MARCH 27//ANOTHER RAID: GOLD CLOSED DOWN $28.50 TO $1952.80/SILVER IS DOWN 15 CENTS TO $22,99//PLATINUM IS DOWN 8.20 DOLLARS TO $974.10/PALLADIUM IS DOWN $13.80 TO $1415.90/COVID UPDATES/DR PAUL ALEXANDER//SLAY NEWS/VACCINE IMPACT//UKRAINE VS RUSSIA/NATO//PUTIN TO PUT NUKES INTO BELARUS UPDATES//CFTC NOW SUES CRYPTO FINANCE GIANT BINANCE//GERMAN TRANSPORT SECTOR IN TURMOIL WITH THE NATION WIDE STRIKE//ISRAEL PAUSES JUDICIAL REFORM//SWAMP STORIES FOR YOU TONIGHT//
TODAY IS COMEX OPTIONS EXPIRY AND TRUE TO FORM THE CROOKS RAID SO THAT THE BANKS CAN MAKE THEIR PENNIES. THE BIGGER OTC/LONDON OPTIONS EXPIRY IS FRIDAY’
Access prices: closes : 4: 15 PM
Gold ACCESS CLOSE 1957.10
Silver ACCESS CLOSE: 23.07
Bitcoin morning price:, $27891 UP 520 Dollars
Bitcoin: afternoon price: $27,120 DOWN 251 dollars
Platinum price closing $982,30 DOWN 30 CENTS
Palladium price; closing $1429,70 DOWN $32.60
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: $2672.45 DOWN 40.80 CDN dollars per oz (ALL TIME HIGH 2732.50)
BRITISH GOLD: 1597.64 DOWN 24.91pounds per oz//(ALL TIME HIGH//1629.84)
EURO GOLD: 18120.0 DOWN 21.14 euros per oz //(ALL TIME HIGH//1860.82)
COMEX DATA EXCHANGE:
END
COMEX DATA EXCHANGE:
: COMEX 4 CONTRACTS
:
JPMORGAN stopped 0/4 contracts
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GOLD: NUMBER OF NOTICES FILED FOR MAR/2023. CONTRACT: 4 NOTICES FOR 600 OZ or 0.0124 TONNES
total notices so far: 5202 contracts for 520,200 oz (16.180 tonnes)
SILVER NOTICES: 9 NOTICE(S) FILED FOR 45,000 OZ/
total number of notices filed so far this month : 3155 for 15,775000 oz
END
GLD
WITH GOLD DOWN $28,50
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////// A HUGE WITHDRAWAL OF 1.45 TONNES FROM THE GLD.
INVENTORY RESTS AT 923.91 TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER DOWN 15 CENTS
AT THE SLV// SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF OF 0.230 MILLION OZ FROM THE SLV: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 459.255 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A SMALL SIZED 397 TO 117,685 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.03 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY. WITH TODAY’S READING AT THE COMEX, WE HAVE NOW SET ANOTHER RECORD LOW AT 117,682 CONTRACTS , MARCH 27.2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.03). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A GIGANTIC GAIN ON OUR TWO EXCHANGES 809 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 AN D CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.
WE MUST HAVE HAD: A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS( 1206 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 15.58 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S ZERO JUMP TO LONDON OF nil OZ//NEW STANDING: 15.915 MILLION OZ + THE 1.0 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 16.915 MILLION OZ/ //// V) SMALL SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –186 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 19 days, total 15,685 contracts: OR 78,425 MILLION OZ . (826 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 78.425 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: 78.425 MILLION OZ//INITIAL//STRONG ISSUANCE BUT BELOW LAST MONTH
RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 397 CONTRACTS DESPITE OUR $0.03 GAIN IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 1206 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 70,000 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 16.915 MILLION OZ .. WE HAVE A HUGE SIZED GAIN OF 809 OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 9 NOTICE(S) FILED TODAY FOR 45,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 9508 CONTRACTS TO 489,452 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-6412 CONTRACTS.
WE HAD A STRONG SIZED INCREASE IN COMEX OI ( 9,508 CONTRACTS) DESPITE OUR $15.10 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 300 OZ (0.00933 TONNES) //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S, ATTACHED TO COMEX CONTRACTS ) (EFP is the transfer of COMEX contracts immediately to London for potential gold deliveries originating from London)YET ALL OF..THIS HAPPENED WITH OUR $15.10 LOSS IN PRICEWITH RESPECT TO FRIDAY’S TRADING
WE HAD A HUGE SIZED GAIN OF 16,327 OI CONTRACTS (50,78 PAPER TONNES) ON OUR TWO EXCHANGES
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6819 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 489,482
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16,327 CONTRACTS WITH 9508 CONTRACTS INCREASED AT THE COMEX AND 6819 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 16,327 CONTRACTS OR 50.78 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6819 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (9,508) TOTAL GAIN IN THE TWO EXCHANGES 16,327 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 300 OZ QUEUE JUMP//NEW STANDING 16.3203 TONNES // ///3) ZERO LONG LIQUIDATION //4) STRONG 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: 83,064 CONTRACTS OR 8,306,400 OZ OR 258.36 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 4371 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19TRADING DAY(S) IN TONNES 258.36 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 258.36/3550 x 100% TONNES 6.82% OF GLOBAL ANNUAL PRODUCTION
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: 258.36 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
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 FELL BY A SMALL SIZED 397 CONTRACTS OI TO 117,685 AND FURTHER FROM 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 NEW RECORD LOW OF 117,685 CONTRACTS TODAY, MARCH 27/2022
EFP ISSUANCE 1206 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 1205 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1206 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 387 CONTRACTS AND ADD TO THE 1206 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE GAIN OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 809 CONTRACTS.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //4.045 MILLION OZ
OCCURRED DESPITE OUR $0.03 GAIN IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS
i)MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED DOWN 14.26 PTS OR 0.40% //Hang SANG CLOSED DOWN 347.99 PTS OR 1.75% /The Nikkei closed UP 91.67 PTS OR 0.13% //Australia’s all ordinaries CLOSED UP 0.05% /Chinese yuan (ONSHORE) closed DOWN 6.8823//OFFSHORE CHINESE YUAN DOWN TO 6.8835 /Oil UP TO 69.56dollars per barrel for WTI and BRENT AT 75.37 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 9508 CONTRACTS UP TO 489,682 WITH OUR LOSS IN PRICE OF $15.10 ON FRIDAY
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAR… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 6819 EFP CONTRACTS WERE ISSUED: : APRIL 6819 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 6819 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 HUGE TOTAL OF 16,327 CONTRACTS IN THAT 6819LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 9508COMEX CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $15.10 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 (16.310) (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: 16.310 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $15.10 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR STRONG SIZED GAIN OF 16,327 CONTRACTS ON OUR TWO EXCHANGES
WE HAVE GAINED A TOTAL OI OF 50,78 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAR. (4.9953 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 400OZ (0.01244 TONNES)… ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $15.10
WE HAD -6412 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 16,327 CONTRACTS OR 1,632,700 OZ OR 50.78 TONNES
Total monthly oz gold served (contracts) so far this month
5204 notices 520400 16.180 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: 0
total deposits: nil oz
customer withdrawals: 0
total withdrawals: NIL oz
in tonnes:
0
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of MARCH we have an oi of 49 contracts having LOST 3 contracts. We had 6 notices filed on FRIDAY so we
gained 3 contracts or an additional 300 oz will stand for metal at the comex
April LOST A CONSIDERABLE 27,693 contracts DOWN to 104,501 contracts. It is here that our banker friends have to worry as many will try and take delivery in this upcoming delivery month.
May GAINED 160 contracts to stand at 1166
We had 4 notice(s) filed today for 400 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 4 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)
To calculate the INITIAL total number of gold ounces standing for the MAR. /2023. contract month,
we take the total number of notices filed so far for the month (5,202 x 100 oz ), to which we add the difference between the open interest for the front month of (MAR. 49 CONTRACTS) minus the number of notices served upon today 4x 100 oz per contract equals 524,400 OZ OR 16.310 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 (5,202 x 100 oz+ 49 OI for the front month minus the number of notices served upon today (4)x 100 oz} which equals 524400 oz standing OR 16.310 TONNES in this active delivery month of MARCH..
TOTAL COMEX GOLD STANDING: 16.310 TONNES WHICH IS HUGE FOR AN INACTIVE DELIVERY MONTH.
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 3155 x 5,000 oz = 15,775,000 oz
to which we add the difference between the open interest for the front month of MAR(37) and the number of notices served upon today 9 (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAR./2023 contract month: 3155(notices served so far) x 5000 oz + OI for the front month of MAR (37) – number of notices served upon today (9) x 500 oz of silver standing for the MAR. contract month equates 15.910 million oz +the 1.0 million oz of exchange for risk//new total standing 16.910 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 27/WITH GOLD DOWN $28.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD./INVENTORY RESTS AT 923.97 TONNES
MARCH 23/WITH GOLD UP $47.70 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT 87 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 925.42 TONNES
MARCH 21/WITH GOLD DOWN $38.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: ANOTHER HUGE DEPOSIT OF 3.4 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 924.55 TONNES
MARCH 20//WITH GOLD UP $9.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.36 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 921.08 TONNES
MARCH 17/WITH GOLD UP $50.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.72TONNES
MARCH 16/WITH GOLD DOWN $6.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 914.72 TONNES
MARCH 15/THE IDES OF MARCH: WITH GOLD UP $18.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 913.27 TONNES
MARCH 14/WITH GOLD DOWN $4.75 TODAY: HUGE CHANGES: A MONSTER DEPOSIT OF 11.85 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 913.27 TONNES
MARCH 13/WITH GOLD UP $48.85 TODAY: VERY STRANGE HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY REST AT 901.42 TONNES
MARCH 10//WITH GOLD UP $31.60 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 3.47 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 903.15 TONNES
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: 923.97TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MARCH 27/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 230,000 OZ FROM THE SLV///INVENTORY RESTS AT 459.255MILLION OZ
MARCH 23 WITH SILVER UP 62 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF 919,000 0z INTO THE SLV/INVENTORY RESTS AT 459.485 MILLION OZ//
MARCH 21/WITH SILVER DOWN 24 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 781,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.566 MILLION OZ/
MARCH 20./WITH SILVER UP 15 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER MASSIVE WITHDRAWAL OF 3.401 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 459.347 MILLION OZ//
MARCH 17/WITH SILVER UP 79 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE WITHDRAWAL OF 10.478 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 462.748 MILLION OZ//
MARCH 16/WITH SILVER DOWN 25 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 5.009 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 473.226 MILLION OZ//
MARCH 15/WITH SILVER DOWN 7 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 643,000 OZ INTO THE SLV//INVENTORY RESTS AT 478.235 MILLION OZ/
MARCH 14/WITH SILVER UP 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.287 MILLION OZ FROM THE SLV////INVENTORY REST AT 477.592 MILLION OZ//
MARCH 13/WITH SILVER UP $1.35 : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.879 MILLION OZ//
MARCH 10.WITH SILVER UP 36 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.879 MILLION OZ…
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 478.979 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 459.255 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
Peter Schiff: This Is A Sequel To 2008 And Like All Sequels It Will Be Worse Than The Original
Peter Schiff appeared on Real America with Dan Ball to talk about the bank bailout, the unfolding financial crisis, the Fed and inflation. He said this is a sequel to 2008 and like all sequels, it’s going to be worse.
Dan started the interview by referencing Sen. Elizabeth Warren’s assertion that the failure of Silicon Valley Bank and Signature Bank was caused by “deregulation.” Peter said this deregulation “exists in the fantasy of her mind,” and pointed out that banking is one of the most heavily regulated industries in the world.
It’s not a coincidence that both the borrowers and the lenders are broke. You know, the reason for that is the Fed. The Fed kept interest rates artificially low for more than a decade encouraging people to go deeper and deeper into debt and banks to extend them the credit. And now that they’re forced to raise interest rates, something that was always going to happen — they have created another financial crisis, which is something I’ve been warning about for years.”
Of course, the media doesn’t want to call it a financial crisis. Instead, they call it a “banking crisis.”
The financial crisis of 2008 was a banking crisis. Nobody wants to say what it is because they don’t want to invoke memories and comparisons to 2008. But this is a sequel to 2008. And like all sequels, this one is going to be worse.”
Peter explained that the 2008 financial crisis was due to the Fed holding interest rates artificially low at 1% from 2002 until late 2004. That gave rise to a proliferation of adjustable-rate mortgages, zero-doc loans, no money down, and all kind of other crazy lending schemes. This ultimately blew up the real estate bubble. Predictably, a lot of those loans went bad when the Fed started normalizing rates. (It eventually got rates to a peak of 5.25% in 2006. ) That precipitated the 2008 financial crisis.
The government and the Fed managed to cut the financial crisis short with zero percent interest rates and quantitative easing. Then it left rates at zero for more than a decade.
The Fed has made far more monetary mistakes since the 2008 financial crisis than prior. And so, it has inflated a much bigger credit bubble. Now the banks are in far worse shape than they were in 2008, especially the ‘too big to fail’ banks that we bailed out and are now much bigger than they were back then and even more insolvent. So, as a result of what the Fed has done after the 2008 financial crisis, this new financial crisis that just got started will be much worse. And my fear, which is already being validated by last week’s balance sheet, is that this crisis is going to be so bad that the Fed is going to pull out all of the stops and print as much money as possible to bail everybody out. Then the inflation that we saw in 2021 and 2022 is just the tip of a huge iceberg and we’re going to be looking at double-digit inflation rates as far as the eye can see.”
Peter also talked about the insolvency of the FDIC. It doesn’t even have enough money to cover deposits up to $250,000 as promised. Peter pointed out that during the Great Depression when there was no FDIC, people only lost about 2% of their deposits, even with all the bank failures.
The banking system was much sounder before we had an FDIC than it is now. Because back then, banks had an incentive to be responsible because their customers held them accountable. But now there is no accountability.”
Peter said the push to raise FDIC limits even higher is nothing but doubling down on a bad policy.
It’s just going to create a bigger moral hazard. But they’re trying to undo the damage from the moral hazard they created by bailing out some banks and leaving the impression that some might be vulnerable. Now they’ve created a run on solvent banks as people rush to put their money into insolvent banks.”
All of this raises a bigger question: where is the government going to get the money for this?
That’s just another unfunded liability that has to be piled on top of a massive unfunded debt on top of the funded debt that’s unpayable already. So, it’s all going to be inflated away. That’s what people have to worry about. Everybody’s bank account is at risk because inflation is going to destroy the purchasing power of your money. It doesn’t matter if your bank fails because the money that you deposited in the bank, that’s going to fail.”
end
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards/John Rubino
The market’s in a highly unstable state right now. These violent swings show the inadequacy of the standard models that the Fed and other mainstream analysts use.
The Fed assumes so many things about markets that are simply false, like that markets are always efficient, for example. They’re not. Under volatile conditions like these they gap up and down — they don’t move in rational, predictable increments like the “efficient-market hypothesis” supposes.
The problem is that the Fed’s models are empirically false.
Studies have proven how faulty their models are. The Fed has the worst forecasting record in the world. It’s basically been wrong every year since 2009.
Equilibrium models like the Fed uses basically say the world runs like a clock and occasionally it gets knocked out of equilibrium. And all you have to do is tweak policy or manipulate some variable to push it back into equilibrium.
It’s like resetting a clock. That’s a shorthand way of describing what an equilibrium model is. They treat markets like they’re some kind of machine. It’s a 19th-century, mechanistic approach.
But traditional approaches that rely on static models bear little relationship to reality.
Twenty-first-century markets aren’t machines and they don’t work in this clockwork fashion.
The Fed uses equilibrium models to understand an economy that is not an equilibrium system; it’s a complex dynamic system.
The Fed uses the Phillips curve to understand the relationship between unemployment and inflation when 50 years of data say there is no fixed relationship. The Fed uses what’s called value-at-risk modeling based on normally distributed events when the evidence is clear that the degree distribution of risk events is a power curve, not a normal or bell curve.
As a result of these defective models, the Fed printed trillions of new money beginning in 2008 to ‘stimulate’ the economy, only to produce the weakest recovery in history. Need proof? Every year, the Federal Reserve forecasts economic growth on a one-year forward basis.
And it’s been wrong every year for the better part of a decade. When I say ‘wrong’, I mean by orders of magnitude. If the Fed forecast 3.5% growth and actual growth was 3.3%, I would consider that to be awesome.
But the Fed would forecast 3.5% growth and it would come in at 2.2%. That’s not even close, considering that growth is confined to plus or minus 4% in the vast majority of years.
Right now the economy faces severe headwinds in the form of geopolitical instability, inflation and ongoing supply chain disruptions. The chances of recession are very high.
The Fed needs interest rates to be between 4% and 5% to fight recession. That’s how much “dry powder” the Fed needs going into a recession. In September 2007, the fed funds rate was at 4.75%, toward the high end of the range. That gave the Fed plenty of room to cut, which it certainly did. Between 2008 and 2015, rates were essentially at zero.
The good news, if you can call it that, is that the current fed funds target rate is between 4.75%-5%. That’s what today’s rate hike brought it up to. So, if we have a recession this year the Fed has the dry powder to fight it. But then the cycle just starts all over again.
Here’s the deeper problem with all the Fed’s manipulations…
The problem with any kind of market manipulation (what central bankers call “policy”) is that there’s no way to end it without unintended and usually negative consequences. Once you start down the path of manipulation, it requires more and more manipulation to keep the game going.
Finally it no longer becomes possible to turn back without crashing the system.
Of course, manipulation by government agencies and central banks always starts out with good intentions. They are trying to “save” the banks or “save” the market from extreme outcomes or crashes.
But this desire to save something ignores the fact that bank failures and market crashes are sometimes necessary and healthy to clear out prior excesses and dysfunctions. A crash can clean out the rot, put losses where they belong and allow the system to start over with a clean balance sheet and a strong lesson in prudence.
Instead, the central bankers ride to the rescue of corrupt or mismanaged banks (hello, SVB!). This saves the wrong people (incompetent and corrupt bank managers and investors) and hurts the everyday investor or worker who watches his portfolio implode while the incompetent bank managers get to keep their jobs and big bonuses.
All it does is set the stage for a bigger crisis down the road. It certainly hasn’t helped the economy.
In my 2014 book, The Death of Money, I wrote, “The United States is Japan on a larger scale.” That was nine years ago. Japan started its “lost decade” in the 1990s. Now their lost decade has dragged into over three lost decades. The U.S. began its first lost decade in 2009 and is now in its second lost decade with no end in sight.
The economic damage from the lockdowns certainly didn’t help.
What I referred to in 2014 is that central bank policy in both countries has been completely ineffective at restoring long-term trend growth or solving the steady accumulation of unsustainable debt.
In Japan this problem began in the 1990s, and in the U.S. the problem began in 2009, but it’s the same problem with no clear solution. The irony is that in the early 2000s, former Fed Chair Ben Bernanke routinely criticized the Japanese for their inability to escape from recession, deflation and slow growth.
When the U.S. recession began during the global financial crisis of 2008, Bernanke promised that he would not make the same mistakes the Japanese made in the 1990s. Instead, he made every mistake the Japanese made, and the U.S. is stuck in the same place and will remain there until the Fed wakes up to its problems.
Bernanke thought that low interest rates and massive money printing would lead to lending and spending that would restore trend growth to 3.2% or higher. But he ignored the role of velocity (speed of money turnover) and the unwillingness of banks to lend or individuals to borrow.
When that happens, the Fed is pushing on a string — printing money with no result except asset bubbles.
That’s where we are today.3,Chris Powell of GATA provides to us very important physical commentaries
end
4. OTHER GOLD/SILVER RELATED COMMENTARIES/
END
5.IMPORTANT COMMENTARIES ON COMMODITIES: LITHIUM
END
GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL
6.CRYPTOCURRENCY COMMENTARIES/
Cryptos Tumble After CFTC Sues Binance And CEO Changpeng “CZ” Zhao
“Operation Choke Point 2.0” is a term coined by Coin Metrics co-founder Nic Carter to refer to an apparently coordinated effort to discourage banks from holding crypto deposits or providing banking services to crypto firms on the basis of “safety and soundness” for the banking system.
In a time when millions of Americans are pulling billions in deposits from failing banks and allocating them to gold and bitcoin, US regulators were scrambling to come up a means to hammer cryptos and punish those who fled the fiat realm and run toward bitcoin. They may have just come up with one solution.
Just days after Coinbase was served a Wells Notice from the SEC, Bitcoin and cryptos are in freefall following a Bloomberg report that Binance, the world’s largest cryptocurrency exchange, and Chief Executive Officer Changpeng Zhao, are being sued by the US Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules and with violating laws around offering futures transactions, “illegal off-exchange commodity options,” failing to register as a futures commissions merchant, designated contract market or swap execution facility, poorly supervising its business, not implementing know-your-customer or anti-money laundering processes and having a poor anti-evasion program.
The complaint alleges that Binance “actively facilitated violations of U.S. law” by assisting U.S. clients in evading compliance controls and instructing customers to obscure their location using virtual private networks, or VPNs.
The CFTC filed the lawsuit Monday in federal court in Chicago. The derivatives regulator said Binance shirked its obligations by not properly registering with it.
In a since deleted tweet, CZ also questioned the seeming “coordinated effort to shutdown crypto”…
Bitcoin has tumbled to two-week lows…
And the entire crypto space is getting hit…
Additionally, crypto-related stocks are all getting hammered with Coinbase -8.8%, Riot Blockchain -7.6%, and Marathon Digital -8.3%.
As Coindesk notes, according to the complaint, filed in the U.S. District Court for the Northern District of Illinois on Monday, Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD), which the suit referred to as commodities. The suit also alleged that the company, under CZ’s leadership, directed its employees to spoof their locations through the use of virtual private networks.
According to the CFTC, the global exchange, which has a U.S. affiliate in Binance.US, created a system to hide its true reach and operations.
“Binance’s reliance on a maze of corporate entities to operate the Binance platform is deliberate; it is designed to obscure the ownership, control, and location of the Binance platform,” the filing said, adding that “Zhao answers to no one but himself.”
In a press release, CFTC Chief Counsel Gretchen Lowe called Binance’s actions “willful evasion of U.S. law,” pointing to internal chats and emails.
Moreover, the suit alleged, Binance directed customers in the U.S. to use a variety of methods to evade restrictions on U.S-based customers.
“Binance has instructed U.S. customers to evade such controls by using VPNs to conceal their true location,” the suit alleged. “VPNs have the effect of masking an internet user’s true IP address. VPN use by customers to access and trade on the Binance platform has been an open secret, and Binance has consistently been aware of and encouraged the use of VPNs by U.S. customers.”
The company directed important customers such as trading firms to set up shell companies in places such as Jersey, the British Virgin Islands and the Netherlands to avoid restrictions, the filing said to escape restrictions, and was fully aware of the scale of its U.S. business, the filing said.
“Binance knew that U.S. customers continued to comprise a substantial proportion of Binance’s customer base,” the filing said, citing internal monthly reports sent to Zhao which said that, even as of June 2020 after controls had supposedly been implemented, 17.8% of customers were based in the U.S.
Additionally, the complaint charges that Binance would alert VIP customers of any law enforcement enquiry with their accounts…
The filing pointed to internal chats between Binance employees, including Samuel Lim, the exchange’s Chief Compliance Officer through January 2022 (who is also a defendant), where Lim appeared to direct an employee to ask U.S. customers to hide their location.
“On the surface we cannot be seen to have US users but in reality we should get them through other creative means,” Lim allegedly said.
The suit also alleged that the exchange was well aware that sanctioned entities and individuals from sanctioned regions were trading on its platform, sharing chat logs where Lim said “terrorists usually send ‘small sums’” that are “barely” enough to purchase weapons with. He said other customers were “here for crime,” according to the suit.
Binance directly tasked an employee to be a “Money Laundering Reporting Officer” (MLRO) to write a report claiming its compliance audit was stringent to hide how poor its compliance program actually was from business partners like Paxos, the suit said.
“As part of this audit, the Binance employee who held the title of Money Laundering Reporting Officer (‘MLRO’) lamented that she ‘need[ed] to write a fake annual MLRO report to Binance board of directors wtf,’” the suit said. “Lim, who was aware that Binance did not have a board of directors, nevertheless assured her, ‘yea its fine I can get mgmt. to sign’ off on the fake report.”
The officer said in 2020 that they “HAZ NO CONFIDENCE IN OUR GEOFENCING,” the suit said.
* * *
The CFTC is asking the court to enjoin Binance from further violations of the Commodity Exchange Act, as well as civil monetary penalties, trading and registration bans, and disgorgement.
The regulator is one of several US bodies that have been investigating Binance’s activities. The Internal Revenue Service, as well as federal prosecutors, have been examining Binance’s anti-money-laundering rule compliance, Bloomberg News has reported. The Securities and Exchange Commission has been scrutinizing whether the exchange has supported the trading of unregistered securities.
‘CZ’ had some advice at the start of the year…
And today reminds crypto investors…
As Carter previously noted, what began as a trickle is now a flood: the US government is using the banking sector (and regulatory powers) to organize a sophisticated, widespread crackdown against the crypto industry.
