SEPT 12/GOLD CLOSED UP $12.30 TO $1729.75//SILVER CLOSED UP $1.04 TO $19.85//PLATINUM WAS UP $24.20 TO $906.85//PALLADIUM WAS UP $125.60 TO $2268.80//COVID UPDATES//DR PAUL ALEXANDER//VACCINE IMPACT//UPDATES ON ENERGY CRISIS IN EUROPE//INDIA TO CURTAIL RICE EXPORTS TO THE REST OF THE WORLD//CHINA NOW FACES A HUGE EMPLOYMENT CRISIS//PROTESTS OCCUR IN GERMANY AND MANY PARTS OF EUROPE OVER THE WEEKEND RE THE ENERGY CRISIS//KHARKIV HIT BY MISSILES AND WAS IN TOTAL BLACKOUT TODAY//SWAMP STORIES FOR YOU TONIGHT///

by harveyorgan · in Uncategorized · Leave a comment·Edit

leave a comment·Edit

GOLD;  $1729.75 UP $12.30 

SILVER: $19.85 UP $1.04 

ACCESS MARKET: 

GOLD $1724.50

SILVER: $19.80

Bitcoin morning price:  $22,263 UP 1075

Bitcoin: afternoon price: $22406 UP 1218

Platinum price closing UP $24.20 AT $906,85

Palladium price; closing UP $125.60  at $2268.80

END

DONATE

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,716.200000000 USD
INTENT DATE: 09/09/2022 DELIVERY DATE: 09/13/2022
FIRM ORG FIRM NAME ISSUED STOPPED


132 C SG AMERICAS 18
323 C HSBC 5
435 H SCOTIA CAPITAL 2
657 C MORGAN STANLEY 2
661 C JP MORGAN 49
690 C ABN AMRO 6
737 C ADVANTAGE 69 2
800 C MAREX SPEC 22 5
905 C ADM 2


TOTAL: 91 91
MONTH TO DATE: 3,882


JPMorgan stopped:   49/91

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR SEPT CONTRACT:  

91 NOTICES FOR 9100 OZ //0.2830 TONNES

total notices so far: 3882 contracts for 388,200 oz (12.0746 tonnes) 

SILVER NOTICES: 19 NOTICES FILED FOR 95,000 OZ/

 

total number of notices filed so far this month  6175 :  for 30,825,000  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 $1.230 

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//

NO CHANGES IN GOLD INVENTORY AT THE GLD: ////

INVENTORY RESTS AT 966.64 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $1.04

AT THE SLV// ://SMALL CHANGES IN SILVER INVENTORY AT THE SLV//:TWO DEPOSIT OF 553,000 OZ AND 464,000 INTO THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 468.571 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A FAIR SIZED 300  CONTRACTS TO 138,537.   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  GAIN IN OI WAS ACCOMPLISHED WITH OUR  $0.31 GAIN  IN SILVER PRICING AT THE COMEX ON FRIDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.31) AND WERE  UNSUCCESSFUL IN KNOCKING OFF ANY SPEC SILVER LONGS AS WE HAD A STRONG GAIN OF 582 CONTRACTS ON OUR TWO EXCHANGES,; WE HAD CONSIDERABLE  SPECULATOR LIQUIDATION.

WE  MUST HAVE HAD: 
I) CONSIDERABLE/  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 135,000 OZ QUEUE JUMP   / //  V)   GOOD SIZED COMEX OI GAIN/(//CONSIDERABLE SPEC LIQUIDATION/)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -232

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 7 days, total 7022  contracts:  35.11 million oz  OR 5.015 MILLION OZ PER DAY. (1003 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 35.11  MILLION OZ

.

LAST 17 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. 35.11 MILLION OZ///

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 300 WITH OUR  $0.31 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE  CONTRACTS: 50 CONTRACTS ISSUED FOR DEC 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// CONSIDERABLE SPEC SHORT  LIQUIDATIONS  /// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ FOLLOWED BY TODAY’S 135,000 OZ QUEUE JUMP  //  .. WE HAD A FAIR SIZED GAIN OF 350 OI CONTRACTS ON THE TWO EXCHANGES FOR 1.75MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 19  NOTICE(S) FILED TODAY FOR  95,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A SMALL SIZED 19 CONTRACTS  TO 464,822 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:–289  CONTRACTS.

.

THE SMALL SIZED  DECREASE  IN COMEX OI CAME DESPITE OUR RISE IN PRICE OF $7.85//COMEX GOLD TRADING/FRIDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT  COVERINGS ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND /SOME 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 SEPT. AT 8.401 TONNES ON FIRST DAY NOTICE  FOLLOWED BY TODAY’S  GIGANTIC JUMP OF 38,000 OZ //NEW STANDING 13.555 TONNES

YET ALL OF..THIS HAPPENED WITH OUR STRONG RISE IN PRICE OF  $7.85 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A SMALL SIZED GAIN OF 1196  OI CONTRACTS 3.720 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1215  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 464,822

IN ESSENCE WE HAVE A FAIR  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1196 CONTRACTS  WITH 19 CONTRACTS  DECREASED AT THE COMEX AND 1215 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1196 CONTRACTS OR 3.720 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1215) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (19): TOTAL GAIN IN THE TWO EXCHANGES 1196 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS//  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 8.409 TONNES FOLLOWED BY TODAY’S QUEUE. JUMP OF 38,000 oz.    3) ZERO LONG LIQUIDATION//// //.,4)   SMALL SIZED COMEX OPEN INTEREST LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

SEPT

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

15,142 CONTRACTS OR 1,514,200 OZ OR 47.09 TONNES 7 TRADING DAY(S) AND THUS AVERAGING: 2163 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7  TRADING DAY(S) IN  TONNES: 47.09 TONNES

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

THUS EFP TRANSFERS REPRESENTS  47.09/3550 x 100% TONNES  1.32% 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. 47.09 TONNES (MUCH LESS ISSUANCE THIS MONTH)

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, FAIR BY A GOOD SIZED 300 CONTRACT OI TO 138,769 AND CLOSER TO  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 50 CONTRACTS

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

DEC 50  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  50 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 300  CONTRACTS AND ADD TO THE 50  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A FAIR SIZED GAIN OF 350  OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 1.75 MILLION OZ

OCCURRED WITH OUR GOOD GAIN IN PRICE OF  $0.31

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

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

end

5. Other gold commentaries

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED HOLIDAY   //Hang Sang CLOSED HOLIDAY    /The Nikkei closed UP 327.36 OR 1.16%.          //Australia’s all ordinaires CLOSED UP 0.97%   /Chinese yuan (ONSHORE) closed DOWN AT 6.9265//OFFSHORE CHINESE YUAN UP 6.9169//    /Oil UP TO 87.45  dollars per barrel for WTI and BRENT AT 93.77    / Stocks in Europe OPENED  ALL GREEN.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY A SMALL SIZED 19 CONTRACTS TO 465,111 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS TINY COMEX INCREASE OCCURRED DESPITE OUR STRONG RISE IN PRICE OF $7.85  IN GOLD PRICING  FRIDAY’S COMEX TRADING. WE ALSO HAD A SMALL SIZED EFP (1080 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 SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1215 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :1215 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1215 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED SIZED  TOTAL OF 1196  CONTRACTS IN THAT 1215 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL  SIZED  COMEX OI LOSS OF 19  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR RISE IN PRICE OF GOLD $7.85.  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   (13.555),

 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.  13.555 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $7.85) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A FAIR SIZED TOTAL GAIN ON OUR TWO EXCHANGES OF 1196 CONTRACTS //   COMMERCIAL LONGS ADDED TO THE POSITIONS, AND SPECULATOR SHORTS COVERED SOME OF  THEIR POSITIONS//////  WE HAVE  REGISTERED A FAIR SIZED GAIN  OF 3.720 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR SEPT. (13.555 TONNES)

WE HAD -289  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 1196 CONTRACTS OR 119600  OZ OR 3.720 TONNES

Estimated gold volume 148,830///  poor/

final gold volumes/yesterday  167,706/ poor

INITIAL STANDINGS FOR SEPT ’22 COMEX GOLD //SEPT 12

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz319,689.569 oz


Brinks 
JPMorgan
Malca
 
Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz 105,393.571 oz
Brinks
HSBC
No of oz served (contracts) today91   notice(s)
9100  OZ
0.2830 TONNES
No of oz to be served (notices)476 contracts 
47600 oz
1.480TONNES
Total monthly oz gold served (contracts) so far this month3882 notices
388,200 OZ
12.0746 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: 2

i) Into Brinks 15,992.900 oz

ii)Into HSBC  89,400.671 oz

total deposits 105,393,571 oz

3 customer withdrawals:

i) Out of Brinks 169,416.197 oz

ii) Out of JPMorgan:  64,622.104 oz

iii) Out of Malca:  85,650.214 oz

total:  319,689.569 oz   

total in tonnes: 9.94 tonnes

Adjustments: 1

JPM:  13,598.791 oz dealer to customer

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPT.

For the front month of SEPT we have an  oi of 567 contracts having LOST 947 contracts .

We had 1327 notices filed on FRIDAY so we  gained A WHOPPING 380 contracts or an additional 38,000 oz

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

October GAINED 98 contracts UP to 42,120 

November GAINED 1 contracts to stand at 78

December GAINED 303 contracts UP to 378,797.

We had 91 notice(s) filed today for 9100 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 91 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 49 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 (3882) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT 567 CONTRACTS ) minus the number of notices served upon today 91 x 100 oz per contract equals 435,800 OZ  OR 13.555 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 (3882) x 100 oz+   (567)  OI for the front month minus the number of notices served upon today (91} x 100 oz} which equals 435,800 oz standing OR 13.555 TONNES in this NON active delivery month of SEPTEMBER.

TOTAL COMEX GOLD STANDING:  13.555 TONNES  (A GREAT STANDING FOR A SEPT (   NON ACTIVE) DELIVERY MONTH)

 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:  2,414,231.831 oz   75.092 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  27,228,355.145 OZ  

TOTAL REGISTERED GOLD: 13,548,889.957  OZ (421.42 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 13,679,465.145 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 11,134,668. OZ (REG GOLD- PLEDGED GOLD) 346.33 tonnes//rapidly declining 

END

SILVER/COMEX/SEPT 12

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory348,098.180oz

BRINKS
CNT
Loomis








 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory 570,971.180 oz
JPMorgan



 
No of oz served today (contracts)19 CONTRACT(S)
95,000   OZ)
No of oz to be served (notices)158 contracts 
(790,000 oz)
Total monthly oz silver served (contracts)6175 contracts
 30,875,000 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 JPMorgan  570,971.180 oz

total deposit:  570,971.180   oz

JPMorgan has a total silver weight: 168.460 million oz/324.247million =51.94% of comex 

 Comex withdrawals:3

i) Out of Brinks 17,915.360 oz

ii) Out of CNT:  30,333.150 o

iii) Out of Loomis:  299,849.670 oz

total: 348,098.180    oz

 adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 45.991 MILLION OZ

TOTAL REG + ELIG. 324.241 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF SEPT OI: 177 CONTRACTS HAVING LOST 142 CONTRACTS. WE HAD

169 CONTRACTS SERVED ON FRIDAY SO WE GAINED 27 CONTRACTS OR AN ADDITIONAL

135,000 OZ WILL STAND FOR METAL IN THIS VERY ACTIVE MONTH OF SEPT.

WE WILL GAIN IN TOTAL SILVER STANDING EACH TRADING DAY UNTIL THE END OF THE MONTH

(CONTINUAL QUEUE JUMPING BY OUR BANKERS SEARCHING FOR SILVER METAL)

OCTOBER LOST 41 CONTRACTS TO STAND AT 651 CONTACTS.

NOVEMBER GAINED 12 CONTRACTS TO STAND AT 26

DECEMBER SAW A GAIN OF 104 CONTRACTS UP TO 125,294

.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 19 for  95,000 oz

Comex volumes:78,394// est. volume today//   good

Comex volume: confirmed yesterday: 46,047 contracts ( poor)

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  6175 x 5,000 oz = 30,875,000 oz 

to which we add the difference between the open interest for the front month of SEPT(177) and the number of notices served upon today 19  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the SEPT./2022 contract month: 6,175 (notices served so far) x 5000 oz + OI for front month of SEPT (177)  – number of notices served upon today (19) x 5000 oz of silver standing for the SEPT contract month equates 31,665,000 oz. .

We have an inventory of 45.991 million oz of registered silver at the comex so Sept delivery of 31.665 MILLION OZ represents 68.85% 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:49,341// est. volume today//    poor

Comex volume: confirmed yesterday: 51,749 contracts ( poor)

END

GLD AND SLV INVENTORY LEVELS

SEPT 12/WITH GOLD UP $12.30: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 966.64 TONNES

SEPT 9/WITH GOLD UP $7.85: 2 BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 AND ANOTHER 1.51 TONNES FROM THE GLD////INVENTORY RESTS AT 966.64 TONNES

SEPT 8/WITH GOLD DOWN $6.10:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 971.05 TONNES

SEPT 7/WITH GOLD UP $13.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 971.05 TONNES

SEPT 6 WITH GOLD DOWN $9.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.08 TONNES//

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

GLD INVENTORY: 966.64 TONNES

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

SEPT 12/WITH SILVER  UP 1.04 TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: TWO DEPOSIT OF 553,000 OZ AND 464,000 OZ INTO THE SLV////INVENTORY REST AT 468.571 MILLION OZ///

SEPT 9/WITH SILVER UP 31 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 138,000 OZ INTO THE SLV////INVENTORY RESTS AT 467.557 MILLION OZ/

SEPT 8/WITH SILVER UP 16 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.419 MILLION OZ//

SEPT 7/WITH SILVER UP 34 CENTS : BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 830,000 OZINTO THE SLV////INVENTORY RESTS AT 467.419 MILLION OZ//

SEPT 6/WITH SILVER UP ONE CENT: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 533,000 OZ FROM THE SLV//INVENTORY RESTS AT 466.589 MILLION OZ//

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//

CLOSING INVENTORY 468.571 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

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 interview of Chris Powell on gold price suppression

(Chris Powell/GATA)

In interview with The Jist, GATA secretary gives overview of gold price suppression

Submitted by admin on Fri, 2022-09-09 21:01Section: Daily Dispatches

9:06p ET Friday, September 9, 2022

Dear Friend of GATA and Gold:

Your secretary/treasurer was interviewed this week by Josh Hamilton, founder of The Jist internet site in the United Kingdom, discussing the purposes and mechanisms of the longstanding U.S. government and Western central bank policy of gold price suppression.

Your secretary/treasurer stresses that gold price suppression isn’t “conspiracy theory” but policy that is heavily documented in government’s own public and private archives. 

Gold, your secretary/treasurer says, is a determinant of all prices everywhere, which is why central banks feel so compelled to control the monetary metal’s price.

The interview is an hour and 16 minutes long and be watched at YouTube here:

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

END

The BIS data shows a tiny increase in August gold swaps.

It will end by Dec 2022.

(Courtesy Robert Lambourne/GATA)

Robert Lambourne: BIS shows tiny increase in its August gold swaps

Submitted by admin on Sat, 2022-09-10 20:35Section: Daily Dispatches

By Robert Lambourne
Saturday, September 10, 2022

The recently released August statement of account of the Bank for International Settlements —

— shows that the recent trend of significant decreases in the bank’s gold swaps has stopped for the moment.

The total of the BIS gold swaps outstanding at August 31 was 75 tonnes versus 56 tonnes on July 29. This increase of 19 tonnes is modest, since as of June 30 there were 202 tonnes of swaps, and as is clear from Table B below, the swaps have been far higher in recent months. For example, at the end of January 2022 there were 501 tonnes of gold swaps.

It remains clear that the BIS continues to be an active trader of gold swaps on a regular basis, and the recent data still suggests that the downward trend in the bank’s swaps is continuing and if the current rate of decline is maintained the BIS may well be reporting no gold swaps by the end of the year. 

The decline of the bank’s gold swaps could indicate that an exit from the swaps, potentially due to “Basel III” regulations, is happening. But as usual, it seems unlikely that the BIS will provide any additional information on what is happening with its gold swaps.

… Historical context …

The BIS rarely comments publicly on its gold activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.

The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.

The swap transactions potentially create a mismatch at the BIS, which may end up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.

The gold banking activities of the BIS have been a regular part of the services it offers to central banks since its establishment 90 years ago. The first annual report of the BIS explains these activities in some detail:

http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf

A June 2008 presentation made by the BIS to potential central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to members include secret interventions in the gold and foreign exchange markets:

https://www.gata.org/node/11012

The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn’t appear ever to have been as large a part of the BIS’ gold banking business as it has been in recent years.

As of March 31, 2010, excluding gold owned by the BIS itself, there were 1,706 tonnes held in gold sight accounts at major central banks in the name of the BIS, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.

If the BIS was adopting the level of disclosure made by publicly held companies, such as commercial banks, some explanation of these changes probably would have been required by the accounting regulators. This irony may not be lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the BIS’ gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.

A review of Table B below highlights recent BIS activity with gold swaps, and despite the trend of declines, the recent positions estimated from the BIS monthly statements have remained large, especially in early 2022, and the volume of trading has been significant. 

No explanation for this continuing use of swaps has been published by the BIS. Indeed, no comment on the bank’s use of gold swaps has been offered since 2010.

The gold of the swaps is supplied by bullion banks to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such as the Federal Reserve.

The reasons for this activity have never been fully explained by the BIS and various conjectures have been made as to why the BIS is facilitating it. One conjecture is that the swaps are a mechanism by which gold that was secretly supplied by central banks to cover shortfalls in the gold markets is returned to those central banks. The use of the BIS to facilitate this trade suggests of a desire to conceal the reasons for the transactions.

As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the bank’s annual reports for at least 10 years prior to the year ended March 2010.

The February 2021 estimate of the bank’s gold swaps (552 tonnes) is higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 were the highest year-end level reported, as is clear from Table A.

—–

Table A — Swaps reported in BIS annual reports

March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes.
March 2020: 326 tonnes.
March 2021: 490 tonnes.
March 2022: 358 tonnes.

—–

The table below reports the estimated swap levels since August 2018. It can be seen that the BIS has been actively trading gold swaps and other gold derivatives, with changes from month to month above 100 tonnes in this period.

—–

Table B — Swaps estimated by GATA from BIS monthly statements of account

Month ….. Swaps
& year … in tonnes

Aug-22 ….. / 75
Jul-22 ….. / 56
Jun-22 ….. / 202
May-22 ….. / 270
Apr-22 ….. / 315
Mar-22 …. / 358
Feb-22 …. / 472
Jan-22 ….. / 501
Dec-21…. / 414
Nov-21…. / 451
Oct-21…. / 414
Sep-21 …. / 438
Aug-21 …. / 464
Jul-21 …. / 502
Jun-21 …./ 471
May-21 …./ 517
Apr-21 …. / 472
Mar-21…. / 490±
Feb-21 …../ 552
Jan-21 …. / 523
Dec-20 …. / 545
Nov-20 …. / 520
Oct-20 …. / 519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326*
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370

± The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes. It is believed that slightly different gold prices account for the difference.

* The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.

GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.

—–

As noted already, the BIS in recent times has refused to explain its activities in the gold market, nor for whom the bank is acting:

https://www.gata.org/node/17793

Despite this reticence, in undertaking these swaps the BIS is almost certainly acting on behalf of central banks, as they are the BIS’ owners and control its Board of Directors.

This refusal to explain prompts some observers to believe that the BIS acts as an agent for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with access to gold as well as protection from exposure of their interventions. 

A recent report by Bullion Star’s Ronan Manly on the Bank of Portugal’s use of its gold reserves reinforces this point, since the Bank of Portugal confirms that 20 tonnes of its gold is stored with the BIS: 

https://www.gata.org/node/21950

This disclosure seems a little economic with the truth as the BIS has no gold storage facilities of its own. Gold held by the BIS on behalf of central banks is either deposited into a BIS gold sight (unallocated) account or a BIS earmarked (allocated) gold account and usually deposited with one of the central banks based at a major gold trading center, such as the Federal Reserve in New York. 

Since Manly shows that the Bank of Portugal is focused on earning income from its gold, it seems highly likely that this gold is held in a BIS sight account, though its ultimate location is unclear.

It is possible that the swaps provide a mechanism for bullion banks to return gold originally lent to them by central banks to cover bullion bank shortfalls of gold. Some commentators have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is sourced directly from central banks.

