GOLD PRICE CLOSED: DOWN $1.35 TO $1925.40

SILVER PRICE CLOSED: UP $0.02 AT $23.13

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1925.30

Silver ACCESS CLOSE: 23.14

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Bitcoin morning price:, $30,197 DOWN 23 Dollars

Bitcoin: afternoon price: $30,889 UP 669 dollars

Platinum price closing $929.60 UP $14.30

Palladium price; $1243.85 DOWN $9.60

END

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

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

CANADIAN GOLD: $2,556.45 UP 0.90 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1496.70 DOWN 2.38 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1749.77 DOWN 2.80 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JULY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,926.200000000 USD
INTENT DATE: 07/07/2023 DELIVERY DATE: 07/11/2023
FIRM ORG FIRM NAME ISSUED STOPPED

435 H SCOTIA CAPITAL 10
624 H BOFA SECURITIES 23
657 C MORGAN STANLEY 8
661 C JP MORGAN 2
661 H JP MORGAN 1
686 C STONEX FINANCIA 1
726 C CUNNINGHAM COM 1
737 C ADVANTAGE 32 6
905 C ADM 2

TOTAL: 43 43
MONTH TO DATE: 2,159

JPMorgan stopped 3/43 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT: 43 NOTICES FOR 4300 OZ or 0.1337 TONNES

total notices so far: 2159 contracts for 215,900 oz (6.7.153 tonnes)

FOR JULY:

SILVER NOTICES: 34 NOTICE(S) FILED FOR 170,000 OZ/

total number of notices filed so far this month : 3430 for 17,130,000 oz

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END

GLD

WITH GOLD DOWN $1.35

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.60 TONNES OF GOLD FROM THE GLD/

INVENTORY RESTS AT 916.26 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP 2 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.672 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 464.802 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY AN HUGE SIZED 1138 CONTRACTS TO 119,983 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.42 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A GOOD SIZED 704 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: 704 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 NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.42). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUGE GAIN ON OUR TWO EXCHANGES OF 1,193 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 0 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 GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 300 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S HUGE 185,000 OZ QUEUE JUMP.//NEW STANDING: 18.120 MILLION OZ/ // HUGE SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/VI) GOOD NUMBER OF T.A.S. CONTRACT ISSUANCE (704 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – 245 CONTRACTS

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

TOTAL CONTRACTS for 4 days, total 1355 contracts: OR 6.775 MILLION OZ (338 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 6.775 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: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 6.775 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 893 CONTRACTS WITH OUR GAIN IN PRICE OF $0.42 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 300 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 JULY OF 16.110 MILLION OZ FOLLOWED BY TODAY’S 185,000 OZ QUEUE JUMP: TOTAL NOW STANDING 18.120 MILLION OZ///// .. WE HAVE A HUGE SIZED GAIN OF 1193 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD 704//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION. THE NEW TAS ISSUANCE TODAY (704) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 34 NOTICE(S) FILED TODAY FOR 170,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 1936 CONTRACTS TO 463,111 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 –1300 CONTRACTS

WE HAD A GOOD SIZED INCREASE IN COMEX OI ( 893CONTRACTS) WITH OUR $16.80 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JULY. AT 5.1975 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0.1337 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 6.7651 TONNES// + /A HUGE ISSUANCE OF 2379 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $16.80 GAIN IN PRICE WITH RESPECT TO FRIDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 5542 OI CONTRACTS (17.237 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3606 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 464,411

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5542 CONTRACTS WITH 1936 CONTRACTS INCREASED AT THE COMEX// AND A FAIR 3606 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5542 CONTRACTS OR 17.237 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 2379 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3606 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (1936) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5542 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 JULY AT 5.1975 TONNES FOLLOWED BY TODAY’S 0.1337 TONNE QUEUE JUMP//NEW TOTAL 6.7651 TONNES ///// /3) ZERO LONG LIQUIDATION//4) GOOD SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 2379 CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

JULY

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

TOTAL EFP CONTRACTS ISSUED: 8723 CONTRACTS OR 872,300 OZ OR 27.132 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 2180 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 27.132 TONNES

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

THUS EFP TRANSFERS REPRESENTS 27.132/3550 x 100% TONNES 0.760% 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: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY: 27.132 TONNES

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.

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

1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 893 CONTRACTS OI TO 119,738 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 300 CONTRACTS

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

SEPT 50 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 300 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 893 CONTRACTS AND ADD TO THE 300 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A VERY STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1193 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 5.965 MILLION OZ

OCCURRED WITH OUR $0.42 GAIN 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 UP 7.09 PTS OR 0.22% //Hang Seng CLOSED UP 114.02 PTS OR 0.62% /The Nikkei closed DOWN 198.69 OR 0.61% //Australia’s all ordinaries CLOSED DOWN 0.51 % /Chinese yuan (ONSHORE) closed DOWN 7.2375 /OFFSHORE CHINESE YUAN UP TO 7.2429 /Oil UP TO 73.34 dollars per barrel for WTI and BRENT UP AT 78.07 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 1936 CONTRACTS UP TO 463,111 WITH OUR GAIN IN PRICE OF $16.60 ON FRIDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 3606 EFP CONTRACTS WERE ISSUED: : AUGUST 3606 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3606 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5542 CONTRACTS IN THAT 3606 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 3236 COMEX CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $16.80//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 HUGE 2379 CONTRACTS. THROUGHOUT THE PAST WEEKS, 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: JULY (6.7651) (NON ACTIVE MONTH)

TONNES),

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

DEC 2021: 112.217 TONNES

NOV. 8.074 TONNES

OCT. 57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE: 72.289 TONNES

MAY 5.77 TONNES

APRIL 95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022 17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT. 38.1158 TONNES

OCT: 77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 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: 64.354 TONNES

JULY: 6.7651 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $16.80) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF 5542 CONTRACTS ON OUR TWO EXCHANGES. WE HAD SOME TAS LIQUIDATION THROUGHOUT THE THURSDAY COMEX SESSION . THE TAS ISSUED THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 17.237 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JULY. (5.11974 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 0.1337 TONNES//TOTAL STANDING FOR JULY GOLD: 6.7651 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $9.90.

WE HAD –REMOVED 1300 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 5542 CONTRACTS OR 554,200 OZ OR 17.237 TONNES.

Estimated gold volume today:// 237,057 FAIR

final gold volumes/yesterday 237,370 FAIR

//JULY 10/ FOR THE JULY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	172m777.994 OZ int. delaware JPMorgan 5000 kilobars .
Deposit to the Dealer* Inventory in oz*	nil oz
Deposits to the Customer* Inventory, in oz*	nil OZ
No of oz served (contracts) today	43 notice(s) 4300 OZ 0.1337 TONNES
No of oz to be served (notices)	16 contracts 1600 oz 0.04926 TONNES
Total monthly oz gold served (contracts) so far this month	2159 notices 215900 OZ 6.7153 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

0 dealer deposit:

Customer deposits: 0

total customer deposits: 0 oz

total dealer deposits: 0

we had 2 customer withdrawals:

i)out of int. delaware 12,024.474 oz

ii) Out of JPMorgan: 160,753.520 oz 5000 kilobars

total withdrawals: 172,777,994 oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 59 contracts having LOST 313 contracts. We had 356 contracts served on Friday. Thus we gained 43 contracts or an additional 4,300 oz of gold will stand at the comex.

AUGUST LOST 8552 contracts DOWN to 339,767 contracts

SEPT gained 47 contracts to stand at 162

We had 43 contracts filed for today representing 4300 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 1 notice was issued from their client or customer account. The total of all issuance by all participants equate to 43 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 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 JULY /2023. contract month,

we take the total number of notices filed so far for the month (2159 x 100 oz ), to which we add the difference between the open interest for the front month of JULY (59 CONTRACT) minus the number of notices served upon today 43 x 100 oz per contract equals 217,500 OZ OR 6.7651 TONNES the number of TONNES standing in this NON active month of July.

thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (2159) x 100 oz + (59) {OI for the front month} minus the number of notices served upon today (43) x 100 oz) which equals 217,500 oz standing OR 6.7651 TONNES

TOTAL COMEX GOLD STANDING: 6.7651 TONNES WHICH IS STRONG FOR A NON 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: 22,285,232.943 OZ

TOTAL REGISTERED GOLD: 11,865,600.292 (369.06 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,419,632.651 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,770,048 OZ (REG GOLD- PLEDGED GOLD) 303.88 tonnes//

END

SILVER/COMEX

JULY 10//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	nil oz .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	nil
No of oz served today (contracts)	34 CONTRACT(S) (170,000 OZ)
No of oz to be served (notices)	194 contracts (970,000 oz)
Total monthly oz silver served (contracts)	3430 Contracts (17,150,000 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: 0 oz

total dealer deposits: 0

i) We had 0 dealer withdrawal

total dealer withdrawals: 0 oz

We had 0 deposits customer account:

total customer deposits: 0 oz

JPMorgan has a total silver weight: 139.982 million oz/278,403 million =50.25% of comex .//dropping fast

Comex withdrawals 0

adjustments: 3 all dealer to customer

i) Brinks 601,769.559 oz

ii) JPMorgan: 5011.800

iii) Manfra: 103,343.328 oz

TOTAL REGISTERED SILVER: 34.553 MILLION OZ//.TOTAL REG + ELIGIBLE. 278.403 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 228 CONTRACTS HAVING LOST 22 CONTRACT(S). WE HAD 59 NOTICES FILED ON THURSDAY SO WE GAINED A STRONG 37 CONTRACTS OR AN ADDITIONAL 185,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY.

AUGUST GAINED 22 CONTRACTS TO STAND AT 515

SEPT HAS A GAIN OF 443 CONTRACTS UP TO 104,076

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 34 for 170,000 oz

Comex volumes// est. volume today 38,044 poor /

Comex volume: confirmed yesterday: 50,571 fair

To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 3430 x 5,000 oz = 17,150,000 oz

to which we add the difference between the open interest for the front month of JULY(228) and the number of notices served upon today 34 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JULY/2023 contract month: 3430 (notices served so far) x 5000 oz + OI for the front month of JULY (228) – number of notices served upon today (34 )x 500 oz of silver standing for the JULY contract month equates to 18.120 million oz +

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS

JULY 10 WITH GOLD DOWN $1.35 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.60 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 916.26 TONNES.

JULY 7 WITH GOLD UP $16.80 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.86 TONNES.

JULY 6/WITH GOLD DOWN $9.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.04 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 917.86 TONNES

JULY 5/WITH GOLD DOWN $2.20 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 2.6 TONNES FROM THE GLD///INVENTORY RESTS AT 921.90 TONNES

JULY 3/WITH GOLD UP $1.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 924.50 TONNES//

JUNE 30/WITH GOLD UP $10.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 924.50 TONNES

JUNE 29/WITH GOLD DOWN $3.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.26 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 926.81 TONNES

JUNE 28/WITH GOLD DOWN $1.15 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 925.65 TONNES

JUNE 27/WITH GOLD DOWN $9.15 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD./INVENTORY RESTS AT 925.65 TONNES

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 TONNES

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

GLD INVENTORY: 916.26 TONNES

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

JULY 10/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.672 MILLLION OZ FROM THE SLV///INVENTORY RESTS AT 464.802 MILLION OZ

JULY 7/WITH SILVER UP 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 466.474 MILLION OZ

JULY 6/WITH SILVER DOWN 50 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.667 MILLION OZ FORM THE SLV///INVENTORY RESTS AT 466.474 MILLION OZ//

JULY5/WITH SILVER UP 30 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.141 MILLION OZ//

JULY 3/WITH SILVER UP 7 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.141 MILLION OZ//

JUNE 30/WITH SILVER UP 19 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.377 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT468.141 MILLION OZ//

JUNE 29/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.763 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 466.764 MILLION OZ//

JUNE 28/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.527 MILLION OZ//

JUNE 27/WILVER SILVER UP 7 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 734,000 OZ INTO THE SLV////INVENTORY RESTS AT 470.527 MILLION OZ

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//

CLOSING INVENTORY 464.802 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

The Federal Reserve Should Invest In A Dartboard

MONDAY, JUL 10, 2023 – 01:05 PM

Authored by Michael Maharrey via SchiffGold.com,

Most people believe members of the Federal Reserve are highly trained experts who are imminently qualified to run monetary policy.

Guided by this perception, the mainstream treats Fed pronouncements as gospel.

But if you compare Fed projections to actual outcomes, it looks like they’re just guessing.

In fact, you would probably get more accurate results throwing darts at a dartboard.

Now, it may seem a little presumptuous for me to question the knowledge of these highly trained economists. I mean, they have that job and I’m over here writing articles. But think about how wrong these people have been.

We all remember “transitory” inflation.

Surprise!

Fast-forward 18 months and “transitory” has morphed into “sticky” and “persistent.”

If Fed members’ jobs depended on them being right, the whole lot of them would be in the unemployment line.

And that’s not the only recent Fed projection that was wildly wrong.

In March 2021, the Federal Open Market Committee (FOMC) released a “dot plot” projecting the trajectory of interest rates over the following several years.

Their guesses weren’t even in the ballpark.

As you can see from the dot plot, most of the FOMC members thought interest rates would still be at zero in 2022. A couple of members predicted a quarter percent, and one said half a percent.

The actual 2022 rate was 1.75%.

In 2023, the vast majority of FOMC members thought the rate would still be zero percent. Two projected it would rise to 1% and there were five who said it would be between a quarter percent and three-quarter percent. The actual rate – over 5%. As you can see, the actual rate doesn’t even fit on the dot-plot graph.

They also have a category they called “longer run.” The highest anybody on the FOMC saw rates climbing in the long-term was 3%. The vast majority were locked in at 2.5%.

The FOMC released a new dot plot after the June meeting, projecting that rates would climb even higher than recently anticipated, and that they would stay higher longer.

During the post-meeting press conference, Powell doubled down on the hawkishness, saying he doesn’t see rate cuts in the near future, and perhaps not for years.

It will be appropriate to cut rates at such time as inflation is coming down really significantly. And again, we’re talking about a couple of years out. As anyone can see, not a single person on the committee wrote down a rate cut this year, nor do I think it is at all likely to be appropriate.”

If I were you, I’d throw that dot plot in the garbage.

According to fund manager David Hay, the Fed has only gotten interest rate projections right 37% of the time. And as Hay pointed out, “They control interest rates!”

I think it’s far more likely that rates are zero in two years than 2 or 3%.

This is just one example of how horribly wrong the Fed has been. I can cite other examples.

Remember back in 2006 when the central bankers insisted there was no housing bubble? Then when things started to unravel, they promised the problem was contained to subprime.

In 2008, Ben Bernanke launched quantitative easing and swore that it wasn’t debt monetization. He said the Fed would sell all of the bonds it planned to buy once the emergency was over. Today, virtually all of those bonds remain on the Fed’s balance sheet.

In 2018, the Fed finally started to tighten monetary policy after a decade of easy money in the wake of the Great Recession. Fed officials said balance sheet reduction was “on autopilot.” By the end of 2019, the central bank was already expanding its balance sheet — prior to the pandemic.

It’s almost like the Fed people are wrong about everything.

Perhaps the Fed should go ahead and invest in that dartboard.

end

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

MATHEW PIEPENBERG…

Jerome Powell: Misunderstood Angel or Open Devil?

Matthew Piepenburg
July 9, 2023

It’s time to talk about Powell..

Becoming Powell’s (and the Devil’s) Advocate?

I’ve been thinking, and re-thinking, Powell.

Hmmm.

It’s no secret that in numerous interviews and articles, Jerome Powell has been on my critical mind.

I called him a breathing weapon of mass destruction, and have openly mocked his attempt to be Volcker 2.0 in a USA facing $32T in public debt and climbing.

So, what gives?

Why and what am I re-thinking?

Some Things Can’t be “Re-Thought”

First, let me be clear that there are a lot of criticisms and dis-likes that I have not re-thought.

In fact, I keep a list of stubborn thoughts which probably can’t ever be “re-thought.”

For example, I don’t like centralized anything, be it economies, governments, media cabals, currencies or banks.

Thus, I don’t like the Fed (or ECB etc.) as a concept nor central bankers as a group.

Why?

Because they distort the hell out of natural supply and demand, crush free market price discovery and have effectively killed capitalism while simultaneously and directly creating wealth inequality at levels akin to modern day feudalism.

In fact, my last two books, Rigged to Fail and Gold Matters, spend a great deal of pages underscoring just how rigged the banking system is in general and the Fed in particular.

I’ve equally penned many essays on the open corruption I’ve seen in our so-called financial “elites” and have bluntly said “shame on you” to the entire bunch.

Furthermore, I don’t like Bernanke getting a Nobel Prize for essentially “solving” an historical debt crisis with equally historical levels of new debt, which is then paid for with historically unprecedented levels of inflationary, mouse-click money.

There’s literally nothing noble in that Nobel Prize.

And I don’t like easy money magicians like Janet Yellen who took the Bernanke play-book of ZIRP (Zero Interest Rate Policy) too far and too long in a myopic, career-saving, time-buying, fantasy-narrative to solve every fiscal or monetary addiction/crisis with more synthetic and inflationary liquidity (i.e., QE to the moon).

Nor do I like Yellen saying things like “we may never see another recession in our lifetimes.”

Similarly, I don’t like Powell, around the same time (circa 2019) declaring that there’s no reason not to believe that our bull markets could go on for longer, “perhaps even indefinitely”—when just a year later the markets tanked by greater than 35% (and would have fallen to the ocean floor but for trillions in unlimited QE to “save” the system).

Nor I am a big fan of Powell’s open declaration that inflation was transitory, when we were arguing long before him that inflation was anything but “transitory.”

In short, I don’t like the Fed, and by extension, I can’t declare myself a big “advocate” of Jerome Powell.

So, What Gives?

Why, then, do I find myself playing the devil’s advocate to my own devil, and this includes Jerome Powell?

It’s no secret that I have always seen easy money as a fantasy (criminal) solution to real economic problems.

In the end, such fairytale policies simply create debt bubbles saved by currency bubbles, which like all bubbles, just “pop.”

And when a currency bubble pops (always the last bubble to do so), nations and even reserve currencies, from the Dutch Guilder to the British Pound, equally come to a dramatic end.

And given that every central banker has been openly guilty of this “quantitative” sin since patient-zero Alan Greenspan sold his soul and hard-money graduate thesis to Wall Street in the late 1990’s, I’ve happily lumped Powell into this embarrassing crowd of politicized “data-dependers.”

In short, Powell, like his immediate predecessors, was no Paul Volcker or William Martin, in much the same way that Dan Quayle (as famously declared by Senator Bentsen) was no John Kennedy.

In fact, Martin and Volcker remain semi-iconic for being among the few and the brave Fed Chairs to actually take the punch bowl of easy money away from their spoiled nephews in the trading pits of Wall Street or the re-election seekers in DC.

But this “punch bowl thing” got me to thinking (i.e., re-thinking) about Powell.

Powell Taking Away the Punch Bowl

Yes, I still think Powell’s plan to raise rates into an historical credit bubble and debt cycle will break things, including the economy, markets and banks.

And I still think his public/optic claim of raising rates to fight inflation is an open charade, as he needs inflation to inflate away historical debt yet has the subsequent trick/ability to then mis and under-report otherwise toxic and sticky inflation levels.

But..and this is a big but.., one (or at least myself) has to admit that Powell is the first Fed Chair in a long time to make a genuine effort to, well..take away that punch bowl.

Hard-Money Powell & Needed (Constructive) Destruction?

Yes, Powell’s rate hikes and drying punch bowl are breaking things, as I’ve argued over and over.

But then again, as a follower of Austrian (rather than Keynesian) economics, I confess that some things need breaking.

In fact, it’s a von Mises/Schumpeter concept known as “constructive destruction,” and tanking credit markets can clean out over-levered and debt-soaked markets with SVB-like effect.

I must further confess that Powell, unlike Yellen (the God-Mother of Easy Money) had been a proponent of hard money since he was a junior member of FOMC.

Throughout 2018, for example, Powell had at least tried (quarter after quarter) to forward-guide a tightening of the Fed balance sheet while simultaneously raising rates.

Of course, we all know how badly that ended by year-end. What followed was a 2019 rate “pause” and then a 2020 of unlimited QE..

But I must confess, at least Powell made an attempt at hard money thinking, not easy money thinking, and it’s Powell’s hard-money thinking which has me thinking harder about Powell.

The Death of LIBOR & Now Powell the Savior?

In fact, an equally bemused Libertarian, Tom Luongo, just gave a rather telling interview on KITCO which goes even deeper (see minute 14:20) down this rabbit hole, suggesting that Powell may indeed be trying to make America, well better..

Hmmm..

Luongo, for example, reminds us that the June 30^th sunsetting of the London-based LIBOR debt indexing standard for domestically produced USD-denominated debts (think credit cards, mortgages etc.) in favor of the new SOFR index (nod to John Williams) is a major, as well as deliberate, attempt by Powell to save, liquify and repatriate the USD.

Huh?

What does that mean in plain English?

Stated simply, by replacing LIBOR (global-bank-based) with the SOFR (US repo-based) system, this means the USD and US credit markets will be less vulnerable to European bank and credit market failures, which Powell, apparently, foresees.

Thus, if a French or German bank, were to implode under the old LIBOR system, the shock waves of that implosion won’t hit the US system as hard under this brand new SOFR index.

Powell the Anti-Globalist?

In addition, Luongo argues that Powell is quietly at war with the technocrat “one-world-government” types behind the otherwise well-telegraphed “great-reset.”

Luongo bluntly/refreshingly describes this “re-set” as a policy in which globalists (he says communists) in the European Union, IMF, UN and, of course Davos, are effectively aiming to crash the markets (and USD) in order to centralize and “re-set” the entire global system with a clean slate.

Toward that end, my own concerns about Davos, CBDC and more centralization are shared.

Seen in such a light, Powell’s hard money/rate hike policies could thus be interpreted as a direct threat to this globalist agenda, an agenda which, according to Luongo, requires low rates to feed an otherwise bogus/false “green agenda” to justify more global debt.

Fair enough.

Powell, De-Dollarization and the Milkshake Theory

Finally, a valid argument can be made (and Luongo makes it) that by raising rates by over 500 bps since Q1 of 2022, Powell is deliberately trying to crush the leverage (and hence tangled/illiquidity) in USDs held offshore (i.e., the “Euro dollars”).

That is, by raising rates at record speed and at a record slope, it’s much harder for offshore derivative markets to keep levering (and hence tangling up) off-shore USDs on the cheap.

This decline in leverage, complimented by what many believe can lead to a tanking of European sovereign bonds (and spiking yields) can in turn lead to an off shore/European banking and credit crisis.

Such a banking crisis would then create a flow of off-shore money back into USTs as the best horse (or sovereign bond) in the global glue factory, which is yet another nod to Brent Johnson and the milkshake theory.

Thus, and despite all the very real, all too real signs/threats of open de-dollarization, Luongo argues that Powell’s rate hikes are a valid plan to save the USD by soaking up all those off-shore dollars and re-patriate the same back into the UST market.

Summing Up the Devil’s Advocacy

Based on the foregoing, there is at least a case to be made that Powell’s openly hard-money stance since last March is potentially seeking to accomplish three very important goals:

1) Protecting US debtors from cracking and formerly LIBOR-based foreign banking risk;

2) fighting the “good fight” against the globalist technocrats from the IMF to Davos; and..

3) stemming the tide of open de-dollarization by letting EU banks, and hence bonds, implode, which would in turn create a tidal wave of money flows back into the “safe” (safer?) haven of the UST market.

Constructive or Non-Constructive, It’s Still Gonna be Destructive

Whether or not Powell has a method to his madness, and that his own allegedly choregraphed rate-hikes of “constructive destruction” lead to a pro-USD, pro-UST flow of global funds back into the US remains to be seen.

Like Luongo, I do feel that the real test, and signal, for such a flow of capital will come when Japan finally throws in the towel on its insane QE policy (and hence Yield Curve Control).

Once JGB’s lose central bank support, they’ll tank and their yields will spike.

Such a sovereign bond crisis in Japan would spread to a terribly fragile Europe, and the bond spreads between Italian bonds and German bunds would then rip beyond the control of Lagarde’s teetering ECB.

That will be destruction, for sure, but not very “constructive” to the millions of citizens from Berlin to Barcelona who will then suffer for the sins of their central bankers, which include, sorry to say: Jerome Powell.

Gold Favors Man-Made Destruction

Most importantly, and whatever one thinks of Powell (devil or patriot) in particular or central bankers in general, there’s simply no easy answer or solution today for a world already on a fatal debt path which these bankers forged with drunken abandon/policies.

In other words: There’s No Way Out. Or more to the point, the USA is screwed.

Even if Powell’s hawkish “plan” leads to a straw-sucking flow of capital into the USA’s better “milkshake,” the levels of destruction in credit, currency, equity and financial markets which would precede/necessitate such a “flow event” will be catastrophic.

