Mar 9 2023 · by harveyorgan · in Uncategorized · Leave a comment·Edit
GOLD PRICE CLOSED: UP $16.50 at $1830.70
SILVER PRICE CLOSED: UP $0.02 to $20.11
Access prices: closes : 4: 15 PM
Gold ACCESS CLOSE 1831.00
Silver ACCESS CLOSE: 20.07
Bitcoin morning price:, 21652 DOWN 330 Dollars
Bitcoin: afternoon price: $20142 DOWN 840 dollars
Platinum price closing $949.75 UP $8.20
Palladium price; closing $1403.95 UP $22.45
END
Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading
I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS
CANADIAN GOLD: $2,532.87 UP $28.07 CDN dollars per oz
BRITISH GOLD: 1536.30 UP 4.38 pounds per oz
EURO GOLD: 1730.50 UP 9.79 euros per oz
COMEX DATA
EXCHANGE: COMEX
COMEX//NOTICES FILED
EXCHANGE: COMEX
CONTRACT: MARCH 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,812.700000000 USD
INTENT DATE: 03/08/2023 DELIVERY DATE: 03/10/2023
FIRM ORG FIRM NAME ISSUED STOPPED
323 C HSBC 31
363 H WELLS FARGO SEC 7
435 H SCOTIA CAPITAL 63
624 H BOFA SECURITIES 23
657 C MORGAN STANLEY 1
661 C JP MORGAN 2
737 C ADVANTAGE 4 5
905 C ADM 2
TOTAL: 69 69
JPMORGAN stopped 2/69 contracts
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GOLD: NUMBER OF NOTICES FILED FOR MAR/2023. CONTRACT: 69 NOTICES FOR 6,900 OZ or 0.2146 TONNES
total notices so far: 2687 contracts for 268,700 oz (8.3576 tonnes)
SILVER NOTICES: 51 NOTICE(S) FILED FOR 255,000 OZ/
total number of notices filed so far this month : 2943 for 14,715,000 oz
END
GLD
WITH GOLD UP $16.50
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
/NO CHANGES IN GOLD INVENTORY AT THE GLD////
INVENTORY RESTS AT 906.62TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER UP 2 CENTS
AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 478.879. MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 966 CONTRACTS TO 128,469 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE $0.06 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. OUR NEW LOW COMEX OI SILVER WAS SET AT 121,299 MARCH 3/2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.06). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD A MONSTROUS GAIN ON OUR TWO EXCHANGES 2032 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 1 MILLION OZ.) WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE IN JANUARY . WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.
WE MUST HAVE HAD:
A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 1009 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 15.58 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE JUMP OF 245,000 OZ//NEW STANDING: 15.105 MILLION OZ + THE 1.0 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 16.105 MILLION OZ/ //// V) HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –57 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS MAR. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR:
TOTAL CONTRACTS for 7 days, total 3435 contracts: OR 17.175 MILLION OZ . (491 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 17.175 MILLION OZ
.
LAST 23 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. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105/ MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 17.175 MILLION OZ//INITIAL
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 966 DESPITE OUR $0.06 LOSS IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 1009 CONTRACTS ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR MAR OF 15.58 MILLION OZ//FIRST DAY NOTICE// FOLLOWED BY TODAY’S 245,000 OZ QUEUE JUMP (WHICH INCREASES THE AMOUNT OF SILVER STANDING) + 1.0 MILLION OF EXCHANGE FOR RISK ISSUED EARLY IN MARCH (INCREASES THE AMOUNT OF SILVER STANDING) //NEW STANDING 16.105 MILLION OZ .. WE HAVE A MONSTROUS SIZED GAIN OF 5826 OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 51 NOTICE(S) FILED TODAY FOR 255,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 949 CONTRACTS TO 459,423 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 293 CONTRACTS.
.
WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 1,242 CONTRACTS) DESPITE OUR $1.15 LOSS IN PRICE. WE ALSO HAD A SMALL INITIAL STANDING IN GOLD TONNAGE FOR MAR. AT 4.9953 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 6900 OZ (0.2146 TONNES) //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S ) (EFP is the transfer of contracts immediately to London for potential gold deliveries originating from London).
YET ALL OF..THIS HAPPENED WITH OUR $1.15 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING
WE HAD A GOOD SIZED GAIN OF 5028 OI CONTRACTS (15.64 PAPER TONNES) ON OUR TWO EXCHANGES
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4079 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 459,716
IN ESSENCE WE HAVE A GOOD INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5028 CONTRACTS WITH 1,242 CONTRACTS INCREASED AT THE COMEX AND 4079 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5,028 CONTRACTS OR 15.64 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4079 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (1242) TOTAL GAIN IN THE TWO EXCHANGES 5,028 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR MAR. AT 4.9953 TONNES FOLLOWED BY TODAY’S 6900 OZ QUEUE JUMP//NEW STANDING 8.5598 TONNES // ///3) ZERO LONG LIQUIDATION //4) SMALL SIZED COMEX OPEN INTEREST GAIN// 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
MAR
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAR :
TOTAL EFP CONTRACTS ISSUED: 23,101 CONTRACTS OR 2,310,100 OZ OR 71.854 TONNES 7 TRADING DAY(S) AND THUS AVERAGING: 3300 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 71.854 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 71.854/3550 x 100% TONNES 2.02% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
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. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 71.854 TONNES/INITIAL
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 APRIL. 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 MAR HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF APRIL., FOR BOTH 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 (NOV), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 966 CONTRACTS OI TO 128,469 AND CLOSER TO OUR COMEX HIGH 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. HOWEVER WE HAVE SET A RECORD LOW OF 121,299 CONTRACTS MARCH 3/2023.
EFP ISSUANCE 1009 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 1009 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1009 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 966 CONTRACTS AND ADD TO THE 1009 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GIGANTIC GAIN OF 1975 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //9.875 MILLION OZ
OCCURRED DESPITE OUR $0.06 LOSS IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
END
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, Pam and Russ Martens
4. Chris Powell of GATA provides to us very important physical commentaries
end
5. Other gold/silver commentaries
6. Commodity commentaries//
7/CRYPTOCURRENCIES/BITCOIN ETC
3. ASIAN AFFAIRS
i)THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 7.15 PTS OR 0.22% //Hang Seng CLOSED DOWN 125.51 PTS OR 0.63% /The Nikkei closed UP 178.96% PTS OR 0.63% //Australia’s all ordinaries CLOSED UP 0.14% /Chinese yuan (ONSHORE) closed DOWN 6.9627//OFFSHORE CHINESE YUAN DOWN TO 6.9762// /Oil DOWN TO 76.85 dollars per barrel for WTI and BRENT AT 82.83 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 C CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//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 ROSE BY A FAIR SIZED 949 CONTRACTS UP TO 459.423 DESPITE OUR LOSS IN PRICE OF $1.15.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAR… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 4079 EFP CONTRACTS WERE ISSUED: : APRIL 4079 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4079 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 GOOD SIZED TOTAL OF 5,028 CONTRACTS IN THAT 4079 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED COMEX OI GAIN OF 949 CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $1.15. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAR (8.5598) (NON ACTIVE MONTH)
TONNES),
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 YEAR 2021 (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. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.541 tonnes (TOTAL YEAR 656.076 TONNES)
2003:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 8.5598 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $1.15) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR GOOD SIZED GAIN OF 5,028 CONTRACTS ON OUR TWO EXCHANGES
WE HAVE GAINED A TOTAL OI OF 16.55 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAR. (4.9953 TONNES) FOLLOWED BY TODAY’S HUGE QUEUE JUMP OF 6,900 OZ (0.2146 TONNES)… ALL OF THIS WAS ACCOMPLISHED DESPITE OUR FALL IN PRICE TO THE TUNE OF $1.15
WE HAD -293 CONTRACTS REMOVED FROM COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 5321 CONTRACTS OR 532,100 OZ OR 16.55 TONNES
Estimated gold comex today 257,855// //fair
final gold volumes/yesterday 298,127/// fair to good
//MARCH 9/ MARCH 2023 CONTRACT
//
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | nil oz . |
| Deposit to the Dealer Inventory in oz | nil OZ |
| Deposits to the Customer Inventory, in oz | 32.15 oz Brinks one kilobar |
| No of oz served (contracts) today | 69 notice(s) 6900 OZ 0.2146 TONNES |
| No of oz to be served (notices) | 65 contracts 6500 oz 0.2022 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2687 notices 268,700 8.3576 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
i)Dealer deposits: 0
total dealer deposit: nil oz
No dealer withdrawals
Customer deposits: 1
i) Into Brinks: 32.15 oz
(one kilobar)
total deposits: 32.15 oz
customer withdrawals: 0
total withdrawals: nil oz
in tonnes: 2 tonnes
Adjustments; 3
2 customer to dealer
i) Brinks: 1060.983 oz
ii) HSBC: 11,477.907 oz
and one dealer to customer JPMorgan:
i) 64,334.151 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of MARCH we have an oi of 134 contracts having LOST 380 contracts. We had 449 notices filed on WEDNESDAY so we
gained another 69 contracts or an additional 6900 oz will stand for metal at the comex
April lost 19,044 contracts down to 293,121 contracts
May gained 54 contracts to stand at 171
We had 69 notice(s) filed today for 6900 oz
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 69 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 2 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 MAR. /2023. contract month,
we take the total number of notices filed so far for the month (2687 x 100 oz ), to which we add the difference between the open interest for the front month of (MAR. 134 CONTRACTS) minus the number of notices served upon today 69 x 100 oz per contract equals 275200 OZ OR 8.5598 TONNES the number of TONNES standing in this active month of MARCH.
thus the INITIAL standings for gold for the MAR contract month:
No of notices filed so far (2687 x 100 oz+ 134 OI for the front month minus the number of notices served upon today (69)x 100 oz} which equals 275,200 oz standing OR 8.5598 TONNES in this active delivery month of MARCH..
TOTAL COMEX GOLD STANDING: 8.5598 TONNES.
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: 1,789,729.416 OZ 55.67 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,534,555.798 OZ
TOTAL REGISTERED GOLD: 10,842,699.649 (337.25 tonnes)..dropping fast
TOTAL OF ALL ELIGIBLE GOLD: 10,691,856.149 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,052,970 OZ (REG GOLD- PLEDGED GOLD) 281.58 tonnes//dropping like a stone
END
SILVER/COMEX
MAR 9/2023// THE MARCH 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 18,614.340 oz Brinks |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | nil oz |
| No of oz served today (contracts) | 51 CONTRACT(S) (255,000 OZ) |
| No of oz to be served (notices) | 78 contracts (390,000 oz) |
| Total monthly oz silver served (contracts) | 2943 contracts (14,715,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposits: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: oz
We have 0 deposits into the customer account
Total deposits: nil oz
JPMorgan has a total silver weight: 146.605 million oz/285.712 million =51.22% of comex .//dropping fast
Comex withdrawals:
i) Out of Brinks 18,614.340 oz
Total withdrawals; 18,614.340 oz
adjustments: 4
first 3: dealer to customer
i)Brinks 34,789.700 oz
ii) Out of Int. Delaware: 5013.560 ox
iii) Out of JPMorgan 84,091.390 oz
and one adjustment customer to dealer
CNT: 711,546.200 oz
oz
the silver comex is in stress!
TOTAL REGISTERED SILVER: 38.031MILLION OZ (declining rapidly).TOTAL REG + ELIG. 285.712 million oz
CALCULATION OF SILVER OZ STANDING FOR MAR
silver open interest data:
FRONT MONTH OF MAR/2023 OI: 139 CONTRACTS HAVING GAINED 14 CONTRACT(S.) WE HAD 35 NOTICES FILED
YESTERDAY, SO WE GAINED A HUGE 49 CONTRACTS OR AN ADDITIONAL 245,000 OZ WILL STAND FOR METAL ON THIS SIDE OF THE POND.
April LOST 11 CONTRACTS TO STAND at 412.
May GAINED 364 CONTRACTS UP TO 109,238.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 51 for 255,000 oz
Comex volumes// est. volume today 60,997// fair//
Comex volume: confirmed yesterday: 75,454 contracts ( good)
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 2943 x 5,000 oz = 14,715,000 oz
to which we add the difference between the open interest for the front month of MAR(129) and the number of notices served upon today 51 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAR./2023 contract month: 2943 (notices served so far) x 5000 oz + OI for the front month of MAR (129) – number of notices served upon today (51) x 500 oz of silver standing for the MAR. contract month equates 15.105 million oz +the 1.0 million oz of exchange for risk//new total standing 16.105 million oz
the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44
END
GLD AND SLV INVENTORY LEVELS
MARCH 9/WITH GOLD UP $16.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 906.62 TONNES
MARCH 8/WITH GOLD DOWN $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.5 TONNES FROM THE GLD////INVENTORY RESTS AT 906.62 TONNES
MARCH 7/WITH GOLD DOWN $33.20 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.12 TONNES
MARCH 6/WITH GOLD UP $0.55 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .57 TONNES FROM THE GLD///INVENTORY RESTS AT 912.12 TONNES
MARCH 3/WITH GOLD UP $14,10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.69 TONNES
MARCH 2/WITH GOLD DOWN $4.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 912.69 TONNES
MARCH 1/WITH GOLD UP $18.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 915.30 TONNES
FEB 28/WITH GOLD UP $12.10 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 917.61 TONNES
FEB 27/WITH GOLD UP $6.95 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.32 TONNES
FEB 24/WITH GOLD DOWN $9.10 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.6 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 917.32 TONNES
FEB 23/WITH GOLD DOWN $13.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 919.92 TONNES
FEB 22/WITH GOLD DOWN 22 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 919.92 TONNES
FEB 21/WITH GOLD DOWN $7.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 919.92 TONNES
FEB 17/WITH GOLD DOWN $1.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 921.08 TONNES
FEB 16/WITH GOLD UP $6.80 TODAY; SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSITOF .29 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 921.08 TONNES
FEB 15/WITH GOLD DOWN $19.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 920.79 TONNES
FEB 14/WITH GOLD UP $1.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 920.79 TONNES
FEB 13/WITH GOLD DOWN $9.90 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .31 TONNES FORM THE GLD///INVENTORY RESTS AT 920.79 TONNES
FEB 10/WITH GOLD DOWN $4.05 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF .0.38 TONNES/INVENTORY RESTS AT 920.79 TONNES
FEB 9/WITH GOLD DOWN $10.90 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .38 TONNES OF GOLD INTO THE GLD./INVENTORY RESTS AT 921.10 TONNES
GLD INVENTORY: 906.62 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MARCH 9/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 478.684 MILLION OZ
MARCH 8/WITH SILVER DOWN 6 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWALOF 459,000 OZ FROM THE SLV///INVENTORY RESTS AT 477.684 MILLION OZ
MARCH 7/WITH SILVER DOWN 88 CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920,000 OZ FROM THE SLV/////INVENTORY RESTS AT 478.143 MILLION OZ
MARCH 6/WITH SILVER DOWN 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 479.063 MILLION OZ//
MARCH 3/WITH SILVER UP 67 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.369 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 479.063 MILLION OZ//
MARCH 2/WITH SILVER DOWN $.16 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920,00 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 477.694 MILLION OZ
MARCH 1/WITH SILVER UP 4 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.574 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 478.614 MILLION OZ.
FEB 28/WITH SILVER UP 26 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.241 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 481.188
FEB 27/WITH SILVER DOWN 15 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.471 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 482.429 MILLION OZ
FEB 24/WITH SILVER DOWN 46 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.172 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 483.900 MILLION OZ//
FEB 23/WITH SILVER DOWN 32 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.379 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 487.072 MILLION OZ//
FEB 22/WITH SILVER DOWN 22 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 689,000 OZ FROM THE SLV////INVENTORY RESTS AT 485.693 MILLION OZ
FEB 21/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.5363 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 486.382 MILLION OZ//
FEB 17/WITH SILVER UP 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 827,000 OZ INTO THE SLV////INVENTORY RESTS AT 484.819 MILLION OZ/
FEB 16/WITH SILVER UP 8 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 690,000 OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 483.992 MILLION OZ//
FEB 15/WITH SILVER DOWN $0.26 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 483.302 MILLION OZ//
FEB 14/WITH SILVER DOWN 1 CENT TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV” A WITHDRAWAL OF 460,000 OZ FROM THE SLV////INVENTORY RESTS AT 483.302 MILLION OZ//
FEB 13 WITH SILVER DOWN 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV// INVENTORY RESTS AT 483.762 MILLION OZ//
FEB 10/WITH SILVER DOWN 8 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV: //INVENTORY RESTS AT 483.762 MILLION OZ
FEB 9/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: INVENTORY RESTS AT 483.76 MILLION OZ (CORRECTED).//
CLOSING INVENTORY 478.879 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
Amazing, the Nigerians have figured this out quite quickly: they are no eager to embrace central bank digital currency especially with all the scams\that they perpetrate
(Schiffgold)
Nigerians Not Eager To Embrace Central Bank Digital Currency
THURSDAY, MAR 09, 2023 – 03:30 AM
Authored by Michael Maharrey via SchiffGold.com,
Violent protests in Nigeria reveal that getting average people to embrace central bank digital currencies (CBDCs) might be more difficult than government officials would like.
Nigerians recently took to the streets to protest a cash shortage caused by government policies adopted in order to push the country into the adoption of its central bank digital currency (CBDC).
Protesters attacked bank ATMs and blocked streets, and demonstrations turned violent in some cities.
According to The Guardian, “Nigeria has been struggling with a shortage in physical cash since the central bank began to swap old bills of the local naira currency for new ones, leading to a shortfall in banknotes.” According to reporting by the news outlet, the protests erupted when bank customers couldn’t access their cash or change old banknotes for new ones. Tensions ratcheted up when the government set a February deadline to change old notes.
The problem is there aren’t enough new banknotes to go around, and that appears to be on purpose. Bloomberg called the policy “demonetization.”
According to the Associated Press, the Central Bank of Nigeria introduced the redesigned notes last fall. The plan was to recover about 85% of the total currency in circulation outside the banking system. The Nigerian central bank said the policy was implemented to remove counterfeit currency from the system and to discourage cash ransom payments to kidnappers and other criminals. But there is an underlying reason for the new policy that The Guardian only mentions in passing.
The policy was also to promote cashless transactions by limiting the use of cash for businesses.”
The AP report also noted that the central bank said the policy would help “make digital payments the norm.”
What these corporate news outlets failed to report is that Central Bank of Nigeria Governor Godwin Emefiele said, “The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria.”
The issue isn’t just the banknote swap. In December, the central bank limited cash withdrawals to 100,000 naira (US$225) per week for individuals and 500,000 naira ($1,123) for businesses.
Thanks But No Thanks
That seems to be the basic attitude of Nigerians when it comes to the central bank’s digital currency.
CBDCs exist as virtual banknotes or “coins” held in a digital wallet on a computer or smartphone. The difference between a central bank (government) digital currency and peer-to-peer electronic cash such as bitcoin is that the value of the digital currency is backed and controlled by the government, just like traditional fiat currency.
The Central Bank of Nigeria launched its CBDC, called the eNaira, in the fall of 2021. Last October, Bloomberg reported that only about 0.5% of Nigerians had adopted the digital currency.
Ironically, about 50% of Nigerians use cryptocurrencies such as bitcoin. It’s not that they spurn digital currency. They just spurn the government’s digital currency.
Central Bank of Nigeria Deputy Governor Kingsley Obiora said people just need “a little push from the government,” and they will embrace the eNaira.
The government tried several schemes to incentivize the adoption of the CBDC, including offering a 5% discount to taxi drivers and passengers. It also lifted a restriction that required people to have a bank account in order to use the eNaira.
But with those soft approaches failing to achieve the desired results, the government turned to more coercive measures, including limiting bank withdraws and the currency switch – a policy that will effectively reduce the amount of cash in circulation.
War on Cash
Central bank digital currencies are part of a broader “war on cash.”
A cashless society is sold on the promise of providing a safe, convenient, and more secure alternative to physical cash. We’re also told it will help stop dangerous criminals who like the intractability of cash.
But there is a darker side – the promise of control.
The elimination of cash creates the potential for the government to track and even control consumer spending. Digital economies would also make it even easier for central banks to engage in manipulative monetary policies such as negative interest rates.
Nigeria isn’t the only country experimenting with CBDCs. In fact, most countries are interested in eliminating cash. China, India, and the US have all launched pilot programs to test CBDCs.
Imagine if there was no cash. It would be impossible to hide even the smallest transaction from the government’s eyes. Something as simple as your morning trip to Starbucks wouldn’t be a secret from government officials. As Bloomberg put it in an article published when China launched a digital yuan pilot program in 2020, digital currency “offers China’s authorities a degree of control never possible with physical money.”
The government could even “turn off” an individual’s ability to make purchases. Bloomberg described just how much control a digital currency could give Chinese officials.
The PBOC has also indicated that it could put limits on the sizes of some transactions, or even require an appointment to make large ones. Some observers wonder whether payments could be linked to the emerging social-credit system, wherein citizens with exemplary behavior are ‘whitelisted’ for privileges, while those with criminal and other infractions find themselves left out. ‘China’s goal is not to make payments more convenient but to replace cash, so it can keep closer tabs on people than it already does,’ argues Aaron Brown, a crypto investor who writes for Bloomberg Opinion.”
Economist Thorsten Polleit outlined the potential for Big Brother-like government control with the advent of a digital euro in an article published by the Mises Wire. As he put it, “the path to becoming a surveillance state regime will accelerate considerably” if and when a digital currency is issued.
Coming to America
Last year, the Federal Reserve released a “discussion paper” examining the pros and cons of a potential US central bank digital dollar. According to the central bank’s website, there has been no decision on implementing a digital currency, but this pilot program reveals the idea is further along than most people realized.
Ultimately, it would take a congressional act to establish a digital dollar as legal tender.
US officials toyed with the possibility of a digital dollar at the height of the pandemic. A Democratic proposal for stimulus payments in the wake of the coronavirus pandemic featured digital currency deposited into digital wallets.
But Americans don’t seem to be any more interested in digital currency than Nigerians. When the Fed solicited comments on CBDCs, more than 66% of the 2,052 commenters were either concerned or completely opposed to the idea of a digital dollar. According to the Cato Institute, “The most common concerns were over financial privacy, financial oppression, and the risk of disintermediating the banking system.
END
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:
END
3. Chris Powell of GATA provides to us very important physical commentaries//
Oh my goodness: the 103 tonnes of gold borrowed by the Fed is now GONE and they have borrowed another 33 tonnes. We do not know
when this swap must be returned…probably in 3 months. However this must be physical. Where will the Fed get the stuff to return to the BIS
(Robert Lambourne/BIS/GATA)
Robert Lambourne: BIS gold swaps rose 33 tonnes in February, up to 136
Submitted by admin on Wed, 2023-03-08 14:21Section: Daily Dispatches
By Robert Lambourne
Wednesday, March 8, 2023
From the information contained in the just-published February 28 statement of account of the Bank for International Settlements —
— the estimated volume of the bank’s gold swaps stands at 136 tonnes, 33 tonnes higher than the estimate for January 3
Once again it seems likely that the BIS has entered these swaps on behalf of the U.S. Federal Reserve. The recent Bundesbank presentation on the financial strength offered by its gold holdings —
https://www.gata.org/node/22457
— hardly fits with an institution that might enter into serious levels of gold swaps, where gold ultimately needs to be returned to third parties, and in general European Union central banks seem far more receptive to gold than the Fed does.
