by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: UP 4.65 TO $1923.65

SILVER PRICE CLOSED: UP $0.44   AT $22.80

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1922.50

Silver ACCESS CLOSE: 22,79

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Bitcoin morning price:, $30,334  DOWN 574  Dollars

Bitcoin: afternoon price: $30241  DOWN 667 dollars

Platinum price closing  $928.95 UP $6.90

Palladium price;     $1315.45 UP $32.65

END

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

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

CANADIAN GOLD: $2,529.85 DOWN 1.00 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1512.67 UP 5.45 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 17623.28 UP 1.10 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,919.100000000 USD
INTENT DATE: 06/23/2023 DELIVERY DATE: 06/27/2023
FIRM ORG FIRM NAME ISSUED STOPPED

---

323 H HSBC 4
363 H WELLS FARGO SEC 3
435 H SCOTIA CAPITAL 10
661 C JP MORGAN 25 9
737 C ADVANTAGE 3 1
905 C ADM 1

---

TOTAL: 28 28
MONTH TO DATE: 20,101

JPMorgan stopped  9/28 contracts

FOR JUNE:

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT:  28 NOTICES FOR 2800 OZ  or  0.0871 TONNES

total notices so far: 20,101 contracts for 2,010,100 oz (62.522 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

XXXXXXXXXXXXXXXXXXXXXXXX

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

---

---

END

GLD

WITH GOLD UP $4.65

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

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A WITHDRAWAL OF 2.60 TONNES OF GOLD OVER 2 DAYS FROM THE GLD//

INVENTORY RESTS AT 927.10 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER  UP 44 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 469.793 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A GIGANTIC SIZED 3406 CONTRACTS TO 141,648 AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR   $0.09 LOSS  IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A STRONG SIZED 974 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 FRIDAY NIGHT:  974 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 $0.09). AND WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A HUGE LOSS ON OUR TWO EXCHANGES OF 2016 CONTRACTS.   WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF  EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// (  THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 13.370 MILLION 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: 

A HUMONGOUS  ISSUANCE OF EXCHANGE FOR PHYSICALS( 1250 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  + 0 MILLION OZ EXCHANGE FOR RISK(ISSUED TODAY: TOTAL ISSUED SO FAR: 13.370 MILLION OZ)//  TOTAL STANDING FOR THE MONTH 4.270  MILLION OZ + 13.370 MILLION EXCHANGE FOR RISK =  17,640 MILLION OZ// )  // HUGE SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/VI)   STRONG NUMBER OF  T.A.S. CONTRACT ISSUANCE (974 CONTRACTS)//

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –140  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 16 days, total 19,828 contracts:   OR 99.140 MILLION OZ  (1239 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  99.140 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: 207.140  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

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

JAN 2023///   53.070 MILLION OZ //FINAL

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

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

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

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

JUNE: 99.895 MILLION OZ//MUCH LARGER THAN LAST MONTH

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3406  CONTRACTS WITH OUR LOSS IN PRICE OF  $0.09 IN SILVER PRICING AT THE COMEX//FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 1250  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+ 0 MILLION EXCHANGE FOR RISK TODAY + 13.37 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 17.640  MILLION OZ//////  .. WE HAVE A HUGE SIZED LOSS OF 1690 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A STRONG  940//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE FRIDAY COMEX SESSION RAID. THE NEW TAS ISSUANCE TODAY (974) 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 FELL  BY A FAIR SIZED 2055  CONTRACTS  TO 435,922 AND FURTHER FROM    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 784  CONTRACTS

WE HAD A FAIR SIZED DECREASE  IN COMEX OI ( 2055 CONTRACTS) DESPITE OUR $5.15 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 0.2332 TONNE E.F.P JUMP TO LONDON:  NEW TOTAL 64.336 TONNES STANDING SO FAR // + /A STRONG ISSUANCE OF 852 T.A.S. CONTRACTS ////YET ALL OF..THIS HAPPENED WITH A $5.15 GAIN IN PRICE  WITH RESPECT TO FRIDAY’S TRADING.WE HAD A FAIR SIZED GAIN  OF 1690 OI CONTRACTS (5.2526 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3745 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,922

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1690 CONTRACTS  WITH 2055 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A STRONG 852 CONTRACTS) AND 3745 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1690 CONTRACTS OR 5.2566 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3745 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2055) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1,690 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 7500 OZ E.F.P. JUMP  //// NEW STANDING FALLS TO 64.336 TONNES// /3) ZERO LONG LIQUIDATION//4)  FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  STRONG T.A.S.  ISSUANCE: 852 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:  40,092 CONTRACTS OR 4,009,200 OZ OR 124.70 TONNES IN 16 TRADING DAY(S) AND THUS AVERAGING: 2423 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES  124.70 TONNES

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

THUS EFP TRANSFERS REPRESENTS  124.70/3550 x 100% TONNES  3.52% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE// 

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH:  409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL// 

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

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

FEB: 151.61 TONNES/FINAL 

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

APRIL: 197.42 TONNES 

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 124.70 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 FELL BY A HUGE SIZED 3406  CONTRACTS OI TO  141,648 AND FURTHER FROM  OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  HOWEVER WE HAVE SET A NEW RECORD LOW OF 117,395 CONTRACTS MARCH 27/2022 

EFP ISSUANCE 1250  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  1250 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1250  CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 3406 CONTRACTS AND ADD TO THE 1250 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2156 CONTRACTS 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES  TOTAL 10.780 MILLION OZ 

OCCURRED DESPITE OUR TINY  $0.09 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

MONDAY MORNING//SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 47.28 PTS OR 1.48%   //Hang Seng CLOSED DOWN 95.84 PTS OR .51%        /The Nikkei closed DOWN 82.73 OR 0.25%  //Australia’s all ordinaries CLOSED DOWN 0.30 %   /Chinese yuan (ONSHORE) closed DOWN 7.2357  /OFFSHORE CHINESE YUAN DOWN  TO 7.2385 /Oil DOWN TO 68.55 dollars per barrel for WTI and BRENT  DOWN AT 74.32 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3  CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2055 CONTRACTS UP TO 435,992 WITH OUR GAIN  IN PRICE OF $5.15 ON FRIDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 3745  EFP CONTRACTS WERE ISSUED: :  AUGUST 3745 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3745 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1690  CONTRACTS IN THAT 3745 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 2055 COMEX  CONTRACTS..AND  THIS FAIR  SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $5.15//FRIDAY COMEX.   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 FRIDAY NIGHT WAS A GOOD 852 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 WEEKS SPELLS TROUBLE FOR THE GOLD/SILVER MARKET AS RAIDS WILL SURELY BE UPON US.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   JUNE  (64.336) (  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. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

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: 64.336 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $5.15) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD OUR FAIR GAIN OF 1690 CONTRACTS ON OUR TWO EXCHANGES. WE HAD SOME TAS LIQUIDATION THROUGHOUT  THE FRIDAY COMEX SESSION . THE TAS ISSUED FRIDAY 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 7.015 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES)  FOLLOWED BY TODAY’S  7500 OZ E.F.P. JUMP TO LONDON..NEW STANDING FALLS TO 64.336 TONNES   //  ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $5.15

WE HAD –REMOVED 784       CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT 

NET GAIN ON THE TWO EXCHANGES 1690  CONTRACTS OR 169,000  OZ OR 5.2566 TONNES.

Estimated gold volume today:// 148,374  poor

final gold volumes/yesterday   199,420  poor

//JUNE 26/ FOR THE JUNE  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	33,083.379 OZ Brinks HSBC other 1129 kilobars         .
Deposit to the Dealer Inventory in oz	nil oz
Deposits to the Customer Inventory, in oz	nil
No of oz served (contracts) today	28  notice(s) 2800 OZ 1.552 TONNES
No of oz to be served (notices)	583  contracts    58300 oz 0.9305 TONNES
Total monthly oz gold served (contracts) so far this month	20,101 notices 2,010,100  OZ 62.522 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 dealer deposits:  nil    oz

we had 0 customer deposit:

total deposits:  nil oz

Withdrawals: 2

i) out of Brinks:  32,151.000 oz 1000 kilobars

ii) Out of HSBC:  932.379 oz (29 kilobars)

total  33,083.379 oz  oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an oi of 611  contracts having LOST 273 contracts.   We had 198 contracts served on Tuesday so we LOST 75 contracts or an additional 7,500 oz will NOT stand for gold at the comex as these guys were EFP’d to London 

The next front month after June is the non active delivery month of July. Here, July LOST 141 contracts to stand at 2238 contracts.

AUGUST  LOST 7583 contracts DOWN to 355,790 contracts  

We had 28 contracts filed for today representing  2800  oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  25  notices were issued from their client or customer account. The total of all issuance by all participants equate to  28   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 9  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 (20,101 x 100 oz ), to which we add the difference between the open interest for the front month of  JUNE (611  CONTRACT)  minus the number of notices served upon today  28 x 100 oz per contract equals 2,068,400 OZ  OR 64.336 TONNES the number of TONNES standing in this active month of June. 

thus the INITIAL standings for gold for the  JUNE contract month:  No of notices filed so far (20,101) x 100 oz +  (611) {OI for the front month} minus the number of notices served upon today (28)  x 100 oz) which equals 2,068,400 oz standing OR 64.336 TONNES 

TOTAL COMEX GOLD STANDING: 64.336 TONNES WHICH IS HUGE FOR AN  ACTIVE DELIVERY MONTH.  

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold:  2,063,541.609  OZ   64.18 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,376,820.857 OZ  

TOTAL REGISTERED GOLD:  11,744,813.041   (365.31  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,632,007.810  O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,681,272 OZ (REG GOLD- PLEDGED GOLD) 301.12 tonnes//

END

SILVER/COMEX

JUNE 26//2023// THE JUNE 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	403,751.797 oz oz CNT Brinks JPMorgan Loomis .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	267,332.575   oz CNT HSBC
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 2 deposits customer account:

i) Into CNT:  2999.86 oz

ii) Into HSBC:  264,332.715 oz 

total customer deposits: 267,332.575 oz

JPMorgan has a total silver weight: 141.358  million oz/267.502 million =52.71% of comex .//dropping fast

Comex withdrawals 3

i) Out of CNT: 123,877.000 oz

ii) Out of JPMorgan  403,751.797 oz

iii) Out of Brinks 100,278.190 oz

total withdrawals: 688,137.797     oz  

adjustments:  0

TOTAL REGISTERED SILVER: 32.005 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.502 million oz

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 FRIDAY  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 7403 CONTRACT LOSS TO 39,367 CONTRACTS

AUGUST GAINED 44 CONTRACTS TO STAND  AT 247

SEPT HAS A GAIN OF 3453 CONTRACTS UP TO 88,964

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL  oz

Comex volumes// est. volume today 94,042   very strong /

Comex volume: confirmed yesterday:80,550    strong

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  + 2.935 EXCHANGE FOR RISK TODAY + 10.435MILLION OZ EXCHANGE FOR RISK (PRIOR)//NEW TOTAL: 17.640 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 26/WITH GOLD UP $4.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.6 TONNES OF GOLD FROM THE GLD/////INVENTORY RESTS AT 927.10 TONNES

JUNE 23/WITH GOLD UP $5.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: WITHDRAWALS OF 4.33 TONNES OF GOLD OVER THE PAST TWO DAYS. /INVENTORY RESTS AT 929.70 TONNES

JUNE 21/WITH GOLD DOWN $2.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 934.03 TONES

JUNE 20/WITH GOLD DOWN $22.40 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 934.03 TONNES

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: 927.10 TONNES

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

JUNE 26/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 469.793 MILLION OZ.

JUNE 23/WITH SILVER DOWN 9 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A NET DEPOSIT OF 6.61 MILLION OZ INTO THE SLV OVER THESE PAST TWO DAYS//INVENTORY RESTS AT 469.793 MILLION OZ//

JUNE 21/WITH SILVER DOWN $.40 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.784 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 463.183 MILLION OZ//

JUNE 20/WITH SILVER DOWN 89 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 463.183 MILLION OZ//

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//

CLOSING INVENTORY 469.793 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

END

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

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

Very important; empty office buildings are the world’s debt time bomb

(Bloomberg)

Empty office buildings are the world’s debt time bomb

Submitted by admin on Fri, 2023-06-23 11:19Section: Daily Dispatches

By Natalie Wong, John Gittelsohn, Jack Sidders, and Shawna Kwan
Bloomberg News
Friday, June 23, 2023

In New York and London, owners of gleaming office towers are walking away from their debt rather than pouring good money after bad. 

The landlords of downtown San Francisco’s largest mall have abandoned it. A new Hong Kong skyscraper is only a quarter leased.

The creeping rot inside commercial real estate is like a dark seam running through the global economy. 

Even as stock markets rally and investors are hopeful that the fastest interest-rate increases in a generation will ebb, the trouble in property is set to play out for years.

After a long buying binge fueled by cheap debt, owners and lenders are grappling with changes in how and where people work, shop and live in the wake of the pandemic. 

At the same time, higher interest rates are making it more expensive to buy or refinance buildings. A tipping point is coming: In the United States alone about $1.4 trillion of commercial real estate loans are due this year and next, according to the Mortgage Bankers Association. (Other estimates are a bit lower.) 

When the deadline arrives, owners facing large principal payments may prefer to default instead of borrowing again to pay the bill. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2023-06-23/commercial-real-estate-reset-is-causing-distress-from-san-francisco-to-hong-kong

end

A must view:  two titans in the gold/silver industry:

(Maguire/Hemke)

Maguire, Hemke discuss banking, gold issues on ‘Live from the Vault’

Submitted by admin on Sun, 2023-06-25 11:46Section: Daily Dispatches

11:45a Sunday, June 25, 2023

Dear Friend of GATA and Gold:

On this week’s Kinesis Money “Live from the Vault” program, London metals trader Andrew Maguire and TF Metals Report publisher Craig Hemke discuss, among other things, the growing stresses on the U.S. banking system, including those from the failure of commercial real estate; the desire of central banks to issue digital currencies; and the conflict between physical and “paper” gold.

The program is 58 minutes long and can be viewed at YouTube here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

5 a. IMPORTANT COMMENTARIES ON COMMODITIES: 

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

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

ONSHORE YUAN:   CLOSED DOWN TO 7.2357 

OFFSHORE YUAN:  DOWN TO 7.2385

SHANGHAI CLOSED DOWN 47.28 PTS OR 1.45% 

HANG SENG CLOSED DOWN 95.84 PTS OR .51% 

2. Nikkei closed DOWN 82.73 PTS OR 0.25%

3. Europe stocks   SO FAR: ALL MIXED

USA dollar INDEX UP  TO  102.35 EURO RISES TO 1.0908 UP 26 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.350 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.20/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 ON SHORE YUAN:  DOWN//  OFF- SHORE: DOWN

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.299***/Italian 10 Yr bond yield FALLS to 3.9290*** /SPAIN 10 YR BOND YIELD FALLS TO 3.261…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 3.510

3j Gold at $1931.90 silver at: 22.82 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND  22 /100        roubles/dollar; ROUBLE AT 84.48//

3m oil into the  69  dollar handle for WTI and 74  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 143.20//  10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .350% 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 0.8921 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9732 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: 3.681  DOWN 6 BASIS PTS…

USA 30 YR BOND YIELD: 3.626  DOWN 6  BASIS PTS/

USA 2 YR BOND YIELD:  4.694 DOWN 6 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 25.91…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.2985 DOWN 2 BASIS PTS 

end

2.  Overnight:  Newsquawk and Zero hedge:

US Futures, Global Stocks, Bond Yields Slide After Russian Turmoil

MONDAY, JUN 26, 2023 – 08:13 AM

Global stocks and US equity futures are starting the week lower as investors tread cautiously after the attempted armed uprising in Russia over the weekend, and as we move towards month and quarter-end where stocks are expected to come for sale as part of sizable rebalancing. S&P 500 and Nasdaq futures swung from initial gains to modest losses this morning, declining 0.1% and 0.2% respectively as of 7:30 a.m. in New York. Bond yields are also lower, as the TSY curve steepens amid a capital flight to safety following the latest disappointing German IFO print (88.5, Exp.90.7 didn’t help). The Bloomberg dollar index is slightly lower slightly while gold prices rise as investors look for havens. Oil is slightly higher as are  natgas, wheat, and gold which may be getting a lift from events in Russia over the weekend; on the other end, base metals including iron ore prices are underperforming on weaker China macro data as well as on China’s growing economic gloom. This is another light macro data week before we get ISM/NFP next week; keep an eye on housing data a sector that seemingly completed its recession last year and is now poised to boost GDP growth.

In the premarket, Tesla shares fell 2% after the automaker was downgraded to neutral from buy at Goldman Sachs (full report available to professional subs). Hong Kong-listed shares of Russian aluminum producer United Rusal International PJSC fell almost 9%. Cryptocurrency stocks drop, tracking a dip across Bitcoin as the digital asset slips lower after reaching its highest level in a year last week (Riot Platforms -2.2%, Marathon Digital -2.2%, Coinbase -1.6%)> Here are some other notable premarket movers:

• Lucid rose 9% after entering a pact with UK firm Aston Martin on electric vehicle technology.
• Moderna rose as much as 3.4% after the vaccine maker was upgraded to buy from neutral at UBS on its valuation and progress with its pipeline beyond Covid.
• Brinker International shares decline 1.6% after the Chili’s owner was initiated with an underweight rating at Wells Fargo, which said a slowing macro environment could hamper the company’s turnaround progress.
• Meta Platforms shares edge 0.1% higher with UBS hiking its price target on the social media company, saying that generative AI will provide the next leg to the shares.

Investors have been growing more anxious that central banks determined to extinguish inflation will keep pushing rates higher and risk breaking fragile economies. Futures on the S&P 500 fluctuated after the index suffered its worst week since March, while yields on benchmark US Treasury yields dropped five basis points.

“As central banks remain hawkish on the back of persistent inflationary pressure, the likelihood of a soft landing is falling,” said Andrew McCaffery, global chief investment officer at Fidelity International, in a note published Monday. “Investors should be wary of taking on too much risk at this late stage of the cycle.”

Meanwhile, markets quickly absorbed the biggest threat to Vladimir Putin’s grip on power in decades. Russian officials met key partners, including in China, a day after Yevgeny Prigozhin halted the advance of his Wagner mercenary group toward Moscow.

“This weekend’s happenings make us realize is that it’s important to have geopolitical hedges in the portfolio, so we’ve always had commodities fulfil that role,” Trevor Greetham, head of multi asset at Royal London Asset Management Ltd, said in an interview with Bloomberg TV. “When there is suddenly a big military event, commodity prices can surge and you’ve got that protection.”

Gas traders braced for more market turbulence, with European gas already seeing the highest volatility since the invasion of Ukraine.

In Europe, the Stoxx 600 dropped 0.4% and on course for its sixth consecutive decline, while Germany’s 10-year benchmark yield tumbled five basis points as latest German IFO data showed the business outlook deteriorated to the lowest seen this year as Europe’s biggest economy struggles to emerge from recession. Banks are the worst-performing sector among Stoxx 600 groups Monday, with Raiffeisen -1%, OTP -0.9%, UniCredit -1.7% all down on Russia exposure fears. Here are some of the most notable European movers:

• Sainsbury gain as much as 1.4%, biggest increase in the Stoxx 600’s personal care, drug and grocery stores subgroup after Barclays raises its profit estimate before the UK grocer’s sales update next week
• SBB gains as much as 22% after the embattled Swedish landlord said it has entered talks with Brookfield to sell its remaining 51% stake in subsidiary focused on educational properties
• Maire Tecnimont jump as much as 8% in Milan after the company won new petrochemicals contracts in Saudi Arabia worth about $2 billion, with Mediobanca calling it a “large addition” to the backlog
• Aston Martin Lagonda shares jump as much as 15% to the highest level since April 2022 after the carmaker entered a strategic supply agreement with Lucid Group for high performance EVs
• Cranswick shares rise as much as 3.8%, the most in a month, after RBC upgrades the meat producer, saying it is “increasingly positive” about the firm’s long-term outlook
• Thule gains as much as 4.1% after Handelsbanken upgraded its short-term recommendation for the Swedish auto and outdoor accessory maker to buy from hold on expectations the firm’s 2Q report
• SES-imagotag jumped as much as 20% after the firm rejected every point of criticism about its finances  by short-seller Gotham City Research that triggered a 59% selloff of its shares on Friday
• European defense stocks fall, trimming yearly gains as investors assess implications of the latest developments in the Russia-Ukraine war. Meanwhile, Ferrexpo, which has mines in Ukraine, rises
• BE Semiconductor falls as much as 1.8% after being downgraded to buy from hold at Deutsche Bank, which said a rally in the Stoxx 600’s best performing stock this year “has likely run its course”
• Viaplay drops as much as 8.9% to a record low as Jefferies downgrades the stock to underperform, seeing further downside risk for earnings and valuation as the streaming service changes strategy
• Leonteq tumbles as much as 11%, most since October, after the Swiss fintech lowered its earnings expectations due to subdued levels of net trading primarily driven by reduced market volatility
• Casino shares falls as much as 7.2% after the French grocer said it will need at least €900 million ($981 million) of new equity and the conversion of at least all of its unsecured debt into stock

Earlier in the session,  Asian stocks traded subdued after Friday’s losses on Wall St owing to weak global PMIs and amid a lack of fresh catalysts to spur markets with weekend newsflow dominated by the brief uprising of the Wagner Group in Russia.

• Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark kept rangebound, while the mainland underperformed on return from the Dragon Boat Festival where travel spending was below pre-COVID levels to add to the weak domestic demand and slower consumption narrative.
• ASX 200 was lacklustre with price action rangebound as weakness in the top-weighted financial sector offset the modest gains in real estate and tech.
• Nikkei 225 lacked decisiveness as participants digested the latest BoJ Summary of Opinions which mostly stuck to the dovish script as it stated it is appropriate to maintain current monetary easing and premature to shift policy, although a member suggested the BoJ must consider reviewing YCC at an early stage even as it maintains easy monetary policy.
• Indian stocks were flat on Monday amid a mixed trend across the region, while small and mid-sized firms resumed rally after profit taking last week.  The S&P BSE Sensex was little changed at 62,970 in Mumbai, while the NSE Nifty 50 Index advanced 0.1%. BSE’s Smallcap and Midcap gauges rose 0.7% and 1%, respectively after dropping over the preceding two sessions. The small and midcap gauges have surged more than 11% each this year, outperforming 3.5% rise in the benchmark Sensex. Reliance Industries was a key decliner among Sensex’s 30 stocks, of which 20 rose, while 10 fell

In FX, the Bloomberg Dollar Spot Index falls 0.1% while the Japanese yen tops the G10 intraday rankings, rising 0.4% versus the greenback after more jawboning from the government. AUDUSD was little changed at 0.6680, lagged kiwi all day on cross sales. The Norwegian krone and Canadian dollar outperformed among G-10 currencies as crude oil gained.

In rates, treasuries extended gains in early US session as 10-year note futures push through Friday session highs, following rally in core European rates and the weekend’s geopolitical news.  Treasury yields richer by 4bp to 6.5bp across the curve with gains led by belly, steepening 5s30s spread by 2.5bp on the day; 10-year yields around 3.69%, richer by 4bps vs Friday close with bunds outperforming slightly in the sector. 30Y TSYs are lowest since May 12 and drop below major moving averages as the 10Y breached its 200-day average. Bunds and gilts also rise. The US auction cycle resumes with $42BN in 2Year paper sold at 1pm ET. The WI yield 4.64% ~32bp cheaper than last month’s, which stopped 1.5bp through the WI level, and exceeds 2Y stops since Feb multiyear high 4.673%. Today’s auction is followed by $43 billion 5-year notes Tuesday and $35 billion 7-year notes Wednesday.

In commodities, oil turned higher, with traders alert to the risk that any prolonged turmoil in Russia could reverberate through global oil markets. The country’s war in Ukraine has already upended trade flows, with major consumers in Asia including China boosting imports of Russian energy. WTI rose 0.2% to trade near $69.30. Spot gold adds 0.6% to around $1,932.

Looking at today’s calendar, there are no Fed speakers today; we will get June Dallas Fed Manufacturing Activity data at 10:30 a.m., and the US will sell $65 billion 13-week and $58 billion 26-week bills at 11:30 a.m. and another $42 billion 2-year notes at 1:00 p.m. Earnings today include Carnival.

Market Snapshot

• S&P 500 futures down 0.2% to 4,381.00
• MXAP down 0.1% to 162.71
• MXAPJ down 0.4% to 512.13
• Nikkei down 0.3% to 32,698.81
• Topix down 0.2% to 2,260.17
• Hang Seng Index down 0.5% to 18,794.13
• Shanghai Composite down 1.5% to 3,150.62
• Sensex down 0.2% to 62,880.49
• Australia S&P/ASX 200 down 0.3% to 7,078.65
• Kospi up 0.5% to 2,582.20
• STOXX Europe 600 down 0.4% to 451.51
• German 10Y yield little changed at 2.30%
• Euro little changed at $1.0891
• Brent Futures down 0.2% to $73.70/bbl
• Gold spot up 0.5% to $1,931.76
• U.S. Dollar Index down 0.12% to 102.78

Top Overnight News

• A BOJ policymaker called for an early revision to its controversial yield curve control, a summary of opinions at the June meeting showed on Monday, suggesting the central bank’s ultra-loose monetary settings may be at a crossroads. RTRS
• China tourism activity during the Dragon Boat Festival rose 32.3% Y/Y and came in 12.8% higher than pre-pandemic levels from 2019; China’s government said consumer spending and tourism during the Dragon Boat Festival were strong. SCMP
• China is increasingly worried that the upcoming Taiwan election (in Jan 2024) could exacerbate tensions between Washington and Beijing as the candidate of the incumbent party is more “pro-independence” than the current president. WSJ
• Prigozhin called off his march on Moscow due to a small force of just 8K fighters and after Russian intelligence services threatened to harm the families of senior Wagner leaders. London Telegraph
• U.S. officials said Sunday that they haven’t detected any irregular activity or changes in alert levels with Russia’s nuclear forces. But the failed insurrection by Wagner head Yevgeny Prigozhin has punctured the aura of Russian President Vladimir Putin’s political invincibility, and in doing so has revived decades-old concerns about who might ultimately control Russia’s nuclear forces. WSJ
• Bundesbank may require a capital injection from the German gov’t according to a new report because of the losses incurred from the ECB’s massive QE program. FT
• Germany’s IFO survey for June falls short, with the Expectations component sliding to 83.6 (down from 88.3 in May and below the Street’s 88.1 forecast). BBG
• HFs net bought US Financials (only net bought sector in our prime book last week) but continued to pair back net length in Banks stocks. US Banks long/short ratio hit a new 5-year low last week. The Prime book is now U/W Banks vs. SPX by -2.5%, which is in the 2nd percentile vs. the past year. GSPB
• Trump’s lead over GOP rivals for the Republican nomination expands according to the latest NBC News poll, but he trails Biden by 4 points in a general election matchup. NBC
• Mega-cap stocks powered the S&P 500 aggregate index to a YTD risk-adjusted return of 1.5, while the corresponding return to the equal-weighted index was just 0.4. Although our High Sharpe Ratio basket (GSTHSHRP) since 1999 has posted a 64% hit rate of outperformance vs. the S&P 500 and an average annualized excess return of 482 basis points, the Value-tilted strategy has lagged the growth-driven market in 2023, with a risk adjusted return of 0.8. Firms in our rebalanced basket have the highest prospective risk-adjusted returns. The median constituent is forecast to post 3x the return of the typical S&P 500 stock (32% vs. 11%), with similar implied volatility (28% vs. 25%), and a higher risk-adjusted return (1.2 vs. 0.5).

