GOLD PRICE CLOSED: UP $24.50 TO $1956.05

SILVER PRICE CLOSED: UP $1.00 AT $24.08

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1957.90

Silver ACCESS CLOSE: 24.12

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Bitcoin morning price:, $30,744 UP 210 Dollars

Bitcoin: afternoon price: $30,459 UP 75 dollars

Platinum price closing $952.20 UP $23.20

Palladium price; $1281.65 UP $32.25

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: $2,581/71 UP 24.12 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 506.20 UP 12.12 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1758.52 UP 5,48 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: 1,931.300000000 USD
INTENT DATE: 07/11/2023 DELIVERY DATE: 07/13/2023
FIRM ORG FIRM NAME ISSUED STOPPED

435 H SCOTIA CAPITAL 8624 H BOFA SECURITIES 9
690 C ABN AMRO 29 18

737 C ADVANTAGE 18 12

JPMorgan stopped 0/47 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT: 47 NOTICES FOR 4700 OZ or 0.1462 TONNES

total notices so far: 2334 contracts for 233400 oz (7.259 tonnes)

FOR JULY:

SILVER NOTICES: 307 NOTICE(S) FILED FOR 1,535,000 OZ/

total number of notices filed so far this month : 3845 for 19,225,000 oz

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END

GLD

WITH GOLD UP $24.50

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD FROM THE GLD/

INVENTORY RESTS AT 914.95 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP $1.00 AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.881 MILLION OZ OF SILVER FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 462.941 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE SIZED 1367 CONTRACTS TO 120,282 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY $0.05 LOSS IN SILVER PRICING AT THE COMEX ON TUESDAY. TAS ISSUANCE WAS A GOOD SIZED 504 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 TUESDAY NIGHT: 504 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.05). BUT WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A HUMONGOUS LOSS ON OUR TWO EXCHANGES OF 1131 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS( 236 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S HUGE 1,540,000 OZ QUEUE JUMP.//NEW STANDING: 20.145 MILLION OZ/ // HUGE SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/VI) GOOD NUMBER OF T.A.S. CONTRACT ISSUANCE (504 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – 169 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 6 days, total 2533 contracts: OR 12.665 MILLION OZ (422 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 12.665 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 12.665 MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1367 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.05 IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE CONTRACTS: 236 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 HUGE 1,540,000 OZ QUEUE JUMP: TOTAL NOW STANDING 20.145 MILLION OZ///// .. WE HAVE A HUGE SIZED LOSS OF 1131 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD 504//NEGLIGIBLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. THE NEW TAS ISSUANCE TODAY (504) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 307 NOTICE(S) FILED TODAY FOR 1,535,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2782 CONTRACTS TO 483,170 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: 2782 CONTRACTS

WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 2782 CONTRACTS) DESPITE OUR $6.15 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 0.0746 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 7.2970 TONNES// + /AN UNBELIEVABLY HUGE (AND CRIMINAL) ISSUANCE OF 22,270 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $6.15 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 312 OI CONTRACTS (0.9704 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1552 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 483,170

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 312 CONTRACTS WITH 2782 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1552 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1230 CONTRACTS OR 3.826 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 22,270 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1552 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2782) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1230 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 0.0746 TONNE QUEUE JUMP//NEW TOTAL 7.2870 TONNES ///// /3) SOME LONG LIQUIDATION//4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: UNBELIEVABLY HUGE T.A.S. ISSUANCE: 22,270 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: 11,712 CONTRACTS OR 1,171,200 OZ OR 36.429 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 1952 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 36.429 TONNES

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

THUS EFP TRANSFERS REPRESENTS 36.429/3550 x 100% TONNES 1.01% 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: 36.429 TONNES

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.Today, we had the open interest at the comex, in SILVER FELL BY A STRONG SIZED 1367 CONTRACTS OI TO 120,282 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 236 CONTRACTS

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

SEPT 942 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 236 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1367 CONTRACTS AND ADD TO THE 236 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A VERY STRONG SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1131 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 5.655 MILLION OZ

OCCURRED WITH OUR $0.05 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

WEDNESDAY MORNING//TUESDAY NIGHT

SHANGHAI CLOSED DOWN 25.23 PTS OR 0.78% //Hang Seng CLOSED UP 82.87 PTS OR 1.32% /The Nikkei CLOSED DOWN 255/64 OR 0.81% //Australia’s all ordinaries CLOSED UP 0.35 % /Chinese yuan (ONSHORE) closed UP 7.1920 /OFFSHORE CHINESE YUAN UP TO 7.1982 /Oil UP TO 75.03 dollars per barrel for WTI and BRENT UP AT 79.57 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING BELOW 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 FELL BY A FAIR SIZED 2782 CONTRACTS UP TO 483,170 DESPITE OUR GAIN IN PRICE OF $6.15 ON TUESDAY,

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 1552 EFP CONTRACTS WERE ISSUED: : AUGUST 1552 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1552 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1230 CONTRACTS IN THAT 1552 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 2782 COMEX CONTRACTS..AND THIS FAIR SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $6.15//TUESDAY 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 MONDAY NIGHT WAS AN UNBELIEVABLY HUGE 22,270 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 (7.2970) (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: 7.2970 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $6.15) //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A FAIR SIZED LOSS OF 2782 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION THROUGHOUT THE TUESDAY COMEX SESSION. THE MASSIVE TAS ISSUED TUESDAY 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 0.9704 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 0.0746 TONNES//TOTAL STANDING FOR JULY GOLD: 7.2970 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $6.15.

WE HAD + REMOVED 2782 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 1230 CONTRACTS OR 123,000 OZ OR 3.826 TONNES.

Estimated gold volume today:// 273,667 FAIR

final gold volumes/yesterday 238,395 FAIR

//JULY 12/ FOR THE JULY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	2411.32 OZ BRINKS 75 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	47 notice(s) 4700 OZ 0.1462 TONNES
No of oz to be served (notices)	12 contracts 1200 oz 0.03732 TONNES
Total monthly oz gold served (contracts) so far this month	2334 notices 233,400 OZ 7.259 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 1 customer withdrawals:

i) Out of Brinks 2411.32 oz (75 kilobars)

total withdrawals: 2411.32 oz 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 84 contracts. We had 108 contracts served on Tuesday. Thus we gained 24 contracts or an additional 2,400 oz of gold will stand at the comex.

AUGUST LOST 18,317 contracts DOWN to 310,536 contracts

SEPT gained 8 contracts to stand at 453

We had 47 contracts filed for today representing 4700 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 47 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (2334 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 47 x 100 oz per contract equals 234,600 OZ OR 7.2970 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 (2334) x 100 oz + (59) {OI for the front month} minus the number of notices served upon today (47) x 100 oz) which equals 234,600 oz standing OR 7.2970 TONNES

TOTAL COMEX GOLD STANDING: 7.2970 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: 1,860,955,145 OZ 57,88 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,282,821.623 OZ

TOTAL REGISTERED GOLD: 11,833,384.990 (368.06 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,449,436.633 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,972,429 OZ (REG GOLD- PLEDGED GOLD) 310.184 tonnes//

END

SILVER/COMEX

JULY 12

//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	601,384.870 oz Brinks
No of oz served today (contracts)	307 CONTRACT(S) (1,535,000 OZ)
No of oz to be served (notices)	184 contracts (920,000 oz)
Total monthly oz silver served (contracts)	3845 Contracts (19,225,000 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 1 deposits customer account:

i) Into Brinks: 601,384.870

total customer deposits: 601,384.870 oz

JPMorgan has a total silver weight: 139.982 million oz/277,839 million =50.39% of comex .//dropping fast

Comex withdrawals 0

adjustments:

TOTAL REGISTERED SILVER: 34.434 MILLION OZ//.TOTAL REG + ELIGIBLE. 277.839 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 491 CONTRACTS HAVING GAINED 200 CONTRACT(S). WE HAD 108 NOTICES FILED ON TUESDAY SO WE GAINED A STRONG 308 CONTRACTS OR AN ADDITIONAL 485,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY.

