MAY 8/2023 · by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: UP $8.70 TO $2025.60

SILVER PRICE CLOSED: DOWN 7 CENTS AT $25.57

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE $2020.65

Silver ACCESS CLOSE: 25.54

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“America has been blessed never to have a native criminal class. Excepting Congress, of course.” … Mark Twain

GO GATA!

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Pay no attention to today’s action with respect to gold and silver and the stock market.

Nothing has changed. The Non Farm payroll report was a fraud, a phony!. There will be lots of revisions next month. There were lots of revisions to Jan, Feb, March but nobody pays attention to these. The economy is in big trouble. The crooks’ move was to save the banks for one more week, but many will succumb as trillions of dollars move into the money market funds from banks.

Bitcoin morning price:, $27,900 DOWN 535 Dollars

Bitcoin: afternoon price: $27,560 DOWN 875 dollars

Platinum price closing $1079.30 UP $17.10

Palladium price; $1555.50 UP $51.10

GO GATA!

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

CANADIAN GOLD: $2,701,47 UP 3 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1601.47 UP 4.95 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1836.52 UP 7.06 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: MAY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,017.400000000 USD
INTENT DATE: 05/05/2023 DELIVERY DATE: 05/09/2023
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 4
435 H SCOTIA CAPITAL 4
657 C MORGAN STANLEY 1
661 C JP MORGAN 27
737 C ADVANTAGE 4 1
880 H CITIGROUP 34
905 C ADM 9

TOTAL: 42 42
MONTH TO DATE: 5,186

JPMorgan stopped 27/42 contracts

FOR MAY:

GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 42 NOTICES FOR 4200 OZ or 0.1306 TONNES

total notices so far: 5186 contracts for 518,600 oz (16.131 tonnes)

FOR MAY:

SILVER NOTICES: 33 NOTICE(S) FILED FOR 165,000 OZ/

total number of notices filed so far this month : 1863 for 9,315,000 oz

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END

GLD

WITH GOLD UP $8.70

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:///A DEPOSIT OF 1.73 TONNES INTO THE GLD//

INVENTORY RESTS AT 931.77 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 7 CENTS AT THE SLV//

SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.1194 MILLION OZ FROM THE SLV/: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 465.602 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A GIGANTIC SIZED 2,596 CONTRACTS TO 145,543 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.31 LOSS IN SILVER PRICING AT THE COMEX ON FRIDAY. WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.31). AND WERE SUCCESSFUL IN KNOCKING CONSIDERABLE SPEC LONGS AS WE HAD A GIGANTIC LOSS ON OUR TWO EXCHANGES OF 1633 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 4.250 MILLION OZ.) WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE IN JANUARY . WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.

WE MUST HAVE HAD:
A HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICALS( 933 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.105 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S E.F.P. JUMP TO LONDON OF 60,000 OZ(E.FP.’S LOWER THE AMOUNT OF SILVER STANDING)+0 EXCHANGE FOR RISK// TOTAL 4.25 MILLION OZ OF EXCHANGE FOR RISK FOR THE MONTH(RAISES THE AMOUNT OF SILVER STANDING):THUS TOTAL OF 16.900 MILLION OZ OF STANDING FOR DELIVERY V) HUGE SIZED COMEX OI LOSS/ HUGE SIZED EFP ISSUANCE/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –190 CONTRACTS

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

TOTAL CONTRACTS for 6 days, total 5807 contracts: OR 29.035 MILLION OZ . (967 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 29.035 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

YEAR 2022:

JAN 2022-DEC 2022

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

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023/// 53.070 MILLION OZ //FINAL

FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE

APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 29.035 MILLION OZ/INITIAL

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2596 CONTRACTS WITH OUR $0.31 LOSS IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 933 ISSUED FOR JULY 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 APRIL OF 13.105 MILLION OZ//FIRST DAY NOTICE FOLLOWED BY TODAY’S E.F.P. JUMP OF 60,000 OZ (DECREASES THE AMOUNT OF SILVER STANDING) +// + 0.0 MILLION NEW EXCHANGE FOR RISK TODAY (INCREASES THE AMOUNT OF SILVER STANDING) //TOTAL EXCHANGE FOR RISK MONTH= 4.25 MILLION//NEW TOTALS 12.650 MILLION OZ + 4.25 MILLION = 16.900 MILLION OZ// .. WE HAVE A HUGE SIZED LOSS OF 1663 OI CONTRACTS ON THE TWO EXCHANGES

WE HAD 33 NOTICE(S) FILED TODAY FOR 165,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 10,088 CONTRACTS TO 510,576 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 224 CONTRACTS

WE HAD A STRONG SIZED DECREASE IN COMEX OI ( 9864 CONTRACTS) WITH OUR $30.30 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY. AT 3.5085 TONNES ON FIRST DAY NOTICE // PLUS 3900 OZ QUEUE. JUMP :(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 $30.30 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING.WE HAD A GOOD SIZED LOSS OF 6052 OI CONTRACTS (18.82 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4036 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 510,800

IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6052 CONTRACTS WITH 10,088 CONTRACTS DECREASED AT THE COMEX AND 4036 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 10,088 CONTRACTS OR 18.880 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4036 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (10,088 //TOTAL LOSS IN THE TWO EXCHANGES 6052 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR MAY AT 3.5085 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 3900 OZ // NEW STANDING: 16.662 TONNES // ///3) CONSIDERABLE LONG LIQUIDATION//4) STRONG SIZED COMEX OPEN INTEREST LOSS/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

MAY

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

TOTAL EFP CONTRACTS ISSUED: 19,631 CONTRACTS OR 1,963,100 OZ OR 61.06 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 3217 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 61.06 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 61.06/3550 x 100% TONNES 1.71% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC. 175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES

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

TOTAL: 2,847,25 TONNES

JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES ( MUCH SMALLER THAN LAST MONTH)

MAY: 61.06 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. 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 MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., 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 (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

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

1.Today, we had the open interest at the comex, in SILVER FELL BY A HUGE SIZED 2596 CONTRACTS OI TO 145,543 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE SET A NEW RECORD LOW OF 117,395 CONTRACTS MARCH 27/2022

EFP ISSUANCE 933 CONTRACTS

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

JULY 933 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 933 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI FALL OF 2596 CONTRACTS AND ADD TO THE 933 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1663 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 8.315 MILLION OZ

OCCURRED WITH OUR $0.31 LOSS IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

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//

MONDAY MORNING//SUNDAY NIGHT

SHANGHAI CLOSED UP 60.50 PTS OR 1.81% //Hang Seng CLOSED UP 247.72 POINTS OR 1.24% /The Nikkei closed DOWN 208.07 OR .71% //Australia’s all ordinaries CLOSED UP 0.80 % /Chinese yuan (ONSHORE) closed DOWN 6.9174 /OFFSHORE CHINESE YUAN DOWN TO 6.9228 /Oil UP TO 73.24 dollars per barrel for WTI and BRENT AT 77.05 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 10,088 CONTRACTS DOWN TO 510,576 WITH OUR STRONG LOSS IN PRICE OF $30.30 ON FRIDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF MAY… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4036 EFP CONTRACTS WERE ISSUED: : JUNE 4036 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4036 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 6,052 CONTRACTS IN THAT 4036 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 10,088 COMEX CONTRACTS..AND THIS GOOD SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $30.30. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (16.662) ( 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: 19.0637 TONNES

APRIL: 75.676 tonnes

MAY: 16.662 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $30.30) //// AND WERE UNSUCCESSFUL IN KNOCKING CONSIDERABLE SPECULATOR LONGS AS WE HAD OUR GOOD SIZED LOSS OF 6052 CONTRACTS ON OUR TWO EXCHANGES

WE HAVE LOST A TOTAL OI OF 18.82 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAY. (3.5085 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 3900 oz (0.1213 TONNES)//NEW STANDING 16.540 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $30.30

WE HAD –REMOVED 224 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 6052 CONTRACTS OR 605,200 OZ OR 18.82 TONNES.

Estimated gold comex today 204,106// fair

final gold volumes/yesterday 338,746 good

//MAY 8/ MAY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	803.775 oz Int Delaware 25 kilobars .
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	42 notice(s) 4200 OZ 0.1306 TONNES
No of oz to be served (notices)	171 contracts 17100 oz 0.5318 TONNES
Total monthly oz gold served (contracts) so far this month	5186 notices 518600 OZ 16.131 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: 1

i) Out of Int. Delaware

803.775 oz (25 kilobars)

total withdrawals: 803.775 oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an oi of 213 contracts having LOST 610 contracts. We had 649 contracts filed

on FRIDAY, so we gained 39 contracts or an additional 3900 oz (0.1213 tonnes) will stand for gold in this non active delivery month of May.

June LOST 26,553 contracts DOWN to 358,631 contracts.

July added 199 contracts to stand at 1354 contracts.

AUGUST GAINED 15,328 contracts up to 100,605 contracts (ORIGINATED FROM JUNE ROLLOVERS)

We had 42 contracts filed for today representing 4200 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 42 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 42 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 MAY /2023. contract month,

we take the total number of notices filed so far for the month (5,186 x 100 oz ), to which we add the difference between the open interest for the front month of MAY 213 CONTRACTS) minus the number of notices served upon today 42 x 100 oz per contract equals 535,700 OZ OR 16.662 TONNES the number of TONNES standing in this NON- active month of May.

thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (5,186 x 100 oz) xxx OI for the front month minus the number of notices served upon today (42)x 100 oz} which equals 535,700 oz standing OR 16.662 TONNES

TOTAL COMEX GOLD STANDING: 16.662 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH.

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 o

total pledged gold: 1,666,085.702 OZ 51.822 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,508,400.120 OZ

TOTAL REGISTERED GOLD: 12,385,679.388 (385,24 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,122,720.733 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,719,594 OZ (REG GOLD- PLEDGED GOLD) 333.42 tonnes//

END

SILVER/COMEX

MAY 8//2023// THE MAY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	207,046.480 oz Brinks Loomis .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	1,260.514.127 oz CNT Delaware Manfra
No of oz served today (contracts)	33 CONTRACT(S) (165,000 OZ)
No of oz to be served (notices)	667 contracts (3,335,000 oz)
Total monthly oz silver served (contracts)	1863 Contracts (9,315,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 dealer deposit

total dealer deposits: 0

total: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 3 deposits into the customer account

i) into CNT: 600,825.010 oz

ii) out of Delaware 59,626.010 oz

iii) Out of Manfra: 600,052.917 oz

Total deposits: 1,260,514.127 oz

JPMorgan has a total silver weight: 139,607 million oz/270,537 million =51.60% of comex .//dropping fast

Comex withdrawals 2

i) Out of Brinks 94,756.380 oz

ii) Out of Loomis: 112,290.100

Total withdrawals; 207,046.100 oz

adjustments:

the silver comex is in stress!

TOTAL REGISTERED SILVER: 31.607 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 270.537 million oz

CALCULATION OF SILVER OZ STANDING FOR MAY

silver open interest data:

FRONT MONTH OF MAY /2023 OI: 700 CONTRACTS HAVING LOST 122 CONTRACT(S). WE HAD 117 CONTRACTS FILED

ON FRIDAY, SO WE LOST 5 CONTRACT OR AN ADDITIONAL 60,000 OZ OF SILVER WILL NOT STAND FOR DELIVERY IN THIS VERY

ACTIVE DELIVERY MONTH OF MAY AS, FOR THE 5TH DAY IN A ROW, THESE GUYS WERE E.F.P.’d TO LONDON AS NO SILVER COULD BE FOUND OVER HERE..

JUNE HAD A 17 CONTRACT LOSS TO 933

JULY HAD A 2382 CONTRACT LOSS TO 122,959 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 33 for 165,000 oz

Comex volumes// est. volume today 35,329 poor

Comex volume: confirmed yesterday: 72,665 good

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at 1863 x 5,000 oz = 9,315,000 oz

to which we add the difference between the open interest for the front month of MAY(700) and the number of notices served upon today 33 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAY/2023 contract month: 1863 (notices served so far) x 5000 oz + OI for the front month of May (700) – number of notices served upon today (33 )x 500 oz of silver standing for the MAY contract month equates to 12.650 million oz + THE CRIMINAL 0 MILLION OZ EXCHANGE FOR RISK TODAY//NEW TOTAL EXCHANGE FOR RISK: 4.250//NEW TOTAL 16.900 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

MAY 8/WITH GOLD UP $8.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 431.77 TONNES

MAY 5/WITH GOLD DOWN $30.30 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: AS DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 930.04 TONNES

MAY 4/WITH GOLD UP $19.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.30 TONNES

MAY 3/WITH GOLD UP $13.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.47 TONNES INTO THE GLD////INVENTORY RESTS AT 928.30 TONNES

MAY 2/WITH GOLD UP $32.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FORM THE GLD/////INVENTORY RESTS AT 924.83 TONNES

MAY 1/WITH GOLD DOWN $8.85 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 926.28 TONNES

APRIL 28/WITH GOLD UP $1.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.76 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 926.28 TONNES

APRIL 27/WITH GOLD UP $4.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04 TONNES/

APRIL 26/WITH GOLD DOWN $8.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.61 TONNES FROM THE GLD.//INVENTORY RESTS AT 930.04 TONNES

APRIL 25/WITH GOLD UP $4.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .86 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 927.43 TONNES

APRIL 24/WITH GOLD UP $9.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 926.57 TONNES

APRIL 21/WITH GOLD DOWN $27.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 926.57 TONNES

APRIL 20/WITH GOLD UP $12.70: HUGE CHANGES TODAY IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 926.57 TONNES

APRIL 19//WITH GOLD DOWN $12.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 925.70 TONNES

APRIL 18/WITH GOLD UP $12.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 925.70 TONNES/

APRIL 17/WITH GOLD DOWN $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 927.72 TONNES

APRIL 14/WITH GOLD DOWN $38.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.47 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 930.61 TONNES

APRIL 13/WITH GOLD UP$31.70 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.17 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.08 TONNES

APRIL 11/WITH GOLD UP $14.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 903.91 TONNES

APRIL 10/WITH GOLD DOWN $21.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91 TONNES

APRIL 6//WITH GOLD DOWN $9.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91

APRIL 5//WITH GOLD UP 0 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04

APRIL 4/WITH GOLD UP $36.30 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 930.04 TONNES

APRIL 3/WITH GOLD UP $14.20 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.02 TONNES

MARCH 31/WITH GOLD DOWN $10.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FROM THE GLD////INVENTORY RESTS AT 928.02 TONNES

MARCH 30//WITH GOLD UP XX TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.24 TONNES FROM THE GLD/INVENTORY RESTS AT 929.47 TONNES

MARCH 29/WITH GOLD DOWN $4.85 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4,16 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 927,23

MARCH 28/WITH GOLD UP $19.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .86 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 923.07 TONNES

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

GLD INVENTORY: 931.77 TONNES

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

MAY 8/WITH SILVER DOWN 7 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 465.602 MILLION OZ//

MAY 5/WITH SILVER DOWN 31 CENTS TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 368,000 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 466.876 MILLION OZ//

MAY 4/WITH SILVER UP 53 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF .174 MILLION OZ INTO SLV.//INVENTORY RESTS AT 467.174 MILLION OZ//

MAY 3/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 467.070 MILLION OZ//

MAY 2/WITH SILVER UP 37 CENTS TODAY;NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 468.264 MILLION OZ//

MAY 1/WITH SILVER DOWN ONE CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 918,000 OZ FROM THE SLV////INVENTORY RESTS AT 468.264 MILLION OZ

APRIL 28/WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 469.482 MILLION OZ//

APRIL 27/WITH SILVER UP 16 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.103 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 469.182 MILLION OZ//

APRIL 26/WITH SILVER UP 10 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.102 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 470.285 MILLION OZ

APRIL 25/WITH SILVER DOWN 34 CENTS TODAY: THIS IS UNBELIEVABLE!!! HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 7.304 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 471.387 MILLION OZ.

APRIL 24/WITH SILVER UP 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 464.083 MILLION OZ/

APRIL 21/WITH SILVER DOWN 29 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 919,000 OZ FROM THE GLD////INVENTORY RESTS AT 464.083 MILLION OZ//

APRIL 20/WITH SILVER UP 2 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.021 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 465.002 MILLION OZ/

APRIL 19/WITH SILVER UP 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.023 MILLION OZ//

APRIL 18/WITH SILVER UP 18 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.757 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 467.023 MILLION OZ

APRIL 17/WITH SILVER DOWN 33 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 469.780 MILLION OZ//

APRIL 14/WITH SILVER DOWN 48 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.974 MILLION OZ/

APRIL 13/WITH SILVER UP HUGELY BY 48 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.389 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 470.974 MILLION OZ

APRIL 11/WITH SILVER UP 27 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

APRIL 10/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

APRIL 6/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 4.643 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 468.585 MILLION OZ//

APRIL 5/WITH SILVER DOWN 4 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 463.942 MILLION OZ

APRIL 4/WITH GOLD UP $1.11 TODAY CRIMINAL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.47 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 463,942 MILLION OZ

APRIL 1/WITH SILVER DOWN 14 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.412

MARCH 31/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE GLD/: A MASSIVE 4.779 MILLION OZ DEPOSITED INTO THE SLV///INVENTORY RESTS AT465.412 MILLION OZ

MARCH 30/WITH SILVER UP XX CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV.: A DEPOSIT OF 550,000 OZ INTO THE SLV/.INVENTORY RESTS AT 460.633 MILLION OZ

MARCH 29/WITH SILVER UP 11 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 460.082

MARCH 28/WITH SILVER UP 28 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 368,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.887 MILLION OZ//

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 459.255 MILLION 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//

CLOSING INVENTORY 465.602 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

Texas Committee Passes Bill To Create 100% Reserve Gold And Silver-Backed Transactional Currencies

SATURDAY, MAY 06, 2023 – 04:30 PM

Authored by Michael Maharrey via SchiffGold,

On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).

Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.

Specie is defined as “a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.”

In establishing gold and silver specie, the comptroller would be required to authorize the Texas Bullion Depository as issuer and ensure that the holder of the specie may use the specie as legal tender in payment of debt and readily transfer the specie to another person.

The comptroller would also be required to create a mechanism to use 100% backed gold and silver digital currencies in everyday transactions.

In establishing the digital currency under Subsection (a)(2), the comptroller shall provide a means to ensure that a person who holds the digital currency may:

1. Use the digital currency as legal tender in payment of debt; and

2. By electronic means readily transfer or assign the digital currency to another person.

Physical gold and silver backing the digital currency would be stored in a pooled account at the Texas State Bullion Depository.

“The trustee shall maintain enough gold and silver specie or bullion to provide for the redemption of all units of the digital currency issued but not redeemed.”

In practice, individuals would be able to purchase transactional currency representing the smallest fractions of physical gold or silver. The money would be used to purchase gold or silver that would be held in the already-open Texas Bullion Depository. Individuals would be able to redeem their transactional currency for dollars, gold, or silver on demand.

On May 2, the House State Affairs Committee passed HB4903 by a 7-6 vote.

In an outpouring of strong support from the grassroots in Texas, a 78-page document – representing hundreds of messages of support for the bill – was presented to the committee members during a hearing last month.

IMPACT

This is one of several bills introduced in the Texas legislature this year to promote sound money, including legislation to establish state gold and silver reserves, and a bill to make gold and silver legal tender in the Lone Star State.

The creation of state-issued gold-backed and silver-backed digital currencies would create currency competition with Federal Reserve notes and undermine the Fed’s monopoly on money. It would also provide a sound money-backed competitor if the Federal Reserve implements a central bank digital currency.

Broadly speaking, by making gold and silver conveniently available for regular, daily transactions by the general public, gold and silver-backed digital currency would create the potential for a wide-reaching effect. Professor William Greene, an expert on constitutional tender, said in a paper for the Mises Institute that when people in multiple states actually start using gold instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

“Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).

“As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.”

Gresham’s Law holds that “bad money drives out good.” For example, when the U.S. government replaced silver quarters and dimes with coins made primarily of less valuable copper, the cheap coins drove the silver out of circulation. People hoarded the more valuable silver coins and spent the less valuable copper money. So, how do you reverse Gresham?

The key is in making it easier to use gold in everyday transactions. The reason bad money drives out good is that governments put up barriers to using sound money in day-to-day life. That makes it more costly to spend gold and incentivizes hoarding. When you remove barriers, you level the playing field and allow gold and silver to compete head-to-head with Federal Reserve notes. On an even playing field, gold beats fiat money every time.

CENTRAL BANK DIGITAL CURRENCIES (CBDC)

A gold-backed digital currency would create an alternative and allow individuals and businesses to avoid a CBDC.

Digital currencies exist as virtual banknotes or coins held in a digital wallet on your computer or smartphone. The difference between a central bank (government) digital currency and peer-to-peer electronic cash such as bitcoin is that the value of the CBDC is backed and controlled by the government, just like traditional fiat currency.

At the root of the move toward a CBDC is “the war on cash.” The elimination of cash creates the potential for the government to track and even control consumer spending.

Imagine if there was no cash. It would be impossible to hide even the smallest transaction from the government’s eyes. Something as simple as your morning trip to Starbucks wouldn’t be a secret from government officials. As Bloomberg put it in an article published when China launched a digital yuan pilot program in 2020, digital currency “offers China’s authorities a degree of control never possible with physical money.”

The government could even “turn off” an individual’s ability to make purchases. Economist Thorsten Polleit outlined the potential for Big Brother-like government control with the advent of a digital euro in an article published by the Mises Wire. As he put it, “the path to becoming a surveillance state regime will accelerate considerably” if and when a digital currency is issued.

BACKGROUND

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” Currently, all debts and taxes in Kansas are either paid with Federal Reserve Notes (dollars) which were authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

The Federal Reserve destroys this constitutional monetary system by creating a monopoly based on its fiat currency. Without the backing of gold or silver, the central bank can easily create money out of thin air. This not only devalues your purchasing power over time; it also allows the federal government to borrow and spend far beyond what would be possible in a sound money system. Without the Fed, the U.S. government wouldn’t be able to maintain all of its unconstitutional wars and programs. The Federal Reserve is the engine that drives the most powerful government in the history of the world.

Creating gold and silver-backed digital currencies would take another step in the process of abolishing the Federal Reserve system by attacking it from the bottom up – pulling the rug out from under it by working to make its functions irrelevant at the state and local levels, and setting the stage to undermine the Federal Reserve monopoly by introducing competition into the monetary system.

WHAT’S NEXT

HB4903 will now move to the Calendars Committee. This committee determines which bills move to the House floor for a vote. Supporters of the bill in Texas have created an online tool to register support for the bill moving to the House for a debate and vote. Residents of Texas can submit their comments here.

Information from the Tenth Amendment Center contributed to this report.

2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO

WOW!! this is important: Actually the large banks are losing deposits at a faster clip than the smaller banks

a must read.!!

WALL STREET ON PARADE:

By Pam Martens and Russ Martens: May 8, 2023

Since the banking crisis began making headlines at expensive media real estate, the narrative has been that deposits are fleeing the small commercial banks and flooding into the biggest banks that are perceived as too-big-to-fail and thus offer a safer venue for deposits.

Because these mega banks are the same ones that the Fed has been bailing out since the financial crisis of 2008, that narrative requires believing that our fellow Americans are dumber than a stump.

We decided to check out that narrative for ourselves. Not only is that scenario wrong, but it is so decidedly wrong, and it’s so easy to get the accurate figures, that from where we sit it looks like there might have been an agenda by someone to harm smaller banks. (Since it’s short sellers who have benefited to the tune of more than $7 billion from this misinformation, the Securities and Exchange Commission should find out who the public relations firms are who placed this erroneous information, and who paid them.)