A more detailed look at global markets courtesy of newsquawk

Asia-Pacific stocks traded mostly subdued after Friday’s losses on Wall St owing to weak global PMIs and amid a lack of fresh catalysts to spur markets with weekend newsflow dominated by the brief uprising of the Wagner Group in Russia. ASX 200 was lacklustre with price action rangebound as weakness in the top-weighted financial sector offset the modest gains in real estate and tech. Nikkei 225 lacked decisiveness as participants digested the latest BoJ Summary of Opinions which mostly stuck to the dovish script as it stated it is appropriate to maintain current monetary easing and premature to shift policy, although a member suggested the BoJ must consider reviewing YCC at an early stage even as it maintains easy monetary policy. Hang Seng and Shanghai Comp were somewhat varied with the Hong Kong benchmark kept rangebound, while the mainland underperformed on return from the Dragon Boat Festival where travel spending was below pre-COVID levels to add to the weak domestic demand and slower consumption narrative.

Top Asian news

• Japan Chief Cabinet Secretary Matsuno said it is important for FX to move stably reflecting economic fundamentals; closely watching FX moves with high sense of urgency; sudden and one sided moves seen in FX markets according to Reuters.
• Japan’s top FX diplomat Kanda said they will respond to FX moves if moves become excessive and FX should move stably reflecting fundamentals, while he will not rule out any options when asked about intervention and said they are focusing on FX moves rather than levels. It was also reported that Finance Minister Suzuki said they will continue to watch the FX market with a sense of urgency and will respond appropriately if there are excessive moves.
• SNB’s Jordan said the central bank will probably have to hike rates again and the recent interest hike was likely not enough to fully get to grips with the high inflation in Switzerland, according to an interview with SRF.
• BoJ Summary of Opinions from the June meeting stated it is appropriate to maintain current monetary easing and that wage growth is needed, not just cost-push inflation to sustainably and stably hit the price target. BoJ also stated that it is premature to shift policy as smaller firms become keen to hike wages and invest more, as well as noted that the BoJ must maintain easy policy with an eye on side-effects, as long-term risks to prices are skewed to the downside. Furthermore, it stated there was no need to make operational tweaks to YCC as the distortion in the shape of the yield curve has been resolved although a member also noted that the BoJ must consider reviewing YCC at an early stage, even as it maintains easy monetary policy.

European bourses trade on the backfoot following on from the soft close in the US on Friday with losses having picked up since the cash open. US equity futures are extending on Friday’s losses as traders continue to debate whether the pullback is a consolidation of recent gains or a more sinister reversal. Tesla is lower by some 2.1% in the pre-market after being downgraded to neutral from buy at Goldman Sachs with GS of the view that the Co.’s long-term outlook is already priced in. Equity sectors in Europe have a slight negative bias with underperformance in the banking sector. Defence names are also enduring a session of losses potentially as a read-across from events in Russia which could bring the end of the Russia-Ukraine conflict nearer.

Top European news

• UK PM Sunak defended possible curbs on UK public sector pay in which he warned that high public sector pay rises would be giving with one hand and taking with the other by fuelling inflation, according to FT.
• UK Chancellor Hunt will tell consumer watchdogs that they must use their powers to help lower prices amid concerns that supermarkets, banks and utility companies are using high inflation as a cover to boost profits, according to the Sunday Times.
• ECB published an interview with Vice-President de Guindos in which he noted that monetary policy measures are starting to have an impact on financing conditions and a contraction in credit will pass through to the real economy with dampening demand to lower inflation. De Guindos noted that the finishing line is in sight when questioned if the target is a long way off and responded that it will depend on the data when asked if an end to hikes can be expected before the summer holidays.
• ECB’s Makhluof said he is undecided regarding a rate increase beyond July and is prepared to look at the evidence, while he thinks they are near the top of the ladder, according to Irish Independent.
• Europe’s Single Resolution Board pushes policymakers to provide more protection for depositors and is said to be requesting a rethink into how lenders are wound down following recent bank failures, according to FT.
• German Ifo Economist said the likelihood that the German economy will shrink again in Q2 has increased; weak demand for industry and order backlog falling, according to Reuters.
• Bundesbank may need recapitalisation to cover bond-buying losses, potentially ruining the ECB’s plans to carry out similar future plans, via FT.
• German minimum wage commission proposes raising the minimum wage to EUR 12.41 (prev. EUR 12) from January 2024, according to Reuters.
• Greek conservatives led by former PM Mitsotakis had a clear lead over former PM Tsipras’s Syriza party in the rerun election with official results showing Mitsotakis’s New Democracy party winning 40.4% of votes and a majority of 157 seats in the 300-seat parliament, according to Reuters.

FX

• DXY is caged to a tight range on either side of 102.75 with G10s mostly firmer against the Buck.
• Yen is among the outperformers amidst softer US Treasury yields and more supply from Japanese exporters, but also a notable pick-up in levels of verbal intervention.
• NZD also ranks among the notable G10 gainers after New Zealand’s Trade Minister said he had positive discussions with China on joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• EUR lost tentative grip of the 1.0900 handle against its US rival on the back of a bleak German Ifo survey and downbeat accompanying commentary.
• CNH is on the backfoot following China’s return from the Dragon Boat Festival holiday as reports indicated depressed levels of spending on travel to compound other signs of weak domestic demand and consumption.

Fixed Income

• Bunds got a big boost from Ifo given that the business climate deteriorated more than anticipated and expectations were especially weak against consensus to outweigh marginally better than forecast current conditions.
• Gilts moved higher in tandem with the German debt, albeit with a lag, between the 95.75-96.39 Liffe parameters.
• T-note futures are also bid with the 10yr contract touching 113-15 at best ahead of the US 2yr auction.

Commodities

• WTI and Brent futures are now on the backfoot following the German Ifo Survey which warned of a higher likelihood the German economy will shrink in Q2. This followed an APAC session of firmer prices in the aftermath of the weekend’s brief Russian mutiny by the mercenary Wagner Group, although this was abruptly called off on Sunday.
• Nat Gas prices gapped higher with Dutch TTF jumping over 7% as supply-side risk premium from Russia is priced in at a time countries look to replenish gas supply for the winter.
• Spot gold has risen, despite a rather rangebound Dollar, as heavens are lifted across the board (FX, Fixed Income, Precious Metals) with spot silver approaching USD 23/oz from lows of USD 22.41/oz
• Base metals are mostly and modestly firmer in what has been a choppy session thus far, with some industrial names possibly cushioned from hopes of more Chinese stimulus.
• OPEC Secretary General said they see global oil demand rising to 110mln bpd by 2045, according to Reuters.
• Saudi Aramco CEO said oil market fundamentals remain generally sound for the rest of the year and developing countries, especially China and India, are driving oil demand growth of more than 2mln bpd this year. he also stated that China’s transport and petrochemical sectors are still showing signs of demand growth despite economic headwinds, while he added that renewable energy growth has not met growth in global energy consumption.
• Saudi Aramco and TotalEnergies (TTE FP) award contracts for USD 11bln Amiral project, according to Reuters.
• Qatar said the situation in Russia calls for maximum restraint and will have repercussions on energy and food supplies, according to a Foreign Ministry statement cited by Reuters.
• Eastern Libyan authorities threatened to blockade oil exports over the distribution of state energy revenue.

Geopolitics

• There were reports that the Wagner Group took control of all military facilities in two big Russian cities including Voronezh which is 310 miles from Moscow and that a convoy was headed to Moscow led by senior Wagner commander Utkin after Wagner Group Chief Prigozhin declared war against the Russian Defence Ministry.
• Russian President Putin stated during a national address that they are facing treason and internal betrayal, while he said that any differences should be dropped and that everyone that took part in a mutiny will be punished. Furthermore, he signed an order for 30 days of detainment if martial law is violated and the Russian Foreign Ministry warned Western countries against using the Wagner mutiny ‘to achieve their Russophobic goals’, according to Reuters.
• Russian Wagner Group chief Prigozhin issued a defiant message following Russian President Putin’s speech in which he officially refused to obey Putin’s orders and said he and his men would not turn themselves in on Putin’s orders, as well as stated that Putin is wrong to accuse him of treason. There were also comments in a Wagner-affiliated Telegram channel that Putin made a wrong choice and Russia will have a new president soon.
• It was later reported on Saturday that Wagner Group chief Prigozhin accepted a proposal by Belarusian President Lukashenko to stop the movement of his troops to Moscow which was said to be a profitable and acceptable proposal to solve the issue on the table in which Prigozhin will move to Belarus and the charges against him will be dropped, while Prigozhin confirmed the Wagner Group is returning its convoys to bases to avoid bloodshed and is turning the column advancing to Moscow back to bases.
• Russia’s Kremlin confirmed that Belarusian President Lukashenko helped mediate with the Wagner Group and said fighters that did not take part in the march will sign contracts with the Defence Ministry, while other fighters who took part will not be prosecuted in recognition of their service and stated that avoiding bloodshed was more important than punishing people.
• Ukrainian President Zelensky said the situation in Russia shows no one is in control and there is chaos. Zelensky also stated that Ukraine will not remain silent, will not be inactive and will defend Europe’s eastern flank, while he added that the longer Russian troops remain in Ukraine, the greater the devastation they will bring to Russia, according to Reuters.
• Ukrainian President Zelensky said he spoke with US President Biden in which they discussed the course of hostilities and processes taking place in Russia, while he called for global pressure on Russia and noted that leaders discussed a further expansion of defence cooperation with the emphasis on long-range weapons, according to Reuters.
• Russian President Putin said he is in contact with Defence Ministry officials and Russia feels confident in realising all its plans and tasks related to the special military operation to which he gave top priority to, according to Reuters.
• Ukraine’s Defence Minister Reznikov discussed recent events in Russia with Defence Secretary Austin in which he stated that Russian authorities are weak and that things are moving in the right direction, according to Reuters. It was separately reported that a Ukrainian official said there were no visible signs of a meltdown on the frontline but added that the Wagner Group turmoil could create some new opportunities.
• Ukrainian military intelligence chief General Budanov said Russia has finished preparations for a terrorist attack at the Zaporizhzhia nuclear plant with 4 out of 6 power units at the plant mined with explosives and ready to be blown, according to an interview with The New Statesman.
• US Secretary of State Blinken said the Russian turmoil is an internal matter and he doesn’t think we’ve seen the final act of the turmoil. Blinken also stated that it is too soon to say what the future holds for Wagner fighters and that there has been no change in the US nuclear posture, as well as noted that the unity to support Ukraine remains, according to Reuters.
• US, UK, German and French leaders reaffirmed their commitment to continue supporting Ukraine for as long as necessary, according to a German government spokesperson cited by Reuters.
• Germany reportedly pushed back against the EU plan to raid Russian assets, according to FT. 
• Russia’s central bank said the Moscow stock exchange, banks and other financial institutions will operate as normal on Monday despite the non-working day being observed in Moscow as banks need to ensure the continuous and smooth operation of Russian financial markets, according to Reuters.
• 3,000 elite Chechen troops were sent to protect Moscow from mutinous mercenaries if necessary, according to RIA.
• NATO’s Stoltenberg said we do not see any indication that Russia is preparing to use Nuclear weapons, according to Reuters.

US Event Calendar

• 10:30: June Dallas Fed Manf. Activity, est. -20.0, prior -29.1

DB’s Jim Reid concludes the overnight wrap

Markets will start the week trying to work out what to make of the volatile situation in Russia that saw a remarkable turn late Friday and into Saturday. In truth perhaps the mutiny and then truce, all within 24-36 hours means more political instability longer-term than shorter-term. At one point on Saturday though, when the Wagner group’s Prigozhin had his troops march towards Moscow, it felt that there was a lot of potential global market event risk over the next few days. That has perhaps died down but this whole episode probably increases both the positive and negative tail risks a bit. It could increase the risk of escalation by Mr Putin to reinstate an air of authority, or it could leave him vulnerable which could be seen as positive or negative for Europe, Ukraine and wider markets. It’s just impossible to tell at this stage.

Looking at the markets this morning, risk sentiment has remained resilient across the Asian region. As I check my screens, the KOSPI (+0.47%) is trading in the green with the Nikkei (+0.20%) and the Hang Seng (+0.12%) rebounding from its opening losses. Equities in Mainland China are sliding with the CSI (-1.00%) and Shanghai Composite (-0.81%) catching down after holidays late last week. Outside of Asia, US stock futures are regaining some ground with those on the S&P 500 (+0.29%) and NASDAQ 100 (+0.34%) edging higher after US stocks posted their worst weekly performance since March. Yields on 10yr USTs are around -1bps lower, trading at 3.72% as we go to press.

Looking forward now, the US PCE (Friday) and Eurozone CPI releases (Wednesday to Friday) are the obvious focal points this week. Rivalling these for top billing, the ECB annual forum in Sintra (Mon-Weds) will feature plenty of speakers, including the heads of the Fed, the ECB, the BoJ and the BoE on a panel together on Wednesday.

Elsewhere German IFO (today), US new home sales and durable goods (tomorrow), results of US bank stress tests (Wednesday), US jobless claims (Thursday), China PMI (Friday), and Tokyo CPI (Friday) are also important with US claims possibly the one to watch most given the recent increase. This increase hasn’t filtered through into continuing claims yet so that is the current shield to worrying about a deteriorating US labour market.

Going through some of the top tier events in a little more detail, let’s start with US PCE on Friday which comes as part of the personal income and consumption report. DB expect the core PCE deflator to soften a tenth on both the monthly (0.3% MoM vs 0.4% last month) and YoY (4.6% YoY from 4.7% last month) readings. Our economists point out that to meet the Fed’s forecast of 3.9% YoY core PCE this year we would need around 27bps of monthly prints into YE. DB actually expects 3.6%. So all else being equal these prints could be the swing factor between 1-2 Fed hikes out to YE in their own dot plots.

Something that could be interesting is the results of the annual US bank stress tests on Wednesday. Those will be closely watched following the regional banking turmoil this spring that resulted in several bank failures as well as lingering concerns over risks to the banking system tied to deposit dynamics and interest rates. For the first time, the stress test will include an “exploratory market shock component”, for the largest banks. The “severely adverse scenario” will focus on the effects of “a severe global recession” coupled with turmoil in real estate markets, both commercial and residential, and corporate debt markets. These stress tests are always a double edge sword. Too onerous and they can create their own turmoil, but too loose and they lack some credibility. So an interesting one to watch.

Later in the week, Italy will kick off European CPI releases on Wednesday, followed by Germany on Thursday with France and the Eurozone on Friday. Our European economists’ inflation chartbook looks at the latest trends and developments here. The team’s forecast for the June Eurozone print due on Friday is 5.8% YoY for headline (vs 6.1% in May) and 5.7% for core (vs 5.3% in May). It will be the last set of inflation readings ahead of the July 27th ECB meeting. See the day-by-day calendar at the end as usual for the full week’s docket.

Looking back on last week now, on Friday, we had a round of soft manufacturing PMI data that played on growing fears of recession. In the US, the composite PMI data for June came in below expectations at 53.0 (vs 53.5 expected). Although services were a touch stronger than expected at 54.1 (vs 54.0 expected), manufacturing surprised to the downside at 46.3 (vs 48.5 expected), firmly in recessionary territory after its largest down move since November 2022. The softening in manufacturing was mirrored in Europe, as the manufacturing PMI for the Eurozone in June came in at 43.6 (vs 44.8 expected). The services component also weakened to 52.4 (vs 54.5 expected), bringing the composite down to just barely a sliver above recessionary territory at 50.3 (vs 52.5 expected).

This sustained weakness in manufacturing added to the negative bias to last week’s trading. In US equities, the S&P 500 slipped -0.77% on Friday, and -1.39% week-on-week, its worst week since March. Information technology slightly underperformed on Friday, with the NASDAQ sliding -1.01% on the day, and -1.44% in weekly terms. Over the course of the week, the risk-off tone was more pronounced in Europe, as the STOXX 600 fell back -2.93% (-0.34% on Friday).

In contrast to the sell-off in equities, fixed income rallied across both sides of the Atlantic on Friday as the soft manufacturing data highlighted recession risks and pointed to easing inflationary pressures. The rally was more significant in Europe, as 10yr bund yields fell -14.1bps on Friday to 2.35%, the largest daily decline since late April, erasing gains earlier in the week to be down -12.1bps in weekly terms. US 10yr Treasury yields fell by -6.0bps on Friday to 3.735% (down -2.7bps week-on-week). With the short end rates rally less pronounced, the 2s10s slope turned more negative for the seventh week in a row, standing at -100.6bp for US Treasuries and at -75.3bp for bunds, the latter a new post-1992 low and the former only trading lower for a couple of days (earlier this year) in the last 40 plus years.

Lastly, turning to commodities, oil retreated further on Friday as recession fears revived in the latter half of last week. Brent crude fell back -3.60% last week to $73.85/bbl. This was the largest weekly decline since early May, coming despite a strong rally late on Friday from an intra-day low of $72.11 (-0.39% overall on the day). WTI crude likewise fell back -3.65% week-on-week (and -0.50% on Friday) below $70/bbl to $69.16/bbl. Copper similarly fell back last week amid concerns of soft manufacturing data, down -2.20% (and -2.22% on Friday). In other commodity news, Bitcoin hit its highest price since early June last year, breaching the $30,000 level to hit $31,105 on Friday after gaining +3.74% on the day, and +16.86% over the five working days to Friday, though it has partially reversed Friday’s rise over the weekend standing at $30,298 as we type this morning. Last week’s gains came as the cryptocurrency market speculated on the arrival of new cryptocurrency ETFs delivered by a number of key traditional financial institutions, as reported by Bloomberg.

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

Equities slip, JPY outperforms, havens bid following German Ifo; ECB’s Lagarde ahead – Newsquawk US Market Open

MONDAY, JUN 26, 2023 – 05:55 AM

• European bourses trade on the backfoot following on from the soft close in the US on Friday with losses having picked up since the cash open.
• DXY is caged to a tight range on either side of 102.75, EUR looks heavy after bleak German Ifo data, and Yen is among the outperformers.
• Safe havens are bid across the board, with bonds, precious metals, JPY and CHF on firmer.
• German Ifo Economist said the likelihood that the German economy will shrink again in Q2 has increased.
• Wagner Group chief Prigozhin accepted a proposal by Belarusian President Lukashenko to stop the movement of his troops to Moscow.
• Looking ahead, highlights include ECB’s Lagarde speaking at the ECB Sintra Forum, and supply from the US.

• Click here for the Newsquawk Week Ahead preview.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

EUROPEAN TRADE

EQUITIES

• European bourses trade on the backfoot following on from the soft close in the US on Friday with losses having picked up since the cash open.
• US equity futures are extending on Friday’s losses as traders continue to debate whether the pullback is a consolidation of recent gains or a more sinister reversal. Tesla is lower by some 2.1% in the pre-market after being downgraded to neutral from buy at Goldman Sachs with GS of the view that the Co.’s long-term outlook is already priced in.
• Equity sectors in Europe have a slight negative bias with underperformance in the banking sector. Defence names are also enduring a session of losses potentially as a read-across from events in Russia which could bring the end of the Russia-Ukraine conflict nearer.
• Click here and here for a recap of the main European updates.
• Click here for more detail.

FX

• DXY is caged to a tight range on either side of 102.75 with G10s mostly firmer against the Buck.
• Yen is among the outperformers amidst softer US Treasury yields and more supply from Japanese exporters, but also a notable pick-up in levels of verbal intervention.
• NZD also ranks among the notable G10 gainers after New Zealand’s Trade Minister said he had positive discussions with China on joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• EUR lost tentative grip of the 1.0900 handle against its US rival on the back of a bleak German Ifo survey and downbeat accompanying commentary.
• CNH is on the backfoot following China’s return from the Dragon Boat Festival holiday as reports indicated depressed levels of spending on travel to compound other signs of weak domestic demand and consumption.
• Click here for more detail.

FIXED INCOME

• Bunds got a big boost from Ifo given that the business climate deteriorated more than anticipated and expectations were especially weak against consensus to outweigh marginally better than forecast current conditions.
• Gilts moved higher in tandem with the German debt, albeit with a lag, between the 95.75-96.39 Liffe parameters.
• T-note futures are also bid with the 10yr contract touching 113-15 at best ahead of the US 2yr auction .
• Click here for more detail.

COMMODITIES

• WTI and Brent futures are now on the backfoot following the German Ifo Survey which warned of a higher likelihood the German economy will shrink in Q2. This followed an APAC session of firmer prices in the aftermath of the weekend’s brief Russian mutiny by the mercenary Wagner Group, although this was abruptly called off on Sunday.
• Nat Gas prices gapped higher with Dutch TTF jumping over 7% as supply-side risk premium from Russia is priced in at a time countries look to replenish gas supply for the winter.
• Spot gold has risen, despite a rather rangebound Dollar, as heavens are lifted across the board (FX, Fixed Income, Precious Metals) with spot silver approaching USD 23/oz from lows of USD 22.41/oz
• Base metals are mostly and modestly firmer in what has been a choppy session thus far, with some industrial names possibly cushioned from hopes of more Chinese stimulus.
• OPEC Secretary General said they see global oil demand rising to 110mln bpd by 2045, according to Reuters.
• Saudi Aramco CEO said oil market fundamentals remain generally sound for the rest of the year and developing countries, especially China and India, are driving oil demand growth of more than 2mln bpd this year. he also stated that China’s transport and petrochemical sectors are still showing signs of demand growth despite economic headwinds, while he added that renewable energy growth has not met growth in global energy consumption.
• Saudi Aramco and TotalEnergies (TTE FP) award contracts for USD 11bln Amiral project, according to Reuters.
• Qatar said the situation in Russia calls for maximum restraint and will have repercussions on energy and food supplies, according to a Foreign Ministry statement cited by Reuters.
• Eastern Libyan authorities threatened to blockade oil exports over the distribution of state energy revenue.
• Click here for more detail.

NOTABLE US HEADLINES

• US President Biden will give an address on economic policy on June 28th, according to the White House.
• A train derailment in Montana collapsed a bridge and sent several tanker cars carrying hazardous materials into the Yellowstone River.

NOTABLE EUROPEAN HEADLINES

• UK PM Sunak defended possible curbs on UK public sector pay in which he warned that high public sector pay rises would be giving with one hand and taking with the other by fuelling inflation, according to FT.
• UK Chancellor Hunt will tell consumer watchdogs that they must use their powers to help lower prices amid concerns that supermarkets, banks and utility companies are using high inflation as a cover to boost profits, according to the Sunday Times.
• ECB published an interview with Vice-President de Guindos in which he noted that monetary policy measures are starting to have an impact on financing conditions and a contraction in credit will pass through to the real economy with dampening demand to lower inflation. De Guindos noted that the finishing line is in sight when questioned if the target is a long way off and responded that it will depend on the data when asked if an end to hikes can be expected before the summer holidays.
• ECB’s Makhluof said he is undecided regarding a rate increase beyond July and is prepared to look at the evidence, while he thinks they are near the top of the ladder, according to Irish Independent.
• Europe’s Single Resolution Board pushes policymakers to provide more protection for depositors and is said to be requesting a rethink into how lenders are wound down following recent bank failures, according to FT.
• German Ifo Economist said the likelihood that the German economy will shrink again in Q2 has increased; weak demand for industry and order backlog falling, according to Reuters.
• Bundesbank may need recapitalisation to cover bond-buying losses, potentially ruining the ECB’s plans to carry out similar future plans, via FT.
• German minimum wage commission proposes raising the minimum wage to EUR 12.41 (prev. EUR 12) from January 2024, according to Reuters.
• Greek conservatives led by former PM Mitsotakis had a clear lead over former PM Tsipras’s Syriza party in the rerun election with official results showing Mitsotakis’s New Democracy party winning 40.4% of votes and a majority of 157 seats in the 300-seat parliament, according to Reuters.

EUROPEAN DATA RECAP

• German Ifo Business Climate New (Jun) 88.4 vs. Exp. 90.7 (Prev. 91.7, Rev. 91.5)
• German Ifo Curr Conditions New (Jun) 93.7 vs. Exp. 93.5 (Prev. 94.8)
• German Ifo Expectations New (Jun) 83.6 vs. Exp. 88.0 (Prev. 88.6, Rev. 88.3)

CRYPTO

• Bitcoin is slightly softer intraday but remains north of the USD 30k mark.

