SEPT 2/GOLD CLOSED UP $7.00 TO $1711.40//SILVER WAS UP 13 CENTS TO $17.99//PLATINUM WAS UP $4.55 TO $837.00/PALLADIUM WAS UP $23.00 TO $2030.00//COVID UPDATS//DR PAUL ALEXANDER//VACCINE INJURIES//VICTOR DASVIS HANSON ON LONG COVID, A MUST READ//RUSSIA HALTS AGAIN NORDSTREAM ONE FOR AN INDEFINITE PERIOD AND NO DOUBT PAYING BACK THE EU FOR THE NEW OIL PRICE CAPS//RUSSIA RESPONS TO EUROPES PRICE CAP BY REFUSING TO SHIP COUNTRIES WHO ENDORSE THE PLAN: MARKETS TUMBLED ON THE NEWS//USA JOB REPORTS ANOTHER PHONEY WITH DETAILS OUTLINED!!//CHINA’S REAL ESTATE MESS OUTLINED AS ONE OF THE BIGGEST DEVELOPER STATES THE COUNTRY IS NOW IN A DEPRESSION//USA FACTORY ORDERS FALTER BADLY/BIDEN’S SHOCKING SPEECH LAST NIGHT OFFERING GRAVE WARNINGS TO THE REPUBLICAN “MAGA SUPPORTERS”: LOOKS LIKE WE ARE HEADING INTO A CIVIL WAR//SWAMP STORIES FOR YOU TONIGHT//

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GOLD;  $1711.40 UP $7.00

SILVER: $17.99 UP 13 CENTS 

ACCESS MARKET: 

GOLD $1710.20

SILVER: $18.01

Bitcoin morning price:  $20,030 UP 14

Bitcoin: afternoon price: $19,985 DOWN 31

Platinum price closing UP $4.55 AT $837.00

Palladium price; closing UP $23.05  at $2030.45

END

DONATE

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,696.600000000 USD
INTENT DATE: 09/01/2022 DELIVERY DATE: 09/06/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 49
132 C SG AMERICAS 51
435 H SCOTIA CAPITAL 56
657 C MORGAN STANLEY 9
661 C JP MORGAN 67 306
690 C ABN AMRO 17
709 C BARCLAYS 382
737 C ADVANTAGE 6 14
800 C MAREX SPEC 14 6
905 C ADM 50 11


TOTAL: 519 519
MONTH TO DATE: 1,810

JPMorgan stopped:   306/519

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

519 NOTICES FOR 51,900 OZ //1.6143 TONNES

total notices so far: 1810 contracts for 181,000 oz (5.6298 tonnes) 

SILVER NOTICES: 101 NOTICES FILED FOR 505,000 OZ/

 

total number of notices filed so far this month  5702 :  for 28,510,000  oz



END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

GLD

WITH GOLD UP $7.00 

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 0.29 TONNES FROM THE GLD//

INVENTORY RESTS AT 973.08 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $.13

AT THE SLV// ://BIG CHANGES IN SILVER INVENTORY AT THE SLV//: A DEPOSIT OF 1.567 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 467.140 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A GOOD SIZED 670  CONTRACTS TO 137,593.   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE HUGE LOSS IN OI WAS ACCOMPLISHED WITH OUR  $0.58 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.58) BUT WERE  UNSUCCESSFUL IN KNOCKING OFF ANY SPEC SILVER LONGS AS WE HAD A HUGE GAIN OF 1687 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 265,000 OZ QUEUE JUMP   / //  V)   STRONG SIZED COMEX OI GAIN/(//MINOR SPEC LIQUIDATION/)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -49

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 2 days, total 3442  contracts:  17.210 million oz  OR 8.605 MILLION OZ PER DAY. (1721 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 17.210  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. 17.210 MILLION OZ///

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 621 DESPITE OUR   $0.58 LOSS IN SILVER PRICING AT THE COMEX// MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE  CONTRACTS: 1017 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 265,000 OZ QUEUE JUMP  //  .. WE HAD A HUGE SIZED GAIN OF 1687 OI CONTRACTS ON THE TWO EXCHANGES FOR 8.435 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 101  NOTICE(S) FILED TODAY FOR  505,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A FAIR SIZED 4837 CONTRACTS  TO 464,244 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:–1020   CONTRACTS.

.

THE FAIR SIZED  INCREASE  IN COMEX OI CAME DESPITE OUR STRONG FALL IN PRICE OF $26.70//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  MINOR SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND SOME/MINOR 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 39,400 OZ //NEW STANDING 9.7667 TONNES

YET ALL OF..THIS HAPPENED DESPITE OUR FALL IN PRICE OF   $26.70 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 8572  OI CONTRACTS 26.66 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3735  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 464,244

IN ESSENCE WE HAVE A STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8572 CONTRACTS  WITH 4837 CONTRACTS  INCREASED AT THE COMEX AND 3735 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8572 CONTRACTS OR 26.66 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3735) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4837): TOTAL GAIN IN THE TWO EXCHANGES 8572 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 39,400 oz.    3) ZERO LONG LIQUIDATION//// //.,4)   GOOD SIZED COMEX OPEN INTEREST GAIN 5) GOOD 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 :

6635 CONTRACTS OR 663,500 OZ OR 20.63  TONNES 2 TRADING DAY(S) AND THUS AVERAGING: 3318 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2  TRADING DAY(S) IN  TONNES: 20.63 TONNES

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

THUS EFP TRANSFERS REPRESENTS  20.63/3550 x 100% TONNES  0.59% 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. 20.63 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, ROSE BY A STRONG SIZED 621 CONTRACT OI TO 137,593 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 1017 CONTRACTS

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

SEPT 1017  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1017 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 621  CONTRACTS AND ADD TO THE 1017 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF 1638   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 8.190 MILLION OZ

OCCURRED WITH OUR LOSS IN PRICE OF  $0.58

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)FRIDAY MORNING// THURSDAY  NIGHT

 SHANGHAI CLOSED UP 1.50 PTS OR 0.05%   //Hang Sang CLOSED DOWN 145.22 OR 0.74%    /The Nikkei closed DOWN 10.63 OR .04%.          //Australia’s all ordinaires CLOSED DOWN 0.33%   /Chinese yuan (ONSHORE) closed DOWN AT 6.9082//OFFSHORE CHINESE YUAN DOWN 6.9153//    /Oil DOWN TO 88.08  dollars per barrel for WTI and BRENT AT 93.97    / Stocks in Europe OPENED  ALL GREEN.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A GOOD SIZED 4837 CONTRACTS TO 464,244 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 $26.70  IN GOLD PRICING  THURSDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (3735 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 3735 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :3735 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  3735 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED SIZED  TOTAL OF 8572  CONTRACTS IN THAT 3735 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG  SIZED  COMEX OI GAIN OF 4837  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR STRONG FALL IN PRICE OF GOLD $ 26.70.  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   (10.992),

 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.  10.992 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $26.70) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A STRONG 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 26.66 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (10.992 TONNES)

WE HAD -1020  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 8572 CONTRACTS OR 857200  OZ OR 26.66 TONNES

Estimated gold volume 197,122///  poor/

final gold volumes/yesterday  190,092/ poor

INITIAL STANDINGS FOR SEPT ’22 COMEX GOLD //SEPT 2

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz2788.099  oz


Brinks





Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz oz
No of oz served (contracts) today519   notice(s)
51,900  OZ
1.6143 TONNES
No of oz to be served (notices)1724 contracts 
184900 oz
5.362 TONNES
Total monthly oz gold served (contracts) so far this month1810 notices
181,000 OZ
5.6298 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

1 customer withdrawals:

i) Out of Brinks 2788.099 oz

total:  2788.099   oz

total in tonnes: 0.0867 tonnes

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPT.

For the front month of SEPT we have an  oi of 2243 contracts having LOST493 contracts .

We had 887 notices filed yesterday so we gained a whopping 394 contracts or an additional 39,400 oz

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

October GAINED 2042 contracts UP to 41,231 

November GAINED 6 contracts to stand at 6

December gained 2667 contracts UP to 380,131.

We had 519 notice(s) filed today for 51900 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 519 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 306 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 (1810) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT 2243 CONTRACTS ) minus the number of notices served upon today 519 x 100 oz per contract equals 353,400 OZ  OR 10.992 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 1810) x 100 oz+   (2243)  OI for the front month minus the number of notices served upon today (519} x 100 oz} which equals 353,400 oz standing OR 10.992 TONNES in this NON active delivery month of SEPTEMBER.

TOTAL COMEX GOLD STANDING:  10.992 TONNES  (A GREAT STANDING FOR A SEPT (   NON ACTIVE) DELIVERY MONTH)

VERY UNUSUAL THAT ON DAY 2 AND DAY 3 WE HAD A HUGE QUEUE JUMP.  (NORMALLY AN EFP JUMP//REDUCTION  IN GOLD STANDING ON BOTH DAYS)

WE WILL INCREASE IN GOLD TONNAGE STANDING FROM THIS DAY FORTH UNTIL THE END OF THE MONTH.

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:  27,768,399.197 OZ  

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

TOTAL OF ALL ELIGIBLE GOLD: 14,083,674.058 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 2

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory600,722.756 oz
CNT
HSBC
Manfra




 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory 2950.300 oz
Delaware


 
No of oz served today (contracts)101CONTRACT(S)
505,000   OZ)
No of oz to be served (notices)324 contracts 
(1,620,000 oz)
Total monthly oz silver served (contracts)5702 contracts
 28,510,000 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  1  deposits into the customer account
i) Into Delaware:  2950.300 oz

total deposit:  2950.300   oz

JPMorgan has a total silver weight: 169.301 million oz/326.045million =51.84% of comex 

 Comex withdrawals:3

i) Out of CNT:  30,107.78 oz

ii) Out of HSBC: 560,869.400 oz

iii)Out of Manfra 9665.576 oz

total: 600,722.756    oz

 adjustments: 1/dealer to customer

Manfra: 1,284,207.770 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 49.268 MILLION OZ

TOTAL REG + ELIG. 326.049 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF SEPT OI: 425 CONTRACTS HAVING LOST 304 CONTRACTS. WE HAD

357 CONTRACTS SERVED UPON YESTERDAY SO WE GAINED 53 CONTRACTS OR AN ADDITIONAL

265,000 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 2,3 OF THE DELIVERY

CYCLE.

OCTOBER LOST 16 CONTRACTS TO STAND AT 687

 CONTRACTS.

NOVEMBER GAINED ONE CONTRACT TO STAND AT 2

DECEMBER SAW A STRONG 697 NOTICES INCREASE UP TO 125,610.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 101 for  505,000 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  5702 x 5,000 oz = 28,510,000 oz 

to which we add the difference between the open interest for the front month of SEPT(425) and the number of notices served upon today 101  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 5,702 (notices served so far) x 5000 oz + OI for front month of SEPT (425)  – number of notices served upon today (101) x 5000 oz of silver standing for the SEPT contract month equates 30,130,000 oz. .

We have an inventory of 50 million oz of registered silver at the comex so Sept delivery of 30.13 represents 60.26% 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 2/WITH GOLD UP $7.00// SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD/ //INVENTORY RESTS AT 973.08 TONNES

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: 973.08 TONNES

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

SEPT 2/WITH SILVER UP 13 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.567 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 467.140 MILLION OZ//

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 467.140 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Millions Of Americans Face Eviction In Coming Months

FRIDAY, SEP 02, 2022 – 12:00 PM

Authored by Michael Maharrey via SchiffGold.com,

The economy is fine, so we’re told. There is no recession, so we’re told. The Federal Reserve has everything under control, so we’re told. Meanwhile, 3.8 million Americans say they could face eviction in the next two months.

It doesn’t sound like everything is fine.

The median rent in the US eclipsed $2,000 per month in June for the first time ever. It’s another symptom of rampant inflation burning through the US economy.

While the CPI cooled slightly in July, shelter costs rose another 0.5% month-on-month. On a yearly basis, shelter costs have spiked by 5.7%, according to government numbers. And the CPI drastically understates the cost of housing. Actual rents have increased more than 15% in the last 12 months, according to data compiled by Zillow.

With rents skyrocketing, households representing 8.5 million people are behind on their rent, according to the Census Bureau. Of those, 3.8 million say they are somewhat or very likely to be evicted within the next two months.

According to Yahoo Finance“The combination of soaring inflation, the end of most eviction moratoriums and rental assistance payments and an extremely low vacancy rate has pushed rents up — and many renters out.”

Nearly half of all renters experienced rent hikes in the past 12 months, according to Census Bureau data. Eleven percent have seen rent increases of over $250 per month.

To make ends meet, people are turning to credit cards and loans, raiding savings, selling assets, and dipping into retirement funds. According to the Census Bureau, 57% of renters said they were forced to resort to one of these desperate measures to keep up with their rent.

This dovetails with the skyrocketing levels of household debt. Americans added another $40.1 billion to their debt load in June alone. That represented a 10.5% year-on-year increase. Credit card balances increased by $46 billion in the second quarter of this year. Over the last year, credit card debt has exploded by 13%, the biggest increase in over 20 years.

According to Yahoo Finance, the Fed’s efforts to stem inflation are adding to the pain. With mortgage rates rising, renters who were hoping to buy homes have been priced out of the market.

Eviction levels are already rising. According to Princeton University’s Eviction Lab, evictions were 52% above average in Tampa, 90% above average in Houston, and 94% above average in Minneapolis-St. Paul this month.

This is yet another sign that the economy isn’t as strong as the powers that be would like you to believe.

Despite the fact that 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, the mainstream keeps pointing to the strong labor market. But if the labor market is so strong, why are so many people facing eviction?

Peter Schiff has said the labor market isn’t nearly as robust as people think. There may be plenty of jobs, but real wages are falling. “I don’t care about how many jobs are being created. What I’m looking at is: are the workers getting pay raises or are they suffering pay cuts? Because in a strong labor market, you get a raise,” Schiff said.

It’s clear; a strong labor market or not, a lot of Americans are struggling. And it appears a large number may soon find themselves on the streets.

end

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

GOLD/SILVER

END

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

A very important commentary:  Russia changes its strategy. It will no longer accumulate any euros or dollars but purchase friendly foreign exchange.  This is done to slow the ruble’s rise.  The goal to stop uSA hegemony on the usa of the dollar.

(Bloomberg)//GATA

Russia considers big purchases of ‘friendly’ foreign exchange to slow ruble’s rise

Submitted by admin on Thu, 2022-09-01 11:27Section: Daily Dispatches

Isn’t the “friendliest” currency that old yellow metal?

From Bloomberg News


Thursday, September 1, 2022

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. 

The plan won initial support at a special “strategic” planning meeting of top government and central bank officials including Governor Elvira Nabiullina on Aug. 30, according to people familiar with the deliberations who spoke on condition of anonymity to discuss matters that aren’t public.

The proposal represents a shift from more than a decade of economic policy built around accumulating savings in dollars and euros as the Kremlin overhauls its strategy amid sweeping sanctions imposed by the United States and its allies over Vladimir Putin’s invasion of Ukraine. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-09-01/russia-mulls-buying-70-billion-in-yuan-friendly-currencies

end

Russian ‘De-Dollarization’ Escalates: Begins “Strategic” Plan To Buy Billions In “Friendly” Currencies

THURSDAY, SEP 01, 2022 – 09:40 PM

Ever since March 2018, when Moscow dumped practically all of its US Treasury holdings, Russia has been at the forefront of a global process of ‘de-dollarization’. Practically speaking, reducing the nation’s dependence on the global hegemon’s control of payments and thus everything else.

China joined the fight more recently but has been increasing its gold reserves while reducing its US Treasury reserves quite consistently for over two years.

Of course, all of that ‘normal’ process has been thrown into chaos since Putin invaded Ukraine with sanctions, bans, and virtue-signaling by Washington curb-stomping the freedoms of many so-called ‘friendly’ nations to Russia (and some un-friendly who simply prefer to feed/heat/cool their citizenry than fall in line).

Since the invasion, the ‘Ruble is rubble’ narrative has been crushed after initial weakness in the Russian currency reversed to massive strength amid soaring energy prices (and energy-for-Rubles agreements)…

All of which brings us to a stunning new report from Bloomberg 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.

“In the new situation, accumulating liquid foreign exchange reserves for future crises is extremely difficult and not expedient,” a presentation on the proposal prepared for the meeting said.

For years, the Kremlin contained spending and saved hundreds of billions in dollars, euros and other foreign currencies as a cushion to insulate the economy from the ups and downs of oil prices.

“The frozen $300 billion were of no help to Russia; on the contrary, they became a vulnerability and a symbol of missed opportunities,” the presentation said, in a rare official admission of the true impact of sanctions.

Bloomberg saw a copy of the document, which isn’t public, and the people familiar with the meeting confirmed its authenticity. The government and central bank didn’t immediately respond to requests for comment on the plan.

According to people familiar with the deliberations who spoke on condition of anonymity to discuss matters that aren’t public, the plan won initial support at a special “strategic” planning meeting of top government and central bank officials including Governor Elvira Nabiullina on Aug. 30.

With earnings from exports of oil and gas flooding in and driving the current account surplus to a record this year and pushing the ruble higher, the proposal calls for spending 4.4 trillion rubles ($70 billion) to buy the currencies of “friendly” countries, mostly yuan…which it has been gathering for a couple of years…

Alexander Isakov, Bloomberg’s Russia economist noted that “the purchases will help Russia cap unprecedented real-exchange-rate strength, which is hurting exporters and the budget’s commodity revenues. For neutral countries, these purchases will bring some support for local currencies, help fix their current account issues and help fund commodity imports.”

So, as CFR senior fellow Brad Setser notes, the Russian Central Bank could become the first big central bank to hold the bulk of its reserves in emerging market currencies.

Currencies of ‘friendly’ currencies like offshore Yuan, Turkish Lira, and India’s Rupee all caught a bid on the report earlier in the day.

As Ruchir Sharma recently noted, reflecting on the false security many are getting from seeing a strong dollar, the impact of US sanctions on Russia is demonstrating how much influence the US wields over a dollar-driven world, inspiring many countries to speed up their search for options. It’s possible that the next step is not towards a single reserve currency, but to currency blocs.

Setser adds that “the real lesson of Russia isn’t about the dollar (or euro).  It is that excess reserve holdings of all G-7 currencies may not be as strategically valuable as thought.

As Banque de France noted in a July articlerecent geopolitical tensions have put the hegemonic role of the dollar, and its potential demise, back into the spotlight. Looking at a new long run measure of global currency competition over two centuries, no global currency leader has been able to sustain such a large lead over its competitors for such a prolonged period.

Remember, nothing lasts forever…

Since the 15th century, the last five global empires have issued the world’s reserve currency – the one most often used by other countries – for 94 years on average. The dollar has held reserve status for more than 100 years, so its reign is already older than most.

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 FRIDAY morning 7:30 AM

ONSHORE YUAN: CLOSED DOWN 6.9082

OFFSHORE YUAN: 6.9153

HANG SENG CLOSED DOWN 145.22 PTS OR  0.74%

2. Nikkei closed DOWN 10.63 OR  0.64%

3. Europe stocks   SO FAR:  ALL GREEN 

USA dollar INDEX  UP TO  109.30/Euro RISES TO 0.9994

3b Japan 10 YR bond yield: RISES TO. +.235/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 140.41/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 UP /JAPANESE Yen DOWN CHINESE YUAN:   DOWN -//  OFF- SHORE: DOWN

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

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

3g Oil 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 +1.585%/Italian 10 Yr bond yield RISES to 3.95% /SPAIN 10 YR BOND YIELD RISES TO 2.78%…

3i Greek 10 year bond yield RISES TO 4.23//

3j Gold at $1706.25 silver at: 17.95  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND 5/100        roubles/dollar; ROUBLE AT 60.36//

3m oil into the 88 dollar handle for WTI and  93 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 140.41DESTROYING 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 9827– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9823well 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: 3.252  DOWN 1  BASIS PTS

USA 30 YR BOND YIELD: 3.370 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 18,22

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Flat In Muted End To Turbulent Week With All Eyes On Payrolls

FRIDAY, SEP 02, 2022 – 07:52 AM

US futures dropped on Friday, ending a third straight week of declines, as investors eyed a key jobs report that will be pivotal for this month’s Fed rate hike decision. S&P futures fell 0.2% at 730 a.m. ET, with the underlying cash index down 2.2% this week. Nasdaq 100 futures fell 0.3%, with the tech-heavy index down 2.6% in the previous four days. The dollar index slipped from a record high and the euro strengthened. 10Y yield traded slightly lower, at 3.25%, following yesterday’s spike.