The CFTC lawsuit was expected by Binance. In February, the exchange’s Chief Strategy Officer, Patrick Hillman, admitted Binance was being investigated by multiple regulators and expected to pay fines to “make amends” for past regulatory violations. According to the suit, Binance employees, including CZ, used the Signal app with an “auto-delete functionality” to communicate with each other. The suit implied the CFTC had access to CZ’s phone, saying it was able to collect Signal text chains and group chats from it.end
1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 6.8823
OFFSHORE YUAN: 6.8835
SHANGHAI CLOSED DOWN 14.36 PTS OR 0.40%
HANG SANG CLOSED DOWN 347,99 PTS OR 1.75%
2. Nikkei closed DOWN 91,67 PTS OR 0.33%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 102.79 EURO RISES TO 1.0760 UP 10 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.291J apan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 131.39/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 DOWN /JAPANESE Yen DOWN 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 UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.215***/Italian 10 Yr bond yield RISES to 4,049*** /SPAIN 10 YR BOND YIELD RISES TO 3.244…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 4.073
3j Gold at $1958,35 silver at: 22.94 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 55/100 roubles/dollar; ROUBLE AT 76.52//
3m oil into the 69 dollar handle for WTI and 75 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 131.39 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .291% 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 0.9168as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9864 well 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: 3.445 UP 7 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.698 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 3.9149 UP 14 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 19.10…
GREAT BRITAIN/10 YEAR YIELD: UP 13 BASIS PTS
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures, Yields And Bank Stocks Storm Higher As Bank Crisis Fears Recede
MONDAY, MAR 27, 2023 – 03:05 PM
US equity index futures stormed higher to start the week as concerns about the bank crisis faded – if only for the time being – amid stronger risk appetite boosted by bank sector M&A, higher bond yields, a weaker USD and the prospect for further support from US authorities for the troubled regional banking sector. The stock of Friday’s bank freakout – Deutsche Bank – rose and its CDS tightened, while in the US First Citizens Bank agreed to buy Silicon Valley Bank amid news that US authorities are considering expanding an emergency lending facility for banks in ways that would give First Republic Bank more time to shore up its balance sheet, BBG reported. Still, fears of a US slowdown damped investor sentiment after Minneapolis Fed President Neel Kashkari said recent bank turmoil has increased the risk of a US recession.
S&P 500 futures rose 0.7% to 4,030 at 7:45am ET while Nasdaq 100 futures gained 0.4%. The tech-heavy benchmark has rallied nearly 20% from its December lows as investors rotate into technology and shift out of banks, as expectations for rate cuts increase. The risk-on tone is evident elsewhere with bonds, gold and the Japanese yen all in the red. Oil rose while Bitcoin rose for a second day in a row.
In premarket trading, First Republic Bank led a rally across regional lenders in US premarket trading as sentiment improves following a Bloomberg report that US authorities are considering more support for banks. First Republic shares jump 27%, with peers Western Alliance +5.2%, PacWest Bancorp +9.1%. KeyCorp shares rise 7.4% after the lender is upgraded to buy from neutral at Citi along with peer M&T Bank (MTB US). Citi analysts stress-test regional banks following SVB’s demise, saying that the risk-reward for the pair looks “very appealing.” Here are some other notable movers:
US-listed Chinese stocks fall in premarket trading, with Baidu shedding as much as 2.9% before paring decline as the search engine operator postponed a media briefing related to its closely watched AI chatbot.
Shares of Alibaba erase an earlier loss of 1.8% to rise as much as 5.5% after Jack Ma visited Yungu School in China on Monday and talked with staff on topics including ChatGPT.
It’s unclear how long Ma plans to stay in China, the rest of his agenda in the country or how long he had been planning the Hangzhou visit
Corning stock gains 2.4% on low volumes after it was raised to buy from hold at Deutsche Bank, with the broker saying the telecoms and electronics equipment maker is “turning a corner.”
Keep an eye on Frontier Communications (FYBR US) as the stock was cut to underweight from equal-weight at Morgan Stanley, which notes the telecommunication company’s premium valuation to peers and the risk to its fiber growth targets.
Wingstop (WING US) is cut to underperform from hold at Jefferies, with the broker giving the chicken wing restaurant operator its only sell-equivalent rating on skepticism that the stock offers any further upside.
Piper Sandler upgrades two US asset managers, Virtus Investment Partners (VRTS US) and Victory Capital Holdings (VCTR US), to overweight from neutral and underweight, respectively, with the broker saying the stocks are undervalued versus peers.
Among the most recent developments for the banking sector, First Citizens BancShares agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender. Meanwhile, Bloomberg reported US authorities are considering expanding an emergency lending facility for banks in ways that would give First Republic Bank more time to shore up its balance sheet. Its shares soared over 25% in premarket trading.
Investors continue to monitor turmoil among US regional banks, while growing increasingly concerned over the possibility of a recession. Even the Fed’s reformed permahawk, Minneapolis Fed President Neel Kashkari, admitted that risk has increased due to a credit crunch from the bank crisis, but said that it was too soon to judge what it means for the economy and monetary policy.
“We are in the camp that the economy is set to slow. We’ve been there since the start of the year and some of the pieces are falling into place,” said Manpreet Gill, Standard Chartered’s chief investment officer for Africa, the Middle East and Europe. “Clearly now is the tail end of what’s been a very rapid and sizable Fed hiking cycle, and naturally one would think that will lead to conditions that slow the economy,” he told Bloomberg Television.
“Volatility still remains high amid banking sector stress and the implications for the Fed and dollar rates,” said Marvin Chen, a strategist at Bloomberg Intelligence.
Meanwhile, Morgan Stanley’s undaunted permabear Michael Wilson said turmoil in the banking sector has left earnings guidance looking too high, putting sanguine stock markets at risk of sharp declines. The strategist said that’s partly due to the divergence in stock and bond market action this month.
European stocks rebounded from Friday’s rout, led by Deutsche Bank: the German lender is up 4% as credit defaults swaps retreat, while the Stoxx 600 gains 1.0%. While banks recoup some recent losses, healthcare stocks lead gains as Novartis releases positive new drug results. Here are some of the biggest movers on Monday:
Deutsche Bank shares jump as much as 7.1%, rebounding from a selloff on Friday, as analysts reassure that the German lender’s financial health is sound
Novartis gains as much as 5.9% after releasing positive results from its highly awaited Natalee breast cancer trial using the drug Kisqali
Orange rises as much as 4.1% after being upgraded to overweight at Morgan Stanley on the “compelling” free cash flow growth and yields the French telecoms group offers
BP rises as much as 2.9%, Shell 2.1%, and Harbour Energy 5.1% after reports that the UK government may offer oil-and-gas companies relief from a windfall tax
Sanofi gains as much as 2.7% after Barclays upgraded the pharmaceuticals firm to overweight, citing its improving earnings trajectory
Pharming Group rises as much as 38% after announcing Friday it received FDA approval of its Joenja drug for the treatment of a rare immunodeficiency disease
TIM surges as much as 31% to highest since Aug. 2007, after Wurth Group offered a 34% premium in a tender offer for the Polish electrical equipment distributor
DNO falls as much as 11.6%, Gulf Keystone 25% and Genel 16%, after an arbitration ruling in favor of Iraq against Turkey for transporting Kurdish oil without prior approval from Baghdad
IDS shares fall as much as 5%, the most since January, as JPMorgan cuts its PT on the Royal Mail parent as a deal with unions to avoid further strike action proves elusive
Earlier in the session, Asian stocks fell for a second day as traders continued to monitor the health of the global financial sector, while a slew of lackluster earnings dragged down Chinese technology firms. The MSCI Asia Pacific Index dropped as much as 0.6%, with Hong Kong leading the slump. A gauge of Chinese tech shares slid 2.8% after Meituan and Xiaomi’s earnings disappointed the market. Alibaba pared losses after founder Jack Ma returned to China. Onshore Chinese stocks also fell after official data showed profits at industrial firms plunged in the first two months of the year as factories had yet to fully recover from a Covid-induced slump. Shares in Japan and Australia rose. Investors took profits after Asia’s equity benchmark completed a 1.4% weekly advance amid US and European efforts to stabilize the banking sector. US authorities are considering expanding an emergency lending facility for banks in ways that would give First Republic Bank more time to shore up its balance sheet, according to people with knowledge of the situation. Still, fears of a US slowdown damped investor sentiment after Federal Reserve Bank of Minneapolis President Neel Kashkari said recent bank turmoil has increased the risk of a US recession. “Volatility still remains high amid banking sector stress and the implications for the Fed and dollar rates,” said Marvin Chen, a strategist at Bloomberg Intelligence.
Japanese stocks rose as investors weighed the risk of a US recession and the impact that could have on interest rates. The Topix rose 0.3% to close at 1,961.84, while the Nikkei advanced 0.3% to 27,476.87. Hitachi contributed the most to the Topix gain, increasing 2.1%. Out of 2,159 stocks in the index, 1,462 rose and 590 fell, while 107 were unchanged. Federal Reserve Bank of Minneapolis President Neel Kashkari said recent bank turmoil has increased the risk of a US recession but that it was too soon to judge what it means for the economy and monetary policy. “The Japanese market has calmed down as the uncertainty surrounding US financial institutions receded,” said Hitoshi Asaoka, strategist at Asset Management One. “Some traders are buying for the dividends, but market movement is limited amid strong yen and lingering worries over financials.”
Key stock gauges in India ended higher on Monday, outperforming most of their emerging market peers in Asia, as pharmaceutical and consumer goods companies advanced. The S&P BSE Sensex ended 0.2% higher to close at 57,653.86 in Mumbai, after rising as much as 0.9% following a strong open for European equities. The NSE Nifty 50 Index also advanced by a similar amount to finish at 16,985.70. The MSCI Asia-Pacific index fell 0.7%, while the MSCI Emerging Market Index declined 0.8%. The Indian equity market surrendered early gains as lingering uncertainties around the global banking system, the outlook for interest rates in developed economies and the rising threat of a US recession weighed on risk appetite. Mid- and small-sized companies saw heavy losses, with the Nifty Midcap 100 and Nifty Smallcap 100 gauges ending a volatile Monday, falling 0.5% and 1.6% respectively. Reliance Industries contributed the most to the Sensex’s gains, increasing 1.5%. Out of 30 shares in the index, 16 rose, while 14 fell
Australian stocks rose: the S&P/ASX 200 index edged 0.1% higher to close at 6,962.00, boosted by health care and real estate shares. Markets across Asia fluctuated in cautious trading as investors weighed the risk of recession and its impact on interest rates. Shares of Australian energy companies declined as the government is expected to win approval for its flagship climate policy after agreeing to rules that could limit development of new coal and gas projects. In New Zealand, the S&P/NZX 50 index rose 0.3% to 11,612.86.
In FX, the dollar rose 0.5% versus the yen, while the Bloomberg Dollar Spot Index was little changed after falling 0.8% last week. Investors focus on speeches by several Fed officials this week, which could provide more clues on the US interest rate trajectory.
“The resurgence in banking stress in Europe forces some softening of our bearish dollar view for the moment, at least until we can get more clarity on the stability of the EU banking sector,” ING strategists write, though they still see policy differencials between the Fed and the European Central Bank pointing to a higher EUR/USD. “We continue to see the Fed as mostly carrying downside risks for the greenback, as the lack of clear communication leaves the door open for dovish speculation as the US regional crisis remains unresolved and is keeping the monetary policy outlook in the US in stark contrast (for now) to that of most European central banks.”
In rates, treasuries extended losses into early US session with front-end leading the move lower, leaving 2-year yields cheaper by 16bp on the day, pulling away from a six-month low around 3.55% hit on Friday and paced by bear-flattening in core European rates. US 10-year yield around 3.47%, cheaper by ~10bp vs Friday’s close, with bunds and gilts trading 1.5bp and 3bp cheaper in the sector; front-end-led losses flatten 2s10s, 5s30s spreads by 8bp and 7bp on the day. Treasury auction cycle beings with 2-year note sale at 1pm New York time and 5- and 7-year sales Tuesday and Wednesday. WI 2-year yield around 3.88% is ~80bp richer than February’s stop-out and below auction stops since August.
In commodities, crude futures advance with WTI up 1.3% to trade back above $70. TotalEnergies said 33% of operational staff at its French refineries and depots were on strike on Sunday, according to a Co. spokesperson cited by Reuters. Spot gold is softer given the constructive European tone and as the USD retains an underlying bid with the DXY above 103.00, action which has pressured the yellow metal to a $1965/oz intraday low.
It’s a quiet start to the week, with just the March Dallas Fed manufacturing activity at 10:30am on Monday’s calendar; the US will sell $57 billion of 13-week and $48 billion of 26-week bills at 11:30 a.m., and $42 billion of two-year notes at 1 p.m. Fed Governor Philip Jefferson is due to speak at 5 p.m.; This week we get consumer confidence, final 4Q GDP revision, personal income and spending (with PCE deflators) and University of Michigan sentiment.
Market Snapshot
S&P 500 futures up 0.8% to 4,031.00
STOXX Europe 600 up 0.9% to 444.19
MXAP down 0.5% to 158.85
MXAPJ down 0.8% to 510.29
Nikkei up 0.3% to 27,476.87
Topix up 0.3% to 1,961.84
Hang Seng Index down 1.7% to 19,567.69
Shanghai Composite down 0.4% to 3,251.40
Sensex up 0.6% to 57,847.93
Australia S&P/ASX 200 little changed at 6,961.98
Kospi down 0.2% to 2,409.22
German 10Y yield little changed at 2.19%
Euro up 0.1% to $1.0771
Brent Futures up 0.5% to $75.33/bbl
Gold spot down 0.4% to $1,970.07
US Dollar Index little changed at 103.03
Top Overnight News
First Citizens snapped up SVB in a deal that includes about $72 billion of assets at a discount of $16.5 billion, the FDIC said. It’ll absorb all SVB loans and deposits. The estimated cost of the collapse to the Deposit Insurance Fund is about $20 billion. The FDIC will receive equity appreciation rights in First Citizens worth as much as $500 million and hold on to about $90 billion in assets. BBG
Jack Ma, Alibaba Group Holding Ltd.’s billionaire co-founder, has returned to mainland China after spending roughly a year overseas. The whereabouts of Mr. Ma—who was known for his flamboyant style until late 2020 when he largely disappeared from the public eye following brushes with Chinese regulators—have been the subject of intense speculation. WSJ
The ECB is determined to continue fighting inflation while also standing ready to respond to any potential stress in markets, according to Bundesbank President Joachim Nagel. The latest turmoil around banks has highlighted the importance of financial stability, Nagel said in a speech in Karlsruhe, Germany. He called Europe’s banking system strong, saying it can lean on the ECB and national central banks for support if needed. BBG
The chair of Saudi National Bank, Ammar Alkhudairy, has resigned citing personal reasons after the kingdom’s largest lender was thrust into the limelight amid turmoil at Credit Suisse. The chief executive, Saeed Al Ghamdi, will replace Alkhudairy as chair, the bank said on Monday. Talal Al-Khereiji becomes acting chief executive. FT
Israeli politics descended into turmoil, with Benjamin Netanyahu’s hardline government facing a spiraling backlash to its bitterly contested plans to overhaul the judiciary, and members of his coalition deeply divided on whether or not to back down. FT
Federal Reserve Bank of Minneapolis President Neel Kashkari said recent bank turmoil has increased the risk of a US recession but that it was too soon to judge what it means for the economy and monetary policy. BBG
First Republic led a premarket rally across regional lenders after US officials were said to consider more support for banks. Authorities would consider expanding an emergency lending facility that would give the bank more time to prop up its balance sheet, though watchdogs say it’s stable. BBG
Elon Musk offered Twitter employees new equity grants valuing the company at $20 billion, The Information reported, less than half the $44 billion Musk paid. The firm’s proprietary source code were leaked online on GitHub until last week. It’s now hunting for the perpetrator. BBG
The New York grand jury hearing testimony about Donald Trump’s role in paying hush money to a porn star heads into a new week amid public anticipation about a potential indictment of the former president, who has escalated his rhetorical attacks on prosecutors. The panel is expected to reconvene Monday, according to people familiar with the matter, after it last heard testimony in the Trump investigation a week ago. WSJ
The European Central Bank is determined to continue fighting inflation while also standing ready to respond to any potential stress in markets, according to Bundesbank President Joachim Nagel: BBG
China’s central government is borrowing at the fastest pace on record to finance more spending and to ease the debt burden in provinces: BBG
China’s economic recovery was mixed in March with business confidence and the housing market improving but the global outlook darkening amid heightened financial market turmoil: BBG
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks were mixed in mostly rangebound trade as markets took a breather from recent banking sector jitters and with risk appetite also restricted amid lingering geopolitical tensions and heading into quarter-end. ASX 200 eked slight gains with the index supported by strength in utilities and real estate although the upside was capped by weakness in the commodity-related sectors. Nikkei 225 reclaimed the 27,500 level but with further upside limited after firmer than expected Services PPI data from Japan and a fresh round of missile launches by North Korea. Hang Seng and Shanghai Comp. were pressured despite the PBoC’s RRR cut taking effect today, as the attention turned to earnings releases with energy leading the downturn in Hong Kong following a decline in Sinopec’s profits and certain tech stocks also weakened after Xiaomi’s quarterly smartphone shipments fell 18.6% Q/Q, while the latest data showed that February YTD Industrial Profits declined by 22.9% Y/Y.
Top Asian News
Cinese Foreign Minister Qin Gang said China’s attitude towards developing a healthy, stable and constructive Sino-US relationship remains unchanged, while he hopes US and China can work together to promote bilateral relations to overcome difficulties and return to healthy and stable developments. Furthermore, he welcomes US companies to continue expanding investments in China and said China is willing to provide a better business environment for companies across the world including the US, according to Reuters.
Chinese Vice Premier Ding Xuexiang said Premier Li will meet with key foreign guests attending the China Development Forum and that major economic indicators have improved following the smooth transition away from epidemic control. Ding said opening up to the outside world is an indispensable major national policy and China will actively expand imports of high-quality goods and services, while he added China will further reduce tariffs, continue to expand market access and attract foreign investment, according to Reuters.
Chinese Finance Minister Liu Kun said will intensify the implementation of proactive fiscal policy and fiscal expenditure, while China will introduce increased tax reduction measures to support market entities and will improve residents’ income through multiple channels. Furthermore, China is to continue to give priority to scientific and technological innovation, as well as increase investment, according to Reuters.
Chinese Commerce Minister said China’s import and export volumes are expected to continue on a growth trajectory and that they will focus on government procurement, intellectual property rights and serving foreign investors, according to Reuters.
China NDRC head Zheng Shanjie said China’s economic development faces challenges and they are implementing effective solutions. Zheng said China’s economy is resilient and dynamic with long-term fundamentals unchanged, while they will strengthen coordination of fiscal, monetary, employment, industrial, consumption and other policies, according to Reuters.
China Communist Party senior official Han Wenxiu said China is confident of reaching the annual economic growth target of around 5% and there is currently no apparent inflation nor deflation in China, while he added there is a relatively large room to manoeuvre monetary policy and China will respond strongly to negative population growth and population ageing, according to Reuters.
IMF’s Georgieva said risks to financial stability have increased and vigilance is still needed, while the IMF is paying close attention to vulnerable countries, especially low-income nations with high-debt growth. Georgieva also stated that China’s economy is seeing a strong rebound fuelled by private consumption and that reforms to boost productivity could lift China’s GDP by up to 2.5% by 2027 and by 18% by 2037.
Honduras said it is breaking diplomatic relations with Taiwan and it established diplomatic ties with China, while China and Honduras agreed to develop relations on the basis of principles of mutual respect for sovereignty and territorial integrity, according to state media.
Taiwan’s Foreign Minister confirmed the cutting of ties with Honduras and is withdrawing its embassy, while Taiwan’s Foreign Minister noted that Honduras demanded a larger amount of money and reiterated that China does not follow through on its promises, according to Reuters.
US State Department said that while Honduras’s action to sever ties with Taiwan is a sovereign decision, it is important to note that China often makes promises that remain unfulfilled and the US strongly encourages all countries to expand engagement with Taiwan, according to Reuters.
European bourses are in the green across the board, Euro Stoxx 50 +0.9%, with banking names outperforming initially after the concerns at the tail-end of last week. Specifically, SX7P +1.0% with Deutsche Bank among the best performers as the weekend was devoid of any significantly negative developments with updates generally limited. Stateside, futures are more tentative with the ES +0.4% firmer and back above 4k after it incrementally lost the figure in the European morning. FRC +24% is bolstered in the pre-market amid reports that the US is considering giving them more time, with banks generally under consideration for additional support from the US. China Commerce Ministries Wentao met with Apple (AAPL) CEO Cook; exchanged views on Cos progress in the region, stabilisation of industry and supply chains. Salesforce (CRM) and Elliott Investment Management issue joint statement; Elliott will not proceed with director nominations.
Top European News
ECB’s de Guindos said the question now is how the events in the US banking system and Credit Suisse (CSGN SW) will impact the eurozone economy and need to assess whether they will give rise to an additional tightening of financing conditions which could perhaps feed through to the economy in terms of lower growth and lower inflation, according to Business Post.
ECB’s de Cos says that decisions must be prudent amid bank uncertainty; tensions in financial markets have generated a further tightening of financial conditions, affecting the outlook for economic activity and inflation.
ECB’s Simkus says that financial stability is an important factor, bank liquidity and capitalisation are high in the Euro Area.
ECB’s Nagel says QT should be accelerated from the summer and inflation is still too high. Adds, recent financial developments make it even more important that decisions are taken meeting-by-meeting.
S&P affirmed Germany at AAA; Outlook Stable, while Fitch affirmed Malta at A+; Outlook Stable.
FX
DXY solid around 103.000 axis as firm rebound in US Treasury yields offset loss of safety premium.
Franc outperforms amidst further relief rally from CS collapse as USD/CHF eyes 0.9150 and EUR/CHF trades mainly under 0.9900.
Sterling firm on the 1.2200 handle vs Dollar ahead of latest comments from BoE Governor Bailey.
Yen reverses through 131.00 from circa 130.50 at best as risk appetite improves and UST/JGB spreads widen.
PBoC set USD/CNY mid-point at 6.8714 vs exp. 6.8703 (prev. 6.8374)
Fixed Income
Core benchmarks are pressured given the modestly constructive risk tone in European trade, Bund dipping further below 137.00
Specifics have been slim with ECB speak and Ifo not markedly moving the dial with the risk tone dictating action instead; as such, EGBs are at the lower-end of circa. 150 tick parameters.
Gilts are in-fitting and incrementally softer as they seemingly lead the latest move lower ahead of BoE’s Bailey at the LSE.
Stateside, USTs are in-fitting with focus still on the banking sector and officials response to it ahead of US 2yr supply and Fed’s Jefferson.
Japan’s 10yr bond has not traded all day, for the first time in one month, via Bloomberg.
Commodities
Commodities are diverging modestly with overall action fairly tentative as the complex and markets more broadly await fresh catalysts, particularly on the banking front.
WTI and Brent are firmer by circa. USD 0.30/bbl but reside towards the lower end of USD 1/bbl range parameters which are well within Friday’s and by extension recent ranges.
Spot gold is softer given the constructive European tone and as the USD retains an underlying bid with the DXY above 103.00, action which has pressured the yellow metal to a USD 1965/oz intraday low.
Saudi Aramco CEO affirmed the Co.’s support for China’s long-term energy security and it was separately reported that Aramco JV Hapco is to commence construction of a major refinery and petrochemical complex in China with construction to begin in Q2 and the complex is expected to be fully operational by 2026, according to Reuters.
Iraq won an arbitration case against Turkey regarding Kurdish oil exports, while Turkey informed Iraq it will respect the arbitration ruling and halted Kurdish crude exports, according to officials cited by Reuters.
TotalEnergies (TTE FP) said 33% of operational staff at its French refineries and depots were on strike on Sunday, according to a Co. spokesperson cited by Reuters.
A major incident was declared due to an oil leak from the Wytch Farm Oil Field in Dorset.
Geopolitics
Israeli PM Netanyahu fired the defence minister for not supporting the judicial reform plan which prompted protests in Tel Aviv, while it was later reported that all universities across Israel will declare a strike from Monday and that Israeli police used a water cannon to push back protestors who broke barricades near PM Netanyahu’s house in Jerusalem. Furthermore, the IDF raised the alert level amid the unrest.
Israeli broadcaster says that PM Netanyahu has told coalition heads that he will pause the judicial overhaul. *Following protest from coalition members on this and the announcement/commencement of widespread of
Russian President Putin said Moscow will station tactical nuclear weapons in Belarus and has moved 10 aircraft to Belarus capable of carrying tactical nuclear weapons, while he noted that this does not violate nuclear non-proliferation agreements and that they are not transferring nuclear weapons to Belarus but will station them there as the US does in Europe, according to TASS.
White House said it has seen the reports of Russia’s nuclear announcement but has not seen a reason to adjust the nuclear posture nor indications that Russia is preparing to use a nuclear weapon, while a US official said Russia and Belarus have talked about nuclear stationing for some time and the move could be political signalling on Belarus Independence Day, according to Reuters.
NATO said Russia’s nuclear rhetoric is dangerous and irresponsible, while it is closely monitoring the situation but has not seen any changes in Russia’s nuclear posture that would lead to NATO adjusting its own, according to Reuters.
EU’s Foreign Policy Chief Borrell said Belarus hosting Russian nuclear weapons would mean an irresponsible escalation and threat to European security, while he added that Belarus can still stop it and the EU stands ready to respond with further sanctions.
Ukraine’s Foreign Ministry slammed Russian President Putin’s provocative nuclear plans and called for a UN Security Council session, while Lithuania’s Foreign Ministry said it will call for new sanctions in response to Russia’s plan to place tactical nuclear weapons in Belarus, according to Reuters.
Ukraine’s Central Bank Governor said Ukraine will no longer resort to dangerous money printing to fund the war against Russia, according to FT.
An explosion occurred that injured two people in a town in Russia’s Tula region and was caused by a Ukrainian drone packed with explosives, according to TASS.
Russia’s Parliament Speaker Volodin proposed to ban the activities of the International Criminal Court in Russia, after the ICC issued an arrest warrant for Russian President Putin and accused him of war crimes, according to Reuters.
Russian Kremlin denies reports in Turkish media that President Putin intends to visit Turkey.
North Korea fired two suspected ballistic missiles towards the East Sea which landed outside of Japan’s exclusive economic zone, according to Reuters. Furthermore, South Korea’s military said it strongly condemns North Korean missile launches as a grave act of provocation, while it will continue field exercises with the US as planned and maintain readiness to respond to any provocations.
Japanese Chief Cabinet Secretary Matsuno says North Korea is likely to step up provocative activities including nuclear tests, according to Reuters.
