JUNE 16/: GOLD CLOSED UP $0.70 TO $1959.00.//SILVER CLOSED UP 23 CENTS TO $24.08//PLATINUM CLOSED DOWN $3.95 TO $986.90 WHILE PALLADIUM CLOSED UP $24.85 TO $1424.95//KEY COMMENTARIES TO VIEW: TUCKER CARLSON AND SIMON WHITE//UPDATES ON UKRAINE VS RUSSIA WAR//COVID UPDATES/VACCINE IMPACT/DR PAUL ALEXANDER//SLAY NEWS/EVOL NEWS//CANADA’S C.R.E. SET TO BLOW UP ACCORDING TO CDN EXPERT ON FINANCIAL AFFAIRS//USA DATA//IN USA REGIONAL BANKS ALREADY IN TROUBLE WITH THEIR BOND HOLDINGS ARE NOW TRYING TO UNLOAD THEIR CRE//SWAMP STORIES FOR YOU TONIGHT
323 H HSBC 12 363 H WELLS FARGO SEC 38 435 H SCOTIA CAPITAL 4 661 C JP MORGAN 31 661 H JP MORGAN 1 690 C ABN AMRO 3 737 C ADVANTAGE 5 880 H CITIGROUP 11 905 C ADM 20 1
TOTAL: 63 63
JPMorgan stopped 32/63 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 63 NOTICES FOR 6300 OZ or 0.1959 TONNES
total notices so far: 18,966 contracts for 1,896,600 oz (58.992 tonnes)
FOR JUNE:
SILVER NOTICES: 0 NOTICE(S) FILED FOR NIL OZ/
total number of notices filed so far this month : 423 for 2,115,000 oz
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END
GLD
WITH GOLD UP $0.70
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A HUGE DEPOSIT OF 4.33 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 934.03 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER UP 23 CENTS AT THE SLV//
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF0.459 MILLION OZ FROM THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 463.183 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 1266 CONTRACTS TO 153,100 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.17 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A STRONG SIZED 778 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH . CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: A STRONG SIZED 778 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.17). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUMONGOUS GAIN ON OUR TWO EXCHANGES OF 6003CONTRACTS. WE HAD 587 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 2.935 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 10.435MILLION OZ.). WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION.
WE MUST HAVE HAD:
AN UBER- ATMOSPHERIC SIZED ISSUANCE OF EXCHANGE FOR PHYSICALS( 4737 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP + 2.935 MILLION OZ EXCHANGE FOR RISK(ISSUED TODAY: TOTAL ISSUED SO FAR: 10.435 MILLION OZ)// TOTAL STANDING FOR THE MONTH 4.270 MILLION OZ + 10.435 MILLION EXCHANGE FOR RISK = 14.705 MILLION OZ// ) // HUMONGOUS SIZED COMEX OI GAIN/ ATMOSPHERIC SIZED EFP ISSUANCE/VI) STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE (778CONTRACTS)//CONSIDERABLE T.A.S LIQUIDATION THROUGHOUT THE WEDNEDAY NIGHT ACCESS SESSION THEN ZERO LIQUIDATION THROUGHOUT THURSDAY’S COMEX SESSION//
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –292 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE:
TOTAL CONTRACTS for 11 days, total 14,171 contracts: OR 70.855 MILLION OZ (1280 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 70.855 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: 112.58MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 70.855 MILLION OZ//MUCH LARGER THAN LAST MONTH
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1266 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.17 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD AN ATMOSPHERIC SIZED EFP ISSUANCE CONTRACTS: 4737 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 JUNE OF 3.935 MILLION OZ FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP+ 2.935 MILLION EXCHANGE FOR RISK TODAY + 7.5 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 14.345 MILLION OZ////// .. WE HAVE A GIGANTIC SIZED GAIN OF6003 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 778//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY NIGHT ACCESS SESSION BUT ZERO LIQUIDATION DURING THE THURSDAY COMEX MARKET. THE NEW TAS ISSUANCE TODAY (778) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 0 NOTICE(S) FILED TODAY FOR NIL 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 FAIR SIZED 1525 CONTRACTS TO 431,912 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 – 1047 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 1525 CONTRACTS) WITH OUR $2,80 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0.1368 TONNE QUEUE JUMP: NEW TOTAL 64.012 TONNES STANDING SO FAR // + /A GOOD ISSUANCE OF 1211 T.A.S. CONTRACTS ////YET ALL OF..THIS HAPPENED WITH A $2.80 GAIN IN PRICEWITH RESPECT TO THURSDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 6937 OI CONTRACTS (21.57 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 5412 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 431,912
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6937 CONTRACTS WITH 1525 CONTRACTS INCREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A STRONG 1211 CONTRACTS) AND 5412 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6937CONTRACTS OR 21.57 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5412 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (1525) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6937 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 JUNE AT 70.79 TONNES FOLLOWED BY TODAY’S 4400 OZ QUEUE JUMP //// NEW STANDING FALLS TO 64.012 TONNES// /3) ZERO LONG LIQUIDATION//4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: GOOD T.A.S. ISSUANCE: 1211 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
JUNE
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE :
TOTAL EFP CONTRACTS ISSUED: 26,375 CONTRACTS OR 2,637,500 OZ OR 82.037 TONNES IN 11 TRADING DAY(S) AND THUS AVERAGING: 2397 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 11 TRADING DAY(S) IN TONNES 82.037 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 82.037/3550 x 100% TONNES 2.30% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
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
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 82.037 TONNES
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
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 1266 CONTRACTS OI TO 153,100 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 4737 CONTRACTS (RECORD ISSUANCE)
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 4737and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 4737 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 1266 CONTRACTS AND ADD TO THE 4737OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 6003 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 30.015 MILLION OZ
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//
THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED UP 20.36 PTS OR 0.63% //Hang Seng CLOSED UP 211.45 PTS OR 1.07% /The Nikkei closed UP 220.59 OR 0.66% //Australia’s all ordinaries CLOSED UP 1.10 % /Chinese yuan (ONSHORE) closed UP 7.1246 /OFFSHORE CHINESE YUAN UP TO 7.1296 /Oil UP TO 70.62 dollars per barrel for WTI and BRENT UP AT 75.69 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1525 CONTRACTS DOWN TO 431,912 WITH OUR GAIN IN PRICE OF $2.80 ON THURSDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 5412 EFP CONTRACTS WERE ISSUED: : AUGUST 5412 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5412 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 6937 CONTRACTS IN THAT 5412LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1525 COMEX CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR SMALL GAIN IN PRICE OF $2.80. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A GOOD 1211 CONTRACTS. THROUGHOUT LAST WEEK, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR SPREAD WHICH WILL BE LIQUIDATED TWO MONTHS HENCE)//THE HUGE NUMBER OF T.A.S. CONTRACTS INITIATED OVER THE PAST SEVERAL DAYS SPELLS TROUBLE FOR THE GOLD/SILVER MARKET AS RAIDS WILL SURELY BE UPON US.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (64.012) ( 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: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.012 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $2.80) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR STRONG GAIN OF 6937 CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT WEDNESDAY’S NIGHT ACCESS MARKET SESSION ON WEDNESDAY BUT ZERO CONTRACTS WERE LIQUIDATED IN THE THURSDAY COMEX SESSION . THE TAS ISSUED THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 21.57PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 4400 OZ QUEUE JUMP..NEW STANDING REMAINS AT 64.012 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $2.80
WE HAD – REMOVED A HUGE 1047 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 6937 CONTRACTS OR 693,700 OZ OR 21.57 TONNES.
Total monthly oz gold served (contracts) so far this month
18,966 notices 1,896,600 OZ 58.992 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
No dealer withdrawals
Customer deposits: 0
total deposits: nil oz
Withdrawals: 1
i) out of JPMorgan: 220,684.464 oz (6864 kilobars)
total 220,684.464 oz
Adjustments;0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 1674 contracts having LOST 707 contracts. We had 751 contracts served on Thursday so we gained 44 contracts or an additional 4400 oz will stand for gold at the comex.
The next front month after June is the non active delivery month of July. Here, July lost 120 contracts to stand at 2541 contracts.
AUGUST gained 1793 contracts up to 365,029 contracts
We had 63 contracts filed for today representing 6,300 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 63 contract(s) of which 1 notices were stopped (received) by j.P. Morgan dealer and 31 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 JUNE /2023. contract month,
we take the total number of notices filed so far for the month (18,966 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (1674 CONTRACT) minus the number of notices served upon today 63 x 100 oz per contract equals 2,058,000 OZ OR 64.012 TONNES the number of TONNES standing in this active month of June.
thus the INITIAL standings for gold for the JUNEcontract month: No of notices filed so far (18,966) x 100 oz + (1674) {OI for the front month} minus the number of notices served upon today (63) x 100 oz) which equals 2,058,000 oz standing OR 64.012 TONNES
TOTAL COMEX GOLD STANDING: 63.863 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,553,040.820 OZ
TOTAL REGISTERED GOLD: 11,702,019,946 (363.98 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,851,020.874 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,646,773 OZ (REG GOLD- PLEDGED GOLD) 300.05 tonnes//
END
SILVER/COMEX
JUNE 16//2023// THE JUNE 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
299,784.770 oz Brinks
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
661,582.961 oz Delaware Loomis
No of oz served today (contracts)
0 CONTRACT(S) (NIL OZ)
No of oz to be served (notices)
431 contracts (2,155,000 oz)
Total monthly oz silver served (contracts)
423 Contracts (2,115,000 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 deposits
total dealer deposit: nil oz
total dealer deposits: 0
i) We had 0 dealer withdrawal
total dealer withdrawals: oz
We had 1 deposits customer account:
i) Into Delaware 18,005.361 oz
ii) Into Loomis: 643,577.600 oz
total customer deposits: 661.582.961 oz
JPMorgan has a total silver weight: 142,346 million oz/272.135 million =52.20% of comex .//dropping fast
Comex withdrawals 1
i) Out of Brinks: 299,784.720 oz
total withdrawals: 299,784.720 oz oz
adjustments: none
TOTAL REGISTERED SILVER: 27.117 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 272.135 million oz
DEALER SILVER DROPPING FAST. (moves into the 27 million oz column)
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE /2023 OI: 431 CONTRACTS HAVING LOST 0 CONTRACT(S).
WE HAD 0 NOTICES FILED ON WEDNESDAY SO WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
JULY HAD A 4005 CONTRACT LOSS TO 67,907 CONTRACTS
AUGUST GAINED 81 CONTRACTS TO STAND AT 109
SEPT HAS A GAIN OF 5112 CONTRACTS UP TO 73,204
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today73,381 strong /
Comex volume: confirmed yesterday:105,770 huge
To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 423 x 5,000 oz = 2,115,000 oz
to which we add the difference between the open interest for the front month of JUNE(431) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2023 contract month: 423 (notices served so far) x 5000 oz + OI for the front month of JUNE (431) – number of notices served upon today (0 )x 500 oz of silver standing for the JUNE contract month equates to 4.270 million oz +7.5MILLION OZ EXCHANGE FOR RISK//NEW TOTAL: 11.77 MILLION OZ STANDING
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
JUNE 16/WITH GOLD UP 0.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.33 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.03 TONNES
JUNE 15/WITH GOLD UP $2.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 929.70 TONNES
JUNE 14/WITH GOLD UP $10.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 931.44 TONNES
JUNE 13/WITH GOLD DOWN $10.30 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.01 TONNES FORM THE GLD///INVENTORY RESTS AT 931.44
JUNE 12/WITH GOLD DOWN $7.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 934.65 TONNES
JUNE 9/WITH GOLD DOWN $1.00: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 934.65 TONNES
JUNE 8/WITH GOLD UP $20.45 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.46 TONNES FROM THE GLD///INVENTORY RESTS AT 934.65 TONNES
JUNE 7 WITH GOLD DOWN $22.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 938.11 TONNES
JUNE 6/WITH GOLD UP $6.90 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 939.56 TONNES
JUNE 5/WITH GOLD UP $5.00 TODAY : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 938.11 TONNES
JUNE 2/WITH GOLD DOWN $24.40 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 938.11 TONNES
JUNE 1/WITH GOLD UP $14.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 939.56 TONNES
MAY 31/WITH GOLD UP $5.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 939.56 TONNES
MAY 30/WITH GOLD UP $14.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 941.29 TONNES
MAY 26/WITH GOLD UP $.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 941.29 TONNES
MAY 25/WITH GOLD DOWN $19.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 941.29 TONNES
MAY 24/WITH GOLD DOWN $9.50 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 941.29 TONNES
MAY 23/WITH GOLD $2.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 942.74 TONNES
MAY 22/WITH GOLD DOWN $4.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.83 TONES OF GOLD INTO THE GLD DESPITE THE L0SS IN PRICE//INVENTORY RESTS AT 942.74 TONNES
MAY 19/WITH GOLD UP $22.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 936.96 TONNES
MAY 18/WITH GOLD DOWN $23.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 936.96 TONNES
MAY 17/WITH GOLD DOWN $8.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.94 TONNES
MAY 16/WITH GOLD DOWN 28.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.57 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 934,07
MAY 15/WITH GOLD UP $2.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 937.64 TONNES
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 937.84 TONNES
MAY 11/WITH GOLD DOWN $15.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 934.95 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 934.95 TONNES
GLD INVENTORY: 934.03 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 16/WITH SILVER UP 23 CENTS TODAY :SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 459,000 OZ FROM THE SLV///INVENTORY RESTS AT 463.183 MILLION OZ
JUNE 15/WITH SILVER DOWN 17 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.377 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 463.642 MILLION OZ//
JUNE 14/WITH SILVER UP 29 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 735,000 OZ FROM THE SLV///INVENTORY RESTS AT 465.019 MILLION OZ//
JUNE 13/WITH SILVER DOWN 25 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.515 MILLION OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 465.754 MILLION OZ//
JUNE 12/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.269 MILLION OZ//
JUNE 9/WITH SILVER UP 7 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF SILVER TO THE TUNE OF 550,000 OZ//INVENTORY RESTS AT 467.269 MILLION OZ
JUNE 8/WITH SILVER UP $0.63 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 467.819 MILLION OZ/
JUNE 7/WITH SILVER DOWN 17 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.01 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 467.819 MILLION OZ/
JUNE 6/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 466.809 MILLION OZ//
JUNE 5/WITH SILVER DOWN $.13 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 266,000 OZ FROM THE SLV////INVENTORY RESTS AT 466.809 MILLION OZ/
JUNE 2/WITH SILVER DOWN 23 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 918,000 OZ FROM THE SLV./INVENTORY RESTS AT 467.015 MILLION OZ/
JUNE 1/WITH SILVER UP 49 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.933 MILLION OZ
MAY 31/WITH SILVER UP 37 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 367,000 OZ FROM THE SLV////INVENTORY RESTS AT 467.933 MILLION OZ//
MAY 30/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.300 MILLION OZ//
MAY 26/WITH SILVER UP $0.44 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.306 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 468.300 MILLION OZ//
MAY 25.WITH SILVER DOWN $0.32 TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 276,000 OZ INTO THE SLV////INVENTORY RESTS AT 471.606 MILLION OZ//
MAY 24/WITH SILVER DOWN $.35 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 471.330 MILLION OZ//
MAY 23/WITH SILVER DOWN 22 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.801 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 471.330 MILLION OZ//
MAY 22/WITH SILVER DOWN 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.529 MILLION OZ//
MAY 19/WITH SILVER UP 38 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.529 MILLION OZ
MAY 18/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 919,000 OZ FROM THE SLV////INVENTORY RESTS AT 468.529 MILLION OZ/
MAY 17/WITH SILVER DOWN 2 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 469.448 MILLION OZ//
MAY 16/WITH SILVER DOWN 34 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .643 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 469.448 MILLION OZ.
MAY 15/WITH SILVER UP 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.091 MILLION OZ/
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//
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 UP AT 7.1246
OFFSHORE YUAN: 7.1296
SHANGHAI CLOSED UP 20.36 PTS OR 0.63%
HANG SENG CLOSED UP 211.45 PTS OR 1.07%
2. Nikkei closed DOWN 220.59 PTS OR 0.66%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 101.67 EURO RISES TO 1.0960 UP 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.498 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 140.96/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE YUAN: UP// OFF- SHORE: UP
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.472***/Italian 10 Yr bond yield FALLS to 4.057*** /SPAIN 10 YR BOND YIELD FALLS TO 3.391…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 3.747
3j Gold at $1966.05 silver at: 24.18 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 5 /100 roubles/dollar; ROUBLE AT 83.70//
3m oil into the 70 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 140.96 10 YEAR YIELD AFTER BREAKING .54%, RISES TO .498% 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 0.8912 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9768 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: 3.736 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 3.848 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.698 UP 6 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 23.66…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.425 UP 4 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
Futures Tread Water As $4.2 Trillion Triple-Witching Opex Looms
… which sparked a marketwide gamma-squeeze that pushed the market higher for the 6th consecutive day to the highest level since April 2022, US equity futures and global stocks were headed for the best week in more than two months, buoyed by bets on Chinese stimulus and exuberance surrounding artificial intelligence firms. After closing above 4,400 on Thursday, S&P futures were up 0.1% at 7:40m ET, recovering from an earlier dip and trading near session highs. The MSCI World Index has climbed 3% this week, the most since the end of March. Asian stocks staged a broad rally on Friday and European equities climbed. Treasury yields climbed across the curve, most steeply at the shorter end on recession fears. The Bloomberg dollar index reversed earlier gains while gold prices rose. Oil prices were flat, while iron ore is also edging lower today despite being poised to climb this week.