In pre-market trading, Lululemon jumped 10% after raising its full-year outlook. Meanwhile, Bed Bath & Beyond fell as much as 6%, putting the home-goods retailer on track for a weekly loss following its survival plan earlier in the week.  Analysts raise PTs on the stock, though some flag higher inventory levels as a note of bearishness. Here are other notable movers:

  • Procept BioRobotics (PRCT US) initiated at overweight by Wells Fargo, highlighting the potential of the company’s AquaBeam Robotic System, a therapy for prostate gland enlargement
  • JPMorgan cuts its ratings on Dow and LyondellBasell (LYB US) to neutral from overweight, saying the petrochemicals companies are “probably not the best places to put new money to work.”
  • Shares in Addentax (ATXG US), a Chinese garment-maker, drop as much as 40% in US premarket trading, set to extend yesterday’s 95% plunge into a second day.
  • US semiconductor- related stocks could be active on Friday after Broadcom gave a robust sales forecast for the current quarter, calming worries that spending on infrastructure is slowing

The outlook for stocks has soured since mid-August after traders ramped up bets that the Fed will continue its aggressive monetary tightening, hurting the economy in the process. The S&P 500 has erased $2 trillion in market capitalization in the past five days, and has given up half of its gains made in the summer rally. Meanwhile, tech stocks have succumbed to rising rates, which are a headwind to the expensive growth sector.

“We don’t have a lot of reasons to be bullish in this type of environment for the next couple of weeks and months,” Meera Pandit, global market strategist at JPMorgan Asset Management, said on Bloomberg Television. “Yet when we think about the longer term perspective and the longer term investor, these are the types of level that can be fruitful in the long run.”

US stocks had outflows of $6.1 billion in the week to Aug. 31 – the biggest exodus in 10 weeks – according to a Bank of America’s Michael Hartnett, adding that investors expect  “fast inflation shock, slow recession shock” as nominal growth continues to be boosted by surging consumer prices, fiscal stimulus, large household savings and the impact of the war in Ukraine.

Next up on investor minds is the August jobs report in under an hour, which is expected to show healthy payrolls growth following a stronger-than-expected US manufacturing report. This is how Goldman traders framed what to expect (full preview here): “we are still in a bad is good and vice versa set up for US stocks as Fed has made it clear that they want to see some froth exit the labor market in tandem with cooling inflation: i) Strong print here will clearly make 75bps much more likely on 9/21; ii) Inline print of 300k(ish) will keep pressure on this tape…anything close to last month’s shocking print of 528k would lead to real risk unwind into the wknd (I think at least a 200bp sell off). iii) Sweet spot for stocks tomorrow is a 0 – 100k headline reading…should get a 100+bp rally for S&P in this scenario after this recent drawdown. If we happen to get a negative number an even sharper rally”, and the pivot will be right back on the Q1 calendar.

“The risk of having another additional 75-basis-points hike is high and also to have a big rally on the real rates” depending on the outcome of the jobs report, said Claudia Panseri, a global equity strategist at UBS Global Wealth Management. “Volatility in the equity market will remain quite high until the picture on inflation becomes more clear than it is right now,” she told Bloomberg Television.

In Europe, the Euro 50 rose 0.9%, with Germany’s DAX outperforming peers, adding 1.5%, IBEX lags, rising 0.2%. Autos, financial services and energy are the strongest-performing sectors. Here are the biggest Europen movers:

  • Nokia shares are up as much as 1.4% on Friday, adding to a weekly gain and outperforming the wider markets decline as the communications company will join the Euro Stoxx 50 benchmark
  • Ashmore shares gain as much as 5.5%, reversing a small decline at the open, with Panmure Gordon upgrading the emerging markets fund manager to buy from hold following its FY results
  • Smith & Nephew rises as much as 4.9%, extending a weekly gain. RBC says investors are viewing stock’s “historically low valuation” against orthopedic peers as a “buying opportunity.”
  • Segro and Tritax Big Box gain 2.5% and 2.2%, respectively, after Shore Capital upgrades the REITs, saying downside risks for Segro are “fairly priced,” and the risk- reward balance for Tritax is more even
  • UK homebuilders fall and are among the worst performers in the Stoxx 600 after HSBC cut its ratings on seven stocks, saying the UK is on the “cusp of a housing downturn”
  • Sectra shares are down as much as 6.6% after the Swedish medical technology company presented its latest earnings, which included a drop in operating profit
  • Alliance Pharma falls as much 11%, most since July, as the UK’s competition watchdog seeks to disqualify seven of the firm’s directors, including CEO Peter Butterfield
  • Proximus falls to fresh record low, declining as much as 4.3% after Morgan Stanley resumes at underweight in note citing structural market headwinds and an unsupportive valuation
  • Kofola CeskoSlovensko shares drop 2.5% after rising costs prompted the Czech producer of soft beverages to reduce its dividend proposal and rein in guidance
  • Compleo Charging Solutions falls as much as 4% after Berenberg downgrades to hold and lowers its price target by 80%, citing resignation of the company’s co-founder Checrallah Kachouh

Earlier in the session, Asian stocks fell, on course for their worst week in more than two months, as the dollar hit a new high amid worries about the Federal Reserve’s aggressive rate-hike path and as lockdowns continued in China.  The MSCI Asia Pacific Index declined as much as 0.7%, set for a weekly loss of nearly 4%. TSMC and other tech stocks contributed the most to the benchmark’s drop as Treasury yields climbed, sending the Bloomberg Dollar Spot Index to a record high.  Equity gauges in Hong Kong led declines in the region, dragged by the banking and tech sectors. Meanwhile, shares in Japan fell as the yen slipped to a 24-year-low against the dollar.  Fresh lockdowns in China are also weighing on sentiment, putting the Asian stock benchmark on track for its third-straight weekly decline. The sell-off reflects broad concerns of an economic slowdown amid weaker manufacturing data in the region’s major tech exporters.

“Dollar momentum sees no sign of breaking,” Saxo Capital Markets strategists including Redmond Wong wrote in a note. “Fresh Covid lockdowns in China, in particular, the full lockdown of Chengdu and extended restriction in Shenzhen, have caused some demand concerns.”  Investors will keep a keen eye on the US August jobs report due later Friday to gauge the Fed’s next move in its September meeting.  While weak sentiment has kept Asian shares hovering near their two-year lows, hedge-fund giant Man Group said Asian stocks are set to outshine peers next year. The investment firm is betting on defensive stocks in India and Southeast Asia, Andrew Swan, Man GLG’s head of Asia ex-Japan equities, said in an interview

Japanese stocks fell as investors awaited key US employment figures and assessed the yen’s decline to a 24-year low against the dollar. The Topix Index dropped 0.3% to 1,930.17 as of the market close in Tokyo, while the Nikkei 225 was virtually unchanged at 27,650.84. Sony Group contributed the most to the Topix’s decline, decreasing 1.1%. Out of 2,169 stocks in the index, 738 rose and 1,307 fell, while 124 were unchanged. “The US jobs report won’t be very positive no matter what’s out,” said Tatsushi Maeno, a senior strategist at Okasan Asset Management. “If it’s strong, the FOMC will lean toward a 0.75% rate hike and on the other hand, if it’s weak, there could be talk of a recession.”

India’s benchmark equities index closed slightly higher, after swinging between gains and losses several times throughout the session, as investors tried to gauge the impact of the US Federal Reserve’s hawkish stance in a week marked by volatility.     The S&P BSE Sensex rose 0.1% to 58,803.33 in Mumbai, but ended lower for a second consecutive week. The NSE Nifty 50 Index was little change on Friday. Housing Development Finance Corp and HDFC Bank provided the biggest support to the Sensex, which saw 19 of its 30 member stocks ending lower.  Thirteen of the 19 sector indexes compiled by BSE Ltd. declined, led by a measure of oil and gas companies.  “The effect of Jackson Hole is still revolving across financial markets, with a soaring dollar and falling equities as the main themes,” Prashanth Tapse, an analyst at Mehta Securities, wrote in a note. 

In FX, the greenback fell against all of its Group-of-10 peers except the yen. The euro rose a fourth day in five against the greenback, to edge above parity. The pound languished near the lowest since March 2020 versus the dollar. Investors awaited the results of a vote to choose the country’s next prime minister on Monday, with expected winner Liz Truss aiming to cut taxes and increase borrowing. The Norwegian krone outperformed, and rebounded from a six-week low versus the greenback, amid a recovery in oil prices before an OPEC+ meeting on supply at which Saudi Arabia could push for output cuts. The yen weakened past 140 per dollar after a slight rally in Asian trading faded.

In rates, treasuries were little changed while European bonds slipped. The 10-year Treasury yield held steady near 3.26%; while gilts 10-year yield is up 2.6bps around 2.90% and bunds 10-year yield is up 2bps to 1.58%.

In commodities, WTI crude futures rebound 3% to around $89, within Thursday’s range; oil pared gains after news that the Group of Seven most industrialized countries is poised to agree to introduce a price cap for global purchases of Russian oil, while Russia looks set to resume gas supplies through its key pipeline. Gold rose $6 to around $1,704.  Meanwhile, zinc headed for its biggest weekly loss in over a decade on concern Chinese demand will be hamstrung by new virus restrictions.

Bitcoin has reclaimed the USD 20k mark but the upward move is yet to gain any real traction amid the broader contained price action.

Looking to the day ahead now, the main highlight will be the US jobs report for August. Otherwise on the data side, there’s US factory orders for July and Euro Area PPI for July.

Market Snapshot

  • S&P 500 futures little changed at 3,969.25
  • Gold spot up 0.4% to $1,704.52
  • MXAP down 0.5% to 154.28
  • MXAPJ down 0.5% to 506.44
  • Nikkei little changed at 27,650.84
  • Topix down 0.3% to 1,930.17
  • Hang Seng Index down 0.7% to 19,452.09
  • Shanghai Composite little changed at 3,186.48
  • Sensex up 0.4% to 59,025.66
  • Australia S&P/ASX 200 down 0.2% to 6,828.71
  • Kospi down 0.3% to 2,409.41
  • STOXX Europe 600 up 0.7% to 410.47
  • German 10Y yield little changed at 1.58%
  • Euro up 0.3% to $0.9980
  • U.S. Dollar Index down 0.25% to 109.42

Top Overnight News from Bloomberg

  • Under pressure from central bankers determined to quash inflation even at the cost of a recession, global bonds slumped into their first bear market in a generation. The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% from its 2021 peak, the biggest drawdown since its inception in 1990
  • The ECB remains behind the curve on tackling record euro- zone inflation and will have to act more forcefully than previously envisaged to wrest control of prices, according to a survey of economists
  • Consumers’ expectations for inflation in three years rose to 3% in July from 2.8% in June, European Central Bank says in statement summarizing the results of its monthly survey.
  • Russia looks set to resume gas supplies through its key pipeline to Europe, a relief for markets even as fears persist about more halts this winter. Grid data indicate that flows will resume on Saturday at 20% of capacity as planned
  • German exports and imports both fell in July as surging prices and the war in Ukraine threaten to send Europe’s largest economy into a recession. The trade surplus shrank to 5.4 billion euros ($5.4 billion) from 6.2 billion euros in June, as exports dropped by 2.1% and imports by 1.5%

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were indecisive with price action relatively rangebound after the mixed lead from the US and with the region lacking firm commitment as participants await the upcoming US NFP jobs data. ASX 200 was lacklustre as earnings releases quietened and with strength in financials offset by losses across the commodity-related sectors. Nikkei 225 traded subdued amid underperformance in large industrials although losses in the index were stemmed by retailers after several reported strong August sales. Hang Seng and Shanghai Comp were mixed as Hong Kong underperformed amid notable losses in developers and with the mainland choppy but ultimately kept afloat after the PBoC recently cut rates on its Standing Lending Facility by 10bps from August 15th and after several officials pledged measures.

Top Asian News

  • PBoC official Ruan said monetary policy is to further improve cross-cyclical adjustments and maintain stable and moderate credit development, while they will keep liquidity reasonably ample. PBoC will also better coordinate structural and aggregate policy tools but will avoid flood-like stimulus and keep prices stable. Furthermore, the PBoC said China has not taken excessive monetary policy stimulus since the pandemic, leaving room for subsequent policy adjustments and that balanced consumer prices also create favourable conditions for monetary policy adjustments, according to Reuters.
  • PBoC adviser Wang said banks need to increase financial support for infrastructure and that infrastructure is restricted by local government debt levels, while Wang added that they need to ensure property companies’ financing needs are met, according to Reuters.
  • China’s securities regulator official said they will promote new legislation for overseas listings and will implement the China-US audit agreement, as well as continue strengthening communication with foreign institutional investors, according to Reuters.
  • China’s banking regulator official said they will steadily resolve the risks faced by small and medium-sized financial institutions, while they will improve monitoring and disposal of debt risks of large companies, according to Reuters.
  • Japanese Finance Minister Suzuki said it is important for currencies to move stably reflecting economic fundamentals, while he noted that recent FX moves are big and they will take appropriate action on FX if necessary. Suzuki also stated that they are watching FX with a sense of urgency and will brief the media after the G7 finance ministers meeting tonight.

European bourses are firmer across the board as hawkish yield action in the EZ has eased from yesterday’s recent peaks, Euro Stoxx 50 +0.8%. Stateside, futures are contained and flat with all focus on the NFP report. Alphabet’s Google (GOOG) is planning to accept the use of third-party payment services on its smartphone app in national such as Japan and India but not the US, according to the Nikkei

Top European News

  • British Chambers of Commerce said the UK is already in the midst of a recession and it expects the UK economy to decline for two more periods following the contraction in Q2, while it also sees inflation to reach 14% later this year
  • EU warned UK Foreign Secretary Truss against triggering Article 16 and said they will refuse to engage in serious talks on reforms to the post-Brexit deal unless she takes the “loaded gun” of unilateral legislation off the table
  • German Economy Gets Another Growth Warning as Trade Volumes Drop
  • Russian Gas Link Set to Restart as Traders Weigh Further Halts
  • ECB Says Consumers Now See Inflation in Three Years at 3%
  • A Hot Jobs Report Could Send Bitcoin to $15,000, Hedge Fund Says
  • Citi Favors Bets on 75Bps Hikes at Each of Next Two ECB Meetings

FX

  • DXY’s overnight pullback has picked up pace in early European hours.
  • The EUR stands as the best performer alongside reports that Nord Stream 1 flows are expected to resume on Saturday.
  • Non-US dollars are all modestly firmer to varying degrees, whilst JPY fails to benefit from the dollar weakness.
  • Yuan shrugged off another notably firmer-than-expected CNY fixing overnight.

Fixed Income

  • Comparably contained session overall thus far though Bunds are holding at the lower end of a 85 tick range in limited newsflow pre-NFP.
  • Currently, the Bund low is circa. 10 ticks above 147.00, with yesterday’s 146.78 trough in focus and then 145.97/87 thereafter.
  • Gilts and USTs are very similar thus far in that both benchmarks are essentially unchanged.

Commodities

  • WTI Oct and Brent Nov futures are firmer on the day amid a softer Dollar and narrowing prospects of an imminent Iranian Nuclear deal.
  • Spot gold edges higher as the Dollar remains weak, with the yellow metal back on a 1,700/oz+.
  • Base metals are mixed LME copper softer around the USD 7,500/t.

US Event Calendar

  • 08:30: Aug. Change in Nonfarm Payrolls, est. 298,000, prior 528,000
    • Change in Private Payrolls, est. 300,000, prior 471,000
    • Change in Manufact. Payrolls, est. 15,000, prior 30,000
    • Unemployment Rate, est. 3.5%, prior 3.5%
    • Labor Force Participation Rate, est. 62.2%, prior 62.1%
    • Underemployment Rate, prior 6.7%
    • Average Hourly Earnings YoY, est. 5.3%, prior 5.2%
    • Average Hourly Earnings MoM, est. 0.4%, prior 0.5%
    • Average Weekly Hours All Emplo, est. 34.6, prior 34.6
  • 10:00: July Durable Goods Orders, est. 0%, prior 0%; July -Less Transportation, est. 0.3%, prior 0.3%
  • 10:00: July Factory Orders, est. 0.2%, prior 2.0%
  • 10:00: July Cap Goods Orders Nondef Ex Air, prior 0.4%
  • 10:00: July Factory Orders Ex Trans, est. 0.4%, prior 1.4%

DB’s Jim Reid concludes the overnight wrap

If I’m not here on Monday it’s not impossible that I’ve been eaten by a snake or a small crocodile, or poisoned by a tarantula. For our twins’ 5th birthday party this weekend we’ve hired a professional reptile handler to come round and show 30-40 overexcitable kids some interesting animals. If I’m not eaten or bitten I’m a bit worried he won’t do the full register on the way out and I’ll be left with a huge lizard hiding in my bed. All I can say is that for my 5th birthday party we just had pin the tail on the donkey and a few stale sandwiches. Life was so much simpler then.

Markets are pretty complicated at the moment with investors not being quite able to decide whether the newsflow was bad or good yesterday for risk assets. We went to both extremes with the US rallying back into positive territory by the close (S&P 500 +0.30% having been -1.23% just after Europe logged off). As the US starts it’s day a bit later we’ll have a fresh payroll print to throw into the mix which could be the swing factor between 50 and 75bps at the September Fed meeting.

Last month’s strong print ratcheted up expectations that the Fed could hike by 75bps for a third meeting in a row, and markets are still pricing that as the more likely outcome than 50bps, with futures now pricing in +67.7bps worth of hikes. In terms of what to expect today, our US economists are looking for +300k growth in nonfarm payrolls, which should be enough to keep the unemployment rate at its current 3.5%.

Ahead of that, the US labour market data we got yesterday was pretty good, continuing the run of decent releases over recent days. Initial jobless claims for the week through August 27 unexpectedly fell back to 232k (vs. 248k expected), and the previous week was also revised down by -6k. That’s the third week in a row that the jobless claims have fallen, marking a change from the mostly upward trend we’ve seen since late March. On top of that, the ISM manufacturing release also surpassed expectations, remaining at 52.8 (vs. 51.9 expected), with the employment component at a 5-month high of 54.2 (vs. 49.5 expected).

Treasuries lost significant ground on the day, even before the data, with the 2yr yield rising +1bps to hit another post-2007 high of 3.50%, whilst the 10yr yield rose +6bps to 3.25%. The moves were driven by higher real yields across the curve, with the 5yr real yield hitting a 3-year high of 0.849%. It was a similar story in Europe too, where yields on 10yr bunds (+2.2bps), OATs (+2.5bps) and BTPs (+3.3bps) rose. Those European moves came as investors grew increasingly confident that the ECB would hike by 75bps at some point this year, which was aided by the latest data that showed Euro Area unemployment fell to a new low of 6.6% in July. That’s the lowest level since the single currency’s formation, and means that the latest data is showing that the Euro Area simultaneously has the highest inflation and the lowest unemployment of its existence.