Thus, whether we see a deflationary depression of “constructive destruction,” a globalist “re-set” conveniently blamed on COVID and Putin, or a massive pivot to unprecedented QE (my opinion), the global system will be on its knees and no fiat currency will emerge victorious.

A few investors already know this. An increasing number of BRICS + leaders and Russian finance ministers know this, and an increasing number of central bankers (especially out East) know this.

Which is why they are all buying physical gold at record levels.

They see history and math with clarity, and although history can never be timed with precision, patient preparation for its turning points is all one needs to know.

Got gold?

end

James Rickards…

Rickards: Will Inflation Soon Turn To Deflation?

SATURDAY, JUL 08, 2023 – 08:00 PM

Authored by James Rickards via DailyReckoning.com,

Can you expect continued inflation — or a trend toward disinflation and possibly even deflation?

That’s probably the most important question in economics today.

This is more than a matter of competing narratives. The question goes to the heart of modern economics (the so-called Neo-Keynesian consensus) and the models used in economic forecasting.

In truth, it goes to the heart of economics generally and helps to explain why so many forecasts are so badly wrong.

The inflation narrative is straightforward. Inflation was gaining momentum from mid-2021 until it peaked at 40-year highs in June 2022. That peak was 9.1% inflation, a rate not seen since the early 1980s. At the same time unemployment was at lows of about 3.4%, a rate not seen since the late 1960s.

This combination of high inflation and low unemployment seemed to confirm the validity of the Phillips curve, which posits an inverse correlation between inflation and unemployment. When unemployment is low, inflation is high and vice versa.

The Case for Deflation

The deflation narrative, which includes disinflation, is also straightforward. By late 2021, the Federal Reserve became increasingly concerned about inflation and decided to act. The Fed began tightening monetary policy in early 2022, reducing the base money supply by not rolling over maturing mortgages and U.S. Treasury securities.

They tightened further with a policy of 10 straight interest rate hikes beginning last March and continuing until this May. (The Fed skipped a rate hike in June 2023 but is keeping the option to hike further on the table for now.) This took the Fed’s policy rate to 5.25%, one of the fastest increases of that magnitude in Fed history.

The Fed’s monetary tightening seemed to work. Inflation has dropped from 9.1% last June to 4.0% this May. That’s still well above the Fed’s target inflation rate of 2%, but it does represent significant progress toward that goal.

It seems all the Fed has to do is raise rates one more time, perhaps this month, and wait patiently and inflation will soon fall to the Fed’s target rate. If a mild recession and higher unemployment are the price of this success, then that’s a price Fed Chair Jay Powell is prepared to pay.

If this two-year inflation-deflation narrative seems too neat and tidy, it is.

The standard economic models and simple explanations break down in a number of places. In fact, the breakdown is so extensive it calls in question whether the Fed and mainstream economists have any idea what they’re doing.

The best evidence is that they don’t.

The Phillips Curve Is Junk Science

To begin, the Phillips curve says the falling inflation should have been accompanied by higher unemployment. That hasn’t happened. The unemployment rate rose in May to 3.7% from 3.4% the month before, but the current rate is still at levels not seen since the 1960s.

The March unemployment rate was 3.5% and February’s was 3.6%. The fact is the unemployment rate has not risen much at all even after 16 months of monetary tightening.

The 1930s were a period of high unemployment and low inflation. The 1960s were a period of low unemployment and low inflation. The late 1970s were a period of high unemployment and high inflation.

History and data show that there is no correlation between unemployment and inflation.

We have to look elsewhere for explanatory factors that have real predictive value. Likewise, recession has not turned up in the data despite Fed tightening. It has been 38 months since the end of the last recession. Average annual growth during that period has been 5.88%.

Growth for the first quarter of 2023 was 1.3%. Projected growth for the second quarter of 2023 is 2.1% according to the Federal Reserve Bank of Atlanta’s GDPNow forecast. These recent growth figures are weak, but they are not recessionary.

There are ample warning signs of recession including inverted yield curves and I expect a recession soon. But it’s not here yet.

If unemployment remains low, the economy continues to grow and stock indexes are in a bubble despite the Fed’s historic monetary tightening, this calls into question the Fed’s models as well as the mainstream Neo-Keynesian consensus.

What’s going on?

The first flaw in the model-based forecasts is the failure of analysts to distinguish between inflation that emerges from the supply side and that which emerges from the demand side. The difference is crucial from a forecasting perspective.

The Psychology of Consumer Behavior

The inflation of 2021–2023 was real but it was caused by supply chain bottlenecks and shortages of critical goods and industrial inputs. The supply chain disruptions were exacerbated by unprecedented economic and financial sanctions because of the war in Ukraine.

This kind of supply-side inflation tends to be self-negating. The high prices cause reduced demand, which in turn tends to lower prices. We’re seeing this every day starting at the gas pump where the record high prices of the summer of 2022 have come down significantly (although still higher than 2021).

We see further evidence in OPEC’s decision to cut oil output as a way to prop up prices. In short, the inflation was real, but it’s already fading for reasons that have nothing to do with the Fed.

The second flaw in the models is the failure to understand the process by which inflation can shift from the supply side to the demand side if inflation persists long enough. This is a change in the psychology of consumers and plays out in behavioral responses. Neither the psychology nor the behavior is accounted for by standard models.

If inflationary psychology takes hold in the general public, it can feed on itself despite recession and declining real wages. The models don’t show this but history does. This is exactly what happened in the 1970s.

Inflation Can Be a Stubborn Thing

The inflation then began from the supply side with the Arab oil embargo of 1973 after the Yom Kippur War. The U.S. suffered a severe recession from 1973–1975 with peak unemployment of 9.0%. The U.S. had another recession in 1980, and a third in 1981–1982 in which unemployment hit 10.8%. That last recession was the most severe at the time since the Great Depression.

Despite three recessions in nine years, double-digit unemployment and two stock market crashes, the mid-to-late 1970s and early 1980s witnessed the highest inflation since the end of World War II. By 1981, inflation had reached 15% and interest rates were raised to 20% to combat the inflation.

The term for this combination of low growth and high inflation was “stagflation.” The inflation that began on the supply side in 1973 had moved to the demand side by 1977 and was out of control. Recessions couldn’t stop it.

Even in periods of economic stress, consumers respond to inflation in ways that make sense. They accelerate purchases because they expect prices to rise further. They use leverage to buy hard assets and stocks because they see these as safe havens against inflation.

Retailers raise prices to meet higher wage costs and to maintain margins. The entire process feeds on itself. And this self-help can continue even in recessionary conditions as it did in 1975 and 1981.

Stagflation has already emerged in the U.K. CPI inflation in the U.K. is 8.7%. At the same time, the U.K. is bordering on a recession with growth of 0.1% in Q4 22 and Q1 23, and forecast growth turns negative after that. Stagflation is not just an historical outlier. It’s a present-day reality.

Are we at that point? Are we in a world where human nature dictates inflationary defense tactics that feed on themselves despite possible recession and monetary tightening?

We’re seeing some evidence of this, including a new five-year contract for unionized teachers in New York City that offers back pay and signing bonuses and raises wages by 20%.

There’s no need to debate whether teachers deserve this raise. The plain fact is they got it. And there are many similar examples. How long before the pay raises to teachers and others get pushed into more consumer demand and higher retail prices that inflate away the wage gains.

The economy could party like it’s 1979.

Use the Barbell Strategy to Combat the Inflation/Deflation Tug-of-War

The odds of a recession and stock market decline are high. Still, the odds of persistent inflation and high interest rates are also high. Those two phenomena are not inconsistent despite what the standard models say.

We’ve seen them go together before in the late 1970s and in prior episodes.

We could be witnessing a case of inflation and interest rates higher for longer than Wall Street and the Fed expected. (By the way, if you’re interested in a much more in-depth analysis of this inflation-deflation conundrum, please see Chapters 4 and 5 of my most recent book Sold Out.

Given the uncertainties of the inflation/deflation struggle, the best approach for investors is a diversified barbell strategy that protects against both.

A model portfolio could have gold, natural resources and energy stocks as inflation hedges, with Treasury notes as deflation hedges, and a healthy allocation to cash between the two ends of the barbell to provide liquidity and optionality as conditions become more clear.

I’ll continue to follow these developments and keep readers informed. Stay tuned.

end

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

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

Russia confirms BRICS will create a gold-backed currency

Neils Christensen

Friday July 07, 2023 11:36

Kitco News

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(Kitco News) – The gold market could see new bullish momentum as the world could see a new type of gold standard.

Friday, according to state-run RT, the Russian government has confirmed that Brazil, Russia, India, China and South Africa, also known as BRICS nations, will introduce a new trading currency backed by gold. The official announcement is expected to be made during the BRICS summit in August in South Africa.

The latest news is adding new momentum to the ongoing de-dollarization trend unfolding in the global economy. Since mid-2022, central banks worldwide have been buying gold at a historic pace in part to diversify their reserve away from the U.S. dollar.

For many analysts, a gold-backed currency is the next evolution in this process. Many analysts have seen China’s recent gold purchases as an attempt to bring international credibility to the yuan.

At the same time, the U.S. government’s weaponization of the U.S. dollar against Russia for invading Ukraine has created some geopolitical uncertainty among some nations allied with Russia.

While the prospect of a gold-backed BRICS currency will provide significant support to gold, some analysts expect that it will take time before the impact is felt in the market.

Thorsten Polleit, chief economist at Degussa, said that while the announcement is a step in the right direction, there is still a long way to go to become reality.

“At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar’s hegemony,” he said in an exclusive comment to Kitco News.

However, Polleit added that the devil is in the details.

“For making the new currency as good as gold, a truly sound currency, it must be convertible into gold on demand. I am not sure whether this is what Brazil, Russia, India, China and South Africa have in mind,” he said. “Using gold as money, the unit of account would be a true game changer, no doubt about it. It could lead to a sharp devaluation of many fiat currencies vis-à-vis the yellow metal (including the BRICS fiat currencies), and it could catapult up goods prices in terms of fiat currencies. It could be a shock to the global fiat money system. I am not sure that this is what the BRICS wish to achieve.”

Polleit added that another option would be for the BRICS nation to create a new bank for financing foreign trade that would require holding gold as capital.

“Against this gold stock, the new bank could, say, grant financing loans to exporters, and issue the “new currency”; or BRICS exports will be sold against the “new currency” and/or gold,” he said. “I think it is fair to say that it is early to come up with a final conclusion where this will lead us to – we need more details.”

Naeem Aslam, chief investment officer at Zaye Capital Markets, said that while this could provide long-term support for gold, the precious metal continues to face short-term challenges. He added that despite the announcement, the world is still far from seeing a gold-backed currency.

“But this doesn’t mean this can’t be achieved at all,” he said. “For now, any additional positive news on this could certainly help the gold price, but more importantly, traders are now going to be focused on the US CPI data, which is due next week.”

Other analysts remain highly doubtful about the announcement.

“Talk of BRICS gold backed currency seems like an echo chamber. They do not have the gold to back a currency meaningfully,” said Marc Chandler, managing director of Bannockburn Global Forex. “Have we not learned anything from the EMU experience of monetary union without fiscal union. Color me profoundly skeptical.”

Many analysts have been speculating about a new global currency to challenge the U.S. dollar’s role as the world’s reserve currency. In late March, Former Goldman Sachs chief economist Jim O’Neill wrote in a paper published in the Global Policy Journal that the U.S. dollar’s dominance is destabilizing global monetary policies. He added that a BRICS currency, challenging the U.S. dollar’s dominance, would bring stability to the global economy.

“Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic,” he said.

end

The Gold Standard Is Back: BRICS To Intro Gold-Backed Reserve Currency

MONDAY, JUL 10, 2023 – 07:20 AM

Submitted by QTR’s Fringe Finance

Remember back when the Russia/Ukraine war had just started, and I predicted that Russia and China would launch their own gold backed currency?

At the time, this idea sounded completely foreign, and I was ridiculed for bringing it up. Today, it just become reality. 41+ countries look like they could be returning to a gold standard.

The images plastered all over RT this weekend had headlines like “New Money, New World” and “Gold Standard Will Be Of Great Benefit To Strengthening New Singly Currency”.

“The official announcement is expected to be made during the BRICS summit in August in South Africa,” Kitco reported over the weekend.

“At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar’s hegemony,” Thorsten Polleit, chief economist at Degussa, said.

He continued:

“For making the new currency as good as gold, a truly sound currency, it must be convertible into gold on demand. I am not sure whether this is what Brazil, Russia, India, China and South Africa have in mind. Using gold as money, the unit of account would be a true game changer, no doubt about it. It could lead to a sharp devaluation of many fiat currencies vis-à-vis the yellow metal (including the BRICS fiat currencies), and it could catapult up goods prices in terms of fiat currencies. It could be a shock to the global fiat money system. I am not sure that this is what the BRICS wish to achieve.”

The official announcement of the new currency is expected in August during the BRICS summit in South Africa.

Even more shocking than the announcement is the cavalier attitude that United States Treasury Secretary Janet Yellen appears to be taking to the news. In statements I can only describe as completely delusional, Yellen said this weekend:

“I just want to reiterate what I’ve said in the past, which is I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead.

I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency].”

That’s one she’s going to want to take back at some point, I’m certain.

Meanwhile this announcement from BRICS is a key waypoint in a larger map of dethroning the U.S. dollar as the world’s global reserve currency. Not only does it solidify what we already know — that gold is real money — but it is also the most pronounced public challenge to the U.S. dollar on the global stage in recent memory.

It’s also a serious waypoint in a much larger map of U.S. de-dollarization that I laid out in full just 2 months ago in a length, multiple hour longform interview.

In that must-listen interview, my friend Andy Schectman told me: “When you look at countries that have expressed interest in joining BRICS, they all have substantial gold holdings. The numbers are increasing among those who want to join, there’s over 60 countries they have lined up in a queue [to join BRICS].”

The next thing I’ll be looking for will be cooperation from the Saudi’s who, because of their dominance in oil markets, can help affect the change necessary to grow this new currency.

Andy continued, telling me back in May:

“I do believe it’ll be a Sunday night. OPEC, the BRICS nations, Saudi Arabia – they come out and say on a Sunday night, we’re taking other currency for oil – and everything blows up Monday morning. It’s a tsunami of dollars,” Andy concluded. “The pieces are being put into place right now. Nobody is going to have time to react.”

“Why the hell would Central Banks be buying more gold now than ever? They’re frontrunning. They don’t care about the technicals, they’re using the Western suppression of gold prices to de-dollarize. What does that look like when the world completely sheds dollars because they no longer need them to buy oil?”

Lest we forget, simple, common sense.

I’ve argued for de-dollarization not because I’m unpatriotic or I want bad things to happen to the U.S. — just the opposite. Simply because the case becomes common sense when examining how we have abused the dollar’s reserve currency status, most recently weaponizing our currency as result of the Russia/Ukraine war.

When a gold backed currency makes its way onto the global trade stage, it’ll be taken seriously because the rest of the world will have the same common sense realization that we already have. And this is why I believe, no matter what skepticism you may hear from dollar bulls, the wheels are already in motion.

For a list of what I own and how I’m personally positioning myself, check out my portfolio review, released just a couple of days ago.

This post is public so feel free to share it: Share

END

ALERT! Silver Riggers Panicking as the Control Mechanisms are Failing! BUY SILVER TODAY! (Bix Weir)

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With the Announcement of a new BRICS Gold-Backed currency being introduced in August the Silver Price Riggers have been given a DEADLINE as to WHEN the Game Ends. Have you made your final SILVER purchases yet?! ALERT! Silver Riggers Panicking as the Control Mechanisms are Failing! BUY SILVER TODAY! (Bix Weir)https://youtu.be/_gDE-kdgUAA May the Road you choose be the Right Road. Bix Weirwww.RoadtoRoota.com

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

ROBERT H TO US:

Indonesia’s mineral export bans face hot global fire – Asia Times

It is not just China that is limiting mineral exports to the West.
Grips about this will go no where.

https://asiatimes.com/2023/07/indonesias-mineral-export-bans-face-hot-global-fire/

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//COCOA

Cocoa Squeeze Rattles London Market In Biggest Move Since ‘Chocfinger’

SATURDAY, JUL 08, 2023 – 08:45 AM

Over the course of ten months, benchmark cocoa futures prices in London have surged by more than 51%, driven by the worsening global shortage of this crucial ingredient used in the world’s sweet snacks.

Bloomberg pointed out, “The biggest cocoa trade in more than a decade is rattling the London exchange,” noting gyrations in the cocoa markets bring back memories of Anthony Ward, who co-founded trading house Armajaro, tried to corner the entire cocoa market in a legendary trade known as “Chocfinger.”

Traders have said the worsening multi-year deficits of cocoa have reduced stockpiles, forcing some chocolate makers with no other choice but to panic buy. This has unleashed a massive squeeze, sending the cocoa contracts for July to £240 a ton premium versus the next contract.

The last time this happened was when commodities trader Ward via Armajaro’s CC+ fund, took one of the largest-ever cocoa deliveries in 2010. It led to an eruption in price.

One commodity firm has said chocolate makers have depleted reserves and are left with no other choice but to buy in the open market:

“Buyers have been behind in purchases.

“As prices climbed and there were concerns of even higher prices, they threw in the towel to buy more,” said consultant Judy Ganes, president of J. Ganes Consulting.

That’s all happening around the biggest net-short position on record by commercial players being unwound earlier this year, plus the devastating effects of El Nino on crops.

… and what does this mean for consumers? Well, higher chocolate prices are ahead.

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 UP TO 7.2375

OFFSHORE YUAN: UP TO 7.2429

SHANGHAI CLOSED UP 7.09 PTS OR 0.22%

HANG SENG CLOSED DOWN 114.02 PTS OR 0.62%

2. Nikkei closed DOWN 198.69 PTS OR 0.61%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX UP TO 102.10 EURO RISES TO 1.0958 UP 8 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.461 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 142.25/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: UP// OFF- SHORE: UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.6431***/Italian 10 Yr bond yield RISES to 4.374*** /SPAIN 10 YR BOND YIELD RISES TO 3.694…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.04

3j Gold at $1924.20 silver at: 23.05 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 11 /100 roubles/dollar; ROUBLE AT 91,14//

3m oil into the 73 dollar handle for WTI and 78 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 142.25// 10 YEAR YIELD AFTER BREAKING .54%, RISES TO 0.461% 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 0.8899 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9753 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: 4.044 UP 0 BASIS PTS…

USA 30 YR BOND YIELD: 4.046 UP 1 BASIS PTS/

USA 2 YR BOND YIELD: 4.908 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.10…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 0 BASIS PTS AT 4.687 UP 4 PTS

end

2. Overnight: Newsquawk and Zero hedge:

Futures Struggle To Rise As Risk Sentiment Hit By Latest Soft China Data; US CPI, Earnings Loom

BY TYLER DURDEN

MONDAY, JUL 10, 2023 – 08:06 AM

After Friday’s downbeat market close, futures are again weaker to start the weak, if off the worst levels of the day, as we enter a heavy macro week highlighted by CPI, 8 Fed speakers, and the kick off of earnings season. Risk appetite also took a hit as focus turned to the threat of deflation in China: June CPI was flat – on the verge of deflation – while producer prices slumped 5.4% from a year earlier, the sharpest slide since December 2015.

As of 7:30am ET, S&P futures were down fractinally, erasing an earlier loss of 0.5%, with Nasdaq 100 futures lagging and down 0.2%. Bond yields are lower, the USD flat also erasing an earlier drop amid broad commodity weakness (as a reminder, the Black Sea Grain Initiative expires next week; keep an eye on Ags prices). Yellen’s China trip attempted to thaw US/China relations and while dialogue remains open there are no actionable plans for further step.

In premarket trading, US-listed Chinese stocks fell giving back some of Friday’s gains after the latest economic data raised concerns about deflation risks as China’s recovery loses steam. Alibaba (BABA US) shares are down 1%, Baidu (BIDU US) -1.1%. Here are some other notable premarket movers:

Rivian US) shares rise as much as 5.2% in premarket trading, on track to extend gains for a ninth consecutive session — their longest ever winning streak.
Icahn Enterprises shares rise as much as 5.6% in premarket trading after a Wall Street Journal report said Carl Icahn finalized amended agreements with banks that untie his personal loans from the trading price of his company’s shares, increase his collateral and set up a plan to fully repay the borrowings in three years.

Global stocks have been on the back foot at the start of the second half amid concerns economies will buckle under high rates as central banks keep up the fight against rising prices. US Treasury Secretary Janet Yellen said at the weekend she wouldn’t rule out a US recession, noting inflation remains too high.

“Everyone is looking at inflation or has been looking at inflation for a long time,” Nicolo Bocchin, global head of fixed income at Azimut Group, said on Bloomberg Television. “Now it’s time to look at growth.”

Additionally, with second-quarter earnings season starting this week, investors should expect volatility to pick up in the weeks ahead, said Nigel Green, chief executive of DeVere Group.

“Markets are bracing for what could be the worst reporting season since the end of the pandemic,” Green said. “In the last quarterly earnings, there was a lot of negative guidance. We’re likely to see this having turned out to be correct amid the brewing of a perfect storm of several major economic headwinds.”

Traders will also assess US inflation numbers on Wednesday and producer prices a day later for signals on the Federal Reserve’s likely policy path and the rising risk of a recession. UK jobs data Tuesday will be crucial in determining the Bank of England’s next policy decision in August.

European stocks were quick to pare opening declines and now trade slightly higher while the dollar is off its best levels. The Stoxx Europe 600 index fluctuated after its biggest weekly drop since mid-March; the index was up 0.2% after earlier sliding as much as 0.5%; energy and banks led gains while miners were the leading decliners as iron ore and copper fell. Rio Tinto Group dropped more than 2% after its chairman warned of headwinds from China for raw materials. Bayer AG rose as much as 3.2% after a report it’s planning to spin off its agricultural chemicals business. Here are some of the most notable European movers:

Bayer shares rise as much as 3.2% after CEO Bill Anderson is working on a potential spinoff of the company’s agricultural chemicals business via a stock exchange listing, Platow Brief reported
FinecoBank rises as much as 2.4% after JPMorgan put the Italian bank on positive catalyst watch ahead of first-half results, saying that June flows data represent an inflection point that could drive a material re-rating of the stock
Novartis rises as much as 1.2% after the company sought to calm market jitters over news late Friday that a US court invalidated a patent claim for its blockbuster heart drug Entresto
Idorsia shares jump as much as 9.2% after the company said its insomnia drug, Quviviq, will be covered by CVS insurance plans. Vontobel says this lowers the hurdle for physicians to prescribe the insomnia drug “significantly”
Future shares gain as much as 8.2% after the international multimedia company is proposing to return up to £45 million of cash to its shareholders through a share buyback program, according to a statement
Beter Bed Holding shares jumped as much as 99% to €5.85 after Torqx Capital Partners reaches conditional agreement to buy bedroom furniture maker in a deal valuing the company at ~€168 million, according to statement
Schindler falls as much as 3.1% after Goldman Sachs downgrades the Swiss elevator maker to neutral from buy, saying weakness in the new equipment business is likely to continue
Scout24 shares drop as much as 6.4% after UBS cut the German online property-rental platform to sell from neutral, citing pressure on the German housing market
TGS falls as much as 14% after the Norwegian oil and gas data firm reported preliminary 2Q figures. DNB says the results show weakness in the Multi-Client late sales segment and expects consensus EPS downgrades

Earlier in the session, Asian stocks fell as Fed hike, China slowdown worries rattled investors. The MSCI Asia-Pacific Index was down 0.3% after erasing an earlier gain of as much as 0.5%, and heading for the lowest close in more than a month. Shares in Hong Kong and mainland China pared gains after Chinese data showed further declines in factory-gate prices while core inflation slowed. The offshore yuan swung to a loss after the data.

Angst over the lack of policy support in China is growing, forcing some investors to look at alternatives such as South Korea and India. Even then, key gauges in Hong Kong and on the mainland were among the best performers in the region Monday. Weaker-than-expected producer price data and muted retail inflation for June led traders to speculate on further easing by the central bank, while gains in technology stocks also helped. A rally in Alibaba, which ended 3.2% higher in Hong Kong, spurred gains in other technology stocks as investors perceived China’s imposition of more than $1 billion in fines on unit Ant Group, and Tencent as the end of the regulatory purge on the sector. “China is cheap,” and its current transition to lower growth “is well understood by the market,” Shaun Cochran, head of research at CLSA, said in a Bloomberg Television interview. “China can deliver reasonable returns. It doesn’t have to lead the cycle. The next cycle is about transition. India can pick up the baton.” Japanese stocks fell tracking the USDJPY tick for tick, with the Nikkei 225 registering worst string of daily losses this year after a blockbuster rally in the first six months of 2023. The blue-chip gauge fell 0.6%, extending its losing run to a fifth day, the longest since December. Australia’s ASX 200 gave back early gains with price action rangebound as the gains in the commodity-related sectors are offset by losses in industrials, real estate and consumer stocks.

In FX, the Bloomberg Dollar Spot Index steadied as weak Chinese inflation data saw a risk-off trading session. AUD/USD and NZD/USD led declines, while USD/NOK fell as much as 0.8% on hotter than expected Norwegian inflation data.

