MAY 12/2023 · by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: DOWN $0.40 TO $2014.75

SILVER PRICE CLOSED: DOWN $0.26 AT $23.97

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE $2014.50

Silver ACCESS CLOSE: 24.17

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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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Bitcoin morning price:, $26,339 DOWN 710 Dollars

Bitcoin: afternoon price: $26,165 DOWN 884 dollars

Platinum price closing $1061.25 DOWN $35.85

Palladium price; $1518.70 DOWN $39.70

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: $2,725.03 UP 7.00 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1614.92 UP 5.00 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1853.24 UP 8.20 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

CONTRACT: MAY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,014.700000000 USD
INTENT DATE: 05/11/2023 DELIVERY DATE: 05/15/2023
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 35
323 C HSBC 80
363 H WELLS FARGO SEC 20
435 H SCOTIA CAPITAL 3
523 C INTERACTIVE BRO 3
661 C JP MORGAN 17
690 C ABN AMRO 5
709 C BARCLAYS 1
737 C ADVANTAGE 2 8
905 C ADM 8

TOTAL: 91 91

JPMorgan stopped 17/91 contracts

FOR MAY:

GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 91 NOTICES FOR 9100 OZ or 0.2830 TONNES

total notices so far: 5778 contracts for 577,800 oz (17.6972 tonnes)

FOR MAY:

SILVER NOTICES: 169 NOTICE(S) FILED FOR 845,000 OZ/

total number of notices filed so far this month : 2141 for 10,705,000 oz

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END

GLD

WITH GOLD DOWN $0.40..THIS IS INTERESTING!!

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

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:///A DEPOSIT OF 2.89 TONNES INTO THE GLD//

INVENTORY RESTS AT 937.84 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN $.26 AT THE SLV// ALSO INTERESTING

HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.123 MILLION OZ INTO THE SLV/: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 470.091 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A GIGANTIC SIZED 1429 CONTRACTS TO 148,225 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE $1.15 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. 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 $1.15). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A MONSTROUS GAIN ON OUR TWO EXCHANGES OF 3372 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 GIGANTIC ISSUANCE OF EXCHANGE FOR PHYSICALS( 1864 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 145,000 OZ(EF.P. JUMP LOWERS 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 17.160 MILLION OZ OF STANDING FOR DELIVERY V) HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –79 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 10 days, total 8429 contracts: OR 42.145 MILLION OZ . (842 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 42.145 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 42.145 MILLION OZ/INITIAL

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1429 CONTRACTS DESPITE OUR $1.15 LOSS IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 1864 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 TO LONDON OF 145,000 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 12.910 MILLION OZ + 4.25 MILLION = 17.160 MILLION OZ// .. WE HAVE A HUGE SIZED GAIN OF 3293 OI CONTRACTS ON THE TWO EXCHANGES

WE HAD 169 NOTICE(S) FILED TODAY FOR 845,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 84 CONTRACTS TO 523,752 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 581 CONTRACTS

WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 84 CONTRACTS) DESPITE OUR $15.15 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY. AT 3.5085 TONNES ON FIRST DAY NOTICE // PLUS 8400 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 $15.15 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A GOOD SIZED GAIN OF 3063 OI CONTRACTS (9.527 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 2975 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 523,752

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3063 CONTRACTS WITH 84 CONTRACTS INCREASED AT THE COMEX AND 2975 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3063 CONTRACTS OR 9.527 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3975 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (84 //TOTAL GAIN IN THE TWO EXCHANGES 3063 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 8400 OZ // NEW STANDING: 18.336 TONNES // ///3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 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: 28,228 CONTRACTS OR 2,822,800 OZ OR 87.80 TONNES IN 10 TRADING DAY(S) AND THUS AVERAGING: 2822 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 10 TRADING DAY(S) IN TONNES 87.80 TONNES

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

THUS EFP TRANSFERS REPRESENTS 87.80/3550 x 100% TONNES 2.47% 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/2021

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/2022

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: 87.80 TONNES (HEADING FOR ANOTHER SMALLER MONTH)

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF 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.

The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS and sell the future TAS two months out. T they unload the front month so the price of gold/silver falls.

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

1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 1429 CONTRACTS OI TO 148,225 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 1864 CONTRACTS

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

JULY 1864 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1864 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1429 CONTRACTS AND ADD TO THE 1864 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3293 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 16.46 MILLION OZ

OCCURRED DESPITE OUR $1.15 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//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED DOWN 37.19 PTS OR 1.12% //Hang Seng CLOSED DOWN 116.53 POINTS OR 0.59% /The Nikkei closed UP 261.53 OR 0.90% //Australia’s all ordinaries CLOSED UP 0.05 % /Chinese yuan (ONSHORE) closed DOWN 6.9514 /OFFSHORE CHINESE YUAN DOWN TO 6.9649 /Oil DOWN TO 71.18 dollars per barrel for WTI and BRENT AT 75.08 / 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 ROSE BY A SMALL SIZED 84 CONTRACTS UP TO 523,752 DESPITE OUR HUGE LOSS IN PRICE OF $15.15 ON THURSDAY,

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 2975 EFP CONTRACTS WERE ISSUED: : JUNE 2975 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2975 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 3,063 CONTRACTS IN THAT 2975 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 84 COMEX CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR STRONG LOSS IN PRICE OF $15.15. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (18.336) ( 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: 18.336 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $15.15) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR GOOD SIZED GAIN OF 3063 CONTRACTS ON OUR TWO EXCHANGES

WE HAVE GAINED A TOTAL OI OF 9.527 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 8400 oz (0.2612 TONNES)//NEW STANDING 18.336 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $15.15

WE HAD –REMOVED 581 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3063 CONTRACTS OR 306300 OZ OR 9.527 TONNES.

Estimated gold comex today 228,458// fair

final gold volumes/yesterday 372,509 huge/yesterday’s raid//

//MAY 12/ MAY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	192.906 OZ INT.DELAWARE 6 KILOBARS .
Deposit to the Dealer* Inventory in oz*	NIL
Deposits to the Customer* Inventory, in oz*	10,165.388 oz Delaware
No of oz served (contracts) today	91 notice(s) 9100 OZ 0.2830 TONNES
No of oz to be served (notices)	117 contracts 11,700 oz 0.3639 TONNES
Total monthly oz gold served (contracts) so far this month	5778 notices 577,800 OZ 17.972 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

i)Dealer deposits: 0

total dealer deposit: nil oz

No dealer withdrawals

Customer deposits: 1

i)Into Delaware: 10,165.388 oz

total deposits: 10,165.388 oz

customer withdrawals: 1

i) Out of Int. Delaware 192.906 oz (6 kilobars)

total withdrawals: 192.906 oz 6 kilobars

Adjustments; 1//customer to dealer/Manfra:

1639.701 oz (51 kilobars)

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an oi of 208 contracts having LOST 151 contracts. We had 235 contracts filed

on THURSDAY, so we gained 84 contracts or an additional 8400 oz (0.2612 tonnes) will stand for gold in this non active delivery month of May.

June LOST 29,254 contracts DOWN to 265,728 contracts.

July added 30 contracts to stand at 1547 contracts.

AUGUST GAINED 28,008 contracts up to 203,115 contracts

We had 91 contracts filed for today representing 9100 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 91 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 17 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 (5,778 x 100 oz ), to which we add the difference between the open interest for the front month of MAY 208 CONTRACTS) minus the number of notices served upon today 91 x 100 oz per contract equals 589,500 OZ OR 18.336 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 (5,778 x 100 oz) 208 OI for the front month minus the number of notices served upon today (91)x 100 oz} which equals 589,500 oz standing OR 18.336 TONNES

TOTAL COMEX GOLD STANDING: 18.074 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: 22,593,059.376 OZ

TOTAL REGISTERED GOLD: 12,401,306.774 (385,73 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,191,754.602 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,735,219 OZ (REG GOLD- PLEDGED GOLD) 333.91 tonnes//

END

SILVER/COMEX

MAY 12//2023// THE MAY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1,264,157.090 oz Brinks CNT Delaware JPMorgan .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	620,209.200 oz JPMorgan 599,378.800 oz Loomis
No of oz served today (contracts)	169 CONTRACT(S) (845,000 OZ)
No of oz to be served (notices)	441 contracts (2,205,000 oz)
Total monthly oz silver served (contracts)	2141 Contracts (10,705,000 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 2 deposits into the customer account

i)Into Loomis: 599,378.800 oz

ii) Into JPMorgan: 620,209.200 oz

Total deposits: 1,219,588.000 oz

JPMorgan has a total silver weight: 139.024 million oz/270.359 million =51.42% of comex .//dropping fast

Comex withdrawals 4

i) Out of Delaware 5948,600 oz

ii) Out of jPMorgan: 584,559.800 oz

iii) Out of CNT: 515,928.550 oz

iv) Out of Brinks 157,720.140 oz

Total withdrawals; 1,264,157.090 oz

adjustments: 0

TOTAL REGISTERED SILVER: 29.958 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 270.359 million oz

we have now seen the movement of the registered silver comex into the 29 million column:

CALCULATION OF SILVER OZ STANDING FOR MAY

silver open interest data:

FRONT MONTH OF MAY /2023 OI: 610 CONTRACTS HAVING LOST 39 CONTRACT(S). WE HAD 10 CONTRACTS FILED

ON WEDNESDAY, SO WE LOST 29 CONTRACTS OR AN ADDITIONAL 145,000 OZ WILL NOT STAND FOR DELIVERY ON THIS SIDE OF THE POND AS THE WERE EFP’d TO LONDON AS THERE IS NO SILVER OVER HERE FOR OUR CROOKS TO CLEAN..

JUNE HAD A 13 CONTRACT GAIN TO 1010

JULY HAD A 532 CONTRACT GAIN TO 124,714 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 169 for 845,000 oz

Comex volumes// est. volume today 71,449 strong

Comex volume: confirmed yesterday: 112,645 huge/yesterday’s raid

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 2141 x 5,000 oz = 10,705,000 oz

to which we add the difference between the open interest for the front month of MAY(610) and the number of notices served upon today 169 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAY/2023 contract month: 2141 (notices served so far) x 5000 oz + OI for the front month of May (610) – number of notices served upon today (169 )x 500 oz of silver standing for the MAY contract month equates to 12.910 million oz + THE CRIMINAL 0 MILLION OZ EXCHANGE FOR RISK TODAY//NEW TOTAL EXCHANGE FOR RISK: 4.250//NEW TOTAL 17.160 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 12/WITH GOLD DOWN $.40 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.89 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 437.84 TONNES

MAY 11/WITH GOLD DOWN $15.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 434.95 TONNES

MAY 10/WITH GOLD DOWN $5.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.70 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 434.95 TONNES

MAY 9/WITH GOLD UP $9.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MONSTER DEPOSIT OF 5.88 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 437.64 TONNES

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: 937.84 TONNES

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

MAY 12/WITH SILVER DOWN $.26 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 3,123 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 470.091 MILLION OZ./

MAY 11/WITH SILVER DOWN $1.18 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 466.968 MILLION OZ

MAY 10/WITH SILVER DOWN 23 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.286 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 466.968 MILLION OZ//

MAY 9/WITH SILVER UP 7 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A TINY DEPOSIT OF .08 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 465.682 MILLION OZ//

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 470.091 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

This is good news: investors bought 302 tonnes of gold bars/coins in Q1 and if we extropolate that for the year: around 1200 tonnes. Remember that the globe produces 2200 tonnes of gold ex China ex Russia (they never let their gold out)

(Schiff)

Physical Gold Investment Up 5% In First Quarter

THURSDAY, MAY 11, 2023 – 03:40 PM

Via SchiffGold.com,

Physical gold investment was up by 5% year-on-year in the first quarter.

Investors bought 302 tons of gold bars and gold coins in Q1 with a value of $18.4 billion. This was 14% above the 5-year average, according to the World Gold Council.

The surge in physical gold investment came even as gold prices reached record levels in many currencies.

According to the World Gold Council, persistently high inflation, geopolitical risks, and concern over contagion in the banking crisis fueled demand for gold.

Investors preferred gold in the form of coins in Q1. Demand for gold coins came in at 96.5 tons, a 14% annual increase. Bar demand was 181.9 tons, a 1% decline year-on-year.

Even with the jump in demand year-on-year, first-quarter gold buying did not match Q4’s record high. Higher gold prices encouraged some profit-taking and there were declines in demand in some markets, particularly India and Europe.

Physical Gold Demand By Region

The banking failure in March lit a fuse under US gold bar and gold coin investors. US bar and coin demand came in at 32 tons. It was the fourth-strongest quarter in the World Gold Council’s data series. Gold bar and coin demand jumped 40% from the fourth quarter of ’22 and charted a 4% year-on-year increase.

The US Mint reported rocketing coin sales of 288,000 ounces in March. It was the biggest monthly total since October 1998, when the Y2K safe-haven rush for gold was in full swing.

Q1 bar and coin investment also soared in China during the first quarter. Demand totaled 66 tons. That was a 34% jump year-on-year and a 7% rise quarter-on-quarter.

According to the World Gold Council, “Chinese New Year generated robust demand for gold investment, particularly given the local gold price strength, which outperformed relative to other domestic assets including stocks, bonds and commodities.”

The WGC also said gold buying by the Chinese central bank also drove local interest in the yellow metal.

China ranks as the largest gold market in the world.

In contrast, demand for physical gold in India came in at 34 tons, a 17% year-on-year decline. Record high and volatile local gold prices muted demand. According to the World Gold Council, “The speed and scale of the rise in the local gold price deterred fresh buying and instead encouraged profit-taking for many. Furthermore, the low margins on gold investment products, relative to jewelry, meant that retailers concentrated their promotional efforts on the latter.”

Demand was also muted in Europe. The 38 tons of physical gold purchased in Europe during Q1 was less than half the total recorded in q1 2022 and the lowest quarterly total since the beginning of the pandemic. A big drop in German demand drove overall European demand lower. According to the World Gold Council, “The main trigger for the collapse in investment appears to have been the shift back to positive real rates for the first time in nine years, due to easing inflation and higher nominal rates. The rising euro gold price in January also reportedly encouraged profit-taking, with the net result that demand was more or less zero during the month.”

All markets across the Middle East recorded growth in Q1 bar and coin demand. Regional investment hit 29 tons – a quarterly total that has been exceeded on only three previous occasions.

Also notable is that bar and coin investment in Turkey reached phenomenal levels in the first quarter, breaching 50 tons for the first time on record. Demand increased fivefold year-on-year and was 32% higher than in Q4.

ETFs

While investors rushed into physical gold, gold ETFs continued to see outflows in the first quarter. Globally, 29 tons of gold flowed out of gold-backed ETFs.

But there were signs of a reversal in the trend. For the first time in 10 months, gold flowed into ETFs in March with global gold ETFs recording net inflows of 32 tons.

Funds listed in North America saw gold inflows of 10 tons in Q1. European ETFs charted outflows of 40 tons. Asian funds reported modest outflows of less than 1 ton.

ETFs are backed by physical gold held by the issuer and are traded on the market like stocks. They allow investors to play gold without having to buy full ounces of gold at spot price. Since their purchase is just a number in a computer, they can trade their investment into another stock or cash pretty much whenever they want, even multiple times on the same day. Many speculative investors appreciate this liquidity.

There are good reasons to invest in ETFs, but they aren’t a substitute for owning physical metal. In an overall investment strategy, SchiffGold recommends buying gold bullion first.

end

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

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

A must read: the dynamics of why the uSA dollar will be falling

(Alasdair Macleod)

Alasdair Macleod: The dynamics driving the dollar down

Submitted by admin on Fri, 2023-05-12 00:32Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, May 11, 2023

This article examines the currency imbalances between U.S. dollars and the other currencies and concludes that should foreign holders decide to reduce their dollar exposure, the consequences for the dollar’s value would be dramatic.

The dollar’s problems should be laid at the door of the wishful thinkers who think the state knows better than free markets. It is what has led to currency imbalances. Central banks attempting to manage economic outcomes by manipulating interest rates and “stimulating” economic activity have acted in defiance of Say’s Law, which defines the relationship between production and consumption, and the true role of a medium of exchange.

By dismissing this fundamental truth, the U.S. authorities have made a rod for their own backs. Their determination to replace gold as the highest form of money with the fiat dollar has led to extraordinary levels of dollar accumulation about to be unleashed onto unsuspecting markets. A break below 100.50 on the dollar’s trade weighted index will probably be the signal. It currently stands at 101.50. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/the-dynamics-driving-the-dollar-down?gmrefcode=gata

END

It is about time: AngloGold Ashanti is planning to redomicile in the UK after winding down its South African operations and will focus on other markets.

(London’s Financial Times)

AngloGold Ashanti to switch primary listing to New York

Submitted by admin on Fri, 2023-05-12 05:11Section: Daily Dispatches

By William Langley
Financial Times, London
Friday, May 12, 2023

https://www.ft.com/content/7704382c-a8fa-4ec8-9928-88a389449fe6

Miner AngloGold Ashanti has announced plans to transfer its primary listing to New York and redomicile in the UK after winding down its South African operations to focus on other markets.

Under a plan set out today the company, which has its primary listing in Johannesburg, will keep a secondary listing there and have another in Ghana.

AngloGold sold its last South African mine in 2020 to focus on operations elsewhere in the continent, as well as in Australia and the Americas. That move created speculation that the company could shift its listing to London, where shares in most of the world’s largest mining groups are traded.

The company said a US primary listing would boost access to “the world’s deepest pools of capital,” adding that an existing secondary listing on Wall Street already generated about two-thirds of daily liquidity in its shares.

The company expects the proposed changes to complete during the third quarter of this year.

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

Live from the Vault ANDREW MAGUIRE INTERVIEWING DAVID TICE

EPISODE 122

The gold window reopens! An opportunity among threats. Fea…

David Tice joins Andrew Maguire to discuss the latest geopolitical developments and their impact …

END

5.IMPORTANT COMMENTARIES ON COMMODITIES:

end

5 B GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

END

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

ONSHORE YUAN: CLOSED DOWN AT 6.9518

OFFSHORE YUAN: 6.9644

SHANGHAI CLOSED DOWN 37.19 PTS OR 1.12%

HANG SENG CLOSED DOWN 116.53 PTS OR 0.59%

2. Nikkei closed UP 261.58 PTS OR 0.90%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX UP TO 102.01 EURO FALLS TO 1.0895 DOWN 17 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.383 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 134.21 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN: DOWN// OFF- SHORE: DOWN

3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.2625***/Italian 10 Yr bond yield FALLS to 4.155*** /SPAIN 10 YR BOND YIELD RISES TO 3.334…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 3.962

3j Gold at $2004.30 silver at: 23.82 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 50 /100 roubles/dollar; ROUBLE AT 77.74//

3m oil into the 71 dollar handle for WTI and 75 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 134.84 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .383% 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 0.8937 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9739 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: 3.420 UP 2 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.773 UP 3 BASIS PTS/

USA 2 YR BOND YIELD: 3.9181 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.60…

GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 3.79 UP 8 BASIS PTS

end

2. Overnight: Newsquawk and Zero hedge:

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

Futures Rise As Luxury Blowout Lifts European Markets; Dollar, Yields Higher

FRIDAY, MAY 12, 2023 – 08:15 AM

US equity futures advanced to end the week as traders remained fixated on the path of monetary policy while assessing stronger than expected corporate earnings as the season nears its end. Contracts on the S&P 500 rose 0.3% at 8:00 a.m. ET while those on the Nasdaq 100 advanced 0.2%. Swiss luxury-goods maker Richemont soared 7.8% to a record on “spectacular sales growth”, fueling a broad rally across European luxury stocks. Risk-on sentiment pushed Treasury yields higher. The Bloomberg dollar index was poised for its biggest weekly gain since March while oil prices declined again, set for their fourth weekly loss. Meanwhile, gold is also on course to end the week lower. Iron ore futures are falling sharply for a second day, but still on track for a weekly gain.

In premarket trading, Tesla rose 2% after the electric-car maker raised prices of its Model X and Model S cars in the US, the third change in less than a month, while Musk announced that Twitter would have a new CEO in 6 weeks.

Amylyx Pharmaceuticals shares gain 7.5% after the drugmaker’s sales of its amyotrophic lateral sclerosis drug topped analyst estimates.
ARS Pharmaceuticals surges 65% after saying an FDA panel voted to to support a favorable benefit-risk assessment for Neffy to treat severe allergic reaction.
Blue Bird Corp. soars 31% after the company boosted its revenue and adjusted Ebitda forecast for the full year.
Cidara Therapeutics rises 11% as Cantor Fitzgerald flagged multiple catalysts.
Fox Corp. falls 1.8% as Wells Fargo cut the recommendation on the media company’s stock to equal-weight, saying there’s some strategic uncertainty ahead.
IonQ drops 10% after the software company posted first-quarter results.
Sarepta Therapeutics stock is halted for pending news, while the company’s drug candidate for Duchenne muscular dystrophy is set to face an FDA advisory committee meeting on Friday.
SiriusPoint Ltd. falls 15% after Dan Loeb said he’s no longer exploring an acquisition of the company.
CuriosityStream shares advanced in extended trading on Thursday, after the entertainment company reported its first-quarter results and gave an outlook.

S&P 500 futures traded higher after President Joe Biden and House Speaker Kevin McCarthy postponed a meeting on the debt ceiling that was planned for Friday. The delay reflects headway in staff-level discussions, Bloomberg reported citing people familiar with the talks, however a more realistic take came from Punchbowl which said that “the two sides haven’t narrowed down the policies they might want to include in a debt-limit or spending-cut package.”

“We believe that they will find a deal — we need to remember negotiations have only just started,” said Marie Jacot-Cardoen, chief executive officer of Edmond de Rothschild Asset Management France, on Bloomberg Television. “It is likely political antagonism will increase before deal is reached, but we believe a compromise will be found.”