Whether the US rally extends to a 7th day will depend on how the market reacts to today’s sizable $4.2 trillion triple-witching opex. According to Asym 500 founder and former Goldman derivatives strategist Rocky Fishman, today’s OpEx, which is broken down into $2.5 trillion in options expiring in the morning and another $1.7 trillion at the close, is 20% more than a year ago.
The opex will lead to a sharp drop in the “call wall”, resulting in a so-called unclenched market,which could lead to a spike in volatility as gamma gravity is reduced and the market is free to move more aggressively. To Matthew Tym, the head of equity derivatives trading at Cantor Fitzgerald LP, traders are likely to roll out their call positions, particularly those that are still out of the money. But the overall event’s impact on the broader market is hard to predict. Speaking to Bloomberg, he said that “people are under-invested and need to get exposure,” adding that “there is a tremendous amount of options coming off tomorrow. However, I don’t have a good feel for what that does to the market.” We’ll just have to wait and see.
In premarket trading, Adobe shares rose as much as 3.9% in premarket trading after the software company reported second-quarter results that beat expectations and raised its full-year forecast. Analysts are positive on the report, seeing strong net-new digital media annualized recurring revenue as a highlight. There is also optimism about the company’s potential with artificial intelligence. Apple neared a record $3 trillion market capitalization. Here are some other notable premarket movers:
Virgin Galactic shares jump 38% in premarket trading after the company announced it’s planning for its first commercial passenger space flight between June 27-30
Cava was 3.2% stronger in US premarket trading after the shares of the fast-casual restaurant chain almost doubled on Thursday in their debut.
Nikola shares jump in US premarket trading on Friday, setting them up to more than double in value this week. The latest rally comes as its ousted founder Trevor Milton called for leadership change at the electric-truck maker.
SoFi Technologies drops 4.3% in premarket trading after Piper Sandler downgrades the online personal finance company to neutral from overweight. The broker says some outperformance is warranted, though the rise in interest rates over the last two months will be an incremental near-term headwind.
Lexicon shares jump as much as 18% in US premarket trading before paring some gains, after the drug developer said late Thursday that the US FDA has approved its oral tablet Inpefa to reduce the risk of heart failure.
Millicom dropped 6% in postmarket trading after it says it terminated discussions with Apollo Global Management and Claure Group regarding a potential acquisition.
Squarespace gained 7% in extended trading after it confirmed an agreement to buy Google Domains assets, according to a press release.
The week’s powerful rally was sparked by rising bets that the Fed will end its tightening cycle sooner rather than later after this week’s pause in interest-rate hikes, while expectations are also growing that China’s government will boost spending. That helped lift mining, energy and some luxury stocks in Europe trade Friday.
“Theres a lot of cash on sidelines and we should not underestimate investors’ willingness to step in,” said Georgios Leontaris, chief investment officer for Switzerland and EMEA at HSBC Global Private Banking and Wealth.
The tech-led rally has upended countless bearish analyst calls. Bank of America’s Michael Hartnett said he was wrong in the first half because the US economy has avoided a recession and a credit crunch, and called the AI-driven tech rally an “unanticipated event.” Still, he drew parallels to 2000 or 2008, warning of a “big rally before big collapse.”
In Europe, the Stoxx 600 rose 0.4% with utilities and consumer outperforming. Construction and mining names fall. LVMH contributed the most to the advance in the Stoxx 600 Index. Asos Plc rose as much as 7.8% after the fashion retailer’s sales update showed turnaround progress. Here are the biggest European movers:
Asos shares rise as much as 7.8% in their biggest two-day gain since January after the online fast fashion retailer’s sales update on Thursday showed turnaround progress
Swedish lenders lead gains on Stockholm’s large-cap OMXS30 benchmark after Barclays issued a review on the sector, upgrading Handelsbanken to overweight and SEB to equal weight
MorphoSys gains as much as 14%, the most since April, after JPMorgan double-upgraded the German biotech to overweight from underweight, seeing at least about 40% upside to the shares
Marlowe rises as much as 14%, with the company reportedly exploring a sale of its testing, inspection and certification division, the largest by revenue
Mears Group gains as much as 7.2% after saying it experienced “strong trading” in the first five months of its financial year, with FY profits expected to be “materially ahead” of market expectations
Applus Services rises as much as 11%, hitting the highest since March 2020, after Sky reported that Isquared Capital is preparing to launch a bid for the Spanish company as soon as next week
Maersk falls as much as 4% after Handelsbanken initiated coverage of the shipping firm with a sell recommendation, predicting lower freight rates and lackluster volume growth
Millicom declines as much as 8.5% after the telecommunications firm said it terminated discussions with Apollo Global Management and Claure Group regarding a potential acquisition
Travis Perkins drops as much as 8.3% after the builders’ merchant warned that its full-year profit will be hurt by lower volumes. Other UK homebuilders and building-product suppliers also fall
Interroll slumps as much as 12% after issuing a profit warning, predicting 1H23 revenue and Ebit below the previous year. ZKB downgraded the stock to market perform from outperform after the news
Tesco slips as much as 1.3% after the grocer reported 1Q sales and kept its guidance. The unchanged operating profit outlook suggests a slightly lower margin, according to Bloomberg Intelligence
Asian stocks also rose as markets in China, Hong Kong Australia and South Korea climbed. Japanese shares rose while the yen fell, after the Bank of Japan kept is negative rate and yield curve control program unchanged. “The decision should not have been a surprise,” said John Vail, chief global strategist at Nikko Asset Management. “Anyone who shorts the yen versus the dollar must realize that the authorities will likely intervene with little warning if it gets much weaker.”
Hang Seng and Shanghai Comp. were underpinned amid anticipation of further support measures from China but with gains capped in the mainland amid lingering frictions with the EU to ban Huawei and ZTE equipment from internal Commission networks and after the US tempered expectations of a breakthrough in relations ahead of US Secretary of State Blinken’s visit to China.
Nikkei 225 initially declined amid cautiousness heading into the BoJ policy decision but then recovered after the BoJ refrained from any hawkish surprises and maintained its ultra-easy policy settings.
ASX 200 was positive with the gains led by early strength in energy and utilities after AGL Energy flagged a jump in FY24 underlying profit and with some households facing electricity tariff increases of up to 51% for the winter season.
In FX, the Bloomberg dollar index faded earlier gains following a 0.7% drop on Thursday after ECB President Christine Lagarde said a further hike in July is “very likely.” The euro was little changed after rallying the most since April on Thursday following the European Central Bank’s decision to lift interest rates by another quarter-point. The yen declined as much as 0.8%, paring its rebound from a seven-month low against the dollar touched in the previous session; the BOJ left its negative interest rate and yield curve control program unchanged at the end of a two-day gathering. The central bank expects inflation will slow in the middle of the financial year and won’t hesitate to ease further if needed.
“There’s no option but to see the yen weakening,” said Kengo Suzuki, senior market strategist at Mizuho Bank Ltd. “Divergence is quite big with the BOJ saying it will add easing if necessary” compared with the Fed and ECB which are more hawkish, he said.
“The euro area has more of an inflation problem than the US and therefore the ECB will continue to hike, at least to 4%,” Christian Kopf, head of fixed income and FX for Union Investment Privatfonds GmbH said in an interview with Bloomberg Television.
In rates, treasury yields rose across the curve as the front-end underperformed with 2-year yields cheaper by about 4bp on the day, pushing 2s10s spread through Thursday’s low. There was some outperformance by longer-dated US yields flattens 2s10s by ~3bp, 5s30s spreads by ~2bp on the day. 10-year at 3.73% is higher by ~1bp, trailing bunds and gilts in the sector by 4bp and 3bp. According to Bloomberg, there was no apparent catalyst for bear-flattening beyond rate-hike premium creeping back into swaps for July Fed policy meeting. Core European rates outperform following Thursday’s ECB rate decision.
Looking at today’s calendar, we have a few Fed speakers to listean to: Waller at 7:45 a.m., then Barkin at 9:00 a.m. That’s followed with US June University of Michigan Consumer Sentiment at 10:00 a.m. and the Baker Hughes US rig count at 1:00 p.m.
Market Snapshot
S&P 500 futures little changed at 4,430.25
MXAP up 0.8% to 169.72
MXAPJ up 0.8% to 536.48
Nikkei up 0.7% to 33,706.08
Topix up 0.3% to 2,300.36
Hang Seng Index up 1.1% to 20,040.37
Shanghai Composite up 0.6% to 3,273.33
Sensex up 0.4% to 63,184.70
Australia S&P/ASX 200 up 1.1% to 7,251.25
Kospi up 0.7% to 2,625.79
STOXX Europe 600 up 0.5% to 466.49
German 10Y yield little changed at 2.51%
Euro little changed at $1.0952
Brent Futures up 0.1% to $75.78/bbl
Gold spot up 0.2% to $1,962.31
U.S. Dollar Index little changed at 102.20
Top Overnight News
1) BOJ Governor Kazuo Ueda continued to defy global central bank trends by sticking with stimulus as he waits for signs of more sustainable inflation while his peers signal the need to raise interest rates further to rein in prices. Ueda and his fellow board members left their negative rate and yield curve control program unchanged at the end of a two-day gathering and maintained their view that inflation will slow over the coming months. BBG
2) China will roll out more stimulus to support a slowing economy this year, but concerns over debt and capital flight will keep measures targeted at shoring up weak demand in the consumer and private sectors, sources involved in policy discussions said. RTRS
3) Blue Owl is eyeing up the European direct lending market. Among the options under consideration: building a team, buying an existing fund manager or raising a fund to be overseen by a portfolio manager based there. BBG
4) Chipmakers are betting big on new plants in Europe and Asia. Intel is bolstering its presence in Poland with a $4.9 billion factory, the country’s leader tweeted. Micron is close to a $1 billion deal for a plant in India, people familiar said, and pledged another $600 million for a site in China — just weeks after Beijing imposed curbs on its chips. BBG
5) Gas prices appear likely to be lower this summer driving season after last year’s oil spike caused widespread pain at the pump. A gallon of regular averaged about $3.59 on Thursday, according to AAA, down from a record high of $5 a year ago when the war in Ukraine sent energy markets into a tailspin and fanned the flames of inflation globally. WSJ
6) Moody’s expects speculative-grade corporate defaults to climb to 4.6% by the end of the year — higher than the 4.1% long-term average — and peak at 5% by the end of April 2024, before easing to 4.9% in May. The forecast assumes US high-yield spreads will widen to 532 basis points over the next four quarters, from about 460 basis points at the end of May, with US unemployment rising to 4.8% from 3.7% in the same period. BBG
7) Lawrence Summers is confused by what the Fed did this week. While there were arguments for a hold, he said those wouldn’t be consistent with adding two rate hikes to the outlook this year and boosting the forecast for growth. The inconsistency may be a “disturbing” sign of internal politics driving the Fed. BBG
8) $4.2 trillion OpEx today may rattle the gravity-defying bull market as investors roll over positions or start new ones. The maturation of a massive pile of options coincides with the quarterly expiration of index futures and the rebalancing of indexes including the S&P. Traders will probably roll out call positions but the overall impact is hard to predict. BBG
9) A $1.7 billion opioid settlement is on the verge of unraveling. Mallinckrodt, the drugmaker that began producing morphine and codeine in 1898, owes states, hospitals, tribes and others $200 million by the end of today. But the firm’s business is sputtering, and some of its lenders are urging management to renege. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded higher following the gains on Wall St where the major indices were lifted alongside a weaker dollar and softer yields as participants digested a hawkish ECB and the rise in US jobless claims. ASX 200 was positive with the gains led by early strength in energy and utilities after AGL Energy flagged a jump in FY24 underlying profit and with some households facing electricity tariff increases of up to 51% for the winter season. Nikkei 225 initially declined amid cautiousness heading into the BoJ policy decision but then recovered after the BoJ refrained from any hawkish surprises and maintained its ultra-easy policy settings. Hang Seng and Shanghai Comp. were underpinned amid anticipation of further support measures from China but with gains capped in the mainland amid lingering frictions with the EU to ban Huawei and ZTE equipment from internal Commission networks and after the US tempered expectations of a breakthrough in relations ahead of US Secretary of State Blinken’s visit to China.
Top Asian News
NDRC said China will accelerate the implementation of policies to increase consumption and that temporary fluctuations in some sectors are normal with China’s economic operations maintaining a recovery trend overall. NDRC also stated that China will speed up the process to allow private firms to access the infrastructure of major national scientific research projects, while they will encourage and attract more private firms to participate in national major projects and key industrial supply chain projects.
White House National Security Adviser Sullivan said they do not expect a breakthrough in US-China relations from Secretary of State Blinken’s upcoming trip to China.
BoJ kept its policy settings unchanged, as expected, with rates at -0.10% and the parameters of QQE with YCC maintained in which the decision on YCC was made through a unanimous vote. BoJ said Japan’s economy is picking up and is likely to continue recovering moderately but also noted that uncertainty regarding the economy is very high. Furthermore, it reiterated that core consumer inflation is likely to slow the pace of increase towards the middle of the current fiscal year and that inflation expectations are moving sideways after heightening.
BoJ Governor Ueda says more time is needed to meet BoJ’s 2% inflation target; do need to pay attention to financial and FX markets. Responding to inflation undershoot after a premature rate hike is more difficult than responding to overshoot. Risk of excessive inflation overshoot with cautious policy response is “not zero” but there’s also risk of inflation undershoot with hasty monetary normalisation. Possible a large shift in the price view could result in a policy change.
European bourses are firmer across the board, Euro Stoxx 50 +0.4%, though action has at times been somewhat choppy in the likes of the FTSE 100 +0.3% despite a lack of fresh specific drivers since the Cash Open. Note, Goldman Sachs lifted its end-2023 year-end target for the Stoxx 600 to 500 from 475. Sectors are primarily in the green with some of the more defensively biased names leading such as Utilities and Healthcare while Basic Resources lags slightly after recent upside. Stateside, futures are firmer though only modestly so with newsflow limited thus far as we await a number of Fed speakers lter in the session.
Top European News
ECB’s Holzmann says has no view on what should happen with rates beyond July.
ECB’s Nagel said the ECB may need to keep raising rates after the summer break.
ECB’s Simkus says he does not see rate cuts at the start of next year.
ECB’s Rehn says rate decisions will continue to follow a data-dependent approach; key rates will be brought to levels sufficiently restrictive to achieve a timely return to inflation’s medium-term target.
ECB’s Muller says rates are yet to peak.
FX
Dollar off post-IJC lows with help from the Yen, DXY holds 102.000 handle as USD/JPY bounces from sub-140.00 towards 141.50 YTD peak in response to unchanged BoJ and dovish Governor Ueda press conference.
Euro pivots 1.0950 vs Buck after hawkish ECB hike and flanked by hefty option expiries.
Pound extends gains against Greenback to 1.2800+ awaiting BoE next week and unfazed by a decline in UK inflation expectations.
Yuan continues recovery in hope of even more Chinese stimulus, with USD/CNY and USD/CNH both eyeing 7.1000 from peaks nearer 7.2000.
PBoC set USD/CNY mid-point at 7.1289 vs exp. 7.1282 (prev. 7.1489)
Commodities
Crude benchmarks are under modest pressure this morning with fresh drivers limited and the action perhaps a break in the least few sessions consolidation and a return to the last few weeks general direction.
WTI and Brent are towards the lower-end of circa. USD 1.00/bbl parameters and erring towards the USD 70.00/bbl and USD 75.00/bbl marks respectively.
Spot gold is firmer as the tone remains tentative pre-FOMC speak while base metals are mixed given further Chinese support though a sizeable LME warehouse print seemingly weighs on Copper.
Fixed Income
More sustainable debt revival appears technical and positional following the extent of the recent decline.
Bunds bounce from 132.18 to 132.96 and Gilts to 95.36 from 94.41.
T-note lags within 113-16+/05 range awaiting prelim Michigan sentiment and commentary from the Fed post-hawkish FOMC hold.
ECB TLTRO.III June window early repayment figure (EUR): 29.5bln (prev. 87.7bln).
Geopolitics
US State Department said it wants Iran to take steps to cease its actions that destabilise the region including steps to curb its nuclear programme. It was separately reported that the US and Iran are in talks aimed at limiting Iran’s nuclear programme, releasing some US citizens and unfreezing Iranian assets, while steps would be cast as an understanding and not an agreement subject to Congressional review, according to officials cited by Reuters.
Russian Kremlin says President Putin remains open to any contacts to discuss the Ukraine conflict resolution, via Ria.
Explosions heard in central Kyiv, according to Reuters witnesses. Note, an African leader delegation, led by South African president Ramaphosa, is currently in Kyiv.
US Event Calendar
08:30: June New York Fed Services Business, prior -16.8
10:00: June U. of Mich. Sentiment, est. 60.0, prior 59.2
June U. of Mich. Expectations, est. 55.2, prior 55.4
June U. of Mich. Current Conditions, est. 65.1, prior 64.9
June U. of Mich. 1 Yr Inflation, est. 4.1%, prior 4.2%
June U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.1%
DB’s Jim Reid concludes the overnight wrap
Today is the day that a passionate group within 1% of the world’s population get extraordinarily excited about something that the other 99% of the globe ranges from being completely unaware of, to being completely apathetic towards. Yes, one of the oldest international sporting rivalries in the world kicks off here in England as we take on Australia at cricket for The Ashes. The home series are every 4 years, and I can soundtrack my life to these battles. Hopefully 2023 will go down as one of the best. So if you’re one of the 99% spare a thought for the small number of obsessed nervous wrecks within the 1% of us today.