In rates, the treasury curve continues to steepen with front-end and belly yields richer by around 3.5bp on the day into early US session, while long-end is slightly cheaper vs Friday close as the curve bear steepened with traders brushing off Friday’s non-farm payrolls print in anticipation of further Federal Reserve tightening. Treasury 10-year yields marginally richer on the day at around ~4.05% with bunds and gilts trading cheaper by ~2.5bp in the sector; front-end- and belly-led gains steepen 2s10s, 5s30s spreads by 3bp and 4.5bp on the day. US 2s10s spread has widened as much as 26bp from last Monday’s lows, with positioning flows suggesting flattener fatigue. Dollar IG issuance slate includes JBIC 5Y SOFR; as much as $25 billion in new bond offerings is on tap for the week. US session includes a handful of Fed speakers, with June CPI report ahead Wednesday. “Friday’s report does not support another pause in July,” wrote Mizuho rates strategists in a note, forecasting a 25 basis point hike. “We expect front-end UST yields to remain around current ranges (4.85-5.10% for 2Y).” Money-markets continue to fully price one more hike from the Federal Reserve with a 92% chance it comes at the next meeting

In commodities, crude futures decline, with WTI falling 0.8%. Spot gold is little changed. Bitcoin drops 0.2%.

Bitcoin is under modest pressure from the stronger USD, though with action relatively contained and BTC is currently holding above the USD 30k mark after a brief loss of the level earlier to a USD 29.96k trough. Upside was seemingly spurred by the Standard Chartered call for Bitcoin to rise to circa. $50K by end-2023 and possibly to USD 120k by end-2024.

It’s a quiet start to a busy week, with just Wholesale inventories/sales and Consumer Credit data on deck.

Market Snapshot

S&P 500 futures down 0.2% to 4,423.75

STOXX Europe 600 little changed at 447.92

German 10Y yield little changed at 2.65%

Euro little changed at $1.0957

Brent Futures down 0.8% to $77.81/bbl

Gold spot down 0.1% to $1,923.44

US Dollar Index up 0.13% to 102.40

Top Overnight News

Yellen said US controls are only targeted at highly targeted, very sensitive national security sectors, and won’t have a material impact on Chinese’s economy; Yellen said there is still ample room for US and Chinese companies to boost trade and investment despite geopolitical tensions between the two governments. FT
China’s PPI deflation worsens and CPI on the cusp of falling into negative territory, making the need for stimulus even more urgent than before – June’s PPI came in at -5.4% (vs. -4.6% in May and worse than the Street’s -5% forecast) while the CPI was flat (down from +0.2% in May and below the Street’s +0.2% forecast. WSJ
China has lowered mutual fund mgmt. fees and vowed to push more institutional investors to raise equity allocations as the gov’t attempts to prop up the market. BBG
Jack Ma’s clash with the Chinese government cost Ant and Alibaba $850 billion in market value. Meanwhile, Alibaba is considering selling shares to Ant as part of the company’s planned buyback, which would value it about 70% less than its $280 billion market value in 2020. BBG
Many regional areas of Japan saw small and mid-sized firms aggressively raise wages, reflecting intensifying labor shortages, the Bank of Japan (BOJ) said on Monday, underscoring its growing conviction that wage hikes were broadening. RTRS
Germany is set to oppose Ukraine’s entry into NATO due to concerns it could bring the alliance into direct war with Russia (Berlin will focus on providing Kyiv with security guarantees). London Telegraph
Norway’s core CPI for June unexpectedly accelerates to +7% (up from +6.7% in May and ahead of the Street’s +6.6% forecast). BBG
A surge in US real yields — the return that bond investors can expect once inflation is taken into account — has reawakened investors’ concerns that shifts in the Treasury market are undermining one of the crucial supports for riskier assets like stocks. FT
Disinflationary forces are set to intensify in the US, but getting inflation back to the Fed’s 2% target will be difficult without a notable slowdown in the economy. WSJ
S&P 500 firms should be able to meet or exceed the low bar set for 2Q. Consensus estimates for 2Q growth since the beginning of April have been cut from -6% to -9%. 2Q 2023 would mark the trough in EPS growth if consensus expectations are realized, but S&P 500 ex-Energy EPS already troughed in 4Q 2022, coinciding with the market bottom.

A more detailed look at global markets courtesy of Nwsquawk

APAC stocks were mostly positive albeit with gains capped for many of the regional bourses as participants digested softer-than-expected inflation data from China. ASX 200 gave back early gains with price action rangebound as the gains in the commodity-related sectors are offset by losses in industrials, real estate and consumer stocks. Nikkei 225 spent most of the session extending on last week’s slump before rebounding in late trade. Hang Seng and Shanghai Comp traded higher with the Hong Kong benchmark boosted by the tech sector amid hopes that China could be nearing the end of the tech crackdown. Conversely, the gains in the mainland were capped after the latest Chinese inflation data missed estimates with zero consumer inflation in the mainland and a deeper contraction in factory gate prices, while there were recent comments from Treasury Secretary Yellen that they made some progress during her trip to Beijing and that ties were put on a super footing, although expectations had been pre-set at a low level.

Top Asian News

China’s regulator supports mutual fund managers to reasonably lower fund product fees and said they will optimise the mutual fund fee scheme and steadily lower industry comprehensive fee rates.
South Korean regulator has reportedly asked major commercial banks to prepare USD 4bln financing for potential support to credit unions facing customer withdrawals, according to Reuters sources. Click here for more detail & analysis.
Kaisa (1638 HK) has been hit by a wind-up petition from hedge fund Broad Peak Investment Advisors, via FT; adds, citing an investor, the case is being watched by offshore bondholders to see how the onshore claim impacts international restructuring process.
BoJ Nagoya Branch Manager says has not received any calls from firms to review BoJ’s ultra easy policy.
China’s cyberspace regulator has issued a notice to strengthen management on “self media”; will regulate sources of information.

European bourses are modestly firmer, with specific catalysts limited but the action diverges with US futures with a number of potential factors in play, Euro Stoxx 50 +0.4%. Stateside, futures by contrast are softer across the board, ES -0.2%, with fresh fundamentals light after numerous weekend developments. In terms of the divergence between Europe and the US, this could be spurred by any one of a number of factors which include: US-China talks, Citi note, upcoming data (US CPI) and the commencement of Q2 earnings season, among others.

Top European News

BoE Governor Bailey rejected calls to raise the inflation target to above 2% and warned that a change in the target would “unpick expectations”, according to Bloomberg.
UK Treasury said Mansion House reforms will simplify the rules for buying and selling shares, as well as improve research facilities.
ECB’s Centeno sees inflation slowing with core prices to follow, while he noted that inflation will be well below 3% by year-end and that all indicators say inflation has peaked.
ECB’s Villeroy said Eurozone rates will soon reach their high point but it will be more of a high plateau than a peak, while he added that raising the central bank’s inflation target is not a good idea, according to Reuters.
Riksbank Minutes (June): Although inflation has continued to fall since the Monetary Policy meeting in April, it is still far too high and far from the target of 2% Overall, the Minutes had a hawkish-skew. Click here for more detail.
Dutch PM Rutte will not be running for a fifth term in office.

Greenback regains poise after post-NFP retreat, DXY forming a base above 102.000.
Aussie fades ahead of 0.6900 vs Buck and drifts away from option expiry interest in sympathy with Yuan in reaction to sub-forecast Chinese CPI and PPI; AUD/USD probes 0.6650, USD/CNY and USD/CNH 7.2300+ and circa 7.2400 respectively.
Euro flanked by expiries between 1.0920 and 1.0970-80, Sterling most afloat on a 1.2800 handle awaiting BoE Governor Bailey and Yen holding bulk of its recovery gains above 142.50 where a Fib is in close proximity.
NOK propped up after another hawkish CPI-ATE print while the SEK benefits from overall-hawkish June Minutes.
PBoC set USD/CNY mid-point at 7.1926 vs exp. 7.2132 (prev. 7.2098)

Fixed Income

Debt still in a downward spiral after firmer, but short-lived bounces.
Bunds just off a new 130.76 Eurex low having popped to 131.25 vs last Friday’s 131.12 close.
Gilts towards base of 92.33-76 Liffe range and T-note soft within 110-21+/13 confines awaiting some data, NY Fed SCE and several Fed speakers.

Commodities

WTI and Brent futures are softer intraday with industrial sentiment dampened by the Chinese inflation data overnight.
Spot gold is flat around USD 1,925/oz and within recent ranges, as traders keep the powder dry for the US inflation metrics mid-week alongside the slew of central bank speakers scattered throughout the week.
Base metals are mostly subdued but off worse levels, as sentiment in the complex was hit by the softer-than-expected Chinese inflation metrics which underscored a sluggish recovery.
Kuwait’s Oil Minister said Kuwait and Saudi Arabia have exclusive rights in the Durra Gas Field and that Iran should unilaterally demarcate its maritime borders in accordance with international law, according to Reuters citing comments to Al Ekhbariya TV.
TotalEnergies (TTE FP) announces the commencement of production in the Absheron Gas field in Azerbaijan, site has production capacity of 4mln cubic metres of gas/day and 12k BPD of condensate.

US Event Calendar

10:00: May Wholesale Trade Sales MoM, est. 0.3%, prior 0.2%
10:00: May Wholesale Inventories MoM, est. -0.1%, prior -0.1%
15:00: May Consumer Credit, est. $20b, prior $23b

Central Banks

10:00: Fed’s Barr Speaks on Bank Supervision and Capital Rules
11:00: Fed’s Daly to Discuss Inflation, Banking
11:00: Fed’s Mester Speaks on Economic and Policy Outlook
12:00: Fed’s Bostic Speaks on US, Atlanta Economies

DB’s Jim Reid concludes the overnight wrap

Welcome to a big US CPI week. Since you last heard from me on Friday I’ve played 3 rounds of golf, watched a glorious England’s men win at cricket, an impressive women’s cricket win, saw England’s men footballers lift the U21 European championship trophy, and watched the Women’s Golf Open at Pebble Beach. If you think I’m exaggerating, feel free to grill me on any of the details on the above!! Over this time, I put no annoying kids to bed. That’s all over tonight as a tired, hungry, emotional family come back from a long weekend away in Scotland and I’ll lose my temporary bachelor status. Good news (I think!).

Watching and playing sport all weekend has given me a chance to reflect on markets. Last week was a fascinating one as US 10yr yields closed the week above pre-SVB levels for the first time since that major accident and 2yr yields traded briefly above for the first time too, albeit retracing in the latter half of the week. It does make you wonder where we would be if SVB hadn’t happened. Our view before SVB was that we were waiting for the lag of monetary policy to bite and that something would happen to trigger a US recession by the end of the year. However, as a thought experiment it’s possible that SVB and the other regional bank problems have actually helped delay further pain and the recession as it caused a major rally in rates and rate expectations whilst simultaneously seeing the Fed add various liquidity schemes to help prevent a wider problem.

Indeed, with a -130bps rally in 2yr yields to the lows after SVB, a -65bps rally in 10yr and a stunning -185bps rally in the Dec 2023 Fed Funds contract, the fear trade quickly moved onto to a “Fed will soon cut aggressively” trade and with it the soft-landing narrative slowly gained more and more traction. However, as we stand here today, we’re pretty much back to where we were pre-SVB in rates (plus or minus) and with equities notably higher. I still think we’re at the earlier end of the full impact period from the lag of what has been fairly aggressive monetary tightening over the last 12-15 months. Remember that a year ago the ECB rate was still negative with QE only having just ended.

With US/Euro central bank rate expectations now elevated again and with longer end rates higher, it is going to be harder to avoid stress and/or weaker economic activity than if rates were still nearer their post-SVB lows.

The direction of travel over the next several weeks could be set by US CPI on Wednesday and will take something remarkable elsewhere for it not be the most important event this week. There is plenty of Fed speak before and after the release so their response to it and to payrolls last Friday will be very closely watched too. The other highlights in the US include the Beige Book (Wednesday), PPI, jobless claims (both Thursday), and the University of Michigan survey (Friday) which includes the important inflation expectations series. In addition, Friday sees JPMorgan, Citigroup and BlackRock report as Q2 earnings season slowly starts this week.

Over in Europe, notable economic indicators include the Euro and German ZEW survey (tomorrow), UK’s labour stats (tomorrow), and the UK monthly GDP report (Thursday). The ECB account of their June meeting (Thursday) will be another interesting release given the increased pricing of a September hike in markets of late.

Staying with central banks, the Bank of Canada decision on Wednesday will also be of note. Markets are expecting a 25bps hike now after strong Canadian payrolls on Friday.

Going through a few points in more detail now. For US CPI, our economists preview it in full here but in brief they expect a +0.20% mom gain for headline CPI (vs. +0.12% previously, consensus +0.3%) and a +0.28% increase for core (vs. +0.44%, consensus +0.3%) which would have the YoY rate for the former dropping by a full percentage point to 3.1%, while that for the latter would drop by 30bps to 5.0%, both in line with consensus. This would leave the three- (4.6% vs. 5.0%) and six-month annualised (4.8% vs. 5.1%) core rates still well above the Fed’s target.

Another piece of the inflation puzzle will come from the University of Michigan’s consumer sentiment survey on Friday. The focus will likely be on whether the drop in 12-month inflation expectations will prove sustainable, after the latest reading of 3.3% was the lowest since March 2021 (consensus 3.1% this month) and now converging back to the long-term series which is at 3% at the moment.

In the UK, the labour market stats tomorrow (including the crucial wages number) will be important given recent big Gilt moves.

There will be a few events to watch in geopolitics as well this week, starting with US President Biden’s current trip to Europe from yesterday to Thursday. It will also include NATO’s annual summit in Vilnius held tomorrow and Wednesday, where Ukraine’s potential membership path will be a key point to watch. The G20 finance ministers and central bankers meeting will take place in Gandhinagar on July 14-18.

This morning in Asia, equity markets are mostly higher with Chinese equities leading gains across the region supported by a rally in tech stocks. However, they are off their highs after weak Chinese inflation data has brought a word into play that we haven’t heard for a while. Deflation. Annual producer prices dipped -5.4% YoY (v/s -5.0% expected) in June, its lowest level since December 2015 and compared with the -4.6% decline in May. Meanwhile, consumer price inflation was flat YoY in June, versus Bloomberg expectations for a +0.2% rise and down from +0.2% growth in May. The calls for fresh stimulus will grow.

As I check my screens, the CSI (+0.68%), the Hang Seng (+0.65%), and the Shanghai Composite (+0.18%) are off their earlier highs that were fuelled by hopes that Beijing’s long running tech regulatory crackdown is coming to an end. Elsewhere, the KOSPI (+0.23) is higher whilst the Nikkei (-0.66%) is extending losses for the fifth consecutive session after dipping more than -1% on Friday. Outside of Asia, US stock futures are edging lower with those on the S&P 500 (-0.23%) and NASDAQ 100 (-0.37%) a bit weaker. Meanwhile, yields on 10yr USTs (+1.2 bps) are trading at 4.07% with the 2s10s curve (+2.0 bps) slightly steepening to -87.0 bps as we go to print.

Now, looking back on last week, on Friday we had the June US nonfarm payrolls data release. The headline payrolls number came in softer than anticipated at +209k (vs +230k expected, and with -110k of downward revisions for the previous two months). This was the first miss in 15 months versus expectations on the day. However, the overall report was still firm. The unemployment rate came down from 3.7% in May to 3.6%, as expected, and average hourly earnings rose to 4.4% year-on-year (vs 4.2% expected), up from 4.3%. Average weekly hours for all employees also climbed to 34.4 (vs 34.3 expected). Overall, the dampening of payrolls is consistent with a labour market deceleration. However, the low unemployment rate and the strength in average hourly earnings highlight that there is a way to go to bring enough heat out of the labour market in order to meet the Fed’s objectives. This something-for-everyone print led to a mixed day for rates and equities, with a weaker US dollar being the clearest market theme on Friday.

Payrolls did nothing to dislodge market expectations of an additional 25bps hike by the Fed this month, with the pricing of a July hike staying at 89% on Friday. However, the data saw 10yr US Treasuries whipsaw, first dropping around -5bps to below 4.00% on the release, before closing +3.6bps higher on the day at 4.06%. Week-on-week, yields were up +22.8bps, reaching their highest level since November last year. With investors trimming some of their expectations for the Fed beyond the July meeting, US 2yr yields fell -3.7bps, partially erasing gains earlier in the week (up +4.8bps in weekly terms). Off the back of this, the US 2s10s curve steepened by +7.3bps on Friday, and +18.0bps week-on-week. It had hit -110.5bps on Monday but closed the week at -88bps.

In Europe, markets similarly priced in further rate hikes by the ECB over the course of last week despite a retreat on Friday. By December 2023, the market is now pricing +51.2bps of additional hikes (so just over two 25bp hikes), up from 47.8bps a week earlier (but down -3.7bp on Friday). Against this backdrop, the 2yr bund yield fell by -4.6bp on Friday (+5.7bp on the week) but 10yr bund yields rose by another +1.0bps to bring the weekly increase to +24.4bps, the largest weekly move up since mid-April.

Equity markets in the US initially rallied on Friday after the payrolls release but retreated later in the day, with S&P 500 closing -0.29% lower (and down -1.16% in weekly terms). It was a similar story for the NASDAQ, down -0.13% on Friday, and -0.92% week-on-week. It was European equities that saw the larger losses over the course of the week, with the STOXX 600 falling back -3.09% in its largest weekly move down since the SVB crisis (despite a marginal +0.10% recovery on Friday).

Looking to commodities, oil prices were the main outperformer. Brent crude gained +4.77% week-on-week (and +2.55% on Friday) to $78.47/bbl, its largest weekly move up since the first week of April. WTI crude, gained +4.56% last week (and +2.87% on Friday) to $73.86/bbl. On Friday, commodities outperformance was boosted by a weaker dollar, with the US dollar index down -0.87%, its sharpest daily decline since the banking stress in mid-March.

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

Equities diverge, USD bid and fixed dips ahead of numerous Central Bank speakers – Newsquawk US Market Open

MONDAY, JUL 10, 2023 – 06:23 AM

European bourses are firmer across the board but diverging with their US peers currently
USD regains poise with Antipodeans fading and EUR noting OpEx; Scandis lead on CPI & Minutes
Core fixed benchmarks are lower despite fleeting bounces ahead of data & several speakers
Crude benchmarks remain softer post-Chinese CPI, base metals in-fitting while spot gold is more contained
Yellen said the US & China made some progress at the bilateral meeting
Looking ahead, highlights include Chinese M2, NY Fed SCE; Speeches from BoE’s Bailey, Fed’s Barr, Daly, Mester & Bostic.

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EUROPEAN TRADE

EQUITIES

European bourses are modestly firmer, with specific catalysts limited but the action diverges with US futures with a number of potential factors in play, Euro Stoxx 50 +0.4%.
Stateside, futures by contrast are softer across the board, ES -0.2%, with fresh fundamentals light after numerous weekend developments.
In terms of the divergence between Europe and the US, this could be spurred by any one of a number of factors which include: US-China talks, Citi note, upcoming data (US CPI) and the commencement of Q2 earnings season, among others.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

Greenback regains poise after post-NFP retreat, DXY forming a base above 102.000.
Aussie fades ahead of 0.6900 vs Buck and drifts away from option expiry interest in sympathy with Yuan in reaction to sub-forecast Chinese CPI and PPI; AUD/USD probes 0.6650, USD/CNY and USD/CNH 7.2300+ and circa 7.2400 respectively.
Euro flanked by expiries between 1.0920 and 1.0970-80, Sterling most afloat on a 1.2800 handle awaiting BoE Governor Bailey and Yen holding bulk of its recovery gains above 142.50 where a Fib is in close proximity.
NOK propped up after another hawkish CPI-ATE print while the SEK benefits from overall-hawkish June Minutes.
PBoC set USD/CNY mid-point at 7.1926 vs exp. 7.2132 (prev. 7.2098)
Click here for more detail.
Click here for the notable option expiries.

FIXED INCOME

Debt still in a downward spiral after firmer, but short-lived bounces.
Bunds just off a new 130.76 Eurex low having popped to 131.25 vs last Friday’s 131.12 close.
Gilts towards base of 92.33-76 Liffe range and T-note soft within 110-21+/13 confines awaiting some data, NY Fed SCE and several Fed speakers.
Click here for more detail.

COMMODITIES

WTI and Brent futures are softer intraday with industrial sentiment dampened by the Chinese inflation data overnight.
Spot gold is flat around USD 1,925/oz and within recent ranges, as traders keep the powder dry for the US inflation metrics mid-week alongside the slew of central bank speakers scattered throughout the week.
Base metals are mostly subdued but off worse levels, as sentiment in the complex was hit by the softer-than-expected Chinese inflation metrics which underscored a sluggish recovery.
Kuwait’s Oil Minister said Kuwait and Saudi Arabia have exclusive rights in the Durra Gas Field and that Iran should unilaterally demarcate its maritime borders in accordance with international law, according to Reuters citing comments to Al Ekhbariya TV.
TotalEnergies (TTE FP) announces the commencement of production in the Absheron Gas field in Azerbaijan, site has production capacity of 4mln cubic metres of gas/day and 12k BPD of condensate.
Click here for more detail.

NOTABLE US HEADLINES

US Treasury Secretary Yellen said it is too early to rule out a US recession and that inflation remains too high.
International Brotherhood of Teamsters said striking Amazon (AMZN) delivery drivers and dispatchers from Palmdale, California extended the picket line to the Amazon warehouse in Massachusetts.
Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

Norwegian Core Inflation YY (Jun) 7.0% vs. Exp. 6.6% (Prev. 6.7%); Consumer Price Index YY (Jun) 6.4% vs. Exp. 6.2% (Prev. 6.7%)
EU Sentix Index (Jul) -22.5 vs. Exp. -18.0 (Prev. -17.0).

NOTABLE EUROPEAN HEADLINES

BoE Governor Bailey rejected calls to raise the inflation target to above 2% and warned that a change in the target would “unpick expectations”, according to Bloomberg.
UK Treasury said Mansion House reforms will simplify the rules for buying and selling shares, as well as improve research facilities.
ECB’s Centeno sees inflation slowing with core prices to follow, while he noted that inflation will be well below 3% by year-end and that all indicators say inflation has peaked.
ECB’s Villeroy said Eurozone rates will soon reach their high point but it will be more of a high plateau than a peak, while he added that raising the central bank’s inflation target is not a good idea, according to Reuters.
Riksbank Minutes (June): Although inflation has continued to fall since the Monetary Policy meeting in April, it is still far too high and far from the target of 2% Overall, the Minutes had a hawkish-skew. Click here for more detail.
Dutch PM Rutte will not be running for a fifth term in office.

CRYPTO

Bitcoin is under modest pressure from the stronger USD, though with action relatively contained and BTC is currently holding above the USD 30k mark after a fleeting loss of the level earlier to a USD 29.96k trough. Most recently, fleeting upside was seemingly spurred by the Standard Chartered call for Bitcoin to rise to circa. USD 50k by end-2023 and possibly to USD 120k by end-2024.

GEOPOLITICS

US-CHINA

US President Biden said he told Chinese President Xi earlier this year that he should be careful to observe what happened with Russia as China relies on Western investment and that since Russia went into Ukraine, 600 American corporations have pulled out of Russia. Furthermore, Biden said a Ukraine NATO membership vote would be premature and he doesn’t think Ukraine is ready to join NATO yet.
US Treasury Secretary Yellen said the US and China have significant disagreements and they must be communicated clearly and directly, while she noted they made some progress and that the objective of her visit was to establish and deepen ties to the new Chinese economic team and reduce the risk of misunderstanding. Yellen added that bilateral meetings with Chinese officials were direct, substantive and productive with ties put on a super footing but noted that she raised serious concerns about China’s unfair economic practices and uptick in coercive action against US firms. Furthermore, she warned that Chinese firms must avoid providing Russia with material support or help in evading sanctions and said if the US moves ahead with curbs on outbound investment, it would be done in a transparent, narrowly targeted way with a rule-making process.
US Treasury Secretary Yellen had a candid, in-depth, pragmatic and constructive exchange with Chinese Vice Premier He Lifeng in which China expressed concerns about US sanctions and restrictions against China, while China believes that generalising national security is not conducive to normal economic and trade exchanges. Yellen also met with PBoC Party Secretary Pan Gongsheng on Friday in which they discussed global macroeconomic and financial developments including the disproportionate impact of recent economic shocks on low-income countries, while she emphasised the importance of the US and China working together on global challenges.
Chinese Finance Ministry said regarding US Treasury Secretary Yellen’s visit that they ask the US to take practical actions in response to China’s major economic concerns about US economic sanctions and crackdown, while the Chinese side once again reiterated its concerns on the lifting of tariffs on China and the cessation of suppression of Chinese enterprises. Furthermore, it stated that China and the US agreed to keep high-level exchanges and all-level communications in the economic area, according to Reuters.