US equities have been mainly trading in a very tight range all month after climbing over the past two amid concerns of a recession and uncertainty surrounding the path of interest rates. Earnings have been better than expected but did little to lift the S&P 500 after they rallied ahead of the season. Investors are also worried about the US debt-ceiling and stability of the banking industry, though efforts to repair ties between Washington and Beijing have been supportive.

“The breadth of the US equity market has fallen to multi-decade lows, masking the weaker performance and lower investor conviction in smaller constituents,” said Mark Haefele, chief investment officer of UBS Global Wealth Management. “This suggests crowding and vulnerability, as narrow equity market breadth historically happens in the later stages of a bull market.”

Meanwhile, BofA’s Michael Hartnett said a prolonged period of economic decline in the US will roil technology stocks at a time when they are attracting a weight of investor money. They expect a recession “to crack credit and tech” just as it did in 2008.

Elsewhere, investors remained focused on what major central banks will do next in their rate-hiking campaigns to quell inflation. US data Thursday showed initial jobless claims reached the highest since October 2021 while producer prices rose less than economists expected, suggesting Federal Reserve policy tightening may finally be having an effect.

“There’s a chink of light — inflation is beginning to show some signs of easing, boosting hopes the Fed’s rate hiking cycle is near an end and this means companies can start prioritizing growth, rather than servicing debt,” said Angeline Ong, a financial analyst at IG Group.

Luxury goods maker Richemont gained 7.8% to a record, fueling a broad rally across European luxury stocks. Europeans stocks are ahead and on course to finish the week in the green as investors welcome signs of easing strains between the US and China and tentative progress in the debt-ceiling negotiations. The Stoxx 600 is up 0.6% with consumer products, financial services and retailers the strongest-performing sectors while retail and autos fall. Here are the most notable European movers:

Richemont shares rise as much as 5.6%, hitting a record high, after reporting forecast-beating sales growth and operating profit. Its jewelery division showed “spectacular sales growth,” driving significant improvement in profitability, Vontobel said. Other luxury stocks also gained, with LVMH rising 1.5%
Scor shares rose as much as 11% after a strong set of results, with a significant net income beat driven by better performance in both L&H and P&C
GSK shares rise as much as 1.7% after the UK pharma group £804 million sells a stake in Haleon, the consumer health- care division it spun off as a separate company last year. It also welcomed Zantac class action dismissal in British Columbia.
Beazley shares rise as much as 6.5%, hitting the highest since March 31, after the British insurer’s quarterly results topped expectations for premium growth, while investment income also increased.
THG shares drop as much as 23%, after the UK online retailer ended talks with Apollo about an indicative takeover proposal.
Soitec shares tumble as much as 9.8%, after JPMorgan downgraded the stock to underweight from neutral and almost halved its price target, noting the wafer maker’s fiscal 2024 outlook was at risk of a slow recovery in demand for chips used in smartphones.
Accor falls as much as 3.2% in Paris after an offering of 7m shares priced at €31.81 apiece by holder Qatar Holding via BofA Securities, according to terms seen by Bloomberg.
Nordex shares drop as much as 5.6% after the German wind turbine maker reported results that analysts said were disappointing, noting a larger-than-expected loss driven by liquidated damages and extra catch-up costs from the delays in the winter.

Earlier in the session, Asian stocks headed for a fourth day of decline, as Chinese shares pulled back further after the nation’s weak inflation and borrowing data showed the economic recovery is waning, adding to growth concerns globally. The MSCI Asia Pacific dropped as much as 0.3% Friday, led lower by material and energy shares. Chinese and Hong Kong benchmarks led declines in the region as traders fret over the slew of worse-than-expected economic data, which underscores ongoing problems in the housing market and sluggish domestic demand after Covid reopening. Chinese tech stocks bucked the broader market’s trend after e-commerce firm JD.com reported better-than-expected results, and geopolitical concerns eased on the news of a meeting between Biden and Xi. US National Security Adviser Jake Sullivan also met with China’s top diplomat Wang Yi.

Meanwhile, Japanese shares outperformed the region as investors welcomed another wave of quarterly results from domestic companies. Companies including Honda and KDDI that announced buybacks along with earnings were among the biggest boosts. The Topix rose 0.6% to close at 2,096.39, while the Nikkei advanced 0.9% to 29,388.30. Keyence Corp. contributed the most to the Topix gain, increasing 2.7%. Out of 2,159 stocks in the index, 1,197 rose and 867 fell, while 95 were unchanged. In addition to the decline in U.S. long-term Treasury yields overnight, “the Japanese market is also benefiting from the sense of undervaluation of Japanese stocks,” said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank

The Asian stock benchmark was poised for a weekly drop amid weaker global growth and a resurgence of banking sector worries. Still, a cooling US job market and softening producer prices added confidence that the Federal Reserve may soon end its tightening campaign. “The Fed is easily positioned to hold rates at the June meeting and if we see further softening of labor conditions, that will continue to drive this market into pricing in easing before the end of the year,” said Ed Moya, senior market analyst at Oanda

Indian stocks closed the week as one of Asia’s best performers, aided by strong buying from overseas investors. Foreign investors bought net $1.1 billion of local equities this week through Thursday, NSDL data showed. The buying comes amid economic resilience and signs that the central bank will stay on hold as inflation moderates. For the week, the BSE-Sensex climbed 1.6% compared to MSCI Asia-Pacific index’s 0.4% loss. Sensex outperformed markets in China, Japan, Australia during the week. On Friday, the S&P BSE Sensex rose 0.2% to 62,027.90 in Mumbai, while the NSE Nifty 50 Index advanced 0.1% to 18,314.80.

Australian stocks edged higher sending the S&P/ASX 200 index up 0.1% to close at 7,256.70, boosted by banks and health shares. The benchmark gained 0.5% for the week, snapping three weeks of declines. Asian stocks were mixed and Treasuries held gains as investors weighed signs of cooling in the American jobs market and efforts to repair ties between Washington and Beijing.

Treasuries are lower with the US 10-year yield rising 2bps to 3.41% Bunds and Gilts have also declined with 10-year borrowing costs in Germany and the UK rising by 1bps and 2bps respectively.

In FX, the Bloomberg Dollar Spot Index is up 0.1% and was set to rise 0.5% this week, the most since the week ended March 10 even as traders weigh the likelihood of a Federal Reserve policy pivot following a soft US inflation report. The Kiwi dollar is the clear underperformer, falling 1% versus the greenback after New Zealand inflation expectations fell. “For the dollar, we are not quite at the tipping point where markets can plausibly expect that the Fed will weigh up steady versus rate cut,” said Sean Callow, senior currency strategist at Westpac Banking Corp. “That probably means ranges on BBDXY hold for now, even if we prefer selling rallies than buying dips”

EUR/USD slips 0.1% to 1.0907; it is set to lose 1% this week, its worst performance in nearly two months after a broad rally in the dollar on Thursday knocked most G10 currencies and boosted the dollar
GBP/USD edges up 0.2% to 1.2532; the pound brushes off a weaker-than-expected reading of UK GDP
USD/JPY rises 0.2% to 134.76
NZD/USD fell 1.1% to 0.6232, extending losses after the nation’s two-year inflation expectations eased to within the Reserve Bank’s target band
AUD/USD dropped 0.2% to 0.6688, weighed in part by kiwi sales

In rates, treasuries drifted lower during the London session, after Fed’s Bowman said more hikes will be needed if inflation stays too high. Treasuries cheaper by up to 4bp across long-end of the curve with 2s10s spread steeper by ~2bp on the day; 10-year yields around 3.42%. Stronger S&P 500 futures also added to cheapening pressure on Treasury yields. Bunds were also lower after European Central Bank policymaker Luis de Guindos said more hikes may be possible. IG issuance slate empty so far; two names priced deals Thursday while at least three issuers were said to have stood down due to market conditions.

In commodities, crude futures decline with WTI falling 0.6% to trade near $70.45. Spot gold drops 0.4% to around $2,006.

Bitcoin is softer on the session and nearing the USD 26k mark with newsflow generally light after a busy macro week ahead of a relatively busy US session. Action which keeps Bitcoin just above the earlier WTD trough.

To the day ahead now, and data releases include the UK GDP reading for Q1, along with the University of Michigan’s preliminary consumer sentiment index for May. Otherwise, central bank speakers include ECB Vice President de Guindos, BoE Chief Economist Pill and the Fed’s Daly, Bullard and Jefferson.

Market Snapshot

S&P 500 futures up 0.4% to 4,160.00
MXAP down 0.2% to 161.24
MXAPJ down 0.6% to 511.37
Nikkei up 0.9% to 29,388.30
Topix up 0.6% to 2,096.39
Hang Seng Index down 0.6% to 19,627.24
Shanghai Composite down 1.1% to 3,272.36
Sensex up 0.3% to 62,098.69
Australia S&P/ASX 200 little changed at 7,256.65
Kospi down 0.6% to 2,475.42
STOXX Europe 600 up 0.6% to 466.41
German 10Y yield little changed at 2.24%
Euro little changed at $1.0911
Brent Futures down 0.3% to $74.76/bbl
Gold spot down 0.4% to $2,007.55
U.S. Dollar Index little changed at 102.08

Top Overnight News from Bloomberg

China will send a special envoy on a trip to Ukraine, Russia, Poland, France, and Germany as of Mon as the gov’t works to help foster a peace agreement. SCMP
Turkish presidential candidate Ince drops out of the race, raising the odds of Erdogan being voted out of office this Sunday . FT
The European Central Bank may have to continue raising borrowing costs beyond the summer, according to Governing Council member Joachim Nagel. BBG
UK economic data for March is mixed, with soft GDP but better-than-anticipated industrial and manufacturing production. RTRS
Janet Yellen reiterated the only good outcome in the debt standoff is for Congress to raise the ceiling. Global markets and US households and businesses need to see “we have a Congress that is committed to paying the bills. . . . That we’re not a deadbeat country,” she told Bloomberg at a G-7 meeting in Japan. BBG
Fed’s Bowman warns the central bank should be prepared to continue hiking rates as employment and inflation are still too hot. WSJ
If the U.S. defaults on its debt and is unable to pay all its bills this summer, the pain will fall squarely on the defense industry. National security is by far the largest category of discretionary federal spending, with budgets rising over the past two years to counter China’s military expansion and tackle the conflict in Ukraine. WSJ
NBCUniversal’s head of advertising, Linda Yaccarino, is in talks to become the new CEO of Twitter, according to people familiar with the situation. WSJ
Tesla raised prices of its vehicles in the US, the third change in less than a month, adding $1,000 to Model X and Model S base and plaid cars. It also recalled some 1.1 million cars in China — almost every EV it’s ever sold there — over a defect with their acceleration systems. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower amid a busy slate of earnings releases and after the subdued performance stateside where regional bank fears resurfaced and initial jobless claims disappointed. ASX 200 was lacklustre with the index constrained by weakness in the energy and mining-related sectors after the recent pressure in underlying commodity prices. Nikkei 225 outperformed and rose to its highest since November 2021 with price action largely driven by earnings results including various blue-chip stocks. Hang Seng and Shanghai Comp. were indecisive as talks between US National Security Adviser Sullivan and China’s top diplomat Wang Yi provided some encouragement towards a potential Biden-Xi call, although participants also digested weaker-than-expected Chinese loans and financing data.

Top Asian News

Chinese Foreign Minister Qin Gang is to visit Australia in July for a reciprocal visit as ties between Australia and China ease, according to SCMP.
EU Economic Commissioner Gentiloni said we cannot be too dependent on foreign powers and noted that decoupling would be a dangerous risk for the global economy, while he added that he is not talking about closing the trade with China but is instead talking about making supply chains more secure.

European bourses are firmer across the board, Euro Stoxx 50 +0.5%, with the Stoxx 600 set to end the week roughly where it commenced it. Sectors are primarily in the green with Consumer Products/Services outperforming post-Richemont’s (+5.0%) FY update while Real Estate/Autos lag. The APAC handover was a mixed one with sentiment inching higher since though with no clear driver/firm narrative behind this. Stateside, ES +0.2%, futures are bid but only modestly so as we await data and more Fed speak after Bowman’s early-doors commentary while Yellen provided familiar lines on the debt ceiling. Tesla (TSLA) to recall a total of 1,104,622 of imported Model S, Model X, Model 3 and domestic Model 3 and Model Y, according to Chinese market regulator. Elsewhere, WSJ said NBCUniversal’s head of advertising Linda Yaccarino was the candidate in talks to become the new CEO of Twitter.

Top European News

Riksbank’s Thedeen says he is surprised as their rate increases have not “bitten” as he expected, the impact on the economy has not been that great, via SvD Näringsliv. “every time we have presented a new interest rate forecast; we have later revised it upwards… It is a sign that monetary policy may not have the desired effect as we have thought.” One explanation for why household consumption continues to be above expectations is their belief that rates will soon decrease rapidly. On QE, says he is somewhat “more sceptical” than perhaps some others have been, should be a “relatively high” threshold for implementing it.
Northvolt investment within Germany reportedly to be circa. EUR 3-5bln with hundreds of millions expected in subsidies, via Reuters citing sources. *Follows earlier source reports in the FT and commentary from German officials who suggested that no details have been decided on yet.

Buck broadly underpinned as DXY fastens grip on 102.000 handle and Fed’s Bowman says recent CPI and NFP reports do not provide persistent evidence of disinflation.
Kiwi undermined by much cooler NZ inflation expectations, NZD/USD sub-0.6250 from just above 0.6300, AUD/NZD cross tops 1.0700 vs 1.0640 low.
Yen and Loonie soft against Greenback, but eyeing decent option expiry interest at 135.00 and 1.3500 for support.
Pound retains 1.2500+ status despite monthly UK GDP contraction pre-BoE’s Pill and Euro treading water near 1.0900 irrespective of more hawkish ECB commentary.
PBoC set USD/CNY mid-point at 6.9481 vs exp. 6.9472 (prev. 6.9101)

Fixed Income

Bonds chop and churn after extending recovery gains to new w-t-d highs on Thursday.
Bunds pivot 136.50 and 2.25% yield, Gilt veer towards base of 101.14-68 range and T-note hovers just under 116-00 within 116-07/115-28 confines ahead of more Central Bank speakers, US import/export prices and UoM sentiment

Commodities

Crude benchmarks are flat after spending the morning slightly softer and only picking up incrementally most recently with no fresh driver behind the move at the time and action overall in familiar ranges.
Iraqi oil minister says Iraq didn’t get a reply from Turkish Botas on the request to resume oil flow, expects Northern Oil exports to restart on Saturday with pumping of 500,000 barrels per day.
Spot gold resides around this week’s lows, and just above the USD 2,000/oz level following yesterday’s advances in the Dollar index, whilst fresh macro new flows remain light; base metals mixed, overall.
Turkish Defence Minister says parties to the Black Sea grain deal are approaching an agreement on an extension. Subsequently, Russian Kremlin says nothing new to report, for now, after Black Sea grain deal talks in Istanbul; potential conversation with Turkey’s Erdogan and Russia’s Putin won’t help achieve a deal.

Geopolitics

China’s foreign ministry says China representative of Eurasian affairs to visit Ukraine, Poland, France, Germany and Russia from May 15th to promote peace.
Israeli PM Netanyahu will hold a security consultation session shortly with senior security chiefs, according to Al Jazeera.
From the EU-China strategy paper, WSJ’s Norman highlights that “EU-China relations will not develop if China does not push Russia to withdraw from Ukraine…”

US Event Calendar

08:30: April Import Price Index YoY, est. -4.8%, prior -4.6%; MoM, est. 0.3%, prior -0.6%
- April Export Price Index YoY, est. -5.5%, prior -4.8%; MoM, est. 0.2%, prior -0.3%
10:00: May U. of Mich. Expectations, est. 60.8, prior 60.5
- May U. of Mich. Sentiment, est. 63.0, prior 63.5
- May U. of Mich. Current Conditions, est. 67.5, prior 68.2
- May U. of Mich. 1 Yr Inflation, est. 4.4%, prior 4.6%
- May U. of Mich. 5-10 Yr Inflation, est. 2.9%, prior 3.0%
14:20: Fed’s Daly Gives Commencement Speech
19:45: Fed’s Bullard and Jefferson Take Part in Panel Discussion

DB’s Jim Reid concludes the overnight wrap

Today is an important one, since at lunchtime I have a slot to purchase tickets for the Paris Olympics in 2024. I honestly don’t know what will still be available by the time I’m allowed to log on, but last night my wife and I held a strategy meeting to decide what to aim for. First choice is the 100m final, followed by other nights of athletics. Other events were then suggested, but if they’re also taken we’re then into the danger zone where I’ve been instructed to use ‘common sense’ among the alternatives. I can only hope we’re still on speaking terms by this evening. Check back with me this time next year to find out my new favorite sport.

Markets failed to race away yesterday, as renewed fears of a slowdown led to a decent risk-off move, with investors growing concerned about weak data releases, the US debt ceiling, as well as the ongoing situation with regional banks. That meant the S&P 500 (-0.17%) lost ground, whilst sovereign bonds benefited from the flight to safety as speculation mounted about central bank rate cuts in response. These moves were evident across several asset classes, and the jitters also saw the US Dollar Index (+0.58%) record its best daily performance in six weeks.

Starting with the data, there was disappointment in the US from the weekly initial jobless claims, which came in at 264k (vs. 245k expected) in the week ending May 6. That’s their highest level since October 2021, and whilst we should add the usual caveats about not over-interpreting a single data point, it’s worth noting that claims have been on a broadly upward trend since late January. So that adds to the signs that the labour market has been softening in recent months, such as the decline in the number of job openings as well as the quits rate.

Alongside jobless claims, yesterday also saw the release of the US PPI release for April. That came in slightly beneath expectations, with headline PPI only up by a monthly +0.2% (vs. +0.3% expected), which took the annual measure down to +2.3% (vs. +2.5% expected). That added to the sense from the previous day’s CPI release that inflation might durably be heading lower, which could support a pivot towards rate cuts later in the year.

Those data releases supported a sovereign bond rally yesterday, with yields on 10yr Treasuries down -5.8bps to 3.375%. The 1m T-bill yield was just lower than unchanged at -0.08bps at 5.450%, but intraday the rate rose as high as 5.48% at one point and continues to see a good deal of intraday volatility. That maturity is exposed to potential debt ceiling default risk, which demonstrates how investors are positioning in case there are issues ahead. In terms of the latest on the debt ceiling, last night it was announced that President Biden and congressional leaders had postponed their planned meeting today until early next week. According to a Bloomberg report last night, the delay was due to conversations on government spending and energy permit reform gaining traction, so at first glance it signals that progress is being made. Our credit team put out a note yesterday (link here) that outlines the potential impact the debt ceiling can have on credit market and our spread forecast.

For equities, the generally downbeat newsflow meant that the major indices lost ground, with the S&P 500 ending the session -0.17% lower. The main outperformer were the megacap tech stocks, which benefited from the prospect of lower interest rates. In fact, the FANG+ index advanced another +0.90% to a fresh one-year high, which brings its YTD gains to a sizeable +44.52% already. On the other hand, banks continued to struggle and the KBW Banks Index fell a further -1.25%, closing less than 2% above its low from last week.

Here in the UK, the focus was on the Bank of England yesterday, who announced another 25bp hike that took Bank Rate up to a post-2008 high of 4.5%. Seven of the nine committee members voted for the move, and the minutes said that for those members, “there had been repeated surprises about the resilience of demand, while the labour market had remained tight.” There were also significant upward revisions to the BoE’s growth projections, and unlike in February they are no longer forecasting a recession. Nevertheless, growth was still expected to be weak by historic standards, at just ¼% in 2023, and then ¾% in 2024 and 2025. Looking forward, our UK economist writes in his recap note (link here) that another hike in June is more likely than not. That’s in line with current market expectations, and this morning investors are pricing in a 78% chance of a 25bp hike in June.

Staying on central banks, there was an interesting release yesterday as the ECB published their Consumer Expectations Survey for March. That showed inflation expectations were moving higher again after their recent decline, with the 1yr expectation up to +5.0%, and the 3yr expectation up to +2.9%. We also heard from Bundesbank President Nagel, who held the door open to the prospect that the ECB might still be hiking in September, by saying that “there’s nothing off the table” for that meeting. And President Lagarde herself reiterated that the ECB’s fight against inflation “is not over”. Despite of the hawkish tones from ECB officials however, European markets traded in line with the US for the most part, with yields on 10yr bunds (-6.3bps) coming down, and the STOXX 600 closing unchanged. See our German economists’ latest chartbook as well yesterday for more on the economic situation there (link here).

Overnight in Asia, equities have put in a mixed performance this morning amidst competing signals on the state of the global economy. On the one hand, the CSI (-0.59%), the Shanghai Composite (-0.39%), the KOSPI (-0.32%) and the Hang Seng (-0.13%) are trading lower. However, the Nikkei (+0.86%) has posted a decent advance that’s taken the index to its highest level since November 2021. One factor helping to support sentiment has been the meeting between US National Security Adviser Jake Sullivan and China’s top diplomat Wang Yi in Vienna. That was seen as a positive sign that the two sides were trying to ease tensions, and US-listed Chinese stocks on the NASDAQ Golden Dragon China Index (+3.82%) saw their biggest advance in three months yesterday. Looking forward, US equity futures are also in positive territory, with those on the S&P 500 (+0.20%) and NASDAQ 100 (+0.30%) pointing higher.

Since this is the last edition before the weekend, one thing to keep an eye on will be the Turkish election that’s taking place on Sunday. Our EM strategists have published a comprehensive preview of the election (link here), where they examine the process, along with what it could mean for the economy, markets, monetary policy and geopolitics. Yesterday saw some further developments in the contest, with presidential candidate Muharrem İnce withdrawing from the election.