Risk assets are exhibiting few nerves at the moment and have continued their relentless advance over the last 24 hours, with the S&P 500 (+1.22%) rising for a 6th consecutive session for the first time since November 2021. It marked a big turnaround from earlier in the day, when there’d been a significant rates selloff, particularly after the ECB hiked rates and raised their inflation forecasts once again. But just 15 minutes later, the mood completely turned after the US weekly jobless claims unexpectedly remained at last week’s level of 262k, which is the highest they’ve been since October 2021. And in turn, that meant investors grew more doubtful about whether the Fed would end up delivering the two further hikes they indicated for this year, which supported a multi-asset rally across equities, bonds and commodities.
Ironically, the rest of the US data from yesterday had been perfectly respectable, with the retail sales numbers even posting a mild beat. But markets are overweighting the weekly claims data at the moment, since they’re one of the most timely indicators we get, and would therefore be one of the first to show if the labour market is beginning to crack. So when the 262k reading came in well above the 245k consensus expectation, that prompted a sizeable reaction, particularly given the negative surprise from last week as well. For instance, yields on 10yr US Treasuries had stood at 3.83% just after the ECB delivered their hike, before tumbling down to 3.716% by the end of the session.
The elevated claims number was a little more broad based than the surprise last week when two states made up the overwhelming bulk of the increase. So last week there was slightly more reason to be suspicious of the increase than this week. Ironically the first reaction to the perception of a weaker labour market was positive through the Fed effect. However be careful what you wish for. Even more attention will be on next week’s numbers now.
This release distracted markets from what was an eventful ECB meeting in its own right. The main headline was another 25bp hike as expected, which took the deposit rate up to 3.5% and its highest level since 2001. But what caused a big reaction was the upgrade to their inflation forecasts, which signalled that more action was needed to get inflation back to their 2% target. For example, headline inflation was revised up by a tenth across each of 2023-25, and they’re now expecting it to only come down to 3.0% in 2024 and 2.2% in 2025. In addition, the core inflation forecast that excludes food and energy saw even bigger upgrades, with both 2023 and 2024 revised up half a point to 5.1% and 3.0% respectively. And even in 2025, core inflation was still seen at 2.3%, so the ECB are signalling they still expect headline and core inflation to be above their target in two years’ time.
President Lagarde then offered some further hawkish comments in her press conference, saying that “barring a material change to our baseline, it is very likely the case that we will continue to increase rates in July.” That helped remove any doubt about whether the ECB were finished hiking yet, and investors moved to fully price in a further 25bp move to 3.75% at the next meeting. Looking further out, investors also began to consider it more-likely-than-not that the ECB would deliver yet another hike beyond that in September, which if realised would take the deposit rate all the way up to 4%. Following the meeting, our European economists have maintained their view of a 3.75% terminal rate but continue to see upside risks. However they did note some dovish counterbalancing comments from the ECB. See their reaction note here for more.
All this meant European rates were torn between the generally hawkish ECB and the weak claims data, but ultimately the ECB won out. By the close, yields on 10yr bunds (+5.2bps), OATs (+4.5bps) and BTPs (+4.2bps) had all risen, and the 2yr German yield (+11.0bps) hit a post-SVB high. It was a similar story for equities, with the STOXX 600 (-0.13%) underperforming its US counterparts, despite paring back its losses later in the session.
In the US it was a very different story however, since the claims data took centre stage. That meant Treasuries rallied across the curve, with yields on 10yr Treasuries closing -7.0bps lower at 3.716%. Furthermore, the 2s10s curve inverted further to -93.4bps, which is the most inverted its been since SVB, and just demonstrates how recessionary indicators are continuing to flash with growing alarm. This morning 2yr and 10yr yields are are back up +3bps and +1.7bps respectively with the curve thus inverting a touch more.
For equities, there was a similarly buoyant tone, and the S&P 500 (+1.22%) closed above the 4400 mark for the first time since April 2022. 88% of index constituents were higher on the day with all but two industry groups gaining. For once, tech stocks slightly underperformed the broader S&P, but there was still a decent advance as software companies rose +2.7% to pace the S&P 500 industry groups. Elsewhere the FANG+ index (+1.09%) rose for the 10th time in the last 11 sessions, bringing its YTD gains beyond +76%.
Asian equity markets are also mostly trading higher tracking overnight gains on Wall Street alongside hopes of fresh stimulus from China. As I check my screens, the Hang Seng (+0.68%), the CSI (+0.44%), the Shanghai Composite (+0.37%) and the KOSPI (+0.69%) are all moving higher. Elsewhere, the Nikkei (-0.10%) is trimming its losses but continues to remain in the red after the Bank of Japan (BOJ) maintained its ultra-easy monetary policy despite stronger-than-expected inflation (more below). Outside of Asia, US equity futures are indicating a slight pull back with those on the S&P 500 (-0.18%) and NASDAQ 100 (-0.22%) printing mild losses on what is triple witching day, with huge option expiries going through later.
Overnight, the run of central bank meetings has continued, with the BoJ maintaining its current pace of yield curve control in line with market expectations as the central bank waits to ensure Japan sustainably achieves 2% inflation. While warning about risks to the global outlook, the central bank’s policy statement indicated that it won’t hesitate to ease further if necessary. Following the substantially dovish decision, the Japanese yen declined -0.35% against the US dollar to around 140.775.
Finally, yesterday brought several other data releases from the US aside from jobless claims. Retail sales surprised on the upside with +0.3% growth (vs. -0.2% expected) even if retail control (that goes directly into GDP) was inline at 0.2%. Furthermore, the Empire State manufacturing survey for June rebounded to 6.6 (vs. -15.1 expected). That said, industrial production unexpectedly fell by -0.2% in May (vs. +0.1% expected).
To the day ahead now, and data releases include the University of Michigan’s (UoM) preliminary consumer sentiment index for June, along with the final Euro Area CPI reading for May. Watch out for the inflation expectations in the UoM report as the long-term ones have been edging up of late. Otherwise, central bank speakers include the Fed’s Bullard, Waller and Barkin, along with the ECB’s Holzmann, Rehn, Villeroy and Centeno.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
Equities firmer, JPY lags following BoJ & metals lift on stimulus; Fed speak due – Newsquawk US Market Open
FRIDAY, JUN 16, 2023 – 06:34 AM
European bourses are firmer across the board and largely unphased by numerous ECB speakers
Stateside, futures post modest gains and await the likes of Fed’s Waller and Barkin as the blackout lifts
DXY has lifted off-lows with Yen assisting post-BoJ while EUR pivots OpEx and GBP continues to advance
Fixed income experiences a modest and perhaps technically driven revival alongside notably less explicit Holzmann commentary
Crude slips slightly while base metals lift on further Chinese stimulus, though copper bucks the trend
Looking ahead, highlights include US Uni. of Michigan Sentiment Preliminary, ECB Repayment Publication, Speeches from Fed’s Waller, Barkin, ECB’s Lagarde, Villeroy & de Guindos.
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EUROPEAN TRADE
EQUITIES
European bourses are firmer across the board, Euro Stoxx 50 +0.4%, though action has at times been somewhat choppy in the likes of the FTSE 100 +0.3% despite a lack of fresh specific drivers since the Cash Open.
Note, Goldman Sachs lifted its end-2023 year-end target for the Stoxx 600 to 500 from 475.
Sectors are primarily in the green with some of the more defensively biased names leading such as Utilities and Healthcare while Basic Resources lags slightly after recent upside.
Stateside, futures are firmer though only modestly so with newsflow limited thus far as we await a number of Fed speakers lter in the session.
Click here and here for a recap of the main European updates.
Dollar off post-IJC lows with help from the Yen, DXY holds 102.000 handle as USD/JPY bounces from sub-140.00 towards 141.50 YTD peak in response to unchanged BoJ and dovish Governor Ueda press conference.
Euro pivots 1.0950 vs Buck after hawkish ECB hike and flanked by hefty option expiries.
Pound extends gains against Greenback to 1.2800+ awaiting BoE next week and unfazed by a decline in UK inflation expectations.
Yuan continues recovery in hope of even more Chinese stimulus, with USD/CNY and USD/CNH both eyeing 7.1000 from peaks nearer 7.2000.
PBoC set USD/CNY mid-point at 7.1289 vs exp. 7.1282 (prev. 7.1489)
Crude benchmarks are under modest pressure this morning with fresh drivers limited and the action perhaps a break in the least few sessions consolidation and a return to the last few weeks general direction.
WTI and Brent are towards the lower-end of circa. USD 1.00/bbl parameters and erring towards the USD 70.00/bbl and USD 75.00/bbl marks respectively.
Spot gold is firmer as the tone remains tentative pre-FOMC speak while base metals are mixed given further Chinese support though a sizeable LME warehouse print seemingly weighs on Copper.
ECB’s Holzmann says has no view on what should happen with rates beyond July.
ECB’s Nagel said the ECB may need to keep raising rates after the summer break.
ECB’s Simkus says he does not see rate cuts at the start of next year.
ECB’s Rehn says rate decisions will continue to follow a data-dependent approach; key rates will be brought to levels sufficiently restrictive to achieve a timely return to inflation’s medium-term target.
ECB’s Muller says rates are yet to peak.
NOTABLE US HEADLINES
Fed Discount Window borrowing at USD 3.6bln on June 14th vs USD 3.1bln on June 7th, ‘Other Credit’ was at USD 180.5bln vs prev. 185.2bln and BTFP lending at USD 102bln vs prev. 100.2bln.
Fed’s Bostic (non-voter) disclosed new transactions that violated the central bank’s trading guidelines in which ETF transactions were conducted during the forbidden blackout period, according to FT.
WSJ’s Timiraos tweeted that “Powell’s Freudian “skip” suggests a July rate rise is the base case, even though (as always) the economy can intervene”, while he cited comments from Fed watcher Tim Duy that “There is an every-other-meeting strategy, and the July decision has all but been made”.
GEOPOLITICS
US State Department said it wants Iran to take steps to cease its actions that destabilise the region including steps to curb its nuclear programme. It was separately reported that the US and Iran are in talks aimed at limiting Iran’s nuclear programme, releasing some US citizens and unfreezing Iranian assets, while steps would be cast as an understanding and not an agreement subject to Congressional review, according to officials cited by Reuters.
Russian Kremlin says President Putin remains open to any contacts to discuss the Ukraine conflict resolution, via Ria.
Explosions heard in central Kyiv, according to Reuters witnesses. Note, an African leader delegation, led by South African president Ramaphosa, is currently in Kyiv.
APAC TRADE
APAC stocks traded higher following the gains on Wall St where the major indices were lifted alongside a weaker dollar and softer yields as participants digested a hawkish ECB and the rise in US jobless claims.
ASX 200 was positive with the gains led by early strength in energy and utilities after AGL Energy flagged a jump in FY24 underlying profit and with some households facing electricity tariff increases of up to 51% for the winter season.
Nikkei 225 initially declined amid cautiousness heading into the BoJ policy decision but then recovered after the BoJ refrained from any hawkish surprises and maintained its ultra-easy policy settings.
Hang Seng and Shanghai Comp. were underpinned amid anticipation of further support measures from China but with gains capped in the mainland amid lingering frictions with the EU to ban Huawei and ZTE equipment from internal Commission networks and after the US tempered expectations of a breakthrough in relations ahead of US Secretary of State Blinken’s visit to China.
NOTABLE ASIA-PAC HEADLINES
NDRC said China will accelerate the implementation of policies to increase consumption and that temporary fluctuations in some sectors are normal with China’s economic operations maintaining a recovery trend overall. NDRC also stated that China will speed up the process to allow private firms to access the infrastructure of major national scientific research projects, while they will encourage and attract more private firms to participate in national major projects and key industrial supply chain projects.
White House National Security Adviser Sullivan said they do not expect a breakthrough in US-China relations from Secretary of State Blinken’s upcoming trip to China.
BoJ kept its policy settings unchanged, as expected, with rates at -0.10% and the parameters of QQE with YCC maintained in which the decision on YCC was made through a unanimous vote. BoJ said Japan’s economy is picking up and is likely to continue recovering moderately but also noted that uncertainty regarding the economy is very high. Furthermore, it reiterated that core consumer inflation is likely to slow the pace of increase towards the middle of the current fiscal year and that inflation expectations are moving sideways after heightening.
BoJ Governor Ueda says more time is needed to meet BoJ’s 2% inflation target; do need to pay attention to financial and FX markets. Responding to inflation undershoot after a premature rate hike is more difficult than responding to overshoot. Risk of excessive inflation overshoot with cautious policy response is “not zero” but there’s also risk of inflation undershoot with hasty monetary normalisation. Possible a large shift in the price view could result in a policy change.
DATA RECAP
Singapore Non-Oil Exports MM (May) -14.6% vs. Exp. -1.3% (Prev. 2.7%); YY (May) -14.7% vs. Exp. -8.1% (Prev. -9.8%)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 20.36 PTS OR 0.63% //Hang Seng CLOSED UP 211.45 PTS OR 1.07% /The Nikkei closed UP 220.59 OR 0.66% //Australia’s all ordinaries CLOSED UP 1.10 % /Chinese yuan (ONSHORE) closed UP 7.1246 /OFFSHORE CHINESE YUAN UP TO 7.1296 /Oil UP TO 70.62 dollars per barrel for WTI and BRENT UP AT 75.69 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
EUROPE/MIGRANTS
Very angry at forced migrant relocations and not accept migrant quotas
(Cody/Remix)
Anger Grows Across Europe Over EU’s Mandatory Migrant Quotas
“Should the law pass the European Parliament, the FPÖ demands a referendum in Austria on this asylum package, because this agreement does nothing to turn Europe into a fortress”
Conservative European parties, as well as governments like Poland’s, are launching various measures to push back against a new EU law that will lead to forced migrant relocations across Europe. The law could particularly affect nations such as Hungary and Poland that have been traditionally opposed to mass immigration, but other conservative parties from countries like Germany and Austria are also calling for referendums and other actions against the EU’s migrant quota scheme.
In Poland, the country’s parliament has launched a video campaign against the measure and is about to adopt a resolution proposal authorizing the government to exercise its veto power and not accept the proposal on migrant quotas at the next EU summit. There is also talk of putting the question of mandatory migrant quotas to a national referendum, which will run simultaneously during national elections this autumn.
In Austria, meanwhile, an online petition was launched to reject forced resettlement, while the German right has also protested the controversial new measure.
Poland’s ruling Law and Justice (PiS) party has prepared a draft resolution that would give the government a strong mandate to reject the forced resettlement of migrants based on quotas from Brussels.
The forced migrant quotas, as a part of the EU Pact on Migration and Asylum, were decided last week at the council of the EU interior ministers. According to the plans, EU member states will either accept a certain number of immigrants or be forced to pay at least €20,000 per migrant into the EU coffers.
Rafal Bochenek, the PiS party’s spokesperson, recalled that the Polish parliament had passed resolutions similar to the current one before, for example in 2016, but they gave the authority to discuss these issues at the EU level.
“Now, we want to give the Polish government a strong mandate to use a veto in the European Council,” said the spokesperson of the ruling party. The politicians of Law and Justice wrote in the draft resolution that “The Sejm of the Republic of Poland strongly opposes the attempt to introduce mechanisms for the forced resettlement of illegal economic migrants at the EU level.”
Austria’s FPÖ also calls for referendum
However, Poland is not the only country considering a referendum on the issue, with Austria’s most popular party, the Freedom Party of Austria (FPÖ), also calling for a national vote.
“Should the law pass the European Parliament, the FPÖ demands a referendum in Austria on this asylum package, because this agreement does nothing to turn Europe into a fortress. That is why politicians must do everything we can to implement a ‘Fortress Austria’ and to protect the country from the new migration of peoples,” said FPÖ leader Herbert Kickl.
Kickl has skewered Austria’s government for going along with the proposal, claiming it has “stabbed Austrians in the back.” The FPÖ has long criticized the Christian democrats, the ÖVP, for being weak on immigration and other conservative ideals.
Kickl said the new rules are the EU’s attempt to “take us for a fool,” and although the EU claims to be tightening standards against economic migration, “the truth is the new asylum rules bring additional burdens for Austria. ÖVP Interior Minister Gerhard Karner has failed in his central promise to prevent a redistribution of asylum seekers. He’s stabbing the Austrians in the back with that,” said Kickl.
“Unfortunately, the much-celebrated compromise does not change the overall situation, with the exception that there should now be a distribution mechanism that is at the expense of economically stronger member countries. Because in the future, Austria would have to pay a fine if it refuses to accept asylum seekers. Approval for such a distribution has been an absolute ‘no go’ since FPÖ Interior Minister Kickl. The ÖVP has also always spoken out against it – until Mr. Karner simply fell over on this issue yesterday,” said FPÖ security spokesperson Hannes Amesbauer.
“Yesterday was a black day for the Austrian population in the truest sense of the word,” concluded Kickl.
The FPÖ is now launching an online petition entitled “Austria’s Fortress against illegal mass immigration.”
In promoting the new petition, Kickl noted that Austria has been hit twice in the last eight years by large waves of migration, both of which caused enormous damage across the country.