Using the gold price of $1,826 (per USAGold.com), as of February 28 the 136 tonnes of BIS gold swaps are valued at approximately $8 billion. Hence it is evident that the recent yo-yo-ing in BIS gold swaps is significant and contradicts claims that gold is purely a monetary relic.
As is usually the case with the BIS, it remains really unlikely that more information about the reasons for the bank’s use of swaps and particularly the recent volatility in swaps will ever be provided.
The worsening finances of Western nations, especially the United States, may reduce the attraction of the gold swaps to the BIS and the central banks for which the BIS has been acting. While not necessarily related to the reduction in swaps sourced by the BIS, the recent strength of the gold price together with the conundrum facing the Fed about raising dollar interest rates must reduce the attraction of having to return swapped gold to bullion banks.
Despite its rhetoric about pushing interest rates higher, the Fed needs to avoid an erosion of confidence in the U.S. Treasuries market when the U.S. government’s rising debt is becoming more controversial.
Also, recent increases in interest rates are hitting federal government finances. The recently published January Monthly Treasury Report demonstrates the continuing trend of higher interest costs being reported:
https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0123.pdf
A simple extrapolation of the interest cost in the last four months to January 31 versus the same period a year ago indicates that a forecast of an annual interest cost of $1 trillion in the current fiscal year to September 30, 2023, is a reasonable possibility, even without more interest rate increases.
In these circumstances the room for the Fed to raise interest rates much further seems restricted and hence it seems likely that the BIS and some of its shareholders are questioning the role of the BIS in these swaps and becoming obliged to make future deliveries of gold, since the Federal Reserve seems unlikely to move interest rates high enough to contain inflation.
As is clear from Table B below, the level of BIS swaps had been significantly higher in the first half of last year, and the October and December totals were easily the lowest in more than four years.
Table A below highlights the level of gold swaps reported in the annual reports of the BIS all the way back to 2010, when the bank’s use of gold swaps appears to have begun. At only one year-end since then, in March 2016, has the swap level been zero.
—–
* The BIS’ half-year report to September 30, 2022, discloses that the BIS still holds 102 tonnes of its own gold and that very little of its activities in derivatives are with central banks. An assumption that the gold held by the BIS remains at 102 tonnes has been used to make the estimate of the gold swap level for December. The low level of derivatives using central banks as counterparties, disclosed in the last interim report, is a reason to assume that the swaps are almost certainly done with gold bullion banks rather than central banks. Historically, the first swaps described below were done with bullion banks.
—–
… 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 created a mismatch at the BIS, which may have ended 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 the bank’s 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 its 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, although the recent declines suggest this is changing.
As of March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in the name of the BIS in gold sight accounts at major central banks, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.
If the BIS was adopting the level of disclosures 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 recent declines, the recent positions estimated from the BIS monthly statements have regularly been 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.
This gold is supplied by bullion banks via the swaps 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 has facilitated it. One conjecture is that the swaps are a mechanism for the return of gold secretly supplied by central banks to cover shortfalls in the gold markets. The use of the BIS to facilitate this trade suggests of a desire to conceal the rationale 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) was 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 at 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 is actively involved in trading gold swaps and other gold derivatives with changes from month to month reported in excess of 100 tonnes in this period.
—–
Table B – Swaps estimated by GATA from BIS monthly statements of account
Month ….. Swaps
& year … in tonnes
Feb-23 … /136
Jan-23 …/103
Dec-22 … /0
Nov-22 … /105
Oct-22 ….. /7
Sep-22 …../57
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 the BIS has almost certainly acted on behalf of central banks in taking out these swaps, 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.
As mentioned above, 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.
——
Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.
END
Canada will not retrospectively target Chinese investments in mining companies
Submitted by admin on Wed, 2023-03-08 10:33Section: Daily Dispatches
By Divya Rajagopal
Reuters
Wednesday, March 8, 2023
TORONTO — Canada will not force Chinese state-investors in three of its large mining companies to divest stakes, as such a move would create policy uncertainty, natural resources minister told Reuters.
In November, Canada had asked three Chinese companies to sell their stakes in Toronto-listed lithium explorers following a national security review, drawing criticism from the mining industry and raising questions about the future of other Chinese investments in Canadian mining sector.
“If you start looking backwards at investments, it will create all kinds of uncertainty about whether an investment is ever really an investment,” Natural Resources Minister Jonathan Wilkinson said in an interview late on Tuesday on the sidelines of Prospectors and Developers Association of Canada conference in Toronto.
Three of Canada’s largest mining companies — Teck Resources, Ivanhoe Mines, and First Quantum Minerals Limited — count Chinese state-owned enterprises as their biggest single shareholder. …
… For the remainder of the report:
end
The 44 tonnes of gold purchased by city state Singapore is huge. They have a population of 5.45 million people. Their total reserves are a whopping 198.4 tonnes and this swamps the majority of countries.
(Ronan Manly)
Ronan Manly: Singapore’s gold buying soars but where is the metal kept?
Submitted by admin on Wed, 2023-03-08 19:15Section: Daily Dispatches
By Ronan Manly
Bullion Star, Singapore
Wednesday, March 8, 2023
In January 2023 Singapore’s central bank, the Monetary Authority of Singapore, returned to gold buying, adding a massive 44.6 tonnes of gold to its official reserves, thereby boosting Singapore’s gold holdings from 153.8 tonnes to 198.4 tonnes.
In percentage terms, this gold buying represents an incredible 29% increase in Singapore’s gold holdings in just one month. In fact, this is Singapore’s second largest largest gold purchase ever in one month. The only gold purchase that was larger was when Singapore first bought 100 tonnes of gold from South Africa in 1968.
In typically discreet fashion, the central bank did not announce its recent gold buying via press release or any other publicity. It merely updated the data on its website in the latest version (end of January) of a monthly report called “International Reserves and Foreign Currency Liquidity.” …
… For the remainder of the analysis:
end
This story is nothing but a tempest in a tea pot
(Reuters/GATA)
Shanghai Gold Exchange denies ‘doped’ gold … after Perth Mint admitted it
Submitted by admin on Wed, 2023-03-08 20:00Section: Daily Dispatches
Is the exchange trying to unload the stuff already?
* * *
Shanghai Gold Exchange Denies Report on ‘Doped’ Gold Bars from Australia
By Amy Lv and Dominique Patton
Reuters
Wednesday, March 8, 2023
BEIJING — The Shanghai Gold Exchange today backed Perth Mint in denying that the Australian processor had sold it “doped” gold bars and said it could take action to protect its reputation.
“The relevant media failed to fulfill their responsibility to review the content, resulting in dissemination of inaccurate content on the Internet, causing serious damage to the reputation of the Shanghai Gold Exchange,” the exchange said in a statement on its website.
SGE added that it reserved the right to take further measures to safeguard its legitimate rights and interests. …
… For the remainder of the report:
* * *
Perth Mint Chief Executive Admits ‘Doping’ Controversy Hurts Reputation
By Keane Bourke
Australian Broadcasting Corp., Sydney
Tuesday, March 7, 2023
The head of the Perth Mint has acknowledged issues around gold it supplied to China were “damaging and unacceptable,” as the state’s opposition calls for a royal commission into the government-owned organisation.
An investigation by the ABC’s “Four Corners” revealed the Mint had supplied gold to China between 2018 and 2021 that met broader industry purity standards, but in at least one instance, fell below Shanghai’s stricter standards.
An internal investigation into the “doping” program by the Mint estimated that up to 100 tonnes of sub-standard gold sold through Shanghai may have to be recalled and replaced — which at today’s prices is worth $8.7 billion.
Internal reports allege the Mint then withheld evidence about the practice from its largest client, which an insider described as “a scandal of the highest level.”
While the issue came to light because of concerns about a small number of bars, the report raised the possibility that more batches could have been affected.
Gold doping is a somewhat accepted practice in the industry and is not illegal, but is high risk for refiners, as it lowers the quality of bullion by adding impurities like silver or copper.
Jason Waters, who was appointed chief executive in April last year — after the doping program ended — said the issue “hurts” and was “bad for our reputation.”
“I’m incredibly proud of this business and what it’s achieved in its history and so I want to see that repaired and get us back to the reputation that we should have that we’ve held for so long,” he said.
“So there’s no doubt that these issues are damaging and unacceptable.”
The “Four Corners” investigation found the Mint’s doping program began to unravel in September 2021, when the Shanghai Gold Exchange alleged two bars contained too much silver and did not meet its specifications.
Mr. Waters explained that during that period, gold produced by the Mint still met industry standards, which required the gold be 99.99% pure — known as “four-nines gold” — and that the value of the gold was unaffected.
He said the issues arose because the refining processes at the mint produced gold that was 99.996% pure, despite customers only paying for the 99.99% standard.
“The gold above that, in this case 0.006%, is known as giveaway. It’s provided to the customer and it’s not charged for,” Mr Waters said.
“In this case, silver was added to bring that … [gold] component down from 99.996% to 99.992% … but the addition of the silver meant that the silver component of the non-gold component exceeded the upper limit” set by the Shanghai Gold Exchange.
Mr. Waters acknowledged that was “a mistake” which he became aware of shortly after taking the helm in 2022, and that he discussed it with Minister Bill Johnston not long after. …
… For the remainder of the report:
end
India’s oil deals is ringing gold for Russia. Russia sells discounted oil to India but India must pay in
gold and this gold is purchased from China. The gold is then deposited by Russia (Sberbank). China uses the Indian rupees to buy Indian goods
(Reuters)
India’s oil deals with Russia dent decades-old dollar dominance
Submitted by admin on Wed, 2023-03-08 21:00Section: Daily Dispatches
By Nidhi Verma and Noah Browning
Reuters
Wednesday, March 8, 2023
U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India — Russia’s top outlet for seaborne crude — have been settled in other currencies.
The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.
India’s oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting.
The country is the world’s No. 3 importer of oil and Russia became its leading supplier after Europe shunned Moscow’s supplies following its invasion of Ukraine begun in February last year.
After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, Indian customers have paid for most Russian oil in non-dollar currencies, including the United Arab Emirates dirham and more recently the Russian rouble, multiple oil trading and banking sources said. …
… For the remainder of the report:
end
4. OTHER GOLD/SILVER RELATED COMMENTARIES/
END
5.IMPORTANT COMMENTARIES ON COMMODITIES: +
END
GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL
6.CRYPTOCURRENCY COMMENTARIES/
end
1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 6.9627
OFFSHORE YUAN: 6.9762
SHANGHAI CLOSED DOWN 715 PTS OR 0.22%
HANG SENG CLOSED DOWN 125.51 PTS OR 0.63%
2. Nikkei closed UP 178.96 PTS OR 0.63%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 105.48 Euro RISES TO 1.0563 UP 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.500!!(Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 136.35/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK 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: DOWN-// OFF- SHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion usa
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.6870%***/Italian 10 Yr bond yield RISES to 4.4780%*** /SPAIN 10 YR BOND YIELD RISES TO 3.701…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 4.441//(ITALY WORSE THAN GREECE?)
3j Gold at $1818.25//silver at: 20.10 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 19/100 roubles/dollar; ROUBLE AT 75/73//
3m oil into the 76 dollar handle for WTI and 82 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 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 136.35/10 YEAR YIELD AFTER BREAKING .54%, LOWERS TO .5000% STILL ON CENTRAL BANK (JAPAN) INTERVENTION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9385– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9914well 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: 3.999% UP 2 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.914 UP 4 BASIS PTS//INVERTED TO THE 10 YEAR!!
USA 2 YR BOND YIELD: 5.0537 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 18,95…
GREAT BRITAIN/10 YEAR YIELD: 3.845% UP 1 BASIS PTS
end
i.b Overnight: Newsquawk and Zero hedge:
FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Drop As Attention Turns To Friday’s Payrolls
THURSDAY, MAR 09, 2023 – 08:09 AM
US futures dropped on Thursday, led by tech companies, as yesterday’s late, 3:30pm surge which brought stocks back to unchanged levels is being tested ahead of tomorrow’s payroll reports. S&P 500 contracts dropped 0.3% as of 7:30 a.m. ET while Nasdaq futures retreated 0.6%. Bonds yields were flat alongside a weaker Bloomberg Dollar Spot Index which is set for its first one-day drop this week, commodities are mixed with copper outperforming +1.7%.
In premarket trading, mega cap tech names are mostly lower. Silvergate Capital slumped 44% in premarket trading after announcing plans to wind down operations and voluntarily liquidate the crypto-friendly bank. Tesla extended this week’s losses and fell as much as 2.6% in premarket trading on Thursday, an investigation by US regulators over complaints the steering wheel can fall off certain new Model Y vehicles. MongoDB fell 12% in premarket trading after the infrastructure software company gave a full-year revenue forecast that missed expectations. Analysts said the weaker forecast overshadows its strong 4Q beat. By contrast, Asana surged 21% after CEO and co-founder Dustin Moskovitz said he plans to enter into a trading plan to purchase up to 30 million shares. Here are some other notable premarket movers:
- Uber shares gain in US premarket trading, after the ride hailing company was said to be considering spinning off its freight logistics business, a move that analysts said would be positive for the company, with Piper Sandler saying it could eventually increase the stock’s chances of being included in the S&P 500 Index.
- Etsy shares drop 5.4% in US premarket trading after the online marketplace operator was double- downgraded at Jefferies to underperform from buy, with the broker citing the stock’s premium valuation and “troubling” buyer trends that could put pressure on growth.
- SVB Financial falls as much as 32% in premarket trading after offering $1.25 billion of common stock. The holding company for Silicon Valley Bank also announced the sale of $21 billion of securities, which will result in an after-tax loss of about $1.8 billion in the first quarter.
There is a light macro calendar today; we see Biden’s budget proposal reveal later today, as well as Challenger Job cuts and Jobless Claims data to further assess the labor market. In addition, there is a Treasury 30yr bond auction.
Investors are digesting Jerome Powell’s signaling after the Federal Reserve chief told lawmakers no decision had been made on the pace of the next move. He reiterated however, that an acceleration in tightening was still on the table, and rates may go higher than anticipated should economic data warrant. Still, markets tilt solidly toward a half-point hike in March rather than the quarter-point expected earlier as Powell’s comments coincided with another round of US jobs figures that came in on the hot side, bolstering bets that policymakers will remain hawkish.
“The Fed will pause only when they start to see weakness in the labor market and inflation starting to come down. After that they will want to leave interest rates high to squeeze out inflation expectations from the market,” said Charles Diebel, head of fixed income at Mediolanum International Funds. “So rates will remain restrictive even when the economy is slowing or in recession, that turns the screw even further for markets,” he said.
“This would shatter the market’s comfortable illusion at the start of the year that rates were about to pivot and a soft landing for the US economy could be engineered,” said Russ Mould, investment director at AJ Bell.
Meanwhile, JPM strategists – desperate to find anything bearish now that Marko Kolanovic has staked his reputation on stocks hitting new cycle lows – said that while the US earnings season was not as bad as expected, it confirmed emerging cracks within corporate fundamentals, adding that the rising cost of capital is a key concern for corporates. Which, of course, has been obvious for the past year and has been priced in long ago.
Euro Stoxx 50 falls 0.5%. In Europe, real estate, miners and travel underperform. Here are some of the most notable European movers:
- Hugo Boss shares fell as much as 4.5% as its 2023 Ebit guidance came in below some analysts’ estimates and brokers flagged the German fashion brand’s inventory build
- Credit Suisse shares drop as much as 4.9% after the Swiss lender delayed the publication of its annual report and compensation details for 2022
- Entain shares slip as much as 4.4% after the UK-based gambling company reported full-year results that analysts said were broadly in line with estimates
- DS Smith shares fall as much as 4.3% after “downbeat” commentary from the packaging maker that appears to mostly echo reporting from its peers
- National Express falls as much as 7.4%, among the biggest decliners in the UK on Thursday, after getting its only sell rating
- IQE shares drop as much as 33%, the most since June 2019, after a trading update, with Peel Hunt flagging the chipmaker is suffering from the impact of a deepening inventory correction
- Aviva gains as much as 3.8% after posting a results beat for the full year and launching a £300m share buyback that met expectations
- M&G shares gained as much as 4.4%, reversing a slump in early trading, as analysts welcomed the fund manager’s strong operating profit and management’s focus on reducing debt
- De’ Longhi gains as much as 6.7%, the most intraday since November, after Equita upgraded the Italian appliance maker to buy from hold
- Dassault Aviation shares jump as much as 11% to a record high after the French maker of the Rafale fighter plane reported 2022 sales and net income that were ahead of analyst expectations
Asian stocks were mixed as the latest Chinese inflation data underscored a mediocre recovery in the economy, offsetting the boost from a softer tone by the Federal Reserve’s chief on interest rate increases. The MSCI Asia Pacific Index rose as much as 0.3% on Thursday before giving up the increase. About three stocks declined for every two that advanced in the gauge. Japan led gains in the region ahead of the Bank of Japan meeting this week, where expectations are for ultra-easy policies to continue. Chinese stocks fell after the nation’s costs of food and consumer goods eased following the end of the Lunar New Year holiday, suggesting that an economic rebound driven by reopening may take longer than expected. South Korean shares also declined.
The focus will now be on the US jobs report due Friday and inflation data next week. Sentiment in Asia has been weak recently, dragged by concerns over the Fed’s policy path and a lack of major catalysts from the National People’s Congress in China. The MSCI regional benchmark has fallen 6% from a January peak. “The upside potential of Asia equities remains constrained by monetary policy in the US, where real rates, the crudest measure of financial conditions remain in negative territory,” Societe Generale strategists including Frank Benzimra wrote in a note.
Japanese stocks rose for a fifth day after Federal Reserve Chair Jerome Powell softened his tone slightly during a congressional testimony and investors awaited a Bank of Japan policy decision on Friday. The Topix index advanced 1% to 2,071.09 as of the 3 p.m. close in Tokyo, while the Nikkei 225 climbed 0.6% to 28,623.15. Seven & i Holdings Co. contributed the most to the Topix’s gain, increasing 4.1% after the Nikkei reported the company will reduce the number of Ito-Yokado stores by about 20%. Out of 2,160 stocks in the index, 1,642 rose and 413 fell, while 105 were unchanged
Australian stocks were flat: the S&P/ASX 200 index was little changed to close at 7,311.10, with gains in banks offset by losses in the mining sector. Some of the largest miners, including BHP and Rio Tinto, traded ex-dividend. In New Zealand, the S&P/NZX 50 index fell 0.2% to 11,826.15.
In FX, the Bloomberg Dollar Spot Index fell as the greenback weakened agajinst all of its Group-of-10 peers apart from the Norwegian krone. The euro climbed above $1.0550.
- The yen rose against all G-10 peers in the wake of Jerome Powell’s comments that further rate hikes would be data- dependent. Traders are also positioning ahead of the BOJ’s policy decision on Friday, with investors high alert for a surprise parting shot from Haruhiko Kuroda in his final meeting.
- The Australian and New Zealand dollars rose but stayed within recent ranges amid broad greenback weakness. Bonds hold opening gains. Australian bonds climbed to extend recent outperformance
In rates, treasuries higher across belly and front-end of the curve, reversing recent flattening trend with the long-end underperforming. Gains accumulated during Asia session as Australian bonds climbed, extending recent outperformance. Long-end Treasuries lag ahead of 30-year bond auction at 1pm New York time. Yields richer by 3bp-4bp across front-end of the curve in early US session with 20- and 30-year bonds slightly cheaper vs Wednesday’s close; 10-year yields around 3.98%, around 1bp richer on the day. The bund yield curve bear steepened, paring the past two days of gains as well as trimming outperformance over Treasuries. The pound advanced and the UK sovereign yield curve bear-flattened. WI 30-year at 3.90% is above auction stops since November and ~21bp cheaper than February’s result. IG dollar issuance slate empty so far; two issuers priced $8b Wednesday, with four or five issuers electing to stand down, which could lead to an active session Thursday.
In commodities, WTI trades within Wednesday’s range at ~$76.69. Spot gold rises roughly $4 to trade near $1,818/oz
To the day ahead now, and data releases include the weekly initial jobless claims from the US. Otherwise, central bank speakers include the Fed’s Barr and the ECB’s Vujcic.
Market Snapshot
- S&P 500 futures down 0.3% to 3,982.50
- STOXX Europe 600 down 0.6% to 458.34
- MXAP little changed at 160.28
- MXAPJ down 0.6% to 513.07
- Nikkei up 0.6% to 28,623.15
- Topix up 1.0% to 2,071.09
- Hang Seng Index down 0.6% to 19,925.74
- Shanghai Composite down 0.2% to 3,276.09
- Sensex down 0.8% to 59,851.99
- Australia S&P/ASX 200 little changed at 7,311.12
- Kospi down 0.5% to 2,419.09
- German 10Y yield little changed at 2.69%
- Euro up 0.2% to $1.0566
- Brent Futures down 0.3% to $82.40/bbl
- Gold spot up 0.2% to $1,817.23
- U.S. Dollar Index down 0.27% to 105.38
Top Overnight News from Bloomberg
- Northwestern University Professor Janice Eberly is the frontrunner in the White House search for a successor to Lael Brainard as vice chair of the Federal Reserve, people familiar with the matter said
- Bank of France Governor Francois Villeroy de Galhau said French inflation should peak between now and June and the ECB will do what’s needed to bring it back to its 2% goal
- Swedish inflation is far too high and the Riksbank will do whatever it takes to slow price increases, Deputy Governor Aino Bunge said in her first public speech since joining the central bank’s executive board
- Indicator data for Sweden’s GDP showed an increase of 2% from a month earlier, adjusted for seasonal variations, the fastest increase in four months, according to data published by Statistics Sweden on Thursday. That compares with a median estimate for a 0.1% decline in a Bloomberg survey of economists
- Turkey borrowed $2.25 billion in its first international bond offering following last month’s devastating earthquakes. The Treasury and Finance Ministry said it sold dollar-denominated bonds maturing March 14, 2029 at a yield of 9.5%
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded mostly rangebound after the choppy performance in the US where Fed Chair Powell reaffirmed his hawkish view but clarified that the Fed has not yet made a decision, while the region also digested weak data including softer-than-expected Chinese inflation. ASX 200 was kept afloat amid outperformance in tech and energy albeit with upside limited by weakness in the mining and materials industries, while sentiment is also clouded following confirmation of a substantial drop in building approvals. Nikkei 225 rose to its highest level since August after downward revisions to Q4 GDP added to the case for a slower exit from the BoJ’s ultra-easy policy and as the central bank kick-started the final 2-day policy meeting before the end of the Kuroda era. Hang Seng and Shanghai Comp. were indecisive as participants reflected on the soft inflation data from China which showed consumer price growth was at its slowest pace in a year.
Top Asian News
- Australia will end COVID testing for travellers from China, while Australia’s Trade Minister separately noted that progress is being made on almost all instances of trade blockages with China.
- Japan’s lower house approved the appointment of Kazuo Ueda as the next BoJ Governor, while it approved the appointment of Shinichi Uchida and Ryozo Himino as the next Deputy Governors, which was as expected and with the upper house set to vote on the nominations tomorrow.