Finally, another thing we’ve been watching out for is the prospect of an El Niño this year, which is a warming of sea surface temperatures in the eastern pacific, and is unfortunately correlated with a higher frequency of natural disasters like flooding. Yesterday saw the latest monthly update in the US National Weather Service’s forecast, which now sees a more than 90% chance of an El Niño occurring this winter, as well as a 54% chance of that it will be a strong El Niño (up from 41% last month). If there is an El Niño, then that could have important effects on food prices, as well as many emerging-market economies that would be most impacted by potential changes in weather patterns.

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

Sentiment steady with drivers limited, DXY underpinned post-Bowman – Newsquawk US Market Open

FRIDAY, MAY 12, 2023 – 06:35 AM

European bourses are firmer though the region is set to end the week where it began, US futures modestly bid.
DXY underpinned vs most G10s with USTs slightly softer and Fed’s Bowman saying recent CPI and NFP reports do not provide persistent evidence of disinflation.
EGBs have struggled for firm direction but are veering lower after hitting WTD peaks on Thursday.
Crude has lifted off initial lows to trade flat with macro news limited as we await updates from Turkey on Northern Oil.
US President Biden and congressional leaders’ meeting was postponed to next week; Yellen is to talk with JPMorgan & Citi CEOs next week.
Looking ahead, highlights include US Export/Import Prices, Uni. of Michigan (Prelim.), Speeches from Treasury Secretary Yellen, Fed’s Bullard & Daly, BoE’s Pill, ECB’s de Guindos.

View the full premarket movers and news report.

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

EUROPEAN TRADE

EQUITIES

European bourses are firmer across the board, Euro Stoxx 50 +0.5%, with the Stoxx 600 set to end the week roughly where it commenced it.
Sectors are primarily in the green with Consumer Products/Services outperforming post-Richemont’s (+5.0%) FY update while Real Estate/Autos lag.
The APAC handover was a mixed one with sentiment inching higher since though with no clear driver/firm narrative behind this.
Stateside, ES +0.2%, futures are bid but only modestly so as we await data and more Fed speak after Bowman’s early-doors commentary while Yellen provided familiar lines on the debt ceiling.
Tesla (TSLA) to recall a total of 1,104,622 of imported Model S, Model X, Model 3 and domestic Model 3 and Model Y, according to Chinese market regulator. Elsewhere, WSJ said NBCUniversal’s head of advertising Linda Yaccarino was the candidate in talks to become the new CEO of Twitter.
Softbank (9984 JT) is to reportedly pitch its USD 10bln Arm IPO, according to Bloomberg.
Foxconn (2317 TT) says it is to delay Bharat FIH’s IPO plan in India. Foxconn delayed the IPO of this subsidiary in October 2022 due to poor market conditions.
Click here and here for a recap of the main European earnings, including: Allianz, Richemont, Scor, Austrian Post & more
Click here for more detail.

FX

Buck broadly underpinned as DXY fastens grip on 102.000 handle and Fed’s Bowman says recent CPI and NFP reports do not provide persistent evidence of disinflation.
Kiwi undermined by much cooler NZ inflation expectations, NZD/USD sub-0.6250 from just above 0.6300, AUD/NZD cross tops 1.0700 vs 1.0640 low.
Yen and Loonie soft against Greenback, but eyeing decent option expiry interest at 135.00 and 1.3500 for support.
Pound retains 1.2500+ status despite monthly UK GDP contraction pre-BoE’s Pill and Euro treading water near 1.0900 irrespective of more hawkish ECB commentary.
PBoC set USD/CNY mid-point at 6.9481 vs exp. 6.9472 (prev. 6.9101)
Click here for more detail.
Click here for the notable FX expiries for today’s NY cut.

FIXED INCOME

Bonds chop and churn after extending recovery gains to new w-t-d highs on Thursday.
Bunds pivot 136.50 and 2.25% yield, Gilt veer towards base of 101.14-68 range and T-note hovers just under 116-00 within 116-07/115-28 confines ahead of more Central Bank speakers, US import/export prices and UoM sentiment
Click here for more detail.

COMMODITIES

Crude benchmarks are flat after spending the morning slightly softer and only picking up incrementally most recently with no fresh driver behind the move at the time and action overall in familiar ranges.
Iraqi oil minister says Iraq didn’t get a reply from Turkish Botas on the request to resume oil flow, expects Northern Oil exports to restart on Saturday with pumping of 500,000 barrels per day.
Spot gold resides around this week’s lows, and just above the USD 2,000/oz level following yesterday’s advances in the Dollar index, whilst fresh macro new flows remain light; base metals mixed, overall.
Turkish Defence Minister says parties to the Black Sea grain deal are approaching an agreement on an extension. Subsequently, Russian Kremlin says nothing new to report, for now, after Black Sea grain deal talks in Istanbul; potential conversation with Turkey’s Erdogan and Russia’s Putin won’t help achieve a deal.
Click here for more detail.

NOTABLE HEADLINES

Riksbank’s Thedeen says he is surprised as their rate increases have not “bitten” as he expected, the impact on the economy has not been that great, via SvD Näringsliv. “every time we have presented a new interest rate forecast; we have later revised it upwards… It is a sign that monetary policy may not have the desired effect as we have thought.” One explanation for why household consumption continues to be above expectations is their belief that rates will soon decrease rapidly. On QE, says he is somewhat “more sceptical” than perhaps some others have been, should be a “relatively high” threshold for implementing it.
Northvolt investment within Germany reportedly to be circa. EUR 3-5bln with hundreds of millions expected in subsidies, via Reuters citing sources. *Follows earlier source reports in the FT and commentary from German officials who suggested that no details have been decided on yet.

DATA RECAP

UK GDP Estimate MM (Mar) -0.3% vs. Exp. 0.0% (Prev. 0.0%); 3M/3M (Mar) 0.1% vs. Exp. 0.1% (Prev. 0.1%); YY (Mar) 0.3% vs. Exp. 0.4% (Prev. 0.5%, Rev. 0.6%)
UK GDP Prelim QQ (Q1) 0.1% vs. Exp. 0.1% (Prev. 0.1%); YY (Q1) 0.2% vs. Exp. 0.2% (Prev. 0.6%)

NOTABLE US HEADLINES

Fed Discount Window borrowing at USD 9.3bln on May 10th (prev. 5.3bln on May 3rd), BTFP lending at USD 83.1bln (prev. 75.8bln), Other Credit at USD 212.5bln (prev. 228.2bln).
The meeting between US President Biden and congressional leaders was postponed to next week. White House said staff will continue working on the debt limit and that principals agreed to meet early next week, while a source stated that this is a positive development and meetings are progressing.
US House Speaker McCarthy said postponing the debt ceiling meeting doesn’t mean that debt talks have fallen apart and leaders decided it was in the best interest to let staff meet again, while he doesn’t think there was enough progress for the leaders to get back together but expects them to meet next week.
US Treasury Secretary Yellen is to talk with JPMorgan (JPM) CEO Dimon and Citi (C) CEO Fraser in Washington next week, according to Reuters.
US Treasury Secretary Yellen says if Congress fails to raise the debt ceiling, “we will face financial and economic catastrophe”. Still some uncertainty on precisely when we will run out of cash, will update Congress on the X-data as more data becomes available. Intends to visit China but cannot say when; not had contact yet with her new Chinese counterpart.
Fed’s Bowman (voter) says additional rate hikes are “likely appropriate” if inflation stays high and labour market stays tight. Recent CPI and jobs reports have not provided persistent evidence that inflation is on a downward path. Fed policy rate will need to remains sufficiently restrictive for some time. Policy is now restrictive, but uncertain if it is sufficiently restrictive to bring down inflation; future rate hikes will look for “consistent evidence” of falling inflation.
UAE Royal Group’s Sheikh Tahnoon Bin Zayed said they plan to invest in the US market.
On the US debt ceiling negotiations, Punchbowl says “two sides haven’t narrowed down the policies they might want to include in a debt-limit or spending-cut package”.
Click here for the US Early Morning Note.

GEOPOLITICS

China’s foreign ministry says China representative of Eurasian affairs to visit Ukraine, Poland, France, Germany and Russia from May 15th to promote peace.
Israeli PM Netanyahu will hold a security consultation session shortly with senior security chiefs, according to Al Jazeera.
From the EU-China strategy paper, WSJ’s Norman highlights that “EU-China relations will not develop if China does not push Russia to withdraw from Ukraine…”

CRYPTO

Bitcoin is softer on the session and nearing the USD 26k mark with newsflow generally light after a busy macro week ahead of a relatively busy US session. Action which keeps Bitcoin just above the earlier WTD trough.

APAC TRADE

APAC stocks were mostly lower amid a busy slate of earnings releases and after the subdued performance stateside where regional bank fears resurfaced and initial jobless claims disappointed.
ASX 200 was lacklustre with the index constrained by weakness in the energy and mining-related sectors after the recent pressure in underlying commodity prices.
Nikkei 225 outperformed and rose to its highest since November 2021 with price action largely driven by earnings results including various blue-chip stocks.
Hang Seng and Shanghai Comp. were indecisive as talks between US National Security Adviser Sullivan and China’s top diplomat Wang Yi provided some encouragement towards a potential Biden-Xi call, although participants also digested weaker-than-expected Chinese loans and financing data.

NOTABLE ASIA-PAC HEADLINES

Chinese Foreign Minister Qin Gang is to visit Australia in July for a reciprocal visit as ties between Australia and China ease, according to SCMP.
EU Economic Commissioner Gentiloni said we cannot be too dependent on foreign powers and noted that decoupling would be a dangerous risk for the global economy, while he added that he is not talking about closing the trade with China but is instead talking about making supply chains more secure.

DATA RECAP

New Zealand 1yr Inflation Expectations (Q2) 4.3% (Prev. 5.1%); 2yr Inflation Expectations (Q2) 2.8% (Prev. 3.3%).

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA

Seems that China’s economy is slowing down dramatically as they are on the verge of deflation. China’s CPI and PPI are surprising to the downside. They seem to confirm a two speed recovery.

(zerohedge)

On The Verge Of Deflation: China CPI, PPI Surprise To The Downside, Confirm Two-Speed Recovery

THURSDAY, MAY 11, 2023 – 08:40 PM

Two days ago we looked at how China’s diverging export (faster) and import (slower) growth rates signaled a two-speed recovery, with strong consumption (especially services), also evident in the Labor Day holiday data, but not-so-robust industrial activity, which still faces headwinds from external demand and a slow recovery in property investment.

Overnight we got another confirmation, this time in the form of China’s latest CPI and PPI when April inflation surprised the market to the downside.

China’s CPI eased notably from 0.7% in March to 0.1% in April, the lowest print since March 2021 and one tick away from deflation.

According to SocGen, the decline was mainly driven by food inflation (-0.4%) and energy inflation (-0.2%), while core CPI remained unchanged at 0.7%. The decline in food inflation was due to pork prices amid abundant supply, and vegetable prices thanks to the warm weather. Fuel inflation dropped from -6.4% to -10.4% due to weak international prices and base effects.

In contrast, services CPI picked up from 0.8% to 1.0%, supported by prices of air fares, hotels and tour packages, as the sector is the main beneficiary of reopening. Rental inflation also recovered from -0.5% to 0.3% with the mom rate stabilizing at 0%. However, core goods CPI declined. While clothing inflation rebounded slightly from 0.8% to 0.9%, that of transportation facilities dropped from -3.3% to -4.0% due to ongoing discounting, and that of household appliances eased from -0.2% to -1.2%, reflecting more tepid demand relative to services.

Moving to factory gate prices, PPI slipped further into deflation, from -2.5% to -3.6% due to base effects and weaker momentum, with a 0.5% mom decline. The main culprit was upstream prices, as the key commodities saw a broad-based decline in prices, reflecting weak demand for commodities (also evident in the latest imports data). That raises concerns over the strength of industrial activity, which likely lost momentum due to softer global demand, still subdued property investments and still high inventories. PPI of consumer goods also remained tepid, with a mom decline seen in durable goods.

In short, it is clear that the service sector is normalizing quickly since the beginning of the year, but at this stage the broadening of the reopening recovery remains to be seen with risks from slowing exports, a sluggish property recovery, still weak confidence. The service-driven nature of this recovery also means there are less inflation spillovers to the rest of the world this year

While it is true that inflation momentum has been modest, today’s numbers also overstate the weakness as they were mainly driven by food and upstream prices and base effects. The data points to more room for the PBoC to keep policy accommodative, especially coupled with today’s surprising plunge in new credit creation, but given its lagging nature, there is still a high bar for more headline easing.

end

CHINA///USA//TAIWAN

Taiwan will not let the USA blow up its semiconductor factories if invaded by Mainland China.

(zerohedge)

Taiwan Says Its Military Won’t Let The US Blow Up Semiconductor Factories

THURSDAY, MAY 11, 2023 – 03:00 PM

Authored by Dave DeCamp via AntiWar.com,

Taiwan’s defense minister in statements early this week pushed back against the idea of the US bombing the island’s semiconductor factories in the event of a Chinese invasion.

Rep. Seth Moulton (D-MA) recently said the US should “make it very clear to the Chinese that if you invade Taiwan, we’re going to blow up TSMC,” referring to Taiwan Semiconductor Manufacturing Company, which produces the majority of the world’s advanced semiconductors.

When asked about Moutlon’s comments, Taiwanese Defense Minister Chiu Kuo-cheng said the military wouldn’t let that happen.

“It is the military’s obligation to defend Taiwan and we will not tolerate any others blowing up our facilities,” he said, according to The South China Morning Post.

The idea of bombing Taiwan’s chip factories to avoid them coming under Chinese control is gaining popularity in Washington.

A paper published in 2021 by the US Army War College suggested the US and Taiwan should plan “scorched-earth” tactics that could render Taiwan “not just unattractive if ever seized by force, but positively costly to maintain.”

The paper said the tactic could be done “most effectively by threatening to destroy facilities belonging to the Taiwan Semiconductor Manufacturing Company, the most important chipmaker in the world and China’s most important supplier.”

Here’s a selection of the document entitled Broken Nest: Deterring China from Invading Taiwan:

To start, the United States and Taiwan should lay plans for a targeted scorched-earth strategy that would render Taiwan not just unattractive if ever seized by force, but positively costly to maintain. This could be done most effectively by threatening to destroy facilities belonging to the Taiwan Semiconductor Manufacturing Company, the most important chipmaker in the world and China’s most important supplier. Samsung based in South Korea (a US ally) is the only alternative for cutting-edge designs.

Robert O’Brien, who served as President Trump’s national security advisor, recently called for bombing Taiwan’s factories if China attacks.

“The United States and its allies are never going to let those factories fall into Chinese hands,” O’Brien told Semafor in March.

END

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

Interesting, the EU’s Borrell claims that Ukraine would collapse in days without the west’s military supplies

(zerohedge)

EU’s Borrell: Ukraine Would Collapse In Days Without West’s Military Supplies

FRIDAY, MAY 12, 2023 – 02:45 AM

EU foreign policy chief Josep Borrell has made some surprisingly blunt admissions regarding Ukraine’s support from the West in some recent interviews, saying Kiev would collapse in a matter of “days” if military support from allies were to suddenly dry up. First, according to words he gave at an event last Friday in Florence via EuroNews:

Ukraine will succumb to the invading Russian forces “in a matter of days” without military support from Western countries, Josep Borrell, the European Union’s foreign policy chief, said on Friday, insisting that the present situation inside the war-torn country is not conducive for launching formal peace talks.

“Unhappily, this is not the moment for diplomatic conversations about peace. It’s the moment of supporting militarily the war,” he also said.

He then explained, “If you want peace, push Russia to withdraw. Push Russia to stop the war. Don’t tell me to stop supporting Ukraine, because if I stop supporting Ukraine, certainly the war will finish soon.”

“We cannot just finish because (if we do) Ukraine is unable to defend itself and it has to surrender,” he admitted. “And the Russian troops will be in the Polish border and Ukraine will become a second Belarus. Do you want this kind of ending the war? No.”

He also had some interesting things to say regarding the potential for China to mediate peace…

“Even if they are on the side of Russia, I think China has a role to play. China is a permanent member of the (UN) Security Council. China is the one who has the biggest influence in Russia,” Borrell added.

“Let’s face the reality. Like it or not, the reality is Putin continues saying: ‘I have military objectives and as far as I don’t get these military objectives, I will continue fighting.’ So the peace plans are good but you need someone that wants to talk about peace.”

Russian media also picked up on similar follow-up words given to another outlet this week. While speaking to Spanish media on Wednesday, Borrell again emphasized that without the ammo, arms and money flowing from the West – including the US and NATO – Ukraine would lost “immediately”.

RT writes based on that more recent interview:

The conflict between Russia and Ukraine can be ended in just several days, EU foreign policy chief Josep Borrell claimed to Spanish broadcaster La Sexta on Wednesday, arguing that it all depends on Western military supplies to Kiev.

“I know how to end the war immediately,” Borrell told La Sexta’s El Intermedio show. “Stop providing military aid to Ukraine and Ukraine [will] have to surrender in a few days. That’s it, the war is over,” the EU top diplomat insisted.

Borrell acknowledged that would not be the outcome that the EU and other Western nations wanted. The bloc’s foreign-policy chief claimed that an immediate end to the conflict on such terms would see Ukraine “occupied” and “turned into a puppet country” that is “deprived of its freedoms.”

“Is this how we want the war to end?” he asked rhetorically.

Thus while condemning the Russian invasion, the EU foreign policy chief acknowledged it has become a full-blown proxy war in which one side is entirely propped up by the West.

Of course, Russian media has welcomed the blunt assessment and has noted the irony of Borrell’s words, which are very revealing of where things really stand in Ukraine, also as Zelensky has recently admitted that his forces are not yet ready to launch a counteroffensive.

END

EU/RUSSIA

Although Germany and Poland shut down the Russian oil early this year, the EU will formally ban the Russian oil

(zerohedge)

EU Considers Formally Banning Russian Oil Flows To Germany And Poland

FRIDAY, MAY 12, 2023 – 02:40 PM

Authored by Charles Kennedy via OilPrice.com,

The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen.

The Druzhba pipeline is a key artery of oil supply from Russia to Europe. It has two branches – a northern one via Belarus to deliver oil to Belarus, Poland, Germany, Latvia, and Lithuania, and a southern one passing through Ukraine and sending oil to the Czech Republic, Slovakia, Hungary, and Croatia.

Flows through the Druzhba pipeline are currently exempted from the EU embargo on imports of Russian crude oil by sea that came into effect on December 5. The EU has exempted pipeline oil flows to landlocked EU member states from the ban.

But Germany and Poland stopped imports of Russian crude via the Druzhba pipeline early this year, despite the exemptions made for pipeline crude flows. Germany and Poland have said they would halt imports of Russian crude via the Druzhba pipeline as of January 1, 2023.

Now the EU is weighing ending the exemption for the northern branch of Druzhba to Poland and Germany, as part of the next round of sanctions against Russia over the invasion of Ukraine, according to the documents Bloomberg has seen.

The pipeline flows via the southern branch to the Czech Republic, Slovakia, Hungary, and Croatia would continue to be exempted from the EU embargo on imports of Russian oil.

The proposal for ending the derogation for Germany and Poland would be a symbolic move because Germany and Poland no longer import Russian oil.

But a formal ban will need to be endorsed by all 27 members of the European Union. Discussions in the EU on the proposal are still ongoing, and it could still change, according to Bloomberg’s sources.

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

fascinating!!

a good read..

With Bakhmut Hanging In Balance, Will Putin Order Takedown Of Wagner Boss?

FRIDAY, MAY 12, 2023 – 12:40 PM

The bizarre spat between Wagner mercenary group and the regular Russian military chain of command has continued exploding into public view, now reaching a full-blown crisis for Moscow as the fate of the Bakhmut front hangs in the balance.

Wagner chief Yevgeny Prigozhin claimed Friday that the Russian army is abandoning its positions near Bakhmut. “This is not called regrouping, this is fleeing,” he said in audio statement posted to Wagner’s social media channels.

He additionally alleged that Russian troops “simply went fleeing” from positions around the north and south of the strategic Donetsk city. “The flanks are failing. The front is collapsing,” he added.

But the defense ministry (MoD) was quick to reject the new assessment from Prigozhin, who this week has been begging for more ammunition, while threatening to pull his forces if resupplies continue to be blocked or falter. The MoD said their are units being regrouped and progress is being made.

Prigozhin retorted that “Attempts by the defense ministry in the information field to sugarcoat the situation – it’s leading and will lead to a global tragedy for Russia.” Prigozhin has previously called the generals “clowns”. Further according to statements from the Wagner chief this week:

“Those territories that were liberated with the blood and lives of our comrades … are abandoned today almost without any fight by those who are supposed to hold our flanks.”

Earlier in the week, Prigozhin marred Russia’s May 9 Victory Day celebrations with public and foul-mouthed criticisms of the country’s top military officials.

“Today they [Ukrainians] are tearing up the flanks in the Artemovsk [Bakhmut] direction, regrouping at Zaporizhzhia. And a counteroffensive is about to begin,” he said Tuesday. “Victory Day is the victory of our grandfathers. We haven’t earned that victory one millimetre.”

Without doubt Prigozhin has seen his political star rise following Wagner’s spearheading victory in places like Soledar. He’s also a personal friend (and formerly his chef) of President Putin, but many are starting to ask: how far can Prigozhin go with his blasting both military and political leadership?

At this sensitive moment where the tide of the Ukraine war hangs in the balance for the Kremlin (Bakhmut long being seen as a strategic ‘turning point’ in the east), how politically expendable is Prigozhin? How much can he get away with? He seemed to even reference Putin derogatorily as a “happy grandfather” who is ignorant of the real situation on the ground.