RUSSIA-UKRAINE

US President Biden held a call with Turkish President Erdogan in which they discussed a range of issues and expressed their commitment to continue supporting Ukraine, while President Biden conveyed his desire to welcome Sweden into NATO as soon as possible and they agreed to meet at the NATO summit in Vilnius. In relevant news, US Secretary of State Blinken emphasised to Turkish Foreign Minister Fidan that now is the time for Sweden to formally join the NATO alliance, according to Reuters.
US and Germany are reportedly under intense pressure from other allies to show greater support for Ukraine’s eventual membership in NATO and have backed a form of words for the NATO summit’s concluding statement that does not fully endorse a pathway to NATO membership, according to FT.
White House National Security Adviser Sullivan said Ukraine’s written assurance mentions they will not use cluster munitions on Russian territory or in populated areas, according to Reuters.
UK PM Sunak commented on US plans to supply Ukraine with cluster munitions in which he stated the UK is part of a convention which prohibits the production or use of cluster munitions and discourages their use, according to Reuters.
Russian embassy in the US alleged that the White House ‘confesses to war crimes’ by sending cluster munitions to Ukraine, according to RIA.
Ukrainian President Zelensky returned from a visit to Turkey and brought back five former commanders of Ukraine’s garrison in Mariupol despite a prisoner exchange last year under which the men were meant to remain in Turkey, according to The Guardian. It was also reported that the Kremlin said Ankara violated agreements on the detention of Ukrainian Azov fighters and said they were not informed of the release, according to RIA.
Russian Foreign Minister Lavrov discussed Ukraine and the Black Sea grain deal in a phone call with Turkish Foreign Minister Fidan, while they also discussed the return of Ukrainian military commanders to Ukraine, according to Reuters.

OTHER

North Korea said it denounces the US move to introduce a nuclear-powered submarine in waters near the Korean peninsula and the US move creates a dangerous situation that takes military tension in the region close to nuclear conflict, while North Korea claimed US spy planes recently intruded its airspace and said there is no guarantee that a US spy plane will not be shot down, according to KCNA.
Chinese President Xi and Solomon Islands PM formally announced a strategic partnership.

APAC TRADE

APAC stocks were mostly positive albeit with gains capped for many of the regional bourses as participants digested softer-than-expected inflation data from China.
ASX 200 gave back early gains with price action rangebound as the gains in the commodity-related sectors are offset by losses in industrials, real estate and consumer stocks.
Nikkei 225 spent most of the session extending on last week’s slump before rebounding in late trade.
Hang Seng and Shanghai Comp traded higher with the Hong Kong benchmark boosted by the tech sector amid hopes that China could be nearing the end of the tech crackdown. Conversely, the gains in the mainland were capped after the latest Chinese inflation data missed estimates with zero consumer inflation in the mainland and a deeper contraction in factory gate prices, while there were recent comments from Treasury Secretary Yellen that they made some progress during her trip to Beijing and that ties were put on a super footing, although expectations had been pre-set at a low level.

NOTABLE ASIA-PAC HEADLINES

China’s regulator supports mutual fund managers to reasonably lower fund product fees and said they will optimise the mutual fund fee scheme and steadily lower industry comprehensive fee rates.
South Korean regulator has reportedly asked major commercial banks to prepare USD 4bln financing for potential support to credit unions facing customer withdrawals, according to Reuters sources. Click here for more detail & analysis.
Kaisa (1638 HK) has been hit by a wind-up petition from hedge fund Broad Peak Investment Advisors, via FT; adds, citing an investor, the case is being watched by offshore bondholders to see how the onshore claim impacts international restructuring process.
BoJ Nagoya Branch Manager says has not received any calls from firms to review BoJ’s ultra easy policy.
China’s cyberspace regulator has issued a notice to strengthen management on “self media”; will regulate sources of information.

DATA RECAP

Chinese CPI MM (Jun) -0.2% vs. Exp. 0.0% (Prev. -0.2%); YY (Jun) 0.0% vs. Exp. 0.2% (Prev. 0.2%)
Chinese PPI YY (Jun) -5.4% vs. Exp. -5.0% (Prev. -4.6%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

MONDAY MORNING/SUNDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA/USA

China shuts down exports of Gallium and Germanium as the world scrambles or Gallium which is in short supply

(zerohedge)

China Fires “First Warning Shot” With Metal Export Controls As Traders Scramble For Gallium

SUNDAY, JUL 09, 2023 – 03:00 PM

Beijing is furious with the Biden administration mulling over a broader semiconductor chip export ban and, in response, decided last week to announce export restrictions on two metals, gallium and germanium, which are heavily imported by Western countries for semiconductor production.

The timing of the announcement is one to ponder about. It came days before US Treasury Secretary Janet Yellen’s China visit on Thursday. It appears Chinese officials are playing a complex game of chess with the Biden administration as their dominance over rare earth mining and refining, and the lack of that in the West would open up talks with Yellen about future US bans on chips and semiconductor equipment that are critical for China’s economic growth.

“China apparently does not like the news that the Biden administration is considering a wider semiconductor chip ban and decided to ban the export of gallium and germanium, which are used in semiconductors, 5G base stations, and solar panels,” Louis Navellier, founder of Navellier & Associates, wrote in a recent note to clients.

“Although the US and its allies depend on China for these critical minerals, China needs Western technology such as lithography machines to produce high-performance chips,” Navellier said.

On Friday, The Wall Street Journal reported that Yellen met with Premier Li Qiang and discussed economic competition that would benefit both countries.

Global gallium prices soared 27% on the news last week. Traders who spoke with Bloomberg said the gallium market is well-supplied, but export controls beginning next month have sent buyers scrambling to purchase the metal.

On Friday, Fastmarkets data showed Gallium prices jumped $43 on the week to $326 a kilogram.

Starting Aug. 1, exporters must apply for licenses with the commerce ministry to ship the metals abroad. And how the export controls will affect Chinese shipments still needs to be determined.

Colin Hamilton, managing director for commodities research at BMO Capital Markets, said the restrictions would likely spur efforts by Western countries to seek supplies of both metals elsewhere.

“This is a further example of how industrial raw materials are becoming increasingly strategic in global markets and brought to the center of policy action,” Hamilton wrote in a note early last week.

Data from the US Geological Survey shows the US imported an estimated 14,000 kilograms of germanium in 2022 while consuming an estimated 30,000 kilograms. In the same year, imports of gallium were 14,000 kilograms, while consumption was around 18,000 kilograms.

In the meantime, the US will stockpile these metals as it will diversify sourcing away from Asia. There is a movement by the Biden administration to increase domestic mining and refining of rare earth metals.

The move by China is “far from being the nuclear option that it could have chosen,” but it’s the “first warning shot,” Bernard Dahdah, an analyst at Natixis, wrote in a note. He pointed out, “China does control other metals through which it can inflict more severe consequences.”

Meanwhile, the US US Defense Department announced on Friday it is invoking the Defense Production Act to boost the domestic mining and processing capacity of the two metals.

end

CHINA

This is a good read as China’s economy is in big trouble. Western investors inside China should get out.

(Pan/Jekielek/EpochTimes)

China’s Economy Is In Big Trouble And Investors Should Get Out: Miles Yu

SUNDAY, JUL 09, 2023 – 11:30 PM

Authored by Bill Pan and Jan Jekielek via The Epoch Times (emphasis ours),

American companies should reconsider their investment in China, as the country’s economy is in serious trouble with a struggling non-state sector, said Mile Yu, a senior fellow and director of the China Center at Hudson Institute.

“China has been playing hard to get for the last several months and they would not talk. Now they relented and agreed to talk with high-level American cabinet members on matters that are vital to both nations’ economies,” Mr. Yu said in an interview with EpochTV’s “American Thought Leaders: NOW.”Residential buildings and apartments in Guangzhou in China’s southeastern Guangdong Province are seen in April 2023. (Ludovic Marin/AFP via Getty Images)

The interview came as U.S. Treasury Secretary Janet Yellen traveled to Beijing to meet with China’s Premier Li Qiang, who has recently been tasked to revive China’s COVID lockdown-battered economy by Chinese Communist Party (CCP) head Xi Jinping.

“The reason why they relented is because China’s economy is in big trouble,” Mr. Yu told host Jan Jekielek. “They need the West much more than the West needs China. So they’re being a little bit more realistic this time.”

China’s Economic Reality

A key difference between the U.S. and the Chinese economic model, according to Mr. Yu, is that the CCP is willing to crack down on the non-state sector to ensure state control, even if that means shutting down the main driver of China’s economic growth.

“Chinese economy is pretty predatory. It benefits from the international free trade system, and almost its entire economic growth in the last 20 to 30 years has come from the non-state sectors,” he explained. “Now, China’s financial institution is collapsing. So the Chinese government—particular local government—is trying to squeeze the non-state sectors and push them out of business through policies, such zero-COVID lockdowns and all kinds of egregious taxation schemes.”

For nearly three years, in the name of curbing the spread of COVID-19, China’s authorities were placing entire towns and cities under lockdown if they reported a few cases of infection. Millions of people were forced into overcrowded quarantine camps for just living in the same apartment building as an infected person. Individuals must show their “Green Code”—a digitized proof that they most likely weren’t infected—before using public transportation, entering a grocery store, or simply leaving or re-entering their neighborhood.

Those zero-COVID restrictions, which practically made it impossible for many private businesses to survive, only phased out at the end of 2022 and weren’t officially lifted until this March, when Li Qiang, who is said to be more sympathetic to non-state sector than his boss, became the premier.

“Many of the Chinese non-state sectors—the most vibrant, the most innovative sector of Chinese economy is now in big trouble,” Mr. Yu told Mr. Jekielek. “During the three years of COVID lockdowns, millions of small businesses and medium-sized businesses went out of business.”

Even China’s star companies, like e-commerce and tech giants Alibaba and Tencent, were not better off either. It was widely reported that the Chinese regime was going to take one percent “special management shares,” which would give the state special rights over certain business decisions in those companies.

Deflated Housing Bubble

With the zero-COVID period in the rear mirror, investors still need to consider serious problems that are inherent to the way China develops its economy, Mr. Yu said.

“China’s development model is to basically issue a tremendous amount of loans to some of the non-performing projects, particularly [the] housing industry, but now the housing market is collapsing,” he explained, noting that the rapid borrowing by local governments was fostering an illusion of prosperity.

…

“Almost every major company that has heavy investment in China is reconsidering investment in China and thinking about getting out of China,” Yu said.

“The American companies—many big ones—are reconsidering this precisely because of the kind of economic reality as depicted by Goldman Sachs, as depicted by a lot of policy reports about China’s investment environment.”

“China is not a very good country for long-term investment. It’s a hostile investment environment. That’s why for the U.S. to win, the Chinese Communist Party must change the way it behaves.”

China On Brink Of Deflation As CPI Slumps, PPI Tumbles Most Since 2015

MONDAY, JUL 10, 2023 – 09:40 AM

It’s not just record youth unemployment and the threat of rampant social unrest as tens of millions of bored, unemployed and restless teenager and young adults take to the streets to express their frustration with a stagnating economy, that is breathing down Beijing’s neck…

… demanding that Xi spike the economy with a few extra trillion in fiscal stimulus, record debt levels be damned: the latest inflation data released overnight shows that China is now facing, another far more familiar bogeyman: deflation.

According to China’s National Bureau of Statistics, both CPI and PPI missed expectations, as China’s consumer inflation dropped to unchanged in June – the weakest rate since February 2021, when slumping pork costs dragged on the index – while factory-gate prices tumbled a whopping 5.4% YoY, the biggest drop since December 2015.

The collapsing prices fueled fresh concerns about deflation risks and added to speculation about potential economic stimulus.

Some more details on the reported numbers, all of which missed expectations.

CPI: +0.0% yoy (-0.2% M/M) in June missing Bloomberg consensus of +0.2% yoy, and down from 0.2%yoy in May. Core inflation, which excludes volatile food and energy costs, slowed to 0.4% from 0.6%.
- Food: +2.3% yoy in June (+21.9% mom annualized) vs. +1.0% yoy in May.
- Non-food: -0.6% yoy in June (-0.5% mom annualized) vs. +0.0% yoy in May.
PPI: -5.4% yoy in June (-0.8% M/M) missing Bloomberg consensus of -5.0% yoy and down from -4.6% yoy in May
- The producer price deflation was fueled by extended drops in international commodity prices. In a statement, NBS statistician Dong Lijuan cited a continued fall in the costs of oil and coal, as well as a high base of comparison with last year.
Goods prices continued to soften on falling commodity prices and continued price cuts due to the “618” online shopping festival.
The CPI-PPI gap widened further as June CPI rose in sequential terms while PPI declined (CPI: +1.4% mom sa annualized, PPI: -8.8%).

The continued decline in the two gauges add to evidence that the recovery is weakening, with concerns about deflation weighing on confidence. That’s likely to spur more speculation about what potential stimulus may be in the cards to shore up the economy.

A key drag on consumer prices last month was pork prices. The cost of meat — a staple in the Chinese diet — fell 7.2% in June from a year earlier. That was more than May’s 3.2% decrease. The government has been trying to put a floor under pork price declines, saying last week that it would buy more pork for state reserves to boost demand.

Some more observations on the data, courtesy of Goldman (full report available to professional subs):

1. China’s headline CPI edged down to +0.0% yoy in June from +0.2% yoy in May primarily on a high base from post-lockdown demand strengthening last June. In month-on-month terms, headline CPI inflation moderate to +1.4% (annualized, seasonally adjusted) in June (vs. +2.6% mom s.a. ann in May).

2. In year-over-year terms, food inflation rose to +2.3% yoy in June from +1.0% yoy in May, primarily driven by elevated prices of fresh vegetables/fruits. Inflation in fresh vegetables rose to +10.8% yoy in June from -1.7% yoy in May, and inflation in fresh fruits rose to +6.4% yoy in June (vs. +3.4% in May). However, pork price remained low on weak demand. Inflation in pork prices fell to -7.2% yoy in June from -3.2% yoy in May.
3. Non-food CPI inflation fell to -0.6% yoy in June from +0.0% yoy in May on falling crude oil prices and continued price cuts for the “618” online shopping festival. Specifically, fuel cost declined 17.6% yoy in June (vs. -11.1% yoy in May), and goods inflation after excluding food and fuel costs fell 0.8% yoy in June (vs. -0.2% in May). Core CPI inflation (headline CPI excluding food and energy) edged down to +0.4% yoy in June (vs. +0.6% in May), and inflation in services fell to +0.7% yoy in June (vs. +0.9% in May). On a sequential basis, however, services CPI inflation edged up from 0.1% mom ann in May to 0.3% in June.
4. Year-over-year PPI inflation fell to -5.4% yoy in June from -4.6% yoy in May primarily on falling commodity prices, such as crude oil and coal. In month-over-month terms, PPI inflation rose to -8.8% (annualized, seasonally adjusted) in June (vs. -9.5% in May). PPI inflation in producer goods fell to -6.8% yoy in June from -5.9% yoy in May, and PPI inflation in consumer goods fell to -0.5% yoy in June (vs. -0.1% yoy in May). NBS commented that PPI of upstream sectors declined further on falling commodity prices and large supply of coal/steel, while PPI of high-tech manufacturing sectors, such as medical instruments, rebounded.
5. Goods deflation continued in June, and services inflation remained soft. Looking ahead, in year-over-year terms, Goldman expects PPI deflation to persist in the coming months. More importantly, for headline CPI, the high base of food prices in July might drag headline CPI inflation to below zero in year-over-year terms amid continued weakness in hog demand. Incorporating the soft Q2 inflation prints lowers Goldman’s full-year 2023 forecasts of headline CPI and PPI inflation to 0.5% yoy and -2.7% yoy, respectively (vs. 0.7% and -2.2% previously).

Putting it all together, Zhang Zhiwei, chief economist at Pinpoint Asset Management said that “The risk of deflation is very real.”

Producers have already spent months contending with lower commodity prices and weak demand at home and abroad. If consumers and businesses continue to hold back from spending or investment in the hopes of prices getting lower that could lead to a self-fulfilling price dropping spiral.

And since China can ill avoid a third contraction in as many years, the case for a stimulus now looms large, and alongside it, another surge in commodity prices.

“Today’s data certainly argues for more policy easing, which policymakers are already doing, but only in a measured manner,” said Michelle Lam, Greater China economist at Societe Generale SA.

There is another reason why another powerful stimulus is now just a matter of time: aside from a brief period of deflation in early 2021, China hasn’t experienced prolonged consumer price deflation since 2009 amid the global financial crisis. Back then, Beijing introduced a 4 trillion yuan ($553 billion) stimulus package focused on infrastructure and upgrading industry. While that plan bolstered growth at the time, it also led local governments to borrow more than they were legally allowed, causing debt to balloon.

That said, the scope for policy to stem the threat of deflation is more limited this time around, in part given concerns about debt risks (see “Fueled by Long Credit Binge, China’s Economy Faces Drag From Debt Purge“). It’s why most measures to support the economy have been limited, with the central bank cutting a key policy interest rate last month by only a small amount. The government has also extended tax breaks for buyers of electric cars.

“It’s very unlikely for the government to introduce extraordinarily strong macro policies,” said Bruce Pang, chief economist at Jones Lang Lasalle Inc. He added that leaders are emphasizing “high-quality growth that’s stable and strikes a balance between economic structural adjustment and risk prevention.”

As Bloomberg reminds us, premier Li Qiang spoke last week with some Chinese economists about potential aid, though he emphasized that policies would be “targeted, comprehensive and well-coordinated” — reinforcing expectations that stimulus would not be massive in size.

Perhaps… but if China’s economy and property markets continue to slide, and if deflation becomes a persistent threat to growth, Beijing will have no other choice.

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

ROBERT H TO US:

Could be a speech in many a European country and beyond

Today, when one watches beautiful European countries from France to Germany to Switzerland rocked by riots and the confrontation of warped immigration policies that have created a disaster, the status quo is not an option. Governments like the Netherlands fall victim to the insanity of the WEF and Klaus dreaming to chaos coming in the future. While scarce money is wasted on the mad dictator called Zelensky who has made Ukraine a land of NO elections so he can carry out the bidding of his masters to the last Ukrainian while besieging and berating all leaders not embracing his corrupt regime. His corruption has led to many weapons shipped free to Ukraine being used in riots on European streets with worse displays to come in the future. And what can be said of those parties who encourage and support a leader who cancelled Elections to remain in control? The difference between North Korea and Ukraine is indistinguishable in the daily horrors inflicted on people living there. And while fools fiddle this week, only worse events are already in the making for coming weeks.

Why does anyone wonder why Capital flow is increasing out of Europe? Today, if one watches capital flow it will foretell the future. And the near term future is indeed dark. One can only hope that Europe finds the will and courage to embrace and find its past to build upon. And of this they’re a green shoots of hope even if in a minority of countries. Predictably, perhaps new governments in Spain and other counties will confront reality and restore order and cause revival of a past to become a bright future.

END

end

FRANCE

Scary times for France:

(Bault/Remix)

French Riots Show That Decades Of Mass “Colonizing Immigration” Could Lead To “Collapse”, Says Former Head Of French Counter-Intel Agency

SUNDAY, JUL 09, 2023 – 07:00 AM

Authored by Olivier Bault via Remix News,

After mass riots during the past week shocked France and the world, the former head of France’s powerful DGSE intelligence agency says the root cause of his country’s tragic situation is above all “the dominant ideology, which has justified and even glorified the massive colonizing immigration that has been taking place over the last half-century.”

A person standing on a road with a car on fire

Description automatically generated

Firefighters use a water hose on a burnt car in Nanterre, outside Paris, France, Saturday, July 1, 2023. French President Emmanuel Macron urged parents Friday to keep teenagers at home and proposed restrictions on social media to quell rioting spreading across France over the fatal police shooting of a 17-year-old driver. (AP Photo/Lewis Joly)

Pierre Brochand was head of France’s DGSE counter-intelligence agency from 2002 to 2008. Since 2019, he has made repeated calls for a radical change in his country’s immigration policy over what he says is the looming threat of civil war.

In a discussion about immigration on the public radio station France Culture last April, Brochand issued a warning which found its full expression in the week of violent rioting and looting that took hold of France after the shooting of a teenager of Algerian origin on June 27:

“If we do nothing or if we do little, we are going to head either towards a progressive implosion of social trust in France, that is to say towards a society where the quality of life will collapse and where it will be less and less pleasant to live, or, by successive explosions, towards confrontations that will make France a country where one will not be able to live at all.”

Now, in an interview published on July 6 on the website of Le Figaro daily newspaper, Brochand exposes, as Le Figaro puts it,“the deadly cocktail of a society of individuals based on openness and democracy and the arrival of entire diasporas with totally different cultural backgrounds.”

The least that can be said is that the former counter-intelligence chief’s analysis stands in sharp contrast to Interior Minister Gérald Darmanin’s own analysis made in the National Assembly on July 5. According to Darmanin, the riots of the previous days are not linked to immigration as “only” 10 percent of the rioters were foreigners.

In Darmanin’s eyes, the non-White youth that caused mayhem on the streets of France for days, often invoking the Quran and the name of Allah, have no link to immigration as they are French citizens. The French minister contradicted himself, however, saying that as the average age of rioters was 17, they were born under the presidency of Jacques Chirac, and it is too late to control immigration anyway.

Sadly, this is a perfect illustration of Brochand’s pessimistic observation last April on France Culture, when he said he did not think there is currently enough courage among the French political class to do what is necessary to avoid the worst-case scenario: that of confrontation.

A person pointing at something

Description automatically generated

Pierre Brochand was director of the Directorate General for External Security (DGSE) from 2002 to 2008, as well as an ambassador of France in Hungary and Israel.

“Closing borders in the name of the precautionary principle – the Polish way – has never been seriously considered in our country,” Brochand said to Le Figaro after the recent rioting, which has seen over 700 members of security forces injured, some 4,000 arrested, and many towns and cities devastated. For Brochand, the reason is a mixture of humanism and economic interests, i.e. the need to import cheap labor.

Brochand says the changes that have led to the current decomposition of French society happened in the 1970s, when France made its transition from a modern national state to a society of individuals.

Together with the immigration of workers, France began to experience what increasingly became an immigration of settlers (Brochand uses the French term “immigration de peuplement”, which can also be translated as “colonizing immigration”). The transition to a society of individuals has created what he calls a scissor effect. Hence, in Brochand’s eyes, internal partition is the natural inclination of the multicultural societies of Western Europe.

This is not new, as Pierre Brochand said that he remembers when he was the French ambassador to Hungary in the years 1989-93, just after the fall of communism in that part of Europe, he would often hear from his Hungarian interlocutors: “We are lucky we can see first-hand the damage that non-European immigration is causing in your country, and we certainly don’t want to imitate you.”

“In everyone’s eyes, we are now the ‘sick man’ of the continent, the Security Council, the G7, and the G20,” laments the former head of France’s counter-intelligence, as France is indeed the country with the highest proportion of inhabitants with a non-European immigrant background, and immigration figures have been beating new historic records under President Emmanuel Macron.

Others, like in neighboring Italy where mass immigration began at the beginning of the 2010s when Berlusconi’s right-wing government was overthrown with the help of Brussels, Berlin, and Paris, know very well that what is happening in France now will likely happen in their country in a decade or two if nothing is done.

An illustration of such apprehension can be found, for example, in an article published on July 5 by the Italian conservative daily newspaper Il Giornale with the title: “The roots of France’s ill and the fear that looms over Italy.”

Meanwhile, a large majority of French people are strongly opposed to what increasingly appears to be a dangerous social engineering experiment by the liberal elites, something Éric Zemmour has called a Ribbentrop-Molotov pact between Western liberals and Islam against the White, heterosexual, Catholic French man. Indeed, 74 percent of French people now think there are too many immigrants in their country and 62 percent would want France to disobey EU treaties and EU law to stop immigration.

The latter is an important point, in particular in light of the ruling by the European Court of Human Rights (ECHR) against Switzerland that was delivered just a few days ago, which extends the right to family reunification even to refugees who have only obtained a temporary residence permit and not asylum. Let us not forget that EU member states have the obligation, as per the EU treaties, to abide by the rulings of the ECHR.

“When diasporas swell out of all proportion — with at least 5 million additional arrivals since 2005 — reaching a critical mass that makes them confusedly aware of their irresistible strength, when compromises and unilateral concessions become confessions of weakness calling for transgression, when these counter-societies have the audacity to set themselves up as competing sovereignties in the same ‘one and indivisible’ space, well, the pressure cooker’s lid blows off, as soon as the opportunity arises,” explains Brochand in his July 6 interview published in Le Figaro.

“It is worth pointing out, first of all, that isolated riots have been commonplace for 40 years, in every corner of the country, under the technocratic label of ‘urban violence,’” goes on the former DGSE director, noting things have evolved “to the point where no one pays any attention to them anymore, as if they were part of the landscape.”