AUGUST GAINED 53 CONTRACTS TO STAND AT 611

SEPT HAS A LOSS OF 2111 CONTRACTS DOWN TO 102,993

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 307 for 1,535,000 oz

Comex volumes// est. volume today 79,221 strong /

Comex volume: confirmed yesterday: 37,436 poor

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 3845 x 5,000 oz = 19,225,000 oz

to which we add the difference between the open interest for the front month of JULY(491) and the number of notices served upon today 307 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JULY/2023 contract month: 3845 (notices served so far) x 5000 oz + OI for the front month of JULY (491) – number of notices served upon today (307 )x 500 oz of silver standing for the JULY contract month equates to 20.145 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 12/WITH GOLD UP $24.50 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 914.95 TONNES

JULY 11/WITH GOLD UP $6.15 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.0 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 915.26 TONNES

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

GLD INVENTORY: 914.95 TONNES

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

JULY 12/WITH SILVER UP $1.00 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.881 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 462.941 MILLION OZ/

JULY 11/WITH SILVER DOWN 5 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .020 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 464.822 MILLION OZ/

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

CLOSING INVENTORY 464.822 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

end

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

Craig Hemke sees the lows in gold and silver along with shares

(Craig Hemke/Sprott)

Craig Hemke at Sprott Money: Looking for a low in gold and silver

Submitted by admin on Tue, 2023-07-11 21:07Section: Daily Dispatches

9:07p ET Tuesday, July 11, 2023

Dear Friend of GATA and Gold:

Writing at Sprott Money tonight, Craig Hemke of the TF Metals Report sees signs that monetary metals prices are bottoming along with shares of gold and silver mining companies.

Hemke’s analysis is headlined “Looking for a Low” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/looking-for-a-low

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

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

end

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

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

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

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

ONSHORE YUAN: CLOSED UP TO 7.1920

OFFSHORE YUAN: UP TO 7.1982

SHANGHAI CLOSED DOWN 25.23 PTS OR 0.81%

HANG SENG CLOSED UP 82.87 PTS OR 0.81%

2. Nikkei closed DOWN 255.64 PTS OR 0.81`%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 101.15 EURO RISES TO 1.1023 UP 9 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.470 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.51/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 +2.6155***/Italian 10 Yr bond yield FALLS to 4.367*** /SPAIN 10 YR BOND YIELD FALLS TO 3.678…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.042

3j Gold at $1934.70 silver at: 23.18 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 35 /100 roubles/dollar; ROUBLE AT 90.75//

3m oil into the 75 dollar handle for WTI and 79 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 139.51// 10 YEAR YIELD AFTER BREAKING .54%, RISES TO 0.470% 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 0.8784 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9684 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.943 DOWN 4 BASIS PTS…

USA 30 YR BOND YIELD: 3.996 DOWN 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.847 DOWN 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.14…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 5 BASIS PTS AT 4.660

end

2. Overnight: Newsquawk and Zero hedge:

Futures Rise, Dollar Slides Ahead Of “Dovish” CPI Report

WEDNESDAY, JUL 12, 2023 – 08:06 AM

US equity futures are trading near session highs boosted by a global risk-on mood ahead of a US CPI report for the month of June which JPM said is “more likely to print dovish than hawkish” and is expected to show annual US headline inflation falling almost 1% to 3.1% Y/Y while core CPI is seen dipping less, to 5.0% YoY, which according to the market will erode the case for more rate hikes. Dovish sentiment pushed the dollar lower for a 4th straight day, sending the Bloomberg dollar index to the lowest since April, while also depressing Treasury yields.

As of 7:30am, following Monday’s solid gains, S&P futures traded higher 0.3% to 4,485 led by small-caps as bond yields and the USD move lower. Nasdaq 100 futures also rose 0.3%. Commodities are higher while gold, oil, and iron ore prices all higher amid increasing calls for fiscal stimulus from China; ags are also higher driven by next week’s expiration of the Black Sea Grain Initiative.

In premarket trarding, Silk Road Medical shares tumbled more than 20% after the Centers for Medicare and Medicaid Services posted a proposed national coverage determination (NCD) for percutaneous transluminal angioplasty of the carotid artery concurrent with stenting. Piper Sandler said the agency’s proposal to grant reimbursement for carotid artery stenting (CAS) would be a net negative for Silk Road if finalized, while JPMorgan downgraded the medical device company to neutral from overweight. Coty Inc. gained 3% postmarket after the Wall Street Journal reported that Kim Kardashian is in talks to buy back the minority stake of her beauty company she had sold to Coty three years ago, citing people familiar.

As preview earlier, slowing headline and core inflation rates in the latest US Consumer Price Index figures due today could be pivotal for policymakers in the months ahead. Both headline and core indexes will post a 0.2% advance in June, marking the smallest rise in core prices since 2021, Bloomberg Economics predicts. For the Federal Reserve, “soft inflation data could sow doubt about the need to hike again,” Bloomberg economists Anna Wong and Jonathan Church wrote. The Fed will go on an “extended pause” starting next month, they added.

Here is what the street expects the BLS will report today, first the all-important core June prints which exclude volatile food and energy prices:

Core CPI MoM is 0.3% (0.4% prior)
Core CPI YoY 5.0% (5.3% prior).

And here are the June headline CPI estimates:

Headline MoM of 0.3% (prior 0.1%)
Headline YoY 3.1% (prior 4.0%).

And here is a headline CPI forecast by bank:

3.2% – JP Morgan Chase
3.1% – Barclays
3.1% – Bank of America
3.1% – Credit Suisse
3.1% – Goldman Sachs
3.1% – Morgan Stanley
3.1% – Wells Fargo
3.0% – Bloomberg Economics
3.0% – Citigroup
3.0% – HSBC
3.0% – UBS

Our full CPI preview is here for premium subs. An interesting observation from DB’s Jim Reid: “we’ve seen 9 months without an upside [CPI] surprise to headline .. However with regards to core, none of the last seven releases have surprised to the downside.”

“Both US and European equity markets have decoupled from the inflation narrative in recent months and this makes sense given the well-behaved decline in US inflation, which should continue with the June release today,” said Joachim Klement, head of strategy, accounting and sustainability at Liberum Capital. “However, an upside surprise in core inflation could catch investors off guard and lead to more softness in markets.”

“It looks like we are going to get a softish CPI print,” said Steven Major, global head of fixed income research at HSBC, who sees US Treasury yields topping out and creating an attractive entry point. “The next big move in yields is more likely to be down than up.”

And even if there is no upside surprise this month, the recent rebound in oil prices, which have seen Brent rise to $80, and push near 3 month highs, assures that next month CPI will be hotter than expected. In fact, absent continued sequential slowdowns, the base effect will now start working against the US as headline numbers start rising again.