There are Western media reports that the Kremlin is preparing to take down or silence the Wagner chief…

The Washington-based hawkish Institute for the Study of War is posing this key question, among others:

It may seem surprising in a country where criticizing the military can potentially cost a person a spell in prison that Prigozhin gets away with strident criticism of Putin’s generals. But Putin presides over what is often described as a court system, where infighting and competition among elites is in fact encouraged to produce results, as long as the “vertical of power” remains loyal to and answers to the head of state.

But Prigozhin’s online tantrums to be crossing the line to open disloyalty, some observers say.

In a recent Twitter thread, the Washington-based think tank Institute for the Study of War said, “If the Kremlin does not respond to Prigozhin’s escalating attacks on Putin it may further erode the norm in Putin’s system in which individual actors can jockey for position and influence (and drop in and out of Putin’s favor) but cannot directly criticize Putin.”

Speculation then centers on whether Prigozhin is politically expendable, whether his outbursts are a sort of clever deception operation — or, more troublingly for Putin, whether the system of loyalty that keeps the Kremlin running smoothly is starting to break down.

Adding to the pressure on the Kremlin, Western headlines are beginning to take note that Prigozhi’s tirades are now seeming to take aim at Putin himself. One reads: “Humiliation for Vladimir Putin as boss of the Russian private military company goes into public meltdown.” How far can Prigozhin go?

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

GLOBAL ISSUES

end

Vaccine issues:

US Failure To Recognize Natural Immunity Negatively Affected Pandemic Response: NIH Scientist

THURSDAY, MAY 11, 2023 – 08:20 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The failure to recognize how post-infection immunity is similar or superior to that bestowed by vaccination led to prolonged school closures and other problems, a National Institutes of Health (NIH) scientist told Congress on May 11.

U.S. health agencies “chose to disregard natural immunity,” leading to “lost jobs, staffing shortages, children kept out of school, and wasted vaccines,” said Margery Smelkinson, a research scientist at the NIH’s National Institute of Allergy and Infectious Diseases (NIAID).

Smelkinson was one of three experts testifying to the U.S. House of Representatives Select Subcommittee on the Coronavirus Pandemic in Washington on Capitol Hill, in a hearing on immunity during the pandemic.

Smelkinson, who said she was testifying in her personal capacity, is employed by the same agency headed for decades by Dr. Anthony Fauci, who repeatedly downplayed natural immunity along with other top public health officials.

Fauci and Dr. Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention (CDC), were among the officials to meet secretly in 2021 to decide whether post-infection immunity should count as one or more vaccine doses in the recommended COVID-19 vaccination schedule, according to documents obtained by The Epoch Times. The meeting resulted in no changes to the recommendations, which advise virtually all Americans to get a vaccine even if they’ve recovered from COVID-19.

The government’s position on natural immunity meant that COVID-19 vaccine mandates across the country featured no exceptions for the naturally immune, in contrast to some other countries.

The CDC has said that there is post-infection protection but that it varies by person, that it’s unclear how long it lasts, and that recovered people should still get vaccinated.

But evidence from before the vaccines were even available signaled natural immunity was robust, and later studies provided evidence that natural immunity was similar to or even better than vaccination, Smelkinson noted.

One study in July 2020, for instance, found a strong immune response in people who had recovered from COVID-19. Another in October 2020 provided similar findings. And a paper in November 2020 found that mild infections also triggered strong responses.

As early as April 2021, research suggested protection on par with that from vaccines. A CDC study found natural immunity was better than vaccination against the Delta variant, and a more recent CDC paper provided the same conclusions for the Omicron strain. An analysis of dozens of studies found that post-infection protection was similar to or better than vaccination, depending on the strain.

Smelkinson said the government’s position resulted in staffing shortages, including in the health care sector, and “caused needless loss of life as vaccines were given to essential workers with natural immunity instead of being prioritized for the elderly.”

“Additionally, the daily quarantine of thousands of students could have been significantly reduced if districts had, at least, made exceptions for students with natural immunity. At least,” she said. “Disregarding the wealth of evidence of natural immunity led to missed opportunities to implement policies that could have been more effective and efficient in controlling the pandemic and limiting collateral damage.”

Rep. Brad Wenstrup (R-Ohio), chairman of the panel, said that the government should not have mandated vaccination for the naturally immune.

Other Experts

Dr. Marty Makary, a professor at Johns Hopkins University School of Medicine, told the panel that the stance against natural immunity adopted by Fauci and others didn’t make sense, pointing in part to Fauci saying previously that people who recovered from influenza didn’t need vaccination “because the most potent vaccination is getting infected yourself.”

16 cases, stories of high school kids injured or permanently disabled by COVID-19 mRNA technology based vaccines in 2021-2022; Makis tees up examples in his substack; we are calling on parents to

STOP, no more! STOP, no more shots & demand your doctor rule out silent myocarditis post shot in your children, teens via D-dimer, high sensitivity troponin test, EKGs, gadolinium chest MRI etc.

DR. PAUL ALEXANDERMAY 12

If the heart’s myocardium is damaged and scarred due to the shot, it is critical to not allow your teens or kids back into physical activity until myocarditis, pericarditis is ruled out. Cardiac arrest will result and this risk is real.

Two High School students who had cardiac arrest sitting at their desk (left – Justus Danielli Mar.2023 (click here), right – Maddox McCubbin Feb.2023 (click here))

Santiago, Chile – 15 year old boy Santiago Avila Rubio had a heart attack on April 14, 2022 post 2 doses of COVID-19 vaccine Sinovac, hospitalized for 13 months (click here)

Started with fatigue, difficulty breathing, at school one day he had pain in right leg, then was hospitalized on April 14, 2022 for a heart attack

“Santiago required biventricular assistance to which he was connected for 70 days. His parents witnessed Santiago die and come back to life 7 times, he had a heart transplant, and was on ECMO. He had his chest open, during these moments the doctors predicted him only six days to live, because if he did not react they would disconnect him from the machine. Thank God the child woke up and survived.”

“Among other things, he also suffered from hypertension, acute renal failure, liver failure, multiple effusions, blood clotting, dialysis, and much more.”

Atlanta, GA – 16 year old Kenna Rose Farley was diagnosed with POTS and EDS after 3x COVID-19 vaccines (Jan.2022) (click here)

In May/June 2021, Kenna received the Pfizer COVID-19 vaccines. Prior to this she was a completely healthy teenager. Within 2 months, she began having unusual cardiovascular symptoms. In January 2022, she got the Pfizer COVID-19 booster vaccine and within a few months her POTS symptoms started manifesting.

Clayton, Australia – 14 year old boy developed chest pains after 2nd Pfizer and suffered severe myocarditis with very high Troponins (Dec.2021) (click here)

Australia – 19 year old equestrian Cienna Knowles got blood clots after 2nd Pfizer jab on Oct.21, 2021 (click here)

Miramichi, NB – 17 year old Jasmine Comeau had 2nd Pfizer jab on Sep.22, 2021, immediately had injury, unable to walk, now wheelchair-bound (click here)

Vancouver, Canada – 17 year old girl almost died after 2nd Pfizer mRNA jab.

Australia – 16 year old Faith Ranson received 2nd dose of Pfizer in Aug,7 2021, 3 days later she developed severe neurological injuries, tics, is wheelchair bound (click here)

Wales, UK – 17 year old girl Maisy Evans had her 1st Pfizer mRNA jab on Aug.11, 2021, three days later developed blood clots in her lungs (click here)

Sarah Green, 16 year old girl had 2nd dose of Pfizer mRNA on May 4, 2021, and on May 23, 2021 developed neurological symptoms (click here)

Springdale, AR – 18 year old Isaiah Harris had a heart attack and myocarditis 48 hours after his 2nd dose on April 30, 2021 (click here)

Draper, UT – 17 year old Everest Romney was diagnosed with blood clots in his brain 9 days after he got Pfizer vaccine on April 21, 2021 (click here)

Henderson, NV – 18 year old Emma Burkey had 1st J&J COVID-19 one-dose vaccine on March 20, 2021. She got seizures & clotting in brain (click here)

Cincinnati, OH – 17 year old Gregory Hatton got pericarditis after COVID-19 vaccine, May 2021 (click here)

Japan – 15 year old boy developed nephrotic syndrome post Pfizer (click here)

Pfizer: 15yo POTS (click here), 15yo myocarditis (click here)

COVID Intel – by Dr.William Makis

High School kids injured or permanently disabled by COVID-19 vaccines in 2021-2022 – here are 16 stories..

Two High School students who had cardiac arrest sitting at their desk (left – Justus Danielli Mar.2023 (click here), right – Maddox McCubbin Feb.2023 (click here)) Santiago, Chile – 15 year old boy Santiago Avila Rubio had a heart attack on April 14, 2022 post 2 doses of COVID-19 vaccine Sinovac, hospitalized for 13 months …

BOOM, John Leake on the money: “New Federal Disinformation Offices Created Big Brother adds “Influence and Perception Management Office” & “Foreign Malign Influence Center” to his arsenal”

Very well written piece by John, given that the federal government is already a Leviathan of agencies for conducting propaganda, influence, and surveillance operations

DR. PAUL ALEXANDERMAY 12

By JOHN LEAKE

The Intercept recently reported the creation of two new federal offices to combat disinformation. The Pentagon will oversee the “Influence and Perception Management Office,” which is consistent with the fact that “Perception Management” is an old DoD euphemism for psychological warfare and deception. According to the investigative journalist Robert Parry, who covered the Iran-Contra Affair, the Reagan and first Bush Administrations adopted the techniques of “Perception Management” for the objective of overcoming the American public’s “Vietnam Syndrome”—that is, its reluctance to get involved in foreign military adventures that were widely perceived as fruitless and likely to end badly.

Given that the federal government is already a Leviathan of agencies for conducting propaganda, influence, and surveillance operations, one wonders why it is necessary to create new offices for these activities. The new Biden Administration offices are purportedly to keep the homeland and its people safe from dangerous foreign adversaries. More likely they will work round the clock to keep our people insulated from outside sources of information that would serve to counterbalance U.S. government and MSM propaganda.

New DoD office will manage perceptions.

Courageous Discourse™ with Dr. Peter McCullough & John Leake

New Federal Disinformation Offices Created

By JOHN LEAKE The Intercept recently reported the creation of two new federal offices to combat disinformation. The Pentagon will oversee the “Influence and Perception Management Office,” which is consistent with the fact that “Perception Management” is an old DoD euphemism for psychological warfare and deception…

In reality, none of the clinical trials showed a significant effect concerning all-cause mortality, covid mortality, or non-covid mortality.

DR. PAUL ALEXANDERMAY 11

Age-standardized mortality in Germany and Sweden (Mortality Watch)

Published: May 2023

‘Did covid vaccines really reduce all-cause mortality?

A new Danish study, published in iScience, re-analyzed the original covid vaccine clinical trials and concludes that adenovector covid vaccines (AstraZeneca and Janssen), but not mRNA vaccines (Pfizer and Moderna), may reduce non-covid mortality and all-cause mortality.

This new study has again baffled both vaccine promoters and vaccine skeptics, since adenovector vaccines had a worse safety profile and lower effectiveness than mRNA vaccines. In many countries, adenovector vaccines weren’t even approved or were quickly removed from the market.

But the new study was already debunked one year ago, when it first appeared as a preprint. The supposedly positive effect was significant in only one trial, the Janssen trial, and the effect was due to incomplete data and a miscategorization of deaths by the study authors.

In reality, none of the clinical trials showed a significant effect concerning all-cause mortality, covid mortality, or non-covid mortality. This was to be expected since none of the trials were designed and powered to measure such a mortality effect: they were only about “cases”.

From this, many vaccine skeptics concluded that covid vaccines didn’t reduce covid mortality or all-cause mortality. In reality, covid vaccines strongly reduced covid mortality (initially by a factor of 10 to 20), reduced all-cause mortality and restored life expectancy in many countries (see chart above).

Unfortunately, barely one year after the start of vaccination, the likely synthetic omicron variant showed up and greatly reduced vaccine protection. Vaccine manufacturers produced updated “bivalent omicron vaccines”, but due to immune imprinting, these were hardly more effective.

Without omicron, both covid lethality and vaccine protection would have remained much higher.

The real scandal is that covid vaccine manufacturers appear to have suppressed or excluded some serious and even deadly vaccine adverse events during their clinical trials. If these adverse events had been acknowledged, covid vaccines would have received emergency use authorizations only for high-risk groups and would likely never have received full market authorization.

This would have been the rational decision anyway, but it would have destroyed both the pre-announced global vaccine passport agenda and billions of dollars in profits for Big Pharma.

The even bigger scandal, of course, is that the novel coronavirus is a synthetic virus – engineered almost certainly in the US, not in China – that was released either accidentally or deliberately.

Study

Randomized clinical trials of COVID-19 vaccines: Do adenovirus-vector vaccines have beneficial non-specific effects? (Benn et al., iScience, 2023)’

SOURCE:

Covid Vaccines and Mortality: The Clinical Trials Review

end

END

DR PANDA

END

SLAY NEWS

The latest reports from Slay News

Public Must Reduce Standard of Living by 75% to Stop ‘Global Warming,’ Media Warns Governments must introduce measures to reduce the public’s standard of living by a staggering 75 percent, using force if necessary, globalist corporate media outlets are now warning.READ MORE

Kari Lake Uncovers Bombshell New Evidence to Support Cybersecurity Expert’s Findings in Maricopa County Kari Lake’s legal team has reportedly uncovered new evidence that is said to support a cybersecurity expert’s bombshell findings that exposed intentional misconduct in Maricopa County.READ MORE

Megyn Kelly Praises Tucker Carlson for Giving “Fox News a Dose of Its Own Medicine’Megyn Kelly has praised Tucker Carlson for sticking it to Fox News and giving the embattled “Foxweiser” a “dose of its own medicine.”READ MORE

Joe Manchin Drops Hint He May Run Against Biden for President in 2024 The rumors are swirling that Sen. Joe Manchin (D-WV) may run in 2024 as a third-party presidential candidate or upend the established order and go against President Joe Biden in the Democrat primary.READ MORE

Trump Turns Tables on CNN Host Kaitlan Collins, Pulls Out Receipts during Town Hall President Donald Trump turned the tables on Kaitlan Collins when he pulled some receipts out of his pocket to debunk the CNN host’s false claims, much to the delight of the crowd.READ MORE

Hollywood Star Charlize Theron Threatens to ‘F*ck Up’ Conservatives Who Oppose Drag Queens Shows for Kids Hollywood actress Charlize Theron threatened to f*ck up conservatives who are messing around with drag queens during a “Drag Isn’t Dangerous” telethon.READ MORE

Dan Bongino Shreds Adam Kinzinger: ‘This Coward Would Run If He Saw Me in Person’Dan Bongino humiliated Adam Kinzinger after the former Congressman tried to mock the popular conservative commentator on Twitter.READ MORE

AOC Cries Uncle After Trump Scores Huge Win At CNN Town Hall: “CNN should be ashamed of themselves”Rep. Alexandria Ocasio-Cortez (D-N.Y.) slammed CNN after former President Donald Trump scored a huge win during CNN’s town hall last night. Trump is not like any politician we have in this country and he easily got the crowd on his side and dominated the entire town hall. The Democrats and their friends in the media were fantasizing that CNN host, …READ MORE

Natalee Holloway Suspect Joran van der Sloot to Be Extradited to America to Face Justice Joran van der Sloot, the prime suspect in the 2005 disappearance of Natalee Holloway, will finally be extradited to the United States.READ MORE

CNN Crowd Cheers Loudly as Trump Dominates Kaitlan Collins: ‘You Are a Nasty Person’President Donald Trump dominated his CNN town hall with the network’s star anchor Kaitlan Collins last night.READ MORE

Anheuser-Busch’s Stock Status Downgraded by Major Bank as Bud Light Backlash Rages On The stock status of beermaker Anheuser-Busch has just been downgraded by a major bank as the company continues to buckle under widespread boycotts of its products.READ MORE

Trump Vows to Pardon Jan 6 Prisoners: ‘They’ve Persecuted These People’President Donald Trump has promised to pardon the political prisoners who were jailed over the events of Jan. 6, 2021.READ MORE

Democrat Washington Gov Signs Law to Remove Children from Parents Who Refuse Transgender Surgery Washington State’s Democrat Governor Jay Inslee has just signed a controversial bill into law that allows authorities to remove children from their parents if they refuse to consent to left-altering transgender surgeries and other radical treatments.READ MORE

EVOL NEWS

Trump Fact Checks CNN Live on Air about J6, Brings Receipts: ‘Let Me Pull It Out’READ MORE…

LATEST NEWS:

Egypt starts mediating an end to Israel-Gaza strikes, rocketsRead more…Trump on E. Jean Carroll: “Her Cat is Named Vagina, the Judge Would Not Allow Us to Put That In… I – NEVER – MET – THAT – WOMAN!” (VIDEO)Read more…Robert F. Kennedy Jr. Addresses Potential Trump-RFK TicketRead more…WATCH: Trump Calls CNN Host ‘A Nasty Person’ Right To Her FaceRead more…Judge Sentences Army Sergeant to 25 Years in Prison for Killing Armed BLM Rioter in Self-DefenseRead more…Bud Light’s Ties to World Economic Forum EmergeRead more…Matt Walsh Takes Shot at Fox News Over Coverage of Dylan MulvaneyRead more…WATCH: Crowd Erupts After Trump Says ‘Drill Baby Drill’ In Response To Question About InflationRead more…

VACCINE IMPACT

Humans are Indispensable – Why AI will Never Replace Humans

May 11, 2023 2:46 pm

Are you going to be replaced by a machine? Could a robot really be curious? Or experience love? Could a computer plot evil? Some really smart people think machines will achieve not just human but super human consciousness. Oxford professor of mathematics John Lennox and Baylor University computer engineer Robert J. Marks disagree. Non-algorithmic properties are solely attributes of humans. Computers will never show the creativity, empathy, or love that human beings do.

Twitter Rolls Out Encrypted Messaging, Don’t Trust It

May 11, 2023 3:04 pm

Twitter did it. The company met a deadline and released something on the promised date under Elon Musk’s leadership. The social media platform put out its first-ever encrypted messaging option late on Wednesday night, just under the wire. Yet in the mad dash to deliver, the site seems to have made some confusing compromises, as outlined in a Twitter blogpost. To the company’s credit, it is upfront that its first stab at encrypted DMs isn’t perfect. “When it comes to Direct Messages, the standard should be, if someone puts a gun to our heads, we still can’t access your messages,” the Wednesday blogpost reads, quoting a previous tweet from Musk. “We’re not quite there yet,” it continues. As Twitter points out in its own statement, its version of encryption doesn’t necessarily protect against “man-in-the-middle” attacks. This means a technically competent bad actor or Twitter itself could theoretically intercept messages without the knowledge of the sender.

MICHAEL EVERY

MICHAEL EVERY/RABOBANK//

end

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

Low demand has caused European natural gas prices to fall for the 6th consecutive weekly loss

Geiger/OilPrice.com

European Natural Gas Prices Are Set For A Sixth Consecutive Weekly Loss

FRIDAY, MAY 12, 2023 – 11:40 AM

By Julianne Geiger of Oilprice.com,

Low demand for natural gas has sent Europe’s benchmark gas prices towards a sixth consecutive weekly loss—the longest run of weekly losses since 2020.

The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, fell by 3.7% to $36.80 (33.80 euros) per megawatt-hour (MWh) as of 12:27 p.m. GMT on Friday.
Lower power demand amid mild spring weather in most of Europe is depressing gas prices, while comfortable inventories of gas have not yet led to any rush for filling storage sites ahead of the next winter.

As of May 10, storage sites across the EU were 62.48% full, according to data from Gas Infrastructure Europe.

Lower gas prices have started to lead to increased coal-to-gas switching, but demand is nevertheless muted with low household consumption.

Europe’s benchmark gas prices have halved since the beginning of the year and are now just one-tenth of the record of over $326 (300 euros) per MWh from August 2022.

Spot LNG prices for delivery to North Asia in June have also plunged in recent weeks and were down for a third consecutive week on Friday, amid weak demand and high inventories in key Asian importers. Prices in Asia, at $10.50 per million British thermal units (MMBtu) this week, plunged by 4.5% from the previous week, according to estimates from industry sources cited by Reuters. The spot LNG prices in Asia are now at the lowest they have been since the end of May 2021.

Despite the current lull in natural gas demand and prices in Europe and Asia, governments and industry warn that Europe should not be complacent and that the energy crisis is not over yet.

The energy crisis is not over yet, and the situation with energy supply in Europe could deteriorate later this year, one of Germany’s top utility firms, E.On, said this week.

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

PAKISTAN

Pakistan May Lose Support From IMF – Risks Debt Default As Civil Unrest Continues

THURSDAY, MAY 11, 2023 – 09:20 PM

Almost exactly a year ago we covered Pakistan’s efforts to secure economic aid through the IMF in order to defuse its growing inflationary crisis. In May 2022, Pakistan’s core inflation rate was around 13% – Today, their core inflation rate is at 19.5%. The situation keeps getting uglier.

Pakistan has sought relief from foreign debt obligations and an IMF bailout deal. Initial arrangements for a three year deal with the IMF began in 2019, but Pakistan said that deal, originally for $6 billion USD, was ‘outdated due to the pandemic’ and new global financial pressures. The nation is in ‘dire need’ of at least $36 billion in order to stay afloat. However, it appears that any chance of an agreement with the IMF is about to falter.

A spokesperson for the International Monetary Fund in an interview with Bloomberg states that they are in talks with Pakistan on a multi-billion loan program, which is going to conclude in June. But, the spokesperson also said that the IMF “wants an assurance on a coordinated mechanism for debt recovery from Pakistan” as well as an assurance on implementation of the economic policy. The IMF has reportedly rejected a recent Pakistan government claim that it has met all the conditions to reach an agreement with the global financial body to release funds.

Without IMF support Pakistan risks default in the near term, according to Moodys Investor Service.

