy to notionally boost economic growth (which they did not) and then Governments made massive fiscal injections into the economy to combat Covid. Sweet Jesus – what a mess they made…

The result is all that cash – trillions up gazillions of dollars – ended up not in the real economy, but in financial assets. The value of bonds and stocks went stratospheric, chasing each other higher, even though the real economy did little more than chug along. We pretended the world was changing as tech – basically someone delivering take-away food to your front door, electric batteries, or using a phone to order a taxi by app instead of an actual call – was technological miracle advancement. Doh!

We did not see any great industrial revolution improving productivity – what we saw was the creation of millions of low paid, zero-hours type jobs and a massive imbalance in wealth equality as the rich got insanely richer on stock market gains, and inflated C-suite rewards, while everyone else got progressively poorer.

We are now into the end stage of the game:

  • Central Banks are not longer playing ball. They actively want markets to correct to remove the inflationary impulse from falling financial markets adding to real world inflation. The Fed “Put” has become the Fed “Call”.
  • Financial asset sanity is reasserting itself – folk have woken up to fundamental truths like: cash is a better place to store wealth than negative yielding bonds, stocks with no income have no value, and emperor’s new clothes swindles like Crypto and NFTs are zero-value, zero-utility Ponzi games that rely on a greater fool to keep buying and push them up.
  • Savers have no discretionary income left to save – and little incentive to invest in financial asset markets, which are now revealed as so clearly mispriced.

So where does this take us?

Clearly… after a very boozy market party there are going to be hangovers a plenty. They are going to hurt. How much?

I would refer you to great chum of mine, David Murrin, who has done fantastic work on reading the Code of Markets. Check out his website www.DavidMurrin.co.uk – he may even give you a free trial if you mention the Morning Porridge.

David does a lot of stuff – and has an opinion on just about everything – but his chart work is absolutely on the ball. As central banks continue to aggressively hike interest rates (and everyone now expects 75 bp from the ECB), David is predicting: “the Western Economies that have been based on cheap money at ultra-low interest rates will quite literally fall apart, and the stock market will collapse.”

His read on the charts is the current down leg takes global stock markets down 50% from the highs – to the kind of levels we were back in 2015-17, before a bounce before a second down-leg takes us the full mean reversion back to levels (adjusted for inflation) last seen pre-2008.

With that warning of significant downside to come… please enjoy the rest of your day… 

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

END

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

end

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

Euro/USA 1.00164 DOWN  0.0022 /EUROPE BOURSES // ALL RED 

USA/ YEN 139.183   DOWN  0.143 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.1582 DOWN   0.0015

 Last night Shanghai COMPOSITE CLOSED DOWN 17.16 POINTS OR 0.54%

 Hang Sang CLOSED DOWN 357.08 PTS OR 1.79% 

AUSTRALIA CLOSED DOWN  2.02%    // EUROPEAN BOURSE: ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 357,08 PTS OR  1.79% 

/SHANGHAI CLOSED DOWN 17.16 PTS  OR 0.54% 

AUSTRALIA BOURSE CLOSED DOWN 2.02% 

(Nikkei (Japan) CLOSED DOWN 430.06 OR 1.53%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1703.80

silver:$17.77

USA dollar index early THURSDAY morning: 109.02 UP 36  CENT(S) from WEDNESDAY’s close.

 THURSDAY  MORNING NUMBERS ENDS

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And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.65% UP 6  in basis point(s) yield

JAPANESE BOND YIELD: +0.235% DOWN 9    AND 4/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.76%// UP 7  in basis points yield 

ITALIAN 10 YR BOND YIELD 3.92  UP 13   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS

GERMAN 10 YR BOND YIELD: RISES TO +1.557% 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA0.9939 DOWN  .0098   or 98 basis points

USA/Japan: 139.98 UP 0.642 OR YEN DOWN 64 basis points/

Great Britain/USA 1.1533 DOWN.0065 OR 65 BASIS POINTS

Canadian dollar DOWN .0023 OR 23 BASIS pts  to 1.3165

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.9070 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.9110

TURKISH LIRA:  18.21  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.235

Your closing 10 yr US bond yield UP 13  IN basis points from WEDNESDAY at  3.263% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.382 UP 13  in basis points 

Your closing USA dollar index, 109.69 UP 101 PTS   ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 135.65 PTS OR  1.86%