GEOPOLITICS

RUSSIA/UKRAINE

• There were reports that the Wagner Group took control of all military facilities in two big Russian cities including Voronezh which is 310 miles from Moscow and that a convoy was headed to Moscow led by senior Wagner commander Utkin after Wagner Group Chief Prigozhin declared war against the Russian Defence Ministry.
• Russian President Putin stated during a national address that they are facing treason and internal betrayal, while he said that any differences should be dropped and that everyone that took part in a mutiny will be punished. Furthermore, he signed an order for 30 days of detainment if martial law is violated and the Russian Foreign Ministry warned Western countries against using the Wagner mutiny ‘to achieve their Russophobic goals’, according to Reuters.
• Russian Wagner Group chief Prigozhin issued a defiant message following Russian President Putin’s speech in which he officially refused to obey Putin’s orders and said he and his men would not turn themselves in on Putin’s orders, as well as stated that Putin is wrong to accuse him of treason. There were also comments in a Wagner-affiliated Telegram channel that Putin made a wrong choice and Russia will have a new president soon.
• It was later reported on Saturday that Wagner Group chief Prigozhin accepted a proposal by Belarusian President Lukashenko to stop the movement of his troops to Moscow which was said to be a profitable and acceptable proposal to solve the issue on the table in which Prigozhin will move to Belarus and the charges against him will be dropped, while Prigozhin confirmed the Wagner Group is returning its convoys to bases to avoid bloodshed and is turning the column advancing to Moscow back to bases.
• Russia’s Kremlin confirmed that Belarusian President Lukashenko helped mediate with the Wagner Group and said fighters that did not take part in the march will sign contracts with the Defence Ministry, while other fighters who took part will not be prosecuted in recognition of their service and stated that avoiding bloodshed was more important than punishing people.
• Ukrainian President Zelensky said the situation in Russia shows no one is in control and there is chaos. Zelensky also stated that Ukraine will not remain silent, will not be inactive and will defend Europe’s eastern flank, while he added that the longer Russian troops remain in Ukraine, the greater the devastation they will bring to Russia, according to Reuters.
• Ukrainian President Zelensky said he spoke with US President Biden in which they discussed the course of hostilities and processes taking place in Russia, while he called for global pressure on Russia and noted that leaders discussed a further expansion of defence cooperation with the emphasis on long-range weapons, according to Reuters.
• Russian President Putin said he is in contact with Defence Ministry officials and Russia feels confident in realising all its plans and tasks related to the special military operation to which he gave top priority to, according to Reuters.
• Ukraine’s Defence Minister Reznikov discussed recent events in Russia with Defence Secretary Austin in which he stated that Russian authorities are weak and that things are moving in the right direction, according to Reuters. It was separately reported that a Ukrainian official said there were no visible signs of a meltdown on the frontline but added that the Wagner Group turmoil could create some new opportunities.
• Ukrainian military intelligence chief General Budanov said Russia has finished preparations for a terrorist attack at the Zaporizhzhia nuclear plant with 4 out of 6 power units at the plant mined with explosives and ready to be blown, according to an interview with The New Statesman.
• US Secretary of State Blinken said the Russian turmoil is an internal matter and he doesn’t think we’ve seen the final act of the turmoil. Blinken also stated that it is too soon to say what the future holds for Wagner fighters and that there has been no change in the US nuclear posture, as well as noted that the unity to support Ukraine remains, according to Reuters.
• US, UK, German and French leaders reaffirmed their commitment to continue supporting Ukraine for as long as necessary, according to a German government spokesperson cited by Reuters.
• Germany reportedly pushed back against the EU plan to raid Russian assets, according to FT.
• Russia’s central bank said the Moscow stock exchange, banks and other financial institutions will operate as normal on Monday despite the non-working day being observed in Moscow as banks need to ensure the continuous and smooth operation of Russian financial markets, according to Reuters.
• 3,000 elite Chechen troops were sent to protect Moscow from mutinous mercenaries if necessary, according to RIA.
• NATO’s Stoltenberg said we do not see any indication that Russia is preparing to use Nuclear weapons, according to Reuters.

OTHER

• US Secretary of State Blinken said he raised the issue of China’s military base in Cuba with Cuba.
• Chinese Foreign Minister Qin met with Russian Deputy Foreign Minister Rudenko in Beijing and exchanged views on regional and international issues of common concern, according to China’s Foreign Ministry cited by Reuters.
• Taiwan’s Defence Ministry said Chinese aircraft approached within 24 nautical miles of Taiwan’s coast.
• North Korea said it will increase its response to stronger US military measures and provocations on the Korean peninsula, while it added that US Secretary of State Blinken’s threats against China to pressure Pyongyang expresses a dangerous hegemonic mentality, according to KCNA.
• Turkish President Erdogan spoke with NATO Secretary General Stoltenberg and said that Sweden must stop protests by PKK supporters for NATO membership, according to Reuters.

GLOBAL NEWS

• Bank for International Settlements warned of material risks of further financial stress, while it called for more interest rate hikes and said the world was at a crucial point as countries struggle to rein in inflation, according to Reuters.
• Turkish Central Bank said securities maintenance regulation was simplified to increase the functionality of market mechanisms and strengthen macro-financial stability, according to Reuters.

APAC TRADE

• APAC stocks traded mostly subdued after Friday’s losses on Wall St owing to weak global PMIs and amid a lack of fresh catalysts to spur markets with weekend newsflow dominated by the brief uprising of the Wagner Group in Russia.
• ASX 200 was lacklustre with price action rangebound as weakness in the top-weighted financial sector offset the modest gains in real estate and tech.
• Nikkei 225 lacked decisiveness as participants digested the latest BoJ Summary of Opinions which mostly stuck to the dovish script as it stated it is appropriate to maintain current monetary easing and premature to shift policy, although a member suggested the BoJ must consider reviewing YCC at an early stage even as it maintains easy monetary policy.
• Hang Seng and Shanghai Comp were somewhat varied with the Hong Kong benchmark kept rangebound, while the mainland underperformed on return from the Dragon Boat Festival where travel spending was below pre-COVID levels to add to the weak domestic demand and slower consumption narrative.

NOTABLE ASIA-PAC HEADLINES

• PBoC set USD/CNY mid-point at 7.2056 vs exp. 7.2095 (prev. 7.1795)
• PBoC injected CNY 196bln via 7-day reverse repos on Sunday and injected CNY 244bln via 7-day reverse repos with the rate for both operations kept at 1.90%, according to Reuters.
• Japan Chief Cabinet Secretary Matsuno said it is important for FX to move stably reflecting economic fundamentals; closely watching FX moves with high sense of urgency; sudden and one sided moves seen in FX markets according to Reuters.
• Japan’s top FX diplomat Kanda said they will respond to FX moves if moves become excessive and FX should move stably reflecting fundamentals, while he will not rule out any options when asked about intervention and said they are focusing on FX moves rather than levels. It was also reported that Finance Minister Suzuki said they will continue to watch the FX market with a sense of urgency and will respond appropriately if there are excessive moves.
• SNB’s Jordan said the central bank will probably have to hike rates again and the recent interest hike was likely not enough to fully get to grips with the high inflation in Switzerland, according to an interview with SRF.
• BoJ Summary of Opinions from the June meeting stated it is appropriate to maintain current monetary easing and that wage growth is needed, not just cost-push inflation to sustainably and stably hit the price target. BoJ also stated that it is premature to shift policy as smaller firms become keen to hike wages and invest more, as well as noted that the BoJ must maintain easy policy with an eye on side-effects, as long-term risks to prices are skewed to the downside. Furthermore, it stated there was no need to make operational tweaks to YCC as the distortion in the shape of the yield curve has been resolved although a member also noted that the BoJ must consider reviewing YCC at an early stage, even as it maintains easy monetary policy.

DATA RECAP

• Japanese Services PPI YY (May) 1.6% (Prev. 1.6%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

MONDAY MORNING/SUNDAY NIGHT

SHANGHAI CLOSED DOWN 47.28 PTS OR 1.48%   //Hang Seng CLOSED DOWN 95.84 PTS OR .51%        /The Nikkei closed DOWN 82.73 OR 0.25%  //Australia’s all ordinaries CLOSED DOWN 0.30 %   /Chinese yuan (ONSHORE) closed DOWN 7.2357  /OFFSHORE CHINESE YUAN DOWN  TO 7.2385 /Oil DOWN TO 68.55 dollars per barrel for WTI and BRENT  DOWN AT 74.32 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA/SATURDAY

China’s economy is faltering terribly especially with the high youth unemployment

(Wu/EpochTimes)

China’s Economy Is Faltering

SATURDAY, JUN 24, 2023 – 09:30 PM

Authored by Terri Wu via The Epoch Times (emphasis ours),

With graduation less than a month away, many college students in China are still scrambling to find a job.A man works at a construction site of a residential skyscraper in Shanghai on Nov. 29, 2016. (JOHANNES EISELE/AFP via Getty Images)

At a free live-stream webinar by a jobseeker training company in mid-June, many of the 800 participants—primarily unemployed 2023 and 2022 graduates—logged eager comments to claim free templates for resumes.

“Many of my trainees told me that they live with their parents, who had been scolding them for not trying hard enough to land a job,” the host told the attendees.

“I can tell them [parents]: finding a job this year is challenging. It’s the market; it’s not you,” the host added. “Forwarding my webinar to your parents will help you alleviate the anxiety.”

Anxiety was undoubtedly the prevailing mood among attendees of the webinar held on a popular Chinese social media app, as shown through emojis and remarks in the comments section. The macro numbers point to a similar picture.

China’s official youth unemployment rates were 20.8 and 20.4 percent in May and April, respectively—about four times the overall unemployment rate of 5.2 percent. It’s also about double the level of young unemployment just before pandemic measures kicked in.

This rate means that one in every five 16- to 24-year-olds seeking work in urban areas don’t have a job. And the percentage doesn’t include those not looking for employment: two-thirds of China’s 100 million young urban population.

This growing crisis prompted Chinese authorities in April to announce a series of policy incentives to take effect by the end of 2023, including subsidiaries for expanding hiring by state-owned enterprises (SOE), encouraging financial institutions to increase hiring and business loan issuance, offering more vocational training, and creating no less than a million internship positions.

Still, higher youth unemployment is expected for the next few months, according to a May estimate by Goldman Sachs.

On June 18, the investment bank also cut China’s 2023 gross domestic product (GDP) growth forecast from 6 to 5.4 percent, citing macroeconomic issues—property sector, debt issues, and U.S.-China tensions—that are unlikely to be addressed by China’s stimulus measures.

China’s central bank started cutting interest rates in mid-June, following a deposit rate decrease by major banks. Goldman’s downgrade followed similar assessments by a host of major banks, including UBS, Bank of America, and JPMorgan, that have lowered their GDP growth outlook for the country.Paramilitary policemen patrol in front of the People’s Bank of China, the central bank of China, in Beijing on Jul. 8, 2015. (Greg Baker/AFP via Getty Images)

Long Before the Pandemic

Today’s high youth unemployment rate is a symptom of years of ambitious growth on paper supported by a heavily indebted economy, according to Christopher Balding, an expert on the Chinese economy at the Henry Jackson Society, a UK-based think tank.

The problem, he said, preceded the pandemic, and has been 15 years in the making.

“I don’t think the pandemic’s contribution to this is zero. However, I don’t think it’s a majority,” Balding told The Epoch Times. “The pandemic probably made it a little bit worse, but these problems would exist with or without the pandemic.”

In response to the global financial crisis, Chinese authorities released a fiscal stimulus package of 4 trillion yuan ($586 billion at the time), equivalent to 12.5 percent of the 2008 GDP, according to the World Bank. By comparison, the U.S. stimulus package was $939 billion from 2008 to 2010 and about 6 percent of its 2008 GDP. China’s central bank also loosened money policy significantly by cutting the interest rate by over 2 percent to 5.31 percent in December 2008.

Balding said that China went on a path of pushing for artificially high growth rates after 2008, growing infrastructure regardless of demand. At the same time, Chinese authorities, companies, and families have piled on debt.

China’s core debt—credit to the non-financial sector—is nearly three times its GDP, compared to the U.S. ratio at 2.5 and emerging market economics at an average of 2.2, according to the Bank for International Settlements, known as the central bank for central banks.

On June 17, China’s State Administration of Market Regulation issued a new regulation to “restore credit for business entities.”

“It’s basically advising banks to help firms repair their credit, ignore firms’ missed payments, and so on,” said Balding. “The fact that they’re putting out that type of advice to financial institutions, as a regulator, speaks to the depth of the problem related to debt.”

“And if you’re a heavily indebted company, taking on more debt or taking on additional labor is a very big ask,” he added, referring to the Chinese Communist Party’s (CCP) policies to stimulate hiring.

China’s household debt-to-GDP ratio rose steadily from 17.9 percent in December 2008 to 63.3 percent in March 2023, compared to 65.7 percent in the United States. More tellingly, the Chinese household debt as a percentage of disposable income reached 130 percent by the end of 2020, more than that of the United States at 100 percent the same year.

In Balding’s view, China’s supply-driven growth has hit a wall and can theoretically be solved by stimulating demand. However, he considers driving demand unrealistic because the CCP cannot do what’s required—that is, to empower consumers and give individuals the freedom of choice.

“I think there’s a lot of possibilities or a lot of hope for China, but it would absolutely require dismantling policies in China that are not going to be dismantled,” he said, citing restrictions on interprovincial migration and the latest rural management restrictions on the use of arable land.

Antonio Graceffo, a China economic analyst, said the regime has routinely responded to economic trouble by investing in infrastructure. But that approach might not work again this time around.

“All the sensible infrastructure has already been built in China; we’re at a point where all the major ports, the cities, everything is connected. So when they build more infrastructure now, it’s really just making work,” he told The Epoch Times.

“You’re just creating jobs, paying for it out of the public revenues, and it’s not necessarily yielding any sort of significant GDP advantage.”

The country, he said, no longer has the types of infrastructure projects such as the Beijing-Shanghai high-speed rail to fuel GDP growth again. “I think China has seen their biggest growth that they’re ever going to see,” Graceffo, a contributor to the publication, added.A worker operates a machine for knitting socks in a factory in Funan County in central China’s Anhui province on March 1, 2022. (Chinatopix via AP)

Beyond the Official Number

China’s official youth unemployment rate may not capture the full story.

Jobseekers between the age of 16 and 24 include middle and high school graduates from rural areas seeking urban employment and city students with undergraduate degrees.

A professor at a private college in Guangzhou, a mega city in China’s affluent coastal south, believes the actual rate is much higher than the official 20 percent—as high as 80. She spoke to The Epoch Times on the condition that her name, college, and professional field be anonymous to avoid being tracked down by the CCP.

Only two of the 350 graduates in her department this year have found jobs. With graduation on June 28, students must provide employment information to get the diploma.

The official proof for employment is the “three-way agreements,” but schools also accept any form of labor contract. The “three-way agreement” is signed between the student, an employer, and the school to satisfy the requirements of the local government human resources agency.

“Students are not issued a diploma if they do not provide employment paperwork. The rule is understood but not written,” the professor told The Epoch Times, adding that if a student would challenge this rule to the school or the city’s education department, the school would then withhold the diploma citing insufficient internship credit.

As a result, students forge employment in various ways, according to the professor. He cited the example of a friend whose son has not worked for three years after graduation but is “employed” on paper.

In China, public colleges are of a higher academic caliber than private ones and charge less tuition. They are the common campus recruiting sources for SOEs, and they have creative ways to boost their graduates’ employment rate.

The professor, who previously taught at a public college, said that public institutions engage in a practice known as “hitchhikes” to skirt the rules. For example, if an SOE had a quota of two new hires for a college, the college would give the SOE a list of 12 more student names to ink fraudulent three-way agreements. In this way, the university’s “education quality” report looks better, and its unemployment rate is also lower on paper.

Since three-way agreements are not real labor contracts, signing such “hitchhiking” paperwork doesn’t result in actual employment.

Last year, the professor began to hear about employment difficulties from her students, a problem that become more prominent this year. In Guangzhou, most of the students find jobs in foreign or private Chinese enterprises; very few go to SOEs, where students’ family connections are essential for job placement. However, job availability in foreign and private companies has shrunken significantly due to foreign investment leaving China and the authorities’ clampdown on the private sector.

Read more here…

end

CHINA//MONDAY MORNING:

Gloom grips China as stimulus fades  into the atmosphere!

(Cheng/Bloomberg)

Gloom Grips China Markets As Stimulus Trade Fades

SUNDAY, JUN 25, 2023 – 11:06 PM

By John Cheng, Bloomberg markets live reporter and strategist

Losses in Chinese assets are mounting again as Beijing’s modest stimulus disheartens investors.

The Hang Seng China Enterprises Index of Hong Kong-listed Chinese firms slumped more than 6% last week to cap its steepest drop since March. The CSI 300 Index of mainland shares fell 2.5% through Wednesday before markets closed for holidays. The yuan also tumbled to the weakest since November, with analysts bracing for more declines.

There’s little reason for mainland traders to be optimistic when markets reopen on Monday. China’s travel spending during the dragon boat festival holiday fell short of pre-Covid levels, underscoring the slowdown in consumption. Preliminary estimates from the Passenger Car Association showed over the weekend that passenger vehicle sales for June are expected to drop 5.9% year-on-year.

Gloom is setting in after authorities refrained from adding major policy support even as the economy has lost momentum. Beijing is making it clear that any easing will be targeted and measured, bidding farewell to the days of massive stimulus that drove leveraged buying and inflated asset prices — a distortion that the nation’s leaders are determined not to repeat.

“This is an expectation mismatch in my opinion,” said Zhikai Chen, head of Asian and global emerging-market equities at BNP Paribas Asset Management. “It is a very awkward situation where positioning is light, valuation is undemanding yet sentiment is very bearish.”

To be sure, China has been rolling out measures to stimulate its economy, including a series of reductions in interest rates and extended tax breaks for consumers buying clean cars. Market reactions have been muted as traders are skeptical whether these steps will reinvigorate an economy weighed down by record debt levels, slowing global demand, and weak confidence among businesses and consumers rattled by years of unpredictable policy shifts.

An analysis by Morgan Stanley’s quantitative team shows active long-only managers have remained net sellers of China’s growth and tech stocks in May and June. Meanwhile, hedge funds have been adding bearish bets as outstanding short positions by the cohort jumped 32% in June, they found.

“It is telling that the market has been unable to put up a sustained rally year-to-date despite policy easing,” said Eli Lee, head of investment strategy at Bank of Singapore Ltd. “The incremental easing approach taken by policymakers, as they remain determined to curtail the long-term rise of leverage in the economy, may not move the needle.”

That’s not to say bulls are giving up. Goldman Sachs’ strategists including Kinger Lau said in a June 19 note that a tactical trading window for Chinese stocks is “open once again” given inexpensive valuations. They recommended buying policy-easing beneficiaries, as well as artificial intelligence themes and state-owned companies. The MSCI China Index is trading at 10.1 times forward earnings, below the five-year average of around 12.1.

“There’s a lot of negativity but I think a lot of it is built into the price already,” Ken Peng, head of Asia Pacific investment strategy at Citi Global Wealth Investments, said in a press briefing last week. “The prospect of better growth in the second half is there, but it’s coming at a much more gradual pace.”

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

EU

European corporates who loaded up on debt during the pandemic are facing deteriorating balance sheets due to high interest rates.  Approximately one out of 3 corporates are considered weak

(zerohedge)

European Balance Sheets Are Deteriorating, Nearly 1/3 Considered ‘Weak’

MONDAY, JUN 26, 2023 – 04:15 AM

Nearly 30% of firms in Europe and the Middle East have weak balance sheets after companies loaded up on debt during the Covid-19 pandemic, and now face serious pressure due to rising interest rates and soaring inflation, Bloomberg reports, citing Alvarez & Marsal.

About 28% of companies were considered to be in this category in 2022, while 8.4% were deemed to be in distress, the consultancy firm said in a report, highlighting the Middle East, Spain and Germany as the regions with the highest proportion of distress. -Bloomberg

When compared to last year, the number of firms with balance sheet weakness is up slightly – and up 12% vs. pre-pandemic levels, according to the report.

This reflects the amount of state-backed debt that companies took on during the pandemic, leaving balance sheets “increasingly stretched by hefty debt loads and higher interest rates.” according to the report.

“Companies’ ability to generate profits to pay for higher levels of debt is gradually being reduced,” wrote the report’s authors, which includes Paul Kirkbright, head of EMEA financial restructuring, and managing director Allesandro Farsaci.

What are the main drivers of the weakness? Metrics such as net debt-to-Ebitda, debt service coverage and interest coverage ratios.

Meanwhile, companies have been grappling with the ECB’s 400-basis-point increase in key rates over the past year, compounded by record-breaking inflationary pressures across the eurozone. As such, weaker borrowers have found themselves locked out of capital markets and less able to roll over existing debt.

The A&M study looked at 7,000 listed and private companies with at least $22 million of annual revenues across 33 countries in Europe and the Middle East.

What are the weakest sectors?

• Non-food consumer businesses
• Media
• Entertainment
• Energy and Utilities

Businesses which rely on consumer discretionary spending saw their percentage of distress rise to around 13% in 2022 vs. 8.5% in 2021.

For energy and utility companies, the turmoil in Europe’s commodities markets had a “binary effect,” the report said. While some achieved higher operating margins following the surge in oil and gas prices, many utility companies struggled to pass on higher rates to customers. The percentage of gas companies in distress rose to 19% in 2022 from from 6.5% the prior year, according to the report.

On country-by-country basis, the authors pointed out that Germany could be “ahead of the curve” when it comes to restructuring activity due to tests around liquidity imposed by the country’s legal framework. In Spain, while there is a high proportion of companies in distress, levels have declined year-on-year, in part due a “spectacular rebound in tourism,” the report said. -Bloomberg

According to Kirkbright and Farsaci, even tighter financial conditions and recession will be compounding issues in the coming year, writing “We expect that tougher conditions will force more companies to actively pursue deleveraging and restructuring measures.“

END

UK

High interest rates are killing UK homeowners as the UK government temporarily bails them out with a 12 month non payment of mortgage costs.  This will not end well

(zerohedge)

UK Govt Bails Out Broke Homeowners, But “I Don’t Think We’re Out Of The Woods”

MONDAY, JUN 26, 2023 – 02:45 AM

The UK housing market is in trouble. More explicitly, it is Britain’s mortgage borrowers that are directly impacted from higher and higher rates flowing through the capital markets from The Bank of England.

While fixed-rate borrowers are protected from the immediate impact of rate-hikes, variable-rate (or interest-only/resettable) borrowers are directly impacted and given the velocity and size of the hiking cycle so far, more pain is to come and more pressure on the housing market overall.

David Hollingworth, associate director at L&C, said:

“I don’t think we’re out of the woods in terms of the movement in fixed rates at the moment.”

Hollingworth is correct, as we noted last year, 26% of mortgage payments are at risk of imminent increases, 37% at risk over the next two years if rates don’t rapidly fall, and 37% can ride out this storm for a few more years.

And as The FT reports, lenders began announcing changes to their variable rates after the decision on Thursday.

The impact of higher rates on house purchase activity was not yet apparent, estate agents said. Matt Thompson, head of sales at estate agent Chestertons, said:

“At this stage, we haven’t yet encountered homeowners who have been forced to sell up but, if rates continue to rise, some owners may be forced to review the situation and weigh up their options.”

However, he added that heavily mortgaged buy-to-let landlords, who typically hold interest-only loans, could face higher payments that would threaten their ability to make a profit.

“This could result in some landlords deciding to offload their assets.”

In fact, as Adrian Anderson, director at broker Anderson Harris, points out, “most people are maxing out on affordability now.”

The calls for ‘help’ are already growing, and the Tory government – facing a shellacking in the polls – have been quick to step up.

As Bloomberg reports, Chancellor of the Exchequer Jeremy Hunt and the UK’s largest lenders have agreed people should be given a 12-month grace period if they miss mortgage payments as fears grow about the burden on millions of homeowners of rapidly rising mortgage rates.

For those people at risk of losing their home, lenders have “agreed there will be a minimum 12-month period before there’s a repossession without consent,” Hunt said in a statement after meeting bank executives earlier.

The statement also noted a new agreement that gives customers the ability to switch to an interest-only mortgage for six months, or extend their mortgage term to reduce their monthly payments and then return to their original arrangement without penalty or impact on their credit scores within the first six months.

Hunt said: “There are two groups of people that we are particularly worried about.”

“The first are people who are at real risk of losing their homes because they fall behind in their mortgage payments.”

“The second are people who are having to change their mortgage because their fixed rate comes to an end, and they are worried about the impact on their family finances of higher mortgage rates.”

Consumer champion Martin Lewis said he was “pleased to see it looks like the chancellor has listened and those measures are going to be put in practice by the banks.”

However, many suggest this is yet another policy mistake at a time of considerable doubt about UK policymakers credibility. As Adam Posen – president of the Peterson Institute for International Economics and a former member of the Bank of England’s Monetary Policy Committee – wrote in an op-ed recently at The FT, policymakers must act as if they are under an emerging market style stabilisation programme. One of his suggestions is harsh but fair:

“…calls for aid for mortgage holders need to be largely ignored.

There are few unfairnesses greater than the fact that property owners get all the benefits of real estate price booms and low interest rates, but demand bailouts, often successfully, when rates rise and prices fall.

In a stabilisation, hard choices have to be made. Let property prices fall, which is disinflationary, and force any restructuring of mortgages to come out of the private sector lenders, not the public budget.”

Of course, opposition leaders are claiming the government’s actions don’t go far enough.

Labour said the measures were “weak”.

The party argues that mortgage lenders should be forced to allow borrowers to temporarily switch to interest-only payments or lengthen their mortgage period – an idea that the government has resisted.

The Lib Dems described the measures as a “sticking plaster for a gushing wound”.

However, as Deutsche Bank’s Jim Reid concluded, while much can change very quickly in politics and markets, if markets are correct, “the UK housing market is in for a huge amount of pain ahead,” unless the BOE were to somehow monetize all the upcoming debt issuance and sends rates back to zero.

For now, the plan is temporary debt extension and easing of terms… but as ever, temporary government actions have a habit of becoming permanent because. Instead of more band-aids, maybe just rip this band-aid off, as Posen suggests, and force the cleansing process of the over-lending credit markets. Especially at a time when the encumbent government faces a serious defeat at best.

END

EU/WINES

Europe is drowning in wines

(zerohedge)

Europe Drowns In Wine As EU Adopts ‘Crisis’ Measures To Rescue Producers

SUNDAY, JUN 25, 2023 – 08:45 AM

The European wine industry is being battered by sliding demand due to the current inflation storm on food and drink prices, in combination with a solid 2022 harvest, which has left wine cellars filled to the brim, according to a new European Commission report. 

Wine production on the continent increased 4% last year compared with the previous year, while wine stocks were 2% higher versus a five-year average. The drop in wine demand was the most significant in Portugal, down 34%. Demand also tumbled 22% in Germany, 15% in France, 10% in Spain, and 7% in Italy. 

And it gets worse for the producers, as the commission stated:

“In parallel, EU wine exports for the period January to April 2023 have been 8,5% lower than the previous year, contributing to further increasing the stocks.”

The perfect storm of factors is “translating into sales difficulties for EU wine growers and producers, reduction of market prices and consequently, a serious loss of income especially in certain regions mostly hit by these trends,” the commission warned. 