“We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” says Grace Lim, a sovereign analyst with Moodys in Singapore. “However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF program, Pakistan could default given its very weak reserves.”

The reason for the IMF pullback is obvious – Mass civil unrest has exploded in response to the arrest of former prime minister Imran Khan on corruption charges. Pakistan’s Supreme Court has ruled that Khan’s dramatic arrest this week was illegal and has ordered his immediate release. His lawyers had argued that his detention from court premises in Islamabad on Tuesday was unlawful.

Mr. Khan stood surrounded by his lawyers in front of the three Supreme Court judges as they told him that because of the way he had been arrested on Tuesday – inside a court complex, conducting biometric tests – the arrest was invalid. This does not necessarily end the instability within Pakistan, though. Charges are still being brought against Khan and the likelihood of continued riots is high.

What does this mean?

Pakistan is a nuclear armed nation with over 165 warheads from short to medium range. The country also has ongoing border disputes with India and strong military ties to China. A destabilization of the region could lead to a much larger geopolitical crisis as well as send shockwaves through the global economy. An IMF refusal at this time could trigger chaos that reverberates through the east and the west.

end

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS

EURO VS USA DOLLAR:1.0895 DOWN 0.0017

USA/ YEN 134.84 UP 0.349 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2525 UP 0.0018

USA/CAN DOLLAR: 1.3497 UP .0001 (CDN DOLLAR DOWN 1 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 37.19 PTS OR 1.12%

Hang Seng CLOSED DOWN 116.53 PTS OR 0.59%

AUSTRALIA CLOSED UP .05% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 116.53 PTS OR 0.59 %

/SHANGHAI CLOSED DOWN 37.19 PTS OR 1.12%

AUSTRALIA BOURSE CLOSED UP 0.05%

(Nikkei (Japan) CLOSED UP 4.54 PTS OR 0.02%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2005.00

silver:$23.86

USA dollar index early FRIDAY morning: 102.01 UP 14 BASIS POINTS FROM THURSDAY’s close.

FRIDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.082% UP 5 in basis point(s) yield

JAPANESE BOND YIELD: +0.381 % DOWN 0 AND 3//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.345 UP 4 in basis points yield

ITALIAN 10 YR BOND YIELD 4.168 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.2645 UP 7 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0861 DOWN 0.0051 or 51 basis points

USA/Japan: 135,32 UP .832 OR YEN DOWN 83 basis points/

Great Britain/USA 1.2467 DOWN .0040 OR 40 BASIS POINTS //

Canadian dollar DOWN .0042 OR 42 BASIS pts to 1.3536

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(6.9576)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.9723

TURKISH LIRA: 19.62 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.381…VERY DANGEROUS

Your closing 10 yr US bond yield UP 3 in basis points from THURSDAY at 3.427% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.747 UP 0 IN BASIS POINTS

USA 2 YR BOND YIELD: 3.9684% UP 6 in basis points.

USA dollar index, 102.38 UP 51 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 FRIDAY: 12:00 PM

London: CLOSED UP 20.39 points or 0.26%

German Dax : CLOSED UP 71.39 PTS OR 0.45%

Paris CAC CLOSED UP 26.27 PTS OR 0.33%

Spain IBEX UP 51.20 PTS OR 0.56%

Italian MIB: CLOSED UP 239.21 PTS OR 0.88%

WTI Oil price 70.88 12: EST

Brent Oil: 74.61 12:00 EST

USA /RUSSIAN /// AT: 77.82/ ROUBLE DOWN 0 AND 95//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.2645 UP 5 BASIS PTS

UK 10 YR YIELD: 3.7975 UP 9 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0852 DOWN 0.0061 OR 61 BASIS POINTS

British Pound: 1.2449 DOWN .0058 or 58 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.8110% UP 7 BASIS PTS

USA dollar vs Japanese Yen: 135.71 UP 1.213 //YEN DOWN 121 BASIS PTS//

USA dollar vs Canadian dollar: 1.3553 UP .0058 CDN dollar, DOWN 58 basis pts)

West Texas intermediate oil: 70.15

Brent OIL: 74.21

USA 10 yr bond yield UP 6 BASIS pts to 3.461%

USA 30 yr bond yield UP 3 BASIS PTS to 3.777%

USA 2 YR BOND:UP 9 PTS AT 3.994%

USA dollar index: 102.51 UP 64 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.59

USA DOLLAR VS RUSSIA//// ROUBLE: 77.82 DOWN 1 AND 02/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 8.89 PTS OR 0.03%

NASDAQ 100 DOWN 49.30 PTS OR 0.37%

VOLATILITY INDEX: 17.00 UP 0.07 PTS (0.41)%

GLD: $186.81 DOWN 0.32 OR 0.17%

SLV/ $22.02 DOWN 0.18 OR 0.81%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

Dollar Soars As Debt-Ceiling Doubts Monkeyhammer Markets

FRIDAY, MAY 12, 2023 – 04:00 PM

Higher inflation expectations, weaker sentiment, regional bank crisis growing (deposit data after the bell today), and record high risks of a debt-ceiling event appeared to finally break through the sentiment shield in stocks this week as Washington does what it does best – nothing until the last second.

Despite nine Fed rate-hikes and sliding actual inflation and market expectations, UMich respondents haven’t been this worried about inflation since 2008 (the red region is Biden’s administration)…

Source: Bloomberg

US Macro Surprise Index data tumbled to its weakest in 3 months…

Source: Bloomberg

Event Risk #1 – Debt-Ceiling – is flashing bright red.

The T-Bill curve is fully bought in to Yellen’s June 1st X-Date…

Sending the debt-ceiling fear-o-meter to cycle highs…

Source: Bloomberg

And USA sovereign risk to record highs (well above any prior episode)…

Source: Bloomberg

How about event risk #2 – regional bank crisis?

Usage of The Fed’s backstop facility’s surged last week (not a good sign) and PACW admitted 10% of its deposits left the building last week smashing regional bank stocks down hard off the squeeze highs (when everything was solved, remember)…

And in context to the broad market, regional bank stocks have never been lower…

And while the broad stock market have largely ignored these growing risks until now, this week saw an awakening across asset classes as everything was sold in favor the dollar safe haven.

A late day bounce pulled Nasdaq green on the week but The Dow and Small Caps lagged along with the S&P…

0-DTE traders defended S&P 4100…

Despite the equity weakness, bonds were also sold with the short-end underperforming on the week after selling today…

Source: Bloomberg

2Y Yield pushed back up to 4.00% today…

Source: Bloomberg

The dollar soared this week – its best week in 3 months

Source: Bloomberg

Bitcoin was battered back below $26,000 for its worst week since Nov ’22…

Source: Bloomberg

Gold was down on the week with every bid punched in the face…

Oil fell for the 4th straight week with WTI briefly tagging a $69 handle…

Finally, 2023 is starting to look a lot like 2011… can they hold out til August for the X-Date hammer to hit?

For the S&P…

Source: Bloomberg

And VIX…

Source: Bloomberg

And remember, the only way the market gets what it is hoping for from an absolute probability-weighted basis (i.e. imminent cuts), is if The Fed is forced into action by something really bad happening (and by bad we mean the market has collapsed – so the dovish implications of the forward curve can’t happen unless the stock market crashes).

b) early morning trading: DEBT CEILING

Yellen: “We Have To Default On Something” If No Debt Ceiling Deal

FRIDAY, MAY 12, 2023 – 11:20 AM

Janet Yellen delivered some great news today: in an interview with Bloomberg TV, the Treasury Secretary and former Fed chair, who has been desperately fearmongering to present the most terrifying “fire and brimstone” scenario imaginable should Congress Republicans refuse to yield to Biden on debt ceiling negotiations, said that the federal government will have to renege on some payments if Congress doesn’t raise the debt limit, though no plan on how the department would proceed has yet been presented to President Joe Biden. Which, of course, is great news for the US which is already suffering under an unprecedented, unsustainable debt load, because while the US can easily prioritize debt payments, much of the massive bureaucratic and Deep State bloat in the form of 20+ million government workers would finally be relieved if only temporarily.

“If Congress fails to do that, it really impairs our credit rating. We have to default on some obligation, whether it’s Treasuries or payments to Social Security recipients,” Yellen said Friday in an interview with Bloomberg Television. “That’s something America hasn’t done since 1789. And we shouldn’t start now. So we’ve not discussed what to do.”

Yellen was pressed on whether the assumption of many market participants that the Treasury would prioritize payments of interest and principal on Treasury securities was accurate. That presumption is based on discussions between Federal Reserve and Treasury officials during the 2011 debt-limit showdown, revealed in a transcript of a Fed policymaker discussion.

“My understanding — I was at the Fed in 2011 — is that this plan was never presented to the president and never approved,” said Yellen, who was vice chair of the Fed at that time.

As TD’s Priya Misra wrote earlier this week, historically the Treasury has openly rejected the idea of payment prioritization as operationally impossible. Although this idea resurfaced during each recent debt ceiling crisis thus far, both Treasury Secretaries Lew and Mnuchin rejected the idea of prioritization. Yellen also rejected the idea that prioritizing payments as a viable solution.

This means that Treasury will either make all coupon and principal payments or if they do not have sufficient cash to make all payments, they will make none, and according to Misra, “there will be no situation in which Treasury will make some payments but not others. We believe that payment prioritization would offer the market little respite as the act of not paying even some obligations could send markets into a tailspin.”

Asked whether she would now present that plan to prioritize Treasuries to the president, Yellen said, “we are working full time to work with Congress to raise the debt ceiling. That’s where our focus is.” Of course, if and when the market panic finally strikes, Yellen’s priority to prioritize payments will quickly shift.

“We’ve not discussed what to do, if that doesn’t occur, with the president — our focus is on getting it done,” she said in the interview on the sidelines of a Group of Seven gathering of finance officials in Niigata, Japan.

Meanwhile, adding to the stress, late on Thursday the White House announced that a debt ceiling negotiating session scheduled for today had been postponed because as Punchbowl reported “the two sides haven’t narrowed down the policies they might want to include in a debt-limit or spending-cut package.” Biden and congressional leaders are planning to resume discussions on the debt ceiling next week, but while the equity market is largely ignoring all the latest developments, the bond market is clearly starting to freak out.

Biden and congressional Republicans have been locked in disagreement for weeks over raising the US federal government’s $31.4 trillion borrowing limit. GOP leaders have demanded promises of future spending cuts before they approve a higher ceiling. Biden has insisted on a “clean” increase, with budget talks kept separate, but the ball is in Biden’s court as Republicans have already passed a debt ceiling extension however one which also incorporates spending cuts, so the upcoming blame game will be quite exciting. This is how Rabobank summarized the current state of play:

With the adoption of Limit, Save, Grow Act by the House of Representatives, and Biden’s demand for a “clean” raise of the debt limit, a game of chicken has started between Republicans and Democrats. Both parties want to avoid a government default, which would cause significant damage to the financial markets and the economy. Consequently, the so-called X-date, when the extraordinary measures are exhausted, is the deadline for the game of chicken. In the time before the deadline, we are not likely to see any party blink, unless a financial market panic breaks out. Once the deadline passes, neither party has an interest in keeping the US in default. By this time, financial markets will definitely be in turmoil.

It could be argued, especially by Democrats, that as the Republicans are the party attaching conditions to the debt limit increase necessary to avert or end the default, they are likely to bear most of the pressure to concede. This argument frames the current game as a repeat of 2011 and 2013. However, the crucial difference is that the Limit, Save, Grow Act is actually a bill to raise the debt ceiling! So it is misleading to claim that “House Republicans are holding our economy hostage and threatening default” as the White House press secretary did on April 27. In fact, it could be argued, in particular by Republicans, that the Democrats are the obstacle to a raise in the debt ceiling. After all, if the Senate – where Democrats are needed to get the 60 necessary votes – adopts this bill and President Biden signs it into law, the debt ceiling is lifted. The truth is that after the difficult process to confirm McCarthy as the new House Speaker in January, the Democrats hoped that the House Republicans would not be able to agree on what they wanted in exchange for a raise in the debt limit. That would have strengthened the Democrats’ demand for a clean raise, i.e. without conditions. Now, it seems reasonable to start negotiations about spending cuts attached to the raise in the debt ceiling. However, a game of chicken with financial market turmoil as leverage is more likely to unfold. In the end, i.e. close to the X-date, the game of chicken is likely to be resolved under pressure from financial markets. So how are markets reacting to the developments regarding the debt ceiling so far?

And speaking of the coming financial panic, the Treasury chief said she hadn’t spoken with banking executives about the debt limit “within the last few weeks,” but did so when she first advised Congress in January of the potential for the Treasury to exhaust its special accounting maneuvers to avoid running out of sufficient cash as soon as early June. Yellen said she had, however, spoken with business leaders from different sectors of the economy more recently, and plans to meet with senior bankers next week.

“Wall Street executives and American businesspeople have always spoken out about their concerns about the debt ceiling,” Yellen said. “We want to hear voices of people who will be affected by this.”

Also in advance of the coming panic, JPMorgan has set up a “war room” looking at contingencies if the US debt limit isn’t increased in time, Jamie Dimon told Bloomberg TV interview Thursday.

The Treasury chief also reiterated her warning that a default would be “an economic and financial catastrophe.” Yellen added that it was still unclear exactly when the Treasury would run out of funds. She told Congress earlier this month the Treasury could run out of available cash as soon as June 1.

“I will update Congress as we have available information,” Yellen said Friday. “As we get closer I may be able to provide more refined guidance.”

end

II) USA DATA/

Fed H.4.1. report. This data is released every Thursday evening at 4;30 pm

Here it is and for the bulls it is not good: money market inflows huge (flowing out of deposits at the banks)

Fed Emergency Bank Loans Soared As Money Market Inflows Continue To Surge

THURSDAY, MAY 11, 2023 – 04:40 PM

After last week’s massive non-seasonally-adjusted deposit outflows (and shrinking Fed balance sheet), all eyes will be back on The Fed’s H.4.1. report this evening for signs that the regional banking crisis is accelerating even further (as PacWest’s statement and regional bank shares suggest).

The answer is not a good sign for the bulls as Money Market Funds saw $18.3 billion of INFLOWS, pushing the aggregate to a record high of $5.328 trillion. That is almost $120 billion of inflows in the last three weeks...

Source: Bloomberg

Retail funds saw over $12 billion in inflows while institutional was just $6 billion…

Source: Bloomberg

This surge in money market fund inflows strongly suggests tomorrow’s H8 deposit report will show the bank run is accelerating…

Source: Bloomberg

However, the most anticipated financial update of the week – the infamous H.4.1. showed the world’s most important balance sheet shrank for the 7th straight week last week, but only by a tiny $977 million, notably more than last week’s tumble (helped by a $43bn QT)…

Source: Bloomberg

The Total Securities held outright on The Fed balance sheet actually increased (so much for QT) by $461 million…

Source: Bloomberg

The total size of the Fed’s backstopping facilities remained extremely high at around $305.4 billion…

Source: Bloomberg

But, more problematically, the demand for the Bank Term Funding Program surged by $8 billion to $83.1 billion – a new high…

Source: Bloomberg

The drop in the discount window usage corresponds to the rise in the ‘Other Credit Extensions’ which looks like the loan to backstop the FRC deal.

Away from the FDIC loans, The Fed has a total of $92.4 billion of loans outstanding to financial institutions through two backstop lending facilities in the week through May 10, dramatically higher than the $81.1 billion the previous week.

Tomorrow we get the big one – more answers after the bell when The Fed releases its H8 report on bank deposit flows and whether the seasonal-adjustments are total bullshit or not.

END

USA import and export prices signal a massive deflationary impluse

(zerohedge)

US Import & Export Prices Signal Massive Deflationary Impulse

FRIDAY, MAY 12, 2023 – 08:48 AM

US Import and Export price inflation utterly collapsed in April down 4.8% YoY and 5.9% YoY respectively…

Source: Bloomberg

A massive deflationary impulse is evidently heading into US inflation data.

Under the hood it was more mixed on a MoM basis:

Import prices ex-petroleum fell 0.1% m/m after falling 0.6% in March
Import prices ex-fuels unchanged m/m after falling 0.5% in March
Industrial supplies prices rose 1.5% after falling 2.4% in March
Capital goods prices fell 0.1% m/m after falling 0.1% in March
Auto prices unchanged m/m after falling 0.2% in March
Consumer goods prices rose 0.2% m/m after falling 0.3% in March

Some continue to point to the China reopening and resurgence in the credit impulse as being the driver of a resurgence in inflation…

Source: Bloomberg

However, back to reality, China’s most recent credit data was a shitshow and is not reflected in the Bloomberg credit impulse data (which is delayed).

Aggregate financing, a broad measure of credit, reached 1.22 trillion yuan ($176 billion) in April, the People’s Bank of China said Thursday. That was lower than the median estimate of 2 trillion yuan in a Bloomberg survey of economists and compares with 933 billion yuan in the same month a year ago
Financial institutions offered 718.8 billion yuan worth of new loans in the month, far below economists forecasts of 1.4 trillion yuan

In other words, hope for the impact of China’s reopening-sponsoring credit impulse are fading fast…

Biden delays debt ceiling debate and that causes bonds to fall. Also the treasury is burning cash like no tomorrow and we may get to point zero as per the debt ceiling fiasco day.

END

Conversation

zerohedge

@zerohedge

Bond Turmoil As Biden Delays Debt Ceiling Meeting, Treasury Cash Burn Accelerates

zerohedge.com

Bond Turmoil As Biden Delays Debt Ceiling Meeting, Treasury Cash Burn Accelerates

The White House said it has postponed a meeting on debt ceiling negotiations

END

Consumer sentiment sours in May on renewed worries about the U.S. economy, debt ceiling

May 12, 2023 at 10:17 a.m. ET

MarketWatchUniversity of Michigan consumer confidence index falls to 57.7 from 63.5 in AprilThe numbers: The University of Michigan’s gauge of consumer sentiment fell to a preliminary May reading of 57.7 from an April reading of 63.5. That is the lowest level since November last year.Economists polled by the Wall Street Journal had expected a May reading of 63.Americans view on near-term inflation moderated slightly in May. They now expect the inflation rate in the next year to average about 4.5%. Inflation expectations had surged to 4.6% in April from 3.6 in March.Inflation expectations over the next five years rose to 3.2% from 3% in April. That’s the highest reading since 2011.Key details: A gauge that measures what consumers think about their financial situation — and the current health of the economy — fell to 64.5 from 68.2 in April.Another measure that asks about expectations for the next six months moved down to 53.4 in May from 60.5 in the prior month.Big picture: Consumer spending is the engine of the economy. If households grow concerned about the outlook and pull back, it could push the economy into recession.And Federal Reserve officials won’t be pleased to see expectations of inflation over the long-term increase. They view expectations as a key source of future inflation pressure.What UMich said: “Consumers’ worries about the economy escalated in May alongside the proliferation of negative news about the economy, including the debt crisis standoff,” the press release said.

between Biden and GOP leaders that was scheduled for Friday to allow staff-

III) USA ECONOMIC STORIES

CHICAGO

Citizens of Chicago throw a fit over new migrants (who wouldn’t). Now Democratic cities are clashing with the Biden administration over finances

(zerohedge)

Chicago Residents Throw Fit Over New Migrants As Dem Cities Clash With Biden Admin Over Finances

THURSDAY, MAY 11, 2023 – 10:00 PM

Much like New York and DC, Chicago residents our in an uproar over the arrival of thousands of migrants arrive in their city after being bused north from Texas, a surge which is expected to accelerate as a pandemic-era measure, Title 42, is set to expire at 11:59 p.m. on Thursday.

According to city officials, there has been a 10-fold increase in migrant arrivals – putting a strain on Chicago’s financial resources, and leading concerned residents of the Democratic stronghold to voice their opposition at during a Thursday evening meeting with city leaders in South Shore.

“All of a sudden we have deep pockets for people who don’t pay taxes,” said one attendee. “I understand helping people, but you start with your own home.”

“I think it would be fair for every homeless immigrant that you bring in, that you scoop up a homeless here,” said another attendee, ABC7 Chicago reports.

A plan is also in place to move some of them into Park District fieldhouses, like one at Brands Park in the 3200-block of North Elston Avenue.

The problem is that the families that use fieldhouse services, like for daycare and summer programs, were not informed.

And what’s the first stop for new arrivals? Police stations and school buildings.

“The staff here was given virtually no notice. They were told at like 1 o’clock to clear your stuff, we are sending migrants to your facility,” said one pissed off parent, Michael Busking.

Chicago Mayor Lori Lightfoot has taken the emergency measures to respond to a “surge of new arrivals since last month.”

Trouble all around

As Bloomberg notes, while El Paso, Texas has declared a state of emergency to open temporary shelters as hundreds of migrants sleep on the sidewalks, New York Mayor Eric Adams has slammed the Biden administration amid the arrival of migrants to the Big Apple – “putting pressure on his city’s already-strained budget.”

The New York mayor has urged the administration to better coordinate response efforts and speed up federal financial assistance and work permissions for migrants. He’s said the city is receiving around 500 migrants per day from border states, and his office expects those numbers could double with the end of Title 42.

Adams was not included on a list of Biden campaign surrogates released Wednesday, even though the Washington Post reported in March he would be included. The omission was reported earlier by Politico. -Bloomberg

According to the report, the tensions with fellow Democrats come at a difficult time for President Biden, as he embarks on his reelection campaign.

“The Biden administration had two years to prepare for this and did not do so. And our state is going to bear the brunt,” said Dem-turned-independent Arizona Senator Kyrsten Sinema.

Late Wednesday, the Biden administration attempted to turn the tide with a set of new rules that would quickly reject asylum claims for most people crossing the border who hadn’t previously applied for asylum in another country first. What’s more, nearly 1,500 military personnel are being sent to the Southwest border to help local authorities deal with an expected influx of migrants.