As discussed at the top, US equities turned round late in the session with the Nasdaq nearly making it back into the green (-0.26%) as well as the S&P after being -2.28% at 6pm London time. This was too late to save the European session as the STOXX 600 (-1.80%) took a significant hit. Sentiment was pretty downbeat from the outset after the lockdown of the Chinese city of Chengdu (population 21m) risked further disruption to supply chains and global economic demand. That said, the energy situation continued to develop in a positive direction, with German power prices for next year coming down by a further -9.11% to €523.40 per megawatt-hour. In fact they have halved since their intraday peak on Monday when they hit €1050, which just shows how amazingly volatile this market is right now. The EU is considering various interventions to deal with the current turmoil, including price caps and windfall taxes, and Commission President Von der Leyen is set to outline the measures in her State of the Union address on September 14.

Staying on commodities, the decline in oil prices continued yesterday thanks to fears of further Chinese lockdowns and hawkish central banks. Brent crude was down -4.28% to $92.36/bbl, which is a substantial decline since its closing level on Monday of $105.09/bbl. As we go to print, crude oil prices are showing some recovery with Brent futures +1.91% higher at $94.12/bbl. There was a similar negative pattern among industrial metals, with copper (-2.96%) down for a 5th day running on the back of those same fears about demand. Meanwhile in the precious metal space, gold (-0.79%) slipped below $1700/oz, while hitting its lowest since July intraday as markets priced higher interest rates, thus raising the opportunity cost of holding a non-interest-bearing asset.

Over in the FX space, a number of new milestones were reached yesterday, most notably a rise in the dollar index (+0.91%) to levels not seen since 2002. The greenback was supported yesterday by the strong data that added to expectations the Fed would keep hiking into next year, although the reverse picture was that the Euro fell back beneath parity against the dollar, and the Japanese yen fell to 140 per dollar for the first time since 1998. In Asia’ morning trade, the Japanese yen further weakened, touching 140.26 per US dollar. Here in the UK, sterling also fell just beneath the $1.15 mark in trading for the first time since March 2020.

In Asia this morning, the Nikkei (-0.21%), the Hang Seng (-0.58%), and the CSI (-0.20%) are trading lower with the Shanghai Composite (+0.28%) bucking the trend. Elsewhere, the Kospi (+0.04%) is struggling to gain traction after South Korea’s headline inflation slowed after six months of accelerating (more below).

Moving ahead, US stock futures are fairly flat with contracts on the S&P 500 (-0.08%) and NASDAQ 100 (-0.04%) treading water.

Early morning data showed that Korea’s inflation eased to +5.7% y/y in August (v/s +6.1% expected) from +6.3% in July as energy prices eased. MoM prices dropped -0.1% in August (v/s +0.3% expected) after rising +0.5% in the prior month thus providing some comfort to the Bank of Korea (BoK) in its yearlong tightening cycle.

Rounding off yesterday’s data, there was plenty to digest from the global manufacturing PMIs, although they mostly confirmed the picture from the flash readings we’d already got. In the Euro Area, the reading came in at 49.6 (vs. flash 49.7), and the US had a 51.5 reading (vs. flash 51.3). The UK had a stronger revision up to 47.3 (vs. flash 46), but it was still in contractionary territory and the lowest since May 2020. Elsewhere, German retail sales grew by +1.9% (vs. -0.1% expected).

To the day ahead now, and the main highlight will be the US jobs report for August. Otherwise on the data side, there’s US factory orders for July and Euro Area PPI for July.

AND NOW NEWSQUAWK

USTs steady and DXY back towards 109.00 pre-NFP – Newsquawk US Market Open

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FRIDAY, SEP 02, 2022 – 06:38 AM

  • European bourses are firmer across the board as hawkish yield action in the EZ has eased from yesterday’s recent peaks, Euro Stoxx 50 +0.8%.
  • Stateside, futures are contained and flat with all focus on the NFP report.
  • DXY continues to pullback from its approach of 110.00, now around 109.10 to the benefit of peers ex-JPY
  • Comparably contained session overall thus far though Bunds are holding at the lower end of a 85 tick range in limited newsflow pre-NFP; USTs Unch.
  • WTI Oct and Brent Nov futures are firmer on the day amid a softer Dollar and narrowing prospects of an imminent Iranian Nuclear deal.
  • Looking ahead, highlights include US NFP & Factory Orders.

As of 11:10BST/06:10ET

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

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LOOKING AHEAD

  • US NFP & Factory Orders.
  • Click here for the Week Ahead preview.

GEOPOLITICS

RUSSIA-UKRAINE

  • Russian President Putin said Ukraine is an anti-Russian enclave that is threatening Russia and that Russia is unbowed by western sanctions, according to FT.
  • “The Russian Embassy in Washington reacted to a message about the proposal of the US authorities to set a price ceiling for Russian oil, saying that Moscow would not supply fuel on non-market terms”, according to Interfax.
  • European G7 Official says, regarding a potential Russian oil price cap, that a deal is likely but it is unclear how much detail will be provided, via Reuters; however, other officials have said that China and India have expressed interest in purchasing Russian oil at an even lower price, in line with the cap.
  • Russia’s Kremlin will stop selling oil to countries which support price caps for Russian oil; will ship oil to countries which act in accordance with market rules.
  • G7 finance ministers set to announce deal on Russian oil price cap this afternoon, officials tell FT; cap would be effective in line with the EU’s embargoes on Russian oil imports.
  • Ukraine President Zelenskiy says the nation is ready to raise electricity exports to EU nations, even despite all difficulties, Ukraine can meet 8% of Italy’s consumption.
  • Two inspectors from the IAEA are to stay at the Zaporizhia nuclear plant on a permanent basis, according to a Russian official cited by Ria.
  • Russia’s Kremlin says only one turbine is operational at the Nord Stream 1 gas pipeline station, reliability of the system is under threat.

CHINA-TAIWAN

  • Taiwan’s Premier commented regarding the recent shooting down of a drone in which he said that they will do the most appropriate thing for the protection of Taiwan and that they repeatedly warned about encroaching on their doorstep. Furthermore, he said China should exercise restraint and not trigger incidents, as well as noted that Taiwan will not provoke, according to Reuters.

IRAN

  • Iran sent a constructive response to US proposals aimed at reviving the nuclear deal in which Iran’s response was aimed at finalising negotiations, according to state media cited by Reuters. However, it was later reported that the US said the latest Iran response regarding the nuclear deal is not constructive, according to AFP.
  • European diplomat says the Iranian response to US comments on the draft JCPOA look “negative and not reasonable”, another source adds the reply does “not look good at all“, via Iran International English.
  • EU official says Iran’s response was “a disappointing response when we could have closed, and definitely an unreasonable one.”, according to WSJ’s Norman.
  • Adviser to the Iranian negotiating delegation say “an agreement could be signed within days, as the matter is not complicated, and this depends on the American position”, via Al Jazeera.

OTHER

  • South Korean national security adviser said South Korea, Japan and the US agreed there will be no soft response in the event of a North Korean nuclear test and they agreed to jointly respond to acts disturbing global supply chains, according to Yonhap.
  • North Korea accused the newly appointed U.N. special rapporteur on its human rights situation of being a “puppet” of the US, according to Yonhap.

EUROPEAN TRADE

EQUITIES

  • European bourses are firmer across the board as hawkish yield action in the EZ has eased from yesterday’s recent peaks, Euro Stoxx 50 +0.8%.
  • Stateside, futures are contained and flat with all focus on the NFP report.
  • Alphabet’s Google (GOOG) is planning to accept the use of third-party payment services on its smartphone app in national such as Japan and India but not the US, according to the Nikkei
  • Click here for more detail.

FX

  • DXY‘s overnight pullback has picked up pace in early European hours.
  • The EUR stands as the best performer alongside reports that Nord Stream 1 flows are expected to resume on Saturday.
  • Non-US dollars are all modestly firmer to varying degrees, whilst JPY fails to benefit from the dollar weakness.
  • Yuan shrugged off another notably firmer-than-expected CNY fixing overnight.
  • Click herefor more detail.

Notable FX Expiries, NY Cut:

  • EUR/USD: 0.9850 (645M), 0.9875 (340M), 0.9900 (1.8BLN), 0.9925 (352M), 0.9950 (610M), 0.9975-80 (446M), 1.0000-05 (1.94BLN), 1.0020-25 (1.44BLN), 1.0050 (1.01BLN)
  • USD/JPY: 138.00 (1.34BLN), 138.25-30 (380M), 138.65 (323M), 139.00 (250M), 139.25 (200M), 139.50 (300M), 140.00 (560M), 140.50 (260M)
  • Click here for more detail.

FIXED INCOME

  • Comparably contained session overall thus far though Bunds are holding at the lower end of a 85 tick range in limited newsflow pre-NFP.
  • Currently, the Bund low is circa. 10 ticks above 147.00, with yesterday’s 146.78 trough in focus and then 145.97/87 thereafter.
  • Gilts and USTs are very similar thus far in that both benchmarks are essentially unchanged.
  • Click here for more detail.

COMMODITIES

  • WTI Oct and Brent Nov futures are firmer on the day amid a softer Dollar and narrowing prospects of an imminent Iranian Nuclear deal.
  • Spot gold edges higher as the Dollar remains weak, with the yellow metal back on a 1,700/oz+.
  • Base metals are mixed LME copper softer around the USD 7,500/t.
  • Click here for more detail.

NOTABLE HEADLINES

  • British Chambers of Commerce said the UK is already in the midst of a recession and it expects the UK economy to decline for two more periods following the contraction in Q2, while it also sees inflation to reach 14% later this year, according to Bloomberg.
  • EU warned UK Foreign Secretary Truss against triggering Article 16 and said they will refuse to engage in serious talks on reforms to the post-Brexit deal unless she takes the “loaded gun” of unilateral legislation off the table, according to FT.

NOTABLE DATA

  • EU Producer Prices YY (Jul) 37.9% vs. Exp. 35.8% (Prev. 35.8%, Rev. 36.0%); MM (Jul) 4.0% vs. Exp. 2.5% (Prev. 1.1%, Rev. 1.3%)

NOTABLE US HEADLINES

  • Fed’s Bostic (2024 voter) said the Fed has work to do regarding inflation and is a long way from 2%, while he added that the Fed has got to get the economy to slow down. Bostic also commented that the balance sheet is to be increasingly MBS concentrated and the Fed may have to sell MBS from its balance sheet, according to Bloomberg.
  • Click here for the US Early Morning Note.

CRYPTO

  • Bitcoin has reclaimed the USD 20k mark but the upward move is yet to gain any real traction amid the broader contained price action.

APAC TRADE

  • APAC stocks were indecisive with price action relatively rangebound after the mixed lead from the US and with the region lacking firm commitment as participants await the upcoming US NFP jobs data.
  • ASX 200 was lacklustre as earnings releases quietened and with strength in financials offset by losses across the commodity-related sectors.
  • Nikkei 225 traded subdued amid underperformance in large industrials although losses in the index were stemmed by retailers after several reported strong August sales.
  • Hang Seng and Shanghai Comp were mixed as Hong Kong underperformed amid notable losses in developers and with the mainland choppy but ultimately kept afloat after the PBoC recently cut rates on its Standing Lending Facility by 10bps from August 15th and after several officials pledged measures.

NOTABLE APAC HEADLINES

  • PBoC set USD/CNY mid-point at 6.8917 vs exp. 6.9202 (prev. 6.8821).
  • PBoC official Ruan said monetary policy is to further improve cross-cyclical adjustments and maintain stable and moderate credit development, while they will keep liquidity reasonably ample. PBoC will also better coordinate structural and aggregate policy tools but will avoid flood-like stimulus and keep prices stable. Furthermore, the PBoC said China has not taken excessive monetary policy stimulus since the pandemic, leaving room for subsequent policy adjustments and that balanced consumer prices also create favourable conditions for monetary policy adjustments, according to Reuters.
  • PBoC adviser Wang said banks need to increase financial support for infrastructure and that infrastructure is restricted by local government debt levels, while Wang added that they need to ensure property companies’ financing needs are met, according to Reuters.
  • China’s securities regulator official said they will promote new legislation for overseas listings and will implement the China-US audit agreement, as well as continue strengthening communication with foreign institutional investors, according to Reuters.
  • China’s banking regulator official said they will steadily resolve the risks faced by small and medium-sized financial institutions, while they will improve monitoring and disposal of debt risks of large companies, according to Reuters.
  • Japanese Finance Minister Suzuki said it is important for currencies to move stably reflecting economic fundamentals, while he noted that recent FX moves are big and they will take appropriate action on FX if necessary. Suzuki also stated that they are watching FX with a sense of urgency and will brief the media after the G7 finance ministers meeting tonight.

DATA RECAP

  • Korea (Republic of) CPI Growth MM (Aug) -0.1% vs. Exp. 0.3% (Prev. 0.5%); YY (Aug) 5.7% vs. Exp. 6.1% (Prev. 6.3%)

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 1.50 PTS OR 0.05%   //Hang Sang CLOSED DOWN 145.22 OR 0.74%    /The Nikkei closed DOWN 10.63 OR .04%.          //Australia’s all ordinaires CLOSED DOWN 0.33%   /Chinese yuan (ONSHORE) closed DOWN AT 6.9082//OFFSHORE CHINESE YUAN DOWN 6.9153//    /Oil DOWN TO 88.08  dollars per barrel for WTI and BRENT AT 93.97    / Stocks in Europe OPENED  ALL GREEN.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

end

3c CHINA

CHINA/

A super typhoon (equivalent to a category 4 to 5 hurricane) barrels towards China and directly in shipping lanes.  This will probably disrupt shipping of goods

(zerohedge)

.

Super Typhoon Barrels Towards China, Major Shipping Lanes In Path

THURSDAY, SEP 01, 2022 – 07:00 PM

Super Typhoon Hinnamnor is barreling towards China’s coastal provinces, Japan, and South Korea as it traverses the South China Sea in the western Pacific Ocean. 

The United States Naval Meteorology and Oceanography Command has labeled Hinnamnor a “super typhoon” — since it has surpassed winds of at least 150 mph. For US readers, the storm is equivalent to a Category 4/5 in the Atlantic basin. 

As of Thursday, Hinnamnor was located 143 miles east of Japan’s Okinawa, as per the Hong Kong Observatory, with wind speeds above 159 mph, gusting to 195 mph, according to The Weather Channel

According to Taiwan News, the rapid intensification of Hinnamnor is because it absorbed a tropical system, Tropical Depression TD14. Also, warm tropical waters and mild winds allowed the system to develop into a super typhoon. 

In response to the system’s path, China activated the lowest tier of its four-level emergency response system in eight provinces and municipalities, including Shanghai and Zhejiang. The system is expected to move into the East China Sea over the weekend. 

Even though Hinnamnor could lose strength in the coming days, its forecasted path could be very disruptive to international supply chains — already under pressure as zero-Covid policies shutter a major manufacturing hub on Thursday. Ports, such as the ones in Shanghai, could be in the storm’s path by the late weekend or early Monday. The storm could impact parts of South Korea and Japan by late Monday or early Tuesday. These are are known for some of the largest containerized shipping ports in the world. 

All eyes this weekend are on Hinnamnor’s path as it is expected to threaten countries such as Japan, China, and South Korea. 

end 

Another top developer in China (Garden Holdings Co) warns that the property crisis has slid the country into a severe depression. Real estate in China is 27% of their GDP

(zerohedge)

China’s Top Developer Warns Property Crisis Has “Slid Rapidly Into Severe Depression”

THURSDAY, SEP 01, 2022 – 11:00 PM

China hit an ominous milestone this week as one of the largest property developers reported a 96% profit drop, blaming a “severe depression” in the real estate market where “only the fittest can survive,” reported WSJ

Garden Holdings Co.’s first-half earnings crashed the most since its 2007 listing in Hong Kong as the housing market crisis worsened. It said preliminary net profit collapsed from $2 billion to just $88 million in the first six months. 

Alarm is spreading in China as the once robust property market is at risk of collapse. The Guangdong-based company warned demand is slipping and property values are sliding: 

“All these exert mounting pressure on all participants in the property market, which has slid rapidly into severe depression. The harsh business environment in which only the fittest can survive means even higher requirements for businesses’ competitive strength.”

On Aug. 15, Fitch Ratings and Moody’s Investors Service slashed Country Garden’s outstanding debt rating from investment grade to junk. What’s different about this developer is that it focuses on low-income housing, where buyers have been more susceptible to financial troubles amid the economic slowdown. 

Shares of Country Garden are down more than 66% this year, while most of its offshore bonds are trading south of 50 cents on the dollar. 

China’s housing market has been a major driver of growth over the last quarter century and is one of the biggest asset classes in the world, with a notional value of between $55 trillion and $60 trillion. Its size outpaces the capitalization of the US stock market. 

Warning signs emerged last year when the second biggest developer, Evergrande, couldn’t repay its offshore, dollar-denominated debt. It appears debt contagion has spread from Evergrande to not just Country Garden but dozens of other developers: 

“More than 30 Chinese real-estate companies, including China Evergrande Group and Sunac China Holdings Ltd., have already defaulted on their international debt,” WSJ said. 

The bleak outlook for property markets came as zero-Covid lockdowns and snarled supply chains had strangled economic activity across the world’s second-largest economy. 

 “The real estate market is undergoing a cruel and drastic reshuffling process,” Midea Real Estate Holding Ltd., another Chinese developer, said, adding it would “forge ahead in a tough way.” 

China’s deflating property bubble has also sparked discontent among households. There have been reports this summer that some homeowners have stopped paying mortgage payments on at least 100 projects in more than 50 cities because many who bought new construction units at the highs have seen values plunge, setting up for what appears to be a debt jubilee as non-payment could spread to the broader financial system as countless mortgages default. 

There’s reason to believe China’s real estate crisis is far from over, as noted by Country Garden Chief Financial Officer Wu Bijun:

“The home market hasn’t entirely bottomed out, and the sector’s consolidation isn’t over. Property sales nationwide still haven’t stabilized.”

A weakening economy could exacerbate things for property developers, and perhaps the reports of a national bailout fund to finance stalled real-estate projects is Beijing’s attempt to keep the music going. 

So what happens if China can’t stop the economic hemorrhaging? 

Taiwan’s Foreign Minister Joseph Wu warned back in 2019 that if a slowdown in China gets too “serious,” then “We need to prepare ourselves for the worst situation to come … military conflict.”

end

4/EUROPEAN AFFAIRS//UK AFFAIRS

GERMANY/EU/GAZPROM//

OH OH!! this is troublesome:  Gazprom completely halts Nordstream 1 gas supplies due to unexpected leak. This halt will probably last quite a while to teach the west a lesson

(zerohedge)

Surprise: Stocks Tumble After Gazprom “Completely Halts” Nord Stream Gas Supplies Due To “Unexpected” Leak

FRIDAY, SEP 02, 2022 – 12:29 PM

After a 3-day halt, Russian energy giant Gazprom was expected to resume critical supplies of nat gas to Europe via Nord Stream 1 tomorrow, but it appears that Putin who is enjoying the game of cat and mouse a little too much, had other plans and as a result, Russian gas flows toward Europe won’t be coming back any time soon, as moments ago Gazprom announced that it had “completely halted” transport of gas to Nord Stream until a previously undetected oil leakage is rectified.

That could takes hours, days… or months.

  • GAZPROM ISSUES STATEMENT ON NORD STREAM 1 MAINTENANCE
  • GAZPROM: TRANSPORT OF GAS TO THE NORD STREAM PIPELINE HAS BEEN COMPLETELY HALTED UNTIL FAULTS ARE RECTIFIED
  • GAZPROM: DURING ROUTINE MAINTENANCE WORKS OIL LEAKAGE WAS DETECTED
  • GAS SUPPLIES TO NORD STREAM FULLY STOPPED
  • GAZPROM STATEMENT GIVES NO TIME FRAME FOR RESTART OF GAS SUPPLY THROUGH NORD STREAM 1

The “shocking development” is a massive blow to Europe, which is scrambling to fill up its gas storage ahead of winter and which has been trying to guess Moscow’s next steps in the energy war for weeks.