German Dax :  CLOSED DOWN 204.73 POINTS OR 1.60%

Paris CAC CLOSED  DOWN 90.79 PTS OR 1.48% 

Spain IBEX CLOSED DOWN 80.10 OR  1.02%

Italian MIB: CLOSED DOWN 257.16 PTS OR  1.19%

WTI Oil price 87.12  12: EST

Brent Oil:  92.94 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  60.31  DOWN 0  AND 7/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.5005

CLOSING NUMBERS: 4 PM

Euro vs USA: 0.9949 DOWN .0089     OR  89 BASIS POINTS

British Pound: 1.1539 DOWN  .0058 or  58 basis pts

USA dollar vs Japanese Yen: 140.12 UP 0.784//YEN DOWN 78 BASIS PTS

USA dollar vs Canadian dollar: 1.3160 UP 0.0017  (CDN dollar, DOWN 17 basis pts)

West Texas intermediate oil: 86.40

Brent OIL:  92.11

USA 10 yr bond yield: 3.257 UP 13 points

USA 30 yr bond yield: 3.368  UP 11  pts

USA DOLLAR VS TURKISH LIRA: 18.21

USA DOLLAR VS RUSSIA//// ROUBLE:  60.31  UP 0 AND    8 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 184.41 PTS OR 0.57 % 

NASDAQ 100 DOWN 120.84 PTS OR 0.96%

VOLATILITY INDEX: 25.91 UP 0.35 PTS (1.37)%

GLD: $161.86 up $0.08 OR 0.05%

SLV/ $17.63 DOWN 7 CENTS OR 0.40%

end)

USA trading day in Graph Form

Late-Day Panic-Bid Rescues Stocks From Worst Losing Streak In 7 Months

THURSDAY, SEP 01, 2022 – 04:01 PM

Better than expected jobless claims data combined with an ISM Manufacturing print that did not collapse were just enough good news to spark more hawkishness to be priced into markets as it offers no immediate relief from Powell’s pain…

Source: Bloomberg

Some good news – for Jay Powell – is that financial conditions are tightening since he unleashed hell at J-Hole…

As one Goldman trader detailed: “We think the shift in tone from the July FOMC to Jackson Hole was a carefully curated effort to unwind the FCI loosening that transpired following the July signal that “it may be appropriate to slow the pace of hikes”.

Crucially he recognizes that “The fact that inflation remains well above target means that trading this range with a long bias remains a highly asymmetric strategy at this point in the cycle as any tactical risk bounce or rates rally will ultimately likely prove self-defeating given the repeated signal that the FOMC will lean against any easing of FCI whilst inflation remains elevated – either through “open mouth operations” or via policy rates.”

So be careful what you wish for.

That hawkishness combined with yet another outlook warning from NVDA sparked weakness in futures which carried into the cash open at the start of the market’s historically worst-performing month. That weakness continued until data showed freight weakness is dramatic (bad news) and that seemed to spark an algo-buying-panic,which lifted the Dow, S&P, and Nasdaq into the green for the day ahead of payrolls tomorrow morning…

The S&P bounced intraday off its intermediate term trendline off the June lows…

And here is SpotGamma with further details on where today’s support came from…

There was a complete decoupling (amid low volumes and liquidity) between stocks and bonds in the afternoon…

But there’s more ‘pain’ to come…

Source: Bloomberg

It’s been an ugly week for NVDA and that didn’t help overall sentiment…

Treasuries started September as they ended August – being dumped – with the long-end underperforming on the day (30Y +7bps, 2Y +1.5bps). Interestingly on the week, the belly (7Y) is underperforming (up b double the number of bps than the 2Y….

Source: Bloomberg

The 10Y Yield neared 3.30% today, its highest since June 21st (but below the cycle highs)…

Source: Bloomberg

…but the 2Y yield rose above the June highs to its highest since Nov 2007…

Source: Bloomberg

The dollar extended post-Powell gains today…

Source: Bloomberg

…pushing above the peak-COVID-crisis safe-haven peak…

Source: Bloomberg

Cryptos were dumped again today, with Bitcoin back below $20,000…

Source: Bloomberg

Spot Gold tumbled back below $1700

Oil prices continued to slide with WTI back below $90…

Finally, in case you thought the economy was doing ok, we note that the Baltic Dry Index has been tumbling in the last couple of months (when historically it rises this time of year) and is now at its weakest since 2016 for this time of year…

Source: Bloomberg

In fact, as we tweeted earlier, the freight recession is now as bad as peak-COVID; but until inflation prints a 4 handle or payrolls print negative-one-million, Powell’s pain will continue.