- South Korean President Yoon is to visit Japan on March 16-17th, according to Yonhap.
European bourses are under pressure, Euro Stoxx 50 -0.5%, with sentiment gradually deteriorating amid numerous geopolitical updates ahead of Friday’s NFP report. Beforehand, we do have Fed’s voter Barr and IJC scheduled before a 30yr auction, going into this US futures are lower across the board with the NQ -0.6% lagging as yields pickup. Bank of America (BAC) CEO sees a slight US recession in Q3; says what the Federal Reserve intended to do is happening. Says consumer spending growth is accelerating, consumer account balances are still growing, BofA had to stop hiring last Autumn.
Top European News
- US President Biden and European Commission President von der Leyen are expected to agree on Friday to work towards a trade deal that would give the EU free-trade agreement-like status, according to Reuters sources. It was separately reported that the US and the EU are to start trade negotiations on minerals, according to WSJ.
- German Economy Ministry says they will be setting up a system of social subsidies so low/medium-income households can afford the energy transition; double-digit billion EUR sum is planned to help the industry cope with the climate transition.
- Riksbank’s Bunge says it is important for inflation to fall significantly this year. Inflation is far too high, prices are rising broadly. Underlying inflation has not shown clear signs of falling, will take time for mon pol to have full impact. Adds, the economy is still faring relatively well; still sees a 25bp or 50bp hike in April.
FX
- The DXY is underpressure and has moved below yesterday’s 105.35 trough to 105.28 at worst with the 100-DMA in proximity ahead of US IJC, Fed speak and more pertinently Friday’s NFP.
- Amidst this, the JPY is the standout outperformer with USD/JPY within 10 pips of 136.00 at best vs 137.37 initial high ahead of Kuroda’s final BoJ where the straddle premium indicates 230 pip breakeven across the BoJ and NFP events.
- Antipodeans and the CHF are taking advantage of the USD’s pullback, firmly below 0.94 and above 0.66 and 0.61 for CHF, AUD & NZD vs USD.
- Next-best are the EUR and GBP, with fresh drivers limited as we enter the ECB’s quiet period, though with action very much at the whim of broader risk sentiment before next week’s UK/EZ specific events; Cable testing 1.19 and EUR/USD holding above 1.0550.
- SEK shrugged off conflicting macro data though gleaned incremental upside from Riksbank’s Bunge’s hawkish remarks and a fresh call from SEB, who now look for a 25bp in June after April’s 50bp.
- PBoC set USD/CNY mid-point at 6.9666 vs exp. 6.9668 (prev. 6.9525)
Fixed Income
- Bonds back within tighter ranges as dust settles on Fed Chair Powell’s testimonies and attention turns to Friday’s US jobs data with BoJ prequel.
- Bunds meander between 131.77-07, Gilts roam from 100.50 to 100.06 and T-note sits just shy of parity within 110-31+/23+ band.
- Next on the agenda Challenger layoffs, jobless claims and last long bond refunding leg.
Commodities
- Commodities, generally speaking, reside within fairly contained ranges with price action choppy thus far amid a lack of scheduled catalysts aside from geopolitical developments.
- WTI and Brent currently reside around USD 76.50/bbl mark (USD 76.16-76.85 range) and USD 82.50/bbl (USD 82.17-82.89/bbl range) respectively.
- EU Energy Commissioner says we will propose to extend EU gas price cap to other gas hubs, to propose EU extends the voluntary target to cut gas demand by 15%.
- Russian Foreign Minister Lavrov says it is important to continue the Russian-Saudi coordination on all levels, according to Sky News Arabia. Alongside this, the Saudi Foreign Minister stresses close coordination between themselves and Russia within the energy market and the commitment to OPEC+.
- Russian Foreign Minister Lavrov says Russia and Saudi “discussed exporting Ukraine’s grain across the Black Sea and removing restrictions on our exports of grain and fertilizers”, via Al Jazeera.
- Spot gold remains above USD 1800/oz and by extension within Wednesday parameters and technically between the 10- & 100-DMAs at USD 1827/oz and USD 1808/oz.
Geopolitics
- Twitter sources noted a major Russian air attack was underway in Ukraine, while regional officials said strikes hit many Ukrainian regions including Kharkiv and Odesa with power cuts in some places, while explosions were also heard in Kyiv and Dnipro.
- Russian missiles struck 10 regions across Ukraine, according to Russian President Zelensky cited by AFP.
- US Justice Department said the US obtained a warrant for the seizure of an aeroplane owned by a Russian oil company valued at more than USD 25mln, according to Reuters.
- North Korea fired short-ranged ballistic missile towards the Yellow Sea, according to Yonhap.
US Event Calendar
- 07:30: Feb. Challenger Job Cuts YoY, prior 440.0%
- 08:30: March Initial Jobless Claims, est. 195,000, prior 190,000
- 08:30: Feb. Continuing Claims, est. 1.66m, prior 1.66m
- 12:00: 4Q US Household Change in Net Wor, prior -$392b
DB’s Jim Reid concludes the overnight wrap
After the sizeable losses on Tuesday, markets showed signs of stabilising over the last 24 hours as Fed Chair Powell put forward a slightly softer message on the pace of future rate hikes. He was appearing before the House Financial Services Committee, where he delivered almost exactly the same testimony as he had to the Senate Banking Committee the previous day. However, there was one important caveat added, since when referring to his comments that “we would be prepared to increase the pace of rate hikes”, he said “I stress that no decision has been made on this”. So a clear message that faster rate hikes were not a done deal just yet.
Whilst Powell was trying to steer us away from a specific outcome, ultimately the decision was always going to depend significantly on tomorrow’s jobs report, as well as the CPI release on Tuesday. And in the meantime, markets continued to price in a growing chance that the Fed would go for a 50bps move at the next meeting, whatever Powell might have said. In fact, futures ended the day pricing in a 42.8bps hike for March, which is up from 40.7bps the previous day.
With a 50bp hike being increasingly priced in, shorter-dated yields continued to move higher, and the 2yr Treasury yield was up +6.2bps to another post-2007 high of 5.07%. 10yr yields rose by a smaller +2.8bps to 3.99% where they remain overnight, after being down shortly after Powell’s testimony before selling off during the day. That meant we had a fresh round of curve inversions, with the 2s10s falling all the way to -109bps by the close, which is something we haven’t seen since 1981.
Otherwise yesterday, there was plenty of evidence for the hawks and doves to look over. On the hawkish side, we had a couple of releases suggesting that the labour market remained in a robust position. First, the ADP’s report of private payrolls came in at +242k in February (vs. +200k expected), and there was a modest upward revision of +13k to the prior month’s release. Then we had the JOLTS data for January, which is a bit more backward-looking, but showed that job openings fell by less than expected to 10.824m (vs. 10.546m expected). That means that there are still 1.90 vacancies per unemployed worker, which isn’t far beneath the 2.01 peak last March when the Fed started tightening, and it remains well above its pre-Covid average.
That offered evidence for the hawks, but on the dovish side, there were also a couple of indications from the JOLTS release that the labour market tightness was continuing to ease off at the start of 2023. In particular, the quits rate of those voluntarily leaving their jobs (which is strongly correlated with wage growth) fell to its lowest level in almost two years, at 2.5%. If that’s coming down, then that suggests that the labour market might be coming into better balance between supply and demand, which is what the Fed wants to see.
There’s much anticipation for the Fed’s next decision, but before that we’ve got the ECB decision in just a week’s time, and the latest speakers suggested some divisions on policy within the Governing Council. Specifically, Italy’s Visco (one of the more dovish members) said that “uncertainty is so high that the Governing Council of the ECB has agreed to decide ‘meeting by meeting’, without ‘forward guidance’”. He added that “I therefore don’t appreciate statements by my colleagues about future and prolonged interest rate hikes.” That comes on the back of comments from Austria’s Holzmann earlier in the week, who said that they should hike by 50bps at the next four meetings, and markets are now pricing that the deposit rate will move to at least 4% by the end of the year.
With that in mind, sovereign bonds in Europe followed a similar pattern to the US yesterday, with curve inversions becoming even deeper. For instance, the 2yr German yield (+2.5bps) hit a post-2007 high of 3.31%, whereas the 10yr yield was down -4.6bps to 2.64%, thus leaving the German 2s10s curve at its most inverted since 1992. Likewise in France, the 2yr yield (+2.0bps) was higher, and the 10yr yield (-4.7bps) fell back.
Against this backdrop, equities were pretty steady on both sides of the Atlantic, with the S&P 500 (+0.14%) seeing a modest gain after its bigger losses from the previous day. Bond proxies such as Real Estate (+1.3%) and Utilities (+0.8%) were among the best performers along with tech sectors like Semiconductors (+2.6%) and Tech Hardware (+0.8%). This was tempered by energy (-1.0%) and some other more cyclical sectors such as Autos (-2.2%) and Banks (-0.9%). Meanwhile in Europe, the STOXX 600 (+0.08%) only just closed higher on the day.
Following all that, Asian equity markets have been mostly subdued this morning. That comes on the back of weaker-than-expected data on Chinese inflation, with consumer prices up by +1.0% in the year to February (vs. +1.9% expected), which is its slowest pace in a year. Furthermore producer prices were down -1.4% (vs. -1.3% expected), marking the lowest reading since November 2020. In the meantime, we also had some weaker-than-expected data out of Japan, with annualised GDP only up by +0.1% in Q4, rather than +0.6% as initially estimated.
Amidst all that, the major indices in Asia have struggled to gain much traction, with the CSI 300 (-0.16%), the Shanghai Comp (-0.13%) and the KOSPI (-0.32%) all trading in negative territory. However, the Hang Seng is up +0.33%, and Japanese equities are outperforming with the Nikkei up +0.50%. Looking forward, the picture remains downbeat, with US equity futures are pointing to modest losses today, including for the S&P 500 (-0.09%) and the NASDAQ 100 (-0.15%).
Elsewhere yesterday, the Bank of Canada left rates unchanged, following a run of 8 successive hikes over the previous year. The move was in line with expectations, since the BoC had already announced a pause at their previous meeting. However, the Canadian Dollar (-0.4%) fell to its weakest level since October against the US Dollar, after the statement removed a previous reference that the economy was experiencing excess demand. Looking forward, the statement said they were “prepared to increase the policy rate further” if required to get inflation back to target, and investors still expect the next move to be up rather than down, with another 25bp hike fully priced in by the September meeting.
Staying on central banks, Bloomberg reported that Janice Eberly is the frontrunner to be the next Vice Chair of the Federal Reserve, according to “people familiar with the matter”. Eberly is a professor at Northwestern University, but previously served as Assistant Secretary of the Treasury for Economic Policy under President Obama. Bloomberg’s article said that Eberly had met for an interview with senior officials, including Treasury Secretary Janet Yellen, NEC Director and former Fed Vice Chair Lael Brainard, as well as Biden’s chief of staff Jeff Zients.
Looking at yesterday’s other releases, we found out that the Euro Area economy didn’t grow at all in Q4 of last year, contrary to previous estimates that there’d been a +0.1% expansion. Otherwise, German industrial production grew by +3.5% in January (vs. +1.4% expected), and although retail sales unexpectedly fell -0.3% (vs. +2.3% expected), there were sharp upward revisions to the previous month.
To the day ahead now, and data releases include the weekly initial jobless claims from the US. Otherwise, central bank speakers include the Fed’s Barr and the ECB’s Vujcic.
end
AND NOW NEWSQUAWK (EUROPE/REPORT)
Sentiment slips slightly in cautious trade, DXY lower, JPY bid & USTs contained – Newsquawk US Market Open
THURSDAY, MAR 09, 2023 – 06:33 AM
- Equities are under pressure as sentiment has slipped modestly throughout the European morning, ES -0.2%.
- The DXY is similarly weighed on and is below Wednesday’s trough to the benefit of FX across the board; JPY outpaces pre-BoJ.
- Core fixed income is back within tighter ranges after an initial decline in the early European morning; long-end yields bid.
- Commodities are generally rangebound with catalysts somewhat limited and focus on geopols currently.
- Chinese CPI for February printed markedly softer-than-expected, PPI also edged lower.
- Looking ahead, highlights include US IJC, Challenger Layoffs, New Zealand Manufacturing PMI, Speech from Fed’s Barr, Supply from the US.
View the full premarket movers and news report.
Or why not try Newsquawk’s squawk box free for 7 days?
EUROPEAN TRADE
EQUITIES
- European bourses are under pressure, Euro Stoxx 50 -0.5%, with sentiment gradually deteriorating amid numerous geopolitical updates ahead of Friday’s NFP report.
- Beforehand, we do have Fed’s voter Barr and IJC scheduled before a 30yr auction, going into this US futures are lower across the board with the NQ -0.6% lagging as yields pickup.
- Bank of America (BAC) CEO sees a slight US recession in Q3; says what the Federal Reserve intended to do is happening. Says consumer spending growth is accelerating, consumer account balances are still growing, BofA had to stop hiring last Autumn.
- JD.com (JD) Q4 net revenues USD 42.8bln (exp. 43.61bln)
- Click here for more detail.
FX
- The DXY is underpressure and has moved below yesterday’s 105.35 trough to 105.28 at worst with the 100-DMA in proximity ahead of US IJC, Fed speak and more pertinently Friday’s NFP.
- Amidst this, the JPY is the standout outperformer with USD/JPY within 10 pips of 136.00 at best vs 137.37 initial high ahead of Kuroda’s final BoJ where the straddle premium indicates 230 pip breakeven across the BoJ and NFP events.
- Antipodeans and the CHF are taking advantage of the USD’s pullback, firmly below 0.94 and above 0.66 and 0.61 for CHF, AUD & NZD vs USD.
- Next-best are the EUR and GBP, with fresh drivers limited as we enter the ECB’s quiet period, though with action very much at the whim of broader risk sentiment before next week’s UK/EZ specific events; Cable testing 1.19 and EUR/USD holding above 1.0550.
- SEK shrugged off conflicting macro data though gleaned incremental upside from Riksbank’s Bunge’s hawkish remarks and a fresh call from SEB, who now look for a 25bp in June after April’s 50bp.
- PBoC set USD/CNY mid-point at 6.9666 vs exp. 6.9668 (prev. 6.9525)
- Click here for more detail.
FIXED INCOME
- Bonds back within tighter ranges as dust settles on Fed Chair Powell’s testimonies and attention turns to Friday’s US jobs data with BoJ prequel.
- Bunds meander between 131.77-07, Gilts roam from 100.50 to 100.06 and T-note sits just shy of parity within 110-31+/23+ band.
- Next on the agenda Challenger layoffs, jobless claims and last long bond refunding leg.
- Click here for more detail.
COMMODITIES
- Commodities, generally speaking, reside within fairly contained ranges with price action choppy thus far amid a lack of scheduled catalysts aside from geopolitical developments.
- WTI and Brent currently reside around USD 76.50/bbl mark (USD 76.16-76.85 range) and USD 82.50/bbl (USD 82.17-82.89/bbl range) respectively.
- EU Energy Commissioner says we will propose to extend EU gas price cap to other gas hubs, to propose EU extends the voluntary target to cut gas demand by 15%.
- Russian Foreign Minister Lavrov says it is important to continue the Russian-Saudi coordination on all levels, according to Sky News Arabia. Alongside this, the Saudi Foreign Minister stresses close coordination between themselves and Russia within the energy market and the commitment to OPEC+.
- Russian Foreign Minister Lavrov says Russia and Saudi “discussed exporting Ukraine’s grain across the Black Sea and removing restrictions on our exports of grain and fertilizers”, via Al Jazeera.
- Spot gold remains above USD 1800/oz and by extension within Wednesday parameters and technically between the 10- & 100-DMAs at USD 1827/oz and USD 1808/oz.
- Click here for more detail.
NOTABLE HEADLINES
- US President Biden and European Commission President von der Leyen are expected to agree on Friday to work towards a trade deal that would give the EU free-trade agreement-like status, according to Reuters sources. It was separately reported that the US and the EU are to start trade negotiations on minerals, according to WSJ.
- German Economy Ministry says they will be setting up a system of social subsidies so low/medium-income households can afford the energy transition; double-digit billion EUR sum is planned to help the industry cope with the climate transition.
- Riksbank’s Bunge says it is important for inflation to fall significantly this year. Inflation is far too high, prices are rising broadly. Underlying inflation has not shown clear signs of falling, will take time for mon pol to have full impact. Adds, the economy is still faring relatively well; still sees a 25bp or 50bp hike in April.
DATA RECAP
- UK RICS Housing Survey (Feb) -48 vs. Exp. -49.0 (Prev. -47.0, Rev. -46)
NOTABLE US HEADLINES
- Northwestern University Professor Janice Eberly is reportedly the frontrunner in the White House’s search for Brainard’s successor as Fed Vice Chair, according to sources cited by Bloomberg.
- US President Biden proposes tax on income over USD 400k at 39.6% in the budget and raising corporation tax to 28% from 21%, while he urges a 25% minimum tax on billionaires and the budget plan would nearly double capital gains tax for investment to 39.6% from 20%, according to Reuters. President Biden’s budget will eliminate tax subsidies for oil and gas and will also eliminate ‘like-kind exchange’ subsidy for real estate, as well as eliminate tax subsidies for crypto transactions, limit retirement benefits for high earners and end carried interest ‘loophole’. Furthermore, a US official said President Biden’s budget plan aims to cut deficits by nearly USD 3tln over 10 years, according to AP.
GEOPOLITICS
- Twitter sources noted a major Russian air attack was underway in Ukraine, while regional officials said strikes hit many Ukrainian regions including Kharkiv and Odesa with power cuts in some places, while explosions were also heard in Kyiv and Dnipro.
- Russian missiles struck 10 regions across Ukraine, according to Russian President Zelensky cited by AFP.
- US Justice Department said the US obtained a warrant for the seizure of an aeroplane owned by a Russian oil company valued at more than USD 25mln, according to Reuters.
- North Korea fired short-ranged ballistic missile towards the Yellow Sea, according to Yonhap.
CRYPTO
- Silvergate Capital (SI) announced its intent to wind down operations and voluntarily liquidate the bank. Coinbase (COIN) later stated it has no client or corporate cash at Silvergate and that client funds continue to be safe, accessible and available.
APAC TRADE
- APAC stocks traded mostly rangebound after the choppy performance in the US where Fed Chair Powell reaffirmed his hawkish view but clarified that the Fed has not yet made a decision, while the region also digested weak data including softer-than-expected Chinese inflation.
- ASX 200 was kept afloat amid outperformance in tech and energy albeit with upside limited by weakness in the mining and materials industries, while sentiment is also clouded following confirmation of a substantial drop in building approvals.
- Nikkei 225 rose to its highest level since August after downward revisions to Q4 GDP added to the case for a slower exit from the BoJ’s ultra-easy policy and as the central bank kick-started the final 2-day policy meeting before the end of the Kuroda era.
- Hang Seng and Shanghai Comp. were indecisive as participants reflected on the soft inflation data from China which showed consumer price growth was at its slowest pace in a year.
NOTABLE ASIA-PAC HEADLINES
- Australia will end COVID testing for travellers from China, while Australia’s Trade Minister separately noted that progress is being made on almost all instances of trade blockages with China.
- Japan’s lower house approved the appointment of Kazuo Ueda as the next BoJ Governor, while it approved the appointment of Shinichi Uchida and Ryozo Himino as the next Deputy Governors, which was as expected and with the upper house set to vote on the nominations tomorrow.
- South Korean President Yoon is to visit Japan on March 16-17th, according to Yonhap.
DATA RECAP
- Chinese CPI MM (Feb) -0.5% vs. Exp. 0.2% (Prev. 0.8%); YY (Feb) 1.0% vs. Exp. 1.9% (Prev. 2.1%)
- Chinese PPI YY (Feb) -1.4% vs. Exp. -1.3% (Prev. -0.8%)
- Japanese GDP Revised QQ (Q4) 0.0% vs. Exp. 0.2% (Prev. 0.2%); QQ Annualised (Q4) 0.1% vs. Exp. 0.8% (Prev. 0.6%)
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 7.15 PTS OR 0.22% //Hang Seng CLOSED DOWN 125.51 PTS OR 0.63% /The Nikkei closed UP 178.96% PTS OR 0.63% //Australia’s all ordinaries CLOSED UP 0.14% /Chinese yuan (ONSHORE) closed DOWN 6.9627//OFFSHORE CHINESE YUAN DOWN TO 6.9762// /Oil DOWN TO 76.85 dollars per barrel for WTI and BRENT AT 82.83 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 a./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2B JAPAN
JAPAN/
END
3c CHINA /
CHINA/USA
FROM WALL STREET JOURNAL
Seems our Chinese friends are losing patience with the USA. We are getting closer to an invasion of Taiwan. Biden is too weak to do anything!
(Wall Street Journal)
China’s Xi Jinping Takes Rare Direct Aim at U.S. in Speech
Leader blames Washington-led ‘containment, encirclement and suppression’ for challenges at home
Chinese President Xi Jinping, center, and other leaders attended the opening session of China’s National People’s Congress in Beijing on Sunday.
PHOTO: NG HAN GUAN/ASSOCIATED PRESS
By
Keith Zhai and
Updated March 6, 2023 6:47 pm ET
Chinese leader Xi Jinping issued an unusually blunt rebuke of U.S. policy on Monday, blaming what he termed a Washington-led campaign to suppress China for recent challenges facing his country.
“Western countries—led by the U.S.—have implemented all-round containment, encirclement and suppression against us, bringing unprecedentedly severe challenges to our country’s development,” Mr. Xi was quoted by state media as saying on Monday.
Mr. Xi’s comments marked an unusual departure for a leader who has generally refrained from directly criticizing the U.S. in public remarks—even as his decade long leadership has demonstrated a pessimistic view of the bilateral relationship.
The accusation of U.S. suppression of China’s development over the past five years comes as Mr. Xi faces charges from investors that China’s economy has been damaged by his policies, including the emphasis on national security.
The comments were part of a speech to members of China’s top political advisory body during an annual legislative session in Beijing, according to a Chinese-language readout published by the official Xinhua News Agency.
While Mr. Xi has mentioned the U.S. in critical tones during internal speeches, such remarks have often filtered out through subordinates relaying his messages for broader audiences, within the party and beyond. In statements made in public settings or directly reported by state media, Mr. Xi has typically been more measured and vague regarding the U.S. and other Western countries, referring to them as “certain” countries rather than naming them explicitly.
Now by directly accusing the U.S. of seeking containment, a term loaded with Cold War meaning, Mr. Xi appears to be associating himself more closely with nationalist rhetoric—widely used by lower-ranking officials and state media—that attacks Washington, at a time when bilateral tensions continue to simmer over trade, technology, geopolitical influence and discordant views on Russia’s invasion of Ukraine.
The English-language version of Mr. Xi’s speech reported by Xinhua didn’t refer to containment or the U.S. Instead, it quoted him telling fellow officials to “have the courage to fight as the country faces profound and complex changes in both the domestic and international landscape.”
President Biden says the U.S. competes with China but doesn’t want conflict, though Beijing worries that an emphasis in his national-security strategy on historic rivalry between democracies and autocracies is a sign Washington seeks regime change in Beijing. “We’re not looking for a new Cold War,” Mr. Biden said last month.