—–

END

4. OTHER GOLD/SILVER COMMENTARIES

GATA ( Ronan Manly: London silver inventories continue to plummet as metal exits LBMA vaults

By Ronan Manly
Bullion Star, Singapore
Monday, September 12, 2022

There is an unprecedented situation emerging in London, where the relentless hemorrhaging of one of the worlds largest stockpiles of silver is now well and truly under way.

For the last nine months, this stockpile of silver, held in the LBMA vaults in London, has been consistently falling each and very month, and has now reached an all-time low (since vault holdings records began in July 2016). …

… For the remainder of the analysis:

https://www.bullionstar.com/blogs/ronan-manly/london- silver-inventories-continue-to-plummet-as-metal-exits-lbma- vaults/

-END-

.

end

5.OTHER COMMODITIES: RICE

Top Rice-Exporter India Curbs Shipments, Adds To Fresh Food Inflation Fears

FRIDAY, SEP 09, 2022 – 07:20 PM

We told readers in April that the next challenge for the global food supply could be a plunge in rice production (read: here). Then in early August, severe heatwaves in India, the world’s biggest rice shipper, wreaked havoc across farmland in the country, depressing crop output. Today, India restricted some rice exports and placed levies on others, exacerbating a world already squeezed by a food crisis. 

Bloomberg reported India imposed a 20% duty on white and brown rice exports and banned shipments of broke rice — parboiled and basmati rice were excluded from the export duty and/or trade restrictions. The new curbs apply to about 60% of India’s rice exports and go into effect Friday. 

India’s clamp down on grain exports is to calm domestic prices after low rainfall during the monsoon season curtailed planting. The country accounts for 40% of global rice shipments and could spark yet another wave of food inflation for the poorest nations importing the grain. 

“Such severe disruptions in global supplies, combined with a record level of consumption worldwide, should supercharge” prices and further fuel food inflation, said Sabrin Chowdhury, head of commodities at Fitch Solutions.

According to Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, “imposing a 20% levy is a big deal … this move will cause global rice prices to rally.” 

Ophaswongse said traders would be forced to purchase from rivals Thailand and Vietnam, struggling to increase shipments and will send prices even higher. India’s export restrictions will be a massive blow to importing nations in Asia and Africa that consume the grain. 

Persistent inflation (especially food and energy) could spark further civil unrest worldwide over the next coming months. The forecast for impending global turmoil to deepen was published in a new note by Verisk Maplecroft, a UK-based risk consulting and intelligence firm (read: here). 

end

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.9265

OFFSHORE YUAN: 6.9169

SHANGHAI CLOSED: HOLIDAY

HANG SENG CLOSED HOLIDAY

2. Nikkei closed UP 327.36 OR  1.16%

3. Europe stocks   SO FAR:  ALL GREEN 

USA dollar INDEX  DOWN TO  107.92/Euro RISES TO 1.0136

3b Japan 10 YR bond yield: FALLS TO. +.242/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 142.51/JAPANESE YEN COLLAPSING 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 UP CHINESE YUAN:   UP -//  OFF- SHORE: UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +1.638%/Italian 10 Yr bond yield FALLS to 3.94% /SPAIN 10 YR BOND YIELD FALLS TO 279%…

3i Greek 10 year bond yield RISES TO 4.20//

3j Gold at $1732.50 silver at: 19.49  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 32/100        roubles/dollar; ROUBLE AT 60.28//

3m oil into the 87 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 142.51DESTROYING 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 9543– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9675well 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: 3.277  DOWN 4  BASIS PTS

USA 30 YR BOND YIELD: 3.425 DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 18,22

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Jump As Dollar Slide Accelerates

MONDAY, SEP 12, 2022 – 07:49 AM

It appears that Goldman’s trading desk was right again. Just days after the vampire squid’s sellside researchers were warning that the market has not yet bottomed, the bank’s far more accurate flow traders said that “The Pain Trade Is Now Up, The CPI Doesn’t Matter At All, And The Q4 Chase Starts Early“, and on Monday morning it was all engines go in global stock markets, with US equities poised to extend their brisk rally from last week as investors braced for the final CPI before the Federal Reserve’s September decision. Futures for the S&P 500 and Nasdaq 100 both rose 0.5% each at 715 a.m. in New York, extending above their Friday session highs, putting the underlying gauges on track for a fourth day of gains, while Europe’s Stoxx 600 index climbed for a third day, and Asia was almost all green.

Treasury yields dropped and the dollar retreated further as traders bet inflation is near peaking even as Fed talking heads ramped up hawkish rhetoric (it’s ok, the Fed is always 9-12 months behind the curve). And as the USD slumps, the euro is extending gains, rising the most in six months against the dollar, as hawkish commentary from ECB policy makers continue.  Crude oil and industrial metals gained as the greenback’s descent countered demand concerns, while speculation grows that China will ease on covid-zero policies after the coming plenum.

In US premarket trading, cryptocurrency-exposed stocks including Riot Blockchain and Coinbase edged higher as Bitcoin added to last week’s gains, rising above the $22,000 level. Meanwhile, Apple rose, with analysts positive on the company as pre-order data for the latest versions of its iPhone point to strong interest and demand. Here are some other notable premarket movers:

  • Bristol Myers Squibb (BMY US) rises 6% in premarket trading after deucravatinib received approval from the US Food and Drug Administration for the treatment of moderate-to-severe psoriasis with no “black box” warnings.
  • Watch Cable One (CABO US) after it was downgraded to equal-weight at Wells Fargo, which took less positive stance on the sector, even as the stock remains “the best house in the cable neighborhood.”
  • Keep an eye on Bill.com Holdings (BILL US) as the stock was initiated with an overweight rating at Morgan Stanley, which cites multiple growth drivers for the infrastructure software firm.
  • US railroad stocks may be in focus as tens of thousands of industry workers could be on strike by the end of this week. Keep an eye on CSX (CSX US), Norfolk Southern (NSC US) and Union Pacific (UNP US).
  • US chipmakers could be in focus after Reuters reports the Biden administration plans to broaden curbs on US shipments of semiconductors for artificial intelligence and chipmaking tools to China. Watch Lam Research (LRCX US), Applied Materials (AMAT US), KLA (KLAC US), Nvidia (NVDA US) and AMD (AMD US).
  • Keep an eye on CoStar Group (CSGP US) as it was initiated at market perform by BMO Capital Markets, which sees the commercial real estate information provider as a “poster child” for the info services sector, but finds it hard to justify an outperform recommendation.

Stocks have rebounded amid more speculation of oversold systematic funds and another short squeeze – conditions similar to the mid-June bounce. Now, traders are preparing for tomorrow’s inflation data which are expected to show an 8% increase in the overall August consumer price index from the same month last year, down from 8.5% in July yet still historically elevated, and to cement the point that peak inflation has been hit. The outcome will be significant for the Fed’s decision next week and could sway equities in either direction, although the worst case scenario is now fully priced in: traders almost fully expect another jumbo-sized Fed hike next week, following two 75-basis-point increases, and forward guidance by Fed officials in the run-up to the policy meeting has supported that view. Any easing in the Fed’s tightening resolve would be seen a very dovish and send stocks surging even more.

“It seems policy makers were keen to reinforce their hawkish position ahead of the blackout period — which we’re now in — potentially with an eye on that data point,” said Craig Erlam, a senior market analyst at Oanda. “There was perhaps a feeling that a softer reading could see market expectations slip which they clearly want to avoid. It will be interesting to see how traders now respond as we’ve seen how keen they were to hop aboard the ‘dovish pivot’ train before.”

Indeed, on Friday, Fed Governor Christopher Waller said he favors “another significant” increase in interest rates when the central bank meets later this month, signaling his backing for a 75 basis-point move. Fed Bank of St. Louis President James Bullard said he was leaning “more strongly” toward a third straight boost of that magnitude, while his Kansas City counterpart Esther George noted officials have a “clear-cut” case for continuing to remove monetary support.

Meanwhile, thanks to receding inflation fears, markets are pricing in little prospect of a recession, according to Tatjana Puhan, deputy chief investment officer at Tobam SAS. Risk assets are buying into the narrative of a soft landing even though a hard landing is more likely, she said. “We should be ready for a significant impact on the economy,” Puhan told Bloomberg Television. “I can easily see markets going down another 20%,”she said, echoing Guggneheim’s Scott Minerd.

Markets also have to digest the implications of Ukraine’s counter-offensive, after its forces continued their rapid advance in the Kharkiv region, exploiting a retreat of Russian defenses. 

In Europe, the Stoxx 50 rallied 1.4% climbing for a third day, with retailers leading the advance amid optimism plans to curb energy bills will provide some relief for consumers squeezed by a cost-of-living crisis. The FTSE MIB outperforms, adding 1.8%, Stoxx 600 lags, adding 0.9%. Retailers, miners and autos are the strongest-performing sectors. Here are some of the biggest European movers today:

  • Mining stocks outperform the broader European market again on Monday as metals rise on increased demand amid China’s peak construction season, a weaker dollar and risks to supply
  • Ferrexpo and shares in other companies with operations in Ukraine surge in European trading Monday as the country’s military continued a rapid advance in the Kharkiv region at the weekend
  • Atos shares jump for a second day, as much as 6.9%, as minority shareholder Sycomore Asset Management called for the chairman to resign during an interview with Reuters
  • Pernod Ricard shares rise after declining as much as 1.2% after Deutsche Bank cut the recommendation to hold on macro headwinds and lagging advertising & promotional/sales
  • Thule shares drop as much as 16% after a profit warning from the Swedish bike, car and outdoor equipment manufacturer. Handelsbanken says “considerable 2023 uncertainty remains”
  • Tate & Lyle falls as much as 7.1% after Jefferies downgrades to hold from buy on increasing cost pressures in Europe, saying is now more exposed to “tricky” European market
  • Electrolux shares fall as much as 6.8% as the Swedish appliance producer expects 3Q earnings to decline sharply. Handelsbanken says “significant cuts” to 2022-2023 estimates are needed
  • HelloFresh shares fall as much as 6.7% on Monday after the USDA warned of possible E. coli contamination for some ground beef packages in HelloFresh meal kits shipped in July
  • Orpea slumps as much as 21% as the company warns that profit will be lower than expected, citing rising energy and salary costs, with analysts noting there are still downside risks to shares

According to another group of Goldman Sachs strategists – the ones who are pretty much always wrong – said US firms that do most of their business at home will fare better than those exposed to Europe, where a recession is all but guaranteed. A team led by David Kostin say that while the path of US growth may be “uncertain,” the economic situation in Europe is dire. Translation: buy European stocks.

Earlier in the session, Asian stocks began the week by heading for a third straight daily advance, bolstered by the weakening of the dollar and oil prices. The MSCI Asia Pacific Index climbed as much as 0.8% on Monday, poised for its highest close in nearly two weeks, as tech and materials shares rallied. TSMC rose 2.4%, boosting Taiwan’s gauge, after the firm said August sales rose 59% from a year ago and Reuters reported that the US plans to broaden curbs on chip shipments to China. Markets were closed for holidays in China, Hong Kong and South Korea. Benchmarks in the Philippines, Taiwan, Japan and Australia were all up. India’s S&P BSE Sensex Index also rose ahead of the nation’s retail inflation data for August, while Thailand’s main gauge was higher for a fifth-straight day to erase this year’s decline amid optimism the economic recovery has momentum.  The dollar and oil prices weakened ahead of a much-awaited US inflation report on Tuesday, with investors preparing for super-sized interest-rate hikes in the US. Investors are also watching for Russia’s response after reports overnight of the advance of Ukraine forces in Kharkiv region.

Japanese stocks advanced for a third day, driven by gains in electronics makers, while reopening plays rallied on reports of reduced restrictions for inbound tourists. The Topix rose 0.7% to 1,980.22 as of 3:02 p.m. Tokyo time, while the Nikkei advanced 1.2% to 28,542.11. The yen resumed weakening after regaining more than 1% against the dollar Friday. Keyence Corp. contributed the most to the Topix gain, increasing 1.9%. Out of 2,169 shares in the index, 1,449 rose and 596 fell, while 124 were unchanged.

“On many measures, positioning continues to appear quite extreme to us and thus there is a possibility that a lower than expected m-m core CPI print may lead to a knee-jerk positive reaction in stocks,” Chetan Seth, Asia Pacific equity strategist at Nomura wrote in a note. On Ukraine, he said that “it’s too early to extrapolate this event for the market,” and that the supply of some key commodities will likely take time to increase. The pause in the dollar’s rally has given Asian stocks some breathing room, with the MSCI measure up about 3% from a trough last week. But with many signals indicating more dollar strength and China’s lockdowns continuing, flows into the region are likely to remain under pressure.

In FX, the Bloomberg Dollar Spot Index extended declines, with all G-10 FX rising, barring the yen, which trades at around 142.75/USD. Some more details:

  • The BBDXY Index was set for its biggest two-day drop in a month as the greenback weakened against all of its Group-of-10 peers apart from the yen.
  • The euro rose as much as 1.6% against the greenback on Monday to trade just shy of the 1.02 handle. Bunds, Italian bonds fell across the curve and money markets rose ECB tightening bets after Bundesbank President Joachim Nagel said the central bank must take further clear steps if the inflation picture stays the same. ECB Executive Board member Frank Elderson said more hikes will come as “it’s very important that the expectations that the people have on how the inflation will develop in the medium to long term will not become deanchored”
  • The pound rose against a broadly weaker dollar though trailed the euro and other European currencies. Data show the UK economy recovered more slowly than expected from a slump triggered by an extra bank holiday in June, with industrial production and construction both shrinking
  • Sweden’s krona was the best-performing G-10 currency as the nation is on the cusp of a power shift, casting aside the ruling Social Democrats in favor of a center-right opposition bloc as vote counting nears the finish line
  • The yen resumed its downtrend after jumping more than 1% on Friday as players adjusted positions before US inflation figures due on Tuesday. JGBs followed Treasuries lower. On Sunday, Deputy Chief Cabinet Secretary Seiji Kihara said during a TV program that Japan has “to take necessary steps while closely monitoring developments including excessive, one-sided moves in the exchange rate”

In rates, US Treasuries edged higher with gains led by front-end of the curve, steepening spreads slightly while the dollar retreats. US yields were richer by up to 2.5bp across front-end of the curve with 2s10s, 5s30s spreads steeper by 0.5bp and 1.5bp on the day; 10-year yields around 3.29%, trading 1bp cheaper vs. bunds and slightly outperforming gilts in the sector. A US double auction of 3- and 10-year notes imposes an obstacle for further Treasuries advance. The US double auction kicks off at 11:30am with $41b 3-year note sale, followed by $32b 10-year reopening at 1pm.  3-year WI around 3.567% is above auction stops since 2007 and ~36.5bp cheaper than August stop-out which traded 0.3bp through the WI level. Auctions conclude Tuesday with $18b 30-year bond reopening.

In commodities, WTI crude jumps 1% to around $87.63; spot gold rises roughly $9 to trade near $1,726/oz. Natural gas prices fall as the market awaits details of the European Union’s intervention plan.

Bitcoin has risen above USD 22k amid the broader risk appetite, whilst Ethereum topped USD 1,750 in early trade.

Looking at today’s calendar, we have Japan’s August machine tool orders, UK July monthly GDP, construction output, industrial and manufacturing production, index of services, trade balance, Germany July current account balance, Italy July industrial production. There is nothing on the US calendar.

Market Snapshot

  • S&P 500 futures up 0.5% to 4,087.25
  • STOXX Europe 600 up 0.8% to 423.90
  • MXAP up 0.7% to 155.35
  • MXAPJ up 0.8% to 509.68
  • Nikkei up 1.2% to 28,542.11
  • Topix up 0.7% to 1,980.22
  • Hang Seng Index up 2.7% to 19,362.25
  • Shanghai Composite up 0.8% to 3,262.05
  • Sensex up 0.7% to 60,217.05
  • Australia S&P/ASX 200 up 1.0% to 6,964.46
  • Kospi up 0.3% to 2,384.28
  • Gold spot up 0.5% to $1,724.64
  • U.S. Dollar Index down 1.05% to 107.86
  • German 10Y yield little changed at 1.71%
  • Euro up 1.5% to $1.0188

Top Overnight News from Bloomberg

  • The Biden administration plans to broaden curbs on US shipments of semiconductors for artificial intelligence and chipmaking tools to China, Reuters reported, citing unidentified people familiar with the matter
  • The ECB’s jumbo increase in interest rates last week was designed to keep inflation expectations anchored, according to Vice President Luis de Guindos
  • German inflation will only peak in the first quarter of 2023 as surging energy costs trickle down to consumers, weighing on purchasing power and tipping the country into recession during the winter months, according to the Ifo institute
  • French Finance Minister Bruno Le Maire said the government will cut a levy on industrial production at a slower pace than initially planned as it seeks to meet deficit reduction targets despite lower economic growth
  • Natural gas prices fell as the market awaits details of the European Union’s plan to intervene in an unprecedented energy crisis that is already destroying demand for the fuel
  • Russia hit power plants deep behind Ukrainian lines, causing blackouts across the northeast of the country as Kyiv’s forces pressed a lightning offensive that’s reversed months of Moscow’s advances

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks took impetus from last Friday’s gains on Wall Street in a holiday-thinned start to the week. ASX 200 traded higher with the mining-related sectors and tech resuming their recent outperformance, while the top-weighted financials sector was also kept afloat as the major banks increased mortgage rates after last week’s RBA rate hike. Nikkei 225 rose above 28,500 as Japan mulls steps to open its borders including scrapping its daily limit of 50k arrivals of overseas visitors by October and waiving visa requirements. Hang Seng, Shanghai Comp and KOSPI were closed for the Mid-Autumn Festival.

Top Asian News

  • US is reportedly planning to broaden curbs on sales to China of semiconductors used for AI and chipmaking tools, according to Reuters sources.
  • Chinese President Xi will visit Central Asia and meet with Russian President Putin in his first trip outside of China since the pandemic began, according to Reuters.
  • PBoC called for efforts to facilitate the broader use of the digital yuan, according to Xinhua.
  • Japanese Deputy Chief Cabinet Secretary Kihara said the government must take steps as needed against excessive, one-sided currency moves. Kihara also said they won’t rule out issuing government bonds to fund an expected increase in defence costs and they are ready to consider steps in the not-so-distant future to further open Japan’s borders to overseas visitors including scrapping its daily limit of 50k arrivals of overseas visitors by October, according to Nikkei.
  • Japan is eyeing allowing foreign visitors to travel freely without travel agency bookings and waiving visa requirements, with PM Kishida to make the decision as early as this week, according to FNN.

European bourses extend on the upside seen at the open despite a lack of news catalysts during the European morning. European sectors are mostly firmer, with Autos & Parts outperforming closely followed by Banks, Retail, and Basic Resource, whilst the flip side sees defensive sectors, with Healthcare, Food & Beverages, and Telecoms in the red. Stateside, US equity futures are posting gains, with marginal outperformance seen in the NQ vs peers.

Top European News

  • EU offers to reduce Northern Ireland border controls, with EU’s Sefcovic encouraged by the UK’s intention for a negotiated settlement on trade, while the EU could cut customs checks across the Irish Sea to just a few lorries a day. Furthermore, Sefcovic said the border would be ‘invisible’ under European Commission plans provided that the UK gave the EU real-time data on trade movements, according to FT. However, Senior UK officials are reportedly downplaying EU’s offer on Brexit this weekend, with one reason being that the offer does not go far enough, according to Eurasia’s Rahman.
  • ECB’s de Guindos said the 75bps hike last week was aimed at anchoring inflation expectations; higher rates may also weigh on economic growth, via Bloomberg. ECB’s de Guindos said he does not know how much rates will climb.
  • Orpea Slumps 21% After Suprise Profit Warning
  • Bulgaria Says in Talks to Double Gas Supplies From Azerbaijan
  • Russia Strikes Power Plants as Ukrainian Forces Extend Advances
  • Euro Climbs Most in Five Months as Traders Eye Hawkish ECB Speak

FX

  • DXY recoiled further from 108.860 at best, through 108.500 and 108.00, to 107.800 and its lowest level since late August.
  • EUR/USD saw a boost to levels close to 1.0200 from a 1.0061 low on a combination of factors, including hawkish ECB rhetoric and reports that Russian troops withdrew from key areas in Eastern Ukraine following a counterattack over the weekend.
  • The JPY sits as the G10 laggard following hefty recovery gains on Friday, whilst Deputy Chief Cabinet Secretary Kihara was the latest to join the Japanese verbal intervention.