In Europe, the Stoxx Europe 600 index advanced for a fourth day. Nordic Semiconductor ASA jumped more than 6% after an earnings beat, leading the tech sector higher. Bank shares outperformed, with Virgin Money UK Plc surging as much as 7.9% after the UK’s eight largest lenders all passed the Bank of England’s latest stress test. Travel and leisure shares fell, led by Air France-KLM and IAG after Deutsche Bank cut its recommendations on the stocks. Herer are the most notable European movers:

Virgin Money UK jumps as much as 7.9%, making it the top performer on the Stoxx 600 index on Wednesday, after all of the UK’s eight largest lenders passed the Bank of England’s latest stress test
European semiconductor firms rise after Jefferies said the sector has started a new upcycle, upgrading Infineon, Melexis and STMicroelectronics to hold and lifting price targets for a number of stocks
About You shares surge 30%, the most on record, after the online fashion retailer reported first-quarter earnings that beat estimates, with Jefferies noting positive free cash flows
Thales shares gain as much as 2.5% after the French defense firm agreed to buy value safety cockpit communication systems company Cobham Aerospace Communications from private equity firms
Casino rises as much as 13% after French daily Les Echos reported that bidders are ready to improve their offers for the struggling supermarket operator’s debt restructuring
U-blox shares jumped as much as 11%, the most intraday since March, after the Swiss semiconductor company reported revenue and left FY23 guidance unchanged
Kahoot! rises as much as 9.3% after price target is raised to street high of 35 kroner from 25 kroner at Morgan Stanley, cites the game-based learning platform’s new AI tools will be a “great value-add
IAG and Air France-KLM shares fall, leading declines on the Stoxx 600 Travel & Leisure index on Wednesday, after beingdowngraded to hold from buy at Deutsche Bank
Kongsberg falls as much as 4.7% after the Norwegian aerospace and defense group showed lower- than-expected EPS, Pareto says, with DNB flagging an Ebida shortfall after adjusting for a one-off
Bunzl drops as much as 2.9% after RBC cuts to underperform based on “sharp” declines in raw material pricing, which underpins much of the UK distribution company’s product portfolio
Grafton rises as much as 4.5% after the UK construction and materials company released a trading update that Goodbody describes as “solid,” with performance in-line

Earlier in the session, Asian markets were mixed, with declines in Japan and increases in Australia and India. Hong Kong stocks rose after data showed a strong credit expansion in the world’s second-largest economy. Chinese tech firms gained for a third day as unusual praise from the nation’s top economic planner stoked optimism over policy support for the sector. In contrast to the gains in Hong Kong, China’s domestic benchmark CSI 300 index shed 0.4%, an indication that local investors would like to see stronger stimulus to salvage an ailing economy. Also in the spotlight is the yen’s advance beyond the key 140 level partly on speculation that the Bank of Japan will tweak policy later this month.

Key stock gauges in India closed with losses Wednesday led by losses in information technology companies and some banks. The S&P BSE Sensex fell 0.3% to 65,393.90 in Mumbai, while the NSE Nifty 50 Index declined by the same magnitude. The MSCI Asia Pacific Index was up 0.5% for the day. A sub-gauge of IT stocks closed with heavy losses ahead of the beginning of the first quarter earnings season for the sector, with TCS and HCL Tech detailing their results Wednesday. HDFC Bank contributed the most to the index decline, decreasing 0.9%. Out of 30 shares in the Sensex index, seven rose and 22 fell, while one was unchanged.

In FX, the Bloomberg Dollar Index sank to its lowest level in three months as traders anticipated the likelihood of a weak CPI print, prompting doubts that the Federal Reserve will need to hike rates again. USD/JPY fell as much as 0.75% pushing the yen below 140 per dollar. EUR/USD rose as much as 0.25% driving the dollar above 1.10 per euro. Treasuries rose across the curve with yields on the two-year falling one basis points to 4.86% and yields on the 10-year down three basis points to 3.94% Elsewhere, the offshore yuan gained for a fifth day against the greenback, after China’s central bank extended support for the currency via a stronger-than-expected daily reference exchange rate.

In rates, treasuries are richer across the curve with belly outperforming, lessening inversion of 5s30s spread by ~3bp, despite price action that is broadly muted ahead on June CPI print at 8:30am New York, followed by 10-year note auction during US afternoon. TSY yields richer by ~3bp across belly of the curve with 5s30s spread near highs of the day around -20bp; 10-year around 3.94%, richer by 3bp on the day and lagging gilts by 1.7bp in the sector. Gilts outperform, supporting Treasuries with UK 5s30s wider by ~3.5bp on the day. The US Treasury auction cycle continues with $32 billion 10-year reopening at 1pm; it concludes with $18 billion 30-year reopening Thursday and follows well-bid 3-year new issue Tuesday. WI 10-year yield at 3.955% is ~16.5bp cheaper than last month’s result and exceeds auction stops since March

In commodities, oil steadied Wednesday after rising amid indications that Russian crude production is dropping, signaling the market’s supply glut may be coming to an end. Iron ore and industrial metals rose amid optimism that fresh liquidity is bolstering China’s construction sector. Gold was steady.

Bitcoin is a touch firmer and benefits from the softer USD to move closer to USD 31k from a USD 30.5k session base, though the upside is seemingly capped as is the case elsewhere pre-CPI.

Looking to the day ahead now, and the main highlight will be the US CPI release for June. Otherwise from central banks, we’ll get the Bank of Canada’s latest policy decision, the Fed will be releasing their Beige Book and the BoE will release their financial stability report. Speakers include BoE Governor Bailey, the Fed’s Barkin, Kashkari, Bostic and Mester, as well as the ECB’s Vujcic and Lane.

Market Snapshot

S&P 500 futures up 0.1% to 4,479.75
MXAP up 0.5% to 164.16
MXAPJ up 0.7% to 517.79
Nikkei down 0.8% to 31,943.93
Topix down 0.7% to 2,221.48
Hang Seng Index up 1.1% to 18,860.95
Shanghai Composite down 0.8% to 3,196.13
Sensex little changed at 65,665.30
Australia S&P/ASX 200 up 0.4% to 7,135.67
Kospi up 0.5% to 2,574.72
STOXX Europe 600 up 0.7% to 454.72
German 10Y yield little changed at 2.65%
Euro up 0.1% to $1.1022
Brent Futures up 0.2% to $79.57/bbl
Gold spot up 0.1% to $1,934.56
U.S. Dollar Index down 0.24% to 101.49

Top Overnight News

China’s state planner on Wednesday praised Tencent and Alibaba in a statement detailing a study it had done on platform firms, in the latest sign authorities are warming up to the technology sector after a nearly three-year crackdown. RTRS
Japan’s PPI for June undershoots the Street, falling to +4.1% (down 100bp vs. +5.1% in May and below the Street’s +4.4% forecast). RTRS
Vladimir Putin is to visit China, the Kremlin said on Wednesday, hailing the planned trip as a show of force amid both countries’ deepening rivalries with the US. FT
Hackers linked to China breached email accounts at more than two dozen organizations including some U.S. government agencies, officials and Microsoft researchers said, part of a suspected cyber-espionage campaign to access data in sensitive computer networks. WSJ
Chip designer Arm is in talks to bring in Nvidia as an anchor investor while the SoftBank-owned company presses ahead with plans for a New York listing as soon as September, said several people briefed on the talks. FT
The BOC will probably hike rates to 5% — a level not seen in 22 years. The RBA’s Philip Lowe reiterated that more tightening may be needed there, too, as he announced the rate-setting board will move to eight meetings a year from 11. New Zealand kept rates unchanged for the first time in almost two years amid signs of slowing inflation. BBG
GIR expects a 0.22% increase in June core CPI (vs. 0.3% consensus, 0.4% prior), corresponding to a year-over-year rate of 4.93% (vs. 5.0% consensus, 5.3% prior). We expect a 0.25% increase in June headline CPI (vs. 0.3% consensus, 0.1% prior), which would lower the year-over-year rate to 3.08% (vs. 3.1% consensus, 4.0% prior). GIR
Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and expanded production cuts of higher-sulfur oil in the first sign its efforts to prop up global prices is having an impact. RTRS
The U.S. electric vehicle market is growing, but not fast enough during the latest quarter to prevent unsold EVs from stacking up at some automakers’ dealerships or to allow Tesla to avoid new price cuts, according to analysts and industry data. RTRS

A more detailed look at global markets courtesy of Newsquawk

Asian stocks traded mixed with the region cautious heading into today’s key US inflation data. ASX 200 was led by the commodity-related sectors after the recent gains in underlying prices. Nikkei 225 underperformed and fell beneath the 32,000 level amid headwinds from a firmer currency in which USD/JPY retreated below 140.00 and following disappointing Machinery Orders data. Hang Seng and Shanghai Comp saw mixed fortunes amid cautiousness ahead of key events and despite the stronger-than-expected loans and aggregate financing data from China.