US Event Calendar
10:30: March Dallas Fed Manf. Activity, est. -10.0, prior -13.5
Central Banks
17:00: Fed’s Jefferson Discusses Monetary Policy
DB’s Jim Reid concludes the overnight wrap
Obviously matters in the banking sector will continue to set the pace this week. In an age of social media, misinformation can spread like wildfire so you’re never sure where the next incredulous story is going to come from alongside the genuine issues. Investors in financials have had their confidence knocked by recent events which has allowed those betting against the sector a free run. If anything some rampant misinformation and fear on Friday morning allowed for an examination of the facts and fundamentals of the large banks and buyers stepped back in with European banks well off the lows by the end of Friday’s session with the US bank index turning positive (+0.42%) just before the US close. With the worst of the irrational scare stories around European banks seemingly running out of momentum over the weekend, some reappraisals of the facts should continue this week. Indeed Euro Stoxx futures are up +1.1% in Asia trading with S&P and Nasdaq futures up around +0.5%.
One of our big themes of the last couple of weeks is that medium term corporates are more at risk than financials on the credit side as they are the more levered entities in this cycle. Indeed Steve Caprio in my team has just put out a piece (link here) where we overweight US banks against corporates. Today’s $IG credit market is pricing substantial banking sector stress, with little negative spillover to leveraged corporates. On a relative value basis, $IG financials are trading at mid-2008 levels vs. $IG non-financials. The primary reason? Deposit outflows at small US banks. A secondary reason? Investor concerns over bank loan losses, particularly in commercial real estate.
While these dual fears have merit, they may be lacking the nuance needed to appropriately position $IG portfolios in today’s environment. And they don’t take into account that while banks are trading at 2008 levels vs. corporates, it is corporate leverage that is substantially higher this cycle. So see the piece for more.
Back to Asia, and Treasury yields are little changed with 10yr yields -0.7bps lower while 2yr yields (+1.4bps) are up a bit as we go to print. Asian equities are catching down with Friday’s early DM losses with the Hang Seng (-1.25%), Shanghai Composite (-1.05%), the CSI (-0.96%) and KOSPI (-0.21%) trading in the red. Elsewhere, the Nikkei (+0.31%) is bucking the regional negative trend.
Early morning data showed that China’s industrial profits contracted -22.9% in the first two months of 2023 compared to a year ago indicating that factories are yet to fully come out of the Covid-induced slump. Revenues couldn’t keep up with costs as the reopening trade emerged. For the whole of 2022, industrial profits declined -4%.
Looking forward, the banking sector will clearly set the scene this week as we approach month-end on Thursday. The data will be a bit secondary as it’ll be too early to judge any impact from the mini crisis so far. However there are some important releases with the PCE in the US (Friday), CPIs for Germany (Thursday), the Eurozone and Tokyo (both Friday) keeping inflation data top of mind for investors this week. They’ll probably care a little less than they did before the banking crisis hit though. In addition, an array of consumer and business confidence indicators in the US and Europe are also due and China PMIs on Friday will be important. Perhaps more interesting with be hearing from a deluge of Fed officials as they were on blackout for the SVB crisis up until last week’s FOMC. They are back in force this week and we’ll therefore get a better idea of the deliberations around last week’s 25bps hike and the future of this hiking cycle. See the day by day week ahead at the end for a list of the speaker and data highlights. We’ll expand on the main events below.
We’ll have to wait until the end of the week for the most important datapoint and that’s the Fed’s preferred inflation gauge, the PCE, on Friday. Our economists see a +0.36% advance for the core PCE in February (+0.57% in January) and MoM declines for both income (-0.1% vs +0.6% in January) and consumption (-0.6% vs +1.8%). Earlier in the week, a pulse check on the US consumer will come from Conference Board’s consumer confidence measure on Wednesday (DB estimates 102.1 vs 102.9 in February).
Over in Europe, all eyes will be on the preliminary inflation readings across the Eurozone. March data for Germany will be out on Thursday, followed by reports for the Eurozone and France on Friday, among others. In terms of forecasts, the team sees March headline at 7.1% (+1.1% MoM) and core at 5.8% (+1.4% MoM). As a reminder, the latest 5.6% core inflation reading is the highest on record. Our team don’t expect it to peak until the 6.0% they expect in July.
Apart from the inflation data, there will be an array of sentiment indicators across the bloc as well, with potential preliminary impact of the banking turmoil in focus. Among the gauges are the Ifo survey (today) and consumer confidence (Wednesday) in Germany, as well as manufacturing (tomorrow) and consumer confidence (Wednesday) in France.
Turning to Asia, this week will be a busy one for Japan as well, with one of the key releases being the Tokyo CPI on Friday. Elsewhere in the region, markets will be closely following China’s PMI releases on Friday to assess the speed and magnitude of economic recovery. Current median estimates on Bloomberg are pointing to a slight deceleration in both manufacturing (51.8 vs 52.6 in February) and non-manufacturing (54.3 vs 56.3) indicators.
Looking back on last week now, US and European markets diverged on Friday as the US market continued normalising as sentiment improved in the latter half of the week. Meanwhile renewed jitters concerning the stability of the banking sector in Europe gripped markets on Friday. Friday also saw the release of the March flash PMIs for both the US and Europe. The US composite PMI beat expectations at 53.3 (vs 49.5 expected) to land well into expansionary territory, as both manufacturing (49.3 vs 47 expected) and services (53.8 vs 50.3 expected) surpassed forecasts. For the Euro Area, the March composite PMI likewise beat expectations at 54.1 (vs 52 expected). While manufacturing remained in contraction (47.1 vs 49 expected), services demonstrated strength (55.6 vs 52.5 expected) as the energy shock that developed through autumn last year continued to ease.
Despite the strong beats implying latitude for further rate hikes, markets are more focused on the strains from the banking sector and what it might imply for overall economic health. Therefore fed futures ended last week just pricing in a 1 in 4 chance of a +25bps rate hike at the Fed’s May meeting, with the implied rate hike falling -3.9bps on Friday to 6.1bps. For the final Fed meeting of the year in December, the expected rate fell -9.4bps to 3.91% on Friday (+7.8bps on the week) as markets are pricing in over -88bps of rate cuts by year-end.
Against this backdrop, US equity markets once again whipsawed between gains and losses last week, and continued to demonstrate a significant level of dispersion. The S&P 500 closed up +1.39% on the week overall, after ending Friday up +0.56%. Regional banks recovered on Friday led by recent laggards Western Alliance Bancorp (+5.7%), KeyCorp (+5.2%), and Zion Bancorp (+4.1%), while large-cap banks like JPMorgan (-1.5%) and Wells Fargo (-1.0%) fell. Embattled First Republic (-1.4% Friday) closed down -46% on the week, just off its Monday lows, and is now down nearly -90% MTD. Overall in weekly terms, the KBW bank index fell -0.52% (+0.42% on Friday). The testimony of TikTok CEO Shou Zi before the US Congress last week saw the US information technology sector outperform. For example, Meta moved up +5.32% (+0.85% on Friday) and Pinterest up +4.17% (-0.51% on Friday) in weekly terms.
While US assets ended the week with a risk-on tone, European equity markets closed lower as weakness in European banks weighed on sentiment overall. The STOXX 600 was down -1.37% Friday (+0.87% on the week), with the retreat in the banking sector on concerns about financial stability, causing European banks to close down -4.61% (-1.08% in weekly terms). The CAC and DAX also fell back on Friday by -1.74% and -1.66%, but on the week finished up +1.30% and +1.28% respectively.
Sovereign bonds on both sides of the Atlantic outperformed on Friday. 10yr Treasury yields fell -5.0bps on Friday, and down -5.2bps on the week, slipping to their lowest levels since January. Yields on US 2yrs were at their lowest levels since September after falling -7.1bps last week (-6.6bps on Friday). 10yr bund yields similarly retreated on Friday, having fallen -6.6bps, but were up modestly by +2.1bps in week-on-week terms. German 2yrs outperformed on Friday, as yields fell -13.3bps to 2.39% but closed the five days just higher than unchanged (+0.5bps).
Turning to commodity markets, WTI Crude contracts were up +2.77% last week to $69.26/bbl (-1.00% on Friday) and Brent crude up +2.77% to $74.99/bbl (-1.21% on Friday). Copper also had a strong week, up +4.80% (-1.07% on Friday). Finally, the prevailing risk-aversion sentiment failed to penetrate crypto markets, as Bitcoin strongly outperformed, closing up +30.25% on the week (-2.52% on Friday).AND 2 b) NOW NEWSQUAWK (EUROPE/REPORT)
Rangebound trade as markets take a breather from banking jitters – Newsquawk Euro Market Open
MONDAY, MAR 27, 2023 – 08:52 AM
APAC stocks were mixed in mostly rangebound trade as markets took a breather from recent banking sector jitters.
FDIC confirms that First Citizens (FCNCA) is to assume all deposits and loans of Silicon Valley Bridge Bank.
European equity futures are indicative of a higher open with the Euro Stoxx 50 +1.0% after the cash market closed down 1.8% on Friday.
DXY lingers just above the 103 mark, EUR/USD languished beneath 1.08, USD/JPY capped by resistance at 131.
Russian President Putin said Moscow will station tactical nuclear weapons in Belarus; White House sees no need to adjust nuclear posture.
Looking ahead, highlights include EZ M3, German Ifo, Speeches from Fed’s Jefferson, BoE’s Bailey, ECB’s Schnabel & Elderson, Supply from US.
Or why not try Newsquawk’s squawk box free for 7 days?
US TRADE
EQUITIES
US stocks finished with mild gains on Friday after rebounding from the initial pressure from Europe where markets were fretting over the health of banks in the region and with the recovery helped after European officials provided some reassuring commentary that the financial sector was safe and banks were healthy. Furthermore, participants also digested strong PMI data and hawkish Fed speak which knocked bonds off their peaks.
SPX +0.56% at 3,970, NDX +0.30% at 12,767, DJIA +0.41% at 32,238, RUT +0.85% at 1,735.
Fed’s Kashkari (voter) said the US banking system is resilient and sound, while he expects the process of reducing stress altogether will take some time. Kashkari added there are other banks with exposure to long-dated treasury bonds, as well as commercial real estate losses and the situation does bring the US closer to a recession. Furthermore, he noted it is too soon to forecast the rate decision for the next Fed meeting and that the interest rate risk that brought down SVB is something the Fed had been communicating to banks, according to CBS.
FSOC heard a presentation from New York Fed staff last week on market developments and discussed current conditions in the banking sector, while it noted the banking system remains sound and resilient despite recent stress.
BANKS
US is considering further support for banks while giving First Republic Bank (FRC) more time. It was also reported that First Citizens Bancshares (FCNCA) has made a deal for Silicon Valley Bank (SIVB), according to Bloomberg.
Credit Suisse (CSGN SW) is facing the threat of a potential probe and disciplinary action over how top managers ran the bank in the lead-up to its collapse, according to Bloomberg.
APAC TRADE
EQUITIES
APAC stocks were mixed in mostly rangebound trade as markets took a breather from recent banking sector jitters and with risk appetite also restricted amid lingering geopolitical tensions and heading into quarter-end.
ASX 200 eked slight gains with the index supported by strength in utilities and real estate although the upside was capped by weakness in the commodity-related sectors.
Nikkei 225 reclaimed the 27,500 level but with further upside limited after firmer than expected Services PPI data from Japan and a fresh round of missile launches by North Korea.
Hang Seng and Shanghai Comp. were pressured despite the PBoC’s RRR cut taking effect today, as the attention turned to earnings releases with energy leading the downturn in Hong Kong following a decline in Sinopec’s profits and certain tech stocks also weakened after Xiaomi’s quarterly smartphone shipments fell 18.6% Q/Q, while the latest data showed that February YTD Industrial Profits declined by 22.9% Y/Y.
US equity futures (ES +0.5%) were kept afloat and sustained the gains from Friday’s intraday rebound.
European equity futures are indicative of a higher open with the Euro Stoxx 50 +1.0% after the cash market closed down 1.8% on Friday.
FX
DXY traded rangebound near the 103.00 level after last Friday’s gains against its transatlantic counterparts owing to the recent banking sector fears across the pond, while Fed’s Kashkari recently suggested that the banking sector situation does bring the US closer to a recession and said it is too soon to forecast the rate decision for the next Fed meeting.
EUR/USD languished beneath the 1.0800 handle, while there were comments from ECB’s de Guindos who suggested the need to assess whether recent banking sector events will give rise to an additional tightening of financing conditions.
GBP/USD lacked firm direction after recent mixed data and a rebound off support at 1.2200 late last week.
USD/JPY was constrained by resistance at the 131.00 level and after firmer-than-expected Services PPI data.
Antipodeans were choppy amid the mixed risk tone with no firm direction.
PBoC set USD/CNY mid-point at 6.8714 vs exp. 6.8703 (prev. 6.8374)
FIXED INCOME
10yr UST futures were quiet and took a breather following last week’s price swings whereby hawkish Fed speak and stronger-than-expected PMI data reversed some of the recent bull steepening in the curve.
Bund futures Bund futures were lacklustre after returning from a brief round trip to above 139.00 on Friday, while participants look towards upcoming German IFO data and ECB rhetoric.
10yr JGB futures were contained amid recent Services PPI data and a lack of additional buying by the BoJ.
COMMODITIES
Crude futures were indecisive due to the lack of major catalysts for the crude complex and with early momentum in WTI crude futures thwarted by resistance near the USD 70/bbl level.
Saudi Aramco CEO affirmed the Co.’s support for China’s long-term energy security and it was separately reported that Aramco JV Hapco is to commence construction of a major refinery and petrochemical complex in China with construction to begin in Q2 and the complex is expected to be fully operational by 2026, according to Reuters.
Iraq won an arbitration case against Turkey regarding Kurdish oil exports, while Turkey informed Iraq it will respect the arbitration ruling and halted Kurdish crude exports, according to officials cited by Reuters.
TotalEnergies (TTE FP) said 33% of operational staff at its French refineries and depots were on strike on Sunday, according to a Co. spokesperson cited by Reuters.
A major incident was declared due to an oil leak from the Wytch Farm Oil Field in Dorset.
Spot gold was uneventful amid the flat dollar and recent failure to breach the USD 2,000/oz level.
Copper futures traded sideways with price action contained by the mixed risk sentiment.
CRYPTO
Bitcoin remained subdued after pulling back beneath the USD 28,000 level.
Cryptocurrency companies are reportedly rushing to Hong Kong in the hope of benefitting from the city’s push to become a digital asset hub, according to FT.
NOTABLE ASIA-PAC HEADLINES
Chinese Foreign Minister Qin Gang said China’s attitude towards developing a healthy, stable and constructive Sino-US relationship remains unchanged, while he hopes US and China can work together to promote bilateral relations to overcome difficulties and return to healthy and stable developments. Furthermore, he welcomes US companies to continue expanding investments in China and said China is willing to provide a better business environment for companies across the world including the US, according to Reuters.
Chinese Vice Premier Ding Xuexiang said Premier Li will meet with key foreign guests attending the China Development Forum and that major economic indicators have improved following the smooth transition away from epidemic control. Ding said opening up to the outside world is an indispensable major national policy and China will actively expand imports of high-quality goods and services, while he added China will further reduce tariffs, continue to expand market access and attract foreign investment, according to Reuters.
Chinese Finance Minister Liu Kun said will intensify the implementation of proactive fiscal policy and fiscal expenditure, while China will introduce increased tax reduction measures to support market entities and will improve residents’ income through multiple channels. Furthermore, China is to continue to give priority to scientific and technological innovation, as well as increase investment, according to Reuters.
Chinese Commerce Minister said China’s import and export volumes are expected to continue on a growth trajectory and that they will focus on government procurement, intellectual property rights and serving foreign investors, according to Reuters.
China NDRC head Zheng Shanjie said China’s economic development faces challenges and they are implementing effective solutions. Zheng said China’s economy is resilient and dynamic with long-term fundamentals unchanged, while they will strengthen coordination of fiscal, monetary, employment, industrial, consumption and other policies, according to Reuters.
China Communist Party senior official Han Wenxiu said China is confident of reaching the annual economic growth target of around 5% and there is currently no apparent inflation nor deflation in China, while he added there is a relatively large room to manoeuvre monetary policy and China will respond strongly to negative population growth and population ageing, according to Reuters.
IMF’s Georgieva said risks to financial stability have increased and vigilance is still needed, while the IMF is paying close attention to vulnerable countries, especially low-income nations with high-debt growth. Georgieva also stated that China’s economy is seeing a strong rebound fuelled by private consumption and that reforms to boost productivity could lift China’s GDP by up to 2.5% by 2027 and by 18% by 2037.
Honduras said it is breaking diplomatic relations with Taiwan and it established diplomatic ties with China, while China and Honduras agreed to develop relations on the basis of principles of mutual respect for sovereignty and territorial integrity, according to state media.
Taiwan’s Foreign Minister confirmed the cutting of ties with Honduras and is withdrawing its embassy, while Taiwan’s Foreign Minister noted that Honduras demanded a larger amount of money and reiterated that China does not follow through on its promises, according to Reuters.
US State Department said that while Honduras’s action to sever ties with Taiwan is a sovereign decision, it is important to note that China often makes promises that remain unfulfilled and the US strongly encourages all countries to expand engagement with Taiwan, according to Reuters.
DATA RECAP
Chinese Industrial Profits YTD YY (Feb) -22.9% (Prev. -4.0%)
Japanese Services PPI YY (Feb) 1.8% vs Exp. 1.7% (Prev. 1.6%)
GLOBAL NEWS
Israeli PM Netanyahu fired the defence minister for not supporting the judicial reform plan which prompted protests in Tel Aviv, while it was later reported that all universities across Israel will declare a strike from Monday and that Israeli police used a water cannon to push back protestors who broke barricades near PM Netanyahu’s house in Jerusalem. Furthermore, the IDF raised the alert level amid the unrest.
GEOPOLITICAL
Russian President Putin said Moscow will station tactical nuclear weapons in Belarus and has moved 10 aircraft to Belarus capable of carrying tactical nuclear weapons, while he noted that this does not violate nuclear non-proliferation agreements and that they are not transferring nuclear weapons to Belarus but will station them there as the US does in Europe, according to TASS.
White House said it has seen the reports of Russia’s nuclear announcement but has not seen a reason to adjust the nuclear posture nor indications that Russia is preparing to use a nuclear weapon, while a US official said Russia and Belarus have talked about nuclear stationing for some time and the move could be political signalling on Belarus Independence Day, according to Reuters.
NATO said Russia’s nuclear rhetoric is dangerous and irresponsible, while it is closely monitoring the situation but has not seen any changes in Russia’s nuclear posture that would lead to NATO adjusting its own, according to Reuters.
EU’s Foreign Policy Chief Borrell said Belarus hosting Russian nuclear weapons would mean an irresponsible escalation and threat to European security, while he added that Belarus can still stop it and the EU stands ready to respond with further sanctions.
Ukraine’s Foreign Ministry slammed Russian President Putin’s provocative nuclear plans and called for a UN Security Council session, while Lithuania’s Foreign Ministry said it will call for new sanctions in response to Russia’s plan to place tactical nuclear weapons in Belarus, according to Reuters.
Ukraine’s Central Bank Governor said Ukraine will no longer resort to dangerous money printing to fund the war against Russia, according to FT.
An explosion occurred that injured two people in a town in Russia’s Tula region and was caused by a Ukrainian drone packed with explosives, according to TASS.
Russia’s Parliament Speaker Volodin proposed to ban the activities of the International Criminal Court in Russia, after the ICC issued an arrest warrant for Russian President Putin and accused him of war crimes, according to Reuters.
North Korea fired two suspected ballistic missiles towards the East Sea which landed outside of Japan’s exclusive economic zone, according to Reuters. Furthermore, South Korea’s military said it strongly condemns North Korean missile launches as a grave act of provocation, while it will continue field exercises with the US as planned and maintain readiness to respond to any provocations.
Japanese Chief Cabinet Secretary Matsuno says North Korea is likely to step up provocative activities including nuclear tests, according to Reuters.
EU/UK
ECB’s de Guindos said the question now is how the events in the US banking system and Credit Suisse (CSGN SW) will impact the eurozone economy and need to assess whether they will give rise to an additional tightening of financing conditions which could perhaps feed through to the economy in terms of lower growth and lower inflation, according to Business Post.
ECB’s Centeno said he does not see rate hikes extending beyond what’s already in the market, while he does not see signs of tensions in the Eurozone banking system and said Eurozone banks do not have problems like Credit Suisse.
S&P affirmed Germany at AAA; Outlook Stable, while Fitch affirmed Malta at A+; Outlook Stable.
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 14.26 PTS OR 0.40% //Hang Sang CLOSED DOWN 347.99 PTS OR 1.75% /The Nikkei closed UP 91.62 PTS OR 0.13% //Australia’s all ordinaries CLOSED UP 0.06% /Chinese yuan (ONSHORE) closed DOWN TO 6.8823//OFFSHORE CHINESE YUAN DOWN TO 6.8835 /Oil UP TO 69,56 dollars per barrel for WTI and BRENT AT 75.37 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
END
2e) JAPAN
JAPAN/
END
3 CHINA /
CHINA/USA
end
4.EUROPEAN AND UK AFFAIRS
5.RUSSIA//UKRAINE//MIDDLE EASTERN AFFAIRS//
BELARUS//UKRAINE.RUSSIA
How does this increase the risk ofa nuclear attack. And why is it wrong for Belarus to put nuclear weapons next to NATO countries and right to put nuclear weapons in Ukraine?
(zerohedge)
Ukraine Urges Emergency UN Security Meeting Over Putin Plan To Put Nukes In Belarus
MONDAY, MAR 27, 2023 – 11:15 AM
Ukraine is calling on its allies in the United Nations to convene an emergency UN Security Council meeting in order to condemn what it calls the Kremlin’s “nuclear blackmail.”
The Ukrainian foreign ministry issued a statement Sunday, saying “Ukraine expects effective measures to counter the Kremlin’s nuclear blackmail by the United Kingdom, China, the USA and France, in particular, as permanent members of the UN Security Council.”
“We demand to immediately convene an extraordinary meeting of the UN Security Council for this purpose,” it added.
This after on Saturday Tass news agency quoted President Vladimir Putin as saying Russia had struck a deal with neighboring Belarus to station tactical nuclear weapons on its territory in a major escalation aimed at both Kiev and the West.
Putin sought to justify the ultra-provocative move as something necessary to counter NATO: “We are doing what they have been doing for decades,” Putin said. Likely he has Turkey in mind, which lies just across the Black Sea from Russia’s south. The US, and thus NATO, has kept tactical nukes in Turkey for decades, part of a “nuclear sharing” policy with allies.
As The New York Times reports, Putin said nukes could be stationed in Belarus as early as the summer:
President Vladimir V. Putin of Russia said he would be able to position nuclear weapons in Belarus by the summer, a claim that analysts said was likely bluster but which underscored the Kremlin’s determination to use its vast nuclear arsenal to pressure the West to back down from its support of Ukraine.
Western officials condemned Mr. Putin’s remarks as irresponsible, even as they said that they saw no indication that Russia was making changes to how it deploys nuclear weapons.
“He said that 10 Belarusian warplanes have already been retrofitted to carry Russian nuclear weapons, and that a storage facility for the warheads would be ready by July 1,” the report adds.
But there’s some debate over how significant such a move would be, given that “Analysts also pointed out that even if Russia were to transfer some of its warheads, the action wouldn’t substantially change the nuclear threat posed by Russia since it can already target a vast range of territory from inside its own borders,” according to the Times. And again, it’s long been the case that US tactical nukes are hosted in European countries, which Moscow has long condemned.
SAUDI ARABIA
This will anger the USA to no end.
‘Times Have Changed’: Saudi Arabia To Reopen Embassy In Syria, Angering US
FRIDAY, MAR 24, 2023 – 05:40 AM
Syria’s President Bashar al-Assad continues to be brought “in from the cold” and back into the Arab regional fold at rapid pace, with Reuters confirming on Thursday the prior rumors that Saudi Arabia and Syria were on the brink of fully restoring diplomatic ties. They will now reopen embassies – a huge step. Is a return to the Arab League next?
“Syria and Saudi Arabia have agreed to reopen their embassies after cutting diplomatic ties more than a decade ago, three sources with knowledge of the matter said, a step that would mark a leap forward in Damascus’s return to the Arab fold,” Reuters reports.Source: AFP
The mutual embassy openings reportedly are the result of talks between the Saudis and a senior Syrian intelligence official. A source told Reuters they “preparing to reopen embassies after Eid al-Fitr,” in reference to a Muslim holiday in late April.
Most recently, the United Arab Emirates hosted Assad and his wife in an official visit – the first in well over a decade.
The US and Israel have not been happy at these developments, and the Syria-Gulf rapprochement also comes in the context of Iran and Saudi Arabia normalizing relations. One source told Al Jazeera:
“The prevailing attitude can be defined as, ‘times have changed, the Arab Spring is history and the region is transitioning towards a new future, with new geopolitical characteristics,’” the official, who himself recently reconciled with Damascus after defecting to the Syrian opposition in the summer of 2011, added.
It seems the Gulf has been willing to recognize that the Syrian government won the decade-long war and move on, but not Washington. The US has continued its military occupation of northern Syria, and Israel has extended its bombing campaign, even this week with strikes on Aleppo international airport.
Saudi Arabia will reopen its embassy in Syria, joining a list of several regional countries that reestablished ties with Damascus after failing miserably to overthrow its government for over a decade. Condolences to Israel, US and UK for failing to isolate post-victory Syria— Hadi Nasrallah (@HadiNasrallah) March 23, 2023
Far-reaching US sanctions are also still on. But regional leaders have been reaching out to Assad after the deadly earthquake which rocked Turkey and Syria, killing tens of thousands of people.
Saudi Arabia and allies like Qatar and the UAE had helped the US spearhead regime change efforts in Damascus. Russia and Iran came to the aid of Syria, however, in a war that took hundreds of thousands of lives and left much of the country in rubble.
end
Kremlin: We’ll Attack Any Country That Tries To Arrest Putin
FRIDAY, MAR 24, 2023 – 12:45 PM
There’s been a number of new developments including tit-for-tat warnings and threats following the International Criminal Court’s (ICC) last Friday issuance of an arrest warrant for Russian President Vladimir Putin.