Fixed Income

  • Recovery momentum is building towards a breach of big figures in the major contracts, with no major catalyst for the upside.
  • Bunds, Gilts and the 10 year T-note recently topped out at 144.01, 105.87 and 115-30 respectively.

Commodities

  • WTI and Brent futures are once again choppy as prices initially fell at the resumption of electronic trade, before recovering as European players entered the fray.
  • Spot gold is firmer amid the softer Dollar, and eyes its 21 and 50 DMAs to the upside at USD 1,733.70/oz and USD 1,741.62/oz.
  • Base metals in general are boosted by the weaker Dollar; 3M LME copper eyes USD 8,000/t to the upside.
  • Russian official reiterates that some aspects of the grain deal need to be reviewed, via Interfax.

US Event Calendar

  • Nothing on deck

DB’s Jim Reid concludes the overnight wrap

Keep an eye out for the monthly survey results published soon after this email arrives this morning. It’s fair to say that respondents are pretty bearish. Overall the whole report, which is in presentation form for the first time, should be a good guide to current sentiment.

One bit of potentially positive news over the weekend was that a Ukrainian counter offensive operation in the north-east of the country seems to have led to it successfully claiming back land. Although this will be greeted well by markets, the surprise success does increase the chances of a more aggressive response from Russia. In market terms, actual war developments have been relatively quiet of late with most of the focus on Russian gas (or lack of it) into Europe. So this brings the military progress back in some focus. So all eyes back on the next step from both sides.

For the rest of the week, there’s only one focal point and that’s the US CPI report tomorrow, the last before the Fed’s September 21st meeting. The Fed are now in their blackout period so that will reduce the central bank chatter somewhat this week. Our economists last week raised their forecast to a 75bps hike at next week’s meeting while keeping the terminal rate at 4.1% for early next year. They believe the risks are on the upside. See here for more on their latest thinking. Importantly for the Fed, on Friday, we will also get inflation expectations from the University of Michigan consumer survey. US Retail sales data on Thursday will also be closely watched too but is unlikely to move the dial for the Fed.

For US inflation, our economists expect a slight decline in the headline CPI number (-0.09% MoM) but an acceleration of +0.30% in core, which would continue the pattern from July’s reading (unchanged and +0.3%, respectively) which came in lower than expected. They believe the YoY headline CPI should fall five-tenths to 8.0%, while core should tick up a tenth to 6.0%.

The recent slump in commodities, with WTI firmly below $100 per barrel throughout the month, is likely to put downward pressure on the headline number as are gas prices being down -12% over the month. However, the resilience of the labour market is among the forces that could propel the core gauge higher. Expect a fair amount of attention on what now seems to be sharp falls in used cars after runaway price rises during covid. On the flip side our models suggest rents should continue to climb for a few more months before falling. So they’ll likely be a few opposing forces in the release.

Speaking of the consumer, we will get retail sales data for August on Thursday and our US economists expect a +0.6% MoM reading, up from last month’s flat print. As gasoline prices continue their downward trend, whether this assuages the inflationary pressures on consumer spending will be important. US PPI (Wednesday), business inventories and industrial production data (both Thursday) will provide more insight into supply-side pressures.

Turning to Europe now, and the BoE planned meeting has been postponed a week due to the period of mourning following the Queen’s death. However the UK will remain in the spotlight when it comes to economic data, with inflation (Wednesday), monthly GDP (today), retail sales (Friday) and labour market data (tomorrow) all due. For the record headline UK CPI is expected to stay at 10.1% YoY. Elsewhere in the region, we will also get the ZEW survey for Germany and the Eurozone tomorrow. Late on Friday our economists updated their GDP forecasts and with the NS1 gas shut off now looking terminal they expect 2023 GDP to fall -3 to -4%. To be fair their zero gas scenario earlier in the summer suggested -5 to -6% growth for 2023 but the impressive gas build over the intervening period means the worse case isn’t quite as bad as feared. Lots of moving parts though. See here for their update.

At the end of the week, an array of economic activity indicators will be out in China, in their usual monthly data dump, including industrial production, retail sales, new home prices and property investment (Friday). The gauges will follow this week’s downside surprises in trade data and inflation, so markets will be parsing the numbers to assess the magnitude of the economic softness. Our Chief China economist overviews the impact of China’s covid policy on its economy and mobility here and the team has downgraded their Q3 GDP forecast to 2.5% YoY (previously 3.5%).

Overnight in Asia equity markets have kicked off higher building on Friday’s broad-based rally on Wall Street amid thin trading this morning. As I type, the Nikkei (+1.11%) is trading higher while the S&P/ASX 200 (+1.09%) is also trading in positive territory on improved risk sentiment. Elsewhere, in mainland China, Hong Kong and South Korea markets are closed for a holiday.

In overnight trading, US stock futures are flat with contracts on the S&P 500 (-0.07%) and NASDAQ 100 (-0.06%) just below flat, so not much market reaction to the news out of Ukraine in the earliest hours of the week. Meanwhile, yields on the 10yr USTs (3.32%) are less than a basis point higher in Asia.

Over the weekend, Seiji Kihara a senior Japanese government official, expressed concerns about the yen’s slide by opining that the government must take necessary steps to counter excessive declines in the Japanese yen as the currency has weakened to a 24-year low versus the US dollar.

Crude oil prices are trading lower at the start of the week in early Asian trade as the imposition of strict COVID-19 restrictions in China is dampening the commodity’s demand outlook from the world’s second largest economy. As we go to print, Brent futures are down -1.41% at $91.53/bbl with the WTI futures (-1.47%) lower trading at $85.51/bbl.

Looking back at last week now and the magic number was 75, with the ECB and BoC delivering 75bp hikes, and pricing moving closer to certainty that the Fed would do the same at their September meeting next week. In line sovereign yields legged higher in advanced economies. Notably, risk sentiment held in though, driving equities up on the week.

Starting with bonds, the ECB raised rates +75bps, with President Lagarde hinting more rate hikes were still forthcoming, noting inflation was “far too high” and policy rates were “far away” from adequate levels to bring inflation down. The entire bund curve shifted higher, albeit with some flattening, given the stricter stance in policy. 2yr bunds climbed +22.6bps (-0.7bps Friday) and 10yr bunds were +17.3bps higher (-1.9bps Friday) on the week. 10yr BTPs kept the pace, increasing +17.6bps over the week (+4.4bps Friday).

EU energy ministers met Friday, agreeing a comprehensive plan was necessary to combat the current gas crisis. While specifics weren’t agreed upon (as expected), they noted a wide suite of tools – including gas price caps, emergency liquidity for utilities, and further demand reduction plans – would be leveraged. In the first trading week since the announcement that Nord Stream 1 flows would not resume due to a “leak”, European natural gas futures prices actually fell -3.53% on the week (-6.10% Friday). Part of that was probably from the tough talk from energy and fiscal ministers, but there was probably also an element of taking out risk premium; NS1 flows can’t go below zero so we are possibly getting closer to peak bad news. However as my CoTD (link here) showed on Friday, next winter could also be pretty tough for gas supplies in Europe. But I suppose at least we should know that by now. The lack of upward follow through in gas prices contributed to better risk sentiment over the week with the STOXX 600 climbing +1.06% (+1.52% Friday), and the DAX scraping out a modest +0.29%, helped by a +1.43% bump on Friday.

In the US, Chair Powell took his last opportunity before the September meeting blackout period to express a steadfast resolve in the fight against inflation, which left the market pricing +72.7bps of tightening at the September meeting, so pretty close to a full +75bp hike priced in, and pricing of terminal rates breaching 4% early next year, finally catching up closing to the long standing house view. Treasury yields sold off and the curve flattened like their European counterparts. 2yr Treasuries were +16.9bps higher (+5.3bps Friday) and 10yrs increased +12.0bps (-0.7bps Friday), leaving the 2s10s curve at -25.3bps. The S&P 500 was strong, increasing +3.65% (+1.53% Friday), while the interest rate sensitive NASDAQ was very resilient in the face of tighter Fed policy and up +4.14% (+2.11% Friday).

AND NOW NEWSQUAWK

European bourses extend on the upside seen at the open; DXY briefly dips under 108.00 – Newsquawk US Market Open

Newsquawk Logo

MONDAY, SEP 12, 2022 – 06:26 AM

  • European bourses extend on the upside seen at the open; US equity futures are posting gains with marginal outperformance seen in the NQ vs peers
  • DXY recoiled further to its lowest level since late August in early hours, EUR/USD was boosted towards 1.0200 at one point, JPY remains the G10 laggard 
  • Recovery momentum is building towards a breach of big figures in the major fixed income contracts, with no major catalyst for the upside
  • WTI and Brent futures are once again choppy as prices initially fell at the resumption of electronic trade, before recovering as European players entered the fray
  • Looking ahead, highlights include a speech from ECB’s Schnabel and supply from the US

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

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12th September 2022

  • Click here for the Week Ahead preview.

GEOPOLITICS

RUSSIA-UKRAINE

  • Russian forces have withdrawn from key towns in Eastern Ukraine as the Ukrainian counter-attack has made further progress, according to the BBC
  • Ukrainian President Zelensky said he spoke with French President Macron and called for the demilitarisation of the Zaporizhzhia nuclear power plant, while Zelensky separately commented that Ukrainian forces liberated around 2,000 square kilometres of territory since its counter-offensive began, according to Reuters.
  • IAEA said that the backup power line for the Zaporizhzhia nuclear power plant was restored which provides the plant with the electricity needed to cool its reactors, according to Reuters.

CHINA-TAIWAN

  • Taiwan said 3 Chinese aircraft crossed the Taiwan Strait median line on Sunday, according to Reuters.
  • Lithuania is expected to open its first representative office in Taiwan this week amid increasing tensions with Beijing, according to SCMP.
  • China’s NPC Standing Committee Chairman Li Zhanshu said China is willing to enhance cooperation with the Russian State Duma & Federation Council, strengthen legislative exchange in governance anti-interference, anti-sanction and anti-jurisdiction. Furthermore, Li thanked Russia for its position on US House Speaker Pelosi’s ‘illegal visit to Taiwan and its support for China’s territorial integrity’, while the Russian side repeated its condemnation regarding Pelosi’s visit and said Russia firmly adheres to the one-China policy, according to Global Times.

OTHER

  • France, Britain and Germany said Iran’s latest responses to the EU raised serious doubts about its intentions to return to the nuclear deal and that Iran’s position is incompatible with international obligations. Furthermore, the E3 said given Iran’s failure to conclude the deal on the table, they will consult with international partners on how to respond to Iran’s continued nuclear escalation and absence of cooperation with the IAEA, while Iran rejected the statement by France, Britain and Germany as unconstructive, according to Reuters.
  • Iran says it has develop a Arash-2 done which is “designed” to hit Israel’s Tel Aviv and Haifa, according to Mehr News.
  • Iranian Foreign Minister said they have not received a request from the other side regarding postponing the agreement until the United States mid-term elections.

EUROPEAN TRADE

EQUITIES

  • European bourses extend on the upside seen at the open despite a lack of news catalysts during the European morning.
  • European sectors are mostly firmer, with Autos & Parts outperforming closely followed by Banks, Retail, and Basic Resource, whilst the flip side sees defensive sectors, with Healthcare, Food & Beverages, and Telecoms in the red.
  • Stateside, US equity futures are posting gains, with marginal outperformance seen in the NQ vs peers.
  • Click here for more detail.

FX

  • DXY recoiled further from 108.860 at best, through 108.500 and 108.00, to 107.800 and its lowest level since late August.
  • EUR/USD saw a boost to levels close to 1.0200 from a 1.0061 low on a combination of factors, including hawkish ECB rhetoric and reports that Russian troops withdrew from key areas in Eastern Ukraine following a counterattack over the weekend.
  • The JPY sits as the G10 laggard following hefty recovery gains on Friday, whilst Deputy Chief Cabinet Secretary Kihara was the latest to join the Japanese verbal intervention.
  • Click here for more detail.

FIXED INCOME

  • Recovery momentum is building towards a breach of big figures in the major contracts, with no major catalyst for the upside.
  • BundsGilts and the 10 year T-note recently topped out at 144.01, 105.87 and 115-30 respectively.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent futures are once again choppy as prices initially fell at the resumption of electronic trade, before recovering as European players entered the fray.
  • Spot gold is firmer amid the softer Dollar, and eyes its 21 and 50 DMAs to the upside at USD 1,733.70/oz and USD 1,741.62/oz.
  • Base metals in general are boosted by the weaker Dollar; 3M LME copper eyes USD 8,000/t to the upside.
  • Russian official reiterates that some aspects of the grain deal need to be reviewed, via Interfax.
  • Click here for more detail.

CRYPTO

  • Bitcoin has risen above USD 22k amid the broader risk appetite, whilst Ethereum topped USD 1,750 in early trade.

NOTABLE EUROPEAN HEADLINES

  • EU offers to reduce Northern Ireland border controls, with EU’s Sefcovic encouraged by the UK’s intention for a negotiated settlement on trade, while the EU could cut customs checks across the Irish Sea to just a few lorries a day. Furthermore, Sefcovic said the border would be ‘invisible’ under European Commission plans provided that the UK gave the EU real-time data on trade movements, according to FT. However, Senior UK officials are reportedly downplaying EU’s offer on Brexit this weekend, with one reason being that the offer does not go far enough, according to Eurasia’s Rahman.
  • ECB’s de Guindos said the 75bps hike last week was aimed at anchoring inflation expectations; higher rates may also weigh on economic growth, via Bloomberg. ECB’s de Guindos said he does not know how much rates will climb.

NOTABLE EUROPEAN DATA

  • UK GDP Estimate MM (Jul) 0.20% vs. Exp. 0.40% (Prev. -0.60%)
  • UK GDP Estimate YY (Jul) 2.30% vs. Exp. 2.60% (Prev. 1.90%)
  • UK GDP Est 3M/3M (Jul) 0.00% vs. Exp. 0.10% (Prev. -0.10%)

APAC TRADE

  • APAC stocks took impetus from last Friday’s gains on Wall Street in a holiday-thinned start to the week.
  • ASX 200 traded higher with the mining-related sectors and tech resuming their recent outperformance, while the top-weighted financials sector was also kept afloat as the major banks increased mortgage rates after last week’s RBA rate hike.
  • Nikkei 225 rose above 28,500 as Japan mulls steps to open its borders including scrapping its daily limit of 50k arrivals of overseas visitors by October and waiving visa requirements.
  • Hang Seng, Shanghai Comp and KOSPI were closed for the Mid-Autumn Festival.

NOTABLE APAC HEADLINES

  • US is reportedly planning to broaden curbs on sales to China of semiconductors used for AI and chipmaking tools, according to Reuters sources.
  • Chinese President Xi will visit Central Asia and meet with Russian President Putin in his first trip outside of China since the pandemic began, according to Reuters.
  • PBoC called for efforts to facilitate the broader use of the digital yuan, according to Xinhua.
  • Japanese Deputy Chief Cabinet Secretary Kihara said the government must take steps as needed against excessive, one-sided currency moves. Kihara also said they won’t rule out issuing government bonds to fund an expected increase in defence costs and they are ready to consider steps in the not-so-distant future to further open Japan’s borders to overseas visitors including scrapping its daily limit of 50k arrivals of overseas visitors by October, according to Nikkei.
  • Japan is eyeing allowing foreign visitors to travel freely without travel agency bookings and waiving visa requirements, with PM Kishida to make the decision as early as this week, according to FNN.

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED HOLIDAY   //Hang Sang CLOSED HOLIDAY    /The Nikkei closed UP 327.36 OR 1.16%.          //Australia’s all ordinaires CLOSED UP 0.97%   /Chinese yuan (ONSHORE) closed DOWN AT 6.9265//OFFSHORE CHINESE YUAN UP 6.9169//    /Oil UP TO 87.45  dollars per barrel for WTI and BRENT AT 93.77    / Stocks in Europe OPENED  ALL GREEN.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

3c CHINA

CHINA/

China is now facing a huge employment crisis

a must read

(Stevenson Yang/J Capital Research)

“An Ugly Thing To Watch” – China Is Facing An Employment Crisis

SATURDAY, SEP 10, 2022 – 06:30 PM

Authored by Anne Stevenson-Yang, co-founder of J Capital Research, via TheMarket.ch,

The implosion of the real estate sector has stalled the Chinese growth machine. As a consequence, unemployment is rising. Western consumer goods companies with a significant presence in the country will feel the knock-on effects.

The projectile that was the Chinese economy has slowed and turned back toward earth. The Zero Covid policies and the real estate crisis brought China’s economy to an unnatural equipoise, seeming to hover in a no-growth zone for a few quarters.

Now, having failed to reach escape velocity, the rocket ship has turned around. The growth inversion will be an ugly thing to watch: millions of Chinese unemployed, crashing demand.

Back in the late 1990s, foreign visitors to China were bowled over by the GDP growth rates: 15%, 17%, and with low inflation. Rural people moved to the coast to live in factory dorms and work 80 hours a week making widgets for the world. Farmers planted cash crops and sold the produce in «free markets» that had opened across the country then took the money home and built themselves new houses.

For decades, the country had been held back, in poverty, with high levels of savings but no investment in industry or infrastructure. Suddenly, all that changed. Commerce became possible. Everyone’s lot in life was improving.

It was a great run: thirty years of optimism, thirty years of investment-fueled growth. The machine sputtered in 1998 and then in 2008, but leaders doubled, tripled, and quadrupled down, flooding the economy with investment capital.

When government leaders feared crashing international demand in the global financial crisis, they responded by pouring resources into real estate. Where the investment of the previous decades had largely gone into road, rail, telecom, and computerization that improved productivity, after 2008, the government force-fed the economy on capital to keep the economic machine going, and productivity sputtered.

Domestic Labor Market Slumps

It was going to take just a gentle push to make it all end, and that came with the property crash in summer 2021. Now, the news is all about unemployment. The government reports that about one-fifth of young people under 25 who are seeking work cannot find any. Although statistics on employment among older people are opaque, occasional independent surveys in the countryside indicate high levels of unemployment. Civil servants in the wealthiest regions are taking massive pay cuts.

Foreign investors have long taken a view that only 350 million reasonably prosperous people in the coastal cities matter to the economy. But even these wealthier people are seeing employment erode: banks, private education, brokerages, and other white-collar industries are laying off major portions of their workforce. The press is full of reports of layoffs in tech companies. The pharmaceutical sector is bleeding staff. Individual income tax receipts are falling.

The shuffling of feet is turning to a stampede. Formerly mighty companies like Tencent are selling off parts. Warren Buffett’s Berkshire Hathaway is selling down its stake in EV maker BYD. The founder of Huawei told employees that the company must focus on «survival.» Chinese real estate companies listed in Hong Kong reported that their earnings have declined by 87% so far in 2022.

Consumption Slows Down

To combat this, Chinese banks are furiously lowering rates and pushing out loans. The central bank is fighting the decline of the Renminbi, apparently spending down its stock of foreign exchange reserves but predicting that Renminbi will soon crest the long-feared 7:1 exchange rate against the U.S. dollar.

An «unemployment rate» is all but meaningless in a country that has not adapted to the workforce changes post 1995. China does not count rural people (about 60% of the population) or most gig workers. It accounts very poorly for people who do not have labor contracts—which is most of the migrants working in cities. We also know China will do its utmost to hide distress from the outside world.

But that is becoming more difficult, as public company numbers continue to disappoint. High unemployment means lower income, which means less spending, which means higher unemployment. We will see tumbling sales for consumer staples companies like Coca-Cola, Unilever, Tingyi, and Unipresident.

Smartphone sales are falling sharply. Nike is gloomy. Starbucks saw a 40% drop in sales in the most recent quarter. No more will China be the capital of luxury spending. And demand for commodities like coal and copper and iron ore is already tumbling.

Executives based in China will be the last to admit the problem. People like the CFO of Adidas continue to profess «commitment» to the Chinese market. One wonders whom they are trying to convince.

END

4/EUROPEAN AFFAIRS//UK AFFAIRS

EUROPE/ENERGY

A must read…Europe is facing an energy disaster.  Forty percent of Europe’s consumptions of oil and gas comes from Russia and nothing will stop this energy disaster from happening

(Brandon Smith)

Europe Is Facing Energy Disaster And It’s Going To Bleed Over Into The US

SUNDAY, SEP 11, 2022 – 10:30 AM

Authored by Brandon Smith via Alt-Market.us

Though the situation is ever changing, currently the Russian government has announced an official shutdown of ALL natural gas exports to Europe through the Nord Stream 1 pipeline and plans to maintain the shutdown until the EU ends its economic sanctions over the war in Ukraine. This means that around 40% of Europe’s energy resources are now gone, with supply chain issues surrounding the other 60% and prices skyrocketing for households and businesses.