Each Friday, at approximately 4:15 p.m., the Federal Reserve (“the Fed”) releases its H.8 report showing the assets and liabilities of commercial banks in the United States. Monthly deposit data is included going back one year, as well as deposit data for each of the last four weeks. Data is also broken down by the 25 largest banks and the approximate 4,000 small banks. Equally helpful, the folks at the St. Louis Fed make it possible to chart much of that H.8 data via its FRED charting tools. (See charts above and below.) The 25 largest banks in the U.S. lost a total of $644 billion in deposits between April 27, 2022 and April 26, 2023.

The three largest banks in the U.S., as measured by deposits, are JPMorgan Chase, Bank of America and Wells Fargo. Between April 27, 2022 and April 26, 2023, JPMorgan Chase lost $184 billion in deposits; Bank of America lost $162 billion; and Wells Fargo lost $118.7 billion, for a combined loss in deposits of $464.7 billion — representing 72 percent of the decline in deposits at the 25 largest banks. (That’s a crystal clear indication of just how dangerously concentrated banking has become in the U.S.)

The deposit losses at JPMorgan Chase, Bank of America and Wells Fargo are more than twice what the 4,000 small banks lost in total during the same period. Their combined loss in deposits was just $210 billion. (See chart below.)

Bank of America and Wells Fargo not only lost those large deposit sums on a year-over-year basis, but both banks saw deposits fall during the past five quarters, including the quarter ending March 31, 2023 when headlines were declaring that they were seeing big inflows of deposits as a result of the banking crisis. JPMorgan Chase lost deposits in each of the quarters in 2022 and then saw a small increase in deposits in the first quarter of this year – likely from all of those misleading headlines. (This information is easily obtained from the financial statements the firms file publicly with the SEC.)

To give you an idea of just how pervasive this false narrative has been about the big banks sloshing around in all those deposits fleeing the small banks, as recently as April 28 the Bloomberg columnist, John Authers, wrote a column that was syndicated to the Washington Post – likely to be read by a large number of members of Congress. In the article, Authers included this nugget:

“This summary from the Canadian firm Palos Management explains neatly why the bigger banks are still OK:

“The first quarter’s performance of the big four was consistent with a broad consensus that the big banks have capitalized on massive depositor inflows, clearly related to the well- documented liquidity stresses facing their smaller, regionally based brethren. This should come as no surprise. The panic-fueled depositor exodus from the smaller banks to the larger ‘too big to fail’ banks is simply a rational decision. Protection of capital rules.”

Why would a journalist rely on unverified deposit data from a Canadian firm when the deposit data is readily available from the banks’ own filings with the SEC as well as in the Fed’s H.8 weekly releases?

-END-

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

Gold and silver dips will be shallow as official intervention gets harder, Maguire says

Submitted by admin on Sun, 2023-05-07 02:04 Section: Daily Dispatches

1p ICT Sunday, May 7, 2023

Dear Friend of GATA and Gold (and Silver):

In his weekly appearance on Kinesis Money’s “Live from the Vault” program with Shane Morand, London metals trader Andrew Maguire predicts that dips in gold and silver futures prices will be shallow because speculators have mostly been driven out of the market and physical demand is strong.

Official intervention in the monetary metals markets is becoming more difficult, Maguire says.

The interview is 37 minutes long and can be viewed at YouTube here:

see below

END

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

Ser Guides Live from the Vault

EPISODE 121

Kamikaze Fed – Silver ejector seat – Time to bail out!

Andrew Maguire reveals the truth about sanctioned “too big to fail” bank bailouts and the eff…

END

Central bank gold buying off to a record breaking start with a monstrous 228 tonnes in the first quarter. Rolling 4 quarters a huge 1224 tonnes or greater than 50% of production ex Russia ex China.. The city state of Singapore leds the pack in buying

(zerohedge)

Central Bank Gold Buying Off To A Record-Breaking Start In 2023, Led By Singapore

MONDAY, MAY 08, 2023 – 07:45 AM

It may not be the off the charts gold buying observed in the second half of 2022, but central bank Central bank gold buying made a blistering start to 2023 when according to the latest report from the World Gold Council, demand for the hard currency by the world’s money-printing authorities reached 228 tonnes in Q1, a 176% increase compared to the 82.7 tonnes one year ago. While lower than the figures seen in the previous two quarters this was nonetheless the strongest first quarter on record. According to the WGC, “this is all the more impressive considering it follows the record-breaking pace of demand last year.”

The rolling four-quarter total soared to a record 1,224 tonnes in Q1 following massive buying in recent quarters. As with the figures for both Q3 and Q4 2022, data for the current quarter contains a significant estimate for unreported activity.

Four central banks accounted for the majority of reported purchasing during Q1:

The Monetary Authority of Singapore (MAS) was the largest single buyer during the quarter thanks to the addition of 69 tonnes of gold, the first increase in its gold reserves since June 2021, confirms that buying in Q1 was not only the domain of emerging market central banks. Gold reserves at MAS now total 222t, 45% higher than at the end of 2022.
The People’s Bank of China (PBoC) disclosed that its gold reserves had risen by 58t. Since recommencing reports of purchases in November 2022, the PBoC has added 120t to its gold reserves, lifting them to 2,068t (4% of total reported gold reserves). Overnight, the State Administration of Foreign Exchange reported the latest, April, reserves data which revealed that China’s gold reserves rose to a record 66.76 million ounces at the end of April, up from 66.5 million ounces at end-March.

Turkey was again a big buyer of gold during the quarter: official reserves rose by 30t. Combined purchases of 45t in January and February were offset by a sale in March – the first since November 2021.11 15t of gold was sold into the local market following a temporary partial ban on gold bullion imports.12 Overall, this lifted total gold reserves to 572t (34% of total reserves).
The Reserve Bank of India also added a modest 7t in Q1, lifting its gold reserves to 795t, while the Czech Republic (2t) and the Philippines (1t) were also notable buyers.

A significant update during Q1 came from the Central Bank of Russia in a resumption of its reporting of gold reserves, back filling data from the end of January 2022 to date.

We can now see that in Q1 Russia’s official gold reserves fell by 6t, to 2,327t (25% of total reserves). However, even with this decline – possibly related to coin-minting – the country’s gold reserves are 28t higher than when it stopped reporting last year. .

Selling was again much more modest by comparison. The Central Bank of Uzbekistan (-15t) and the National Bank of Kazakhstan (-20t) were the largest sellers of gold during the quarter. According to the WGC, it is not uncommon for central banks that purchase gold from domestic sources – as both Uzbekistan and Kazakhstan do – to be frequent sellers of gold. Cambodia (-10t), UAE (-1t) and Tajikistan (-1t) were the other notable sellers. Croatia reported a 2t reduction in its gold holdings in January but this was a transfer to the European Central Bank – which is required of all countries joining the euro area – and, as such, it does not represent a decline in the global universe of official sector gold.

Here is a chart summarizing the most notable central bank transactions during Q1.

The bottom line: expectations for strong central bank demand in 2023 have been borne out. Central bank buying remains robust, with little to indicate that this will change in the short term. As such, purchases will likely continue to outweigh sales for the foreseeable future, and may explain in part why gold trades just shy of its all time high north of $2,000 per ounce. But the exact pace of this net buying is difficult to determine.

END

5.IMPORTANT COMMENTARIES ON COMMODITIES:

end

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS// MONDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED DOWN AT 6.9174

OFFSHORE YUAN: 6.9228

SHANGHAI CLOSED UP 60.50 PTS OR 1.81%

HANG SENG CLOSED UP 249.73 PTS OR 1.24%

2. Nikkei closed DOWN 208.07 PTS OR .71%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 100.87 EURO RISES TO 1.1049 UP 40 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.414 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 135.02 /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 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 +2.330***/Italian 10 Yr bond yield RISES to 4.245*** /SPAIN 10 YR BOND YIELD RISES TO 3.415…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.041

3j Gold at $2022.25 silver at: 25.62 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 43 /100 roubles/dollar; ROUBLE AT 77.81//

3m oil into the 73 dollar handle for WTI and 77 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 135.02 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .414% 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 0.8887 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9820 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: 3.467 UP 2 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.787 UP 3 BASIS PTS/

USA 2 YR BOND YIELD: 3.9638 UP 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.51…

GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 3.8075

end

2. Overnight: Newsquawk and Zero hedge:

2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Rise As Regional Banks Squeezed Higher

MONDAY, MAY 08, 2023 – 08:13 AM

US stock futures reversed losses and traded near session highs as the squeeze in regional banks pushed stock prices higher despite another huge (unadjusted) deposit drop last week as investors assessed the outlook for the banking crisis while awaiting inflation figures due later this week for clues about the path of Federal Reserve policy. Contracts on the S&P 500 and Nasdaq 100 rose 0.2% at 735am ET. The underlying benchmarks had rallied 1.8% and 2.1% on Friday, respectively. Oil edged higher to start the week, while European markets rose and Chinese bank stocks soared. Japanese stocks fell as traders came back online after a holiday. Elsewhere, Janet Yellen warned the debt-limit impasse may trigger a constitutional crisis. And Warren Buffett says good times are coming to an end.

In premarket trading, Occidental Petroleum dropped after Warren Buffett said Berkshire Hathaway won’t make an offer for full control of the energy group. Meanwhile, PacWest Bancorp soared as much as 32%, extending Friday’s brisk rebound and leading gains in US regional banks as short were squeezed, after it slashed its quarterly dividend and said business remains “sound” even though clearly deposit outflow will continue as long as the Fed’s QT continues. Tyson shares plunged as much as 10% in premarket trading Monday after cutting its sales guidance for the full year. The updated guidance also missed the average analyst estimate for the period. Cryptocurrency-exposed stocks slump as Binance restarted withdrawals of Bitcoin after citing congestion on the token’s blockchain for two halts in less than 12 hours. Marathon Digital (MARA US) -6.9%, Riot Platforms (RIOT US) -6.7%.

US stocks have tracked sideways since the beginning of April as as better-than-feared corporate earnings offset concerns around an economic slowdown and the health of regional banks. Unexpectedly strong jobs data Friday supported bets the Federal Reserve will hold rates high for longer, straining consumer spending, corporate profits and bank balance sheets. Despite Friday’s stock rebound, investors still have much to worry about. The rout in US bank shares has the S&P 500 financials index on the verge of falling back below its 2007 peak.

Meanwhile, Treasury Secretary Janet Yellen sees “simply no good options” for solving the debt limit stalemate in Washington without Congress raising the cap. She even cautioned that resorting to the 14th Amendment would provoke a constitutional crisis.

“We see a chance that Treasury’s cash amount is enough to sustain till mid-June and probably slightly beyond that,” Oversea-Chinese Banking Corp. strategists Frances Cheung and Christopher Wong wrote in a note. However, “the irregular nature of fiscal receipts and outlays shall render investors staying cautious,” they said.

Investors are monitoring turmoil in regional banks and the impact on the wider sector, with the S&P 500 financials index on the verge of falling back below its 2007 peak. Meanwhile, investors are looking forward to consumer-price data due on Wednesday to assess whether the Fed’s fight against inflation has been paying off.

“None of the underlying fundamentals in US banks give us any reason to be deeply frightened, it’s really more investors confidence and managements ability to rein in investor confidence fast enough that’s been the primary issue,” said Alexander Morris, chief investment officer and president of F/M Acceleration said on Bloomberg Television. There could be another small Fed hike and rate cuts will likely be reserved until 2024, he added.

Rates on swap contracts linked to Fed meetings — which on Thursday briefly priced in a cut in July — moved higher, to levels consistent with a stable policy rate until September, followed by at least two quarter-point cuts by year-end. Consumer-inflation data Wednesday may provide further clues on the rates path.

“Unless we see a sharp turnaround in the inflation numbers, the Fed ought to be quite comfortable with where policy rates are right now,” Tai Hui, chief Asia market strategist at JPMorgan Asset Management, said on Bloomberg Television.

In Europe, the Stoxx Europe 600 index edged 0.2% higher, with energy stocks outperforming as crude oil gained. With UK markets closed for a a holiday in honor of King Charles III, trading volumes were relatively modest. The German 10-yield climbed 4 basis points. Here are the biggest European movers:

PostNL gains as much as 11.3% after the Dutch delivery company reported first-quarter revenue that beat estimates, with analysts noting that parcel volumes were better than anticipated
Novo Nordisk gains as much as 4.8%, with Citi flagging continued “stellar” growth of the Danish pharmaceutical group’s GLP-1 diabetes and obesity portfolio across the past rolling four weeks
Banca Monte dei Paschi climbs as much as 4.4% after Reuters reported that Italy is open to selling down its stake in the lender if terms or buyers are right, citing three people with knowledge
Danske Bank gains as much as 3.9% after Danish newspaper Jyllands-Posten reported that the lender’s number of customers in Denmark has risen by a net 14,061 since the start of 2022, citing a poll
Raiffeisen Bank gains as much as 2.3% after the Austrian lender was raised to neutral from sell at Citi following “very strong” first-quarter results and upgraded outlook
Assa Abloy shares fall 1.8% despite its announcement that it has reached a settlement with the US Department of Justice over its planned $4.3b acquisition of the HII division of Spectrum Brands
SBB shares fall as much as 9.7% after the Swedish landlord saw its credit rating cut one step to junk by Standard & Poor’s with the rating agency signaling it may downgrade further

Earlier in the session, Asian stocks gained as easing banking concerns helped revive risk appetite, while Chinese financial shares saw frenzied trading amid a hunt for the next market catalyst. The MSCI Asia Pacific Index rose as much as 0.5% on Monday, led by energy and finance shares. China and South Korea were among the best performers, while Japanese stocks retreated as trading resumed after the Golden Week holidays. Asian shares started the week on a strong note as sentiment stabilized following a rebound in US regional bank shares. An unexpected pickup in US hiring and wages tempered worries about a recession, with inflation data due this week expected to provide clues on the Federal Reserve’s next move.

Chinese banking shares surged to a one-year high after more lenders cut deposit rates and further progress on state-owned enterprise reform boosted sentiment. In contrast, shares of Japanese lenders — which are seen as the most vulnerable in Asia to the turmoil gripping the US banking sector — underperformed the broader market, with a sub-gauge of bank shares falling 1.3%. Asian stocks have held up relatively well amid the recent volatility in global markets, with the regional stock benchmark capping a 1% increase last week. “Thanks to a buoyant China, we expect emerging markets to maintain their economic growth advantage over developed peers,” said Luca Paolini, chief strategist at Pictet Asset Management.“The positive gap will lead to superior corporate earnings growth across the developing world, and therefore higher returns for emerging stocks.”

Japanese stocks declined in post-holiday trade as a surprisingly strong US jobs data undermined the case for a Federal Reserve rate cut. The Topix Index fell 0.2% to end at 2,071.21, while the Nikkei declined 0.7% to 28,949.88. Sony Group Corp. contributed the most to the Topix Index’s drop, decreasing 1.9%. Out of 2,160 stocks in the index, 1,332 rose and 733 fell, while 95 were unchanged. “The FOMC meeting result was expected, but the market was partly optimistic with many who thought that there would be a rate cut,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. “There was a gap between the two which weighed down Japan stocks.”

The S&P/ASX 200 index rose 0.8% to close at 7,276.50, the biggest jump in a month, boosted by mining and bank stocks amid relative calm and positive sentiment across regional financial markets. Investors await Australia’s federal budget due Tuesday after market close. In New Zealand, the S&P/NZX 50 index rose 0.4% to 11,942.49

In FX, the Bloomberg Dollar Spot Index fell 0.2% in its fifth day of declines amid continuing concern that ongoing turmoil among US regional banks could fuel a tightening in lending. Traders are betting the toll from that could be so great that the Fed will start easing monetary policy as soon as July to stimulate the economy. The Norwegian krone is the best performer among the G-10’s, rising 0.7% versus the greenback. The Japanese yen is the weakest. Leveraged funds had bought USD/JPY heading into release of the Bank of Japan’s meeting minutes, according to Asia-based FX traders, as investors sought to meet net dollar demand over the Tokyo fix, which came in at around 135.15.

In rates, treasuries were cheaper across the curve with stock futures steady near top of Friday session range. Treasury yields cheaper by 2bp to 4bp across the curve with front-end-led losses flattening 2s10s spread by ~1.5bp on the day; 10-year yields around 3.48%, cheaper by 5bps vs Friday close with bunds lagging by ~2bp in the sector. IG issuance slate is expected to be packed as companies front-load ahead of Wednesday’s CPI data; yields spiked higher after news that Apple announced a 5-part bond offering to fund buybacks, sending the 10Y yield to session highs. German government bonds are in the red with two-year yields rising 4bps and back to levels seen before last week’s ECB decision.

In commodities, crude futures advance with WTI rising 1.6% to trade near $72.50. Spot gold gains 0.3% to around $2,023.

Bitcoin dropped 4% after Binance temporarily halted BTC withdrawals as the Bitcoin network experienced a congestion issue but then resumed withdrawals, according to CoinDesk. Binance later closed BTC withdrawals again due to the large volume of pending transactions, while it also announced it was replacing BTC withdrawal transactions with a higher fee so that they can get picked up by mining pools.

US session highlights include wholesale inventory and sales data, while at 2pm ET we get the closely-watched release of the Fed’s Senior Loan Officer survey during afternoon which is expected to show a dramatic tightening in loan standards

Market Snapshot

S&P 500 futures little changed at 4,151.50

Brent Futures up 1.5% to $76.42/bbl

Gold spot up 0.3% to $2,022.38

U.S. Dollar Index down 0.1% to 101.08

Top Overnight News

Western companies warn of hit from China’s slow recovery. US and European groups say they overestimated how quickly the country would bounce back from Covid-19 lockdowns. FT

Brussels has proposed sanctions on Chinese companies for supporting Russia’s war machine for the first time since the war in Ukraine began, a development that is likely to increase tensions with Beijing. FT

German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring again recession fears in Europe’s largest economy. Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on Monday. In a Reuters poll, analysts had pointed to a 1.3% fall. RTRS

Ukraine’s upcoming offensive could help pave the way for negotiations between it and Russia by the end of the year, with China potentially playing a key role in bringing Moscow to the table. WSJ

Top Democrats and Republicans are racing to try to find a politically acceptable way to raise the nation’s borrowing limit in the coming weeks, diving into talks that President Biden has avoided during months of impasse. WSJ

The White House is downplaying the need to curb short-selling of banks even as it insists President Joe Biden hasn’t ruled out any options to ensure the stability of the banking system. BBG

More than 60% of Americans think Biden does not have the mental or physical stamina to serve effectively as president (only 1/3 of the country feels Biden is in physical shape for the presidency vs. 64% who feel that way about Trump). WaPo

Biden polls behind Trump (44-38%) and DeSantis (42-37%) in head-to-head matchups, although there are large numbers of undecided voters. WaPo

Janet Yellen said Congress has “no good options” other than to lift the debt ceiling to prevent an economic and constitutional crisis, a day after 43 GOP senators reiterated opposition to doing so without budget cuts. Yellen told ABC she doesn’t want to consider emergency options, such as Joe Biden taking unilateral action. The president meets with congressional leaders tomorrow. BBG

Although mega-cap tech’s sales growth gap relative to the index narrowed between 2021 and 2022, analysts expect this gap will widen. Mega-cap tech generated average annual sales growth of 15% from 2013 to 2019 vs. just 4% for the S&P 500. However, between 2021 and 2022 the gap narrowed from 11 pp to just 2 pp (17% vs. 15%) as S&P 500 sales growth reaccelerated. Looking forward, although mega-cap tech’s 2023-25 annualized sales growth is projected to decelerate, the gap vs. the index is expected to widen to 5 pp (9% vs. 4%).

A more detailed look at global markets courtesy of Newsquawk

APAC stocks mostly gained as the region took impetus from Friday’s rally on Wall St and strong US jobs data. ASX 200 was led higher by the commodity-related sectors and with sentiment underpinned after Australian Treasurer Chalmers confirmed an energy rebate of up to AUD 500 for millions of Australians in Tuesday’s budget. Nikkei 225 declined beneath the 29,000 level on return from Golden Week with banking shares suffering after the recent headwinds for their regional US counterparts. Hang Seng and Shanghai Comp. were positive as gains in energy and auto stocks offset the losses in the property industry, while China pledged to prioritise the real economy, adhere to the principle of seeking progress while maintaining stability, as well as strengthen the breakthrough of core technology and boost support of strategic resources.

Top Asian News

China’s forex reserves USD 3.205tln at end-April vs prev. USD 3.184tln at end-March, while China’s gold reserves rose to 132.35bln at end-April vs prev. USD 131.665bln at end-March.
China held security and trade talks with the Taliban as Beijing looks to boost its investment in Afghanistan and bring it into the Belt and Road project, according to FT.
Western companies have reportedly warned of a hit from China’s slow recovery with US and European groups saying they overestimated how quickly China would bounce back from COVID-19 lockdowns, according to FT.
US sanctions are reportedly driving Chinese firms to advance AI without the latest chips, according to WSJ.
BoJ March meeting minutes stated that several members said they must be vigilant to the risk that inflation may accelerate more than expected and members agreed there was very high uncertainty surrounding Japan’s economy. The minutes also stated that a few members said there were some positive signs towards achieving the BoJ’s price target, while several members said cost-push price pressure might last longer than expected if global commodity prices rise more than projected.
Japanese PM Kishida said dialogue between Japan and South Korea is progressing in various areas including finance and culture, while Japan’s government is currently taking steps to reinclude South Korea in the export white list. Furthermore, Kishida expressed support to host South Korea for restarting trilateral talks with China and believes it is his responsibility to cooperate with South Korea, according to Reuters.
South Korean President Yoon said he agreed with Japanese PM Kishida to develop bilateral ties to a higher level and both leaders welcome efforts to normalise ties on security, as well as strengthen cooperation on semiconductor and other key materials sectors. Furthermore, they agreed that North Korea’s missile programme is a severe threat to world peace and stability, agreed on the strategic importance of the Indo-Pacific region and to boost coordination on Indo-Pacific strategies, while Yoon said South Korea is open to Japan joining the South Korea-US military nuclear planning in the future, according to Reuters.

European bourses are firmer across the board, Euro Stoxx 50 +0.1%, though trade has been very contained/steady with the UK away. Stateside, the narrative is much the same with US futures essentially flat ahead of numerous Fed survey’s and FOMC speak; weekend newsflow was limited and focused on BRK.B and the debt ceiling. Back to Europe, sectors are mixed and lacking in breadth with outperformance in Energy given broader benchmark action while individual movers are sparse. Berkshire Hathaway (BRK.B) – Q1 earnings were USD 8.065bln (+12.6% Y/Y). Insurance underwriting profit was USD 911mln (vs 167mln Y/Y), investment income from insurance +68% to USD 1.969bln. Berkshire increased its stock buybacks by USD 4.4bln. It is reducing its investments in stocks such as Chevron (CVX). Buffett said he expects earnings to decrease this year at most of Berkshire’s businesses due to an economic downturn. +1.3% in the pre-market.

Top European News

UK PM Sunak agreed with Canadian PM Trudeau to use momentum from the Trans-Pacific Partnership to further bilateral trade talks and they discussed how their countries could deepen collaboration on defence and security technology including cyber security, according to Reuters.
Chinese President Xi sent a congratulatory message to King Charles and said that China and the UK should jointly promote cooperation, while he added that China is willing to expand cooperation and cultural exchanges with the UK.
ECB’s Knot said that they are starting to see that policy is working but more will be needed to contain inflation and it is still not certain how high European rates will have to go, according to Reuters.
Fitch affirmed the European Stability Mechanism at AAA; Outlook Stable and affirmed Switzerland at AAA; Outlook Stable, while it affirmed Slovenia at A; Outlook Stable.