“Since 2015, the EU has missed every opportunity to protect the citizens of Europe from the import of terror and social tensions,” said MEP Harald Vilimsky, head of the European delegation of the FPÖ. He said he believes that the only hope is that with next year’s EU elections, a fundamental change can be initiated, and then a referendum can be used to deviate from this mistaken path. According to the MEP, help should be provided in the migrants’ homeland so that they do not leave.
The EU missed all the opportunities to address the migration crisis
Sharp criticism also comes from Germany’s Alternative for Germany (AfD) party, which criticized the EU’s adopted draft as extremely dangerous.
“Under pressure from the German government, unaccompanied minors can easily cross the external border without stopping, including via expedited procedure. The same applies, for example, to entire families arriving from Syria. They also do not deal with the problem that 80 percent of those arriving in Germany were previously able to pass through the EU without registration,” said Gottfried Curio, spokesperson for the interior affairs of the AfD parliamentary group.
The politician emphasized that even after the distribution within the European Union, secondary migration to Germany will continue as long as the will and structures for an effective automatic rejection and deportation system are not created in the country. He added that the people of Brussels maintain false principles, for example, that a person can be a refugee when entering the EU even if he has already traveled through many, many safe third countries. In addition, the EU missed the opportunity to tangibly counterbalance the dramatic overload, especially in Germany, said Gottfried Curio.
At the same time, supposedly conservative governments from Czechia and Italy backed the proposal, which many have portrayed as a betrayal.
END
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
BELARUS/RUSSIA/UKRAINE
Belarus has begun taking delivery of powerful Russian nukes
(zerohedge)
Belarus Has Begun Taking Delivery Of ‘Powerful’ Russian Nukes
FRIDAY, JUN 16, 2023 – 04:15 AM
President Alexander Lukashenko has confirmed in fresh remarks to Russian state television that Belarus has begun taking delivery of Russian tactical nuclear weapons which had earlier been promised by President Vladimir Putin.
Lukashenko in remarks to Rossiya-1 TV channel boasted that the tactical nukes are three times more powerful that the atomic bombs dropped by the United States in World War II on Hiroshima and Nagasaki.
“We have missiles and bombs that we have received from Russia,” Lukashenko confirmed in the interview, which was also carried by Belarus’ Belta state news agency.
“The bombs are three times more powerful than those (dropped on) Hiroshima and Nagasaki,” he added, in footage which appeared to feature a military storage facility in the background.
Though stationed on Belarusian territory, the nuclear weapons will remain under the control of Russia’s military, and the Kremlin hasn’t given any sign it has altered its nuclear use doctrine, which stipulates they can only be launched if Russia and its population are under existential threat.
Back in March, Putin had hinted there may have already been Russian nukes stationed in Belarus, but these and statements since then have remained perhaps purposefully ambigous.
CBS recounts of what Putin said at the time as follows:
Russia has ratcheted up tensions with the West amid its ongoing war against Ukraine, with President Vladimir Putin saying Moscow will deploy “tactical nuclear weapons” in Belarus. The Russian leader said 10 fighter jets capable of carrying tactical nuclear weapons — generally a reference to smaller weapons used for limited battlefield attacks, rather than larger, long-range “strategic” nuclear weapons — were already deployed in Belarus. Putin said Russia would also position nuclear-armed Iskander hypersonic missiles, with a range of around 300 miles, in Belarus.
The Biden administration has meanwhile consistently condemned the Russian leader’s “irresponsible nuclear rhetoric,” and has said “no other country is inflicting such damage on arms control, nor seeking to undermine strategic stability in Europe.” The West has viewed movement of the nukes into Belarus as a major escalation and provocation, but so far rhetoric of NATO officials surrounding this has remained calm.
However, the Kremlin has in response pointed out that the US has stationed nukes in five non-nuclear states across Europe, and even in Turkey.
end
ISRAEL/CHINA/PALESTINE/RUSSIA
US F-22 Fighter Jets Deployed to Middle East Amid Russian Aircraft Activity
Robert Hryniak
4:33 PM (34 minutes ago)
to
No doubt things are heating up.
However there is much more going on…
China just signed a new strategic pact with Palestine and has vowed, as part of that pact, to provide protection from Israel. That ought to go over well. Should we then expect Chinese planes soon? What will China do if assets are attacked by Israel? What one can be sure of is that they will “ not lose face” in front of their audience. Meanwhile Iran has offered nuclear assistance to the Saudis. Meanwhile Zelensky is feeling despair learning the Pentagon will not put American troops on the ground. Polish troops yes, so Zelensky goes off to Poland for a deal to partition Ukraine giving them Western Ukraine for boots on the ground to fight Russians. The extent of Ukraine insanity is revealed in them training 12 year old boys for combat duty while getting 16 year old boys to clear mine fields. Reminds of the Iranians using children to clear Iraqi minefields with children. Meanwhile Putin has made it clear in speech that the goals of their SMO will be fulfilled and they will not be deterred by foreign troops entering Ukraine. Meanwhile the West applauds and sending more money to be skimmed off. While Nuland is out of control raising cane for war.
A lot of the experts didn’t think that this would happen.
Once the pandemic subsided, global supply chains were supposed to return to normal. But now “hundreds of drugs” are in short supply in the United States, and even CNN is admitting that we are in the midst of “the worst food crisis in modern history”. As I did research for this article, I was stunned by what I discovered. Things are worse than I realized. I knew that a lot of drugs were in short supply, but it turns out that there have been shortages of many of our most basic antibiotics since last October, and now Pfizer is telling us that several types of penicillin will completely run out later this year…
Pfizer will run out of several doses of penicillin, which treat syphilis, strep throat, and other infections, later this year as shortages ripple across the US supply chain.
The company anticipates running out of the children’s dose of the syphilis drug Bicillin L-A by the end of June, according to a letter Pfizer posted Tuesday on the Food and Drug Administration’s website. The company says it’s prioritizing production of larger doses of Bicillin L-A, which is recommended for pregnant people with syphilis because it is the only drug that can pass through the placenta and also treat the fetus.
A different Pfizer penicillin, Bicillin C-R that treats other bacterial infections but not syphilis, is expected to run out in the third quarter, which ends Sept. 30. Pfizer’s penicillin has been in shortage since April.
Of course there are growing shortages of many other commonly used drugs.
A recent survey found that a majority of cancer centers are reporting shortages of commonly used chemotherapy drugs used to treat a wide variety of cancers.
Much of the current shortage stems from the temporary closure of a drug manufacturing facility in India that happened after the Food and Drug Administration (FDA) found issues in the plant’s quality control.
After I first read that, I immediately had one burning question come to mind.
Why in the world are we having our chemotherapy drugs manufactured in India?
Already, certain chemotherapy drugs are in such short supply that some doctors are being forced to ration care…
Cancer drugs, including widely used cisplatin and carboplatin, are in such short supply that doctors are rationing care, asking patients to drive long distances for treatment, or turning to alternative treatments with riskier side effects.
This wasn’t supposed to happen.
But it is happening.
In fact, the New York Times is telling us that there are shortages of “hundreds of drugs” in the United States right now…
Hundreds of drugs are on the list of medications in short supply in the United States, as officials grapple with an opaque and sometimes interrupted supply chain, quality and financial issues that are leading to manufacturing shutdowns.
The shortages are so acute that they are commanding the attention of the White House and Congress, which are examining the underlying causes of the faltering generic drug market, which accounts for about 90 percent of domestic prescriptions.
Meanwhile, global supplies of food just continue to get even tighter, and this is going to greatly affect consumers here in this country.
According to Zero Hedge, global cocoa supplies are becoming extremely tight and this could push chocolate prices to dizzying heights…
Cocoa prices have soared 44% over the last nine months to seven-year highs as the global cocoa bean deficit worsens for the second consecutive year.
“The cocoa market has experienced a remarkable surge in prices … This season marks the second consecutive deficit, with cocoa ending stocks expected to dwindle to unusually low levels,” S&P Global Commodity Insights’ Principal Research Analyst Sergey Chetvertakov told CNBC via email.
If you love chocolate, I would stock up now while you still can.
In addition, Zero Hedge is also reporting that there are very serious concerns about global supply levels of sugar and coffee…
With cocoa consumption at record highs in some Western countries, a worsening global bean deficit will only support higher prices.
There are just some grocery store aisles where inflation looks exceptionally sticky.
Most of us could live without chocolate, sugar and coffee.
But what about the basics?
One food bank in southern Georgia is warning that they are facing a severe shortage of food and they are desperate for help…
“We’re just, we’re experiencing the biggest food shortage we have in the 40 years of food banking,” CEO of Feeding the Valley Food Bank Frank Sheppard said. “And it’s pandemic related. It’s really a number of causes our federal government and state governments provided a plentiful amount of food during the pandemic to help so many more people in need. And those supply lines are just a little slow to replenish. Then you have the whole supply chain issue. Things are just taking 3, 4, 5, 10 times as long to get to us as they used to and rapid inflation is affecting a lot of people, a lot of our donors as well. So it’s really just a perfect storm, unfortunately of circumstances that has got our inventories at record low levels.”
Hopefully some people will step up and help them out.
But the truth is that supplies of food are only going to get tighter and tighter in the months ahead.
-The orange harvest in Florida in 2023 will be approximately 56 percent smaller than it was in 2022.
-Thanks to absolutely crazy weather patterns, approximately 90 percent of Georgia’s peach crop for this year has been wiped out.
On top of everything else, now millions of Mormon crickets have invaded Nevada, and they are eating everything in sight…
According to the University of Nevada in Reno, Mormon crickets eat native, herbaceous perennials (forbs), grasses, shrubs, and cultivated forage crops, reducing feed for grazing wildlife and livestock. In large numbers, their feeding can contribute to soil erosion, poor water quality, nutrient-depleted soils, and potentially cause damage to range and cropland ecosystems.
Drought encourages Mormon cricket outbreaks, which may last several years (historically 5 to 21 years) and cause substantial economic losses to rangeland, cropland, and home gardens. This is particularly true as adults and nymphs of Mormon crickets migrate in a band, eating plants along their path.
And of course all of this is happening in the context of a horrific global food crisis.
According to one recent report, the number of people around the globe that are facing “acute food insecurity” increased by a whopping 34 percent last year…
The report concluded that the number of people facing acute food insecurity in 58 countries and territories in 2022 was 258 million, and this was the highest in the seven-year history of the report, signifying a deteriorating trend in global acute food insecurity. In 2021, 193 million people in 53 countries and territories faced acute hunger, so the figure for 2022 reflected a 34 percent jump within just one year.
Democrat presidential candidate Robert F. Kennedy Jr. has spoken out to expose the epidemic of sudden deaths in vaccinated children and athletes.READ MORE
people died during the 3 year fraud pandemic due to 1)lockdown lunacy ii) denial of treatment in clinics & hospitals with all beds ‘COVID’ beds iii) vaccine harms iv)medical system (sedation etc.)
“Annual All-Cause Mortality Rate in Germany and Japan (2005 to 2022) with Focus on the Covid-19 Pandemic: Hypothesis and Trend Analyses,” is a letter in the journal Medicine and Clinical Science by Hagen Scherb and Keiji Hayashi, comparing mortality trends across these two “highly industrialised countries, which have large and ageing populations in comm…
2 adult cases in receipt of the Pfizer-BioNTech (Sahin, Malone, Kariko, Weissman et al.) mRNA technology based gene injection; developed herpes zoster after vaccination
‘Skin manifestations have been reported, including reactivation of the varicella-zoster virus (Marzano, 2020)…
case report describes two adults developing herpes zoster after vaccination with tozinameran (the Pfizer-BioNTech COVID-19 mRNA vaccine). A possible cause for this reaction is a transient lymphocytopenia that occurs after the vaccination — similar to that in COVID-19 disease (Mulligan, 2020; Wang, 2020; Qin, 2020; Brabilla, 2020; Wang, 2020; Wei, 2017). In the context of vaccinating older and/or immunocompromised adults, our observations can be the starting point for further evaluation of a possible relationship between COVID-19, COVID vaccines, and herpes zoster.’
based gene injection vaccine (Pfizer etc.), it’s the spike protein, stupid, it’s the spike protein! Just like Slick Willie’s ‘it’s the economy, stupid!; rapid aggressive TURBO cancers, all forms!
The debate is the rise started in year 2000 or so yet I argue now plot the data from 2021 onwards and let us compare to prior years!
You write garbage trying all how to avoid the 10,000 pound elephant in the room, yet I am not constrained, it’s the vaccine, you morons, it’s the vaccine and you know it! You are seeing the surge now post vaccine yet trying to talk about the last 30 years. Let us focus on the dramatic surge of all forms and very aggressive cancers in the last 2 years in the advent of the fraud COVID vaccine, where from diagnosis to death in some cases it is a mere days!
excess deaths? we know that lockdown lunatic policies killed, we know denial of treatment (COVID ‘beds’), we know the fraud deadly vaccine & we know the medical management (sedate, ventilator) killed
Is the 5 to 15% excess mortality we especially see in highly vaccinated nations due to the vaccine? We argue YES! Combined with NPIs (lockdowns, school closures etc.), medical management (midazolam, Remdesivir, ventilator, isolation, DNR, no antibiotics etc.) , denial of treatment early on such that now and in 2021 and 2022 and now 2023 we are seeing deaths accumulate due to being far along the disease sequelae e.g. cardiac disease, cancers, diabetes etc. Did not get treatment and care when it was needed.
“Annual All-Cause Mortality Rate in Germany and Japan (2005 to 2022) with Focus on the Covid-19 Pandemic: Hypothesis and Trend Analyses,” is a letter in the journal Medicine and Clinical Science by Hagen Scherb and Keiji Hayashi, comparing mortality trends across these two “highly industrialised countries, which have large and ageing populations in comm…
All-cause mortality data is tied tightly to the COVID gene injection, from about April 2021 to present June 2023 and counting!
END
SLAY NEWS
The latest reports from Slay News
Heart Disease Risk Soars 13,200% Among Vaccinated, CDC ConfirmsA bombshell study from the U.S. Centers for Disease Control (CDC) and the Food and Drug Administration (FDA) has confirmed that the risk of autoimmune heart disease is 13,200% higher in people who are vaccinated for Covid.READ MORE
Republican Wins Special Election, Flipping District Democrats Won Just Months Ago | by Lorri Wickenhauser, The Western JournalREAD MORE…
LATEST NEWS:
Intelligence Agencies Buying Vast Amounts of Sensitive Data on AmericansRead more…Government Allegedly Targets Conservatives and Christians as Terrorists: WatchdogRead more…Witness in Biden Bribery Scheme Found Dead Under Mysterious CircumstancesRead more…BREAKING: Daniel Penny Indicted Over Subway Chokehold, Faces Up To 15 YearsRead more…REPORT: Nearly 100% of Fact-Checkers’ Political Donations Go Exclusively to the Democratic PartyRead more…BREAKING: Jack Smith May Execute Shady “Backup Plan” If Mar-A-Lago Case Falls ApartRead more…Republican Study Committee Aims to Balance Federal Budget in Seven YearsRead more…Prominent Democrat Arrested on Multiple Charges of CorruptionRead more…
VACCINE IMPACT//
Imminent Cyber Attacks on European Banks and Nuclear Conflict being Threatened Over UkraineJune 15, 2023 4:48 pmThe U.S. corporate media reported today that the U.S. Cybersecurity and Infrastructure Security Agency (CISA) reported to CNN that a global cyberattack has targeted multiple U.S. federal government agencies today. This follows an announcement by certain hacker groups that they were targeting European Banks which would collapse within 48 hours. Meanwhile, Presidents Vladimir Putin and his close ally Alexander Lukashenko have addressed “worst case scenarios which could spin out of the Ukraine war” this week as Russia deploys nukes to Belarussia.Read More…
MICHAEL EVERY
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
SPECIAL THANKS TO G.G. FOR PROVIDING THIS FOR US:
Top Canadian Pension Fund Warns About CRE ‘Bloodbath’ In Office Buildings — many banks will go under. In the US 80% of the CRE loans are rendered by the small banks!
Top Canadian Pension Fund Warns About CRE ‘Bloodbath’ In Office Buildings
FRIDAY, JUN 16, 2023 – 11:45 AM
At this point, we’ve made it clear to our readers that the next domino to fall would be commercial real estate, specifically the office space market. The latest warning is from the head of Canada’s largest institutional investors.
“There’s going to be a bloodbath in some areas [lower-quality office space], for sure,” Charles Emond, chief executive officer of Caisse de dépôt et placement du Québec (CDPQ), told Bloomberg in an interview on Thursday. He said regional banks “underpriced” the market in CRE loans for several years, and credit squeezes have forced several regional bank failures.
Emond pinpointed out the coming turmoil: “It’s going to be weak banks lending to weak buildings, and that’s going to be the issue.” He said owners of high-end properties, such as the ones CDPQ owns, will be able to weather the CRE storm.
CDPQ is Canada’s second-largest public pension manager with $302 billion in assets, about 12% in real estate. It owns the former Goldman Sachs Group Inc. headquarters on Broad Street in Manhattan, Seattle’s Fairmont Olympic Hotel, and multi-family units across the US.
Bloomberg noted that Emond, a former Bank of Nova Scotia investment banker, was appointed right before Covid to run CDPQ. The fund’s CRE portfolio was mismanaged, with significant exposure to offices and retail space. In the last three years and over 200 transactions later, those two segments of the CRE portfolio shrunk and only represent 30% combined.