Back in March in an article titled ‘The Biggest Lies (So Far) Surrounding Russia And Ukraine’ I noted that:

…There’s something else the media does not talk about much, which is Europe’s reliance on Russian oil and natural gas. If you want to see actual price inflation caused by Russia, let the EU ban Russian oil imports, or watch as Putin cuts off the supply. Europe is dependent on Russian oil and gas for about 40% of overall energy production. They cannot even survive a single year without it. If Russia retaliated and blocked energy exports to Europe, the the EU would have to siphon oil from many other countries, reducing global supply dramatically. This would cause gas prices to explode to double or even triple current levels.”

Back in April of this year in my article ‘The Media Is Ignoring These Two Events Which Could Cause Economic Collapse’ I predicted that:

…The Russian economy is not about to fold anytime soon, and now the EU, which is reliant on Russian oil and gas exports for 40% of their energy needs, is about to face economic doom unless they submit to paying for energy in rubles (which they won’t) or find a replacement source for gas and oil (which is impossible). Furthermore, with Europe on the global market looking for alternative oil sources, a big chunk of the oil market will be rerouted.

What does this mean? Less oil and gas to fulfill the demand in other countries. In other words, prices are about to skyrocket higher yet again.”

The media disinformation surrounding the economic situation with Russia disarmed millions of people and fooled them into believing that it was Russia facing fiscal disaster rather than Europe or potentially the US. Now, it would seem my predictions of a full spectrum crisis are coming true. The question is, what happens next?

For now, all talk in the mainstream media will revolve around two things – What will be done to prevent disaster, and how evil Russia is for cutting off the European population from warmth in wintertime. I’m not going to get into the weeds on the morality of Russia’s actions vs European sanctions (After all, the EU sought to economically destroy Russia. And, as I have written in the past, BOTH sides are being played by globalists to create a worldwide crash). But I do want to cover the inevitable EU response.

European governments are now racing to implement the only policies they understand: Stimulus policies.

The UK and the EU are announcing plans to artificially subsidize energy providers and pay a percentage of electric bills for households and businesses. Of course, one has to ask, if it’s that easy for governments to simply print money and feed it to energy providers, then why don’t they just pay for everyone’s electric bills all the time?

Because price controls never work, that’s why.

What the EU is planning is essentially a form of price controls using inflated fiat as a means to placate energy producers for as long as they can. Most oil and gas on the global market is purchased using the US dollar, not the Euro, so it is unclear if Europe will be printing euros to buy dollars or attempting to buy oil, gas, and coal directly. In any case, this will greatly reduce the Euro’s value on the energy market and prices will continue to rise for the EU anyway.

The EU and UK are seeking to cap prices and pay the remainder, but if prices keep climbing, how much are they willing to subsidize and how much are they willing to devalue the Euro (or the Pound) in the process? Are they willing to go into complete currency implosion and hyperinflation to pay for energy?

All of the debate over government stimulus and the effects will be meaningless, though, if the issue of supply is not taken into account. The EU can print as much money as they want, but this doesn’t help them if they can’t acquire enough energy resources to provide the heating and power the public needs. There is ZERO chance that they will be able to fill the void left behind by Russian gas and oil, so a certain percentage of the European population is going to suffer regardless.

Here are the developments Europe will see in the near term:

Rolling Blackouts

Further Price Inflation In Energy

Business Shutdowns Due To Operating Costs

Energy Fascism – Informants And Government Monitoring Of Usage

Continued Price Inflation In General Goods Including Food

More Government Price Controls

Governments Pushing The Idea Of Universal Basic Income

Rationing Of All Necessities

Severe Economic Decline And Job Losses

Large Numbers Of People Freezing In The Winter

Civil Unrest

I could continue on with this list but I think you get the idea. It’s not going to be pretty. For those of us in the US this seems like a scenario out of sight and out of mind, but this will not be the case. Europe is going to be scouring markets for energy supplies, anywhere they can find them. Case in point, the US is ALREADY sending 75% of its liquid natural gas exports to Europe. There is very little resource backstop for the EU to dip into.

This means less oil, less gas, less coal, less of everything for purchase in America. Sure, we could be producing most of these resources in-house and cut exports to the EU, but the Biden Administration will never allow that to happen.

At the very least, prices are going to rise everywhere on the majority of goods. I continue to predict that US gas prices at the pump will climb to around $7 a gallon on average. Propane and other heating commodities will rocket beyond previous highs.

Supply chains will be weakened. European manufacturing will take a massive hit and many of these businesses will not be able to operate at normal capacity. Most of them will have to reduce production and institute layoffs. This means that European goods will be exported less frequently and prices on the remaining goods will spike in the US.

European agriculture will also be hit hard. Food production will fall as energy supplies and fertilizer supplies falter. This means they will be buying up more grains and foods from other nations, causing prices to jump for everyone else including the US.

Civil unrest in Europe is assured. Similar conditions are already brewing in the states, but it’s hard to say if Europe’s problems will trigger public anger here. More price inflation might be the straw that breaks the camel’s back, but this is unlikely until mass layoffs start later this year and into 2023. It takes time for the public to realize things are not going to return to normal.

Overall, the US economy will continue its path towards destabilization, though it seems that Europe will see the worst of the global crisis over the next several months. Unfortunately, the interdependency created by globalism has left every country in the world overly reliant on the others. If any one link in the chain breaks, the entire system breaks. This is why decentralization is so important – It creates redundancies and protects each individual nation from a potentially disastrous domino effect.

END

EUROPE/UK/ENERGY

Economists warn that England’s energy bill caps will lead to blackouts in the UK

(OilPrice.com)

Economists Warn Energy Bill Price Caps Could Lead To Blackouts In UK

MONDAY, SEP 12, 2022 – 05:00 AM

Via OilPrice.com

Economists are warning prime minister Liz Truss’s decision to freeze energy bills for everyone in the UK at £2,500 raises the risk of blackouts. Experts at the economic think tank the Institute for Fiscal Studies (IFS) said energy supplies may run dry due to the government propping up energy spending.

“Households, businesses or governments… will have to reduce their energy use” to correct the UK energy market or supplies would have to be rationed, the IFS said.

“The less UK households reduce their energy demand, the greater demands placed on others… there is simply not enough energy to go round, which would require rationing or increase the risk of blackouts,” the organisation added.

Truss’s package is expected by another economic think tank, the Resolution Foundation (the Foundation), to possibly eclipse the £137bn bank bailout during the financial crisis if gas prices stay high.

Before the new support, the UK was hurtling toward the worst living standards crisis on record. Brits were set to lose around 10 per cent of their pay over the next two years.The IFS estimates poorer households will claw back a greater share of their income under Truss’s package compared to richer households (Source: IFS)

However, the prime minister’s move will cover three quarters of the energy bill hike for British households, the Foundation estimated. 

Truss announced today average annual energy will stay at £2,500 for two years starting from October. The government will bridge the gap between energy providers’ costs and customer prices.

Bills were set to rise 80 percent in October and possibly even higher in January and April.

All households will still receive the £400 grant announced by former chancellor Rishi Sunak in May.

Truss’s plan will be funded through a short-term borrowing splurge and probably future general taxation. 

Businesses will also receive the same support as households for six months. The government will then channel support into ailing sectors from March.

The pound – which yesterday touched a 37-year low against the US dollar – initially kicked higher on the news, but then tumbled around 0.25 percent. The FTSE 100 edged lower.

The IFS’s director, Paul Johnson, slammed Truss’s administration for failing to provide any costings despite launching the biggest fiscal intervention in peacetime. He also noted taxpayers would have to pay 75p for every £1 of energy usage.

The Foundation’s chief, Torsten Bell, agreed.

“Liz Truss is asking future taxpayers to pick up a large and very uncertain bill on behalf of today’s energy bill payers, but declined to set out the cost of this huge package,” he said. 

“It could end up surpassing the bank bailouts at the height of the financial crisis, with new support for households alone on course to total around £120bn,” he added.

Both think tank’s said the cash injection into the economy raises the risk of more rate hikes from the Bank of England.

END

EU

Now EU ministers call for a 10% cut in energy consumptions. This will lead to trouble.

(Geiger/OilPrice.com)

EU Ministers Call For 10% Cut In Energy Consumption

MONDAY, SEP 12, 2022 – 02:00 AM

By Julieanne Geiger of OilPrice.com

A meeting of EU energy ministers on Friday has suggested that each EU country implement strategies to reduce overall electricity consumption by a minimum of 10 percent, the Wall Street Journal has reported. 

The EU should also reduce electricity by at least 5% during peak price hours, according to a draft document seen by the WSJ. 

The EU asked its members earlier this summer to reduce gas consumption by 15% starting this fall and running through the winter.

While initially a request, it left the door open for it to become mandatory should the need arise.

The 15% gas cut framework could also be applied to Friday’s plan to cut electricity usage by 10%, the ministers said on Friday.  

According to the WSJ, the electricity rationing plan appears to have support from many member states. 

The emergency EU energy minister meeting was held on Friday to discuss skyrocketing consumer energy bills and a price cap on Russian natural gas. The meeting concluded without a concrete plan, with the group stating that more work needed to be done. Proposals for potentially capping the price of Russian gas—a controversial measure that critics claim will be ineffective—are due mid-September. 

Russia, for its part, has vowed to withhold gas exports to countries engaged in price capping, threatening to let Europe freeze if it runs contrary to Russia’s interests. Nevertheless, the EU seems determined to show its resolve on the matter to find a solution to restricting Russia’s oil and gas revenues. 

Friday’s emergency meeting is just the latest of many efforts the EU has made to quash economic upheaval due to industry shutdowns, and to prevent protests due to skyrocketing energy prices. 

UK/EU

A must read on what is going on behind the scene

(Tom Luongo)

Luongo: The Queen Is Dead, But Is The UK?

MONDAY, SEP 12, 2022 – 03:30 AM

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

I wrote a scathing piece on new UK Prime Minster Liz Truss the other day because I had to. Truss, I believe, is everything I said she is.  Sadly, she was also the best choice among the Tories to potentially carry Brexit to its real fruition.

Queen Elizabeth II finally gave up this mortal coil and say what you want about the British Crown and its perfidiousness throughout the centuries, Elizabeth was, I believe, something different.

I’m no royalist, or even a fan of the Brits at the geopolitical level.  I’ve spit enough fire and brimstone at them for their provincial attitudes towards all of their former colonies to level mountains.  The British aristocracy is as corrupt and enabling of the corrupt as any group of people in human history.

And many of the people they have enabled have no intention of giving up that power. Hence, the mess we see in Europe and the UK.

For all of the complaints I level at our own government being in the pay and service of foreign actors, I more than recognize the UK is dealing with the same problem.

But that said, I have a more balanced view of Elizabeth II and will not be dancing on her grave this morning.  In fact, I’ll remind you of the many posts I wrote back in 2018-19 about Brexit, Johnson and Trump bringing the Queen back on the chessboard to help get us out of the crisis we are now in.

The British crown has been a captured piece for generations to British globalists and Communists, but I repeat myself. They have dominated British foreign and domestic policy for decades.

And if there is one thing we know about Elizabeth, she hates Commies.

Sadly, so much of what we hoped for died when Davos stole the 2020 election and destroyed the Trump/Johnson/Elizabeth axis of power. Who do you think was really the target of COVID?

Us? The plebes? No. It was The Fed, Trump and the Queen. Davos got two of three. It ain’t bad, as the song goes, but without all three they can’t win.

That’s the most important part of Elizabeth’s story – as Queen she backed Brexit. Now, say what you want about what Brexit unleashed, the multiple power vacuums it created, and the confusion of who has sought to profit from it, in the end Brexit was an immense, world-shaking statement of popular sovereignty.

On this issue alone Queen Elizabeth II put paid Hans Hoppe’s trenchant analysis from 20 years ago in his book, Democracy, the God that Failed, that as bad as it is, even monarchy is a superior form of government than democracy because at least the monarch has a property right in their people.

Whereas in democracy, it’s just one big tragedy of the commons and all the corruption, graft, sloth and banality that implies. The crown at least purports to stand for something. And by backing Brexit Elizabeth stood for her people over those jackals in Parliament, the House of Lords and the Civil Service working so hard to tear them down.

Trump understood that Elizabeth was not Davos and Brexit the chance to really change the dynamic between not only the US and the UK but also between those two and Russia/China.

There was an opportunity for a negotiated settlement with them on behalf of the Global South and avoid the crisis we are in right now.

Elizabeth understood this as well, but was mostly powerless to stop the train because the UK government and its entrenched aristocracy is a cesspit.

Trump also understood that Charles was as compromised a figure as you could be.  The manila folder on Charles is more than thick enough to ensure he does as he’s told. 

Elizabeth, on the other hand, was no one’s toady.  It simply wasn’t her.  It doesn’t mean she was an heroic figure we should lionize. People are complicated.  Stories are never as cut and dried as we would like them to believe. Charles is still taking the throne after all.

I view the British Crown the same way I view the Vatican — corrupt and the power it wielded caused mission creep over the centuries in defining “their interests.” You’ll note how they’ve corrupted the United States with this same idea of “interests.”

The imperial mindset is one of the stickiest things in human behavior. But at some point pure survival takes over and pragmatism trumps all those old ambitions and machinations. The problem, of course, is that the jackals have weakened everything to the point of unleashing the worst people to run around doin’ stuff.

So, when Trump “lost” the stage was set to off Johnson and reverse Brexit.  Davos made their move against Johnson this summer because, as Alex Krainer reminded me in an email the other day, the British Cabinet actually runs the country, not Parliament.  

This was why Marc Sedwill being both Cabinet Secretary and Head of the Civil Service under Theresa May was so dangerous.  He was really Prime Minister, directing Brexit negotiations doing Davos’ bidding.

It’s also why Johnson firing him as nearly the first thing he did when taking power was the definitive statement of his position on Brexit, the Queen and the UK as a sovereign nation.

Sedwill’s power and betrayal of the UK showed in the Brexit deal May negotiated and left for Johnson to clean up.  One of the things she left behind was the Northern Ireland Protocol.

It was Elizabeth that helped along the destruction of May and the ascension of Johnson.  None of this excuses their activities in Ukraine, of course, but that’s a different matter.

Davos wanted Johnson gone because they wanted Brexit undermined.  The Northern Ireland protocol is the key to this.  There is a provision in the Brexit agreement where the NI protocol is to expire in a couple of weeks. There was a two-year time limit on it and if UK didn’t think the EU were acting in good faith (or whatever) they could cancel it and the UK would now be in charge of the border crossings. 

Conversely, if the NI protocol remains in place, the EU will still set trade policy for the UK.  Sunak was supposed to win and make sure the UK negotiated down.

Liz Truss has been at the forefront of pushing the legislation, now in the House of Lords, that would invoke that Article within the Brexit agreement and end the tussle over Northern Ireland.

So, this is the issue on which Brexit hangs.  It’s why Davos couldn’t wait for Liz to die before removing Johnson and creating a fight within the Tories for control over the party.  

It’s why Johnson kept saying they would have to remove him from office bodily.  In the end BoJo may have been a clown but it looks like he was, on balance, a patriot.

The goal was for Davos to get their dark-skinned Tony Blair, Rishi Sunak.  

They failed and got Johnson’s Foreign Secretary, Liz Truss.  

And I think Elizabeth held on long enough to see this through to completion, for the UK to be independent of Europe and re-establish its sovereignty. 

Truss then looks like a counterweight to Charles’ clear alliance with Davos on Climate Change and the Great Reset.  Then again, he may surprise us now that he has the crown.   I won’t speculate further.

The path to that is having nationalists in control of the cabinet who, in turn, control Parliament and the Civil Service.  

Now, all of this analysis depends on how Truss handles Northern Ireland.  If she stands her ground and wins then the above is correct and Brexit will eventually be achieved. Elizabeth’s legacy will be preserved.

If she caves Theresa May style, then the UK will be torn apart by Brussels/Davos to strip mine it. Remember, for Schwab’s plan to work in his mind, everyone must be brought low.  If only Europe is destroyed he wins nothing except historical vilification.

Remember what I said about Elizabeth hating Commies?

Now, as for Truss, if she begins backing off on the foreign policy front and focuses all of her attention on domestic policy, then the UK could avoid some of the damage clearly aimed at them.

If she doesn’t and continues Johnson’s insane belligerence against Russia then the UK’s future is far murkier.

For now, the early returns are good.  Her lifting the ban on fracking and oil/gas exploration is exactly the thing the UK needs to do.  It will put the Scottish Nationals led by Nicola Sturgeon on their back foot.  Expect increasingly strident calls for Scottish independence in the coming months.

Will Truss have the strength to ride herd over all of this?  I doubt it, especially with Biden/Obama in the White House.  This may all change post-mid-terms here in the US and Italy’s elections in two weeks.  

As it stands, on balance, Elizabeth did the best she could with a terrible post-war hand as monarch. The march towards this moment was well beyond her control. If, in the end, she was able to help the UK out of the mess she couldn’t or didn’t do enough to stop, then her legacy will have been a good one.

END

GERMANY

Mass protests in Germany demanding WEF puppet Scholz and his government to resign

Fwd: state control on Twitter: “GO GERMANY‼️Mass protests in Germany demanding WEF puppet Chancellor Olaf Scholz and his government resign. https://t.co/5e8zisPlwD” /

Robert Hryniak10:41 AM (5 minutes ago)
to

> The storm cometh
>
https://twitter.com/statecontrick/status/1568686422475014144

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS//

RUSSIA/UKRAINE

Russia’s 2nd largest city, Kharkiv plunged into total darkness as Russia strikes its key infrastructure

(zerohedge)

Ukraine’s 2nd Largest City Plunged Into Total Darkness As Russia Strikes Key Infrastructure

MONDAY, SEP 12, 2022 – 05:44 AM

Kharkiv, which is Ukraine’s second largest city and is the biggest population center closest to Russia’s border, has been plunged into total darkness Sunday night amid alleged Russian attacks on key infrastructure sites, including large power stations.

“The center of Ukraine’s second city Kharkiv was plunged into darkness on Sunday evening by an electricity blackout,” Reuters has confirmed of the large-scale outage. It’s further being reported that some city districts are also without water, creating a severe crisis for residents.

“The cause and extent of the blackout in the northeastern city were not immediately clear. There were also unconfirmed social media reports of blackouts in other places and regions,” the report said initially.

However, Ukrainian officials are pointing to stepped up and deliberate Russian attacks on civilian electrical facilities crucial to the city’s operations. They are viewing it as punishment for the at this point largely successful Ukrainian military counteroffensive which has regained at least 40 towns and villages to the north and east of Kharkiv.

President Volodymyr Zelensky posted a brief statement to social media along with footage of destroyed infrastructure, denouncing “Deliberate and cynical missile strikes on civilian, critical infrastructure.” He stressed they were not “military facilities” that were attacked. “Kharkiv and Donetsk regions were cut off. In Zaporizhia, Dnipropetrovsk, Sumy there are partial problems with power supply.”

The governor of the eastern Kharkiv region said that both electricity and water supplies had been disrupted Sunday, citing ongoing Russian attacks on “critical infrastructure” had disrupted electricity and water.

Additionally, a top Ukraine offical of the Dnipropetrovsk region blamed the Russian military for hitting  “energy infrastructure” – calling it retaliation for “defeat on the battlefield.”

Global network monitoring site NetBlocks also confirmed a mass disruption in internet access across Kharkiv oblast, citing a “Russian strike on TEC-5 thermal power plant” amid pro-Moscow forces being pushed back.

end

This is the reality and not the balderdash being reported

Robert Hryniak10:40 AM (6 minutes ago)
to

I have often cautioned that Putin is a moderate and not a hard liner. He is dirty as most are but a real moderate not wanting to destroy the world. One cannot say that about some of the hard liners who are gaining in wanting tactical nukes used to send a clear message of millions of Ukrainians being killed and whole cities disappeared to tell the West to back off. The line between sanity and insanity is often a thin one in such circumstances. And historic evidence suggests horror and cruelty knows no bounds in war. However, given the lack of current tactical battlefield nukes possessed by the Russians tells us, insanity and decency still prevails for a time.