The escalatory spiral makes it hard to cool tensions but both China and the U.S. have room to tame the rhetoric, Jessica Chen Weiss, a Cornell University professor and former State Department adviser, told an online conference hosted by Foreign Policy magazine on Monday. “The current tit-for-tat spiral serves no one,” she said.
The accusations by Mr. Xi against the U.S., delivered to an audience that includes politically connected businesspeople, appeared in part to be an effort by Mr. Xi to shift blame away from his own policymaking, including tough Covid controls that have weakened the economy and pressure on technology companies that cost the industry some of its dynamism.
Delegates attending the opening legislative session on Sunday.
PHOTO: NG HAN GUAN/ASSOCIATED PRESS
Chinese leaders often speak in opaque terms but as Mr. Xi continues to consolidate power, he might be searching for new ways to explain the country’s gathering troubles, including on the economy, said Shirley Martey Hargis, a nonresident fellow at the Washington think tank Atlantic Council. “It’s either take the blame or shift it,” she said.
At Monday’s meeting, which included representatives from China’s state-backed national chamber of commerce, Mr. Xi sought to boost confidence within the private sector—a crucial driver of growth and supplier of jobs in the world’s second-largest economy, but also a community shaken by regulatory crackdowns and harsh pandemic lockdowns in recent years.
The Chinese leader insisted that the Communist Party “has always regarded private enterprises and private entrepreneurs as our own people,” and would provide them with support whenever they run into difficulties, Xinhua said.
At the same time, Mr. Xi urged business people to strive for wealth with a sense of responsibility, righteousness and compassion, and to bear in mind his push for “common prosperity”—aimed at redistributing more of China’s wealth, amid concerns that the elite classes had benefited disproportionately from the country’s economic boom.
According to Xinhua, Mr. Xi also defended his handling of the Covid-19 pandemic and addressed the growing tensions between China and the West. He also urged the business community to work together with the party to overcome difficulties in an uncertain global environment.
“In the coming period of time, the risks and challenges that we face will only increase and intensify ever more,” Mr. Xi was quoted as saying by Xinhua.
Chinese officials have long warned the U.S. against what they call Cold War thinking, and Mr. Xi appeared to make a similar point in his November summit with President Biden, according to China’s official summary of the meeting. It quoted the Chinese leader as saying, “Suppression and containment will only strengthen the will and boost the morale of the Chinese people.”
A new House committee focused on China held its first hearing on Feb. 28, calling for a concerted government response to the threat it says the Chinese Communist Party poses to the U.S. Photo: J. Scott Applewhite/Associated Press
China’s foreign-policy establishment had already been using the words “suppression and containment” to describe pressure from the U.S., including Mr. Xi’s new top international envoy, Wang Yi ,and foreign minister, Qin Gang.
Official spokespeople for China’s Foreign Ministry, who speak to foreign reporters at regular briefings, often in strident tones, have also used the terminology.
In December, Mr. Wang told American banker and co-chair of Asia Society John Thornton, “It is imperative that the U.S. abandon its unreasonable acts of containment and suppression of China, earnestly put President Biden’s positive remarks into action, and return to the more positive and practical China policy,” according to a Chinese Foreign Ministry summary of the meeting.
When Mr. Xi sent a dark message to fellow Communist Party leaders at a conference last October, he didn’t name the U.S. when warning of threats: “External attempts to suppress and contain China may escalate at any time.”
Write to Chun Han Wong at chunhan.wong@wsj.com, Keith Zhai at keith.zhai@wsj.com and James T. Areddy at James.Areddy@wsj.com
end
4.EUROPEAN AND UK AFFAIRS
UK/COVID
UK’s chief medical officer stated two years ago that the virus was not dangerous enough to initiate the COVID 19 vaccines
(Will Jones/Daily Spectic.org)
COVID “Not Deadly Enough” To Justify Risk Of Fast-Track Vaccines, Chris Whitty Told UK Govt
THURSDAY, MAR 09, 2023 – 02:00 AM
Authored by Will Jones via DailySceptic.org,
COVID-19 was not dangerous enough to justify cutting short vaccine trials as the vaccine had to be “very safe”, Chris Whitty advised the Government in the early weeks of the outbreak, it has emerged.
Writing on WhatsApp on February 29th 2020, the Chief Medical Officer told Government figures:
“For a disease with a low (for the sake of argument 1%) mortality a vaccine has to be very safe so the safety studies can’t be shortcut. So important for the long run.”
The estimate of 1% turned out to be an overestimate, as the infection fatality rate in Europe and the Americas was found to be 0.3-0.4%.
Chief Scientist Patrick Vallance agreed with this advice and wrote that existing drugs should be relied on instead:
“Agree, existing drugs best things to try for this outbreak. Accelerate vaccine testing where we have good candidates for future, and prepare for manufacturing capacity for longer term.”
It has not been reported what led to this approach being changed, but the advice was given before a pandemic had been declared or any country except China had imposed a lockdown. Public opinion, and Government responses around the world, shifted considerably after that point.
The Telegraph has published an article looking at what the Lockdown Files WhatsApp messages show about how the Government came to impose lockdown on March 23rd as it came under pressure during March to do more.
On March 2nd Patrick Vallance said he and Whitty estimated that the chance of a reasonable worst case scenario (at one point reportedly estimated by Whitty to involved up to 820,000 U.K. deaths) was one in five:
For percentage probability of RWCS [reasonable worst case scenario] we don’t have a calculated figure and can’t give one on the data we have. But Chris and I both think that looking at Wuhan so far the RWCS is relatively low probability, say one in five chance. But that is an impression not a calculation.
On March 5th a poll showed the public were still happy with the Government’s calm approach.
However, this was probably the last time that was true. As images from Italy – “where hospitals were overwhelmed by gasping Covid victims and distraught doctors were having to turn away the dying patients” – were beamed into living rooms over the following days the panic buying began as the sense of doom grew.
On March 8th France banned large gatherings as Italy locked down the entire north of the country, and Government figures began to feel the pressure to do more.
By March 11th Boris Johnson’s Chief Adviser Dominic Cummings was stressing how difficult it was to continue to hold the liberal line – and not very subtly implying he agreed with the critics.
On March 12th and 13th Patrick Vallance and other Government figures did one last media round arguing for sticking with a calm, liberal response that would lead to herd immunity, but it was no longer well-received by the media or much of the public. In line with that plan, contact tracing was stopped around March 15th as the country moved from containment (where contact tracing makes sense) to mitigation (where it doesn’t), but behind the scenes this change was opposed and the idea that we should be ramping up testing and contact tracing for indefinite use became a new orthodoxy. Cummings wrote: “We really need to explain our testing policy tomorrow – neither I nor PM understand it and we need to explain and ramp up as fast as humanly possible.”
On the evening of March 16th – the day Neil Ferguson’s Report 9, projecting over 500,000 deaths without severe suppression measures, was published – Boris Johnson told the nation that, without drastic action, the virus would spiral out of control.
These modelers had a track record of drastically exaggerating threats, but this seemed not to matter. As Carl Heneghan and Tom Jefferson write in an excoriating piece in the Mail this morning: “Faith was placed in experts who, in the past two decades, wrongly predicted 136,000 U.K. deaths from new variant CJD contracted by eating meat infected with BSE (or mad cow disease); 65,000 deaths from swine flu; and 700,000 deaths from bird flu.” As a second lockdown loomed later in the year, Dr. Heneghan and others tried to bring actual data and a sense of perspective to bear, but it quickly became clear that most ministers had no interest in anything that might make earlier decisions look unwise: “Our efforts were to no avail. A fixed ideology had rooted itself in Downing Street and the second lockdown in November 2020 went ahead.”
It was in those 11 days, from March 6th to 16th, that the country was transformed from a stoic survivor facing with calm courage the approaching tide to a gibbering wreck cowering in homes and refusing to go to work. The slow recovery from those traumatic days of spring three years ago is still ongoing.
END
GREECE
Last month’s deadly train crash sparks the largest protest in Athens in years. Many died. They are angry at lack of supervision of the trains
(zerohedge)
Deadly Train Crash Sparks Largest Protest In Years In Athens
THURSDAY, MAR 09, 2023 – 02:45 AM
The largest demonstration of public outrage yet over Greece’s deadliest train disaster took place in Athens and other surrounding cities on Wednesday as tens of thousands of people marched on city streets, and transportation workers went on strike. Last month’s train disaster resulted in the deaths of 57 people — many of which were university students.
According to AP News, labor union members and students flooded the streets of Athens, with at least 30,000 individuals participating in the protest. As a result of the strike, ferry services to the islands and public transportation services in Athens were halted.
WATCH: Massive number of people rally in Greece over train tragedy. pic.twitter.com/IEVjAG9umN— Rafi (@RastaRafi03) March 8, 2023
“Clashes broke out after the rallies in Athens and two other cities,” AP News.
Anger over a same-track collision between two trains in Greece that killed nearly 60 people spilled onto the streets of Athens Wednesday as a massive protest devolved into chaos.#Athens #GreeceTrainAccident pic.twitter.com/Xf6Q5eJQcw— INDEPENDENT PRESS (@IpIndependent) March 8, 2023
In Thessaloniki, Greece’s second-largest city, at least 20,000 protesters rallied in the streets. People are furious with the government for underinvestment and understaffing of railroads that might have played a significant factor in the Feb. 28 train crash near the northern Greek town of Tempe.
Reuters said Wednesday’s demonstrations were the largest since 2019. Police estimate more than 60,000 transport workers, students, and teachers were out in the streets. The media outlet also said some violence broke out against riot police:
Violence briefly broke out when a group of protesters clashed with riot police, who fired tear gas at the crowd. Protesters hurled petrol bombs in front of parliament and set a van and garbage bins on fire.
“You feel angry because the government did nothing for all of those kids. The public transport is a mess,” 19yo Nikomathi Vathi told Reuters.
Another student said: “We’re going to be here until things change.”
END
FRANCE/EUROPE
Get a load of this; a French politician faces criminal trial for criticism of immigration. Free speech in Europe is dead
(zerohedge)
French Politician Faces Criminal Trial For Immigration Criticism
THURSDAY, MAR 09, 2023 – 06:30 AM
We have previously discussed the alarming rollback on free speech rights in the West, particularly in France (here and here and here and here and here and here and here). The latest such case is a criminal trial of French Senator Stéphane Ravier for stating that “immigration kills the youth of France.”
It is another example of why free speech is in a virtual free fall in Europe.
Ravier faces trial tomorrow in the criminal court of Marseilles on charges of incitement to discrimination, hatred, or violence. The case is based on a tweet, on January 11, 2022, in which Ravier reacted to the murder of a teen in Paris by a 62-year-old man from Senegal.
He tweeted “Theo, 18 years old, murdered yesterday by a Senegalese [migrant]… Immigration kills the youth of France.”
A complaint was filed by the International League against Racism and Anti-Semitism (Licra) and the League for Human Rights (LDH) against Ravier over allegations of spreading hatred toward migrants.
Alain Lothe also alleged that by publishing his tweet “the elected official is not content to react to a news event but wants to highlight the nationality of its author and to involve all people from immigrant backgrounds.”
It is another example of criminalizing political speech. Just last year, Ravier was convicted for another comment made against a female socialist senator that was deemed to be sexist and given a fine of 1,500 euros.
France has been a leader in the rollback on free speech in the West with ever widening laws curtailing free speech. These laws criminalize speech under vague standards referring to “inciting” or “intimidating” others based on race or religion. For example, fashion designer John Galliano has been found guilty in a French court on charges of making anti-Semitic comments against at least three people in a Paris bar. At his sentencing, Judge Anne Marie Sauteraud read out a list of the bad words used by Galliano to Geraldine Bloch and Philippe Virgitti. “He said ‘dirty whore’ at least a thousand times,” she explained out loud.
In another case, the father of French conservative presidential candidate Marine Le Pen was fined because he had called people from the Roma minority “smelly.” A French mother was prosecuted because her son went to school with a shirt reading “I am a bomb.”
A French teenager was charged for criticizing Islam as a “religion of hate.”
I wrote earlier about the prosecution of famous actress Brigitte Bardot for saying in 2006 that Muslims were ruining France in a letter to then-Interior Minister (and later President) Nicolas Sarkozy. Bardot, an animal rights activist, has been repeatedly hit with such criminal complaints for criticizing different groups. She was later fined for calling the the inhabitants of La Reunion “savages” for their continued sacrificing of animals in religious rituals.
In this case, a politician is speaking about a matter of national importance. One can certainly object and rebut such views or heated rhetoric. The solution to bad speech is better speech. Free speech is its own disinfectant.
Instead of engaging in such debates, however, various individuals and groups now seek to silence their opponents by criminalizing speech. France has led this anti-speech movement. The sad irony of France leading efforts to curb free speech is powerful. Once the bastion of liberty, France has now become one of the greatest international threats to free speech.
end
SWITZERLAND/CREDIT SUISSE
Oh OH! this is not good; Credit Suisse delays its annual report after an SEC phone call. The SEC demanded the delay in releasing the annual report. Shares plunge to an all time low. LADIES AND GENTLEMEN: THEY HAVE A DERIVATIVE PROBLEM!
(zerohedge)
Credit Suisse Delays Annual Report After SEC Call, Shares Plunge Towards All-Time Low
THURSDAY, MAR 09, 2023 – 06:55 AM
It has become almost predictable: every few weeks, we receive news that causes Credit Suisse stock to plunge.
On Thursday, the beleaguered Swiss investment bank’s shares slumped 6% in Zurich trading — closing in on the lowest level on record — following the announcement that it would postpone the release of its annual report at the request of the Securities and Exchange Commission.
According to a statement released by the bank, the SEC had inquiries and concerns regarding revisions made to cash-flow statements related to fiscal years 2019 and 2020.
“Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received.
“We confirm the 2022 financial results as previously released on February 9, 2023, are not impacted by the above.”
It’s the latest in a long list of challenges for Credit Suisse. The bank has endured several scandals in the last few years, such as the downfall of major clients Archegos Capital and Greensill Capital. Shares have slipped to near record low levels as the news get worse for the bank amid broad restructuring efforts.
“We have generally not focused on cash flow statements; the amounts are relatively small and the restatement was previously disclosed.
“However, questions with respect to accounting, especially from the SEC, are negative,” analysts, including Anke Reingen at the Royal Bank of Canada, wrote in a note.
Earlier this week, one of Credit Suisse’s largest shareholders, US investment manager Harris Associates, dumped its entire position in the bank over the last few months as confidence in the bank wanes.
Another concern is whether the bank can survive, given the substantial outflows from its wealth management division.
There was no word from Credit Suisse when the latest issue with the SEC might be resolved
end
5.UKRAINE// RUSSIA//MIDDLE EASTERN AFFAIRS//
UKRAINE//RUSSIA/USA/
Massive missile strikes against all of Ukraine!
Robert H to us:
Hal Turner Radio Show – Massive Russian Missile Strikes Against Ukraine!
We are now seeing the increase of pressure upon Ukraine to find common sense. Only a fool or a dumbbell really would believe they can win against Russia. Zelensky is both fool and traitor to all Ukrainians having sold them out for money. If America had not fallen so badly into its’ own horror show it would have moved to overthrow Zelensky long ago. However, America has its’ very real problems to fix. And there would have been no conflict or waste of lives and money if not for the delusional Neocons of Washington and a senile old character as a figurehead dancing to the prompter writers.
What should be clear is that all the money being thrown into the Ukraine is pointless and is hurting all nations that are doing this. More money than what was wasted in Afghanistan is lost and will never be recovered as Ukraine is broke. Every day civil servants, pensioners there and politicians rejoice at American stimulus to pay so willingly at American’s expense.
If Russia needs to pound Ukraine back to horse and buggy’s era, it will do so to gain peace and security. Since over 50% of the population no longer lives there, more residents will be likely be leaving soon to take advantage of free money while they can before returning to what remains in the future. At least spring comes to Ukraine with its’ famous mud.
For those eager contestants wanting to fight Russia this attack should be a wake call of what awaits if they want war. Because Russia will fight to the last Russian and the last missile conventional or nuclear. And in any future engagement Russia will, not be as considerate as they have been of Ukraine. Because if they wanted to, they could have turned out the lights losing ago.
https://halturnerradioshow.com/index.php/en/news-page/world/massive-russian-missile-strikes-against-ukraine
end
Russia’s Huge ‘Retaliation’ Strikes Include Hypersonic Missiles As NATO Sees Bakhmut Falling “In Coming Days”
THURSDAY, MAR 09, 2023 – 10:20 AM
As we detailed Wednesday, Russian forces have at this point taken full control of the eastern part of the Ukrainian city of Bakhmut as one of the bloodiest battles of the year-long war appears close to ending.
NATO Secretary-General Jens Stoltenberg has since acknowledged that Bakhmut might fall to Russian forces in the “coming days” amid reports of rapid gains, which has been spearheaded by the Russian mercenary outfit Wagner Group. “We cannot rule out that Bakhmut may eventually fall in the coming days,” Stoltenberg told a press briefing in Stockholm. But like with statements from Pentagon generals of late, he quickly tried to downplay the city’s strategic importance. Illustrative image: Youtube/Sevastopol Live
Stoltenberg described that its capture by the Russian military won’t “necessarily reflect any turning point of the war”.
The Kyiv Independent recently interviewed soldiers on the frontline and issued a surprisingly blunt assessment (given it’s obviously a news source on the Ukrainian side) that Ukrainian soldiers are by and large “unprepared, poorly-trained battalions being thrown into the front line meat grinder to survive as best they could with little support from armored vehicles, mortars, artillery, drones and tactical information.”
Russia appears to be capitalizing on its momentum in the Donetsk region, by many accounts firing what’s possibly the largest barrage of missiles so far this year. The Wall Street Journal reports Thursday:
Russia fired dozens of missiles at Kyiv and other regions across Ukraine overnight, striking civilian infrastructure and the country’s defense industry in one of the biggest barrages this year as its forces continued to claw more territory in the east.
Gen. Valeriy Zaluzhny, the commander-in-chief of Ukraine’s armed forces, said Russia had launched 81 missiles of different varieties from air, land and sea, in addition to eight Iranian-made attack drones. Four of the drones and 34 cruise missiles were intercepted, Gen. Zaluzhny said.
And according to a note via Goldman Sachs commenting on the attack which spanned at least ten regions, “Russia launched a large wave of missile strikes across Ukraine although US intelligence chiefs said Russia likely to downgrade its ambitions in Ukraine to hanging onto seized territory.”
In a Thursday statement, Russia’s defense ministry called this new, expansive missile barrage a retaliation strike for cross-border sabotage and terror attacks earlier this month in the Bryansk border region.
Missiles struck as far West as the Lviv region, a rarity in the war, which reportedly resulted in the first civilians deaths there in a long time.
Russians returned to their old scheme – massive rocket attacks on
at night, while people are sleeping. Explosions have been recorded in most regions – infrastructure facilities & residential areas have been hit. ZNPP is de-energized.
“In response to the March 2 terrorist actions organized by the Kyiv regime in the Bryansk region, Russia’s Armed Forces dealt a massive retaliation strike,” the Defense Ministry said. It also confirmed that it used one or more hypersonic missiles in the attack:
“High-precision long-range air, sea and land-based weapons, including the Kinzhal hypersonic missile system, hit key elements of Ukraine’s military infrastructure, enterprises of the military-industrial complex as well as energy facilities that support them,” the ministry said. “All assigned targets were hit.”
“The enemy fired 81 missiles in an attempt to intimidate Ukrainians again, returning to their miserable tactics,” Ukrainian President Volodymyr Zelensky later said. Ukraine’s military claims it downed some half of the inbound missiles.
Military situation in Bakhmut on March 8, 2023:
And Kyiv Mayor Vitali Klitschko indicated that as a result of Russian missiles 40% of the population in the capital remains without heating. The country’s second largest city, Kharkiv, is now without power, water or heating.
The March 2nd incident for which Moscow says it’s now retaliating involved alleged groups of well-armed Ukrainian nationalists crossing into Russia’s southern Bryansk region and opening fire on villages, which killed two civilians, and reportedly injured a 10-year old boy. The Kremlin a week ago condemned it as a “terrorist attack”, with President Putin describing of the infiltrators, “They opened fire on civilians,… they saw that there were children in the car.”
From CNN
Ukrainian losses as of February 28 2023:
– KIA: 259,085
– Wounded/maimed/crippled: 246,904
– MIA: 8,3952
– POW: 28,393
Source: CNN, based on their sources within the Ukrainian General Staff.
Given how these lie multiply by 1.5 and a more truthful picture emerges
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СМИ: США нужно шесть лет на восполнение запасов снарядов, переданных Киеву – РИА Новости, 08.03.2023
| Robert Hryniak | 5:42 PM (12 minutes ago) |  | |
| to | |||
Going to war with what?
Neither NATO or America has the ammo for real physical war.
https://ria.ru/20230308/ssha-1856523689.html
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Dances With Bears » BLINKEN CONCEDES WAR IS LOST – OFFERS KREMLIN UKRAINIAN DEMILITARIZATION; CRIMEA, DONBASS, ZAPOROZHYE; AND RESTRICTION OF NEW TANKS TO WESTERN UKRAINE IF THERE IS NO RUSSIAN OFFENSIVE
Blinken is a member of the ship of fools so one has to understand he has zero clue as to what Russia is doing and how or even why, on a timetable it controls? This is same crew who believed Russia would be broken within weeks to plunder.
There is a new settlement currency coming very soon that will broadside the USD and Fed control. USD is irrelevant if not accepted in trade settlement. Let that sink in.
Russia in detail a year ago December detailed what it was looking for. Of course this same crew laughed and with bluster told Russia to piss off. Shortly thereafter, Putin acted. And add to this that Putin and all Russians know they were lied to by Merkel, Macron and Washington who had no intent to honor written and signed agreements while an attack on Russia was planned using Ukrainians to wage the fight since American body bags were not going be accepted by the American public. Russia will look for same today no matter the time or cost. And there is zero trust of the West. To the point Russia is and has moved its outlook and economy to exclude the West entirely from impact. It is why its’ resources are directed everywhere else other than the West to build trade and economic wealth. The West will have to learn to do without Russia. This is really not understood by the West. Perhaps London will keep a foot in the door as a banking center of the Global South but it will not be America or Europe. China, Russia and India and to a lesser extent countries like Iran will all be against it. Europe may one day find a new home but it will come after the breakup of the EU and disappearance of NATO, which is effectively dead anyway.
Today, Russia understands it is fighting for its’ own survival amongst a crowd that want to see it broken up. If you do not believe, then read official NATO documents that detail how Russia will be carved up. Do not think Russians have not read these documents. What would you do? Well Russians have a long history of such characters wishing to impose their will and the Russian response has always been to fight. No matter the losses, all ethnic people within Russia are Russians and will fight for Russia. Have no illusions!