Emond said his team is bullish on student housing. “The price point, the affordability, the clients — this is all stuff that is actually quite defensive,” he said.
There have been increasing concerns about the depth of the CRE downturn. Goldman Sachs chief credit strategist Lotfi Karoui told clients last month that “the most accurate portrayal of current market conditions” is data via the Green Street Commercial Property Price Index, which indicates trouble ahead.
Karoui explained, “Green Street indicating a 25% year-over-year drop in office property values.”
The widely expected CRE downturn could force some overexposed regional banks to sell CRE loans at a steep discount. These banks with risky loans could generate even more liquidity and credit concerns. We’ve already noted credit tightening across some regional banks as lending to new CRE clients has been dialed back. Some banks are trying to divest parts or all of existing loan books to survive the coming storm.
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:1.0960 UP 0.0015
USA/ YEN 140.96 UP 0.694 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2826 UP 0.0042
USA/CAN DOLLAR: 1.3229 UP .0006 (CDN DOLLAR DOWN 6 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 20.36 PTS OR 0.63%
Hang Seng CLOSED UP 211.45 PTS OR 1.07%
AUSTRALIA CLOSED UP 1.10% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 211.45 PTS OR 1.07%
/SHANGHAI CLOSED UP 20.36 PTS OR 0.63%
AUSTRALIA BOURSE CLOSED UP 1.10%
(Nikkei (Japan) CLOSED UP 220.59 PTS OR 0.66%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1966.29
silver:$24.15
USA dollar index early FRIDAY morning: 101.47 DOWN 5 BASIS POINTS FROM THURSDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED UP (7.1229)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1315)
TURKISH LIRA: 23.64 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.400…VERY DANGEROUS
Your closing 10 yr US bond yield UP 5 in basis points from THURSDAY at 3.772% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.855 UP 1 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 13.27 points or 0.17%
German Dax : CLOSED UP 83,14 PTS OR 0.51%
Paris CAC CLOSED UP 104.64 PTS OR 1.44%
Spain IBEX UP 70.10 PTS OR 0.74%
Italian MIB: CLOSED UP 154.74 PTS OR 0.56%
WTI Oil price 70.09 12: EST
Brent Oil: 75.72 12:00 EST
USA /RUSSIAN /// AT: 83.14 ROUBLE DOWN 0 AND 51//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.4625 DOWN 4 BASIS PTS
UK 10 YR YIELD: 4.4300 UP 6 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.021 DOWN 0.0025 OR 25 BASIS POINTS
British Pound: 1.2732 DOWN .0052 or 52 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.4435% UP 2 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 141.48 UP 1.215 //YEN DOWN 122 BASIS PTS//
USA dollar vs Canadian dollar: 1.3188 DOWN .0035 CDN dollar, UP 35 basis pts)
West Texas intermediate oil: 71.44
Brent OIL: 76.42
USA 10 yr bond yield DOWN 1 BASIS pts to 3.767%
USA 30 yr bond yield UP 2 BASIS PTS to 3.853%
USA 2 YR BOND: UP 10 PTS AT 4.72000%
USA dollar index: 101.86 UP 14 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 23.62 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84.14 DOWN 0 AND 39/100 roubles
DOW JONES INDUSTRIAL AVERAGE: DOWN 108.94 PTS OR 0.32%
NASDAQ 100 DOWN 101.56 PTS OR 0.47%
VOLATILITY INDEX: 13.54 DOWN 0.96 PTS (6.42)%
GLD: $181.63 DOWN 0.28 OR 0.15%
SLV/ $22.18 UP .24 OR 1.09%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Stocks Dump As Massive Triple-Witch OpEx Punks Euphoric Markets
… stocks sprinted out of the gate, only to immediately run out of steam, hitting session highs at the cash open which is also the moment when $2.3 trillion in S&P options expired…
… and setting off on a long, boring grind lower, to close at session lows some 40 points lower…
… with all sectors sliding into the close…
… as the SPX 4,400 Call Wall – which the market steamrolled earlier this week in its euphoria sprint higher – exerted its magnetic influence lower on risk assets…
… and also as we observed after the latest Fed balance sheet release showed that reserves had started to slide again, even as risk assets continued their melt-up with oblivious abandon (but not for long).
Curiously, not even a constant push of delta buying by both 0DTE and regular option traders was able to reverse the slide in the index…
… nor the continued covering of the (formerly) record emini S&P future shorts, who were squeezed for a 2nd week in a row after the net short position hit a record at the end of May.
Curiously, as stocks fell so did the VIX, which tripped the moment the cash market opened, sliding lower with stocks…
… and extending the bizarro super-positive correlation between stocks and vol, which as Goldman said earlier has “rarely been this positive“…
… yet which also sows the seeds of the market’s next puke, as Goldman’s next chart showed (more on this correlation here).
To be sure, it wasn’t just the greeks, and after they were kicked to the pavement in recent weeks, small caps (RTY) saw a clear rotation out of tech (QQQ) in the last hour, although as others have observed, if this is indeed the start of the “everything else” rotation, then we have a lot to go.
That said, don’t cry for the S&P: despite today’s drop, the index closed the week 2.6% higher, its biggest gain since the Fed stepped in with a massive “emergency” stimmy after the bank crisis in March, and the fifth consecutive weekly increase, the longest stretch since Nov 2021.
While stocks failed to catch a bid after the recent meltup, other more beaten down sectors finally pushed higher, with WTI pushing back over $70 after hitting a one-month lower earlier this week.
Likewise, gold and silver ramped higher after getting clubbed in recent days…
… and even bitcoin finally caught a bid one day after news hit that the world’s largest asset manager, Blackrock, had filed for a spot bitcoin ETF, a move which sets up for an interesting confrontation between the most important man on Wall Street and the most useless Liz Warren henchman at the SEC, Gary Gensler.
Finally, while Treasuries did nothing notable today, the divergence between the two duration classes – 10Y paper and the QQQs – has extended its divergence to levels not seen in years.
b) THIS AFTERNOON TRADING/
end
END
i c Morning/
end
II) USA DATA/
UMich Inflation Expectations Crash In June; Sentiment Rebounds
FRIDAY, JUN 16, 2023 – 10:06 AM
After last month’s rise in medium-term inflation expectations to its highest in 15 years, expectations from UMich’s survey were for a small pullback in preliminary June data. As it turns out, expectations were right in direction but the magnitude is off the charts as 1-year inflation expectations crashed from 4.2% to 3.3% (exp 4.1%). Longer-term inflation expectations also slipped back from 15 year highs…
Source: Bloomberg
The headline sentiment data was expected to show a modest pickup in preliminary June data – against the recent trend of deterioration – and it did, reaching its highest level in four months.
Source: Bloomberg
As Joanne Hsu, director of the survey, said this “reflects greater optimism as inflation eased and policymakers resolved the debt ceiling crisis.”
The outlook over the economy surged 28% over the short run and 14% over the long run. Sentiment is now 28% above the historic low from a year ago and may be resuming its upward trajectory since then.
Buying Conditions bounced notably in the early June survey…
As it stands, though, sentiment remains low by historical standards as income expectations softened. A majority of consumers still expect difficult times in the economy over the next year.
END
III) USA ECONOMIC STORIES
Fed emergency bailout fund usage hits a new record high. What is important here, is that this is a temporary fund where the banks have another 9 months to get other funding. So far they haven’t
(zerohedge)
Fed Emergency Bank Bailout Facility Usage Hits New Record High; Money Market Funds See Small Outflow
THURSDAY, JUN 15, 2023 – 04:43 PM
For the first time since the week of April 19th (related to tax payments), money market funds saw net outflows last week ($4.66 billion)…
Source: Bloomberg
Ignoring the usual tax-related outflow in April, this is the first money-market outflow since February… presumably all flowing into NVDA?
Notably, the outflow was all institutional (-$8.46 billion) while retail MM funds saw $3.8 billion in inflows (the 8th straight week)…
After the prior week’s small ($3.47 billion) growth in The Fed’s balance sheet, last week saw it rise… barely… by $1 billion… remaining above the SVB lows…
Source: Bloomberg
As far as QT is concerned, The Fed sold a tiny $1.64 billion to its lowest since August 2021…
Source: Bloomberg
Most notably, the US central bank had $106 billion of loans outstanding to financial institutions through its two backstop lending facilities, up $2.26 billion from last week…
Source: Bloomberg
With banks’ usage of The Fed’s emergency Bank Term Funding Program rising once again to a new record at $102 billion (up $1.8 billion from last week)…
Source: Bloomberg
The breakdown from The Fed’s H4…
QT no impact this week
Discount window usage up $0.4BN from $3.2BN to $3.6BN
Other credit extensions (FDIC loans, which are then loans to JPM) down $5BN to $180.5BN
Other Fed assets +$3.4BN to $39.5BN
The US equity market continues to charge ahead, even as bank reserves at The Fed contracted modestly…
Source: Bloomberg
Finally, as a reminder, banks have 9 months left under the original 12-month BTFP Fed bailout program to find a way to stabilize their balance sheets.
Not only have they failed to do so, usage of the BTFP facility is at a new all time high, and yields are rising even more (great MTM losses).
END
This will kill spending as we are approaching the restart of student loan payments
(zerohedge)
Restart Of Student Loan Payments To Slash Household Spending By $15.8 Billion Every Month
Today, in a note from Barclays economist Adirenne Yih (available to pro subscribers in the usual place), the bank has published a detailed calculation of just how much disposable spending would shrink by as a result of the student loan payment restart. In a nutshell, the bank estimates a potential aggregate $15.8bn monthly headwind – or $190 billion per year – to US spending as the average student debt holder sees an incremental monthly payment of ~$390 beginning this fall. This represents an ~8% headwind to monthly personal income, affecting 16% of the US population, and adding pressure to not just consumer discretionary and apparel, but all retail spending.
For those who missed it the first time, here is the background:
Student loan payments are set to resume in the coming months. For more than 40 million Americans carrying student loan debt, the timeline to resume making payments is now on the horizon. The debt ceiling deal passed earlier this month paves the way for student loan payments to resume as early as August 29, 2023, per the latest update from the U.S. Department f Education: Federal Student Aid. For most, this will be the first time making payments since the early days of the pandemic in March 2020
Logically, Barclays regards the “essential” nature of the debt payments as reducing discretionary spending by an equal amount. As such, the bank estimates a potential aggregate $15.8bn monthly headwind to U.S. spending, as the average student debt holder sees an incremental monthly payment of ~$390 (more details below).
The analysis is based on federal student loan data for the aggregate $1.4 trillion balance across the 40.5mn borrowers by age cohort. Utilizing a 10-year payment period and a 5.8% interest rate, the bank calculates an approximate $390/month payment across cohorts.
Compared to a median pre-tax personal annual income of ~$57k, this payment represents an approximate 8% headwind to monthly income. In aggregate, this amounts to an “additional” (or rather, original, as the payments were there and then three years ago, they just stopped) $15.8bn in monthly payment for federal student loans affecting approximately 15.5% of the U.S. adult population (and 32% of the 25- to 34-year-old cohort).
As an aside, Barclays’ monthly estimate of $15.8bn in incremental payments is conservative as the analysis only takes into account federal student debt (Direct Loans), which is 87.2% of total student debt.
Some more details on who owes what:
As of March 31, 2020, there were 38.4mn recipients of Federal Student Aid (Direct Loans) equaling $1,315bn outstanding.
As of March 31, 2023 these numbers have increased and there are now 40.5mn recipients and $1,430bn outstanding.
Additionally, the 25-34 age group has the largest amount of borrowers at 14.7mn recipients (36%), while the 35-49 age group has the largest amount of Federal Student loans outstanding at $533bn (37%)
Average monthly repayment amount by age group:
Federal Student Loans have 10 types of repayment plans that vary based on time frame and income
Barclays is basing its analysis on a 10-year fixed monthly payment as it is the highest % of repayment plans by recipients (33%), and utilizing a flat assumed interest rate of 5.8%.
From this, the bank calculates the approximate $390/month payment across age group
Cost impact of student loan repayment by age cohort
Comparing the calculated monthly cost of student loan payments above to the median annual pre-tax personal income reveals an aggregate 8% monthly headwind to income across age group
Estimated spending impact to consumer discretionary
Based on our analysis, the Barclays economists estimate the total impact from the resumption of federal student loans to consumer discretionary spend to be ~$15.8bn (monthly), derived by aggregating the total cost among all Federal loan holders and the Federal loan repayments.
Next, the economists calculated the total percentage of the adult U.S. population that will be impacted by the resuming of Student Loan Repayment (using U.S. Census estimates as of 2022 to calculate the total population size vs. the total amount of recipients of Federal Student Loans, and then further disaggregated that by age group). Based on calculations, 15.5% of the adult (18+) US population will be effected and will need to resume paying their student loans, with an outsized impact among the 25-34 year old cohort (32%)
Education Level by Income Bracket
Higher household incomes are more likely to have attended college and carry higher student debt. An analysis of the Bureau of Labor Statistics’s 2021 Consumer Expenditure Survey indicatess that higher incomes are more likely to have attended college.
While this relationship is known intuitively, it implies higher HH incomes are thus more likely to carry higher student debt compared to, say, the ‘Less than $15,000’ cohort, in which the majority of constituents did not attend college.
In this context, and rather counterintuitively, the bank has a favorable view of companies exposed to lower HH income cohorts. For these companies, the relative insulation from the resumption of student debt payments will serve as a welcome offset to the inflation-driven spending pressure which has previously had an outsized impact on lower income HHs.
The work-from-home trend has been taking its toll on office landlords and is now making its way through to banks’ commercial loan portfolios, leading some analysts to predict that more trauma could be on the way for regional banks this year.
And in the current climate of bank failures, short sellers, and nervous depositors, banks with large exposures to commercial real estate (CRE) loans are racing to clean up and sell down their loan portfolios in hopes that they will not fall victim to another round of bank runs.
“There is an estimated $1.5 trillion of commercial property debt that will be due for repayment in about 18 months,” Peter Earle, an economist at the American Institute for Economic Research, told The Epoch Times. “It’s not improbable that even if interest rates have fallen by that time, some of that real estate debt will nevertheless be impaired and have an adverse impact on regional banks.”
In step with a recent trend in the CRE market, tech giant Google announced in May that it was attempting to sublease 1.4 million square feet of vacant office space in its Silicon Valley home base in order to “match the needs of our hybrid workforce.” Despite more employees returning to their offices this year, average office occupancy rates across the United States are still below 50 percent.
According to a report by Bank of America, 68 percent of CRE loans are held by regional banks. Approximately $450 billion in CRE loans will mature in 2023. JPMorgan Chase estimated that CRE loans comprise, on average 28.7 percent of the assets of small and regional banks, and projected that 21 percent of CRE loans will ultimately default, costing banks about $38 billion in losses.
Double Hit
Commercial mortgages are getting hit on two fronts: first, by the lack of demand for office space, leading to credit concerns regarding landlords, and second, by interest rate hikes that make it significantly more expensive for borrowers to refinance.
According to a June 12 report by Trepp, a CRE analytics firm, CRE loans that were originated a decade ago, when average mortgage rates were 4.58 percent, are now coming due, and in today’s market, fixed-rate CRE loan rates are averaging around 6.5 percent.
Banks that make CRE loans consider factors like debt service coverage ratios (DSCRs), which measure a property’s income relative to cash payments due on loans. Simulating mortgage interest rates from 5.5 percent to 7.5 percent, Trepp projected that between 28 percent and 44 percent, respectively, of currently outstanding CRE loans would fail to meet the 1.25 DSCR ratio today, and thus be ineligible for refinancing.
These calculations were done assuming current cash flows from properties stay the same and that loans are interest-only, but with vacancies rising, many landlords may have substantially less cash flow available. In addition, whereas interest-only CRE loans were 88 percent of the market in 2021, lenders are now switching to amortizing mortgages to reduce risk, which significantly increases debt service payments.
Refinancing Issues
Fitch, a rating agency, projected that approximately one-third of commercial mortgages coming due between April and December of this year will be unable to refinance, given current interest rates and rental income.
“It’s a very different world now from the one in which the majority of these loans were made,” Earle said. “In a zero-interest-rate environment, before the COVID lockdowns saw many businesses shift to a remote work basis, many of these loan portfolios full of office properties looked great. Now, a substantial portion of them look quite vulnerable.”
The Trepp report highlighted several regional markets, such as San Francisco, where office sublease offers jumped 140 percent since 2020, and Los Angeles, where office vacancies hit a historic high of 22 percent. Available office space in Washington D.C. increased to 21.7 percent in the first quarter of 2023.
New York has been hit hard, as well. Office occupancy rates in New York City plummeted from 90 percent to 10 percent in 2020 during the COVID pandemic, but only recovered to 48 percent this year. Revenue from office leases fell by 18.5 percent between December 2019 and December 2022.
Vacancy Rates at 30-Year High
Overall, according to a report by analysts at New York University and Columbia Business School, office vacancy rates are at a 30-year high in many American cities.
The report found that “remote work led to large drops in lease revenues, occupancy, lease renewal rates, and market rents in the commercial office sector.”
The authors predict that, even if office occupancy returns to pre-pandemic levels, “we revalue New York City office buildings, taking into account both the cash flow and discount rate implications of these shocks, and find a 44% decline in long run value. For the U.S., we find a $506.3 billion value destruction.”