I) / LATE MORNING//  TRADING

Dollar Index Surges Above COVID-Panic Highs, Gold Back Below $1700

THURSDAY, SEP 01, 2022 – 08:58 AM

The DXY Dollar Index has spiked to its strongest against a small basket of fiat peers since June 2002…

Source: Bloomberg

But the broader-based Bloomberg Dollar Index has now spiked above the safe-haven panic-bid highs from March 2020’s COVID lockdown crisis to hit a new record high…

Source: Bloomberg

This, combined with surging real rates, has sent gold reeling with spot now trading back below $1700…

Source: Bloomberg

Crypto and the precious metals are tracking real rates…

Source: Bloomberg

As we noted earlier, this surge comes amid the rumble of crisis in emerging markets facing dollar margin calls on their debt.

Critically, this dollar rally is a time-bomb for global markets and we humbly suggest that if this trend continues, the Powell Pivot will come not from “inflation targets hit”, but from pressure to stall devastation across the rest of the world.

But, as Ruchir Sharma recently warned, “don’t be fooled” by the recent dollar strength. The currency may look strong but its weaknesses are mounting…

Today, as in the dotcom era, the dollar appears to be benefiting from its safe-haven status, with most of the world’s markets selling off. But investors are not rushing to buy US assets. They are reducing their risk everywhere and holding the resulting cash in dollars.

This is not a vote of confidence in the US economy, and it is worth recalling that bullish analysts offered the same reason for buying tech stocks at their recent peak valuations: there is no alternative. That ended badly. Tina is never a viable investment strategy, especially not when the fundamentals are deteriorating.

So don’t be fooled by the strong dollar. The post-dollar world is coming.

And nowhere is that post-dollar world more evident that in news this morning that Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge.

ii) USA DATA//

Continuing Jobless Claims Hit 5-Month-Highs

THURSDAY, SEP 01, 2022 – 08:37 AM

The number of Americans filing for jobless benefits for the first time fell from a revised lower 237k to 232k last week (the lowest since June) which suggests the pain the labor market is improving at the margin. However, continuing claims rose to their highest level since April at 1.438mm…

Source: Bloomberg

Notably, while the seasonally-adjusted claims data remains high, unadjusted initial jobless claims just hit a new record low…

Source: Bloomberg

New York, Massachusetts, and Michigan saw the biggest rise in initial jobless claims while Connecticut, Missouri, and Oklahoma saw the biggest drop in claims…

And finally, ahead of tomorrow’s payrolls print, we wonder just WTF is going on in the US labor market…

Source: Bloomberg

When will all the reported layoffs hit the ‘official’ data?

What would Jack Welch say?

END

U.S. construction spending softens in July

Sept. 1, 2022 at 10:11 a.m. ET

MarketWatch

Spending was down 0.4% in July, matching Wall Street’s estimate.

Outlays for construction projects fell 0.4% in July at a seasonally adjusted annual rate of $1.78 trillion, the U.S. Commerce Department reported Thursday.

The drop matched economists’ expectations.

Spending in June fell a revised 0.5% to $1.784 trillion, up from the steeper prior estimate of a 1.1% drop.

Over the past year, construction spending is still up 8.5%.

Total private construction fell 0.8% in July. Private residential construction fell 1.5%, while private nonresidential spending rose 0.4%.

Total public construction rose 1.5%. Residential public construction rose 0.8% while nonresidential public construction rose 1.5% last month

US Manufacturing Surveys Signal Weakest Growth In Over 2 Years, Prices Paid Plunges

THURSDAY, SEP 01, 2022 – 10:05 AM

S&P Global’s Manufacturing surveys for August have not been pretty. Turkey, Italy, Germany, UK, the Eurozone aggregate, and Canada all printed below 50 this morning (in contraction) but US Manufacturing was expected to hold just above the Maginot Line at 51.3 and it did. However, the final August print of 51.5 (small improvement over the flash print) is the weakest since July 2020. The ISM Manufacturing survey was flat at 52.8 from July (better than the 51.9 expected)…

Source: Bloomberg

Interestingly, S&P Global notes that ‘delivery delays are the least extensive since October 2020’ – which in our new normal is actually a good sign that supply chain disruptions are easing, BUT – just as it impacted the index on the way up, the PMI model sees this as a negative since in the old normal this would imply a weakening of demand.