The most blistering and alarming attack on the Hague-based court this week has been from former Russian president and current deputy chairman of the security council Dmitry Medvedev, who said any attempt to actually arrest Putin would be an act of war.
First, on Monday he said, “It’s quite possible to imagine a hypersonic missile being fired from the North Sea from a Russian ship at The Hague courthouse.” He added as part of the warning: “Everyone walks under God and rockets… Look carefully to the sky…”
In follow-up on Wednesday he said in a video statement posted to Telegram that any “arrest” would surely spark world war 3…
“Let’s imagine — obviously this situation which will never be realized — but nevertheless lets imagine that it was realized: The current head of the nuclear state went to a territory, say Germany, and was arrested,” Medvedev said.
“What would that be? It would be a declaration of war on the Russian Federation,” he continued. “And in that case, all our assets — all our missiles et cetera — would fly to the Bundestag, to the Chancellor’s office.”
Medvedev was responding to Germany saying it plans to cooperate with the ICC and arrest Putin if he were to ever fly to German soil.
Given the ICC doesn’t have a police force, any actual attempt to detain Putin would be the decision of a government, so needless to say it could not possibly be enforced. However, it does complicate Putin’s ability to travel to European or other capitalswhich cooperate with the ICC. This also means it could hinder peace efforts in the scenario Putin might choose to personally engage in negotiations or diplomacy in a European city.
It should be recalled amid the media outrage over Medvedev’s bombastic words that the Bush administration long ago said something similar… that the US would invade the Hague if a top US official were ever arrested to sent to the ICC:
As for hindering the possibility of peace negotiations further, Kiev has seized on the ICC move, saying it has made negotiations with the Russian leader pretty much impossible.
Mykhailo Podolyak, an advisor to Ukrainian President Volodymyr Zelensky, said in the wake of the warrant: now that Putin is “an obvious international criminal” this “directly means there will be no negotiations with the current Russian elite.”
END
Good analysis of what is happening in Ukraine
I sure hope that the Brits did not supply depleted rounds to the Ukrainians who will use them without hesitation. Alex is correct that the Russian soldiers and public will demand a retaliation. Making the Brits America’s bitch to be sacrificed along with the Europeans like the Poles. Whether anyone else would come to the aid of England or Poland is debatable. And of course the Ship of fools would go into overdrive to blame the Brits. Sadly, their politicians are being played as bigger fools. Apparently the Ukrainians have assembled a 80,000 man army to force relief to the trapped forces in Bakhmut. Whether this number is correct who knows. But is clear they have been supplied with Middle East war era vehicles and the like. So the amount of equipment is well beyond what is being reported and in line with vast trains of such equipment headed to Eastern seaboard ports, in previous months. Puzzling why the Russians have not carpet bombed these concentrations. They know where they are. At some point it will become necessary. Perhaps by letting them move out into the open civilians are spared. However that will be at the expense of Russian lives. Whatever happens next there is little doubt there will be escalation. With this will come escalation of banking and currency issues. It will be dow to who lasts longer in the end.
I sure hope that the Brits did not supply depleted rounds to the Ukrainians who will use them without hesitation. Alex is correct that the Russian soldiers and public will demand a retaliation. Making the Brits America’s bitch to be sacrificed along with the Europeans like the Poles. Whether anyone else would come to the aid of England or Poland is debatable. And of course the Ship of fools would go into overdrive to blame the Brits. Sadly, their politicians are being played as bigger fools. Apparently the Ukrainians have assembled a 80,000 man army to force relief to the trapped forces in Bakhmut. Whether this number is correct who knows. But is clear they have been supplied with Middle East war era vehicles and the like. So the amount of equipment is well beyond what is being reported and in line with vast trains of such equipment headed to Eastern seaboard ports, in previous months. Puzzling why the Russians have not carpet bombed these concentrations. They know where they are. At some point it will become necessary. Perhaps by letting them move out into the open civilians are spared. However that will be at the expense of Russian lives. Whatever happens next there is little doubt there will be escalation. With this will come escalation of banking and currency issues. It will be dow to who lasts longer in the end.
A group of U.S. experts is set to meet soon as part of a project to determine which adverse events the COVID-19 vaccines cause.
The National Academies of Sciences, Engineering, and Medicine (NASEM) has appointed a committee to review evidence on the relationship between the vaccines and specific adverse events that have occurred after vaccination, including infertility and sudden death.
The committee’s process includes establishing methods, reviewing literature, drawing conclusions, and preparing a report.
“The committee will make conclusions about the causal association between vaccines and specific adverse events,” the NASEM website states.
While their work is funded by the U.S. Centers for Disease Control (CDC) and the U.S. Department of Health and Human Services (HHS), the sponsors will not be able to examine the report before it is published to the public, Kathleen Stratton, a NASEM official, said during a recent meeting.
“What that means is that if a sponsor doesn’t like what the committee has to say—the conclusions of the committee—… the sponsor can’t prevent the report from being made public,” Stratton said. “This is a very powerful tool that we have.”
Dr. Tom Shimabukuro, a CDC official, told panel members recently that the CDC would help members locate studies and data from the agency. “We very much value your expertise and your independence. We look forward to working with you, look forward to seeing the results of your findings,” he said.
The upcoming meeting will be held on March 27 and March 31, the latter of which will include time for public comments. The rest of the two-day meeting will be held behind closed doors.
The panel already met on Jan. 25 and Feb. 1.
“Your conclusions will help inform injury compensation recommendations and decisions when assessing whether specific adverse events are causally associated with vaccines,” Dr. George Reed Grimes, the official in charge of the HHS Division of Injury Compensation Programs, told panel members during the meeting.
The report is slated to be published in March 2024.
Specific Issues
HHS officials directed NASEM to convene the ad hoc committee to review “the epidemiological, clinical, and biological evidence” in assessing whether the vaccines cause certain conditions.
The adverse events include conditions that officials already say are caused by one or more of the vaccines, including myocarditis, a type of heart inflammation caused by all four of the vaccines available in the United States, and thrombosis with thrombocytopenia syndrome, an often-fatal condition caused by the Johnson & Johnson vaccine.
The other specific events are:
Bell’s Palsy
Capillary leak syndrome
Chronic headaches
Chronic inflammatory demyelinating polyneuropathy
Guillain-Barrè Syndrome
Hearing loss
Infertility
Shoulder injuries
Sudden death
Thromboembolic events like pulmonary embolism
Tinnitus
Transverse myelitis
A NASEM panel last produced a vaccine adverse event report in 2012. The report ran nearly 900 pages.
spleen, liver etc. “Everyone is just completely devastated,” “We still can’t believe it, this all happened in a matter of days.” No teratogenicity, oncogenicity, carcinogenicity, genitotoxicity study?
America’s Faith In Technology is Leading the Financial Collapse of a Once Great CountryMarch 22, 2023 10:01 pmToday’s meeting of the Federal Reserve and their announcement regarding interest rates was, by far, the most anticipated financial announcement so far in 2023. Since the start of the banking collapse of the past couple of weeks, there has been widespread speculation about what the Fed was going to do today. Would they announce rate cuts and the return of easy money, which would throw a life preserver out to America’s smaller banks, or would they continue with rate hikes in an attempt to lower inflation, but potentially doom hundreds of America’s smaller and mid-sized banks to collapse? It was a no-win situation for the Fed, and most were anticipating at least a halt in rising interest rates, if not the announcement of rate cuts. In the end, the Fed announced another rate increase, stating that rate cuts were not on the table for the rest of 2023. Trying to calm the nerves of investors on Wall Street, Federal Reserve Chairman Jerome Powell announced that “all depositor savings” were “safe,” and that they were prepared to “use all tools” to keep the U.S. banking system “safe and sound.” However, Treasury Secretary Janet Yellen, who was testifying before a Senate Appropriations subcommittee at the same time Powell was making his remarks, was asked if the FDIC was going to raise the limit on bank deposits that are insured above the current $250,000 limit, and she replied: “This is not something we have looked at, it’s not something that we’re considering.” Whoops! The stock markets then began a steep decline in the final hour of trading, as soon as she said that. Bank stocks tumbled once again, but they are not the only ones looking at disaster. The automobile industry and the housing market is also in big trouble now, as U.S. consumers’ ability to borrow money and make major purchases will now get even worse. And just as a reminder, this current crisis of liquidity and downward spiral all began last year when FTX blew up, and the Big Tech sector began massive layoffs. Big Tech’s main bank, Silicon Valley Bank, the 15th largest bank in the U.S., was the first to crash. And now, America’s reliance on technology is crippling this nation, and it can only get worse, as all of this technology, such as AI which is eating up $billions of cash in Chat bot and other software right now, is all dependent upon hardware, and most of that is produced in China and Taiwan. China can now easily cripple the United States and bring us to brink of collapse, without firing a single shot or launching a single missile, by simply cutting off their exports to the U.S., and blocking exports from Taiwan.Read More…
Americans Now Dying in Syria to Protect Syrian Oil Fields the U.S. Military SeizedMarch 26, 2023 5:02 pmAmericans in the U.S. military and with military contractors came under fire in Syria this past week, suffering casualties from alleged Iranian drone strikes. Why is the U.S. military still in Syria? It’s hard to say. No U.S. president since Barack Obama has offered a rational explanation. Syria continues to act as a remnant of establishment war-hawk policies from the Bush era, with Obama, Biden and Hillary Clinton using the conflicts in Iraq and Afghanistan as a jumping-off point for their covert Arab Spring operations. In infamous comments made in 2019, former U.S. President Donald Trump said: “We’re keeping [Syria’s] oil. We have the oil. The oil is secure. We left troops behind only for the oil.” Was President Trump’s seizure of Syrian oil fields in 2019 legal? The attacks on the U.S. military bases in Syria followed the recent announcement that Saudi Arabia was normalizing relations with Iran, a peace initiative brokered by China. Saudi Arabia announced last week that they would reopen their embassy in Syria.Read More…Largest Protest in the History of Israel as Hundreds of Thousands Take to the StreetsMarch 26, 2023 10:57 pmMassive protests have erupted across Israel tonight after PM Netanyhau fired his Defense Minister, a day after he called on the Israeli leader to halt a planned judicial overhaul that has fiercely divided the country. As a reminder, Netanyahu and his allies say the plan will restore a balance between the judicial and executive branches and rein in what they see as an interventionist court with liberal sympathies. But critics say the constellation of laws will remove the checks and balances in Israel’s democratic system and concentrate power in the hands of the governing coalition. Gallant’s dismissal signaled that Netanyahu will move ahead this week with the overhaul plan, which has sparked mass protests, angered military and business leaders and raised concerns among Israel’s allies. Hundreds of thousands of Israelis took to the streets in Tel Aviv and Haifa. Saturday night’s crowds were reportedly the largest ever. Will there be a military coup in Israel?Read More…
MICHAEL EVERY/RABOBANK//
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0760 DOWN .0010
USA/ YEN 129.83 DOWN 1.022 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2193 DOWN 1.022
USA/CAN DOLLAR: 1.3781 UP.00663(CDN DOLLAR DOWN 63 PTS)
Last night Shanghai COMPOSITE CLOSED DOWN20.99PTS OR 0.64%
Hang Sang CLOSED DOWN 133.96PTS OR 0.67%
AUSTRALIA CLOSED DOWN.67% // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 133.96 PTS OR 0.63%
/SHANGHAI CLOSED DOWN 20.99PTS OR 0.64%
AUSTRALIA BOURSE CLOSED DOWN .15%
(Nikkei (Japan) CLOSED DOWN 34.36 PTS OR 0.33%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1994.35
silver:$23.18
USA dollar index early MONDAY morning: 102.99 UP 18 BASIS POINTS from FRIDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN ..(6.8823
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.8692
TURKISH LIRA: 19.05 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.259…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 1IN basis points from FRIDAY at 3.372% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.644 DOWN 0 in basis points
USA 2 yr bond yield: 3.7667 DOWN 1 basis points
Your closing USA dollar index, 102,78 UP 57 BASIS PTS ON THE DAY/1.00 PM
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: 12:00 PM
London: CLOSED DOWN 94,15PTS OR 1,26%
German Dax : CLOSED DOWN256.16 OINTS OR 1,46%
Paris CAC CLOSED DOWN 124.15 PTS OR 1.74%
Spain IBEX DOWN 177.70 POINTS OR 1.98%
Italian MIB: CLOSED UDOWN590.03PTS OR 2.23%
WTI Oil price 69,20 12: EST
Brent Oil: 76,90 12:00 EST
USA /RUSSIAN /// DOWNTO: 77.08/ ROUBLE DOWN 1 AND 08//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.1445
UK 10 YR YIELD: 3.308, UP 3BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0749 DOWN 0.0085 OR 85 BASIS POINTS
British Pound: 1.2221 DOWN 0060 or 60 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.308% UP 3BASIS PTS
USA dollar vs Japanese Yen: 130.63 DOWN 0.234//YEN up 23 BASIS PTS//
USA dollar vs Canadian dollar: 1.3721 UP .0004(CDN dollar, DOWN 4 basis pts)
West Texas intermediate oil: 69.20
Brent OIL: 74.90
USA 10 yr bond yield down 1 BASIS pts to 3.372%
USA 30 yr bond yield UP 0BASIS PTS to 3.644%
USA 2 YR BOND: down 1 PTS AT 3.7667%
USA dollar index: 102.78 up 57 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 19.05
USA DOLLAR VS RUSSIA//// ROUBLE: 77.05UP 1 AND 8//100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 194.55 PTS OR 0.60%
NASDAQ 100 DOWN 93.98 PTS OR 0.74%
VOLATILITY INDEX: 20.64 DOWN 1.10PTS (5.06%
GLD: $181.85 DOWN 1.70 OR 0.93%
SLV/ $21..22 DOWN 0.00 OR 0.00%
end
USA AFFAIRS
1 a)USA TRADING TODAY IN GRAPH FORM
Bitcoin, Bonds, Big-Tech, & Bullion Breakdown As Banks & Black Gold Bounce
BY TYLER DURDEN
MONDAY, MAR 27, 2023 – 11:01 PM
So no new banks exploded or were bailed out over the weekend, and First-Citizens scooped up the flotsam from SVB – everything’s good right? Regional bank stocks surged in the pre-market, but as soon as the cash markets opened, selling resumed. Regionals did end green but it was far from convincing with FRC and PACW the only really notable gainers…
First Citizens soared over 50% (its best day since 1990), back to its strongest since Jan 2022…
This matters because, as Bloomberg reports,equity-appreciation rights awarded to the regulator went into the money Monday, as shares began trading with a surge of as much as 49%, to $870.15. The rights, which have a potential value of $500 million, mean the FDIC stands to gain if the stock rises above $582.55, according to a regulatory filing.
An uglier than expected Dallas Fed print was largely glossed over as bond yields rose and rate-hike expectations lifted hawkishly. The odds of a rate-hike in May inched back above a coin-flip today…
Source: Bloomberg
The entire STIR market pushed hawkishly higher, with Dec 2023 now priced for 62bps of cuts (up from 120bps of cuts priced in on Friday)….
Small Caps (heavily weighted with small financials) were the day’s biggest gainer, but crypto’s weakness appeared to weigh on Nasdaq while The Dow and S&P managed gains. The last hour saw selling start up across all the majors
0DTE traders tracked the market most of the day, but as the S&P broke out in the last hour, there was heavy negative delta flows and eventually the market itself started to slide…
The Dow broke back above its 200DMA (S&P held above its 100DMA but below the 50DMA, finding resistance at 4,000)…
The Fwd P/E of the Nasdaq is back at pre-COVID highs (where it has stalled twice since The Fed closed off the spigot of free money)…
Source: Bloomberg
Treasuries were dumped aggressively across the curve with the short-end crushed (2Y +26bps at its peak) while 30Y outperformed (still up 12bps!)…
Source: Bloomberg
After a really ugly 2Y auction, yields topped 4.00% (up around 50bps from Friday’s lows)…
Source: Bloomberg
The swings in the bond market are just unbelievable…
Source: Bloomberg
The yield curve (2s10s) flattened/inverted back to -50 (after reaching its least inverted since October)…
Source: Bloomberg
The dollar drifted modestly lower, extending Friday’s afternoon slide…
Source: Bloomberg
Crypto was clubbed like a baby seal today after the CFTC hit Binance. Bitcoin tumbled to $26,500 before bouncing back and $27,000…
Source: Bloomberg
Gold extended Friday’s drop from $2000, dropping below $1950 today…
Oil prices soared today amid chatter of a gamma squeeze with WTI back above $73 (two week highs)…
Finally, we note that VIX continues to shrug off uncertainty in FX and rates markets…
Source: Bloomberg
Some argue VIX is missing the point because of 0DTE (which don’t trade in the maturities that contribute to the VIX calc). We shall see who is right on where vol goes from here – FX and Bond market pros or equity options traders.
i b Morning trading:
Early morning trading:
II) USA DATA
iii) USA ECONOMIC NEWS//
Seymour Hersh: CIA Planted Nord Stream Cover-Up Story
Investigative journalist Seymour Hersh published an article on Substack on Wednesday that said the CIA was instructed to come up with a cover story for the Nord Stream bombings that was fed to The New York Times and the German newspaper Die Zeit.
The cover-up story was created to shift blame from the US after Hersh’s bombshell report published on February 8 that said President Biden ordered the attack on the Nord Stream natural gas pipelines, which connect Russia to Germany. “It was a total fabrication by American intelligence that was passed along to the Germans, and aimed at discrediting your story,” Hersh was told by a source within the American intelligence community.Image source: AP
Hersh said that the CIA was ordered to come up with a cover story after President Biden met with German Chancellor Olaf Scholz in Washington on March 3. Scholz’s visit was very brief and did not include the routine joint press briefing that usually follows a meeting between the president and another world leader. Hersh was told that his report detailing how the US took out Nord Stream was discussed by Biden and Scholz.
Hersh writes: “I was told by someone with access to diplomatic intelligence that there was a discussion of the pipeline exposé and, as a result, certain elements in the Central Intelligence Agency were asked to prepare a cover story in collaboration with German intelligence that would provide the American and German press with an alternative version for the destruction of Nord Stream 2.”
The result of the CIA’s work was published in The New York Times and Die Zeit on March 7. The New York Times report was very vague and said US officials are now claiming the Nord Stream bombings might have been carried out by a “pro-Ukrainian group.”
The Die Zeit report claimed German investigators believe it was carried out by six people using a yacht rented in Poland that was owned by two Ukrainians. Other Western media outlets published similar articles reinforcing the cover story in the following days.
Hersh said the information The New York Times received “originated with a group of CIA experts in deception and propaganda whose mission was to feed the newspaper a cover story—and to protect a president who made an unwise decision and is now lying about it.”
The cover story offers a radically different narrative than what Hersh’s February 8 report alleges. Using anonymous sourcing, Hersh reported that the Nord Stream pipelines were destroyed by explosives planted by US Navy divers in June 2022 under the cover of NATO drills in the Baltic Sea. The operation was done in coordination with Norway, and a Norwegian spy plane detonated the explosives by dropping a sonar buoy on September 26, 2022.
The last time Scholz visited Washington was on February 7, 2022. Biden vowed during a press conference that day that if Russia invaded Ukraine, he would “bring an end” to the Nord Stream 2 pipeline. According to Hersh, the plot to destroy the pipelines was already underway at that time, and the plotters took Biden’s comment as a blatant threat.
On Scholz’s possible complicity in the operation, Hersh said in his new article: “At this point, it must be noted that Chancellor Scholz, whether or not he was alerted of the destruction of the pipeline in advance—still an open question—has clearly been complicit since last fall in support of the Biden Administration’s cover-up of its operation in the Baltic Sea.”
END
USA COVID//
END
SWAMP STORIES
THE KING REPORT
The King Report March 22, 2023 Issue 6973
Independent View of the News
The King Report March 27, 2023 Issue 6076 Independent View of the News Deutsche Bank Slumps in Resurgence of European Bank Worries Deutsche Bank slumped as much as 15%… Crosstown rival Commerzbank AG, Spain’s Banco de Sabadell SA and France’s Société Générale SA also saw steep drops… The cost of insuring Deutsche Bank’s five year senior bonds was quoted at around 220 basis points on Friday morning… Credit Suisse… 1-year CDS blew out past 3000 basis points at the height of the turmoil… https://finance.yahoo.com/news/deutsche-bank-shares-plunge-renewed-103108417.html
German Chancellor Olaf Scholz Says Deutsche Bank ‘Very Profitable,’ No Need for Concern https://t.co/v9gWoFz5x8
Treasury Secretary Yellen convenes U.S. financial regulators for an unscheduled meeting – BBG Yellen Calls Friday FSOC Meeting after Banking-Sector Turmoil – BBG 10:41 ET
US Treasury: Financial Stability Oversight Council Established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council provides comprehensive monitoring of the stability of our nation’s financial system… The Council’s voting members are: The Secretary of the Treasury who serves as the Chairperson of the CouncilThe Chairman of the Board of Governors of the Federal Reserve System The Comptroller of the Currency (OCC) The Director of the Bureau of Consumer Financial Protection (CFPB) The Chairman of the Securities and Exchange Commission (SEC) The Chairperson of the Federal Deposit Insurance Corporation (FDIC) The Chairperson of the Commodity Futures Trading Commission (CFTC) The Director of the Federal Housing Finance Agency (FHFA) The Chairman of the National Credit Union Administration (NCUA); and An independent member with insurance expertise who is appointed by the President and confirmed by the Senate for a six-year term. The Council’s nonvoting members, who serve in an advisory capacity, are: The Director of the Office of Financial Research The Director of the Federal Insurance Office A state insurance commissioner designated by the state insurance commissioners A state banking supervisor designated by the state banking supervisors; and A state securities commissioner… designated by the state securities commissioners… https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/fsoc
Republicans Seek SVB Records from Fed Board, San Francisco Fed “It is apparent that the Federal Reserve supervisors and examiners neglected to intervene in a meaningful, appropriate way to rectify the bank’s deficiencies, ensure safe and sound operations, and prevent its ultimate failure,” the lawmakers wrote… https://t.co/ja0j3jTiq0
San Francisco Fed President Mary Daly, whose role in the collapse of Silicon Valley Bank is under scrutiny, has pulled out of an appearance at a conference hosted by her bankhttps://t.co/RRuCJlQBmP
@YALiberty: Sen. KENNEDY “So $51 trillion of debt, up from $33 trillion doesn’t bother you?” Yellen: “I think the path that’s set out in the President’s budget is fiscally sustainable.” Yellen also argues that the national debt being 109% of GDP is no big deal (Because interest rate are low)… (Kennedy: “Madam Secretary, are you a Keynesian?” Yellen: “I don’t quite know what you mean.”) https://twitter.com/YALiberty/status/1639379059611238402?s=02
@RNCResearch: Biden Treasury Secretary Janet Yellen: Public opinion of the IRS is “extremely negative” because the IRS isn’t large enoughhttps://t.co/PqJljREkcA (She is addled and incompetent.)
St. Louis Fed President Bullard Says the U.S. Banking System Remains Very Strong and Resilient, in “Very Good Shape”; Fed’s Bullard: Abandoning the 2% Inflation Target Would Be a “Disaster,” Sending the World Back tothe 1970’s
Fed’s Bullard Lifts His 2023 Rate Forecast (to 5.625%!) on Strong Growth “I had previously been at 5-3/8, now I’m at 5-5/8, so a little bit higher — 25 basis points higher… Bullard added that the upgrade was “also under the assumption that the financial stress abates in the weeks and months ahead.”… https://ca.finance.yahoo.com/news/fed-bullard-lifts-2023-rate-153120803.html
Fed’s Bullard says collapse of Silicon Valley Bank was ‘quirky situation’ and regulators have tools to handle fallout – The U.S. economy will be cushioned somewhat from the fallout of the recent stress in the bankingsector because long-term bond yields have fallen … The government stands ready to take additional actions as needed, he said.The rapid collapse of the bank caught everyone by surprise… it is “relatively common” that some banks don’t adapt to changing interest-rate environments despite clear signals from the Fed, Bullard said… https://t.co/ZdC7KfbjKd
Insurer Default Swaps Climb Amid Renewed Bank-Sector Angst The cost to protect the debt of Lincoln National Corp., MetLife Inc. and Prudential Financial Inc. from default jumped Friday… Five-year credit-default swaps tied Lincoln National’s senior debt climbed as much as 29 basis points Friday to 299 basis points, according to ICE Data Services. That’s up from 185 basis points earlier this month. Similar contracts for MetLife rose up to 33 basis points to 160 basis points… https://news.bloomberglaw.com/bankruptcy-law/insurer-default-swaps-climb-amid-renewed-financial-sector-angst
@boazweinstein: A new front in the battle opened up… – life insurers. The fundamental rationale is CRE and financials exposure even if they don’t have the HTM issues of the banks.https://t.co/eEqmlPjNea
On Friday, the usual suspects, including big-time bond managers that have been eviscerated for the past year or so, stridently proclaimed that the Fed will now pivot to rate cuts. Of course, they are ‘talking their books.’ A 40-year Grand Super Cycle bull market in bonds created many geniuses. But, ‘don’t confuse brains with a 40-year Grand Super Cycle bull market.’
As we have proclaimed for years, bonds are the Mother of All Bubbles. Fed promiscuity, NZIRP, and bond market rigging fomented a grand bond market bubble. When the inflation genie got out of the bottle, the bond bubble burst. Financial asset managers, especially those that have not managed money is a secular bond bear market got punished. They remain chagrined, angry, and defiant.
When bubbles burst, there is typically a robust rebound rally that can last for a while. We suspect that the historic decline in bonds and notes in 2021 could produce a similar environment that ensued the Stock Market Crash of 1929. The government, Fed, and banks marshalled a grand effort to resurrect stocks after the crash. The stock market rallied until the spring of 1931. Then, the ‘grind ‘em out’ bear market began.