It continued:

“The situation is very fragmented across the EU, and the imbalance between the available supply and the demand is rather concentrated in certain regions and wines. The most affected are red and rosé wines from certain regions of France, Spain and Portugal, but other wines and/or Member States might encounter similar difficulties in certain production regions.”

In response to the overflow of wine on the continent and the crisis on the producer level, the commission has “adopted temporary markets measures to avoid that the unsold wine weighs on the whole internal market and prevents producers to find sufficient storage capacity for the new harvest.” 

UK

This has startled the  stupid government heads: over 500 excess heart deaths are reported each week 

(Zhang/Epoch Times)

Over 500 Excess Heart Deaths A Week In England Since COVID-19 Began

SATURDAY, JUN 24, 2023 – 09:20 AM

Authored by Alexander Zhang via The Epoch Times (emphasis ours),

Over 500 additional deaths a week involving heart diseases have been recorded in England since the COVID-19 pandemic began, the British Heart Foundation (BHF) has said.An undated image of an unidentified hospital in the United Kingdom. (Victoria Jones/PA)

Based on data from the Office for Health Improvement and Disparities, the BHF revealed in a report (pdf) that, since February 2020, there has been a total of 96,540 excess deaths involving cardiovascular conditions—an umbrella term for a range of heart and blood vessel conditions including heart attacks and strokes.

BHF Chief Executive Dr. Charmaine Griffiths said, “It is deeply troubling that so many more people with cardiovascular disease have lost their lives over the past three years.”

In the first year of the pandemic, COVID-19 infection drove high numbers of excess deaths involving cardiovascular disease.

While deaths from COVID-19 have since fallen year-on-year, the number of deaths involving cardiovascular disease have remained high above expected levels, said the BHF analysis.

Dr. Sonya Babu-Narayan, associate medical director at the BHF and consultant cardiologist, said: “COVID-19 no longer fully explains the significant numbers of excess deaths involving cardiovascular disease.”

She said there may have been other contributing factors, including the disruptions to the NHS over the past few years.

NHS Disruption

The charity said a major contributing factor has been the “severe, ongoing disruption” to heart care in the NHS.

The number of people waiting for time-sensitive cardiac care was at a record high of nearly 390,000 at the end of April in England, according to NHS England.

Average ambulance response times for heart attacks and strokes have consistently been more than 30 minutes since the beginning of 2022.

There has also been significant disruption to the detection and management of high blood pressure and other conditions that put people at much greater risk of a heart attack or stroke, the charity said.

Dr. Babu-Narayan said: “Long waits for heart care are dangerous—they put someone at increased risk of avoidable hospital admission, disability due to heart failure, and premature death. Yet people are struggling to get potentially life-saving heart treatment when they need it due to a lack of NHS staff and space, despite cardiovascular disease affecting record numbers of people.”

Vaccine Link

The BHF also said that COVID-19 may potentially have caused a rise in heart problems. It cited a separate study as showing that those who caught the infection before the vaccine rollout were five times more likely to die in the 18 months after infection.

Some studies have linked myocardial inflammation to the mRNA vaccines, but the BHF played down the risks posed by vaccines.

It said: “COVID-19 vaccine associated myocarditis has been rare, more common in young men after a second vaccine dose, and fortunately shows a favourable clinical course in the vast majority of those affected.

“Myocarditis can cause heart scarring that can be detected with cardiac MRI—to mitigate the small chance of scarring causing a life-threatening arrhythmia in the future, it is likely that affected individuals will be offered long-term follow-up and monitoring.”

Between December 2020 and February 2023, the Medicines and Healthcare Products Regulatory Agency recorded 72 UK deaths suspected to be related to the COVID-19 vaccine.

But the BHF said, “The benefits of receiving COVID-19 vaccines in reducing severe outcomes from COVID-19 infection in people living with cardiovascular disease greatly outweigh the risk of extremely rare side effects.”

‘Not Surprising’

Professor John Greenwood, President of the British Cardiovascular Society, said: “The high numbers of excess cardiovascular disease (CVD) deaths published today are worrying, but unfortunately not surprising. We know that COVID-19 has caused direct (COVID-19 leading to new CVD), indirect (reduced treatment and prevention of CVD) and long-term effects (CVD and Long COVID-19).”

Dr. Griffiths urged the government to “take control of this crisis” by “prioritising NHS heart care, better preventing heart disease and stroke, and powering science to unlock future treatments and cures.”

A government spokesperson said: “We are cutting waiting lists, ambulance response times are falling, staff increasing and we are improving access to blood pressure and health checks.

“We know there is more to do which is why we are consulting on a Major Conditions Strategy to tackle cardiovascular disease—including strokes and diabetes—and we have opened 108 community diagnostic centres that have delivered over 4 million tests, scans, and checks including for those with cardiovascular disease.

“The government is also working with NHS England to combat some of the causes of cardiovascular disease, with schemes to support increased physical activity, reduce obesity rates, and encourage people to stop smoking.”

end

SPAIN

A new housing crisis brewing in Spain?  Yes…a must read!!

(Nick Corbishley/Naked Capitalism)

Is A New Housing Crisis Brewing In Spain?

SATURDAY, JUN 24, 2023 – 08:10 AM

Authored by Nick Corbishley via NakedCapitalism.com,

Spain is one of the European economies that was hardest hit by the COVID-19 virus crisis, in part because of its huge dependence on tourism. In fact, according to figures published in February by the Organisation for Economic Cooperation and Development, Spain is the OECD country (out of 38) where the real income of families has fallen the most since the pandemic. It is also the EU country that has suffered the biggest fall in per-capital income since 2020, and has been overtaken on this indicator by Slovenia, Lithuania and Estonia.

Now, after years of falling real incomes, millions of families are facing skyrocketing mortgage payments as a result of the European Central Bank’s rapid-fire interest rate hikes.

Blame Game Begins

The blame game has already begun in central government circles. After taking a thrashing in the recent local and regional elections, Pedro Sánchez’s government now faces an uphill slog in next month’s generals. As mortgage costs surge, the government is desperate to pin responsibility on the European Central Bank (ECB) and its Spanish subsidiary, the Bank of Spain. Asked in an interview about the state of the Spanish economy and the potential impact of the ECB’s latest round of interest rate hikes on Spanish homeowners, Spain’s Economy Minister Nadia Calviño said:

“You need to ask [Luis de] Guindos, [Vice President of the European Central Bank], and [Fernando] De Cos [governor of the Bank of Spain]; they are the Spaniards behind the rise in mortgages.”

Calviño is right, of course. So, too, was Sánchez himself when he said on Tuesday that “the [Spanish] Government has no powers over monetary policy.” But his government — like all EU governments — is partially to blame for high inflation due to its ongoing support for sanctions on Russia, Europe’s biggest provider of energy and other vital commodities. This is, without doubt, one of the main drivers behind the massive surge in Europe’s energy prices and overall inflation.

But the mere fact that Spain’s prime minister and economy minister are both trying to shift the burden of responsibility for rising mortgage rates to the central bankers is notable, since senior politicians rarely blame central banks for anything unless they are in a truly tight squeeze. Of course, Sánchez could have added that Spain’s central bank also doesn’t have any meaningful influence over monetary policy in Spain, since Spain’s government handed all decision making powers in that arena to the ECB when it joined the euro at the start of this century.

For Spain, where the consumer price index (CPI) clocked in at a relatively low 3.2% in May, further interest rate hikes are no longer necessary, said Calviño, adding a caveat: the ECB needs to consider Europe “as a whole.” And in the Euro Area as a whole average inflation was 6.1% in May — almost double the rate in Spain. In six countries, all of them in Eastern Europe (Lithuania, Estonia, Latvia, Slovakia, Czechia and Poland), inflation is still above 10%.

The ECB embarked on its current hiking path in July 2022, when it increased its main deposit rate from -0.5% to 0%. Since then it has hiked a further seven times, to the current rate of 3.5%, the highest level since 2001. All of this is apparently necessary to squeeze as much life out of the economy as possible by smothering consumer demand, triggering a recession, destroying millions, with the ostensible goal of bringing down inflation to a more manageable level. This ignores the fact that surging prices are, to a large extent, the result of supply-side factors, including, of course, the boomerang effects of the EU’s 11 sanctions packages against Russia, its biggest energy supplier.

While inflation has indeed fallen, the Euro Area, like the US, still has negative real rates. Meanwhile, the ECB’s rapid rate hikes are triggering all sorts of unpleasant after effects — many of them intended. They include rapidly rising costs for homeowners as mortgage rates surge. Spain is particularly vulnerable to this trend since around three-quarters of its mortgage holders have variable rate loan contracts linked to the ECB’s deposit rate, although they are generally adjusted only once a year.

Housing Bust 2.0?

Spain has already witnessed one of the most spectacular housing booms and busts of this still rather young century. During the peak of the boom phase, from 2003-05, around 700,000 homes were being built per year, more than were being built in Germany, France, Italy and the UK combined, with an aggregate population four times greater than Spain’s. By the time the dust from the subsequent bust had largely settled, in around 2015, over 600,000 families had lost their homes (and bear in mind that in Spain mortgages are recourse, meaning that banks can — and in most cases did — go after the borrower for all outstanding debt once the house is resold).

In recent years banks, builders, large real estate developers and the previous Rajoy government have done everything they can to create a new housing bubble, with a certain degree of success. By 2019 prices in some of the country’s biggest property markets, such as Madrid, Barcelona and some of the coastal and island markets, had regained much but not all of the ground lost in the previous bust. However, in other less desirable markets, home prices had barely risen, and in some they were below where they had been in Q1 2015, when the national low point occurred.

In 2020, the year of the COVID-19 lockdowns, Spain’s housing market stalled — as it did in most countries — before picking up pace once again in 2021. In 2022, the total number of residential property sales reached 650,000, their highest level in 15 years.

But that partial recovery is now in serious danger. As I reported in late November, in Something Just Cracked in Spain’s Mortgage Market, Spain was one of the first European countries to introduce emergency measures to blunt the impact of rapidly rising interest rates on families already struggling with soaring inflation:

As data from Spain’s National Institute of Statistics shows, 72% of newly signed mortgages in August were fixed rate while 28% were variable rate. But this is a relatively new trend. In 2020, the ratio was roughly 50/50. In 2016, 90% of all new mortgages were variable rate and in 2009 it was a staggering 96%.

The result is that roughly four million of Spain’s 5.5 million mortgage holders have variable rate mortgages. Of those just over one million qualified for the government’s relief package. The measures, which will be in force for two years, are meant to help families adapt more gradually to the new interest rate environment. To qualify for the relief, a household must have annual income of less than €29,400. Their mortgage burden must also represent more than 30% of their income and their monthly instalments must have increased by at least 20% due to the ECB’s recent rate hikes.

Since the publication of that post, property demand in Spain has begun to sag. In fact, sales began to stagnate in December 2022. In April, just 27,000 mortgages were signed, 18% fewer than the same month of last year. None of this should come as a surprise given the ECB has increased Euro Area benchmark interest rates from 1.5% to 3.5% since November. For holders of variable-rate mortgages, this has meant having to pay significantly more in monthly instalments, just as prices for many basic goods, including food, have also soared. From Capital Madrid:

According to data from the Bank of Spain, families have allocated 41.5% of their income so far in 2023 to pay their mortgage payments, generated added expenses of €18 billion in the first two months of the year. A report from a specialised agent has analysed data from more than 2,000 transactions closed between May 2022 and May 2023 and the outlook is bleak as a result of the rise in interest rates.

According to data from the firm Housfy, the forecast for the increase in the cost of the average mortgage payment in Spain by the end of the year is that it exceeds €5,000 per year on average. “Everything will depend on how we progress in the last quarter, but we can predict that the increases will significantly affect families,” says David Espiago, director of the banking business at Housfy. According to data from INE (the National Statistics Institute), over the past year year the average mortgage payment in Spain has increased by €256, monthly, and €3,073, annually.

As I noted in my previous article, the government’s mortgage relief package almost certainly will not cover enough families:

An average income of €29,400 might be enough to qualify someone for a 25- or 30-year mortgage in one of the more impoverished parts of Spain, such as Extremadura, parts of Andalusia, Castilla la Mancha, Murcia, Ceuta and Melilla, but it will not get you a mortgage in the main centers of economic activity such as Madrid, Barcelona, Bilbao, Valencia, Palma de Mallorca and San Sebastian. Many mortgage holders in these cities are also struggling with rising costs but they will not qualify for the mortgage relief — unless, of course, the relief package is expanded.

That is where we may soon be headed. In the past few days, Work Minister Yolanda Díaz — whose success at restoring workplace protections has made her one of Spain’s more popular politicians — has proposed issuing a one-off €1,000 “bonus” to all households with variable-rate mortgages — as long as the loan is in its first 10 years of life and was issued for a primary residence worth up to €300,000. Díaz argues that such a measure is necessary to cushion the impact of the “double inflation” (rising prices of basic goods and services together with fast-rising mortgage instalments) battering these households.

Around a million families would qualify for the emergency bonus, Díaz says, meaning it would cost a total of around $1 billion. It would apparently be financed through a windfall tax on bumper bank profits introduced at the beginning of the year.

But Diaz’ proposal has met with scathing criticism, including among her own coalition partners. Spain’s Economy Ministry argues that the emergency bonus would amount to a transfer of income from all taxpayers to the banks, since they would be the ultimate recipients:

We are not surprised that the banks want the cost of the measures to fall on the public sector. What astonishes us is that this proposal can have the support of someone other than the People’s Party, which defends the interest of financial institutions.

The Ministry kind of has a point. After all, the last financial crisis ended up crushing the standard of living and work opportunities of millions of (particularly young) Spaniards, large numbers of whom ended up migrating to northern Europe and Latin America. All of this was captured in the 2019 edition of the Bank of Spain’s Triannual Family Financial Survey, which I covered for WOLF STREET at the time. Between 2010 and 2017, the median gross income of heads of households under the age of 35 plunged 18%, from €27,700 to €22,800. Millenials’ median wealth collapsed 92% to €5,300, for the main reason that after the crisis almost all under-35s have been financially excluded from the property market, largely due to their shrinking incomes levels.

Many of these people can barely afford to make rent, which has been rising in many regions for the best part of the past decade, let alone subsidise struggling mortgage holders. But as far as I can see, there are only two other alternatives.

One is to force banks to share the economic pain by sharply limiting the amount by which mortgage instalments can rise.

This is already happening in Greece, where the four largest banks will have to absorb any further interest rate hikes on mortgage loans from May 2023 to May 2024, in order to help households cope with rising housing costs. But for the life of me, I cannot see any Spanish government doing this, particularly one consisting of the conservative People’s Party and far-right VOX, the most likely victors in the next elections.

The other alternative is to do nothing, but that risks triggering another housing crisis.

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA

RUSSIA/UKRAINE//USA

Saturday!

ROBERT H TO US: on the mutiny attempt of Prigozhin;

UKRAINE/RUSSIA/USA

Coup or Deception?

The Russian Defense Ministry has accused PMC Wagner head Evgeny Prigozhin of spreading propaganda after a video on Friday claimed that a rocket strike on one of his camps was from Russian territory. It seems to be propaganda and he is portraying himself as the victim and vowed to turn his troops on Russia to remove those responsible which is no doubt Putin. On the other hand it is said that Wagners have seized Rostov on the Don and its logistic airport. While this is difficult to accept for now perhaps true. I am aware of 1,500 special elite troops stationed there for mission training who are the cream of the cream and i also know their mission target. They would not be disloyal to Putin. So this reporting may or may not be true. However, the Sullivan/Nuland road show has been sidelined and all efforts for NATO to strike are in the air now. And yes there is a feud between Prigozhin and Shoigu since Shoigu started his own PMC. It would not be the first time that business was settled this way in Russia. Putin moved into a safe place the other day and is fully in charge at the moment. 

As I have been repeatedly warning that Putin is the MODERATE leader here – not the madman that the Western propaganda has been making him out to be. And no he is no saint, there are many skeletons. But then this Russia.  It is a standard psychological warfare tactic where you demonize your opponent and whip everyone up into a frenzy to kill everyone in that country. People use this tactic all the time. It was used against Saddam, Assad of Syria, and even Trump. Caution is required because the removal of Putin will unleash the real hardliners and then you will see what happens. Russian hardliners are just as evil as we have in America with the likes of  Lindsey Graham or Nuland. All these people do is hate each other and to hell with the consequences. Blood spilled has no meaning for these people. In Russia, Putin is too popular with the public for a coup to succeed. However, it could be a tactic to force early retirement. And if that is the case, having a Cook as one who has his finger on the button is a scary thought. If this is a real coup then Prigozhin is playing an actor’s role in a wider game with parties behind the scenes pulling strings. And if it fails their fate is sealed. 

Over the next few days truth will come out. Remember that the Russian army has not yet shown its real might on the ground and Ukrainian forces have accomplished nothing but take several villages which are meaningless. And Graham’s attempt at Article 5 was foiled by the FSB and Nuland/Sullivan have lost traction in whipping up war sentiment. If NATO strikes then creditability for the West will have collapsed. And the global south wins. 

end

LATE SATURDAY

Very weird indeed! Did Prigozhin receive USA?NATO money to orchestrate a coup against Putin.  This is probably what happened.

(zerohedge)

Prigozhin ‘Exiled’ To Belarus In Exchange For Peace, Criminal Charges Dropped: What Was This All About?

SATURDAY, JUN 24, 2023 – 05:35 PM

Update(1735ET): This entirely bizarre slightly less than 24-hour short-lived coup attempt has just gotten even stranger, given the terms of the truce which evidently caused Evgeny Prigozhin to announce his Wagner fighter columns would turn around and go back to their bases.

The Wall Street Journal has confirmed based on Kremlin statements that “As part of the agreement, Prigozhin will leave Russia for Belarus, and criminal charges against him will be dropped, Putin’s spokesman Dmitry Peskov said. His fighters will be allowed to sign contracts with the Russian military.”

And Russia’s RT provides some further details as follows based on Peskov’s statement:

“He added that Wagner’s fighters will not be persecuted, taking into account their efforts on the frontlines of the Ukraine conflict. Peskov explained that President Vladimir Putin’s team “have always respected their exploits.”

Those PMC contractors, who refused to take part in the mutiny – and whole units did not – will be allowed to sign contracts with the Russian Defense Ministry, Peskov stated.

Can this even be called “exile”?… given that Kremlin statements at this point aren’t even so much as using the word which has a clear punitive implication. The irony remains that one can get a much harsher punishment for mere Cannabis vape pens in the country. In summary:

• charges dropped against Prigozhin, who will leave Russia for Belarus
• Wagner fighters who didn’t take part in the uprising will sign contracts with the MOD
• Wagner fighters who did take part not charged 
• No word on potential MOD leadership changes

What’s clear is that it does indeed look to be over, with no further immediate danger of civil conflict:

Sputnik is further confirming Wagner has handed HQ/bases in Rostov-on-Don back to the regular military:

Despite the slap on the wrist (if even), the Kremlin is still talking “tough”:

“The plotters’ adventurist aspirations are essentially aimed at destabilizing the situation in Russia, destroying our unity and undermining Russia’s efforts to reliably ensure international security,” the Foreign Ministry said. “The mutiny plays into the hands of Russia’s external enemies.”

“The attempted armed mutiny in our country has aroused strong disapproval in Russian society, which firmly supports President Vladimir Putin,” the Foreign Ministry said.

Regardless the speculation has begun, and is likely to continue for the coming days and weeks, over what precisely the world just witnessed here…

One theory seems as good as any other at this point, again given the ultra-bizarre spectacle of the whole “march for justice” on Moscow… by convoys of heavily armed mercenaries.

And then there was the heavy defense ministry pressure to essentially disband Wagner amid the long-running simmering tensions and war of words:

There’s always the potential foreign ‘hidden hand’ theory behind any major insurrection like this, especially when it comes to a US-NATO enemy…

And finally, maybe Chechen leader Ramzan Kadyrov has it right: old fashioned greed and glory (which Machiavelli warned about all the way back in the 16th century). Here’s Kadyrov on Prigozin’s actions:

“I thought that some people can be trusted. That they sincerely love their Motherland as real patriots to the marrow of their bones. But it turned out that for the sake of personal ambitions, profit and because of arrogance, people can not give a damn about affection and love for the Fatherland.”

Perhaps the truth will eventually emerge of the events over the last 24 hours, but what’s clear is that Moscow wants to make this whole episode go away as rapidly as the crisis began, and is not even moving to arrest Prigozhin to make that happen. He will now just quietly “go away”… maybe a little vacation of sorts, into neighboring Belarus.

* * *

Update(1325ET): An emerging Russian state media headline: Prigozhin Agrees to Stop PMC Wagner March, Start De-Escalation After Lukashenko’s Mediation…

Belarusian president held talks with Prigozhin today. Lukashenko says that Prigozhin has agreed to “stop the movement of armed persons on the territory of Russia and to take further steps to deescalate.“

Prigozhin has reportedly accepted Lukashenka’s proposal to stop the movement of PMC Wagner, according to Russian state media TASS. Reuters is also reporting the Kremlin-backed statements. Did we just witness a 22-hour coup? All over now?

Lavrov: Russia retains control over tactical nuclear weapons in Belarus — TASS

According to RT’s reporting:

Belarusian President Alexander Lukashenko announced on Saturday that he had arranged a deal whereby Wagner Group leader Evgeny Prigozhin will abandon his mutiny in exchange for “security guarantees” for his fighters.

“Evgeny Prigozhin accepted the proposal of President Alexander Lukashenko to stop the movement of armed men of Wagner in Russia and take further steps to de-escalate tension,” read a statement from Lukashenko’s office.

Will Prigozhin be given safe harbor after the treason charge?

As for the Belarus-related ceasefire deal, there’s been no initial confirmation from Wagner Telegram or media channels on a “done deal”. There are conflicting reports that peace negotiations might be unsuccessful. 

But Reuters is reporting, Prigozhin in audio message: To avoid bloodshed we are returning our convoys to bases.

* * *

Update(1120ET): Wagner Group is making a move on the Russian capital, with multiple reports and videos now confirming Wagner convoys are headed toward Moscow, going north from Rostov region. At the same time, Chechen groups loyal to Putin are now sending their own armed convoys toward Rostov-on-Don, which has several key installations under the control of Yevgeny Prigozhin, accused of ‘treason’ by the Kremlin.

Reuters is reporting, “Mutinous Russian mercenary fighters barreled towards Moscow on Saturday after seizing a southern city overnight, with Russia’s military firing on them from the air but seemingly incapable of slowing their lightning advance.” Little to no significant resistance is being observed while Wagner convoys blow through makeshift roadblocks. Some observers say Wagner fighters have been spotted within a mere few hours outside the capital.

“Reuters saw troop carriers and a flatbed truck carrying a tank careening past the city of Voronezh more than half way to Moscow, where a helicopter fired on them,” the outlet noted. “But there were no reports of the rebels meeting any substantial resistance on the highway.”

The Lipetsk governor has also confirmed armed Wagner forces are rapidly moving across the region, advancing in the direction of Moscow. While the Russian government erects barriers, it’s unclear which military units have been mustered as Prigozhin threatens the capital.

Along with roadblocks of construction trucks and 18-wheelers, there are reports suggesting roads are being destroyed to block the insurrectionists’ progress:

Per regional reports:

NEXTA, an independent media outlet founded in Belarus that covers news in eastern Europe and Russia, reported that authorities were destroying the main roads in the Lipetsk region to keep Wagner Group tanks and vehicles from approaching Moscow. Other sources have published similar videos of excavators tearing up roadways.

Notes on recent updates, and a word of caution, over the last two hours via Mario Nawfal:

• Worries of the Russian Nuclear Warheads moved to Belarus weeks ago 
• Wagner forces continue their advance to Moscow with limited strikes by the Russian Air Force 
• Reports of Putin and other officials leaving Moscow and heading to Saint Petersburg based on the movement of Military VIP aircrafts. TASS, which is Gov controlled media outlet, reported that Putin is heading to Saint Petersburg, but Putin’s Press Secretary refuted those reports. It is very unusual and rare to see such a disconnect between TASS and the Kremlin.

MY THOUGHTS: 

• This is a military coup, we can no longer dispute this, and things are moving VERY rapidly and are not looking good for Putin. 
• We are seeing limited military clashes, showing likely defections among Russian forces 
• Almost EVERYTHING right now can’t be verified and should be taken with a grain of salt

Meanwhile, clashes could be imminent between Chechens loyal to Putin and Wagner mercenaries, which will be a nightmare scenario for surrounding civilians in the Rostov region…

Unverified reports that Wagner has begun arrests of Chechen and other military forces…

The below map purports to show Wagner’s progress north on Saturday:

* * *

In his first speech addressing the crisis of Wagner’s armed rebellion on Saturday morning, Russian President Vladimir Putin has vowed to crush what he called Yevgeny Prigozhin’s “betrayal”. Southern governors, for example Alexander Gusev who oversees the city of Voronezh, have since confirmed armed clashes between regular military forces and Wagner fighters within Russian territory. He described necessary “combat measures” as part of counter-terror operations in the southern region.

What was unclear by Friday night is now becoming very clear as of Saturday: all hell is breaking loose in this first significant moment in over two decades of Putin’s iron grip on power being threatened by armed mutiny. “Any internal turmoil is a deadly threat to our statehood and to us as a nation. This is a blow to Russia and to our people,” Putin said in the televised speech. “This battle, when the fate of our people is being decided, requires the unification of all forces.”In Rostov-on-Don military command HQ. Via Wagner Telegram/Reuters

“What we have been faced with is exactly betrayal. Extravagant ambitions and personal interests led to treason,” Putin said, referring to Prigozhin, head of the most powerful private military firm in Russia. “All those who consciously stood on the path of betrayal, who prepared an armed rebellion, stood on the path of blackmail and terrorist methods, will suffer inevitable punishment, before the law and before our people,” Putin vowed.

He further in fiery language denounced the “stab in the back of our country and our people,” after Prigozhin the day prior declared war against the defense ministry, urging all Russians to join his 25,000 fighters as they seek to “stop” and overthrow Defense Minister Sergei Shoigu and other top commanders.

In response to Putin’s blistering speech, Prigozhin released a Telegram statement calling the president “deeply mistaken” regarding his assessment of betrayal of the motherland, refusing to surrender. The audio message released by his press service said as follows: 

“Regarding the ‘betrayal of the motherland,’ the president is deeply mistaken. We are patriots of our Motherland, we fought and are fighting, all the fighters of the PMC Wagner.”