While it is clear that knocking out power supply is an escalation; it was done to slow the supply of Ukrainian troops led and directed by on the ground foreign actors. Have no illusions this is a thin line separating this from a direct NATO/Russia fight.  It is harder to transport troops and equipment when electric trains cannot run. As it is, losses between the south and north are close to 30,000 + with at least 10,000 killed and the rest wounded. All hospitals overflow with wounded. Most of who will never return to the battlefield or a normal life. There is a 3rd push being readied in the middle towards Donetsk ( the thinking is to take the city and hold a vote and reject independence and orientation to Russia and ask Russia to leave) … there is a force of close to 40,000 Ukrainians being readied for this assault. Remember that Ukraine has close to 700,000 troops in total to throw into this fight and 5 nukes which they will use at some point. When that happens Putin will have no choice but to go nuclear or be deposed. I anticipate Russia will start to get serious now and decimate Ukrainian forces making the past seem tame. Literally there is no choice now because if they remain timid only larger escalation will come. So as awful as it sounds, dramatic troop destruction is the best chance to avoid escalation as Zelensky will not be able to mask the dead or wounded in numbers once it gets past 100,000 in this round. As it is dead are being buried as far away as France in temporary graves in military cemeteries to be returned at some point in the future while families are being paid off with cash to be silent.

It is completely senseless what is going on but to the last Ukie this will go. Unless other events prevail.

Shorty expect to see Russia cut off all energy shipments to Europe, even oil … current arrangements are being made in other domains for demand and once this is in place Europe will be completely cut off.

If the future plan was to broaden the field of confrontation on back of Russian energy, it is sadly mistaken. And should this occur Putin will not be able to hold back the calls for early missile strikes. Strikes that can and will likely go tactical in a hurry and once buttons are in play stopping the insanity of nuclear war is dim. Perhaps demonstrations like the one in Germany, the other day will wake up puppet governments to the realization that the public wants no part of this insanity being hoisted upon society.

Hal Turner Radio Show – BREAKING NEWS: Russia Launches MASSIVE Missile Barrage – Hitting POWER PLANTS for first time

Inbox

Robert Hryniak3:17 PM (2 hours ago)
to

https://halturnerradioshow.com/index.php/en/news-page/world/breaking-news-russia-launches-massive-missile-barrage-hitting-power-plants-for-first-time

END

Last Operating Reactor At Ukraine’s Largest Nuclear Plant Shut Down

MONDAY, SEP 12, 2022 – 03:40 PM

Authored by Jessica Corbett via Common Dreams, 

The last nuclear reactor operating at a Russian-occupied plant in Ukraine was shut down after a power line connecting the facility to the grid was restored late Saturday.

Global concerns about a possible meltdown at the six-reactor Zaporizhzhia nuclear power plant (ZNPP) have mounted since late February, when Russia invaded Ukraine—home of the infamous Chernobyl disaster. The nations have accused each other of shelling the facility. Zaporizhzhia—Europe’s largest nuclear station—had been operating in “island mode,” with the sixth reactor generating the electricity required to run necessary cooling systems, after being disconnected from the grid.

Energoatom, the state-run operator of Ukraine’s four nuclear facilities, said that once a backup line was restored “to its operational capacity” Saturday, “a decision was made to shut down power unit No. 6 and transfer it to the safest state—cold shutdown.”

The International Atomic Energy Agency (IAEA), the United Nations nuclear watchdog with two experts at the power station, confirmed the shutdown in an emailed statement to The Associated Press on Sunday.

“After yesterday’s restoration of the power line—which connects the ZNPP to the switchyard of a nearby thermal power station—the operator of the ZNPP this morning shut down its last operating reactor, which over the past week had been providing the plant with the required power after it was disconnected from the grid,” the statement said. “IAEA staff present at the ZNPP were informed this morning about these new developments, which were also confirmed by Ukraine.”

As the news agency noted:

Energoatom said the risk remains high that outside power is cut again, in which case the plant would have to fire up emergency diesel generators to keep the reactors cool and prevent a nuclear meltdown. The company’s chief told The Associated Press on Thursday that the plant only has diesel fuel for 10 days.

The IAEA’s director general, Rafael Grossi, said Sunday that “I remain gravely concerned about the situation at the plant, which remains in danger as long as any shelling continues. To address this serious situation, consultations have begun on the urgent need to establish a nuclear safety and security protection zone.”

Grossi on Friday had called for an “immediate cessation of all shelling in the entire area” and the creation of a safety zone, adding that “this is an unsustainable situation and is becoming increasingly precarious.”

During an interview with ABC News last weekend, Ukrainian President Volodymyr Zelenskyy said of Russian forces at the plant: “So, they occupied it. So that is—means that they use [a] nuclear weapon. That is [a] nuclear weapon.”

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=1568983376157196289&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Flast-operating-reactor-ukraines-largest-nuclear-plant-shut-down&sessionId=b2105886d9d04cbd7fa92959785a3440980df456&siteScreenName=zerohedge&theme=light&widgetsVersion=1bfeb5c3714e8%3A1661975971032&width=550px

In his nightly video address on Saturday, Zelenskyy highlighted recent gains by Ukrainian forces, saying that “the Russian army in these days is demonstrating the best that it can do—showing its back.” As U.S. Secretary of State Antony Blinken on Thursday met with Zelenskyy in the Ukrainian capital Kyiv and announced billions of more dollars in military aid, global peace groups renewed calls for diplomacy.

“The White House and Congress are fueling this war with a steady stream of weapons instead of pushing for talks to end the conflict,” said Medea Benjamin, co-founder of the peace group CodePink. “That’s why we, the people, have to rise up with a demand of negotiations, not escalation.” CodePink and other anti-war groups plan to launch a global week of action for peace in Ukraine on Monday.

END

GLOBAL ISSUES////COVID ISSUES/VACCINE ISSUES

VACCINE ISSUES

GLOBAL ISSUES//ECONOMY

This ought to wake up a lot of people as the world’s second largest appliance company reports demand plunge  (due to affordability)

Alarm Bells Sound As World’s Second Largest Appliance Company Reports Demand Plunge

MONDAY, SEP 12, 2022 – 09:28 AM

Swedish appliance maker Electrolux AB announced a cost reduction program after reporting a plunge in demand for its home appliances across Europe and the US

The world’s second-largest home appliances manufacturer after Whirlpool said, “market demand for core appliances in Europe and the US so far in the third quarter is estimated to have decreased at a significantly accelerated pace compared with the second quarter, driven by the impact of high inflation on consumer durables purchases and low consumer confidence.” 

It noted: “High retailer inventory levels have amplified the impact of the slowdown in consumer demand.” 

Remember, there’s a massive inventory glut of consumer goods at retailers.  

Electrolux warned a combination of snarled supply chains had pressured the company, which is expected to report an even more significant operating loss in the third quarter

“In combination with supply chain imbalances resulting in significant production inefficiencies and increased costs, the third quarter earnings for the Group are expected to decline significantly compared to the second quarter 2022 also excluding the one-time cost to exit the Russia market. This has been driven mainly by Europe and North America. Business Area North America is expected to report an operating loss in the third quarter exceeding the loss in the second quarter.” 

Waning consumer demand, retailer inventory building, and mounting losses for the Swedish company forced its board to “initiate a Group-wide cost reduction program addressing both variable and structural costs.” Electrolux explained more about the cost reductions:  

“The program, which starts immediately, will focus on reducing variable costs, with special attention to eliminating cost inefficiencies in our supply chain and production. The structural cost reductions will primarily take place in Europe and North America and include prioritization and efficiency measures leveraging recent organizational changes which took effect July 1. The measures include increasing productivity in operations as well as optimizing the R&D portfolio, administration, sales and marketing activities.”

The souring outlook for Electrolux initially sent shares down 7% but have since recovered most losses late in the European session. 

Electrolux’s CEO Jonas Samuelson said consumer confidence is expected to stay depressed in Europe, adding, “I think people will hold on to their wallets quite hard.” The same is likely true in the US — consumers have backed off buying durables goods and focused on purchasing staple products as the highest inflation in decades has sent wage growth deeply negative for more than a year. Households on both sides of the Atlantic are struggling. 

end

A good commentary

(Jeffrey Tucker)

A World On Fire

MONDAY, SEP 12, 2022 – 05:00 PM

Authored by Jeffrey Tucker via The Brownstone Institute,

Every day, news reporters, traders, and workers of all sorts the world over wake to do their work as they always have. Part of that requires that everyone pretend that life is normal, fixable, and more or less stable. All of this is temporary. It will come and go and really not be that bad. 

Strange, isn’t it? Human beings have a hard time adjusting to disaster, in their decision-making and even in their mindset. Reporters have to do their jobs as they are trained. Traders too. Everyone does. They please their bosses. They don’t sound alarms. They don’t scream and yell as they probably should. 

But there is a moment in the day when the work is done and perhaps a cocktail comes out or the dishes are washed and the kids are in bed and the room falls silent. At this moment, millions and billions of people the world over know it. Disaster is all around us. We are just pretending otherwise, simply because this is what we have to do. 

It was this way during lockdowns. They must know what they are doing otherwise why would we be forced to do this. If we all do our part, maybe this will end sooner rather than later. The experts surely know better than we do what is what. What can we do but trust?

Let us adjust and find a way to normalize all of this in our minds. We are powerless to change it in any case. 

And thus the peoples of the world adjusted and will continue to do so as the fundamentals decay and rot, long past the end of lockdowns and most vaccine mandates, even as all the old rituals and signals of life as we once knew it fade further into memory. 

Enough with the dreary existentialism. Let’s talk about life in a one-bedroom apartment in London. The price of energy for heat has nearly doubled, seemingly overnight. Truly, it took months but it has felt like one day to the next. The energy bills will be approaching a substantial portion of the rent itself. And the forecast — which one has to do because that’s how energy markets work on the consumer end — is showing a doubling and doubling again. 

Here is what Goldman Sachs is seeing. 

Small businesses cannot function under these conditions. “Tom Kerridge, the celebrity chef, revealed that the annual energy bill at his pub has soared from £60,000 to £420,000 and warned that ‘ludicrous’ price rises left the hospitality sector facing a ‘terrifying landscape’,” reports Telegraph. 

This is all running wildly ahead of consumer prices generally. This is only through June. We are already approaching 100% inflation in energy. 

Many will need to close up shop. The new Prime Minister Liz Truss, who calls herself a conservative, has capped price increases for consumers while pushing the largest spending bill to bail out energy companies ever. It truly seems like she had no choice. Yes, that’s what they all say, but in this case, it might be true simply because otherwise, the entire nation would totally fall apart. 

It could happen anyway. 

“The U.K. may be facing a wave of business bankruptcies exceeding anything witnessed during the post-2008 panic and recession,” reports Joseph Sternberg. “Some 100,000 firms could be forced into insolvency in coming months, bankruptcy consultancy Red Flag Alert warned this week. These are otherwise healthy firms with at least £1 million in annual revenue. Business failures on this scale would dwarf the roughly 65,000 firms of any size that went under from 2008-10.”

Everyone wants to know why. As always, there are a number of factors. The sanctions on Russia for its struggle over the borders of Ukraine were ill-advised. That has never stopped the deployment of such tactics: sanctions against Cuba still in force began 60 years ago, all in an effort to make some foreign state behave in a way that the US demands. 

They have driven up the price of energy all over Europe and the UK. But even then, Russian sources only about 3% of the UK’s energy needs. 

Another culprit is the fanatical attempt on the part of the government to convert a fossil-fuel economy to one powered by the wind and sun. For reasons of climate change, we know how good politicians are at controlling the global climate by taking away your consumer conveniences. 

But really even these two factors would not be enough to cause this level of carnage. The real root of the problem is monetary, which in turn traces (again!) to lockdown policies: the wild currency debasement starting March 2020 and continuing through lockdowns has wrecked the place. How could they not see this coming? It’s ridiculous. 

And it happened the world over. The chart below that I put together looks messy but it tells the whole story of how one generation of central bankers wrecked the world. The key on the left tells you monetary inflation rates and the key on the right tells you price inflation rates. One lags the other by 16-18 months. I’ve color-coded it so that you can see the relationships. 

This covers the U.S. (green), the EU (red), and the UK (blue). You can see the massive oceans of paper being pumped out to cover up for the egregious evil of lockdowns. Do you remember those days when governments the world over imagined that they could somehow shut things down while keeping the data looking pretty with the printing press? 

How Quickly Things Fall Apart 

My friends in the UK are truly panicked. They want to come to the U.S. just to get away. But many of my friends are rebels and did not accept the vaccine because they are healthy and under the age of 80. They rejected the jab. Now they cannot come to the U.S. because the U.S. is still imposing rules that forbid travelers from foreign countries who are not vaccinated from getting across the borders. 

These policies again trace to the lockdown era: March 12, 2020, in particular, when the office of the president decided on its own to do the unthinkable and shut travel from Europe, UK, Australia, and New Zealand. It caused family disruption, business loss, and tragedy all around. It is still not normalized, which makes the point: no one in Washington has any regrets. 

This is the essence of policy in America today. Truly people are being locked out of our country for being insufficiently loyal to Pfizer, which seems to be the real government here at home, at least as it pertains to public health. 

The most striking feature of that which afflicts the UK today is the sheer speed of it all. One day life was normal and then suddenly the bills were through the roof. No one could explain why. It was some kind of mystery, and extremely disorienting. 

Why energy, for example? Well, inflation strikes in strange ways. It gravitates to the thing most vulnerable to price hikes. This could be dictated by fashion or policy or both. But when it happens, no power can stop it. 

The story of going from normal to double and triple prices, forecasting to go much higher, reminds me of books I’ve read about Weimar, how things were fine until suddenly they were not and life itself took a shocking turn. 

Until recently, Americans have looked at the chaos abroad and thought oh that’s what these weird foreign people do, just strange stuff with unstable governments and unsound financial systems. And yet right now it is happening to our mirror country across the pond, a place that Americans think of as cousins with a Royal family. 

The remarkable thing is that the UK’s monetary policy was not as bad as the U.S.’s own. The only difference is that there is a larger international market for dollars than for pounds. This allows the Fed a bit of breaking room to do more damage. 

But can it happen here? Yes, certainly, and it could happen before year’s end. The policies of the last three years have created an incredible powder keg. No one knows when it will go off, and no one knows what to do when it happens. 

There are so many other data points: missing workersfood shortages, political instability, and the breathtaking entrenchment of Xi-backed lockdowns in China. 

The world is on fire. Most people are not willing to think about it or talk about it. Yet. 

END

Paul Alexander..

CDC, you tell us this now? Now? After the death & destruction you CDC, Fauci, Birx, Francis Collins, Walensky et al. have caused? Now you admit no difference between vaccinated & unvaccinated?

But you killed tens of thousands by your inept lockdown lunacy so what are we supposed to do now? The millions who were fired & millions took the injection to keep working, to school! You admit now?

Dr. Paul AlexanderSep 11

So we all were smeared and attacked and fired and lives destroyed for nothing? No difference between the vaccinated and unvaccinated? But I myself have written countless papers on this, spoken about this, many other brave scientists have and we were cancelled, we were vilified by the media and idiotic inept television medical experts and the CDC and NIH and FDA officials. By our own governments. Yet CDC can now say that there is no difference and just carry on?

What happens to the millions of us who were ostracized and removed from society or getting medical care etc. and just living normal lives because we felt we were already COVID recovered and did not need the vaccine or just did not want it due to our own preferences and own personal risk assessment? What about all of us who were destroyed by the lockdown lunacy?

END

EXCESS Mortality in selected nations, note above the 0% line; trying ot get the data plotted to today

Dr. Paul AlexanderSep 10
Open in browserDEVASTATING vaccine booster harms in young American adults (university age), study by Høeg & Makary et al.
22,000 – 30,000 prior uninfected adults aged 18-29 must be boosted with mRNA shot to stop 1 Covid-19 hospitalization; 18 – 98 serious adverse events, 1.7 – 3.0 booster-associated myocarditis in males
Dr. Paul AlexanderSep 10

Utilizing the CDC and sponsor-reported held adverse event data, researchers find that booster mandates may indeed contribute to a net expected harm.Yes, this study is based on secondarily held data (CDC etc.) and not primary patient level data but the methods is bullet proof and potent and as a purist researcher, I support these findings. The modelling is robust. The modelling does not take into account the ‘protection conferred by prior infection nor a risk-adjustment for comorbidity status’. This should be taken into account by the reader.

SOURCE:Covid-19 vaccine boosters for young adults: A risk-benefit assessment and five ethical arguments against mandates at universities

Students at North American universities risk disenrollment due to third dose Covid-19 vaccine mandates. We present a risk-benefit assessment of boosters in this age group and provide five ethical arguments against mandates. We estimate that 22,000 – 30,000 previously uninfected adults aged 18-29 must be boosted with an mRNA vaccine to prevent one Covid-19 hospitalization.Using CDC and sponsor-reported adverse event data, we find that booster mandates may cause a net expected harm: per Covid-19 hospitalization prevented in previously uninfected young adults, we anticipate 18 to 98 serious adverse events, including 1.7 to 3.0 booster-associated myocarditis cases in males, and 1,373 to 3,234 cases of grade ≥3 reactogenicity which interferes with daily activities. Given the high prevalence of post-infection immunity, this risk-benefit profile is even less favourable.University booster mandates are unethical because: 1) no formal risk-benefit assessment exists for this age group; 2) vaccine mandates may result in a net expected harm to individual young people; 3) mandates are not proportionate: expected harms are not outweighed by public health benefits given the modest and transient effectiveness of vaccines against transmission; 4) US mandates violate the reciprocity principle because rare serious vaccine-related harms will not be reliably compensated due to gaps in current vaccine injury schemes; and 5) mandates create wider social harms. We consider counter-arguments such as a desire for socialization and safety and show that such arguments lack scientific and/or ethical support. Finally, we discuss the relevance of our analysis for current 2-dose Covid-19 vaccine mandates in North America.’END

VACCINE IMPACT/

NEW EVIDENCE UNCOVERED IN A LAWSUIT’S DISCOVERY SUGGESTS THE WHITE HOUSE ORDERED THE TARGETING-DEPLATFORMING-CENSORING OF DR. NAOMI WOLF

Dr. Paul AlexanderSep 10

THE MINISTRY OF TRUTH STRIKES AGAIN – THEY CAN RUN FOR COVER – BUT THEY CANNOT HIDE FROM MISSOURI ATTORNEY GENERAL ERIC SCHMITT  or DR. NAOMI WOLF

Dr. Naomi Wolf is a Best-Selling Author and The CEO of Daily Clout

‘On MAY 5TH 2022 Plaintiffs (Missouri Attorney General Eric Schmitt on behalf of State of Missouri ET AL) filed a complaint [Doc. No. 1] against Government Defendants. In the Complaint and Amended Complaint [Doc. No. 45], Plaintiffs allege Government Defendants have colluded with and/or coerced social media companies to suppress disfavored speakers, viewpoints, and content on social media platforms ‘disinformation’, ‘misinformation’ and ‘malinformation. Plaintiffs allege the suppression of disfavored speakers, viewpoints, and contents constitutes government action and violates Plaintiffs’ freedom of speech in violation of the First Amendment to the United States Constitution.’

STATEMENT FROM DR. WOLF:

“Today my lawyers submitted a new court filing (see below) with additional documents that show how the executive branch of our federal government worked with Twitter to silence me for asking questions about the Covid-19 vaccines. These documents also appear to show that the censorship project between Twitter and the executive branch began inside the White House. Nobody should be retaliated against for exercising her First Amendment rights. Thank you to Missouri AG Eric Schmitt and Louisiana AG Jeff Landry for working to obtain these documents. I will continue fighting to protect my rights and the rights of all Americans to speak their minds and ask tough questions.”

Trump Versus Twitter Case

DR. NAOMI WOLF ON BEING TARGETED BY TWITTER AT THE BEHEST OF THE CDC:
“Thanks to a FOIA lawsuit brought by America First Legal against the big tech companies, I have learned that the CDC’s press group coordinated with big tech companies, such as Twitter, to attack critics of vaccine side effects for ‘misinformation.’ To my horror I saw that a tweet of mine was included in targeted tweets that America First obtained via FOIA. The tweet of mine, that the CDC brought to big tech for targeting, was an example of basic investigative reporting on women’s health issues – the kind of reporting I’ve done for 35 years. My flagged tweet simply noted that hundreds of women were reporting menstrual side effects, and this needed more investigation. Of course, this turned out to be true and even Dr. Fauci recently acknowledged, in an appearance on Special Report with Bret Baier, that “we need to study it more (effect of the vaccines on menstrual cycles).”