DXY dangles above 101.000 awaiting more US debt ceiling developments, employment trends and Fed surveys; in 101.04-101.33 bounds.
Aussie and Kiwi outperform as AUD/USD probes 100 DMA at 0.6789 and NZD/USD rebounds firmly through 0.6300.
Franc claws back post-Swiss CPI losses and reclaims 0.8900+ status, Euro firm on 1.1000 handle irrespective of bleak EZ Sentix index and Pound retains strength around 1.2650 in UK Coronation holiday trade.
PBoC set USD/CNY mid-point at 6.9158 vs exp. 6.9159 (prev. 6.9114)

Fixed Income

Bunds hit Fib resistance and retreat sharply between 136.21-135.46 parameters, regardless of weaker than expected German industrial output and Eurozone Sentix index.
BTPs top out after opening mark-up and uptick within a 115-19-114.48 range and take note of Italian Treasury announcement of new 4 year retail supply for early June.
T-note hugs base of 115-16+/115-27 + band ahead of US employment Trends, Fed Senior Loan Office Survey and NY Fed Consumer Expectations.
Italian Treasury to sell a 4yr BTP bond as part of a new “bond type group” which will be for retail investors only, to be offered across 5th-9th June and have step-up coupons and a loyalty premium.

Commodities

Crude benchmarks are firmer on the session, in a continuation of the attempted recovery which began towards the latter half of last week and despite the broader tentative tone; crude benchmarks are posting gains of over USD 1/bbl at USD 72.70/bbl and USD 76.50/bbl for WTI Jun and May Jul respectively.
Spot gold is essentially unchanged on the session with sub-10/oz parameters and still comfortably above the USD 2k/oz mark while base metals are modestly firmer on the session as the USD pulls back towards a 101.00 base in thin trade owing to the absence of LME participants given the UK Bank Holiday.
More broadly, the Barrick Gold CEO Bristow in an FT interview said the Co. expects gold and copper prices to increase, to the benefit of mining stocks.
Iraq set June Basrah medium crude OSP to Asia at minus USD 0.15/bbl vs Oman/Dubai and OSP to Europe at minus USD 4.60/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 1.00/bbl vs ASCI.

Geopolitics

Russia began evacuating hundreds of civilians from occupied areas in south-eastern Ukraine including families with children from a town housing workers for the Zaporizhzhia nuclear power plant which has raised fresh concerns about its safety, according to FT. In relevant news, a Twitter source noted air defence activity in Dnipropetrovsk and Zaporizhzhia oblast, while missiles were launched from bombers flying over the Black Sea towards Odesa oblast, while Ukraine media confirmed a missile attack on Odesa and Kyiv’s Mayor said drone wreckage hit Kyiv’s Sviatoshyn district.
Russian President Putin has not yet responded to the proposals by UN Secretary-General Guterres on the Black Sea grain deal, according to a Kremlin spokesman cited by TASS.
Russia’s Wagner Group Chief Prigozhin said he was promised as much ammunition and weapons needed to continue fighting in the Ukrainian city of Bakhmut, according to Reuters.
Russian Foreign Ministry accused the US and the West of supporting terrorism carried out by Ukraine after a car bomb attack which injured a Russian nationalist writer and killed his driver, according to Reuters.
Brussels is planning sanctions on Chinese companies aiding Russia’s war machine, according to FT.
Chinese Foreign Minister Qin met with the US ambassador to Beijing and said it is imperative to stabilise Sino-US relations, avoid a downward spiral and prevent accidents between China and the US. Qin added the US side should correct its understanding of China and return to rationality and the US must especially correctly handle the Taiwan issue, as well as stop continuing to hollow out the One-China principle, according to state media.
US State Department spokesperson said the US does not believe Syria merits readmission into the Arab League at this point in time and the US is sceptical of Syrian President Assad’s willingness to solve the crisis but is aligned with Arab partners on ultimate goals, while the US understands partners intend to use direct engagement with Syria’s Assad to further push a solution to the Syrian crisis.
Qatar Foreign Ministry spokesman said Qatar’s position over normalising relations with the Syrian regime has not changed and it hopes that the Syrian regime would be motivated to fix the roots of the crisis that led to a boycott, according to Reuters.
Armenia and Azerbaijan are to resume peace talks in Brussels, according to FT.

US Event Calendar

10:00: March Wholesale Trade Sales MoM, est. 0.4%, prior 0.4%
10:00: March Wholesale Inventories MoM, est. 0.1%, prior 0.1%
14:00: Fed Releases Senior Loan Officer Opinion Survey
16:00: Fed Releases May 2023 Financial Stability Report
16:45: Fed’s Kashkari Moderates Panel Discussion on Minimum Wages

2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT

APAC trade caught a tailwind from the US ahead of Fed surveys & ECB’s Lane – Newsquawk Europe Market Open

MONDAY, MAY 08, 2023 – 01:40 AM

APAC stocks mostly gained as the region took impetus from Friday’s rally on Wall St and strong US jobs data.
Fed’s Bullard (non-voter) said he thinks the Fed will ultimately have to grind higher on rates because of forecasts for a slower decline in inflation than others.
US President Biden is to meet with House Speaker McCarthy and other top congressional leaders on Tuesday regarding the debt limit crisis, according to FT.
European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 1.3% on Friday.
DXY is on the backfoot, EUR/USD and Cable are supported on 1.10 and 1.26 handles respectively, antipodeans outperform.
Looking ahead, highlights include German Industrial Output, EZ Sentix, Fed Senior Loan Officer Survey, NY SCE, ECB Survey of Monetary Analysts, Speech from ECB’s Lane, Earnings from PayPal, Holiday in the UK (Desk open as normal).

View the full premarket movers and news report.

Or why not try Newsquawk’s squawk box free for 7 days?

US TRADE

EQUITIES

US stocks rallied on Friday as banking sentiment improved and with a much stronger-than-expected NFP report indicative of a stubbornly hot labour market, while the major indices were also inspired by Apple (AAPL) which surged nearly 5% after a strong quarterly report driven by strong iPhone sales and with the announcement of a fresh USD 90bln share repurchase authorisation.
SPX +1.85% at 4,136, NDX +2.13% at 13,259, DJIA +1.65% at 33,674, RUT +2.39% at 1,759.
Click here for a detailed summary.

NOTABLE HEADLINES

Fed’s Goolsbee (voter) said on Friday that it is way too premature to expect a rate hike in June and they have to keep an eye on credit conditions, which is doing the work of monetary policy. Goolsbee added the economy was looking quite hot before the banking stress and noted that credit conditions like the ones seen now have been correlated with downturns, while he added that the fate of banks will matter a lot and that the bank situation has to give you some pause.
Fed’s Bullard (non-voter) said on Friday that they are ready to be data dependent with an open mind on whether to pause or hike at the June meeting, while he thinks the Fed will ultimately have to grind higher on rates because of forecasts for a slower decline in inflation than others.
US President Biden is to meet with House Speaker McCarthy and other top congressional leaders on Tuesday regarding the debt limit crisis, according to FT.
US President Biden said on Friday that will not rule out invoking the 14th amendment to avoid a US default but is not ready to do so just yet, according to Reuters.
White House is reportedly weighing a short-term extension of the debt ceiling into the fall but is seen as a last resort option, according to CNBC.
US Treasury Secretary Yellen said they need to raise the debt ceiling to avoid economic calamity and said that this would be the first time in America that they would fail to make payments that are due. Yellen said the US will likely see financial market consequences if Congress does not act and warned of a constitutional crisis over the debt limit impasse.
US Deputy Treasury Secretary Adeyemo said the banking system stabilised after the government took action and warned that a default on debt would have a terrible impact on interest rates, according to Reuters.
US leading think-tank Hoover Institute warned that the global surge in interest rates has left many US banks nursing huge losses on some of their investments, according to The Mail on Sunday.
PacWest Bancorp (PACW) cut dividend to USD 0.01 from USD 0.25 citing current uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements.

APAC TRADE

EQUITIES

APAC stocks mostly gained as the region took impetus from Friday’s rally on Wall St and strong US jobs data.
ASX 200 was led higher by the commodity-related sectors and with sentiment underpinned after Australian Treasurer Chalmers confirmed an energy rebate of up to AUD 500 for millions of Australians in Tuesday’s budget.
Nikkei 225 declined beneath the 29,000 level on return from Golden Week with banking shares suffering after the recent headwinds for their regional US counterparts.
Hang Seng and Shanghai Comp. were positive as gains in energy and auto stocks offset the losses in the property industry, while China pledged to prioritise the real economy, adhere to the principle of seeking progress while maintaining stability, as well as strengthen the breakthrough of core technology and boost support of strategic resources.
US equity futures traded sideways and took a breather from the post-NFP rally; ES -0.1%.
European equity futures are indicative of a slightly higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 1.3% on Friday.

FX

DXY softened following Friday’s indecisive trade and after having faded the post-NFP knee-jerk reflex.
EUR/USD was marginally firmer with comments over the weekend from ECB’s Knot who suggested more rate increases will be needed to contain inflation.
GBP/USD gained but with thinned conditions ahead as UK markets observe a bank holiday on Monday.
USD/JPY lacked direction after the outdated minutes from the BoJ’s March meeting where the central bank unsurprisingly kept policy settings unchanged in the final policy decision during the Kuroda-era.
Antipodeans were firmer amid the mostly constructive mood and despite mixed-to-soft Australian data.
PBoC set USD/CNY mid-point at 6.9158 vs exp. 6.9159 (prev. 6.9114)

FIXED INCOME

10yr UST futures nursed some of the losses seen during Friday’s session where prices came under some hawkish pressure in the aftermath of the stronger-than-expected jobs data and firmer wage growth.
Bund futures notched mild gains with price action rangebound around the 136.00 level.
10yr JGB futures were kept afloat as Japanese participants returned to the market from the holiday closure and with the BoJ in the market for nearly JPY 1.4tln of JGBs despite reducing the amount of purchases in 10yr-25yr JGBs to JPY 200bln from JPY 250bln.

COMMODITIES

Crude futures began the week rangebound and only marginally extended on Friday’s post-NFP gains.
Iraq set June Basrah medium crude OSP to Asia at minus USD 0.15/bbl vs Oman/Dubai and OSP to Europe at minus USD 4.60/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 1.00/bbl vs ASCI.
Spot gold edged higher amid a softer dollar and after finding support on Friday at USD 2,000/oz.
Copper futures slightly gained with mild tailwinds from the strong US jobs data and mostly positive risk tone.

CRYPTO

Bitcoin remained subdued after retreating beneath the USD 29,000 level over the weekend.
Binance temporarily halted BTC withdrawals as the Bitcoin network experienced a congestion issue but then resumed withdrawals, according to CoinDesk. Binance later closed BTC withdrawals again due to the large volume of pending transactions, while it also announced it was replacing BTC withdrawal transactions with a higher fee so that they can get picked up by mining pools.

NOTABLE ASIA-PAC HEADLINES

China’s forex reserves USD 3.205tln at end-April vs prev. USD 3.184tln at end-March, while China’s gold reserves rose to 132.35bln at end-April vs prev. USD 131.665bln at end-March.
China held security and trade talks with the Taliban as Beijing looks to boost its investment in Afghanistan and bring it into the Belt and Road project, according to FT.
Western companies have reportedly warned of a hit from China’s slow recovery with US and European groups saying they overestimated how quickly China would bounce back from COVID-19 lockdowns, according to FT.
US sanctions are reportedly driving Chinese firms to advance AI without the latest chips, according to WSJ.
BoJ March meeting minutes stated that several members said they must be vigilant to the risk that inflation may accelerate more than expected and members agreed there was very high uncertainty surrounding Japan’s economy. The minutes also stated that a few members said there were some positive signs towards achieving the BoJ’s price target, while several members said cost-push price pressure might last longer than expected if global commodity prices rise more than projected.
Japanese PM Kishida said dialogue between Japan and South Korea is progressing in various areas including finance and culture, while Japan’s government is currently taking steps to reinclude South Korea in the export white list. Furthermore, Kishida expressed support to host South Korea for restarting trilateral talks with China and believes it is his responsibility to cooperate with South Korea, according to Reuters.
South Korean President Yoon said he agreed with Japanese PM Kishida to develop bilateral ties to a higher level and both leaders welcome efforts to normalise ties on security, as well as strengthen cooperation on semiconductor and other key materials sectors. Furthermore, they agreed that North Korea’s missile programme is a severe threat to world peace and stability, agreed on the strategic importance of the Indo-Pacific region and to boost coordination on Indo-Pacific strategies, while Yoon said South Korea is open to Japan joining the South Korea-US military nuclear planning in the future, according to Reuters.

DATA RECAP

Australian Building Approvals (Mar) -0.1% (Prev. 4.0%, Rev. 3.9%)
Australian NAB Business Confidence (Apr) 0 (Prev. -1)
Australian NAB Business Conditions (Apr) 14 (Prev. 16)

GEOPOLITICS

Russia began evacuating hundreds of civilians from occupied areas in south-eastern Ukraine including families with children from a town housing workers for the Zaporizhzhia nuclear power plant which has raised fresh concerns about its safety, according to FT. In relevant news, a Twitter source noted air defence activity in Dnipropetrovsk and Zaporizhzhia oblast, while missiles were launched from bombers flying over the Black Sea towards Odesa oblast, while Ukraine media confirmed a missile attack on Odesa and Kyiv’s Mayor said drone wreckage hit Kyiv’s Sviatoshyn district.
Russian President Putin has not yet responded to the proposals by UN Secretary-General Guterres on the Black Sea grain deal, according to a Kremlin spokesman cited by TASS.
Russia’s Wagner Group Chief Prigozhin said he was promised as much ammunition and weapons needed to continue fighting in the Ukrainian city of Bakhmut, according to Reuters.
Russian Foreign Ministry accused the US and the West of supporting terrorism carried out by Ukraine after a car bomb attack which injured a Russian nationalist writer and killed his driver, according to Reuters.
Brussels is planning sanctions on Chinese companies aiding Russia’s war machine, according to FT.
Chinese Foreign Minister Qin met with the US ambassador to Beijing and said it is imperative to stabilise Sino-US relations, avoid a downward spiral and prevent accidents between China and the US. Qin added the US side should correct its understanding of China and return to rationality and the US must especially correctly handle the Taiwan issue, as well as stop continuing to hollow out the One-China principle, according to state media.
US State Department spokesperson said the US does not believe Syria merits readmission into the Arab League at this point in time and the US is sceptical of Syrian President Assad’s willingness to solve the crisis but is aligned with Arab partners on ultimate goals, while the US understands partners intend to use direct engagement with Syria’s Assad to further push a solution to the Syrian crisis.
Qatar Foreign Ministry spokesman said Qatar’s position over normalising relations with the Syrian regime has not changed and it hopes that the Syrian regime would be motivated to fix the roots of the crisis that led to a boycott, according to Reuters.
Armenia and Azerbaijan are to resume peace talks in Brussels, according to FT.

UK/EU

UK Conservative party lost over 1,000 seats in a ‘hammering’ as Labour became the largest local government, according to reports on Friday by Sky News.
UK PM Sunak agreed with Canadian PM Trudeau to use momentum from the Trans-Pacific Partnership to further bilateral trade talks and they discussed how their countries could deepen collaboration on defence and security technology including cyber security, according to Reuters.
Chinese President Xi sent a congratulatory message to King Charles and said that China and the UK should jointly promote cooperation, while he added that China is willing to expand cooperation and cultural exchanges with the UK.
ECB’s Knot said that they are starting to see that policy is working but more will be needed to contain inflation and it is still not certain how high European rates will have to go, according to Reuters.
Fitch affirmed the European Stability Mechanism at AAA; Outlook Stable and affirmed Switzerland at AAA; Outlook Stable, while it affirmed Slovenia at A; Outlook Stable.

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

MONDAY MORNING/SUNDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA///

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

ECB/EUROPEAN BANKS\

A must read

Dr Daniel Lacalle…

European Banks May Be Riskier Than US’… And More Regulation Won’t Solve It

MONDAY, MAY 08, 2023 – 09:30 AM

Authored by Daniel Lacalle,

Deposits at U.S. commercial banks have fallen to lowest figure in nearly two years, according to the Federal Reserve. This figure has fallen by $500 billion since the Silicon Valley Bank collapse. However, total banking credit has risen to a new record high of $17 trillion, according to the U.S. central bank. Fewer deposits, but more credit. What could go wrong?

The inevitable credit crunch is only postponed by a consensus view that the Fed will inject all the liquidity required and that rate cuts will come soon. It is an extremely dangerous bet. Bankers are deciding to take more risk expecting the Fed to return to a loose monetary policy soon and expecting higher net income margins due to rising rates despite the elevated risk of increasing non-performing loans.

The fact that the banking crisis has been mitigated does not mean that it is over. The banking system collapses are symptoms of a much larger problem: Years of negative real rates and expansionary monetary policy that have created numerous bubbles. The risk in the banks’ balance sheet is not just on diminishing deposits on the liability side, but a declining valuation of the profitable and investment part of the assets. Banks are so leveraged to the cycle and the expansion of monetary policy that they simply cannot offset the risk of a 20% loss on the asset side, a significant rise in non-performing loans or the write-off of the riskiest investments. The level of debt is so high that few banks can raise equity when things get worse.

Deposit flight is not happening because citizens are stupid. The largest depositors are businesses, small companies, etc. They simply cannot afford to lose their cash if a bank goes to liquidation. Once the Fed introduced the discretionary decision on which banks’ deposits are made whole and which are not, fear took over again.

Investors and businesses in America understand this.

However, in the U.S. eighty percent of the real economy is financed outside of the banking channel. Most of the financing comes from bonds, institutional leveraged loans, and private-direct middle market loans. In Europe, 80% of the real economy is financed with bank loans, according to the IMF.

You may remember in 2008 when European analysts repeated that the subprime crisis was a specific event that only affected the U.S. banks, and that the European financial system was stronger, more capitalized, and better regulated. Well, eight years later, the European banks were still recovering from the European crisis.

Why are European banks equally at risk, or more?

European banks have strengthened their balance sheet with a very risky and volatile instrument, contingent convertible hybrid bonds. These look incredibly attractive due to the high yield they have, but they can create a negative domino effect on the equity of the firm when things turn sour. Furthermore, European banks’ core capital is stronger than in 2009, but it can deteriorate rapidly in a declining market.

European banks lend massively to governments, public companies, and large conglomerates. The contagion effect of a rising concern about sovereign risk is immediate. Additionally, many of these large conglomerates are zombie firms that cannot cover their interest expenses with operating profit. In periods of monetary excess, these loans seem extremely attractive and negligible risk, but any decline in confidence in sovereigns can rapidly deteriorate the asset side of the financial system rapidly.

According to the ECB, euro area banks’ exposures to domestic sovereign debt securities have risen significantly since 2020 in nominal amount. The share of total assets invested in domestic sovereign debt securities has increased to 11.9% for Italian banks and 7.2% for Spanish banks, and close to 2% for French and German banks. However, this is only part of the picture. There is also a high exposure to state-owned or government-backed companies. One of the main reasons for this is that the Capital Requirements Directive (CRD), permits a 0% risk weight to be assigned to government bonds.

What does this mean? That the biggest risk for European banks is not deposit flight or investment in tech companies. It is the direct and uncovered connection to sovereign risk. This may seem irrelevant, but it changes fast and when it does it takes years to recover, as we saw in the 2011 crisis.

Another distinct feature of European banks is how fast the ratio of non-performing loans may deteriorate. When the economy weakens or stagnates, loans to small and medium enterprises and families become riskier and the lack of a diversified and alternative lending system like the U.S. has means that the credit crunch hurts the real economy in a deeper way. We can all remember how non-performing loans went quickly from a manageable 3% of total assets to up to 13% in some firms in two years between 2008 and 2011.

European banks’ assets are more exposed to sovereign risk and the worsening of solvency in small businesses, but also significantly exposed to large zombie industrial firms.

The latest lending survey of the ECB shows that credit standards are tightening across the board for enterprises, households, and real estate lending. When the real economy is 80% financed through bank loans and banks are heavily exposed to sovereign risk, the domino effect of a weaker economic environment on the financial system comes from all sides, the allegedly low-risk government link, and the higher risk small and medium sized businesses.

So far, analysts are saying -again- that the banking crisis has nothing to do with Europe because regulation is stronger, and capitalization is more robust.

The same things consensus repeated in 2008.

Depositors have withdrawn €214bn from eurozone banks over the past five months, with outflows hitting a record level in February, according to the FT and the ECB. It is not true that deposit flight is not an issue in Europe.

The biggest mistake European authorities and investors can make is to thing -again- that this time is different, and the banking crisis will not hit the euro area system. It is important to strengthen the core capital base, buy-back the convertible bonds that may wipe out the equity and put in place strong procedures to avoid a sovereign-to-real economy negative effect.

The combination of ignorance and arrogance led Europeans to believe they were immune to the 2008 crisis because they believed in the miraculous power of their bureaucratic and bloated regulation. No amount of regulation helps when the rules are all designed to allow rising exposure to almost-insolvent governments under the excuse that it requires zero capital and has no risk. Sovereign risk is the worst risk of all. European banks should not fall into the trap of thinking that tons of rules will eliminate the risk of a financial system crisis.

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

Lavrov gives another warning; the world is on the verge of an “open armed conflict” after the Kremlin drone attack

(zerohedge)

US-Russia On Verge Of “Open Armed Conflict” After Kremlin Drone Attack: Foreign Ministry

FRIDAY, MAY 05, 2023 – 05:20 PM

On Friday the highest ranking Russian official thus far to have issued a statement on the Wednesday drone attack which targeted Kremlin buildings which house President Vladimir Putin’s offices said that the drone operation out of Ukraine was impossible without US foreknowledge.

“It’s clear that without the knowledge of their minders, the terrorists from Kyiv could not have carried out (the attack),” Lavrov said while on a trip to India, in reference to Washington.Image: AP

He followed with: “We will respond with concrete actions.” The statements came the day after Putin press spokesman Peskov said such decisions are not “made in Kiev, but in Washington.” He asserted that Ukraine is “doing what it is told to do by the US.”

While the Biden administration has quickly rejected these accusations, and has downplayed the significance of the whole incident, which Russia called an “terroristic” attempted assassination of a sitting head of state, there’s been a flurry of maximalist and fierce statements from various sectors of the Russian government.

Deputy Foreign Minister Sergey Ryabkov said simultaneous to Lavrov’s remarks on Friday that US-Russia relations are starring into the abyss, headed towards armed conflict:

“We are working to keep relations with the US from falling into the abyss of an open armed conflict, we are already on the verge, on the edge of this abyss,” Ryabkov said on Thursday night in an interview with Russian Pervy TV channel.

Russia and the US maintain contacts, and the problem is in the lack of trust, that Washington defies everything Moscow says as “disinformation,” he said.

He followed by saying the US “has long been a direct part to the Ukrainian conflict, waging an open hybrid war.” He emphasized: “Ukraine is only a tool in their hands. … Their goal is to destroy a sovereign, independent Russia as an international factor, they are increasingly tempted to play with the idea of dismemberment of Russia. … This is a direct encroachment on the foundations of our state system.”

Ryabkov then recalled the “destructive role that the US played in events, preceding the 2014 coup in Kyiv” that led to an eight-year long war in the Donbas. “And now, they are trying to pretend that they are only helping Kyiv in its kind of struggle, this is the height of cynicism and hypocrisy,” he said.

“We see that the US bets on further escalation and we warn them against it. … We remind them that the risks have increased many times in recent months,” he stressed, saying there’s no “magic solution” at this point.