“And no one is going to turn themselves in at the request of the president, the FSB or anyone else,” he added.

This marks the first time he’s directed criticism precisely in response to Putin, as before he appeared to carefully avoid direct references to the Russian leader in his denunciations of military planning and Kremlin decision-making.

Below summarizes fast-moving events of the last few hours:

• Putin 5 min speech: accuses Prigozhin of betrayal, vows decisive action 
• Wagner controls facilities in Rostov & Voronezh, M4 highway disrupted. Rebellion continues 
• Chechen Kadyrov mobilizes to help Putin. Russia FM warns of ‘civil strife’

Civilians have reportedly been ordered away from all military command centers in the now Wagner-held city center of Rostov-on-Don.

The Wagner chief in his response harped on the familiar theme of the defense ministry’s “corruption, deceit, and bureaucracy” and emphasized that his own fighters are patriotic and doing their duty.

“When we were told that we were at war with Ukraine, we went and fought. But it turned out that ammunition, weapons, all the money that was allocated is also being stolen, and the bureaucrats are sitting [idly], saving it for themselves, just for the occasion that happened today, when someone [is] marching to Moscow,” he said.

It is the second time since Russian authorities (the FSB) declared Prigozhin was engaging in ‘armed munity’ that the Wagner chief declared a “march of justice” on Moscow. As for the capital (and other major cities), the military and security services have been ordered by the Kremlin to secure the streets and beef up their presence.

Crucially, Wagner has declared control of the military command center and bases in the southern city of Rostov-on-Don, a claim which some emerging videos appear to give some degree of authentication to…

“Wagner chief Yevgeny Prigozhin, once a close Putin ally, said his troops had taken control of the military command centre and bases in the southern city of Rostov-on-Don, the nerve centre of Russia’s offensive in Ukraine, and vowed to topple Moscow’s top military leaders,” AFP is noting.

The fight is on, and could spread further north, engaging political centers of the country:

Further north, on Wagner’s possible route towards Moscow, the governor of Russia’s Voronezh region said the armed forces had launched a “counter-terrorist operation” to suppress the revolt. A fuel depot on Voronezh city was on fire, he said.

The FSB security service accused Prigozhin of attempting to launch a “civil conflict” and urged Wagner fighters to detain him.

Russian police have moved against Wagner’s headquarters in St. Petersburg, where things have been largely without incident thus far:

Active fighting, even including with air power, has erupted as Wagner convoys seek to make their way north, deeper into Russia…

Meanwhile, this will without doubt be a huge blow to the morale of both Russian troops and Wagner fighters alike along the frontlines inside Ukraine. It’s as yet unclear the degree to which Wagner has withdrawn from the Eastern Ukraine theatre, though it’s now been confirmed that Wagner forces had marched into Rostov overnight.

Kiev will smell a grand ‘opportunity’. It along with its Western backers are closely monitoring, with Ukraine officials saying this “rebellion” is a “sign of the collapse of the Putin regime.”

“The internal Russian confrontation between the leader of the so-called Wagner PMC Prigozhin and the military and political leadership of the aggressor state is a sign of the collapse of the Putin regime,” a statement by the Defense Intelligence of Ukraine said.

“First of all, we must understand that this is an internal Russian conflict and confrontation which are a direct consequence of the Putin regime’s criminal military aggression against Ukraine,” the statement cited in CNN added.

It must be remembered that these shocking events which threaten to unleash chaos within Russia come at a moment that by many accounts Ukraine’s counteroffensive appeared to be failing. President Zelensky himself at the start of the week had conceded a “slower than desired” start to the offensive. But now this could breath new life into it amid reports Ukraine is taking the opportunity to assault front lines. 

Mykhailo Podolyak, an adviser to President Zelensky, told a Saturday press conference: “The launch of the Ukrainian counteroffensive has finally destabilized the Russian elites, exacerbating the internal split that emerged after the defeat in Ukraine.” Time will tell if Russian commanders can keep their frontlines unified even as things crumble with the Wagner situation.

* * *

Below are key excerpts from Putin’s Saturday speech vowing to crush the Wagner rebellion, as translated and compiled by state-run RT:

Importance of unity

President Putin argued that “Russia is today waging a grueling fight for its future,” facing off with the “neo-Nazis and their masters.” He went on to stress that “essentially the entire might of the West’s military, economic and information machine” is being directed against the country.

“This battle, when the fate of our people is being decided,” calls for national unity and consolidation, Putin said in his address. According to the president, all internal conflicts and bickering must be put aside at present as “our external enemies can and use them to undermine us internally.”

The Russian head of state emphasized that any actions driving a wedge between Russians are nothing short of “backstabbing of our country and our people.”

Bitter history lessons

Putin reminded Russians that a similar scenario played out in the country in 1917, when it was in the middle of World War I. He recounted how “intrigues, bickering, politicking behind the army’s and the people’s back” led to the “collapse of the state,” and the “tragedy of the Civil War.”

“Russians were killing Russians, brothers were killing brothers, while various political adventurers and foreign powers were capitalizing on it,” the president said.

Putin vowed to prevent this from happening as well as to defend Russia and its people, “including from internal mutiny.”

Nature of the threat

In his address, Putin clearly labelled the PMC coup attempt as a “betrayal.” He cited “enormous ambitions and personal interests” of certain individuals as the reasons behind this “betrayal of their country and its people.” He went on to accuse those responsible, without naming Prigozhin in particular, of turning their back on the joint military cause in Ukraine and the memory of the fallen fighters.

END

Sunday:

Wagner’s revolt weakening Putin’s authority ‘wishful thinking’ of the West: experts – Global Times

Robert Hryniak	5:52 PM (53 minutes ago)
to

Since Foreign Parties were involved, for now no one wants to be 1st in declaring who the parties are because of the consequences of trying to overthrow a nation’s elected government.

https://www.globaltimes.cn/page/202306/1293134.shtml

end

This report is really good:

STEVE BROWN ON THE WAGNER ESCAPADE:

Wagner ‘Mutiny’ .. the Rest of the Story

Note that a story about Prigozhin posted as satire may have some truth to it

by steve_brownJune 25, 20231.1kViews 8Votes 3Comments

• Telegram
• Email
• Comments

Here’s the story:

CIA created a Telegram channel on April 15th, 2023:

https://t.me/SecurelyContactingCIA/4

…where the channel’s intent is to snag high-level Russian officials via what most US Americans love more than anything, ie the Federal Reserve Note ($$). While some cannot be corrupted by it, for most US Americans the mantra is: “Greed is God” and they expect all others to be motivated similarly.

Share

Well, this CIA front effort was noted on Telegram, where Telegram has some degree of immunity from CIA monkey business, unlike CIA/FBI-administered ops of twitter, Facebook, and Google. …operations which, in a true Constitutional Republic, would be considered criminal operations due to federal regime control. Anyway the Russian entrepreneur decided to take advantage of this CIA offer on Telegram.

Yes, Prigozhin — who is quite the rogue and outlandish character – allegedly took the CIA Telegram deal. So, many millions in freshly ginned US $$ were pressed into Prigozhin’s digitized palm. Deals were made, plans were hatched. The idea was a coup, mutiny, or whatever one wishes to call it, with Wagner invading Moscow to achieve the Neoconservative wet-dream of regime change there.

Share

For My Next Stunt

All went to plan – that is Prigozhin and Putin’s plans. Prigozhin kept his word to the CIA while deciding to split the proceeds with his boss, in a gesture of largesse, and even Mr Putin played along.

This CNN link is… the rest of the story: https://youtu.be/DsRhGp0NahM?t=2

Share

Now all that is left? … egg on the face for nearly everyone.. and laughter.

Laughter. Except in the dreary, corrupt halls of US State; and the CIA-owned MSM media where the Neocons are crying.

Steve Brown

end

Tom Luongo

Luongo: Was Prigozhin’s Rebellion Live Or Memorex?

MONDAY, JUN 26, 2023 – 09:05 AM

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

After this weekend’s whirlwind events in Russia we’re left with a lot more questions than answers about what happened with Wagner Group’s Yevgeny Prigozhin’s abortive rebellion against Moscow. I’m not here to answer any of those questions definitively because we’ll never really know.

That said, if what I think happened is anything close to the truth then this may be one of the greatest non-battlefield victories in modern history.

Let’s start with what we know. Prigozhin’s been running his mouth for months about lack of support from the Russian Ministry of Defense (MoD) while his boys did all the heavy lifting in Bakhmut. His issues with Defense Minister Sergei Shoigu are pretty well known. It’s also likely that there’s zero love loss between Prigozhin and General Valeri Gerasimov either.

Pissing contests between military commanders are not unheard of, after all.

You could easily make the argument that Wagner was brought in to clean up the mess made by Shoigu while Gerasimov undertook the bigger task to reorient the Russian military away from Battalion Tactical Groups (BTGs) towards an infantry-focused army more capable of taking and holding territory.

There is this looming war with NATO after all.

You could also easily make the argument that his successes left Prigozhin in a position to demand changes and for him to begin getting a big head.

Now, let’s bring in the external factor here, the enemy, NATO.

But really it is the US/UK neoconservatives who have been the ones spending every waking hour punching Russia in the face with blatant escalatory moves to try and draw Russia and Putin offside.

Nordstream 2, the Kerch Strait Bridge bombing, the staged massacre at Bucha, the Kakhovka dam explosion, the attacks at Belgorod, the arms smuggling into Odessa under the auspice of the ‘Grain deal…” The list is nearly endless.

We heard reports of the Russian FSB thwarting a smuggling operation of Cesium-137 into Ukraine to simulate a nuclear weapons attack. Salt some of this stuff to taste, but in the world I’ve come to live in there is almost nothing, no dirty trick low enough, that in desperation the Brits and their American co-conspirators would not attempt.

In my worldview MI6 and the British Defense Ministry spend all day, everyday coming up with a new way to justify a wider conflict between NATO and Russia. The destruction and balkanization of Russia has, after all, been their raison d’etre for more than 300 years.

And, so far, that heuristic has been almost perfectly accurate in predicting where things would go next.

So, let’s cut through all the bullshit about this, shall we?

In no way was this an organic affair. It’s been building for months. But what’s been building?

A guy like Prigozhin could easily become massively disheartened with Russia’s leadership. Could it be to the point of him taking up arms against Putin? Well, that’s certainly what a lot of people wanted us to believe this weekend.

And I’m in no way suggesting that it isn’t possible or even probable. It is the most likely story.

Now factor in the stories floating around out there that Prigozhin was bribed with billions for Wagner to stage his insurrection. Would anyone be surprised by this if it were ever found out?

What? The CIA with suitcases of cash for some foreign malcontent with delusions of grandeur?

The deuce you say!!

Remember folks, since we live in a world of dis- if not mal-information we have to concoct stories that fit what few facts we have along with assessing such basic things as motive, means and opportunity.

NATO or Bust

Moreover, things are accelerating into the July 11-12th NATO Summit, where it is obvious the neocons are pushing for a statement or policy change that will be the ultimate punch in the mouth for Putin.

It will be one he cannot ignore because it will violate a major red line which he has laid out with stunning clarity.

Those are either Ukraine’s accession into the EU or NATO, one begets the other. For anyone thinking they are not one and the same thing, please turn in your geopolitics street cred card with the usher by the door.

But this is exactly what is being pushed by the most openly hostile members of NATO — namely UK Foreign Minister James Cleverly and German Foreign Minister Annalena Baerbock. At the same time the Brits are nearly as mad at President Joe Biden as they are at Putin himself.

Why? Because Biden is the one that blocked UK Defense Minister (and IQ 60 mouth-breathing moron!) Ben Wallace from taking over for Jens Stoltenberg as NATO’s General Secretary. This was supposed to happen next month. It’s been put on hold and Stoltenberg has been urged by Biden to stay on for another year.

The Brits are pushing the world into war.

Wallace becoming NATO Chief would ensure this.

The only good news here is that France’s military, as much as likely the American’s, would rather be caught dead in a bathroom with an underaged hooker and pile of blow than have a Brit running this war.

It’s clear have promised everyone a piece of the pie after Russia is defeated in Ukraine. The Poles get back Lvov and parts of Belarus. Ukrainian Right Sector thugs get to wipe out Russians in the Donbass, Hungary gets Transcarphia (to Viktor Orban’s credit he doesn’t want it on these terms), Georgia gets the Caucuses…. etc.

They are being cheered on by serial Death Eaters Lindsey Graham and Richard Blumenthal, who this week penned a bipartisan resolution to widen the scope of NATO’s Article 5 to include not only Russia’s use of a tactical nuke but also any radiation that resulted from a nuclear accident.

Really, Lindsey, like we can’t see the setup here at it pertains to the Zaporizhia Nuclear Power Plant?

The bribes have been flying around everywhere. And Wallace as NATO chief would ensure that the final iteration of Britain’s ‘divide and rule’ strategy would work. But Biden said no.

And that’s the piece to this puzzle that tells me we’ve reached the crescendo of this nonsense.

That maybe, just maybe, the Pentagon and even Davos are getting off this train.

Putin – Lucky, Smart or Both?

With all of that in your back pocket now let’s look at this weekend’s events.

Here’s you quick and dirty list of hits:

• Prigozhin may or may not have been bribed by the CIA/MI6 with money and dreams of ruling the Caucuses. Long a dream of the Brits to deny Russia the oil and gas from that region.
• Oil, gas and coal Ukraine and Europe desperately need.
• He comes out with some ridiculous statement about Putin lying about the reasons for this war.
• He also implicates the Russian MoD in dispersing Wagner
• He begins the March to Moscow.
• There are unconfirmed reports of helicopters being shot down. Fighting, etc.
• The Neocons go into absolute overdrive that this is the end for Putin.
• Twitter becomes unreadable
• Chechen Leader Ramzan Kadyrov comes out in full support of Putin
• So too, the Russian Ministry of Defense.
• There are no defectors from the Russian military
• There are small kerfluffles in St. Pete and Moscow
• Putin comes out and makes his speech denouncing Prigozhin as a ‘traitor.’ He is as angry as I’ve ever seen him.
• President of Belarus Alexander Lukashenko negotiates with Prigozhin and within an hour the whole thing is over.

What started out as the ‘Fall of the Evil Russian Empire’ ended with “Suck what?” in a matter of hours.

The Neocons went from drooling in anticipation to crying in their lattes in about 15 minutes.

The final outcome is the real head scratcher if you believe for a moment that Prigozhin wasn’t someone’s puppet — Putin’s or Western Intelligence agencies.

Wagner forces would be moved to Belarus. All charges of insurrection would be dropped for those that marched. Those that stood down and didn’t back Prigozhin would be offered contracts with the Russian military directly.

Prigozhin would not be executed as a traitor.

Now, are you buying any of this? But these are the announced facts. And while the Neocons would like you to believe “this isn’t over.” Putin’s been weakened. The reality here is far, far different.

So, here are three likely scenarios as to what really happened. They are not, however, comprehensive.

#1 Prigozhin Really Rebelled

With the backing of the West, Prigozhin pushes all in. Sensing that their attempts on Putin’s rule would be successful because of assurances that hardliners in Russia have his back the CIA/MI6 go for the gold. Prigozhin’s still in a hyper-combative state, angry and distraught over Shoigu’s incompetence and Putin’s passivity.

Since backstabbing is not unheard of in the Russian oligarchy, he’s convinced of the plot against him. There may even be some money and promises of him ruling in Rostov-on-Don under the balkanization of Russia carrot dangled in front of him.

He hopes for a wider uprising against Putin’s rule, doesn’t get it, and quickly is put down.

Putin knew all about all of this, as did the West, and, like his swift moves to put down Nasarbaev’s attempt to get back into power in Kakakhstan in January of 2022 (with the obvious backing of the CIA/MI6), he gave Prigozhin all the rope he needed to hang himself.

If Prigozhin disappears in the next few weeks we’ll have a better answer.

#2 Prigozhin Set Everyone Up

Prigozhin begins his ‘anti-MoD’ ranting a day or two after securing Bakhmut and begins playing into the fever dreams of the West that the hardliners are ready to dump Putin for his passivity. This isn’t implausible. There are many in Russia who are angry with Putin for not punching back.

Attacks like Nordstream and Kerch are designed to lose Putin ‘face.’ It’s no different than Nancy Piglosi going to Taiwan for China. Make Xi lose face, get Chinese big mad. Win.

Loss of face is a big deal in domestic politics of these countries. But, at the same time, you have to realize that Putin’s been cleaning out Russia of western assets. The main reason why we know that “Putin jails reporters” is because those reporters who were jailed were foreign intelligence assets, not journalists.

Over the years of doing this, surviving multiple assassination attempts and passing laws banning NGOs, Putin has cleaned up the streets in Moscow. For this reason you have to assume that our ground game there is really weak.

It’s not hard to believe that Prigozhin could help feed them all the bullshit they wanted to hear. We are talking about people increasingly desperate to get this war past the point of no return and Putin refuses to give it to them.

So, with that background it’s easy to believe that Prigozhin sets the hook for a few months, even goes so far to take a few billion in ‘lost money’ to seal the deal.

He stages the walk out, gets on the road and ‘negotiates’ a settlement at the exact moment when his convoy would have had to make a left and go to Belarus anyway.

Scenario #3 – A Strategic Reallocation

For the past ten years I’ve watched Putin engage the West’s false flags and provocations and turn them into strategic victories by veering from the whiteboard script at GCHQ and Langley.

He prefers engaging in ‘parallel aggression’ — proportionally making a move to counter some other act of open aggression.

So, with that parallel aggression idea in your head here’s the scenario:

If you know that NATO is getting ready to widen the conflict next month and the British are supplying Ukraine with Storm Shadow missiles to soften up Crimea while the UAF struggles to make headway in the misnamed “counter-offensive,” then wouldn’t you want your best and battle-hardened troops strategically placed to respond if things go sideways?

Look at the outcome of Prigozhin’s Rebellion. Wagner is now in Belarus. The disloyal ones are cannon fodder to soak up anything Poland tries to do.

The rest are positioned to make a move on Kiev if anyone gets silly ideas of going after Crimea.

With the UAF getting ground into paste as the attacker down south, a bad situation for them gets worse now that Putin has an army he can use in Belarus.

Remember, legally, this isn’t a war. Putin doesn’t have a free hand to do certain things under the auspice of an SMO. This is why Wagner has been so important to events thus far.

In fact, I’d go so far as to say a whole lotta folks coming off their Russian military contracts may be ‘reassigned to Wagner’ in the next couple of weeks to bolster their ranks.

Your move, NATO.

Oh, and just to remind everyone, Belarus now has tactical nuclear weapons that Putin just announced he moved into country. Does he trust Wagner enough to give them those nukes? I’m not touching that one with Lindsey Graham’s dick.

And the truth is that none of these scenarios fully cover what’s happening or even what’s happened. The fate of Sergei Shoigu hasn’t been resolved. The hardliners may get their wish with a new Defense Minister of a more Prigozhin-esque character.

You can pick bits and pieces of these scenarios out and reassemble them like Legos and you’ll have something interesting and worth considering.

But it’s hard to argue with the final outcome. A big military unit with real combat experience under the harshest conditions are now stationed within 150 miles of Kiev potentially armed with tac nukes while Putin just sniffed out a another layer of 5th and 6th columnists who outed themselves in their zeal to kill Russians with American money.

“Good? Bad? I’m the guy with the gun.” – ASH, ARMY OF DARKNESS

*  *  *

end

https://www.zerohedge.com/geopolitical/prigozhin-remains-defiant-first-audio-message-explaining-mutiny

Prigozhin Remains Defiant In First Audio Message Explaining Mutiny

MONDAY, JUN 26, 2023 – 11:40 AM

Will Wagner mercenary firm continue to exist or not? Does more punishment or possible future imprisonment await Prigozhin, or will he merely lead his private army from a posh hotel in Minsk? Will Wagner remain active as a significant fighting force on the Ukraine battlefield? These are some of the big questions that remain unclear after the shocking weekend turmoil set in motion by Prigozhin. But what is clear is that he’s still defending his actions as necessary, while hitting out once again at the Russian Defense Ministry and top leadership.

The Wagner founder and chief has on Monday issued his first full explanation of his actions which began Friday, setting off Russia’s first major internal crisis of the Ukraine war, which was met with denunciations of ‘treason’ and ‘armed mutiny’ by President Putin as well as the top military commanders.

Geopolitical analyst Dmitri Alperovitch has offered a hasty translation and paraphrase of the about 11-minute audio message posted to Wagner’s Telegram channel. Alperovitch concludes of the new message, “Prigozhin remains defiant and proud of his action. Certainly not acting like a man who had been defeated.” And there is “no word about his current whereabouts.”

First, some key takeaways via Bloomberg:

• March toward Moscow showed serious security problems in the country, he said in a recording released on Telegram that didn’t specify from where he was speaking
• Prigozhin said he launched march because he wanted to preserve Wagner as a military group and not come under the command of the Defense Ministry
• Belarusian President Alexander Lukashenko helped find a negotiated solution to the weekend’s events, he confirms

The translation and quick paraphrase of Prigozhin’s new audio message explaining his rebellion can be viewed below [emphasis ZH]…

* * *

Prigozhin confirms that the mutiny was all about Shoigu’s June 10th order to dissolve PMCs like Wagner. Again says that there was a missile attack on the camp on Friday and that 30 Wagner personnel were killed.

Claims his objective of the march was not to show aggression (ed: strange way of showing it). The columns had marched for 780 km. He says no one was killed… on the ground (and the pilot losses are not his fault – they provoked him).

Says Wagner column suffered 2 KIAs (but says they were not their personnel but MoD personnel that had joined them), as well as several wounded.

Prigozhin: ‘The goal of the march was not to let PMC Wagner be dissolved and to bring accountability to military leadership for the mistakes made in the war’.

Prigozhin: We stopped when we realized there would be a battle and lots of losses near Moscow. We determined that the demonstration up to that point was sufficient.

Prigozhin: Our decision to turn around was based on 2 factors:

1. We didn’t want to spill Russian blood (ed: you did)

2. We went on a protest demonstration, not to overturn power in the Kremlin.

Prigozhin: Lukashenko offered a solution to preserve Wagner (ed: as I said, this is all about his business interests with Wagner).

Prigozhin: In 24 hours Wagner covered the same distance that the Russian forces could have covered on February 24, 2022 to Kyiv and Uzgorod (one of the western most towns in Ukraine) – if they had been as prepared as Wagner, the war could have been over in a day.

Prigozhin: Russian citizens were greeting us with Russian and Wagner flags. They were ecstatic to see us and continue to write to us even now. Some are disappointed that we stopped because they saw in our march support for the fight against government bureaucracy.

Prigozhin remains defiant and proud of his action. Certainly not acting like a man who had been defeated. No word about his current whereabouts.

end

An excellent read on the greater Eurasia project

(Pepe Escobar)

RUSSIA/CHINA/BRICS/NEW CURRENCY AUG 22

Escobar: The Greater Eurasia Project Will Replace The ‘Rules-Based Order’

FRIDAY, JUN 23, 2023 – 11:40 PM

Authored by Pepe Escobar via The Cradle,

If you’re counting on Asia’s many new power centers to compete and clash – don’t. The Greater Eurasia Partnership is set to integrate them all – from the SCO, EAEU, and BRICS, to emerging new currencies – in order to replace the ‘rules-based order.’

On July 4, at a New Delhi summit, Iran will finally become a full member of the Shanghai Cooperation Organization (SCO).

That will be one of the key decisions of the summit, held via video-conference, along with the signing of a memorandum on the path by Belarus to also become a member state.

In parallel, Russian Deputy Prime Minister Alexei Overchuk has confirmed that Iran and the Russian-led Eurasian Economic Union (EAEU) should sign a free trade agreement (FTA) by the end of 2023.

The FTA will expand an interim deal that already lowers customs duties on hundreds of categories of goods.

Russia and Iran – two key poles of Eurasia integration – have been getting closer and closer geoeconomically since the west’s sanctions tsunami that followed Russia’s February 2022 Special Military Operation (SMO) in Ukraine.

The EAEU – as much as the SCO and BRICS – is on a roll: FTAs are expected to be clinched, from middle to long term, with Egypt, India, Indonesia, and the UAE.

Overchuck admits negotiations may be “very difficult” and “take years,” considering “the interests of all five EAEU member states, their businesses, and their consumers.” Yet despite the obvious complexities, this high-speed rail geoeconomic train has already left the station.

This way for a SWIFT exit

In a parallel track, the members of the Asian Clearing Union (ACU), during a recent summit in Iran, decided to launch a new cross-border financial messaging system this month as a rival to the western-centric SWIFT.

The ACU comprises the Central Banks of India, Pakistan, Bangladesh, Bhutan, Maldives, Nepal, Sri Lanka, Myanmar, and Iran: a healthy mix of West Asia, Southeast Asia, and South Asia.

It was the Central Bank of Iran – still under harsh sanctions – that developed the new bank messaging system, so new it’s not yet known by its own acronym.

Crucially, the Governor of Russia’s Central Bank took part in the ACU summit as an observer, along with officials from Belarus, which applied for ACU membership two weeks ago.

Iranian Central Bank Governor Mohammad Reza Farzin confirmed not only the interest of potential members to join the ACU, but also the drive to set up a basket of currencies for payment of bilateral trade deals. Call it a de-dollarization fast track.

As Iran’s first Vice President, Mohammad Mokhber summed it up: “De-dollarization is not a voluntary choice by countries anymore; it is an inevitable response to the weaponization of the dollar.”

Iran is now at the heart of all things multipolar. The recent discovery of a massive lithium field holding roughly 10 percent of the world’s reserves, coupled with the quite possible admission of Iran into the expanded BRICS – or BRICS+ – as early as this year, has bolstered scenarios of an upcoming BRICS currency backed by commodities: gold, oil, gas and – inevitably – lithium.

All this frantic Global South-led activity stands in sharp contrast to the sputtering deceleration of the Empire of Sanctions.

The Global South has had enough of the US sanctioning and banning whoever, whatever, and whenever they like, in defense of a hazy, arbitrary “rules-based international order.”

Yet exceptions are always made when the US itself badly needs to buy, for instance, Chinese rare earth and EV batteries. And while China continues to be harassed and threatened non-stop, Washington quietly urges it to continue to buy American corn and low-end chips from Micron.

This is what’s called “free and fair” trade in the US today.

The BRICS have other ideas to escape this vicious circle. Much will rely on an enhanced role for its New Development Bank (NDB), which comprises the five BRICS members as well as Bangladesh, the UAE, and Egypt. Uruguay will be joining soon, and the membership requests of Argentina, Egypt, Saudi Arabia, and Zimbabwe have also been approved.