Pay attention to Simon White: he is pretty good on analyzing the data:
(Simon White)
Don’t Let Month-To-Month Data Distract From Recession Signal
FRIDAY, JUN 16, 2023 – 09:05 AM
Authored by Simon White, Bloomberg macro strategist,
The trends in retail sales, Fed regional surveys and claims are recessionary, adding to the case that after a pause the next move from the Fed will be a cut, rather than another hike.
Monthly or weekly data are fine if you want some trading volatility, but not helpful when trying to discern the path of the economy.
In this week’s data we saw another rise in unemployment claims to almost two-year highs. But it’s the underlying picture that’s sending the ever-stronger recessionary signal. The number of states with deteriorating claims continues to rise and is consistent with a near-term downturn.
We also saw May’s retail sales data. The month-on-month figures beat or met expectations, but that should not distract from their clear downward trend. Moreover, trying to figure out what is going to happen has more utility than focusing on a short-term volatile figure. Tighter credit conditions posit that retail sales will continue to weaken through the rest of the year.
The Empire manufacturing survey was also released and beat expectations. This number on its own is less than useless if you’re trying to build a picture of where the economy is headed. A better signal can be gleaned from combining all the Fed regional manufacturing surveys into one signal.
As the chart below shows, all of them are contracting on a three-month smoothed basis. Bar two false positives, this has always coincided with a recession.
The signal from this week’s data is enough to deter the Fed from further hikes, especially as slowing inflation in the coming months will take real rates considerably tighter even if the bank holds rates steady.
end
Tijuana mayor flees to army base as crime chaos at this border city to the USA worsens
(zerohedge)
Tijuana Mayor Flees To Army Base As Crime Chaos At Border City Worsens
THURSDAY, JUN 15, 2023 – 11:00 PM
The ongoing bloodshed in Tijuana, resulting from cartels battling for control over drug smuggling routes into the US, has transformed the border city into one of the most dangerous places in the world. After receiving multiple threats, things escalated recently when the mayor was forced to seek protection at a military base on the edge of town.
On Tuesday, President Andrés Manuel López Obrador said Mayor Montserrat Caballero has been “protected since about two weeks ago. We agreed to help protect her and will continue to do so.”
Caballero publicly announced her decision to seek protection at a local army base on the southern edge of Tijuana, about 5 miles from the city, after a pickup truck of seven dead bodies was found on Monday.
“I have received threats, so I am going to live at the base,” she said.
Threats directed at the mayor by cartels are in response to her administration’s weapon seizure of 1,700 guns plus the arrest of 56 people.
“They are angry,” she said. “And that’s why I’ve been receiving threats.”
Lopez Obrador said the threats were also directed at the governor of the border state of Baja California.
The fight over drug smuggling routes by cartels comes as Biden’s border crisis persists. Killings in Tijuana, just miles from San Diego, are up 9% over the last 12 months. Tijuana has more homicides than any other city in Mexico and is one of the most dangerous places in the world.
The mayor has made the right decision. As for all those San Diegan who cross the border for cheap beer and tequila and the occasional inexpensive Airbnb rental in Mexican beach towns, considering the war-torn conditions, saving a couple of bucks is probably not worth risking your life.
Perhaps this all means violence is set to erupt in the summer months.
END
A good start: Texas to deploy chain of buoys across the Rio Grande to deter illegal immigrant crossings
(EpochTimes)
Texas To Deploy Chain Of Buoys Across Rio Grande To Deter Illegal Immigrant Crossings
Texas will soon deploy a long chain of large buoys in the middle of the Rio Grande to deter illegal immigrants from crossing the southern border.
Gov. Greg Abbott said the first 1,000-foot floating barrier would be placed in the river at one of the crossing hot spots near Eagle Pass in Maverick County. Eagle Pass is about 145 miles southwest of San Antonio.
“We’re securing the border at the border,” Abbott said during a press conference at the state Capitol in Austin on June 8.
“What these buoys will allow us to do is prevent people from getting to the border.”
The initial floating barrier is expected to be installed on July 7, the governor’s office confirmed in an email to The Epoch Times.
The Republican governor’s announcement followed the signing of several bills to strengthen security at the border.
“Even though we’ve done a lot, we recognize that more must be done. Importantly, the Legislature has recognized that also, and they stepped up to begin with $5.1 billion for Texas to do even more to secure our border,” Abbott told reporters.
During the previous session, the state allocated $4.5 billion for border security, bringing the biennial budgeted total to $9.6 billion.
“Texas is spending close to $10 billion to deal with the crisis and chaos caused by the Biden administration,” Abbott said.
The first installation of the water-based barrier will cost “under $1 million,” said Col. Steven McCraw, director of the Texas Department of Public Safety.
How the Barriers Work
The floating barrier is made up of interconnected rotating buoys that range in height from 4 to 6 feet, depending on the depth of the water where they are deployed.
“This is the deterrent for even coming in the water,” McCraw said.
“This has been tested a number of times, a number of ways by special operators, tactical operators, specialists with Border Patrol.”
McCraw said that because of the water and buoyancy, it’s very difficult to get through the buoys.
“There’s ways to overcome it, but it takes great effort. It takes specialized skills and equipment to do it,” he said.
McCraw explained that in the same way that the razor wire can be moved to various areas, the buoys are also mobile and can be gathered and moved to another part of the river as needed.
“It’s something we can do quickly,” he said. “We can put it there, and it deters the large groups of people from moving in that area.”
There is also webbing that will be anchored to the bottom of the river to prevent people from swimming under the barrier to the other side.
Images of the large buoys—created by the perimeter security company Cochrane USA—were on display during the press conference.
Safety Concerns
McCraw said safety was one of the biggest concerns when border patrol was testing the efficacy of the barriers.
“We don’t want anyone to get hurt,” the DPS chief told reporters. “In fact, we want to prevent people from getting hurt and prevent people from drowning.”
McCraw said that any time migrants decide to cross the river between the ports of entry, they are putting themselves and their family members in harm’s way.
“The only one that benefits, the only one that is enabled and empowered, is the Mexican cartels when that happens,” he continued.
The governor signed into law six bills passed by lawmakers during the 88th legislative session, which ended May 29.
“Thanks to the leadership and hard work of Director McCraw, General [Thomas] Suelzer, and their teams, Texas has pushed back against the swell of migrants and held the line to keep people out of Texas—but there’s more to be done,” Abbott said in a press release.
Abbott signed the following bills into law:
Senate Bill 423 authorizes the Texas military to use drones for search and rescue missions after natural disasters and for monitoring the Texas-Mexico border (pdf).
Senate Bill 602 expands the authority of border patrol agents to include arrest, search, and seizure at border checkpoints and points of entry for felony offenses under Texas law. Agents are only allowed to detain certain individuals under current law (pdf).
Senate Bill 1122 creates a grant program to compensate agriculture landowners up to $75,000 for damage caused to their property by border crimes (pdf).
Senate Bill 1403 allows the governor to coordinate and execute an interstate compact with other states without seeking congressional approval (pdf).
Senate Bill 1484 creates a collaboration between DPS and local law enforcement agencies to share expertise in the fight against transnational criminal activities (pdf).
Senate Bill 1900 designates Mexican drug cartels and criminal organizations as foreign terrorists. It increases the penalties for the distribution of illegal drugs and those operating stash houses. And it adds foreign terrorist organizations to intelligence databases (pdf).
Crisis at the border
In March 2021, the governor launched Operation Lone Star, a multi-agency effort to stop illegal crossings, drug smuggling, and human smuggling at the Texas-Mexico border.
Since its inception, Operation Lone Star has apprehended more than 381,000 illegal immigrants entering the country. Nearly 30,000 people have been arrested, with more than 26,000 felony charges reported, the governor’s office said.
“Washington D.C. has failed to do its job to secure our border,” Abbott told reporters. “As a result, Texas has had to take unprecedented steps in responding to the border.”
END
Several USA agencies hit in a global cyberattack. Also hit universities and hospitals
(zerohedge)
Several US Agencies Hit In Global Cyberattack Alongside Universities, Hospitals
THURSDAY, JUN 15, 2023 – 07:20 PM
On Thursday the US Cybersecurity and Infrastructure Security Agency announced that “several” US federal government agencies were hit in what’s being acknowledged as a global cyberattack.
The attack utilized a vulnerability in widely used software, with the agencies have “experienced intrusions affecting their MOVEit applications,” according to a US government statement. “We are working urgently to understand impacts and ensure timely remediation,” Eric Goldstein, a top US cybersecurity official, said.
Initial suspicion has fallen on a Russian-speaking ransomware group, known as CLOP, which has claimed responsibility for a similar ongoing hacking campaign which targeted entities ranging from BBC to British Airways to Shell oil, to schools and hospitals, as well as some US state governments in the Midwest.
CNN reviews of a recent and ongoing hacking campaign as follows:
But the news adds to a growing tally of victims of a sprawling hacking campaign that began two weeks ago and has hit major US universities and state governments. The hacking spree mounts pressure on federal officials who have pledged to put a dent in the scourge of ransomware attacks that have hobbled schools, hospitals and local governments across the US.
As part of this, the famous Johns Hopkins University and Health System has also been deeply impacted.
Officials in a letter to the Hopkins community said that an early and ongoing investigation found that the attack “may have impacted the information of Johns Hopkins employees, students and/or patients.”
The Johns Hopkins attack came to light on May 31 and also had exploited the vulnerability in the MOVEit software. It’s not believed at this time that individual patient medical records were compromised.
A cybersecurity expert, Bill Sieglein, has been cited in local media to explain…
“This was called a ‘zero-day attack,’ meaning the attackers, who are out of Russia, a group known as CLOP, they discovered a vulnerability in this piece of software called MOVEit. MOVEit is a piece of software that allows you to move large data files between networks and between systems. They found a vulnerability before anybody knew about it and, all at once, launched an attack worldwide,” Sieglein said.
CNN has noted that at this point the persistent attacks may be the work of multiple bad actors. “The Russian hackers were the first to exploit the vulnerability, but experts say other groups may now have access to software code needed to conduct attacks,” the report notes.
“The ransomware group had given victims until Wednesday to contact them about paying a ransom, after which they began listing more alleged victims from the hack on their extortion site on the dark web,” CNN explains. “As of Thursday morning, the dark website did not list any US federal agencies.”
END
USA// COVID
end
SWAMP STORIES
Tucker Carlson on the dictator Joe Biden…..a must view
(Tucker Carlson)
Tucker Carlson Takes Aim At “Wannabe Dictator” Joe Biden
On Tuesday this week, shortly after former President Trump’s arrest, Fox News ran two video feeds (of Biden and Trump) simultaneously with the following chyron: “wannabe dictator speaks at The White House after having his political rival arrested.”
The words were on the screen less than 30 seconds but the effect was immediate inside Fox as Carlson notes “the women who run the network panicked… first they scolded the producer… less than 24 hours after that, he resigned (he’d been at Fox for more than a decade, considered one of the most capable people in the building.”
Then, the company issued a public apology: “the chyron was taken down immediately,” adding ominously that the situation was “addressed.”
The rest of the media were ‘outraged’ – “suggesting Biden is a dictator crossed the line” remarked The Washington Post.
Several members of the liberati called for the banning of any criticism of the President, laughingly demanding an action that only dictators would do, demanding actions against Fox News, such as banning it from military bases or revoking its broadcasting license.
But here’s the former Fox News host’s first point:
“Democrats were very very angry… but why were they angry? If the banner was false, why the hysteria? Lies don’t seem to bother anyone anymore… if some cable news producer had called Biden a genius, or secretly Sudanese, would anyone be yallin gabout it?”
So, calling Joe Biden a ‘wannabe dictator’ apparently crossed the line:
“So, if you’re being honest with yourself, you have to wonder if Joe Biden is a wannabe dictator?”
The White House spokesperson’s response was akin to ‘of course, Joe Biden is not a dictator, just because he wants to put his political opponent in jail for a crime that he himself committed…doesn’t mean he has a totalitarian impulse’.
Carlson sarcastically questions whether Biden is actually a dictator by highlighting characteristics of dictators, such as enriching themselves, suppressing protests, censoring dissent, and surveillance.
“It is not an easy thing to be a dictator” Carlson remarks, “there are a lot of steps.”
“…there’s nothing the population can do about it in a dictatorship, it’s no longer possible to fight injustice.”
None of that sounds like anything Biden would do right?
(00:00) Hey it’s Tucker Carlson. On Tuesday afternoon the Biden administration had Donald Trump arrested it was a pretty big news story you may have seen it. Just before 9 pm that night as part of its coverage Fox News ran two live video feeds next to one another on the right Donald Trump addressed his supporters in New Jersey on the left Joe Biden spoke at an event for the Secretary General of NATO in Washington beneath those videos at the bottom of the screen Fox’s Banner read this way “wannabe dictator speaks at the (00:32) White House after having his political rival arrested.”
Those words are up for less than 30 seconds but the effect was immediate. Inside Fox the women who run the network panicked first they scolded the producer who put the banner on the screen. Less than 24 hours after that he resigned. He’d been at Fox for more than a decade he was considered one of the most capable people in the building. He offered to stay for the customary two weeks but Fox told him to clear out his desk and leave immediately
Then the company issued a public apology (01:02) for the 27 second long wannabe dictator Line “the Chiron was taken down immediately” Fox’s PR department said and then added ominously it was “addressed”
That was all true but it was not enough to save Fox News from the ensuing scandal.
For a time in the rest of the media Fox’s assessment of Donald Trump’s arrest seemed to overshadow Trump’s arrest itself.
“Suggesting that Biden is a dictator” declared the Washington Post quote “crossed the line”.
Alexander Vindman agreed strongly. Vindman is the perennial MSNBC (01:38) guest, and full-time Ukraine promoter you may remember from Russia gate. On Twitter he demanded that the Pentagon pulled Fox News from all military bases it is “absolutely unacceptable for American forces Network to carry programming that directly spuriously attacks the commander-in-chief of American armed forces”.
Vindman wrote in other words Joe Biden must ban all criticism of himself because that’s what non-dictators do.
John Cusack went further still “for the crime of calling Biden a dictator Fox should be shut down” wrote (02:12) the 80s era movie star. “The government has to take away their broadcasting license” and so on was all over the Internet.
Democrats were very very angry but why were they angry if the banner on Fox was false why the hysteria lies don’t seem to bother anyone anymore.
If some cable news producer had called Joe Biden a genius or accused him of being secretly Sudanese would anyone be yelling about it would Fox News have apologized for it probably not but calling Joe Biden a wannabe dictator that stung.
So you’ve got to wonder if you’re being (02:50) honest with yourself is Joe Biden a wannabe dictator.
That question came up yesterday at the White House briefing here’s how it went “last night Fox News ran a Chiron that referred to the president as a wannabe dictator and I’m wondering if White House has any comment on so look there are probably about 787 million things that I can say about this that was wrong about what we saw last night but I don’t think I’m gonna get into it there’s no comments on White House I think I just commented.”
Oh no comment necessary of course Joe Biden is not a wannabe dictator just because he’s trying to put the other candidate in prison for the rest of his life for a crime he himself committed doesn’t mean he has a totalitarian impulse come on that’s absurd.
It takes a lot more than jailing your political Rivals to earn the title wannabe dictator that’s the consensus in Washington tonight and in some ways for once the consensus may be right.
It is not a small thing to be a wannabe dictator it’s quite a (03:51) process there are a lot of steps.
First off there is the money – the one thing that all dictators have in common is they enrich themselves and their families their tribe even as the countries they govern grow steadily poorer and more desperate.They take kickbacks from businesses and from other dictators they use the official functions of their government to funnel cash to themselves they don’t bother to hide the fruits of this they live in garish mansions with big Lawns far from the teeming cities even as their own citizens languish in growing (04:25) poverty in some cases literally living in tents on the street.
So they don’t really hide it – it’s all pretty blatant and Ordinary People resent it of course they do and want to be dictators know they resent it but they don’t care there’s nothing the population can do about it in a dictatorship it’s no longer possible to fight Injustice in a system like that.
People can’t gather in large numbers to protest the rule of the dictator.
If they try that they’ll be arrested by a state Security Services even years after the (04:55) fact a visit for men in body armor at The Breakfast Table that happens and if citizens persist in believing they can gather in groups to protest they may be shot to death a bullet to the throat and then just to make the humiliation complete to make the lesson gin clear to everyone else watching their relatives can be arrested for daring to complain that their children were killed for complaining.
That actually happens in some places ask Ashley Babbitt’s mother. Here she is in handcuffs foreign ‘s mother much less like poor Ashley (05:45) Babbitt she’s dead now that’s the message you’ll want to be dictator would send and by the way it’s not just public protest that would be banned in a dictatorship you wouldn’t be allowed to complain from your own home.
Unauthorized opinions expressed on the internet would be censored. Go too far press too deep tell too much truth and they’ll just erase your opinions. They have no choice really it’s a matter as they say of trust and safety, you must trust the leader or else you will jeopardize his safety, not that you (06:15) really can jeopardize his safety at this point the leader has nuclear weapons and you don’t he’ll remind you of that from time to time
In any case you’re in the process of being disarmed anyway along with everyone else who has shown questionable loyalty to the leader those who support the regime can keep their weapons and use them freely including on public transportation. That’s a core Civil Right for them but for those who dissent from the program self-defense is an unaffordable privilege turn in your (06:43) guns.