Meanwhile, S&P Global reports that employment rose at the second-slowest rate in over two years as new orders fell for the third successive month.

Under the hood of the ISM print, Prices Paid plunged but this survey claims employment and new orders improved

Source: Bloomberg

The picture remains very murky however, as one ISM respondent:

“Demand from customers is still strong, but much of that is because there is still fear of not getting product due to constraints. They are stocking up. There will be a reckoning in the market when the music stops, and everyone’s inventories are bloated.”

Additional comments are mixed:

“Sales in target business softening month-over-month, down 12 percent by revenue. Inventory days are increasing.” [Chemical Products]

Inventories are far too high, and we are on pins and needles to see how quickly and at what magnitude our busy season begins. We will start seeing that in the next few weeks.” [Food, Beverage & Tobacco Products]

Demand is softening; however, we are continuing to produce to replenish inventory.” [Primary Metals]

“Orders are still strong through the end of the year, but there is a feeling that customers may start pulling back on orders, either cancelling them or pushing them into 2023.” [Plastics & Rubber Products]

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

“US factory production was down for a second month running in August, with demand for goods having now fallen for three straight months amid the ongoing impact of soaring inflation, supply constraints, rising interest rates and growing economic uncertainty about the economic outlook.

“Worryingly, the sharpest drop in demand was recorded for business equipment and machinery, which points to falling investment spending and heightened risk aversion. Similarly, payroll growth slowed close to stalling, reflecting a growing reticence to expand workforce numbers in the face of a deteriorating demand environment.

Falling demand for raw materials has, however, taken pressure off supply chains and helped shift some of the pricing power away from sellers towards buyers. Likewise, we are seeing more manufacturers reduce their selling prices to drive sales. Although still elevated by historical standards, the survey’s inflation gauges are now at their lowest for one and a half years, which should help to bring consumer price inflation down in the coming months.”

Finally, we note that barring the initial pandemic lockdowns months, this is the steepest downturn in US manufacturing seen since the global financial crisis in 2009.

END

iii)USA economic commentaries

NIVIDIA tumbles after Biden blocks chip exports to China

(zerohedge0

NVDA Tumbles After Biden Blocks Chip Exports To China

WEDNESDAY, AUG 31, 2022 – 06:42 PM

It has not been a good week for Nvidia, and now it just got worse as shares are down over 5% in after-hours trading after the firm warned that new rules governing the export of A- chips to China may affect hundreds of millions of dollars in revenue.

In a regulatory filing Wednesday, the giant chipmaker that the U.S. has installed new license requirements for its A100 and forthcoming H100 integrated circuits — Nvidia’s highest-performance products for servers — in sales to China and Russia.

Nvidia’s filing specifically states that Nvidia’s forecast for the current quarter includes an expected $400 million in data-center sales to China that could be affected by the move; Nvidia does not currently sell products in Russia.

“The new license requirement may impact the company’s ability to complete its development of H100 in a timely manner or support existing customers of A100 and may require the company to transition certain operations out of China,” the SEC filing reads.

“The company is engaged with the [U.S. government] and is seeking exemptions for the company’s internal development and support activities.”

Nvidia said that the federal government’s new license requirements are meant to “address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia.”

“We are working with our customers in China to satisfy their planned or future purchases with alternative products and may seek licenses where replacements aren’t sufficient,” an Nvidia spokesperson said in an emailed statement to MarketWatch.

“The only current products that the new licensing requirement applies to are A100, H100 and systems such as DGX that include them.”

The company reportedly only received the notification on Aug. 26 and was already facing a sales slump, triggered by lower demand for personal computers.

Other US chipmakers (AMD and Intel) also saw shares decline in after-hours trading, though Nvidia appears to be the company most impacted by the decision.

end

Royal Caribbean is the first in the cruise industry to equip ships with Elon Musk’s starlink internet

(zerohedge)

Royal Caribbean To Be First In Cruise Industry To Equip Ships With “Kickass” Starlink Internet

WEDNESDAY, AUG 31, 2022 – 07:40 PM

Royal Caribbean Group announced it would be the first in the cruise industry to equip its vessels with SpaceX’s Starlink — making it possible for those who work remotely to enjoy a cruise around the Caribbean with high-speed, low-latency internet. The standard internet on cruise ships is awful and would make anyone absolutely frustrated trying to conduct a video conferencing call.