Meanwhile, career diplomat and ambassador in the Indian Foreign Service and geopolitical commentator M. K. Bhadrakumar gets to the heart of the where things stand in the following excerpt in the wake of the ‘assassination attempt’ on Putin [emphasis ZH]:

The West’s cryptic or mocking remarks doubting the Kremlin statement on the failed Ukrainian attempt to assassinate President Vladimir Putin do not detract from the fact that Moscow has no reason on earth to fabricate such a grave allegation that has prompted the scaling down of its Victory Day celebrations on May 9, which is a triumphal moment in all of Russian history, especially now when it is fighting off the recrudescence of Nazi ideology on Europe’s political landscape single-handedly all over again.

The alacrity with which the US Secretary of State Antony Blinken debunked the Kremlin allegation, perhaps, gives the game away. It is in the neocon DNA to duck in such defining moments. That said, predictably, Blinken also distanced the Biden administration from the Kremlin attack.

…The heart of the matter is that Kiev’s much touted “counteroffensive” is struggling amidst widespread western prognosis that it is destined to be a damp squib. Actually, the salience of the Foreign Affairs podcast this week with Gen. Milley was also his diffidence about the outcome. Milley refused to be categorical that Kiev would even launch its “counteroffensive”!

There is a huge dilemma today as the entire western narrative of a Russian defeat stands exposed as a pack of lies, and alongside, the myth of Kiev’s military prowess to take on the far superior military might of a superpower has evaporated. The Ukrainian military is being ground to the dust systematically. In reality, Ukraine has become an open wound that is fast turning gangrene, and little time is left to cauterize the wound.

As we previously commented, the longer that Ukraine’s spring counteroffensive stalls, the likelier it is that the Ukrainians (and their NATO backers) will ramp up the cross-border ‘dirty war’ and black ops campaign against Russia proper. This makes the situation much more unpredictable and dangerous, given Moscow could begin to view this as an existential threat.

END

UKRAINE/RUSSIA/USA

This is not good as towns near the nuclear plant of Zaporizhzhia is evaculated amid stepped up Ukrainian shelling

(zerohedge)

‘Mad Panic’ As Towns Near Zaporizhzhia Nuclear Plant Evacuated Amid Stepped-Up Ukrainian Shelling

SUNDAY, MAY 07, 2023 – 09:55 AM

The situation Zaporizhzhia Nuclear Power Plant has just gone from bad to worse as entire residential districts in the vicinity of the facility are being evacuated by Russian authorities. This includes at least 18 settlements in the Zaporizhzhia region who have been given emergency evacuation orders.

BBC has cited as Ukrainian official as saying this has sparked a “mad panic” – also given UN’s nuclear watchdog is warning that a “severe nuclear accident” could occurr. Hours-long waits and traffic jams have been observed as thousands of people pack up and head out of the city.

Director of the International Atomic Energy Agency (IAEA) Rafael Grossi described that the situation “becoming increasingly unpredictable and potentially dangerous.”

He called for stability and protection of Europe’s largest nuclear site. “I’m extremely concerned about the very real nuclear safety and security risks facing the plant. We must act now to prevent the threat of a severe nuclear accident and its associated consequences for the population and the environment,” Grossi said.

The issue is a Ukrainian counteroffensive may have started in the city, given the significantly ramped-up shelling. Regional Russian head Yevgeny Balitsk said Friday that “in the past few days, the enemy has stepped up shelling of settlements close to the front line.”

“I have therefore made a decision to evacuate first of all children and parents, elderly people, disabled people and hospital patients,” he said in a written statement.

The IAEA for its part said further that “while operating staff remain at the site” there was “deep concern about the increasingly tense, stressful, and challenging conditions for personnel and their families” – this given that families of staff members are being evacuated. The UN organization confirmed that–

It said IAEA experts at the plant had “received information that the announced evacuation of residents from the nearby town of Enerhodar – where most plant staff live – has started“.

The Russian military said noted in a statement that “The first to be evacuated are those who accepted Russian citizenship in the first months of the occupation.” Currently all reactors are said to be shut down and that operators are “doing everything to ensure nuclear safety” amid the heightened fighting.

Last week, broader evacuations of civilians near the front lines in southern regions began and have picked up pace…

While the plant has over the course of the war been subject to multiple power outages and seen external damage due to shelling (all of them ‘close-call’ incidents), it has layers of safety mechanisms such as power back-up generators and other ‘fail-safes’. However, due to the war it’s long been feared a Chernobyl-style nuclear fallout disaster could be on the horizon, given the extreme unpredictability of the situation on the ground. The power plant supplies 20% of Ukraine’s national electricity needs.

end

Ukraine foolishness

Zelensky was in Poland today supposedly signing more papers prepared from his last signings.

The story line is to make Ukraine a province of Poland in effect making Ukraine an extension of Poland and thus a NATO member by stealth. This allows introduction of all those American Black troops into Ukraine and allows Poland to send in their 200,000 army of conscripts. No one cares what the Ukrainian people think about this. This is a Neocon means to ignite a broader conflict that involves all of Europe to mask the collapse of the Federal Reserve Dollar and the EU. And to avoid the Congressional criminal referrals coming later this month.

Meanwhile Russia is evacuating 70,000 civilians from the upcoming combat line and they are being told that it maybe some time before they can return. All preparations were made and likely this movement will be completed within a day or two. This is quite a feat in of itself. And many hundreds of T90 and T80 tanks are in position to be used along with countless numbers of trucks and armored vehicles.

Assuming Zelensky returns to Ukraine and even if he does not, the spring offensive is likely set for the 9th of May. And in Ukraine regardless of nationality and passport, if you have spoken out against the war or referred to the regime as Neo Nazi you are being picked up and sent off to jail. They are trolling social media posts for all dissenting folks. As we all understand in war, the first thing to vanish is truth followed by liberty.

Thinking of traveling to Ukraine takes on a new level of risk. And depending on what follows being in the region may warrant caution.

end

UKRAINE/RUSSIA

Former CIA Officer Says Decision To Drone Attack Kremlin Was Made By The United States | ZeroHedge

Yes, it is more than likely that this is true. The same crowd that did Nord Stream is simply becoming more desperate and is seeking to provoke a nuclear exchange to cover up the walls that are closing in and fast. And realistically they have made the situation worse because Russia can now claim to the world that America is a sponsor of Terror just like the Ukraine is. The world is not blind and will see this PR and it is a massive hit to foreign hegemony. And will serve to isolate this crowd even faster. Failure to condemn Ukrainian action is a sign of acceptance of such behavior.

And in all war-gaming, today we can see it all applied in practice which makes whole US doctrine of any air war simply obsolete. And this, they cannot take without feeling an excruciating pain from both losing and evaporation of the US military mythology. So nuclear is where this Neocon crowd wants to go. In blindness they fail to see here too they will be handed their ass. America will lose in any nuclear exchange. The US military does not want to fight Russia or China, be sure of that. However Neocons cannot accept that they cannot project a winning military solution. So the world watches this insane march to war. And sending in ground troops will only lead to their certain death. Sadly Neocons care not.

Today, Russia took the gloves off with massive strikes across Ukraine. This will likely continue non stop now. As of May the Russians have increased military output by 2.5 times from when the SMO started. This means everything, bombs to missiles, has grown in numbers to be used daily. The same cannot be said for the West. Nor can 200 tons of ammo be easily replaced that was destroyed in addition to air defense systems. Let’s see if Zelensky has the guts to return because it may not be a good idea for any politician or Neocon to visit Kiev as it is now in the eye of a war zone, where accidentally fired missiles may hit targets previously avoided. To try fate may well proof deadly. And it is doubtful Neocons being the cowards they are will risk their ass. Unless of course one or more is chosen to be a goat for slaughter. Meanwhile, expect Russia to ramp up pain reserving use of nukes for another day as what they are throwing now in quantity will reduce any ability Ukraine thought it had. And it is why conscripts are surrendering in growing numbers daily now as they realize that fighting is pointless for a clown like Zelensky and death is certain so a surrender and life is a much better idea.

https://www.zerohedge.com/geopolitical/former-cia-officer-says-decision-drone-attack-kremlin-was-made-united-states

end

RUSSIA//

Wagner chief states that Moscow has now agreed to supply more arms after they threatened to quit Bakhmut

(zerohedge)

Wagner Chief Says Moscow Agreed To More Arms After Threats To Quit Bakhmut

SUNDAY, MAY 07, 2023 – 12:00 PM

Exactly one week ago Wagner chief Yevgeny Prigozhin first threatened that he and his men would withdraw from the strategic city of Bakhmut, where Russia appears close to victory given it controls at least 90% of the city, if the Russian defense ministry didn’t immediately supply all the arms needed to keep up the offensive.

“I am appealing to Sergei Shoigu with a request to issue ammunition immediately,” he said at the time in reference to Russia’s defense minister. “Now if this is refused … I deem it necessary to inform the commander-in-chief about the existing problems, and to make a decision regarding the feasibility of continuing to station units in the settlement of Bakhmut, given the current shortage of ammunition,” Prigozhin warned in video statements. He had cited “useless and unjustified” losses due to lack of regular supplies.

On Friday he followed by narrowing his threat, setting a withdrawal date of May 10 if the necessary arms and ammo didn’t come through. It was a surprising move given it was a very direct and open challenge to the top military leadership of Russia. Likely, President Putin himself was forced to “decide” on who to back in the spat: Prigozhin and his frontline Wagner fighters, or the regular chain of command.Image source: Wargonzo/Moscow Times

But in a new audio clip posted to Telegram on Sunday, Prigozhin announced he received overnight notification that he’ll be getting all the ammunition needed. The Washington Post reports of his words:

“We are promised to be given ammunition and weapons as much as we need to continue further actions,” Prigozhin said, adding that he had been granted the power to fight “as we see fit.”

The internal feud over military tactics in Bakhmut, which Russian forces have been trying to seize since last year, is a flash point in the broader rift with Moscow’s defense ministry that has played out in increasingly public view over recent months.

Prigozhin had already threatened to quit Bakhmut before – but if this happened it would be a huge blow to the Russian advance in Donetsk to overall war objectives. There’s growing speculation that this rift has sparked elite infighting within the halls of the Kremlin.

He has repeatedly charged the regular military command with “betraying” his fighters by withholding ammunition in the ongoing spat which became public with the Russian seizure of Soledar. A Wagner statement at the time declared victory over the city for itself, but controversially didn’t acknowledge the role of the regular military. The infighting has increasingly been out in the open since then, and is no doubt somewhat of an embarrassment while facing down NATO and the Western allies.

The whole episode shows that indeed Prigozhin is a very powerful individual when it comes to Kremlin influence. Clearly he still has Putin’s ear as he is the proverbial horse being backed as the fight for Bakhmut is in its end phase. This even after he posted the below rant which called out the defense minister and top armed forces commander by names:

Russia appears to be scrambling to deliver total victory in Bakhmut before Russia’s ‘Victory Day’ celebrations on May 9, but that could still prove a tall order as the ferocity of the remnant Ukrainian defenses hasn’t let up. Prigozhin now says Russia holds 95% of the city.

end

Russia Begins Evacuating People From Area Around The Zaporizhzhia Nuclear Station | SHTF Plan

If the Ukies cause this to blow, watch out West of the plant because this time of year ends winds blow west.
In any case 70,000 + people will have been moved and accommodated by the Russians.

https://www.shtfplan.com/headline-news/russia-begins-evacuating-people-from-area-around-the-zaporizhzhia-nuclear-station

end

SAUDI ARABIA//USA

Sullivan to meet MbS in a failed attempt to influence Mideast policy. USA influence is flounding.

(zerohedge)

Sullivan To Meet With MbS As US Influence In Mideast Floundering

SATURDAY, MAY 06, 2023 – 09:20 AM

Via The Cradle,

White House national security advisor Jake Sullivan will visit Saudi Arabia this weekend for talks with Saudi Crown Prince Mohammed bin Salman (MbS), as the White House seeks to improve ties with Riyadh, Reuters reported on 5 May.

Speaking at the pro-Israel Washington Institute for Near East Policy (WINEP), Sullivan said he would be traveling to Saudi Arabia on Saturday for talks with Saudi leaders. Sources speaking with Reuters said Sullivan would meet with Crown Prince MbS.Biden-MbS July 2022 visit, Saudi Royal Palace via AP.

Sullivan said the Biden administration seeks a diplomatic solution to Iran’s nuclear program and criticized the Trump administration’s 2018 decision to withdraw from the Iran nuclear deal negotiated by President Obama in 2015. The deal placed restrictions on Iran’s nuclear program in exchange for sanctions relief.

“Yes, we will take the necessary action to ensure that Iran does not acquire a nuclear weapon,” Sullivan said in his WINEP speech. Iranian leaders say they have no intention to develop nuclear weapons and that the country’s nuclear program is for peaceful civilian purposes.

Oil production cuts by Saudi-led OPEC+ last October and differences between the US and Saudi Arabia over the 2018 assassination of Washington Post journalist Jamal Khashoggi –carried out by agents close to MbS — hurt relations between the two historical allies.

White House officials have also viewed Saudi Arabia’s recent decision to resume ties with Iran and Syria negatively.

Representatives from India and the UAE will also join Sullivan’s trip to discuss “new areas of cooperation between New Delhi and the Gulf as well as the United States and the rest of the region.” Sullivan said the US was working hard to normalize relations between Israel and Saudi Arabia.

“Ultimately getting to full normalization is a declared national security interest of the United States. We have been clear about that,” he said. “Now as a sign of my seriousness about how much we’re focused on this, and how seriously we are taking this, I am not going to say anything further lest I upset the efforts we are undertaking on this issue,” he added.

In March, the New York Times reported that Saudi Arabia is seeking security guarantees from the US, including assistance in developing a civilian nuclear program and permission to purchase additional US weapons in exchange for normalizing relations with Israel.

Sullivan has stirred controversy while working closely with Saudi officials in the past. In 2011, the Obama administration and CIA partnered with Saudi intelligence to launch a covert war to topple the Syrian government.

US and Saudi planners partnered with Al-Qaeda affiliated groups in Iraq and Lebanon to infiltrate Syria and launch attacks on Syrian security forces under the cover of anti-government protests. Sullivan, then an advisor to Secretary of State Hillary Clinton, is one of many Obama administration officials who oversaw the war on Syria war and now occupies a senior Biden administration post.

Jake Sullivan noted in an email to Clinton in February 2012 that “AQ [Al Qaeda] is on our side in Syria.”

More recently, Sullivan has taken a lead role in planning Ukraine’s US-backed war with Russia. He gained notoriety for helping plan the operation to destroy the Nord Stream 2 pipeline, which was set to transport natural gas from Russia to Germany, according to reporting by journalist Seymour Hersh.

end

TURKEY/USA/UKRAINE

Turkey rejects USA request to give the Ukraine S 400 air (RUSSIAN ORIGIN) defense systems

(zerohedge)

Turkey Angrily Rejects US Request To Give Ukraine S-400 Air Defense System

MONDAY, MAY 08, 2023 – 09:50 AM

Turkey over the weekend announced that it has rejected a US request for Ankara to provide Ukraine with Russian-made S-400 missile defense systems, which it controversially acquired from Moscow in 2017, and which resulted in strained relations with the United States.

Foreign Minister Mevlut Cavusoglu revealed the request, and said it would be a violation of Turkey’s sovereignty, and strongly suggested the request was insulting in the first place. “They made proposals that directly affect our sovereignty, for example, give us control over it, give it to another place. Where is our independence and sovereignty?” Cavusoglu said.Turkish Defense Ministry/AFP

“The U.S. has made various offers regarding the delivery of the Russian S-400s missile defense systems in Türkiye to third parties, Çavuşoğlu also said,” according to Turkish media sources.

He stressed that Turkey’s answer is a firm ‘no’:

The minister said one of the proposals made to Türkiye was to send the S-400s to Ukraine. “They told us ‘Will you send to Ukraine?’ We said ‘no,’” he stated.

Not only was Turkey hit with limited US sanctions in 2020 as a result of getting the S-400 systems, but the Pentagon also kicked Turkish pilots out of the F-35 training program, and halted delivery of the advanced Lockheed-made fighters.

Addressing this, Cavusoglu emphasized his government is demanding the money back which was spent on training.

“We are not saying ‘Let’s go back to the F-35 [program] right now.’ We are saying ‘Give us our money back.’ Because we produce our own national combat aircraft,” he said.

US-Turkey relations also took a downturn over a period of years due to the Kurdish situation along the northern Syrian border. US special forces have long been embedded with the Syrian YPG and “Syrian Democratic Forces” – but which Turkey views as terrorist organizations with PKK roots.

end

6.Global Issues//COVID ISSUES/VACCINE ISSUES/

GLOBAL ISSUES

An excellent commentary.

(Blinova/Escobar)

Escobar: Global De-Dollarization Nearing “Crossroads Moment”

SUNDAY, MAY 07, 2023 – 11:00 AM

Authored by Ekaterina Blinova,

De-dollarization is heading for a breakthrough due to rising global discontent with US ‘casino capitalism’…

“It’s a gigantic snowball all over the world. We cannot even keep up with it,” Pepe Escobar said in an interview with the New Rules podcast.

“It’s very important what is going to be discussed at the BRICS summit in South Africa. This will probably be the crossroads moment where things are going to then go.”

Escobar explained that a growing number of countries in the Global South were doing the math and concluding that the US dollar was not a safe bet. The combination of aggressive US sanctions policy and reckless government spending have dramatically reduced the greenback’s international appeal.

“If you want to analyze the patterns these past two decades, you need to understand the fact that, if you are rich in commodities and if you are a productive capitalist nation and you decide to issue a currency, it will be internationally respected because people will know it’s based on facts, actual provenance, actual wealth,” he said. “That’s contrary to the system that we have now, which I have been calling it ‘casino capitalism’ for years. It’s futures, it’s bets, it’s suppositions. It may go right or wrong. If you lose, you lose it all. The house mostly always wins because the house is the one who prints the currency. It’s backed by nothing, literally, by a country that owes $30 trillion [in national debt] now and it will never be able to repay it.”

To make matters even worse, the US Federal Reserve’s aggressive interest rate hikes has made borrowing in dollars expensive for almost everyone in the world. Prior to the Fed’s move, Kristalina Georgieva, managing director of the International Monetary Fund, warned in January 2022 that the US raising interest rates could backfire on the global economy and especially on countries with higher levels of dollar-denominated debt.

The ongoing US banking crisis threatens to further destabilize international financial markets. No country in the world wants to “catch a cold” when the US economy “sneezes,” as memories of the 2008 financial crisis linger.

“They say, ‘look, why do we have to be subjected to this kind of arrangement?’ And of course, before, as we all know, it was ‘the Empire of bases’, over 800 military bases all over the world, ‘the power of the financial markets’, ‘the power of soft culture’, ‘the power of cancel culture’, but the Global South is not intimidated anymore. I think this is the first [time] in this new millennium. We never had this before in the past two and a half centuries, at least,” Escobar said.

BRICS Seeking to Establish New Currency

In January 2023, BRICS – an acronym for Brazil, Russia, India, China, and South Africa – made a splash by announcing that it may soon explore the possibility of creating its own currency to by-pass the US dollar. The idea was articulated on both sides of the Atlantic: Russian Foreign Minister Sergey Lavrov touched upon the plan during a presser after his meeting with Angolan President Joao Lourenco on January 25.

On the other side of the pond, President of Brazil Luiz Inacio Lula da Silva discussed the issue of the creation of a common currency for BRICS and the countries of Mercosur, a South American trade bloc, during his meeting with his Argentine counterpart Alberto Fernandez.

“Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?” Lula said during an April visit to the Shanghai-based New Development Bank.

According to Escobar, the formation and development of three organizations, namely BRICS, the Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union predetermined the end of the greenback-centered world order. BRICS members are now discussing designing an alternative currency; similar discussions are being held in the Eurasian Economic Union; they should start coordinating and then this will spill over to the SCO, the writer projected.

The trend has already been engulfing other blocs, Escobar continued, referring to the Association of Southeast Asian Nations (ASEAN). On March 28, ASEAN finance ministers and central bank governors held a meeting in Indonesia to discuss how to move to settlements in local currencies by further enhancing an ASEAN cross-border digital payment system.

Initially, the agreement on such transactions was reached between Indonesia, Malaysia, Singapore, the Philippines, and Thailand in November 2022. The association is seeking to reduce dependence not only on the US dollar, but also on euros, yens, and British pounds in financial transactions.

“We have something that was absolutely unbelievable two months ago,” Escobar emphasized.

Why is De-Dollarization Gaining Steam?

De-dollarization has been discussed for decades. For instance, Mikhail Khazin, a Russian economist and publicist, who served in the Working Center for Economic Reforms under the Boris Yeltsin government in the 1990s, and his co-author Andrey Kobyakov predicted the demise of the US dollar dominance roughly 20 years ago in their book titled “The Decline of the Dollar Empire and the End of Pax Americana.” While the idea has been in the air for quite a while, why is it that this phenomenon has only now started to gain critical mass?

“We can even establish a date for it,” responded Escobar. “February last year, with that freezing, confiscation, stealing of Russian foreign reserves. And the Global South as practically as a whole started asking themselves from Latin America to Africa to South East Asia, ‘if they can do this with a nuclear superpower, they can do it with any one of us snapping their fingers’. So that’s why the coordination inside these multilateral organizations and in other forums picked up astronomic speed.”

To illustrate his point, the journalist referred to the swift development of BRICS with a staggering 19 countries currently on the list to join the organization. Among them the strongest candidates are Iran, Argentina, Algeria, as well as the United Arab Emirates, Turkiye, Egypt, Kazakhstan, and Indonesia, as per the geopolitical analyst.

“So these are all strong middle rank powers from anywhere,” Escobar said. “And they’re going to start discussing the now notorious BRICS alternative currency. So they have to speed up this conversation and let’s hope that they are going to start discussing it in conjunction with the Eurasian Economic Union, which is much more advanced, and the Shanghai Cooperation Organization.”

Escobar believes that nothing short of a breakthrough in this respect could occur as early as next year.

“It’s possible, it’s a feasible scenario,” he insisted. “Until a few months ago, this would be the ultra-far-fetched scenario. Not anymore, because now the speed is unbelievable. Literally every day – Bangladesh, Argentina, Algeria, countries in Southeast Asia.”

Last month, Russian Foreign Minister Sergey Lavrov met with his Bolivian counterpart Rogelio Mayta in the Venezuelan capital Caracas and introduced a new trade transaction system to drop the US dollar and the euro and switch to rubles and Bolivianos instead.

Together with Argentina and Chile, Bolivia forms the so-called “Lithium Triangle” which accounts for more than half of the world’s deposits of the silvery-white alkali metal. Bolivia’s Salar de Uyuni salt flat alone contains 21 million metric tons of lithium, widely used in rechargeable batteries for mobile phones, laptops, digital cameras and electric vehicles.

Petroyuan May Dethrone Petrodollar

The most important element is the coming of the petroyuan, as per Escobar. For decades, crude oil has been traded in US dollars. However, the petrodollar could be soon dethroned: last year, Beijing called on Gulf leaders to settle their gas and oil deals with China in yuan. The US and China remain the world’s top two consumers of crude, using 18.7 million and 15.4 million barrels per day, respectively. Energy settlements in yuan could deal a heavy blow to the greenback.

“We are on our way, which is something that even very good American financial analysts who have been following this story could never imagine that this would be literally around the corner,” the journalist said. “Now, the only thing that is missing, in fact, is the Chinese delegation going to Riyadh and saying, ‘okay, from now on everything is going to be in yuan, no more Western currencies anymore.’ And we already have a mechanism for it. I did a column about that, basically explaining that it’s a very simple mechanism.”