According to Brazil’s former head of state and current NDB President Dilma Rousseff, decisions on new members will officially be announced at the upcoming August BRICS summit in South Africa.

Meanwhile, in Astana, Kazakhstan, the 20th round of the interminable Syrian peace process took place, congregating the foreign vice-ministers of Russia, Syria, Turkey, and Iran.

That should be the defining step in a “normalization road map” proposed by Moscow last month to finally regulate the role of the Turkish Army operating inside Syrian territory. Russian Foreign Vice-Minister Mikhail Bogdanov once again confirmed that the US is going all out to prevent a normalization between Damascus and Ankara – by supporting oil-stealing Kurdish militias in northern Syria.

A “broad integrative configuration”

All interlinked developments concerning SCO, BRICS, EAEU, and other multilateral mechanisms – now happening at breakneck speed – are converging in practice into a concept formulated in Russia back in 2018: the Greater Eurasia Partnership.

And who better to define it than Russian Foreign Minister Sergey Lavrov: “Our flagship foreign political project is to [build] support for the concept of the Greater Eurasian Partnership. What we’re talking about is facilitating the objective process of forming a broad integrative configuration that is open for all countries and associations across our vast continent.”

As Lavrov routinely explains now in all of his important meetings, this includes “interlinking the complementary development plans” of the EAEU and China’s BRI; expanding interaction “within the framework of the SCO with the involvement of SCO observer states and dialogue partners;” “strengthening the strategic partnership” between Russia and ASEAN; and “establishing working contacts” among the executive bodies of the EAEU, SCO, and ASEAN.

Add to it the crucial interaction between the upcoming BRICS+ and all of the above; literally, everybody and their neighbor all across the Global South is queuing up to enter Club BRICS.

Lavrov envisions a “mutually beneficial, interlinking infrastructure” and a “continent-wide architecture of peace, development, and cooperation throughout Greater Eurasia.” And that ought to be expanded to the whole Global South.

It will help to have other brand new institutions jumping in. That’s the case of a new Russian think tank, the Geopolitical Observatory for Russia’s Key Issues (GORKI), to be led by Former Austrian Foreign Minister Karin Kneissl, and set as a division of St. Petersburg State University focusing on West Asia studies and energy issues.

All of these interpolations were discussed in detail during the St. Petersburg forum last week.

One of the key themes in that spectacularly successful Global South-oriented forum was, of course, the reindustrialization and reorientation of Russia’s export-import channels away from Europe and toward Asia, Africa, and Latin America.

The UAE had a strong presence in St. Petersburg, pointing to a West Asia emphasis, where Russia’s geoeconomic future is increasingly developing. The scope and breadth of Global South-led discussions only underlined how the self-marginalized collective west has alienated the Global Majority, perhaps irretrievably.

On Vladimir Solovyov’s immensely popular political talk show, Russian film director Karen Shakhnazarov may have found the best way to succinctly formulate such a complex process as the Greater Eurasia Partnership.

He said that Russia is now reassuming the role of global champion of a new world order that the Soviet Union held at the start of the 1920s. In such context, the rage and uncontrolled Russophobia by the collective west is just plain impotence: howling the frustration of having “lost” Russia, when it would have been a no-brainer to keep it on its side.

end

USA’S NULAND AT IT AGAIN:

This is coming to scary!! She states WWIII by July 11?

Robert H…

Nuland at it again

When you fail as a Neocon, try again and maybe you can succeed seems to be the approach…. It did not take long after a failed coup ….. 
Has anyone linked the Pentagon finding a missing $6.2 B to the $6.2B paid for a failed coup? ….“Victoria Nuland, head of US State Department, has officially stated in a video conference with Kyiv that WWIII will effectively begin on July 11th, stating that the US and its partners will fight as long as it takes – 16 years or more…The scheduled date was chosen to coincide with the NATO Summit, a one day meeting in Lithuania.”………Glass goes on to write that, “Although Nuland called the upcoming July 11th attack a ‘counteroffensive’, the target is Moscow. The point is to militarily take out Putin and insert a provisional government with Navalny at the head of the table.”….
She is really blind to think the Russians do not know. Only a naive party would imagine they will wait unprepared. Many sources are now going dark which suggests this is getting serious. And yes, the Chinese are preparing their moves as well. 

end

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

GLOBAL ISSUES//MEDICAL ISSUES

EPOCH TIMES

Over 500 Excess Heart Deaths a Week in England Since COVID-19 Began

UK

Alexander Zhang

Jun 22 2023

biggersmaller

An undated image of an unidentified hospital in the United Kingdom. (Victoria Jones/PA)

More than 500 additional deaths a week involving heart diseases have been recorded in England since the COVID-19 pandemic began, the British Heart Foundation (BHF) has said.

Based on data from the Office for Health Improvement and Disparities, the BHF revealed in a report (pdf) that, since February 2020, there has been a total of 96,540 excess deaths involving cardiovascular conditions—an umbrella term for a range of heart and blood vessel conditions, including heart attacks and strokes.

“It is deeply troubling that so many more people with cardiovascular disease have lost their lives over the past three years,” BHF Chief Executive Dr. Charmaine Griffiths said.

In the first year of the pandemic, COVID-19 infection drove high numbers of excess deaths involving cardiovascular disease.

While deaths from COVID-19 have since fallen year-on-year, the number of deaths involving cardiovascular disease have remained high above expected levels, the BHF analysis stated.

Dr. Sonya Babu-Narayan, associate medical director at the BHF and consultant cardiologist, said, “COVID-19 no longer fully explains the significant numbers of excess deaths involving cardiovascular disease.”

She said there may have been other contributing factors, including the disruptions to the NHS over the past few years.

NHS Disruption

The charity said a major contributing factor has been the “severe, ongoing disruption” to heart care in the NHS.

The number of people waiting for time-sensitive cardiac care was at a record high of nearly 390,000 at the end of April in England, according to NHS England.

Average ambulance response times for heart attacks and strokes have consistently been more than 30 minutes since the beginning of 2022.

There has also been significant disruption to the detection and management of high blood pressure and other conditions that put people at much greater risk of a heart attack or stroke, the charity said.

Babu-Narayan said: “Long waits for heart care are dangerous—they put someone at increased risk of avoidable hospital admission, disability due to heart failure, and premature death. Yet people are struggling to get potentially life-saving heart treatment when they need it due to a lack of NHS staff and space, despite cardiovascular disease affecting record numbers of people.”

Vaccine Link

The BHF also said that COVID-19 may potentially have caused a rise in heart problems. It cited a separate study showing that those who were infected before the vaccine rollout were five times more likely to die in the 18 months after infection.

Some studies have linked myocardial inflammation to the mRNA vaccines, but the BHF played down the risks posed by vaccines.

“COVID-19 vaccine associated myocarditis has been rare, more common in young men after a second vaccine dose, and fortunately shows a favourable clinical course in the vast majority of those affected.

“Myocarditis can cause heart scarring that can be detected with cardiac MRI—to mitigate the small chance of scarring causing a life-threatening arrhythmia in the future, it is likely that affected individuals will be offered long-term follow-up and monitoring,” it stated.

Between December 2020 and February 2023, the Medicines and Healthcare Products Regulatory Agency recorded 72 UK deaths suspected to be related to the COVID-19 vaccine.

But the BHF said, “The benefits of receiving COVID-19 vaccines in reducing severe outcomes from COVID-19 infection in people living with cardiovascular disease greatly outweigh the risk of extremely rare side effects.”

‘Not Surprising’

Professor John Greenwood, president of the British Cardiovascular Society, said: “The high numbers of excess cardiovascular disease (CVD) deaths published today are worrying, but unfortunately not surprising. We know that COVID-19 has caused direct (COVID-19 leading to new CVD), indirect (reduced treatment and prevention of CVD), and long-term effects (CVD and Long COVID-19).”

Griffiths urged the government to “take control of this crisis” by “prioritising NHS heart care, better preventing heart disease and stroke, and powering science to unlock future treatments and cures.”

A government spokesperson said: “We are cutting waiting lists, ambulance response times are falling, staff increasing and we are improving access to blood pressure and health checks.

“We know there is more to do which is why we are consulting on a Major Conditions Strategy to tackle cardiovascular disease—including strokes and diabetes—and we have opened 108 community diagnostic centres that have delivered over 4 million tests, scans, and checks including for those with cardiovascular disease.

“The government is also working with NHS England to combat some of the causes of cardiovascular disease, with schemes to support increased physical activity, reduce obesity rates, and encourage people to stop smoking.”

We hope you enjoy our coverage! As you are visiting us today, we’d like to ask you one question —  How much do you think news media outlets actually impact your life? 

…Probably more than you realize.

Life is full of decision-making. Even a bit of misinformation can lead to bad decisions and cause serious impacts. That’s why our team digs deep and reports truthfully to deliver reliable, complete, and accurate information that you need to make the right choices.

Unlike many other news outlets, The Epoch Times is not influenced by any government, corporation, or political party. We do not follow a predetermined narrative, inflame emotional tensions on issues, engage in sensationalism, or present only one side of the story.

We are funded by readers like you and our goal as an independent media outlet is to let YOU make up your mind on issues, no matter how heated.

Enrich your life with an Epoch Times subscription today. Your subscription will not only contribute to the revival of honest journalism, but will also provide unlimited access to truthful, uncensored news, plus a treasure trove of other online premium content, including Epoch TV. Start your trial for just $1 for 2 months. You won’t be disappointed!

end

Naturally this was hidden from us:

(Stieber/EpochTimes)

CDC Director Concerned About ‘Breakthrough’ Cases Weeks After COVID Vaccine Rollout: Email

SUNDAY, JUN 25, 2023 – 06:00 PM

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

The director of the U.S. Centers for Disease Control and Prevention (CDC) and several other top officials knew in early 2021 that vaccinated people were becoming infected with COVID-19, according to an email obtained by The Epoch Times.Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, in Atlanta, Ga., on May 5, 2023. (Elijah Nouvelage/AFP via Getty Images)

CDC Director Dr. Rochelle Walensky told colleagues in the Jan. 30, 2021, missive that she had spoken with Dr. Francis Collins that morning “and one of the issues we discussed was that of vaccine breakthroughs.”

“Breakthrough” refers to vaccinated people becoming infected.

“This is clearly and [sic] important area of study and was specifically called out this week here,” Walensky added, providing a link to an editorial in the Journal of the American Medical Association.

In the editorial, immunologist John Moore and vaccine inventor Dr. Paul Offit said that there was a “growing threat” of COVID-19 variants emerging that would “escape” the protection bestowed by COVID-19 vaccines, which had been authorized in December 2020.

Early testing, they noted, found that antibodies conferred by Moderna’s vaccine were less active against one of the new variants that had emerged.

Moore and Offit called for testing of vaccinated people who were hospitalized with COVID-19, the creation of a national sequencing program to quickly identify new variants, and the development of a repository of samples taken from vaccinated people.

Walensky said she’d discussed the matter a few weeks prior with Dr. Nancy Messonnier, another top CDC official. “I understand that [redacted],” Walensky wrote to Messonnier and three other CDC employees.

“Should we discuss? What is the best next step forward?” she added.

Collins, at the time the director of the U.S. National Institutes of Health, was discussing the matter with Dr. Anthony Fauci, one of the chief architects of the U.S. response to the COVID-19 pandemic, according to Walensky.

The email was included in response to a Freedom of Information Act request. Requests for records from around the same time seeking what top U.S. officials were saying about breakthrough cases, hospitalizations, and deaths are pending.

Walensky did not respond to a request for comment that also asked for an unredacted version of the email. Collins did not return an inquiry. Fauci could not be reached. The CDC said it was looking into when it first became aware of breakthrough cases.An email from Dr. Rochelle Walensky. (The Epoch Times)

Later Statements

Walensky a few months after the email went onto MSNBC and claimed that data from the CDC and clinical trials “suggests that vaccinated people do not carry the virus” and “don’t get sick.”

The CDC has been unable to provide citations supporting the claim. No vaccine is 100 percent effective, experts have told The Epoch Times. There were infections in both the Pfizer and Moderna clinical trials among the vaccinated, though the efficacy of the shots against symptomatic infection from seven days after dose two was estimated to be north of 90 percent. There were also severe cases in the trials among the vaccinated, including some not counted by Pfizer.

The trials were not designed to measure efficacy against transmission and did not provide evidence of such efficacy, according to the U.S. Food and Drug Administration (FDA).

“The paper that Walensky discussed with Francis Collins explicitly worried about the possibility of ‘breakthrough’ infections caused by variants. It even addressed a variant circulating outside the U.S. that the authors could not say was causing breakthrough cases in January 2021,” Dr. Jay Bhattacharya, a professor of health policy at Stanford University, told The Epoch Times in an email.

“Given that uncertainty, the CDC director should never have endorsed the idea that the COVID vaccines could be used to stop COVID disease spread without definitive proof that they did—proof that she never had. And she should never have endorsed vaccine mandates for a non-sterilizing vaccine,” he added.

Fauci and other top officials had, in 2020 before the email, backed harsh measures during the Trump administration to try to curb the spread of COVID-19, including the forced closure of businesses and schools.

Read more here…

end

GLOBAL ISSUES//GENERAL

END

VACCINE/COVID ISSUES

DR PAUL ALEXANDER

It’s the mRNA technology based vaccine, stupid! It’s the vaccine! It’s the spike protein, stupid, the spike protein! How else do I tell you this! “Former Ohio State QB Kirk Herbstreit’s 21-Year-Old

Former Ohio State QB Kirk Herbstreit’s 21-Year-Old Son, Zak, Hospitalized with Likely Cardiac Arrest”; player thanked a team of “experienced cardiologists” who are treating him.

DR. PAUL ALEXANDERJUN 24

SHARE

‘Zak Herbstreit, the son of former Ohio State Buckeyes quarterback Kirk Herbstreit, has been hospitalized and is under the care of a team of cardiac specialists, according to reports.

The 21-year-old walk-on college tight end was hospitalized on Tuesday after complaining that he was “not feeling right,” according to TMZ Sports.

Details of just what medical condition sent him to Wexner Medical Center in Columbus, Ohio, were not disclosed, but in a subsequent message posted on Twitter, the player thanked a team of “experienced cardiologists” who are treating him.’

END

BREAKING: Is this another death due to the Malone, Kariko, Weissman et al. mRNA technology based gene injection? IMO, yes! “Óscar Cabrera Adames professional basketball player dies of cardiac…

arrest at 28 years old”; Following his death, several social media posts written by Adames were found in which he said he developed myocarditis after receiving two coronavirus vaccine shots.

end

DR. PAUL ALEXANDERJUN 26

SHARE

Am I allowed to ask about the mRNA technology? IMO same fate (myocarditis linked in some manner) for Jamie FOXX, Shane Warne, Damar Hamlin etc.

end

Did actor Jamie FOXX cheat death (the bell did not yet toll for ‘thee’) as did NFL’s Damar Hamlin ‘so far’ (& Kirsch was right, he did die for 10 minutes on the field) yet Australian Shane Warne

(cricketer) fell victim to the Malone, Kariko, Weissman mRNA technology based (underpinning) gene injection vaccine? The bell did not toll YET but JAMIE & DAMAR are NOT out of woods YET!

DR. PAUL ALEXANDERJUN 23

SHARE

If I were them, I would sue the vaccine makers NOW while they can. I would also consider spike detoxification via available avenues such as the ‘SPIKE SUPPORT DETOXIFIER’ from TWC (the only such product formulation with NATTOKINASE and other OTC supplements)…

You got to understand in simple language, if you took the shot and did not fall to it, your cells are producing spike protein 24/7 conceivably for the rest of your life (as well as spike post virus as these beasts like Fauci and Collins created something with poison pills, binary weapon agent of sorts) and it was never studied, excluded, or examined in any favorable manner. You remain at risk and this can explain the long COVID symptoms etc. many suffer from. You should think, ask questions, talk to your doctor, and try safe products that could support your immune health and heart etc.

Pregnant women, breast feeding women, those on blood thinners, children, must only take drugs and supplements etc. after understanding benefits versus harms and also in consult with health care provider.

END

How in God’s name? What will kill 32 year-old Olympic gold medalist Tori Bowie like this? Suddenly. “Olympic gold medalist Tori Bowie was found dead in her home upon wellness check, officials say”

Simone Scott? Did mRNA technology based COVID gene injection KILL her? I argue until we know her vaccine status etc., that we must keep open that Malone, Kariko, Weissman mRNA based shot killed her

DR. PAUL ALEXANDERJUN 24

SHARE

‘No cause of death was given. The Orange County Sheriff’s Office in Florida said deputies responded Tuesday afternoon to a home in the Orlando area “for a well-being check of a woman in her 30s who had not been seen or heard from in several days.””

end

Bobby Kennedy Jr.: ‘RFK Jr. pledges to gut agencies that regulate vaccines and order the DOJ to investigate medical journals if he becomes president’; BOOM! love this Bobby, take them down to studs

Take CDC, HHS, NIH, FDA, NIAID down to the studs, fumigate, raze them to the floor, burn them down literally and figuratively after all staff gone, then reloacte all to Alcatraz; jail many officials!

DR. PAUL ALEXANDERJUN 25

SHARE

Call on me, I will ensure we push to get courts and judges to examine each and every COVID fraud lockdown lunatic policy that harmed and killed, all the vaccines, all pharma, Bourla, Bancel, Sahin, all people in mRNA technology like Kariko, take her to court, all of them, investigate, try them, let them defend but if courts says they were dangerous and deadly, then jail them all, take their money, and if a judge says place death penalty for any and everyone who did wrong, place it on the table…do not be afraid to if a judge calls for it. Place it on the table.

You go Bobby, if ‘45’ is the nominee, I will be supporting him bigly but if he is not on tap, I will vote for you Bobby. I actually trust you more, liberal you are. I think you are a good human being and you love America.

But ‘45’ is my guy. This rounds.

But I am happy you are running. You are the best democrat. Tulsi as running mate.

end

Peter Schweizer: ‘The Dam Is Starting to Break’ on Biden Family Corruption’ showing real criminality while Report: Biden Business Received $5 M Within 10 Days of Hunter Biden’s text as media covers up

“This is really, really important. — truly the first time you’ve had somebody from inside the government who has said, ‘Wait a minute, the way this is being handled is wrong”

DR. PAUL ALEXANDERJUN 25

SHARE

‘The 2020 Senate report on the Biden family business revealed Hunter Biden-linked bank accounts received $5.1 million in payments from a Chinese business partner, Henry Zhao, within ten days of just-revealed texts in which he demands payment using proximity to his father as a cudgel.

Henry Zhao, influential in forming a Chinese investment fund, had deep ties to Chinese intelligence, according to Breitbart News senior contributor and Government Accountability Institute president Peter Schweizer.

end

So they brought us a fraud false NON-pandemic (infection fatality rate of 0.05% < 70/75 years old, ‘0’, zero, not one healthy US child died of COVID; also stole an election & now started WWIII & all

of this had one objective, one target, to topple POTUS Trump, aka ’45’, and they won’t stop with the nutcase NY AG and now the new indictment while Hunter sells secrets that seems pay for play! No?

end

TURBO cancers, Makis provides us brilliant scholarship, support this patriot, support folk like McCullough, Risch, Wolf etc. Daring patriots, cutting against the sordid grain of censorship tyranny

Support Malcolm’s America Outloud Talk Radio, the Breggins, support Jane Ruby, Stew Peters…these are the real heros, Bannon, yes Steve…this is a good guy…

DR. PAUL ALEXANDERJUN 24

SHARE

• turbo cancers in Canadian doctors (click here)
• turbo cancer leukemias (click here) and children (click here) and (click here)
• turbo cancer lymphoma (click here)
• turbo brain cancer glioblastomas (click here) and (click here)
• turbo cervical cancer (click here)
• turbo testicular cancer in athletes (click here)
• turbo cancer of appendix (click here)
• turbo sarcomas (click here)
• turbo colon cancers (click here)
• turbo gastric cancers (click here)
• turbo lung cancers (click here)
• turbo breast cancer (click here)
• END
• Exclusive: Dr. Peter Hotez’s Funding Linked to Controversial Chinese Military Scientists at Wuhan LabFunded by Dr. Fauci and Dr. Hotez’s R01AI098775 grant, Dr. Jiang Shibo and Dr. Du Lanying collaborated with scientists from the People’s Liberation Army and the Wuhan Institute of Virology.KANEKOATHEGREATJUN 23 SHARE In a groundbreaking revelation, it has come to light that Dr. Peter Hotez, an esteemed vaccine researcher, has been entangled in a web of funding, collaboration, and research with Chinese military scientists potentially involved in the development of COVID-19. The intricate tale weaves together key Chinese military virologists and culminates in the smoking gun evidence surrounding COVID-19’s notorious furin cleavage site.At the center of this narrative lies Dr. Hotez, a distinguished professor at Baylor College of Medicine, who secured a substantial research grant (R01AI098775) from the National Institute of Allergy and Infectious Diseases (NIAID) led by Dr. Anthony Fauci. This grant, amounting to over $1 million per year, supports Dr. Hotez’s project titled “RBD Recombinant Protein-Based SARS Vaccine for Biodefense,” with Dr. Jiang Shibo listed as a Principal Investigator.Dr. Jiang Shibo, a professor at Fudan University, boasts an impressive academic background. After completing his Master’s degree from the People’s Liberation Army’s Guangzhou First Military Medical University (广州第一军医大学) and his Medical Doctor degree from Xi’an Fourth Military Medical University (西安第四军医大学微), he pursued postdoctoral training at Rockefeller University in New York from 1987 to 1990.
• ENDPlot thickens for Bidens as Photos on Hunter Biden’s Laptop Place Him at Father’s Home on Day He Texted Chinese Business Partner; if this is not tacit bribing etc., I will change to transgender & youknow how I roll with those freak pedophiles rapists; so if this is not criminal behavior by Hunter & we know who his dad is, then I will start swinging on poles with my nuts sack hanging outDR. PAUL ALEXANDERJUN 23 SHARE Hunter’ email text:‘I am sitting here with my father and we would like to understand why the commitment made has not been fulfilled. Tell the director that I would like to resolve this now before it gets out of hand, and now means tonight. And, Z, if I get a call or text from anyone involved in this other than you, Zhang, or the chairman, I will make certain that between the man sitting next to me and every person he knows and my ability to forever hold a grudge that you will regret not following my direction. All too often people mistake kindness for weakness — and all too often I am standing over top of them saying I warned you. From this moment until whenever he reaches me.’
• END

SLAY NEWS

The latest reports from Slay News

World Leaders Push ‘Overhaul’ of ‘Global Financial System’ for ‘Climate Solidarity’Around 50 heads of state are meeting at a summit in Paris to discuss plans to “overhaul” the “global financial system” to “save the planet” from “climate change.” READ MORE

Smoking Gun Photos Put Hunter Biden at Father’s House on Day He Used Dad’s Name to Threaten Chinese Business Partner Photographs extracted from Hunter Biden’s laptop place him at his father’s Wilmington, Delaware residence on the same day he threatened a Chinese business partner, according to a report from the Washington Free Beacon.  READ MORE

Nation’s First Elected Transgender Lawmaker Arrested On Child Porn Charges Police SayStacie-Marie Laughton, who became one of the nation’s first transgender state lawmakers in 2012, has been arrested on child pornography charges. READ MORE

Greg Gutfeld Says He’s Thought About Leaving ‘The Five’ For Tucker Carlson’s Old Time Slot Fox News star Greg Gutfeld, who many consider the only person at Fox who can bring back the ratings they lost in Tucker Carlson’s timeslot, said thought about the idea of taking over Tucker’s old primetime slot and leaving his two other hit shows on Fox. He said: “Obviously, it’s crossed my mind,” Gutfeld told The Wall Street Journal in …READ MORE

Hollywood Snobs Lost Millions Passing on ‘Yellowstone’: ‘It Feels So Middle America – Like a Step Backward’“Yellowstone” creator Taylor Sheridan has called out the Hollywood snobs at HBO who passed on his now-smash hit show.READ MORE

Riley Gaines Tells Megan Rapinoe to Pound Sand: ‘Disingenuous Virtue Signaling’Female swimmer Riley Gaines has overruled Megan Rapinoe after the “woke” soccer star came out in favor of allowing biological male transgender athletes to compete in women’s sports.READ MORE

Lindsey Graham Pushes Resolution to Declare Russia’s Use of Nuclear Weapons an Attack on NATO Warmongering U.S. Senators Lindsey Graham (R-SC) and Richard Blumenthal (D-CT) have introduced a bipartisan resolution declaring Russia’s use of nuclear weapons to be an attack against NATO. READ MORE

UCLA ‘Diversity’ Official: White People Should Not Get Day Off on Juneteenth Johnathan Perkins, a “woke” official at UCLA’s “Office of Equity, Diversity and Inclusion,” tweeted on Juneteenth that white people should not get the day off for the national holiday .READ MORE

California Democrats Advance Bill to Give Therapists New Powers to Remove Children from ParentsDemocrat lawmakers in California are advancing a new bill that would grant new unconditional powers to therapists .READ MORE

U.S Navy Detected Titan Sub Implosion Days before Debris Found A top secret U.S. Navy system detected the moment when the Titan submersible imploded shortly after it went missing on Sunday. READ MORE

Facebook Hires Ex-CIA Agent ‘Misinformation’ Chief to Lead ‘Elections Policies’ Meta has promoted a former CIA agent from a senior role on Facebook’s “misinformation” team to “Head of Elections Policies” at the social media giant.READ MORE

Biden’s 2024 Campaign Struggling to Raise Money Democrat President Joe Biden’s 2024 reelection campaign is struggling to raise money from donors, according to a new report .READ MORE

Mom Ordered 14-Year-Old Son to Kill Man at Chicago Restaurant A Chicago woman ordered her her 14-year-old son to kill a man at a restaurant and now both are facing murder charges .READ MORE The latest reports from Slay News Sweden Dumps Climate Agenda, Scraps Green Energy Targets Sweden has just dealt a severe blow to the globalist climate agenda by scraping its green energy targets. READ MORE Researchers Call on World Leaders to Apply ‘Queer Theory’ to Nuclear Weapons Policy Researchers are calling on leaders around the world to strengthen their national security by applying “queer theory” to their nuclear weapons policy. READ MORE Senate Report: Hunter Biden Received $5.1 Million Days after Threatening Chinese Associate with ‘My Father’ Democrat President Joe Biden’s son Hunter received over $5 million in two payments from a Chinese Communist Party-linked energy company just days after he sent a threatening text message demanding payment from an associate in China.READ MORE NYC Mayor Shipped Illegal Aliens Out of ‘Sanctuary City,’ as Far as ChinaNew York Mayor Eric Adams shipped illegal border crossers out of his “sanctuary city” to other states and beyond. READ MORE Police Called to Drag Queen Den, Find ‘Drugs, Sex Toys, a Dead Man’ and ‘Four Children Being Hidden ‘Police have reported finding a horrific scene after being called to a Boston apartment filled with drag queens. Police were called to a Boston Housing Authority-run (BHA) apartment that was being used as a drag queen den. The Boston Fire Department was called to the property last Saturday during Juneteenth celebrations. When firefighters arrived on the scene, they found several …READ MORE Obama Gloats over Trump’s Indictment, Smears Republicans: ‘Nobody Is Above the Law’ Former President Barack Obama gloated over President Donald Trump’s indictment, warning that “nobody is above the law.”READ MORE Watch: Hollywood Star Dermot Mulroney Walks Off ‘The View’ during Segment Hollywood star Dermot Mulroney walked off “The View” during his segment on ABC’s show today.READ MORE RFK Jr: Obama Made a ‘Golden Handshake with the Devil’ Democrat 2024 presidential candidate Robert F. Kennedy Jr. has blasted former President Barack Obama for emboldening Big Pharma companies during his presidency. READ MORE Judiciary Chairman Jim Jordan Calls for Special Counsel to Investigate Business Dealings of Bidens House Judiciary Chairman Jim Jordan (R-OH) has reached his limit and is calling for a special counsel to investigate Joe and Hunter Biden and their family’s foreign business dealings. READ MORE Chris Christie Trashes Trump, Gets Booed by Crowd at Faith and Freedom ConferenceFormer New Jersey Governor Chris Christie was booed after he attacked President Donald Trump while giving a speech at the Faith and Freedom conference today. READ MORE

EVOL NEWS

Hollywood Elites Meet to Plot Injection of WEF’s Climate Propaganda into MoviesREAD MORE…

LATEST NEWS:

BREAKING: US Navy detected Titan implosion on Sunday, but Biden admin only released news on Thursday after Hunter plea deal and whistleblower reports released Read more… The Second Cuban Missile Crisis – We Could Really Use JFK Right About Now Read more… Tucker Carlson’s New Episode Exposes The Democrat Establishment’s War On RFK Jr Read more… Biden to Rally With Pro-Abortion Advocates to Mark Anniversary of Dobbs Decision Read more.. .NHL Asks Clubs To Discontinue The Use Of Pride-Themed Warmup Jerseys Read more.. .DEVELOPING: President Trump Receives Crucial Evidence From Pending Indictment Read more …RFK Jr. Will Testify Before House Committee On The Weaponization Of Government Agencies Read more. ..Florida Sues Biden Administration Over College Accreditations

VACCINE IMPACT//

MICHAEL EVERY/MAREY

When The Tail Wagners The Dog

MONDAY, JUN 26, 2023 – 11:10 AM

By Benjamin Picton, Senior Macro Strategist at Rabobank

Vladimir Lenin once said that “every cook has to learn to govern the state”. That seems an apt observation given the events of the weekend, where a one-time hotdog vendor colloquially known as ‘Putin’s Chef’ launched a mutiny of sorts against the Russian government. Yevgeny Prigozhin, the leader of the Wagner Private Military Company, claims that his aborted march on Moscow over the weekend was a “march for justice”. In a video rant on Friday he pointed an accusing finger squarely at Defence Minister Sergei Shoigu and commander of the Russian forces in Ukraine, Valery Gerasimov, implying that both men were incompetent and self-interested in their prosecution of the war. Notably, Prigozhin’s critique did not extend to Putin, who he claims was deceived into launching the war in Ukraine in the first place by the top brass of the Russian General Staff.