The “high-speed, low-latency connectivity” will allow “for a better onboard experience for guests and crew fleetwide,” Royal Caribbean said in a statement

Installation on Celebrity Cruises and Silversea Cruises ships and all new vessels for each brand should be completed in 1Q23.

“This technology will provide game-changing internet connectivity onboard our ships, enhancing the cruise experience for guests and crew alike. It will improve and enable more high-bandwidth activities like video streaming as well as activities like video calls,” said Jason Liberty, president and chief executive officer of Royal Caribbean.

SpaceX Vice President of Starlink Sales Jonathan Hofeller said Starlink on cruise ships “will make their passengers’ getaways even more luxurious.”

SpaceX’s founder, Elon Musk, tweeted: “Kickass Internet connection coming Royal Caribbean ships soon!” 

In June, Royal Caribbean asked the Federal Communications Commission (FCC) to clear the way for high-speed internet from space via Starlink’s 3,000 low-orbit satellites.

Besides cruise ships, several airline carriers (read: here) have been discussing Starlink service, though rival satellite internet operators, including Dish Network and Viasat, have filed complaints with the FCC over interference concerns with Starlink’s sprawling mesh satellite network. 

So will so-called ‘digital nomads’ now sail around the world on Royal Caribbean cruise ships early next year when the high-speed internet option becomes available? 

end

The number of homeless is about to skyrocket in the US as 3.8 million renters will likely be evicted in the next two months – Strange Sounds

Inbox

Robert Hryniak5:24 PM (4 hours ago)
to

So what will happen if millions of people get evicted ???? Similar issues abound with energy poverty coming in Europe.

SWAMP STORIES

THE KING REPORT

The King Report September 1, 2022 Issue 6835Independent View of the News
  ADP National Employment Report: Private Sector Employment Increased by 132,000 Jobs in August (300k expected); Annual Pay was Up 7.6%  https://mediacenter.adp.com/2022-08-31-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-132,000-Jobs-in-August-Annual-Pay-was-Up-7-6
 
“How in the Name of God”: Shocked Europeans Post Astronomical Energy Bills as ‘Terrifying Winter’ Approaches – The Poppyfields cafe in Athlone, Ireland – and was charged nearly €10,000 (US$10,021) for just over two months of energy usage…
https://www.zerohedge.com/energy/how-name-god-shocked-europeans-post-astronomical-energy-bills-terrifying-winter-approaches
 
Goldman Sachs sees 75 bps ECB rate hike in September
“Given today’s stronger-than-expected inflation data (EZ Aug CPI 9.1% y/y) —together with hawkish commentary and upside risks to near-term growth—we now expect the Governing Council to hike by 75bp at the September meeting.”… Other banks including Nordea and Danske Bank have also said they expect a 75 basis-point hike.  https://finance.yahoo.com/news/goldman-sachs-sees-75-bps-132129666.html
 
Cleveland Fed President Mester asserted that the Fed must hike rates even if it means creating a recession.  Mester said she sees fed funds above 4% this year and NO rate cuts in 2023.
 
ESUs vacillated between modest gains and losses during Asian trading on the final day of August.  However, ESUs and stocks soared during the final four hours of Nikkei trading on manipulation to game August performance.  ESUs and stocks traded sideways during the final hour of Chinese trading.
 
ESUs retreated modestly after China closed at 2 ET.  When Europe opened an hour later, ESUs and stocks commenced a declined that pushed ESUs to a session low of 3979.25 (-39.00 from high) at 5:36 ET.  ESUs and stocks then commenced a rallied that ended at 9:10 ET.  ESUs rallied 31 handles.
 
ESUs sank 36 handles from 9:10 ET to 9:34 ET.  The usual suspects then manipulated ESUs 30 handles higher by 9:47 ET.  The usual suspects wanted and needed to push stuff higher to salvage August performance.  Contributing to the ESU and stock rally: Europe power prices declined sharply.
 
Alas, sellers returned; ESUs slid 24 handles by 10:09 ET.  The contest between manipulators and fundamental (recession angst) sellers that we envisioned for month end was occurring.  By the end of the first hour of NYSE trading, ESUs had dropped 34 handles from the high.  USZs (Dec. front month now) rallied almost a point from their low.  Defensive asset allocators (recession angst) were in the market.
 