If the Fed cuts rates to save banks and/or ‘the system’, they better do what Volcker did after he cut rates to save banks in March 1980 from the Hunt Brothers’ silver corner fiasco. Paul hiked rates a few months later. When the current crisis subsides, the Fed better hike rates and resume the fight against inflation.
If the Fed goes Weimar again, like it did after 2008 and after the Covid Panic, inflation will soar and bonds will crater – and bank stress will intensify. Rinse, lather, repeat!
The braying hope for Fed rate cuts boosted stocks on Friday. The usual suspects eagerly poured into stuff after the early tumble. Some astute observers noted that the market is trading like it did in 2008: People kept buying stocks without full understanding of the size and scope of the financial crisis on the hope of Fed rate cuts and more easy credit.
ESMs traded sideways, mostly in modestly positive trading during Asian trading on Friday. They jumped higher after the European open on the usual trader buying. The 3998.25 ESM peak appeared at 3:41 ET; ESMs and stocks then tumbled on Deutsche Bank’s travails.
After hitting a low of 3937.00 at 8:07 ET, ESMs and stocks rallied until sellers torpedoed the rally on the NYSE open. However, traders are conditioned to buy opening NYSE dips; and pundits littered the tape and airwaves with Fed rate cuts jabberwocky. So, ESMs and stocks rallied sharply, albeit erratically.
The rally, fueled by visions of more Fed largesse, intractably persisted in stair-step fashion until 15:38 ET. ESMs and stock retreated until the late manipulation appeared at 15:53 ET.
Fed’s Barkin Says ‘Clear’ Case for Raising Rates This Week Federal Reserve Bank of Richmond President Thomas Barkin said… “Inflation is high. Demand hadn’t seemed to come down. And so, the case for raising was pretty clear,” he was quoted as saying in an interview with CNN… https://finance.yahoo.com/news/feds-barkin-says-case-rate-162700945.html
@greg_price11: Biden on the banking crisis: “I think we’ve done a pretty damn good job… The banks are in pretty good shape… I don’t see anything on the horizon that’s about to explode.” https://twitter.com/greg_price11/status/1639376231819882498
(March) S&P Global Flash US Composite PMI – Fastest uptick in US private sector business activity for almost a year, as new orders return to growth, but selling price inflation acceleratesFlash US PMI Composite Output Index at 53.3(February: 50.1). 10-month high. Flash US Services Business Activity Index(2) at 53.8 (February: 50.6). 11-month high. Flash US Manufacturing Output Index(4) at 51.0 (February: 47.4). 10-month high. Flash US Manufacturing PMI at 49.3 (February:47.3). 5-month high. https://www.pmi.spglobal.com/Public/Home/PressRelease/53e9f887b83e47d7bc6681c608d5aa3f
Positive aspects of previous session Stocks and bonds rallied on the notion that the Fed will soon pivot
Negative aspects of previous session Fangs declined The KBW Bank Stock Index hit a new low!!! (Lowest since 11/6/20; but rallied in the afternoon)
Ambiguous aspects of previous session Is buying stocks because the Fed will ease for a recession and banking crisis a good idea?
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]: 3951.03 Previous session High/Low: 3972.74; 3909.16
Federal appeals court blocks Biden’s vaccine mandate for US government workers https://t.co/BRIAGttMsx
House GOP demands Biden reveal Chinese ties to Silicon Valley Bank The letter listed four Chinese tech and pharmaceutical companies with deposits at SVB totaling $289 million… “The American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party… Joe Biden should answer whether his family has received large payments from companies in China, and whether his judgment was influenced as a result.” https://nypost.com/2023/03/25/house-gop-demands-biden-reveal-china-ties-to-failed-bank/
@boazweinstein: The most striking thing to me right now is the differing expectations for volatility and systemic risk between markets over the next month. I’m pretty sure the relationship between vol in rates vs. vol in equity and credit has never been this stretched in history. https://t.co/c8c9g3TsJ8
@Mayhem4Markets: Commercial mortgage-backed securities prices are at their lowest levels since October of 2009. Not a great sign for regional banks who have large exposure. https://t.co/gmptDnRtlx
@MacroAlf: In October 2021 the bond market was pricing the Fed to hike by 30 bps and inflation to be 2% in 2022. The Fed hiked by 400+ bps and inflation turned out to be ~8%. The bond market didn’t predict inflation & the hiking cycle. What makes you sure now it knows something we don’t?
The ‘low rate’ junkies ignoring US banking crisis Stocks rebounded because we have a banking crisis and the possibility of lower interest rates sometime soon. That means traders are betting, like drug-addled junkies, that the Fed could resume giving them their fix…The modern-day stock market is an addict — and like an addict, it can’t be trusted. It will lead you astray with false promises… Buttoned-down commercial bankers as opposed to meme-stock-pumping retail traders took wild gambles on commercial real estate and early-stage VC companies. They, too, are getting crushed by higher rates as asset prices begin to wean themselves off their risk-on addiction… https://nypost.com/2023/03/25/the-low-rate-junkies-ignoring-us-banking-crisis/
Today – Last year, the Fed warned that it would hike rates; but the market derisively snubbed the Fed. After a series of aggressive rate hikes in Q3 & Q4 2022, the market finally got religion – and the public realized that banks were exploiting customers via inferior rates. We have returned to the Fed warning about higher rates, after the crisis passes, and the usual suspects thumbing their noses at Fed officials –while people are increasingly fleeing banks’ inferior rates. This is an extremely perilous environment.
Expected economic data: March Dallas Fed Mfg. Activity -4
ESMs hit +26.00 at 19:30 ET because equity traders are extremely bullish!
Iran retaliates against US strikes, fires 3 missiles at American base in Syria Iran-backed fighters have reportedly fired three missiles at a US military base in northeast Syria… after President Joe Biden approved a retaliatory air strike in response to what is believed to have been an Iranian drone attack that killed an American contractor and wounded five US troops… https://thepostmillennial.com/breaking-iran-backed-fighters-fire-three-missiles-at-us-military-base-in-northeast-syria
@CBSEveningNews: CBS News has learned there have been three more attacks on American bases from Iran-backed forces since retaliatory airstrikes overnight. It all started when a suspected Iranian drone hit and killed an American and wounded at least six others. https://t.co/sqTkZUyBnF
@ELINTNews: “US forces in Syria were injured Friday from Iranian rocket attacks targeted American outposts, Fox News has learned.” “The number of casualties has not been disclosed but some may be serious. The Pentagon was assessing its response” https://t.co/P9acoctYSO
Republicans blast Biden for ‘weak’ response to Iranian attacks in Syriahttps://t.co/xiL0PzW7bJ
CNN: US charges suspected Russian spy who allegedly used fake identity to enter US, gather info from American citizens – Cherkasov allegedly gathered information about US policy toward the potential Russian invasion of Ukraine before the war began… That source also told Cherkasov… US Secretary of Defense Lloyd Austin “was explicitly instructed by the administration (I don’t know by whom exactly) … ‘not to give any conceivable signal of the US military involvement potentiality.‘” “Meaning… the administration is definitely not in any position to help Ukrainians, if the fight breaks out. Whatever the press says or political promises were made, they are not going to be enforced beyond just words. The administration does not want this conflict, because they don’t have any meaningful way of gaining something out of it.”… (Team Biden gave Putin a green light on invading!) https://amp.cnn.com/cnn/2023/03/24/politics/russian-spy-us-graduate-student/index.html
Biden before Russia invaded Ukraine: “I think what you’re going to see is that Russia will be held accountable if it invades. And it depends on what it does. It’s one thing if it’s a minor incursion and then we end up having a fight about what to do and not do.”… https://www.npr.org/2022/01/20/1074466148/biden-russia-ukraine-minor-incursion
5 Reasons why Saddam Hussein thought he could invade Kuwait and win 1. Saddam thought the U.S. was okay with the invasion – Saddam supposedly thought the Kuwaitis were stealing oil and purposely producing more than OPEC standards in order to keep Iraqi revenues low. To keep tensions from rising, U.S. Ambassador April Glaspie met with Saddam who told her he wanted Kuwait to agree to the OPEC standards. Under orders from the Bush administration, Glaspie told Saddam the U.S. had no opinion on the issue… when Saddam went to war, he was actually surprised to get a condemnation from the United States… https://www.wearethemighty.com/articles/5-reasons-why-saddam-hussein-thought-he-could-invade-kuwait-and-win/
@greg_price11: Biden says that “we vastly exaggerate” the closeness of China and Russia and then creepily whispers “they haven’t yet” given each other weapons. (So embarrassing! Please make it stop!) https://twitter.com/greg_price11/status/1639374468148789248
@RNCResearch: Biden starts screaming as he tells the Canadian Parliament a story about him and Xi Jinping “in the Tibetan plateau.”https://t.co/qG6nWZXyOW
Biden blasted for claiming GOP would slash border funding: ‘Must be a parody’ https://t.co/VlCjFHnOfI (He also said the MAGA GOP want to defund police! Joe has been lying for fifty years with impunity!)
Putin says Russia will station tactical nukes in Belarus – Putin said he was responding to Britain’s decision this past week to provide Ukraine with armor-piercing rounds containing depleted uranium. Russia falsely claimed these rounds have nuclear components…https://t.co/h2tfQ7830C
A united China and Russia warn that ‘change not seen in 100 years’ is coming. The US is in a proxy war with Russia. For years, China has been preparing for war with the US. Saudi Arabia and Iran are conciliating under China’s guidance. Iran is about to produce atom bombs. The woke US military is plagued by a recruitment collapse. The US banking system is in crisis; a recession with inflation looms; the US transportation system is beset with danger; the US border crisis is ongoing; yada, yada, yada; the cognitively-challenged Biden and his leftist idealogues are oblivious to the perils – and the MSM covers for their abject incompetence and destructive actions. Keep buying stuff; the Fed must ease!
“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.” — G. Michael Hopf, Those Who Remain (Postapocalyptic novel)
@kristina_wong: Air Force Assistant Secretary for Manpower and Reserve Affairs Alex Wagner shares a personal story to explain why Diversity, Equity and Inclusion (DEI) is needed in the military: (Because a female on his staff convinced him to order ankle socks and not just crew socks!) https://twitter.com/kristina_wong/status/1639262728198975492
Biden admin cracks down on air conditioners as war on appliances continueshttps://t.co/dWo64NL6Rb
Biden bagman in mystery China payouts exposed as Clinton-linked lobbyist Rob Walker, the Hunter Biden associate who paid Biden family members after he received a $3 million wire transfer from a communist-backed Chinese energy company, has political ties dating to the Clinton administration. House investigators identified Mr. Walker as a “critical witness” in its probe of President Biden and his family’s finances after uncovering bank records revealing the suspicious payments totaling roughly $1 million just two months after Mr. Biden ended his term as vice president in 2017. The reason for the payments remains a mystery… https://trib.al/TLZsSFj
Biden urged communist China infiltration as vice president On a trip to China in 2011, then-Vice President Joe Biden went before Sichuan University students and talked of a day when their countrymen would operate in virtually every American power center, from schools and laboratories to the U.S. government. He said, “In order to cement this robust partnership, we have to go beyond close ties between Washington and Beijing, which we’re working on every day, go beyond it to include all levels of government, go beyond it to include classrooms and laboratories, athletic fields and boardrooms.” Who knew then that this Biden-sponsored infiltration would include the Biden family “boardrooms”?… Son Hunter Biden was already in the middle of shuttling to Chinese money centers. He had visited in 2010 and again a few months before his dad’s Sichuan speech… https://www.washingtontimes.com/news/2023/mar/23/biden-urged-communist-china-infiltration-as-vice-p/
White House corrects Biden’s gaffe claiming law helps keep guns away from ‘domestic political advisors’ – Vice President Kamala Harris also raised eyebrows with some of her comments at the Women’s History Month event… Earlier in the speech, he made another bizarre comment. He said of his wife, “Jill has — puts messages on my mirror, where I’m shaving, so I make sure I see them. And one that was put in about a year ago was, ‘Stop trying to make me love you.'”… https://www.foxnews.com/media/white-house-corrects-bidens-gaffe-claiming-help-keeps-guns-domestic-political-advisors
@TheInsiderPaper: After 2022 viral skit, Saudi TV mocks Biden again in 2023https://t.co/atnnasFTG5
Biden irked by Kamala Harris not ‘rising to occasion’ or taking ‘anything off his plate’https://trib.al/H4EztHM
Trump shares chilling picture threatening Manhattan DA with a baseball bathttps://trib.al/NfBBiTp
Trump, Turning Up Heat, Raises Specter of Violence if He Is Charged In an overnight social media post, former President Donald Trump predicted that “potential death and destruction” may result if, as expected, he is charged by the Manhattan district attorney in connection with hush-money payments to a porn star made during the 2016 campaign… “What kind of person,” Trump wrote of Bragg, “can charge another person, in this case a former president of the United States, … when it is known by all that NO crime has been committed, & also that potential death & destruction in such a false charge could be catastrophic for our country?” “Why & who would do such a thing? Only a degenerate psychopath that truly hates the USA!” the former president wrote… https://news.yahoo.com/trump-turning-heat-raises-specter-133014762.html
Trump’s Fundraising (Grift) Fatigue – A lackluster pre-indictment-gate small-dollar haul highlights an unlikely vulnerability vexing the Trump campaign: the easy money is no longer there. https://puck.news/trumps-fundraining-fatigue/
@ChuckRossDC: Lanny Davis, the Clinton fixer now representing Michael Cohen, tells Politico he triggered the Manhattan DA investigation of Trump. Davis repeatedly gave false information to the media about Cohen and Trump during Mueller probe. https://twitter.com/ChuckRossDC/status/1639260769429733378
Politico: Davis on how he triggered the Manhattan DA to investigate the hush money case: “CYRUS VANCE SR. was the secretary of State under JIMMY CARTER — I’m showing my age now. … I was in my 20s when President Carter was elected. And I got to know Mr. Vance. So his son, being the DA of [Manhattan], I called after Michael was sent to prison. … And I thought … the evidence of financial fraud was on the record in the [congressional] hearings and that Vance’s office should interview Michael. And they came to Otisville [the prison where Cohen was serving]. … They did manage to get a visit, and then two and then three separate visits at the beginning. … And that’s how it began.”… [T]hey came back, and the next two sessions were very productive. And then it led to an open investigation.”… https://www.politico.com/newsletters/playbook/2023/03/24/cohens-lawyer-dishes-on-the-n-y-trump-investigation-00088701
WSJ’ Kim Strassel: Alvin Bragg’s Whirlwind Imagine a new Trump Justice Department if politicians are fair game for prosecution. Every prosecutor in American history—up to now—understood the national risk of crossing that Rubicon. The scandal is that Mr. Bragg looks set not only to splash in, but to do so with the most pathetic of legal arguments…The prosecutor is therefore straining to morph this into a felony, by levying a charge of falsification in aid of another crime… Because if Mr. Bragg acts, the precedent will be set. America will officially become a country—like Bolivia or the Philippines—where prosecutors of one political party arrest leaders of a rival political party… The bigger question will be what comes next… let’s imagine for a moment that Mr. Trump not only beats any rap but uses the attention to reclaim the presidency… The targeted president may think it only fitting to stack the Justice Department with officials who play as rough as and as dirty as Mr. Bragg. Once a country declares political figures fair game for any old prosecution, it’s a short hop to leaders’ using their powers not only against the opposition but against dissenters within their own political ranks… Democrats and the media can continue pretending otherwise, hoarsely shouting “no one is above the law.” But it doesn’t change the reality of the fallout… https://www.wsj.com/articles/alvin-braggs-whirlwind-trump-indictment-business-payments-campaign-finance-daniels-new-york-aa86293a
CNN: FBI informant speaks with CNN about her role in Proud Boys trial Loh was also a paid FBI informant. That revelation threw a wrench into the ongoing trial this week in federal court in Washington, DC, when defense counsel learned of her relationship with the government… https://www.cnn.com/2023/03/24/politics/proud-boys-fbi-informant/index.html
@InvestigateJ6: New York Times’ Alan Feuer confirms the story we broke yesterday. Jen Loh, Nat’l Dir for LEXIT (Latino-Exit) is the FBI informant embedded within the Proud Boy defendant’s families’ prayer group. (Real name Jennylyn Salinas) https://twitter.com/InvestigateJ6/status/1639363899739758602
Man at Center of Jan. 6 Conspiracy Theory Demands Retraction from Fox A lawyer for Ray Epps has demanded that the Fox host Tucker Carlson publicly apologize for “false and defamatory statements” that Mr. Epps served as a federal agent during the Capitol attack… https://www.nytimes.com/2023/03/23/us/politics/ray-epps-jan-6-fox-tucker-carlson.html
@DarrenJBeattie: Epps’ new lawyer, Michael Teter, is apparently an alum of Perkins Coie and now works for disgraced Dem operative David Brock. You just can’t make this stuff up! GOP @RepMTG: Perkins Coie represented Hillary Clinton and David Brock wrote the David Brock memo after Hillary lost that launched the plan to take down Pres Trump backed by big Democrat donors. I’m paying very close attention. I always have. The American people deserve the truth.
Macron under pressure as hundreds injured in French protests More than 450 people were arrested Thursday during the most violent day of protests since the start of the year against Macron’s bid to raise the retirement age to 64 (from 62)… https://www.yahoo.com/entertainment/macron-under-pressure-hundreds-injured-110711773.html (No matter how much and how many freebies socialism provides, it is never enough!)
@ricwe123: Emmanuel Macron while asking for sacrifices from the French people suddenly realizes he is wearing a €80,000 watch. And voila, just like a magician it disappears under the table…. https://twitter.com/ricwe123/status/1639280490921304065
@simonateba: Speaking in Texas, @realDonaldTrump says, “In 2016, I declared I am your voice. And now I say to you again tonight, I am your warrior. I am your justice. For those who have been wronged and betrayed, I am your retribution. We will take care of it…” https://t.co/i2zmoeArXC
@TheInsiderPaper: Trump at Waco: ‘Who’s our biggest threat? Is it China? Is it Russia?’ No our biggest threat are high level politicians that work in the United States government. Like Mitch McConnell, Nancy Pelosi…” https://twitter.com/TheInsiderPaper/status/1639780001313611777?s=02
Dem Sen. John Fetterman could remain hospitalized for 2 more weeks as docs try to get meds ‘exactly right’: report (Lots of rumors about Fetterman circulating!) https://trib.al/CJGwDCe
STARTING TOMORROW, I WILL ONLY DO ABBREVIATED COMMENTARIES,
HOWEVER I WILL CAPTURE THE MAJOR EVENTS
THIS WILL BE FOR 3 WEEKS
JPMORGAN stopped 7/180 contracts
DONATE
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GOLD: NUMBER OF NOTICES FILED FOR MAR/2023. CONTRACT: 6 NOT
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
end
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards/John Rubino
A
3,Chris Powell of GATA provides to us very important physical commentaries
end
4. OTHER GOLD/SILVER RELATED COMMENTARIES/
END
5.IMPORTANT COMMENTARIES ON COMMODITIES: LITHIUM
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//MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 6.8823
OFFSHORE YUAN: 6.8835
SHANGHAI CLOSED DOWN 14.26 PTS OR 0.40%
HANG SANG CLOSED DOWN 347.98 PTS OR 1.75%
2. Nikkei closed UP 91.67 PTS OR 0.33%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 102.79 EURO RISES TO 1.0718 DOWN 119 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.257(Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 129.13/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 +2.2027%***/Italian 10 Yr bond yield FALLS to 3.951*** /SPAIN 10 YR BOND YIELD FALLS TO 3.103…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 4.014/
3j Gold at $1994.50 silver at: 23.14 nam est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 51/100 roubles/dollar; ROUBLE AT 76.51//
3m oil into the 67 dollar handle for WTI and 73 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 129.83 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .257% 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 0.9214as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9877well 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: 3.302 DOWN 10 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.6130 DOWN 7 BASIS PTS/
USA 2 YR BOND YIELD: 3.613DOWN 7 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 19.07…
GREAT BRITAIN/10 YEAR YIELD: 3.189% DOWN 57BASIS PTS
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
AND 2 b) NOW NEWSQUAWK (EUROPE/REPORT)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 14.26 PTS OR 0.40% //Hang Seng CLOSED DOWN 347.99PTS OR 1.75% /The Nikkei closed UP 91.67PTS OR 0.13% //Australia’s all ordinaries CLOSED UP 0.05% /Chinese yuan (ONSHORE) closed DOWN 6.8823//OFFSHORE CHINESE YUAN DOWN TO 6.8835 /Oil UP TO 69.56dollars per barrel for WTI and BRENT AT 75.37 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
END
2e) JAPAN
JAPAN/
END
3 CHINA /
CHINA/USA
end
4.EUROPEAN AND UK AFFAIRS
GERMANY/
Mega strike’ in Germany: Flights, trains and buses cancelled during mass walkout starting on Sunday
German unions begin a 24 hr mega strike demanding higher wages
(zerohedge)
German Transport Crippled By Inflation-Sparked “Mega Strike”
MONDAY, MAR 27, 2023 – 03:35 PM
The transportation network of Europe’s largest economy has ground to a halt as German unions begin a 24-hour “mega strike.” Workers flooded the streets of German cities as they demanded higher wages in response to the worst inflation in decades. The strike contributes to the ongoing social unrest in France, where millions protested last week against the government’s unpopular pension reform.
The strike, which started just after midnight on Sunday, follows increasing protests seen across Europe over recent months as rising prices decimate household budgets.
Without workers nothing moves!@MUC_Airport looks like a ghost city during workers #Streik
“It is a matter of survival for many thousands of employees to get a considerable pay rise,” Frank Werneke, who heads the Verdi labor union, told told Bild am Sonntag.
In February, German consumer prices surprised analysts, rising 9.3% year-over-year, slightly accelerating from the pace observed in January.
The striking workers are members of two of Germany’s largest unions. Verdi boasts some 2.5 million members across the public sector, including public transport such as airports. EVG comprises nearly a quarter-million workers at national rail operator Deutsche Bahn, as well as bus lines.
… and this is also increasing recession threat.
Good Morning from Germany, where the yield curve is again inverting more sharply w/2y Bund yields are rising much more than 10y yields today as the banking stress eases somewhat. As a true recession barometer, the significance of the 2s/10s yield spread is currently limited. pic.twitter.com/TVR2HQFvs6— Holger Zschaepitz (@Schuldensuehner) March 27, 2023
Verdi seeks a 10.5% across-the-board pay raise, while EVG is asking for 12%, according to BBC. German postal workers scored an 11.5% pay hike in March.
The union strikes have the potential to alienate the general public. Even before the strikes commenced, cancellations filled airport flight monitors. At Frankfurt — Germany’s largest airport — all arriving and departing flights were cancelled for the entirety of Monday.
Germany’s airport association estimated 380,000 air travelers will feel the effects, to say nothing of the burden on local and long-distance rail and bus users. Last week, Deutsche Bahn proactively cancelled all long-haul rail service for Monday.
And now I need to figure out how to get back to Germany with all my flights cancelled due to strikes! Thanks ver.di — Nitinder Mohan (@nitinder_mohan) March 27, 2023
The shutdown of planes, trains, buses and subways is expected to cause higher car traffic and accompanying road delays. Even the roads won’t be fully spared, as Werneke says some highway tunnels will be affected.
“A labor struggle that has no impact is toothless,” he added.
Largest strike in decades brings Germany to a standstill
Airports and bus and train stations across Germany were at a standstill on Monday morning, causing disruption for millions at the start of the working week during one of the largest walkouts in https://t.co/SAEuQ9hMSU… pic.twitter.com/5rp1V6a6mj— PiQ (@PriapusIQ) March 27, 2023
Central-banking-created price inflation has hit Germany particularly hard, thanks to the compounding effect of the country’s reliance on Russian gas — the supply of which has evaporated in the wake of Russia’s invasion of Ukraine and Western efforts to curtail Russian exports.
Even if peace breaks out, that supply is likely to be impaired for some time, thank to the destruction of Russia’s Nord Stream 2 gas pipeline, an act that — if investigative journalist Seymour Hersh’s detailed account is correct — was carried out by the United States government. 0
END
5.RUSSIA//UKRAINE//MIDDLE EASTERN AFFAIRS//
BELARUS//UKRAINE.RUSSIA
How does this increase the risk ofa nuclear attack. And why is it wrong for Belarus to put nuclear weapons next to NATO countries and right to put nuclear weapons in Ukraine?
(zerohedge)
Ukraine Urges Emergency UN Security Meeting Over Putin Plan To Put Nukes In Belarus
MONDAY, MAR 27, 2023 – 11:15 AM
Ukraine is calling on its allies in the United Nations to convene an emergency UN Security Council meeting in order to condemn what it calls the Kremlin’s “nuclear blackmail.”
The Ukrainian foreign ministry issued a statement Sunday, saying “Ukraine expects effective measures to counter the Kremlin’s nuclear blackmail by the United Kingdom, China, the USA and France, in particular, as permanent members of the UN Security Council.”
“We demand to immediately convene an extraordinary meeting of the UN Security Council for this purpose,” it added.
This after on Saturday Tass news agency quoted President Vladimir Putin as saying Russia had struck a deal with neighboring Belarus to station tactical nuclear weapons on its territory in a major escalation aimed at both Kiev and the West.
Putin sought to justify the ultra-provocative move as something necessary to counter NATO: “We are doing what they have been doing for decades,” Putin said. Likely he has Turkey in mind, which lies just across the Black Sea from Russia’s south. The US, and thus NATO, has kept tactical nukes in Turkey for decades, part of a “nuclear sharing” policy with allies.
As The New York Times reports, Putin said nukes could be stationed in Belarus as early as the summer:
President Vladimir V. Putin of Russia said he would be able to position nuclear weapons in Belarus by the summer, a claim that analysts said was likely bluster but which underscored the Kremlin’s determination to use its vast nuclear arsenal to pressure the West to back down from its support of Ukraine.