“You buy oil futures at the Shanghai Exchange priced in yuan. So from now on you have a new benchmark, an oil benchmark in yuan that you transact in Shanghai. The Chinese say, ‘look, it’s linked to gold as well. You want to change yuan into gold? Simple. We have a gold exchange here in Shanghai and we have another one here in Hong Kong. You can trade all you want for gold.’ This is the way. It’s extremely simple. But not many people are aware of it. Only a few economists, in fact. And I have not seen this discussion in American media, for that matter,” Escobar continued.

That doesn’t mean, however, that the dollar will be replaced by the yuan: instead, a whole set of currencies will be used wiping out the greenback’s hegemony, according to the geopolitical analyst.

“I think we’re going to start with having multiple replacements, and then maybe in the second stage, these multilateral organizations start thinking, okay, why don’t we think about a fusion? Because we have different priorities,” he said.

end

Vaccine issues:

Interesting: a class action law suit has been launched against the Australian government re vaccine injuries

(zerohedge)

Class-Action Suit Launched Against Australian Government Over COVID Vaccine Injuries

FRIDAY, MAY 05, 2023 – 11:20 PM

Authored by Daniel Y. Teng via The Epoch Times (emphasis ours),

As reports of vaccine injuries gain traction globally, an Australian doctor is leading a new class action against the federal government and key medical figures.Pfizer, left, and Moderna bivalent COVID-19 vaccines are readied for use at a clinic in Richmond, Va., in a Nov. 17, 2022, file image. (Steve Helber/AP Photo)

Queensland GP Dr. Melissa McCann has filed the action in the Federal Court of Australia on behalf of 500 complainants.

The action targets the federal government, Dr. Brendan Murphy, the Chief Medical Officer, and Prof. John Skerritt, the public face of the Therapeutic Goods Administration—the country’s drug regulatory body.

“The action will argue that the Therapeutic Goods Administration [TGA] did not fulfil their duty to properly regulate the COVID-19 vaccines, resulting in considerable harm and damage to Australians,” said Natalie Strijland from NR Barbi Solicitor said in a statement.

The main thrust of the claim is that the government’s actions in promoting the use of COVID-19 vaccines were “negligent or wrongful” and resulted in personal injury, medical expenses, and economic loss for the claimants.

“The claim now proceeds upon the basis that the government, in fact, acted negligently in approving the vaccines and also by failing to withdraw them after approval based upon the known evidence,” Strijland said.

“Australians who have experienced a serious adverse event following COVID-19 vaccination are invited to step forward and register for this class action.”

Liberal Sen. Gerard Rennick—a vocal critic of vaccine mandates—welcomed the action.

“Thank you to Dr. Melissa McCann and the solicitors that have taken up the fight to help those affected and still suffering,” he wrote in an online statement.

“It is disappointing, to say the least, that people are not being compensated or receiving the healthcare they now need due to these experimental jabs which were, as we now know, never designed to be safe or effective.”

Vaccine Injury Payouts Ongoing

The Australian government operates a vaccine injury compensation scheme that has, thus far, paid out over $7.3 million (US$4.87 million) to 137 claimants. It has received 3,501 applications and is progressing with 2,263, according to figures obtained by news.com.au.

The Department of Social Services has previously estimated the government could be liable for a payout of $77 million (US$49.35 million).

Lawyers assisting patients have noted the challenges with navigating the scheme.

“We’ve had just under 350 inquiries about adverse outcomes, and they have been extremely varied, but most of them have a condition that has some ongoing impact. Not many seem to fit within the criteria of the six categories,” personal injury lawyer Clare Eves told The Epoch Times previously.

Meanwhile, in response to the class action, the Australian Department of Health said, “The department is aware of a proceeding commenced today in the Federal Court of Australia by applicants represented by NR Barbi Solicitor Pty Ltd. As the matter is before the court, it is inappropriate to comment further.”

Vaccine Injuries No Longer A Taboo Topic

Since late last year, vaccine injuries have gained increasing recognition.

Previously, health authorities censured medical professionals who questioned the efficacy of the jab—part of a wider effort to encourage vaccine takeup.

In December 2022, former MP Dr. Kerryn Phelps and her partner revealed they suffered serious injuries from a COVID-19 vaccine and suggested that the actual number of adverse events linked to the jab was far higher than what official data showed.

“In my case, the injury resulted in dysautonomia with intermittent fevers and cardiovascular implications including breathlessness, inappropriate sinus tachycardia and blood pressure fluctuations,” she wrote in a submission to Parliament.

Some medical practitioners continue to fight to be reinstated into their profession after being ousted for speaking out against the vaccine or mandates.

In August 2022, the Australian Health Practitioner Regulation Agency suspended the registration of North Brisbane GP William Bay after he interrupted a national Australian Medical Association conference in late July and told attendees to stop forcing vaccines on people.

end

Fauci’s Never-Ending Victory Tour

SATURDAY, MAY 06, 2023 – 03:30 PM

Authored by Pierre Kory via The Brownstone Institute,

What a dystopian nightmare watching “America’s Doctor” try to continue his Covid victory tour…

It is both shocking and unsurprising that he would do this despite leaving a generation of children with lower IQ scores, a US life expectancy which dropped three years in the span of two, hundreds of thousands of deaths from the vaccines amongst working-age Americans (threatening the life insurance industry), millions of vaccine injured, skyrocketing disability rates, an explosion of cancers, and suddenly plummeting birth rates.

So I went after him.

Again.

Maybe he will get the memo this time, particularly in light of the frosty receptions he has received of late from normally kid-gloved, obsequious interviewers. Enjoy.

Dr. Anthony Fauci left government in December, but his media tour is going strong, albeit with a different tone and tenor. The fawning adulation and questions about his exercise regimes and bobbleheads have been replaced by skepticism and outright doubt from outlets who never dared question the all-knowing man once dubbed “America’s doctor” by the New Yorker.

Fauci recently appeared on CNN to complain about, “a personification of me as a person who essentially closed everything down.” He was responding to a lengthy sitdown with the New York Times where he declared, “Show me a school that I shut down and show me a factory that I shut down. Never. I never did. I gave a public-health recommendation that echoed the C.D.C.’s recommendation, and people made a decision based on that.”

For all his faults, Fauci is no fool. One does not spend 54 years ensconced in the federal government without learning how to play politics.

Three years removed from the worst of the COVID pandemic, the longtime director of the National Institute of Allergy and Infectious Diseases knows the policy decisions guided by his medical recommendations are looking worse by the day.

Herein lies his problem. When his ideas were in vogue, Fauci had no problem claiming responsibility. Now that the ugly consequences are coming due, he is eager to wash his hands.

In the face of plummeting math and reading scores between 2020 and 2022, Fauci is especially quick to deny his role in the school shutdowns. Last fall, Fauci raised eyebrows for denying that school lockdowns, “forever irreparably damaged anyone.”

Yet as late as September 2020, Fauci recommended that schools only open back up once the virus is “under control.” Earlier in the year, he had chastised Florida Governor Ron DeSantis, warning that premature reopening “likely” led to widespread student infection.

Today, even left-leaning sources concede that, “kids are safe. They always have been.”

Then came the vaccines. From the outset, Fauci’s entire COVID mitigation strategy was based on an experimental vaccine rushed to market under the branding “warp speed.” There had never been an mRNA-approved vaccine before, and now it was being pushed non-stop from the White House podium with the full support of the pharmaceutical industry.

It was always highly illogical to deploy a static vaccine toward a mutagenic and constantly changing coronavirus. Then came the checks the vaccines couldn’t write. Fauci told us they would stop transmission. He implored us to “follow the science.”

Today, the science is clear: the COVID vaccine does not prevent transmission or contagion of the virus. Yet even now, Fauci continues to lament that “only 68 percent of the country is vaccinated” and says “we do really poorly” compared to the rest of the world.

European countries like Switzerland, normally held up by American academics as worthy of emulation, are advising their citizens against the vaccine. There’s a reason that known vaccine expert Robert Kennedy, Jr. is already earning the support of nearly one in five Democrat voters.

In my private practice, I have treated more than 500 patients suffering injuries from the vaccine, I have seen the unintended — but brutal — harm they’ve often caused up close and personal. Yet to raise any of these issues is to risk one’s livelihood. That is Fauci’s greatest stain on our country.

Fauci fostered an environment where doctors who deviated from the preferred party line were persecuted and even criminalized for offering a different point of view. Silencing free expression and thought is the antithesis of America, and dangerous for science, innovation, and medicine.

Fauci blamed “misinformation and disinformation” for “really hurting so many things, including people’s trust in science,” yet on his watch, laws were passed that empowered government agencies to strip doctors of their medical licenses for questioning the wisdom of vaccines.

These efforts left a profound lasting impact on medicine and the patient-doctor relationship. Suddenly physicians were forced to choose between offering their best advice or losing their ability to practice medicine.

Anthony Fauci’s legacy is one of narcissism and power. The glorification of his massive ego trumped any scientific or medical data. His policies were giveaways to the pharmaceutical industry, which helped burnish his image and crush dissent. He saw his opportunity for the spotlight and seized it. Now, rather than admit mistakes, Fauci is intent on revising history. Unfortunately for his legacy, we’re all living with the consequences of his hubris, and they are impossible to overlook.

* * *

Reposted from the author’s Substac

end

Til Death Do You Part: The Spike Protein and Chronic Stress: The Key Behind the Observed Accelerated Aging?

https://wmcresearch.substack.com/p/til-death-do-you-part-the-spike-protein

END

DR PAUL ALEXANDER:

THIS IS HUGE!!

The TP53 gene, encoding the P53 protein which is the GUARDIAN of the geneome, has a potent role in tumour-suppressing activity in the cellular response to stress; majority of the human cancer cells

exhibit inactivation of P53 pathway; along with inactivation of P53 guardian of the geneome tumor suppressor protein & toll-like (TL)receptors 7 & 8; does the mRNA technology jab subvert P53, TL 7& 8?

DR. PAUL ALEXANDERMAY 7

I find this paper to be very information on the P53 pathway and the role in cancer and thus the potentially devastating role of the mRNA technology injections on P53 and TL receptors 7 & 8 based on the TURBO cancers we are witnessing; what do you think?

SOURCE:

https://jmhg.springeropen.com/articles/10.1186/s43042-020-00089-x

‘Cells have evolved balanced mechanisms to protect themselves by initiating a specific response to a variety of stress. The TP53 gene, encoding P53 protein, is one of the many widely studied genes in human cells owing to its multifaceted functions and complex dynamics. The tumour-suppressing activity of P53 plays a principal role in the cellular response to stress. The majority of the human cancer cells exhibit the inactivation of the P53 pathway. In this review, we discuss the recent advancements in P53 research with particular focus on the role of P53 in DNA damage responses, apoptosis, autophagy, and cellular metabolism. We also discussed important P53-reactivation strategies that can play a crucial role in cancer therapy and the role of P53 in various diseases.’

‘In response to a variety of cellular stress such as genotoxic stress, ischemic stress, oncogenic expression, P53 acts as a sensor, and suppresses tumour development by promoting cell death or permanent inhibition of cell proliferation. It controls several genes that play a role in the arrest of the cell cycle, cellular senescence, DNA repair system, and apoptosis. P53 plays a crucial role in supporting DNA repair by arresting the cell cycle to purchase time for the repair system to restore genome stability. Apoptosis is essential for maintaining tissue homeostasis and tumour suppression. P53 can induce apoptosis in a genetically unstable cell by interacting with many pro-apoptotic and anti-apoptotic factors.

Furthermore, P53 can activate autophagy, which also plays a role in tumour suppression. P53 also regulates many metabolic pathways of glucose, lipid, and amino acid metabolism. Thus under mild metabolic stress, P53 contributes to the cell’s ability to adapt to and survive the stress.’

END

Mixed Martial Arts and UFC fighters are collapsing and dying suddenly – some of these deaths are very suspicious (good scholarship by Makis); I join Makis, these are in all likelihood mRNA technology

based COVID gene injection linked; I am proud of William Makis, he is smart, passionate, a great parent, husband, deep scientist, composed, resolute and a soldier in the battle we face

DR. PAUL ALEXANDERMAY 7

Isaiah Abels, a 21-year-old amateur MMA fighter collapsed in the cage during a recent Southern Indiana Combat Production fight card at The Coliseum in downtown Evansville, IN, on March 4, 2023. (click here)

Abels collapsed to his knees during the second round of the fight. On-site medical staff administered CPR to the unconscious fighter for several minutes before he was transported to a local hospital in Evansville via ambulance.

Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Upgrade to paid

A March 8 update to that page reported that an MRI showed brain damage due to a lack of oxygen for three to five minutes. On March 10, doctors inserted a tracheotomy tube into Abels’ throat and a feeding tube into his stomach to prepare him for transfer to a long-term care facility. As of March 14, Abels was showing some signs of recovery.

MMA Fighter Prodigy 18 year old Victoria Lee died suddenly on Dec.26, 2022 (click here)

The cause of death was not revealed by her family.

MMA Fighter 31 year old Abdul-Kerim Edilov died under mysterious circumstances in early morning hours on Dec.29, 2022 (click here)

Abdul-Kerim Edilov with Ramzan Kadyrov and kids

MMA Fighter 38 year old Anthony Ruble Johnson died on Nov.13, 2022 (click here)

Anthony died after a battle with non-Hodgkin Lymphoma and the auto-immune disease HLH (hemophagocytic lymphohistiocytosis).

Russian MMA fighter 33 years old Alexander Pisarev died in his sleep on Nov.1, 2022 (click here)

Although he died in his sleep, some reports suggest he died of a poisoned watermelon? The story doesn’t make any sense.

MMA Fighter 36 year old Katsuya Kitamura died on Oct.12, 2022 (click here)

“The cause of death remains unknown”.

UFC/MMA Fighter 34 year old Elias Theodoru died on Sep.11, 2022 (click here)

Theodorou’s official twitter account announced on Saturday that the former UFC fighter died Sunday in Toronto of stage IV colon cancer that metastasized to the liver.

UFC Fighter Damon Jackson’s 37 year old brother Bradley died suddenly on Sep.13, 2022

“It just doesn’t make a lot of sense. He was vaccinated just shortly before that, about two weeks before. I don’t want to get into conspiracies and all that kind of stuff but nothing adds up.” (click here)(click here)

MMA Fighter Christian Lubenga died following a TKO loss at his debut fight on March 12, 2022 (click here)

That outlet reports that Lubenga was transported to hospital after the bout because he was feeling unwell. He died two days later.

Some news claim that he passed away possibly from a brain bleed, although this remains unconfirmed (click here)’

COVID Intel – by Dr.William Makis

Mixed Martial Arts and UFC fighters are collapsing and dying suddenly – some of these deaths are very suspicious

21 year old Isaiah Abels had a sudden cardiac arrest during a fight on Mar.8, 2023 – now has brain damage. Isaiah Abels, a 21-year-old amateur MMA fighter collapsed in the cage during a recent Southern Indiana Combat Production fight card at The Coliseum in downtown Evansville, IN, on March 4, 2023. …

Ukraine, government lies and corruption…defends DIED SUDDENLY and let me be as clear as possible, I think DIED SUDDENLY was critical in informing people and saving lives, real lives

DR. PAUL ALEXANDERMAY 7

SOURCE:

This is how you treat the FAKE MSM.

BBC doesn’t want you to see this.

WATCH FULL INTERVIEW👇🏻https://t.co/jIIimy7hw9 pic.twitter.com/Ivy4SSIb5K
— Stew Peters (@realstewpeters) May 4, 2023

END

BOOM, Walensky is out! even Biden et al. knows a dumb ding dong when they see it, only to be outdone by Dr. Bonnie Henry of BC Canada; Rochelle’s idiocy defies logic & she outright lied to the public

Biden: “Dr. Walensky leaves CDC a stronger institution, better positioned to confront health threats and protect Americans.” he must be smoking with Hunter as Rochelle showed us how corrupted CDC is

DR. PAUL ALEXANDERMAY 5

SOURCE:

https://www.nbcnews.com/politics/white-house/cdc-director-rochelle-walensky-stepping-agency-rcna83088

end

Zero, NONE, ‘0’, not one healthy child in US or Canada, Sweden, Germany etc. was exposed to COVID, got the virus, and died from it, NOT ONE! over 3 years of this fraud lie of a pandemic; Walensky knew

there is and was never ever a basis to give statistical zero risk children (of severe outcomes or deaths) any of these fraud Kariko, Weissman, Malone mRNA technology based gene injections, NONE!

DR. PAUL ALEXANDERMAY 6

For mother’s day coming, commit to not giving your healthy child any of these COVID fraud shots and commit to never ever trusting the government or any of their public health officials, they lied to you, deceived you, got money somehow (incentivized, if that meant keeping their jobs while they denied you exemptions and you lost yours and money) and these criminals, including doctors, caused deaths. Never ever trust them, they are worst than devils and a special place in hell is reserved for them!

I challenge any CDC, NIH, FDA, HHS, NIAID, SAGE, Health Canada, or PHAC so called experts, to show us healthy children who died from COVID. Show us one case. A healthy child.

The last 3 years will be recalled by our children as the most catastrophic devastating moral & public health failure of our lifetime; 100% of COVID pandemic was a fraud lie, virus to vaccine, all of

it; not one COVID lunatic policy can be defended by data and science & it is imperative that we hold each and every scientist, doctor, health official, govn official to account in proper tribunals

DR. PAUL ALEXANDERMAY 6

All who brought the COVID fraud and prolonged it and benfitted in any way, we investigate and if shown via proper courts, we strip them of money and we imprison them, even friends of yours. It is the only way to heal what monstrosity was done. Those in Trump administration to Biden administration. Let none escape. We have too many police, military, border agents, nurses, even judges COVID vaccine injured and who may pay a life price in time due to the wrongful vaccine mandates. We warned governments.

The mRNA technology based gene injections via Malone, Kariko, Weissman et al. have brought us death and they too must be held to account. We need answers. Full.

end

Nicholas Winton is a real hero, this is the person we showcase, this is a real super hero for what he did during the Holocaust; he decided to save the children & you must listen; 60 Minutes did a good

interview here and huge praise; why did the US not take more? Winton said had they then he could have saved more, maybe one day we will understand that but Winton is a massive hero

DR. PAUL ALEXANDERMAY 6

DR PANDA

END

Australian excess deaths at record highs due to Covid, diabetes and dementia | Daily Mail Online

https://www.dailymail.co.uk/news/article-11940039/Australian-excess-deaths-record-highs-Covid-diabetes-dementia.html

Cheers
RobertENDBrain disorders/vaccine

Crazy

NEWS

Greg Gutfeld Reminds Rivera Who’s Boss After ‘The Five’ Canceled Him: ‘Geraldo Removing His Shirt In Front Of Children’

May 5, 2023 – 1:17 pm

END

SLAY NEWS

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EVOL NEWS

RFK Jr: ‘CIA Involved in Assassinations and Fixing Elections’ (VIDEO)READ MORE… LATEST NEWS:Biden Stops at Taqueria Habanero in DC, Randomly Tells People “Don’t Jump” (VIDEO)Read more…Jordan Neely Case Expected To Go To Grand Jury For Potential ChargesRead more…California Defaults on $18.6 Billion Debt, Now Businesses Have to PayRead more…Regional Bank Stocks Rebound as Jobs Report Beats ForecastsRead more…I’ve Moved 35 Times. Here Are 5 Things I’ve LearnedRead more…High School Girl Destroys Transgender Ideology with Powerful SpeechRead more…Vandals Put Massive Crude Image on ‘Royal’ Lawn Just Days Before King Charles’ Coronation: ReportsRead more…New CNN Boss Overrules Mehdi Hasan On Trump Interview: “All voices should be heard, this is the new CNN”
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VACCINE IMPACT

The Brain Myth: Your Intellect and Thoughts Originate in Your Heart, Not Your Brain

May 6, 2023 7:52 pm

Those of us who have been educated in Western Culture today have been taught to believe that the center of a person’s consciousness and thoughts is our brain. Like a computer that contains a microprocessor that allows the computer to accomplish all of its various tasks, the idea that a human being also works like a computer with a brain that functions like a microprocessor, is something that almost all people raised in Western Culture assume is a fact. But it is not a fact. It is a belief system. And as a belief system, would it surprise you to learn that this is a fairly modern belief, and that historically it has not been the brain that has been considered the driving force in humans that allows them to think and reason, but that historically it has been the heart that is attributed to human consciousness, including our mind, speech, and thoughts? When we look at the ancient literature written in non-Western cultures, the idea that the brain controls human thought and consciousness is mostly absent. The largest collection of writings of antiquity that exist to us today is contained in the Bible, a collection of 66 unique writings spanning over thousands of years. Most of the Bible was written in Hebrew and Greek, and the most common translations of the Bible found today are English translations. I have an electronic Bible I use every day (e-Sword), and in this program I currently have about 16 different English translations of the Bible. I searched every English translation I have for the word “brain,” and all of them turned up a negative result with ZERO instances of the English word “brain” used to translate any of the words in the original languages. If one does a search for the word “heart,” however, it will return a result of almost 1000 matches where words in the original languages were translated into English as “heart.”

MICHAEL EVERY

MICHAEL EVERY/RABOBANK//

The Neoliberal Globalization King Is Dead! Long Live The Mercantilist Industrial Policy King!

MONDAY, MAY 08, 2023 – 10:25 AM

By Michael Every of Rabobank

The coronation of Charles III was a gloriously arcane ceremony that felt like the South Park Royal Wedding (“The Prince is dipping his arms into the pudding, as is tradition“); British social media noted the UK’s labor shortage and cost of living crises are so bad that a 74-year old man was forced to take his first real job. Charles III was preceded by the regalia of US payrolls at 253K vs. 185K consensus, with negative back-revisions, and unemployment at 3.4% vs. 3.6%. Yes, ‘gig’ jobs might now be recorded as real, but if this is full-employment near-feudalism, as under King Charles II, explain how average earnings growth leap to 4.4% y-o-y without saying “noblesse oblige” or showing knobbly knees in this intellectual beauty contest. Something, apart from wages, is up. Like short bond yields. Or air fares, as passengers’ willingness to pay high prices continues. Or wheat if the Black Sea Grain Deal falls apart, as was being threatened on Friday. And let’s see if US CPI is this week too. Indeed, as we say ‘Long Live the King’, another ‘king’ is dead – neoliberal financial globalisation.

Adam Tooze says ‘Washington isn’t listening to business on China any more’, and while the US is not “eager” for a war with it, one is perceived to loom in 2025(!), and businesses “peace interest” has disappeared. He says the only way to avoid war now is a “new security order” for China in Asia, seen as “treasonous” and “non-planetary” in the US (and much of Asia!); as such, “the era of Davos man is over,” and multi-billion dollar investments now hang by a thread.

The recent policy speech by NSA Sullivan backed “modern American industrial strategy,” rebutted that free markets allocate capital best, and said geopolitics requires a new policy path to boost “specific sectors that are foundational to economic growth, strategic from a national security perspective, and where private industry on its own isn’t poised to make the investments needed to secure our national ambitions.” As all 50 US states start what the Financial Times calls as ‘arms race’ for new investment under the recently-passed IRA, what Sullivan said is rightly seen as the death of neoliberalism by some. And the likely 2024 alternative is Trump’s mercantilism.

Gcaptain notes the $25bn US Shipyard Act just introduced to the Senate to revitalize US maritime infrastructure to out-pace China, with reforms to accelerate production over bureaucracy. Today, Wall Street won’t lend to the US Maritime Administration due a lack of transparency, and US Navy admirals “do not understand Wall Street and are hesitant to learn about new financial engineering tools used by most large infrastructure funds today,” while Chinese shipyards can borrow cheaply. The Act aims to repeat the Truman Committee of 1941, which transformed US naval production into a WW2 colossus. Gcaptain concludes: “The urgency of this moment in history cannot be overstated. As [Senator] Wicker reminds the nation, we are in our most dangerous national security moment since WW2. He invokes the words of Winston Churchill, who once wrote that “the foundation of all our hopes and dreams was the immense shipbuilding program of the US.”” This step, with more to come on support vessels and the merchant marine, were flagged as logically inevitable in 2021’s ‘In Deep Ship’.