According to Brochand, somewhere between 100,000 and 200,000 may have taken part in the urban violence, creating a situation much more dangerous than in 2005, when similar rioting took place in France’s suburbs. Nothing comparable had ever happened since the French Revolution of 1789, notes Brochand, and, this time, even provincial towns have been affected by the troubles alongside the centers of big cities, in contrast to what happened 18 years ago when most of the rioting was constricted to the so-called sensitive neighborhoods.

“I would describe the present catastrophe as an uprising or revolt against the French national state, by a significant proportion of the youth of non-European origin present on its territory,” says Brochand.

“Will we draw the right lessons from this, given that the country’s vital prognosis is at stake? Will we consider remedies other than yet another ‘plan for the suburbs?’ Things being what they are, I doubt it,” he concludes on a pessimistic note.

Brochand’s words echo those pronounced on the CNews French news channel on July 2 by Gendarmerie Colonel Philippe Cholous:

“We need to analyze this situation not in terms of what is happening now, which is terrible, but in terms of what could happen if it gets out of hand. There’s obviously anger in the suburbs, but I think there’s also anger among the middle classes, the good people, France’s working people. There’s also a great deal of resentment on the part of the forces of law and order, who are very often abandoned by politicians. (…) The level of exasperation and resentment, the level of violence, and above all, the fact that in certain areas there is a real hatred of France, with weapons circulating, means that the potential is explosive. And just because there are fewer vehicles burned or businesses attacked doesn’t mean that the potential risk is decreasing.”

It is worth noting that after a week of chaos, the French government has not renounced its plans to legalize the stay of hundreds of thousands of illegal migrants who work in sectors lacking labor, which is going to greatly reinforce the pull factor for illegal immigration to Europe, as each such legalization in a major European country has done in the past.

According to a July 7 poll for CNEWS television about which political leaders the French trust most to find solutions to the current situation in their country, published on July 7, where respondents were asked to give their first and second choice, 32 percent said they trust none, 27 percent pointed to Marine Le Pen, 22 percent to her party chairman Jordan Bardella, and only 20 percent to President Emmanuel Macron, and 13 percent to Éric Zemmour, who is depicted as being more to the right than Marine Le Pen.

Macron’s interior minister, Gérald Darmanin, came only fifth, as he is trusted by only 12 percent of respondents, whereas only 11 percent pointed to Prime Minister Elizabeth Borne as their first or second choice of someone who could bring solutions to the unfolding crisis. Interestingly enough, the leader of the center-right party Les Républicains, Éric Ciotti, with only 6 percent of the French who trust his ability to bring solutions, lags behind far-left leaders Jean-Luc Mélenchon (9 percent) and Fabien Roussel (8 percent).

END

FRANCE

France’s right wing parties surging in polls.

(Brooke/Remix)

France’s Right-Wing Parties Surge In First Polling Since Riots

MONDAY, JUL 10, 2023 – 02:00 AM

Authored by Thomas Brooke via Remix News,

Disillusioned French voters are moving further to the right after immigration-fueled riots across the country…

The French electorate is flocking to right-wing parties in the wake of the recent mass riots which enveloped the nation last week.

A new Ifop poll for Sud Radio showed right-wing parties enjoying a 6 percent swing in support from voters across the country when asked for their voting intentions ahead of next year’s European parliamentary elections.

The National Rally, formerly led by ex-presidential candidate Marine Le Pen and now by Jordan Bardella, topped the poll with more than a quarter (26 percent) of the vote share, up one percentage point.

The liberal-conservative Republicans saw their popularity rise into double figures, up three percentage points to 11 percent, while Éric Zemmour’s Reconquête party and Debout la France (DLF) gained one percentage point each to total 7 percent and 4 percent respectively.

Left-wing parties have suffered a hit to their appeal, dropping five percentage points, with La France Insoumise (LFI) falling to 8 percent.

Emmanuel Macron’s center party Renaissance edged forward one percentage point to attain 20 percent of the vote share despite widespread criticism, including from military leaders, at how the government responded to the thousands of vandals who caused upwards of €1 billion in damage; looted hundreds of businesses, torched vehicles, and even burned residential apartments to the ground.

Conservatives across Europe have seized upon the civil unrest witnessed in France to attack the liberal immigration policies adopted by Western governments since the turn of the century, with many right-wing administrations evidencing the unsavory scenes as justification for their concerns over the proposed EU Migration Pact.

“Shops looted, police cars set on fire, barricades in the streets — this is now happening in the center of Paris and many other French cities. We don’t want such scenes on Polish streets,” tweeted Polish Prime Minister Mateusz Morawiecki.

Italian Undersecretary for the Interior Nicola Molteni called the riots “a certification of the failure of uncontrolled migration and a warning for the rest of Europe,” while Hungarian Foreign Minister Péter Szijjártó said the fantasy of social integration by progressive governments has “quickly turned to disillusionment”.

“It is impossible to integrate large numbers of illegal immigrants from other cultures,” Szijjártó told fellow lawmakers in the Budapest parliament on Tuesday.

Over 3,000 vandals, many of whom are left-wing sympathizers, and foreign nationals or of a migration background, have been arrested in the last week across France and a large police presence continues to be deployed across several major cities.

END

This whole deal was nonsense to begin with; the new green deal in the EU goes unfunded and therefore expect a total collapse

(zerohedge)

The Green Deal In The EU Goes Unfunded, Expect A Total Collapse

MONDAY, JUL 10, 2023 – 03:30 AM

Authored by Mike Shedlock via MishTalk.com,

The European Commission put a cost on its Green deal estimate. It’s €620 billion. The EC has allocated €82.5 billion. Guess what…

2015 Image from 2015 climate conference via Associated Press.

Unfunded Green New Deal

Hooray! the EU finally has an agreement on a Green New Deal. However, Euroin telligence reports the deal is largely unfunded.

If we had to pinpoint a single tragic error in the modern history of European integration, it is the moment sometime during the euro crisis when pro-Europeans gave up on eurobonds and a fiscal union. Instead, they adopted Angela Merkel as their new role model, the pragmatist-in-chief. What made their plight even more tragic was the mistaken idea that they were in possession of a clever and legally watertight funding mechanism, which gave rise to the Sure unemployment reinsurance programme, and later the recovery fund.

FAZ tells us this morning why this strategy is not working. The Commission has put a figure on the annual costs of the Green deal, a whopping €620bn. The Commission itself has only allocated €82.5bn towards this, via the social climate fund. You can add a few euros here and there from various other pots, but this is not going to come close. Thierry Breton wanted a debt-financed €350bn funds for green investments, to match the size of the US inflation reduction act. That would have done the heavy lifting. But this was killed off by member states.

When the EU launched the recovery fund in 2020 we expressed scepticism about whether it could form a blueprint for future lending. There is simply no consensus in the EU for a perpetuation of a financial instrument that is ultimately secured by the member states themselves. What is also not helping is that the financial markets are not bestowing top-notch valuations to EU-issued debt for the simple reason that it is not sovereign. You can package a bunch of mortgages into a collateral debt obligation. But you can’t repackage or reclassify sovereign debt. What characterises a sovereign borrower is the power to raise funds through taxes. For as long as the EU is reliant on the kindness of member states, it is not in a position to fund some of these giant programmes. What the EU needs, dare we say it, is the real thing: a eurobond. Or else, it has to admit that it cannot do as much as it wants, for lack of funds.

The Green deal is not the only unfunded programme. The project for a greater geopolitical role for the EU is in the same category. In addition, there is the cost of the reconstruction of Ukraine, which the Commission puts at €384bn a year.

Since there is no way they can fund this out of their own resources, we believe that more smoke-and-mirror tricks are on the way. No prizes for guessing where this will leave the substance of the Green deal.

The EU’s climate deal is 13 percent funded. How’s that going to work?

The Eurobond Idea Surfaces Again

Eurointelligence founder Wolfgang Münchau comments “What the EU needs, dare we say it, is the real thing: a eurobond.”

I disagree with most of Münchau’s ideas. He wants commingled budgets and a United States of Europe. Nonetheless, I like Münchau. He is very straight shooter. He also sees the issues and does not sugarcoat them.

The Euro is fatally flawed, and other than freedom of movement, the EU is mostly a failure. There are too many cultural differences, work rule discrepancies, productivity differences etc., for the Euro to ever smoothly work. The Italian banking system is insolvent and the Northern states led by Germany do not want to bail out Italy or Greece, neither of which belonged in the EU under budget rules anyway.

French president Emmanuel Macron wants a European army. Germany doesn’t. Why bother when the US is stupidly willing to pay for Europe’s defense with massive injections of cash and equipment to Ukraine while Germany did not lift a finger.

Germany does not fund NATO, will not fund an army, and will not pony up its share of €384 billion a year to reconstruct Ukraine. Germany will not lift a finger to help Southern Europe.

Attitudes Must Change First

EMU, the European Monetary Union, is an alliance of the 20 European states that belong to the European Union and have introduced a common currency, the euro.

Every one of those nations would have to agree to a eurobond. The unanimous agreement to change much of anything is in and of itself a fatal flaw in the construction of the Euro.

Meanwhile, one size does not fit all when it comes to interest rate policy, and it never will, until Italy, Germany, France, and Spain have similar work rules, legal systems, property rights, productivity, and tax structures.

The Euro founders thought that once the Euro was in place, attitudes would converge. They didn’t and won’t. France has veto power over agricultural policy and that won’t change either.

Curiously, this idea came up yesterday regrading a BRIC alliance. I bet most failed to spot it. Let’s take a look.

More Gold Backed BRIC Currency Silliness on Dethroning the Dollar

Please consider, or reconsider my post yesterday, M ore Gold Backed B RIC Currency Silliness on Dethroning the Dollar

Thorsten Polleit, chief economist at Degussa, told Kitco, “For making the new currency as good as gold, a truly sound currency, it must be convertible into gold on demand. I am not sure whether this is what Brazil, Russia, India, China and South Africa have in mind.”

Marc Chandler, managing director of Bannockburn Global Forex, told Kitco “Talk of BRICS gold backed currency seems like an echo chamber. They do not have the gold to back a currency meaningfully. Have we not learned anything from the EMU experience of monetary union without fiscal union. Color me profoundly skeptical.“

What precisely do Brazil, Russia, India, and China have in common other than a desire to escape the dollar?

BRIC Expansion List

Bloomberg reports the B RIC Expansion List is now up to 19.

South Africa joined in 2010. That was sure meaningful, wasn’t it?

Saudi Arabia and Iran have formally asked to join. Other nations expressing interest include Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain and Indonesia, along with two undisclosed nations from East Africa and one from West Africa.

Perhaps they can concoct a way to avoid SWIFT, a dollar payment construct that makes it difficult to avoid US sanctions. If so, I will cheer, and that will be useful. But the EU announced such plans and failed.

US dollar use will decline naturally if and when emerging markets finally emerge, and BRICs won’t have much to do with it. It will simply be more cross border trading.

As for dethroning the dollar, I have to laugh. Egypt and undisclosed nations in Africa do not matter. How many times has Argentina defaulted?

How much do any of these nations trade with each other?

That’s a trick question because nations don’t trade, individuals do.

Yet, the recent announcement from Russia mentioned a “trading currency“. What does that even mean?

Let’s see the details on how this will work in practice, whether the currency is convertible on demand, how much gold backing there is, and who gets to use it.

Expect to be underwhelmed, but expect more hype anyway. Hype is sexy. So is predicting the collapse of the dollar.

With that, let’s return to the headline theme.

The Ever Growing Trillions of Dollars Per Year Demands to Fight Climate Change

Please note the The Ever Gro wing Trillions of Dollars Per Year Demands to Fight Climate Change

An expert group under the auspice of the UN estimates that investments have to reach the order of $1 trillion per year until 2030 to respond to the climate and biodiversity crisis.
Oxfam estimated that $3.9 trillion per year will be needed over the same time period to fight poverty, inequality and climate change.
The World bank estimated that it takes $4 trillion per year to build the infrastructure for this.

That’s a mere $8.9 trillion per per year until 2030, a 7-year cost of $62.3 trillion. Who will fund that?

Germany Turns Against Green New Deal

Also recall my May 23, Germany is Turning Agai nst the EU’s Green New Deal, Common Sense to the Forefront

Absent a Eurobond, don’t expect 20 nations that have little in common other than proximity to do much of anything in a united way.

The same applies to the BRICs who do not even have proximity in common other than Russia, India, and China.

RIC anyone? RIC bonds? Gold-backed RIC bonds when the yuan doesn’t even float and none of the countries have much of any bond market? What a hoot.

end

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end

HOLLAND

Dutch Government falls! Farmers win

(zerohedge)

Dutch Government Collapses Amid Deadlock Over Immigration Policy

SATURDAY, JUL 08, 2023 – 07:25 PM

It has not been a good month for the WEF private jet-setting globalists: first the French riots, and now the (latest) fall of the government of Dutch PM Mark Rutte, and what makes this an especially painful drubbing is that it was over an issue near and dear to the billionaire globalists’ heart: immigration.

On Friday, the Dutch government collapsed after it failed to reach a decision how to limit the flow of asylum-seekers into the country. The crisis boiled over after Rutte’s government realized it couldn’t progress beyond a stalemate over a plan proposed by the prime minister’s conservative VVD party to separate refugee families and limit the number of migrants entering the Netherlands, which two of his four-party government coalition refused to support.

“It’s no secret that the coalition partners have differing opinions about immigration policy. Today we unfortunately have to conclude that those differences have become insurmountable. Therefore I will tender the resignation of the entire cabinet to the king,” Rutte said in a televised news conference.

Rutte, the longest-service premier of the nation, resigned in the wake of the collapse, but will remain in office until a new prime minister is chosen. News agency ANP, citing the national elections committee, said elections would not be held before mid-November. A caretaker government cannot decide on new policies, but Rutte said it would not affect the country’s support for Ukraine.Dutch Prime Minister Mark Rutte

Friday’s collapse followed two days of late-night meetings between the coalition over the issue of immigration, which – like at all other Western nations – has put a strain on the already densely populated country’s housing infrastructure.

The Netherlands already has a one of Europe’s toughest immigration policies but under the pressure of right-wing parties, Rutte had for months been trying to seek ways to further reduce the inflow of asylum seekers.

The four-party coalition had been trying to hash out a deal for months on how to handle the dramatic influx of thousands of migrants seeking refuge, including from African nations and Ukraine.

As the Post reports, among the various proposals considered by the coalition was the creation of two classes of asylum, a temporary one for people fleeing conflicts and a permanent one for people trying to escape persecution, and capping the number of family members allowed to join asylum-seekers in the Netherlands.

Rutte had been pushing for a controversial proposal that would limit the entrance of children of war refugees already in the country and make families wait at least two years before they can be united. However, centrist parties D66 and Christian Union said the suggested policy went too far and rejected all plans that supported a strict crackdown on migration.

After several nights without progress, the parties decided unanimously that they could not reach an agreement on the issue and could no longer remain together in the coalition.

The immigration issue has become a key political concern and will likely be a focal point in the new election cycle. More than 21,500 non-Europeans sought asylum in the Netherlands in 2022, but that pales to what is coming: asylum applications in the country are projected to surpass 70,000 this year, topping the previous record high of 2015.

Last year, the country’s reception center turned refugees away from its overcrowded housing complexes, forcing them to sleep outside in squalid conditions. Hundreds of the homeless asylum-seekers were left with little or no access to drinking water, sanitary facilities or health care.

The Netherlands is now suffering the consequences that scandal-ridden Geert Wilders of the Party for Freedom warned about many years ago, and who was mocked and isolated by the establishment despite his widespread popular support.

Rutte’s coalition will continue serving until the next election, which might not be held before mid-November, News agency ANP reported. But don’t he will be back. After all, this will be the third time his government has collapsed; the first time was in 2012 over disagreements about austerity measures, and then again in 2021 when he resigned over a childcare subsidy debacle.

Rutte, 56, is the longest-serving government leader in Dutch history and the most senior in the EU after Hungary’s Viktor Orban. He is expected to lead his VVD party again at the next elections.

END

HOLLAND

SPECIAL THANKS TO NEIL ALHO FOR BRINGING THIS TO US:

Tweet from Pelham (@Resist_05)

Neil Alho

Pelham (@Resist_05) tweeted at 4:47 PM on Fri, Jul 07, 2023:
Netherlands… Mark Rutte has been forced to resign as his party no longer has control and they can not rein in immigration. Rutte was trying to seize over 3000 farms to free land for immigrants. He will resign as the most corrupt, unpopular leader in Dutch history…

RESIST… https://t.co/Ba68EmMBmK
(https://twitter.com/Resist_05/status/1677464481759379457?t=QHjsjICOcbrXXnFZa1iNPw&s=03)

Neil

END

ROBERT H SENDS THIS IMPORTANT COMMENTARY TO US THIS MORNING:

ROBERT H:

HUNGARY

Hungary Will Refuse to Implement EU Measures Incentivizing Migration

Hungary going against the grain.

Hungary Will Refuse to Implement EU Measures Incentivizing Migration

END

ICELAND

As promised; Iceland volcano erupts and thus we have an aviation alert going to red

(zerohedge)

“Here We Go Again”: Iceland Volcano Erupts; Authorities Raise Aviation Alert To “Red”

MONDAY, JUL 10, 2023 – 01:55 PM

For days, swarms of earthquakes have rattled parts of the Reykjanes peninsula in Iceland. We previewed this in a note titled Earthquake Swarm Rattles Iceland As Experts Warn “Eruption Could Occur Within Days.” In fact, days later, AFP News Agency just reported, “Volcano erupts near Iceland’s capital: met office.”

The Icelandic Meteorological Office has just raised the aviation code to “red” after the eruption northwest of Litli-Hrutur on the Reykjanes Peninsula. The main airport, Keflavik, is nearby and said there are no flight disruptions.

“From web-camera imagery, there are visible gas emissions and the beginning of a lava glow,” IMO said.

Here is unconfirmed footage of the volcanic eruption.

In 2010, nearly all flights in Europe and across the Atlantic Ocean were halted for a week as ash from the Eyjafjallajokull volcano sparked one of the most significant air traffic disruptions in peacetime until the Covid virus pandemic in 2020.

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA//

Lukashenko states that Prigozhin is now in Russia

(DeCamp/Antiwar.com)

Lukashenko Says Wagner Chief Prigozhin Is Now In Russia

SATURDAY, JUL 08, 2023 – 11:30 AM

Authored by Dave DeCamp via AntiWar.com,

Belarusian President Alexander Lukashenko said Thursday that Wagner chief Yevgeny Prigozhin was now in Russia, raising questions about the deal between Moscow and the mercenary leader that ended his short-lived mutiny.

“As for Yevgeny Prigozhin, he is in St. Petersburg. Maybe he went to Moscow, but he is not on Belarusian soil,” Lukashenko said, according to the Russian news agency TASS.Via Reuters

Prigozhin initially traveled to Belarus after the two-day mutiny that took place on June 23 and 24. According to media reports, the understanding was that Prigozhin was going to live in Belarus in exile and that charges against him would be dropped.

Wagner fighters were given the option of going to Belarus, signing contracts with the Russian Defense Ministry, or going home to their families.

Discussing Lukashenko’s comments with reporters, the Kremlin said they would not track Prigozhin. “No, we are not tracking his [Prigozhin’s] whereabouts, have no possibilities and desire to do so,” Kremlin spokesman Dmitry Peskov said.

Lukashenko also discussed the possibility of Wagner fighters being deployed to Belarus. Some members of the mercenary force are expected to go to Belarus, but it’s not clear how many or in what capacity. Lukashenko said those decisions were up to Russian authorities.

“It will all depend on the decision of the company’s management and Russian authorities. If they consider it necessary to deploy some troops [from Wagner] in Belarus for some rest and training, I will certainly execute my order,” he said.

The Belarusian leader said that for now, Wagner fighters were at their “permanent base camps” where they withdrew to after the battle of Bakhmut.

end

Strange: Putin holds a 3 hour meeting with Prighozin after the revolt!! What gives

(zerohedge)

Putin Held 3-Hour Meeting With Wagner Chief Days After Revolt

MONDAY, JUL 10, 2023 – 09:20 AM

Russian officials have revealed another plot twist, adding further mystery to the already bizarre Wagner uprising and the fate of its founder and chief Yevgeny Prigozhin. The news also underscores that things will likely move on as ‘normal’ with Wagner leadership receiving a small slap on the wrist.

The Kremlin said on Monday that President Vladimir Putin actually met with Prigozhin just days after the short-lived mutiny which resulted in over a dozen Russian troop deaths after Wagner mercenaries shot down military helicopters.

After the so-called “march on Moscow” by armed convoys of Wagner forces amid angry denunciations of rampant corruption in the army command ranks on June 24, Russia quickly announced a ceasefire deal had been reached with the mediation of Belarusian President Aleksandr Lukashenko. This included an agreement for Prigozhin to depart Russia, entering de facto exile in neighboring Belarus.

But it seems before or during (or even after) that process of the Wagner chief relocating to Minsk (via his private jet), he and Putin had a nearly three-hour long meeting at the Kremlin. This involved PMC Wagner’s commanding officers, according to the fresh Kremlin statement.

TASS presents the details base on the description of presidential spokesman Dmitry Peskov as follows:

“The president did hold such a meeting,” Peskov began. “He invited 35 people – all the squad commanders and the leadership of the [private military] company, including Prigozhin,” he said. “The meeting took place in the Kremlin on June 29 and lasted for nearly three hours.”

“We are unaware of the details (of the meeting – TASS), but the one thing we can say is that the president gave his assessment of the [private military] company’s actions on the frontline during the special military operation and the June 24 events,” Peskov noted.

“Putin listened to explanations from [Wagner] commanders and offered them further options for employment and further use in combat,” the presidential spokesman continued.

It appears to have been a sympathetic ‘clearing of the air’ type of meeting, which makes clear that Putin isn’t quite finished with utilizing Wagner Group as an effective military forces. Peskov’s statement continued:

“The commanders themselves shared their version of what happened [on June 24], they emphasized that they are staunch supporters and soldiers of the head of state and the supreme commander-in-chief, and also said that they are ready to continue fighting for the Fatherland.”

“This is all we can say about this meeting,” he added.

That meeting took place less than a week after the chaotic weekend events, and days after Putin blasted the mercenary group’s leadership which “organized and prepared the armed rebellion” for treason, and charging that they “betrayed Russia.”

All of this strongly suggests Wagner will be “back” on the Ukraine battlefield soon enough. It’s possible or even likely that the bulk of Wagner units never even left frontline regions in Ukraine, apart from the thousands which had controlled locations in Rostov during the brief uprising. This is the key detail which US intelligence and NATO will be closely monitoring–that Putin “offered them further options for employment and further combat use,” according to Peskov’s words in TASS.

Starting last week President Lukashenko had said that Prigozhin was back in Russia. The Monday revelation from the Kremlin provides some confirmation of this. From the start of the mutiny Prigozhin had claimed he wasn’t trying to overthrow Putin or the Russian government, but instead desired to root out military leadership, citing corruption and ineptitude, among other longstanding complaints.

Part of the Belarusian-mediated peace deal which ended the uprising was for Wagner fighters to be offered contracts with the national armed forces, or to be relocated to Belarus. The possibility of large Wagner encampments inside Belarus has made neighbors like Poland very nervous, and Warsaw has moved to strengthen its border.

end

RUSSIA/

The following commentary is very important. Shows that Russia has endured a 40 billion deficit because of the war.

BUSINESS INSIDER…

https://apple.news/AGGwns9pcTUqCHxigigmMdg

Putin is cannibalizing Russia’s economy as war in Ukraine derails financial order, Yale researchers say

Jennifer Sor

Jul 8, 2023, 8:15 AM EDT

Vladimir Putin is ruining his nation’s economy, as the Russian president is derails the financial order in his quest to conquer Ukraine, according to two Yale researchers.

In a recent op-ed for TIME, Jeffrey Sonnenfeld and Steven Tian, two academics from the Yale Chief Executive Leadership Institute, pointed to the economic chaos unfolding in Russia as the war in Ukraine drags on.

Though some estimates show that Russia is spending surprisingly little on its “special military operation,” official statistics show that the nation has racked up around a $40 billion budget deficit so far this year, thanks to increased military spending and falling revenue as western sanctions bite into key sectors of its economy.

“Far from the prevailing narrative on how Putin funds his invasion, Putin’s financial lifeline has his merciless cannibalization of Russian economic productivity,” Sonnenfeld and Tian said. “He has been burning the living room furniture to fuel his battles in Ukraine, but that is now starting to backfire amidst a deafening silence and dearth of public support.”

Putin, for his part, has tried to shore up more money as the war effort continues, but has done so in ways that have largely ignored Russia’s fiscal responsibilities, the researchers said. That includes measures like printing record volumes of Russia’s ruble “out of thin air,” forcing institutions to buy “near-worthless” Russian debt assets, hefty windfall taxes on “basically anything that moves,” and taking billions out from Russia’s sovereign wealth fund to square the nation’s finances.

Those measures have contributed to the flight of millionaires and everyday workers, who have left the country to look for better opportunities, significantly hurting the nation’s output and productivity. And though Putin has made a show of Russia’s economic strength, his actions have only bought Russia more time, researchers warned.