Top Asian News

RBNZ kept the OCR unchanged at 5.50% as expected, while the Committee agreed that the OCR will need to remain at a restrictive level for the foreseeable future and that the level of interest rates is constraining spending and inflation pressure as anticipated and required. RBNZ stated that inflation remains too high but is expected to decline within the target range by H2 2024, while it noted that recent data suggests tight monetary conditions are constraining domestic spending as expected.
RBA Governor Lowe said it is possible some further tightening will be required to return inflation to the target and it remains to be determined whether monetary policy has more work to do, while he announces changes from 2024. RBA Governor Lowe said from 2024, the board will meet 8 times a year instead of 11 times with Board meetings to start on Monday and conclude at the usual time on Tuesday, while the RBA Governor will hold a media conference after every meeting to explain the decision.

European bourses are firmer across the board, Euro Stoxx 50 +0.8%, following the gains seen on Wall St. after the European close and despite a somewhat mixed APAC handover. Sectors are primarily in the green with Tech names outperforming following constructive broker action, while Travel & Leisure lags after Air France’s reverse share split. Stateside, action is more contained in pre-CPI trade with the newsquawk preview available (see US section) and numerous speakers thereafter; ES +0.2%

Top European News

UK PM Sunak hinted at no tax cuts prior to the next election and admitted by-elections will be challenging, according to Sky News.
UK Chancellor Hunt ordered ministers to find GBP 2bln of savings for public sector pay increases, according to FT.
BoE Financial Stability Report (July): FPC agreed to maintain the CCyB at 2.0%; vulnerabilities in some parts of market based finance remain. UK economy has thus far been resilient to interest rate risk, will take time for full impact to filter through. Major UK banks are resilient and their capital positions remain above the ‘hurdle rate’ even under a severe stress scenario.
BoE Governor Bailey says current level of pay increases not consistent with inflation target; latest jobs data shows some signs of labour market cooling.

Dollar extends losing streak as US CPI looms, with DXY under key Fib support within a 101.610-330 range.
Yen revival continues as USD/JPY breaches more big figure stops and drops from 140.39 to 139.32.
Loonie underpinned near 1.3200 vs Greenback and awaiting anticipated 25 bp BoC hike, Euro back above 1.1000 against Buck and supported by decent option expiry interest.
Pound pivots 1.2950, Aussie fades ahead of 0.6750 as RBA Governor Lowe sounds slightly dovish and Kiwi wanes from 0.6200+ peak after RBNZ holds OCR at likely 5.5% peak.
PBoC set USD/CNY mid-point at 7.1765 vs exp. 7.1935 (prev. 7.1886)

Fixed Income

Debt futures resume recovery rally with cash-backing after well received 2033 UK and German offerings.
Bunds, Gilts and T-notes just shy of best levels between 131.40-130.99, 93.26-92.82 and 111-18+/09+ respective ranges ahead of US CPI, Fed and ECB speakers, USD 32bln 10 year auction and Beige Book.

Commodities

Crude benchmarks are modestly firmer in-fitting with US equity futures ahead of the regions upcoming inflation print.
In metals, spot gold is incrementally firmer and deriving support from the ongoing USD slump but with upside capped on the constructive risk tone, with base metals portraying similar action.
US Energy Inventory Data (bbls): Crude +3.0mln (exp. +0.5mln), Gasoline +1.0mln (exp. -0.7mln), Distillate +2.91mln (exp. -0.3mln), Cushing -2.2mln.

Geopolitics

North Korea fired a ballistic missile which flew 1,000km and was North Korea’s longest-ever missile flight time of 74 minutes, while the missile landed outside Japan’s exclusive economic zone.
South Korean President Yoon said North Korea will pay the price for its illegal acts and he ordered officials to strengthen extended deterrence through a nuclear consultative group with the US, according to Reuters.
Japanese Chief Cabinet Secretary Matsuno said North Korea’s missile launch threatens peace and stability in the region, as well as the international community, while he added the latest action was a serious provocation and a grave violation of UN resolutions, according to Reuters.
Chinese hackers reportedly gained access to US government email accounts, according to NYT.
UK announced it will deliver more than 70 combat and logistics vehicles to Ukraine, while it added that thousands of additional rounds of Challenger 2 ammunition will also be immediately delivered to Ukraine as part of a package. Furthermore, it will launch a project through NATO to establish a medical rehabilitation centre to support the recovery and return of soldiers to Ukraine, according to Reuters.

US Event Calendar

07:00: July MBA Mortgage Applications 0.9%, prior -4.4%
08:30: June CPI MoM, est. 0.3%, prior 0.1%
08:30: June CPI YoY, est. 3.1%, prior 4.0%
08:30: June CPI Ex Food and Energy MoM, est. 0.3%, prior 0.4%
08:30: June CPI Ex Food and Energy YoY, est. 5.0%, prior 5.3%
08:30: June Real Avg Weekly Earnings YoY, prior -0.7%, revised -0.6%
08:30: June Real Avg Hourly Earning YoY, prior 0.2%
14:00: Federal Reserve Releases Beige Book

Central Banks

08:30: Fed’s Barkin Speaks on Inflation
09:45: Fed’s Kashkari Discusses Monetary Policy, Banking Solvency
13:00: Fed’s Bostic Speaks at Atlanta Fed Payments Forum
16:00: Fed’s Mester Speaks on FedNow

DB’s Jim Reid concludes the overnight wrap

I had a day off at a theme park yesterday. The low points were all the rollercoasters I had to go on which even as I type this morning, I still feel a bit sick from. My motion sickness gets worse the older I get. The threat of a rollercoaster on a ship would probably be a form of torture that would get me divulging every secret I had in seconds. The highlight was winning a human sized teddy in one of those “impossible shoot a big basketball through a small hoop” stalls. My kids went wild and even my wife was impressed with me, something that happens less and less these days. It might go down as one of my top sporting achievements of my career.

Will today be a rollercoaster for markets? It is certainly one of those days where at 8.29:59 New York time, global financial markets will collectively gather round their screens and there will be perfect stillness and calm. A second later that zen moment will be shattered as US CPI comes out at an important crossroads for the Fed. A hike in July is pretty much nailed on but after that it’s all to play for.

Today’s report follows some considerable declines in headline inflation over recent months. Indeed, the last CPI print was at just +4.0% year-on-year, marking its lowest in over two years. And if you calculate US inflation using the same method that Europe does, it would be as low as +2.7%. But even though headline inflation has fallen considerably in recent months, the core numbers have been much more persistent. In fact, the monthly core numbers have been at least +0.4% for six months running now, so the Fed will be hoping for a slower pace before they can be comfortable about inflation trends again.

In terms of what to expect today, our US economists are looking for a +0.20% monthly gain on headline CPI, which would take the year-on-year rate down to 3.1%. That would be the first sub-4% reading since March 2021. However, they see core CPI as more resilient, with a +0.28% monthly increase that only takes the year-on-year number to +5.0%. For markets, the big question will be what it means for the Fed, but our economists think it would take a very large inflation miss to call a July hike into question, particularly given the jobs numbers last week. And for now at least, investors remain very confident that the Fed will proceed with a hike in two weeks’ time, with futures still pricing in a 89% chance of a move.