The Department of Homeland Security, meanwhile, says it will award $290 million to communities taking in migrants, on top of $135 million already allotted, Bloomberg reports.

On Wednesday afternoon, DHS Secretary Alejandro Mayorkas said that the administration has been hamstrung by “outdated” and “broken” immigration laws (and totally not the open-door invitation virtually extended to migrants since Biden took office).

“I cannot overstate how much of a challenge it is going to be and how we all have to deal with it as one administration and one country. Fundamentally, we need Congress to act,” Mayorkas said on Thursday, effectively blaming Congress.

[A] fresh wave of migrants at the southern border could also renew pressure on small towns in the region. Arizona Governor Katie Hobbs this week announced her own “preparedness plan” to help shelter and transport migrants. -Bloomberg

“Without much more robust action from the federal government, the current situation will only get worse,” said Hobbs. “As of today, we have not received an adequate response.”

end

Congress leaves town with no debt deal

(zerohedge)

Congress Leaves Town With No Debt Deal As Biden, McCarthy Postpone Meeting

FRIDAY, MAY 12, 2023 – 10:40 AM

Congress left the Capitol this week with no deal on averting a catastrophic debt ceiling default that may be as close as three weeks away.

According to NBC News, a meeting scheduled for Friday between President Joe Biden and House Speaker Kevin McCarthy (R-CA) was postponed until next week while top aides hash continue to negotiate in the hopes of making more headway before the principal negotiators are brought in.

For weeks, the negotiations have boiled down to Democrats insisting that Republicans agree to a ‘clean’ (blank check) debt ceiling increase with no conditions, while Republicans demand that Democrats make spending compromises which would pair a debt limit increase with a budget agreement.

With the debt limit having been raised, avoiding economic catastrophe, the GOP could claim Democrats backed down from the no-negotiations posture and Democrats could claim some wins in the budget talks and focus on those.

A potential bipartisan deal would “take the budget negotiations and kind of blend it in with the raising of the debt ceiling,” said Sen. Lindsey Graham, R-S.C., a member of the Budget Committee tasked with selecting topline spending figures for the government annually and of the Appropriations Committee, which doles out that funding. “We’ve eventually got to fund the government” in September, he noted. –NBC News

“Maybe they can agree on some top lines that would show some fiscal restraint and raise the debt ceiling, but we’ll get there,” said Graham.

Rep. Garret Graves (R-LA) outlined four policy areas where Republicans and Democrats may be able to strike a deal;

Recapturing unspent Covid relief funds
Overhauling the permitting process for infrastructure and energy projects
Establishing spending caps for upcoming government funding bills
Expanding work requirements for those receiving federal aid

“I think there’s a pretty good opportunity there,” said Graves, a top ally of McCarthy.

Rep. Dusty Johnson (R-SC) thinks the four areas are the “lowest hanging fruit” that could see bipartisan consensus.

“The White House has said that all of these Republican asks are nonstarters. They will say they won’t accept anything. We know they will,” said Johnson, who chairs the GOP Main Street Caucus.

“I’ll take it anywhere I can get it. We’re working to get it,” said Sen. Joe Manchin (D-WV). “This should be a bipartisan permitting reform bill.”

Democrats have seized on Wednesday night comments made by former President Trump, who told CNN‘s Kaitlan Collins during a town hall: “I say to the Republicans out there – congressmen, senators – if they don’t give you massive cuts, you’re going to have to do a default.”

According to Trump, while he doesn’t think a default is likely, “it’s better than what we’re doing right now because we’re spending money like drunken sailors,” adding that the effects of a default might not be as disastrous as everyone expects, suggesting “it’s really psychological more than anything else,” and adding “maybe it’s, you have a bad week or a bad day.”

“It was dangerous and irresponsible that former President Trump last night said, casually, ‘Eh, just go ahead and default.’” said Sen. Chris Coons (D-DE) in a statement to NBC News.

Pressed about Trump’s comments encouraging default, McCarthy quickly pivoted Thursday to attacking Biden and repeatedly made the case that House Republicans are the only ones in Washington who have passed legislation to raise the debt ceiling. The McCarthy package would raise the federal borrowing limit by $1.5 trillion or through March, whichever comes first, but it would roll back key pieces of Biden’s agenda. -NBC News

“I’ve watched President Biden not want a deal and want default,” McCarthy told reporters on Thursday – attacking Democrats over the impasse, saying that House Republicans are “the only ones who’ve raised the debt limit.”

According to the Treasury Department, the country will default on its debt as soon as June 1 unless the borrowing limit is raised.

USA COVID//

END

SWAMP STORIES

Daniel Penny a 24 year old former marine who came to the rescue of many on the subway but performed a chokehold on a homeless man named Neely will be charged by Manhattan Bragg. It this not self defense?

(zerohedge)

Manhattan DA Bragg Strikes Again: Charges Marine Over Subway Chokehold Death

THURSDAY, MAY 11, 2023 – 10:22 PM

Daniel Penny, a 24-year-old former Marine, will be charged for the death of 30-year-old homeless man Jordan Neely.

“We can confirm that Daniel Penny will be arrested on a charge of manslaughter in the second degree. We cannot provide any additional information until he has been arraigned in Manhattan Criminal Court, which we expect to take place tomorrow,” a spokesperson for Manhattan DA Alvin Bragg told Politico.

As a brief reminder, in case you only watch NBC or CNN or have been hiding under a rock; on May 1, at the Broadway-Lafayette station, witnesses reported that Jordan Neely was acting aggressively toward other passengers on a train.

Neely allegedly screamed “in an aggressive manner” and told passengers he does not care if he goes to jail, before allegedly taking off his jacket and throwing it on the ground.

Multiple witnesses came forward to state that Neely had made repeated attempts to push people onto subway tracks.

Penny allegedly held Neely in a 15-minute chokehold on May 1 to protect himself and other passengers from Neely (along with two other individuals who attempted to restrain the deranged passenger).

Neely is a career criminal with over 40 prior arrests for various offenses, including drug-related charges, disorderly conduct, and fare evasion.

At the time of his death, Neely had an outstanding warrant for assaulting a 67-year-old woman.

The Marine was then taken into custody, questioned by detectives and released, according to ABC News.

NBC4 New York reports that Penny’s attorneys have said previously there was no way he “could have foreseen” that his bid to subdue an alleged perceived threat would turn deadly.

“Mr. Neely had a documented history of violent and erratic behavior, the apparent result of ongoing and untreated mental illness,” said the statement from law firm of Raiser and Kenniff.

“When Mr. Neely began aggressively threatening Daniel Penny and the other passengers, Daniel, with the help of others, acted to protect themselves, until help arrived. Daniel never intended to harm Mr. Neely and could not have foreseen his untimely death.”

Neely’s family says that amounts to a confession.

After word of the impending charge came out, Penny’s attorneys released a statement saying their client “stepped in to protect himself and his fellow New Yorkers” even though “his well-being was not assured.”

“He risked his own life and safety, for the good of his fellow passengers. The unfortunate result was the unintended and unforeseen death of Mr. Neely,” the statement from Steven Raiser read.

“We are confident that once all the facts and circumstances surrounding this tragic incident are brought to bear, Mr. Penny will be fully absolved of any wrongdoing.”

Finally, we ask – Who could have seen that coming?

Well, pretty much everyone after violent protests started erupting across New York City.

The politicization of the justice system (or rather the inevitable denouement to the mob’s rule) is being increasingly exposed to the daylight at so many levels… and yet nothing changes.

As Matt Margolis poignantly notes, under Bragg’s leadership, the Manhattan District Attorney’s office routinely downgrades felonies to misdemeanors. Yet sometimes, his decisions to pursue charges have seemingly been influenced by social or political factors. Earlier this year, Bragg also sought murder charges against Moussa Diarra, a parking garage attendant in Manhattan who had shot a thief in an act of self-defense. However, in response to public outrage, Bragg later decided not to pursue charges against Diarra.

It is expected that Penny will turn himself in on Friday to face criminal charges.

END

Senator Johnson has evidence that Hunter Biden paid sex trafficked prostitutes

(zerohedge)

Senator Ron Johnson: ‘We Have Evidence Hunter Biden Paid Sex-Trafficked Prostitutes And The Media Isn’t Even Looking Into It’

THURSDAY, MAY 11, 2023 – 07:40 PM

Authored by Steve Watson via Summit News,

During a Tuesday interview, Senator Ron Johnson asserted that Congressional Republicans have unequivocal proof that Hunter Biden paid tens of thousands of dollars to an international sex trafficking ring for prostitutes with money given to him by his father.

“Senator Grassley and I, in our September 2020 report, laid out as much evidence as anybody would need to lay out that the Biden family is corrupt,” Johnson told Fox News, adding that it was well known “that President Biden would be highly compromised, but the corrupt media ignored it and censored it.”

Johnson continued, “One thing we don’t talk enough about. I know President Biden is so proud of his son. We have the evidence that Hunter Biden paid for — paid tens of thousands of dollars for prostitutes that were sex trafficked through an international sex trafficking ring. Yes, ick.”

“And President Biden during a four or five month period offered to pay for $100,000 of Hunter Biden’s bills when he was spending tens of thousands of dollars on these women who are sex trafficked,” the Senator further asserted.

“Now, that is at a minimum morally reprehensible and wrong. And the president is defending that and the media isn’t even looking into it?” an exasperated Johnson urged.

“It is grotesque but the media doesn’t concentrate on it. We had that in our report. We had the financial transactions proving it. James Comer does the same thing. But it is so icky and reprehensible that people don’t want to talk about it,” Johnson emphasised.

“It is galling to hear the president talk about how proud he is of Hunter. He enables this. He enables it by propping up his son both in term of those types of words as well as financially. It is really pretty sick,” the Senator concluded.

Watch: https://twitter.com/SenRonJohnson/status/1656002643007877120?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1656004837824241664%7Ctwgr%5E1ba5ce2886a77d952591794d037e3f02f6257cb0%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fsenator-ron-johnson-we-have-evidence-hunter-biden-paid-sex-trafficked-prostitutes-and

In a further interview on Fox Business, Johnson predicted the media will continue to ignore the overwhelming evidence of shady criminal dealings with foreign nationals.

In an interview with The Washington Examiner, Johnson said that he fears the Department of Justice will allow Hunter Biden to engage in a plea agreement and have his case records sealed.

“The Justice Department will do whatever it can get away with doing in terms of covering up for Hunter Biden or minimizing any charges,” the Wisconsin senator said, adding “I’ve been concerned about this, almost predicting it, for quite some time.”

“Part of that plea agreement would be a seal of all records so that the American public will never know the full extent of what Hunter Biden and possibly Joe Biden did,” Johnson added.

On Wednesday, during a press conference by House GOP lawmakers, Judiciary Chairman Jim Jordan announced that GOP lawmakers have reviewed 170 suspicious activity reports linked to the Biden Family’s dealings.

Republicans revealed that they believe the Biden family attempted to conceal more than $10 Million in foreign payments, and that “Biden family members and business associates created a web of over 20 companies—most were limited liability companies formed during Joe Biden’s vice presidency.”

Biden Family Tried To Hide Over $10 Million In Foreign Payments: House GOP

* * *

END

What a riot: Mayor Adams booted from Biden’s reelection team after his immigration criticism

(zerohedge)

NY Mayor Adams Booted From Biden Surrogate Squad After Immigration Criticism

THURSDAY, MAY 11, 2023 – 11:20 PM

After dishing out pointed criticism of the White House’s handling of the immigration crisis, New York City Mayor Eric Adams has been given the heave-ho from Team Biden 2024, as he’s been dropped from the campaign’s list of official media and event surrogates.

Overwhelmed by the number of migrants pouring into the city, Adams recently said New York City “is being destroyed by the migrant crisis.”

He also singled out Biden as having “failed” the city. In a subsequent scolding crafted to achieve bipartisan balance, Adams said, “It is the irresponsibility of the Republican Party in Washington for refusing to do real immigration reform, and it’s the irresponsibility of the White House for not addressing this problem.“

In March, Adams appeared on a list of more than 20 Democrats tapped to serve on a Biden campaign national advisory board. When the campaign posted an updated list on Wednesday, the roster had grown to 50 — but Adams had vanished.

“The message is: Don’t criticize an incumbent Democratic president and don’t criticize the first black female vice president,” Democratic political consultant Hank Sheinkopf told the New York Post. “Any criticism from a Democrat heading into re-election is seen as a betrayal.”

On Wednesday, the Biden campaign posted a YouTube video featuring many of its updated roster of surrogates. As we draft this article, it’s only managed to rack up 13 likes. That rock-bottom enthusiasm is consistent with the latest ABC/Washington Post poll showing only 36% of Democrats want Biden nominated again.

The Biden campaign isn’t commenting on the Adams disappearance. However, a Democratic aide to another member of the surrogate team told Politico that Adams’ departure was “almost certainly” due to his immigration criticism: “[He] made somewhere between in-artful to stupid comments that were kind of out of bounds.”

“As the mayor has previously stated, he stands ready to help the president with reelection however he can,” said an Adams spokesman.

As his bridges to Biden smolder, Adams isn’t winning friends in the New York suburbs either. Leaders of Rockland and Orange counties are fuming after the Adams administration tried an under-the-radar, Friday news-drop of a scheme to store the city’s excess migrants in hotels in the two Hudson Valley suburban counties. Both jurisdictions have declared states of emergency as they maneuver to block New York City from exporting its problems.

Speaking bluntly in an interview with Politico, Republican Orange County Executive Steven Neuhaus, said, “I think we’re going to have a standoff in the next 24 to 48 hours because I just got word that the city said, ‘screw Rockland and Orange, we’re sending these people up’.”

END

USA invaded:

(Watson/SummitNews)

Watch: Cruz Slams Border Chaos As “Nothing Less Than An Invasion”

FRIDAY, MAY 12, 2023 – 08:57 AM

Authored by Steve Watson via Summit News,

Texas Senator Ted Cruz charged Thursday that the Biden administration is deliberately collapsing the Southern U.S. border and deliberately allowing an invasion to unfold.

Speaking to the media from the border, Cruz stated “We are witnessing an absolute travesty unfolding on our southern border,” adding “I am angry because this is deliberate!”

“This is a decision that was made by President Joe Biden and Kamala Harris and Congressional Democrats to open up the border to what is nothing less than an invasion,” Cruz bellowed.

The Senator continued, “Ask yourself, Why is President Biden not here? Why is Kamala Harris not here? Why is Elizabeth Warren not here? Why is AOC? She still owns the white pantsuit. Why is she not here with her head buried in her hands? Because they don’t give a damn about the dead bodies.”

“We’re witnessing modern day slavery,” Cruz said, adding “And maddeningly … the Biden administration has decided they want more.”

Watch:

Cruz further noted “On Monday, we apprehended over 10,000 people on the border, the highest level in history. On Tuesday, we apprehended over 10,000 people on the border, again, the highest level in history. There are, right now where we’re standing, more than 22,000 people camped just south of the border, getting ready to come across just in this location. In less than a month, we’ve had over 35,000 Venezuelans cross illegally, just right here.”

The Senator continued, “Title 42 is expiring today. And you know what happens tomorrow, those numbers go up. This is an invasion and they want the numbers to go up. Let me say to the men and women from the Border Patrol who are heroes. They are extraordinary heroes. And we’re down here to tell them thank you, to tell them we love you, to tell them we got your back even as your political superiors are making it impossible for you to do your job.”

“The Biden administration is really proud now that they have apps on their phone, that when someone crosses illegally, they can fill out an application in two minutes. This is the Amazon version of illegal immigration!” Cruz added.

“They’re gonna make it fast and deliver them anywhere in the country. We’ve seen six and a half million people cross illegally since Joe Biden became president and the administration wants six and a half million to be 10 million, to be 12 million, to be 15 million, to be 20 million,” Cruz asserted.

“And the body bags that pile up, they can’t be bothered to worry about. I’ll tell you, the great state of Texas is on the front lines, the volume is overwhelming! It’s gotta stop!” Cruz urged.

Just hours before Title 42 public health order ended, a federal judge blocked the Biden administration from implementing a catch and release policy that allows for illegal immigrants to be set free without court dates.

Judge T. Kent Wetherell II imposed a two-week restraining order on the Biden administration policy, noting “DHS is enjoined from implementing or enforcing the parole policy contained in the May 10, 2023, Memorandum from US Border Patrol Chief Raul Ortiz, titled ‘Policy on Parole with Conditions in Limited Circumstances Prior to Issuance of a Charging Document (Parole with Conditions).’”

The judge added “This TRO will take effect at 11:59 p.m. Eastern time to correspond with the expiration of the Title 42 Order and to give Defendants an opportunity to seek an emergency stay from a higher court.”

Wetherell further stated “It is inconceivable that [the Biden administration] waited until yesterday to formulate this policy, particularly since they have known for quite some time that the Title 42 Order was going to expire tonight.”

The move comes following a lawsuit from Florida’s Attorney General Ashley Moody.

Meanwhile, footage has emerged of migrants receiving handout packets from the Department of Homeland Security containing court dates in 2026 and 2027.

That’s up to four years from now.

Incredible.

While migrant groups continue to steadily attempt to cross, Fox News reporter on the scene Bill Melugin says that the surge of thousands more has not yet begun.

END

Court Blocks Biden Admin Policy Of Releasing Illegal Immigrants Into US Without Court Dates, As Title 42 Expires

FRIDAY, MAY 12, 2023 – 03:20 PM

Authored by Caden Pearson via The Epoch Times (emphasis ours),

A federal judge in Florida has issued a two-week restraining order on the Biden administration’s policy of releasing illegal immigrants into the United States without court dates, just hours before Title 42 was due to expire.

Judge T. Kent Wetherell II, an appointee of former President Donald Trump, issued a temporary restraining order on Thursday night against the Biden administration’s new parole policy that would have replaced Title 42, the measure that allowed for the immediate expulsion of illegal border crossers to Mexico during the COVID-19 pandemic.

The temporary restraining order comes into place from 11:59 p.m. on Thursday, May 11, according to court filings (pdf).

Florida Attorney General Ashley Moody, who sued the Biden administration over the policy, announced the ruling on Twitter late Thursday.

“We took swift action to protect the American people from [President Joe Biden’s] unlawful plan to release thousands of illegal immigrants when Title 42 lifts in an hour. I am grateful for the quick decision by the federal judge,” Moody wrote.

Moody argued the new policy is “materially identical” to a similar program, known as Parole plus Alternative to Detention (Parole + ATD), which was deemed unlawful by a Florida court in March.

The judge agreed, writing in his ruling the policy was “materially indistinguishable” from Parole + ATD, “both in its purpose” to reduce overcrowding at detention facilities and “manner of operation.”

Biden Admin Policy

Under the new policy outlined in a Department of Homeland Security memo, apprehended illegal immigrants could be released into the United States after processing without receiving an alien registration number or a court date.

The memo outlining the policy states that Secretary Alejandro Mayorkas has the authority to “parole certain noncitizens into the United States” temporarily “on a case-by-case basis for urgent humanitarian reasons or significant public benefit.”

The new policy was set to replace the Title 42 public health order, as it expires at midnight, to allow for the release of illegal border crossers under “parole with conditions.”

“The policy does not contemplate that the alien would be taken into custody at the [Immigration and Customs Enforcement] facility and, as was the case with the Parole+ATD policy, aliens released under the challenged policy would not have an immigration ‘case’ that can ‘continue to be dealt with’ after the purposes of the parole have been served,” Wetherell wrote in his ruling that was issued just hours before Title 42 was set to expire, and as thousands of migrants wait on the Mexico side of the border.

The Biden administration argued that the new policy is a response to “a moment of crisis at the border,” and that blocking the DHS’s parole authority “on the eve of the crisis” could “cause chaos and undermine the security of the border and the safety of border officials.”

However, Wetherall said this “rhetoric rings hollow” because “this problem is largely one of [the Biden administration’s] own making through the adoption and implementation of policies that have encouraged the so-called ‘irregular migration’ that has become fairly regular over the past 2 years.”

‘The Border Is Not Open’: Mayorkas

At midnight on Thursday, as Title 42 expired, Mayorkas issued a video statement saying that migrants who arrive at the border without using “a lawful pathway” won’t be eligible for asylum and will face “tougher consequences.”

“We are ready to humanely process and remove people without a legal basis to remain in the U.S.,” Mayorkas said in the video. “Do not believe the lies of smugglers. People who do not use available legal pathways to enter the U.S. now face tougher consequences including a minimum five-year ban on reentry and potential criminal prosecution.”

Fed’s Waller Drops Bombshell: ‘Climate Change Risks Not Material To US’

FRIDAY, MAY 12, 2023 – 06:55 AM

This will not go down well with the climate alarmists and ESG grifters…

No lesser mortal than Fed Governor Christopher Waller has dared to proclaim that climate change does not pose such “significantly unique or material” financial stability risks that the Federal Reserve should treat it separately in its supervision of the financial system.

“Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States,” Waller said in remarks prepared for delivery to an economic conference in Spain.

“Risks are risks … My job is to make sure that the financial system is resilient to a range of risks. And I believe risks posed by climate change are not sufficiently unique or material to merit special treatment.“

His comments echo Chair Powell’s more conservative attitude towards The Fed’s responsibility for climate issues than its counterparts in Europe, who previously said that the U.S. central bank was not a climate policymaker and would not steer capital or investment away from the fossil fuel industry, for example.

So presumably this means The Fed does not believe the world will end within a decade in a devastating flood and fireball?

Read Waller’s full (carefully and diplomatically worded) statement below: (emphasis ours)

Climate change is real, but I do not believe it poses a serious risk to the safety and soundness of large banks or the financial stability of the United States. Risks are risks. There is no need for us to focus on one set of risks in a way that crowds out our focus on others. My job is to make sure that the financial system is resilient to a range of risks. And I believe risks posed by climate change are not sufficiently unique or material to merit special treatment relative to others. Nevertheless, I think it’s important to continue doing high-quality academic research regarding the role that climate plays in economic outcomes, such as the work presented at today’s conference.