“That resilience is nothing but a Potemkin façade, sustained not through genuine economic productivity but rather through shaking down the entire country for pennies to direct towards war,” Sonnenfeld and Tian said. “Putin can continue to sustain his invasion of Ukraine this way, but in doing so, continues to rip off his own people. In avoiding outright economic collapse by mortgaging Russia’s future, he grows more unloved by his people and is thus increasingly weakened.

Sonnenfeld and Tian have been critical of the state of Russia’s economy, despite Putin’s attempts to assure the public that Russia is doing just fine. Unpublished statistics from the Kremlin are likely to show a weaker picture of Russia’s economy than the government has led on, Sonnenfeld and Tian said, who previously argued that Russia’s economic figures were merely “cherry-picked” and that its economy was actually imploding.

“Amidst such undisguised plundering of the Russian economy, stripping it down for war toys, it is perhaps no surprise that Prigozhin’s failed putsch this past weekend revealed no lost love for Putin domestically from the Russian populace and elites,” the researchers said.

END

UKRAINE/USA

According to Biden, the Ukrainians are running out of ammunition

(zerohedge)

Biden: “The Ukrainians Are Running Out Of Ammunition”

SUNDAY, JUL 09, 2023 – 02:00 PM

Below is a significant admission by the President of the United States, which was said in passing to a reporter after he was grilled over the controversial White House decision to send internationally-banned cluster bombs to Ukraine.

Biden had also told CNN’s Fareed Zakaria on Friday that the transfer is necessary because Kyiv is “running out of ammunition” after 500 days of war, a grim milestone reached Saturday.

“It was a very difficult decision on my part. And by the way, I discussed this with our allies, I discussed this with our friends up on the Hill,” he explained. He then added: “The Ukrainians are running out of ammunition.” Watch Biden again make the admission below:

A prominent geopolitical observer has noted the following, however…

“For those saying this means the US military are depleted of our stockpiles, this is not true. We have been giving Ukraine all our old shit and stockpiles from the late 80’s and 90’s.”

The war analyst continued: “Now we are giving them old cluster munitions, with high dud-rates. We have been giving them the shit we don’t want. They’ve been fighting Russia without air support and with old and faulty equipment. No wonder they are losing.”

Indeed news of Ukraine’s big counteroffensive, which kicked off after much anticipation last month, has largely retreated from the headlines as more and more negative developments for the Ukrainian effort has become evident.

Even Zelensky recently admitted a much “slower than expected” offensive, and things along the frontlines have largely remained stalemated, with the recent Wagner mutiny events inside Russia also not making any kind of positive difference in terms of Ukrainian positions on the battlefield. Ukraine is putting its hopes on eventually receiving F-16s from the West, but by the time this actually happens, and the long and difficult task of training Ukrainian pilots is complete, the battlefield momentum is unlikely to be in their favor.

END

IRAN

Huge blaze that engulfed Iran’s large Bandar Abbas oil reinery has been put out

(zerohedge)

Huge Blaze That Engulfed Iran’s Large Bandar Abbas Oil Refinery Has Been Extinguished

MONDAY, JUL 10, 2023 – 11:00 AM

Update (1100ET): A fire that broke out Monday in oil storage tanks in Iran’s Bandar Abbas has been extinguished, state-run IRNA reports, citing a province official.

Oil prices are fading back lower on the headlines…

* * *

As we detailed earlier, Iranian state-run IRNA news is reporting that a large fire is engulfing the major Bandar Abbas oil refinery, considered among the largest in the Middle East with a reported refining capacity of more than 300,000 BPD.

“A Fire broke out at the Bandar Abbas oil refinery located in the south of Iran, the student-led Young Journalists Club news agency reported on Monday,” Reuters has confirmed. Multiple social media videos via state media sources currently show a very large blaze and thick plumes of smoke over the port city which lies on the southern coast.

There are initial reports of at least four injuries as emergency crews are dispatched to battle the blaze. The reservoirs reportedly at center of the emergency belong to the Aftab Oil Refining company.

As yet, there’s been no indicator of the cause of the fire. Typically a large-scale Iranian infrastructure explosion or fire raises the possibility of external sabotage, given that Israel has long targeted Iranian energy, particularly nuclear sites.

State media videos have confirmed a large blaze at Bandar Abbas…

A follow-up report in the official IRNA news agency said, “According to statements by local sources, efforts have been started to extinguish the fire, but there is a possibility of fire spreading and nearby reservoirs exploding.”

developing…

end

TURKEY/EU/NATO/SWEDEN

Erdogan demands a clear path for Turkey EU membership before Sweden’s NATO candidacy

(the Cradle)

Erdogan Demands Clear Path For Turkey’s EU Membership Before Sweden’s NATO Candidacy

MONDAY, JUL 10, 2023 – 02:15 PM

Via The Cradle,

Turkish President Recep Tayyip Erdogan told US President Joe Biden during a phone call on Sunday that his country has not seen enough progress from Sweden to support its bid to join NATO, coming just two days ahead of a summit of NATO leaders in Lithuania.

“Erdogan stated that Sweden has taken some steps in the right direction by making changes in the anti-terrorism legislation,” the Turkish directorate of communications said in a statement following the call between the two presidents.

However, “terrorist” supporters continue to hold protests in the country, Erdogan reportedly told Biden, referring to supporters of Kurdish groups such as the Kurdistan Workers Party (PKK) and its affiliates, outlawed in Turkey.

“This nullifies the steps taken,” the Turkish statement went on to say. These “steps” refer to requests by Ankara for Sweden to extradite members of Kurdish groups.

According to a statement released by the White House on Sunday, the two “discussed the range of issues that NATO leaders will consider at the summit, expressed their shared commitment to continue supporting Ukraine, and reviewed efforts to strengthen our bilateral ties. President Biden also conveyed his desire to welcome Sweden into NATO as soon as possible.”

During a televised speech the following day, Erdogan suggested that the approval of EU membership for Turkey would pave the way for Sweden’s NATO membership.

“First, open the way for Turkey’s membership in the European Union, then we open it for Sweden, just as we opened the way for Finland,” he said.

On July 11 a NATO summit is scheduled to be held in the Lithuanian capital, Vilnius, during which Washington is reportedly planning to push for a deal to see Sweden’s swift ascension into the alliance.

While Turkey had previously been blocking Finnish ascension to NATO as well, over accusations that Finland was harboring Kurdish militant sympathizers, its application was approved, and in April, Finland officially joined the alliance.

However, Sweden’s Quran burnings have hindered the process, particularly the latest incident last month – which took place with Swedish police approval and sparked worldwide condemnation and protests in several countries. Ankara has recently doubled down on its position regarding the Quran burning.

At the end of last month, Erdogan said – implying that Turkey will hold off on approving Sweden’s NATO bid – that Ankara will “put forward our reaction in the strongest possible way until there is a concerted effort to combat the enemies of Islam as well as terrorist organizations.”

During the phone call, Biden and Erdogan reportedly discussed the sale of US F-16 jets to Turkey, which many have inferred would ease Sweden’s bid for NATO ascension. However, the Turkish president reportedly told Biden “That it is not correct to associate” the Turkish F-16 request with Sweden’s NATO membership.

END

Then somebody got to him:

Turkey Suddenly Agrees To Advance Sweden’s NATO Bid

MONDAY, JUL 10, 2023 – 03:20 PM

Update (1531ET): Stoltenberg confirms the massive news–there will be a 32nd member state added to NATO, as we now await Russia’s sure to be deeply unhappy and frustrated response.

Prior Moscow declarations related to Sweden’s potential move into NATO had involved measures to strengthen Russian defensive positions along the Scandinavian border region, specifically the Finnish border as well as in the region of the far-northern, remote arctic border area with Sweden.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1678484703060324359&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Ferdogan-demands-clear-path-turkeys-eu-membership-swedens-nato-candidacy&sessionId=3feac7780f0edae5ac140794a2c2533ab256639b&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

What’s clear is that the ‘unintended consequences’ resulting from the Ukraine conflict have continued to spiral, and things are escalating by the day and week.

And now, to make matters worse, some (though not all) NATO member states are pushing for Ukraine’s entry into the military alliance. The US has resisted, however, with Biden saying Monday that this would have to wait until after the war, given NATO Article 5 would trigger a massive hot conflict with Russia. Will Biden’s vow to not consider admitting Ukraine into the alliance soften the blow for Moscow (regarding the major Sweden development)? This was perhaps key to some back-channel ‘assurances’, possibly.

* * *

Update (1520ET): In a rather surprising move – sure to upset Putin – Turkey agreed Monday to ask its parliament to advance Sweden’s bid for membership in the NATO alliance.

Bloomberg reports, according to a Turkish official, that the decision was made after receiving assurances on key demands, including Stockholm’s approach to supporters of Kurdish separatists operating in its territory.

The Turkish official said there was also progress toward meeting their demands to lift defense-related sanctions and that EU officials agreed to speed up their membership negotiations, including on joining the customs union and allowing visa-free travel for its citizens.

Erdogan’s change of stance came hours ahead of a NATO leaders summit in Vilnius, Lithuania, where alliance members had originally hoped to be able to welcome Sweden as a new member.

As The Wall Street Journal reports, the last-minute solution to the deadlock would allow NATO to enter the summit having ironed out major differences, projecting unity against Russian aggression.

It would also pave the way for an expansion across more than 1,000 miles of territory straddling the Baltic Sea, shifting the balance of power in northern Europe and creating a potential chokepoint for Russian warships and aircraft in the region.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=true&id=1678483502470250497&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Ferdogan-demands-clear-path-turkeys-eu-membership-swedens-nato-candidacy&sessionId=3feac7780f0edae5ac140794a2c2533ab256639b&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

* * *

As The Cradle detailed earlier, Turkish President Recep Tayyip Erdogan told US President Joe Biden during a phone call on Sunday that his country has not seen enough progress from Sweden to support its bid to join NATO, coming just two days ahead of a summit of NATO leaders in Lithuania.

“This nullifies the steps taken,” the Turkish statement went on to say. These “steps” refer to requests by Ankara for Sweden to extradite members of Kurdish groups.

During a televised speech the following day, Erdogan suggested that the approval of EU membership for Turkey would pave the way for Sweden’s NATO membership.

“First, open the way for Turkey’s membership in the European Union, then we open it for Sweden, just as we opened the way for Finland,” he said.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=eyJ0ZndfdGltZWxpbmVfbGlzdCI6eyJidWNrZXQiOltdLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2ZvbGxvd2VyX2NvdW50X3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9iYWNrZW5kIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19yZWZzcmNfc2Vzc2lvbiI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfZm9zbnJfc29mdF9pbnRlcnZlbnRpb25zX2VuYWJsZWQiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X21peGVkX21lZGlhXzE1ODk3Ijp7ImJ1Y2tldCI6InRyZWF0bWVudCIsInZlcnNpb24iOm51bGx9LCJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3Nob3dfYmlyZHdhdGNoX3Bpdm90c19lbmFibGVkIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19kdXBsaWNhdGVfc2NyaWJlc190b19zZXR0aW5ncyI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdXNlX3Byb2ZpbGVfaW1hZ2Vfc2hhcGVfZW5hYmxlZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdmlkZW9faGxzX2R5bmFtaWNfbWFuaWZlc3RzXzE1MDgyIjp7ImJ1Y2tldCI6InRydWVfYml0cmF0ZSIsInZlcnNpb24iOm51bGx9LCJ0ZndfbGVnYWN5X3RpbWVsaW5lX3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9mcm9udGVuZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1678387096581464066&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Ferdogan-demands-clear-path-turkeys-eu-membership-swedens-nato-candidacy&sessionId=3feac7780f0edae5ac140794a2c2533ab256639b&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

END

GLOBAL ISSUES//MEDICAL ISSUES

DEADLY TO CANADA

WE ARE FIGHTING THIS!

The Dr. Paul Alexander Newsletter From The Wellness Company

According to a recent proposal, the Canadian Government is set to impose stifling regulations on Natural Health Products. Starting in 2025, Health Canada is changing its labeling requirements and imposing significant costs on business owners, in the form of product evaluation, site licensing, and right-to-sell fees. According to a survey performed by the Canadian Health Food Association, these changes are so significant that 1 in 5 brands is considering leaving the country because of this increasing red tape.If you’re like most Canadians, you may have never heard the term “Natural Health Product.” For those unfamiliar with the term, Health Canada defines Natural Health Products (NHPs) as “naturally occurring substances that are used to restore or maintain good health.” NHPs are a broad class of commercial products, comprising everything from vitamins, minerals, and other supplements to natural toothpaste, sunscreens, and shampoos to homeopathic and traditional Chinese medicines. 71% of Canadians use NHPs as part of a proactive wellness regimen.Given the precarious state of the Canadian healthcare system, the last thing our country needs is a chokehold on an industry that aids in the prevention of chronic illness and helps keep our citizens healthy. But it’s possible that these proposed changes, which we will review in detail in this article, will make it harder, not easier, for Canadians to live healthy lives.At The Wellness Company Canada, we’re committed to doing everything in our power to uphold consumer choice, protect small businesses, and preserve the NHP Industry in Canada. That’s why we pledge to donate a portion of proceeds from every sale towards initiatives that support the industry.What You Can Do Learn more about the proposed regulations first-hand so that you’re armed with all the facts relevant to the issue. Visit SaveOurSupplements.com and send a letter to your local MP. Lastly, share this article and spread the word on social media using the hashtag #saveoursupplements.

END

This is very alarming!

(EpochTimes)

‘Alarming’ Sevenfold Increase In Stevens-Johnson Syndrome Linked To COVID-19 And Vaccine

MONDAY, JUL 10, 2023 – 05:00 AM

Authored by Megan Redshaw, J.D. via The Epoch Times (emphasis ours),

A sudden increase in Stevens-Johnson syndrome (SJS)—a rare and potentially fatal skin disorder—may be triggered by COVID-19, increased vaccination rates, or a lowered threshold caused by vaccines or previous infection, according to a large case series recently published in Burns.(Lightspring/Shutterstock)

Researchers with the burns unit at Concord Repatriation General Hospital in Australia saw two to four cases of SJS, or toxic epidermal necrolysis (TEN), per year prior to COVID-19. In the first six months of 2022 alone, the same burn center observed a sevenfold rise in cases.

Of the 14 reported cases, five patients had COVID-19 a month before developing SJS/TEN, and three of 14 patients received a COVID-19 vaccine one month prior. Not a single case of SJS/TEN was reported in an unvaccinated individual.

Researchers said the rarity of the condition and presence of medications known to trigger the disease make the link difficult to prove, but the rapid rise in cases since the beginning of the pandemic and vaccine rollout is “alarming.”

SJS/TEN is a severe hypersensitivity condition where the skin develops rashes, blisters, and peels forming painful areas that resemble a severe hot water burn. Mucous membranes, including the eyes, genitalia, and mouth, are often affected or severely damaged, leading to sepsis, pneumonia, infection, or death.

Although SJS and TEN were once considered separate conditions, they are now part of the same disease—with SJS representing the less severe end of the disease spectrum and TEN representing the most severe.

Medications, including epilepsy medicines, antibiotics, and anti-inflammatory painkillers, are the chief cause of SJS/TEN, but certain viruses and vaccines can also cause the condition. Due to its potentially fatal nature, SJS/TEN is considered a medical emergency, and patients are treated in burn units.

Researchers’ 3 Theories for Sudden Rise in SJS/TEN Cases

The researchers proposed three theories for the sudden increase in SJS/TEN cases.

Virus-Induced

The first theory is that the SARS-CoV-2 virus may induce SJS/TEN by directly binding to receptors that trigger a T-cell-mediated response. Other viruses known to cause SJS/TEN include the herpes simplex virus, Epstein-Barr virus, and influenza.

Vaccine-Induced

A second theory is that COVID-19 vaccines may directly bind to cell receptors that trigger SJS/TEN and influence the body’s T-cell immune response initiating SJS/TEN. This T-cell response peaks at seven and 28 days post-vaccination, consistent with the observed cases.

Of the three cases attributed to vaccination in the study, two patients had received an mRNA vaccine, and one received a viral vector vaccine within a month of developing SJS/TEN. Researchers identified eight other cases of SJS following COVID-19 vaccination in published literature—four were associated with mRNA vaccines, three with viral vector vaccines like AstraZeneca and Johnson & Johnson, and one with a whole virus vaccine.

According to the U.S. Vaccine Adverse Event Reporting System (VAERS), 198 cases of SJS/TEN following COVID-19 vaccination were reported between Dec. 14, 2019, and June 23, 2023. Historically, VAERS has been shown to report fewer than 1 percent of actual vaccine adverse events, which means other cases of SJS/TEN may have occurred but were unreported.

Threshold Lowering

The third theory proposed by the authors is that developing a COVID-19 infection or receiving a vaccine “primes” the immune system, lowering the threshold for a drug to trigger SJS/TEN.

SHARYL ATTKISSON: ‘(CDC) Seizures reported in some children after mRNA Covid vaccination’; with administration of Pfizer and Moderna mRNA technology based COVID gene injection

Some Children Suffered Seizures Following mRNA COVID Shots; The authors reported that 104 children under the age of five suffered seizures after receiving an mRNA COVID shot.

DR. PAUL ALEXANDERJUL 7

SOURCE:

https://sharylattkisson.com/2023/07/cdc-seizures-reported-in-some-children-after-mrna-covid-vaccination/?utm_source=ActiveCampaign&utm_medium=email&utm_content=Sharyl+Attkisson+Daily+Newsletter&utm_campaign=Daily+Newsletter

end

‘U.K. Gov’t Behavior Modification ‘Nudge Unit’ Chief Asserts Citizens’ Obedience to Future Lockdowns: ‘Fear-Based’ Messaging Necessary for ‘Wrongly Calibrated’ Individuals’; so we are ‘wrongly

calibrated’? ‘In a recent interview, the head of the U.K.’s “nudge unit,” Professor David Halpern, has expressed confidence that British citizens would freely comply with future pandemic lockdown’

DR. PAUL ALEXANDERJUL 7

U.K. Gov’t Behavior Modification ‘Nudge Unit’ Chief Asserts Citizens’ Obedience to Future Lockdowns: ‘Fear-Based’ Messaging Necessary for ‘Wrongly Calibrated’ Individuals

Not that they the government etc. are lying thieving, sick twisted feral banal bottom-dweller malfeasant pigs, dogs, swine who must sit in jails, not that, no, we are ‘wrongly calibrated’, so we are the problem.

‘In a recent interview, the head of the U.K.’s Behavioural Insights Team, or the “nudge unit,” Professor David Halpern, has expressed confidence that British citizens would freely comply with future pandemic lockdown’

END

Mitochondrial damage from spike protein, either from virus infection spike or mRNA technology COVID vaccine induced spike (Clough)? Yes! Spike possibly damages electron transport chain (ETC)? Yes!

Pfizer & Moderna mRNA technology gene injections remain catastrophic with long-COVID symptoms for many & they want the spike out of them, they seek relief; TWC’s mito formula may help!

DR. PAUL ALEXANDERJUL 7

Clough et al. showed mitochondria dysfunction & damage with neuropathology from the spike protein, virus or vaccine induced:

SOURCE:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8487226/

END

Did Román et al. (& Hsiao) link the COVID mRNA technology (& DNA platform) based gene injection vaccine to devastating spinal cord inflammatory Acute Transverse Myelitis (ATM)? Yes!

Clinical Review of 43 Patients With COVID-19-Associated ATM and 3 Post-Vaccination ATM Serious Adverse Events With the ChAdOx1 nCoV-19 Vaccine (AZD1222)

DR. PAUL ALEXANDERJUL 8

SOURCE:

https://pubmed.ncbi.nlm.nih.gov/33981305/

END

Did Cabrera Adames, a Dominican professional basketball player, who died suddenly, die due to the mRNA technology based COVID gene injection (KAriko, Weissman et al. as inventors)? He got myocarditis

after the vaccine shots, he said so, so is there a link? Why is this being swept under rug? Why the silence by media? EPOCH finally covered, good for them, but won’t connect mRNA tech??

DR. PAUL ALEXANDERJUL 10

It’s the vaccine, stupid, it’s the vaccine!

Dr. Malone, can you step forward and shed some light please into what may have happened given it is your technology at the heart of the mRNA gene injection? This will help us a lot. Or Kariko, or Weissman or anyone else who invented this death technology…thanks! We do not know and wish to know, we seek clarification. We want someone ‘in the know’ to talk to us.

Please. We the public.

Lancet Preprint Showing COVID-19 Vaccine Responsible for 74% of Deaths – REMOVED!A preprint review of 325 autopsies found that COVID-19 vaccine was the cause of death in 73.9% of the cases – 24 hours later the study was removed.DR PANDAJUL 7 SHARE A review of 325 autopsies found that the COVID-19 vaccine was the cause of death in 73.9% of the cases – the vast majority had damage to the cardiovascular system.This preprint study was submitted to the Lancet, a prestigious medical journal. The study was removed in less than 24 hours.The review in question was a pre-print undergoing the process of peer review. It was written by Dr. Peter A. McCullough, a highly prolific cardiologist in the United States, along with Dr. Harvey Risch, an epidemiologist from Yale University, and various other individuals associated with the Wellness Company.Despite garnering significant attention with hundreds of downloads a minute and media coverage, the study was subsequently taken down and replaced with a message stating:“This preprint has been removed by Preprints with the Lancetbecause the study’s conclusions are not supported by the study methodology.”