With all that to look forward to, markets were fairly quiet but risk-on gathered momentum into the US close. Equities posted gains for a second day running. The S&P 500 closed +0.67% higher, with a broad-based advance as 21 of the 24 industry groups rose on the day. This was led by energy stocks (+2.20%), which benefited from an ongoing oil price rally, with WTI crude up by over 10% in the past two weeks (+2.52% to yesterday to $74.83/bl). Small-cap stocks also outperformed, with the Russell 2000 (+0.96%) closing at a 4-month high, whilst the FANG+ index (+0.31%) of the megacap tech stocks posted a smaller gain after three consecutive declines. Risk appetite remained stronger in Europe as well, with several indices including the STOXX 600 (+0.72%), the DAX (+0.75%) and the CAC 40 (+1.07%) seeing solid gains.

That pattern was evident among sovereign bonds as well, where European yields hit several new milestones. For instance, yields on 10yr bunds were up +1.0bps to 2.65%, which is their highest level since early March, the only time yields have been higher in the last 12 years. At the same time, yields on 10yr gilts (+2.3bps) hit a post-2008 high of 4.66%. That followed UK labour market data that showed stronger-than-expected wage growth once again, with average weekly earnings (excluding bonuses) up by +7.3% in the three months to May. (vs. +7.1% expected). The reading helped cement investors’ conviction that the Bank of England would deliver another 50bp hike at their next meeting on August 3, but there were signs that the impact was already becoming clear in the real economy. In particular, data from Moneyfacts showed the average 2yr fixed mortgage rate hit 6.66%, surpassing their peak around the mini-budget to reach their highest level since August 2008. Our UK economist Sanjay Raja adjusted his BoE call yesterday and now expects a 50bps hike in August but has kept terminal at 5.75% meaning just one more 25bps hike thereafter. See his piece here.

US Treasuries saw a different move in yields, with those on 10yr Treasuries actually down -2.5bps to 3.97%. There was a bit of an increase at the front-end of the curve, and hence resteepening, with 2yr yields up +1.5bps to 4.88%, but they’re still some way beneath the intraday peak of 5.12% after the ADP report last Thursday.

Asian equity markets are mixed this morning with the Hang Seng (+1.11%) the standout performer again, stretching out its gains for the third consecutive session. Also higher is the KOSPI (+0.14%) which is rebounding from opening losses. Elsewhere, the Nikkei (-0.76%) is lower while the Shanghai Composite (-0.13%) and the CSI (-0.02%) are slightly down. S&P 500 (+0.04%) and NASDAQ 100 (+0.09%) futures are just above flat.

Early morning data showed that producer prices in Japan unexpectedly contracted -0.2% m/m in June (v/s +0.2% expected) mainly due to soft commodity prices. It followed a -0.7% decline in the previous month. This equates to +4.1% y/y in June (v/s +4.4% expected and against May’s print of +5.1%) notching the slowest inflation rate since April 2021. Separately, core machinery orders declined -7.6% m/m in May (v/s +1.0% expected; +5.5% in April), more than offsetting the previous month’s increase.

In monetary policy action, the Reserve Bank of New Zealand (RBNZ) kept the cash rate steady at +5.5%, in-line with expectations and ending a streak of 12 consecutive hikes. The central bank signalled that the current level of interest rates is having the desired effect but cautioned against holding out much hopes of them loosening policy any time soon. It estimated that inflation would be back in the target band in the second half of 2024

In FX, the Japanese yen is strengthening against most major currencies, extending its gains against the US dollar (trading below 140) for its fifth consecutive session and to its strongest levels in a month. The yen has drawn support on the back of rising speculation that the Bank of Japan (BOJ) could tweak its YCC policy at its meeting later in the month.

Looking ahead, another event today will be the Bank of Canada’s latest policy decision. The BoC were one of the first central banks to formally signal a pause to their rate hikes back in January, but last month saw them deliver a hawkish surprise with an unexpected 25bp rate hike. That contributed to a sizeable global bond sell-off that day, and both markets and the consensus of economists are expecting that they’ll deliver another 25bp hike today. If they do so, that would take the overnight rate up to 5%, which would be its highest level since 2001.

Lastly, there were a few interesting data points out yesterday. In the US, we had the NFIB’s small business optimism index, which rose to a 7-month high of 91.0 in June (vs. 89.9 expected). Within the release, there were also signs of weakening inflationary pressures, with a net 29% of firms saying they were raising average selling prices, which is the lowest since March 2021. However, there were signs of tightening credit conditions, with the actual interest rate paid on short-term loans by borrowers up to 9.2%, which is its highest level since 2007. Separately in Germany, the latest ZEW survey for July saw the expectations component fall to a 7-month low of -14.7 (vs. -10.6 expected), whilst the current situation measure also fell to a 7-month low of -59.5 (vs. -62.0 expected).

To the day ahead now, and the main highlight will be the US CPI release for June. Otherwise from central banks, we’ll get the Bank of Canada’s latest policy decision, the Fed will be releasing their Beige Book and the BoE will release their financial stability report. Speakers include BoE Governor Bailey, the Fed’s Barkin, Kashkari, Bostic and Mester, as well as the ECB’s Vujcic and Lane.

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

Europe inches higher with the broader tone somewhat tentative pre-CPI – Newsquawk US Market Open

WEDNESDAY, JUL 12, 2023 – 06:21 AM

European bourses are firmer across the board with Tech leading after favourable broker action
US futures in the green but more contained ahead of CPI and Fed speak
DXY continues to wane after losing 101.50, with JPY outperforming while antipodeans wane after Central Bank activity
Core fixed income is modestly firmer as the recovery rally resumes and yields slip with the US belly heavy
Commodities inch higher on the softer USD, but capped pre-inflation
Looking ahead, highlights include US CPI, BoC Policy Announcement, Fed’s Barkin, Kashkari, Bostic & Mester, ECB’s Lane, BoC’s Macklem & Rogers, Supply from the US.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

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EUROPEAN TRADE

EQUITIES

European bourses are firmer across the board, Euro Stoxx 50 +0.8%, following the gains seen on Wall St. after the European close and despite a somewhat mixed APAC handover.
Sectors are primarily in the green with Tech names outperforming following constructive broker action, while Travel & Leisure lags after Air France’s reverse share split.
Stateside, action is more contained in pre-CPI trade with the newsquawk preview available (see US section) and numerous speakers thereafter; ES +0.2%
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

Dollar extends losing streak as US CPI looms, with DXY under key Fib support within a 101.610-330 range.
Yen revival continues as USD/JPY breaches more big figure stops and drops from 140.39 to 139.32.
Loonie underpinned near 1.3200 vs Greenback and awaiting anticipated 25 bp BoC hike, Euro back above 1.1000 against Buck and supported by decent option expiry interest.
Pound pivots 1.2950, Aussie fades ahead of 0.6750 as RBA Governor Lowe sounds slightly dovish and Kiwi wanes from 0.6200+ peak after RBNZ holds OCR at likely 5.5% peak.
PBoC set USD/CNY mid-point at 7.1765 vs exp. 7.1935 (prev. 7.1886)
Click here for more detail.
Click here for the notable option expiries.

FIXED INCOME

Debt futures resume recovery rally with cash-backing after well received 2033 UK and German offerings.
Bunds, Gilts and T-notes just shy of best levels between 131.40-130.99, 93.26-92.82 and 111-18+/09+ respective ranges ahead of US CPI, Fed and ECB speakers, USD 32bln 10 year auction and Beige Book.
Click here for more detail.