ESUs and stocks hit daily lows at 11:08 ET.  Traders then manipulated stuff higher for the European August close as well as the NYSE close.  ESUs jumped 36 handles by noon ET; but that was all folks!    
 
ESUs and stocks hit new daily lows when the afternoon arrived: bonds turned solidly negative; commodities were down sharply.  Recession and rate hike angst was palpable!   The low for ESUs and stocks appeared at 14:36 ET.  When the final hour arrived, someone manipulated ESUs 24 handles higher in 16 minutes.  USZs tanked 20/32 from 14:46 ET to 15:13 ET.   ESUs sank 19 handles in 17 minutes.  At 15:35 ET, the final ESU manipulation began; it ended within 13 minutes.  USUs were -1 4/32 at the time.  ESUs tumbled into the close, hitting a daily low of 3954.50 at the NYSE close.
 



 
Positive aspects of previous session
Manipulation to game Aug performance appeared for the Nikkei and European closes
 
Negative aspects of previous session
Recession angst is accelerating, and central banks assert that they will hike rates anyway
The manipulation to game August performance during the final hour of NYSE trading failed
 
Ambiguous aspects of previous session
Will the European energy crisis spawn global recession?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3974.97
Previous session High/Low4015.37; 3954.53
 
@NewsNancy9: Electricity prices in Norway are set to around reach $1.00 per kwh. At these prices it will cost $100 to fully charge a Tesla for six hour of drive time. Charging your EV takes 4X the electricity an average house uses in a day. Each charging station runs on 95% coalhttps://t.co/hjMJecJgf3
 
@TuckerCarlson: Electric vehicles are terrible for the environment. As The NYT reported last year, “production of raw materials like lithium, cobalt and nickel that are essential to [EV] technologies are often ruinous to land, water, wildlife and people.”  https://twitter.com/TuckerCarlson/status/1564794328064606208
 
Jeffrey Gundlach @TruthGundlach: California is headed to a massive electricity shortage, has no plans to increase electric power generation, might be facing hydroelectric power shutdowns due to record low dam water levels, and Newsome wants all car sales to be electric in 14 years.
 
Titanium dioxide particles frequently present in face masks intended for general use require regulatory control (Titanium dioxide is reportedly in Skittles) https://www.nature.com/articles/s41598-022-06605-w
 
Nvidia stock falls after U.S. government restricts chip sales to China (Luckily, Pelosi sold on 7/27)
https://www.cnbc.com/2022/08/31/nvidia-stock-falls-after-us-government-restricts-chip-sales-to-china.html
 
@charliebilello: The S&P 500 is down 17% in the first 167 trading days of 2022, the 5th worst start to a year in history.  https://twitter.com/charliebilello/status/1565071472951001092
 
Today – Afternoon trading could be slower than normal as traders await the August Employment Report release tomorrow.  Though most pattern traders will play for the start-of-the-month rally, fundamental seller have been trumping conditioned and pattern traders.  The law of inertia says play this until it ends.
 
For August, the S&P 500 Index is -4.24%; the Nasdaq 100 is -5.22%.   September historically is the worst month of the year for stocks.  What if September is worse than August?
 
Last night, ESUs a tad higher but quickly sank.  They are -23.75 at 20:15 ET.  The 2-yr is 3.51%.
 
Expected economic data: Initial Jobless Claims 248k, Continuing Claims 1.438m; Q2 Nonfarm Productivity -4.3%, Unit Labor Costs 10.6%; Aug S&P Global US Mfg PMI 51.3; Aug ISM Mfg 51.9, Price Paid 55.3; July Construction Spending -0.3% m/m; Aug Wards New Vehicles 13.3m; Atlanta Fed Pres Bostic 15:30 ET
 
S&P 500 Index 50-day MA: 4014; 100-day MA: 4058; 150-day MA: 4180; 200-day MA: 4297
DJIA 50-day MA: 32,136; 100-day MA: 32,431; 150-day MA: 33,077; 200-day MA: 33,711
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4849.55 triggers a buy signal
WeeklyTrender and MACD are positive – a close below 3877.02 triggers a sell signal
DailyTrender and MACD are negative – a close above 4152.07 triggers a buy signal
Hourly: Trender is negative; MACD is positive – a close above 4009.93 triggers a buy signal
 
@SarahNLynch: New memo from AG Garland reminding staff about policies limiting contact with members of Congress, amid lots of interest by members to pry loose the details of many high-profile investigations.   https://twitter.com/sarahnlynch/status/1564751968337334272
     @MZHemingway: Merrick Garland is trying to intimidate into silence the many whistleblowers who are detailing corruption and bias at DOJ.
    @seanmdav: Banning whistleblowers from contacting Congress, or threatening them if they contact Congress, is blatantly illegal. But Merrick Garland has never cared about the law because he’s little more than a capo for the Biden crime family.
 