Germany is to subsidize up to 80% of energy costs for its industries after awful March retail sales, import, export, and factory orders data: the cost will be high at present energy levels and extortionate should they rise; it could rip apart the EUs’ internal level playing-field; and may see an ex-EU trade response. This is also the scenario we warned of in ‘Balance of payments –and power– crises’ – and it does not end well for free-trade Europe or the Euro.

Xi Jinping underlined China’s economic growth must focus on manufacturing, the “real economy”, not bubbles in finance and property – Wall Street is not “productive”, as laid out here in 2021. In fact, China plans to deal with high youth unemployment by sending them to the countryside, echoing Maoist practices. Where China gives up low-tech sectors like textiles, it aims to dominate looms and key materials such that it still controls the industry. This is objectively better than a financialised US economy: but given China already runs vast trade surpluses with the world –as the Financial Times says ‘Western companies warn of hit from China’s slow recovery’, and deflation is likely to loom in this week’s CPI and PPI data– this overtly mercantilist stance will only trigger more mirroring policies from the West, then a global clash for market share, or worse – again something we’ve seen coming for years because it’s the historical pattern.

US banks had a good Friday, and some argue deposit withdrawals have stabilized if one looks at seasonally adjusted data; then again, some market voices say the entire system is underwater if we marked to market. Let’s see the loan officer survey today for an update, as well as the financial stability report. Importantly, if the system is OK, US rates are not coming down ahead. If the system is not OK, then it’s less clear what happens. Would the Fed really slash rates in a replay of 2007-08, despite high CPI and a US-China stand-off for global reputation? Would US politicians do nothing on stimulus as we head into the 2024 election – and the same US-China stand-off for global reputation?

“Modern American industrial strategy” needs lots of liquidity into the US ‘real economy’ – i.e., the US Shipyard Act — and lots less liquidity into anything ‘fictitious’ to stop services and asset-price inflation. Zero rates means more ‘fictitious’ US capital and imports from China, not more productive capital into US industrial/defence supply chains when D.C. is talking about possible war in 2025. Zero rates make zero sense from a national security perspective. As such, Fed funds may have to stay high despite banking pain, but with more acronyms, bail-ins/outs, and “strategic capitalism” slash moral suasion, as even the neoliberal Heritage Foundation now supports. All we need is US kids being sent to the countryside, and the mirroring of China is complete. Actually, no: that would require US capital controls to stop China holding Treasuries: no USTs, no trade surplus; bye-bye Chinese mercantilist excess production; and Wall Street financialisation.

That’s before we get to dedollarisation. Last week’s news that INR-RUB bilateral trade isn’t working because Russia doesn’t want to hold INR laughs at dollar bears. Yet it also shows the two countries must shift their physical trade patterns to match desired FX holdings, or bring in another economy and use that FX instead, which is all being pondered. Wolfgang Munchau argues ‘Why China and its trading allies are well placed to topple the dollar’: yes, if they want to embrace global disorder. Dedollarisation it’s not something that will happen via a flick of a switch – but it might do via the press of a button. To push back, the US would need to keep rates (and defence spending) higher for longer. Yet that creates global dollar shortages, more so as commodity prices now move with, not against the dollar. So, that requires Fed swaplines to EM, not just DM. But no US swaplines are going to head to China and Russia. As such, destabilisation –and more contagious global mercantilism– surely lies ahead. As does a stronger dollar, which remains king even as many plot to behead it. As they say, if you aim to shoot the king, you better not miss.

To conclude: The neoliberal globalisation king is dead! Long live the mercantilist industrial policy king!

As such, the ‘lower for longer’ royal court looks as credibly dressed as some of the wild knickerbockers displayed at Charles III’s shindig. The ‘higher for longer’ or “it’s going to be very complicated” court are moving in, fluttering their fans. If you can’t see that because of all your own intellectual regalia, then you risk ending up on the outs, or even like King Charles I – who got his head cut off.

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

CANADA

13,000 Evacuated As Over 100 Wildfires Burn Across Alberta

SATURDAY, MAY 06, 2023 – 02:00 PM

More than 100 wildfires, some of which are classified as out of control, rage across the western Canadian province of Alberta on Saturday morning, prompting officials to evacuate 13,000 people.

As of 1130 ET, there are 102 active wildfires in Alberta, of which 35 are classified as out of control, according to data from the Alberta Wildfire Status Dashboard.

On Friday, Stephen Lacroix, the managing director of the Alberta Emergency Management Agency, told reporters the wildfire situation in the province was “evolving and extremely fluid.”

“Many communities are affected by the fires with over 13,000 Albertans evacuated from their homes … we are working with Federal, provincial and municipal partners to deliver emergency support throughout this evolving and extremely fluid situation,” Lacroix said.

According to Christie Tucker, Alberta Wildfire’s information unit manager, “Temperatures have been 10 to 15 degrees above normal for a little while now … and still don’t have green grass and leaves all over the province, which means that the ground is very dry.”

Tucker said above-average temperatures and high winds have been fueling the fires. She said there have been 348 wildfires in Alberta since January, scorching 62,000 acres.

“That’s significantly more wildfire activity this time of year than we’ve certainly seen any time in the recent past,” Tucker pointed out.

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:1.1049 UP 0.0048

USA/ YEN 135.02 UP 0.447 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2662 UP 0.0039

USA/CAN DOLLAR: 1.3337 DOWN .0037 (CDN DOLLAR UP 37 PTS)

Last night Shanghai COMPOSITE CLOSED UP 60.50 PTS OR 1.81%

Hang Seng CLOSED UP 247.73 PTS OR 1.24%

AUSTRALIA CLOSED UP .80% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 247.73 PTS OR 1.24 %

/SHANGHAI CLOSED UP 60.50 PTS OR 1.81%

AUSTRALIA BOURSE CLOSED UP 0.80%

(Nikkei (Japan) CLOSED DOWN 208.07 PTS OR .71%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2025.00

silver:$25.65

USA dollar index early MONDAY morning: 100.87 DOWN 13 BASIS POINTS FROM FRIDAY’s close.

MONDAY MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.155% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +0.414 % DOWN 0 AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.399 UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.235 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.314 UP 6 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1022 UP 0.0012 or 12 basis points

USA/Japan: 134.79 UP .225 OR YEN DOWN 23 basis points/

Great Britain/USA 1.2636 UP .0013 OR 13 BASIS POINTS //

Canadian dollar UP .0015 OR 15 BASIS pts to 1.3353

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(69129)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.9192

TURKISH LIRA: 19.52 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.414…VERY DANGEROUS

Your closing 10 yr US bond yield UP 5 in basis points from FRIDAY at 3.494% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.815 UP 5 IN BASIS POINTS

USA 2 YR BOND YIELD: 3.9636% UP 4 in basis points.

USA dollar index, 101.005 DOWN 2 in basis points ON THE DAY/12.00 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 UP 73.74 points or 0.981%

German Dax : CLOSED DOWN 8.19PTS OR 0.95%

Paris CAC CLOSED UP 7.98 PTS OR 0.11%

Spain IBEX UP 53.40 PTS OR 0.58%

Italian MIB: CLOSED UP 77.66 PTS OR 0.28%

WTI Oil price 73.12 12: EST

Brent Oil: 76.82 12:00 EST

USA /RUSSIAN /// AT: 78.13/ ROUBLE DOWN 0 AND 75//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.314 UP 6 BASIS PTS

UK 10 YR YIELD: 3.8015 UP 5 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1004 DOWN 0.0006 OR 6 BASIS POINTS

British Pound: 1.2616 DOWN .0006 or 6 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.8015% UP 0 BASIS PTS

USA dollar vs Japanese Yen: 135.16 UP 0.591 //YEN DOWN 59 BASIS PTS//

USA dollar vs Canadian dollar: 1.3376 UP .0009 CDN dollar, DOWN 9 basis pts)

West Texas intermediate oil: 72.27

Brent OIL: 76.68

USA 10 yr bond yield UP 7 BASIS pts to 3.519%

USA 30 yr bond yield UP 7 BASIS PTS to 3.834%

USA 2 YR BOND: UP 9 PTS AT 4.0095%

USA dollar index: 101.17 UP 17 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.51

USA DOLLAR VS RUSSIA//// ROUBLE: 78.19 DOWN 0 AND 81/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 55.69 PTS OR 0.17%

NASDAQ 100 UP 32.51 PTS OR 0.25%

VOLATILITY INDEX: 16.97 DOWN 0.22 PTS (1.29)%

GLD: $187.69 UP 0.25 OR 0.12%

SLV/ $23.49 DOWN 0.08 OR 0.34%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

Credit Squeeze “Vibes” Leave Bonds & Banks Lower; Bitcoin Battered By Binance Blockages

MONDAY, MAY 08, 2023 – 04:01 PM

The day started off optimistically with regional bank stocks rising for literally no good reason. Then wholesale sales/inventory data poured cold water on any hopes of a soft landing as the ratio hit its highest since the Great Financial Crisis (ex COVID lockdowns)…

Source: Bloomberg

So much for the consumer.

Then Chicago Fed President Austan Goolsbee cited his ‘vibes’:

“I am certainly getting vibes – as you are – in the market and in the business contacts that the credit crunch, or at least a credit squeeze, is beginning,”

“We know that credit conditions, like the ones we’re seeing now, in the past have been correlated with recessions, credit crunches — kind of done the tightening work of monetary policy.”

Of course the machines lifted stocks with the S&P back to green just in time for SLOOS to hit and crash everything as credit trends collapsed. But that was quickly BTFD’d as tighter credit means less need for Fed which means ‘buy all the things’ even if all the things are going to get battered by the recession that SLOOS is signaling.

By the close, only Nasdaq had held its gains with the S&P unch, The Dow down and Small Caps the worst performer…

The early gains seen in Regional Banks – proclaimed by many talking heads this morning as a sign of the end of the crisis – turned red very quick and ended red on the day…

PACW was up over 30% in the pre-market, but gave it all back as investors realized that issuing a statement suspending the dividend at 10pm on a Friday night is not a buying opportunity!!

Oh, and if you hear more about short-selling bans on banks, here is what The Fed (yes The Fed) said about its effectiveness in 2008:

The 2008 ban on short sales failed to slow the decline in the price of financial stocks;

…in fact, prices fell markedly over the two weeks in which the ban was in effect and stabilized once it was lifted

“Most Shorted” stocks gapped down at the cash open but were squeezed back to unchanged ahead of the SLOOS data… dumped.. and then were squeezed again…

Source: Bloomberg

The long-bond saw a modest bid in Asia but once Europe got going Treasury selling surged. The US open saw bonds bid but yields started rising again around 1300ET and spiked more after SLOOS…

Source: Bloomberg

2Y yields pushed back above 4.00% but stalled there…

Source: Bloomberg

This is weird too… with The Fed signaling its done, specs pushed their record short Treasury bond futures positions even more shorter-erer….

Source: Bloomberg

Bloomberg notes that the persistence of leveraged fund bearish bets suggests the possibility that at least some of the positions are a result of the revival of the so-called basis trades.

That’s when investors buy cash Treasuries and short the underlying futures in an attempt to profit from any difference in pricing.

The market is adjusting (hawkishly) to The Fed’s ‘higher for longer’ jawboning…

Source: Bloomberg

The dollar ended modestly higher on the day after being sold in Asia and bid in Europe…

Source: Bloomberg

Bitcoin tumbled back below $27,500 – back to the fake Mt.GIX dump spike lows – after reports that Binance halted BTC withdrawals as the network got congested thanks to Ordinals volumes…

Source: Bloomberg

Oil prices were higher once again, extending gains off last week’s flash crash lows with WTI back above $73…

Gold closed higher on the day with Spot back above $2020 (after bouncing off $2000 on Friday)…

Source: Bloomberg

Finally, Apple hit a new record high relative to the S&P equal weight technology ETF today…

Source: Bloomberg

‘Safe Haven’? Probably nothing to worry about right?

b) early morning trading: regional banks

Regional Banks Rebound, But…

MONDAY, MAY 08, 2023 – 10:04 AM

Update: It appears some have read the actual Fed data after all as regional banks are now red…

Even PACW is fading fast now…

Having rallied early after slashing its dividend.

* * *

Regional bank stocks were soaring in early trading this morning prompting several talking heads to proclaim the end of the banking crisis and restating ‘there is nothing to fear but fear (and short-sellers) alone’.

There’s just one thing about the rebound.

According to Friday’s Fed data, deposit outflows continue (non-seasonally-adjusted), especially for small banks…

Source: Bloomberg

BUT Small Bank lending also soared… especially in CRE loans

Source: Bloomberg

Which (theoretically) pushed implied US commercial bank residual “equity” (assets minus liabilities) to record highs…

Source: Bloomberg

AND the drop in liabilities and rise in assets pushed ‘Small banks’ away from the red line of reserve constraints (on a seasonally-adjusted basis)…

Source: Bloomberg

Which may help explain the squeeze higher in some regional bank names…

The question is – do you buy it?

Do you believe in the miracle of Fed ‘seasonals’?

If you do, then the banking crisis is over and buying may make sense.

If you don’t and this magical difference between SA and NSA is not an artifact of taxes (well past due now) or historical patterns (which it wasn’t in January), then fade these bounces in regional banks as this is far from over.

Finally, we know some stress in the banking sector remains as there are still banks who are paying above the top of Fed’s range for fed funds, i.e. 5.25%, to borrow reserves.

As Bloomberg’s Simon White notes, discount window (DW) usage has fallen, but this has simply been transferred to the new BTFP facility, which has better terms than the DW.

It is thus evident some smaller lenders continue to face fundamental problems.

And one more thing…

zerohedge

@zerohedge

anyone who says bank deposit flight can reverse while Fed is doing QT has zero idea how the financial system works

II) USA DATA// re Friday’s job report:

From Nicholas:

Nicholas gleaned from Friday’s job report a fictitious 378,000 job gain from the phony B/D model (Birth/Death)

Basically the crooks believe that once you lose a job (death) you gain extra jobs (Birth) from our entrepreneurial spirit.

this is nothing but a plug factor:

so if you subtract 378,000 job gain from B/D/, and another 149,000 adjustment downward from prev. Jan and Feb reporting to the 253,000 gain reported by the BLS:

the true loss of jobs in April is the following; 253,000 (reported for April) – 149,000 (revisions) – 378,000( B/D) = 274,000!!

what crooks! I told you on Friday that the jobs report was a phony!!

The Jobs Fiction can easily be Deconstructed

Good afternoon

The headline paper price of gold was decimated (as usual) within nanoseconds of the release of the April 2023 NF Payroll report on Friday. 253K new jobs was just such eloquent testimony to the underlying strength of the US economy. What blatant propaganda! I believe that Friday’s Midas was providing a disservice by reproducing some of the disinformation contained in this report. The BLS provided copious workings to support the headline no. of 253K new jobs but the report is the ultimate construction of a Potemkin Village.

On the other hand, the BLS does provide all the clues to deconstruct its propaganda for those with an inclination to seek out reality. https://www.bls.gov/web/empsit/cesbd.htm is where the BLS explicitly states that the Birth/Death model created in April 378K new (fictitious) jobs via an excel spread sheet. At the end of the April report ,the BLS also states that: The change in total nonfarm payroll employment for February was revised down by 78,000, from +326,000 to +248,000, and the change for March was revised down by 71,000, from +236,000 to +165,000. With these revisions, employment in February and March combined is 149,000 lower than previously reported.

To Summarize: 378K fictitious new jobs had to be imagined into existence by the B/D model so that the April report could headline job creation of 253K new jobs (instead of a negative print of 125K) and 149K jobs were over reported in the previous two months. Indeed ,if all the Birth /Death model fictitious jobs are summed from April 2022 to April 2023, the net total is 1.84 million fictitious, vaporous nonexistent jobs. This is not fake news manufactured by a domestic terrorist, but merely an extraction of data from the BLS’s own website.

Regards

Nicholas

III) USA ECONOMIC STORIES

LATE FRIDAY NIGHT

Huge! Bank run escalates as deposit outflows top $360 billion dollars in the last 3 weeks.

(zerohedge)

US Bank-Run Escalates: Deposit Outflows Top $360 Billion In Last 3 Weeks

FRIDAY, MAY 05, 2023 – 06:33 PM

Tl;dr: The bank run continues to accelerate…

…especially if one looks at non-seasonally-adjusted data.

Crucially that is over 360 billion of deposit outflows from US banks in the last 3 weeks.

And here is the source data:

SA:

NSA:

How much of this is tax related, and how much is this a bank run, and how does the Fed know which is which?

Sure, some of this is tax outflows, but the Fed is just using an historical seasonal adjustment factor AS IF there is no bank run which is traditionally the case…

* * *

After yesterday’s massive money market inflows, expectations are that tonight’s data from The Fed’s H.8 report will show major deposit outflows from US commercial banks (despite today’s exuberant bounce in some regional bank shares). Bear in mind, as we detailed yesterday, that The Fed’s emergency bank rescue facility usage remains extremely high and has shown no signs at all of easing…

Source: Bloomberg

On a seasonally-adjusted basis, total US Commercial Bank deposits fell $12.5 billion during the week ended 4/26…

Source: Bloomberg

However, on a seasonally adjusted basis, US commercial bank deposits (ex-large time deposits) increased last week (during the week-ending 4/26), rising $10.92 billion…

Source: Bloomberg

On a non-seasonally-adjusted basis, US commercial bank deposits (ex-large time deposits) tumbled again, down $113 billion (also at its lowest since April 2021)…

Source: Bloomberg

That is over $360 billion in outflows in the last 3 weeks… but but but SVB fixed everything?

And judging by yesterday’s money market inflows, the deposit outflows continued this week (remember, deposit data is lagged a week to money market and Fed balance sheet data)…

Source: Bloomberg

Large and Small banks saw very modest inflows (on a seasonally adjusted basis) but foreign banks saw large outflows…

Source: Bloomberg

Foreign banks saw the biggest weekly outflows since 6/30/2021…

Large Banks +$10.3 billion
Small Banks +$584 million
Foreign Banks -$22.14 billion

Source: Bloomberg

However, what really matters is the non-seasonally-adjusted data which saw major outflows across small, large, and foreign banks…

Source: Bloomberg

In context, the bank run is escalating…

On the other side of the ledger, Commercial bank lending rose $41.6 billion in the week ended April 26 after increasing $12.4 billion the prior week, according to seasonally adjusted data.

Small bank lending exploded higher to $30.6 billion…

Small Bank Weekly Change:

Small Bank C&I Loans: +$1.1BN
Small Bank Real Estate Loans: +$20.6BN
Small Bank Consumer Loans: +$5.3BN
Small Bank All other Loans and Leases: +$3.7BN

Anyone else wonder how and to whom the small banks lent that much in CRE loans? Money good?

Large Bank Weekly Change:

Large Bank C&I Loans: -$0.4BN
Large bank Real Estate Loans: -$1.7BN
Large Bank Consumer Loans: +$4.4BN
Large Bank All other Loans and Leases: +$7.4BN

Despite today’s bounce, it was another ugly week for bank stocks(big and small)…

Source: Bloomberg

So you still believe the banking crisis over?

Finally, we remind readers, this data does not include this week’s potential problems (as the deposit and loan data is lagged by a week).

end

This is a real shocker: credit card debt explodes at the 2nd fastest pace on record despite high rates. It rose exponentially higher than last month. The consumer is tapped out? and needs the credit card for all needs?

(zerohedge)

Consumer Credit Shocker: Credit Card Debt Explodes At 2nd Fastest Pace On Record Just As Rates Hit All-Time High

FRIDAY, MAY 05, 2023 – 03:29 PM

So much for credit being tight.

One month ago, not long after we warned that consumer credit was about to get much tighter in the aftermath of one of the most depressing Senior Loan Officer Opinion Surveys, which saw near record tightening in lending standards coupled with a historic plunge in credit demand, we observed that – as one would generally expect – growth in US credit card debt had ground to a crawl, as revolving credit rose by just $5 billion, down sharply from the $12.8 billion in January, down from the $13.7 billion LTM average, and the lowest single increase since April 2021.

Looking at the data, we concluded that “while it is unclear if credit card usage rose at the slowest pace in two years due to weak demand or a sudden squeeze in supply – obviously we will have more information in one month when the next SLOOS hits – the implication is clear: one of the most powerful economic lifelines is grinding to a halt.”

Well, maybe not. Ever hear the saying never bet against (the stupidity of) the US consumer? Well, fast forward one month when moments ago the latest consumer credit data from the Fed was released and it was a doozy: instead of printing at a “credit-crunchy” subdued level, with the Street expecting only a modest increase from February’s $15 billion to $17 billion in March, the Fed reported that the actual amount of new credit card debt was a whopping $26.514 billion, smashing expectations by almost $10 billion.

But while the total number, while high, was generally in line with historical prints, it was the components that were remarkable.

For once, we will start with the non-revolving credit, where the number was a big shock, or maybe not so big, because while historically the average number had been in the mid-teens, in March non-revolving credit, or student and auto loans, increased by just $8.9 billion, the 4th consecutive month in a row below $10 billion, the weakest such stretch since the covid crash.

The reason for the slump in nonrevolving credit: as shown in the next chart below which shows the quarterly increase in non-revolving debt components, while student loans increased a mighty $20BN in Q1, auto loans rose by just $10.1 billion, the weakest increase since 2020. And yes, with auto loans at record high interest rates, this is not a shock.

What was shocking, was the monthly change in the other big category, revolving credit. As shown in the next chart, after rising at the lowest pace since August 2021, the March change in credit card debt absolutely exploded, soaring by $17.6 billion, more than triple the February total, and the second biggest monthly increase on record!

It’s as if, either consumers – realizing this is their last hurrah to spend – went out and maxed out their cards at a pace (almost) never seen before, or perhaps the banks, desperate to load up peasants with some more debt, were handing out credit cards like hot cakes and the result is shown below.

And while such a move could at least be explained, if not justified, when rates were at zero – after all the cost of money back then was negligible – this time it’s a little more difficult to explain what is going on, especially when one sees the next chart from the Fed, showing that average credit card interest had just hit a record high 20.9%.

And so the scene for both the next crisis and credit crunch are set, because just like Americans couldn’t afford their mortgages in 2008, hoping instead that some greater fool would take it off their hands at the right moment, so too now they are maxing out credit cards (just as rates hit all time high) knowing they will never repay the debt, but instead hope that the coming bank crisis will allow them to quietly sneak away without repaying their debt. Come to think of it, the bank crisis is already here…

END

Trouble in Burger land..

(zerohedge)

Burger King To Close 400 Stores In “Reclaim The Flame” Turnaround Strategy

SATURDAY, MAY 06, 2023 – 04:00 PM

During an earnings call earlier this week, the CEO of Restaurant Brands International Inc., the parent company of Burger King, stated that he plans to close between 300 and 400 underperforming stores this year to streamline the fast-food brand.

“Historically, we’ve closed a couple of hundred units at Burger King US,” CEO Joshua Kobza said in a Q1 earnings call on Tuesday. The expected closures this year appear to be well above average.

In the first three months, several Burger King franchisees have declared bankruptcy, including Illinois-based Toms King, Michigan-based EYM King, and Utah-based Meridian Restaurants Unlimited.

Kboza said, “Traffic was modestly negative this quarter,” but noted an improvement in year-over-year traffic trends from Q4 into Q1.

Burger King has shuttered a net total of 124 US locations, a 1.7% reduction, leaving just 7,000 US restaurants at the end of the quarter. More closures are anticipated in the coming months.