Shortly after the CDC identified my tweet as ‘misinformation’ I was deplatformed and a global attack from legacy media sought to undermine my reputation. Tweets that I had previously deleted as being poorly worded, were resuscitated and circulated to media in the effort to discredit me. Only Twitter could have retrieved these deleted tweets. I was called ‘mad’ and ‘batshit crazy’ and counter factual.” August 2022

CENSORSHIP HALL OF FAME:

MAY 10, 2021, Carol Crawford from the CDC press office sent an email stating the CDC’s intention to ‘establish BOLO meetings on ‘misinformation’ and invited all BIG Tech platforms to join the meetings.” Six days later, Ms. Crawford emailed Todd O’Boyle at Twitter asking him to participate in these BOLO Meetings’ and gave him examples of tweets from ‘misinformers’ from whom she was telling O’Boyle to censor.

Dr. Naomi Wolf was targeted as one of these so called ‘misinformers.’ A screen grab of a tweet of hers was used as an example in the Bolo Meetings emails that went out.

Dr. Naomi Wolf was banned from Twitter days later.

BOLO is a law enforcement term for ‘BE ON THE LOOKOUT’ for criminal suspects.

May 16, 2021, American Conservative Movement Reported “Harvard Epidemiologist Martin Kulldorff Locked Out By Twitter Over Confirmed Face Mask Realities”

June 5, 2021, Dr. Naomi Wolf is permanently banned from Twitter. Dr. Wolf’s Husband, Brian Shea, posted a statement from Dr. Wolf on Twitter. ‘Hi friend and colleagues, I was suspended on Twitter….’ Breitbart reported “ Naomi Wolf Blacklisted For ‘Vaccine Misinformation’

July 26, 2021, Former Press Secretary Jen Psaki admits the White House is in constant and regular communications with social media platforms Stating, “ Specifically, we’re regularly making sure social media platforms are aware of the latest narratives, dangerous to public health that we and many others Americans are seeing across all of social media platform policies.”

January 4, 2022, Laura Ingraham guest Dr. Robert Malone whose Joe Rogan interview was censored by Google after he applied a theory from Professor Mattias Desmet – Mass Formation Psychosis –  Stated, “What the media doesn’t understand is that you can’t suppress information. It’ll find a way to be free.”  

February 1, 2022, Fox Business reported, “White House pushes Spotify, Big Tech to continue crackdown on ‘misinformation’ amid Joe Rogan controversy.”

July 22, 2022, Fox News reported, “House Republicans tell Biden he’s acting like a ‘Cuban dictator’ with his social media censorship campaign”

July 27, 2022, Just the News Reported,  Dr. Naomi Wolf was targeted by CDC and Twitter. The CDC singled out a tweet of hers mentioning reports of females’ menses becoming irregular after reeving the COVID -19 injections. Within days Dr. Wolf was permanently banned from Twitter.  ‘AFL Lawsuit Reveals Damning CDC Documents Proving Government Collusion with Big Tech to Censor Free Speech and Promote Biden Administration Propaganda.’

August 3, 2022, Jeffrey A. Tucker wrote an excoriating piece for Brownstone Institute on the inappropriately cozy relationship between CDC and Big Tech and their censoring of Dr. Naomi Wolf titled” Besties: Twitter, Facebook, Google, CDC, NIH, WHO.”      

September 8, 2022, Fox Business reported ‘Missouri AG Eric Schmitt accuses Biden administration of orchestrating a ‘vast censorship enterprise’ Schmitt stating the censorship uncovered should scare every American.’

end

Naomi Wolf: “England has Began to Deny 11 Year Olds and Under Covid Vaccine due to Safety Concerns”; DAILYClout

Dr. Paul AlexanderSep 9

SOURCE: England has Began to Deny 11 Year Olds and Under Covid Vaccine due to Safety Concerns

Substack Alexander COVID News evidence-based 


VACCINE INJURY/

cpowell@cox.net shared this with US

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The Epoch Times Unsubscribe5:06 PM (0 minutes ago)
to me
The Epoch Times I thought you’d be interested:   More Reports of COVID Vaccine-Linked Heart Inflammation in Young Males Submitted to CDCRead More

/VACCINE IMPACT

61,000 Millennials Aged 25 to 44 Died in 2021 After COVID Vaccine Mandates – 84% Increase in Mortality Rate

September 9, 2022 3:16 pm

Edward Dowd, a former portfolio manager for BlackRock and the author of the upcoming book “‘Cause Unknown’: The Epidemic of Sudden Deaths in 2021 & 2022,” has been analyzing data related to all-cause mortality since March 2021. Dowd is familiar with predicting trends and observing patterns, and became interested in studying CDC data after he heard many anecdotal accounts of vaccine injury. He found a monumental spike in sudden deaths occurring in the fall of 2021 to early 2022 in the working age cohort, which corresponded to the Biden administration’s vaccine mandates for federal and corporate employees. “The age cohort from 25 to 44, which we call the millennials, experienced an 84 percent rise of excess mortality into the fall of 2021—August, September, October—and the rate of change was just dramatic,” Dowd told EpochTV’s American Thought Leaders program during an interview that premiered Sept. 6. That “represented about 61,000 Americans who perished from March 2021 to February 2022.”

Read More…


European Metal Producers Warn that Industry Collapse is Imminent Due to Energy Costs as Many Plants Shut Down

September 9, 2022 3:32 pm

“We call on European and national leaders to look at all available options for safeguarding our companies and their future.” That is the desperate plea from 40 CEOs representing Europe’s largest non-ferrous metals producers, who are urging emergency EU action to prevent permanent deindustrialisation from spiralling electricity and gas prices. Critically they warn that “50% of the EU’s aluminium and zinc capacity has already been forced offline due to the power crisis.” The world’s largest steelmaker, ArcelorMittal, released a statement Friday about shutting down two plants and idling one.  Europe’s top steelmaker said two plants in Germany (one in Bremen and the other in Hamburg) would be partially closed at the end of September. A plant in Asturias, Spain, will also be idled.  ArcelorMittal blamed the coming smelter shutdowns on “the exorbitant rise in energy prices,” which is devastatingly impacting the company’s “competitiveness of steel production.”

Read More.

END

Vaccine Impact


Protests Start in Europe as Belgium Prime Minister Warns that the European Economy will Come to “Full Stop” in a “Few Weeks”
September 11, 2022 6:50 pm

Protests are starting all across Europe due to rising energy costs, and this is probably just the tip of the iceberg as leaders all across Europe are warning that a total economic collapse may be imminent, as they prepare for massive social unrest in the weeks ahead. Belgium Prime Minister Alexander De Croo is one of the latest leaders to sound the warning, as he stated in an interview with Bloomberg News: “A few weeks like this and the European economy will just go into a full stop. Recovering from that is going to be much more complicated than intervening in gas markets today. The risk of that is de-industrialization and severe risk of fundamental social unrest. I honestly do not see any other choice than doing market interventions. We don’t get a second chance to prove as 450 million Europeans that we take things in our hands. What you are seeing today is a massive drainage of prosperity out of the European Union.” “Intervening in gas markets” of course means doing just what European governments and the U.S. government have been doing for the past several years, which is having their Central Banks create more money to bail out failing industries and send “stimulus” checks to people. There is just one glaring problem with this strategy: it won’t produce more needed energy, and it will cause inflation, possibly hyperinflation, so that the cost of everything else, including food, will skyrocket out of control. It is akin to pouring gasoline on a fire and hoping it will put it out. So people are going to suffer either way, and they are going take out their frustrations on the government. And while we have seen massive protests in the past year or so over COVID measures, we have yet to see the kind of social unrest that will occur when people cannot buy food and face starvation.
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MICHAEL EVERY//RABOBANK 

Michael Every on the major topics of the day

“The Mob Overlooks That The Elite Have To Raise Rates To Try And Preserve Even A Part Of The System They Have Built For Themselves”

MONDAY, SEP 12, 2022 – 09:46 AM

By Michael Every of Rabobank

“Continuous Partial Attention”

Recent events have again been so dramatic a Twitter intellect noted, “One day they will write a book about this.” I nodded, then realised of course they will write a book about it: it’s called history. Then I quickly remembered that nobody will read it, or learn anything from it regardless.

I’m not just talking about Sweden’s election seeing a party with Nazi roots surge, as Italian opinion polls point to a larger right shift. Rather, I have long held a Wittgensteinian view that as we progressed from daubing images on cave walls to become Renaissance “men of letters”, so our public ability to conceive of higher concepts did too; and as we regress back to emoticons, so our thinking will become more cave-man like. An article from Harrington (drawing on Garfinkle) agrees the internet-addicted public’s inability to do long-form reading is rewiring our biology and sociology. Skimming and clicking shift us from true cognition towards “continuous partial attention” – which sounds like almost everyone in markets. It also has broader consequences:

“If “deep reading” produced democracy as its governing political form, what can we expect to see associated with its networked digital successor? As Garfinkle sees it, this would probably be toward “a less abstract, re-personalized form of social and political authority concentrated in a ‘great’ authoritarian leader””.  

Indeed, younger cohorts vote far less than their elders, and are consistently the least passionate believers in democracy and rights like freedom of speech because:

Freedom of speech as an ideal was predicated on the scarcity of information; today, though, information is superabundant. And when you’ve grown up with personal experience of just how foul people can be online, you might well value the role of content moderators.

We can also kiss goodbye to the “marketplace of ideas”. This might have seemed plausible when everyone aspired to long-form, deliberative, rationalism and a broadly shared moral framework. When these are things of the past, we all absorb disaggregated, de-contextualised snippets of information at speed, our reading material rewards us for not concentrating long enough to think something through, and we can see everyone else thinking in real time on our screens?

In short, we are back with the ancient Greeks, whose elite *could* think and reason – about how democracy meant “the mob”, and the marketplace of ideas meant hemlock in the ear. However, our problem today is not just our swiping-does-note-denote-intelligence young: it’s our would-be-Greek elite too. They had all the benefits of a long-form reading upbringing, and yet have been consistently wrong on almost everything that actually matters. (Including, ironically, thinking smartphones for all were a good idea that would benefit society.)

In the nearly quarter century doing this kind of job I have suffered through ‘the Great and the Good’ patronisingly telling me: there was no US tech bubble; globalization would benefit everyone and make everyone act like us; China’s WTO entry would not impact the US and global economy; there were Iraqi WMD; there was no US housing bubble; there could be no Global Financial Crisis; everything would return to normal afterwards; the ECB would not do QE; QE would solve things; Brexit would not happen; Trump would not win; a trade war would not happen; Covid was not a pandemic; Covid would only impact global GDP slightly; we could not be locked down; Common Prosperity was regulatory reform; China did not have a property bubble; China’s property bubble was centred on Evergrande; China’s GDP growth would not slump; supply chains were not seeing a ‘bullwhip effect’; there was no looming food crisis; there was no risk of a European energy crisis; Russia would not invade Ukraine; Ukraine would collapse if it did; and inflation was “transitory” and interest rates would not rise.

What is most remarkable is some voices said nearly ALL of the above: yet being consistently wrong doesn’t seem to matter in terms of reputation in the “marketplace of ideas”. One starts to see why the ADHD young mostly switch off, or reach for the hemlock. If only more of the Great and the Good got the kind of public kicking Australian geopolitics expert Hugh White just did from former PM Rudd:

White leans heavily into the winds of political exhaustion, reaction and anxiety fostered by this egregious policy overreach to now paint a simplistic picture of a more benign future under what he accepts as an inevitable Chinese “regional hegemony.” A skilled political operator, White adduces selective facts and little reason in reaching this conclusion, but happily smears as “unthinking” anyone who challenges his word as self-appointed prophet of both the anti-American far left and the “never upset Beijing” Rio Tinto far right.”

In the real world, Ukraine just routed Russian forces around Kharkhiv, echoing the humiliating retreat from Kyiv. At the least this makes it look like a two-way not a one-way war, and the spectrum of possible outcomes now widens to include far better – and worse. The meeting between Putin and Xi this week, the latter’s first trip abroad for around 3 years, will be interesting for followers of geopolitics; less political markets may see Ukraine’s gains as bearish for commodities and bullish for risk. However, if Putin feels his back is against the wall, who knows how far he will escalate to deescalate? He is already destroying critical infrastructure in Kharkhiv.

Indeed, hold any European triumphalism, because elections in Sweden and Italy both come well before we see the real pain from the energy debacle flowing through the European economy. Belgian’s PM just openly warned, “A few weeks like this and the European economy will just go into a full stop. The risk of that is de-industrialization and severe risk of fundamental social unrest.” Sadly, he is not exaggerating. No affordable power, no industry; then a fight to carve up EU supply chains – and as Poland increases military spending from 2.2% of GDP in 2022 to 4.2% in 2023. Worse, there won’t be any affordable power for YEARS even if we start now. There is still no pan-EU plan to cap energy prices, or to ration demand – but there is a G7 proposal to cap Russian energy export prices and sanction anyone who does not comply. And despite this historically bad backdrop, there is still no official forecast of a European recession!

Markets rallied hard on Friday, stocks up, and key US bond yields down before closing unchanged, ignoring clear messages from both the Fed and the ECB that more large rate hikes are coming again, soon, and any large rate cuts are not. Is the mob wrong, or are the elite in central banks? I posit both are. The mob can see some of the economic devastation looming the elite can’t or won’t: yet it is going risk on, rather than only into bonds, in a spoiled-child, id-addled tantrum. Moreover, the mob overlooks that the elite have to raise rates to try to preserve even part of the system they have built for themselves in the face of geopolitical rivalsrates up, global commodities down – and commodity-backed new-world orders down with them. Different fingers on different buttons from those in Ukraine, but all the same economic war. (As the US rushes for an 18-month finish(!) for its new IPEF anti-China trade deal – but India plays hard to get.)

Relatedly, Bloomberg reports the co-authors of the “Bretton Woods 3” thesis are now split: one says the global dollar is done, the other that there is no alternative, while agreeing the dollar is likely to have peaked. If you are capable of (moderately) long-form reading, look back at what I wrote months ago to debunk both arguments, concluding: 1) there is no global alternative to the dollar; and 2) it will continue to rise, structurally and cyclically, even if there is room for profit-taking – just look at Europe, Japan, China, or Russia as the alternatives.

I now leave you to your “continuous partial attention”, and/or being wrong.

END   

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

Biden Withdraws Record Amount Of Crude From ‘Strategic Midterm Reserve’

MONDAY, SEP 12, 2022 – 02:42 PM

It would appear that President Biden’s administration is getting more and more desperate as the Midterms loom as the pace at which they are draining the nation’s so-called ‘strategic’ reserve of crude oil just went to ’11’.

Last week saw almost 8.54 million barrels withdrawn from the SPR – the biggest weekly drain in history.

This unprecedented collapse of the Strategic Petroleum Reserve to its lowest since September 1984 has helped lower oil prices (from their record highs)…

…and send gas prices down 89 days in a row (erasing all of the Putin Price Hike), well ahead of the pace of decline in raw crude oil and wholesale gasoline (as gasoline demand remains weak)…

There’s just one thing, the price of gas at the pump is still up 76% since Biden was elected…

But ‘average joe’ doesn’t care about ‘president joe’ actions to weaken the nation’s “strategic” reserve to save his party from a bloodbath in the Midterms and that is clear as President Biden’s approval rating has soared back from crisis lows almost tick-for-tick with the drop in the price of gas (down 89 days in a row)…

Who could have seen that coming?

But, do not launch the “Mission Accomplished” campaign quote yet as even Treasury Secretary Janet Yellen is warning that oil prices may increase in the winter as tougher sanctions will be imposed on Russian oil.

“This winter, the European Union will cease, for the most part, buying Russian oil,” Yellen said.

“In addition, they will ban the provision of services that enable Russia to ship oil by tanker. And it is possible that that could cause a spike in oil prices.

And if oil goes up… so will gas prices.

Of course, what few want publicly discussed is the need to refill the SPR at some point soon… and the natural marginal bid that will place under the price of crude (but hey, that will be Republicans’ problem should they win in November).

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

AUSTRALIA

end

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

Euro/USA 1.0136 UP  0.01077 /EUROPE BOURSES // ALL GREEN 

USA/ YEN 142.51   UP  .246 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES

GBP/USA 1.1685 UP   0.01078

 Last night Shanghai COMPOSITE CLOSED HOLIDAY

 Hang Sang CLOSED HOLIDAY

AUSTRALIA CLOSED UP  0.97%    // EUROPEAN BOURSE: ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED HOLIDAY 

/SHANGHAI CLOSED HOLIDAY 

AUSTRALIA BOURSE CLOSED UP 0.97 

(Nikkei (Japan) CLOSED UP 327.36 OR 1.16%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1728.70

silver:$19.44

USA dollar index early MONDAY morning: 107.92 DOWN 82  CENT(S) from FRIDAY’s close.

 MONDAY  MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.69% DOWN 6  in basis point(s) yield

JAPANESE BOND YIELD: +0.244% DOWN 0    AND 1/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.79%// DOWN 6  in basis points yield 

ITALIAN 10 YR BOND YIELD 3.94  DOWN 7   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS

GERMAN 10 YR BOND YIELD: FALLS TO +1.64% 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0130 UP  .01300   or 130 basis points

USA/Japan: 142.31 UP 0.55 OR YEN DOWN 6 basis points/

Great Britain/USA 1.1704 UP .01279 OR 128 BASIS POINTS

Canadian dollar UP .0006 OR 6 BASIS pts  to 1.2976

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.9265 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.9138

TURKISH LIRA:  18.23  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.244

Your closing 10 yr US bond yield DOWN 4  IN basis points from FRIDAY at  3.285% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.441 DOWN 2  in basis points 

Your closing USA dollar index, 109.07 DOWN 64 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 MONDAY: 12:00 PM

London: CLOSED UP 121.52 PTS OR  1.65%

German Dax :  CLOSED UP 301.52 POINTS OR 2.30%

Paris CAC CLOSED  UP 119.67 PTS OR 1.93% 

Spain IBEX CLOSED UP 164.40 OR  2.05%

Italian MIB: CLOSED UP 489.21PTS OR  2.21%

WTI Oil price 87.72  12: EST

Brent Oil:  94.6812:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  60.32  UP 0  AND 28/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.642`

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0117 UP .0089     OR  89 BASIS POINTS

British Pound: 1.1681 UP  .01036 or  104 basis pts

USA dollar vs Japanese Yen: 142.477 UP 0.510//YEN UP 51 BASIS PTS

USA dollar vs Canadian dollar: 1.2989 UP 0.0006  (CDN dollar, DOWN 6 basis pts)

West Texas intermediate oil: 88.11

Brent OIL:  94.19

USA 10 yr bond yield: 3.367 UP 5 points

USA 30 yr bond yield: 3.516  UP 6  pts

USA DOLLAR VS TURKISH LIRA: 18.23

USA DOLLAR VS RUSSIA//// ROUBLE:  60.24  UP 0 AND   36 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 230.09 PTS OR 0.72 % 

NASDAQ 100 UP 151,43 PTS OR 1.10%

VOLATILITY INDEX: 24.01 UP 1.22 PTS (5.35)%

GLD: $160.60 UP 0.78 OR 0.49%

SLV/ $18.17 UP 85 CENTS OR 4.91%

end)

USA trading day in Graph Form

Stock Squeeze Continues As Bonds & The Dollar Dump Ahead Of CPI

MONDAY, SEP 12, 2022 – 04:00 PM

Ahead of tomorrow’s CPI – which everyone and their pet rabbit seems to believe will confirm ‘peak inflation’ and a Fed Pivot – market expectations for rate-hikes continue to rise (hawkishly), however, market expectations for rate-cuts next year are recently shifting higher (dovishly)…

Source: Bloomberg

Stocks didn’t care though as the squeeze continued – most-shorted stocks are now up over 14% from Wednesday’s open…

Source: Bloomberg

Futures gapped higher at the open overnight, then faded; then surged again at the EU cash open, then faded; then ripped higher at the US open, then faded back; then squeezed into the US cash close. Small Caps and Nasdaq outperformed on the day, Dow lagged…

Notably, VIX rose along with stocks today as it seems like everyone is leveraging up into tomorrow’s CPI print with call-buying dominating put unwinds…

Source: Bloomberg

Overnight gains in bonds evaporated as the US session started (some heavy IG calendar), with sellers ripping yields higher and the 30Y underperforming…

Source: Bloomberg

Either real yields need to tumble or equity valuations do…

Source: Bloomberg

The dollar dropped to 10-day lows today (back to Powell’s J-Hole speech levels)…

Source: Bloomberg

Bitcoin surged back to $22,500 today but Ethereum underperformed (after recent huge outperformance) ahead of ‘The Merge’…

Source: Bloomberg

Oil prices were higher overnight then chopped sideways during the US session…

Gold also managed gains today, nearing $1750 intraday before selling off after Europe closed…

Finally, we note that as stocks have rallied recently, financial conditions have eased notably back from recent tights…

Source: Bloomberg

How long will Powell allow this ‘easing’ to last before he unleashes his hawkish hounds once again to slap equity bulls in the face?