While this same crew aboard the ship laughed at so called General Armageddon being subordinated to Gerismov what is not understood is that this was the case before. And he is tasked with his specialty, Air combat. This includes all missile and Aircraft and other aerial strike weapons for a coordinated assault to soften up the victim for complete destruction. What you saw over night is the 1st of many such strikes which will be increased or decreased as needed. Various massing of tanks and vehicles and manpower by Ukraine will make for simple destruction without use of troops on the ground. If he lives up to his nickname, Ukraine is headed for the horse and buggy era. Probably a good thing so many Ukrainians like their horses.
As for Europe, he has planned for a 6000 1st wave strike if pushed to respond to a threat. Yes, Russia is capable of such mass retaliation if pushed into it. Common sense suggests one does not arouse such a force to be used. And it s clear and made clearer by the day the West does not possess the tools by which to wage war with Russia.
Yes, given time be it several months or longer and more bigger strikes it is likely the Ukrainian conflict will cease leaving a remaining Ukraine as rump nation incapable of ever being a threat to Russia and when other nations awaken to realities and cease being proxies to be expended in fights that are lost before they start.
Meanwhile the clock of financial realities ticks away the minutes before nations faced with unparalleled debt levels confront the reality the they cannot pay back their debts. This conflict with Russia while thought to be a savior to blame Russia has the blowback of resting upon the folly of the crowd that orchestrated the fight.
Republican support for the Ukraine-Russia war is waning
(zerohedge)
House Speaker McCarthy Snubs Zelensky After Invitation To Visit Ukraine
THURSDAY, MAR 09, 2023 – 09:05 AM
House Speaker Kevin McCarthy snubbed Ukrainian President Volodymyr Zelensky after the latter issued a personal invitation to visit Ukraine in order to gain a first-hand look at the situation. This also as GOP support to Kiev has generally been seen as waning in enthusiasm of late.
“Mr. McCarthy, he has to come here to see how we work, what’s happening here…. Then after that, make your assumptions,” Zelensky said in a CNN interview which aired Wednesday.
He continued, “Mr. McCarthy, he has to come here to see how we work, what’s happening here, what war caused us, which people are fighting now, who are fighting now. And then after that, make your assumptions,” in words given to Wolf Blitzer. “I think that Speaker McCarthy, he never visited Kyiv or Ukraine, and I think it would help him with his position,” Zelensky emphasized.
But the GOP leader told the same outlet that he doesn’t need to travel to Ukraine to gain information, saying, “I will continue to get my briefings and others, but I don’t have to go to Ukraine or Kyiv to see it.”
Greater skepticism over Biden’s Ukraine aid policy has been on the rise among Republican Congressional members, also reflective of their base according to polls, with McCarthy having taken a stand against “a blank check” approach to arming and assisting Ukraine.
McCarthy’s rejection of the Ukrainian president’s invitation included a firm reiteration of his position on the unprecedented foreign aid:
“Let’s be very clear about what I said: no blank checks, OK? So, from that perspective, I don’t have to go to Ukraine to understand where there’s a blank check or not,” McCarthy told CNN. “I will continue to get my briefings and others, but I don’t have to go to Ukraine or Kyiv to see it. And my point has always been, I won’t provide a blank check for anything.”
As Reuters also notes, “The invitation came as the United States wrestled with a budget deficit and the prospect of possibly hitting its debt limit in coming months.” It adds, “Democratic U.S. President Joe Biden is set to unveil his budget proposal on Thursday.”
Kiev thinks it can sway the House Speaker once he is on the ground in country, but apparently he’s fully aware he’d be walking into an onslaught of Ukrainian lobbying efforts and emotional scenes designed to fully change his mind. The number of American government officials who have made the trip, including President Biden himself recently, has been unprecedented in terms of a steady revolving door of officials arriving for photo ops and meetings with Ukrainian counterparts.
end
RUSSIA/USA
Another crazy move to get under the skin of Putin
(zerohedge)
US Obtains Warrant To Seize Boeing 737 Owned By Russia’s Rosneft
THURSDAY, MAR 09, 2023 – 03:26 PM
The United States obtained a warrant to seize a Boeing 737 aircraft owned by Russian oil company Rosneft that is valued at over $25 million, the U.S. Justice Department said.The US District Court for the Eastern District of New York authorized the seizure on March 8, 2023.
Authorities were given the go-ahead to seize the jet based on violations of the Export Control Reform Act (ECRA) and the recent sanctions issued against Russia, aerotime reported.
Rosneft’s CEO, Igor Ivanovich Sechin, is a close friend of the Russian President Vladimir Putin and was sanctioned along with multiple oligarchs in 2022. The sanctions impose export controls and license requirements to protect US national security and foreign policy interests.
Since February 2022, when the export controls that prevent US-built planes re-entry into Russia went into effect, the Boeing 737 has left and reentered the country at least seven times.
“By violating Commerce Department export controls, Rosneft has converted its jet into contraband,” Andrew Adams, a Justice Department official, said.
The Boeing jet was last in the United States in March 2014, and is currently believed to be in, or traveling to or from, Russia, according to Reuters.
“Today’s enforcement action demonstrates there is a price to pay for Russian companies and oligarchs that flagrantly evade sanctions that the United States has imposed in response to the unjustified war against the people of the Ukraine,” U.S. Attorney Breon Peace said.
6.GLOBAL ISSUES/COVID ISSUES/VACCINE ISSUES
Confidential Pfizer Documents reveal Covid-19 Vaccination is going to lead to Depopulation – The Expose
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Fauci’s lies are now exposed…..Jim Jordan goes ballistic over scientists lab leak flip flop
a very important read
(zerohedge)
Fauci’s Lies Exposed… Jim Jordan Goes Ballistic Over Scientists’ Lab-Leak Flip-Flop
WEDNESDAY, MAR 08, 2023 – 04:40 PM
Rep. Jim Jordan (R-OH) was on fire Wednesday during the first COVID select subcommittee investigating the origins of Covid-19, where former CDC Director Dr. Robert Redfield said he was “sidelined” from internal debates over the origins of the virus, and that former White House chief medical adviser Dr. Anthony Fauci didn’t appreciate Redfield’s support for the theory that it emerged from a lab.
“This was an a priori decision that there’s one point of view that we’re going to put out there, and anyone who doesn’t agree with it is going to be sidelined,” said Redfield. “And as I say, I was only the CDC director, and I was sidelined.”
The 71-year-old Redfield told Oversight Committee Chairman James Comer (R-KY) that his support for the lab leak theory likely prompted his exclusion.Former CDC director Robert Redfield
“I think I made it very clear in January [2020] to all of them why we had to aggressively pursue this,” he said. “And I let them know as a virologist that I didn’t see that this was anything like SARS or MERS. … And they knew that was how I was thinking.”
Jordan then focused the conversation to two top Fauci advisers – Dr. Kristian Andersen and Dr. Robert Garry – who suddenly changed their stance on lab leak theory. The two notably emailed Fauci on Jan. 31, 2020 where they suggested that anomalies in the virus pointed to a non-natural origin. According to Anderson, the virus had “unusual features” that “(potentially) look engineered,” and that other scientists “all find the genome inconsistent with expectations from evolutionary theory.”
Jordan went on a tear…
“So three days after they say it came from a lab, they changed their position, and the only intervening event was a conference call with Dr. Fauci and Dr. Collins. Again, a call that Mr. Redfield (CDC Director at the time) was not allowed to be on … And then three months later, Shazam! They get 9 million bucks from Dr. Fauci. Why, isn’t that something?”
Watch (and consider following @VigilantFox):
Meanwhile, lawyers have claimed that statements by Fauci under oath aren’t credible due to contradicting evidence.
As The Epoch Times notes,
That includes the claim that Fauci didn’t think he had ever met with Dr. Ralph Baric, an American virologist who helped perform risky research on bat coronaviruses in China.
“I know who he is. I doubt if I’ve ever met him,” Fauci said during the late 2022 deposition—the first time he answered questions under oath since the pandemic began.
Fauci acknowledged the U.S. National Institute of Allergy and Infectious Diseases, which he headed until around the New Year, provided funding for Baric.
“But you don’t remember ever meeting him in person?” he was asked.
“I don’t recall. I could have met him. I run into several thousands of scientists that we refer to, but I don’t recall, certainly, having a relationship with him,” Fauci responded.
But Fauci’s official calendar lists a one-on-one meeting with Baric on Feb. 11, 2020. And a newly revealed message from a professor who recounted Baric’s account of the meeting showed they talked about man-made virus combinations.
“I talked to Ralph for a long time last night. He sounds beat,” Matt Frieman, a University of Maryland professor, wrote in a Feb. 18, 2020, message. “He said he sat in Fauci’s office talking about the outbreak and chimeras.”
A chimera is a combination of viruses.
The materials, unearthed from Freedom of Information Act requests from the nonprofits OpentheBooks.com, Judicial Watch, and U.S. Right to Know, and other evidence, including a 2020 email of talking points for Fauci that mentioned Baric being “on our team,” show that “Dr. Fauci’s testimony on this point is not credible,” the attorneys general of Missouri and Louisiana told a federal court in the new filing.
Fauci also claimed that he was not “100 percent certain” of the name of Dr. Shi Zhengli, known for her experiments on bat viruses in China. “I get sometimes confused with Asian names,” Fauci testified.
“Yet Dr. Shi Zhengli, the so-called ‘bat woman,’ is world-renowned as the researcher who may have caused the COVID-19 pandemic, and has been so since the beginning of the pandemic, and the name ‘Shi’ is included in the title of the article that Dr. Fauci forwarded to Dr. Hugh Auchincloss after midnight on February 1, 2020. Dr. Fauci’s testimony is not credible on this point,” Andrew Bailey and Jeff Landry, the attorneys general, wrote.
Fauci also repeatedly said in the deposition that he could not recall details about a secret phone call, held after he and deputies discussed how the NIAID had funded coronavirus experiments in Wuhan, China, where the first COVID-19 cases were detected. Shortly after the existence of the call became public, though, Fauci told USA Today, “I remember it very well.”
“Dr. Fauci’s testimony about lack of recall is not credible,” the lawyers said.
They also noted that when Fauci did characterize the call, he said that it involved a “good faith discussion back and forth between people who knew each other” and that “the general feeling among the participants on the call is that they wanted to get down to the truth and not wild speculation about things.” After the call, a number of participants wrote papers decrying the theory that COVID-19 started in a lab.
“Dr. Fauci thus seeks to have his cake and eat it too—he claims both to remember little or nothing of what was said on the call, and to clearly remember that the entire discussion was done in good faith and without any bias,” the attorneys general said. “In any event, subsequent communications and events make clear that Dr. Fauci’s testimony on this point is not credible.”
The filing was issued to U.S. District Judge Terry Doughty, who is overseeing a lawsuit brought against the federal government for its censorship campaign with Big Tech firms.
The lawyers are asking Doughty to block the government from violating the First Amendment rights of Americans.
Dr Paul Alexander
Never ever forget what the mRNA technology gene injection vaccine did to our people, our children; look at 12-year old Maddie de Garay, now for life in a wheelchair with a feeding tube
We investigate Bourla of Pfizer, Bancel of Moderna, CDC Walensky, Fauci, Francis Collins, Baric, Daszak, Azar, all of them, in proper courts, legal, and imprison them all if shown they killed people
| DR. PAUL ALEXANDERMAR 9 |
Dr. Anastasia Maria Loupis @DrLoupis
11:23 AM ∙ Mar 4, 20235,013Likes2,829Retweets
Parents felt the trial was safe. Look what these beasts did to their daughter.
end
September 2019 Dr. Robert Redfield?: hhmm, interesting; was weak in handling the malfeasants at CDC undercutting him & Trump; he should have fired them all; they hurt US, hurt the POTUS, killed people
and worked hard at damaging Trump, a bunch of CDC inept corrupted highly stupid technocrats at CDC, still are; see video exchange…we had productive meetings, discussions
| DR. PAUL ALEXANDERMAR 9 |
kanekoa.substack.com @KanekoaTheGreat
4:07 PM ∙ Mar 8, 2023502Likes306Retweets
Redfield will come to learn this was circulating way before that. Or he is pointing you in that direction now? Not one release IMO of pathogen, likely also not one strain or variant. Lots we are still piecing together. But at least they are beginning to go back in time for as I said, this was around at least 2 years before Jan 2020.
I will not disparage Redfield, I had the fortune of working with him and can say a very decent man, God fearing. Had many serious debates with him, good meetings with others. I felt he was wrongly disparaged in the press. People may have their own views. He had serious issues to handle at CDC as they subverted his moves to run the agency and he was weak. He failed to take the sweeping steps needed to gut the CDC and CDC went on throughout the pandemic to hurt America. Americans died due to CDC. I know, I was there. I fought them and the record is there. When Redfield would not say it, I said it to the highest levels in HHS, WH etc. “fire them all”. I was despised up and down CDC save for Redfield.
Bottom line, it was used to subvert a US election.
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FDA imitating its INSANE self again, once again showing us why it must be stripped down to the studs by POTUS Trump, fire them all! Now FDA committee recommends Pfizer’s RSV shot despite known risks
What? Who will take this? Who in their right mind will take anything from Pfizer, drug or vaccine? Who? The people who work at and for and advise FDA are idiots, inept, stupid, mindless malfeasants
| DR. PAUL ALEXANDERMAR 9 |
IMO, the FDA is comprised of very dangerous people. Corrupt people, reckless, illogical, specious, and clearly out of touch with the science and reality. Where is the science?
No, we want liability protection reversed and made retroactive.
Nothing FDA says, nothing, no science, nothing, you listen to. The FDA’s reputation is like contents of the toilet, worse than that. Only to be outdone by the in the tank reputation of medical doctors. Listen to Horowitz on this:
SOURCE:
“Those responsible are without remorse, so there must be a reckoning. Barring that reckoning, we promise you they will make us remorseful later for not holding them accountable now.” ~“Rise of the Fourth Reich: Confronting COVID Fascism with a New Nuremberg Trial, So This Never Happens Again”
Do we have to wait for two years’ worth of death and injury reports from the incoming RSV shots before we begin warning against them? Or have we learned anything from Pfizer and Moderna’s fraudulent trials on COVID?
Last week, the CDC’s Advisory Committee on Immunization Practices met to discuss the future framework of a number of vaccines. Of course, all of them were deemed safe enough to continue, although a number of shocking nuggets of data were revealed with the understanding that the public will never discover this information. According to FDA briefing documents, two people in the Pfizer RSV trial for those over 60 years old experienced the dangerous form of neuropathy known as Guillain-Barré syndrome. The rate was 1 in 9,000, which is bad enough, but we’ve seen from COVID that GBS is a fairly common reaction, and Bell’s palsy, a similar form of neuropathy, has racked up 16,755 entries in VAERS.
This is particularly concerning because in the Phase 1/2 trial for Pfizer’s RSV shot, among a younger cohort of 18- to 49-year-olds, the trial reports one death among the 164 participants in the group getting 120 micrograms (the dose now recommended for seniors). “One participant in the 120-µg RSVpreF group died within 12 months postvaccination 1 due to toxicity to various agents (quetiapine and amlodipine) that was considered not vaccine-related,” reports Pfizer. After everything we experienced with the fraud from the COVID trials, are we really to trust that a disclosed death due to toxicity was somehow confirmed not to be related to the vaccine?
GlaxoSmithKline already had to pause its RSV trial for pregnant women due to safety concerns. According to Pharma Intelligence, one death occurred in the trial, attributed to acute disseminated encephalomyelitis 22 days after vaccination, “considered by both the study investigator and FDA to potentially be related to the vaccine.” Meanwhile, GSK’s shot for elderly people appears to be right on track, even though, as Dr. Meyrl Nass reports, ACIP participants raised questions about the fact that this shot “can overstimulate the immune system, which is why it is only used for the elderly or immunocompromised.” How in the world can anything that “overstimulates” the immune system be approved for anyone of any age after everything we’ve seen with COVID and all of the problems with neuropathies and autoimmune disorders stemming from this overstimulation?
Yet despite all these concerns, and despite just having experienced a tsunami of adverse events from rushed COVID shots, the FDA and CDC are continuing to step on the gas pedal of the “vax at all costs” cultish vehicle to make Josef Mengele great again. On Tuesday, the FDA’s Vaccines and Related Biological Products Advisory Committee voted 7-4 to approve the Pfizer senior shot. Even if you trust the top-line data, the FDA has no specific data on how long protection lasts, how effective the shot is in the immunocompromised, or how it interacts with other common vaccines like the flu shot — or the COVID shots!
Interference with the flu shot was a particular concern to panel chair Hana El Sahly, a microbiology professor at Baylor College of Medicine. “I was left with the idea that there is interference,” she said. “And whether we like it or not, this vaccine is going to be given in the fall around the time of administration of influenza.”
Dr. Marie Griffin of Vanderbilt University Medical Center, another member of the committee who opposed the recommendation, raised concerns that all of the efficacy data was among healthy patients. This shot is likely going to be strongly pushed, if not mandated, on nursing home patients. Are we back to “test on the population first, worry about effects … never”?
Let’s not forget that Fauci recently conceded that RSV shots do not stop the virus and are really not ready for prime time. And as for clinical outcomes, how many healthy 65-year-olds die from RSV to begin with that it’s even possible to measure efficacy (claim to be 85%) on death and critical illness?
“These were very stable patients, very — selected to be healthy, that produce good immune responses but were really not the ones that have the efficacy endpoints that are so necessary for decision making,” observed Dr. Steven Pergam, another member who opposed the recommendation.
It was self-evident throughout Tuesday’s hearing that even those who voted for it remained skeptical, but the precautionary principle of new therapeutics has been thrown out the window. They essentially all agreed we don’t have enough data, there are some red flags, but we’re so excited about the prospect of an RSV vaccine that we will rely on “post-marketing” surveillance programs!
“I felt that I could vote yes at this point, with a heavy lean towards the real requirements of that post-market surveillance study,” said Dr. Adam Berger, a member of the committee who works at the NIH. Dr. Daniel Feikin said that post-marketing safety surveillance will be “critical,” but voted anyway that the shot was both safe and effective.
They are turning the Nuremberg Code on its head! They are determining a vaccine is safe not only without the data but even after the manufacturer’s own unreliable data already shows problems with a genre of vaccine that has never proven safe for over a half-century!
Moreover, it’s as if the COVID shots never happened. To this day, Pfizer has not completed a post-marketing trial on subclinical myocarditis. To this day, officials concede they do not have data on pregnant women, even though the shot is mandated on pregnant women in health care settings and recommended by nearly every gynecologist, despite glaring and blaring safety signals on reproductive health.
At the same time, they rely on post-marketing pharmacovigilance as part of the “jab first, study later” new normal, they continue to ignore VAERS and V-SAFE from the CDC that show a catastrophic level of death and injury. It is shocking how this is happening again in front of our eyes and there is no clamor from Congress to stop this.
It’s quite evident at this point that the only way to stop this dangerous experimentation is to expose the makers to all forms of liability. If Congress refuses to change the laws, it’s incumbent upon the states to bar their respective health departments from promoting or recommending a shot that is exempt from liability. And most certainly, mandates must be outlawed across the board in all settings. Additionally, all states should follow in the footsteps of Florida Governor DeSantis and create their own panel of public health experts to contest the recommendations of the CDC/FDA and potentially have their respective departments of health recommend against the shots.
It’s hard to blame the American people for trusting the FDA two years ago during the peak of the pandemic to approve a new shot. Now we know better, as officials continue to engage in dangerous human experimentation before our very eyes. Fool me once, shame on you; fool me twice, shame on me.’
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Do not forget Mansanguan et al.’s study on the Cardiovascular Manifestations of Pfizer mRNA COVID-19 Vaccine in Adolescents; Cardiovascular manifestations found in 29% of Thai students aged 13-18 yrs
Cardiovascular manifestations ranged from tachycardia or palpitation to myopericarditis; tachycardia (7.6%), shortness of breath (6.6%), palpitation (4.3%), chest pain (4.3%), hypertension (3.9%)
| DR. PAUL ALEXANDERMAR 8 |
‘Prospective cohort study enrolled students aged 13-18 years from two schools, who received the second dose of the Pfizer mRNA COVID-19 vaccine.
enrolled 314 participants; of these, 13 participants were lost to follow-up, leaving 301 participants for analysis.
The most common cardiovascular signs and symptoms were tachycardia (7.64%), shortness of breath (6.64%), palpitation (4.32%), chest pain (4.32%), and hypertension (3.99%). One participant could have more than one sign and/or symptom.
Seven participants (2.33%) exhibited at least one elevated cardiac biomarker or positive lab assessments.
Cardiovascular manifestations were found in 29.24% of patients, ranging from tachycardia or palpitation to myopericarditis. Myopericarditis was confirmed in one patient after vaccination. Two patients had suspected pericarditis and four patients had suspected subclinical myocarditis.’
SOURCE:
https://pubmed.ncbi.nlm.nih.gov/36006288/
end
Surging leukemia diagnoses, sudden, happening among children and young adults; is this due to the Pfizer and Moderna COVID mRNA technology gene injections? Lipid-nano particles (Makis)
Lipid-nano particles (LNPs) that accumulate in bone marrow, as well as adrenals, testis, ovaries, spleen, liver as per Japanese biodistribution study? The LNPs carrying the mRNA payload causing it?
| DR. PAUL ALEXANDERMAR 8 |
This topic is very troubling and raises many urgent issues. I like others who are leading the fight against these fraud deadly mRNA technology injections, are very concerned as to the accumulation of the vaccine content e.g. mRNA, lipid-nano particles, resultant spike protein and it’s sub-units (S1, S2) etc. in the testes, ovaries, endometrium, spleen, adrenals, lung, bone marrow etc. Is what is presented below just the tip of the ice-berg?
Dr. Makis provides a cogent explanation and summary of recent leukemia cases in young persons (children) and this is very very tragic e.g. bone marrow damage, bone marrow suppression, aplastic anemia or leukemia, that seems linked to the mRNA COVID gene injection.
I share and see substack below.
But first see the Japanese biodistribution study data below of where and how rapidly the LNPs-mRNA accumulates and in which tissue predominately (I know you have seen this prior):
Start here:
A few days ago, on March 2, 2023, Kyedae Shymko, a 21 year old Japanese-Canadian Twitch streamer with 2.2 million followers (and 1 million on Twitter), announced that she was diagnosed with cancer – Acute Myeloid Leukemia (click here)
Shockingly, cases like this are skyrocketing recently among children and young adults, and even more shocking is the rapid progression of disease in some of these cases.
Kavieriona White, 11 year old girl died two days after leukemia diagnosis (Feb.16, 2023)
Also, a few days ago, 11 year old Kavieriona died suddenly after being diagnosed with Leukemia just a few days prior (click here)
It started when she was sent home from school with a fever. A few days later she was found unresponsive, rushed to hospital where she was diagnosed with leukemia and she died two days later.
“The blood disease was leukemia. The doctor informed me it was treatable and curable but the main problem was the brain bleeds”
Julia Chavez, 13 year old girl died hours after leukemia diagnosis (Feb.13, 2023)
“A 13-year-old girl from Georgia died hours after she was diagnosed with leukemia when she went to the ER with a headache and ear infection.” (click here)
“she had bleeding in her brain, lungs, stomach’ and throughout her body.”
‘We never knew she had it,’ Jenna told the news outlet. ‘She never had more than a sniffle and she’s never been hospitalized for anything since she was born.’