To quote Walter Sobchak, “Mark it zero” for the foreseeable future.

That means that Europe will now be forced to rely even more on… well… Russian gas, in the form of much more expensive LNG resold by China. And after tumbling by more than 50% in the past few days, we fully expect European gas prices are about to go super parabolic and take out all time highs as soon as trading returns on Monday.

As Bloomberg puts it, “it marks a dramatic escalation in Europe’s energy crisis — and comes just as prices were easing. If the shutdown persists, it puts households, factories and economies at risk, weakening Europe’s hand as it backs Ukraine in the war against Russia.” Said otherwise, millions of virtue signalers will be cold, hungry and in the dark this winter but at least they will have an Ukraine flag in their twitter bio.

The news promptly sent spoos sliding back under 4000 as any hope Europe’s energy hyperinflation was finally over were just steamrolled by the Russian president.

end

GERMANY//POLAND

This should be quite interesting;  Poland demands $1.3 trillion in World War ii reparations. The country in 1953 relinquished its demand for reparations.  Russia did not want to hurt East Germany so they politely persuaded Poland to relinquish its claims.

(zerohedge)

Germany Responds After Poland Demands $1.3 Trillion In WWII Reparations

THURSDAY, SEP 01, 2022 – 08:20 PM

Germany has responded after Poland demanded $1.32 trillion in reparations over losses suffered during WWII.

On Thursday, Poland’s Deputy Prime Minister Jaroslaw Kaczynski said that Warsaw would officially demand reparations from its largest trade partner and a fellow member of both the EU and NATO.Poland’s Deputy Prime Minister and Law and Justice (PiS) party leader Jaroslaw Kaczynski

Poland’s new estimate tops the $850 billion estimate by a ruling party lawmaker from 2019. The ruling Law and Justice (PiS) party has repeated calls for compensation several times since it took power in 2015, but Poland hasn’t officially demanded reparations. –Reuters

“The sum that was presented was adopted using the most limited, conservative method, it would be possible to increase it,” said Kaczynski, leader of Poland’s Law and Justice (PiS) party during a news conference. “Germany has never really accounted for its crimes against Poland,” he added.

Kaczynski – who is Poland’s chief policy maker, and Prime Minister Mateusz Morawiecki, attended a ceremonial release of a long-awaited reparations report held at the Royal Castle in Warsaw, which was rebuilt from wartime ruins.

The release of the three-volume report was the focus of national observances of the anniversary of the war that began Sep. 1, 1939, with Nazi Germany’s bombing and invasion of Poland that was followed by more than five years of brutal occupation.

The head of the report team, lawmaker Arkadiusz Mularczyk, said it was impossible to place a financial value on the loss of some 5.2 million lives he blamed on the German occupation.

He listed losses to the infrastructure, industry, farming, culture, deportations to Germany for forced labor and efforts to turn Polish children into Germans.

A team of more than 30 economists, historians and other experts worked on the report since 2017. The issue has created bilateral tensions.

The war was “one of the most terrible tragedies in our history,” President Andrzej Duda said during early morning observances at the Westerplatte peninsula near Gdansk, one of the first places to be attacked in the Nazi invasion. –ABC News

Germany hit back in a statement from its foreign ministry, which said that the question of reparations was ‘concluded’ long ago with Poland renouncing further claims, and that the German position that compensation was paid to East Bloc nations in the years after the war, has not changed.

Poland’s combative stance towards Germany has intensified after Russia’s invasion of Ukraine.

In 1953, Poland’s then-communist rulers relinquished all claims to reparations amid pressure from the USSR, which wanted to free the soviet satellite of East Germany from any liabilities. According to Poland, the agreement is invalid because Poland was unable to negotiate fair compensation, according to Reuters.

Donald Tusk, leader of Poland’s biggest opposition party Civic Platform, said on Thursday that Kaczynski’s announcement was “not about reparations”.

It’s about an internal political campaign to rebuild support for the ruling party,” he said.

Germany’s top official for German-Polish cooperation, Dietmar Nietan, said in a statement that Sept. 1 “remains a day of guilt and shame for Germany that reminds us time and again not to forget the crimes carried out by Germany” that are the “darkest chapter in our history.”

end

/UK//GAS PRICES/ELECTRICAL

Filling gasoline cars could become cheaper than charging EVs in the UK and for that matter in all of Europe as well

(Paraskova/OilPrice.com)

Filling Gasoline Cars Could Become Cheaper Than Charging EVs In The UK

FRIDAY, SEP 02, 2022 – 05:00 AM

Authored by Tsvetana Paraskova via OilPrice.com,

Due to skyrocketing energy prices, Britons could soon face higher costs for charging their electric vehicles (EVs) at home than filling up gasoline-fueled cars, The Washington Times reports.

The high energy and electricity prices that could undermine the growth in EVs uptake in the UK and globally could be a cautionary tale for what could be the future in the U.S. if the energy transition is pushed to accelerate without accounting for whether EVs and renewable energy sources could replace fossil fuels, analysts tell The Washington Times.

“For the U.S., this actually gets to an underlying fallacy of a lot of people that are pushing electric vehicles: they assert electric vehicles are cheaper because they assume electricity prices are going to stay cheap,” Kenny Stein, policy director of the Institute for Energy Research, told The Washington Times.

Last week, the UK energy regulator Ofgem said the new price cap for household energy bills would be $4,113 (£3,549) per year, an 80-percent hike in the energy price cap aimed at shielding consumers from price swings, promising to plunge millions more into energy poverty.

The chief executive of Ofgem, Jonathan Brearley, has also warned that another hike in the price cap would be coming in January next year, raising household energy bills much further, to above $6,952 (£6,000), according to recent forecasts. That would be almost double on the latest hike.

The price cap currently stands at $2,285 (£1,971) per year, based on typical use for the average household, which is already a 54% increase on the $1,480 (£1,277) per year that was in place between October 2021 and March 2022. 

Many British households are already struggling with paying their bills, and they are accumulating more debt, too. The government is helping, but more help would be needed for the higher bills.

end

GERMANY/CHINA

Germany to expand its military presence in the Asia Pacific to counter Chia

(zerohedge)

Germany To Expand Military Presence In Asia Pacific To Counter China

FRIDAY, SEP 02, 2022 – 02:00 AM

Authored by Dave DeCamp via AntiWar.com,

The head of Germany’s armed forces told Reuters on Wednesday that Berlin plans to expand its military presence in the Asia Pacific as it has its eye on Chinese forces in the region.

Gen. Eberhard Zorn said that Germany’s military, known as the Bundeswehr, plans to expand its presence in the region by sending more warships and participating in more military exercises. “This is how we want to consolidate our presence in the region,” he said.Image via Reuters

Specifically, Zorn said that Germany will send troops to participate in drills in Australia next year and plans to send a fleet of ships to the region in 2024. Last year, Germany sailed a warship through the South China Sea, marking the first time Berlin has done so in almost 20 years.

Germany’s plans are the latest example of the US’s European allies joining in on provocations against China in the Asia Pacific. France and the UK have also deployed warships to the region in recent years, and NATO has its eye on expanding in the area.

When asked if Germany planned to send a warship through the Taiwan Strait, Zorn said:

“We do not want to provoke anyone with our presence but rather send a strong sign of solidarity with our allies.” He said that Germany is observing an “enormous buildup” of Chinese forces in the region.

China recently launched its largest-ever military exercises around Taiwan, which were a response to House Speaker Nancy Pelosi visiting the island.

On Thursday, Beijing responded to Berlin’s latest announcement as follows:

“This will probably lead to some bad memories and associations in many countries in the world,” said Chinese foreign ministry spokesman Wang Wenbin on Thursday.

The Chinese military pressure continues as the US shows no sign of backing down on its policy of increasing ties with Taipei, which Beijing views as Washington moving away from the one-China policy.

END

G 7/RUSSIA/PRICE CAPS

Stupid move: Russia will not send to any nation that agrees to the price cap scheme

(zerohedge)

G-7 Agree On Russian Oil Price-Cap Scheme

FRIDAY, SEP 02, 2022 – 09:04 AM

In what we are sure will be heralded as a critical step forward in the globally unified response to Putin’s invasion of Ukraine, G-7 finance ministers have agreed to implement a price cap for global purchases of Russian oil – a measure the US hopes will ease energy market pressures and slash Moscow’s overall revenues.

“We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally,” G-7 finance ministers said in a joint statement.

“The provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price (“the price cap”) determined by the broad coalition of countries adhering to and implementing the price cap.”

No details were offered as to the mechanism for the buying-cartel but the stated goal set out by G7 leaders was two-pronged:

  1. to limit upward pressure on global oil prices
  2. to curb Russia’s revenues from oil sales.

To achieve those goals, the allies agreed to explore a new mechanism that aims to impose a ceiling on Russian oil prices. The idea behind this price cap is to permit countries that have not imposed import bans to buy Russian oil as long as it is priced at or below a predetermined price. The cap could be enforced via limits on availability of European insurance for Russian oil cargoes as well as shipping services and US finance.

While G7 leaders have not indicated where the price cap would be set, it must be lower than the $80/bbl at which Russia’s Urals grade trades today (a $32/bbl discount to Brent) and higher than Russia’s marginal cost of maintaining production levels, estimated at around $40/bbl to ensure Russia’s earnings are reduced while production is maintained.

A $50-60 per barrel price cap would likely serve the G7 goals of reducing oil revenues for Russia while assuring barrels continue to flow.

But it remains unclear how effective a price-cap regime would be, since for the price-cap to work, oil importers like India, China, and Turkey – which have significantly increased their purchases of heavily-discounted Russian grades – would need to agree to participate to access even cheaper oil.

“Quite extensive measures are going to have to be taken to ensure that companies don’t’ find ways around price limitations,” said Richard Watts, the managing director at Geneva commodities trading advisory HR Maritime.

“This was the challenge in Iraq’s food-for-oil scheme in the 1990s. The question is how does the G-7 police this?”

Furthermore, as we previously detailed, there are three scenarios as to what happens next:

  • Scenario 1: Russia does not cooperate and retaliates – a 3 mbd cut would likely deliver a $190/bbl oil price
  • Scenario 2: China and India don’t cooperate – the end of the European insurance dominance
  • Scenario 3: Russia fully re-routes exports from west to east but loses pricing power, prices stabilize in low-$100s

There has so far been no reaction to the headlines…

Which we suspect reflects the market’s reality check that this G-7 plan has no chance of becoming operational as to implement a cap, diplomats will have to convince European Union member nations to amend its sixth round of sanctions on Russia over the invasion of Ukraine – and that may still prove to be tough. That package, which prohibits the purchase of Russian oil starting Dec. 5, included a ban on the use by third countries of the bloc’s companies for oil-related insurance and financial services.

“The price cap fundamentally lacks impact unless the G-7 can persuade the other main buyers (i.e. China, India, Turkey, etc) to sign up,” Christopher Haines, a global crude analyst at consultant Energy Aspects, said in an emailed response to questions.

“They are all reluctant despite the offer of exemptions from Western financial and shipping insurance sanctions. Meanwhile Russia will be determined to undermine the policy for both political and economic reasons.”

Russia said Friday that it won’t sell oil to nations that impose a price cap on its oil. “We simply won’t interact with them on such non-market principles,” Kremlin spokesman Dmitry Peskov told reporters on a conference call, adding that Russian oil will find alternative markets.

end

As expected, Russia vows to halt all oil exports to countries that impose the price cap

(zerohedge)

Russia Vows To Halt All Oil Exports To Countries That Impose “Completely Absurd” Price-Cap

FRIDAY, SEP 02, 2022 – 10:21 AM

Update (1015ET): It did not take long for the Kremlin to respond to the G-7 plan to impose price-caps on Russian oil, with Deputy Prime Minister Alexander Novak warning that Moscow will ban exports of oil and other petroleum products to countries that impose a cap on the price of Russian crude. Novak made the remarks to reporters in Moscow on Sept. 1, according to Russian state media Tass, which came as Western powers were preparing to meet on Sept. 2 to agree on a Russian oil price cap.

“We will simply not supply oil and petroleum products to such companies or states that impose restrictions, as we will not work non-competitively,” Novak said, while denouncing the price cap as “completely absurd.”

“It will completely destroy the market,” Novak continued, arguing that interference in market mechanisms in a key commodity like oil would have a destabilizing impact on energy security in countries across the world.

US Treasury Secretary Janet Yellen took the opportunity of G-7 agreement to a nothingburger plan to take a victory lap:

“The price cap will advance our two key objectives; The first, of course, is reducing revenues that Putin needs to continue waging his war of aggression. And the second is maintaining a reliable supply of oil to the global market and putting downward pressure on the price of energy for people in the U.S., in the UK, and around the world.”

But, echoing Novak’s remarks about a Russian oil export ban targeting countries that sign onto the cap, Kremlin spokesman Dmitry Peskov told reporters during a conference call on Sept. 2 that “companies that impose a price cap will not be among the recipients of Russian oil.”

*  *  *

As we detailed earlier, in what we are sure will be heralded as a critical step forward in the globally unified response to Putin’s invasion of Ukraine, G-7 finance ministers have agreed to implement a price cap for global purchases of Russian oil – a measure the US hopes will ease energy market pressures and slash Moscow’s overall revenues.

“We confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally,” G-7 finance ministers said in a joint statement.

“The provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price (“the price cap”) determined by the broad coalition of countries adhering to and implementing the price cap.”

No details were offered as to the mechanism for the buying-cartel but the stated goal set out by G7 leaders was two-pronged:

  1. to limit upward pressure on global oil prices
  2. to curb Russia’s revenues from oil sales.

To achieve those goals, the allies agreed to explore a new mechanism that aims to impose a ceiling on Russian oil prices. The idea behind this price cap is to permit countries that have not imposed import bans to buy Russian oil as long as it is priced at or below a predetermined price. The cap could be enforced via limits on availability of European insurance for Russian oil cargoes as well as shipping services and US finance.

While G7 leaders have not indicated where the price cap would be set, it must be lower than the $80/bbl at which Russia’s Urals grade trades today (a $32/bbl discount to Brent) and higher than Russia’s marginal cost of maintaining production levels, estimated at around $40/bbl to ensure Russia’s earnings are reduced while production is maintained.

A $50-60 per barrel price cap would likely serve the G7 goals of reducing oil revenues for Russia while assuring barrels continue to flow.

But it remains unclear how effective a price-cap regime would be, since for the price-cap to work, oil importers like India, China, and Turkey – which have significantly increased their purchases of heavily-discounted Russian grades – would need to agree to participate to access even cheaper oil.

“Quite extensive measures are going to have to be taken to ensure that companies don’t’ find ways around price limitations,” said Richard Watts, the managing director at Geneva commodities trading advisory HR Maritime.

“This was the challenge in Iraq’s food-for-oil scheme in the 1990s. The question is how does the G-7 police this?”

Furthermore, as we previously detailed, there are three scenarios as to what happens next:

  • Scenario 1: Russia does not cooperate and retaliates – a 3 mbd cut would likely deliver a $190/bbl oil price
  • Scenario 2: China and India don’t cooperate – the end of the European insurance dominance
  • Scenario 3: Russia fully re-routes exports from west to east but loses pricing power, prices stabilize in low-$100s

There has so far been no reaction to the headlines…

Which we suspect reflects the market’s reality check that this G-7 plan has no chance of becoming operational as to implement a cap, diplomats will have to convince European Union member nations to amend its sixth round of sanctions on Russia over the invasion of Ukraine – and that may still prove to be tough. That package, which prohibits the purchase of Russian oil starting Dec. 5, included a ban on the use by third countries of the bloc’s companies for oil-related insurance and financial services.

“The price cap fundamentally lacks impact unless the G-7 can persuade the other main buyers (i.e. China, India, Turkey, etc) to sign up,” Christopher Haines, a global crude analyst at consultant Energy Aspects, said in an emailed response to questions.

“They are all reluctant despite the offer of exemptions from Western financial and shipping insurance sanctions. Meanwhile Russia will be determined to undermine the policy for both political and economic reasons.”

Russia said Friday that it won’t sell oil to nations that impose a price cap on its oil. “We simply won’t interact with them on such non-market principles,” Kremlin spokesman Dmitry Peskov told reporters on a conference call, adding that Russian oil will find alternative markets.

GERMANY

Germany: Stockpiling wood in fear of gas shortage | Business | Economy and finance news from a German perspective | DW | 26.07.2022

Inbox

Robert Hryniak9:38 AM (1 minute ago)
to

All one can say to many friends in Europe, is be ready for a dire winter. Buy mittens and woolens and be prepared for a violent spring.
What Europe will experience this winter is nothing short of what a war across Europe would have achieved in misery. Sadly it is government ineptness and agenda pursuit that will produce the pain.

https://www.dw.com/en/germany-stockpiling-wood-in-fear-of-gas-shortage/a-62601419

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS//

RUSSIA/UKRAINE/

Interesting: Russia is facing severe manpower shortages so they are now recruiting from prisons. I guess the loss of lives in the war is hurting them.

(zerohedge)

Facing “Severe Manpower Shortages”, Russia Now Recruiting From Prisons: US Intelligence

FRIDAY, SEP 02, 2022 – 02:45 AM

Following a Russian presidential decree from last week which ordered the defense ministry to beef up military ranks to over 2 million troops, US intelligence officials are saying that Moscow is desperate for manpower after heavy casualties during six months of the invasion of Ukraine.

US intelligence has reportedly assessed that Russia is currently grappling with “severe manpower shortages” – according to a new American intelligence finding disclosed Wednesday, also as it seeks to tap new sources of military hardware replenishment by turning to countries like Iran.Tank in Donetsk, Ukraine, via Reuters

The Moscow Times reported last week of Putin’s new decree, “As part of the changes [to military numbers], the total number of military and civilian staff in the Russian Armed Forces will increase from 1.9 million to nearly 2.04 million.”

“The increase will only come from adding new soldiers — not new civilian employees — meaning that the total number of soldiers will rise by 137,000 to 1.15 million,” the report continued, saying numbers will rise to this new level by the start of next year.

It’s unclear if the fresh US intelligence assessment is largely basing its own estimates on this move, but according to the Associated Press, the Kremlin is gearing up to take some extreme measures

Russia is looking to address the shortage of troops in part by compelling soldiers wounded earlier in the war to return to combat, recruiting personnel from private security companies and even recruiting from prisons, according to a U.S. official who spoke to the AP on the condition of anonymity to discuss the downgraded intelligence finding.

The official added that the intelligence community has determined that one step that Russia’s Defense Ministry is expected to take soon is recruiting convicted criminals to enlist “in exchange for pardons and financial compensation.”

Casualty figures on both the Russian and Ukrainian sides have been shrouded in secrecy and the fog of war, but also distorted or hidden by propaganda.

The US DoD’s undersecretary for policy Colin Kahl said in an early August briefing that Russia sustained huge losses especially during the invasion’s opening months.

There’s a lot of fog in war, but I think it’s safe to suggest that the Russians have probably taken 70 or 80,000 casualties in the less than six months,” Kahl said. “Now, that is a combination of killed in action and wounded in action and that number might be a little lower, a little higher, but I think that’s kind of in the ballpark.”

Ukraine has also been accused of implementing unorthodox measures to keep up troop numbers on the frontlines – for example letting criminals out of prison early in order to serve in the armed forces. But regarding all these allegations applied to both sides, the question of firm evidence and the extent of these practices are a reality (and not just more wartime propaganda) remains mostly a huge unknown.

END

//ISRAEL/SYRIA/

Israel strikes both Aleppo and Damascus International airports on the same day.  The Israelis’ stopped an Iran cargo plan from landing with ammunition’s

(zerohedge)

Israel Strikes Both Aleppo & Damascus International Airports On Same Day

THURSDAY, SEP 01, 2022 – 05:40 PM

On Wednesday night Israel conducted an unprecedented near simultaneous attack on both of Syria’s international airports. Airstrikes on both Aleppo International Airport in northwestern Syria, and Damascus International Airport just outside of the capital, came just hours apart. 