I) / EARLY MORNING//  TRADING//

END

THIS AFTERNOON

ii) USA DATA//

END

iii)USA economic commentaries

My goodness, just look at what Illinois is set to do: eliminate cash bail for violent offenses

(zerohedge)

“End Of Days” Near As Illinois Set To Eliminate Cash Bail For Violent Offenders

FRIDAY, SEP 09, 2022 – 05:20 PM

Progressive prosecutors and politicians have been enforcing radical criminal-justice policies across the country, often with little concern for real-world effects on the community. The latest is a “no cash bail” policy that will take effect in the new year for those charged with second-degree murder, aggravated battery, and arson in the State of Illinois. 

The Counter Signal reported SAFE-T Act ends cash bail and includes 12 non-detainable offenses, second-degree murder, aggravated battery, and arson without bail, as well as drug-induced homicide, kidnapping, burglary, robbery, intimidation, aggravated DUI, aggravated fleeing and eluding, drug offenses and threatening a public official.

After Jan. 1, individuals charged with the above crimes will be free to roam the streets without bail. 

Will County State’s Attorney James Glasgow warned the “end of days” is coming in the new year when the bill takes effect. Will County is located in the northeastern part of the state and is the second largest county in the six-country Chicago metro area.

Glasgow continued: SAFE-T Act “will destroy the city and the state of Illinois … and I don’t even understand (how) the people who support it can’t realize that.” 

The new law also states who can be arrested: For example, someone trespassing on private property can be fined by police but not removed. Glasgow said police and judges would have their “hands tied” behind their backs. This will undoubtedly transform the county into a criminal paradise. 

He said the violent crime and chaos seen in the metro area would swallow the county alive (and even the state): 

“What you see in Chicago, we’ll have here.” 

Even though the SAFE-T Act aims to overhaul the state’s criminal justice system and is designed to end ‘mass incarceration’ … critics of the new legislation are overwhelmingly alarmed that a plague of violent crime will spread across the state. 

Last month, the Manhattan Institute reported that criminal justice reform in New York failed. The report clarifies that bail reform increased crime, and those subjected to violence were minorities. 

A no-cash bail for the 12 offenses is another reason residents should leave the state. What could happen after the law goes into effect reminds us of scenes from the dystopian action horror film “The Purge.” 

Progressive criminal-justice policies have failed law-abiding citizens. No wonder people are arming up as violent crime spikes in America’s urban centers. 

END

Snyder: What In The World Is Wrong With This Country?

FRIDAY, SEP 09, 2022 – 09:00 PM

Authored by Michael Snyder via The End of The American Dream blog,

Just when it seems like we can’t possibly go any lower, we always manage to top ourselves.  In the old days, every once in a while I would come across a story that would make me shake my head in disbelief because it was just so absurd.  Now it is happening on a daily basis.  In this article I am going to share some examples with you.  I realize that some of these things are difficult to believe, but all of them are true.  Our country really is coming apart at the seams right in front of our eyes, and the pace of our national decline only seems to be accelerating.  If we are not able to turn our cultural decay around, eventually we will not have a country at all.

Let me start with a new law which will go into effect in Illinois on January 1st.

From that point forward, those guilty of second-degree murder, kidnapping, burglary and arson will always be released without having to post any bail at all

When a new Illinois law takes effect next year, it will do away with the cash bail system in the state, meaning suspects charged with felonies, including second-degree murder, aggravated battery, and arson, will be released without bail.

The Counter Signal reports the Safety, Accountability, Fairness and Equity-Today Act, also called the SAFE-T Act, would end cash bail and includes 12 non-detainable offenses, second-degree murder, aggravated battery, and arson without bail, as well as drug-induced homicide, kidnapping, burglary, robbery, intimidation, aggravated DUI, aggravated fleeing and eluding, drug offenses and threatening a public official.

When the law takes effect on Jan. 1, 2023, criminals charged with the crimes mentioned above will be released without bail.

How many hardened criminals do you think will actually show up for their trials?

I am sure that there will be a few.

Of course many of our “woke judges” are doing their very best to make sure that many violent criminals never pay the price for their crimes even if they do stand trial.

In California, a judge recently granted a mistrial to one defendant just because he didn’t get a good night of sleep the night before

A California judge, who hails from a powerful Democrat family who endorsed LA DA George Gascon, granted a mistrial for a man facing life in prison because he was sleepy.

The alleged criminal apparently did not get a good night’s rest before the trial after spending the night in a cell without a bed or blanket.

Seriously?

So now this violent criminal is back on the streets even though he pointed a gun in the face of a female fast food worker and threatened to blow her brains out

Vamazae Elgin Banks, 24, appeared in court after threatening a McDonald’s worker with a gun before stealing less than $100.

Court records accused Banks of telling the cashier at the fast food joint that he would kill her if she didn’t produce the cash quickly enough, allegedly telling her ‘hurry up or I’ll blow your brains out!’

Our system of justice is systematically being destroyed.

But many Americans simply don’t care because they are drugged out of their minds.

The United States has the biggest problem with legal drugs on the entire planet, and it also has the biggest problem with illegal drugs on the entire planet.

When I saw the following story, I thought that it perfectly summed up where we are as a nation today…

A speeding woman is accused of driving under the influence of cocaine and alcohol when she crashed into another car, killing its driver who was under the influence of methamphetamine, police said.

Summer Butler, 37, faces charges of DUI resulting in death, reckless driving and being in possession of a controlled substance in connection with the fatal crash in January, court documents obtained by the 8 News Now I-Team said.

At this point, it seems like almost everyone is an addict, and that includes many of our government officials.  Here is just one example

A Louisiana state official was arrested for allegedly buying drugs from a drug dealer outside of a fast food chain on Tuesday.

Bridgette Hull, 37, serves as the executive secretary for the Louisiana State Board of Private Security Examiners. She was purchasing drugs from dealer Steven McCarthy, who was under surveillance, when a Louisiana Attorney General Office employee recognized him at a Livingston Parish restaurant.

Hull was arrested onsite, but McCarthy fled the scene after back up was called – resulting in a pursuit. He later crashed into another car and was arrested.

If we would secure our borders, we could at least reduce the flow of illegal drugs into this country.

But the Biden administration refuses to do that.

And so the worst drug crisis in all of U.S. history will continue to escalate, and substances that are laced with fentanyl will continue to kill countless numbers of our young people

San Diego and Imperial County comprise the epicenter of fentanyl drug trafficking in the United States, according to the Department of Justice (DOJ), which reported that seizures of fentanyl in San Diego were up 323% in FY2019-FY2021 and that fentanyl overdose deaths increased 2,375% in San Diego County between 2016 and 2021.

“A decade ago, we didn’t even know about fentanyl, and now it’s a national crisis,” said U.S. Attorney for the Southern District of California Randy Grossman. “The amount of fentanyl we are seizing at the border is staggering. The number of fentanyl seizures and fentanyl-related deaths in our district are unprecedented.”

If you are waiting for our national leaders to fix our growing problems, you are going to be waiting for a really, really long time.

Every major decision they make seems to make things even worse, and the Biden administration keeps appointing extremely alarming individuals to top positions of power.

In fact, Biden just appointed a “doctor” that is absolutely obsessed with pentagrams to be the National Monkeypox Response Deputy Coordinator.

So far, only a very small handful of conservatives are objecting to his appointment to such an important position.

What in the world is wrong with this country?

Have we gone completely and totally nuts?

Perhaps we have.  At this point, close to one-fourth of all Democratic voters actually believe that men can get pregnant

A poll conducted by WPA Intelligence has found that almost one quarter of Democratic voters believe that “some men can become pregnant.”

Twenty-two percent of Democrats overall agreed with the statement.

The poll also found that more women agreed with the statement, and an incredible 36 percent of white, college-educated female Democrats agreed.

We aren’t just in a state of decline.

The truth is that we are in a very advanced state of decline and the clock is ticking.

If you love this nation, what has happened to us should deeply sadden you.

We were once the greatest country on the entire planet, but now we are rapidly being destroyed from within.

Please wake up America, because time to do anything about all of this is quickly running out.

end

The ticking time bomb:  electric car batteries

(Autum Spreadermann/EpochTimes)

Millions Of Electric Car Batteries Retiring By 2030, Are We Ready To Deal With What Could Be Ticking Time Bombs?

FRIDAY, SEP 09, 2022 – 06:20 PM

Authored by Autumn Spreademann via The Epoch Times (emphasis ours),

The evolving landscape of lithium batteries is creating both contradictions and infrastructure hurdles that, according to some, need to be addressed sooner rather than later. A critical component of this is waste management.

More than 6 million electric vehicle (EV) battery packs will end up as scrap between now and 2030, and the recycling and reuse industries are racing to keep up. Some researchers project that recycling alone will be an over $12 billion industry by 2025.

U.S. President Joe Biden wants to make America a key player in the EV battery industry with a $3.1 billion spending package for automobile production to transition away from fossil fuels.

Much of this dream is pinned on a dusty stretch of soil in the Nevada high desert called Thacker Pass. It serves as the lynchpin in Biden’s push for increased domestic lithium production and more EV batteries. That’s because Thacker Pass is the largest hard rock lithium reserve in the United States.

Currently, China dominates the world’s EV battery production, with more than 80 percent of all units developed there.

Yet while Biden’s administration has its sights on the top spot for EV battery production, insiders are pointing out industry trapdoors.

Due to the potentially dangerous chemistry of lithium-ion EV units, concrete solutions are needed before an avalanche of dead battery packs ends up sitting around and waiting for recycling like ticking time bombs.

Those working on the sales end of the EV revolution tend to squirm or offer vague generalities when queried about what will happen to all of the old batteries.

The notion is quickly lumped into the very broad category of recycling or second life applications without offering any planning details.

Second life applications are an option for EV batteries no longer fit to power cars, but are suitable for alternative uses like energy storage.

And while that’s a start, the ultimate question lingers: How can America effectively deal with millions of completely spent, defective, or recalled EV units?

For people who specialize in hazardous waste, handling lithium batteries is a serious subject.

“For me, the biggest challenge I see, especially with second life, is on the safety side,” Scott Thibodeau at Veolia North America told The Epoch Times.

Thibodeau is the general manager of environmental services and solutions at Veolia North America, the second largest hazmat removal service in the United States.

He explained the chemistry of lithium-ion batteries is problematic since they can’t be dumped or recycled as easily as some other materials. This requires particular adaptations within the evolving EV industry to responsibly strip, package, and dispose of old units.

A ‘Thermal Runaway’

“The packing and logistics isn’t easy or cheap,” Thibodeau said.

Moreover, the batteries pose a significant fire hazard.

Tucked within the sprawling Chicago suburbs is the town of Morris, Illinois. Around midday on Jun. 29, 2021, the fire department received a call that a warehouse fire had broken out in a structure that many residents assumed was just an abandoned building. The call came from someone who claimed to be an employee for a company that was storing 200,000 pounds of batteries in the building, most of which were lithium.

Fire Chief Tracey Steffes told reporters that it was the first time his department had ever fought a lithium fire.

Mitigating traditional fires is done by using water or chemicals to cut off the supply of oxygen. However, lithium is unique in that it doesn’t require oxygen to burn. Once ignited, it creates what Thibodeau called a “thermal runaway,” which is incredibly challenging to control.

Once the battery goes into that state, stopping it is next to impossible,” Steffes said to reporters after the June 2021 fire.

Confused Morris residents were quickly evacuated from neighborhoods close to the blaze and spent hours in hotel rooms, watching smoke fill the sky, and fearing for the safety of their homes.

At that moment, residential Americans got an up close and personal look at lithium’s dark side.

It wasn’t the first incident where lithium battery storage turned catastrophic, and it likely won’t be the last.

Thibodeau says that while there’s no easy way to put out a lithium battery fire, having people properly trained on how to reduce the fire risks, combined with proper handling and storage, is a huge step in the right direction.

Recycling EV batteries poses another significant hurdle. That’s due to a trifecta of complications including expense, existing capacity to handle demand, and the simple fact these batteries aren’t easy to recycle.

“Currently, less than five percent of lithium batteries that reach the end of their lifespan are recycled,” a spokesperson for the carbon accounting group Greenly told The Epoch Times.

The representative for Greenly went on to explain that though the potential for ramped up recycling exists, it’s not possible with lithium-ion batteries until they reach the end of their lifespan.

“The industry hasn’t obtained the knowledge or experience necessary to learn how to recycle these batteries or maximize their usage beforehand,” they added.

This is where second life applications come in, which can buy a non-defective EV battery an extra 10 years of life. It also essentially buys the burgeoning recycling companies time to catch up.

Read more here…

END

Goldman Sachs reports that production has fallen off a cliff

(zerohedge)

“Production Has Fallen Off A Cliff” – Goldman Reportedly Prepping For Layoffs

MONDAY, SEP 12, 2022 – 10:41 AM

While we have seen droves of companies either freezing hiring or announcing broad-based layoffs, until now the majority of those job cuts have been focused in the tech sector.

This morning, things have changed, as The New York Times reports that, according to two people familiar with the plans, Goldman Sachs is preparing for a round of layoffs that could come as soon as next week.

The job cuts will affect employees across the company but it appears this move is more of an opportunistic moment to reinstate Goldman’s traditional annual ‘culling’ of the herd – based on performance.

In fact. Goldman’s chief financial officer, Denis Coleman, told investors in July that the bank was “probably reinstating our annual performance review of our employee base at the end of the year.”

“No question that the market has gotten more challenging,” David M. Solomon, Goldman’s chief executive, said on a call in July with analysts.

“We have made the decision to slow hiring velocity and reduce certain professional fees going forward,” Mr. Solomon said.

“We are keeping in mind, however, that while we’re being disciplined about our expenses, we are not doing so to the detriment of our client franchise or our growth strategy.

Initial public offerings raised about 95 percent less through the first half of the year than the first half of last year, according to EY, an advisory firm. The number of deals has fallen about 73 percent.

“They just don’t need as many bodies as they have,” said Chris Connors, a vice president at Johnson Associates, a compensation consulting firm, referring to Wall Street banks more broadly.“Production has fallen off a cliff.”

Is Goldman the canary in the coalmine? We will have to wait and see if MS, JPM, BofA, etc follow suit… (although a number of major banks have already laid off vast numbers of mortgage-business-related staff)…

END

USA is preparing for a labour strike as union talks fail

(zerohedge)

US Railroads Enact “Contingency Plans,” Preparing For Labor Strike As Union Talks Fail

MONDAY, SEP 12, 2022 – 08:45 AM

Railroads and labor unions worked through the weekend to make a deal. There were little signs of progress, and rail companies are now taking steps Monday to secure shipments of hazardous and security-sensitive materials “in light of the possibility of a rail labor strike,” the Association of American Railroads (AAR) wrote in a statement. 

On Sunday, Norfolk Southern released a statement detailing it had “begun enacting its contingency plans for a controlled shut down of our network at 00:01 on Friday, Sept. 16.” The railroad said two labor unions are holding out on new contracts, “we still do not have a commitment not to strike and must act accordingly,” adding, “Our goal is to ensure that in the event of a work stoppage, crews, equipment, and freight safely reach their destinations with minimal disruption.” 

Union Pacific and CSX also announced contingency plans for a possible work stoppage. BNSF told customers to call Congress so lawmakers on Capitol Hill can “intervene to prevent or quickly resolve the service disruption” if a labor strike materializes on Friday. The railroad also said: “We will begin to take steps to manage and secure the shipments of hazardous and security-sensitive materials as early as Monday.”

Rail freight networks are the arteries of the US economy. 

Two months ago, the Biden administration imposed a two-month cooling-off period is set to expire at 12:01 am ET on Sept. 16 — after that — President Biden didn’t have the power to prevent a strike among two labor unions that had yet hammered out a deal with railroads. Only Congress can intervene after the cooling period expires. 

Bloomberg said the two unions include the Brotherhood of Locomotive Engineers and Trainmen and the International Association of Sheet Metal Air, Rail and Transportation Workers, accounting for more than 90,000 rail employees. Ten of the other unions have already struck a deal with railroads. 

Association of American Railroads warned that a railroad strike could cost the US economy upwards of $2 billion per day, while disruption wouldn’t be good optics for the Biden administration ahead of the midterm elections in November.   

Bloomberg Intelligence analyst Lee Klaskow pointed out that BNSF and Union Pacific account for 45% of Class I intermodal traffic, while CSX and Norfolk Southern has 31%. 

According to government data, about 29% of all US freight moves on the rails. Half the cargo is bulk commodities, such as energy, food, chemicals, metals, and wood productions — the other half is shipping containers of consumer goods. 

“Even a temporary interruption would create a devastating ripple effect” across US supply chains, American Bakers Association, a Washington-based trade group representing more than 300 companies, warned. 

Even if there’s no strike, rail networks are already clogged. Shipping line Maersk recently suspended import bookings through Fort Worth, Texas, due to “severe congestion” in railyards. 

Railroads are preparing for possible work stoppages at the end of the week if the two unions can’t formulate a deal. There’s the possibility Congress could intervene before the cooling period expires. If not, then expect a flare-up in snarled supply chains. 

SWAMP STORIES

35 Trump Allies Served With Warrants, Subpoenas According To Steve Bannon

SATURDAY, SEP 10, 2022 – 11:00 AM

Former Trump chief strategist Steve Bannon said on Friday that the FBI served 35 high level supporters of the former president with subpoenas and warrants.

“35 members of MAGA, the Republican party, people close to Donald Trump, were rolled in on yesterday by the FBI with these intimidation tactics,” Bannon told host Charlie Kirk.

Bannon’s claim was corroborated by top Republican lawyer, Harmeet Dhillon of the Dhillon Law Group.

“The truth is that a few days ago, a political reporter called several people and said, ‘Hey, have you heard or been served yet? The FBI will be serving 50 approximately search warrants or subpoenas on Trump supporters,’ and then, you know, within 24 hours of that, two of our clients, three of our clients actually did either get search warrants or subpoenas, and the subpoenas are extremely broad,” she told Fox News host Tucker Carlson.

“They’re from the Capitol siege section of the Department of Justice D.C. office, and ask for broad categories of documents. They ask for all communications dating from a month before the election until a month – two months after the election,” Dhillon continued. “They ask for all communications regarding dozens of people, and the categories are alternate electors, fundraising around irregularities around the election, and also a rally that happened before the Jan. 6 situation at the Capitol.”

Dhillon said the Biden DOJ is trying to “instill fear” in Trump supporters.

“Most of this activity, if not all of it, is protected by the First Amendment and the United States Department of Justice is telling reporters about the search warrants and subpoenas before they’re executed. There’s no other explanation for this, and I think the reason for this is to instill fear into Donald Trump supporters and into those who would challenge election irregularities right before an upcoming election, Tucker. This is really outrageous abuse by the DOJ and it is illegal for the DOJ to leak this information to the media, Tucker,” she continued (h/t Daily Caller).

According to the New York Times, Trump advisers Brian Jack and Stephen Miller were among those served.

The legal intimidation campaign comes as Bannon faces fresh charges in New York state over a scheme to raise money to build border wall on private land. He told the Epoch Times that it’s an attempt to silence him ahead of the November midterms.

More via the Epoch Times:

They’ve got a populist revolt that’s out of control, and they’re trying to take me out of this election,” Bannon, host of the “War Room” podcast, told The Epoch Times.

They were trying to de-platform me and shut me down. It’s not gonna happen.”

Bannon made the comments one day after he appeared in a New York state courtroom in Manhattan on Sept. 8 and pleaded not guilty to charges of money laundering, fraud, and conspiracy relating to a private crowdfunding campaign, known as “We Build the Wall” that sought to create a privately-owned section of the U.S.-Mexico border. He was released without bail.

Prosecutors allege that Bannon defrauded donors of the fundraising drive that raised more than $15 million by diverting more than $100,000 to the campaign’s chief executive, who had pledged not to take a salary.