Evan Fishel, age 21, died 4 days after leukemia diagnosis (Feb.10, 2023)
A young artist diagnosed with Leukemia (Feb.24, 2023)
A young artist who goes by the name “Justin Tine” on Twitter announced on Feb.24, 2023 he has aggressive leukemia and may not proceed with chemo (click here)
High School football player Emmett Brooks
Why the rapid progression?
Leukemia tends to be aggressive, however, it’s extremely unusual to have sudden death occur days or hours after diagnosis and initial presentation. Why are these highly aggressive cases happening with such frequency now?
The elephant in the room is this question: are these leukemias being caused by COVID-19 mRNA vaccines?
21 year old Kyedae was COVID-19 vaccinated (travel, events requiring proof of vaccination, her fiancee TenZ was fully vaccinated). (click here)(click here)
21 year old Evan Fishel was COVID-19 vaccinated due to mandate by his University.
High School footballer Emmett Brooks was presumed COVID-19 vaccinated.
For the others, COVID-19 vaccine status is unknown.
COVID-19 mRNA vaccines deliver LNPs with mRNA to the bone marrow
It is no secret that COVID-19 mRNA vaccines deliver a substantial amount of LNPs to the bone marrow.
And yes, Moderna has boasted about their ability to deliver mRNA to the bone marrow, causing “long term modulation of all hematopoietic lineages” (click here):
Leukemia is a broad term for cancers of the body’s blood-forming tissues, including the bone marrow and the lymphatic system. Leukemia usually involves the white blood cells. In people with leukemia, the bone marrow produces an excessive amount of abnormal white blood cells, which don’t function properly (click here).
The fact that Pfizer and Moderna COVID-19 mRNA vaccines deliver a large payload of LNPs filled with mRNA to the bone marrow, is a very serious concern.
How many doctors informed their patients that their COVID-19 mRNA vaccines will be getting into their bone marrow where they will be producing the SARS-CoV2 spike protein with unpredictable consequences? That would be part of informed consent, which no COVID-19 vaccinated person received.
Leukemia and COVID-19 mRNA vaccines
A woman in her 60s was diagnosed with a rare Leukemia 6 days after 1st dose of Moderna COVID-19 mRNA vaccine (click here).
Authors found that the Moderna mRNA activated her immune system TLR-3 receptors, which then activated IL-6/STAT3 pathway which then caused her leukemia.
“novel mRNA vaccines were modified to dampen RNA-mediated TLR-3 activation”
“However, even modified mRNA vaccines activate innate immunity via TLR-3. We confirmed TLR-3 activation…our data suggest that the mRNA-1273 activates (innate) immune cells via TLR to secrete IL-6”
In this case, the Moderna mRNA did the opposite of what it was designed to do (dampen TLRs to bypass the innate immune system so the mRNA doesn’t get immediately destroyed), instead it unpredictably activated immune receptors that caused a leukemia in this unfortunate patient.
COVID-19 mRNA Vaccines destroy the bone marrow
There are numerous reports of bone marrow suppression (click here) or severe immune aplastic anemia after mRNA vaccination (click here).
Aplastic anemia is a rare form of bone marrow failure, when your bone marrow stops producing new blood cells. The condition leaves you fatigued and more prone to infections and uncontrolled bleeding.
Severe aplastic anemia caused by Pfizer mRNA vaccine can require stem cell transplantation (click here).
Interestingly Pfizer mRNA vaccine can not only cause relapse in patients who previously had aplastic anemia, but Pfizer mRNA can cause “de novo” cases of aplastic anemia, or “acquired aplastic anemia” (click here)
“our observation demonstrates for the first time in literature in a substantial number of patients in stable hematologic remission a risk for relapse of AA in timed context to COVID-19 vaccination”
“all relapsed patients were vaccinated with the mRNA-based vaccine Comirnaty®”
“out data highlight the risk for contracting aplastic anemia as a potential complication following vaccination against SARS-CoV-2 (vaccine-related adverse event).”
My Take…
These cases of sudden onset aggressive leukemia are frightening. Some of these tragic cases show extremely rapid progression where the time from initial presentation and diagnosis to sudden death is a matter of a few days or even hours, as in the case of Julia Chavez.
I am deeply concerned about the ability of Pfizer and Moderna mRNA vaccines to accumulate in the bone marrow in significant amounts.
This is not being disclosed by doctors to patients who are being COVID-19 vaccinated and thus there is no discussion of the serious risks of bone marrow damage, bone marrow suppression, aplastic anemia or leukemia, that is posed by COVID-19 mRNA vaccines.
Where there is no discussion of well known and potentially life-threatening risks, there is no possibility for proper informed consent.
I fear that we are only starting to see some of the consequences of Pfizer or Moderna COVID-19 vaccines with LNPs filled with mRNA being delivered to the bone marrow.’
COVID Intel – by Dr.William Makis
There is an increasing number of sudden leukemia diagnoses among children and young adults. What is going on? A few days ago, on March 2, 2023, Kyedae Shymko, a 21 year old Japanese-Canadian Twitch streamer with 2.2 million followers (and 1 million on Twitter), announced that she was diagnosed with cancer – Acute Myeloid Leukemia…
end
Were these two (2) virologists paid off by Fauci? Did Fauci bribe them? Dr. Marty Makary appears to signal this & I tend to think this too; very suspicious as they got $9 million in research money
from Fauci, and they changed their views on the origins…did Fauci use tax payer money to pay them off? VigilantFox is laser focused on this! They changed their views to NOT lab leak & then got $
| DR. PAUL ALEXANDERMAR 8 |
end
VACCINE IMPACT//
Trump’s Call for Building “Freedom Cities” Plays Right into Globalists’ Plan for Fourth Industrial Revolution Control GridMarch 8, 2023 4:38 pm Low and behold, the paragon of American conservatism has now come out of the woodwork with a message built on repackaged, reformulated smart cities as the way to go moving forward. Because the globalists’ climate agenda doesn’t resonate with conservatives, the globalists need a prominent conservative political voice who could take their message and communicate it in a way that appeals to conservative patriotic Americans. Enter the perfect stooge: Donald J. Trump. In the same way Trump offered his services to the globalists when he sold their deadly mRNA clot shots to conservatives, he is now signaling to them that he is willing and available to be used again — this time to convince us to move back into the cities, where we will be safe, secure and well taken care of. Instead of warning us about the globalists’ plans for digitization of everything, including our money and our very identities, Trump puts his own patriotic twist on the same globalist technocratic theme. He is distracting us here with stupid talk about flying cars and Americanizing the tools of our slavery. Instead of buying the tools from China, he will make sure they’re all American-made. Doesn’t that make you feel warm and fuzzy inside?Read More…Safe to Fly? Pilots and Flight Attendants Who Recently had Cardiac Arrests In-Flight and “Died Suddenly”March 8, 2023 5:50 pm There has been an increasing number of stories of pilots and flight attendants suffering cardiac arrests and sudden deaths in-flight, and here are some that made it into mainstream media.Read More… |
| Sophia Media, LLC |
end
VACCINE INJURY//
SLAY NEWS
| The latest reports from Slay NewsDoctor Called for Unvaxxed to Be Rounded Up and ExecutedA Florida doctor has been accused of harassing and bullying colleagues and patients over their vaccination status, even calling for unvaccinated Americans to be rounded up and executed.READ MOREPeter Doocy Grills Karine Jean-Pierre: ‘Why Is Biden So Comfortable with Cartels Operating So Close to the U.S’Fox News correspondent Peter Doocy grilled White House Press Secretary Karine Jean-Pierre over cartels operating at the border.READ MORETucker Carlson Unloaded on Trump in Private, Court Documents Show: ‘I Hate Him Passionately’New court documents released in the Dominion Voting Systems’ $1.6 billion defamation lawsuit against Fox News show Tucker Carlson venting in private about President Donald Trump.READ MORERand Paul Drops Hammer: Fauci Behind ‘The Most Massive Cover-Up in Modern Medical History’Republican Sen. Rand Paul (R-KY) has dropped the hammer on Dr. Anthony Fauci by accusing the former top federal health official of orchestrating “the most massive cover-up in medical history.”READ MORESenior Intelligence Official Warns of TikTok’s Influence on American ChildrenU.S. National Security Agency Director Paul Nakasone has warned that the Chinese Communist Party-linked social media app TikTok is influencing American children.READ MORED.C Police Chief Overrules Democrats: ‘We Need to Keep Violent People in Jail’The head of Washington, D.C.’s police department has overruled the “woke” Democrat city lawmakers and said the way to stop crime is to “keep violent people in jail.”READ MORERoseanne Barr Gets Revenge on Hollywood ‘Libtards’ Who ‘Call Me a Racist’Sitcom legend Roseanne Barr has taken revenge on the Hollywood “libtards” who have tried to smear her as “a racist.”READ MORELeo Terrell Fires Back at Mitch McConnell for Blasting Tucker Carlson’s Jan 6 Tapes ReportConservative civil rights attorney Leo Terrell has fired back at Sen. Mitch McConnell (R-KY) after the Senate minority leader publicly condemned Tucker Carlson over the Fox News star’s explosive reporting on the Jan. 6 Tapes.READ MORETop Government Health Official Planned to ‘Deploy New Variant’ to Force Lockdown Compliance, Leaks Texts ShowThe UK government’s top health official discussed plans to “deploy the new variant” to force the public to comply with lockdowns and other pandemic restrictions, explosive leaked text messages have revealed.READ MORENY Courts Ordered to Rehire Fired Unvaxxed Workers, Give Backpay Plus InterestNew York’s Unified Court System has been ordered to rehire workers who were fired for being unvaccinated.READ MOREJoe Rogan Says He Will ‘Vote for Trump,’ Warns Biden Is Mentally ‘Gone’Joe Rogan has revealed that he will “vote for Trump” over Joe Biden in the 2024 election, warning that the Democrat president is mentally “gone.”READ MOREElon Musk Warns Biden: ‘This Is a Serious Attack on the Constitution by a Federal Agency’Elon Musk has fired back after a blockbuster report exposed the efforts by Democrat President Joe Biden’s Federal Trade Commission (FTC) to harass the Twitter boss and his company.READ MOREDeSantis Demands Biden Come to His Senses on Tennis Star: You ‘Allowed Thousands of Unvaccinated Migrants to Enter Our Country’Florida’s Republican Governor Ron DeSantis has called on Democrat President Joe Biden to allow tennis superstar Novak Djokovic into the United States to play in the upcoming Miami Open.READ MOR |
end
MICHAEL EVERY/RABOBANK
Will You Get Fooled Again
THURSDAY, MAR 09, 2023 – 09:25 AM
By Michael Every of Rabobank
“There’s an old saying in Tennessee –I know it’s in Texas, probably in Tennessee– that says, fool me once, shame on – shame on you. Fool me – you can’t get fooled again.” – George W. Bush
Fed Chair Powell’s round-two testimony yesterday made it clear he has not made up his mind whether to go 25bps or 50bps this month. However, he also made it clear he was looking at the JOLTS data, payrolls, and CPI to tip the scales. If so, strike one for 50bps, because JOLTS came in significantly stronger than expected. Today sees weekly initial jobless claims, which have been stubbornly low for a long time, ahead of tomorrow’s key payrolls print, which the ADP number yesterday suggests might be another strong one too
One can poke holes in the JOLTS data, and in ADP and payrolls, and maybe initial claims. Further afield, I mock Aussie jobs data; anyone dealing with the UK knows the iron pyrite-standard of its civil service today; New Zealand has such a small labor market that it’s easily distorted; Canada’s data are often odd; and Europe’s aren’t looked at as much by markets. However, to paraphrase an old adage, you can be fooled by some of the labour-market data all of the time, and by all of the labour-market data some of the time, but you can’t be fooled by all of the labour-market data all of the time. In short, there seems little likelihood all the US data could align, and be echoed in DM and EM economies at the same time, unless there was either a global confederacy of dunces, a global conspiracy, or a global trend of low unemployment and higher nominal wage growth.
Indeed, Bloomberg this morning carries a juicy snippet from the latest Fed Beige Book –which noted a moderation in price and wage pressures overall, but steady growth and hiring prospects against a very tight labour market– in which a Montana construction company found it cheaper to rent a jet to fly workers in to one of its plants than to hire locals, as another Montana firm reported “stupid” amounts of money were needed to bring in even entry-level hospitality staff.
That’s as the White House just proposed a 5.2% pay-rise for federal workers (and a 25% minimum tax hikes on billionaires that won’t pass the House ‘because billionaires’) on top of an 8.7% COLA increase for 70m Americans. If inflation is going to drop back to 2% this year, that’s not a bad pay or social security rise. If inflation isn’t going to drop back, the pressure will increase for more on wages, and 2024 COLA will rise automatically.
As a result, it isn’t the unemployment shoe that’s dropping (yet), but the market’s resistance to the previously-unthinkable idea of 6% Fed funds – which as Rabo’s Philip Marey points out, is still nothing in real terms compared to the serious US hiking cycles of the past. It’s a point worth stressing if you are looking at real wage growth and saying it is low, or real retail sales growth and saying it is too: well, so are real rates so far.
Even with US 2-year yields now being over 5%, if the Fed goes to 6%, markets are still pricing for the FOMC to cut 100bps again afterwards: but isn’t that the same playbook that’s made fools of markets so far? Elsewhere, the BOC yesterday, while not moving rates from 4.50%, so the first ‘big’ central bank to pause, said it’s still reassessing if more needs to be done.
Only time –and, before that, the next two big US data releases– will tell.
“We’ll be fighting in the streets; With our children at our feet; And the morals that they worship will be gone; And the men who spurred us on; Sit in judgment of all wrong; They decide and the shotgun sings the song; I’ll tip my hat to the new Constitution; Take a bow for the new revolution; Smile and grin at the change all around; Pick up my guitar and play; Just like yesterday; Then I’ll get on my knees and pray…. We don’t get fooled again” – The Who
Meanwhile, the global backdrop says geopolitical tensions and rates will be higher for longer.
The Netherlands has agreed to restrict its highest tech chip exports to China: so more “containment”.
Australia will buy 3-5 US Virginia class nuclear-powered submarines in the 2030s, followed by a new subs with UK designs and US tech, with huge spending to create an Aussie support supply chain for them. Moreover, a US sub will be regularly based in Australia from 2027, a date the CIA has noted in relation to Taiwan: so more “encirclement”.
After China’s foreign minister warning of “conflict” on that basis, Gideon Rachman argues in the Financial Times that the likeliest alternative to today’s tension is not kumbaya but war: and as China is not going away, the US would be better off with resolve and patience, leveraging allies, the global system, technology, and better demographics. (Which it is?)
Xi Jinping visited the PLA to stress the need to systematically upgrade its strength ahead of its centenary in 2027: his missive is “Be calm and maintain determination, seek progress through stability, actively achieve things, unite and dare to struggle”. The word ‘struggle’ can have some serious connotations in China: and recall 5% of central government roles are reportedly about to be cut to refocus that manpower on overcoming US “containment” and “encirclement”, which would be a remarkable action in any political economy.
Relatedly(?), China’s financial shake-up will apparently see pay cuts of 50% for its new financial regulators: common prosperity? If so, it’s a policy Wall Street will this time applaud… for everyone but themselves of course. Indeed, Bloomberg says graduate tech-driven traders in Sydney are earning $400,000 straight out of school. The RBA will be thrilled, as that is almost enough to afford a starter home there as mortgage rates soar.
“Only a fool trips on what is behind him.” – Iceberg Slim
Going back to being fooled by data, final Q4 Japanese GDP was slashed from +0.2% q-o-q to flat, or 0.8% annualized to just 0.1%. That makes the downward revision to Q4 Eurozone GDP look mild. The big difference appears to have been in measuring real vs nominal consumer spending: how topical.
Chinese CPI came in at 1.0% y-o-y vs. 1.9% expected, and PPI at -1.4% y-o-y vs. -1.3%. Suddenly there will be concerns over deflation in China. At the very least, rates there won’t be rising even as they do in the US: and yet some will still be bullish on CNY, or at least they were until recently. With whose money?
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
Insanity!!
(EpochTimes)
“The End Of Oil In America”: Biden May Reject Alaska Oil Project
WEDNESDAY, MAR 08, 2023 – 08:20 PM
Authored by Naveen Anthrapully via The Epoch Times,
Alaska’s Republican governor Mike Dunleavy is not expecting the Biden administration to approve the Willow project—an oil and gas plan proposed by crude oil producer ConocoPhillips.
“We’re preparing for them to deny this,” Gov. Dunleavy said on Fox News. “And it’s sad to say that, but their idea of a compromise, apparently, is to allow only two drilling pads for this oil play called Willow, about 180,000 barrels per day at peak, instead of the three or more that really the investors, ConocoPhillips, need to have to make this thing work for everybody.”
“It’s an unfortunate game that’s being played between the White House, the extremists, and environmentalists that got him there and, unfortunately, the people of Alaska in this country,” Dunleavy said.
“We’re preparing, hoping for the best, but preparing for the worst.”
The $8 billion Willow oil field development project was initially proposed in 2018. It is set within the 23 million-acre National Petroleum Reserve-Alaska (NPRA), the largest expanse of federal public lands in the country, located on Alaska’s North Slope.
ConocoPhillips had initially proposed five pads as part of the project. In the oil industry, a pad refers to a temporary drilling site. Under the Trump administration, the Department of the Interior (DOI) had approved the proposal in October 2020.
But a lawsuit by multiple groups, including Earthjustice, forced the U.S. Bureau of Land Management (BLM) to recommend scaling down the number of pads from five to three. The Biden administration is expected soon to announce its decision on the matter.
Opposition And Support
Environmental activists have vehemently opposed the project, citing pollution concerns. A petition at Change.org asking the Biden administration to not allow the Willow project has garnered more than three million signatures.
“If this project were to be approved, Willow would emit more climate pollution annually than more than 99.7 percent of all single-point sources in the country. The first oil to be used from this project wouldn’t be for years,” the petition insists.
However, lawmakers and trade unions from Alaska are pushing for the Biden administration to approve the project that is expected to hire 2,500 construction workers in the state. Willow is projected to output 180,000 barrels of oil per day, or around 1.5 percent of total American oil production.
Over its 30-year lifespan, Willow is expected to produce over 600 million barrels of oil while contributing up to $17 billion in revenues for state and federal governments as well as local communities.
The Alaska House and Senate have passed a unanimous resolution supporting the Willow project.
“The elected leaders who wrote and passed these resolutions recognize Willow’s economic significance, its national security benefits, its environmental advantages, and its ability to create needed opportunities all across the state,” said Republican Senator Lisa Murkowski, in a press release on Feb. 27.
“The message from Alaska is crystal clear: we urge the Biden administration to listen to our voices, as well as BLM career scientists, and re-approve Willow to allow an economically viable project to advance.”
Future of American Energy
The Willow project forces the Biden administration to choose between two sides: environmental groups and supporting Democrats that make up a key portion of the president’s support base, and Democrat-leaning constituencies in Alaska that are looking forward to the project.
There is speculation that the Biden administration may decide to approve the project, but reduce the number of pads from three to two, something that Dunleavy pointed to during the Fox interview. However, doing so could make the project economically unviable, pushing ConocoPhillips away from it.
The Alaska governor predicted that President Joe Biden would seek out help from other nations to meet its oil demand while shutting down the Willow project.
“Alaska probably has more sanctions put against it by our own government than our government has against Venezuela,” Dunleavy said. “So, this is not the end of oil, it’s just the end of oil in America.”
8. EMERGING MARKETS//AUSTRALA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM
EURO VS USA DOLLAR:1.0563 UP .0015
USA/ YEN 136.35 down 0.877/NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.1882 UP 0.0032
USA/CAN DOLLAR: 1.3797 DOWN .0002 (CDN DOLLAR UP 2 PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 7.15 PTS OR 0.22%
Hang Sang CLOSED DOWN 125.51 PTS OR 0.63%
AUSTRALIA CLOSED UP .14% // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 125.51 PTS OR 0.63%
/SHANGHAI CLOSED DOWN 7.15 PTS OR 0.22%
AUSTRALIA BOURSE CLOSED UP 0.14%
(Nikkei (Japan) CLOSED UP 178.96 PTS OR 0.63%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1817.75
silver:$20.09
USA dollar index early THURSDAY morning: 105.48 DOWN 15 BASIS POINTS from WEDNESDAY’s close.
THURSDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 1: 00 PM
Portuguese 10 year bond yield: 3.486% DOWN 1 in basis point(s) yield
JAPANESE BOND YIELD: +0.500% UP 0 AND 2/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.633%// DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 4.42381 DOWN 4 points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6355 DOWN 3 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0574 UP 0.0025 or 25 basis points//
USA/Japan: 136.41DOWN 0.818OR YEN UP 82 basis points/
Great Britain/USA 1.1919 UP.0071 OR 71BASIS POINTS //
Canadian dollar UP .0040 OR 21 BASIS pts to 1.3778
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The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN ..(6.9646)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.9733
TURKISH LIRA: 18.95 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.500…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 1 IN basis points from WEDNESDAY at 3,972% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.908 UP 3 in basis points
USA 2 yr bond yield: 4.9840 DOWN 5 basis points
Your closing USA dollar index, 105.30 DOWN 4 BASIS 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 WEDNESDAY: 12:00 PM
London: CLOSED DOWN 49.94 PTS OR 0.63%
German Dax : CLOSED UP 1.34 POINTS OR 0.01%
Paris CAC CLOSED DOWN 8.88PTS OR 0.12%
Spain IBEX DOWN 42.90 POINTS OR 0.45%
Italian MIB: CLOSED DOWN 200.99PTS OR 0.72/%
WTI Oil price 71.97 12: EST
Brent Oil: 82.87 12:00 EST
USA /RUSSIAN /// UP TO: 75.85/ ROUBLE UP 0 AND 17/100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.6355
UK 10 YR YIELD: 3.826 UP 5
BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0579 UP 0.0031 OR 31 BASIS POINTS
British Pound: 1.1919 UP .0070 or 70 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.8638% UP 5 BASIS PTS
USA dollar vs Japanese Yen: 136.14 DOWN 1.078////YEN UP 108 BASIS PTS//
USA dollar vs Canadian dollar: 1.3834 UP .0035 (CDN dollar, DOWN 35 basis pts)
West Texas intermediate oil: 75.52
Brent OIL: 81.52
USA 10 yr bond yield DOWN 6 BASIS pts to 3.917%
USA 30 yr bond yield DOWN 1 BASIS PTS to 3.869%
USA 2 YR BOND: DOWN 17 PTS AT 4.8911%
USA dollar index: 105.26 DOWN 33 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 18.96
USA DOLLAR VS RUSSIA//// ROUBLE: 75.85 DOWN 0 AND 8/100 roubles
DOW JONES INDUSTRIAL AVERAGE: DOWN 543.34 PTS OR 1.66%
NASDAQ 100 DOWN 219/45 PTS OR 1.80%
VOLATILITY INDEX: 22.30 UP 3.19 PTS (16.49)%
GLD: $170.20 UP 1.66 OR 0.95%
SLV/ $18.44 UP 0,04 OR 0.22%
end)
1 a)USA TRADING TODAY IN GRAPH FORM
Banks, Bitcoin, & Bond Yields Battered Ahead Of Payrolls Print; Bullion Bid
THURSDAY, MAR 09, 2023 – 04:00 PM
Jobless claims and layoffs rose more than expected this morning, throwing some shade at the ‘strong’ labor market narrative but it was bank headlines that seemed to really spook markets with stocks hammered lower, bitcoin battered, and bond yields puking hard.