While Damascus airport has been hit on multiple occasions over the past years of war in Syria, at times bringing commercial aviation to a halt at the airport, this is the first known time both civilian hubs were hit on the same dayTimes of Israel: A fire seen at the Aleppo International Airport in northern Syria following an airstrike attributed to Israel, August 31, 2022. 

“At around 20:00 hours (17:00 GMT), the Israeli enemy targeted Aleppo International Airport with missile fire, causing material damage at the heart of the facility,” Syrian state news agency SANA reported.

International reports further cited an opposition war monitor, SOHR, which said four Israeli missiles struck the runway and warehouses at the Aleppo airport. Syrian anti-air defenses outside of Latakia were reportedly activated, but it’s unknown whether they intercepted additional inbound missiles.

Regional English-language media outlet Iran International has said the Israelis were seeking to thwart the arrival of a US sanctioned Iranian plane. The aircraft was first seen descending into Aleppo, but was forced to change course last minute due to the Israeli strikes on the airport runway:

Shortly after the strike in Aleppo, Israeli airstrikes targeted sites near Damascus International Airport and other targets south of Damascus, with Syrian air defenses downing “a number of missiles.”

Sabereen News, a channel close to Iran-backed forces in Syria reported that Israel targeted Aleppo airport to prevent a US sanctioned Iranian plane – belonging to the Yas Air cargo airline — from landing as it appeared to be descending, adding that the plane changed course to Damascus so the Israeli aircraft returned and bombed Damascus airport.

The Iranian aircraft in question is said to belong to an airline operated by the IRGC, allegedly used to transport “illicit cargo” including weaponry to pro-Iran militias in the region. Israel has long vowed to take action against Iranian arms shipments to the region, including against Hezbollah arms. 

Israel has over the last half-decade of war struck locations in Syria literally hundreds of times, despite Moscow increasingly denouncing such attacks. Syria’s Russia-provided S-300 and other anti-air systems are frequently active, and intercept Israeli missiles with mixed success.

END

IRAN//ISRAEL/USA

Nuclear talks are unravelling as the uSA calls Iran’s final text submission:  a move backwards!

(zerohedge)

Nuclear Talks Unraveling As US Calls Iran Final Text Submission A Move “Backwards”

FRIDAY, SEP 02, 2022 – 08:25 AM

The White House has received Tehran’s awaited response to prior US stipulations regarding the final text of a restored JCPOA nuclear deal, and the initial reaction strongly suggests that negotiations are once again in peril even as the deal is at the ‘finish line’. 

Politico bluntly observes of the latest, “The negative reaction from the Biden administration — as well as European sources — suggests that a revival of the 2015 nuclear agreement is not imminent as some supporters of the deal had hoped, despite roughly a year and a half of talks.”

A senior Biden administration official told the publication Thursday night, “We are studying Iran’s response, but the bottom line is that it is not at all encouraging,” and concluded further: “based on their answer, we appear to be moving backwards.”Iran’s negotiator Ali Bagheri, via DW/AA/picture alliance

The Europeans appear to be on the same page, with an EU diplomat who has seen Iran’s fresh response assessing that Iran’s answer was “negative and not reasonable”.

The details of what the Islamic Republic added to the text has yet to be revealed, but US officials only days ago suggested that the world was “closer” than ever to witnessing a restored deal.

Iranian President Ebrahim Raisi said earlier this week that without finding final settlement on the issue of the IAEA probe into traces of uranium found at undeclared nuclear sites, it remains that “talking about an agreement would be meaningless.” These words were also viewed as a negative sign that negotiators could be further from the finish line of a completed deal than previously thought.

Two additional factors loom large in the background which make a finalized deal increasingly unlikely: US domestic politics and a full court Israeli press to influence Biden officials. Concerning the former, Politico writes

A deal to restore the 2015 agreement will likely face a review in Congress. But with midterm elections coming up in November, many Democrats in particular may want to avoid an Iran debate in the weeks immediately prior.

“With this opportunity squandered, it is now hard to imagine that a deal can happen before the midterms,” said Ali Vaez, a top analyst with the International Crisis Group.

Concerning America’s closest regional ally, starting next week Mossad chief David Barnea will be in Washington lobbying US intelligence counterparts and Biden administration officials to resist entering a “bad deal” – as Israeli leadership has long dubbed efforts in Vienna to restore the JCPOA.

Iran has called its own final text additions “constructive”…

The Times of Israel notes that “Barnea will be the third senior Israeli official to visit Washington in recent days to discuss the Iran deal, after Defense Minister Benny Gantz and national security adviser Eyal Hulata.”

end

Iran/USA

Iran seized two USA sea drones in an anti terror mission

(zerohedge)

Iran’s Navy Says It Seized Two US Sea Drones In “Anti-Terror” Mission

FRIDAY, SEP 02, 2022 – 09:45 AM

Two days after the US Navy said that IRGC operatives in the Gulf seized and then later let go of an American sea drone, there are fresh reports Friday of another major incident in regional waters.

Iranian naval forces seized two unmanned US surveillance vessels it encountered during an anti-terror mission in an international waterway in the Red Sea, Iranian state TV says,” according to Bloomberg.

The high seas alleged intercept comes after Tehran was warned that US military activity in the region must cease or risk a potential incident. 

“Iranian forces later released the vessels in a secure area State TV report shows video of a ship crew throwing two large objects overboard,” Bloomberg adds.

This is the second major incident this week, after the US Navy’s 5th Fleet said Tuesday it foiled an attempt by Iran’s elite Islamic Revolutionary Guards (IRGC Navy) to capture an unmanned surface vessel as it traversed an area of the Persian Gulf. A US warship had been nearby, and a Navy helicopter deployed in response – at which point the Iranians let the drone go.

Regional sources are reporting what could be a separate incident that involved exchange of fire of the Red Sea Tuesday…

It’s as yet unclear the type of US sea drones temporarily captured by Iranian forces Friday, but Tuesday’s incident involved a large Saildrone Explorer USV (unmanned surface vehicle). which is a newly developed and deployed US-manufactured high tech data collection system which utilizing AI to autonomously gather oceanic and other intelligence. 

6.GLOBAL ISSUES AND COVID COMMENTARIES/

Victor Davis Hanson: The Mysteries Of Long-COVID

A MUST READ..

(VICTOR DAVIS HANSON)

FRIDAY, SEP 02, 2022 – 12:00 AM

Authored by Victor Davis Hanson,

When the original strain of COVID-19 arrived in spring 2020, a pandemic soon swept the country.

By far most survived COVID. But hundreds of thousands did not. American deaths now number well over 1 million.

Amid the tragedy, there initially was some hope that the pernicious effects of the disease would all disappear upon recovery among the nearly 99% who survived the initial infection.

Vaccinations by late 2020 were promised to end the pandemic for good. But they did not. New mutant strains, while more infectious, were said to be less lethal, thus supposedly resulting in spreading natural immunity while causing fewer deaths from infection.

But that too was not quite so.

Instead, sometimes the original symptoms, sometimes frightening new ones, not only lingered after the acute phase, but were of increased morbidity.

Now two-and-a-half years after the onset of the pandemic, there may be more than 20 million Americans who are still suffering from what is currently known as “long COVID” – a less acute version but one ultimately as debilitating.

Some pessimistic analyses suggest well over 4 million once-active Americans are now disabled from this often-ignored pandemic and out of the workforce.

Perhaps 10-30% of those originally infected with COVID-19 have some lingering symptoms six months to a year after the initial infection. And they are quite physically sick, desperate to get well, and certainly not crazy.

So far, no government Marshall plan exists to cure long COVID.

While we know the nature of the virus well by now, no one fathoms what causes long COVID’s overwhelming fatigue, flu-like symptoms, neuralgic impairment, cardiac and pulmonary damage, and an array of eerie problems from extended loss of taste and smell to vertigo, neuropathy, and “brain fog.”

“Post-viral fatigue” has long been known to doctors. Many who get the flu or other viruses like mononucleosis sometimes take weeks or even months to recover after the initial acute symptoms retire.

But no one knows why long COVID often seems to last far longer and with more disability.

Is its persistence due to one theory that SARS-CoV-2 is a uniquely insidious, engineered virus? Or do vaccines and antivirals only help to curb infection, while possibly encouraging more unpredictable mutations?

Who gets long COVID, and why and how is, to paraphrase Winston Churchill, “a riddle, wrapped in a mystery, inside an enigma.”

Those who nearly die from acute COVID-19 can descend into long COVID. But then again so can those with minimal or few initial acute symptoms.

The obese with comorbidities are prone to long COVID, but triathletes and marathon runners are, too.

The elderly, the mature, the middle-aged, adolescents and children can all get long COVID. Those with down-regulated and impaired immune systems fight long COVID. But then again so do those with up-regulated and prior robust immunity, as well as people with severe allergies.

Since early 2020, no one has deciphered the cause, although numerous Nobel Prizes await anyone who unlocks its mysteries.

Does a weakened but not vanquished SARS-CoV-2 virus hide out and linger, causing an unending immune response that sickens patients?

Or does COVID-19 so weaken some long-haulers to the degree that old viruses, long in remission, suddenly flare up again, sickening the host with an unending case, of say, mononucleosis?

Or is the problem autoimmunity?

Is there something unique to the nature of COVID-19 that damages the vital on-and-off buttons of the immune system, causing the body to become stuck in overdrive, as it needlessly sends out its own poisons against itself?

Without knowledge of what explains long COVID, it is hard for researchers to find a cure.

After all, is the answer to slow down the immune system to dampen the immune storm, or to enhance it to root out lingering viruses?

Do more vaccines help or worsen long COVID?

Is the solution some magical new drug, or discovering off-label uses of old, reliable medicines?

Can a good diet, moderate exercise and patience finally wear out long COVID? Or is its course too unpredictable or near permanent and chronic?

Is long COVID a single phenomenon, or a cluster of maladies, each manifesting according to one’s own genetic makeup, particular history of past illness, and unique reaction to the initial infection?

If we have few answers, we do have an idea about the costs.

Long COVID may be one of many reasons why in a recession, labor paradoxically still remains scarce. Millions likely stay home in utter disbelief that they are still battling long COVID. Others isolate in deadly fear of getting either the acute or chronic form of the illness.

The social costs to America of this hidden pandemic in lost wages and productivity, family and work disruption, and expensive medical care are unknown.

But they are likely enormous, still growing – and mostly ignored.

end

JUST IN: CDC Panel Votes in Favor of Recommending New Covid Booster Shots That Have Never Been Tested on Humans

Inbox

Robert Hryniak3:50 PM (0 minutes ago)
to

Wow, let me understand this, we are blindly supposed to line up for shots that never have been tested on humans. Are these people insane? One does imagine that there is a difference between mice and humans in reaction to most things. 

Too many previous vaccines have caused harm and they were tested. To think that the majority of people are arbitrarily going to allow an untested shot blindly believing big Pharma is a stretch of imagination for most people. These folks are so blind as not realize that many people no longer believe their balderdash. This only lowers the threshold of trust. 



JUST IN: CDC Panel Votes in Favor of Recommending New Covid Booster Shots That Have Never Been Tested on Humans

A CDC panel on Thursday voted in favor of approving the latest Covid booster shot that hasn’t even been tested on humans.

CDC Director Rochelle Walensky still has to give the final approval.

The latest Covid booster was supposedly reformulated to ‘protect’ against Omicron subvariants.

The new COVID boosters were not tested on humans – only mice.

TRENDING: BREAKING: **PATRIOT WITH BULLHORN** Interrupts Joe Biden’s Sick Speech — Protester Screams “F*ck Joe Biden!” (VIDEO)

The boosters got emergency authorization this week and a CDC panel on Thursday voted to recommend the shots for people over the age of 12.

ABC News reported:

An independent panel of advisors for the Centers for Disease Control and Prevention voted in favor of rolling out the newly-updated COVID-19 booster shots, paving the way for CDC Director Rochelle Walensky to give the final sign-off on the boosters sometime Thursday evening or Friday and for shots to be administered soon after.

The new booster shots have been updated to target two different COVID strains in one shot — the current omicron subvariants, BA.4 and BA.5, which make up 99% of new cases in the U.S., and the original strain of COVID-19.

This is the first time current COVID-19 vaccines have had a major upgrade. In the future, experts expect the vaccines could be updated periodically to match current strains — akin to the way the flu shot is slightly different each year.

Public health officials directed the vaccine companies to create a bivalent vaccine — a vaccine that targets two different strains — in the hopes that the compilation will provide broader protection against COVID this fall and winter, as infections could rise with flu season, the cold weather and more time indoors.

The Pfizer bivalent booster will be available to everyone over 12, while the Moderna bivalent booster will be available to everyone over 18.

Paul Alexander..

Open in browser1 in every 73 COVID-19 Vaccinated People were Dead by May 2022 in England according to UK Government; whilst some of the deaths would have been expected, further shocking data published by the UK…
Government confirms many were not because the mortality rates per 100,000 are the lowest among the unvaccinated population in every single age group.
Dr. Paul AlexanderSep 1

‘The Office for National Statistics (ONS) is the UK’s largest independent producer of official statistics and the recognized national statistical institute of the UK, and on the 6th July, they published a dataset containing a whole host of horrifying data on deaths by vaccination status in England between 1st Jan 2021 and 31st May 2022.Table 9 of the dataset contains figures on ‘Whole period counts of all registered deaths grouped by how many weeks after vaccination the deaths occurred; for deaths involving COVID-19 and deaths not involving COVID-19, deaths occurring between 1 January 2021 and 31 May 2022, England’.
Here’s a snapshot of how the ONS presents the data –

Source

The data presented allows us to work out how many people have died following Covid-19 vaccination in England. But before we reveal that number we need to put to bed another lie that has been perpetuated by the UK Government and mainstream media since at least September 2021.If you rewind to December 2021, you may remember an infamous headline 
published by Andrew Neil for the Daily Mail that read – ‘It’s time to punish Britain’s five million vaccine refuseniks: They put us all at risk of more restrictions
.Source

This headline is a beautiful example of how you have been lied to since the very beginning of the alleged Covid-19 pandemic because the actual official UK Government data proves there are far more than five million “vaccine refusniks” in England.The UK Health Security Agency has been quietly publishing a weekly report titled ‘Weekly national Influenza and COVID-19 surveillance report’ that contains mountains of monotonous data. However, hidden deep within that report are the figures for Covid-19 vaccination uptake in England by dose.The following table is taken from page 65 of the week 27 report, and shows vaccine uptake in England by age –We’ve created the following chart based on the figures provided by UKHSA above, showing the total vaccination uptake vs the total vaccination refusal in England per dose –The UKHSA state in their document that 63.4 million people were in the National Immunisation Management Service cohort in England, but only 44.5 million people had received at least one dose of a Covid-19 vaccine. Therefore, according to the UK Government, there are actually 18.9 million “vaccine refuseniks” in England alone.Now that we have put that lie to bed we can revert back to table 9 of the ONS dataset on deaths by vaccination status in England.The following chart shows the overall number of deaths following Covid-19 vaccination in England between 1st Jan 2021 and 31st May 2022 based on the figures provided by the ONS –According to the Office for National Statistics between 1st Jan 21 and 31st May 22, a total of 41,117 people died with Covid-19 following Covid-19 vaccination, and a total of 565,420 people died of any other cause following Covid-19 vaccination. This means that in all, 606,537 people sadly died by 31st May 2022 following Covid-19 vaccination.Therefore, based on the fact that 44.48 million people had received at least one dose of a Covid-19 vaccine in England, this equates to 1 in every 73 Covid-19 vaccinated people having sadly died by the end of May 2022.Many people will disregard that figure with claims that it is expected with so many people being vaccinated. But these same people won’t provide a shred of evidence to back up their claims. But even if they could be bothered to try and provide evidence which is highly unlikely, they wouldn’t be able to find any. Because the official evidence shows that mortality rates per 100,000 are the lowest among the unvaccinated in every single age group.Table 2 of the same ONS dataset on deaths by vaccination status contains monthly age-standardised mortality rates by vaccination status and age group.The following charts show the monthly age-standardised mortality rates by vaccination status among each age group for Non-Covid-19 deaths in England between January and May 2022, using the figures contained in table 2 of the recently published dataset collated by the UK Government agency, the Office for National Statistics Click to enlargeIn every single month since the beginning of 2022, partly vaccinated and double vaccinated 18-39-year-olds have been more likely to die than unvaccinated 18 to 39-year-olds. Triple vaccinated 18 to 39-year-olds however have had a mortality rate that has worsened by the month following the mass Booster campaign that occurred in the UK in December 2021.We also see a similar pattern among every single other age group.40-4950-5960-6970-7980-8990+These are age-standardised figures. There is no other conclusion that can be found for the fact mortality rates per 100,000 are the lowest among the unvaccinated other than that the Covid-19 injections are killing people. Which makes the fact that 1 in every 73 Covid-19 vaccinated people were dead by May 2022 in England all the more horrifying.’
SOURCE

end

NATURAL immunity WINS again in Portugal: Graca & Malato et al., NEJM, “Risk of BA.5 Infection among Persons Exposed to Previous SARS-CoV-2 Variants”; Overall, we found that breakthrough infections…

with BA.5 subvariant were less likely among persons with previous SARS-CoV-2 infection history in a highly vaccinated population, especially for prior BA.1 or BA.2 infection, than among the uninfected

Dr. Paul AlexanderSep 2

The key finding (in 9.3 million Portuguese people, so a robust data set) of less breakthrough (limited) infection with the current dominant BA.5 sub-variant clade is great news for natural immunity for it shows it is holding to an extent. This if one was prior infected with BA.1 and BA.2 clades. I have to read further and look at the supplementary but wanted to share this nice finding. What I find very good is that the prior sub-variants and strains still give some protection against BA.5 clade.

Firstly, let me address the methods here:

These researchers applied a registry-based study design that indeed lacks the level of precision of a test-negative design. Yet as they rightly argue, the very large number of cases studied that covered all the residents of Portugal over 12 years old, allowed confidence in a derived risk estimate for individuals with prior BA.1/BA.2 infection that was robust and trustworthy enough and located close to an estimate from Qatar based on a test-negative design. I felt the argument was reasonable and felt that the design was acceptable and the methods robust, though not the most rigorous design. Note they looked at the N nucleocapsid protein (the core of the virus that protects the genome) and not the spike protein. The N nucleocapsid protein involves natural exposure, infection and immunity.

Are you surprised by this robust natural immunity finding in Portugal? I am not!

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.

Background and findings:

“Portugal was one of the first countries affected by a BA.5 predominance. We used the national coronavirus disease 2019 (Covid-19) registry (SINAVE) to calculate the risk of BA.5 infection among persons with documented infection with past variants, including BA.1 and BA.2. The registry includes all reported cases in the country, regardless of clinical presentation.”

“We found that previous SARS-CoV-2 infection had a protective effect against BA.5 infection, and this protection was maximal for previous infection with BA.1 or BA.2. These data should be considered in the context of breakthrough infections in a highly vaccinated population, given that in Portugal more than 98% of the study population completed the primary vaccination series before 2022.”

Conclusion:

“Overall, we found that breakthrough infections with the BA.5 subvariant were less likely among persons with a previous SARS-CoV-2 infection history in a highly vaccinated population, especially for previous BA.1 or BA.2 infection, than among uninfected persons.”

SOURCE:

Natural immunity WINS again!: Risk of BA.5 Infection among Persons Exposed to Previous SARS-CoV-2 Variants, Graca, 2022

Figure 1. Protective Effect of Previous SARS-CoV-2 Infection on Infection with the Omicron BA.5 Subvariant.