SLAY NEWS

The latest reports from Slay News

WEF: Digital Cash Can Be Used to Block Citizens from Buying ‘Less Desirable’ Items An agent of the World Economic Forum (WEF) has gloated that one of the “benefits” of “digital cash” is that governments can control what citizens can and can’t pay for.READ MORE

Skeleton Crawls from Psaki’s Closet as Statement Suggests Biden’s Actions Could ‘Potentially Be a War Crime’Former White House Press Secretary Jen Psaki’s words have come back to haunt Democrat President Joe Biden today.READ MORE

Eric Bolling Asks RFK Jr. If He’s Juicing after Workout Video Goes Viral Newsmax host Eric Bolling asked 69-year-old 2024 Democrat presidential candidate Robert F. Kennedy Jr. how he is staying in such good shape.READ MORE

3rd Party Candidate Dooms Biden as Cornel West Takes Critical Chunk of Left-Wing Vote for 2024, Poll Shows Third-party candidate Cornel West is taking a large percentage of the left-wing vote for the 2024 election from Democrat President Joe Biden, the latest polling shows.READ MORE

‘Missing’ Hunter Whistleblower Reemerges with Video Statement Accusing Bidens of Corruption A Hunter Biden whistleblower, who went missing after coming forward with allegations against the Democrat president’s family, has reemerged in a new video statement.READ MORE

Democrat Governor Vetoes Bipartisan Bill Protecting Women’s Sports North Carolina’s Democrat Governor Roy Cooper has vetoed a bipartisan bill that would protect women’s sports.READ MORE

Facebook Censored Tucker Carlson Video after Biden Admin Demanded It, Judge Reveals A U.S. federal judge has revealed that Big Tech giant Facebook censored one of Tucker Carlson’s videos in response to a demand from Democrat President Joe Biden’s White House.READ MORE

Facebook’s Twitter Rival ‘Threads’ Starts Censoring Conservatives as Soon as It’s Launched “Threads,” the new Twitter rival launched by Facebook’s parent company Meta, is already censoring conservatives, according to reports.READ MORE

Ex-Secret Service Agent Dan Bongino: ‘Do Not Trust White House Version of Events about the Cocaine’Ex-Fox News star Dan Bongino is warning the American people not to trust claims coming from Democrat President Joe Biden’s White House about the cocaine discovery in the West Wing.READ MORE

White House Cocaine Found Near Situation Room, Blowing Scandal Wide Open The White House cocaine story has just changed again, blowing the scandal wide open.READ MORE

Republican Reps Vote to Remove Marjorie Taylor Greene from Freedom Caucus Republican Rep. Marjorie Taylor Greene (R-GA) has been removed from the House Freedom Caucus after taking Speaker Kevin McCarthy’s (R-CA)) side too many times on key votes.READ MORE

Elon Musk Threatens to Sue Mark Zuckerberg Over Meta’s Threads Elon Musk’s Twitter is threatening legal action against Mark Zuckerberg’s Meta over the Big Tech giant’s new text-based “Twitter killer” platform Threads.READ MORE

White House Changes Cocaine Story, Throws Kamala Harris Under Bus Democrat President Joe Biden’s White House has changed the story on the cocaine “mystery” and has seemingly thrown VP Kamala Harris under the bus by linking her to the discovery.READ MORE
The latest reports from Slay NewsAustralia’s Fertility Rates Plummet to Lowest Level on Record Fertility rates in Australia have plummeted this year to the lowest levels the nation has ever recorded.READ MORE AI Robot Tells United Nations: Machines Are ‘Greater’ Than ‘Human Leaders’Artificial intelligence (AI) robots addressed the United Nations (UN) during the globalist agency’s summit this week.READ MORE Ukraine’s Gold & Currency Reserves Swell to Highest Level in History, Central Bank Reveals Ukraine is now holding more in gold and currency reserves than at any other time in the history of the country, the nation’s central bank has revealed.READ MORE Far-Left ‘Young Turks’ Host Admits Puberty Blockers ‘Cause Irreparable Harm’ to Children Ana Kasparian, a far-left co-host for the progressive news commentary show “The Young Turks,” has admitted that life-altering gender treatments for children are irreversible.READ MORE Top Democrat Slams Biden for Sending Cluster Bombs to Ukraine: ‘Terrible Mistake’A top House Democrat has fired back at President Joe Biden over his decision to send controversial cluster bombs to Ukraine.READ MORE Lauren Boebert: ‘Drug Test Everyone Including Joe Biden Until We Know Who Smuggled Illegal Drugs into White House’Republican Rep. Lauren Boebert (R-CO) has come up with a simple solution to the White House cocaine scandal.READ MORE Karine Jean-Pierre Caught Lying about Biden Family and Cocaine Scandal White House Press Secretary Karine Jean-Pierre was caught pushing false claims while trying to downplay questions linking Democrat President Joe Biden and his family to the cocaine scandal.READ MORE Kayleigh McEnany Calls Out White House: ‘That Is the Single Worst Answer I Have Ever Heard a Press Secretary Give’Former White House Press Secretary Kayleigh McEnany has slammed Democrat President Joe Biden’s press team for its handling of the discovery of cocaine found in the West Wing.READ MORE Karine Jean-Pierre Cracks, Says It’s ‘Incredibly Irresponsible’ to Ask If Cocaine Belongs to Biden Family Member Press Secretary Karine Jean-Pierre cracked under the pressure of questions from the media about the cocaine found in the White House.READ MORE Megyn Kelly Warns Disney after Woke ‘Flops’ Cost $1B: ‘The People Are Not Buying This Content’Megyn Kelly issued a warning to The Walt Disney Company over its “wokeness.”READ MORE Judge Drops Hammer on El Paso Walmart Shooter: 90 Life Sentences in Federal Prison A judge has thrown the book at the Texas gunman who shot and killed 23 people in an attack at an El Paso Walmart in 2019.READ MORE Rudy Giuliani Accuses White House of Covering Up Cocaine Culprit to Protect Biden: ‘Appoint Me, I’ll Catch Them’Former New York City Mayor Rudy Giuliani has accused the White House and Secret Service of covering up the culprit who left cocaine in the West Wing.READ MORE Tucker Carlson Says Capitol Police Chief Told Him Jan 6 Crowd Was ‘Filled with Federal Agents’Tucker Carlson has just dropped a bombshell regarding the events at the U.S. Capitol on January 6, 2021.READ MOREThe latest reports from Slay NewsZero Amish Children Diagnosed with Cancer, Diabetes or Autism A comprehensive study has found that no Amish children have been diagnosed with chronic conditions that impact the rest of America.READ MORE READ MORE Irish Farmers Outraged as Government Moves to Cull 200,000 Healthy Cows to Meet Climate Goals Farmers in Ireland are expressing outrage over the globalist Irish government’s decision to cull 200,000 of the nation’s healthy cows to meet the green agenda’s climate goals.READ MORE

EVOL NEWS

Joe Biden And Barack And Michelle Obama Throw Temper Tantrums Over SCOTUS DecisionREAD MORE…

LATEST NEWS:

The Biden Administration Appeals Federal Court Ruling That Restricted Censorship of Americans’ ‘Protected Speech’Read more…Philadelphia DA Wants Second Amendment Gutted, Warns Against ‘Bigotry’ Directed Towards Recent Mass ShooterRead more…Cocaine Rumors Swirl After Viral Video Shows Hunter Biden Exhibiting Bizarre Behavior During White House EventRead more…Adam Schiff Reports Record $8.1 Million Fundraising Haul After Russiagate CensureRead more…Shocker: Influential Billionaire Dem Donor Suddenly Supports RFK Jr.’s Vaccine SkepticismRead more…The Fed Just Paused Interest Rate Hikes. Do We Still Need to Worry About a Recession?Read more…France Moves to Give Law Enforcement Authority to Turn On Mobile Phones, Computers Without User PermissionRead more…Cameras Capture Biden’s Reaction to Reporter’s Question About Cocaine in WH – His Look Says It AllRead more…

VACCINE IMPACT/

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

The Post-COVID Job Market Narrative Of 2021 Was… Completely Wrong

MONDAY, JUL 10, 2023 – 10:50 AM

By Stefan Koopman, Senior Macro Strategist At Rabobank

The Global Daily is a publication of a Dutch bank, but it rarely discusses Dutch politics. Historically, the Netherlands is known for its financial stability and ‘poldermodel’ decision-making, so financial markets often have better things to focus on. However, the opportunistic manner in which Prime Minister Rutte pulled the plug on his fourth (and final) cabinet did grab international attention, as it caught his coalition partners completely off guard. They are expected to respond in kind: a vote of no confidence in the Prime Minister – initiated by opposition parties – is expected to be submitted today. The goal is to appoint a technocrat as caretaker until a snap election can be held in November. The collapse means that no ‘controversial’ decisions can be taken until there is a new government and that the status quo will be maintained.

This all adds to the degree of disillusionment among the Dutch electorate. The collective sentiment is that Rutte’s manoeuvres regarding asylum policy are entirely driven by power politics. While it is true that society struggles with large migrant inflows, which the housing market and the education system can’t handle, it is also true that the VVD government, under the influence of Dutch business, strives for more labour migrants in order to solve for structural worker shortages. As such, Rutte’s VVD decided to set sights on the much smaller group of asylum seekers – and their families in particular – knowing in advance that this would corner their junior partner ChristenUnie and precipitate the fall of the coalition. That may be electorally opportunistic, but if the VVD was truly serious about reducing immigration, they would have done something about labour migration flows. However, this would negatively affect various key sectors of the Dutch economy, such as high-tech, professional services, education, distribution, food and agri, and horticulture, and that’s not something the VVD probably would ever consider.

The question is what this will achieve. After all, Rutte’s fourth cabinet faced numerous crises, struggled to reach compromises, and relied on self-imposed deadlines and vague promises to mask its lack of power. Taking advantage of the low interest rates of late-2021, a significant amount of money was made available to achieve progress on key issues such as the energy transition, nitrogen emissions, the housing market and migration. It would have allowed some of the necessary financial interventions to be implemented relatively painlessly. Yet the lack of clear plans, delayed decision-making, an overall inability to address pressing issues, and the increasingly difficult funding environment as time progressed, made this coalition increasingly fragile.

The VVD seems to believe that new elections will result in a workable right-wing coalition, seeing it as the right timing given the ongoing increase in the BoerBurgerBeweging’s popularity at the expense of the CDA, D66’s poor polling and the still-incomplete merger between the PvdA/GroenLinks. Whether this strategy pays off rests with the voters, but also depends on the willingness of other parties to try their luck with Rutte’s VVD. Current sentiment is that he may have pushed his luck too far this time.

That being said, a US non-farm payroll report has a bigger impact on markets than the collapse of the Dutch government, so let’s get back to it. Amidst the Great Confusion of 2021, one of the prevailing narratives was that “no one wanted to work” anymore. The story was that workers were quitting in large numbers, resisting returns to the workplace, and embracing self-employment. These stories were supported by evidence of declining labor force participation and increased job vacancies. It particularly impacted consumer-facing businesses like restaurants and hotels, which struggled with persistent shortages and needed to pay up.

This narrative was also completely wrong. The June Employment Report revealed that 80.9% of Americans aged 25-54 (considered “prime age”) were employed, the highest rate in over twenty years and only one percentage point below the record high of April 2000. While overall labor participation still lags pre-pandemic levels, every age group has now returned to pre-pandemic participation levels except for those aged 65+. While there have been some earlier than expected retirements, describing these as “early” would be inaccurate unless there is a demand for grandparents to re-join the workforce.

The ADP’s nowcast of the official US nonfarm payrolls suggested half a million jobs could have been added in June, prompting a big sell-off in both equities and bonds on Thursday. Instead, actual payrolls printed below-consensus for the first time in more than a year. As hopes were so high, the 209k rise was a bit disappointing, even more so in light of the -110k of net revisions. So it does look like employment growth is cooling, but it also seems that we’re still at a healthy pace of growth that absorbs new inflows and keeps the labour market relatively tight. Average hourly earnings growth had its third successive 0.4% m/m print, remaining sticky at 4.4% y/y. All in all, the report had something for the doves and for the hawks and is not likely to change the July rate hike that is widely anticipated.

It also stands in sharp contrast to China, which continues its slide into the world of deflation. This morning, China CPI came in at 0.0% y/y while factory prices declined sharply by -5.4% y/y. The CPI has now fallen for a fifth consecutive month, indicating weak consumer demand and a clouded growth outlook. As a result, there is an increasing need for more economic stimulus. However, due to the current levels of debt and the ongoing real estate crisis, we do not anticipate any significant economic stimulus measures. We could see more strategic sectors receiving tax breaks, and some stimulus may come in the form of additional investments in digital infrastructure such as data centres, cloud computing, and the semiconductor sector. However, demand-side stimulus would likely be more effective given the disappointing revival of domestic consumption so far.

Treasury Secretary Janet Yellen has concluded her visit in China. While no agreements on US-China disputes were announced, she did confirm that Washington will open up a channel of communication with China’s economic team and that it is open to respond to unintended consequences of its own actions. She again tried to reassure her Chinese counterparts that the US doesn’t want to decouple or separate its economy from China, but that it mainly tries to “de-risk” trade in ‘narrowly’ targeted areas that are relevant to national security. That is easier said than done.

She also suggested that the possibility of a US recession cannot be entirely dismissed. In combination with confirmation of weak demand and excess supply from China, this leads to a subdued start of the week. European equities are down -0.3% in the first hour of trading, following last week’s big sell-off. Government bond yields are little changed, with the two-year German note down 2bp to 3.22% and the 10-year unchanged at 2.63%. The dollar is up 0.1% vis-à-vis the euro and trades at 1.095.

end

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR: 1.0958 UP 0.0009

USA/ YEN 142.25 UP 0.260 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2779 DOWN 0.0041

USA/CAN DOLLAR: 1.3282 UP .0028 (CDN DOLLAR DOWN 28 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 7.09 PTS OR 0.22%

Hang Seng CLOSED UP 144.02 PTS OR 0.62%

AUSTRALIA CLOSED DOWN 0.51% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 114.02 PTS OR 0.62%

/SHANGHAI CLOSED UP 7,09 PTS OR 0.22%

AUSTRALIA BOURSE CLOSED DOWN 0.51%

(Nikkei (Japan) CLOSED DOWN 198.69 PTS OR 0.61%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1924.65

silver:$23.08

USA dollar index early MONDAY morning: 102.14 UP 15 BASIS POINTS FROM FRIDAY’s close.

MONDAY MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.370% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +0.461 % UP 2 AND 5//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.698 UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.372 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6475 UP 1 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 1.0975 UP 0.0025 or 25 basis points

USA/Japan: 141.67 DOWN 0.319 OR YEN UP 32 basis points/

Great Britain/USA 1.2816 UP 0.0004 OR 4 BASIS POINTS //

Canadian dollar DOWN .0021 OR 21 BASIS pts to 1.3275

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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2320

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2355)

TURKISH LIRA: 26.07 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.461…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 1 in basis points from FRIDAY at 4.038% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.054 UP 1 in basis points ON THE DAY/12.00 PM

Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates THURSDAY: CLOSING TIME 12:00 PM

London: CLOSED UP 16.85 points or 0.23%

German Dax : CLOSED UP 69.76 PTS OR 0.45%

Paris CAC CLOSED UP 31.81 PTS OR 0.45%

Spain IBEX UP 4.10 PTS OR 0.04%

Italian MIB: CLOSED UP 93.68PTS OR 0.34%

WTI Oil price 74.08 12: EST

Brent Oil: 78.58 12:00 EST

USA /RUSSIAN /// AT: 91.72 ROUBLE UP 0 AND 54//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.6475 UP 1 BASIS PTS

UK 10 YR YIELD: 4.7185 UP 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1007 UP 0.0050 OR 50 BASIS POINTS

British Pound: 1.2862 UP .0042 or 42 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.6900 % UP 0 BASIS PTS//

USA dollar vs Japanese Yen: 141.32 DOWN 0.669 //YEN UP 67 BASIS PTS//

USA dollar vs Canadian dollar: 1.3278 UP .0003 CDN dollar, DOWN 3 basis pts)

West Texas intermediate oil: 73.17

Brent OIL: 77,82

USA 10 yr bond yield DOWN 5 BASIS pts to 3.997%

USA 30 yr bond yield DOWN 3 BASIS PTS to 4.026%

USA 2 YR BOND: DOWN 7 PTS AT 4.866%

USA dollar index: 101.62 DOWN 33 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 26.08 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 90.42 DOWN 0 AND 88/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 209.52 PTS OR 0.62%

NASDAQ 100 UP 8.79 PTS OR 0.58%

VOLATILITY INDEX: 15.07 UP .24 PTS (1.62)%

GLD: $178.78 UP 0.14 OR 0.03%

SLV/ $21.24 UP .06 OR 0.28%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

b) THIS MORNING TRADING

END

II) USA DATA/

III) USA ECONOMIC STORIES

Mortgage rates soaring to highest level of the year

(Jung/EpochTimes)

Mortgage Rates Soar To Highest Level For The Year

MONDAY, JUL 10, 2023 – 05:45 AM

Authored by Bryan Jung via The Epoch Times,

U.S. home mortgage rates soared towards 7 percent this week, pushing away many potential home buyers as affordability pressures for some pushed home ownership further out of reach.

The average rate on the popular 30-year fixed mortgage hit 7.22 percent on July 6, reaching its highest point since November, according data published by to Mortgage News Daily.

Freddie Mac’s report showed a lower surge in the 30-year fixed mortgage rate to 6.81 percent from 6.71 percent the week prior.

“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” Freddie Mac said.

“This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve.”

Mortgage Rates Surge After Comments From Fed

Mortgage rates had already started to rise last week, after signals from Federal Reserve Chairman Jerome Powell suggested that the central bank may start raising interest rates again soon following a pause in June.

Mr. Powell told Congress in June that the central bank has “a long way to go” to bring inflation to its 2 percent goal.

Recently released minutes from the Fed’s last policy meeting further revealed that central bank policymakers favor a more hawkish stance towards future rate increases.

The next policy meeting on whether to raise interest rates is on July 26.

Following an uptick in the 10-year Treasury yield, 30 year mortgage rates rose with the release of the Commerce Department’s report last week, which showed inflation increasing slightly in May following a stronger than expected employment report from Automatic Data Processing, Inc. (ADP).

“The recent spike in mortgage rates pushing rates over 7 percent will further dampen pending and closed sales units,” Emmitt Laffey, CEO Berkshire Hathaway HomeServices, which covers the New York market, told The Epoch Times.

“Pending sales year over year in metro New York are down 15 percent. And with rates over 7 percent, this trend will continue.”

“On the other hand, median home prices year-to-date are level to slightly higher,” Mr. Laffey added.

Non-High End Buyers Edged Out of Market

Higher mortgage rates have once again kept low to medium end buyers from purchasing homes—a problem which has haunted the industry for over a year.

“These high rates combined with low inventory continue to price many potential homebuyers out of the market,” Freddie Mac said.

Year-to-date new listings of available homes are now 20 percent behind last year’s pace.

There were 467,000 single-family homes on the market nationwide for the week ending July 5, which is a 2 percent decrease from last year, according to Altos Research.

At least 385,000 single-family homes were in contract during the same week, 14 percent less than the same week in 2022.

Although the current sales pace appears to have peaked for the year, it appears that 2022 will show sales of 15 percent fewer homes on the market compared with 2022.

During the same period in 2022, inventory was rising between 4 and 6 percent each week.

Only 45.6 percent of new and existing homes sold between January and the end of March were available to households with an income of $96,300, according to the National Association of Home Builders (NAHB) and Wells Fargo Opportunity Index.

Although it was an improvement from the 38.1 percent in the fourth quarter of last year, it remains one of the lowest levels on record for the NAHB.

“Rates are still over a percentage point higher than a year ago, and housing affordability is still a challenge in many parts of the country,” MBA Deputy Chief Economist Joel Kan said in a statement.

Sales Continue to Fall Nationwide

Purchase applications dropped 5 percent on a seasonally adjusted basis for the week ending July 6 and were 22 percent lower than the same week a year ago, according to the Mortgage Bankers Association’s (MBA) latest survey.

At the same time, the MBA’s seasonally adjusted Market Composite Index saw mortgage applications decline 4.4 percent while its refinance Index decreased 4 percent.

“Mortgage applications fell to their lowest level in a month last week as rates for most loan types increased,” Mr. Kan said.

The MBA reported that the average loan size for a purchase application declined to $423,500 in its weekly report, for the lowest level since January 2023.

“This was likely driven by reduced purchase activity in some high-price markets and more activity in some of the lower price tiers as buyers searched for more affordable options,” Mr. Kan said.

Meanwhile, the jump in mortgage rates is hurting housing sales this summer, as many homeowners are dissuaded from listing at this time, keeping the inventory of saleable homes extremely low and purchase prices high.

Jiayi Xu, an economist at Realtor.com, noted that nearly 82 percent of home buyers reported “feeling locked-in by their existing low-rate mortgage, while around 1 in 7 homeowners without a selling plan cited their current low rate as their reason for remaining on the sidelines.”

Most American homeowners currently have mortgages with interest rates below 4 or even below 3 percent after rates hit a record low in 2020, and many have no plans for now to sell and move as they would have to buy at a higher rate.

END

USA/RUSSIA

USA confesses to war crimes in Ukraine by the use of cluster bombs

(zerohedgwe)

Kremlin: The US Just Confessed To Imminent War Crimes In Ukraine

MONDAY, JUL 10, 2023 – 12:45 PM

Statements made by National Security Council spokesman John Kirby on the Sunday shows news have been seized upon by the Kremlin as showing the US has ‘confessed to war crimes’.

Kirby in a fresh interview with ABC was defending President Biden’s approving cluster bombs for Ukraine, which are banned by over 120 countries internationally for being ‘indiscriminate’ and thus more likely to result in civilian deaths. Kirby at one point told ABC that “we can all agree that more civilians have been and will continue to be killed by Russian forces… than will likely be hurt by the use of these cluster munitions.”

The administration’s consistent rationale has been to say that while yes – this opens up Ukraine’s military to the greater likelihood of committing war crimes – it’s essentially OK because Russia is doing it.

Russia in particular is highlighting Kirby’s admission that some civilians “will likely be hurt” by US-supplied cluster bombs.

Russia’s ambassador to Washington, Anatoly Antonov took note of Kirby’s ‘confession’…

We have taken note of the Director for Strategic Communications of the NSC John Kirby’s statements about the provision of cluster munitions to Ukraine. The official de facto confessed to the United States committing war crimes during the Ukrainian conflict.

He overtly stated that civilians would fall victim to cluster-type weapons.

He continued, “According to the perverted view of the White House representative, this does less harm than the actions of Russia.”

Multiple leading Western allies have pushed back against the Washington decision, with Germany, the UK, Canada, Austria, and Spain all voicing their disapproval. But Kirby and the administration has emphasized it’s all about “keeping Ukraine in the fight.”

Kirby in the ABC interview admitted Ukraine’s counteroffensive is going slower than expected, and that the rate of artillery fire is higher than what the West can keep up with. Kirby also admitted the higher risk of children and civilians being hurt by unexploded ordinance which is typical of cluster munition usage…

“We are very mindful of the concerns about civilian casualties and unexploded ordinance being picked up by civilians or children and being hurt, of course we’re mind of that.”

He then sought to justify it by saying the US will join Ukraine in de-mining efforts “when war conditions permit”. Watch:

Last week, the same day it was widely reported the US administration will pull the trigger on sending the bombs, Human Rights Watch (HRW) issued a scathing report. It concluded:

Ukrainian forces have used cluster munitions that caused deaths and serious injuries to civilians. Russian forces have extensively used cluster munitions, causing many civilian deaths and serious injuries.
Cluster munitions used by Russia and Ukraine are harming civilians now and will leave bomblets behind that will continue to do so for many years.
Both sides should immediately stop using cluster munitions and not seek to obtain more of these indiscriminate weapons. The US should not transfer cluster munitions to Ukraine.

Other groups and activists have warned it marks an escalation which is to provide greater dangers to civilians now and in the future.

END

USA// COVID

SWAMP STORIES

END

THE KING REPORT

The King Report July 10, 2023 Issue 7028

Independent View of the News

Janet Yellen awkwardly bows (3X!) to CCP official during Beijing trip: ‘Optics the Chinese love’
Footage shows Yellen approaching Vice Premier He Lifeng.. and bowing multiple times while enthusiastically shaking his hand… “Never, ever, ever…an American official does not bow. It looks like she’s been summoned to the principal’s office, and that’s exactly the optics the Chinese love,” Blakeman said… “Yellen’s flubs in China are not going to help the US stock market come Monday morning”… (Yellen is incompetent, embarrassing, and harmful to the USA.) https://t.co/BRaVvKxDhS

June NFP is 209k (230k exp, 273k Whisper #), Household Survey jobs (Employed) 273k; Unemployment Rate to 3.6% from 3.7%; Net 2-month revisions are -110k April revised down by 77k, from +294k to +217k; May revised down by 33k, from +339k to +306k– once again under Biden, economic data is revised negatively. Average Hourly Earnings 0.4% m/m (0.3% exp.) and 4.4% y/y (4.2% exp.)

@zerohedge: Payrolls for every month in 2023 have been revised lower.
https://twitter.com/zerohedge/status/1677306320771317761

The BLS: The unemployment rate for Whites declined to 3.1 percent in June. The jobless rates for adult men (3.4 percent), adult women (3.1 percent), teenagers (11.0 percent), Blacks (6.0 percent), Asians (3.2 percent), and Hispanics (4.3 percent) showed little change… the labor force participation rate was 62.6 percent for the fourth consecutive month, and the employment-population ratio, at 60.3 percent…
    The number of persons employed part time for economic reasons increased by 452,000 to 4.2 million in June, partially reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions… The number of persons not in the labor force who currently want a job was 5.4 million in June… (Multiple Job Holders +233,000 to 7.995m, Table A-9)
    Employment in government increased by 60,000 in June. Employment continued to trend up in state government (+27,000) and local government (+32,000). Overall, government has added an average of 63,000 jobs per month thus far in 2023, more than twice the average of 23,000 per month in 2022…
https://www.bls.gov/news.release/empsit.nr0.htm

Health care +41k with hospitals +15k, nursing and residential care facilities +12k, and home health care services +9k; Offices of dentists -7k; Social assistance +24k; Construction +23k; Professional and business services +21k; Leisure & hospitality +21k; Retail -11k; Transportation & warehousing -7k;

46k jobs were gained via seasonal adjusting chicanery: June 2022 seasonal is -805k; June 2023 is -759k
https://www.bls.gov/news.release/empsit.t17.htm

67k jobs were lost y/y via the Birth/Death Model: +93k in 2022, +26k June 2023
https://www.bls.gov/web/empsit/cesbd.htm

@DowdEdward: Bad News – Disability Data from US Bureau of Labor Statistics rose 857k in June to a new all-time high of 34.15 million. The rate of change is accelerating again. If this was a stock it’s a break out chart and reacceleration of trend. Both employed women & men… https://t.co/lvIdMKq8Xn

Bloomberg: The participation rate for prime-age women rose again to a fresh all-time high of 77.8%. Men aged 25-52 also saw an increase in participation, though it’s still below pre-pandemic levels…

@charliebilello: The labor force participation rate among 25-54 year olds (prime working age) has moved up to 83.5%, the highest rate we’ve seen since May 2002.

Two minutes before the 8:30 ET release of the June jobs report, ESUs surged. Someone keeps getting US economic data early and they trade on it. ESUs hit a daily high of 4454.00 at 8:31 ET. ESUs then tanked. Though the headline NFP was softer than expected (Which is what induced those that got the headline number early to buy ESUs), the Household Survey was strong and wages rose 0.1 more than expected.

After hitting a daily low of 4431.50 at 9:06 ET, the usual suspects poured into ESUs for the expected NYSE opening rally. ESUs hit 4450.25 at 10:00 ET. Pump & dumpers then dumped; ESUs slid to 4436.75 at 10:34 ET. The standard 2^nd Hour Reversal was aided and abetted by ex-Obama advisor and current Chicago Fed President Goolsbee. He refused to commit to a rate hike on July 26.

Goolsbee said inflation is still too high, but he is still undecided on what the Fed should do at the July 26 Meeting. After the release of the June Employment Report, Fed Funds future showed a 95% chance of rate hike. The liberal economist said the job market is strong but cooling; so, job growth has returned to a more sustainable pace. He also said the Fed is on the path to curb inflation while avoiding recession.