There’s nothing like a forced capital raise to wake markets up (from their labor market-driven stupor) and the KBW Regional Fed plunged over 7% back to pre-COVID collapse levels…
Source: Bloomberg
With SIVB collapsing…
Source: Bloomberg
And Signature Bank and JPMorgan also punished (crypto anxiety and Staley/Epstein/Dimon headlines respectively).
Source: Bloomberg
And very quietly, Vornado (Office REIT) dropped back key support, plunging to its lowest since 1996…
Source: Bloomberg
Interestingly, short-term interest-rates adjusted dovishly with the terminal rate falling and expectations of a H2 2023 rate-cut starting to pick up again…
Source: Bloomberg
All the US majors though were hit hard with Small Caps worst and The Dow, S&P, and Nasdaq all down almost 2%…
Financials were clubbed like a baby seal, but all the S&P sectors are red on the week…
Source: Bloomberg
When the S&P dropped back to 4,000 (and around the 50DMA), we saw a very active 0DTE positive delta flow (but it failed to ignite any momentum). As the afternoon began, stocks started to slide hard – amid rising banking sector anxiety – and positive 0DTE delta flows surged into the drop as the S&P neared its 200DMA. But when the selling sliced straight through its 200DMA, the 0DTEs ran for cover and flattened out their positioning…
The S&P 500 broke below its 50DMA and accelerated down through its 100- and 200-DMA to its lowest since 1/20…
The Dow fell back close to its 200DMA, down to its lowest level in 4 months…
After being decoupled for two weeks, VIX exploded back higher today, from an 18 handle at its intraday lows to over 23…
Source: Bloomberg
Treasury yields plunged on the day, led by the short-end (2Y -18bps, 30Y -2bps). Today’s move dragged everything but the 2Y yield lower on the week…
Source: Bloomberg
The 10Y tagged 4.00% overnight and then puked back to recent channel lows…
Source: Bloomberg
The 2Y Yield puked back all its post-Powel spike from Tuesday…
Source: Bloomberg
The yield curve steepened (and remember it’s the re-steepening from inversion that is the big recession signal)…
Source: Bloomberg
Amid all this chaos, the dollar was actually well behaved and ended practically unchanged, rallying back as everything fell apart this afternoon…
Source: Bloomberg
Bitcoin puked back near $20,000 – its lowest since Jan 13th…
Source: Bloomberg
Gold managed decent gains on the day (despite only a modest move in the dollar) as perhaps QE fears are reignited by the bank stresses…
Oil tumbled, with WTI back to a $75 handle…
Finally, if the short-term bond market is right, then stocks have a long way to fall back to reality as any hopes for a Fed Pivot are erased…
Source: Bloomberg
Or will all this be reversed into an explosive surge higher tomorrow if/when payrolls misses big and QE is back on the table? Or even more nonsensical, if SVB is any signal of systemic risk in mid-sized banks, then will The Fed pause and pivot even faster?
i b)EARLY MORNING TRADING//
end
II) USA DATA
Jobless claims finally rise to the level we expected due to massive layoffs in the tech sector
(zerohedge)
WTF Chart Of The Day: Jobless Claims Finally Rise As Layoffs Soar At Fastest Pace ‘Since Lehman’
THURSDAY, MAR 09, 2023 – 08:37 AM
According to Challenger Gray & Christmas, U.S.-based employers announced 77,770 job cuts in February. It is 410% higher than the 15,245 cuts announced in the same month last year.
February’s total is the highest for the month since 2009…
So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022. It is the highest January-February total since 2009…
“Worst since Lehman” is never a good thing.
“Certainly, employers are paying attention to rate increase plans from the Fed. Many have been planning for a downturn for months, cutting costs elsewhere. If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
“Right now, the overwhelming bulk of cuts are occurring in Technology. Retail and Financial are also cutting right now, as consumer spending matches economic conditions. In February, job cuts occurred in all 30 industries Challenger tracks,” he added.
In fact, Challenger has not recorded announcements in every industry the firm tracks since January 2013, when cuts occurred in all 29 industries.
Tech Layoffs continue to dominate…
Led by Google, Meta, and Microsoft…
But, here comes the ‘official’ BLS-sponsored data which shows that initial jobless claims which jumped from 190k to 211k last week (above the 195k exp), the highest since December (but still extremely low historically). Continuing claims also rose to 1.718mm (near cycle highs) and well above the 1.66mm expected…
Source: Bloomberg
Notably non-seasonally-adjusted initial claims jumped to 237k…
Source: Bloomberg
New York and California saw claims soar last week (are the tech layoffs starting to come through?)…
Overall, the total number of Americans on some form of unemployment benefit continues to hover near one-year highs…
Source: Bloomberg
Additionally, Bloomberg’s Simon White notes that overall, the percentage of industries with a rise in claimants of more than 10% is creeping up.
Source: Bloomberg
This does not necessarily suggest reason for any imminent concern, but this “regime shift” indicator climbs fast, especially just before a recession.
Yes, we understand there are lags between the two series since the laid off are likely to be getting severance, but the fact that the claims data is tumbling back near record lows as layoffs are accelerating YTD at their fastest pace ‘since Lehman’ is ridiculous…
Source: Bloomberg
Finally, we note that companies announced plans to hire 28,830 workers in February, down 12% from the 32,764 hires announced in January. It is down 87% from the 215,127 hiring plans announced by companies in February 2022.
So far this year, companies announced plans to hire 61,594 workers, the lowest January-February total since 2016.
end
As we have outlined to you on previous occasions, the adjustments are so ridiculous it is catching up to them
(zerohedge)
Brace For “Surge” In Initial Jobless Claims As Goldman Warns Favorable Seasonal Adjustments Are Over
THURSDAY, MAR 09, 2023 – 11:20 AM
Two weeks ago, we reported that JPMorgan was the latest bank to join a growing parade of sellside analysts which had had enough with the Dept of Labor’s ridiculous seasonal adjustments. Specifically the bank’s economist Dan Silver politely said that “some alternative seasonal adjustments of the initial claims data show some less favorable changes in filings from recent weeks than the official figures.” Translation: the various “adjustments” embedded in initial claims data had gotten so grotesque even the largest US bank had to bring attention to them, and understandably so: earlier today we showed the divergence between layoffs tracked by Challenger and the DOL’s own initial claims. The chart needs little commentary.
And even though today’s initial claims ended the bizarre recent trend of declining in the face of relentless mass layoff news (not to mention the starkly conflicting Challenger data), and rose to the highest since December…
today none other than Goldman joined the bandwagon slamming the BOL’s gratuitous data fudging with chief economist Jan Hatzius writing that “seasonal adjustment issues have exerted an increasing amount of downward pressure on initial claims over the last few months” adding that “the pressure will begin to reverse in a few weeks.”
Translation: we are about to see a big spike in claims, and it’s not just Goldman expecting this. In a note just out from Bloomberg Economist Eliza Winger, she writes that “the rise in jobless claims is just a taste of what we expect over the next two months, when claims should rise sharply following a spike in layoff announcements. More companies are clearly preparing for an economic slowdown, cutting workers and slowing hiring.”
Bottom line: the Biden admin may have been able to hide for months behind grotesque and gratuitous seasonal adjustments, which maintained the false impression that at least the US labor market was stable at a time of collapsing corporate profits and soaring inflation – and thus feeding the Fed with false signals demanding further monetary tightening. But all that is about to end, and the open question is whether tomorrow’s payrolls report will benefit from these generous adjustments for one last fake hurrah in labor market strength, or is the DOL about to pull the rug and will markets be “shocked” with a negative print, just as DB’s Jim Reid showed recently is long overdue as the US economy careens toward a painful hard-landing.
More in the full Goldman report available to pro subscribers.
iii) USA ECONOMIC NEWS
A must read: Mises on the Fed’s next move:
(Mises)
Odds Are Rising That The Fed Will Trigger The Next Bust
THURSDAY, MAR 09, 2023 – 07:20 AM
Authored by Thorsten Polleit via The Mises Institute,
From March 17, 2022, to the end of January 2023, the US Federal Reserve (Fed) increased its federal funds rate from practically zero to 4.50–4.75 percent. The rise in lending rates came in response to skyrocketing consumer goods price inflation: US inflation rose from 2.5 percent in January 2022 to 9.1 percent in June. Notwithstanding inflation falling to 6.4 percent in January 2023, the Fed continues to signal to markets that it will continue to hike rates to bring down consumer price inflation.
This is understandable. The Fed wants to maintain its inflation-fighting credentials; it wants people to believe it is really determined to bring inflation back to 2 percent. It is presumably well aware that the US dollar’s world reserve currency status needs to be protected more than ever, as it gives the US government (and the powerful special interest groups that harness it for their purposes) tremendous power, not only nationally but internationally.
Higher nominal (and real—i.e., inflation-adjusted) interest rates are now necessary to support the US dollar. These higher rates make the greenback more attractive against other unbacked currencies such as the euro, the Chinese renminbi, the Japanese yen, the British pound, and the Swiss franc. And with other central banks worldwide unable or unwilling to catch up with the Fed’s rate hike sprint, the US dollar exchange rate is expected to remain strong, attracting capital from abroad and allowing the US to run a massive trade deficit with the rest of the world.
However, there is concern that the Fed’s tightening could trigger another bust. Why? From sound economic theory, we know that issuing fiat currency through bank loans that are not backed by real savings creates an artificial upswing (“boom”), which sooner or later must end in a recession (“bust”). This is because the initial increase in the supply of bank credit artificially suppresses the market interest rate below the level that would prevail without an increase in bank credit. This artificially suppressed market interest rate entices consumers and producers to live beyond their means, leading to overconsumption and malinvestment.
All this ends once the inflow of new credit and money stops; then the market interest rate rises. Consumption decreases, savings increase, and investment projects are liquidated. Firms go bankrupt, and unemployment rises. Asset prices, such as the prices of stocks and real estate, which had been inflated during the period of artificially lowered interest rates, plummet. Deflated asset prices squeeze the equity capital of private households, firms, and banks. Higher credit costs put borrowers under increasing pressure to service their debt. The number of loan defaults increases, causing banks to tighten their lending standards. A downward spiral begins: tightening credit market conditions lead to more defaults and even tighter credit market conditions. At the extreme, the credit crunch, asset price deflation, and output and employment losses could collapse the fiat money system.
Where are we right now? At 4.50–4.75 percent, the Fed’s interest rate is still relatively modest by historical standards. Also, adjusted for consumer price inflation, the Fed’s key interest rate is still at −1.8 percent. However, the restrictive impact of the Fed’s latest series of interest rate hikes is much more pronounced than many market observers believe. Most importantly, the US money stock M2 is declining for the first time since 1959. In December 2022, it fell by 1.3 percent on an annualized basis (by a hefty 7.3 percent in inflation-adjusted terms).
The current contraction in nominal M2 is not caused by a contraction in bank lending. What is happening is that the Fed is pulling central bank money out of the system. It does this in two ways. The first is by not reinvesting the payments it receives into its bond portfolio. The second is by resorting to so-called reverse repo operations, in which it offers “eligible counterparties” (those few privileged to do business with the Fed) the ability to park their cash with the Fed overnight and pays them an interest rate close to the federal funds rate.
The Fed does business not only with banks but also with nonbanks (such as asset management firms). When nonbanks move their bank and/or client deposits to the Fed, the banking sector loses central bank money as well as commercial bank money. As a result, the money stock M2 drops. The Fed is sucking liquidity out of the financial system, a move that is at least disinflationary: it will slow the rate of goods price increases in the economy. It may even be deflationary, that is, exerting downward pressure on goods prices across the board.
The Fed has announced that it intends not only to continue to raise interest rates further but also to continue to reduce its balance sheet and sponge up central bank money. What is concerning in this context is that Fed chairman Jerome H. Powell—and presumably the rest of his team—does not really pay attention to the developments in monetary aggregates when making policy decisions.
This, in turn, implies a real risk that the Fed will overtighten, meaning contract the quantity of money further.
The Fed appears to be taking current inflation into account when setting its policy. However, it is fair to say that future inflation is ultimately determined by past or current monetary expansion. And since the nominal (and real) money supply is now contracting—not only in the US but also in many other currency areas, by the way—a deflationary shock is building up, which would then become really problematic if the money stock continues to shrink as bank credit supply starts dwindling. It’s a recipe for disaster (aka the next bust).
Interestingly, financial markets have remained relatively optimistic of late, as various market stress indicators suggest: credit spreads are contained, and stock prices have been drifting higher since their recent low in October 2022. Perhaps markets are confident that the Fed will orchestrate a “soft landing,” bringing sky-high inflation down without tipping the economy into recession and financial markets into turmoil. Or they bet that, should the credit pyramid really start to falter, the Fed will reverse its tightening policy and bail out the system, as it has done so many times in the past, regardless of inflation.
In fact, this is what Murray N. Rothbard (1926–1995) saw coming a long time ago. He wrote in America’s Great Depression, “The American economy will be increasingly faced with two alternatives: either a massive deflationary 1929-type depression to clear out the debt, or a massive inflationary bailout by the Federal Reserve.” In view of the politics of his time, he concluded, “We can look forward, therefore, not precisely to a 1929-type depression, but to an inflationary depression of massive proportions.”
I firmly believe Rothbard’s conclusion is particularly relevant to our times, that markets are right to bet on a Fed bailout in times of trouble but that they grossly underestimate the economic damage and inflationary impact it would have.
First bank since 2020 to go bust
(zerohedge)
Silvergate Capital To Wind Down Ops, Liquidate Bank
WEDNESDAY, MAR 08, 2023 – 04:40 PM
In the end, those shorting Silvergate – which recall emerged as the most shorted stock in early February – ended up being right, and the bank’s last ditch discussions with the FDIC for a hail mary rescue didn’t go quite as expected.
Silvergate Capital said it intends to wind down operations and voluntarily liquidate the bank in an orderly manner and in accordance with applicable regulatory processes.
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,” it said in a statement
The firm opened for business in 1988 to make loans to industrial clients, and filings show that it dealt in conventional services such as commercial and residential real estate lending. But in 2013, the La Jolla, California-based company started to pursue crypto clients.
With its crypto business growing, Silvergate went public in 2019, telling investors in its prospectus to expect an even bigger shift toward crypto. Eventually the company’s Silvergate Exchange Network helped attract $11.9 billion in digital assets held as deposits as of Sept. 30.
As Bloomberg reports, Silvergate collapsed amid scrutiny from regulators and a criminal investigation by the Justice Department’s fraud unit into dealings with fallen crypto giants FTX and Alameda Research. Though no wrongdoing was asserted, Silvergate’s woes deepened as the bank sold off assets at a loss and shut its flagship payments network, which it called “the heart” of its group of services for crypto clients.
SI shares are down 50% after hours…
At its peak in Nov 2021, SI traded at $239…
No reaction in bitcoin.
Read the full press release below:
Silvergate Capital Corporation (“Silvergate” or “Company”) (NYSE:SI), the holding company for Silvergate Bank (“Bank”), today announced its intent to wind down operations and voluntarily liquidate the Bank in an orderly manner and in accordance with applicable regulatory processes.
In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward.
The Bank’s wind down and liquidation plan includes full repayment of all deposits.
The Company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.
In connection with the above: Centerview Partners LLC is acting as financial advisor, Cravath, Swaine & Moore LLP is acting as legal advisor and Strategic Risk Associates is providing transition project management assistance.
In addition, Silvergate Bank made a decision to discontinue the Silvergate Exchange Network (SEN), which it announced on March 3, 2023 on its public website. All other deposit-related services remain operational as the Company works through the wind down process. Customers will be notified should there be any further changes.
It’s the first bank failure in the US since 2020, according to the FDIC’s website, which listed four during the first year of the pandemic. We also note that the last time the FDIC had to cover deposits for a failure was in 2013 when Connecticut-based Community’s Bank closed
END
Then this:
Silicon Valley Bank, At Center Of Venture Capital Bubble, Suffers Record 60% Crash Amid Sudden Liquidity Crisis
THURSDAY, MAR 09, 2023 – 12:59 PM
Is the bursting of the tech bubble finally spilling over to the financial system?
One day after the biggest crypto-focused bank, Silvergate Capital, announced plans to unwind and liquidate after a deposit run effectively killed its core business model, this morning its far larger peer – the parent company of the venerable Silicon Valley Bank, SVB Financial Group – saw its shares plunge the most in more than two decades after the company took “steps to bolster its financial position” that included not only a highly dilutive stock offering but also a panicked asset sale that sparked fears of a liquidity crisis at one of the biggest and original providers of funding to the Venture Capital industry.
The Santa Clara-based company’s shares sank by as much as 60% on Thursday, their biggest decline in the company’s history since going public in 1987. The slump in the shares to their lowest level since May 2020, came after SVB i) announced a stock offering, ii) sold substantially all of the available-for-sale securities in its portfolio and iii) updated its forecast for the year to include a sharper decline in net interest income.
Put in context, this 60% plunge smashes SIVB back to its lowest since 2016…
“While we view these actions combined with a weaker guide as a clear negative, we do not believe that SIVB is in a liquidity crisis, especially following the significant proceeds” from its sale of securities, Wedbush analyst David Chiaverini wrote as he cut his price target for the company to $200 from $250. Others clearly disagreed and dumped the stock at a pace not seen in a quarter century.
The bank also said it had sold about $21 billion of securities from its portfolio (with a plan to reinvest the proceeds but don’t hold your breath) which will result in an after-tax loss of $1.8 billion for the first quarter. And the cherry on top was SVB’s announcement of equity offerings for $1.25 billion of its common stock and $500 million of securities that represent convertible preferred shares. Additionally, General Atlantic committed to purchase $500 million of common stock, taking the total amount being raised to about $2.25 billion.
It wasn’t immediately clear whether the SIVB liquidity crisis is a function of assets, i.e., loans collateralized by toxic early stage investments that have turned sour… or liabilities, i.e., a good old-fashioned deposit bank run.
“The improved cash liquidity, profitability and financial flexibility resulting from the actions we announced today will bolster our financial position and our ability to support clients through sustained market pressures,” the company said in a letter to stakeholders but judging by the stock reaction, nobody believed it.
end
which caused this:
Bank Bloodbathery Sparks Widespread ‘Risk Off’
THURSDAY, MAR 09, 2023 – 02:03 PM
First Silvergate, now Silicon Valley Bank, Signature Bank, and Silly old JPMorgan – all getting hammered lower for various financial and reputational reasons…
SIVB has lost over half its value amid heavy losses on startup investments…
Signature bank is down over 10% on crypto fears…
And JPMorgan is dumping on Staley/Dimon headlines…
All of which is dragging Financials lower…
Smashing the major equity indices into the red…
The S&P busted back below its 50DMA and is heading towards the 100- and 200-DMA…
And bond yields tumble in a flight to safety. 10Y Yields are down 10bps….
2Y yields are down 19bps!
Bitcoin puked back down to $21,000…
Of course, all this will be reversed if we see a big miss on payrolls tomorrow.
And of note, we are seeing short-term rates drift notably dovishly…
Do STIRs know something about tomorrow’s NFP? As a reminder, the S&P 500 has had a standard deviation of some 1.51% on the day before payrolls.
Huge drop in USA container imports and that is a clear signal of huge recession/depression
(zerohedge)
US Container Imports Plunge As Recession Fears Mount
THURSDAY, MAR 09, 2023 – 05:45 AM
Amid the mounting speculation of a soft landing and even talk of a “no landing” (read: here and here), we’ve pointed out multiple strategists who don’t share that sense of optimism but rather one that is typical of an end-cycle environment (read: here & here).
A new report by Canada-based logistics company Descartes Systems Group indicates that US shipping container imports plunged 20% in the first two months, according to Bloomberg.
In January and February of this year, the total volume of inbound containers, measured in 20-foot equivalent units, was 3.8 million, which marks a decrease from 4.78 million recorded during the same period in 2022. The latest reading is in line with 3.86 million in January-February of 2019.
Container rates worldwide for 40-foot boxes have returned to levels before the pandemic. This comes as global central banks aggressively hike interest rates in response to inflation, curbing consumer spending.
The financial burden of soaring inflation and increasing rates falls heavily on low-income consumers. Given that consumerism represents 68.5% of GDP, the troubling slowdown in container shipping suggests that the economy is showing signs of faltering.
Descartes said container volumes from China, Japan, and Germany slumped the most.
Container import declines into the world’s largest economy is an ominous sign as some strategists believe a recession might unfold in the second half of the year. Also, rate increases from last year are only beginning to filter in and will strongly curb economic activity in the coming months.
END
3 B)USA ECONOMIC ISSUES// SUPPLY ISSUES//
end
3c East Palestine train disaster//updates
USA COVID//
END
Before we close take a good look at what Victor Davis Hanson wrote today:
This is really good:
Victor Davis Hanson: The Price Of Eliminating Consequences
THURSDAY, MAR 09, 2023 – 04:20 PM
Authored by Victor Davis Hanson via AmGreatness.com,
Magnanimity demonstrated to those harming us at home and abroad is interpreted as American weakness, if not decadence to be further exploited…
Recently there were some remarkable online videos of a Portland, Oregon good Samaritan confronting shoplifters and forcing them to dump loads of their pilfered goods.
More stunning, however, was the sheer outrage – of the thieves!
They pouted. They screamed. They resisted. How dare anyone stop them from stealing anything they wished.
The criminals entertained no fear of any consequences for walking out with bags of things that were not theirs. They had no care that mainstreaming their habits would undermine the entire fabric of society.
What is common to the pandemic of smash-and-grab, carjacking, fighting on airliners while in flight, and deadly Saturday night shoot-outs is this same apparent assurance there will be no consequences.
That expectation of exemption is why the Antifa thugs in Atlanta were so bold in their latest violent attacks on the police.
And why not, after the 120 days of rioting, looting, arson, and assault in summer 2020 which resulted in few Antifa indictments, fewer convictions, and almost no imprisonments.
The “broken windows” theory of policing in the 1990s and 2000s showed how the failure to punish even minor infractions soon leads to escalation to more violent crimes.
The homeless take for granted that ancient rules forbidding urination, defecation, fornication, and injection on the sidewalks do not apply to them. Is it any wonder that they increasingly are not victims of circumstance but victimizers of innocent passersbys?
Yet deterrence is not just eroded from the bottom up, but also from the top down—and by an elite who assume it will never be subject to the chaos it wrought.
Former FBI Director Andrew McCabe admittedly lied on four occasions to federal investigators, apparently with the prescient expectation he would never be prosecuted.
The same hubris was true of former CIA Director John Brennan who admittedly lied under oath to Congress—twice—with absolute impunity.
The former Director of National Intelligence James Clapper not only lied under oath to Congress, but crowed that he gave the “least untruthful” answer. He too faced zero consequences.
Could the FBI and the CIA recover their tarnished reputations if their directors knew in advance they would go to jail for lying under federal oath?
Sometimes the problem is not just the absence of sure punishment for criminal behavior, but the asymmetry of penalties.