Mr & Mrs peaceful opposition you’re a danger to society and We Know Who You Are and in fact the wannabe dictator does know who they are because he knows everything technology has made him All-Seeing.
A report in Wired Magazine just this week revealed that the highly non-dictatorial by demonstration is busy tracking the phones of millions of Americans without their knowledge and without bothering to get a warrant and at the same time the same non-dictatorial Administration is stockpiling a massive Trove of damaging (07:14) information about these same Americans to be used at some point we are sure for entirely Noble purposes.
So the administration now knows everything: where you spend your days, who you talk to, what you think, your porn habits. Not a big deal the administration already knows what you buy of course because they’ve leaned on the big Banks to turn over your confidential credit card information not because anyone here is a wannabe dictator to be clear but just because it’s nice to have that information just in case in the words of (07:45) the Fox News PR department a situation arises that needs to be quote addressed.
It’s all totally normal it’s not a dictatorship okay.
But in the end the main reason you know Joe Biden is not a wannabe dictator is because he just does not fit the profile.
As a man dictators have that look you know one when you see one. Dictators build Cults of personality around themselves and they use those called to deny the glaringly obvious.
In his later years named just one example North Korean dictator Kim il-sung developed an enormous (08:19) baseball-sized tumor on the back of his neck it was huge it was grotesque it was right there you couldn’t ignore it you couldn’t possibly not see it but in North Korea State media did ignore it – they pretended it didn’t exist and so in some important sense it didn’t if a tumor grows on a neck but no one acknowledges it is it really there.
Thankfully nothing like that is happening in our country or ever will .
If Joe Biden never developed some profound physical or medical problem that was obvious to everybody journalists would (08:51) say something, this is not North Korea.
We don’t have state media here if Joe Biden was say incapable of completing a full sentence or mistook his sister for his wife or suddenly started falling down in public for no reason the New York Times would report on that and then get to the bottom of what was actually happening.
That would be its Duty in a free country like ours. It’s not like they would cover it up the very idea of a cover-up sounds like a conspiracy theory a dangerous one actually so stop it and by the way if Joe Biden was a (09:22) wannabe dictator he’d have the family to match – all dictators do.
Saddam Hussein had Uday and kuse they were princelings who lived Above the Law indulging their most decadent fantasies with total confidence they would be never held to account by the police. As the sons of a dictator they knew they could do exactly what they wanted and so that’s what they did.
There’s no one like that around Joe Biden – he doesn’t have weird sex scandals at the heart of his family that no one in the media will ever talk about; he doesn’t have a near (09:52) do well former nightclub owning brother who’s made a living for 30 years by being related to him.
Not at all that’s dictator stuff.
Joe Biden doesn’t award ridiculous inflated titles to his relatives that the media are then required to take seriously; he doesn’t call people Doctor who didn’t go to medical school and then force you to nod along like it’s real when everyone knows it isn’t – Nikolai chesco did that with his wife Elena.
Joe Biden would never do that.
Notice Joe Biden dressed like a dictator (10:19) he doesn’t do photo ops and mirrored sunglasses driving a sports car to convince you that he isn’t frail and senile; but instead powerful viral and wise, that’s just not his style.
If Joe Biden was a dictator he’d be wearing epaulettes and carrying a tasseled riding crop and he isn’t yet so calm down if he was a dictator Biden’s speeches would look like Nuremberg rallies a blood red backdrop armed Soldiers by his side screaming about crushing his eternal enemies honestly Biden did come close to that (10:50) one time last September at a speech in Philadelphia but it wasn’t in any sense dictatory dictatory.
It was necessary as MSNBC assures at the time quote Biden aimed to Showcase his faith in the military apparatus – in its ability to back the Democratic order see it was about democracy not dictatorship, no cause for alarm, he is not a dictator.
A dictator would stockpile ammunition for his own bureaucrats including his tax collectors; he’d redefine the legal code to make disloyalty to the regime the most serious crime.
He claimed dominion over (11:24) the most intimate parts of his citizens lives – he defined what attitudes they were allowed to have about sex and religion and how to raise their families.
He would even in his final grandiose stage of dictatorship claim ownership of their children and Joe Biden wouldn’t do that and to prove he would never do that Biden just this week released this video: “these are our kids these are our neighbors not somebody else’s kids they’re all our kids and our children are the kite strings that hold our national ambitions (11:56) aloft. – it matters a great deal how we treat everyone in this country, lgbtq Americans, especially children you’re loved you’re heard and this Administration has your back.”
See Joe Biden isn’t saying your children belong to him like a dictator would he’s saying something very different from that he’s saying America’s children are quote our children not his alone ours. You share your children with Joe Biden evenly right down the middle with alternating weekends you’ve got joint custody with Joe Biden and you can thank (12:30) heaven that you do.
A nation is like a family every family has a head a father that’s Joe Biden our nation’s father and this ladies and gentlemen is now his Fatherland just don’t call it a dictatorship or we’ll have to issue a statement disavowing you know the death of Jeffrey.
end
Heartbreaking!
(Alan Dershowitz/Gatestone)
Dershowitz: Why Donald Trump Cannot Get A Top-Tier Lawyer
Former President Donald Trump has now been arraigned and pleaded not guilty. He was represented by two lawyers, neither of whom he apparently wants to lead his defense at trial. He has been interviewing Florida lawyers, and several top ones have declined. I know, because I have spoken to them. There are disturbing suggestions that among the reasons lawyers are declining the case is because they fear legal and career reprisals.
There is a nefarious group that calls itself The 65 Project that has as its goal to intimidate lawyers into not representing Trump or anyone associated with him.
They have threatened to file bar charges against any such lawyers.
When these threats first emerged, I wrote an op-ed offering to defend pro bono any lawyers that The 65 Project goes after. So The 65 Project immediately went after me, and contrived a charge based on a case in which I was a constitutional consultant, but designed to send a message to potential Trump lawyers: if you defend Trump or anyone associated with him, we will target you and find something to charge you with. The lawyers to whom I spoke are fully aware of this threat — and they are taking it seriously.
There may be other reasons as well for why lawyers are reluctant to defend Trump. He is not the easiest client, and he has turned against some of his previous lawyers, as some of his previous lawyers have turned against him. This will be a difficult case to defend and an unpopular one with many in the legal profession and in general population.
Good lawyers, however, generally welcome challenges, especially in high-profile cases. This case is different: the threats to the lawyers are greater than at any time since McCarthyism. Nor is the comparison to McCarthyism a stretch. I recall during the 1950s how civil liberties lawyers, many of whom despised communism, were cancelled, and attacked if they dared to represent people accused of being communists. Even civil liberties organizations stayed away from such cases, for fear that it would affect their fundraising and general standing in the community. It may even be worse today, as I can attest from my own personal experiences, having defended Trump against an unconstitutional impeachment in 2020. I was cancelled by my local library, community center and synagogue. Old friends refused to speak to me and threatened others who did. My wife, who disagreed with my decision to defend Trump, was also ostracized. There were physical threats to my safety.
Our system of justice is based on the John Adams standard: he too was attacked for defending the British soldiers accused of the Boston Massacre, but his representation of these accused killers now serves as a symbol of the 6th Amendment right to counsel. That symbol has now been endangered by The 65 Project and others who are participating in its McCarthyite chilling of lawyers who have been asked to represent Trump and those associated with him.
Trump’s lawyers have now alleged that one of the prosecutors has suggested to Stanley Woodard, the lawyer for Waltine Nauta, Trump’s co-defendant, that his application for judgeship may be negatively affected if he persists in defending Nauta vigorously rather than encouraging him to cooperate against Trump. If that is true – I have not seen the evidence to support it – then it represents a direct attack on the 6th Amendment.
Whatever one may think of Trump or the charges against him, all Americans must stand united against efforts to intimidate lawyers and chill them from defending unpopular clients pursuant to the 6th Amendment. Bar associations must look into the threats and actions of The 65 Project and of prosecutors who try, by subtle or other means, to influence the representation of clients by threats to their careers or other means.
Hard cases may make bad law, but partisan cases endanger constitutional rights. We must do everything to assure that all defendants, including Donald Trump, get the zealous representation to which the Constitution entitled all Americans.
end
House Oversight Chairman Says There Is Evidence Of $20-$30 Million Of Illegal Payments To Bidens
House Oversight Chairman James Comer revealed Thursday that he expects there is evidence of at least $20-$30 million being made in illegal payments by foreign nationals to the Biden family.
Appearing on Fox Business, Comer stated “We have more bank records coming in but we’re gonna exceed $10 million this week but I think we’ll get up to $20-$30 million.”
He further noted that it is becoming clear that the Bidens potentially engaged in bribery, influence peddling, and money laundering.
“This is going to be hard for Biden to explain, this is not going to go away, and I think eventually the mainstream media is going to start asking the real questions,” Comer added.
“They know there’s something wrong here. They know all the allegations have merit, because of where Joe Biden was, because of what we’ve seen on tape before, where Joe Biden bragged about firing that prosecutor,” he added,
“They know that this family created these shell companies. They know this family was money-laundering, they were profiting off Joe Biden’s influence,” Comer asserted, adding “The media knows that – they’re just not covering it.”
“I can assure you: there is more money that we’re going to be able to identify, that was transferred between foreign nationals in other countries and the Biden family,” Comer further emphasised, adding “I think, eventually, the mainstream media will turn on Joe Biden and start asking the real questions: ‘What did your family do to receive all this money?’”
The King Report June 16, 2023 Issue 7013 Chinese Economic Data Released on ThursdayMay Retail Sales 12.7% y/y, 13.7% exp, 18.4% priorMay Retail Sales YTD 9/3% y/y, 9.6% exp, 8.5% priorMay Fixed Assets Ex-Rural YTD 4%, 4.4% exp, 4.7% priorMay Property Investment YTD -7.2%, -6.7% exp, -6.2% priorMay Surveyed Jobless Rate 5.2% as expected & priorMay Industrial Production 3.5% y/y as expected, 5.6% priorMay Industrial Production YTD 3.6% y/y, 3.9% expected, 3.6% prior @AFP: China youth unemployment rises to record 20.8% in May: official datahttps://t.co/pgBAHtS0nW The PBoC cut its rate on 1-year medium-term lending facility loans to financial institutions to 2.65% from 2.75%. This is the first MLF cut since August 2022. The PBoC told major banks to lower deposit rates. China Central Bank Ramps Up Rate Cuts as Economy Weakens – BBGThe PBOC also provided 237 billion yuan ($33 billion) of medium-term loans, more than the 200 billion yuan maturing in June. The cut to the one-year MLF rate was largely expected after a key short-term rate was reduced (unexpectedly) by the same magnitude on Tuesday… China millionaire exodus to continue this year: report Emigration forecast to reach 13,500 as Xi clamps down, economy slows. https://t.co/YuZNjpBnhF ECB Hikes Again as Lagarde Calls July Increase ‘Very Likely’ – BBGThe deposit rate was raised (25bps) to 3.5% on Thursday – the highest level in more than two decades…US Economic Data Released on ThursdayMay Retail Sales 0.3% m/m, -0.1% exp; Ex-Autos 0.1% as exp.; Ex-autos & gas 0.4%, 0.2% expJobless Claims 262k, 245k exp.Continuing Claims 1.775m, 1.768m expJune Empire Manufacturing 6.6, -15.1 exp, -31.8 priorJune Phil Fed Business Outlook -13.7, -14.0 exp, -10.4 priorMay Industrial Production -0.2% m/m, 0.1% exp; Mfg Production -0.2%, 0.1% expApril Business Inventories 0.2% as expectedMay Import Prices -0.6% m/m & -5.9% y/y, -0.5% & -5.6% exp, ex-Petro -0.2% m/m, -0.1% expMay Export Prices -1.9% m/m &-10.1% y/y, -0.1% m/m & -8.4% y/y exp U.S. Stocks hit fresh 14-month highs despite hawkish Fed and ECB – DJ U.S. federal government agencies hit in global cyberattack, CISA “working urgently to understand impacts” – CNN Yesterday’s King Report: The hawkish FOMC Communique thwarted the Weird Wednesday manipulation. Ergo, traders will be determined to affect the expiry manipulation to squeeze expiry June calls today. Fangs rallied sharply in late trading on expiry-related buying. Fangs should be a key to market direction today. ESUs traded modestly higher when the Nikkei opened and then retreated on China’s soft economic data. Despite two modest rally attempts, ESUs and stocks declined until 8:39 ET. Then, traders eagerly bought ESUs and stocks for the expected early NYSE rally. Ten minutes after the NYSE opened, ESUs and stocks spurted higher on aggressive traders buying for manipulation to squeeze expiring June call options. As we noted in yesterday’s missive, the usual Weird Wednesday manipulation was thwarted by the hawkish FOMC Communique. So, the usual suspects did the deed on Thursday. The 1st rally leg on Friday ended 10 minutes after Europe closed. ESUs and stocks then traded in a tight range until the afternoon rally leg commenced at 13:20 ET. The rally ended near 15:00 ET. ESUs and stocks fell gently into the close or very lackluster activity. Atlanta Fed chief Raphael Bostic reports fresh trading violationMoney manager transacted on behalf of official and his spouse during forbidden ‘blackout period… It is not the first time Bostic has come under scrutiny for trading activity linked to his managed accounts. In October, he was found to have “filed materially incomplete annual disclosures during all prior years in office”… https://www.ft.com/content/6c8b53e3-2d4f-4cc8-b66f-3a37ce432e87Positive aspects of previous sessionStocks soared on the expiry manipulation and increasing euphoria for stocks (Fed screwed up, again!)Bonds rallied moderately Negative aspects of previous sessionThe stock market is bubbling up, in the summer, because there is too much liquidity in the system.The Fed is still behind the tightening curve because it doesn’t realize the depravity of its past promiscuity Ambiguous aspects of previous sessionThe dollar got hammered again despite China’s weak economic data First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: DownPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4409.27Previous session High/Low: 4439.20; 4362.20 The US Is Openly Stockpiling Dirt on All Its CitizensA newly declassified report from the Office of the Director of National Intelligence reveals that the federal government is buying troves of data about Americans Avril Haines, the director of national intelligence… had first tasked her advisers in late 2021 with untangling a web of secretive business arrangements between commercial data brokers and US intelligence community members… “This report reveals what we feared most,” says Sean Vitka, a policy attorney at the nonprofit Demand Progress. “Intelligence agencies are flouting the law and buying information about Americans that Congress and the Supreme Court have made clear the government should not have.”