“It is a crime to profit off the backs of donors by making false pretenses,” Manhattan District Attorney Alvin Bragg said at a Sept. 8 joint press conference with New York Attorney General Letitia James. Both are Democrats.

Bannon was hit with similar charges by the Department of Justice (DOJ) in 2020, but he was pardoned by President Donald Trump on his last night before leaving office in January 2021. Presidential pardons, however, do not prohibit state prosecutions.

Two other men who were charged by the DOJ pleaded guilty. The men, Brian Kolfage and Andrew Badolato, are awaiting sentencing for conspiracy to commit wire fraud. They each face up to 20 years in prison. The trial of a third man, Timothy Shea, ended in a mistrial.

‘Political Targeting’

Bannon said the latest charges were “clearly political targeting,” noting that none of the other three men were indicted in the New York case.

“I never had an official role with ‘We Build the Wall.’ It’s a separate company,” he said.

The former Breitbart News chief called the case a  “total complete joke” and a “complete nothing burger.”

“None of our donors ever had a problem with any of this. ‘We Build the Wall’ is a fantastic project; one of the things I’m most honored to be in,” he said.

With about 60 days to go before the November midterm elections, authorities are singling out Bannon for targeting due to the success of his “War Room” podcast, the former Trump strategist alleged.

They understand that the ‘War Room’ is a very dangerous apparatus because it gives a little guy a voice. It gives a platform to all the grassroots people,” he said.

“They understand that they need to shut that down. They can’t do it. It’s only getting bigger,” he added, noting that the audience jumped at least 10 percent in all shows on Sept. 9 in the wake of his court appearance.

Bannon, who faces up a maximum sentence of 15 years in prison on the money laundering charge, remains defiant in the face of the new prosecution.

We’re never going to back down from Soros-backed, left-wing radicals that are in the New York administration,” he said.

Read more here…

THE KING REPORT

The King Report September 12, 2022 Issue 6841Independent View of the News
 Japan PM Fumio Kishida Orders Fresh Economic Package in October
The government will consider an extra budget to fund the extra stimulus in the autumn, which will also include efforts to promote a new form of capitalism, the premier said Thursday evening, without offering more details In the meantime, Kishida’s government unveiled Friday an updated round of price-relief steps that largely extends previous aid while adding cash handouts and grants.
    Kishida said low-income households will receive 50,000 yen ($347) handouts to help them cope with higher energy bills and food prices. Regional governments will get a 600 billion yen boost in grants to pursue their own inflation measures, the premier added…
https://www.yahoo.com/news/japan-kishida-orders-fresh-economic-001853500.html
   
Prime Minister Fumio Kishida said at Friday’s meeting at the prime minister’s office: “We will closely monitor the impact of commodities market trends and global monetary tightening on overseas economies,” stressing, “We will take bold measures seamlessly in response to price and economic conditions.”… https://asia.nikkei.com/Economy/Inflation/Japan-to-hand-out-350-to-low-income-households-to-tackle-inflation
 
BOJ’s Kuroda warns against ‘rapid’ yen moves after meeting PM
Japanese currency climbs back to mid-142 range per dollar on verbal caution
    “Sharp currency moves are undesirable as they destabilize corporate business plans and heighten uncertainty,” Kuroda told reporters after the meeting (with PM Kishida)…
    “When the yen is moving 2 to 3 yen per day, that’s a rapid move,” Kuroda said, when asked about the Japanese currency’s recent fluctuations.  The dollar jumped more than 2 yen on both Tuesday and Wednesday, reaching 144.99 per dollar — its highest since August 1998 — before stabilizing.  “We will watch exchange rate moves carefully,” Kuroda told reporters after Friday’s meeting with Kishida…
    Finance Minister Shunichi Suzuki said on Friday that the government would not rule out any options on foreign exchange moves, repeating a warning by the country’s top currency diplomat, vice finance minister for international affairs Masato Kanda, on Thursday.
    “We’ve seen a rapid heightening of market volatility against the background of speculative moves,” Suzuki told reporters, adding that authorities were “very concerned” about such moves.
https://asia.nikkei.com/Business/Markets/Currencies/BOJ-s-Kuroda-warns-against-rapid-yen-moves-after-meeting-PM
 
The dollar sank after Japan PM Kishida, BoJ CEO Kuroda, and FM Suzuki indicated that Japan would intervene in the yen, which hit a 24-year low vs. the dollar on Wednesday.  A falling yen imports food and energy inflation.  Japan imports 94% of its primary energy supply (Federation of Japan Electric Power Cos). https://www.fepc.or.jp/english/energy_electricity/supply_situation/
 
Japan also must import most of its food needs due to its large population on only 11-16% airable land.
 
The dollar hit a bottom near 5 ET, and then rallied smartly, rescinding over half of its decline by 8 ET.  The Dollar Index rebound rally ended 8:05 ET.  It then traded in a very tight range until the close.  Forex traders, among the wisest of wise guys, realize it will take a lot more than bluster to remedy the problems in Japan that are weighing on its economy and the yen.  They also remember that just days ago, the BoJ pledged to monetize even more JGBs to keep rates unnaturally and perniciously low.
 
ESZs (December is now the front month) rallied on that above Japanese news plus traders playing for the Friday rally and the third session of a rebound from an extremely oversold level.
 
ESZs surged on both the European and NYSE openings.  Once again, traders ignored hawkish comments from current and past Fed officials.
 
Fed’s Bullard Leans ‘More Strongly’ to Third 75 Basis-Point Hike
Federal Reserve Bank of St. Louis President James Bullard says he has become more supportive of a third straight 75 basis-point interest rate increase and Wall Street is underestimating the likelihood that the Fed will hold rates at higher levels next year…
    ‘’I was leaning toward 75 and the jobs report was reasonably good last Friday,” Bullard said in a Bloomberg News interview late Thursday in St. Louis. While the consumer price index may show progress when it’s reported next week, “I wouldn’t let one data point sort of dictate what we are going to do at this meeting. So I am leaning more strongly toward 75 at this point.”…
https://www.bloomberg.com/news/articles/2022-09-09/fed-s-bullard-leans-more-strongly-to-third-75-basis-point-hike
 
Fed Will Keep Rates Tighter for Longer Than Expected, Bill Dudley Says
    Ex-New York Fed president sees rate at 4% or more in 2023
    Dudley says it’s premature to worry about overtightening
https://finance.yahoo.com/news/fed-keep-rates-tighter-longer-131328592.html
 
BBG: Fed Governor Waller said he favors “another significant” increase in interest rate when the central bank meets later this month… “Inflation is far too high, and it is too soon to say whether inflation is moving meaningfully and persistently downward.”…
 
WSJ’s @NickTimiraos: Waller: We got head-faked last year by a short-term deceleration in inflation in the late summer months. We would have withdrawn stimulus faster if that hadn’t happened.  “The consequences of being fooled by a temporary softening in inflation could be even greater now.
 
ESZs hit a peak of 4064.25 at 10:51 ET.  An A-B-C decline ended at 12:24 ET; a belated Noon Balloon developed.  The midday rally persisted into a Friday afternoon rally that intractably plodded higher until 15:44 ET.  ESUs and stocks then declined into the close.
 
U.S. evaluating need for further SPR oil releases after October – Granholm https://t.co/OrgQwUtY0r
(Of course, October is the month before the November Midterm Elections!)
 
Positive aspects of previous session
Robust equity rally on Japan verbal intervention in the yen and promised new stimulus
The dollar declined sharply
 
Negative aspects of previous session
Promises of more Japanese fiscal and monetary stimuli will fuel self-reinforcing inflation spiral
Commodities rallied sharply on Japan and China’s desire to reinflate their economies
 
Ambiguous aspects of previous session
Bonds declined moderately
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: UpLast Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4055.72
Previous session High/Low4076.81; 4022.94
 
CDC Admits Post-Vaccine Myocarditis Concerns That Were Labeled Covid Misinformation Are Legit – In August last year, the CDC reported 42.6 per million cases and 71.5 per million cases for 12-15 and 16-17-year-old males, respectively, but now the health agency admits those incidence rates are actually 150.5 per million for the younger group and 137.1 per million for the older. Among 16- and 17-year-old males, the incidence rate jumps to a whopping 188 per million following the first booster, with 9 of the 47,874 developing heart inflammation in the week after that shot…
    Efforts to quash alternative research prevented members of the public from considering this information, which would have allowed them to make better-informed decisions about the Covid jab for themselves and their children…
https://thefederalist.com/2022/09/09/cdc-admits-post-vaccine-myocarditis-concerns-that-were-labeled-covid-misinformation-are-legit/
 
Adults Aged 35–44 Died at Twice the Expected Rate Last Summer, Life Insurance Data Suggests
For people 34 and younger, the number of excess non-COVID deaths was higher than those related to COVID, the data show.  During the third quarter of last year, deaths in the 25-to-34 age bracket were 78 percent above the expected level and, for people aged 45 to 54, 80 percent higher than expected. Excess mortality was 53 percent above the baseline for adults aged 55 to 64…
    Edward Dowd, a hedge fund manager who has been studying excess mortality for the past several months and has an upcoming book on the topic, Cause Unknown, says the rate of deaths among young people is alarming. He pointed out that excess deaths peaked around the time the Biden administration mandated COVID-19 vaccines and companies rushed to comply.
    “Temporally, in that three-month period, the change was such that, there was something that occurred,” he said. “Well, we all know what occurred in August, September, and October. It was Biden’s mandates on Sept. 9, and a lot of corporations anticipating those mandates.”…
https://www.zerohedge.com/covid-19/adults-aged-35-44-died-twice-expected-rate-last-summer-life-insurance-data-suggests
 
Speech therapist reveals she’s been inundated with wave of ‘COVID babies’ who can barely SPEAK because of pandemic shutdowns https://t.co/lVoZh3SKWC
 
Top Court Leak Threatens Judicial Decision-Making, Gorsuch Says
US Supreme Court Justice Neil Gorsuch called it “terribly important” for the court to identify who is responsible for leaking a draft of its blockbuster abortion decision last spring… Gorsuch told a ballroom of over 200 people that the internal committee that Roberts appointed to oversee an investigation into the leak has been busy. “We’re looking forward to their report I hope soon,” he said…  https://news.bloomberglaw.com/us-law-week/top-court-leak-threatens-judicial-decision-making-gorsuch-says
 
Today – A three-session equity rebound rally from an extremely oversold level has occurred.  Now, prognostications get much tougher.  The Fed is in a blackout period for its September 20-21 FOMC Meeting.  So, traders know that there will be no hawkish Fed utterings until September 21.
 
Barring news, a trading top for equities should materialize today.  ESUs hit +19.25 three minutes after they opened last night on excited buying for the expected Monday rally.  They are +4.00 at 20:10 ET.
 
S&P 500 Index 50-day MA: 4030; 100-day MA: 4031; 150-day MA: 4160; 200-day MA: 4275
DJIA 50-day MA: 32,207; 100-day MA: 32,261; 150-day MA: 33,940; 200-day MA: 33,583
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4800.68 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 4078.14 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 4011.31 triggers a sell signal
 
@TuckerCarlson: Queen Elizabeth II was the last living link to a truly Great Britain.
https://twitter.com/TuckerCarlson/status/1568034996622970880
 
BBC Whines Monarchy “At Odds with Diversity” After Queen’s Death
Says monarchy is predicated on “white inherited privilege.”
https://summit.news/2022/09/09/bbc-whines-monarchy-at-odds-with-diversity-after-queens-death/
 
@pnjaban: DOJ’s “Capitol Siege Section” has been busy these last few days: someone told a Politico reporter that 50 or so search warrants and grand jury subpoenas were being issued to Trump allies—before it happened. Clients, already being harassed by House J6 Committee investigators were served w/extremely broad subpoenas, or warrant for phone/device. Our clients @america1stwomen are among those targeted for their peaceful, First-Amendment-protected, speech about 2020 election. These bullying tactics are designed to target & intimidate Trump supporters.  https://t.co/dRybORWkUR
 
Tucker Carlson: “We don’t know the parameters of it but apparently the FBI has launched a full-scale purge of supporters of Donald Trump…”  https://twitter.com/bennyjohnson/status/1568401516926570497
 
NYT: Two top Trump political advisers, Brian Jack and Stephen Miller, were among the more than a dozen people subpoenaed around Trump this week https://t.co/Lad66K07zr
 
There was once an unwritten policy that the DoJ would NOT engage in political-related investigations or prosecutions within 90 days of an election.  However, on the Friday before the 1992 Election, IC for Iran-Contra Lawrence Walsh submitted an indictment for Casper Weinberger for lying.  It hurt Bush I.
 
Clinton administration attorney Lanny Davis called the decision to indict a week before the election rather than after the election “bizarre.”[4] Judge Thomas F. Hogan dismissed the October indictment two months later for being outside the statute of limitations…
https://en.wikipedia.org/wiki/Lawrence_Walsh
 
@ProfMJCleveland: Biden Administration proposed DNC donor (Barbara Jones) to serve as Special Master for Trump.  Second pick is one Biden picked to be on Supreme Court commission (Tom Griffith)
https://twitter.com/ProfMJCleveland/status/1568439372713758722
 
Major Voter Violations Revealed Ahead of 2022 Midterms by Watchdog Group in Florida
They presented evidence to Florida officials detailing how over 1,000 mail-in ballots were deemed undeliverable in Orange County. That was reported on August 23. The group had more as they revealed thousands of voters found their addresses had been changed without their knowledge or consent…
https://www.lifezette.com/2022/09/major-voter-violations-revealed-ahead-of-2022-midterms-by-watchdog-group-in-florida/
 
John Solomon (@jsolomonReports): Bill Clinton-appointed federal judge dismisses Trump’s Russia collusion lawsuit against Hillary Clinton with stinging rebuke  https://t.co/beWfAxnuvW
 
Trump Told White House Team He Needed to Protect ‘Russiagate’ Documents
The former president, who left the White House with a trove of sensitive material, believes there are documents that would expose a Deep State plot against him — and told confidants he needed to protect them from the next administration
     The documents related to the federal investigation into Russian election meddling and alleged collusion with Trump’s campaign. At the end of his presidency, Trump and his team pushed to declassify these so-called “Russiagate” documents, believing they would expose a “Deep State” plot against him.
    According to a person with direct knowledge of the situation and another source briefed on the matter, Trump told several people working in and outside the White House that he was concerned Joe Biden’s incoming administration — or the “Deep State” — would supposedly “shred,” bury, or destroy “the evidence” that Trump was somehow wronged
    Meadows and Trump worked to release the material up until “minutes before” Biden’s inauguration. Trump sent a memo on Jan. 19 accepting the FBI’s redactions and ordering declassification. Meadows sent a followup memo on Biden’s inauguration day. The material was never released publicly…
https://www.rollingstone.com/politics/politics-news/donald-trump-russia-investigation-maralago-1234588357/
 
SEC chairman’s role in Steele dossier payments adds to questions about Trump probe conflicts
House Intelligence Com testimony identified Gary Gensler as having final approval for funding discredited dossier… https://justthenews.com/accountability/political-ethics/sec-chairmans-role-steele-dossier-payments-adds-questions-about
 
Just when you think the MSM cannot lose any more credibility: Republicans winning the House could plunge US and world into ‘chaos,’ warns New York Times https://t.co/xaUKqxumfp
 
@DailyCaller: A Democrat elected official allegedly stabbed an investigative reporter to death last Friday in Nevada.  At the press conference responding to the incident, a reporter decided to ask the sheriff whether he condemned DONALD TRUMP (for “normalizing violence against journalists”).  https://twitter.com/DailyCaller/status/1568248020323520512
 
“The Clinton Standard”: How Hillary Clinton’s False Victimization Claims Reveal a Core Truth
“I can’t believe we’re still talking about this, but my emails. . .” The expression of utter incredulity was classic Clinton — she’s selling hats reading “But her emails” for $30 a pop. Hillary Clinton’s disbelief this week was shared by many critics left dumbfounded by her claim her private server contained “zero” classified documents.  But Hillary’s denial of what was found on her server exposes something far more serious than a simply false claim. It reflects establishment figures’ sense of license that they can literally rewrite history with little fear of contradiction by the media.
    While calling for limits on free speech over “disinformation,” Hillary has no qualms about falsely denying what published government reports detail…her husband Bill Clinton, personifies a family immunity from such charges. A federal judge and even Democrats concluded that he committed perjury in his sworn statements, but he was never charged. Some of those who have clamored for criminal charges against Trump and others for an array of crimes were adamant that Bill Clinton should not be impeached, let alone charged, for the federal crime.
   Hillary Clinton has repeatedly avoided criminal charges even as close associates were charged…
https://jonathanturley.org/2022/09/09/the-clinton-standard-how-hillary-clintons-false-victimization-claims-reveal-a-core-truth/
 
@realDailyWire: Kamala: “Today, the business of our work is for the council to report on the work that has occurred since our last meeting across these areas. We will today also discuss the work yet ahead, the work we must still do.”  https://twitter.com/realDailyWire/status/1568310951950127109
 
Kamala Harris blasts ‘activist’ Supreme Court after Dobbs decision https://t.co/kc07QNMUCX
 
Kamala Harris puts target on ‘activist’ Supreme Court justices https://trib.al/jamuRUz
(She’s undermining democracy and fomenting insurrection!  Arrest and cancel her!)
 
Robert Telles arrest: ABC, CBS, NBC, MSNBC avoid mentioning suspect in journalist’s murder is a Democrat https://www.foxnews.com/media/robert-telles-arrest-abc-cbs-nbc-msnbc-avoid-mentioning-suspect-journalists-murder-democrat
 
@Katie_likes_it: This is where we need to get back to.  Kindness, compassion, gratitude, and mercy
https://twitter.com/Katie_likes_it/status/1565446515144916998

 

Greg Hunter..interviewing Bo Polny

Biden Crash will mean Death of America – Bo Polny

By Greg Hunter On September 10, 2022 In Political Analysis162 Comments

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

Biblical cycle timing expert, geopolitical and financial analyst Bo Polny has made many spot-on calls in the last few years on USAWatchdog.com.  Just a few include:  Polny predicted a 35% drop in the stop market in early February of 2020, and the next month it crashed 38%.  In late 2020, Polny predicted Roe v. Wade would be overturned, and in June of 2022, the Supreme Court did just that.  Now, Polny has a new prediction based on his Biblical cycle work.  Polny explains, “Everything I have been talking about is at crunch time. What happens in this September?  I don’t know.  How bad will the market crash?  I don’t know.  It could be as little as hitting 20,000 on the DOW.  It could be as great as a 70% to 80% market collapse.  It really does not matter how bad it crashes or what day it crashes.  What matters is the crash will change everything.  It’s going to change everything in the way we see our world.  Our world is about to change. . . . We are living in Biblical times.  We are going to see impossible things happen . . . because God makes the impossible possible.”

Polny’s Biblical calculations point to Rosh Hashanah, September 25th, which is just a few weeks away.  Polny is expecting it to all end up as a full blown “collapse” of the financial system.    Polny explains, “Things are going to change on or about September 25th.  I think we are going to have a crash going right into this date. . . . The financial system is going to shake.  Do not be surprised if you see the banking system shake like you have never seen before.  It will work its way around the world as the sun is rising.  The financial system breaks in Europe and makes its way to the United States.”

Polny says this crash is not being to be welcomed by President Joe Biden and the Democrats.  Polny says, “What is coming in September is the ‘Biden Crash,’ not God’s anointed crash. . . . The kings of the earth are of flesh, and everyone of them are flawed.  The Biden crash is specifically the fall of Babylon. . . . The point is we are about to see the manifestation of the Glory (of God) on this earth.  That will be the fall of the Daniel 2 statue.  That will be the opening of the Third Seal. . . . That will be ‘Babylon, Babylon the great has fallen’ . . . That will be the greatest wealth transfer and the greatest financial event in human history. . . . The Daniel 2 prophecy has predicted the last 2.5 thousand years perfectly. . . . Based on prophecy, it’s all supposed to go down around the 24th or 25th of September. . . . Expect the death of the United States.  The United States we grew up with is about to die. . . . Christ explained that you must die to be born again. . . . So, the ‘Biden Crash’ will be the death of the United States only to be reborn anew under God.”

There is a lot more in the in-depth 1-hour and 16-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny, founder of Gold2020Forecast.com for 9.10.22.

(https://usawatchdog.com/biden-crash-will-mean-death-of-america-bo-polny/)

After the Interview:

See you tommorow

Harvey

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