A lot has happened over the last three days, but the market reaction has been muted thus-far. Brent crude opened 65 cents a barrel higher and has rallied a further 36 cents, wheat futures have opened slightly higher, gold is up $7/ounce and the US 10y yield has fallen 1bps since Friday close. Asian stocks are going pretty much nowhere early in the session. Another round of weak PMI data out of Europe and the US on Friday has been largely lost in the hubbub.

The finer points of Russian politics tend to be opaque and poorly understood by many of us here in the West. Tensions between Wagner and the regular armed forces of Russia are long-running. Prigozhin has for months been critical of Russian logistics, which he claims had failed to provide his fighters with sufficient ammunition and supplies at critical stages of the war in Ukraine. There is more than a suggestion that this has been deliberate, given the jockeying for favour between Prigozhin and senior members of the General Staff. Nevertheless, PMC Wagner has been prominent in the few successes that the Russian forces have had in Ukraine. This should come as no great surprise since PMC Wagner is much more battle-hardened that the regular Russian armed forces. Wagner has been fighting in Ukraine since 2014, and has also been active in Syria, Sudan, Libya and Mali in that time. Prigozhin’s fighters were the driving force behind the capture of the city of Bakhmut after months of attritional fighting, and months of criticising the leadership of the regular army.

Tensions came to a head last week when Prigozhin accused the Russian military of hitting a Wagner camp with a friendly-fire missile barrage. PMC Wagner abandoned their positions in Ukraine and marched into Russia, where they secured the Southern Military District headquarters in Rostov-on-Don, a crucial command point for the war and the gateway to Russia’s most fertile oil and grain producing regions. From Rostov, Wagner advanced north to Voronezh, and apparently coming within 125 miles of Moscow before an agreement brokered by Belarussian President Alexander Lukashenko lead to the mutiny being abruptly called off. This was not before Vladimir Putin gave a televised address on Saturday, accusing the mutineers of “treason” and confirming that he had given the order to the Russian armed forces to put down the rebellion.

Wagner forces have now pulled back to Belarus and positions in Ukraine after Prigozhin said that pressing on would mean that “Russian blood would be spilled”.

Questions abound:

• How is it that Wagner were able to come so close to Moscow with so little resistance?
• How were they able to mobilise and move without the Federal Security Service (the Russian spy agency) knowing about it beforehand?
• Why did Prigozhin back down so quickly when he seemed to have the advantage?

One of the more interesting theories is that the mutiny was an elaborate Maskirovka that gives Vladimir Putin a face-saving opportunity to scale back the war in Ukraine, while providing political cover to move against internal enemies in the Kremlin. The real test of this theory will be what happens to Prigozhin. The agreement brokered by Lukashenko included guarantees of safety, but Putin had been unequivocal earlier when he said that anyone involved in the mutiny “will be punished inevitably… Our actions to defend the fatherland from such a threat will be brutal.” If we take Putin at his word here, Prigozhin has surely signed his own death warrant.

Western Leaders have largely kept quiet on the events in Russia (lest Putin use any hint of Western involvement as a rallying-point), but Joe Biden did suggest that the rebellion reveals how weak Putin’s grip on power really is. That could be the case, but Sun Tzu said that you should never back your enemy into a corner. Putin appears to have observed this maxim by giving PMC Wagner an out (at least temporarily), but what is the endgame here for Putin himself? Does he use this putsch to consolidate his grip on power as some have suggested? Or does the ease with which PMC Wagner shook the Russian state fire the starting gun on his eventual downfall? A power vacuum in a state with a 6000-strong nuclear arsenal is a terrifying prospect.

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:1.0908 UP  0.0026

USA/ YEN 143.20  DOWN 0.330  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2698  DOWN    0.0001

USA/CAN DOLLAR:  1.3159 DOWN .0013 (CDN DOLLAR UP 13 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 47.28 PTS OR 1.38% 

 Hang Seng CLOSED DOWN 95.84 PTS OR .59%  

AUSTRALIA CLOSED DOWN 0.30%  // EUROPEAN BOURSE: ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 95.84 PTS OR .51% 

/SHANGHAI CLOSED DOWN 47.28 PTS OR 1.86%  

AUSTRALIA BOURSE CLOSED DOWN 0.30% 

(Nikkei (Japan) CLOSED DOWN 82.73 PTS OR 0.25% 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1932.30

silver:$22.82

USA dollar index early MONDAY morning: 102.35 DOW 6  BASIS POINTS FROM FRIDAY’s close.

MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 2.987%  DOWN 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.353 % DOWN 0 AND  7//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.269  DOWN 5  in basis points yield 

ITALIAN 10 YR BOND YIELD 3.934 DOWN 4  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.3045  DOWN 5  BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0914 UP  0.0032 or  32  basis points 

USA/Japan: 143.50 UP 0.063  OR YEN DOWN 6 basis points/

Great Britain/USA 1.2719 UP   0.0021 OR 21   BASIS POINTS //

Canadian dollar UP  .0026 OR 26 BASIS pts  to 1.3147

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED    DOWN …72375

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2407)

TURKISH LIRA:  25.73 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.353…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 5 in basis points from FRIDAY at  3.713% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.979 DOWN 5   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 11.60  points or  0.16%

German Dax :  CLOSED DOWN 20.27 PTS OR 0.13%

Paris CAC CLOSED UP 20.62 PTS OR 0.29%

Spain IBEX UP 9.30 PTS OR  0.10%

Italian MIB: CLOSED UP 28.32 PTS OR 0.10%

WTI Oil price 69.02    12: EST

Brent Oil:  74,06   12:00 EST

USA /RUSSIAN ///   AT:  84.94 ROUBLE  DOWN 0 AND   24//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.3045  DOWN 5 BASIS PTS

UK 10 YR YIELD: 4.3400 UP 2  BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0906 UP 0.0024   OR 24 BASIS POINTS

British Pound: 1.2717 UP   .0017 or  17 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.3310% UP 3 BASIS PTS//

USA dollar vs Japanese Yen: 143.58 DOWN 0.018 //YEN UP 2 BASIS PTS//

USA dollar vs Canadian dollar: 1.3148  DOWN .0028 CDN dollar, UP 28  basis pts)

West Texas intermediate oil: 69.66

Brent OIL:  74.27

USA 10 yr bond yield DOWN 1 BASIS pts to 3.721% 

USA 30 yr bond yield DOWN 1  BASIS PTS to 3.810% 

USA 2 YR BOND: DOWN 2  PTS AT 4.734%  

USA dollar index: 102.39 DOWN 15 BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 25.87 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  85.09  DOWN  0   AND  39/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 12.72 PTS OR 0.04% 

NASDAQ 100 DOWN 202.46 PTS OR 1,36%

VOLATILITY INDEX: 14.25 UP 0.81 PTS (6.03)%

GLD: $178,51 UP 0.31 OR 0.17%

SLV/ $20.80 UP .32 OR 1.556%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Value Dramatically Outperforms Growth As Bonds & Bitcoin Slide

MONDAY, JUN 26, 2023 – 04:00 PM

A quiet start to the last week of the month/quarter with bonds and the dollar down a bit, gold up a smidge, and all the volume in a rotation from growth to value (for a change) in equity-land.

Source: Bloomberg

A weaker than expected Dallas Fed survey confirmed manufacturing is still f**ked in ‘Murica as Independence Day looms, but on the day long-duration stocks (tech) significantly underperformed Small Caps (value-dominated). Late on, the entire market sold off (no obvious catalyst) with The Dow turning red along with the S&P and Nasdaq…

BTFD? As a reminder, the Nasdaq has not had a ‘down July’ since 2007…

Source: Bloomberg

Notably the Nasdaq/Russell ratio found resistance once again and reversed…

NVDA had an ugly day…

Treasuries were mixed on the day with the belly outperforming and the long-end lagging (30Y +1bps). NOTE that bonds were bid as Europe opened/Asia closed and then sold off on the US cash equity open – other than that, sideways…

Source: Bloomberg

The dollar opened weaker on Sunday night and has barely moved since…

Source: Bloomberg

Bitcoin slipped back from almost $31,500 to $30,000 (and found support) for a small close lower…

Source: Bloomberg

Oil managed gains on the day, but WTI was unable to break above $70…

Gold clung on to very modest gains after a pump and dump intraday…

Finally, Nomura’s Charlie McElligott warns that despite many long-term investors anticipating an eventual return to a larger thematic “Secular Disinflation” world as driven by the long-term realities presented from the “3 D’s” (Demographics, Debt and Disruption—potentially supercharged now by AI) – many discretionary / tactical Macro investors are continuing to voice a conviction that it’s unlikely to be a smooth glide path back to “the old world”, and that we will continue to see overshoots in positioning and narratives as the “Frankenstein cycle” continues:

• Service inflation remaining “stuck”
• Worker wage renegotiations (higher) continuing around the globe
• Food / Ag Commodity inflation again reaccelerating in the US
• Broad “base effect” disinflationary tailwind again set to begin reversing course 3Q23 into 4Q23

But the market remains convinced The Fed will fold and start easing much more aggressively (i.e. weights a hard-landing/market-collapse with a higher probability than The Fed’s Dots)…

Source: Bloomberg

Perhaps it will be the collapse of the AI-Boom (or put another way, the demand pull-forward extrapolation error)…

Source: Bloomberg

It’s different this time though.

b) THIS AFTERNOON TRADING/

end

END

i c Morning/

end

II) USA DATA/

Texas Manufacturing Survey Disappoints For 5th Straight Month Amid “Political Incompetence”

MONDAY, JUN 26, 2023 – 10:46 AM

For the fifth straight month, the Dallas Fed’s Texas Manufacturing Outlook survey disappointed expectations, printing -23.2 vs -21.8 exp) and is negative for .

Source: Bloomberg

Texas factory activity declined in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell three points to -4.2, a reading indicative of a slight contraction in output.

Labor market measures suggest weaker employment growth and declining work hours. Price pressures evaporated, while wage pressures remained elevated…

But it is the comments from respondents that highlight reality best…

Food manufacturing

Stagflation. Political incompetence is creating an unstable business environment.

Computer and electronic product manufacturing

We are starting to see a major shift in industrial production and a lack of confidence.

Machinery manufacturing

We are living hand to mouth. The surge in orders could easily stop as quickly as it started. We’re month to month.

Plastics and rubber products manufacturing

We service retailers. They are tentative; we are wary.

Primary metal manufacturing

Incoming orders are off substantially, especially in the residential building and construction markets we produce raw material for.

But we are looking foirward to hearing President Biden on Wednesday to explain how successful Bidenomics has been…

END

III) USA ECONOMIC STORIES

This is the strongest indictor showing that the USA economy is faltering: money supply growth falls to depression era levels for the second month in a row

(Mises)

Money-Supply Growth Falls By Depression-Era Levels For Second Month In April

SATURDAY, JUN 24, 2023 – 06:30 PM

Authored by Ryan McMaken via The Mises Institute,

Money supply growth fell again in April, plummeting further into negative territory after turning negative in November 2022 for the first time in twenty-eight years.  April’s drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years.

Since April 2021, money supply growth has slowed quickly, and since November, we’ve been seeing the money supply repeatedly contract—year-over-year— for six months in a row. The last time the year-over-year (YOY) change in the money supply slipped into negative territory was in November 1994. At that time, negative growth continued for fifteen months, finally turning positive again in January 1996. 

During April 2023, the downturn accelerated even more as YOY growth in the money supply was at –12.0 percent. That’s down from March’s rate of –9.75 percent, and was far below April’s 2022’s rate of 6.6 percent. With negative growth now falling near or below –10 percent for the second month in a row, money-supply contraction is the largest we’ve seen since the Great Depression. Prior to March and April of this year, at no other point for at least sixty years has the money supply fallen by more than 6 percent (YoY) in any month. 

The money supply metric used here—the “true,” or Rothbard-Salerno, money supply measure (TMS)—is the metric developed by Murray Rothbard and Joseph Salerno, and is designed to provide a better measure of money supply fluctuations than M2.

The Mises Institute now offers regular updates on this metric and its growth. This measure of the money supply differs from M2 in that it includes Treasury deposits at the Fed (and excludes short-time deposits and retail money funds).

In recent months, M2 growth rates have followed a similar course to TMS growth rates, although TMS has fallen faster than M2. In April 2023, the M2 growth rate was –4.6 percent. That’s down from March’s growth rate of –3.8 percent. April 2023’s growth rate was also well down from April 2022’s rate of 7.8 percent. 

Money supply growth can often be a helpful measure of economic activity and an indicator of coming recessions. During periods of economic boom, money supply tends to grow quickly as commercial banks make more loans. Recessions, on the other hand, tend to be preceded by slowing rates of money supply growth. 

Negative money supply growth is not in itself an especially meaningful metric. As shown by Ludwig von Mises, recessions are often preceded by a mere slowing in money supply growth. It is not necessary for the money supply to actually shrink to trigger the bust period of a boom-bust cycle.  But the drop into negative territory we’ve seen in recent months does help illustrate just how far and how rapidly money supply growth has fallen. That is generally a red flag for economic growth and employment.

The fact that the money supply is shrinking at all is so remarkable because the money supply almost never gets smaller. The money supply has now fallen by $2.6 trillion (or 12.0 percent) since the peak in April 2022. Proportionally, the drop in money supply since 2022 is the largest fall we’ve seen since the Depression. (Rothbard estimates that in the lead up to the Great Depression, the money supply fell by 12 percent from its peak of $73 billion in mid-1929 to $64 billion at the end of 1932.)1

In spite of this recent drop in total money supply, the trend in money-supply remains well above what existed during the twenty-year period from 1989 to 2009. To return to this trend, the money supply would have to drop at least another $4 trillion or so—or 22 percent—down to a total below $15 trillion. 

Since 2009, the TMS money supply is now up by nearly 189 percent. (M2 has grown by 143 percent in that period.) Out of the current money supply of $19.2 trillion, $4.8 trillion of that has been created since January 2020—or 25 percent. Since 2009, $12.5 trillion of the current money supply has been created. In other words, nearly two-thirds of the money supply have been created over the past thirteen years. 

With these kinds of totals, a ten-percent drop only puts a small dent in the huge edifice of newly created money.

The US economy still faces a very large monetary overhang from the past several years, and this is partly why after eleven months of slowing money-supply growth, we are not yet seeing a sizable slowdown in the labor market.

Nonetheless, the monetary slowdown has been sufficient to considerably weaken the economy. The Philadelphia Fed’s manufacturing index is in recession territory. The Empire State Manufacturing Survey is, too. The Leading Indicators index keeps looking worse. The yield curve points to recession. Even Federal Reserve staffers, who generally take an implausibly rosy view of the economy, predict recession in 2023. Individual bankruptcy filings were up 23 percent in May. Temp jobs were down, year-over-year, which often indicates approaching recession. 

Money Supply and Rising Interest Rates

An inflationary boom begins to turn to bust once new injections of money subside, and we are seeing this now. Not surprisingly, the current signs of malaise come after the Federal Reserve finally pulled its foot slightly off the money-creation accelerator after more than a decade of quantitative easing, financial repression, and a general devotion to easy money. As of June, the Fed has allowed the federal funds rate to rise to 5.25 percent. This has meant short-term interest rates overall have risen as well. In June, for example, the yield on 3-month Treasurys remains near the highest level measured in more than 20 years. 

Without ongoing access to easy money at near-zero rates, however, banks are less enthusiastic about making loans. This is not uniform across the economy, however, and the credit crunch is most acutely felt among smaller businesses and middle-class households. In the latest Senior Loan Officer Opinion Survey from the Federal Reserve, researchers found that bankers believe lowered expectations for economic growth coupled with deposit outflows will lead to banks tightening lending standards. Banks have found that demand for loans has weakened as interest rates have increased and economic activity has slowed. 