As shown in Panel A of the above graph (above the table S1., we identified the periods (in different colors) when one variant was represented in more than 90% of sample isolates (data from the national severe acute respiratory syndrome coronavirus 2 [SARS-CoV-2] genetic diversity surveillance4). The periods in gray represent times when more than one variant was in circulation. Given the relatively slow transition between dominance by the omicron BA.1 subvariant and dominance by the omicron BA.2 subvariant, we pooled BA.1 and BA.2 in the analysis. We did not include anyone infected in the 90 days before dominance by the omicron BA.5 subvariant. Panel B shows protection efficacy against infection during the period of BA.5 dominance (from June 1, 2022) among persons with one infection in the periods of dominance of different variants, as represented in Panel A, as compared with persons without any documented infection until June 1. Persons with two infections before June 1 were not included in the study. 𝙸 bars represent 95% confidence intervals.

The Lockdown lunacy legacy of Fauci, Birx, Francis Collins: Reading, math scores fell to levels not seen for decades; will take decades to recover; all kids but punishingly lower in blacks, minorities

LAPTOP ‘ZOOM’ class gained; declines hit all regions of the country and affected students of most races. But students of color saw some of the steepest decreases, widening the racial achievement gap.

Dr. Paul AlexanderSep 1

Poorer kids could not remote learn like the ‘laptop’ zoom, cafe latte class, could not afford to shield. To remote learn. Did not even have internet or laptops. Or webcams. Flushed them out and embarrassed and insulted them as the zoom class Ubered and Amazoned out. Walked the dog and caught up on reading etc.

SOURCE:

The Lockdown lunacy legacy of Fauci, Birx, Francis Collins: Reading, math scores fell to levels not seen for decades; will take decades to recover; all children but punishingly lower in blacks, minorities  

Vaccine Impact//

VACCINE INJURY

MICHAEL EVERY//RABOBANK 

Michael Every on the major topics of the day

The Lord Of The Things: The Things Of Power

Tyler Durden's Photo

BY TYLER DURDEN

FRIDAY, SEP 02, 2022 – 03:25 PM

By Michael Every of Rabobank

“One Thing to rule them all; one Thing to find them

One Thing to bail them all and in the ‘market’ bind them.

In the land of More-dosh, where the Shadow Bankers lie.”

Today sees the long-awaited release of a gigantic work of creative fiction on which rides billions of dollars: and apart from US payrolls, Amazon Prime is releasing ‘The Lord of the Rings: The Rings of Power’. It’s a long wait for that jobs number, so I’m going to kill some time with some high fantasy of my own. Watch me weave my magic!

As someone who lived and breathed Tolkien 24/7 until he was old enough to go into pubs, and then lived and breathed pipe weed, I have zero interest in this new TV show. It was always clear this was going to be a fanfiction Tolkien calendar made by people who don’t know about days, months, or years: or Tolkien, given they are compacting thousands of years of his legendarium into just a few to make the story easier to follow. That is like saying you want to make a respectful TV show about British history, because you love Britain, and then you make one where Boudicca, Elizabeth I, Florence Nightingale, and Joan Robinson all decide to go paintballing, as Queen Victoria and Victoria Beckham smash into them in a flaming meteor.

The early reviews are in, and some people love it, with a 83% critic score on Rotten Tomatoes. Then again aggregate critic reviews or cheering social-media bots are like ratings agencies post-2008: nobody thinks they mean anything. The actual market of viewers will do its own thing.

Yet even some ‘ratings agencies’ are crying ‘junk!’ Entertainment Weekly says: “This series is a special catastrophe of ruined potential, sacrificing a glorious universe’s limitless possibilities at the altar of tried-and-true blockbuster desperation.” The Daily Mail gives it one star out of five, and says: “Turkey is not the word. No turkey, however bloated and stupid, could ever be big enough to convey the mesmerising awfulness of Amazon’s billion dollar Tolkien epic. This is a disaster dragon – plucked, spatchcocked, with a tankerload of Paxo stuffed up its fundament, roasted and served with soggy sproutsThe Lord Of The Rings: The Rings Of Power is so staggeringly bad, it’s hilarious. Everything about it is ill-judged to a spectacular extreme. The cliche-laden script, the dire acting, the leaden pace, the sheer inconsistency and confusion as it lurches between styles – where do we start?” If only those working on the show could write as well as the Mail channel T.S. Eliot’s orcish under-current.

That I have zero interest in this Tolkien-a-rama is partly due to me being a purist: I even had problems with the bathos of Jackson’s film trilogy, and the feebleness of his odd attempts to re-write things to make them ‘more exciting’; ‘The Hobbit’ trilogy was a bad videogame.

However, it also partly reflects the embarrassment of riches fantasy fans have today. As a boy, I had to survive with only a beloved VHS copy of Ralph Bakshi’s own spatchcocked ‘The Lord of the Rings’ cartoon: it was the first video I ever rented, and I can still recall watching it to the end, wondering where ‘The Return of the King’ part was, and trying to play the tape upside down to see if it was on the B-side. (It wasn’t.) That aside, we only had very thin fantasy gruel such as ‘Hawk the Slayer’, which I am surprised Netflix aren’t already remaking into something they can immediately cancel.

In my fevered imagination, all of this still ties back to the payrolls number today, even though Tolkien infamously hated allegory.

First, that TV studios can throw so much money at a show –the Mail adds: “There’s no doubt we can see the budget. It casts a throbbing glow over the screen like a chestful of gold”– and it still be so bad in the eyes of some reviewers shows parts of the economy still have too much money. Moreover, talent is rare, and not all that glitters is gold. Indeed, the rareness of talent –and of ‘gold’– versus the abundance of money is why central banks are having to be Hawks the Slayers for markets. When Amazon Prime is remaking that title on a shoestring then we are back towards the right territory. After yesterday’s US ISM data, markets will be hoping today’s payrolls number will be bad enough to blunt the Fed’s vorpal blade. However, even a bad print and a weak CPI number next time would still see a 50bps hike in September: and if we get an upside print in either, the market will be trembling about another 75bps. 

Second, this is not just about supply-demand balancing. It is about power. Power was what the One Ring in Tolkien’s masterwork, and this fanfiction, represents. It isn’t simply “evil”, but rather has the ability to dominate others wills; and cruelty and malice eventually flows from the corrupting influence of that power to dominate – even when it starts with good intentions.

As such, it can be argued the Dark Lord Sauron’s true opposite is not would-be king Aragorn or the wizard Gandalf, but bucolic Tom Bombadil, who has no desire to dominate anyone or anything, and hence cannot be dominated: and so he gets cut out of the films. Take that allegory wherever you like re: markets, but I have a few destinations in mind.

Third, central banks are raising interest rates more than markets had dreamed possible –we now expect the ECB to hike 75bps at its next meeting; and the Aussie press is warning that falling housing prices won’t stop the RBA hiking– because of power. Not just rising energy prices, as crude slumps for another day (but call options for December soar), despite Germany fears further cuts in gas flows from Russia in October, though this is a huge part of our current problem.

Rather, it is about who holds the power to dominate others. Is it Western central banks and their not-so glittery, not-so gold, and not-so commodity currencies; or is it shadowy and shadow-banky lands who prefer glittery, goldy, and ‘commodity’ currencies, e.g., as Russia considers buying $70bn of CNY and “friendly countries’” FX?

Raise rates more than markets expect, and keep them there longer than they expect, and find out who is ‘The Lord of the Things’ and what the real ‘Things of Power’ are!

So, yields are surging, commodities are under pressure, and the US Dollar is still the Dark Lord on its Dark Throne – JPY tested past 140, perhaps close to triggering a domino effect across Asian FX. Ironically, this is because the Dollar isn’t in More-dosh, where the Shadow Bankers lie.

Fourth, for those who like epic struggles, presumed next UK PM Truss –who looks a bit like the action-figure kick-ass version of Galadriel in the trailers for ‘The Things of Power’, without the chainmail– is reportedly to embrace a new foreign policy approach of “geoliberalism”. (See, I kept saying we had to have a new “-ism” to sell policy shifts to a public.)

This odd-sounding “-ism” calls for already-floated ideas: a “Network of liberty” of democratic nations (where she also called for the G7 to be an ”economic NATO”); more AUKUS-type deals; a hawkish line against Russia and China; more sanctions and weapons to help Ukraine; and a UK-US FTA. If you combine that with analysis suggesting Truss backs de facto MMT, as flagged earlier this week in ‘Bank of England Dreaming’, then we have arrived at the Western policy response to a crumbling global order flagged here since 2015. It’s almost as if real, not larping, Elves and Orcs suddenly appeared on our streets, as in ‘Bright’.

Of course, this could be more British high fantasy, as Build Back Better and Levelling Up were. There will be no UK-US FTA while Northern Ireland remains unsettled. Moreover, MMT is very high risk/high reward: “One does not simply walk into More-dosh!” Even so, the key point is we lack any alternative business-as-usual options. On which note, and on ‘The Things of Power’:

“I wish it need not have happened in my time,” said Frodo.

“So do I,” said Gandalf, “and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.”

END

END   

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 FRIDAY morning 7:30 AM

Euro/USA 0.9994 UP  0.0044 /EUROPE BOURSES // ALL GREEN 

USA/ YEN 140.41   UP  0.318 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.1560 UP   0.0013

 Last night Shanghai COMPOSITE CLOSED UP 1.50 POINTS OR 0.05%

 Hang Sang CLOSED DOWN 145.22 PTS OR 0.74% 

AUSTRALIA CLOSED DOWN  0.33%    // EUROPEAN BOURSE: ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 145.22 PTS OR  0.74% 

/SHANGHAI CLOSED UP 1.50 PTS  OR 0.05% 

AUSTRALIA BOURSE CLOSED DOWN 0.33% 

(Nikkei (Japan) CLOSED DOWN 10.63 OR 0.64%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1706.00

silver:$17.94

USA dollar index early FRIDAY morning: 109.30 DOWN 38  CENT(S) from THURSDAY’s close.

 FRIDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.61% DOWN 4  in basis point(s) yield

JAPANESE BOND YIELD: +0.228% DOWN 0    AND 8/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.72%// DOWN 4  in basis points yield 

ITALIAN 10 YR BOND YIELD 3.84  DOWN 8   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS

GERMAN 10 YR BOND YIELD: FALLS TO +1.523% 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA1.0029 UP  .0078   or 78 basis points

USA/Japan: 140.07 DOWN .011 OR YEN UP 1 basis points/

Great Britain/USA 1.1577 UP.0030 OR 30 BASIS POINTS

Canadian dollar UP .0055 OR 55 BASIS pts  to 1.3093

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.9003 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.9049

TURKISH LIRA:  18.22  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.228

Your closing 10 yr US bond yield DOWN 4  IN basis points from THURSDAY at  3.221% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.369 DOWN 1  in basis points 

Your closing USA dollar index, 108.97 DOWN 71 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 FRIDAY: 12:00 PM

London: CLOSED UP 132.33 PTS OR  1.85%

German Dax :  CLOSED UP 412.41 POINTS OR 3.27%

Paris CAC CLOSED  UP 138.83 PTS OR 2.30% 

Spain IBEX CLOSED UP 129.40 OR  1.66%

Italian MIB: CLOSED UP 609.48PTS OR  2.86%

WTI Oil price 87.12  12: EST

Brent Oil:  92.94 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  60.84  DOWN 0  AND 53/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.523

CLOSING NUMBERS: 4 PM

Euro vs USA: 0.9961 UP .0003     OR  3 BASIS POINTS

British Pound: 1.1513 DOWN  .0034 or  34 basis pts

USA dollar vs Japanese Yen: 140.14 UP 0.052//YEN DOWN 5 BASIS PTS

USA dollar vs Canadian dollar: 1.3130 DOWN 0.0017  (CDN dollar, UP 17 basis pts)

West Texas intermediate oil: 86.94

Brent OIL:  93.01

USA 10 yr bond yield: 3.199 DOWN 7 points

USA 30 yr bond yield: 3.348  DOWN 3  pts

USA DOLLAR VS TURKISH LIRA: 18.22

USA DOLLAR VS RUSSIA//// ROUBLE:  60.58  DOWN 0 AND    27 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 337.58 PTS OR 1.77 % 

NASDAQ 100 DOWN 176.18 PTS OR 1.44%

VOLATILITY INDEX: 26.14 UP 0.58 PTS (2.27)%

GLD: $159.26 UP $1.41 OR 0.89%

SLV/ $16.57 UP 19 CENTS OR 1.16%

end)

USA trading day in Graph Form

Putin Kills Goldilocks: Stocks Slammed As Russia Wrecks Dove’s Dreams

FRIDAY, SEP 02, 2022 – 04:00 PM

Today’s price action was bought to you by the word “Goldilocks” and the number ‘Zero‘.

Goldilocks was the word thrown around by all asunder with regard to the labor market data today – most especially a drop in wage growth – which prompted a dovish response from markets (who apparently are unable to remember what Jay Powell said just last week).

Just to steal the jam out of goldilocks’ donut, we do note that hours worked continued to tumble – not a good sign – sending up recession-risk flares left and right…

Source: Bloomberg

And the number Zero is the amount of Russian gas that Putin will allow to flow to Europe through Nord Stream 1 after ‘coincidentally’ finding an oil leak and keeping the crucial pipeline closed (just after G-7 agreed on the completely unworkable Russian oil-price cap scheme)

That all sent rate-hike odds tumbling, with the odds of a 75bps hike this month dropping from 75% to 55%…

Source: Bloomberg

Powell will be pleased though as financial conditions have tightened significantly back to the tightest of the cycle after the Fed Pivot easing…

Source: Bloomberg

On the day, everything was awesome after the jobs data… until the European close (low liquidity) when stocks tanked as Gazprom ‘coincidentally’ found an oil leak and said it would keep the gas pipeline closed for longer. Nasdaq went from Secretariat to the glue factory in a few brief minutes…

This leaves the Nasdaq down around 8% since Powell’s J-Hole jawbone…

The Nasdaq Composite is down 6 days in a row – something it hasn’t done since early August 2019.

The S&P rallied perfectly up to its 50DMA and then reversed… Putin’s timing was perfect.

All S&P Sectors ended the week in the red with Tech and Materials the worst performers. Energy stocks were the most volatile…

Source: Bloomberg

Treasuries were very mixed on the week after yields puked on the jobs data, leaving the 2Y yield unchanged but the long-end up 15bps…

Source: Bloomberg

The dollar extended its post-Powell gains…

Source: Bloomberg

Litecoin managed some gains on the week but the rest of crypto was dumped with Bitcoin underperforming Ethereum…

Source: Bloomberg

Bitcoin has now hovered around $20,000 for 10 days…

Source: Bloomberg

Zinc headed for its biggest weekly loss in over a decade on concern Chinese demand will be hamstrung by new virus restrictions.

Source: Bloomberg

Oil tanked this week again with WTI back below $90…

Gold rallied on the day extending yesterday’s gains after bouncing off $1700…

And here is what that buys in Germany now…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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&frame=false&hideCard=false&hideThread=false&id=1565775499032395779&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fputin-kills-goldilocks-stocks-puke-gas-cuts-trump-job-gains&sessionId=6ad187a545c737afacd0f9812f3d3b349e4106f1&siteScreenName=zerohedge&theme=light&widgetsVersion=1bfeb5c3714e8%3A1661975971032&width=550px

Finally, if you thought it was bad now, just wait…

Source: Bloomberg

On that happy thought, have a great long-weekend.

I) / EARLY MORNING//  TRADING//JOBS REPORT

August Payrolls Drop To 315K, Above Expectations; But Unemployment Rate, Earnings Both Miss

FRIDAY, SEP 02, 2022 – 08:40 AM

With Goldman warning ahead of today’s payrolls print that an “Inline print of 300k(ish) will keep pressure on this tape”, moments ago the BLS reported that – as expected in the somewhat negative case – August payrolls indeed came 300k(ish)- or 315K specifically, just above the 298K consensus estimate, and down notably from last month’s stellar 526K print (downward revised from 528K).

Nonfarm employment has risen by 5.8 million over the past 12 months, as the labor market continued to recover from the job losses of the pandemic-induced recession. This growth brings total nonfarm employment 240,000 higher than its pre-pandemic level in February 2020.

Also of note is that the change in total nonfarm payroll employment for June was revised sharply lower by 105,000, from +398,000 to +293,000, and the change for July was revised down by 2,000, from +528,000 to +526,000. With these revisions, employment in June and July combined is 107,000 lower than previously reported.

In any case, with the headline rate coming in on top of Goldman’s negative bogey, why are futures surging premarket? Two reasons:

First, the unemployment rate came in well above expected, printing at 3.7%, missing expectations of 3.5%, and above last month’s 3.5% print as the number of unemployed persons increased by 344,000 to 6.0 million. Among the major worker groups, the unemployment rates for adult men (3.5 percent) and Hispanics (4.5 percent) rose in August. The jobless rates for adult women (3.3 percent), teenagers (10.4 percent), Whites (3.2 percent), Blacks (6.4 percent), and Asians (2.8 percent) showed little change over the month.

Another reason for the rise in the unemployment rate: the participation rate rose more than expected, printing 62.4% in August, above the 62.2% expected, and up from 62.1% last month.

The second reason for the spike in futures is because hourly earnings slowed again, and rose 0.3% in August, below the 0.4% expected and down notably from July’s upward revised 0.5%. On an annual basis, average hourly earnings rose 5.2%, also below the 5.3% expected.

Some more details:

  • In August, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $32.36. Over the past 12 months, average hourly earnings have increased by 5.2 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees rose by 10 cents, or 0.4 percent, to $27.68.
  • The average workweek for all employees on private nonfarm payrolls decreased by 0.1 hour to 34.5 hours in August. In manufacturing, the average workweek for all employees was little changed at 40.3 hours, and overtime held at 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls declined by 0.1 hour to 33.9 hours.

In other words, solid headline payrolls number, but weakness in the unemployment rate and another much needed tapering in wage growth.

Some other details on the aftermath of the covid lockdowns:

  • The number of Americans working from home because of the pandemic declined again in the month to 6.5% from 7.1%.
  • In August, 1.9 million persons reported that they had been unable to work because their  employer closed or lost business due to the pandemic–that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is down from 2.2 million in the previous month.
  • Among those not in the labor force in August, 523,000 persons were prevented from looking for work due to the pandemic, little changed from the prior month.

And some bigger picture details:

  • The number of persons employed part time for economic reasons was little changed at 4.1 million in August. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full- time jobs.
  • The number of persons not in the labor force who currently want a job declined by 361,000 to 5.5 million in August. This measure remains above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
  • Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.4 million, was little changed in August. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 366,000 in August, little changed from the prior month.

Next, this is the breakdown of jobs by sector: In August, notable job gains occurred in professional and business services, health care, and retail trade.

  • Professional and business services added 68,000 jobs in August. Within the industry, employment gains occurred in computer systems design and related services (+14,000), management and technical consulting services (+13,000), architectural and engineering services (+10,000), and scientific research and development services (+6,000), while legal services lost jobs (-9,000). Over the past 12 months, professional and business services has added 1.1 million jobs.
  • Health care employment rose by 48,000, with job gains in offices of physicians (+15,000), hospitals (+15,000), and nursing and residential care facilities (+12,000). Health care has added 412,000 jobs over the year. Despite this growth, employment in health care is below its February 2020 level by 37,000, or 0.2 percent.
  • Retail trade added 44,000 jobs in August and 422,000 jobs over the past 12 months. In August, employment increased in general merchandise stores (+15,000), food and beverage stores (+15,000), health and personal care stores (+10,000), and building material and garden supply stores (+7,000). Employment in furniture and home furnishings stores continued to trend down (-3,000).
  • Manufacturing employment continued to trend up in August (+22,000), with gains concentrated in durable goods industries (+19,000). Manufacturing has added 461,000 jobs over the year.
  • Employment in financial activities rose by 17,000 in August and by 200,000 over the year.
  • Employment in wholesale trade increased by 15,000 in August, returning to its February 2020 level. This industry has added 197,000 jobs over the year.
  • Mining employment rose by 6,000 in August, reflecting a gain in support activities for mining (+7,000). Over the year, mining has added 68,000 jobs.
  • Employment in leisure and hospitality changed little in August (+31,000), following average monthly gains of 90,000 in the first 7 months of the year. Employment in leisure and hospitality is below its February 2020 level by 1.2 million, or 7.2 percent.
  • In August, employment showed little change in other major industries, including construction, transportation and warehousing, information, other services, and government.