The brand’s $400 million “Reclaim the Flame” bet to regain market share and wind down underperforming restaurants might be working — as it delivered comparable sales of 8.7% year-over-year for the quarter.

Additionally, the brand strives to simplify its overly complex menus and operations. Though raising costs on the iconic Whopper could be determinantal to future sales as rival McDonald’s recently found out that higher menu prices led to a pushback from consumers.

Not everyone can afford a $9 burger…

And while Burger King trims stores and becomes leaner, it must realize consumers have been battered with 24 months of negative real wage growth. Any price increases might jeopardize its turnaround plan, as some consumers have now traded down fast food restaurants for “Dollar Tree Dinners.”

Burger King did go ‘woke’…

So let’s see how this turnaround strategy pans out.

end

Stockman details the stupidity of Fox news, in the firing of Tucker Carlson

(David Stockman)

David Stockman On Tucker Carlson’s Firing And Corporate-Suicide Run Amok

FRIDAY, MAY 05, 2023 – 03:40 PM

Authored by David Stockman via InternationalMan.com,

We are not sure what the Murdochs were smoking last Monday morning when they shot the immensely profitable Fox News Channel in the kneecaps, but we do know that Tucker Carlson was one of a kind among commentators in the vast journalistic wasteland otherwise known as television news.

Indeed, on issue after issue in recent years Tucker treaded forthrightly where his MSM competitors in both print and broadcast media feared to go. Perhaps that was because he was deeply informed, historically read and literate and possessed of an incisive, open, inquisitive mind that was not about to play passive stenographer to either the Deep State or the lobbies and corporate interests that suffuse the Washington beltway.

Accordingly, Tucker has been nearly alone in smoking out the big issues of our time with a unique breadth, edge and consistency that neither Republican shills like Sean Hannity nor DNC conduits like Anderson Cooper and Rachel Maddow could hope to approach.

Thus, unlike the GOP’s neocon war-lovers and their echo chamber at Fox News, Tucker Carlson exposed the futility, stupidity and danger of the Ukraine proxy war against Russia. And he did so thoroughly and aggressively, exposing serial Deep State war-promoters like Victoria Nuland, while giving learned and incisive refugees from the national security apparatus like Colonel Douglas Macgregor a forum to refute the official lies and delusions.

By the same token, he had gone after the Dem/left earlier on when he relentlessly debunked the RussiaGate hoax. His facts and truths about this latter-day outbreak of McCarthyism are now unassailable, but at the time their mere mention was strictly verboten on the Dem venues at CNN, MSNBC, the broadcast networks and the New York Times/Washington Post axis.

Similarly, he was on to the Covid Lockdown scam early on and did not hesitate to follow the facts and the truth as the Vaxx fiasco unfolded. So doing he gave a platform to the likes of Alex Berenson and Robert Kennedy Jr. at Fox News where they otherwise had no prayer of being heard. And he did so because they were right and worthy of the airtime he seconded to them.

Then there is the whole assault on free speech, civil liberties and an independent 4th estate by the Silicon Valley giants. Tucker didn’t hesitate to expose how the latter had been drafted into the cause of Washington ordered censorship, cancellation, deplatformings and propagation of official propaganda.

Of course, this terrain was the historical bailiwick of the liberal media ala the Pentagon Papers (NYT) and the Watergate expose (Washington Post). But they were nowhere to be seen when (the old) Twitter, Facebook and YouTube/Google signed-up for censorship duty on Covid, Ukraine, the Climate Change Hysteria, the Black Lives Matter scam, the LGBTQIA+ insanity, the January 6th insurrection baloney and sundry other tenets of politically correct opinion. So Tucker filled the news void with aplomb and sagacity.

He was especially on the mark about the January 6th insurrection narrative as peddled by the MSM and the Washington uniparty leadership. For crying out loud, it wasn’t an insurrection or anything that even smelled like a coup or a remote threat to American democracy.

Instead, it was a spontaneous riot and hurly-burly assemblage in the nation’s Capitol Building enabled by abysmally poor police work. The rioters were unarmed, unorganized and unprepared for anything except to eventually be shooed out of the building after they had unexpectedly been given entry by sympathetic Capitol Hill police officers. Tucker Carlson’s vivid video segments of Jacob Chansley (aka the QAnon Shaman) being escorted around the building by these officers put the lie to the whole January 6th narrative in one delicious fell swoop.

Even on a very specific matter like the shocking sabotage of the Nord Stream 2 pipeline it was Tucker Carlson who put America’s most capable and renown journalistic investigator, Seymour Hersh, back on the news platform. My god, the Russians didn’t blow up their own pipelines and neither did the other part owner in Germany.

So who had the means and the remit to do it without Washington’s blessing or participation? Tucker rightly pointed the finger where it belongs—straight at Joe Biden— when the rest of the media remained deaf and dumb about one of the most egregious act of war during recent times.

There was also the matter of Fox Corporation’s 15% shareholder. We are referring to Blackrock and its kindred asset-manager bullies, who have forced the wholesale politicization of financial decision-making upon the markets, led by the hideous scam called ESG and the implicit decarbonization-based industrial suicide on which it is predicated. Tucker Carlson took them on with elan, even as the natural venue for this issue—CNBC and Fox Business—remained largely mute.

Still, amidst the daily Gong Show that passes for politics, finance and media news in America and the radio silence on all these crucial matters among the MSM, there was one reassuring fact: Tucker’s average nightly viewership at about 3.25 million during the first quarter of 2023 was more than 1.6X the combined 2.03 million of lobotomized lefties and/or liberal sheeples that tuned into Anderson Cooper (CNN) and The All In With Chris Hayes Show (MSNBC) during the 8PM slot.

Needless to say, Tucker’s audience isn’t going to vanish. And he will undoubtedly find a way to reconnect with it via one of the lesser conservative networks or thru some new streaming/podcast style gig worked-out with the likes of free speech patrons such as Elon Musk.

That is to say, the big spark of revolt against the mainstream establishment ignited by Tucker Carlson is gonna have legs, even as his shocking cancellation reminds that today’s rulers will stop at nothing when it comes to preserving their power and pelf.

And that includes economic asphyxiation by means of politics-based, not market-based, corporate actions. That is, Tucker Carlson should be an advertisers gold mine, but apparently the kind of woke deputy assistant marketing directors that savaged their own employers at Budweiser, Nike and Disney, among others, had been hard at work promoting boycotts of the Carlson brand long before the ballyhooed settlement with Dominion Voting Systems.

A commentator at American Thinker, for example, has suggested that Tucker’s massive viewership was not translating fully into ad dollars due to a de facto boycott by woke Corporate America.

According to the author, Seth Grossman, a particular heated Carlson diatribe on immigration which aired in December 2018 was actually the beginning of the end.

Within days, at least 26 mainstream corporate sponsors publicly announced that they would no longer sponsor the Tucker Carlson program.

Those sponsors included CareerBuilder, Takeda Pharmaceuticals (makers of Entyvio), TD Ameritrade, IHOP, the United Explorer credit card, Just For Men, Jaguar Land Rover, Ancestry.com, SCOTTeVEST, Zenni Optical, Voya Financial, Nautilus, Inc. for Bowflex, SmileDirectClub, NerdWallet, Minted, Pacific Life insurance, Indeed.com, Norwegian Cruise Lines, Red Lobster, Farmers Insurance, Lexus/Toyota, Mint Mobile, Graze snacks, Samsung, SodaStream, Pfizer’s Robitussin and SanDisk.

When these sponsors left, Tucker Carlson had only “second tier” sponsors paying much lower rates. They included My Pillow, Relief Factor, and Granite Stone pots and pans. The Tucker Carlson program may have had a superstar, prime-time audience. But it had the income of something like a 1970s late-night TV show sponsored by Veg-O-Matic and Ginsu Knives.

Money from “second tier” advertisers alone cannot sustain a prime-time TV program on a major network very long. Although Tucker Carlson was on the air until last week, it was doomed since December of 2018.

It is true that even we were getting pretty tired of the Pillow Man. But when you peruse the commentary of the corporate brands which apparently joined the boycott, it’s pretty evident that the woke capture of the top echelons of Corporate America has now reached alarming proportions.

A spokesperson for TD Ameritrade said: “Once news broke about this issue, we instructed our media buying team to avoid the show in the future. This is a decision that we believe is in-line with the strong values of our organization — one of which is People Matter.”

“At our core, we stand for welcoming folks from all backgrounds and beliefs into our restaurants and continually evaluate ad placements to ensure they align with our values,” a spokesperson for IHOP told THR on Tuesday afternoon. “In this case, we will no longer be advertising on this show.”

“Our purpose at CareerBuilder is to help people build a life that works. Not some people. All people……Which is why, last Friday, we permanently suspended advertising on some Fox programming, including Tucker Carlson Tonight. We will continue to advertise on programs that align with who we are and what we value.”

Nautilus Inc. has pulled advertising from the show. “We can confirm that Nautilus, Inc., parent company for Bowflex, has pulled its ads from the Tucker Carlson Tonight show,” the company said. “We buy media broadly across many news networks, and do not target ads based on specific programs or hosts. However, we have requested that Fox News remove our ads from airing in conjunction with Tucker Carlson Tonight in the future.

Voya Financial, which advertised most recently on Carlson’s Dec. 7 show, said on Twitter that it has no scheduled advertising placements on the show: “We’re committed to diversity, inclusion and equality – and respect for all individuals.”

Pacific Life Insurance Company was the first to suspend advertising on Carlson’s show in response to his comment. “As a company, we strongly disagree with Mr. Carlson’s statements,” it said Friday. “Our customer base and our workforce reflect the diversity of our great nation, something we take great pride in.

“Just For Men has no further plans to advertise on Tucker Carlson’s show,” a company spokesperson said earlier on Tuesday afternoon. “The brand is always considering ways to remain responsible, and this includes aligning with partners who share our brand value.”

There is not an iota of business rationale for these advertiser cancellations. After all, Tucker Carlson’s viewers were self-selected at the prime 8 PM hour because they overwhelmingly agree with him and some even get off on his brilliant polemics. So how in the world would an ad for IHOP tarnish its brand among Tucker’s loyal millions?

Yes, CNN spends an ungodly amount of air time replaying Tucker’s monologues and interviews to ridicule them. But even they are not about to waste air time exposing his advertisers to their woke viewers!

The irony here, of course, is that the Carlson diatribe against immigrants, which triggered this advertiser boycott, was way off the mark, as we see it. On this issue he has been just plain wrong, and has erroneously conflated a whole series of separate issues that have different answers. That is to say, get rid of the drug war and prohibitions, put a stern legal wall around non-citizen access to welfare, and enact a large-scale guest worker program to serve the shortage-afflicted domestic labor market that desperately needs more workers.

That would clear the mess at the borders and solve Tucker’s misguided immigrant preoccupation in a heartbeat, but would also underscore the larger point. To wit, how to handle immigrants and so-called border security is a classic two-sided debate subject to a broad range of facts, interpretations and values. It is intended for the halls of Congress, therefore, not the decision calculus of deputy assistant marketing directors in corporate America.

At the end of the day, it is no mystery as to how the likes of Dylan Mulvaney knocked what is now 21% off Bud Light’s sales with such alacrity when Coors and Miller have failed for years to nibble away even a fraction of that plunge; or why national advertisers have been taking a pass on the best rated news show on cable prime time.

To wit, decision-makers in corporate America are so deep in Fed-enabled stock option riches that they are not resolutely attending to business and are allowing the ideological and political infatuations of their younger, wokish staffs to stand in the way of profit maximization. In a word, a corporation desperate for higher profits in order to earn a higher share price the old fashioned way through earnings expansion rather than PE inflation would have never put the hideous face of Dylan Mulvaney on a can of their beer. Nor would it be confronted with this kind of news story:

During the week ended April 22 — the most recent industry data available — Bud Light sales plunged 21% vs. a year ago, accelerating from a 17% slide a week earlier and an initial weekly drop of 6% when the controversy kicked off during the first week of April, according to Nielsen IQ and Bump Williams Consulting.

So what we need is a good old-fashioned stock market crash. In one fell swoop that would wake-up the corporate C-suites and trigger a massive purge of the woke staffs, operations and costs which are now eating away at profits and undermining corporate brands and assets.

Regardless of how long that reckoning takes to materialize, and it will happen, it is certain that Tucker Carlson will soon have a new and better platform. And when the stock options of the Fortune 500 C-suites go to zero, they will stampede their ad dollars to Tucker’s new venue.

After all, capitalists not bamboozled by vastly inflated stock prices historically put their advertising dollars where the audiences were. And they soon will again.

That’s the real meaning of the current Cable Guy Gone episode. The monetary floozies in the Eccles Building have temporarily enabled the woke occupation of the corporate C-suites.

Fortunately, however, they have swaddled themselves in a viscous stagflation, meaning the Fed floozies have performed their last “easy” money trick for a long time to come.

end

Stanford Professor warns that thousands of uSA banks are potentially insolvent

(zerohedge)

“It’s Spooky”: Stanford Professor Warns Thousands Of US Banks Are “Potentially Insolvent”

SATURDAY, MAY 06, 2023 – 01:00 PM

Following the collapse of First Republic last week, the meltdown of three other banks, and the Federal Reserve’s quarter-point increase, making the tenth straight hike in an aggressive campaign to tame elevated inflation, a professor of finance at the Stanford Graduate School of Business presented a grim warning that the regional banking dominos are falling.

In a New York Times opinion piece titled “Yes, You Should Be Worried About a Potential Bank Crisis. Here’s Why,” Professor Amit Seru wrote, “the fragility and collapse of several high-profile banks are most likely not an isolated phenomenon.” He said, “A damaging combination of fast-rising interest rates, major changes in work patterns, and the potential of a recession could prompt a credit crunch not seen since the 2008 financial crisis.”

Just in the past few months, Silicon Valley Bank, Signature Bank and First Republic Bank have failed. Their combined assets surpassed those held by the 25 banks (when adjusted for inflation) that collapsed at the height of the financial crisis. While some experts and policymakers believe that the resolution of First Republic Bank on Monday indicates the turbulence in the industry is coming to an end, I believe this may be premature. On Thursday, shares of PacWest and Western Alliance are falling as investors’ fears spread. Adverse conditions have significantly weakened the ability of many banks to withstand another credit shock — and it’s clear that a big one may already be on its way.

Rapidly rising interest rates create perilous conditions for banks because of a basic principle: The longer the duration of an investment, the more sensitive it is to changes in interest rates. When interest rates rise, the assets that banks hold to generate a return on their investment fall in value. And because the banks’ liabilities — like its deposits, which customers can withdraw at any time — usually are shorter in duration, they fall by less. Thus, increases in interest rates can deplete a bank’s equity and risk leaving it with more liabilities than assets. So it’s no surprise that the US banking system’s market value of assets is around $2 trillion lower than suggested by their book value. When the entire set of approximately 4,800 banks in the United States is examined, the decline in the value of equity is most prominent for midsize and smaller banks, reflecting their heavier bets on long-term assets.

In an interview with The Guardian, Seru was more precise about just how many banks were burning through their capital buffers and were underwater. The estimate is shocking: Almost half of America’s 4,800 banks.

“It’s spooky. Thousands of banks are underwater.

“Let’s not pretend that this is just about Silicon Valley Bank and First Republic. A lot of the US banking system is potentially insolvent.”

Since monetary tightening works in long lags (9-12 months), many of the rate hikes over the last year have yet to filter through the real economy. In the coming quarters, the US banking system will face its toughest challenge yet, as tightening lending standards might spark more breaking.

In Seru’s NYTimes op-ed piece, he noted, “There’s another looming area of concern that could spark such panic: The commercial real estate sector.”

Commercial real estate loans, worth $2.7 trillion in the United States, make up around a quarter of an average bank’s assets. Many of these loans are coming due in the next few years, and refinancing them at higher rates naturally increases the risk of default. Rising interest rates also depress the value of commercial properties, especially those with long-term leases and limited rent escalation clauses, which also increases the likelihood of owner default. In the Great Recession, for example, default rates rose to about 9 percent, up from around 1 percent, as interest rates rose.

For Zerohedge readers, the dual crises affecting regional banks and the commercial real estate sector (offices) isn’t a new thesis. We first proposed the coming turmoil on Mar. 21 in a note titled “”Nowhere To Hide In CMBS”: CRE Nuke Goes Off With Small Banks Accounting For 70% Of Commercial Real Estate Loans”. We’ve documented the unfolding crisis spreading from regional banks to the CRE space in numerous pieces (many of which can be found in our premium section).

Our latest note, featuring BofA strategist Michael Hartnett highlights “every Fed tightening cycle ends in crisis.”

The apocalyptic warning about a vast number of US banks being insolvent comes as JPMorgan CEO Jamie Dimon’s recently claimed: “The system is very, very sound.”

END

The plot thickens: What is Tucker’s next move? how about Fox which is seeing their franchise crumble

(zerohedgE)

Tucker And Elon? Carlson Plots Next Moves – But Only If Fox Lets Him Out Of 2025 Contract

SUNDAY, MAY 07, 2023 – 01:00 PM

Former Fox News host Tucker Carlson is rallying forces to convince Fox to let him out of his contract so that he can work for, or launch, another network, Axios reports, citing sources close to Carlson – who apparently “knows where a lot of bodies are buried, and is ready to start drawing a map,” said one source who wasn’t authorized to speak publicly.

The network currently holds a contract which expires in January 2025 – after the next US election. To work on the contract dispute, Carlson has retained high-powered Hollywood lawyer Bryan Freedman, who told Axios: “The idea that anyone is going to silence Tucker and prevent him from speaking to his audience is beyond preposterous.”

According to the report, “Carlson allies with big platforms are prepared to attack Fox for trying to keep him on the shelf.”

Why it matters: Tucker vs. Fox could reshape the conservative news world. Fox, which has seen its ratings plunge in Carlson’s slot since he was let go 13 days ago, wants to sideline him by paying him $20 million a year not to work.

We’re told Carlson has been contacted by outlets — including the right-wing Rumble and Newsmax — that offered to pay him more than his Fox contract. -Axios

And in a blurb that could send shockwaves through the media landscape, Axios reports that Carlson and Elon Musk have discussed working together, however there are no specifics to report.

The former Fox host is also looking into building a direct-to-consumer media outlet through which his millions of fans could pay to watch him – something his predecessor, Bill O’Reilly, has successfully employed.

See you soon?

48 hours after Fox booted Carlson, he tweeted a video discussing the ills of the industry, ending with “See you soon.”

One close Carlson friend told Axios of the media titan’s allies: “They’re coming to him and saying: ‘Do you want me to hit Fox?’

To which Carlson has been saying “No. I want to get this done quiet and clean.”

In a sign of what could be coming, Megyn Kelly hit her former employer for its post-Carlson ratings by tweeting a reference to conservative attacks on Bud Light: “My audience is calling them #Foxweiser.” -Axios

That said, “Now, we’re going from peacetime to Defcon 1,” according to the friend. “His team is preparing for war. He wants his freedom.“

END

Tucker Carlson Preparing For “War” Against Fox News

MONDAY, MAY 08, 2023 – 03:45 PM

Authored by Paul Joseph Watson via Summit News,

Tucker Carlson is preparing to go to “war” against Fox News as the network refuses to release him from his contract, preventing him from working for other networks until January 2025.

Fox News announced it was parting ways with Carlson last month, although speculation is still raging as to the exact reason.

Carlson has not technically been fired since he has still not been released from his $20 million per year deal, which forbids him from working elsewhere in the industry for another 20 months.

That means the popular host would be completely frozen out of being able to actively cover the 2024 presidential election.

“His team is preparing for war. He wants his freedom,” a close friend told Axios, adding that Carlson had previously said he wanted to “get this done quiet and clean” but his team was now “going from peacetime to Defcon 1.”

Several behind the scenes videos of Carlson have already been leaked to left-wing media outlets, although Fox News has denied they are responsible.

Another inside source told the media outlet that the conservative commentator “knows where a lot of bodies are buried, and is ready to start drawing a map.”

Both Newsmax and Rumble have reportedly offered Carlson more than he was being paid at Fox, while Carlson has also reportedly been in talks with Twitter owner Elon Musk about starting a new project.

“The idea that anyone is going to silence Tucker and prevent him from speaking to his audience is beyond preposterous,” Carlson’s lawyer Byran Freedman told Axios.

Fox News has lost almost half its viewership in the slot that Carlson previously occupied and audience figures for the network’s other shows have also suffered big hits, especially in the coveted 25-54 age demographic.

As we previously highlighted, members of the US military-industrial complex celebrated Carlson’s depature, with one declaring “good riddance!”

end

California defaults on $18.6 billion in debt issued by the Feds to cover unemployment benefits during the pandemic. However massive fraud by various fraudsters hurt the program. Four states could not pay with California being the largest. Now they will saddle the state with an additional .3% federal tax rising to .9%. Naturally this will hurt all employers throughout the state.

(zerohedge)

California Defaults On $18.6 Billion In Debt, Saddling Employers With The Expense

SUNDAY, MAY 07, 2023 – 09:00 PM

California’s recent decision not to pay back some $20 billion borrowed from the federal government to cover unemployment benefits during the pandemic will fall on the shoulders of employers, according to experts.California Governor Gavin Newsom (D)

“The state should have taken care of the loans with the COVID money it received from the government in 2021,” said Marc Joffe, policy analyst at the Cato Institute—a public policy think tank headquartered in Washington, D.C., in a statement to the Epoch Times.

In the state’s proposed 2023-2024 budget, $750 million was allocated to start paying down the loans, until Governor Gavin Newsom nixed the provision in early January, leaving businesses in the state responsible for the loans, as mandated by federal regulations – so that the federal unemployment tax rate of .6 percent will increase by .3% per year starting in 2023 until the loan is extinguished.

“California is just not really an employer-friendly state,” said Joffe. “This one thing will not be a difference between a business remaining open or closing, but it’s just another burden on top of the many burdens the state puts on employers.“

In total, 22 states borrowed money for unemployment insurance from the federal government. All but four, California, Colorado, Connecticut, and New York, have paid back their debts – with California owing the most by far at $18.6 billion as of May 2, followed by New York at $8 billion, Connecticut at $187 million and Colorado at $77 million, according to data from the US Treasury.

More via the Epoch Times,

Initially, the state borrowed from its reserves to pay the benefits, but after exhausting its coffers borrowed to cover expenses, analysts said.

Exacerbating the situation were unprecedented levels of fraud occurring across the state, due to limited oversight and antiquated computer systems, according to Lee Ohanian, professor of economics at the University of California–Los Angeles.

Analytics firm LexisNexis estimated the total cost of the fraud at $32.6 billion.

Investigations have since uncovered that illegitimate unemployment benefits payments were paid to convicted felons, with one address receiving 60 separate fraudulent payments.

Fraud is a persistent issue historically with the program, and a $2 million federal grant in 2013 sought to address the issue with new computer software systems.

The upgrade successfully stopped instances of fraud, but further improvements stopped with the end of the grant in 2016, reportedly due to the agency’s reluctance to take on the annual expense for the third-party service.

“They were penny wise and pound foolish,” Ohanian told The Epoch Times.

At a cost of $2 million annual investment, the program would have cost $14 million to operate since it was terminated.

“Sadly, this is just a trifecta of bad decisions,” Ohanian said. “The [Employment Development Department] made a bad decision to not renew its lease for the fraud detection software, the state government took out a loan and chose to welch on the debt—which is outrageous—and now businesses are repaying more in taxes for the incredibly unwise decisions and mistakes of the state government.”

Reports that the state is seeking forgiveness from the federal government were met with resistance by policy experts, including Ohanian.