Western officials condemned Mr. Putin’s remarks as irresponsible, even as they said that they saw no indication that Russia was making changes to how it deploys nuclear weapons.
“He said that 10 Belarusian warplanes have already been retrofitted to carry Russian nuclear weapons, and that a storage facility for the warheads would be ready by July 1,” the report adds.
But there’s some debate over how significant such a move would be, given that “Analysts also pointed out that even if Russia were to transfer some of its warheads, the action wouldn’t substantially change the nuclear threat posed by Russia since it can already target a vast range of territory from inside its own borders,” according to the Times. And again, it’s long been the case that US tactical nukes are hosted in European countries, which Moscow has long condemned.
BELARUS/RUSSIA/EU
So it is oK to put nukes in the Ukraine facing Russia and not for Russia to put nukes in Belarus facing NATO
(zerohedge)
EU Threatens More Sanctions If Russia Stations Tactical Nuclear Weapons In Belarus
The European Union is threatening more sanctions on Russia if it stations tactical nuclear weapons in Belarus.
It comes after Russian President Vladimir Putin announced on March 25 that his government would move tactical nuclear weapons to Belarus, in a clear warning to Ukraine and allied Western nations as they continue to provide military and financial support to Kyiv.
The bloc’s foreign policy chief, Josep Borrell, warned Belarus about allowing Russian tactical nuclear weapons to be placed in its territory.
“Belarus hosting Russian nuclear weapons would mean an irresponsible escalation & threat to European security. Belarus can still stop it, it is their choice. The EU stands ready to respond with further sanctions,” Borrell said in a Twitter post on March 26.
NATO spokeswoman Oana Lungescu condemned the Kremlin’s move, calling it “dangerous and irresponsible.”
Moving the weapons to a storage facility in Belarus raises the stakes in the Ukrainian conflict, by placing them closer to the combat zone and the borders of NATO.
Ukrainian service members next to an infantry fighting vehicle near the frontline town of Bakhmut, amid Russia’s attack on Ukraine, in Donetsk region, Ukraine, on Feb. 25, 2023. (Yan Dobronosov/Reuters)
Putin Protests UK-Supplied Depleted Uranium
Putin said that the move was triggered by the UK’s decision to provide Ukraine with depleted uranium armor piercing shells, which are widely considered to be toxic.
He said “the trigger was the statement by the British deputy minister of defenсe that they are going to supply depleted uranium munitions to Ukraine, this is somehow related to nuclear technology.”
“Those weapons are harmful not just for combatants, but also for the people living in those territories and for the environment,” he said in a previous statement.
Putin argued that the deployment of tactical nuclear weapons in Belarus is no different than the United States storing nukes in Belgium, Germany, Italy, the Netherlands, Greece, and Turkey.
“There is nothing unusual here either: firstly, the United States have been doing this for decades. They have long ago deployed their tactical nuclear weapons on the territory of their allied countries, NATO countries, in Europe, in six states.”
“We are going to do the same thing.”
Tactical nuclear weapons are short range and primarily intended for use on the battlefield. They a low yield compared with the more powerful nuclear warheads, which are carried by long range missiles.
The Russian president claimed that the decision does not violate existing nuclear non-proliferation agreements.
“I emphasize, without violating our international obligations on the nonproliferation of nuclear weapons, we have already helped our Belarusian colleagues and equip their aircraft, aircraft of the Belarusian Air Force. Ten aircraft are ready for use of this type weapon,” said Putin.
It would be the first time since 1996 that the Russians have based nuclear weapons outside of their borders.
Before the collapse of the Soviet Union in 1991, there were once nuclear weapons within the borders of Ukraine, Belarus, and Kazakhstan, but they have since been returned to Russia.
Russia plans to maintain complete control over the nuclear weapons it sends to Belarus and will complete the storage facilities built to house them by July 1, Putin said.
Defense Secretary Lloyd Austin (R) and Chairman of the Joint Chiefs of Staff Gen. Mark Milley, attend a virtual meeting of the Ukraine Defense Contact Group at the Pentagon in Washington on March 15, 2023. (Andrew Caballero-Reynolds/Pool via AP)
Biden Administration Monitoring Situation
Putin did not reveal how many nuclear weapons would be left in Belarus, which borders Ukraine, Poland, Lithuania, and Latvia, which are members of NATO.
The Pentagon believes that Russia has about 2,000 tactical nuclear weapons, including bombs that can be carried by tactical aircraft, along with warheads for short range missiles and artillery rounds.
“We have not seen any indication that he’s made good on this pledge, or moved any nuclear weapons around,” National Security Council spokesman John Kirby told CBS’ “Face the Nation.”
The Biden administration said it would “monitor the implications” of Putin’s decision, but so far there has been no indication that the Russians have started to move nuclear weapons across their borders.
“We have not seen any reason to adjust our own strategic nuclear posture nor any indications Russia is preparing to use a nuclear weapon,” said National Security Council spokeswoman Adrienne Watson.
“We remain committed to the collective defense of the NATO alliance.”
Meanwhile, Kyiv called for an urgent meeting of the U.N. Security Council on March 26 to address the move, as Ukraine’s Security Council Secretary, Oleksiy Danilov, accused the Kremlin of taking Belarus as a “nuclear hostage” and said it was taking a “step towards the internal destabilization of the country.”
The Russian president also accused the West of building a new “axis” similar to that of the Axis Powers of Germany, Italy, and Japan during World War Two, and denied that his country was building a military alliance with China.ISRAEL:
Israel in turmoil with Netanyuhu’s judicial reforms. Netanyuhu’s defense minister is fired as he urges the Prime Minister to stop the reforms
(zerohedge)
Netanyahu Fires Israel Defense Minister For Urging Halt To Judicial Reform
US “Strongly Urges” Compromise As Massive Protests Erupt Across Israel After Anti-Judicial-Reform Minister Fired
Netanyahu Pauses Judicial Overhaul To “Avoid Civil War” As Rival Protest Groups Clash
MONDAY, MAR 27, 2023 – 08:46 PM
Update(1346ET): In a much anticipated 8pm (local) speech, at a moment hundreds of thousands of protesters are in the streets, Prime Minister Benjamin Netanyahu confirmed in a televised speech that he will pause his ultra-controversial judicial overhaul plans which many say would destroy Israeli democracy and court independence.
He emphasized that he is aware of the deepening divide and tensions in society as a result of the legislation, but called the anger in the streets the product of an “extremist minority” that is “tearing Israel apart.” The crisis not only resulted in massive national strikes on Monday, but escalated to the point of growing numbers of refusals of recruits and soldiers to serve in the Israeli Defense Force’s reserve units, putting the country’s security in peril. According to Netanyahu’s words as reported in the Times of Israel:
The premier says he has repeatedly called for dialogue on the overhaul plan and says there “must not be a civil war,” saying there is a severe crisis in Israeli society.
“When there’s an option to avoid civil war through dialogue, I take a time-out for dialogue,” he says, adding that “out of national responsibility,” he is delaying the final readings of a divisive judicial appointments bill — under which the coalition would take almost complete of their appointment of all Israel’s judges — until the next Knesset session a month from now.
Reportedly many thousands of right-wing ‘counter-demonstrators’ have been taking to the streets, including in front of Knesset, to confront the much larger crowds which stand against the judicial overhaul. Crucially, Netanyahu signaled that he will eventually move forward with pushing through the legislation:
He says “most” of his coalition allies support the move, stressing that the overhaul will end up passing in one form or another.
While the large-scale demonstrations are likely to continue for the time being, they are going to drop off in intensity, also as some of the major national strikes will likely be called off:
Both the Histadrut labor union and the local council umbrella group call off their sweeping protests planned for tomorrow, in the wake of Prime Minister Benjamin Netanyahu’s announcement that he is delaying the judicial overhaul legislative push.
However, organizers of anti-overhaul protest immediately say they will keep the demonstrations going until the plan is scrapped entirely.
Update (2045ET): Massive protests have erupted across Israel tonight after PM Netanyhau fired his Defense Minister, a day after he called on the Israeli leader to halt a planned judicial overhaul that has fiercely divided the country.
As a reminder, Netanyahu and his allies say the plan will restore a balance between the judicial and executive branches and rein in what they see as an interventionist court with liberal sympathies. But critics say the constellation of laws will remove the checks and balances in Israel’s democratic system and concentrate power in the hands of the governing coalition.
Gallant’s dismissal signaled that Netanyahu will move ahead this week with the overhaul plan, which has sparked mass protests, angered military and business leaders and raised concerns among Israel’s allies.
“The country is facing the greatest danger since the Yom Kippur War,” writes former Israeli Prime Minister Naftali Bennett.
“I call on the prime minister to withdraw Galant’s dismissal letter, suspend the reform and begin negotiations until after the Day of Independence.
Israel’s Consul General has resigned…
Bibi later tweeted “we must all stand strong against refusal.”
Hundreds of thousands of Israelis took to the streets… in Tel Aviv…
… and Haifa…
Haaretz reports that amid the unprecedented protests that erupted in Israel on Sunday night, several Likud lawmakers and ministers call to stop the highly controversial legislative process of Netanyahu’s judicial reform.
Additionally, as Nadav Eyal notes, for the first time in history, Israel’s main union, as well as leaders from the banks and the entire business sector, are about to declare a general strike demanding that the government stop the plan to overhaul the judicial system.
Finally, and more ominously, amid chatter across social media of the same, Iran has dropped the c-word:
The situation is definitely escalating, as Joyce Karam summarizes…
We are deeply concerned by today’s developments out of Israel, which further underscore the urgent need for compromise.
As the President recently discussed with Prime Minister Netanyahu, democratic values have always been, and must remain, a hallmark of the U.S.- Israel relationship.
Democratic societies are strengthened by checks and balances, and fundamental changes to a democratic system should be pursued with the broadest possible base of popular support.
We continue to strongly urge Israeli leaders to find a compromise as soon as possible.
We believe that is the best path forward for Israel and all of its citizens. U.S. support for Israel’s security and democracy remains ironclad.
Which follows a report earlier in the month of the U.S. State Department has been funding a left-wing organization in Israel that is helping to promote anti-government protest aimed at bringing down Prime Minister Benjamin Netanyahu and his judicial reforms. The Washington Free Beacon reported Monday that U.S. taxpayer funds have been granted to the Movement for Quality Government (MQG), which has participated in the protests that have rocked Israel for weeks. The protests began after Netanyahu, whose right-wing coalition won a commanding majority in recent elections, began tackling the decades-old problem of the judicial usurpation of power from the legislature.
And finally, as the crisis is worsening tonight, Bibi has called the leaders of the ruling coalition parties to an emergency meeting on Monday morning.
SUNDAY, MAR 26, 2023 – 09:15 PM
Update (1415ET): In perhaps the least surprising geopolitical move of the day, Israeli PM Benjamin Netanyahu fired his defense minister on Sunday, a day after Yoav Gallant called for a halt to the planned overhaul of Israel’s judiciary that has divided the country.
Netanyahu’s office did not provide further details.
As we detailed below, Gallant, a senior member of Netanyahu’s Likud party, became the first to break ranks late Saturday by calling for the legislation to be frozen.
* * *
Earlier Sunday evening;
In a major development, Israeli defense minister Yoav Gallant on Saturday called for Benjamin Netanyahu’s government to halt its planned judicial reforms, which have prompted enormous protests and are starting to disrupt the country’s military.
“I see the source of our strength eroding…The rift within our society is widening and penetrating the Israel Defense Forces,” said Gallant in a televised evening speech. “This is a clear and immediate and tangible danger to the security of the state. I shall not be a party to this.”
In addition to calling for a suspension of the reforms, Gallant also implored Israelis to stop their enormous protests, which raged even as he spoke.
The coming week could bring high drama and even more upheaval, as the Knesset is expected to hold its final vote on the first aspect of the judicial overhaul: a measure giving the government more power over Supreme Court appointments.
Other reforms would allow the Knesset — Israel’s unicameral legislature — to override Supreme Court decisions with a simple majority vote. Others would end the court’s practice of applying a “reasonableness” test when evaluating laws and government actions.
Critics characterize the scheme as a step deeper into authoritarianism. Some say the moves are in part designed to help Netanyahu terminate his ongoing prosecution on corruption charges.
The past ten weeks have seen major public protests all across Israel. Saturday night’s crowds were reportedly the largest yet, estimated in the hundreds of thousands.
Gallant said the Israeli Defense Forces (IDF) are feeling the effects: “The events happening in Israeli society are not staying out of the military. Feelings of rage, disappointment and fear have reached heights we have never seen before,” said Gallant.
More pressingly, a growing coalition of Israeli service members — calling themselves Brothers in Arms — are committing to stop showing up for duty in protest of the measures.
Some say they’ll stay home if the judicial reform passes, but others aren’t waiting — particularly among Israel’s reserve forces. On Friday, two hundred Israeli Air Force reserve pilots signed a letter saying they will not report for two weeks. Reservists are an essential part of Israel’s military, and especially its air force, which has been active in bombing targets across Syria, including the Damascus airport.
IDF chief of staff Lt. Gen. Herzi Halevi has already sounded an internal alarm, saying the dip in reservists reporting for duty is now so large that the the military is on the verge of curtailing some operations, according to The New York Times, which quoted three anonymous Israeli officials. Two of those officials are bracing for resignations from full-time service members.
Underscoring the divisions caused by the judicial proposal, far-right national security minister Itamar Ben-Gvir lashed out at his fellow cabinet member, urging Netanyahu to fire Gallant, whom he condemned for “succumbing to the pressure of those [IDF members] who threatened to refuse [to report for duty] and are trying to stop the important reform.”
Similarly, Israel’s communications ministeraccused Gallant, a former navy commando, of “giving wind to a military coup.”
However, just minutes after Gallant concluded his remarks, two of his fellow Likud party lawmakers endorsed his plea, Haaretz reports. One is the chair of the Knesset’s security and foreign affairs committee, and the other is a person who rarely criticizes Netanyahu.
Israel’s agriculture minister and another Likud member reportedly favor a freeze as well. If they went as far as to become “no” votes, that quartet would be sufficient to impede the legislation.
On Friday — the day before Gallant’s speech — Netanyahu told reporters:
“Surrendering to [IDF] refusal is a terrible danger to the state of Israel…The country cannot exist without the IDF. There will not be a nation, it’s very simple. All red lines have been crossed. People who were responsible for the security of the country suddenly adopted this cynicism.”
Gallant said he had privately shared his views with Netanyahu, who asked him to delay going public with them. Gallant cancelled plans to speak out on Thursday, but said he now felt compelled to take his message to all Israelis.
end
Nuclear War is Coming | Dr Vernon Coleman
Robert Hryniak
1:37 AM (9 hours ago)
to
Sadly, what he says is true, a nuclear exchange is likely coming soon. The only question to know answered is the severity and intensity of the first strikes. And with this will come much more upheavals in banking and with currencies. The lies and issues are too huge to be solved by the current cast dealing with such matters. No one is going to openly admit that the US has put to sea from Hawaii its’ early warning vessel to track ballistic missile launches. Why now? Presumably a threat from China or perhaps even North Korea. It maybe mute because the first strikes will likely be sub launches much closer to shore, if it is China or Russia. What is clear from the outset and said many a time, there will be no Victors in a nuclear war. Safe to say many millions if not more will perish leaving untold damage to societies. When one sees this is dark humor to think that eager hands receiving money will get to profit. Missiles will fly to directed targets and that will include those who plot such insanity and imagine they will reap rewards. Shortly, if China receives requested Kinzhal missiles ( only need initial 12) as needed deterrent to a US carrier 1st strike. This missile is unstoppable and will sink a carrier. Then time will be short because the US will lose its’ 1st strike ability to sink the Chinese surface fleet. There are many missiles in the US arsenal that launched by jets off carriers south of Japan that can accomplish this. Why the Chinese requested the Kinzhal is that air launched from their jets flying off their coast line at the US carrier fleet they can sink the carriers. Thus forcing US carriers to be farther off shore where current US missiles air launched will not serve purpose for a 1st strike as the distance will be too great for these missiles. The question is whether Neocons can stomach such opportunity lost and swallow or try their luck. And with such a missile in Chinese hands, they will have the very real risk of many thousands of American sailors and many pilots and vessels being lost. And none of this is replaceable. In blindness if they try, they will learn they never had any luck, only hubris. In the tug and pull of war mongers, such detail is not given openly because the public is asked to accept whatever spin is put out. Did they bother to learn that CNN is headed for the toilet because they lost their audience through a lack of credibility and thus confidence as viewership has fallen? Of course not, hubris rules and flames madness. While madness to pursue such a nuclear strategy, no one said Neocons are sensible. To send depleted uranium shells for tanks to the Ukraine will not just destroy the bread basket of the world for decades causing famine; the damage to lives existent and future will be extensive. Just look at the horrors seen and documented in Iraq. One might imagine sensible people might consider this a war crime against humanity. Many nations will be affected by such wanton foolish action. Folks in neighboring countries will be affected as winds will carry nuclear dust and rains will ensure spread into many a stream. Complete madness seems the order of the day. It is like the balderdash being flung daily by Ukrainians of how well they are doing in areas like Bakhmut. Where even such things basic like combat medicine ceased to exist months ago; today there are more than 2000 wounded soldiers in Bakhmut who still cannot even get stabilization procedures. This means that they will be dead in a day or two. This is a reality of fighting in this war zone. And it is not what is being portrayed by western media and this information comes from people on the ground who have serious tactical operational experience. How does a fight become a win when losses occur because you cannot stabilize a wounded soldier on the battlefield? This means that real losses not counted and reported are at least 2 to 1 the number killed. This completely explains AZOV gangs roam Ukrainian streets for fresh cannon fodder. Madness to the last Ukrainian.
While on the deck of the Ship of Fools buglers pipe the new song of Woke, Russia and China are preparing for war. Why? Because the pipe of Buglers is not consistent with war mongering Neocons set on war and military actions being taken. Do note how little noise there is about Americans being attacked in Syria by pro Iranian forces.
Today, Russia announced this have positioned 10 aircraft inside of Belarus capable of delivering tactical nuclear weapons. We can make the assumption they are equipped. Further there will be arsenal of such weapons positioned by July 1st. Russia is doing what the US has done with NATO by such similar actions in positioning nukes near Russia. The difference is the speed of Russian hypersonic missiles. And the fact they are protected by the S400 missile defense systems. For countries like Poland it means minutes to being struck if they engage in Ukraine or attack Belarus.
Meanwhile not to be outdone the US will be sending Ghost Tanks called Octotanks. Using the latest technology these tanks can seamlessly blend into any background. The folks who built this took note how an octopus blends itself and digitized the method. No doubt this will be used on Russian forces with success. Until identification of the heat Signature occurs and then such cloaking will be useless.
In any case, there is growing speculation that some measured alignment of countries is coming soon to reject the USD in trade. While a grand idea if this is pulled off for say oil then crude prices will rise very quickly. Always note America moves on a truck. Such an event will be dramatic in causing prices to rise.
end.
Ukraine received over 100 unannounced Leopard 2 tanks
Robert Hryniak
Mar 25, 2023, 7:17 PM (12 hours ago)
to
Fake news is misleading all of us because the money whether by arms supply or wasted cash is driving inflation around the world.
Interest rates will continue to go up through into 2024. Imagine taking a 1/4% interest hike across a 20 year bond which lowers the value causing a loss in value Over the term of a bond or mortgage leading to unrealized losses being disclosed now weekly. All banks have losses in the billions. Remember all banks are interconnected today. And if there is collapse in confidence in a bank or banking in any country, capital flees. Leaving both government and the public to pick up the pieces. What regulators have not done is consider Durational Risk where long term liquidity has collapsed. In a world that is irresponsible cheering war there is no reason to to consider buying any instrument or investment beyond 90 days because there is no longer chart to follow of reason. It is like saying only 20 tanks and now learning it is over a 100 tells Ukraine will be able to extend this fight longer causing more destruction. How can there be a known cycle of order when we are being lied to?
Either this war stops or this will cause much more harm. Remember Neocons cannot look beyond conquering Russia which is impossible. Russia would rather die than give in. The same is true for China.
Does anyone realize that interest makes up a big part of deficits nowadays? Hikes in rates only makes this problem greater leading one of wonder whether there is any intention to pay off government debt?
It is likely the sign of protests across Europe today in countries like France suggests that we will see much more turmoil politically. If financially things continue much longer there will be no so called rest it will result in a Revolution across many western countries. If this occurs our known world will collapse to usher a new order. The question is whether anyone will be ready to embrace this.
And no Ukraine will be no model for the new world order as some people think. It will collapse and will be a shadow of its’ former self while Zelensky and his cronies plunder any remaining wealth leaving a standard of living for remaining Ukrainians far lower than it was. Nor will the proposed digital currency make a difference in government because they simply do not know how not to spend money.
Off-Duty Pilot Enters Southwest Cockpit To Help After Pilot Suffers Medical Emergency
SATURDAY, MAR 25, 2023 – 05:00 AM
An off-duty pilot on a Southwest Airlines flight from Las Vegas to Columbus, Ohio entered the cockpit to help after one of the on-duty pilots suffered a medical emergency mid-flight.
“The captain became incapacitated while enroute. He’s in the back of the aircraft right now with a flight attendant, but we need to get him on an ambulance immediately,” said a crew member in a communication to air traffic control, according to LiveATC.net.
“A credentialed Pilot from another airline, who was on board, entered the Flight Deck and assisted with radio communication while our Southwest Pilot flew the aircraft,” said a airline spokesman Chris Perry, CNN reports. “We greatly appreciate their support and assistance.”
A nurse who happened to also be onboard helped care for the pilot, the airline said, adding “It’s standard procedure for our Flight Crews to request assistance from traveling medical personnel during in-flight medical events involving Customers, this situation just so happened to involve one of our Employees.”
According to FlightAware.com, the plane was in the air for around one hour and 17 minutes. After returning to the Las Vegas airport, a backup crew boarded the plane and continued to Columbus as planned.
spleen, liver etc. “Everyone is just completely devastated,” “We still can’t believe it, this all happened in a matter of days.” No teratogenicity, oncogenicity, carcinogenicity, genitotoxicity study?
I will let the graphs do the talking as they are clear as to the enduring SUPERIORTY of naturally acquired immunity in preventing hospitalizations and/or death in children
excess risk of serious adverse events of special interest of 10.1 and 15.1 per 10,000 vaccinated over placebo baselines of 17.6 and 42.2 (95 % CI −0.4 to 20.6 and −3.6 to 33.8), respectively.
‘Pfizer and Moderna mRNA COVID-19 vaccines were associated with an excess risk of serious adverse events of special interest of 10.1 and 15.1 per 10,000 vaccinated over placebo baselines of 17.6 and 42.2 (95 % CI −0.4 to 20.6 and −3.6 to 33.8), respectively…
Combined, the mRNA vaccines were associated with an excess risk of serious adverse events of special interest of 12.5 per 10,000 vaccinated (95 % CI 2.1 to 22.9); risk ratio 1.43 (95 % CI 1.07 to 1.92)…
Stand by as I learn more but this is a step in the right direction knowing too that this is a monumental lift given the regulatory and storage and operational needs; just massive, but huge PRAISE!