In what follows, I want to be careful not to conflate my views on climate change itself with my views on how we should deal with financial risks associated with climate change. I believe the scientific community has rigorously established that our climate is changing. But my role is not to be a climate policymaker. Consistent with the Fed’s mandates, I must focus on financial risks, and the questions I’m exploring today are about whether the financial risks associated with climate change are different enough from other financial stability risks to merit special treatment. But before getting to those questions, I’d like to briefly explain how we think about financial stability at the Federal Reserve.

Financial stability is at the core of the Federal Reserve and our mission. The Federal Reserve was created in 1913, following the Banking Panic of 1907, with the goal of promoting financial stability and avoiding banking panics. Responsibilities have evolved over the years. In the aftermath of the 2007-09 financial crisis, Congress assigned the Fed additional responsibilities related to promoting financial stability, and the Board of Governors significantly increased the resources dedicated to that purpose. Events in recent years, including the pandemic, emerging geopolitical risks, and recent stress in the banking sector have only highlighted the important role central banks have in understanding and addressing financial stability risks. The Federal Reserve’s goal in financial stability is to help ensure that financial institutions and financial markets remain able to provide critical services to households and businesses so that they can continue to support a well-functioning economy through the business cycle.

Much of how we think about and monitor financial stability at the Federal Reserve is informed by our understanding of how shocks can propagate across financial markets and affect the economy. Economists have studied the role of debt in the macroeconomy dating all the way back to Irving Fisher in the 1930s, and in the past 40 years it has been well established that financial disruptions can reduce the efficiency of credit allocation and have real effects on the broader economy. When borrowers’ financial conditions deteriorate, lenders tend to charge higher rates on loans. That, in turn, can lead to less overall lending and negatively affect the broader economy. And in the wake of the 2007-09 financial crisis, we’ve learned more about the important roles credit growth and asset price growth play in “boom-bust” cycles.

Fundamentally, financial stress emerges when someone is owed something and doesn’t get paid back or becomes worried they won’t be paid back. If I take out a loan from you and can’t repay it, you take a loss. Similarly, if I take out a mortgage from a bank and I can’t repay it, the bank could take a loss. And if the bank hasn’t built sufficient ability to absorb those losses, it may not be able to pay its depositors back. These dynamics can have knock-on effects on asset prices. For example, when people default on their home mortgage loans, banks foreclose and seek to sell the homes, often at steep discounts. Those foreclosure sales can have contagion effects on nearby house prices. When a lot of households and businesses take such losses around the same time, it can have real effects on the economy as consumption and investment spending take a hit and overall trust in financial institutions wanes. The same process works when market participants fear they won’t be paid back or be able to sell their assets. Those fears themselves can drive instability.

The implication is that risks to financial stability have a couple of features. First, the risks must have relatively near-term effects, such that the risk manifesting could result in outstanding contracts being breached. Second, the risks must be material enough to create losses large enough to affect the real economy.

These insights about vulnerabilities across the financial system inform how we think about monitoring financial stability at the Federal Reserve. We identify risks and prioritize resources around those that are most threatening to the U.S. financial system. We distinguish between shocks, which are inherently difficult to predict, and vulnerabilities of the financial system, which can be monitored through the ebb and flow of the economic cycle. If you think about it, there is a huge set of shocks that could hit at any given time. Some of those shocks do hit, but most do not. Our approach promotes general resiliency, recognizing that we can’t predict, prioritize, and tailor specific policy around each and every shock that could occur.

Instead, we focus on monitoring broad groups of vulnerabilities, such as overvalued assets, liquidity risk in the financial system, and the amount of debt held by households and businesses, including banks. This approach implies that we are somewhat agnostic to the particular sources of shocks that may hit the economy at any point in time. Risks are risks, and from a policymaking perspective, the source of a particular shock isn’t as important as building a financial system that is resilient to the range of risks we face. For example, it is plausible that shocks could stem from things ranging from increasing dependence on computer systems and digital technologies to a shrinking labor force to geopolitical risk. Our focus on fundamental vulnerabilities like asset overvaluation, excessive leverage, and liquidity risk in part reflects our humility about our ability to identify the probabilities of each and every potential shock to our system in real time.

Let me provide a tangible example from our capital stress test for the largest banks. We use that stress test to ensure banks have sufficient capital to withstand the types of severe credit-driven recessions we’ve experienced in the United States since World War II. We use a design framework for the hypothetical scenarios that results in sharp declines in asset prices coupled with a steep rise in the unemployment rate, but we don’t detail the specific shocks that cause the recession because it isn’t necessary. What is important is that banks have enough capital to absorb losses associated with those highly adverse conditions. And the losses implied by a scenario like that are huge: last year’s scenario resulted in hypothetical losses of more than $600 billion for the largest banks. This resulted in a decline in their aggregate common equity capital ratio from 12.4 percent to 9.7 percent, which is still more than double the minimum requirement.

That brings us back to my original question: Are the financial risks stemming from climate change somehow different or more material such that we should give them special treatment? Or should our focus remain on monitoring and mitigating general financial system vulnerabilities, which can be affected by climate change over the long-term just like any number of other sources of risk? Before I answer, let me offer some definitions to make sure we’re all talking about the same things.

Climate-related financial risks are generally separated into two groups: physical risks and transition risks. Physical risks include the potential higher frequency and severity of acute events, such as fires, heatwaves, and hurricanes, as well as slower moving events like rising sea levels. Transition risks refer to those risks associated with an economy and society in transition to one that produces less greenhouse gases. These can owe to government policy changes, changes in consumer preferences, and technology transitions. The question is not whether these risks could result in losses for individuals or companies. The question is whether these risks are unique enough to merit special treatment in our financial stability framework.

Let’s start with physical risks. Unfortunately, like every year, it is possible we will experience forest fires, hurricanes, and other natural disasters in the coming months. These events, of course, are devastating to local communities. But they are not material enough to pose an outsized risk to the overall U.S. economy.

Broadly speaking, physical risks could affect the financial system through two related channels. First, physical risks can have a direct impact on property values. Hurricanes, fires, and rising sea levels can all drive down the values of properties. That in turn could put stress on financial institutions that lend against those properties, which could lead them to curb their lending, and suppress economic growth. The losses that individual property owners can realize might be devastating, but evidence I’ve seen so far suggests that these sorts of events don’t have much of an effect on bank performance. That may be in part attributable to banks and other investors effectively pricing physical risks from climate change into loan contracts. For example, recently researchers have found that heat stress—a climate physical risk that is likely to affect the economy—has been priced into bond spreads and stock returns since around 2013. In addition, while it is difficult to isolate the effects of weather events on the broader economy, there is evidence to suggest severe weather events like hurricanes do not likely have an outsized effect on growth rates in countries like the United States.

Over time, it is possible some of these physical risks could contribute to an exodus of people from certain cities or regions. For example, some worry that rising sea levels could significantly change coastal regions. While the cause may be different, the experience of broad property value declines is not a new one. We have had entire American cities that have experienced significant declines in population and property values over time. Take, for example, Detroit. In 1950, Detroit was the fifth largest city in the United States, but now it isn’t even in the top 20, after losing two-thirds of its population. I’m thrilled to see that Detroit has made a comeback in recent years, but the relocation of the automobile industry took a serious toll on the city and its people. Yet the decline in Detroit’s population, and commensurate decline in property values, did not pose a financial stability risk to the United States. What makes the potential future risk of a population decline in coastal cities different?

Second, and a more compelling concern, is the notion that property value declines could occur more-or-less instantaneously and on a large scale when, say, property insurers leave a region en masse. That sort of rapid decline in property values, which serve as collateral on loans, could certainly result in losses for banks and other financial intermediaries. But there is a growing body of literature that suggests economic agents are already adjusting behavior to account for risks associated with climate change. That should mitigate the risk of these potential “Minsky moments.” For the sake of argument though, suppose a great repricing does occur; would those losses be big enough to spill over into the broader financial system? Just as a point of comparison, let’s turn back to the stress tests I mentioned earlier. Each year the Federal Reserve stresses the largest banks against a hypothetical severe macroeconomic scenario. The stress tests don’t cover all risks, of course, but that scenario typically assumes broad real estate price declines of more than 25 percent across the United States. In last year’s stress test, the largest banks were able to absorb nearly $100 billion in losses on loans collateralized by real estate, in addition to another half a trillion dollars of losses on other positions.

What about transition risks? Transition risks are generally neither near-term nor likely to be material given their slow-moving nature and the ability of economic agents to price transition costs into contracts. There seems to be a consensus that orderly transitions will not pose a risk to financial stability. In that case, changes would be gradual and predictable. Households and businesses are generally well prepared to adjust to slow-moving and predicable changes. As are banks. For example, if banks know that certain industries will gradually become less profitable or assets pledged as collateral will become stranded, they will account for that in their loan pricing, loan duration, and risk assessments. And, because assets held by banks in the United States reprice in less than five years on average, there is ample time to adjust to all but the most abrupt of transitions.

But what if the transition is disorderly? One argument is that uncertainty associated with a disorderly transition will make it difficult for households and businesses to plan. It is certainly plausible that there could be swings in policy, and those swings could lead to changes in earnings expectations for companies, property values, and the value of commodities. But policy development is often disorderly and subject to the uncertainty of changing economic realities. In the United States, we have a long history of sweeping policy changes ranging from revisions to the tax code to things like changes in healthcare coverage and environmental policies. While these policy changes can certainly affect the composition of industries, the connection to broader financial stability is far less clear. And when policies are found to have large and damaging consequences, policymakers always have, and frequently make use of, the option to adjust course to limit those disruptions.

There are also concerns that technology development associated with climate change will be disorderly. Much technology development is disorderly. That is why innovators are often referred to as “disruptors.” So, what makes climate-related innovations more disruptive or less predictable than other innovations? Like the innovations of the automobile and the cell phone, I’d expect those stemming from the development of cleaner fuels and more efficient machines to be welfare-increasing on net.

So where does that leave us? I don’t see a need for special treatment for climate-related risks in our financial stability monitoring and policies. As policymakers, we must balance the broad set of risks we face, and we have a responsibility to prioritize using evidence and analysis. Based on what I’ve seen so far, I believe that placing an outsized focus on climate-related risks is not needed, and the Federal Reserve should focus on more near-term and material risks in keeping with our mandate.

* * *

And cue the outrage mob…

end

FBI continues to stonewall on the smoking gun document alleging Biden family criminal scheme’(zerohedge)

FBI Stonewalls On Smoking Gun Document Alleging Biden Family ‘Criminal Scheme’

THURSDAY, MAY 11, 2023 – 07:20 PM

The FBI is stonewalling Congressional investigators over an informant file (form FD-1023) which allegedly contains evidence that President Biden took bribes while he was Vice President, the NY Post reports.

After House Oversight Committee Chairman James Comer (R-KY) hit the FBI with a subpoena last week demanding the document by noon Wednesday, the bureau responded with a six-page letter full of objections.

“Information from confidential human sources is unverified and, by definition, incomplete,” wrote FBI acting assistant director for congressional affairs Christopher Dunham.

“As is clear from the name itself, confidentiality is definitional to the FBI’s Confidential Human Source program,” wrote Dunham, adding “Confidential human sources often provide information to the FBI at great risk to themselves and their loved ones. The information they provide also can create significant risks to others who may be referenced in their reporting.”

The FBI official concluded: “We … hope this helps you understand that keeping this kind of source information free from the perception or reality of improper influence — and preventing the redirection of this information for non-law enforcement or non-intelligence uses — is necessary for the FBI’s effective execution of our law enforcement and national security responsibilities.”

Comer slammed the FBI’s stonewalling, but he did not immediately announce further steps to acquire the document. Congress has the power to apply financial pressure to agencies and can also use litigation to enforce its orders or attempt to shame officials through contempt votes. -NY Post

“It’s clear from the FBI’s response that the unclassified record the Oversight Committee subpoenaed exists, but they are refusing to provide it to the Committee,” said Comer, adding “We’ve asked the FBI to not only provide this record, but to also inform us what it did to investigate these allegations.”

“The FBI has failed to do both. The FBI’s position is ‘trust, but you aren’t allowed to verify.’ That is unacceptable. We plan to follow up with the FBI and expect compliance with the subpoena.”

Grinding Grassley’s gears…

Sen. Chuck Grassley (R-IA) who passed the whistleblower to Comer, was livid at the FBI’s refusal to hand over the document.

“They didn’t give us the unclassified document. They sent us a five or six-page letter that I haven’t studied thoroughly yet,” he told the post. “They didn’t dispute that it exists — that the document exists or that it is unclassified … why they haven’t given it, I don’t know.”

“We have received legally protected and highly credible unclassified whistleblower disclosures,” Grassley wrote last week in a letter to Attorney General Merrick Garland and FBI Director Christopher Wray. “Based on those disclosures … “it has come to our attention that the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) possess an unclassified FD-1023 form that describes an alleged criminal scheme involving then-Vice President Biden and a foreign national relating to the exchange of money for policy decisions.”

On Wednesday, House Republicans laid out evidence of a vast network of Biden family corruption, including;

The Biden family received, and tried to hide, over $10 million in payments from foreign nationals
A previously undisclosed $1 million in Romanian-linked payments
Ties to Romanian ‘influence peddling’
A ‘web’ of 20 LLCs created while Joe Biden was Vice President with a ‘complicated corporate structure’
‘At least 15’ of the LLCs were formed after Biden became VP in 2009 – several of which were owned or co-owned by Hunter
These LLCs accepted payments ranging from $5,000 to $3 million
The committee wants to know what legitimate business the Biden family was in

THE KING REPORT

The King Report May 12, 2023 Issue 6989

Independent View of the News

US regional banking angst returned on Thursday.

PacWest shares tumble 20% after regional bank says deposits fell 9.5% last week
The bank said in a securities filing Thursday that its deposits declined 9.5% during the week of May 5…
   The bank also said that it was able to fund those withdrawals with available liquidity. PacWest said it now has $15 billion of available liquidity compared with $5.2 billion in uninsured deposits…
    Western Alliance released its own update and said that total deposits have grown by $600 million since May 2. Shares of that bank were down about 4% in morning trading. Elsewhere, shares of Zions Bancorp
dipped 3.3% and the SPDR S&P Regional Banking ETF (KRE) was down 2.6%…
https://www.cnbc.com/2023/05/11/pacwest-shares-tumble-20percent-after-regional-bank-says-deposits-fell-9point5percent-last-week.html

Dimon: Regulators Should Look at Short-Selling Ban on Banks – BBG 8:18 ET
Dimon: Regional Turmoil Is Regulatory and Supervisory Problem – BBG 8:20 ET
Dimon: Closer You Get to US Default, ‘You Will Have Panic’ – BBG 8:25 ET
Dimon: I Would Love to Get Rid of Debt Ceiling – BBG 8:26 ET
Dimon: America, China Have a Lot of Common Interests – BBG 8:28 ET
Dimon: There’s Too Much Social Engineering Inside Inflation Act – BBG 8:29 ET
Dimon: I Personally Wouldn’t Buy Sovereign Debt Anywhere Now – BBG 8:30 ET
Dimon: Commercial Real Estate, Office Loans Are an Issue – BBG 8:32 ET
Dimon: Commercial Real Estate Losses May Take a Fed Banks Down – BBG 8:33 ET
Dimon: I Am So Sad JPMorgan Had Any Relations with Epstein – BBG 8:34 ET

Jamie Dimon warns panic will overtake markets as U.S. approaches debt default
https://www.cnbc.com/2023/05/11/jpms-jamie-dimon-warns-of-market-panic-as-us-nears-default.html

WSJ: JPMorgan CEO Jamie Dimon said Thursday that the U.S. Securities and Exchange Commission should look into short selling of bank stocks amid turmoil in the industry.
   “The SEC has the enforcement capability to look at what people are doing by name in options, derivatives, short sales,” Mr. Dimon said in an interview on Bloomberg Television. “If someone’s doing anything wrong, people are in collusion, or people going short and then making a tweet about a bank, they should go after them and vigorously and they should be punished to the full extent the law allows it.”
    Mr. Dimon noted he has no evidence of wrongdoing but said “it’s possible it’s taking place.”…
https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-11-2023/card/jpmorgan-ceo-jamie-dimon-says-regulators-should-look-at-short-selling-of-bank-stocks-UCRgZgBFEl7lClRA9U6j

Jamie Dimon: “People going short and then making a tweet about a bank, they should go after them, and vigorously.  They should be punished to the full extent of the law...” You mean as opposed to touting stuff at conferences or in the fin media?  https://twitter.com/GRDecter/status/1656645767484915713

Jamie Dimon Says US Needs to ‘Finish’ the Bank Crisis
JPMorgan’s chief executive officer predicts more rules are coming to an industry already struggling.
   Jamie Dimon said it’s time for regulators to help put an end to turmoil in the banking industry, but he’s already predicting policymakers will take away the wrong lessons from this year’s upheaval.
   “I think it’s going to get worse for banks — more regulations, more rules, and more requirements,’’ JPMorgan Chase & Co.’s chief executive officer said in a Bloomberg Television interview from Paris Thursday. “If you overdo certain rules, requirements, regulations — there are some of these community banks that tell me they have more compliance people than loan officers.’’…
   Dimon acknowledged that his own beliefs are at odds with members of his staff, who have told the chief executive that their analysis of short sales have revealed such activity is not to blame for the drop in regional-bank share prices…
https://www.bloomberg.com/news/articles/2023-05-11/jamie-dimon-warns-regulators-to-not-overreact-to-bank-crisis#xj4y7vzkg

Hey Jamie, how about this?  Disconnect the Fed’s umbilical to big banks, return the Fed to its intended role of lender of last resort and regulator; and let banks bid competitively, every day, for funds to finance their levered holdings. Allowing interest rates to find equilibrium at a rate at which demand for funds equals the supply of funds would be amusing and revealing. It would also provide extreme discipline!

If Jamie wants to speculate in commodities & ETFs, or lever up bond holdings to chase yield, or finance levered hedge funds and private equity, let him finance the speculation without Fed largesse!

Without the Fed’s daily allowance, these big banks are nothing but spoiled teenagers, leaching off parents while complaining about de minis discipline standards.

April PPI 0.2% m/m and 2.3% y/y, 0.3% m/m and 2.5% y/y consensus
Core PPI 0.2% m/m & 3.2% y/y, 0.2% m/m & 3.3% y/y expected
US Initial Claims 264k, highest since October 2021, 245k expected, prior 242k
Continuing Claims 1.813m, 1.82m expected, 1.801m prior

US stocks sank while bonds rallied sharply on renewed concern about the US regional banking crisis. Fangs rallied modestly as Google rallied as much as 5% after it unveiled new AI tools.

Bloomberg: “Analysts were optimistic about the speed with which Google was incorporating AI into its products and services.” Once again, we must reiterate that most of The Street remains unremittingly bullish and will pour into stuff on a modicum of positive news.

Commodities, including precious metals, declined smartly yesterday on recession fears.

ESMs progressively rallied from the flat opening on Wednesday night until they formed a triple top between 3:44 ET and 5:22 ET. They then sank until 7:46 ET. A 19-handle spike rally ended at 8:17 ET. ESMs and stocks then sank until 10:20 ET. Pattern and conditioned traders then got long for the expected 2^nd Hour Reversal.   ESMs and stocks plodded higher until 12:24 ET.

The ensuing 19-handle ESM drop ended at 13:50 ET. The late rally produced a 21 ESM rally. Alas, it ended at 14:43 ET. ESMs and stocks declined moderately until a final modest rally began at 15:40 ET.

Dishwashers join growing list of home appliances targeted by Biden climate warriors
On Friday, the Biden Energy Department announced new efficiency standards to limit water usage and energy consumption for new dishwashers. If implemented, the rules would require that dishwashers cut water and power usage by 34% and 27% respectively, according to Bloomberg Law. For smaller models, the mandatory reductions are 22% for power and 11% for water…
https://justthenews.com/politics-policy/energy/ent-dishwashers-ac-units-comprehensive-list-household-items-biden-could-be

The Leftist Cult won’t be satisfied until humans are back in caves. This would, of course, advance equity.