ESUs zoomed to new session highs on Goolsbee, a Noon Balloon, and expectations of a summer Friday afternoon rally.   ESUs hit 4475.00 at 13:03 ET; USUs were -13/32 at the time. Perhaps some defensive asset allocators were unwinding their losing positions of long USUs and short ESUs.

ESUs and stocks inched higher until they broke down at 13:34 ET. ESUs and stocks then staged a slow-motion tumble until ESUs and stocks plunged from 15:37 ET until ESUs hit a daily low of 4431.50 at 15:50 ET. The rebound was modest and short lived; ESUs and stocks hit minor new lows near the close.

Positive aspects of previous session
The DJTA soared; stock indices rebound from early US weakness

Negative aspects of previous session
Bonds declined again; industrial commodities rallied sharply
ESUs and stocks sank during the late afternoon

Ambiguous aspects of previous session
When will defensive asset allocators finish unwinding losing positions?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4420.42
Previous session High/Low: 4440.39; 4397.40

@ABC: White House says Pres. Biden has decided to send U.S. stocks of cluster munitions to Ukraine amid its fight against Russia (The UK, Spain, and Netherlands asked Biden to NOT send cluster bombs.)

On Friday, bumbling Biden broadcasted a US military secret when asked why he is sending cluster bombs to Ukraine. “They’ve run out of ammunition.” https://twitter.com/WarClandestine/status/1677771772928688128

Biden lets American military info slip during live interview, sparking backlash (US out of shells?!)
US sending cluster munitions to Ukraine in ‘transition period’ while producing new shells
https://www.foxnews.com/politics/biden-lets-american-military-info-slip-during-live-interview-sparking-backlash

@JackPosobiec: Here is Jen Psaki (WH Press Sec) in 2022 saying that using cluster bombs is a war crime. The Biden Admin is sending cluster bomber to Ukraine today.
https://twitter.com/JackPosobiec/status/1677436400755527681

Elon Musk signs onto letter pledging Tesla’s commitment to China’s ‘core socialist values’ https://trib.al/ULtNla9

CDC admits not including diagnostic codes showing COVID vax as ’cause’ on some death certificates  https://justthenews.com/government/federal-agencies/cdc-admits-not-including-diagnostic-codes-showing-covid-vax-cause-some

@Travis_in_Flint:  Scientist have found simian virus 40 in the Moderna and Pfizer vaccines, a virus from monkey kidney cells that the US stopped using in vaccines in 1963 because it was suspected of causing cancer. Microbiologist Kevin McKernan and his team also found cinnamycin-resistant gene which could make your microbiome immune to antibiotics. Some of the DNA contaminants can also alter the human genome.  Do you think big media will cover this?

SV40 DNA Found in Pfizer Covid Shots Proven to Cause Cancer
https://theleadingreport.com/2023/07/07/sv40-dna-found-in-pfizer-covid-shots-proven-to-cause-cancer/

A Systematic Review of Autopsy Findings in Deaths after COVID-19 Vaccination
Findings: The most implicated organ system in COVID-19 vaccine-associated death was the cardiovascular system (53%), followed by the hematological system (17%), the respiratory system (8%), and multiple organ systems (7%). Three or more organ systems were affected in 21 cases. The mean time from vaccination to death was 14.3 days. Most deaths occurred within a week from last vaccine administration. A total of 240 deaths (73.9%) were independently adjudicated as directly due to or significantly contributed to by COVID-19 vaccination… https://archive.is/kuqH9#selection-373.0-373.76
    @TheChiefNerd: Dr. Peter McCullough on the Autopsy Pre-Print Which the Lancet Pulled in 24 Hours: “Hundreds of downloads per minute off the Lancet server…Within 24 hours Elsevier, the publisher of Lancet, shut it down…”

@P_McCulloughMD: Elsevier and Lancet’s attempt to censor the largest study of autopsies after COVID-19 vaccination is blowing up with even more attention to the adjudicated result that 73.9% of all deaths were attributed to the vaccine. Many would be alive today if the shots were declined.

@TheChiefNerd: NYU Bioethics Professor Arthur Caplan, Dr. Paul Offit, & Prof. Dorit Reiss on How to Speak to the Media about the Link Between the Vaccines & Autism: “You can never really say MMR doesn’t cause autism but frankly when you get in front of the media, you better get used to saying it…You’re in a debate and you gotta fight unfair” From the 2016 “Achieving Childhood Vaccine Success in the U.S.” Expert Panel   https://twitter.com/TheChiefNerd/status/1656447434195709953

Reuters: US Postal Service hiking stamp prices Sunday – to 66 cents from 63 cents…

Zuckerberg spent $43M on security, but gives millions to ‘defund police’ groups https://trib.al/hSaM37k

@charliebilello: US National Debt has now increased by over $1 trillion since the debt ceiling was suspended last month. https://t.co/EFqcnwcj9k

ABC: President Joe Biden begins a five-day swing through Europe on Sunday with a focus on NATO gathering later this week in Lithuania…The president begins his trip in London…From London, Biden heads to Vilnius, Lithuania, to attend the 74th NATO summit — which is expected to center around the alliance’s support for Ukraine amid Russia’s ongoing invasion…Biden wraps his trip on Thursday, July 13, in Helsinki, Finland, for a U.S.-Nordic leaders summit. (Must Joe retire early ala his other trips?)
https://abcnews.go.com/Politics/biden-journeys-europe-ahead-nato-summit/story

Before The Big Guy left the US, he sat for another soft-toss session with Biden-doting CNN. Even with the soft-toss questions, Biden botched the interview.

Biden: “I don’t’ think he (XI) wants war, conflict or expansion of territory… Xi is not a good guy or a bad guy… his problems are enormous and complicated… We’re the ones that have caused the environmental problem. We clear cut everything, we—and now we’re telling ’em no everybody slow up … I think there are positive answers to the dilemmas that exist without worrying about whether or not China is going to rule the world.” (Joe bows to XI, absolves China; 10% for The Big Guy keeps paying dividends!) https://twitter.com/TPostMillennial/status/1678109255927209984

The Big Guy is trying to gaslight Americans that his benefactor Xi doesn’t want war, conflict or to expand territory even though Xi has repeatedly ordered his military to prepare for war and conflict. Plus Xi has feverishly expanded China territories and has ordained that eventually he will take Taiwan.

The Big Guy’s insanely idiotic homage to Xi are extremely dangerous and invite Xi’s aggression. It’s as if Joe, or whoever handles The Big Guy, is intentionally debasing the USA!

Biden Calls Out ‘Most Extreme’ Israeli Government for Fueling Tensions with Palestinians
Israel’s energy minister voiced opposition last month to the idea of Saudi Arabia developing a civilian nuclear program as part of any U.S.-mediated forging of relations between the countries…
https://www.haaretz.com/israel-news/2023-07-09/ty-article/.premium/israel-saudi-normalization-a-long-way-off-biden-says/00000189-3b05-df82-a78f-7f376cfb0000

Menachem Begin to Joe Biden: I Am Not a Jew with Trembling Knees   April 3, 2015
History often repeats itself. On June 22 1982, Joe Biden was a Senator from Delaware and confronted then Israeli Prime Minister Menachem Begin during his Senate Foreign Relations committee testimony, threatening to cut off aid to Israel. Begin forcefully responded, “Don’t threaten us with cutting off your aid. It will not work. I am not a Jew with trembling knees…”
   Senator Biden reportedly banged the table with his fist, and Begin retorted, “This desk is designed for writing, not for fists. Don’t threaten us with slashing aid. Do you think that because the US lends us money it is entitled to impose on us what we must do? We are grateful for the assistance we have received, but we are not to be threatened…”

Today – Q2 results commence on Thursday; the big banks begin reporting on Friday. Traders want to be long into earnings reporting season. However, there is a significant impediment on the road: June CPI will be released on Wednesday. Traders will play for the Monday rally even though for the past few months, stocks have sagged early in the week and have rallied robustly on Thursday and Friday.

The S&P 500 Index has declined for 3 straight sessions. A 4-day losing streak is rare. This is another reason for traders to be bullish today. ESUs are +3.50 at 20:35 ET.

Expected economic data: May Wholesale Inventories -0.1% m/m, sales 0.3%; Fed VCEO for Supervision Barr 10 ET, SF Fed Pres Daly 11 ET, Cleve Fed Pres Mester 11 ET, Atlanta Fed Pres Bostic 12:00 ET

S&P 500 Index 50-day MA: 4251; 100-day MA: 4143; 150-day MA: 4085; 200-day MA: 4013
DJIA 50-day MA: 33,651; 100-day MA: 33,370; 150-day MA: 33,463; 200-day MA: 32,976
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender is negative, MACD is positive – a close above 4514.50 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 4220.30 triggers a sell signal
Daily: Trender and MACD are positive – a close below 4363.60 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4452.48 triggers a buy signal

Tucker Carlson Says Capitol Police Chief Admitted ‘Jan 6 Crowd Was Filled With Feds’
“I interviewed the chief of the Capitol Police, Steven Sund, in an interview that was never aired on Fox, by the way — I was fired before it could air, I’m gonna interview him again,” Carlson said.
   “But Steven Sund was the totally non-political, worked for Nancy Pelosi, I mean, this was not some right-wing activist. He was the chief of Capitol Police on January 6, and he said, ‘Oh yeah, yeah, yeah, that crowd was filled with federal agents.’ What? ‘Yes.’ Well he would know, of course, because he was in charge of security at the site.”
    “So, the more time has passed… it becomes really obvious that core claims they made about January 6 were lies,” Carlson explained. “The amount of lying around January 6, and it was obvious in the tapes that I showed, is really distressing.”…
    “I think looking back on this ten years from now, assuming we’re still around, I think we’re going to see Trump’s emergence as the most significant thing that happened in American politics in 100 years, because he reoriented the Republican Party against the wishes of Republican leaders.”…
    “Europe will never be the same because of this war and it really matters, and Trump alone among popular figures in both parties understands that and I’m grateful for that.”
https://www.zerohedge.com/political/narrative-collapse-tucker-carlson-says-capitol-police-chief-admitted-jan6-crowd-was

@Real_RobN: Chief Capital Police Steven Sund “Ask yourself why the Jan 6 Committee never requested that I come in publicly testify?. Think about that, I am the Chief Capital Police.”
https://twitter.com/Real_RobN/status/1677396788993728513

@seanmdav: This whole charade isn’t playing out because they don’t know who trafficked cocaine into the White House. It’s taking this long because they know exactly who brought it in.

@greg_price11: (WH Press Sec) Karine Jean-Pierre just said the Bidens were not at the White House on Friday when the cocaine was found. According to the White House pool report from Friday, all of them including Hunter were in fact there.  https://twitter.com/greg_price11/status/1677412606385049605/photo/2

Victor David Hanson: Given the fact that Hunter has lost a firearm that he illegally registered, or that he left a crack pipe in a car that he rented, or he has lost 2 or 3 laptops you’d think that this White House would go on any level of transparency to dispel any suspicion… https://twitter.com/SweetPeaBell326/status/1677670246834925570

DOJ has spent more than $9M investigating Trump, less than $1.2M probing Biden: report https://trib.al/Pun8xH2

@RNCResearch: Karine Jean-Pierre claims race-based college admissions is one of Americans’ “important constitutional rights” (Lying with impunity begets more lying!)
https://twitter.com/RNCResearch/status/1677800621728989186

Wow! The NY Times’ Maureen Dowd slams Biden for ignoring his 7^th grandchild! Something is up!

It’s Seven Grandkids, Mr. President
Joe Biden’s mantra has always been that “the absolute most important thing is your family.” It is the heart of his political narrative. Empathy, born of family tragedies, has been his stock in trade. Callously scarring Navy’s life, just as it gets started, undercuts that. As Katie Rogers, a Times White House correspondent, wrote in a haunting front-page piece last weekend about Hunter’s unwanted child, Biden is so sensitive “that only the president’s most senior advisers talk to him about his son.” Rogers said that “in strategy meetings in recent years, aides have been told that the Bidens have six, not seven, grandchildren.” Jill Biden dedicated her 2020 children’s book to the six grandchildren…
   The president can’t defend Hunter on all his other messes and draw the line at accepting one little girl. You can’t punish her for something she had no choice about. The Bidens should embrace the life Hunter brought into the world…
    The president’s cold shoulder — and heart — is counter to every message he has sent for decades, and it’s out of sync with the America he wants to continue to lead.
https://www.nytimes.com/2023/07/08/opinion/hunter-biden-child.html

Step Aside, Joe Biden (The very liberal The Atlantic joins the NYT in disparaging The Big Guy!)
The president has no business running for office at age 80…Plenty of studies (all available at the National Institutes of Health website) document the impact of aging on memory, mental acuity, endurance; on the production of cortisol and other hormones; and on the increased chances of dementia. Yes, exceptions exist, and we all know a few. But betting on being the exception strikes me as a gamble against ever-lengthening odds and, as the proverb has it, the triumph of hope over experience…
https://www.theatlantic.com/ideas/archive/2023/07/biden-2024-reelection-age/674634/

Kamala Harris ‘culture’ word salad stumps Twitter users: ‘Emptiest human being alive’
“Culture is — it is a reflection of our moment and our time. Right? And present culture is the way we express how we’re feeling about the moment and we should always find times to express how we feel about the moment. That is a reflection of joy. Because, you know…it comes in the morning,” Harris said, breaking into laughter. (President in waiting and The Big Guy’s insurance policy against removal)
    She added, “We have to find ways to also express the way we feel about the moment in terms of just having language and a connection to how people are experiencing life. And I think about it in that way, too.”… https://www.foxnews.com/media/kamala-harris-culture-word-salad-stumps-twitter-users-emptiest-human-being-alive

Former mafia boss says he tried to do deals with former President Trump in the 1980’s
The Feds say D’Elia, known as “Big Billy,” ran the Buffalino Crime Family, based in Pennsylvania, for decades…D’Elia says he dealt with Trump when he owned flashy New Jersey shore casinos like the “Trump Taj Mahal,” “The Trump Plaza Hotel and Casino,” and “The Trump Marina Hotel and Casino.”  “(He’s) just like he’s on TV now, arrogant. He doesn’t keep his word.”… https://t.co/6RVmkSkp2N

@MarinaMedvin: Last week, Justice Ketanji Brown Jackson’s dissent adopted this law firm’s racial argument that was submitted in an amicus brief. Today, the lawyer who drafted the brief wrote a letter to the court “to clarify” that it was a misstatement… The clarification seems wrong as well, BTW. The study seems ridiculous too.  https://twitter.com/MarinaMedvin/status/1677517573175345153/photo/1

@upholdreality: Robert F. Kennedy Jr.:    “The United States funds journalism in almost every country in the world. It owns newspapers. It has journalists, thousands of journalists on its payroll. They’re not supposed to be doing that in the United States. But in 2016, President Obama changed the law to make it legal now for the CIA to propagandize Americans. We can’t look at the Ukraine war and how the narrative has been formed in the minds of Americans and say that the CIA had nothing to do with that.”
https://twitter.com/upholdreality/status/1677486524563070977

Biden administration considers $20,000 fine, prison for boaters who exceed 11.5 mph in Florida Gulf – Several legal and industry groups say the new speed limit exceeds the authority of the federal agency…  https://justthenews.com/politics-policy/energy/entbiden-agency-eyes-115mph-speed-limit-boats-violations-include-20000-fine

@PeterSweden7: The Dutch government that wanted to SEIZE 3000 farms in order to meet new climate goals has COLLAPSED. Massive win for the Dutch farmer. There will be new elections.

@JimFergusonUK: Dutch Prime Minister Mark Rutte’s coalition government collapsed after just a year and a half in office, in a row over measures to curb the flow of migrants, local media said. #WEF2030Agenda is now under attack by people who are waking up. WEF devotee Rutte has fallen.
https://news.yahoo.com/dutch-government-collapses-over-migration-184457813.html

France bans fireworks on concerns about Bastille Day violence
https://www.politico.eu/article/french-government-banned-fireworks-until-july-15-bastille-celebrations-parade/

French Riots Show That Decades of Mass “Colonizing Immigration” Could Lead to “Collapse”, Says Former Head of French Counter-Intel Agency
https://www.zerohedge.com/political/french-riots-show-decades-mass-colonizing-immigration-could-lead-collapse-says-former

@NikolovScience: The claim that Jul 3, 2023 was the hottest day on Earth in the past 125,000 years is not just an utter and shameless lie, but also a ridiculous one! We have thermometer measurements only since 1850, and we know from the geological record that Earth was much warmer 7-9 K yrs. ago.

Even NOAA “Runs Away” from ‘Hottest Day Ever’ Claim after Media Hysteria
https://www.zerohedge.com/weather/even-noaa-runs-away-hottest-day-ever-claim-after-media-hysteria

@TonyClimate: The five hottest Julys in the US were 1936, 1901, 1934, 1930 and 1931 #ClimateScam https://t.co/R1qcATOE1m
    On July 8, 1936 forty-five states were over 90F, twenty-eight states were over 100F, and Indiana, South Dakota, Minnesota, Illinois, and California were over 110F.  Heat like that is incomprehensible to modern Americans.  https://twitter.com/TonyClimate/status/1677534694001487872

@JunkScience: Desperate climate alarmists resort to scaring Americans about summer.  The six hottest Julys occurred in 1936, 1934, 1901 1930, 1980 and 1954. https://realclimatescience.com/2016/10/the-six-hottest-julys-in-the-us/

A Dirty Little Secret of the Climate Change/Global Warming scammers is that many use the ‘60s (some the late 50s) as the base line for temperatures because in the US temperatures were hotter in the 1920s and 1930s. Then industrialization began in earnest, and temperatures sank until 1968. Chart at link (page3):
https://www.bundestag.de/resource/blob/666002/21b43e1b155051227ef2981acd52c254/19-16-292-C-Corbyn-data.pdf

How the “Global Cooling” Story Came to Be
Nine paragraphs written for Newsweek in 1975 continue to trump 40 years of climate science.
    Rush Limbaugh: “I call [global warming] a hoax… A 1975 Newsweek cover was gonna talk about the ice age coming. So they’re really confused how to play it.”… The story observed – accurately – that there had been a gradual decrease in global average temperatures from about 1940…
https://www.scientificamerican.com/article/how-the-global-cooling-story-came-to-be/

@EcoSenseNow: Regarding the ridiculous claims of “hottest days in the history of the planet” it is instructive to note that the planet Earth is more than 150 yrs old, 4.6 billion actually. And we are in an interglacial period of the Pleistocene Ice Age today. Here is global temp past 500 M yrs
https://twitter.com/EcoSenseNow/status/1677705416405585920

NBA is America’s first Bud Light-style fiasco but you’re not supposed to know that
The far-left-wing sports media has refused to cover the NBA’s ratings collapse over its embrace of woke politics because they don’t want to admit what happened
    This spring the most-watched women’s basketball game of all-time was played — LSU vs. Iowa. 9.9 million people watched that women’s basketball game, the most ever. That’s more than watched the average NBA Finals game in 2021 and 2022…
https://www.foxnews.com/opinion/nba-americas-first-bud-light-style-fiasco-supposed-know

Ben & Jerry’s wants the U.S. to give back “stolen” Native American land. This Indian chief would like to start with their corporate HQ. https://notthebee.com/article/ben-and-jerrys-wants-us-to-give-back-stolen-native-american-land-this-indian-chief-would-like-to-start-with-their-corporate-hq

Vermont Native American chief says Ben & Jerry’s headquarters on ‘stolen’ land
The ice cream maker caused a firestorm with a July 4 tweet that America was founded on ‘stolen land’
https://www.foxbusiness.com/retail/vermont-native-american-chief-ben-jerrys-headquarters-stolen-land

Interpreter who served with US forces in Afghanistan, fled Taliban takeover, shot dead driving Lyft in DC https://t.co/AzkOOWh5l9

Dozens of victims robbed overnight as armed crews run rampant across Chicago
https://cwbchicago.com/2023/07/dozens-robbed-armed-crews-overnight-crime-loop-wrigleyville-chicago.html

@cbschicago: Dozens of migrants who were staying at the Ogden District police station on the West Side are now being moved out, amid a CPD probe into claims officers were having sex with asylum seekers staying there.   https://www.cbsnews.com/chicago/news/chicago-police-investigation-officers-sex-migrants/

(Chicago) Downtown’s office vacancy surge hits new record high (22.6%) – Crain’s

NYC considers housing illegal immigrants in public schools over the summer: ‘Not ideal’
Over 50,000 illegal migrants are currently seeking shelter in NYC
https://www.foxnews.com/politics/nyc-housing-illegal-immigrants-public-schools-summer

Deranged Gunman on Scooter ‘Randomly’ Shoots People in NYC
This is just another day in crime-ridden NYC as Democrats fail to enforce law and order…
https://www.zerohedge.com/political/wild-wild-west-deranged-gunman-scooter-randomly-shoots-people-nyc?s=02

“Why Do You Support Child Trafficking?” Rolling Stone Slammed Over Negative ‘Sound of Freedom’ Review – Why is establishment media attacking an anti-child-trafficking film?
https://www.zerohedge.com/markets/why-do-you-support-child-trafficking-rolling-stone-slammed-over-negative-sound-freedom

Democrats Confused by Parades Where Everyone Wears Clothes and Doesn’t Swing Sex Toys https://babylonbee.com/news/democrats-confused-by-parades-where-everyone-keeps-their-clothes-on-and-doesnt-swing-sex-toys-around

“All the war-propaganda, all the screaming and lies and hatred, comes invariably from people who are not fighting.” – George Orwell

GREG HUNTER INTERVIEWING JOHN RUBINO

Normal is Over – John Rubino

Normal is Over – John Rubino

By Greg Hunter On July 8, 2023 In Market AnalysisNo Comments

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

Analyst and financial writer John Rubino has been warning for years that a systemic crash was always in the cards because of the enormous unpayable debt buildup. The debt for America has never been more extreme. Now, there is a new wrinkle in the equation for an elite class wanting to hang onto power, and that is war – a nuclear war. Rubino says, “These neocon chickenhawk psychopaths who are running Biden’s foreign policy are going to try to extend U.S. domination around the world. 5% of the world’s population is going to rule the other 95% of the population in perpetuity. They see this as a ‘New American Century’ to be imposed by force, and they are willing to risk nuclear war to do that. It’s baffling.”

Even if there is no wider war, Rubino says a systemic crash is closer than ever because of the massive amount of debt that even the common man knows will never be paid back. Rubino says, “You cannot borrow the amount of money we have borrowed, it’s something like $700 trillion if you add everything in . . . it’s many times the GDP. You can’t take on that kind of debt and then go back to normal. Normal is over. This would be like you or me borrowing $20 million on credit cards. There is no way you can go back to normal. The guys in charge of monetary policy are pretending they don’t know that or they actually don’t know that. . . . You can’t tell whether they are an idiot or an evil genius. . . .It is clear that they are not correct when they say they can give us a ‘soft landing’ and get us back to organic sustainable growth. You cannot borrow this kind of money without a gigantic crisis to wipe out that debt.”

There is some good news as Rubino contends, “They are telling us bigger and bigger and more ornate lies. More and more people are starting to see through those lies.”

Rubino says this is a phenomenon called a ‘trust horizon,’ and it is shrinking for most people. Rubino explains, “Right now, people are trusting fewer and fewer of those big distant systems, and they are looking closer to home. Would you trust the governor? Maybe not, but you might trust the mayor because they can meet the mayor and shake hands with him. You might trust the local farmers because you don’t trust the big food companies anymore. . . . And that’s what is happening in society right now. The trust horizon is shrinking back to a local level.”

When it comes down to it, Rubino thinks we will all be facing only two choices to get rid of all the unpayable debt. Rubino says, “When the first domino falls and starts knocking the other dominos over, the government is looking at a 1930’s style deflationary depression as everybody defaults on their debt, or they come back with a gigantic bailout because it is the only other thing they can do. . . .They give up on inflation . . . and create as many new trillions of dollars that it takes to stop the bleeding. Then currencies start falling and inflation starts spiking, and basically, it’s game over.”

One of these two choices is coming sooner than you think, according to Rubino.

There is much more in the 40-minute interview.

Join Greg Hunter as he goes One-on-One with financial writer John Rubino and his new enterprise called Rubino.Substack.com for 7.8.23.

(https://usawatchdog.com/normal-is-over-john-rubino/)

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

After the Interview:

Rubino is watching the new BRICS currency that is going to be launched around August 22 of this year. Rubino says this is a huge deal with very big negative consequences for the U.S. dollar. Rubino is coming back next month just before the BRICS currency launches and promises to give us a deep dive on how it will affect you and the rest of the world.

John Rubino is a prolific financial writer, and you can see some of his work for free at Rubino.Substack.com. There is even more cutting-edge original information and analysis if you subscribe.

You can also support John Rubino at the snail mail address below:

PO Box 953

Carlsborg, WA 98324

I will see you on TUESDAY

Bix Weir support@roadtoroota.com via aweber.com	12:18 PM (3 minutes ago)
to me

Robert Hryniak	9:17 AM (8 hours ago)
to