COMMODITIES

Crude benchmarks are modestly firmer in-fitting with US equity futures ahead of the regions upcoming inflation print.
In metals, spot gold is incrementally firmer and deriving support from the ongoing USD slump but with upside capped on the constructive risk tone, with base metals portraying similar action.
US Energy Inventory Data (bbls): Crude +3.0mln (exp. +0.5mln), Gasoline +1.0mln (exp. -0.7mln), Distillate +2.91mln (exp. -0.3mln), Cushing -2.2mln.
Click here for more detail.

NOTABLE US HEADLINES

Nvidia (NVDA) is in talks to be an anchor investor in the IPO of SoftBank’s (9984 JT) Arm unit, according to FT.
Broadcom (AVGO) secures EU antitrust approval to purchase VMware (VMW), after offering remedies to assist rival Marvell Tech. (MRVL)
EU regulators fine Illumina (ILMN) a record EUR 432mln for closing the Grail (GRAL) deal prior to regulatory approval
Click here for the newsquawk CPI primer.
Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

Spanish CPI YY Final NSA (Jun) 1.9% vs. Exp. 1.9% (Prev. 1.9%); Core 5.9% (prev. 6.1%)

NOTABLE EUROPEAN HEADLINES

UK PM Sunak hinted at no tax cuts prior to the next election and admitted by-elections will be challenging, according to Sky News.
UK Chancellor Hunt ordered ministers to find GBP 2bln of savings for public sector pay increases, according to FT.
BoE Financial Stability Report (July): FPC agreed to maintain the CCyB at 2.0%; vulnerabilities in some parts of market based finance remain. UK economy has thus far been resilient to interest rate risk, will take time for full impact to filter through. Major UK banks are resilient and their capital positions remain above the ‘hurdle rate’ even under a severe stress scenario.
BoE Governor Bailey says current level of pay increases not consistent with inflation target; latest jobs data shows some signs of labour market cooling.

CRYPTO

Bitcoin is a touch firmer and benefits from the softer USD to move closer to USD 31k from a USD 30.5k session base, though the upside is seemingly capped as is the case elsewhere pre-CPI.

GEOPOLITICS

North Korea fired a ballistic missile which flew 1,000km and was North Korea’s longest-ever missile flight time of 74 minutes, while the missile landed outside Japan’s exclusive economic zone.
South Korean President Yoon said North Korea will pay the price for its illegal acts and he ordered officials to strengthen extended deterrence through a nuclear consultative group with the US, according to Reuters.
Japanese Chief Cabinet Secretary Matsuno said North Korea’s missile launch threatens peace and stability in the region, as well as the international community, while he added the latest action was a serious provocation and a grave violation of UN resolutions, according to Reuters.
Chinese hackers reportedly gained access to US government email accounts, according to NYT.
UK announced it will deliver more than 70 combat and logistics vehicles to Ukraine, while it added that thousands of additional rounds of Challenger 2 ammunition will also be immediately delivered to Ukraine as part of a package. Furthermore, it will launch a project through NATO to establish a medical rehabilitation centre to support the recovery and return of soldiers to Ukraine, according to Reuters.

APAC TRADE

APAC stocks traded mixed with the region cautious heading into today’s key US inflation data.
ASX 200 was led by the commodity-related sectors after the recent gains in underlying prices.
Nikkei 225 underperformed and fell beneath the 32,000 level amid headwinds from a firmer currency in which USD/JPY retreated below 140.00 and following disappointing Machinery Orders data.
Hang Seng and Shanghai Comp saw mixed fortunes amid cautiousness ahead of key events and despite the stronger-than-expected loans and aggregate financing data from China.

NOTABLE ASIA-PAC HEADLINES

RBNZ kept the OCR unchanged at 5.50% as expected, while the Committee agreed that the OCR will need to remain at a restrictive level for the foreseeable future and that the level of interest rates is constraining spending and inflation pressure as anticipated and required. RBNZ stated that inflation remains too high but is expected to decline within the target range by H2 2024, while it noted that recent data suggests tight monetary conditions are constraining domestic spending as expected.
RBA Governor Lowe said it is possible some further tightening will be required to return inflation to the target and it remains to be determined whether monetary policy has more work to do, while he announces changes from 2024. RBA Governor Lowe said from 2024, the board will meet 8 times a year instead of 11 times with Board meetings to start on Monday and conclude at the usual time on Tuesday, while the RBA Governor will hold a media conference after every meeting to explain the decision.

DATA RECAP

Japanese Machinery Orders MM (May) -7.6% vs. Exp. 1.0% (Prev. 5.5%); YY (May) -8.7% vs. Exp. -0.2% (Prev. -5.9%)
Japanese Corp Goods Price MM (Jun) -0.2% vs. Exp. 0.1% (Prev. -0.7%); YY (Jun) 4.1% vs. Exp. 4.3% (Prev. 5.1%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

WEDNESDAY MORNING/TUESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA/

Pressure is building for the PBOC to open the floodgates

(zerohedge)

Pressure Builds On China To Open Easing Floodgates Further

TUESDAY, JUL 11, 2023 – 10:45 PM

Authored by Simon White, Bloomberg macro strategist,

Stimulus in China is not yet getting through as loan growth declines and money growth stalls, increasing the likelihood policy makers ease further, and driving a re-acceleration in global inflation.

Loan data from China released today superficially showed a “beat” on the month. But month-on-month data is noisy and seasonal, the clearest way to look at it is the percentage change of the 12-month sum. This way we can see the trend, which for total CNY loans is down.

It is loans to non-financial enterprises and government loans that is driving total loans lower. One bright spot is that household-loan growth is rising (but is still negative). China’s pandemic policies, which favored state-owned enterprises at the expense of the household sector, further widened imbalances in the economy.

The low-hanging fruit from export-led growth has been plucked, and mercantile-driven growth has had to be increasingly supplemented by debt to meet targets. Now China is reluctant to stimulate in too carefree a manner as they are increasingly concerned about financial stability. Thus the rise in household-loan growth is a positive sign, but it is not enough to arrest the overall anemic recovery in China.

A principal area of weakness is the property market. It’s a major source of wealth and saving for the household sector in an economy with few alternatives and a closed capital account (at least to most people). It will be difficult to rejuvenate the household sector – and therefore the economy overall – without a rehabilitation of the property market.

Yet despite a series of easing measures, such as aid for developers, with further measures said to be imminent, the property market remains quagmired.

Real-estate transaction growth continues to slide, while floor-space started is contracting at over 6% per year, near series lows.

Furthermore, real-estate debt, after recovering early this year, is falling again, and is on track to make new lows, with USD HY debt having lost almost three-quarters of its value.

China’s binding constraint is unemployment. If growth deteriorates to the point where unemployment begins to rise sharply (youth unemployment is already over 20%, due to the weaker services sector in the pandemic, and a skills mismatch, according to Goldman Sachs), it’s likely China will reach for the hard-liquor, and stimulate – both fiscally and monetarily – much more freely.

This is likely to fuel a re-acceleration in US and global inflation. We’re not there yet, but the more disappointing data we see, the closer we will be.

end

CHINA

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

Our resident expert on European affairs, Tom Luongo….

(Tom Luongo)

Luongo: Macron, NATO, & The Fate Of The Empire Part II

WEDNESDAY, JUL 12, 2023 – 03:30 AM

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

Last week I published my thoughts on what was happening in France from a great power rivalry perspective. The infighting between factions and who represents whom is now just as chaotic and temporary as the situation on the ground in places where there is obvious conflict, like Ukraine.

The protests in France are the culmination of many of these factors coming together, some of which I went into.

I left you hanging with the following thought:

… Nothing less than the fate of a 300 year project for world government hangs in the balance. Everyone of these horrific factions wants to rule the world but none of them have the means by themselves to pull it off. So, watching them maneuver each other into the line of fire would be hilarious if the stakes weren’t so freaking high for the rest of us.