Central Bank Digital Currency Fail? Worldwide Resistance Against Central Banks Gains MomentumMarch 23, 2023 6:49 pmIs the fear over the adoption of Central Bank Digital Currencies (CBDCs) being over-hyped? Nigeria has been used by some as an example of what may be coming to the U.S. in terms of rolling out a CBDC, as Nigeria is the first major country to do a mass rollout of CBDCs and attempt to replace cash. But now one year later, it appears that the rollout of the Nigerian CBDC, the eNaira, has been a total failure, as their Supreme Court has ruled it is “unconstitutional,” and there are calls for arresting the head of the Central Bank in Nigeria. And in an article published today, March 23, 2023, it is being reported that the Nigeria Labour Congress is calling for public sector workers to start a nationwide strike next week, protesting at Central Bank branches, which could cripple the entire country. Within the past 30 days or so, several U.S. politicians have also come out publicly against Central Bank Digital Currencies. They include: U.S. Congressman Tom Emmer, South Dakota Governor Kristi Noem, Florida Governor Ron DeSantis, and Texas U.S. Senator Ted Cruz. What do these four politicians all have in common? They are all Republicans. You know, the party that used to hold the position that “all vaccines are safe and effective and the science has been settled,” which was the position of ALL politicians, both Democrats and Republicans, until it was decided by the GOP in 2022 that it was OK to oppose one kind of “vaccine,” the COVID shots, and therefore made it a political issue. And of course they only adopted this position AFTER hundreds of millions of Americans had already received their shots. This GOP position on the COVID shots, however, did not result in any action to either STOP injecting Americans with COVID-19 bioweapons, nor hold accountable those who approved them. So do we now trust them on their opposition to Central Bank CBDCs?Read More…
Russian Soldiers Discover “Baby Factories” in Ukraine where Young Children are Grown for Child Sex Brothels and for Organ HarvestingMarch 24, 2023 4:04 pmA video has surfaced of Russian soldiers describing how they found a “baby factory” in Ukraine where young children are raised for the pedophile child brothels, or murdered to harvest their organs and sell on the Black Market. The video was published by The People’s Voice, and they mention how other sources in Russia have covered this issue, and that Western Media just excuses it as disinformation or propaganda. But Russians are not the only ones who have documented this horrible practice of trafficking babies and young children for sex and then murdering them for their body parts. Two years ago we published the documentary published by Polish film producer Patryk Vega, called “Eyes of the Devil.” In this documentary, Vega is able to actually interview one of the child traffickers who trafficks babies from Poland and Ukraine to child brothels in Germany, where the children, usually around 5 to 7-years-old, work for a few years in the brothels until their tiny bodies start to break down, and then they are murdered to harvest their organs which are trafficked to the rich and powerful.Read More…1 in 36 Children in the U.S. Now Diagnosed with Autism but CDC Refuses to Look at Vaccines as CauseMarch 24, 2023 6:29 pmA brand new study was released today by Centers for Disease Control pegging the autism rate in the United States at 1 in 44 children, up from 1 in 150 children in 2000 when their complex surveillance system—The Autism and Developmental Disabilities Monitoring (ADDM) Network—was first instituted. Looked at another way, that means 2.7% of children today have autism, and the rate has grown by 243% since 2000. In the old days, people panicked when they saw a devastating disability amongst our children increase by 243%. But, the CDC isn’t worried, their “Public Health Action” from the study is unfortunately par for the course: The continued increase among children identified with ASD, particularly among non-White children and girls, highlights the need for enhanced infrastructure to provide equitable diagnostic, treatment, and support services for all children with ASD. Any question in the report about WHY the rate has increased so much? Of course not. But, it actually gets worse.Read More…Sophia Media, LLC
MICHAEL EVERY/RABOBANK//
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
END
8. EMERGING MARKETS//AUSTRALA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0760 UP .0010
USA/ YEN 131.39 UP .766 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2251 UP .0031
USA/CAN DOLLAR: 1.3728 UP.0007 (CDN DOLLAR DOWN 7 PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 14.26 PTS OR 0.40%
Hang Sang CLOSED DOWN 347.99 PTS OR 1.75%
AUSTRALIA CLOSED UP 0.09% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 347.99 PTS OR 1.75%
/SHANGHAI CLOSED DOWN 14.26 PTS OR 0.40%
AUSTRALIA BOURSE CLOSED UP 0.09%
(Nikkei (Japan) CLOSED UP 91.62 PTS OR 0.33%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1958.35
silver:$22.94
USA dollar index early MONDAY morning: 102.79 UP 3 BASIS POINTS from FRIDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN ..(6.8864
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.8671
TURKISH LIRA: 19.09 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.299…VERY DANGEROUS
Your closing 10 yr US bond yield UP 10 IN basis points from FRIDAY at 3.473% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.6496 UP 5 in basis points
USA 2 yr bond yield: 3.929 UP 11 basis points
Your closing USA dollar index, 102,64 DOWN 12 BASIS PTS ON THE DAY/1.00 PM/
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: 12:00 PM
London: CLOSED DOWN 66.32 POINTS OR 0.90%
German Dax : CLOSED UP 170.45 POINTS OR 1.14%
Paris CAC CLOSED UP 63.17 PTS OR 0.70%
Spain IBEX UP 113,60 POINTS OR 1.29%
Italian MIB: CLOSED UP 314.49 PTS OR 1.21%
WTI Oil price 70.4812: EST
Brent Oil: 76,25 12:00 EST
USA /RUSSIAN /// UP TO: 76.74/ ROUBLE UP 0 AND 34//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.2175
UK 10 YR YIELD: 3.392, UP 11 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0795 UP 0.0045 OR 45 BASIS POINTS
British Pound: 1.2285 UP 0064 or 64 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.409% UP 10 BASIS PTS
USA dollar vs Japanese Yen: 131.61 UP 0.973//YEN DOWN 97 BASIS PTS//
USA dollar vs Canadian dollar: 1.3654 DOWN .0067(CDN dollar, UP 467basis pts)
West Texas intermediate oil: 72.91
Brent OIL: 78.04
USA 10 yr bond yield UP 15 BASIS pts to 3.530%
USA 30 yr bond yield UP 12 BASIS PTS to 3.764%
USA 2 YR BOND: UP 23 PTS AT 4.0080%
USA dollar index: 102.53 DOWN 24 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 19.09
USA DOLLAR VS RUSSIA//// ROUBLE: 76,68 UP 0 AND 40//100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 132.28 PTS OR 0.41%
NASDAQ 100 UP 37,82PTS OR 0.30%
VOLATILITY INDEX: 21.74 DOWN .87 PTS (3.85)%
GLD: $183.65DOWN 2.09 OR 1.13%
SLV/ $21..22 DOWN0.06 OR 0.28%
end
USA AFFAIRS
1 a)USA TRADING TODAY IN GRAPH FORM
i b Morning trading:
Early morning trading:
II) USA DATA
iii) USA ECONOMIC NEWS//
US Weighs Expanding Fed’s Emergency Liquidity Program To Stabilize First Republic, Other Regional Banks
SUNDAY, MAR 26, 2023 – 01:00 AM
One day after a lengthy meeting on the growing bank crisis by the Financial Stability Oversight Council (chaired by Janet Yellen who five years ago vowed there would be “no financial crises in her lifetime“) on the last day of a week which started with the collapse of Credit Suisse and culminated with US regional banks nursing historic losses amid speculation that First Republic Bank could keel over any moment and drag down countless other names with it, even though the FSOC assured Americans that “while some institutions have come under stress, the U.S. banking system remains sound and resilient”, Bloomberg reports that in their attempt to rescue the most trouble of regionals, authorities are considering expanding the recently introduced emergency lending facility for banks – the BTFP – in order to give First Republic Bank more time to shore up its balance sheet.
Or they may not: after all this has been a crisis has been marked by at times puzzling second-guessing, miscommunication and lack of conviction on the part of regulators, whose actions not only precipitated the contagion from the collapse of Silicon Valley Bank when they blocked potential buyers from acquiring the bank and avoiding a complete wipeout of shareholders, but where Janet Yellen has actively sought to destabilize the regional banks by explicitly refuting what Fed chair Powell was stating, the most vivid example being last Wednesday’s market crunch when stocks stabilized after the dovish FOMC only to puke after Yellen inexplicably said that US regulators were not even contemplating uniform deposit insurance.
And sure enough, the BBG report adds that “officials have yet to decide on what support they could provide First Republic, if any, and an expansion of the Federal Reserve’s offering is one of several options being weighed at this early stage.” Meanwhile, regulators continue to grapple with two other failed lenders — Silicon Valley Bank and Signature Bank — that require more immediate attention… attention they wouldn’t need if regulators had intervened more competently in the beginning and not waited until almost a trillion in deposits had been pulled from small banks as confidence cratered.
Bizarrely, even without of a step, watchdogs see First Republic as stable enough to operate without any immediate intervention as the company and its advisers try to work out a deal to shore up its balance sheet, the people said, asking not to be named discussing confidential talks.
Officials have yet to decide on what support they could provide First Republic, if any, and an expansion of the Federal Reserve’s offering is one of several options being weighed at this early stage. Regulators continue to grapple with two other failed lenders — Silicon Valley Bank and Signature Bank — that require more immediate attention.
Even short of expanding the BTFP, regulators reportedly “see First Republic as stable enough to operate without any immediate intervention as the company and its advisers try to work out a deal to shore up its balance sheet”; maybe those regulators should also see the stock price of FRC which has lost more than 90% of its value, and which is far less confident about the bank’s ability to evade the same forces that recently caused a trio of US banks to collapse. But while those banks toppled when rapid customer withdrawals forced them to lock in losses on depreciated assets, First Republic has remained open and independent.
And while the BBG reporting suggests that regulators are once again indecisive at best, and may either help the bank… or not, the only actionable news here is that US officials “have concluded the bank’s deposits are stabilizing and that it isn’t susceptible to the kind of sudden, severe run that prompted regulators to seize Silicon Valley Bank within just a few days, the people said.” This confirms what we first reported on Friday in “Finally Some Good News On The Bank Crisis.”
One way First Republic is different from other banks is that it managed to obtain enough cash to meet client needs while it explores solutions, courtesy of $30 billion in cash deposited by the nation’s largest banks this month… which of course is merely cash that was recycled after it was pulled from banks such as First Republic in the first place.
Bloomberg also notes that a potential adjustment to the Fed’s emergency lending program is among options authorities have weighed in recent days. Of course, such an expansion of the Fed’s liquidity offerings would merely be another incremental step to institutionalizing moral hazard as it would apply to all eligible users, in keeping with banking law that says remedies must be broadly based, rather than aimed at helping a particular bank. But the change could be made in a way to ensure that First Republic benefits
END
Regional banks are far from secure. Nothing has changed
(zerohedge)
First Citizens Acquires Failed Silicon Valley Bank; Regional Bank Shares Jump
MONDAY, MAR 27, 2023 – 02:46 PM
Following an unsuccessful auction and a few postponements, Silicon Valley Bank has ultimately secured a buyer.
The Federal Deposit Insurance Corp. said on Sunday night that North Carolina-based First Citizens Bank & Trust Co. is acquiring all of SVB’s deposits, loans, and branches, and all 17 branches of the California-based bank will reopen under the new ownership.
“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First–Citizens Bank & Trust Company on Monday, March 27, 2023.
“Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First–Citizens Bank & Trust Company that systems conversions have been completed to allow full–service banking at all of its other branch locations,” FDIC said in a statement.
The acquisition includes $119 billion in deposits and approximately $72 billion of SVB’s loans at a discount of $16.5 billion. Around $90 billion of SVB’s securities will remain under FDIC receivership.
FDIC also said it entered into a “loss–share transaction” on all commercial loans it purchased from SVB.
“The FDIC as receiver and First–Citizens Bank & Trust Company will share in the losses and potential recoveries on the loans covered by the loss–share agreement. The loss–share transaction is projected to maximize recoveries on the assets by keeping them in the private sector. The transaction is also expected to minimize disruptions for loan customers. In addition, First–Citizens Bank & Trust Company will assume all loan–related Qualified Financial Contracts,” the statement said.
The FDIC seized control of SVB on March 10 following a run on deposits. The bank’s failure will cost the Deposit Insurance Fund around $20 billion.
This transaction represents a swift action taken by regulators to tackle one of the most significant banking collapses since the financial crisis of 2007-2008.
“With Silicon Valley Bank’s deposits and loans now housed in longer-term accommodation in the US, a calm of sorts has descended on the banking sector.
“Shunting parts of the failed bank off to a new owner may give the regulator more capacity to deal with problems still threatening to pop up elsewhere,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, told Bloomberg.
Shares of US regional banks are sharply higher this morning after the news. First Citizens shares are up 11%, First Republic jumped 28%, and Invesco KBW Bank ETF is up more than 2%.
However, banks might not be out of the clear yet, as they might crumble under the pressure of higher interest rates. Contagion spread last Friday as Deutsche Bank shares plunged. And there are still many concerns around the recent marriage of Swiss bank Credit Suisse and UBS.
END
Stagflation is upon us with the latest Dallas Fed Survey
(zerohedge)
“Stagflation Is Upon Us” – Dallas Fed Manufacturing Survey Contracts For 11th Straight Month
MONDAY, MAR 27, 2023 – 05:40 PM
For the 11th month in a row, The Dallas Fed Manufacturing Outlook survey printed negative (signaling contraction) in March, dropping to -15.7 (from -13.5), significantly below the -10.0 expected bounce.
Source: Bloomberg
The new orders index was negative for a 10th month in a row and came in at -14.3, little changed from February. The growth rate of orders index was also negative and largely unchanged, at -15.2.
The capacity utilization index returned to positive territory, moving up six points to 2.3, while the shipments index pushed down from -5.0 to -10.5.
However, perceptions of broader business conditions continued to worsen in March.
The general business activity index slipped two points to -15.7. The company outlook index remained negative but rose four points to -13.3. The outlook uncertainty index came in at 22.0, down slightly from February but still elevated.
Additionally, expectations regarding future manufacturing activity were mixed in March. The future production index remained positive but fell eight points to 13.5, signaling well-below-average output growth is expected over the next six months. The future general business activity index pushed further negative, from -2.9 to -11.2.
A sliver of a silver lining shows prices paid and received falling in March.
But, it is the respondents that dropped the hammer on any nascent recovery or stability:
[The collapse of] Silicon Valley Bank could be the beginning of more challenges ahead.
Illiquidity of consumer customers is increasing. Stagflation is upon us. The politically charged funny money, the denial of economic realities by the current administration and the illusion of prosperity have come home.
Our outlook is horrible. The level of certainty is zero. Production is hand to mouth. We cannot find workers.
We are laying off workers for the first time since 2010.
Foreign competition is at an all-time record percentage for our segment of the industry. Several countries, including Mexico, are subsidizing manufacturers in our industry.
There are too many negatives in the economy: International conflict, inflation, poor national leadership, deficit spending, the Federal Reserve keeping rates artificially low and now raising them quickly and steeply, thus stressing the financial markets.
Is this what Powell wants to hear?
USA COVID//
END
SWAMP STORIES
Prosecutor Admits DC Police Officers Acted As Provocateurs At US Capitol On Jan. 6
A federal prosecutor admitted in court papers that three D.C. Metropolitan Police Department undercover officers acted as provocateurs at the northwest steps of the U.S. Capitol on Jan. 6, 2021.
The admission came in a March 24 filing before U.S. District Judge Rudolph Contreras that seeks to keep video footage shot by the officers under court seal.
Prosecutors accused the case defendant—William Pope of Topeka, Kansas—of an “illegitimate” attempt to unmask the video as part of his alleged strategy to try the case in the news media. Pope filed a motion to remove the court seal on Feb. 21.
“The defendant is not entitled to ‘undesignate’ these videos to share them with unlimited third parties,” said Assistant U.S. Attorney Kelly Moran. “His desire to try his case in the media rather than in a court of law is illegitimate, and the government has met its burden to show the necessity of the protective order.”
Videos long hidden under court seal have become a major topic, especially with prosecutors disclosing in a number of high-profile Jan. 6 cases the involvement of multiple FBI informants.
Pope is seeking to lift the court seal on the undercover video as part of his drive to obtain full access to video evidence held by the government. Pope is representing himself in the criminal case being prosecuted against him. At a hearing on March 3, Judge Contreras seemed sympathetic to Pope’s motion to unmask the videos.
“The officer clearly incited that area, and we still don’t have video from all other undercover MPD,” Pope told The Epoch Times. “And as the numerous informants in the Proud Boys trial demonstrates, we are only just beginning to scratch the surface on FBI involvement.”
The undercover video—a portion of which posted on Rumble on March 24—shows three members of the MPD’s Electronic Surveillance Unit approach the Capitol’s northwest steps. One of the men, while surveying the crowd, stated, “Someone’s going to get shot.”
Officer 2 replied, “They’re not going to shoot anybody.”
Along the edge of the Capitol property, Officer 2 encouraged one protester to go up to the building. “Go join ‘em then,” he said. The man replied, “No, I’ve got my bike to guard.”
The men engaged in banter on the walk across the west Capitol lawn.
‘Never Seen Anything Like This’
“This is amazing,” Officer 2 said. Officer 1, who was shooting the GoPro video, replied, “Yeah, I’ve never seen anything like this.”
Nearly 30 members of the Electronic Surveillance Unit were assigned to duty on Jan. 6, some of whom were gathering evidence on crowd activity. Members wore special bands on their left wrists to identify themselves as part of the Electronic Surveillance Unit, according to the MPD’s 96-page Jan. 6 action plan.
Officer 1 repeatedly joined in chants of “Drain the swamp!” and “Our house! Our house! Our house!”
A little closer to the Capitol, the video captures a protester shouting, “Joe Biden! We wanna hear you speak, you [expletive] pedophile satanist [expletive]!”
A short time later, Officer 1 joined the crowd in a “USA!” chant, repeating the phrase five times.
At the foot of the northwest stairs, someone leaned part of a bicycle rack against the balustrade. As a protester climbed up the makeshift ladder, Officer 1 shouted, “C’mon, man, let’s go! Leave that sh*t.”
looks like the witch hunt of Trump on the Stormy Daniels case is over
(zerohedge)
The Witch Hunt Against Me Is DEAD’: Trump Says Manhattan DA Tricked By ‘Fraud’ Star Witness, Wasn’t Into ‘Horseface’ Stormy
SUNDAY, MAR 26, 2023 – 08:00 PM
Former President Trump on Saturday suggested that the Manhattan DA was tricked by “Star” witness Michael Cohen, Trump’s former lawyer who was disbarred after pleading guilty in 2018 to multiple felony charges, including 5 counts of tax evasion, lying to a financial institution, lying to congress, and two campaign finance violations.
In addition to Cohen’s credibility issues, a 2018 letter emerged last week in which Cohen’s lawyer tells the Federal Election Commission that Cohen used his own funds to make a $130,000 ‘hush’ payment to Ms. Stephanie Clifford (Stormy Daniels aka “Horse Face”), and that Trump did not reimburse him for it.
Following a Saturday night rally in Waco, Texas, Trump told reporters on his plane: “I think they’ve already dropped the case … they have absolutely nothing.”
“It’s a fake case. Some fake cases, they have absolutely nothing,” Trump continued.
The former president made a similar statement earlier Saturday, writing:
“The Manhattan D.A. Witch Hunt against me is DEAD, no evidence at all, & it has been conclusively proven that I did nothing wrong!”
“The evidence against their “Star” witness, however, is overwhelming. An already disbarred lawyer & convicted Felon, the only question left is will the D.A.s Office sue him for lying & fraud. They should!”
Trump also told reporters on the plane that he wasn’t trying to incite violence with a recent Truth Social post warning of “potential death and destruction” if he’s indicted.
“No, I don’t like violence and I’m not for violence. But a lot of people are upset.” he said.
Cohen’s credibility is shot
As the Epoch Times notes, former Trump attorney Robert Costello said he told the grand jury in the Manhattan case that Cohen was a tainted witness against Trump.
Cohen’s testimony against the 45th president in the investigation, which reportedly is connected to so-called hush money payments that were given to adult performer Stormy Daniels during the 2016 presidential campaign. A lawyer for Cohen, when reached for comment, declined to issue a statement, although Cohen told MSNBC last week that Costello never represented him and disputed his testimony.
Bragg’s has not returned a request for comment, and The Epoch Times cannot verify the authenticity of Trump’s claims. Previous Epoch Times requests for comment from the DA’s office have gone unanswered.
Over the past week, Bragg’s office has issued one public statement on the case, and that came in response to a House Republican letter seeking testimony and information about the DA’s case or whether his office would arrest Trump. A letter sent by his general counsel said that it was Trump who created a “false expectation” he would be indicted last week, although he provided no other details.
During Saturday night’s rally in Waco, Trump declared that his “enemies are desperate to stop us,” and that “our opponents have done everything they can to crush our spirit and to break our will.”
He also told the crowd that Bragg was investigating him “for something that is not a crime, not a misdemeanor, not an affair.“
“But they failed. They’ve only made us stronger. And 2024 is the final battle, it’s going to be the big one. You put me back in the White House, their reign will be over and America will be a free nation once again.”
THE KING REPORT
The King Report March 22, 2023 Issue 6973
Independent View of the News
Deutsche Bank Slumps in Resurgence of European Bank Worries Deutsche Bank slumped as much as 15%… Crosstown rival Commerzbank AG, Spain’s Banco de Sabadell SA and France’s Société Générale SA also saw steep drops… The cost of insuring Deutsche Bank’s five year senior bonds was quoted at around 220 basis points on Friday morning… Credit Suisse… 1-year CDS blew out past 3000 basis points at the height of the turmoil… https://finance.yahoo.com/news/deutsche-bank-shares-plunge-renewed-103108417.html
German Chancellor Olaf Scholz Says Deutsche Bank ‘Very Profitable,’ No Need for Concern https://t.co/v9gWoFz5x8
Treasury Secretary Yellen convenes U.S. financial regulators for an unscheduled meeting – BBG Yellen Calls Friday FSOC Meeting after Banking-Sector Turmoil – BBG 10:41 ET
US Treasury: Financial Stability Oversight Council Established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council provides comprehensive monitoring of the stability of our nation’s financial system… The Council’s voting members are: The Secretary of the Treasury who serves as the Chairperson of the CouncilThe Chairman of the Board of Governors of the Federal Reserve SystemThe Comptroller of the Currency (OCC)The Director of the Bureau of Consumer Financial Protection (CFPB)The Chairman of the Securities and Exchange Commission (SEC)The Chairperson of the Federal Deposit Insurance Corporation (FDIC)The Chairperson of the Commodity Futures Trading Commission (CFTC)The Director of the Federal Housing Finance Agency (FHFA)The Chairman of the National Credit Union Administration (NCUA); andAn independent member with insurance expertise who is appointed by the President and confirmed by the Senate for a six-year term.The Council’s nonvoting members, who serve in an advisory capacity, are:The Director of the Office of Financial ResearchThe Director of the Federal Insurance OfficeA state insurance commissioner designated by the state insurance commissionersA state banking supervisor designated by the state banking supervisors; andA state securities commissioner… designated by the state securities commissioners… https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/fsoc U.S. Banks are sitting on $1.7 trillion in unrealized losses (Derivative losses are incalculable) Nearly $7 trillion of the $17 trillion in total US bank deposits are currently not insured by the FDIC… https://unusualwhales.com/news/u-s-banks-are-sitting-on-1-7-trillion-in-unrealized-losses?s=09
Republicans Seek SVB Records from Fed Board, San Francisco Fed “It is apparent that the Federal Reserve supervisors and examiners neglected to intervene in a meaningful, appropriate way to rectify the bank’s deficiencies, ensure safe and sound operations, and prevent its ultimate failure,” the lawmakers wrote… https://t.co/ja0j3jTiq0
San Francisco Fed President Mary Daly, whose role in the collapse of Silicon Valley Bank is under scrutiny, has pulled out of an appearance at a conference hosted by her bankhttps://t.co/RRuCJlQBmP
@YALiberty: Sen. KENNEDY “So $51 trillion of debt, up from $33 trillion doesn’t bother you?” Yellen: “I think the path that’s set out in the President’s budget is fiscally sustainable.” Yellen also argues that the national debt being 109% of GDP is no big deal (Because interest rate are low)… (Kennedy: “Madam Secretary, are you a Keynesian?” Yellen: “I don’t quite know what you mean.”) https://twitter.com/YALiberty/status/1639379059611238402?s=02
@RNCResearch: Biden Treasury Secretary Janet Yellen: Public opinion of the IRS is “extremely negative” because the IRS isn’t large enoughhttps://t.co/PqJljREkcA (She is addled and incompetent.)
St. Louis Fed President Bullard Says the U.S. Banking System Remains Very Strong and Resilient, in “Very Good Shape”; Fed’s Bullard: Abandoning the 2% Inflation Target Would Be a “Disaster,” Sending the World Back tothe 1970’s
Fed’s Bullard Lifts His 2023 Rate Forecast (to 5.625%!) on Strong Growth “I had previously been at 5-3/8, now I’m at 5-5/8, so a little bit higher — 25 basis points higher… Bullard added that the upgrade was “also under the assumption that the financial stress abates in the weeks and months ahead.”… https://ca.finance.yahoo.com/news/fed-bullard-lifts-2023-rate-153120803.html
Fed’s Bullard says collapse of Silicon Valley Bank was ‘quirky situation’ and regulators have tools to handle fallout – The U.S. economy will be cushioned somewhat from the fallout of the recent stress in the bankingsector because long-term bond yields have fallen … The government stands ready to take additional actions as needed, he said.The rapid collapse of the bank caught everyone by surprise… it is “relatively common” that some banks don’t adapt to changing interest-rate environments despite clear signals from the Fed, Bullard said… https://t.co/ZdC7KfbjKd
Insurer Default Swaps Climb Amid Renewed Bank-Sector Angst The cost to protect the debt of Lincoln National Corp., MetLife Inc. and Prudential Financial Inc. from default jumped Friday… Five-year credit-default swaps tied Lincoln National’s senior debt climbed as much as 29 basis points Friday to 299 basis points, according to ICE Data Services. That’s up from 185 basis points earlier this month. Similar contracts for MetLife rose up to 33 basis points to 160 basis points… https://news.bloomberglaw.com/bankruptcy-law/insurer-default-swaps-climb-amid-renewed-financial-sector-angst
@boazweinstein: A new front in the battle opened up… – life insurers. The fundamental rationale is CRE and financials exposure even if they don’t have the HTM issues of the banks.https://t.co/eEqmlPjNea
On Friday, the usual suspects, including big-time bond managers that have been eviscerated for the past year or so, stridently proclaimed that the Fed will now pivot to rate cuts. Of course, they are ‘talking their books.’ A 40-year Grand Super Cycle bull market in bonds created many geniuses. But, ‘don’t confuse brains with a 40-year Grand Super Cycle bull market.’
As we have proclaimed for years, bonds are the Mother of All Bubbles. Fed promiscuity, NZIRP, and bond market rigging fomented a grand bond market bubble. When the inflation genie got out of the bottle, the bond bubble burst. Financial asset managers, especially those that have not managed money is a secular bond bear market got punished. They remain chagrined, angry, and defiant.
When bubbles burst, there is typically a robust rebound rally that can last for a while. We suspect that the historic decline in bonds and notes in 2021 could produce a similar environment that ensued the Stock Market Crash of 1929. The government, Fed, and banks marshalled a grand effort to resurrect stocks after the crash. The stock market rallied until the spring of 1931. Then, the ‘grind ‘em out’ bear market began.
If the Fed cuts rates to save banks and/or ‘the system’, they better do what Volcker did after he cut rates to save banks in March 1980 from the Hunt Brothers’ silver corner fiasco. Paul hiked rates a few months later. When the current crisis subsides, the Fed better hike rates and resume the fight against inflation.
If the Fed goes Weimar again, like it did after 2008 and after the Covid Panic, inflation will soar and bonds will crater – and bank stress will intensify. Rinse, lather, repeat!
The braying hope for Fed rate cuts boosted stocks on Friday. The usual suspects eagerly poured into stuff after the early tumble. Some astute observers noted that the market is trading like it did in 2008: People kept buying stocks without full understanding of the size and scope of the financial crisis on the hope of Fed rate cuts and more easy credit.
ESMs traded sideways, mostly in modestly positive trading during Asian trading on Friday. They jumped higher after the European open on the usual trader buying. The 3998.25 ESM peak appeared at 3:41 ET; ESMs and stocks then tumbled on Deutsche Bank’s travails.
After hitting a low of 3937.00 at 8:07 ET, ESMs and stocks rallied until sellers torpedoed the rally on the NYSE open. However, traders are conditioned to buy opening NYSE dips; and pundits littered the tape and airwaves with Fed rate cuts jabberwocky. So, ESMs and stocks rallied sharply, albeit erratically.