USA// COVID

end

SWAMP STORIES

end

END

THE KING REPORT

The King Report for June 26 2023 – Issue 7019

Independent View of the News

Russia journalist Vlad Osechkin, exiled in Paris, relayed information, purportedly gleaned from FSB and other top Russia sources that proposed some answers to mysteries surrounding the Wagner mutiny.   Why the mutiny?  It was widely reported that Defense Minister Shoigu was going to disband Wagner PMC in July.  However, Osechkin says Shoigu tried to assassinate Prigozhin (via missile attack).   Why the rapid success?  Russia forces, including crack Spestnaz and GRU units, aligned with Wagner.   Why didn’t Putin or FSB officials halt the coup, which reportedly was planned for months?  Prigozhin had associates in the FSB and GRU that protected him and his plan.   Why did the mutiny end suddenly; why the weak punishment for Prigozhin; and why would Prigozhin feel safe from Putin’s wrath?    @igorsushko (citing Osenchkin): Prigozhin capturing Voronezh-45 nuclear storage facility in Russia may be part of the key to the lock that can help explain his decision to suddenly and bizarrely ‘end’ the coup which was succeeding spectacularly. I’ve been trying to figure how Prigozhin can guarantee his own survival after this. This may be it. Moscow may never have been his final destination. Vornezh-45 was. Once he got the nukes, he ended the operations because all objectives were achieved.         Prigozhin’s absolute goal is to not get killed and maintain power. Shoigu tried to assassinate him and dissolve Wagner PMC. “Security guarantees” from the Kremlin are worth nothing to him. If he stole nukes, he has guaranteed his own security and power…     Osechkin’s sources: Prigozhin’s coup planning took than 8 months. Incredible rapid success in just 24 hours explained by GRU’s (Russian Military Intelligence) 2nd and 15th Brigades under Utkin and Wagner’s former Russian spetsnaz mercenaries spearheading the operations.     GRU spetsnaz are the best-trained special operators in the Russian military… The number of Russian military units who switched sides to Prigozhin is significant.     List of Russian military units that fully or partially switched to Prigozhin’s side, based on Osechkin’s sources inside Wagner PMC and members of the WindofChange group inside the FSB. Sources include intercepted communications and internal FSB reports. Key: GRU is Military Intelligence, reports to the General StaffRosGvardia is National Guard under Ministry of Internal Affairs, reports directly to Putin FSB is Federal Security Service (formerly KGB)     1) Military unit 11659: Command of the 22nd Separate Guards Special Purpose Brigade (RosGvardia), Commandant Company, 2nd Special Communications Detachment.    2) 411th Detachment of the 22nd Separate Guards Special Purpose Brigade, Stepnoy village, Rostov…    3) Practically the entire 108th Bataysk GRU Spetsnaz… with all of their Typhoon military vehicles.    4) Unit 14254: 387th Object “C” of the 12th Main Defence Ministry Directorate (nuclear) in the military town of Voronezh-45. Switched sides/surrendered without any resistance.    5) Border guards at Bugaevka checkpoint in Voronezh.    6) FSB Federal Border Service of the regional command center for Voronezh Central Military District.    7) FSB Border Service at Chertkovo customs & border checkpoint.    8) Unit 7437: RosGvardia Spetsnaz motorized regiment.    9) Unit 3677: RosGvardia Separate Battalion in Voronezh.    10) Unit 63453: Separate Tank Brigade in Boguchar, Voronezh (MoD)     In addition to 2nd and 15th GRU Spetsnaz Brigades, former commanders and operators of the Senezh GRU Spetsnaz (military unit 92154)were also involved in planning and executing coup operations.     Wagner PMC seized special communications and codes/ciphers of the Southern Military District of the Russian Defense Ministry in Rostov… https://twitter.com/igorsushko/status/1673009681080659968   @DAlperovitch: Kartapalov (Fmr Dep Defense Minister and now Duma member) about Wagner today: “They didn’t offend anyone. They didn’t break anything.  No one has the slightest claim against them – not the residents of Rostov, not the personnel of Southern Military Command, no law enforcement.”     Except for the helicopter and plane pilots they had shot down… It’s a really interesting statement to make the day after a mutiny by one of the leading defense political figures in Russia.   Nuke theory critics say Prigozhin doesn’t have the codes.  Retort: He has the connections to get them.   Some proffered these reasons for Putin’s week response to a mutiny: 1) It was a false flag orchestrated to remove Defense Minister Shoigu & top general Gerasimov and expose disloyal actors; 2) someone (or more) very powerful is protecting Prigozhin; and 3) Putin is far weaker in Russian than most realize.   Velina Tchakarova @vtchakarova: This is not a coup by Prigozhin. This is an inner war between the St Petersburg gang of Putin and the Moscow gang of Gerasimov and Shoigu… lapdog Prigozhin is masquerading a coup to put the blame on Gerasimov and Shoigu for losing the war against Ukraine. Prigozhin can always be scapegoated if he fails, this has happened in the past.   Why would Putin suffer the humiliation and debasement domestically and internationally over a fake?   On Friday, Yevgeny Prigozhin, the head of Russian mercenary group Wagner, unleashed a mutiny against Russian military chiefs Shoigu and Gerasimov after accusing them of bombing his troops in Ukraine.  For months Prigozhin has slammed Russia’s high command for ineptness and short-supplying troops.   Russian mercenary chief appears to threaten rebellion, questions invasion Prigozhin attacked Russia’s military leadership in an extraordinary tirade.     He blamed Shoigu, the defense ministry and a “clan of oligarchs” for starting the war. He accused Shoigu of seeking glory and wanting “to rob” Ukraine and divide up its assets… https://abcnews.go.com/International/stunning-rebuke-putin-wagner-chief-russias-invasion-ukraine/story   “The council of commanders of PMC Wagner has made a decision — the evil that the military leadership of the country brings must be stopped,” Prigozin said in a series of furious audio messages released by his spokespeople… https://news.yahoo.com/wagner-chief-vows-stop-russia-195459412.html?fr=sycsrp_catchall   Prigozhin: “We lost huge amount of territories in Ukraine. The Russian losses in Ukraine are 3-4 times higher than reported by the Russian High Command, up to 1000 casualties a day…”    Prigozhin pulled his crack troops out of Ukraine and took control of the key southeastern Russian city of Rostov-on-Don early Saturday.  This city of 1.1 million Russians is the hub of supplies into Ukraine and the command center for Russian troops in Ukraine.    @MarioNawfal (sat): Putin FINALLY made a speech in which he mentioned “treason” and “mutiny” twice, talked about Russia “fighting hard for its future”, labelled the events as an “internal mutiny” and a “stab in the back”, mentioned “Wagner” and said he is “doing anything I can to repel this attack”     Wagner’s chief and the leader of the coup, Yevgeny Prigozhin, replied that Putin made the ‘wrong choice’ and soon Russia will have a ‘new president’…   @visegrad24: The Wagner Group has announced that most of the Russian Army units in the Lipetsk region have switched sides and joined the Wagner Group military column heading toward Moscow…   @officejjsmart: Wagner, outside of Russia & Ukraine plays a significant role in propping-up the criminal regimes of Maduro in Venezuela & al-Asaad in Syria… (And loot resources from Africa)   @maxseddon: The attempted coup didn’t come out of the blue.  Russian elites had been concerned about how Putin was diluting the state’s monopoly on violence for months. Some formed their own militias   Saturday 13:12 ET: Prigozhin accepted Lukashenka’s (Belarus dictator & Putin buddy) proposal to stop the movement of PMC “Wagner” – TASS   @VALERIEinNYT: Kremlin Spokesman Peskov announced that the criminal case against Prigozhin is dropped. Prigozhin will go to Belarus, while soldiers who didn’t participate in the mutiny can sign contracts with the MOD. The rest of the fighters won’t be prosecuted given “service at the front.”   @wartranslated: Prigozhin says it’s over: “They were going to dismantle PMC Wagner. We came out on 23 June to the March of Justice. In a day, we walked to nearly 200km away from Moscow…Now, the moment has come when blood may spill. That’s why, understanding the responsibility for spilling Russian blood on one of the sides, we are turning back our convoys and going back to field camps according to the plan.” https://twitter.com/wartranslated/status/1672658620671041540   @officejjsmart: Lukashenko, dictator of Belarus, proposed that if Prigozhin quits his Moscow campaign, the leadership of the RU Ministry of Defense will resign & Prigozhin will be able to go focus on projects in Africa… crazy. 100% chance Prigozhin will end-up going out a window if he does not topple Putin.   @Billbrowder: Reports claim that Wagner boss turns troops back from Moscow. This doesn’t make any sense… Putin ordered Prighozin killed earlier today. How does he walk that back? How does Prighozin survive after this? Putin never forgives nor forgets. (Gorbachev survived the 1991 coup – for 4 months!)   @sentdefender: All of the Wagner PMC Group Telegrams seem to be very Unhappy with this Decision by Prigozhin with some stating they will be Breaking their Contract with the Group.  These Negotiations are also reported to have included a “Stipulation” that the Majority of Wagner PMC Forces will be Redeployed out of Russia and Ukraine to Africa.   Russia Received China’s ‘Support’ Over Wagner Mutiny: (Russian Foreign) Ministry “The Chinese side expressed support for the efforts of the leadership of the Russian Federation to stabilize the situation in the country in connection with the events of June 24… https://www.themoscowtimes.com/2023/06/25/russia-received-chinas-support-over-wagner-mutiny-ministry-a81629   The FT: ‘A huge humiliation’: failed putsch exposes deep flaws in Putin’s regime Aborted Prigozhin rebellion raises spectre of state collapse if Kremlin faces further coup attempts    “You can start a revolt against the president, and be forgiven. That means he isn’t that strong.”… https://www.ft.com/content/2e934172-884a-4aa7-a7a2-38c61038a603   @nytimes: Secretary of State Antony Blinken said on Sunday that the brief rebellion led by the head of the Wagner Group, Yevgeny Prigozhin, revealed cracks emerging in Vladimir Putin’s hold on power and cast doubt on the future of his war in Ukraine. https://t.co/FC5LcF1r49   Wagner Group chief emerges as ‘alternative leader’ in Russia, won’t stay banished for long: expert https://t.co/Nm5nZ6FsFS   @TheStudyofWar: The Kremlin now faces a deeply unstable equilibrium. The Lukashenko-negotiated deal is a short-term fix, not a long-term solution, and Prigozhin’s rebellion exposed severe weaknesses in the Kremlin and Russian Ministry of Defense. (Comprehensive article at link) https://t.co/M5yx53y7GV   The FT explains how Prigozhin evolved from Putin’s favorite chef in St. Petersburg to creator of Wagner PMC in 2014 as a means to conceal Russian involvement in eastern Ukraine and other countries. https://www.ft.com/content/6f520bca-ad52-479b-9fd5-c1e36e69e88e   XI on Putin: “He is my best, most intimate friend.”  The Wagner mutiny is devastating for Xi.  In March, Xi met Putin in Moscow and announced that he and Putin had entered into an agreement that would change history.  Aligning with Vlad was a big mistake; Xi must now worry about his viability.    A Weaker Putin Isn’t Good for Xi… especially if China has to do even more to support Russia economically… https://www.bloomberg.com/news/newsletters/2023-06-25/what-the-wagner-mutiny-means-for-putin-russia-ukraine-and-china   Russian opposition leader Mikhail Khodorkovsky @khodorkovsky_en analysis of the mutiny https://twitter.com/khodorkovsky_en/status/1672952332198498310?s=02   @TRHLofficial: A nuclear war would trigger Obama’s executive order 13603, suspending the US Constitution. This 10-page document https://govinfo.gov/content/pkg/FR-2012-03-22/pdf/2012-7019.pdf  is a blueprint for a federal takeover of the economy that would dwarf any tyranny we’ve seen within these borders since King George. It would seize control of… https://twitter.com/TRHLofficial/status/1672590053795667970   On Friday, the offshore yuan weakened above the key 7.2/$ level for the first time since November.  Concern that China’s recovery is faltering and the PBoC’s lack of yuan support are the factors.   China says US should act to undo negative impact of Biden’s Xi remark China was enraged after Biden referred to Xi Jinping as a “dictator” at a fundraising event on Tuesday, an unexpected flare-up just a day after U.S. Secretary of State Antony Blinken completed a visit to Beijing aimed at stabilizing relations between the superpowers…   https://t.co/ehkiTVrmvZ ESUs sank on the yuan, and other Asian currencies, declines.  After the standard rally into and after the European opening, ESUs sank of ugly Eurozone June PMIs: Manufacturing 43.6, 44.8 expected and prior; Services 52.4, 54.5 expected, 55.1 prior; Composite 50.3, 52.5 expected, 52.8 prior European bonds rallied on defensive asset allocation.  This further inverted Germany’s yield curve.   BBG’s @lisaabramowicz1: Yield curves around the world are inverting the most in decades. German 2-year yields are the highest versus 10-year rates (74bps) since 1992. https://twitter.com/lisaabramowicz1/status/1672165524006895618   ESUs hit a bottom at 3:44 ET.  They then traded sideways, in a moderate range, until they broke down at 8:45 ET.  The daily low of 4384.00 appeared three minutes before the NYSE opening.  The usual suspects what to be long for the usual Friday rally, despite the ugly global fundamental news.   ESUs jumped to 4398.00 by 10:41.  Traders ignored the lowest US June Manufacturing PMI since December:  June S&P Global US Manufacturing PMI 46.3, 48.5 expected, 48.4 prior; Services 54.1, 54 expected, 54.9 prior; Composite 53, 53.5 expected, 54.3 prior    After a decline into the European close (liquidation ahead of weekend), ESUs jumped 21 handles by 12:33 ET.  After a modest retreat, another rally leg appeared; but it topped out at 4408.00 at 13:40 ET.  ESUs and stocks then sank.  The 27-handle ESU declined ended at 15:01 ET.  It was time for the last-hour ESU manipulation.  A 14-handle A-B-C ESU rally ended at 15:45 ET.  But most traders are long and they needed ‘the marks’ for the weekend.  So, someone juiced ESUs 10 handles in 3 minutes.  But traders still had to sell; so, ESUs sank 14 handles from 15:53 ET to the NYSE close.   @dana_marlane: The NDX (Naz 100) is on track for the BEST first half EVER (>1999!). I’d be interested to know whether or not other besties were led by a handful of stocks ONLY. https://t.co/zjJ13IIH2J   Positive aspects of previous session US stocks rallied from just before the NYSE open until 13:40 ET as part of the usual Friday rally   Negative aspects of previous session Bonds rallied and stocks declined on defensive asset allocation due to soft global economic data   Ambiguous aspects of previous session How long can equities ignore global central bank rate hikes and the deepening US political crisis?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4352.07 Previous session High/Low: 4366.55; 4341.34   Boeing Charges Pentagon $52,000 for Trash Can Previously Priced at $300 https://t.co/T5v9Mq6oQF   Wawa Shuttering another Philadelphia Location, Marking Three Center City Closures in a Year https://t.co/HGHstfDtyc   @Jordanpkjj: It is being reported that the Ukrainian Gov has announced a full general mobilisation for the entire territory of the Ukraine. From now, all males over 18 who have not yet received a military summons MUST report to the recruitment office within 10 days, even if medically unfit. https://twitter.com/Jordanpkjj/status/1672027352426225664   German chancellor cautions China on unilateral actions in Taiwan Strait https://t.co/7ZsMv0CQxy “We firmly reject all unilateral attempts to change the status quo in the East and South China Seas by force or coercion. This is especially true for Taiwan.” Scholz also said he expressed concern to Chinese Premier Li Qiang about Beijing’s human rights violations and the state of the rule of law in China…   Germany’s far-right AfD party wins historic victory in local election… its first district election, a boost to the anti-immigration party as it surges to record highs in opinion polls…  https://t.co/NlW0Tu6YKV   The FT: GLG scales back in China as Beijing zeroes in on due diligence firms https://www.ft.com/content/21634591-ed53-4d83-964d-802beaa7fc64   @igorsushko on Sat: Ruble – US Dollar exchange rate now 96.20 rubles at Alfa Bank in Russia. It was 84.62 at Friday close before the coup started.   WSJ’s Nick Timiraos: Why Economies Haven’t Slowed More Since Central Banks Hit the Brakes Pandemic effects and government aid are blunting impact of higher rates, for now (Pay wall) Today – Globally, stocks and bonds struggled last week due to pressure from central bank rate hikes; central bank indications of more rate hikes due to stubborn inflation; disappointing global economic data, and the stench of stagflation.  Nevertheless, traders will play for the expected Monday rally.   What evil will a weakened and humiliated Putin do to regain this mojo?  The RU military and security apparatuses at all levels are demoralized, confused, and paranoid.  China’s economy is teetering; this debases the yuan and hurts other Asian economies.  Global stagflation is in the air.  The biggest US political and Constitutional crises since Reconstruction are escalating as Team Biden is losing MSM support.  Keep buying stocks; “I don’t think the heavy stuff’s going to come down for quite a while.”   ESUs are +7.50 and USUs are +8/32 at 20:30 ET on the usual Sunday night buying.   Expected economic data: June Dallas Fed Mfg. Activity -29.1 prior   S&P 500 Index 50-day MA: 4202; 100-day MA: 4117; 150-day MA: 4059; 200-day MA: 3993 DJIA 50-day MA: 33,619; 100-day MA: 33,364; 150-day MA: 33,453; 200-day MA: 32,859 (Green is positive slope; Red is negative slope)   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 4155.73 triggers a sell signal Daily: Trender and MACD are positive – a close below 4322.91 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4383.08 triggers a sell signal   Joe Biden Used Secret Global Cell Phone While He Was Vice President – Paid for by Hunter’s Firm! https://t.co/I6YmLsXTXi   GOP @repdarrellissa: Joe Biden has officially lawyered up. This is what a real scandal looks like.   Hunter Biden’s Lawyer Responds to Bombshell Texts: My Client Was Too Doped Up on Crack to Be Trusted – Clark’s move to discredit his own client appears to be an effort to shield the president from the implications of the message… https://freebeacon.com/biden-administration/hunter-bidens-lawyer-responds-to-bombshell-texts-my-client-was-too-doped-up-on-crack-to-be-trusted/   @HansMahn caused the Chinese side to *immediately* transfer $5 million to the Bidens. Not a bad day at work for someone who was allegedly in the “midst of a horrible addiction”.   DOJ told IRS not to interview Joe Biden’s grandchildren in Hunter probe to avoid ‘hot water’: whistleblower   https://www.foxnews.com/politics/doj-told-irs-not-interview-joe-bidens-grandchildren-hunter-probe-avoid-hot-water-whistleblower   @LeadingReport: FOX host Jesse Watters says the FBI and the CIA are using Hunter Biden’s laptop for blackmail, enabling them to control Joe Biden’s presidency.   IRS whistleblower wanted GPS for Hunter and Joe WhatsApp claim but ‘prosecutor BLOCKED request’ https://t.co/oU71Nys8vu   Garland denies interfering with Hunter Biden probe in first comments since whistleblower claims released  https://www.foxnews.com/politics/garland-denies-interfering-hunter-biden-probe-first-comments-whistleblower-claims-released   Statement from IRS Agent Gary Shapley’s legal team: “In an October 7, 2022, meeting at the Delaware U.S. Attorney’s Office, U.S. Attorney David Weiss told six witnesses he did not have authority to charge in other districts and had thus requested special counsel status. Those six witnesses include Baltimore FBI Special Agent in Charge Tom Sobocinski and Assistant Special Agent in Charge Ryeshia Holley, IRS Assistant Special Agent in Charge Gary Shapley and Special Agent in Charge Darrell Waldon, who also independently and contemporaneously corroborated Mr. Shapley’s account in an email, now public as Exhibit 10, following p. 148 of his testimony transcript. Mr. Shapley would have no insight into why Mr. Weiss’s would make these statements at the October 7, 2022 meeting if they were false.  That Mr. Weiss made these statements is easily corroborated, and it is up to him and the Justice Department to reconcile the evidence of his October 7, 2022 statements with contrary statements by Mr. Weiss and the Attorney General to Congress.” https://twitter.com/EMPOWR_us/status/1672311676438282240   @mrddmia: Now Garland claims criticism of his clear politicization/weaponization of the Biden DOJ to go after Biden’s enemies is (somehow) an attack on “democracy” and “safety.” (Dems and MSM risibly claim any criticism of them or their sacred cows is “an attack on democracy.”)   @JsnFostr: Big problem for @TheJusticeDept: its “Weiss was the decider” talking point is merely a bald assertion. But, Gary Shapley and his supervisor both confirmed in a now-public email at the time that Weiss told 7 senior officials he was *not* the decider. Email below… https://twitter.com/JsnFostr/status/1672223928561926144/photo/1   @SpeakerMcCarthy: We need to get to the facts, and that includes reconciling these clear disparities. U.S. Attorney David Weiss must provide answers to the House Judiciary Committee.  If the whistleblowers’ allegations are true, this will be a significant part of a larger impeachment inquiry into Merrick Garland’s weaponization of DOJ.   @greg_price11: Hunter Biden used his father to pressure his Chinese business partner to send him millions of dollars. 10 days later, he received a payment of $5.1 million from the Chinese to his law firm. He then moved over $1 million to Joe Biden’s brother’s consulting firm. Their bank than shut down his account due to suspected money laundering.  https://twitter.com/greg_price11/status/1672325190762610690   House Judiciary Com Chair @Jim_Jordan: According to an IRS whistleblower: David Weiss requested special counsel status.  Joe Biden’s Justice Department said no. (Testimony at link) https://twitter.com/Jim_Jordan/status/1672289089347829760/photo/1   @CollinRugg: Hunter Biden and Merrick Garland attended the same state dinner last night just hours after the Department of Justice was accused of a massive cover up involving Hunter’s tax fraud case. They are laughing at you… (Video of Hunter yukking it up and schmoozing at the Modi state dinner at link) https://twitter.com/CollinRugg/status/1672287239915835392   @ClayTravis: Holy hell, the White House press corps just savaged KJP on the Biden crime family. Watch this. (A drastic MSM change!) https://twitter.com/ClayTravis/status/1672316269855485952   White House spokesman (NSC’s Kirby) walks out of presser when faced with Hunter Biden question https://justthenews.com/politics-policy/white-house-spokesman-walks-out-presser-when-faced-hunter-biden-question   @CollinRugg: CNN makes shocking pivot and is actually now reporting on the whistleblower’s claims that the Department of Justice conducted a cover up operation for Hunter Biden. The state media’s plan is becoming clear. Get Joe Biden out of the White House for 2024 & replace him with Gavin Newsom…   NBC’s @albamonica: WH spokesman: “As we have said many times before, the President was not in business with his son. As we have also said many times before, the Justice Department makes decisions in its criminal investigations independently, & in this case, the White House has not been involved.”   @MonicaCrowley: The @NYTimes now reporting on the multi-million dollar bribes to Joe Biden from foreign nationals only means one thing: the Left’s power brokers want him gone. Buckle up.   Biden WH Changes Story: From ‘Never Discussed’ to ‘Not in Business’ with Hunter Previously, on the campaign trail in 2019-20, Joe Biden said: “I have never discussed, with my son or my brother or with anyone else, anything having to do with their businesses. Period.” But that story appeared to change on Friday. https://www.breitbart.com/politics/2023/06/23/biden-wh-changes-story-from-never-discussed-to-not-in-business-with-hunter/   Ex-federal prosecutor @shipwreckedcrew: The position of line AUSAs became OVERTLY politicized during the second Obama term.  Younger and wildly more liberal hires were made from 2012 to 2016 and older experienced AUSAs were pushed out to make room for them…     A member of the office management told me that to my face in no uncertain terms — that individual was a friend and said “I don’t like telling you this, but this is just the way it is right now in trying to bring in some new hires onto the staff.”… my position was going to be given to a young liberal female DOJ lawyer at Main Justice who had applied for an opening in the office that went to someone else.  So they were going to create a new position to hire her into by pushing me out… That was May 2013.      The same thing repeated itself over the next 3+ years with another 10 AUSAs departing the office so their spots could be given to younger and more liberal hires –– many from Main Justice.   @paulsperry_: Hunter’s July 2017 threat to deliver promised Chinese payola to him & his father was followed by March 2018 shakedown of bagman Kevin Dong: “If you refuse to sign the wire Kevin I will bring suit in the Chancery Court in Delaware [where] I am privileged to know every judge”…     Public-interest law firms are preparing to file petitions to the federal court in Delaware recommending incarceration for Hunter Biden based in part on the IRS whistleblower transcripts outlining evidence of felonious behavior by Biden that was quashed in plea deal.     “Investigators assigned to this investigation were OBSTRUCTED from seeing all the available evidence. It is unknown if all the evidence in the LAPTOP was reviewed by agents or by prosecutors.”     “Based on guidance provided by the prosecutors on a recurring basis to NOT LOOK INTO ANYTHING RELATED TO PRESIDENT BIDEN, there is no way of knowing if evidence of other criminal activity existed concerning Hunter Biden or President Biden.”   Hunter Biden deducted payments to prostitute, sex club from his taxes: whistleblower https://nypost.com/2023/06/22/hunter-biden-deducted-payments-to-prostitute-sex-club-from-his-taxes-whistleblower/   We’d love to know what work or services Hunter Biden provided and why he was paid in diamonds.   FBI Biden bribery doc never made it to IRS investigators, whistleblower claims: ‘Influenced by politics’ https://t.co/I4fFCJyXmc   An email shows Hunter’s counsel told prosecutors that “if they charge Hunter, they would be committing “career suicide.” https://twitter.com/TruthNinja316/status/1672037785631604738/photo/1   Photos Place Hunter Biden at Father’s House the Day He Invoked Dad’s Name to Threaten Chinese Business Partner – ‘I am sitting here waiting for the call with my father,’ Hunter stated before issuing threat… https://freebeacon.com/biden-administration/photos-place-hunter-biden-at-fathers-house-the-day-he-invoked-dads-name-to-chinese-business-partner/   @seanmdav: Every single Democrat on the House Ways & Means Committee voted this morning to hide the IRS whistleblower testimony and keep it secret. Now we know why: it is devastating proof that the Biden family is a criminal organization and DOJ is a corrupt Democrat protection racket.   (DC US Atty) Matthew Graves’ wife runs a radical nonprofit in DC that is part of the coordinated smear campaign against Clarence Thomas   https://t.co/zwUS25YBqJ   NY Post’s @mirandadevine: Any journalist in this country who is not chasing down the Hunter Biden coverup story as laid out in Shapley and other whistleblower testimony is a fraud. This makes Watergate look like kindergarten play.   @NEWSMAX: (GOP) Rep. Ben Cline says that special counsel John Durham is a “company guy,” which explains why no one has been held accountable for the crimes outlined in his report.  https://t.co/0tkMJiUY7Q   @NvrBackDown24: SHOCKING: Trump dismisses the need for Republicans to ballot harvest in 2024, saying “you don’t have to help me at all, I have all the votes we need.” Trump learned nothing from 2020 and has no plan to win in 2024.  https://twitter.com/NvrBackDown24/status/1672035106234433537   @DeSantisWarRoom: Donald Trump says he will end birthright citizenship by executive order.  Trump made this same promise in 2015, 2016, 2017, 2018, 2019, and 2020.  He had 4 years as president. But he didn’t actually do it. https://t.co/CNYS3sA92M   CDC Dir. Concerned About ‘Breakthrough’ Cases Weeks after COVID Vaccine Rollout: Email CDC Director Dr. Rochelle Walensky told colleagues in the Jan. 30, 2021, missive that she had spoken with Dr. Francis Collins that morning “and one of the issues we discussed was that of vaccine breakthroughs.” “Breakthrough” refers to vaccinated people becoming infected… (More lies/deceit) https://www.theepochtimes.com/cdc-director-concerned-about-breakthrough-cases-weeks-after-covid-vaccine-rollout-email_5352197.html   Mama Mia! NYC rules crack down on coal, wood-fired pizzerias — must cut carbon emissions up to 75% https://trib.al/WBayfQ0   New York City spent $50K to send migrants to Florida, Texas, China (Isn’t NYC a sanctuary city?) https://t.co/nq6h2JQWLA   New York City LGBT Activists Chant ‘We’re Coming for Your Kids’ https://dailycaller.com/2023/06/24/new-york-city-lgbt-activists-chant-coming-for-your-kids/   Harvard behavioral scientist who studies dishonesty is accused of fabricating data https://trib.al/zKlahlg   Nearly 2 dozen suspected MS-13 gang members arrested for ‘brutal violence’ in New York City, Long Island (Honduras has imprisoned thousands of MS-13 members; so they have fled to the US.) https://www.foxnews.com/us/nearly-2-dozen-suspected-ms-13-gang-members-arrested-brutal-violence-new-york-city-long-island   Honduras Declares State of Emergency as MS-13 Holds Country Hostage    November 29, 2022 Honduras has declared a state of emergency in a desperate bid to stamp out widespread gang-run extortion that has affected every part of society and driven tens of thousands to seek protection in the U.S… https://www.vice.com/en/article/m7gwxy/honduras-gang-extortion-ms-13-barrio-18   Nazi-smuggling submarine found in Argentina causes international stir https://www.jpost.com/archaeology/article-747443

GREG HUNTER INTERVIEWING DR BETSY EADS

Cancer is Exploding because of CV19 Vax – Dr. Betsy Eads

Cancer is Exploding because of CV19 Vax – Dr. Betsy Eads

By Greg Hunter On June 24, 2023 In Weekly News Wrap-Ups15 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Dr. Betsy Eads has been warning for more than a year about extreme disease and death coming because of the Cv19 bioweapon/vax.  Dr. Eads has been punished by the medical community for being a CV19 vax truth warrior.  Everything she predicted has happened, and it is guaranteed to get worse—much worse.  Using fresh data just on breast cancers alone posted by the American Cancer Society on Cancer.org, Dr. Eads explains, “From Cancer.org, in the year 2019 for those women under 45 years old (with breast cancer), it was 26,660.  It 2020, it was 26,500.  In 2021 when the CV19 vax rolled out, it was 26,561. . . . Cancer was not seen in the initial rollout because it took some time for the spike protein delivery.  So, in 2022, those numbers went from 26,561 to 47,000.  That is a two-fold increase.  That’s a direct result of the mRNA (CV19) shots.  In 2023, it went up six-fold to 297,000 breast cancer cases, and we are not even done with 2023.  That may be as high as 500,000 breast cancer cases.  So, cancer is exploding, and there is a direct correlation to the mRNA (CV19) vaccines. . . . The data is just pouring out.  The Department of Defense DMED data has cancers up 600% to 1,300%.”

The good news is there are new treatments for cancer.  The bad news is information on those treatments are being suppressed.  Dr. Eads says, “I use science-backed papers.  If you type in NIH, Ivermectin and cancer, it will spit out a bunch of papers of proof that Ivermectin treats cancer.  If you go and search Fenbendazole studies from Europe, you will see at least 63 papers on Fenbendazole as a treatment for cancer, but not all cancers. . . . There are a number of them that show the combination of Ivermectin, Fenbendazole and B17 as (treatments) and cures for cancer, but not all cancers. . . . There is enough literature (peer-reviewed scientific studies) to support using those. . . . They suppress those studies, and, of course, it is not going to get out into the mainstream media.  Of course, that is all propaganda. . . . On December 29, 2012, President Obama signed HR 4310.  The 2013 National Defense Authorization Act (NDAA).  Basically, section 1078 of that bill authorizes the use of propaganda inside the USA, which had previously been banned since 1948. . . . They legalized propaganda.  So, they legalized mainstream media, Big Pharma, Hospitals and doctors . . . to put out campaigns against Hydroxychloroquine (HCQ) and Ivermectin.”

In February 2023, Dr. Eads predicted there would be “At least 1 billion dead or disabled from the CV19 bioweapon/vax.”  Is Dr. Eads sticking by that prediction?  Dr. Eads says, “Yes, I am, and, actually, it’s going to be higher than that. . . . A paper recently came out showing 600,000 Americans a year are dying from Covid shots.  That data is supported by people like Ed Dowd.  He looked at the actuary numbers in life insurance companies.  We don’t have good data from the hospitals because they are not reporting vaccine injuries and death.  They are not correlating the deaths with the mRNA vaccines.  They are doing this on purpose.”

Dr. Eads says the number of deaths from the mRNA injections may be 1.2 billion per year world-wide.  Eads says, “If we allowed doctors to use Ivermectin, HCQ and CDS (Chlorine Dioxide Solution), we would not have 600,000 a year dead (from the CV19 injections), and I believe that is a low number.  We would not have that, and that’s the tragedy.  This is a democide.”

There is much more in the 54-minute interview.

Join Greg Hunter as he talks to 25-year veteran Dr. Elizabeth Eads, DO, as she continues to highlight the unstoppable deaths and permanent injuries.  She offers hope and treatments for the CV19 bioweapon vax for 6.24.23.

(https://usawatchdog.com/cancer-is-exploding-because-of-cv19-vax-dr-betsy-eads/)

After the Interview:

You can follow Dr. Elizabeth (Betsy) Eads on Facebook, Twitter, Telegram and  Truth Social Dr_Betsy  and  CloutHub DrEads

You can help Dr. Eads continue her mission to get the truth out about everything CV19 vax by donating here:  Pay $Docbetsy55 on Cash App

Dr. Betsy Eads’ recommended CV19 Bioweapon therapies and Detox:

I will see you on MONDAY