@kylenabecker: Why did former Attorney General Jeff Sessions recuse himself from the Russiagate case, when obviously conflicted AG Merrick Garland, who was denied a SCOTUS seat under Trump, has not recused himself from the Mar-a-Lago documents case? Why is no one asking this?
 
@HansMahn>https://t.co/zLNmekY8PW
 
@seanmdav: But my favorite part is the FBI seizure of Time magazine covers. Definitely can’t have those falling into the wrong hands!  Trump’s presidential records were so sensitive and in need of protection that FBI agents seized them from storage, dumped them all over the floor, and took pictures of them so BlueAnons could post pics of them on TwitterMerrick Garland is as incompetent as he is corrupt.
    Now we know why the corrupt FBI wanted Trump to turn off his surveillance cameras during their raid of his home: the last thing Merrick Garland’s goons want is for the public to see them dumping boxes of previously secure documents and then taking glamor shots of their own mess.
 
@ChrisStigall: The DOJ created a propaganda photo.  Why couldn’t Trump’s lawyers be present if the DOJ was going to create photo shoots and publish documents all over the internet? If we can see these documents, why couldn’t Trump’s attorneys? (Didn’t DJT claim he has Obama’s real birth certificate?)
 
@JackPosobiec: Documents so secret the DOJ threw them across the floor, took a picture, and posted it on Twitter dot com.  https://twitter.com/bennyjohnson/status/1564979496150761473/photo/1
 
Ex-DNI @RichardGrenell: The staged photo was reckless and unprofessional. Whoever did it and whoever approved it for release should be fired.
 
@TomFitton: The Biden FBI staged a dishonest photo with purportedly classified material, with the approval of the Biden DOJ, and submitted it to a court to try to make Trump look bad.  These agencies are irredeemably corrupt.
 
Kash Patel on FBI Trump RAID photo release: “It is STAGED… These are NOT classified documents (Red and yellow coversheets). They are trying this case in the court of public opinion because they don’t want Trump to run in 2024… This raid is going to BACKFIRE.”  https://twitter.com/bennyjohnson/status/1565035261129637888
 
@kylenabecker: The FBI’s release of the staged photo at Mar-a-Lago is all about getting Trump convicted in the court of public opinion. It serves no legitimate law enforcement purpose. On the contrary, it heightens the appearance that the FBI raid was politically timed for the elections.
 
@JonathanTurley: This filing includes this picture which is being widely distributed. It can, however, leave an obviously misleading impression that secret documents were strewn over the floor when this appears to be the work of the FBI agents.  The picture is Attachment F and the textual reference on page 13 simply says “Certain of the documents had colored cover sheets indicating their classification status.”  It is curious that the DOJ would release this particular picture. The point is to state a fact that hardly needs an optical confirmation: the possession of documents with classified cover sheets.
 
Trump claims the FBI threw documents on the floor at Mar-a-Lago
‘Terrible the way the FBI, during the Raid of Mar-a-Lago, threw documents haphazardly all over the floor (perhaps pretending it was me that did it!), and then started taking pictures of them for the public to see… Thought they wanted them kept Secret? Lucky I Declassified!’… https://trib.al/eQAVpKh
 
Allegations of political bias, widespread misconduct prompt FBI agents to call for Wray to step down – Kurt Siuzdak, a lawyer and former FBI agent who represents whistleblowers at the bureau, said agents tell him that Mr. Wray has lost control of the agency and should resign…
https://www.washingtontimes.com/news/2022/aug/30/allegations-political-bias-widespread-misconduct-p/
 
@JackPosobiec : “We are in the midst of a preemptive coup. They banned a sitting president from social media, impeached him 2 times, jailed his supporters and now they raided his home, then they go on TV and they call you a ‘fascist’.”
 
@barnes_law: Reminder: federal courts determined as a matter of law that the President unilaterally decides what is a personal or Presidential Record, and their determination is not reviewable by anyoneDOJ lied in court on this issue in Trump raid.
 