“We’ve made a lot of bad decisions and we expect the rest of the country to pay for it,” he said. “It also raises questions about the future: If the state is going to default on the $20 billion federal loans, how safe are municipal bonds from California?”

end

Downtown San Francisco is becoming a ghost town as major retailers flee

(zerohedge)

Downtown San Francisco Becomes A Ghost Town As Major Retailers Flee

SUNDAY, MAY 07, 2023 – 05:30 PM

Authored by Mike Shedlock via MishTalk.com,

Retailers abandon downtown San Francisco in droves. Nordstrom is the latest, signaling the death of the area…

That image from the Tweet below is from April 29. Since then, there have been more closures…

Nordstrom closes two stores and Saks Off 5th says goodbye as well.

Walgreens and Whole Foods Leave

San Francisco’s Dying Downtown

The San Francisco Standard says Nordstrom’s Exit From San Francisco Calls Downtown Mall’s Future Into Question

The Nordstrom at Westfield will close at the end of August, the company confirmed on Tuesday. The retailer’s exit will leave a gaping vacancy that could be very difficult to fill: the store sprawls across 312,000 square feet and five floors. A Nordstrom Rack across the street is also slated to close in July.

Less than a month ago, a nearby Whole Foods abruptly shuttered, citing employee safety concerns. The Whole Foods had made regular emergency calls since it opened in March 2022 for a mix of medical crises, assaults and other incidents; in September of last year, a man fatally overdosed in a bathroom at the grocery store.

Last week, a Walgreens store next to Westfield mall was the scene of a fatal shooting after a private security guard allegedly shot a shoplifter.

So far this year, police have responded to 74 reports of petty thefts, 54 fights and 30 grand thefts in the area.

Call Out the Guard

Zerohedge comments Gov. Newsom Activates National Guard And Highway Patrol To Combat San Francisco’s Drug Crisis

Gov. Gavin Newsom has called up the California Highway Patrol and the California National Guard to combat San Francisco’s out-of-control open-air drug market as parts of the progressive-run city descend into chaos.

According to ABC7 News, CHP officers will be deployed across Tenderloin and South of Market neighborhoods, while guardsmen will run intelligence analysis operations behind the scenes. The governor brought the two agencies together as the drug-related deaths in the city jumped 41% in the first quarter.

San Francisco Ghost Town

“It’s been completely surreal watching a major city like San Francisco become a ghost town in real time. Tons of restaurant and business closures. Way less commuters. Empty buildings everywhere. All the tech companies bounced and people got priced out. Just a hollow city now.”

Q&A on the Exodus

Other than A through F downtown San Francisco is a great place to be.

* * *

Like these reports? I hope so, and if you do, please Subscribe to MishTalk Email Alerts.

END

A good commentary from Eric Peters

(Peters)

This Is Why Our National Debt Rises In Good Times And Explodes Higher In Bad

MONDAY, MAY 08, 2023 – 07:20 AM

By Eric Peters, CIO of One River Asset Management

“Hong Kong is filled with frustrated bulls,” barked Biggie Too, chief global strategist for one of Wall Street’s Too-Big-To-Fail affairs. “And New York is full of frustrated bears,” said Biggie, finishing up another world tour. “People don’t understand why the S&P is here. Look beneath the surface and there’s horrible damage. But you have these 10 tech stocks in a different universe,” bellowed Biggie. “We used to mock Beijing and their two economic policy gears; 4th and reverse, boom and bust,” he said. “We’d laugh at China for their state-owned enterprises, but it kind of feels like we’re moving to that here,” said Too. “Google can do as they want, just so long as they make sure we beat China.”

* * *

“We’d be in unchartered territory and the consequences on the US economy could be highly uncertain and adverse,” said Jerome Powell, warning of the risks from a looming government debt default. “No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time,” continued the Chairman. And that’s really saying something. You see, when the person running a $7.8trln central bank balance sheet, acquired through successive rounds of protecting the economy from any and every risk imaginable, says not even he can help, you probably ought to listen.

“Our economy is in free fall due to unsustainable fiscal policies,” wrote a group of 43 GOP senators, including Minority Leader McConnell. So severe is Mitch’s purported economic freefall that the unemployment rate declined to 3.5%, nearly a 54-year low.

“This trajectory must be addressed with fiscal reforms,” added the senators. But as pretty much everyone knows, both parties run colossal deficits when in power, and seek reforms when out. This is why our national debt rises inexorably in good times and then explodes higher in bad times.

No one in Washington seriously opposes this construction because there have been few negative consequences. With deficit spending comes higher economic growth, lower unemployment, and pork.

Naturally, the notion of paying our bills is a fallacy in a system of perpetual deficits. Rather, we roll our old debts as we incur new ones. We pay interest with more debt still. And the only way to restore relative balance between the size of this debt and our economic output, is to grow the latter faster than the former. But as the debt becomes larger, and the interest the government pays on it rises, the process becomes vastly more difficult.

As this happens, governments find new ways to manipulate markets, investors, and the economy to achieve this objective. And that is what we will have to navigate in the decade ahead, as we hunt for opportunities.

END

This is not good!! Tyson the largest food producer in the USA reports a loss and slash revene

(zerohedge)

‘Challenging Protein Market’: Tyson Foods Reports Loss, Slashes Revenue Outlook For Year As Shares Plunge

MONDAY, MAY 08, 2023 – 11:30 AM

The largest US meat company, Tyson Foods, tumbled 10% in premarket trading after it posted a second-quarter loss. The meat supplier has been battered by rising costs across its business and sliding demand for its meat products as consumers push back against high supermarket prices.

For the quarter ending on April 1, Tyson reported a loss of $97 million, or 28 cents per share, compared to a net income of $829 million in the same period last year. A Factset survey of Wall Street analysts expected the company to report a profit of 80 cents per share.

Tyson said quarterly revenue increased slightly from the prior year at $13.1 billion. However, it was well below the $13.6 billion the analysts expected.

Tyson cut its 2023 fiscal year revenue outlook to $53-54 billion (previously $55 billion – $57 billion), short of the Wall Street forecast of $55.2 billion.

Highlights from the quarter.

In the past few months, Tyson’s beef unit has experienced profit margin deterioration due to the dwindling size of US herds pushing up livestock prices. Higher costs plus sliding demand has been a significant problem for the meatpacker.

Tyson’s beef sales decreased by 2.9% compared to the same period last year. However, the company reported increased poultry sales and a slight decrease in prepared food sales.

“While the current protein market is challenging, we have a strong growth strategy in place and are bullish on our long-term outlook,” said Donnie King, president and CEO of Tyson Foods.

As for demand, consumers have been purchasing fewer steaks and burgers as household budgets have been battered by two years of negative real wage growth. Meat has become a luxury for low-tier consumers. We described the pushback of sliding demand for Tyson products earlier this year in a note titled “And Now Food Deflation? US Food Giant Tyson Tumbles On Falling Beef, Chicken Prices, Sliding Pork Demand.”

To reduce costs, the company announced last month that it would be cutting 10% of its corporate roles and 15% of its senior leadership positions.

Tyson shares slid as much as 10% this morning.

It’s evident that the surge in inflation and elevated interest rates are affecting the demand for steaks, as consumers are gravitating to cheaper food options, such as “Dollar Store Dinners.”

end

The banking survey finds conditions on credit even tighter than thought with a collapse in C and I loan demand. The banking survey also has a dire outlook for the rest of 2023

(zerohedge)

SLOOS Finds Even Tighter Credit Standards, A Collapse In C&I Loan Demand, And A Dire Outlook For Rest Of 2023

MONDAY, MAY 08, 2023 – 02:52 PM

Three months ago, back in February, we had already warned that the Q4 “Fed Loan Officers Paints Dire Picture: Loan Standards Approaching Record Tightness As Loan Demand Plummets.“

Well, fast forward to today when the latest, just released Senior Loan Officer Opinion Survey on Bank Lending Practices showed that what was already an ugly picture turned much worse as both credit standards tightened further, while credit demand tumbled to levels not seen since 2009.

First, we look at what today’s closely-watched SLOOS survey revealed quantitatively for the first quarter of 2023 when, as everyone knows, no less than 3 major banks collapsed, requiring the biggest Fed banking system intervention since Lehman.

Regarding loans to businesses, survey respondents reported, on balance, tighter standards and weaker demand for commercial and industrial (C&I) loans to large and middle-market firms as well as small firms over the first quarter. Meanwhile, banks reported tighter standards and weaker demand for all commercial real estate (CRE) loan categories.
For loans to households, banks reported that lending standards tightened across all categories of residential real estate (RRE) loans other than government-sponsored enterprise (GSE)-eligible and government residential mortgages, which remained basically unchanged. Meanwhile, demand weakened for all RRE loan categories.
- In addition, banks reported tighter standards and weaker demand for home equity lines of credit (HELOCs). Standards tightened for all consumer loan categories; demand weakened for auto and other consumer loans, while it remained basically unchanged for credit cards.

Here is a snapshot of C&I supply and demand (broken down by small vs middle and large firms), as well as respondents indicating the spread on their loan rates is rising vs Fed Funds.

A closer look at lending standards reveals a picture that was perhaps not as dire as some had expected: recall earlier today we reported that Goldman’s Jan Hatzius expected the lending standards measure for C&I loans to tighten by 15.4pt to 60.2, reflecting an increase of 33.3pt to 77.0 for small banks and a more modest increase of 10.3pt to 56.0 for large banks. The actual number was not nearly as bad, with C&I standards posting just a modest tightening to 46.

What little good news there was on the supply side was promptly wiped out on the demand side, where the net number of banks reporting stronger C&I loan demand tumbled to -53.30 from -31.30 in January, and not only below the lowest print during the covid crash, but matching the C&I loan demand hit during the depths of the 2008/09 financial crisis.

And while there was a surprising bounce in demand for other loan categories, such as Credit Card loans, auto loans, and Jumbo mortgage loans, one can argue that all the data reveals is a sudden shock for corproations, which refuse to borrow – and thus grow – until there is more stability, offset by surging loan demand by consumers who are loading up as fast as they can on credit card, auto and mortgage debt… just in time for the highest interest rates in a generation.

But wait there’s more: with everyone freaking out about commercial real estate, the April SLOOS included a special question inquiring about banks’ changes in lending policies for CRE loans over the past year; about the reasons why banks changed standards for all loan categories over the first quarter; and about banks’ expectations for changes in lending standards over the remainder of 2023 and reasons for these changes.

Not surprisingly, banks reported having tightened all the terms surveyed on all categories of CRE loans. For construction and land development loans, major net shares of banks widened the spread on loan rates, lowered loan-to-value ratios, and increased debt service coverage ratios; significant shares of banks decreased maximum loan size and market areas covered; a moderate net share of banks shortened the length of interest-only payment periods, and a modest net share of banks decreased maximum loan maturity. For nonfarm nonresidential loans, major net shares of banks widened the spread on loan rates and lowered the loan-to-value ratio; significant net shares of banks increased debt service coverage and decreased maximum loan size and market areas served; moderate net shares of banks shortened length of interest-only payment period and decreased the maximum loan maturity. For multifamily loans, major net shares of banks widened the spread on loan rates and lowered the loan-to-value ratio; significant net shares of banks increased debt service coverage and decreased maximum loan size; and moderate net shares of banks decreased the length of interest-only payment periods, market areas served, and maximum loan maturity.

Bottom line, and this should come as a surprise to nobody, banks reported tightening lending policies for all categories of CRE loans over the past year, with the most frequently reported changes pertaining to wider spreads of loan rates over banks’ cost of funds and lower loan-to-value ratios.

But what was far more concerning is that regarding the second set of special questions about reasons for changing standards on all loan categories in the first quarter, banks cited a less favorable or more uncertain economic outlook, reduced tolerance for risk, deterioration in collateral values, and concerns about banks’ funding costs and liquidity positions.

Finally, regarding the last set of special questions about banks’ outlook for lending standards over the remainder of 2023, banks reported expecting to tighten standards across all loan categories. Banks most frequently cited an expected deterioration in the credit quality of their loan portfolios and in customers’ collateral values, a reduction in risk tolerance, and concerns about bank funding costs, bank liquidity position, and deposit outflows as reasons for expecting to tighten lending standards over the rest of 2023.

In other words, while today’s SLOOS may not have been as dire as some had expected, the credit crunch is just starting as banks expect “to tighten standards across all loan categories.”

Finally, all of this assumes there will be no more bank failures which, as we exlained earlier today, is simply idiotic since the Fed continues QT…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfdGltZWxpbmVfbGlzdCI6eyJidWNrZXQiOltdLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2ZvbGxvd2VyX2NvdW50X3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9iYWNrZW5kIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19yZWZzcmNfc2Vzc2lvbiI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfZm9zbnJfc29mdF9pbnRlcnZlbnRpb25zX2VuYWJsZWQiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X21peGVkX21lZGlhXzE1ODk3Ijp7ImJ1Y2tldCI6InRyZWF0bWVudCIsInZlcnNpb24iOm51bGx9LCJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3Nob3dfYmlyZHdhdGNoX3Bpdm90c19lbmFibGVkIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19kdXBsaWNhdGVfc2NyaWJlc190b19zZXR0aW5ncyI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdXNlX3Byb2ZpbGVfaW1hZ2Vfc2hhcGVfZW5hYmxlZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdmlkZW9faGxzX2R5bmFtaWNfbWFuaWZlc3RzXzE1MDgyIjp7ImJ1Y2tldCI6InRydWVfYml0cmF0ZSIsInZlcnNpb24iOm51bGx9LCJ0ZndfbGVnYWN5X3RpbWVsaW5lX3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9mcm9udGVuZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1655548408671662080&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsloos-finds-even-tighter-credit-standards-collapse-ci-loan-demand-and-dire-outlook-rest&partner=tweetdeck&sessionId=dbef69333d34ed55cebe8ca0670c465857c774b7&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

… and will shrink the deposit base by about $95 billion every month (the pace of QT), primarily from small banks until such time as the Fed throws in the towel after many more regional bank failures.

end

TD, Anti laundering practices?? And they say nothing on our ultra criminal JPMorgan, who swooped up First Republic Bank?

(zerohedge)

WSJ Reveals TD Anti-Money-Laundering Practices Nuked First Horizon Deal

MONDAY, MAY 08, 2023 – 04:40 PM

The reason behind the termination of Toronto-Dominion Bank’s acquisition of First Horizon Corp. last week has finally been revealed. The Wall Street Journal reported that TD could not obtain the necessary approval from US banking regulators due to past concerns regarding its handling of suspicious customer transactions.

Last Thursday, TD released a statement, calling off the $13.4 billion deal to purchase First Horizon. Shares of the Memphis-based regional bank crashed but clawed back some losses in the last few sessions.

A person familiar with the bank deal said the termination was due to mounting uncertainty about whether the Office of the Comptroller of the Currency and the Federal Reserve would approve it because of TD’s past anti-money-laundering practices.

Concerns surfaced among federal regulators regarding TD’s handling of unusual transactions in recent years, as well as the speed at which Canada’s second-biggest bank reported those transactions to US authorities, the person said.

Despite TD’s commitment to improving its anti-money laundering policies, it couldn’t sway regulators’ approval for the completion of the deal, the source continued.

“TD works diligently to prevent criminals from using the bank for illegal activity, to strengthen its risk management programs on an ongoing basis, and to protect the interests of our customers, the bank, and the financial system,” a spokeswoman said in an emailed statement.

TD’s anti-money-laundering procedure problem is yet another issue for the lender. It paid $1.2 billion earlier this year to settle a lawsuit accusing it of aiding disgraced financier Allen Stanford’s Ponzi scheme more than a decade ago. Stanford was convicted in 2012 and was sentenced to 110 years in prison.

end

USA COVID//

END

SWAMP STORIES

THE KING REPORT

GREG HUNTER INTERVIEWING MICHAEL SNYDER

Doom Loop Will Cause Total Societal Meltdown – Michael Snyder

Doom Loop Will Cause Total Societal Meltdown – Michael Snyder

By Greg Hunter On May 6, 2023 In Political Analysis53 Comments

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

Journalist and popular author Michael Snyder says his new book “End Times” is revealing just what he predicted. The bad news is it’s going to get worse, much worse. Let’s begin with the banking crisis that is really just getting started. Snyder reminds us what Jesus warned about End Times in Matthew 24:21 when He said, “For then shall be great tribulation, such as was not since the beginning of the world to this time, no, nor ever shall be.”

Michael explains, “We are talking about this in terms of a banking crisis, but I believe we are very close to literally a banking apocalypse where we could see dozens and, ultimately, hundreds of banks fail here in the United States. . . . Basically, at this point, we’ve got hundreds of banks that are essentially insolvent. They are walking zombies. One recent study said there are about 186 banks on the verge of failure. So, we are going to see a lot more banks fail. If you look at the banks that have already failed in 2023, (SVB, Signature and First Republic) it is greater than all 25 banks that failed in 2008 combined. So, already, the banking crisis of 2023 is worse than the banking crisis in 2008. But, here’s the kicker, we’re only one third of the way through the year.”

Snyder is predicting credit drying up, and after that, the economy will dry up too. When the economy fails, the jobs will be cut, and layoffs will begin in a big way. The layoffs have already started, and Snyder points out, “Less people show up to retailers, less people show up at your business and there is less money to buy stuff. That ultimately means recession. This is not going to happen overnight, but this is a process and a cycle. This is a doom loop we have entered in which credit conditions are going to get tighter and tighter and tighter. . . . In the first three months of this year, the number of layoffs were much higher than for the same period last year. We have seen tremendous layoffs, and it has accelerated in the month of April.”

Snyder says the economy is going to next fall into depression and then society will start failing. Snyder predicts, “There are suicidal decisions our leaders are making, and we are looking at the end of America in hundreds of different ways. This is insane and lunacy. Joe Biden is the worst President that we have ever had. . . . Short term, we are going into a recession and a credit crunch, and there is going to be more civil unrest. Those are short term things. Mid-term, we are going to have an economic depression in America and around the world. We are going to have famine and pestilences. . . . Long term, we have a total global meltdown as all these elements of End Times come together in a perfect storm. We have war and not just war, but nuclear war. . . . Ultimately, where we are heading is a total societal meltdown.”

In closing, Snyder says, “I believe this is going to be the worst of times, but also the best of times. When the darkness is the greatest, the light is needed the most. The best time for the people of God and people who love the truth is ahead of us. We are going to be able to do so much good and point people to the truth. We are going to point people back to God, and we are going to see this great awakening.”

There is much more in the 40-minute interview.

Join Greg Hunter as he goes One-on-One with Michael Snyder, author of the recent book “End Times” for 5.6.23.

https://usawatchdog.com/doom-loop-will-cause-total-societal-meltdown-michael-snyder/()

(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 secs. This will clear codes that may be blocking you from seeing it. Also try different browsers. One last thing, turn off all ad blockers. All this is a way to censor people like USAWatchdog.com.)

After the Interview:

If you want to buy Snyder’s latest book called “End Times,” click here.

Snyder is a prolific writer, and you can go to Michael Snyder’s new Substack by clicking here.

Besides TheEconomicCollapseblog.com, Michael Snyder has another free website: TheMostImportantNews.com.

Well that about does it for today

I will see you on TUESDAY

One comment

R Japp · May 9, 2023 - 1:05 am · Reply→

HARVEY: MORE HORSE SHIT FROM Robert Hryniak and Dr.
Paul Alexander. You should try to be part of the solution for misinformation, not part of the problem. Too bad you choose to give voice to this Russian apologist.

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GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 42 NOTICES FOR 4200 OZ or 0.1306 TONNES

total notices so far: 5186 contracts for 518,600 oz (16.131 tonnes)

FOR MAY:

SILVER NOTICES: 33 NOTICE(S) FILED FOR 165,000 OZ/

total number of notices filed so far this month : 1863 for 9,315,000 oz

2.ASIAN AFFAIRS//

MONDAY MORNING//SUNDAY NIGHT

a)NORTH KOREA/SOUTH KOREA

b) REPORT ON JAPAN/

3 CHINA

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues//COVID ISSUES/VACCINE ISSUES

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Texas Committee Passes Bill To Create 100% Reserve Gold And Silver-Backed Transactional Currencies

Central Bank Gold Buying Off To A Record-Breaking Start In 2023, Led By Singapore

Futures Rise As Regional Banks Squeezed Higher

APAC trade caught a tailwind from the US ahead of Fed surveys & ECB’s Lane – Newsquawk Europe Market Open

US TRADE

EQUITIES

APAC TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

GEOPOLITICS

UK/EU

MONDAY MORNING/SUNDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

2e) JAPAN

3 CHINA /

European Banks May Be Riskier Than US’… And More Regulation Won’t Solve It

Why are European banks equally at risk, or more?

US-Russia On Verge Of “Open Armed Conflict” After Kremlin Drone Attack: Foreign Ministry

‘Mad Panic’ As Towns Near Zaporizhzhia Nuclear Plant Evacuated Amid Stepped-Up Ukrainian Shelling

Ukraine foolishness

Former CIA Officer Says Decision To Drone Attack Kremlin Was Made By The United States | ZeroHedge

Wagner Chief Says Moscow Agreed To More Arms After Threats To Quit Bakhmut

Sullivan To Meet With MbS As US Influence In Mideast Floundering

Turkey Angrily Rejects US Request To Give Ukraine S-400 Air Defense System

Escobar: Global De-Dollarization Nearing “Crossroads Moment”

BRICS Seeking to Establish New Currency

Why is De-Dollarization Gaining Steam?

Petroyuan May Dethrone Petrodollar

Class-Action Suit Launched Against Australian Government Over COVID Vaccine Injuries

Vaccine Injury Payouts Ongoing

Vaccine Injuries No Longer A Taboo Topic

Fauci’s Never-Ending Victory Tour

Til Death Do You Part: The Spike Protein and Chronic Stress: The Key Behind the Observed Accelerated Aging?

exhibit inactivation of P53 pathway; along with inactivation of P53 guardian of the geneome tumor suppressor protein & toll-like (TL)receptors 7 & 8; does the mRNA technology jab subvert P53, TL 7& 8?

based COVID gene injection linked; I am proud of William Makis, he is smart, passionate, a great parent, husband, deep scientist, composed, resolute and a soldier in the battle we face

‘21 year old Isaiah Abels had a sudden cardiac arrest during a fight on Mar.8, 2023 – now has brain damage.

MMA Fighter Prodigy 18 year old Victoria Lee died suddenly on Dec.26, 2022 (click here)

MMA Fighter 31 year old Abdul-Kerim Edilov died under mysterious circumstances in early morning hours on Dec.29, 2022 (click here)

MMA Fighter 38 year old Anthony Ruble Johnson died on Nov.13, 2022 (click here)

Russian MMA fighter 33 years old Alexander Pisarev died in his sleep on Nov.1, 2022 (click here)

MMA Fighter 36 year old Katsuya Kitamura died on Oct.12, 2022 (click here)

UFC/MMA Fighter 34 year old Elias Theodoru died on Sep.11, 2022 (click here)

UFC Fighter Damon Jackson’s 37 year old brother Bradley died suddenly on Sep.13, 2022

MMA Fighter Christian Lubenga died following a TKO loss at his debut fight on March 12, 2022 (click here)

Ukraine, government lies and corruption…defends DIED SUDDENLY and let me be as clear as possible, I think DIED SUDDENLY was critical in informing people and saving lives, real lives

Biden: “Dr. Walensky leaves CDC a stronger institution, better positioned to confront health threats and protect Americans.” he must be smoking with Hunter as Rochelle showed us how corrupted CDC is

there is and was never ever a basis to give statistical zero risk children (of severe outcomes or deaths) any of these fraud Kariko, Weissman, Malone mRNA technology based gene injections, NONE!

it; not one COVID lunatic policy can be defended by data and science & it is imperative that we hold each and every scientist, doctor, health official, govn official to account in proper tribunals