The rally, fueled by visions of more Fed largesse, intractably persisted in stair-step fashion until 15:38 ET. ESMs and stock retreated until the late manipulation appeared at 15:53 ET.
Fed’s Barkin Says ‘Clear’ Case for Raising Rates This Week Federal Reserve Bank of Richmond President Thomas Barkin said… “Inflation is high. Demand hadn’t seemed to come down. And so, the case for raising was pretty clear,” he was quoted as saying in an interview with CNN… https://finance.yahoo.com/news/feds-barkin-says-case-rate-162700945.html
@greg_price11: Biden on the banking crisis: “I think we’ve done a pretty damn good job… The banks are in pretty good shape… I don’t see anything on the horizon that’s about to explode.” https://twitter.com/greg_price11/status/1639376231819882498
(March) S&P Global Flash US Composite PMI – Fastest uptick in US private sector business activity for almost a year, as new orders return to growth, but selling price inflation acceleratesFlash US PMI Composite Output Index at 53.3(February: 50.1). 10-month high.Flash US Services Business Activity Index(2) at 53.8 (February: 50.6). 11-month high.Flash US Manufacturing Output Index(4) at 51.0 (February: 47.4). 10-month high.Flash US Manufacturing PMI at 49.3 (February:47.3). 5-month high.https://www.pmi.spglobal.com/Public/Home/PressRelease/53e9f887b83e47d7bc6681c608d5aa3f
Positive aspects of previous session Stocks and bonds rallied on the notion that the Fed will soon pivot
Negative aspects of previous session Fangs declined The KBW Bank Stock Index hit a new low!!! (Lowest since 11/6/20; but rallied in the afternoon)
Ambiguous aspects of previous session Is buying stocks because the Fed will ease for a recession and banking crisis a good idea?
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]: 3951.03 Previous session High/Low: 3972.74; 3909.16
Federal appeals court blocks Biden’s vaccine mandate for US government workers https://t.co/BRIAGttMsx
House GOP demands Biden reveal Chinese ties to Silicon Valley Bank The letter listed four Chinese tech and pharmaceutical companies with deposits at SVB totaling $289 million… “The American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party… Joe Biden should answer whether his family has received large payments from companies in China, and whether his judgment was influenced as a result.” https://nypost.com/2023/03/25/house-gop-demands-biden-reveal-china-ties-to-failed-bank/
@boazweinstein: The most striking thing to me right now is the differing expectations for volatility and systemic risk between markets over the next month. I’m pretty sure the relationship between vol in rates vs. vol in equity and credit has never been this stretched in history. https://t.co/c8c9g3TsJ8
@Mayhem4Markets: Commercial mortgage-backed securities prices are at their lowest levels since October of 2009. Not a great sign for regional banks who have large exposure. https://t.co/gmptDnRtlx
@MacroAlf: In October 2021 the bond market was pricing the Fed to hike by 30 bps and inflation to be 2% in 2022. The Fed hiked by 400+ bps and inflation turned out to be ~8%. The bond market didn’t predict inflation & the hiking cycle. What makes you sure now it knows something we don’t?
The ‘low rate’ junkies ignoring US banking crisis Stocks rebounded because we have a banking crisis and the possibility of lower interest rates sometime soon. That means traders are betting, like drug-addled junkies, that the Fed could resume giving them their fix…The modern-day stock market is an addict — and like an addict, it can’t be trusted. It will lead you astray with false promises… Buttoned-down commercial bankers as opposed to meme-stock-pumping retail traders took wild gambles on commercial real estate and early-stage VC companies. They, too, are getting crushed by higher rates as asset prices begin to wean themselves off their risk-on addiction… https://nypost.com/2023/03/25/the-low-rate-junkies-ignoring-us-banking-crisis/
Today – Last year, the Fed warned that it would hike rates; but the market derisively snubbed the Fed. After a series of aggressive rate hikes in Q3 & Q4 2022, the market finally got religion – and the public realized that banks were exploiting customers via inferior rates. We have returned to the Fed warning about higher rates, after the crisis passes, and the usual suspects thumbing their noses at Fed officials –while people are increasingly fleeing banks’ inferior rates. This is an extremely perilous environment.
Expected economic data: March Dallas Fed Mfg. Activity -4
ESMs hit +26.00 at 19:30 ET because equity traders are extremely bullish!
Iran retaliates against US strikes, fires 3 missiles at American base in Syria Iran-backed fighters have reportedly fired three missiles at a US military base in northeast Syria… after President Joe Biden approved a retaliatory air strike in response to what is believed to have been an Iranian drone attack that killed an American contractor and wounded five US troops… https://thepostmillennial.com/breaking-iran-backed-fighters-fire-three-missiles-at-us-military-base-in-northeast-syria
@CBSEveningNews: CBS News has learned there have been three more attacks on American bases from Iran-backed forces since retaliatory airstrikes overnight. It all started when a suspected Iranian drone hit and killed an American and wounded at least six others. https://t.co/sqTkZUyBnF
@ELINTNews: “US forces in Syria were injured Friday from Iranian rocket attacks targeted American outposts, Fox News has learned.” “The number of casualties has not been disclosed but some may be serious. The Pentagon was assessing its response” https://t.co/P9acoctYSO
Republicans blast Biden for ‘weak’ response to Iranian attacks in Syriahttps://t.co/xiL0PzW7bJ
CNN: US charges suspected Russian spy who allegedly used fake identity to enter US, gather info from American citizens – Cherkasov allegedly gathered information about US policy toward the potential Russian invasion of Ukraine before the war began… That source also told Cherkasov… US Secretary of Defense Lloyd Austin “was explicitly instructed by the administration (I don’t know by whom exactly) … ‘not to give any conceivable signal of the US military involvement potentiality.‘” “Meaning… the administration is definitely not in any position to help Ukrainians, if the fight breaks out. Whatever the press says or political promises were made, they are not going to be enforced beyond just words. The administration does not want this conflict, because they don’t have any meaningful way of gaining something out of it.”… (Team Biden gave Putin a green light on invading!) https://amp.cnn.com/cnn/2023/03/24/politics/russian-spy-us-graduate-student/index.html
Biden before Russia invaded Ukraine: “I think what you’re going to see is that Russia will be held accountable if it invades. And it depends on what it does. It’s one thing if it’s a minor incursion and then we end up having a fight about what to do and not do.”… https://www.npr.org/2022/01/20/1074466148/biden-russia-ukraine-minor-incursion
5 Reasons why Saddam Hussein thought he could invade Kuwait and win 1. Saddam thought the U.S. was okay with the invasion – Saddam supposedly thought the Kuwaitis were stealing oil and purposely producing more than OPEC standards in order to keep Iraqi revenues low. To keep tensions from rising, U.S. Ambassador April Glaspie met with Saddam who told her he wanted Kuwait to agree to the OPEC standards. Under orders from the Bush administration, Glaspie told Saddam the U.S. had no opinion on the issue… when Saddam went to war, he was actually surprised to get a condemnation from the United States… https://www.wearethemighty.com/articles/5-reasons-why-saddam-hussein-thought-he-could-invade-kuwait-and-win/
@greg_price11: Biden says that “we vastly exaggerate” the closeness of China and Russia and then creepily whispers “they haven’t yet” given each other weapons. (So embarrassing! Please make it stop!) https://twitter.com/greg_price11/status/1639374468148789248
@RNCResearch: Biden starts screaming as he tells the Canadian Parliament a story about him and Xi Jinping “in the Tibetan plateau.”https://t.co/qG6nWZXyOW
Biden blasted for claiming GOP would slash border funding: ‘Must be a parody’ https://t.co/VlCjFHnOfI (He also said the MAGA GOP want to defund police! Joe has been lying for fifty years with impunity!)
Putin says Russia will station tactical nukes in Belarus – Putin said he was responding to Britain’s decision this past week to provide Ukraine with armor-piercing rounds containing depleted uranium. Russia falsely claimed these rounds have nuclear components…https://t.co/h2tfQ7830C
A united China and Russia warn that ‘change not seen in 100 years’ is coming. The US is in a proxy war with Russia. For years, China has been preparing for war with the US. Saudi Arabia and Iran are conciliating under China’s guidance. Iran is about to produce atom bombs. The woke US military is plagued by a recruitment collapse. The US banking system is in crisis; a recession with inflation looms; the US transportation system is beset with danger; the US border crisis is ongoing; yada, yada, yada; the cognitively-challenged Biden and his leftist idealogues are oblivious to the perils – and the MSM covers for their abject incompetence and destructive actions. Keep buying stuff; the Fed must ease!
“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.” — G. Michael Hopf, Those Who Remain (Postapocalyptic novel)
@kristina_wong: Air Force Assistant Secretary for Manpower and Reserve Affairs Alex Wagner shares a personal story to explain why Diversity, Equity and Inclusion (DEI) is needed in the military: (Because a female on his staff convinced him to order ankle socks and not just crew socks!) https://twitter.com/kristina_wong/status/1639262728198975492
Biden admin cracks down on air conditioners as war on appliances continueshttps://t.co/dWo64NL6Rb
Biden bagman in mystery China payouts exposed as Clinton-linked lobbyist Rob Walker, the Hunter Biden associate who paid Biden family members after he received a $3 million wire transfer from a communist-backed Chinese energy company, has political ties dating to the Clinton administration. House investigators identified Mr. Walker as a “critical witness” in its probe of President Biden and his family’s finances after uncovering bank records revealing the suspicious payments totaling roughly $1 million just two months after Mr. Biden ended his term as vice president in 2017. The reason for the payments remains a mystery… https://trib.al/TLZsSFj
Biden urged communist China infiltration as vice president On a trip to China in 2011, then-Vice President Joe Biden went before Sichuan University students and talked of a day when their countrymen would operate in virtually every American power center, from schools and laboratories to the U.S. government. He said, “In order to cement this robust partnership, we have to go beyond close ties between Washington and Beijing, which we’re working on every day, go beyond it to include all levels of government, go beyond it to include classrooms and laboratories, athletic fields and boardrooms.” Who knew then that this Biden-sponsored infiltration would include the Biden family “boardrooms”?… Son Hunter Biden was already in the middle of shuttling to Chinese money centers. He had visited in 2010 and again a few months before his dad’s Sichuan speech… https://www.washingtontimes.com/news/2023/mar/23/biden-urged-communist-china-infiltration-as-vice-p/
White House corrects Biden’s gaffe claiming law helps keep guns away from ‘domestic political advisors’ – Vice President Kamala Harris also raised eyebrows with some of her comments at the Women’s History Month event… Earlier in the speech, he made another bizarre comment. He said of his wife, “Jill has — puts messages on my mirror, where I’m shaving, so I make sure I see them. And one that was put in about a year ago was, ‘Stop trying to make me love you.'”… https://www.foxnews.com/media/white-house-corrects-bidens-gaffe-claiming-help-keeps-guns-domestic-political-advisors
@TheInsiderPaper: After 2022 viral skit, Saudi TV mocks Biden again in 2023https://t.co/atnnasFTG5
Biden irked by Kamala Harris not ‘rising to occasion’ or taking ‘anything off his plate’https://trib.al/H4EztHM
Trump shares chilling picture threatening Manhattan DA with a baseball bathttps://trib.al/NfBBiTp
Trump, Turning Up Heat, Raises Specter of Violence if He Is Charged In an overnight social media post, former President Donald Trump predicted that “potential death and destruction” may result if, as expected, he is charged by the Manhattan district attorney in connection with hush-money payments to a porn star made during the 2016 campaign… “What kind of person,” Trump wrote of Bragg, “can charge another person, in this case a former president of the United States, … when it is known by all that NO crime has been committed, & also that potential death & destruction in such a false charge could be catastrophic for our country?” “Why & who would do such a thing? Only a degenerate psychopath that truly hates the USA!” the former president wrote… https://news.yahoo.com/trump-turning-heat-raises-specter-133014762.html
Trump’s Fundraising (Grift) Fatigue – A lackluster pre-indictment-gate small-dollar haul highlights an unlikely vulnerability vexing the Trump campaign: the easy money is no longer there. https://puck.news/trumps-fundraining-fatigue/
@ChuckRossDC: Lanny Davis, the Clinton fixer now representing Michael Cohen, tells Politico he triggered the Manhattan DA investigation of Trump. Davis repeatedly gave false information to the media about Cohen and Trump during Mueller probe. https://twitter.com/ChuckRossDC/status/1639260769429733378
Politico: Davis on how he triggered the Manhattan DA to investigate the hush money case: “CYRUS VANCE SR. was the secretary of State under JIMMY CARTER — I’m showing my age now. … I was in my 20s when President Carter was elected. And I got to know Mr. Vance. So his son, being the DA of [Manhattan], I called after Michael was sent to prison. … And I thought … the evidence of financial fraud was on the record in the [congressional] hearings and that Vance’s office should interview Michael. And they came to Otisville [the prison where Cohen was serving]. … They did manage to get a visit, and then two and then three separate visits at the beginning. … And that’s how it began.”… [T]hey came back, and the next two sessions were very productive. And then it led to an open investigation.”… https://www.politico.com/newsletters/playbook/2023/03/24/cohens-lawyer-dishes-on-the-n-y-trump-investigation-00088701
WSJ’ Kim Strassel: Alvin Bragg’s Whirlwind Imagine a new Trump Justice Department if politicians are fair game for prosecution. Every prosecutor in American history—up to now—understood the national risk of crossing that Rubicon. The scandal is that Mr. Bragg looks set not only to splash in, but to do so with the most pathetic of legal arguments…The prosecutor is therefore straining to morph this into a felony, by levying a charge of falsification in aid of another crime… Because if Mr. Bragg acts, the precedent will be set. America will officially become a country—like Bolivia or the Philippines—where prosecutors of one political party arrest leaders of a rival political party… The bigger question will be what comes next… let’s imagine for a moment that Mr. Trump not only beats any rap but uses the attention to reclaim the presidency… The targeted president may think it only fitting to stack the Justice Department with officials who play as rough as and as dirty as Mr. Bragg. Once a country declares political figures fair game for any old prosecution, it’s a short hop to leaders’ using their powers not only against the opposition but against dissenters within their own political ranks… Democrats and the media can continue pretending otherwise, hoarsely shouting “no one is above the law.” But it doesn’t change the reality of the fallout… https://www.wsj.com/articles/alvin-braggs-whirlwind-trump-indictment-business-payments-campaign-finance-daniels-new-york-aa86293a
CNN: FBI informant speaks with CNN about her role in Proud Boys trial Loh was also a paid FBI informant. That revelation threw a wrench into the ongoing trial this week in federal court in Washington, DC, when defense counsel learned of her relationship with the government… https://www.cnn.com/2023/03/24/politics/proud-boys-fbi-informant/index.html
@InvestigateJ6: New York Times’ Alan Feuer confirms the story we broke yesterday. Jen Loh, Nat’l Dir for LEXIT (Latino-Exit) is the FBI informant embedded within the Proud Boy defendant’s families’ prayer group. (Real name Jennylyn Salinas) https://twitter.com/InvestigateJ6/status/1639363899739758602
Man at Center of Jan. 6 Conspiracy Theory Demands Retraction from Fox A lawyer for Ray Epps has demanded that the Fox host Tucker Carlson publicly apologize for “false and defamatory statements” that Mr. Epps served as a federal agent during the Capitol attack… https://www.nytimes.com/2023/03/23/us/politics/ray-epps-jan-6-fox-tucker-carlson.html
@DarrenJBeattie: Epps’ new lawyer, Michael Teter, is apparently an alum of Perkins Coie and now works for disgraced Dem operative David Brock. You just can’t make this stuff up! GOP @RepMTG: Perkins Coie represented Hillary Clinton and David Brock wrote the David Brock memo after Hillary lost that launched the plan to take down Pres Trump backed by big Democrat donors. I’m paying very close attention. I always have. The American people deserve the truth.
Macron under pressure as hundreds injured in French protests More than 450 people were arrested Thursday during the most violent day of protests since the start of the year against Macron’s bid to raise the retirement age to 64 (from 62)… https://www.yahoo.com/entertainment/macron-under-pressure-hundreds-injured-110711773.html (No matter how much and how many freebies socialism provides, it is never enough!)
@ricwe123: Emmanuel Macron while asking for sacrifices from the French people suddenly realizes he is wearing a €80,000 watch. And voila, just like a magician it disappears under the table…. https://twitter.com/ricwe123/status/1639280490921304065
@simonateba: Speaking in Texas, @realDonaldTrump says, “In 2016, I declared I am your voice. And now I say to you again tonight, I am your warrior. I am your justice. For those who have been wronged and betrayed, I am your retribution. We will take care of it…” https://t.co/i2zmoeArXC
@TheInsiderPaper: Trump at Waco: ‘Who’s our biggest threat? Is it China? Is it Russia?’ No our biggest threat are high level politicians that work in the United States government. Like Mitch McConnell, Nancy Pelosi…” https://twitter.com/TheInsiderPaper/status/1639780001313611777?s=02
Dem Sen. John Fetterman could remain hospitalized for 2 more weeks as docs try to get meds ‘exactly right’: report (Lots of rumors about Fetterman circulating!) https://trib.al/CJGwDCe
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle says the global banking meltdown, tanking economy, CV19 bioweapon/vax deaths and disabilities and war in Ukraine is all part of what the Bible calls “End of Days.” Brace yourself. It’s not going to get better anytime soon. Quayle explains, “Preachers in the pulpit are whores. They won’t even speak the name of Jesus. They want to be friends with the world. They want to be seeker friendly and user friendly. Jesus said, ‘To be friends with the world is enemies with God.’ So, the battle lines are being drawn. People are going to have to decide which side they are on, and then they are going to have to stand. They are going to have to call on God for him to be with us because God is the only one that can stand with the fire that is now already manifesting itself in the world before us.”
Quayle goes on to say, “All Hell is breaking loose with the banking system. . . .Let me define ‘All Hell breaking loose’ and what that will mean. When all Hell breaks loose, there will be no credit cards. When all Hell breaks loose, there will be no transactions because there will be nothing on the shelves that you can buy with paper money. We are going into hyperinflation right now. We are watching the housing market collapse. We are watching the automobile market collapse. The word collapse is a great word, and the other word that comes with collapse is calamity. With the collapse and calamity under way, people think, well, as long as it doesn’t touch me, I’ll be okay or I’ll be dead, and my kids will have to deal with it. What a selfish way to deal with the Biblical times we live in. I think we are in big trouble with this banking situation that will really kick into high gear in April.”
Quale also talks about war with Russia. Is it closer that many believe? He also talks about the ongoing CV19 bioweapon/vax genocide that will end up killing millions worldwide along with killing the economy too. Quayle says people need to get ready ASAP because with all these big problems, things will turn into a calamity faster than anyone thinks.
There is more in the 52-minute interview.
Join Greg Hunter as he talks to radio host, filmmaker and top selling author Steve Quayle as he talks about our world in the Biblical “End of Days.”
Today’s meeting of the Federal Reserve and their announcement regarding interest rates was, by far, the most anticipated financial announcement so far in 2023. Since the start of the banking collapse of the past couple of weeks, there has been widespread speculation about what the Fed was going to do today. Would they announce rate cuts and the return of easy money, which would throw a life preserver out to America’s smaller banks, or would they continue with rate hikes in an attempt to lower inflation, but potentially doom hundreds of America’s smaller and mid-sized banks to collapse? It was a no-win situation for the Fed, and most were anticipating at least a halt in rising interest rates, if not the announcement of rate cuts. In the end, the Fed announced another rate increase, stating that rate cuts were not on the table for the rest of 2023. Trying to calm the nerves of investors on Wall Street, Federal Reserve Chairman Jerome Powell announced that “all depositor savings” were “safe,” and that they were prepared to “use all tools” to keep the U.S. banking system “safe and sound.” However, Treasury Secretary Janet Yellen, who was testifying before a Senate Appropriations subcommittee at the same time Powell was making his remarks, was asked if the FDIC was going to raise the limit on bank deposits that are insured above the current $250,000 limit, and she replied: “This is not something we have looked at, it’s not something that we’re considering.” Whoops! The stock markets then began a steep decline in the final hour of trading, as soon as she said that. Bank stocks tumbled once again, but they are not the only ones looking at disaster. The automobile industry and the housing market is also in big trouble now, as U.S. consumers’ ability to borrow money and make major purchases will now get even worse. And just as a reminder, this current crisis of liquidity and downward spiral all began last year when FTX blew up, and the Big Tech sector began massive layoffs. Big Tech’s main bank, Silicon Valley Bank, the 15th largest bank in the U.S., was the first to crash. And now, America’s reliance on technology is crippling this nation, and it can only get worse, as all of this technology, such as AI which is eating up $billions of cash in Chat bot and other software right now, is all dependent upon hardware, and most of that is produced in China and Taiwan. China can now easily cripple the United States and bring us to brink of collapse, without firing a single shot or launching a single missile, by simply cutting off their exports to the U.S., and blocking exports from Taiwan.Read More…
Americans in the U.S. military and with military contractors came under fire in Syria this past week, suffering casualties from alleged Iranian drone strikes. Why is the U.S. military still in Syria? It’s hard to say. No U.S. president since Barack Obama has offered a rational explanation. Syria continues to act as a remnant of establishment war-hawk policies from the Bush era, with Obama, Biden and Hillary Clinton using the conflicts in Iraq and Afghanistan as a jumping-off point for their covert Arab Spring operations. In infamous comments made in 2019, former U.S. President Donald Trump said: “We’re keeping [Syria’s] oil. We have the oil. The oil is secure. We left troops behind only for the oil.” Was President Trump’s seizure of Syrian oil fields in 2019 legal? The attacks on the U.S. military bases in Syria followed the recent announcement that Saudi Arabia was normalizing relations with Iran, a peace initiative brokered by China. Saudi Arabia announced last week that they would reopen their embassy in Syria.Read More…Largest Protest in the History of Israel as Hundreds of Thousands Take to the StreetsMarch 26, 2023 10:57 pm
Massive protests have erupted across Israel tonight after PM Netanyhau fired his Defense Minister, a day after he called on the Israeli leader to halt a planned judicial overhaul that has fiercely divided the country. As a reminder, Netanyahu and his allies say the plan will restore a balance between the judicial and executive branches and rein in what they see as an interventionist court with liberal sympathies. But critics say the constellation of laws will remove the checks and balances in Israel’s democratic system and concentrate power in the hands of the governing coalition. Gallant’s dismissal signaled that Netanyahu will move ahead this week with the overhaul plan, which has sparked mass protests, angered military and business leaders and raised concerns among Israel’s allies. Hundreds of thousands of Israelis took to the streets in Tel Aviv and Haifa. Saturday night’s crowds were reportedly the largest ever. Will there be a military coup in Israel?Read More…
— Nitinder Mohan (@nitinder_mohan) March 27, 2023
Largest strike in decades brings Germany to a standstill
Is the fear over the adoption of Central Bank Digital Currencies (CBDCs) being over-hyped? Nigeria has been used by some as an example of what may be coming to the U.S. in terms of rolling out a CBDC, as Nigeria is the first major country to do a mass rollout of CBDCs and attempt to replace cash. But now one year later, it appears that the rollout of the Nigerian CBDC, the eNaira, has been a total failure, as their Supreme Court has ruled it is “unconstitutional,” and there are calls for arresting the head of the Central Bank in Nigeria. And in an article published today, March 23, 2023, it is being reported that the Nigeria Labour Congress is calling for public sector workers to start a nationwide strike next week, protesting at Central Bank branches, which could cripple the entire country. Within the past 30 days or so, several U.S. politicians have also come out publicly against Central Bank Digital Currencies. They include: U.S. Congressman Tom Emmer, South Dakota Governor Kristi Noem, Florida Governor Ron DeSantis, and Texas U.S. Senator Ted Cruz. What do these four politicians all have in common? They are all Republicans. You know, the party that used to hold the position that “all vaccines are safe and effective and the science has been settled,” which was the position of ALL politicians, both Democrats and Republicans, until it was decided by the GOP in 2022 that it was OK to oppose one kind of “vaccine,” the COVID shots, and therefore made it a political issue. And of course they only adopted this position AFTER hundreds of millions of Americans had already received their shots. This GOP position on the COVID shots, however, did not result in any action to either STOP injecting Americans with COVID-19 bioweapons, nor hold accountable those who approved them. So do we now trust them on their opposition to Central Bank CBDCs?Read More…
A video has surfaced of Russian soldiers describing how they found a “baby factory” in Ukraine where young children are raised for the pedophile child brothels, or murdered to harvest their organs and sell on the Black Market. The video was published by The People’s Voice, and they mention how other sources in Russia have covered this issue, and that Western Media just excuses it as disinformation or propaganda. But Russians are not the only ones who have documented this horrible practice of trafficking babies and young children for sex and then murdering them for their body parts. Two years ago we published the documentary published by Polish film producer Patryk Vega, called “Eyes of the Devil.” In this documentary, Vega is able to actually interview one of the child traffickers who trafficks babies from Poland and Ukraine to child brothels in Germany, where the children, usually around 5 to 7-years-old, work for a few years in the brothels until their tiny bodies start to break down, and then they are murdered to harvest their organs which are trafficked to the rich and powerful.Read More…1 in 36 Children in the U.S. Now Diagnosed with Autism but CDC Refuses to Look at Vaccines as CauseMarch 24, 2023 6:29 pm
A brand new study was released today by Centers for Disease Control pegging the autism rate in the United States at 1 in 44 children, up from 1 in 150 children in 2000 when their complex surveillance system—The Autism and Developmental Disabilities Monitoring (ADDM) Network—was first instituted. Looked at another way, that means 2.7% of children today have autism, and the rate has grown by 243% since 2000. In the old days, people panicked when they saw a devastating disability amongst our children increase by 243%. But, the CDC isn’t worried, their “Public Health Action” from the study is unfortunately par for the course: The continued increase among children identified with ASD, particularly among non-White children and girls, highlights the need for enhanced infrastructure to provide equitable diagnostic, treatment, and support services for all children with ASD. Any question in the report about WHY the rate has increased so much? Of course not. But, it actually gets worse.Read More…Sophia Media, LLC
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