That’s a big statement to make but this has been the overriding theme of this blog and all of my work for nearly ten years. It’s been as much of a journey of discovery for me as any of my readers.

And the questions hanging in the air as the NATO Summit goes on in Vilnius center around just who is pushing who forward into war? Macron in France has assumed near dictatorial powers and yet the potential threat of collapse of his government rises daily.

Since that article we’ve had our second major European government in as many months collapse.

First it was Pedro Sanchez’s cobbled together coalition government in Spain, where he called for snap elections (scheduled for next month) after the center-right swept into power regionally.

Over the weekend it was key World Economic Forum leader Mark Rutte’s government in the Netherlands that fell over a failure to come together on new migrant policy. As the WEF pushed the Dutch farmers into open revolt against Rutte through land seizure and onerous regulations on nitrogen usage, the farmers organized themselves into a political party who gained so much support so quickly that it brought down Rutte.

Rutte announced he will not be standing for re-election in the subsequent elections. The revolt in the Netherlands is nearly complete at the national level. The last poll taken in the Netherlands had BBB, the farmers party, winning. Note, however, this poll is now nearly a month old.

But even with this change, there is no consensus in the Netherlands. The electorate is split along more than a dozen parties. A ruling coalition has to come up with 76 seats to form a government. Unless current polling shifts significantly between now and the election, getting a fully Anti-WEF coalition running the country is of low probability.

The most likely outcome will be no government in the Netherlands for months as WEF-aligned parties hold their breath and refuse to ally with anyone they deem ‘unworthy.’ And if a coalition does come together it will be hobbled by traitors and backbiting, cf. Italy for the past decade.

And I haven’t even gone into the opposition that government, if it formed, would run into from the apparatchiks in Brussels, who will come down hard on them enforcing any new EU directives that come out of the pie-hole of the EU Commission.

Just ask Viktor Orban in Hungary, for example.

The Netherlands is part of the story of revolt against the planned putsch towards global government by Davos and those adjacent to them. Look at the polling surge for Alternative for Germany (AfD) in places where the center-right has never dominated. AfD is no longer just a former East Germany phenomenon. It’s now an anti-SPD, anti-Green, pro-humanity movement across Germany.

Ultimately, however, there’s still a lot of inertia at every level of society to overcome before real change can be effected, especially in Europe where there isn’t real Federalism within the EU like there is in the US.

It’s a double pit the people have to crawl out of, unless there is something brewing to destroy the EU at the same time this populist movement is gaining momentum.

Mr. Market Tear Down This Wall

Because that inertia is so strong, it’s why I keep my eye on the shifts occurring in the capital markets and the factionalization happening at the central bank level.

On the eve of the major NATO Summit in Vilnius shifting to see if the capital markets are, as Martin Armstrong would put it, sniffing out the future with subtle capital flows seems prudent.

This is why I broke this up into two parts, because as I was writing part I the price action in the sovereign debt and commodity markets were doing just that.

For two years since I first toyed with the idea that FOMC Chair Jerome Powell began ‘stealth tightening’ of US monetary policy, I’ve watched for signs that capital was preferentially flowing into the US at the expense of Europe.

The main indicator for me has been the US/German 10-year yield spread. These are the two benchmarkt bond markets for the US and Europe. One is the global ‘safe haven’ sovereign bond the other the European ‘safe haven’ bond.

I’ve since added the 2 year spread as well. As I discussed with Danielle Dimartino Booth in our last chat (Ep.#148 of the GGnG Podcast) there have been three big events over the past year that marked significant policy or sentiment shifts.

Event #1 – ECB President Christine Lagarde announces the TPI – Transmission Protection Instrument or Toilet Paper Initiative where she told the world she will manage credit spreads as the ECB is forced to raise rates to 1) combat inflation and 2) follow the Fed because Powell wasn’t pivoting.

It led to the Bank of Japan widening the band on their yield curve control (YCC) policy to 0.50% at the December meeting which sent the spread tumbling into….

Event #2 – February 1st FOMC Meeting — Powell only raises by 25 basis points but finally convinces the markets he was serious about his “Higher for Longer” policy. It’s reflected in the prices of all markets.

It was also the beginning of the end of liquidity of the Eurodollar Futures Contract on the Chicago Mercantile Exchange (CME). By April the Three-Month SOFR Futures contract would replace the Eurodollar contract completely. I wrote about this in my last two-part series “The War for the Dollar is Already Over” (Part I and Part II).

That set in motion a big sell-off in US treasuries which I think Lagarde managed by holding German rates down blowing out the spread. A month later we had a few bank failures in the US. Credit Suisse blew up, etc. This led to …

Event #3 — Japan Doesn’t End YCC Yet — When new Bank of Japan President Kazuo Ueda told markets he wasn’t giving up YCC it helped bail out Lagarde and the ECB one more time as spreads widened again into the Debt Ceiling “Crisis” of June and is still in effect today.

But, that’s not the whole story because the fear of the BoJ giving up YCC and the turmoil in the US banks was so strong we saw massive short covering in the Japanese 10-year bond. So much so Ueda didn’t have to change policy because the yield was so far below the 0.5% limit.

So for a few months the unwinding of short JGB carry trades built up over years of YCC and Zero-bound rates globally helped Lagarde hold the whole range of Eurobond prices below what look to me as trip-wire levels.

But note, the 10-year JGB is rocketing back towards the 0.5% limit where Ueda will have to intervene. In fact, I’d say he’s already doing something because the yen has moved from 145 back to nearly 140 in just a couple of days.

Chart Porn incoming:

Germany’s CPI came in at 6.4% this month. In line with expectations, but meaning Lagarde can no longer hold this line. And the Bundesbank needs a massive bailout according to a recent audit of its finances.

Rutte’s government fell, the risk of a major political upheaval is rising. Who else other than Lagarde would buy Dutch debt at 3%

Spain’s government is about to change. Energy prices are starting to rise as we get into the winter. Who’s buying this debt below 3.75%?

It may be my confirmation bias talking but all I see is someone sitting on certain levels and intervening hard to ensure those levels are not breached for any length of time. The moment these yields get ‘out of the box,’ Lagarde comes in to tamp them back inside.

The Big Dogs Are Howling

The US CPI is forecast to come in at 3.1% and the market is saying Powell will raise in two weeks. I’m not sure he does because that would be interpreted as him hiking too far with recession just over the horizon.

And that would pressure the long-end of the yield curve again. Powell would be better served letting the market do his work in normalizing the yield curve for him by not raising here and waiting until the September meeting.

The market reaction to no rate hike would be immense and blow apart the carefully-constructed yield edifice Lagarde and her partner-in-crime Janet Yellen have erected.

How does Lagarde manage these spreads if Powell lets his foot off the neck of domestic credit for a few more weeks and Japan is staring at ending YCC with current inflation at ~3%?

Look at oil prices folks, they are rising again. Brent’s knocking on $80 per barrel with WTI following right along. US gasoline prices are coiling into this fall, setting up for a rally. Still think inflation is over? Not a chance.

Last week’s bond action put Lagarde in another ugly situation because the US 10 year broke above 4% and closed there, pushing all of these yields up through her redlines and so far there’s been no rally in US bonds to help her stuff them back down.

This week is therefore pivotal because the US 10 year is flirting dangerously close with a major breakout above 4.09%. We’ve already had the violation of the March high this week and there’s no indication that rates have topped here or will back down. The 2/10 spread has also significantly reversed from a low of -110 bps to -86 bps.

The one thing everyone short dollars is afraid of right now is any amount of yield curve normalization in US Treasuries. But that is exactly what is happening.