Positive aspects of previous session
Once again, equities rallied after ugly fundamentals produced an early US decline
Fangs rallied moderately on safe haven buying and TSLA (+2.1%) Musk has hired a CEO for Twitter

Negative aspects of previous session
Stocks sank and bonds soared on renewed regional bank angst and recession trepidation

Ambiguous aspects of previous session
How will bulls frame the reality that there is no Fed Pivot on the horizon?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4124.24
Previous session High/Low: 4132.80; 4109.29

@Kevin_McKernan: After billions of people have been injected with novel mRNAs, we’re just learning about a human RNA ligase we didn’t know about… They have not found ligases like this in Vertebrates. This is a major discovery…

Chemoproteomic discovery of a human RNA ligase
    RNA ligases play vital roles in sealing RNA strands during intron-containing tRNA splicing1, tRNA repair2, mRNA splicing in the unfolded-protein response (UPR)3, RNA recombination4, as well as biogenesis of circular RNAs5. Across all life forms, proteinaceous RNA ligases are present with distinct catalytic mechanisms1. Like DNA ligases, RNA ligases are known that join 5′-PO4 and 3′-OH termini of RNA via a classic three-step mechanism1 (Fig. 1a)… https://www.nature.com/articles/s41467-023-36451-x

Silver lining: Parents More Likely to Question Routine Childhood Vaccinations Post-COVID: Research Report   https://t.co/wgdl7rDjTH

@JanJekielek: “Among these, what I call the credentialed class, there seems to be an attitude…’I know that that poor person really doesn’t know what’s good for him or herself. After all, I have nice degrees, I went to the right schools’…I think it’s incredibly paradoxical that those who ‘knew better than us’ got everything wrong.” @BrownstoneInst ‘s Thomas Harrington, author of “The Treason of the Experts“

Fed Balance Sheet: -$977 million; Reserve Balances at Fed: +$106.723B to $3.196 Trillion (1-year avg $3.17T) https://www.federalreserve.gov/releases/h41/20230511/

https://fred.stlouisfed.org/series/TOTRESNS#

Excess reserves are funds that a bank keeps back beyond what is required by regulation… Prior to Oct. 1, 2008, banks were not paid a rate of interest on reserves. The Financial Services Regulatory Relief Act of 2006 authorized the Federal Reserve to pay banks a rate of interest for the first time. The rule was to go into effect on Oct. 1, 2011. However, the Great Recession advanced the decision with the Emergency Economic Stabilization Act of 2008. Suddenly, and for the first time in history, banks had an incentive to hold excess reserves at the Federal Reserve. https://www.investopedia.com/terms/e/excess_reserves.asp

Democratic Massachusetts Governor (Maura Healey) Wants Tax Cuts to Stem Exodus – BBG
The state lost almost 48,000 people by mid-2022 from two years ago… Some $4.3 billion of income left the state in 2021… Healey, who took office in January, quickly revived attempts to enact a package of tax reduction after her Republican predecessor Charlie Baker was unable to win the approval in the Democrat-controlled legislature…

Stan Druckenmiller presentation, May 2023: US Exceptionalism at Risk?
US fiscal position is on unsustainable path… During the last decade, US debt grew from $15T to $31T today, a level only comparable to that after WWII. “But what is worse is that this debt does not account for what the government has promised it will pay you in terms of social security and Medicare.”…
      “I read that 7 stocks are responsible for 85% of the S&P rise this year. It reminds me very much of Nifty Fifty era.”… I just want to stay alive financially until the chaos comes, because it’s coming. I don’t see the fat pitches currently…
   Not positive on China: “A lot of its growth was “semi-capitalist”, but Xi proved himself to be “Maoist”. “There is room for only one monopoly in China – him.”… His current positioning: short USD, long Gold, Euro, Oil, AUD…
   Druckenmiller recommended the book by Edward Chancellor “The price of time” which he called Tour de Force. One lesson from the book which studied all financial bubbles over the past 500 years is that they were all followed by the worst economic outcomes… “I am worried there are more “dead bodies” ahead, I just don’t know where they are. I knew them in ‘07-08. I don’t think SVB was the last one.”
https://twitter.com/HiddenValueGems/status/1656341728742211599

@cspan: @SpeakerMcCarthy on Debt Ceiling meeting postponement: “The White House didn’t cancel the meeting. All of the leaders decided it’s probably in the best of our best interest to let the staff meet again before we get back together.”

Fox’s @ChadPergram: McCarthy on if debt ceiling staff meetings were productive: If these were staff meetings in February, I’d call them productive… I don’t think they’re that productive… he doesn’t want a deal. He wants a default.

Fed Emergency Bank Loans Rise to $92.4B from $81.11B Prior Week – BBG 16:32 ET

Today – Be alert for the usual Friday afternoon rally that precedes expiry week! Despite at least two sumptuous technical setups, there has been no decisive breakout this week. Ergo, barring impact news, traders will relentlessly probe support and resistance levels in hopes of sparking meaningful action.

Except for a two-day spike higher on the last day of April and May 1 as well as two dips lower (4/26 & 5/4) the S&P 500 Index has traded sideways, in a 64-handle range (~1.5%). The yin/yang of expected economic ebbing vs the hope that the Fed will halt rate hikes and maybe pivot has produced a standoff.

More importantly, the S&P 500 Index has traded sideways for one year!

Normally, a standoff like this is rectified in the direction of corporate earnings.

ESMs are +7.25 at 20:15 ET.

Expected economic data: April Import Price Index -0.3% m/m & -4.8% y/y, Export Price Index +0.2% m/m & -5.5% y/y; May UM Sentiment 63, Current Conditions 67.5, Expectations 60.8, 1-year Inflation 4.4%; SF Fed Pres Daly gives commencement speech at USC Sol Price school of Public Policy 14:20 ET

S&P 500 Index 50-day MA: 4055; 100-day MA: 4018; 150-day MA: 3966; 200-day MA: 3974
DJIA 50-day MA: 33,134; 100-day MA: 33,329; 150-day MA: 33,041; 200-day MA: 32,741
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 3918.58 triggers a sell signal
Daily: Trender and MACD are negative – a close above 4184.25 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 4151.36 triggers a buy signal

FOX: “Major networks had a combined ZERO MINUTES of coverage” of yesterday’s new developments in the Biden family corruption scandal. https://twitter.com/RNCResearch/status/1656672583247609860

@TomBevanRCP: Holy schiff. This is the New York Times’ takeaway from Comer’s press conference revealing that bank records show 9 members of the Biden family received millions of dollars from foreign nationals while he was Vice President. https://t.co/GTLTPsujt8
   NYT: House Republican Report Finds No Evidence of Wrongdoing by President Biden
   @Peoples_Pundit: You cannot have a self-governing society with this level of media corruption, especially not while free speech is being restricted.
   Fox’s @jimmyfailla: If Nixon were a Democrat the times would report that investigators found that HE didn’t break into Watergate Hotel so let’s all move it along.
   NY Post’s @mirandadevine: NYT continue to beclown themselves but, as long as their subscribers don’t care, it’s happy days. Look at how CNN’s audience is raging because they invited Trump on, let him speak, and didn’t stack the audience with haters. The audience wants to be lied to.

“The party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” — George Orwell, in 1984

The Threat Of ‘Twitter+Tucker’ Terrifies the Progressive Media Oligopoly https://t.co/dXcAF7Zm7b

@JesseBWatters: The evidence against Joe Biden is explosive, but the cover-up operation’s already started. The media is protecting Joe, while the left is saying foreign bribes are no big deal…

@JesseBWatters: We’ve now entered impeachment territory. This is the biggest political bribery scandal in American history and it has national security consequences. The Biden family’s been untouchable because they are the system. The FBI and the CIA are in on it- this is how the system works.… https://t.co/vddPR2vCli

Up to 1,000 migrants arriving daily in NYC — and that number could skyrocket with Title 42 lift: city official https://trib.al/IjNdk3t

@FoxNews: Biden border chief authorizes mass release of migrants without court dates https://t.co/0Sthm3sx9n

@DailyCaller: Mayorkas answers a very important question with a question. REPORTER: “Do you have a taxpayer cost [on illegal immigration]? MAYORKAS: “Let me turn that question around…Since there are businesses around this country desperate for workers…desperate workers in foreign… https://t.co/7MxRkSvpCS  (This jackass confirms at least one conspiracy theory about importing cheap labor.)

@nicksortor: West @TexasDPS (Dept. of Public Safety) Chief Jose Sanchez told Fox News moments ago “We are preparing for civil unrest” after Title 42 ends tonight.

@RNCResearch: Karine Jean-Pierre can’t name single thing Biden is doing to show support for the men and women of Border Patrol amid low morale. Instead, she blames Republicans. https://t.co/Jp66Jn5MFj

CNN: The surge of illegal immigration “is not just an issue that will affect U.S. cities near the southern border. A Brownsville, Texas official says migrants are requesting transportation to get to Chicago and Dallas and Houston and Brooklyn and Denver and Miami...
https://twitter.com/RNCResearch/status/1656765691620474883
CNN: Growing fears about just how bad the humanitarian and economic crisis could get” when Title 42 expires.  More than 150,000 migrants are currently camping out in northern Mexico just waiting for the policy to officially end in a few hours.  https://twitter.com/RNCResearch/status/1656765063087157249

@GOP late afternoon yesterday: House Republicans just passed H.R. 2, the Secure the Border Act!

DeSantis Allies: Nominating Trump Hands Biden Control of Congress
They point to the last three election cycles to make the case that Trump is a net drag on the ticket…
    A recent Washington Post-ABC News survey that showed Trump leading Biden, 44% to 38%, compared to DeSantis leading Biden, 42% to 27%…
https://www.realclearpolitics.com/articles/2023/05/10/desantis_allies_nominating_trump_hands_biden_control_of_congress_149209.html

@WilsonWPA: A 2020 study by Ballard et al. found that Trump endorsement had a “meaningful negative” effect on the endorsed candidates’ general election performance in the 2018 midterms. By their estimation, Trump cost Republicans a at least 15 seats (11 in the House and four in the Senate)
https://twitter.com/WilsonWPA/status/1656423725057572865
    A 2023 Jacobson study found that Trump’s endorsements in last year’s midterms increased Dem share in open seat districts and states, and cost Republicans control of the Senate. It also found that Trump’s endorsement BOOSTED the Dem favorability and DECREASED the GOP’s.
https://twitter.com/WilsonWPA/status/1656423732754120704

@simonateba: Horrible interview by @kaitlancollins of @CNN. She won’t even allow Donald Trump to talk, broke all the ethics of journalism. Trump called her Nasty. WATCH
https://twitter.com/simonateba/status/1656466445323083778

The reviews of DJT’s performance on CNN were mixed. Libs excoriated CNN for giving DJT a forum.

Ocasio-Cortez fumes at CNN for Trump town hall: ‘Should be ashamed of themselves’
AOC says CNN platformed ‘atrocious disinformation’ with Trump event
https://www.foxnews.com/media/ocasio-cortez-fumes-cnn-trump-town-hall-should-ashamed-themselves

@tomselliott: Nicolle Wallace is angry CNN’s interviewing the former president: “When Donald Trump has a platform to talk, the worst elements of our society are just watching.” https://t.co/f2mSNFx8dK

“Mercy Rule”: CNN Abruptly Cut Trump Town Hall Short by Twenty Minutes…  after Trump, backed by a wildly supportive audience (handpicked by CNN), took control of the forum from anchor Kaitlan Collins right from the start and never let up. The live event at St. Anselm College in New Hampshire was scheduled to run from 8 p.m. EDT until 9:30 p.m., however right before 9:10 p.m. Collins abruptly ended the town hall… Breitbart’s Joel Pollak observed the audience was laughing at Collins, “The @CNN audience is laughing at Kaitlin Collins because she keeps trying to squeeze Trump’s answers into her preconceived categories. It’s stupid and, yes, it is funny to laugh at her doing that.”
https://t.co/1tfre9Eb6C

Babylon Bee: CNN Host Sues Trump for Assault and Defamation after Town Hall
“He said things I didn’t agree with. Even worse, he said things I didn’t like,” said Collins in a statement. “It was the most traumatizing experience of my life. It was assault, plain and simple. And defamation. I’m suing Trump for $5 million like that other lady.”…  https://t.co/OFRUNX5Ljm

MEGHAN MCCAIN: Why is the Left so upset about THAT Town Hall? It made millions of women voters flee in horror – and set up… Trump for electoral wipe-out
https://www.dailymail.co.uk/news/article-12073043/MEGHAN-MCCAIN-Left-upset-Town-Hall-set-Trump-electoral-wipe-out.html

CNN host to focus group after Trump’s appearance: “Does it bother you that he keeps talking about 2020 and not 2024?” Respondent: “You guys asked him the first question… about the 2020 Election…”
https://twitter.com/ACTBrigitte/status/1656491141020147712

Trump Effect: CNN Ratings Explode After Town Hall (3.12m viewers) https://t.co/V5uOFxxf8x

CNN boss Chris Licht ‘facing fury of criticism’ within company over Trump town hall https://t.co/hoQ3v143xO

Pro-DeSantis PAC hits Trump after CNN town hall: ‘Hour of nonsense’
After 76 years, Trump still doesn’t know where he stands on important conservative issues like supporting life and the 2nd Amendment. How does that Make America Great Again?… The old gimmicks and tired lines don’t work anymore… https://trib.al/vJBXbUZ

@julie_kelly2: Merrick Garland has until today (Thursday) to respond to a letter from @GOPoversight
demanding the public testimony of DC US Attorney Matthew Graves. Garland is refusing to make Graves available to the committee: https://twitter.com/julie_kelly2/status/1656641148574728192?s=02
   Who is Graves? Biden campaign advisor appointed to DC US Attorney in Nov 2021. His office handles every Jan 6 prosecution—a caseload that exceeds 1,000 defendants; Graves promised to more than double that figure over the next year. Meanwhile. DC in chaos.
   Graves making the rounds to community groups trying to explain why he routinely declines to prosecute violent criminals in DC. (He handles both local and federal prosecutions.)… This tees up Republicans to ask Graves about his devotion to the Constitution when it comes to the 1A, 4A, 6A, 8A rights of Trump supporters.

@JonathanTurley: History Professor Suspended for Passing Out Candies Marked “HeHim” and “SheHer” – History Professor David Richardson is under investigation this week as a suspected confectionary reactionary. Richardson recently gave out candy on campus from Jeremy’s Chocolates labeled “HeHim” (nuts) and “She/Her” (nutless).  https://t.co/jP7sBsxwFY

Teachers union president Randi Weingarten encourages educators to erase their social media history – Weingarten tweeted a link to their website which promoted an artificial intelligence powered tool that would search through a person’s social media accounts’ history to find potentially “harmful posts.” … Social media posts have caused some schools controversy and have landed some teachers in hot water. For instance, a teacher in Washington state complained that many schools’ “guidelines and laws” haven’t helped them keep students’ information secret from “Christo-fascist” parents…  https://t.co/afZLIZnXYK

Elites Manufacture Fake “Hate” Crisis as Pretext for Mass Spying, Blacklists, and Censorship
Last week Newsom announced a state initiative for citizens to report disfavored speech (non-criminal “hate incidents”) they see online: California’s “Civil Rights Department” (CRD) invites citizens to speculate about the motive of the “perpetrator.”…
   There were just 285 hate crime complaints in California, a state with 39 million people, in 2021. There was an order of magnitude more homicides in California, 2,361, in 2021…
In truth, acceptance of racial, religious, and sexual differences has never been higher in recorded human history…  https://public.substack.com/p/elites-manufacture-fake-hate-crisis

Joe Biden’s “screw around” remark about U.K. sparks outrage
The off-hand remarks were made as Biden was speaking at a National Committee event in New York on Wednesday about his visit to Northern and the Republic of Ireland to commemorate the 25-year anniversary of the Good Friday Agreement. “I got to go back—not what I had planned on talking about, but I got to go back to Ireland for the Irish Accords, to make sure they weren’t—the Brits didn’t screw around and Northern Ireland didn’t walk away from their commitments,” Biden, who is Catholic with Irish heritage, said according to a White House transcript…  https://t.co/5hFg4WNv2L

@JunkScience: Devastating for the climate narrative: Carbon-14 dating shows only 12% of atmospheric CO2 added since 1750 is manmade. ‘Much too low to be the cause of global warming.’
https://t.co/HpiPWsP47l

GREG HUNTER

Narratives Lost at CNN, Lie Spies, Blinken, Immigration & Debt

Narratives Lost at CNN, Lie Spies, Blinken, Immigration & Debt

By Greg Hunter On May 12, 2023 In Weekly News Wrap-Ups6 Comments

By Greg Hunter’s USAWatchdog.com (WNW 581 5.12.23)

CNN had a huge night with the President Donald Trump Town Hall event. Trump beat down the Lying Legacy Media propaganda reporter at every turn. It was so bad that CNN cut the ratings- getting event short by 20 minutes. This is like running the movie “Forrest Gump” or the “Wizard of Oz” and cutting off the last 20 minutes. It’s not about ratings. It’s about narratives, and the Deep State lost big-time with the CNN event.

More narratives lost this week with the Biden family hiding $10 million in foreign payments for who knows what, according to the GOP. On top of that, the Hunter Biden Laptop we were all told was Russian disinformation, but it was not. It was true, and everybody lied about it. Former CIA Chief John Brennan admitted in Congress it was all political. Other former CIA officials and other spies lied to get Biden elected and not thrown in jail for treason. We also find Secretary of State Tony Blinken was at the center of the laptop lies while he was at the CIA. He said he was not, but emails prove he was the key player in rounding up the liars to cheat the American public about crooked Joe and bagman Hunter.

The narrative about the banks being strong and the overall economy too, also took a big hit. A little known Fed presentation in February shows it knew of 722 banks that have lost more than 50% of their capital!!! More severe banking trouble is coming, and the debt ceiling is not going to be negotiated, according to Joe Biden. That should make the economic problems go away—NOT!! Get ready and stay ready, rough times are coming soon.

There is more in the 39-minute news cast.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 5.12.23.

(https://usawatchdog.com/narratives-lost-at-cnn-lie-spies-blinken-immigration-debt/)

(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 sec. This will clear codes that may be blocking you from seeing it. In addition, try different browsers. Also, turn off all ad blockers if you have them. All the above is a way Big Tech tries to censor people like USAWatchdog.com.)

After the Interview:

Dr. Sherry Tenpenny will be the guest for the Saturday Night Post. The CV19 emergency is over, but the injuries and deaths are certainly not. It’s all going to get worse, and Dr. Tenpenny will tell you how you can detox from the CV19 bioweapon/vax and shedding.

I will see you on MONDAY

GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 91 NOTICES FOR 9100 OZ or 0.2830 TONNES

total notices so far: 5778 contracts for 577,800 oz (17.6972 tonnes)

FOR MAY:

SILVER NOTICES: 169 NOTICE(S) FILED FOR 845,000 OZ/

total number of notices filed so far this month : 2141 for 10,705,000 oz

2.ASIAN AFFAIRS//

FRIDAY MORNING//THURSDAY 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

Physical Gold Investment Up 5% In First Quarter

Physical Gold Demand By Region

ETFs

Alasdair Macleod: The dynamics driving the dollar down

AngloGold Ashanti to switch primary listing to New York

The gold window reopens! An opportunity among threats. Fea…

Futures Rise As Luxury Blowout Lifts European Markets; Dollar, Yields Higher

Sentiment steady with drivers limited, DXY underpinned post-Bowman – Newsquawk US Market Open

EUROPEAN TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

GEOPOLITICS

CRYPTO

APAC TRADE

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

2e) JAPAN

3 CHINA /

On The Verge Of Deflation: China CPI, PPI Surprise To The Downside, Confirm Two-Speed Recovery

Taiwan Says Its Military Won’t Let The US Blow Up Semiconductor Factories

EU’s Borrell: Ukraine Would Collapse In Days Without West’s Military Supplies

EU Considers Formally Banning Russian Oil Flows To Germany And Poland

With Bakhmut Hanging In Balance, Will Putin Order Takedown Of Wagner Boss?

US Failure To Recognize Natural Immunity Negatively Affected Pandemic Response: NIH Scientist

Other Experts

16 cases, stories of high school kids injured or permanently disabled by COVID-19 mRNA technology based vaccines in 2021-2022; Makis tees up examples in his substack; we are calling on parents to

STOP, no more! STOP, no more shots & demand your doctor rule out silent myocarditis post shot in your children, teens via D-dimer, high sensitivity troponin test, EKGs, gadolinium chest MRI etc.

Two High School students who had cardiac arrest sitting at their desk (left – Justus Danielli Mar.2023 (click here), right – Maddox McCubbin Feb.2023 (click here))

Santiago, Chile – 15 year old boy Santiago Avila Rubio had a heart attack on April 14, 2022 post 2 doses of COVID-19 vaccine Sinovac, hospitalized for 13 months (click here)

Atlanta, GA – 16 year old Kenna Rose Farley was diagnosed with POTS and EDS after 3x COVID-19 vaccines (Jan.2022) (click here)

Clayton, Australia – 14 year old boy developed chest pains after 2nd Pfizer and suffered severe myocarditis with very high Troponins (Dec.2021) (click here)

Australia – 19 year old equestrian Cienna Knowles got blood clots after 2nd Pfizer jab on Oct.21, 2021 (click here)

Miramichi, NB – 17 year old Jasmine Comeau had 2nd Pfizer jab on Sep.22, 2021, immediately had injury, unable to walk, now wheelchair-bound (click here)

Vancouver, Canada – 17 year old girl almost died after 2nd Pfizer mRNA jab.

Australia – 16 year old Faith Ranson received 2nd dose of Pfizer in Aug,7 2021, 3 days later she developed severe neurological injuries, tics, is wheelchair bound (click here)

Wales, UK – 17 year old girl Maisy Evans had her 1st Pfizer mRNA jab on Aug.11, 2021, three days later developed blood clots in her lungs (click here)

Sarah Green, 16 year old girl had 2nd dose of Pfizer mRNA on May 4, 2021, and on May 23, 2021 developed neurological symptoms (click here)

Springdale, AR – 18 year old Isaiah Harris had a heart attack and myocarditis 48 hours after his 2nd dose on April 30, 2021 (click here)

Draper, UT – 17 year old Everest Romney was diagnosed with blood clots in his brain 9 days after he got Pfizer vaccine on April 21, 2021 (click here)

Henderson, NV – 18 year old Emma Burkey had 1st J&J COVID-19 one-dose vaccine on March 20, 2021. She got seizures & clotting in brain (click here)

Cincinnati, OH – 17 year old Gregory Hatton got pericarditis after COVID-19 vaccine, May 2021 (click here)

Japan – 15 year old boy developed nephrotic syndrome post Pfizer (click here)

Pfizer: 15yo POTS (click here), 15yo myocarditis (click here)

END

BOOM, John Leake on the money: “New Federal Disinformation Offices Created Big Brother adds “Influence and Perception Management Office” & “Foreign Malign Influence Center” to his arsenal”

Very well written piece by John, given that the federal government is already a Leviathan of agencies for conducting propaganda, influence, and surveillance operations

Did covid vaccines really reduce all-cause mortality? NO, 100% NO, the mRNA technology based gene injections did not & were harmful

In reality, none of the clinical trials showed a significant effect concerning all-cause mortality, covid mortality, or non-covid mortality.

Study