…https://www.wired.com/story/odni-commercially-available-information-report/ Annual numbers of excess deaths in the US relative to other developed countries are growing at an alarming rate – In 2021, more than 892,000 of the 3,456,000 deaths the U.S. experienced, or about 1 in 4, were “excess deaths.” In 2019, that number was 483,000 deaths, or nearly 1 in 6. That represents an 84.9% increase in excess deaths in the U.S. between 2019 and 2021. Excess deaths refer to the actual number of deaths that occur in a given year compared with expected deaths over that same time period based on prior years or, as in this study, in other countries… COVID-19 alone does not account for the recent increase in the number of excess deaths in the U.S. relative to comparison countries… A key reason for this trend is the rise in obesity…Another is that the U.S. has disproportionately high death rates from intentional injuries in the form of homicides… it also has high death rates from unintentional injuries, in particular drug overdoses…https://theconversation.com/annual-numbers-of-excess-deaths-in-the-us-relative-to-other-developed-countries-are-growing-at-an-alarming-rate-204622 Cancer Drug Shortages Force Doctors to Ration Vital MedicationsShutdown at India plant leaves doctors scrambling for drugsCisplatin, carboplatin are key to treatment for many patientshttps://www.bloomberg.com/news/articles/2023-06-15/chemotherapy-drug-shortage-cancer-treatments-cisplatin-carboplatin-unavailable Cancer drug shortages highlight supply chain vulnerabilities (US depends on kindness of strangers)https://www.axios.com/2023/06/14/cancer-drug-shortages-supply-chain-vulnerabilities US taxpayer funds flowed to Chinese entities that conducted coronavirus research before COVID pandemic: GAO – The report states that between 2014 and 2021, all three Chinese entities received more than $2 million combined from the U.S. government “through seven subawards” the GAO identified.https://www.foxnews.com/politics/us-taxpayer-funds-flowed-chinese-entities-conducting-coronavirus-research-covid-pandemic-gao Ex-DNI @RichardGrenell: I’ve been told by intel insiders that Avril Haines at @odni is getting ready to manipulate old classified information to make it appear that Covid started in a wet market. Why? Easy answer – the Biden team always caves to China’s demands and the weakest link (@ABlinken) is about to have a face-to-face meeting. Remember Alaska?! Yikes. Medicaid emergency spending for illegal migrants doubles in one year to $7 billion: GOP Househttps://justthenews.com/government/congress/medicaid-spending-illegal-immigrants-more-doubled-fy2021-7b-house-homeland Falling house prices in Chicago show the toll of remote work and crimeIn each of the six months from November 2022 to April 2023, the median price of homes sold in the city was down from the same time a year earlier, according to the most recent data from Illinois Realtors. It’s the longest stretch of declines since a 13-month period that ended in June 2011, when housing markets everywhere were struggling to rise out of the crash of 2007-2008…https://www.chicagobusiness.com/residential-real-estate/chicago-home-prices-decline-remote-work-crime-fears @PeterMallouk: Over the last 20 years, only 24% of the S&P 500’s constituents outperformed the average stock. Stock picking is hard because most stocks underperform and by not owning everything, you’re more likely to miss the big winners. Indexing wins.https://twitter.com/PeterMallouk/status/1669042024459165702 The dynamics and results of Grand Super Cycle Bull Markets are unlikely to be replicated in secular bear or directionless markets. Fed Balance Sheet: -$1.0B; Reserves at Fed -$24.49B https://www.federalreserve.gov/releases/h41/20230615/ Today is June options and futures expiration. Stocks have broken out to the upside; the S&P 500 Index is only 8.9% from its all-time high! Normally institutions holding expiry June futures contracts replace their exposure via buying on the NYSE opening. Numerous traders will try to unload into this buying. The 2nd Hour Indicator could be useful today. A violation of the 1st hour high or low for the S&P 500 could induce a spirited move. The afternoon is a total crapshoot. Did the peak intensity of the expiry squeeze occur yesterday? Will guppy traders trying to liquidate put a cap on stocks in the afternoon? Even though it is June expiration, it’s also a summer Friday. Ergo, absenteeism will thin out the markets in the afternoon. Expected economic data: UM Sentiment 60, Current Conditions 65.1, Expectations 55.2, 1-year Inflation 4.1%; St. Louis Fed Pres Bullard 3 ET at Norges Bank Conference, Fed CEO Waller 7:45 ET, Richmond Fed Pres Barkin on inflation 9 ET; ESUs are -8.00 at 20:30 ET. S&P 500 Index 50-day MA: 4175; 100-day MA: 4100; 150-day MA: 4044; 200-day MA: 3982DJIA 50-day MA: 33,577; 100-day MA: 33,355; 150-day MA: 33,434; 200-day MA: 32,796(Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time framesMonthly: Trender andMACD are negative – a close above 4514.50 triggers a buy signalWeekly: Trender andMACD are positive – a close below 4087.45 triggers a sell signalDaily: Trender and MACD are positive – a close below 4297.37 triggers a sell signalHourly: Trender and MACD are positive – a close below 4380.02 triggers a sell signal @RNCResearch: BIDEN: “We have plans to build a railroad from the Pacific all the way across the Indian Ocean.”https://t.co/p3yvuaupsF Biden mocked over ‘plans’ to build railroad ‘across the Indian Ocean’: ‘Bold initiative’“We have plans to build in Angola, one of the largest solar plants in the world. I could go on, but I’m not.I’m going off script. I’m going to get in trouble.”… “Put Grandpa to bed,” Sen. Josh Hawley’s press secretary Abigail Marone posted…https://www.foxnews.com/politics/biden-mocked-plans-build-railroad-across-indian-ocean-bold-initiative VP Biden’s Ukraine trip came 3 days before holiday party with Hunter, Rosemont Seneca execsBiden pushed Ukrainian officials to fire top prosecutor investigating Burismahttps://www.foxnews.com/politics/vp-bidens-ukraine-trip-came-3-days-before-holiday-party-hunter-rosemont-seneca-execs The Bidens ‘Coerced’ Burisma to Pay $10 Million In Bribes, Says Credible FBI SourceThe Federalist has now learned the FD-1023 reported the CHS saying the Bidens “coerced” Zlochevsky to pay the bribes… Zlochevsky allegedly told the CHS he was dismayed by Trump’s victory, fearing an investigation would reveal his payments to the Biden family, which included a $5 million payment to Hunter Biden and a $5 million payment to Joe Biden… The CHS responded that he hoped Zlochevsky had taken precautions to protect himself. Zlochevsky then allegedly detailed the steps he had taken to avoid detection, stressing he had never paid the “Big Guy” directly and that it would take some 10 years to unravel the various money trails. It was only then that Zlochevsky mentioned the audio recordings he had made of the conversations he had with Hunter and Joe Biden, according to the CHS…https://thefederalist.com/2023/06/15/the-bidens-coerced-burisma-to-pay-10-million-in-bribes-says-credible-fbi-source/ ABC, CBS and NBC newscasts ignore alleged Biden bribery scheme, spend hours on Trump:The analysis revealed that ABC, CBS and NBC devoted a total of 291 minutes to the Trump indictment between June 8 and June 12. In the same period of time, those same networks gave zero coverage to news that Fox News Digital broke on the Biden family…https://www.foxnews.com/media/abc-cbs-nbc-newscasts-ignore-alleged-biden-bribery-scheme-spend-hours-trump-report @RNCResearch: “Why did the Ukraine-FBI informant file refer to you as ‘the Big Guy’?” BIDEN: “Why’d you ask such a dumb question?” https://twitter.com/RNCResearch/status/1669412953576095753 Q: “What would you like Blinken to achieve in China, sir?” Biden: “Yes I’ve spoken with him”He then sits and stares as the press is herded from the room.https://twitter.com/RNCResearch/status/1669411254341910542 @RNCResearch: For the third time in a week, Biden says “soon Africa will have one billion people.” And it’s still completely false. Africa’s population hit one billion in 2009. (MSM mum) https://twitter.com/RNCResearch/status/1669181521272422401 @DeSantisWarRoom: Keep your hands off our kids (Video of The Big Guy creeping on kids – any GOP pol would be eviscerated by the MSM for even one of these instances!)https://twitter.com/DeSantisWarRoom/status/1669419865600344079 @pwleaks: BREAKING: FBI official admits bureau performed illegal search of former President Donald Trump’s Mar-a-Lago estate. (Long thread) https://twitter.com/pwleaks/status/1669360534976884742 @JackPosobiec: Human Events has learned that Trump attempted to call-in to Fox News in the 8p block on the night of his arraignment in Miami on his way to Bedminster. The request was denied by Fox. The WaPo reports that for over a year, Trump’s attorneys begged him to return documents that the National Archives sought starting in February 2021. Trump ignored the pleas and chose to heed Judicial Watch’s Tom Fitton’s advice to keep the documents, based on the ‘Clinton video sock-draw’ precedent. WaPo: Trump rejected lawyers’ efforts to avoid classified documents indictmentThe former president was not interested in attempting to negotiate a settlement in the classified documents investigationInterviews with seven Trump advisers with knowledge of the probe indicate he misled his own advisers, telling them the boxes contained only newspaper clippings and clothes. He repeatedly refused to give the documents back, even when some of his longest-serving advisers warned of peril and some flew to Mar-a-Lago to beg him to return them… When Trump returned 15 boxes early last year — leaving at least 64 more at Mar-a-Lago — he told his own advisers to put out statements to the National Archives and to the public that “everything” had been returned… But he quietly kept more than 100 classified documents…https://www.washingtonpost.com/national-security/2023/06/14/trump-indictment-classified-documents-settlement/?utm_medium=social&utm_source=twitter&utm_campaign=wp_main @emeriticus: Trump reluctantly returned 15 boxes in January 2022 but kept at least 64 at Mar-a-Lago. He instructed his advisers to lie (they declined) to the National Archives and the public that “everything” had been returned… This behavior is completely inexplicable. Then, without telling his lawyer Evan Corcoran, Trump had a Navy veteran named Walt Nauta secretly move boxes to fly them from Mar-a-Lago to Bedminster. Why?No one knows. But Trump got this poor guy involved in a mess he created… Finally, a lawyer Trump hired for $3 million upfront told him to settle with the DOJ last fall. But Trump declined… Trump is in this mess because he put himself in this mess. He painted a target on his back and handed out the arrows and got other people swept up in it… Trump allowed a library dispute to turn into a federal probe against himself. The worst part is that even if he emerges unscathed, it is hard to see how other people caught up in this will accomplish the same feat…https://twitter.com/emeriticus/status/1669186905492144129?s=02 ‘He’s scared s***less!’ Trump’s former chief of staff says ex-president is terrified of going to jail (Yet another bad DJT hire, a live-long Boston Democrat! Guess who advised DJT to hire Kelly.) John Kelly, a four-star general in the Marines who served as Trump’s chief of staff from July 2017 to January 2019, said he felt Trump’s posturing after his indictment on Tuesday was to conceal his fear…(Kelly) has since been outspoken about Trump’s unsuitability for the presidency…https://www.dailymail.co.uk/news/article-12196697/Hes-scared-s-Trumps-former-chief-staff-says-ex-president-terrified-going-jail.html PBS: Powerful White House aides Ivanka Trump and her husband, Jared Kushner, were both supportive of Kelly’s hire… https://www.pbs.org/newshour/politics/president-trump-names-john-kelly-chief-staff Trump’s Boxes and Clinton’s Sock Drawer – Judicial Watch’s Michael Bekesha’s Op-Ed in WSJThe Presidential Records Act allows the president to decide what records to return and what records to keep at the end of his presidency… Judge Amy Berman Jackson agreed: “Since the President is completely entrusted with the management and even the disposal of Presidential records during his time in office,” she held, “it would be difficult for this Court to conclude that Congress intended that he would have less authority to do what he pleases with what he considers to be his personal records… “the PRA contains no provision obligating or even permitting the Archivist to assume control over records that the President ‘categorized’ and ‘filed separately’ as personal records. At the conclusion of the President’s term, the Archivist only ‘assumes responsibility for the Presidential records.’ . . . PRA does not confer any mandatory or even discretionary authority on the Archivist to classify records. Under the statute, this responsibility is left solely to the President.”…https://www.wsj.com/articles/clintons-sock-drawer-and-trumps-indictment-documents-pra-personal-files-13986b28?st=0fl9x2sy8zeui17 Ann Coulter: The Trump Indictment – Conservatives Use the Clinton DefenseAfter years of making insane accusations against Trump, from Russian collusion to indicting him for misdemeanor record-keeping errors in his blackmail payments to a porn star, liberals finally have him dead to rights committing serious felonies. And no one believes them. It’s your own fault, liberals…Prosecuting Trump helps Biden get reelectedby revving up the Trump crazies, and — with any luck — winning him the nomination, rather than a sane person who could point out that Joe is visibly decomposing before our eyes, Kamala is an imbecile, and their combined track record is appalling… Any Republican who thought he could get away with doing something illegal because Democrats did it first is too stupid to be our champion, much less the Republican nominee for president. You want to do something about the double standard, right-wingers? Run someone who enrages the left by winning, not by constantly creating legal messes benefiting no one but himself.https://anncoulter.substack.com/p/the-trump-indictment?s=02 Trump Announces ‘Food for Everyone’ at Restaurant, But Not Everyone EatsThe ex-president never picked up the bill and left within 10 minutes without buying food for his supporters. Trump aides have now denied part of the report…https://themessenger.com/politics/trump-promises-food-for-everyone-at-restaurant-doesnt-order-anything @NvrBackDown24: Ron DeSantis roasts California Democrat Gavin Newsom: “Stop pussyfooting around! Are you gonna throw your hat in the ring and challenge Joe? Are you going to get in and do it? Or are you just gonna sit on the sidelines and chirp?” https://twitter.com/NvrBackDown24/status/1669373601521467392 DeSantis: If the Biden Administration thinks transgender activists going topless at the White House wasinappropriate, why do they want that agenda jammed into a second-grader’s classroom?https://twitter.com/NvrBackDown24/status/1669389711465381909 @DeSantisWarRoom: Space Force Lt. Gen. DeAnna Burt admits the U.S. military discriminates against Floridians when considering promotions, leading to “less qualified” officers, because Ron DeSantis banned trans surgeries for KIDS.https://twitter.com/DeSantisWarRoom/status/1669442156778475532 @TuckerCarlson: Ep. 4 – (Biden) Wannabe Dictator https://twitter.com/TuckerCarlson/status/1669472439472988161Full transcript: https://www.zerohedge.com/political/tucker-carlson-joe-biden-wannabe-dictator Biden calls bare breasts wrong for the White House — but more sexual content in schools is fine?But this condemnation is at odds with the administration’s complete refusal to condemn far more sexual and vulgar content that is becoming ubiquitous in school classrooms and libraries. Books that direct children to sex apps, teach terms like “…” and “…” and explain how to use sex toys are provided to students in middle schools… Amid nonstop accusations of being anti-LGBTQ and “hateful,” parents of middle schoolers have asked why schools are suddenly so hell-bent on exposing their children to graphic depictions of… (Sex acts)https://nypost.com/2023/06/14/biden-condemns-bare-breasts-at-white-house-but-sex-content-is-fine-in-schools/ Penn State professor Themis Matsoukas accused of performing sexual acts with his… He allegedly tried to record himself performing the lewd acts…He also begged rangers to shoot him, saying “I need to die” and additionally told investigators, “I do it to blow off steam,” the documents reportedly stated… (The state of education & educators in the USA, discuss) https://trib.al/7XGcYRz Teachers to be Paid $150K in City Where Less Than Half of Students Are Good at ReadingNew York City educators will get fat pay hikes and bonuses of up to 20%https://t.co/9uKlsup1yj Ex-Harvard morgue manager indicted for trafficking body parts, prosecutors sayhttps://t.co/2VpFgN8Eb8 @JasonMBrodsky: The U.S. has released an alleged Hezbollah financier Mohamad Youssef Hammoud 23 years after he was sentenced to life in prison for funneling money to the Iran-backed group.(Team Obama-Biden continue to appease and suck up to Iran! MSM mum!) https://t.co/EPJiZZAMON N.Y. Police Chief’s Exit Is Latest in Exodus from Adams AdministrationAfter not even 18 months in office, Mayor Eric Adams of New York City has lost one top official after another from his administration, a troubling and unusual exodus as the city is confronted by multiple major challenges…: a housing crisis, a potentially looming commercial real estate crash, intensifying federal scrutiny of its jails, record levels of homelessness, an influx of asylum seekers from the southern border, and the arrival of summer, which typically comes with higher rates of violence.. https://www.nytimes.com/2023/06/14/nyregion/eric-adams-keechant-sewell.html GOP Rep. Chip Roy Eviscerates Dem Rep. Jerry Nadler After Saying Toddlers Should Have Been Forced to Wear Masks https://t.co/4JPCdDWiL8 The FBI Groomed a 16-Year-Old With “Brain Development Issues” to Become a TerroristAn undercover FBI agent befriended the teenager online. When he turned 18, he was arrested for supporting ISIS… Yet based on the government’s own account of what led to Ventura’s arrest, there is reason to believe that his case is less a serious terrorism bust than one of the many instances in which a troubled or mentally unfit young man was groomed by undercover FBI agents to commit a crime that would not have otherwise happened…This FBI tactic was a mainstay of terrorism prosecutions for roughly two decades… https://theintercept.com/2023/06/15/fbi-undercover-isis-teenager-terrorist/ Seattle judge rules police must permit property damage, cannot enforce laws against graffiti, vandalism – The preliminary injunction from Pechman stated that the city’s existing property damage laws can violate a person’s First and Fourteenth Amendment rights and are “overly vague and overboard.”… (Desecrating buildings with profanities and political slogans violates the 1st & 14th Amendments!?!? The absurdity of this (Clinton- appointed) judge’s reasoning is astounding!)https://thepostmillennial.com/seattle-judge-rules-police-must-permit-property-damage-cannot-enforce-laws-against-graffiti-vandalism
Donald Trump has been charged with 37 felony counts in the infamous “Classified Documents Case” brought by the Biden Department of Justice. Trump appears to be surrounded by evil. It is more of “get Trump at any cost” because the Democrats, let alone Joe Biden cannot beat Trump in the 2024 Presidential Election. As I have said many times before, the real Biden approval rating is just 9%, not the 40% you hear of from the Lying Legacy Media (LLM.) A 9% approval number might make it impossible to cheat Biden in. So, it looks like the Democrats are going to get the GOP front-runner, Donald Trump, any way they can. Trump is ahead of the field by a very wide margin. By the way, the LLM made sure you did not hear from Donald Trump after this historic indictment because they cut him off. The LLM is non-news that lies by omission too.
The Ukraine war continues to go badly for the Ukrainians. The so-called “counter offensive” you may have heard about his over almost before it started because the Russians cremated the Ukrainians and NATO–once again. Now, Putin is warning that Ukraine is not going to be a country in the not-so-distant future. Is a much bigger war coming? It sure looks that way.
Dr. Paul Craig Roberts (PCR) was on USAWatchdog.com this week to talk about the Trump indictment. PCR called them “A gang of criminals trying Trump.” PCR also took time to comment on the U.S. dollar and all the countries shunning use of the dollar in global trade. Dr. PCR, who was a former Assistant Treasury Secretary, is warning of a “coming collapse of the dollar.” This is what is coming if enough countries ditch use of the U.S. dollar according to PCR. Is this why the Fed is not cutting interest rates and only “pausing” the increases?
There is much more in the 52-minute newscast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.16.23.
(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 Wrap-Up:
NYU Media Studies Professor Mark Crispin Miller is back, and this time he talks about the Lying Legacy Media’s (LLM) roll in the propaganda that got Americans to take more than 676 million worthless and dangerous CV19 injections. Dr. Miller is an expert in Propaganda and calls what happened with all things Covid a “propaganda masterpiece.” Did the LLM help their elite masters murder millions of Americans with propaganda and lies?
eugyppius: a plague chronicle
The U.S. corporate media reported today that the U.S. Cybersecurity and Infrastructure Security Agency (CISA) reported to CNN that a global cyberattack has targeted multiple U.S. federal government agencies today. This follows an announcement by certain hacker groups that they were targeting European Banks which would collapse within 48 hours. Meanwhile, Presidents Vladimir Putin and his close ally Alexander Lukashenko have addressed “worst case scenarios which could spin out of the Ukraine war” this week as Russia deploys nukes to Belarussia.Read More…
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