And visually:

Commenting on the report, Dennis DeBusschere, founder of 22V Research said that “this is positive for risk assets on the day as it reduces the odds that the Fed has to push rate hike expectations even higher. That being said, chasing the market is tough as demand appears to strong still for the Fed. So they are unlikely to let financial conditions ease much. That limits the upside on this number. Keep in mind the number is still pretty strong.”

John Kolovos, chief technical strategist at Macro Risk Advisors, had this to say on the markets reaction: “Whether you are in the prolonged bear market camp of lower lows or not, the tape was sufficiently oversold for a sharp recovery. With Payrolls slightly above forecast, the Unemployment rate higher, and the average hourly earnings a bit weaker, the market’s initial reaction higher confirms that sentiment was too bearish heading into he print and that recovery to 4,055 is building but with the scope to reach 4,220 on the S&P 500.”

END

THE REAL STORY!

Full-Time Employment Collapses As Multiple Jobholders Hit New All Time High

FRIDAY, SEP 02, 2022 – 11:00 AM

The oddities in the US labor market continue.

Recall one month ago we showed that a stark divergence had opened between the Household and Establishment surveys that make up the monthly jobs report, and since March the former was sliding while the latter was rising every single month. In addition to that, full-time jobs were plunging while multiple jobholders soared near all time highs.

Fast forward to today when the inconsistencies grow and in some cases have becoming downright grotesque.

Consider the following: the closely followed establishment survey came in above expectations at 315K, yet it was well below last month’s 526K print, with June unexpectedly revised sharply lower by 105K from 398K to 293K

… revisions which will go toward reducing the huge gap that has grown between the Household and the Establishment survey, although not nearly enough and as Academy Securities’ strategist Peter Tchir writes, “look for more revisions as last month’s surprisingly good result wasn’t revised much.” Of course, there is a problem with the above: all of these numbers are complete bullshit, and to believe them, one has to disregard and ignore the mass layoffs announced by US corporations and tracked by handy third-party websites such as Layoffs which shows that in recent months and quarter, the US has been swept by near record layoffs, on part with those observed during the peak of the covid crisis!

And speaking of the gap between the Household and Establishment survey which we have been pounding the table on in recent months, it narrowed modestly thanks to a 442K jump in the number of employed workers (tracked by the Household survey) offsetting a more modest increase in employment, which rose 315K (tracked by Establishment survey). And while the rebound in the Household was long overdue, there is a long way to go as the following chart shows, demonstrating that the gap that opened in March has since grown to a whopping 1.6 million “workers” which may or may not exist anywhere besides the spreadsheet model of some BLS political activist.

Of course, there is a reason why the Household survey would want to take its time in catching up to the establishment survey: since the direct variable in the red line above is the number of employed workers, which in turn drive the number of unemployed workers and thus, the unemployment rate (as a function of the civilian labor force), any overly aggressive increases here will lead to a disproportionate increase in the unemployment rate. So Biden’s apparatchiks have to pick their poison.

But wait, there’s more because digging deeper, we find that the latest (overdue) jump in Household Survey employment was entirely the result of rising part-time jobs, which surged by 413K in August, while full-time jobs declined by 242K.

More ominously, if one extends this data, we find that since March, the US has lost 383K higher paying full-time employees, while gaining 335K low-paid part-time employees. Again, this is a time period over which the Establishment survey claims – without a breakdown in job quality – that 1.9 million total jobs have been added.

And even more remarkable: the number of multiple jobholders whose primary and secondary jobs are both full-time just hit another record high! Hardly the sign of a strong job market, one where people can afford to quit jobs at will.

So what’s going on here? The simple answer: Fewer people working, but more people working more than one job, a rotation which picked up in earnest some time in March and which has only been captured by the Household survey.

And since the Establishment survey is far slower to pick up on the nuances in employment composition, while the Household Survey has gone nowhere since March (which has benefited the low unemployment rate), the BLS data engineers have been busy goalseeking the Establishment Survey (perhaps with the occasional nudge from the White House especially now that the economy is in a technical recession) to make it appear as if the economy is growing strongly, when in reality all they are doing is applying the same erroneous seasonal adjustment factor that gave such a wrong perspective of the labor market in the aftermath of the covid pandemic (until it was all adjusted away a year ago). In other words, while the labor market is already cracking, it will take the BLS several months of veering away from reality before the government bureaucrats accept and admit what is truly taking place.

We expect that “realization” to take place a few hours after the midterms, because the last thing the Biden administration can afford is admit the labor market is collapsing at a time when true inflation – the one tracking items most people spend their money on – is not 8.5% but is over 30%…

ii) USA DATA//

USA factory orders unexpectedly tumbled in July

(zerohedge)

US Factory Orders Unexpectedly Tumbled In July As War-Spending Tumbles

FRIDAY, SEP 02, 2022 – 10:03 AM

With Manufacturing surveys signaling a slowdown in the US economy, analysts expected US factory orders to grow at just 0.2% MoM in July (and overall durable goods orders unchanged), but they were way off as July factory orders tumbled 1.0% MoM and June was revised down from +2.0% to +1.8% MoM…

Source: Bloomberg

That is the first drop in factory orders since September 2021 and biggest drop since the peak of the COVID lockdown crisis in April 2020

The main driver of this disappointment was a lack of war-buying – Defense Aircraft and Parts tumbled 49.7% MoM after spiking 78.3% MoM last month…

Source: Bloomberg

Need moar war!

Of course, this nominally-priced data series is a little misleading given the surge in prices over the past year or more and so perhaps it’s better to see what actual manufacturers are saying about their new orders…

Source: Bloomberg

END

Average Credit-Card Debt Soars By 13%, Largest Increase Since 1999

FRIDAY, SEP 02, 2022 – 02:45 PM

Authored by Bryan Jung via The Epoch Times,

The average credit card debt held by households in the United States surged by 13 percent in the second quarter, the largest increase in such debt since 1999, according to an Aug. 30 report from the Federal Reserve Bank of New York.

More consumers are increasingly relying on credit amid sky-high inflation in order to pay their bills.

Credit card balances increased by $46 billion from last year, becoming the second-biggest source of overall debt last quarter, though it is below pre-pandemic levels.

Meanwhile, the current credit card interest rate is now at a record high of 17.96 percent, according to Bankrate, a financial advice website.

American Households Are Falling into Debt

Total American household debt rose by $312 billion from the second quarter of 2021 for a total of $16.15 trillion at the end of June 2022.

This is a 2 percent rise from the year-ago quarter, largely due to a jump in mortgage rates, and car loan and credit card balances, caused by40-year high inflation, said Joelle Scally, a  New York Fed analyst, in a statement.

The Federal Reserve is attempting to fight inflation by raising interest rates, causing fears that its aggressive moves may encourage a bad recession, as the economy recovers from the pandemic.

“The second quarter of 2022 showed robust increases in mortgage, auto loan, and credit card balances, driven in part by rising prices,” said Scally, who reviews microeconomic data at the central bank branch.

Household debt balances are about $2 trillion higher than they were at the end of 2019, before the start of the pandemic, as the price of goods and services have skyrocketed.

“‘Bidenflation’ is wreaking havoc on American families’ finances. Credit card debt is rapidly rising,” wrote Rep. Lloyd Smucker (R-Pa.) in a tweet.

Mortgage balances, which have fueled much of the increase in debt, rose in the second quarter, climbing by $207 billion, to $11.39 trillion.

A consequence of this is that there are 35,000 people facing new foreclosures on their credit reports, a jump of more than 45 percent from the previous quarter.

This is still below the 100,000 foreclosures before the pandemic, due to a moratorium prohibiting the repossession of homes during the period.

The hike in interest rates since March of this year had caused mortgage rates to rise, leading to a decline in growth in the housing sector.

Auto loans rose by $33 billion, to $199 billion, while student loan balances remained relatively the same as last year.

Student loan payments have been on hold since the pandemic, but were set to resume on Sept. 1.

President Joe Biden has made student loan forgiveness one of his major issues for the fall midterm elections—an act that has divided much of the country.

In total, non-housing balances in the second quarter increased by $103 billion, or 2.4 percent over the first quarter, the largest quarterly increase in six years.

Delinquency Rates Are About to Get Worse

“While household balance sheets overall appear to be in a strong position, we are seeing rising delinquencies among subprime and low-income borrowers with rates approaching pre-pandemic levels,” said Scally.

Researchers at the New York Fed, in a separate blog post last month, warned that the historically low delinquency rates appear to be coming to an end.

The 30-day delinquency rate rose, from 1.66 to 1.81 percent in the second quarter of 2022, according to the latest delinquency data from the Federal Reserve.

Delinquency rates among areas of the country with the lowest average income rose 2.5 percent from roughly 2 percent last year.

“With the supportive policies of the pandemic mostly in the past, there are pockets of borrowers who are beginning to show some distress on their debt,” the researchers said, noting that “the delinquency transition rates for credit cards and auto loans are creeping up, particularly in lower-income areas.”

The central bank researchers said that delinquencies are “rising modestly” across all debt types and is worse among low-income borrowers.

However, Scally believes that average household finances appear to be in a strong position at this time.

iii)USA economic commentaries

Wildfire rages just north of Los Angeles

(zerohedge)

Evacuations Ordered, Highway Closed, As Wildfire Rages North Of Los Angeles

THURSDAY, SEP 01, 2022 – 07:40 PM

A wildfire in northern Los Angeles County exploded in size overnight and led to a mandatory evacuation.

According to the Los Angeles Fire Department, the Route Fire near Interstate 5 at Castaic had burned 5,208 acres with 12% containment (as of Thursday morning). 

Officials said evacuations had been ordered for the Paradise Mobile Estates and all homes or businesses south of Templin Highway along Upper Ridge Route Road.

Evacuations were ordered in these areas:

  • Paradise Ranch Mobile Estates
  • All homes and businesses south of Templin Highway along Upper Ridge Route Road
  • Structures north of Lake Hughes Road, east of the Golden Station (5) Freeway
  • West of Castaic Lagoon
  • North of Northlake Elementary School

The blaze was sparked in a region of Southern California gripped by a dangerous heatwave. Power grid officials have warned residents across the state to turn up their thermostats and stop charging EVs due to the fragility of the grid. 

A portion of Interstate 5, a major highway that runs from the Mexico border to the Canada-US border in Washington State, was closed on Wednesday because of the fire. 

Social media reports show the highway is partially reopened Thursday morning but with lane closures, causing significant travel delays. The good news is some contaiment of the fire has been seen. Now for the bad: hot and dry conditions are expect to persist through Labor Day weekend

END

Biden gave an angry speech last night, warning of the grave threat posed by Republican “MAGA forces” 

(zerohedge)

Biden Goes All Out, Warns Of Grave Threat Posed By “MAGA Forces”

THURSDAY, SEP 01, 2022 – 09:27 PM

Update (2127ET): President Biden gave an angry speech Thursday night in which he framed Republicans as election-denying ‘extremists’ who pose a threat to democracy and need to be fought tooth and nail.

Meanwhile, who thought this was a good aesthetic for the ‘uniter in chief’? 

*  *  *

With midterms right around the corner, President Biden is now warning of the threat posed by “MAGA forces,” according to excerpts published earlier on Thursday.

Biden’s overall message, just days after he described Trump supporters as “ultra-MAGA Republicans” and “semi-fascists,” will be that democracy is at risk from Trumpism.

“It’s not just Trump, it’s the entire philosophy that underpins the — I’m going to say something — it’s like semi-fascism,” Biden said during a speech last week in Rockville, MD. “Trump and the extreme MAGA Republicans have made their choice: to go backward, full of anger, violence, hate and division. But we’ve chosen a different path: forward, the future, unity, hope and optimism.”

So, that’s the Democrats’ messaging going into midterms – while they finalize a deal with Iran and the IRGC (officially a terrorist organization) – that Republicans who aren’t Liz Cheney or Adam Kinzinger are a threat to democracy.

Nevermind the ‘mostly peaceful’ riots staged every summer by Democrats and their Antifa foot-soldiers during every summer of Trump’s presidency.

END

King report supplementary re the Biden incendiary speech”;

King Report Bulletin – Fallout from Biden’s incendiary “Unity” speechIndependent View of the News
King Report Bulletin: Fallout from Biden’s incendiary ‘Unity’ speech
 
Who in the Samhell created the satanic stage for Biden to deliver a hateful speech on Thursday night?  Dante? It was dictatorial and demonic!  Plus, for all the fanfare, it was a short speech, barely 21 minutes! PS – The WH said The Big Guy’s speech would NOT be a political speech!  They, as usual, lied!
https://twitter.com/eScarry/status/1565491864656121857
 
@RichardGrenell: Dark blood red background, evil and condescending tone of voice & squinting eyes.
Negative words & themes – and constant condemnation. Who staged this? Who wrote this? Huge mistake.
https://twitter.com/RichardGrenell/status/1565492304579678208
 
@JDVance1: I can’t believe this is a real photograph. It depicts the president of our nation, as he took to the airwaves and spoke about his fellow citizens as if they were sewer rats.
https://twitter.com/JDVance1/status/1565506626660048896
 
@mirandadevine: On Fox, Bret Baier, an even-handed journalist, points out the ominous backdrop to Biden’s vile political speech. Dark red lighting with two poor Marines standing at attention behind him. Baier says it is “essentially a convention speech… designed to divide the Republican party
 
@bennyjohnson: Are they trying to make him (The Big Guy) look Evil?
 
@MarinaMedvin: They’re going to charge Trump. That’s why this is happening right now. That’s why the rush to do this. That’s why it’s about “Trump and the MAGA Republicans.”
 
@townhallcom: PRESIDENT BIDEN: “Donald Trump and the MAGA Republicans represent an extremism that threatens the very foundation of our Republic…”
https://twitter.com/townhallcom/status/1565492533014282240
    “MAGA Republicans…embrace anger. They thrive on chaos. They live not in the light of truth but in the shadow of lies.”  https://twitter.com/townhallcom/status/1565493535717179394
     “As I stand here tonight, equality and democracy are under assault.”
 
@Jules31415: Biden just said “MAGA Republicans do not respect the Constitution,” and that “they do not believe in the rule of law” or “respect the will of the people.” He sounds like a dictator… Biden: “They refuse to accept the results of a free election and they’re working right now, as I speak, in state after state to give power to decide elections in America to partisan cronies…empowering election deniers to undermine democracy, itself.”
 
@NileGardiner: Joe Biden has only been speaking for a couple of minutes in Philadelphia, but his speech is already projecting a message of fear and loathing, whipping up an atmosphere of division and hate. This is the most divisive US president of modern times.
 
@jacobkschneider: After spending a good ten minutes insulting people with whom he has mere political disagreements, Joe Biden has the audacity to tell Americans to “come together.” What a truly pathetic, embarrassing fraud.
 
@bennyjohnson: Biden gets absolutely HUMILIATED by savage heckler yelling “F**K JOE BIDEN”
@SKMorefield: Tucker Carlson reacts to Biden’s speech: “Yeah, ‘they’re a threat,’ says the guy with the blood-red Nazi background and marines standing behind him. It’s a complete outrage … This is truly nuts and threatening to the future of the United States.”
https://twitter.com/SKMorefield/status/1565506068121280514
 
@jasonrantz: Joe Biden arguably delivered the most divisive speech in the history of the American presidency.
 
@carney: A stunningly dark and angry speech that pushed into the mainstream a paranoid and apocalyptic vision of America under threat from within.
 
@mrddmia: Was President Biden trying to deliver the darkest, creepiest, most divisive speech in presidential history?
 
@edokeefe: Like or loathe what he said tonight, it should be noted: The president spoke tonight on the grounds of a national park, flanked by US Marines, and took direct, specific aim at his predecessor and members of the Republican Party.  Another thing we don’t see every day.
 
@DavidAsmanfox: To see @US Marines as props for a divisive political rant demanding allegiance to one man’s ideology is a disgrace! That’s not what my Marine son fought for. Suggesting that only fascists believe in an America greater than this is a repudiation of democracy, not a defense of it.
 
@joelpollak: Hey, where’s Joint Chiefs @thejointstaff Chairman General Mark Milley complaining about the politicization of the military? Can we expect to see a parade of military officials denouncing Biden for abusing the Marines for a political speech? Or is that just when Trump stops riots?
    It is obscene for Biden to abuse the U.S. Marines as a backdrop for this incendiary demagoguery.
 
@ScottPresler: Joe Biden is inciting violence against MAGA Republicans.  His consistent & constant dehumanization of conservatives is clearly stochastic terrorism.  When we are assaulted for our beliefs, Joe Biden will have another impeachable offense, among his other crimes.
 
Fox’s Bret Baier: ‘If Trump had given this speech, the media would have talked about it for weeks.’  Baier also said the WH has Biden focused on Trump to divert attention from his woeful presidency.
 
GOP @SenTomCotton: After much soul searching, President Biden has decided the greatest threat to American values are his political opponents.
 
The Big Guy’s 10th Circle of Hell speech went so badly, WH spin doctors frantically ran to friendly media outlets to proclaim the speech was not political.  It was a speech of unity.  You cannot make this up!
 
@joelpollak: Sign of a failed speech: @FoxNews is covering Biden’s Sith Lord address wall-to-wall, while @CNN and @MSNBC are trying to ignore it now, changing the subject to Trump’s legal issues
 
Fox’s @ChadPergram: Pelosi: President Biden, in his inspiring and optimistic remarks tonight, made crystal clear that our rights, our freedom and our Democracy are on the line… In the Congress and across the country, extreme MAGA Republicans are orchestrating a sinister campaign… the GOP is working to turn back the clock on many of our most fundamental liberties while fanning the flames of violence and division.
 

Colorado

The power company in Colorado seized control of thermostats during the latest heatwave

(zerohedge)

Power Company Seizes Control Of Thermostats In Colorado During Heatwave

FRIDAY, SEP 02, 2022 – 08:05 AM

Authored by Paul Joseph Watson via Summit News,

Around 22,000 households in Colorado lost the ability to control their thermostats after the power company seized control of them during a heatwave.

After temperatures soared past 90 degrees, residents were left confused when they tried to adjust their air conditioning and found locked controls displaying a message that said “energy emergency.”

Xcel confirmed to local news station Denver7 that “22,000 customers who had signed up for the Colorado AC Rewards program were locked out of their smart thermostats for hours on Tuesday.”

“I mean, it was 90 out, and it was right during the peak period,” Tony Talarico told the news station. “It was hot.”

Talarico said he is normally able to override the “energy emergency” message, but not on this occasion.

“So, our thermostat was locked in at 78 or 79,” he said.

Completely losing control over the temperature of your own home is presumably one of the many benefits of the green energy ‘Great Reset’ Americans will be forced to endure.

This story is yet another example of how smart meters will pave the way for energy rationing.

No doubt Americans who have them installed will increasingly find their thermostats remote controlled at the behest of energy companies whenever a dubious ‘crisis’ can be declared.

And if that sounds bad, just imagine what will happen if net zero green energy ‘climate lockdowns’ become normalized.

People in major European countries are already having their thermostats regulated in response to the energy crisis.

In Spain, at the height of summer, authorities have controversially banned air conditioning from dropping below 27°C (80.6°F) in all non-residential buildings, including shops, cinemas and cafes.