Why are some violent criminals released from custody the very day they punch, club, or shoot innocents, while others committing lesser offenses are not?
Nations are no different from people. Without expectation of a severe reaction to their provocations, they only escalate their aggression.
Why are athletes who choose not to be vaccinated barred from competing in the United States, while 6-7 million illegal entrants were waved in without passports, vaccinations, or COVID tests?
And once those millions south of the border saw a few thousand illegally cross with impunity shortly after Joe Biden was inaugurated, then they followed en masse.
Why does the Mexican government shrug when the United States asks it not to greenlight illegal immigration?
Why does Mexico City tolerate factories inside Mexico producing lethal fentanyl pills for export northward that kill over 100,000 Americans a year?
What sort of deterrence would stop millions from illegally entering the United States or Mexican-manufactured fentanyl from killing more Americans in the last decade than all the dead in all our wars since World War II?
Should the United States tax the $60 billion in remittances sent back yearly to Mexico, mostly by those who are here illegally and so often subsidized by our own state and federal entitlements?
Should America declare cartels international terrorists, extradite them, and bar all their accomplices and abettors from the global banking system?
China knowingly sends Mexico the raw ingredients of fentanyl, believing it is a win-win strategy of enormous profits and lots of deaths of America’s youth.
What would deter China from its nonchalant aggression? Still more concessions? More ignoring the Wuhan origins of the COVID pandemic?
Or would the expulsion of 350,000 Chinese students from American universities stop their fentanyl exporting? Or prohibiting Chinese companies with ties to the Communist government from buying American farmland?
Apparently, the more technologically sophisticated and affluent, Americans became, the more their elites believed they could change ancient human nature that is fixed and predictable across time and space.
They redefined criminality as either a lifestyle choice or reimaged the criminal as one with legitimate grievances against the society he subverts.
The more the Biden Administration ignores those harming us abroad, the more they interpret it as American weakness, if not decadence to be further exploited.
The result is the predictably dangerous present.
When our state and federal governments allow criminals and foreign nations to injure with impunity their own law-abiding citizens, is it any wonder the civilized world we once knew has vanished—replaced by the Hobbesian rule of the wild?
SWAMP STORIES
a must see
Watch Live: Taibbi And Shellenberger Testify Before House ‘Weaponization’ Panel
THURSDAY, MAR 09, 2023 – 09:45 AM
Journalists Matt Taibbi and Michael Shellenberger are testifying before the House Judiciary Committee’s Select Subcommittee on the Weaponization of the Federal Government today. Both journalists were involved in the ‘Twitter Files’ disclosures, in which we learned that the government was directly involved in censoring disfavorable speech.
“Our findings are shocking,” writes Shellenberger at his blog. “A highly-organized network of U.S. government agencies and government contractors has been creating blacklists and pressuring social media companies to censor Americans, often without them knowing it.”
update:
Dems Blast “Threat” Of “So-Called Journalists” As Taibbi, Shellenberger Expose “State-Sponsored Thought-Policing”
THURSDAY, MAR 09, 2023 – 12:18 PM
Update (1300ET): Well, that escalated quickly…
As one might expect, the Judiciary hearing on the “weaponization” of federal agencies, featuring Matt Taibbi and Michael Shellenberger as witnesses was full of fireworks, facts, and ad hominem friction.
Out of the gate, Ranking Member Democratic Del. Stacey E. Plaskett labeled the two “so-called journalists” as dangerous and a “threat” to former Twitter employees.
She claimed that Republicans brought “two of Elon Musk’s ‘public scribes'” in “to release cherry-picked out-of-context emails and screenshots designed to promote his chosen narrative – Elon Musk’s chosen narrative – that is now being parroted by the Republicans” for political gain.
“I’m not exaggerating when I say you have called two witnesses who pose a direct threat to people who oppose them,” Plaskett said after the video.
Chairman of the House Judiciary Committee, Republican Rep. Jim Jordan of Ohio, had a simple response to her accusations:
“It’s crazy what you were just saying.”
“You don’t want people to see what happened,” Jordan continued.
“The full video, transparency. You don’t want that, and you don’t want two journalists who have been named personally by the Biden administration, the FTC in a letter. They say they’re here to help and tell their story, and frankly, I think they’re brave individuals for being willing to come after being named in a letter from the Biden FTC.”
Taibbi snapped back…
As Glenn Greenwald chimed in from Twitter: “To Democrats, “journalist” means: one who mindlessly and loyally endorses DNC talking points. “
Unshaken, Matt Taibbi continued, when he was allowed to respond, laid out what he and Shellenberger had found in their research of The Twitter Files:
“The original promise of the Internet was that it might democratize the exchange of information globally. A free internet would overwhelm all attempts to control information flow, its very existence a threat to anti-democratic forms of government everywhere,” Taibbi said.
“What we found in the Files was a sweeping effort to reverse that promise, and use machine learning and other tools to turn the internet into an instrument of censorship and social control. Unfortunately, our own government appears to be playing a lead role.”
Taibbi pointedly added that “effectively, news media became an arm of a state-sponsored thought-policing system.”
“It’s not possible to instantly arrive at truth. It is however becoming technologically possible to instantly define and enforce a political consensus online, which I believe is what we’re looking at.”
Democrats only response to Taibbi and Shellenberger’s facts was to get personal…
The full hearing can be viewed below:
Watch Live: see zero hedge
JPMorgan sues former executive Staley over potential Epstein fallout
(zerohedge)
JPMorgan Sues Jes Staley Over Potential Epstein Fallout
WEDNESDAY, MAR 08, 2023 – 06:40 PM
JPMorgan is suing former executive Jes Staley to hold him responsible for any damages which may stem from lawsuits accusing the bank of facilitating Jeffrey Epstein’s sex-trafficking operation.
As Bloomberg reports, the bank filed a third-party complaint on Wednesday afternoon against Staley in Manhattan federal court. According to the filing, Staley should be held liable if allegations about his relationship with Epstein are found to be true.
The filing comes weeks after the US Virgin Islands revealed bombshell emails between Staley and Epstein from 2010 referencing Disney princesses, presumably in the context of girls procured for sexual activities.
“That was fun,” Staley allegedly wrote to Epstein. “Say hi to Snow White.“
To which Epstein replied: “[W]hat character would you like next?”
“Beauty and the Beast.”
Epstein also emailed Staley photos of young women in seductive poses, the filing continues.
JPMorgan responded – claiming that the emails fail to show that minors were victimized, or that “force, fraud or coercion” were used against women. The bank has asked the judge to dismiss the case, in which the USVI and Epstein accusers say JPMorgan is liable for facilitating Epstein’s sex trafficking of minors, because they ignored obvious red flags while continuing to provide banking services to the prolific pedophile.
The close ties between Staley, once JPMorgan’s private banking chief, and Epstein have been at the core of two suits claiming the bank knew or should have known about Epstein’s crimes and kept him on as a client anyway. But Staley himself was not named as a defendant in either suit. -Bloomberg
As Bloomberg further notes, JPMorgan’s new filing could shift some of the liability to Staley himself.
Staley and Epstein exchanged upwards of 1,200 emails over a period of several years. In 2013, Staley left JPMorgan to become CEO of Barclays, which he left in 2021 following a probe by the UK Financial Conduct Authority into his relationship with Epstein.
Epstein, meanwhile, had around 55 accounts with JPMorgan between 1998 and 2013, which contained hundreds of millions of dollars. At least 20 individuals paid through JPMorgan accounts were “victims of trafficking and sexual assault in Little St James,” according to the USVI.
We can only assume this filing means that there’s something big coming, and JPMorgan knows it.
(zerohedge)
end
THE KING REPORT
| The King Report March 9, 2023 Issue 6964 | Independent View of the News |
| ADP Employment Change for Feb: 242k, 200k expected, 119k prior; Leisure & Hospitality +83k Jan JOLTS Job Openings: 10.842m, 10.546m consensus, 11.123m revised from 11.012m prior @FrogNews: From the @BLS Job Openings Report. Biggest decrease in openings: Construction Followed by other housing related industries. The canary in the coal mine could be the drop in restaurant openings. That’s new. South Region (Florida’s) the only reason not losing openings. https://twitter.com/FrogNews/status/1633547223492358146 Tesla investigated for Model Y steering wheels that may detach during use… The ODI report says both Model Y vehicles were delivered to customers missing a retaining bolt that attaches the steering wheel to the column. Both vehicles required a repair which involved reinstallation of the steering wheel… https://finance.yahoo.com/news/tesla-investigated-for-model-y-steering-wheels-that-may-detach-during-use-152720356.html Biden to propose 5.2 percent federal pay increase, largest in 43 years – WaPo Will be in Biden’s budget proposal for the fiscal year that starts Oct. 1… The raise would be the largest pay increase for the workforce of 2.1 million executive branch employees since a 9.1 percent increase in 1980… https://www.washingtonpost.com/politics/2023/03/08/federal-pay-boost-biden-budget-2023/ Powell Remarks to the House Financial Services Committee HighlightsStresses No Decisions Made on Pace of Rate Hikes – BBG 10:22 ETHaven’t Made Any Decision about the March Meeting – BBG 10:24 ETFed Will Be Guided by Data, Evolving Outlook – BBG 10:25 ETFed Looking at Job Openings, CPI, PPI, Jobs Data – 10:25 ETInflation Coming Down but Still Very High – BBG 11:10 ETCost of Failure to Tame Inflation Extremely High – BBG 11:16 ETFed Is Well Aware of Monetary Policy Lags – BBG 11:27 ETData This Year Suggest Higher Terminal Rate– BBG 11:28 ETFed Has and Seeks No Role in Fiscal Policy – BBG 11:31 ETClimate Change Is Issue that Needs to Be Addressed by Elected People – DJ 11:31 ETRepeats Congress Needs to Raise the Debt Ceiling – BBG 10:32 ETNo One Should Assume Fed Will Protect Economy If US Defaults – BBG 11:32 ETInflation Is Everywhere; Common Factor Is Reopening of Economy – DJ 11:44 ETUS Health-Care Delivery System Is Very Expensive – BBG 10:47 ETWe May Not Be Measuring Gig Workers Perfectly in Employment Numbers – DJ 11:54 ETDoesn’t Look Likely Low Long-Term Rates Will Continue – BBG 11:56 ETWe Want Wages to Rise over Time with Productivity – BBG 12:04 ETHigh Inflation Is Hurting Working Families – BBG 12:15 ETBalance Sheet Reduction Process (QT) Seems to Be Going Well – BBG 12:50 ETI hope the Fed Won’t Be Buying Mortgage-Backed Securities Any Time Soon – DJ 13:03 ET Powell noted that coins are not circulating, they are ‘sitting in jars at home’ and the Fed is working with the US Mint on the problem. People are hoarding coins because the metal content is a hedge against runaway inflation. Pre-1982 pennies are mostly copper, which makes their value more than 1 cent. Most-1982 pennies have a high zinc content. Industrial metal inflation has pushed their content value far above 1 cent at times. The same is true of some nickels. @NickTimiraos: Powell is asked by Rep. Ayanna Pressley (D., Mass.) [a radical leftist] to answer a “yes or no” question on whether the Fed will pause rate increases. Powell: “I don’t do yes or no.” Once again, Powell sparked a rally with a dovish comment amid a generally hawkish speech. ESHs and stocks sank after the NYSE open and hit a bottom 5 minutes before Powell began his comments. When Powell asserted that no decision has been made about the pace of Fed rate hikes, the usual suspects aggressively bought stocks, bonds, and commodities (ex-energy). The boy cannot restrain himself! ESHs and stocks their daily highs at 11:51 ET. ESHs and stocks then tumbled to daily lows. A bottom developed at 13:50 ET. ESHs bounced 14 handles by 14:32. The ensuing decline ended at 15:24 ET; it was time for the last-hour manipulation. Someone pushed ESHs 22 handles higher in 20 minutes. ESHs fell modestly into the close. USHs commenced a rally at 5:36 ET that propelled the bond future to a daily high of 126 13/32 at 9:31 ET. They then rolled over. About 15 minutes before the European close, USHs broke down. After hitting 125 at 13:18 ET, a modest rally materialized. @GameofTrades_: Every time the Philly fed manufacturing index dipped below -25, a recession took hold of the economy. We’re now at -24.3. https://twitter.com/GameofTrades_/status/1633165621062955027 China’s Xi says better use of defence resources needed ‘to win wars’ “China needs to better use defence science, technology and industry to strengthen its army and win wars,” Xi said… https://t.co/rFDRTKc8pe US intel community warns of ‘complex’ threats from China, Russia, North Korea Office of the Director of National Intelligence lists climate change as threat to US in 2023 annual assessment (Not a parody!) https://www.foxnews.com/politics/us-intel-community-warns-complex-threats-china-russia-north-korea @milesyu10: Don’t fall for the latest war scare from China and Wall St. Xi’s threat of war against the U.S. is nothing new. It’s always in the CCP’s playbook, a tactic called “Using Confrontation to Promote Cooperation,” 以对抗求合作. The CCP needs the U.S. more than the other way around. (Heritage Found) @KevinRobertsTX: China today is a more dangerous adversary than the Soviet Union at its height. The Chinese Communist Party enjoys strategic advantages Moscow never did, with greater capacity to project power around the world. It’s time for the U.S. to treat the CCP like the enemy it is. @seanmdav: Reagan understood the best way to defeat the USSR was to hasten its economic bankruptcy. China is no different. But unlike the Cold War, our political leaders today (like Mitch McConnell) are personally getting rich off China. If America wins, they lose… Japan runs record current account deficit in January The current account deficit, at 1.98 trillion yen ($14.43 billion)… (818.4 billion yen exp). It was the biggest on record.. the country is increasingly earning income from capital parked abroad rather than by sales of goods and services…The trade deficit, 3.18 trillion yen, was the largest since relevant data became available in 1996, the statistics showed… https://t.co/UdrOuMULey Positive aspects of previous session Powell, once again, sparked a risk on rally with a dovish utterance; blatant late upward ESH manipulation Negative aspects of previous session Short rate yields increased again Ambiguous aspects of previous session DJIA down, DJTA up First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3987.39 Previous session High/Low: 4000.41; 3969.76 @cspan: Former CDC Director Dr. Robert Redfield: “Based on my initial analysis of the data, I came to believe and I still believe today that it indicates that COVID-19 more likely was the result of an accidental lab leak than a result of a natural spillover event.” https://t.co/qz5Qdf8Zrc @alx: Former CDC Director Dr. Robert Redfield tells @RepMTG COVID-19 was likely created by gain-of-function research funded by Dr. Fauci and the NIAID. https://twitter.com/alx/status/1633514516066574344 @KanekoaTheGreat: Dr. Robert Redfield, the former CDC Director, talks about three suspicious events that took place at the Wuhan lab in September 2019: “In Sept. 2019, three things happened in that lab. One is they deleted the sequences. Highly irregular, researchers don’t like to do that. The second thing is they changed the command and control from civilian to military. Highly unusual. The third, which is very telling, is they let a contractor redo the ventilation system in that laboratory. Clearly, there was strong evidence that a significant event happened in that laboratory in September.” https://twitter.com/KanekoaTheGreat/status/1633499775734788096 @VigilantFox: Rep. @Jim_Jordan: There are 9 million reasons why 2 top scientists changed their stance on Lab Leak Theory “Three days after they say it came from a lab, they changed their position, and the only intervening event was a conference call with Dr. Fauci and Dr. Collins. Again, a call that Mr. Redfield (CDC Director at the time) was not allowed to be on … And then three months later, Shazam! They get 9 million bucks from Dr. Fauci….” https://twitter.com/VigilantFox/status/1633548023417413640 @ecommerceshares: MS found that “the gap between reported earnings and cash flow for the S&P 1500 is at its widest in 25 years”, mainly due to high working capital spend. Current earnings are overestimating (not underestimating, as many believe) how much cash companies are actually generating. https://twitter.com/ecommerceshares/status/1633528928517193729 WaPo’s @byHeatherLong: An alarming number of Americans are already struggling, even if they have jobs. 20.5 million are behind on utility payments. Nearly 25 million people are behind on their credit card, auto loan or personal loan payments. We haven’t seen that since 2009. https://washingtonpost.com/opinions/2023/03/08/economy-recession-consumer-debt-loans/ Today – The Powell Relief Rally did not appear until 15:26 ET. With Powell out of the way, the usual suspects will be bullish today. Due to the looming February Employment Report, traders are likely to be aggressive until the final hour or two. Pros want to be as flat as possible into the report. ESHs hit -9.00 19:32 ET on: Biden to Urge 25% Billionaire Tax; hike corporate tax to 28% from 21%; capital gains tax to 39.5% from 20%; 39.6% tax rate on incomes over $400k: BBG https://news.bloomberglaw.com/crypto/biden-to-urge-25-billionaire-tax-big-levies-on-rich-investors ESHs are -2.00 at 20:00 ET because traders don’t see the House passing Biden’s tax hikes. Expected economic data: Initial Jobless Claims 195k, Continuing Claims 1.66m S&P 500 Index 50-day MA: 3998; 100-day MA: 3940; 150-day MA: 3945; 200-day MA: 3941 DJIA 50-day MA: 33,525; 100-day MA: 33,205; 150-day MA: 32,634; 200-day MA: 32,387 S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3845.89 triggers a sell signal Daily: Trender and MACD are negative – a close above 4047.93 triggers a buy signal Hourly: Trender and MACD are negative – a close above 4014.08 triggers a buy signal Nine boxes of Biden documents were taken from Boston office The archives had not previously publicly disclosed the number of boxes taken from Boston https://www.foxnews.com/politics/9-boxes-biden-docs-taken-from-boston-office-content-not-yet-been-reviewed-national-archives On Monday night, Tucker Carlson said he would present more Jan. 6 videos on his Tuesday night show. He did NOT do so. https://twitter.com/HansMahncke/status/1633304048681009153 Did Murdoch Shut Tucker Down? Rumblings that Tucker Changed His Show Plan After Threats and Pressure from Regime – Tuesday night’s show was tampered down. Tucker Carlson did not release any explosive video… https://www.thegatewaypundit.com/2023/03/did-murdoch-shut-tucker-down-rumblings-that-tucker-changed-his-show-plan-after-threats-and-pressure-from-regime/ @DineshDSouza: It seems the Murdoch family shut Tucker down last night on January 6 in the same way they shut down all the Fox hosts on #2000Mules. The reason for this is the Murdochs are feuding with Trump, and therefore are actively suppressing any narrative that favors or vindicates Trump. @AmFirebrand: Tucker with @glennbeck on J6 tapes: “The horrible Senate Minority leader, Mitch McConnell, and Mitt Romney, Thom Tillis, and Senator Cramer. They’re all lying… Why are they lying about what we can see plainly?…” https://twitter.com/AmFirebrand/status/1633564601508941830 Tucker calls out GOP weakness: “Their priorities are in a different universe from the priorities of their voters. You don’t see that on the Left. That’s a structural problem with the party. Part of the problem is that Republican donors don’t like Republican voters.” https://twitter.com/AmFirebrand/status/1633566203925913600 FBI whistleblowers send shockwaves with warning that threat tags used to target conservatives Jordan decried the FBI’s emerging “pattern” of targeting “parents, traditional Catholics, pro-lifers” with threat tags… https://justthenews.com/accountability/whistleblowers/eveare-fbis-threat-tags-being-used-another-form-cancel-culture-some @KanekoaTheGreat: Sgt. Tyler Vargas-Andrews, a U.S. Marine Corps sniper, tells Congress that he was denied permission to shoot the suicide bomber in Afghanistan that killed 13 service members and over 170 civilians: “Plain and simple, we were ignored. Our expertise was disregarded. No one was held accountable for our safety… The withdrawal was a catastrophe, in my opinion. There was an inexcusable lack of accountability.” https://twitter.com/KanekoaTheGreat/status/1633536237532499968 Sgt. Tyler Vargas-Andrews lost his right arm and left leg in the explosion. Trump impeachment witness Alexander Vindman accused of trying to profit off Ukraine war with defense contracts (Was DJT’s impeachment a scheme to hide the UKR grift?) https://t.co/bJvTgPse4F @Breaking911: (Fawning CNN) REPORTER: “What do you say to those people who say, ‘maybe he’s too old to be President?'” (Jill Biden) FLOTUS: “How many 30-year-olds could travel to Poland, get on the train, go nine more hours, go to Ukraine, meet with President Zelenskyy?” https://twitter.com/Breaking911/status/1633150319839309832 @mirandadevine: CNN broadcast the secret location of Kevin McCarthy on J6? McCarthy says he doesn’t know if that location can ever be used again. Says J6 committee didn’t even ask the USCP to vet the footage they aired, so they showed evacuation routes and other security breaches. Such hypocrisy! https://twitter.com/bennyjohnson/status/1633276405046730752 @DschlopesIsBack: Tucker Carlson: EXPLOSIVE testimony from former Capitol Police Officer Tarik Johnson. “I would pray every day that they (the January 6th Committee) would get to me. I was never asked to testify” Hey, @AdamKinzinger @AdamSchiff @Liz_Cheney why was he never asked? https://t.co/kpLZcNLLWa @ColumbiaBugle: @julie_kelly2 Joins Tucker Carlson to Provide an Update on January 6th Political Prisoners – Julie: “The real villains here are the Federal judges in Washington D.C. who have allowed the Government to play every single game to keep this evidence out of the hands of defendants, violating their oath of office to protect the rights of defendants and their due process rights.” https://t.co/6t696LYGjF @bennyjohnson: Top Legal scholar @mrddmia gives J6 defendants best legal advice: “These defense attorneys need to go on offense. They need to file motions with the court for Brady violations. They need to file state bar ethics complaints against these attorneys.” https://twitter.com/bennyjohnson/status/1633528626112081921 @greg_price11: Tucker: “Not one working journalist [has] asked me [for copies of the J6 tape] and instead I’m getting all these texts like “I’m Sarah Ellison from the Washington Post. Is it true you suck?” https://twitter.com/greg_price11/status/1633566275157852162 Really bad optics, CSPAN video shows Biden holding onto Schumer’s arm during a stroll. https://twitter.com/EndWokeness/status/1633478562215862274 White House opposes designating drug cartels as terrorist organizations “Designating these cartels as FTOs (foreign terrorist organizations) would not grant us any additional authorities that we don’t really have at this time,” Jean-Pierre said. (A blatant, insulting lie!) Much of the administration’s hesitance appears to stem from the likely stiff opposition from the Mexican government… https://justthenews.com/politics-policy/white-house-opposes-designating-drug-cartels-terrorist-organizations Ron DeSantis airs disturbing video containing sexually explicit content in children’s books that some Florida schools allow https://www.dailymail.co.uk/news/article-11835973/Ron-DeSantis-airs-video-containing-sexually-explicit-content-childrens-books.html @disclosetv: FBI is looking into a “significant data breach” exposing personal identifiable information of hundreds of U.S. House members and staff — Office of the Chief Administrative Officer @greg_price11: Jill Biden presents an “International Women of Courage Award” to a biological male on #InternationalWomensDay at the White House https://twitter.com/greg_price11/status/1633574849330262016 | |
GREG HUNTER REPORT//
Greg Hunter
I will see you tomorrow
Harvey
harveyorganblog.com 