Biden blasted for mocking ‘brave’ Second Amendment defenders: ‘You need an F-15’ to fight America, not a gun – “The only F-15s the Taliban had when they fought against our country were the ones Biden left in Afghanistan for them,” X Strategies senior digital strategist Greg Price tweeted.
    “The president has been saying this for years but it’s less and less congruent with how even his own administration has played out. How many F-15s did the Taliban have when Biden decided to surrender Afghanistan to them?” The Reload founder Stephen Gutowski wrote.
    Red State deputy managing editor Brandon Morse joked, “I’d say he’s ignoring the Eric Holder ‘Fast and Furious’ scandal but it’s Biden and it’s very likely that he actually forgot.”
    “This is a stupid comment that shows the constitutional and historical illiteracy of the dumbest president in living memory,” radio host Buck Sexton tweeted.
    Former Babylon Bee senior writer Frank Fleming joked, “Hey, he’s copying one of my old The Babylon Bee articles. ‘Emperor Palpatine Urges Citizens to Give Up Their Blasters Since They’d Need a Death Star to Beat the Empire.’”
    The Federalist senior legal correspondent Margot Cleveland tweeted, “So, ‘Safer America’ means, …checks notes:  A government threatening its citizens with F-15s.q” (Image the MSM if DJT did this!)
    “I can’t believe this idiot is president,” The Federalist senior editor David Harsanyi wrote…
https://www.foxnews.com/media/biden-blasted-mocking-brave-second-amendment-defenders-you-need-f-15-fight-america-not-gun
 
Civil rights attorney blasts Biden’s Wilkes-Barre remarks as a ‘racist 1955 time-warp’
Biden spoke of his tenure as a lifeguard in a minority neighborhood in Wilmington, suggesting it was ‘where the best basketball in the state is’…”It’s so racist. He’s the only white guy? Basketball – Many black people? Joe Biden in a 1955-time warp,” he said…
https://www.foxnews.com/media/civil-rights-attorney-blasts-biden-wilkes-barre-remarks-racist-time-warp
 
Biden unsettles Marine Band members by campaigning for Democrats at official event where they played – used Pennsylvania event to campaign for Dem candidates John Fetterman and Josh Shapiro
https://www.foxnews.com/politics/biden-unsettles-marine-band-members-campaigning-democrats-official-event-they-played
 
Lying Joe Biden is unfit to save the ‘soul of the nation’
All politicians lie, but Biden doesn’t stop there. He’s a proven plagiarist, a fabulist, always the hero of his own stories, the Walter Mitty of American politics!…
     When Uncle Joe tells stories about his own childhood, he is always “Joey” and the family is sitting around the kitchen table in Scranton, going over the bills they can’t afford to pay. Somebody always says something about the little guys getting screwed, which Joey vows to stop when he grows up…
    Coming just after his attorney general ordered an unprecedented raid on the home of the former president, and as the case plays out daily in the media, the current president will say America must unite to protect democracy from the other party, er, semi-fascists
https://nypost.com/2022/08/30/lying-joe-biden-is-unfit-to-save-the-soul-of-the-nation/
 
NBC News reporter says ‘Trumpism’ should be covered as a ‘violent fairytale of revenge’
https://www.foxnews.com/media/nbc-news-reporter-says-trumpism-should-covered-violent-fairytale-revenge
 
Democratic adviser on MSNBC makes ‘Nazi Germany’ comparison for Republicans
https://www.foxnews.com/media/democratic-adviser-msnbc-makes-nazi-germany-comparison-republicans
 
@RealMacReport: Reporter: “This president ran as a uniter and now he’s calling MAGA Republicans semi-fascists.'” KJP: “There are more examples than I can count on how we have seen recently armed attacks on federal law enforcement.”  https://twitter.com/RealMacReport/status/1565060386306539521
 
@thejcoop: (WH press sec) Karine Jean-Pierre says that people who voted for Donald Trump are “a threat to our democracy, to our freedom, to our rights.” https://twitter.com/thejcoop/status/1565055591634112515
 
Team Obama-Biden believes that excoriating Trump voters, labeling them ‘fascists’, and threatening them, is a good strategy for the midterms.  At best, it’s a diversion from Biden’s woeful presidency; but it could also be a scheme to induce low-hanging fruit to fall for another FBI entrapment.
 
“When people get used to preferential treatment, equal treatment seems like discrimination.”
– Thomas Sowell

 

Greg Hunter..

end

See you TOMORROW

Harvey

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

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