Onerous fines for those who flout the rules run all the way up to €600,000 euros for “serious violations.”

Similar rules have also been announced in Germany, Italy and France.

end

SWAMP STORIES

This does not look good:  Twitter and Facebook regularly coordinated with the Biden administration to censor users!!

My goodness.

(zerohedge)

Twitter, Facebook Regularly Coordinated With Biden Admin To Censor Users

THURSDAY, SEP 01, 2022 – 04:20 PM

Newly released internal emails from Facebook and Twitter show an extensive effort to coordinate with the Biden administration to censor users, according to a Thursday release of information by GOP Attorneys General Eric Schmitt of Missouri and Jeff Landry of Louisiana.

Throughout the emails, officials within the Department of Homeland Security (DHS) and Health and Human Services (HHS) emailed Facebook and Twitter employees with instructions on flagging instances of alleged misinformation, and guided them with talking points to counter allegedly false narratives on the platforms. 

In one instance, a CDC official asked Facebook for monthly meetings to plan “debunking” strategies, while in another case a White House official requested the removal of an Anthony Fauci parody account.

“We have already received a number of documents that clearly prove that the federal government has an incestuous relationship with social media companies and clearly coordinate to censor freedom of speech, but we’re not done,” said Schmitt in a joint statement. ” The Department of Justice is cowering behind executive privilege and has refused to turn over communications between the highest-ranking Biden Administration officials and social media companies. That’s why, yesterday, we asked the Court to compel the Department of Justice to produce those records. We’re just getting started – stay tuned.”

More via AG Schmitt’s Thursday release:

The communications already provided by the Department of Justice to the plaintiff states show, as the joint statement points out, a vast “Censorship Enterprise” across a multitude of federal agencies. In response to Missouri and Louisiana’s interrogatories, defendants identified 45 federal officials at DHS, CISA, the CDC, NIAID, and the Office of the Surgeon General (all of which are contained in either DHS or HHS) that communicate with social media platforms about “misinformation” and censorship. The joint statement points out, “But in those responses, Defendants did not provide information about any federal officials at other federal agencies of whom they are aware who engage in such communications with social-media platforms about misinformation and censorship, though Plaintiffs had specifically asked for this highly relevant information. Defendants’ document production, however, reveals that such officials at other federal agencies exist—for example, their emails include extensive copying of officials at the Census Bureau, and they also include communications involving the Departments of Treasury and State.”

Beyond the Department of Justice’s production, “Meta, for example, has disclosed that at least 32 federal officials—including senior officials at the FDA, the U.S. Election Assistance Commission, and the White House—have communicated with Meta about content moderation on its platforms, many of whom were not disclosed in response to Plaintiffs’ interrogatories to Defendants. YouTube disclosed eleven federal officials engaged in such communications, including officials at the Census Bureau and the White House, many of whom were also not disclosed by Defendants.”

 
The joint statement continues, “The discovery provided so far demonstrates that this Censorship Enterprise is extremely broad, including officials in the White House, HHS, DHS, CISA, the CDC, NIAID, and the Office of the Surgeon General; and evidently other agencies as well, such as the Census Bureau, the FDA, the FBI, the State Department, the Treasury Department, and the U.S. Election Assistance Commission. And it rises to the highest levels of the U.S. Government, including numerous White House officials. Defendants have objected to producing some of the most relevant and probative information in their possession.”

This “Censorship Enterprise” is proven by the Department of Justice’s productions thus far, but the full extent of federal officials’ collusion with social media companies on censorship is unknown until the Department of Justice produces further communications requested by Missouri and Louisiana.

A senior Facebook official sent an email to the Surgeon General stating, “I know our teams met today to better understand the scope of what the White House expects from us on misinformation going forward.” This email chain follows the SG’s “misinformation health advisory” in July 2021: https://ago.mo.gov/docs/default-source/press-releases/free-speech-pitch-thread-docs/hhs-fb-email-1.pdf?sfvrsn=53bc4454_2

The same senior official sent a later email to HHS and noted, “Thanks again for taking the time to meet earlier today.” Then, the official continued to discuss how Facebook is taking even more steps to censor freedom of speech: https://ago.mo.gov/docs/default-source/press-releases/free-speech-pitch-thread-docs/hhs-fb-exhibit.pdf?sfvrsn=55bd83df_2

Twitter scheduled a meeting to debrief top White House officials on “vaccine misinformation.”: https://ago.mo.gov/docs/default-source/press-releases/free-speech-pitch-thread-docs/twitter-vaccine-meeting-wh.pdf?sfvrsn=6599e359_2b 

 
There are several instances where Facebook wouldn’t proceed with censoring freedom of speech on their platform until they had input, or a “debunking” from the CDC. Twitter followed the same course in at least one email.

The CDC also proposed a monthly pre-debunking meeting with Facebook to help them censor free speech (https://ago.mo.gov/docs/default-source/press-releases/free-speech-pitch-thread-docs/cdc-fb-monthly-debunk.pdf?sfvrsn=3508a21f_2) as well as regular “Be on the Lookout” calls with major social media outlets: https://ago.mo.gov/docs/default-source/press-releases/free-speech-pitch-thread-docs/cdc-bolo-meeting.pdf?sfvrsn=9a060658_2

A White House official was even concerned about parody Fauci accounts and coordinated with FB to take them down: https://ago.mo.gov/docs/default-source/press-releases/free-speech-pitch-thread-docs/fake-fauci.pdf?sfvrsn=a9d8f2bf_2

end

THE KING REPORT

The King Report September 2, 2022 Issue 6836Independent View of the News
 At 10:44 ET, USZs were -2 23/32; the 2-year note hit 2.53%.   Commodities got crushed.  Why would bonds plunge with commodities?  Does the market believe that the Fed, which is supposed to increase QT to $95B/month as of Thursday, will finally commence quantitative tightening?
 

US 2-year note vs Fed Funds – To halt inflation, Fed Funds need to exceed the 2-year yield
 
ESUs hit a daily low of 3903.50 at 11:02 ET, -57.50 from the daily high set on the Wednesday night opening.  Anyone paying even cursory attention to the markets has noticed that propensity for stocks, and often bonds, to bottom with 35 minutes of the European open.  Then, traders manipulate stuff higher to boost the marks on their positions before Europe closes at 11:30 ET.
 
After the obligatory rally for the European close, ESUs peaked at 11:36 ET.  They retreated until a Noon Balloon developed; it ended at 12:18 ET.  ESUs and stocks then retreated.  At 13:00 ET, someone flooded the market with buy programs.  ESUs and stocks soared into the close on start-of-the-month buying.
 
Boris Johnson’s likely successor wants to review the Bank of England’s mandate. And some are worried – Liz Truss has indicated that she could consider curbing the central bank’s independent decision-making on interest rates…
https://www.cnbc.com/2022/08/31/liz-truss-wants-to-review-the-bank-of-englands-mandate.html
 
Positive aspects of previous session
Start of September buying saved stocks
The DJIA rallied from -290 to +145.99
 
Negative aspects of previous session
The NY Fang+ Index and Nasdaq closed down for the day
Bonds got hammered and closed -2 4/32
The dollar soared and hit a 20-year high
Commodities got eviscerated on recession angst
 
Ambiguous aspects of previous session
When will recession arrive?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3946.91
Previous session High/Low3970.23; 3903.65
 
Students’ math, reading scores during COVID-19 pandemic saw steepest decline in decades: Education Department https://t.co/ookib6Wvvh
 
@SenRonJohnson: …our response to COVID-19 is it was driven by teachers’ unions instead of science.  Fauci and the COVID cartel failed miserably in protecting our childrenhttps://t.co/xCfxwIebFk
 
Gavin Newsom blasted for asking Californians to avoid charging electric vehicles during heat wave
Chuck DeVore, who left for Texas, says it’s ‘glimpse into America’s future’ under green agenda
    California only has 600,000 electric vehicles on the road today out of about 20 million or so operational. If they ban internal combustion engines, you’re looking at about 2 million new electric vehicles a year and they can’t even handle 600,000…people are just constantly underestimating the enormous amount of electricity needed to make this happen
https://www.foxnews.com/media/gavin-newsom-blasted-asking-californians-avoid-charging-electric-vehicles-heat-wave
 
@townhallcom: “I can’t believe it’s not on the front page of every paper, every day.” Kyle Bass says ESG driven environmentalism will “end up starving the poor children of the world and killing many of them.”    https://twitter.com/townhallcom/status/1565356585517568000
 
@chigrl: WTI traded 261K contracts today…to say market participation is anemic is an understatement.  A year ago, the contract easily traded over 1 million contracts per day.
 
Fed Balance Sheet: – $25.343B; MBS -$16.618B; Notes & Bonds -$8.193B
 
Today – Please recall that last month, we note that the July Employment Report was better than expected due to a huge change in the July seasonal adjustment.  At some point by December, this bogus adjustment should be mitigated – probably in the November (due in Dec.) and the December reports.
 
The Aug 2021 NFP seasonal adjustment: (146.586m NSA, 147.190m SA) +604k.  Check today’s SA.
https://www.bls.gov/news.release/archives/empsit_09032021.htm
 
The August Employment Report should have little effect.  Fed policy has been ordained for the balance of 2022.  Traders will fool with ESUs because that’s what many do for a living.  The afternoon will be a real crapshoot.  Normally, there is a Friday afternoon rally.   However, this is the Labor Day Holiday Weekend.  Some traders will want to be flat for the conventional end of summer.
 
ESUs are -1.75 at 20:00 ET.  The 2-yr is 3.50%
 
Expected economic data: Aug NFP 298k (Whisper # 285k), Mfg 15k, Rate 3.5%, Wages 0.4% m/m, Workweek 34.6, Labor Force Participation Rate 62.25; July Factory Orders 0.2% m/m, Ex- Trans 0.4%; July Durable Goods 0.0% m/m, ex-Trans 0.3% m/m;
 
S&P 500 Index 50-day MA: 4018; 100-day MA: 4053; 150-day MA: 4176; 200-day MA: 4293
DJIA 50-day MA: 32,159; 100-day MA: 32,401; 150-day MA: 33,060; 200-day MA: 33,689
 
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 4113.06 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 3907.14 triggers a buy signal
 
Over 80% of Twitter accounts are likely bots: Former FBI security specialist
https://www.teslarati.com/twitter-accounts-80-percent-bots-former-fbi-security-specialist/
 
@greg_price11: The Biden administration literally asked Meta if they would take down a Fauci parody account on Instagram.  (Fascism, accuse others!) https://twitter.com/greg_price11/status/1565407351305281536
 
Missouri AG @Eric_Schmitt US Senate candidate, MO: The Department of Justice is refusing to produce communications between the most senior officials and social media companies – yesterday we filed a joint petition asking the Court to compel them to produce those documents.
    Here’s what we know so far. DOJ identified 45 federal officials who have interacted with social media companies on misinformationMeta identified 32 additional federal officials including White House Officials who communicated with them, and YouTube identified 11 federal officials including White House Officials who communicated with them, many of whom were not disclosed by DOJ.
    This is a vast censorship enterprise, and the American people deserve to see the truth. Here are examples that already prove that federal officials and social media companies are coordinating on censorship, and we’re not close to being done yet: A senior FB official sent an email to the Surgeon General stating, “I know our teams met today to better understand the scope of what the White House expects from us on misinformation going forward.” This email chain follows the SG’s “misinformation health advisory” in July 2021… (long thread of evidence at link)
https://twitter.com/Eric_Schmitt/status/1565349922727415810
      Twitter scheduled a meeting to debrief top White House Officials on “vaccine misinformation.”…
The CDC also proposed a monthly debunking meeting with Facebook to help them censor free speech…  A White House official was even concerned about parody Fauci accounts and coordinated with Facebook to take them down…A White House official was even concerned about parody Fauci accounts and coordinated with Facebook to take them down…The Deputy Secretary at Treasury sought to connect with social media platforms and influence operations on social media… (Who are the fascists?)
    
@PhilHollowayEsq: This is a smoking gun that connects the White House with Big Tech censorship…
 
Biden expected to deliver dark remarks Thursday portraying his political opposition as a threat to democracy – Biden’s speech comes after he accused Republicans of embracing ‘semi-fascism’
https://www.foxnews.com/politics/biden-expected-deliver-dark-remarks-thursday-portraying-political-opposition-threat-democracy
 
Joe Biden’s Antifa Politics – Targeting tens of millions of Americans who support mainstream policies while mainstreaming the views of dangerous street revolutionaries is only going to dangerously fragment our politics… This portrayal of a large chunk of the American political electorate as “fascist”…is  motivated by the same logic that drives the street violence of Antifa; which seeks to affix the fascism label to mainstream opponents to the benefit of otherwise politically unpalatable anarcho-communists. This was the same strategy Antifa’s earliest incarnation used in the street battles of Weimar Germany, to disastrous effect
     Treating mere criticism and protest as equivalent to fascism is the same logic which led Biden Administration Attorney General Merrick Garland to identify parents (protesting school boards for permitting arguably pornographic materials in public schools) as extremists and terrorists. In both cases normal, lawful, and ultimately mainstream positions are treated as beyond the pale, while actual outlier positions are codified as the new political center…  https://amgreatness.com/2022/08/31/joe-bidens-antifa-politics/
 
Biden admin hit for calling MAGA Republicans ‘extremist threat’ to democracy: ‘Dehumanizing rhetoric’ – “Unfathomably reckless rhetoric…,” tweeted Josh Hammer, Newsweek opinion editor, “…until you realize that the malice and cruelty is the entire point.”…
     Rep. Thomas Massie, R-Ky., responded to the statements by blasting Biden’s leadership on a variety of issues. “What the Hell?! This is the justification for raiding the former President’s homeFor stalking parents at school board meetings? For hiring 87,000 new IRS employees? For extinguishing the right to own guns? For devaluing the currency? For centralizing our food supply?” he asked…
https://www.foxnews.com/media/biden-admin-hit-calling-maga-republicans-extremist-threat-democracy-dehumanizing-rhetoric
 
Tucker: There Was No Investigation on Ashli Babbitt’s Death Because She Was Labeled as a ‘Nazi’
https://t.co/h1fOFTW4Hr
 
GOP Rep @MayraFlores2022: “[Biden] wants to distract the American people for everything that he’s doing to destroy our country… [They’re] struggling and he wants everyone to focus on President Trump.”
https://twitter.com/newsmax/status/1565410419296337920
 
BOOTHE: “One of the biggest lies we were ever told is that Joe Biden is a good man. He is a terrible president. Even worse human being.” https://trib.al/yRlvjre
 
Congressional Democratic leadership silent on presence of openly armed Antifa at ‘kid-friendly’ drag show https://t.co/12pubaLSbY
 
American policy is splitting, state by state, into two blocs – This will have profound implications…
https://www.economist.com/interactive/briefing/2022/09/03/american-policy-is-splitting-state-by-state-into-two-blocs
 
‘Irredeemably Corrupt’ FBI Stages Photo to ‘Prove’ Trump Shouldn’t Get Documents Back
The FBI and attorneys at DOJ contrived a way to insinuate themselves into a documents pissing match between Trump and the National Archives. They accused Trump of obstruction involving disputes over documents under the “espionage act,” which isn’t a criminal statute, and then accused the former president of “obstructing” things that are not crimes… https://pjmedia.com/news-and-politics/victoria-taft/2022/08/31/irredeemably-corrupt-fbi-stages-photo-to-prove-trump-shouldnt-get-documents-back-n1625696
 
How Long Can America Survive a Rogue Department of Justice?
The renegade gang of Constitution-haters in charge of most of the federal government knows that they don’t have a long shelf life, so they are trying to do as much damage as they can in a hurry.   Of particular concern is the Department of Justice, which Biden’s puppet masters have turned into nothing more than a political attack dog that’s blinded by the lust for revengeGarland, of course, is motivated by a deep personal hatred for Republicans (SCOTUS snub)…  https://pjmedia.com/columns/stephen-kruiser/2022/09/01/the-morning-briefing-how-long-can-america-survive-a-rogue-department-of-justice-n1625926
 
@bennyjohnson: Q: “Can you say with certainty…that President Biden, in his time as President, has not mishandled, improperly stored, done anything improper with classified information?”  Karine Jean-Pierre: “No… and I’m going to move on now.
https://twitter.com/bennyjohnson/status/1565371282182529024
 
DOJ’s response to Trump special master request ‘undermined their credibility,’ Turley says, ‘I’m astonished’  https://www.foxnews.com/media/dojs-response-trump-special-master-request-undermined-credibility-turley-astonished
 
@kylenabecker: If the DOJ gets a criminal indictment on Trump over the Mar-a-Lago documents, his legal team will be entitled to discovery of any correspondence between the Biden White House and the DOJ, FBI, and National Archives.  Let’s see who blinks first.
 
Border Patrol agents slam Karine Jean-Pierre’s ‘ignorant’ claim that illegal immigrants not ‘walking’ across – Border agent says White House press secretary either ‘extremely dumb’ or ‘flat-out lying’  https://www.foxnews.com/politics/border-patrol-agents-slam-karine-jean-pierres-ignorant-claim-illegal-immigrants-walking-across
 
Defiant Rick Scott explains ‘strategic disagreement’ with McConnell over battle for Senate
“If you trash talk our candidates … you hurt our chances of winning, and you hurt our candidates’ ability to raise money,”… https://www.politico.com/news/2022/09/01/rick-scott-disagreement-mitch-mcconnell-00054423
 
If the GOP fails to take the Senate with an historically unpopular Dem president: McConnell will shoulder the blame and be finished as Senate GOP leader.
 

 

Greg Hunter..

Fraud, Lies, Psyops, Cheating For Midterms, More Vax Dead, More War

By Greg Hunter On September 2, 2022 In Weekly News Wrap-Ups26 Comments

By Greg Hunter’s USAWatchdog.com 

The amount of psyops for the Deep State Dems to win in November is kicking into high gear.  They are way behind in the real polls, but that does not stop them from lying to make you think otherwise in the phony polls. (As I have said in the past, the real approval rating for Biden is 11% to 12%.)  This is why the Democrat strategy must include fraud, lies, psyops, cheating and rigging for Midterms come November.  They sure as heck do not have any policy to make the lives of ordinary Americans better, unless you think killing your unborn baby or paying much more at the gas pump and grocery store will enrich your life.  Don’t fall for the psyops.  You are not hearing any good ideas from Democrats because they don’t have any.

Another week and more young healthy people die from “unknown causes.”  When are we all going to say enough and call this what it is—people are being murdered from the bioweapon injections they passed off as a “vaccine.”

The War in Ukraine could have been stopped in April, but the UK and the West halted any hint of peace to stop the bloodshed.  Meanwhile, Germany’s economy is about to totally shut down and destroy the lives of its citizens all in an effort to support Ukraine.  Now, natural gas from Russia has been cut to zero as the Russians say the Nord #1 pipeline is down for repairs.  When it reopens (and who knows when that will happen), it will be running at 20% of capacity, just like before.  Germans are trying to find coal to burn so they don’t have to burn their furniture to stay warm this winter.  If the economy shuts down anymore, can the banks also suffer from this?  Deutsche Bank (DB) is in Germany, and the IMF has been calling it “the most systemically dangerous bank in the world” for the past few years.  Is the German economic shutdown over this stupid war going to help or hurt DB?

There is much more in the 45-minute newscast.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 9.2.22.

(https://usawatchdog.com/fraud-lies-psyops-cheating-for-midterms-more-vax-dead-more-war/)

After the Interview: 

Renowned pulmonary doctor and CV19 expert, Pierre Kory MD, founder of FLCCC.net, will be the guest for the Saturday Night Post.  The deaths and injuries are increasing from the failed CV19 bioweapon vax, and Dr. Kory will bring us an update to give you the info to fight this menace.

end

See you ON TUESDAY

HAVE A HAPPY HOLIDAY//LABOUR DAY WEEKEND/

Harvey

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