For the past few months I’ve been tracking the internal spreads within the US yield curve for my Patrons. And since the Debt Ceiling was resolved (not well, I might add) the markets have rightly begun taking on more duration risk.

There’s no argument that there is a lot of work yet to be done, but the trends on a weekly basis are clear. Capital is demanding a higher yield going further out the yield curve than it was in Q2. And eventually this bodes well for domestic banks to begin repairing their balance sheets.

But it won’t be the ones in Europe, who are standing on the verge of a rate shock that’s been just over the horizon for a while now. The current policy path is set. Powell’s not flinching in the face of rapid de-dollarization and domestic fiscal insanity.

It’s his job to fix the parts of the US balance sheet that he controls. He’s doing that. The traitors on Capitol Hill are trying to spend us into debtor’s prison.

Vilnius or Bust

Now think about what’s happening at Vilnius, at the NATO Summit. Biden wants a new commitment to spend even more on weapons for Ukraine but doesn’t want to bring Ukraine into the fold. The UK is screaming for both things.

Macron is now happy to supply missiles to Ukraine because it feeds his military-industrial complex and his longer-term goals of a European security pact without the US.

Turkey stopped blocking Sweden’s entry into the alliance because he got the F-16s he needs to fulfill his ambitions regionally. Someone finally offered Erdogan the right bribe to get him to sign off on this.

What’s happening in the financial markets is a harbinger that the bureaucratic inertia of the West is too powerful to overcome. They are preparing for the worst but still holding onto hope for the best. Once these yield walls fail, however, we’ll know there is no turning back.

Why? Because if the European sovereign bond market goes into rapid meltdown then escalation is the only politically expedient path for these narcissistic assholes to maintain power as their economies collapse.

Macron and France may have successfully beaten down the migrant riots/color revolution but they don’t have control over the situation. If anything the divisions between French nativism and the migrant population are only deeper today than two weeks ago.

The political upheaval on the ground is a few weeks/months ahead of the real turmoil under the surface of the capital markets. Lagarde is rapidly being put in a box by geopolitical imperatives and the opposition in the US to fighting a war with Russia over Ukraine.

The conflicted message coming from the Biden Administration reflects this. “Biden” wants more weapons in Ukraine to keep bleeding Russia out, but his military is clearly trying to restrain him from taking us past the point of no return.

Hence his reasoning to block the UK’s Ben Wallace’s ascension to NATO Gen. Secretary and retaining Jens Stoltenberg for another year. It’s why Stoltenberg continues to hold the line about Ukraine’s entry into NATO being predicated on them “winning the war as a sovereign nation.”

The war-mongers in London, DC and Brussels realize that this half-baked form of war is running out of runway. It’s costing them politically, economically and spiritually. They are losing the momentum and need something to ‘wake the sheeple up!’

What should scare everyone is that their thinking is simple: If “Biden” won’t fully commit to Ukraine then we’ll make that decision for him.

Because, despite everything, it’s finally sinking into their thick skulls that Russia’s economy is not collapsing. And while its industrial production, wage and inflation data all point to real productivity growth neither is it fully committed to full industrial war status yet.

Putin, unlike Biden, isn’t trying to escalate any further than he needs to. By not upgrading the conflict to allow full mobilization Putin keeps the door open for a negotiated settlement. The problem, as the Russians have pointed out time and again, is that they don’t know who to talk to.

No one is in charge of this operation. There are just competing factions without final say as to what the policy should be.

Putin’s approval rating rose in the wake of his handling Prigozhin’s Rebellion. He successfully navigated the domestic division between the realists he represents and the hard-liners who Prigozhin represented.

For the West losing in Ukraine after this much blood and treasure have been spilled, fomenting a full-blown sovereign debt crisis which will consume not only a few more national governments but quite likely the EU itself, will be the end of that 300 year project I talked about at the beginning.

It’s both terribly complicated but incredibly simple.

And it could all coming crashing down in the next few weeks.

* * *

Join my Patreon if you grave walk through empires

end

Rees Mogg pushes anti discrimination law as UK banks are accused of shutting accounts over personal views

(zerohedge)

Rees-Mogg Pushes Anti-Discrimination Law As UK Banks Are Accused Of Shutting Accounts Over Personal Views

WEDNESDAY, JUL 12, 2023 – 02:00 AM

Authored by Lily Zhou via The Epoch Times,

Former minister Sir Jacob Rees-Mogg is pushing for a new law that will make it more difficult for banks to shut down people’s accounts.

It comes amid ongoing suspicion that banks have been closing customers’ accounts over their political exposure or views.

Mr. Rees-Mogg, a Conservative MP and GB News presenter, told The Telegraph that while banks have the right to block accounts, “they are doing this in far too many cases.”

With the declining of cash, an individual without a bank account is effectively a “non-citizen” or a “non-person,” he said.

According to the report, Mr. Rees-Mogg will propose an amendment to the Digital Markets Bill, that aims to stop banks from discriminating against clients.

The amendment would also compel banks to inform customers why their accounts would be closed within 30 days of their decision and give customers the right to demand compensation, the report said.

“I would hope the government will take up this amendment. This is where the Government wants to be; it is helping their policy,” Mr. Rees-Mogg said.

Nigel Farage Denied Accounts By 9 Banks

Mr. Rees-Mogg’s proposal comes as his colleague at GB News, former Brexit Party leader Nigel Farage, said he couldn’t find a bank that’s willing to hold his account in the UK.

In a video published on YouTube on June 29, Mr. Farage said his bank had told him they were going to close his account. He said the bank gave no reason for closing his account, but speculated that rules regarding politically exposed persons (PEPs) may be one of the possible reasons.

Mr. Farage also speculated that Labour MP Sir Chris Bryant’s assertion in Parliament that Mr. Farage had “received £548,573 from Russia Today in 2018” may have contributed to the banks’ unwillingness to give him an account.

In an update published on Monday, the former businessman and politician said he still hasn’t found a new bank, with nine banks having rejected his business.

British Brexit Party leader Nigel Farage speaks during a visit to Dover harbour, in Dover, Britain, on Aug. 12, 2020. (Matthew Childs/Reuters)

It’s unclear whether banks are denying Mr. Farage access to an account over PEP concerns, politicians with all parties have complained about running into difficulty with banks.

PEPs rules are international standards set by the Financial Action Task Force. They were adopted by the European Union in the form of directives, which were then incorporated into British law through secondary legislation.

The anti-money-laundering rules require financial institutions to carry out extra checks on PEPs.

While guidance (pdf) published in 2017 clarified that UK PEPs should be treated as low risk unless they pose a higher risk for other reasons, politicians have said that they still had to go through heightened scrutiny.

City Minister Andrew Griffith wrote to the Financial Conduct Authority, urging the watchdog to prioritise a review on PEP rules so they “do not unduly burden or prevent democratically elected individuals, public officials, or their respective families from access to essential banking services.”

Other De-Banking

There have been others who suspected their accounts may have been closed over their political views, although banks have denied the allegations.

In one of the most recent cases, Metro Bank emailed gender-critical parents group Our Duty, saying the bank couldn’t offer an account because it “doesn’t currently allow organisations to receive donations if not a registered charity, and for community groups to be linked to, or influence political policies or legislations.”

Our Duty founder Keith Jordan claimed that a bank manager had told him in a phone call that the group couldn’t get an account because of what it believes is in conflict with the bank’s culture, but the bank denied making any such decisions based an individual or organisation’s personal or political views.

According to the Times of London, an Anglican church leader lost his building society account after he replied to a monthly email soliciting feedback, telling the building society, which had displayed support for the so-called pride month on its website, that he didn’t agree with pushing transgender ideology on children.

The building society has also denied closing any accounts over opinions, saying they “only ever make the difficult decision to close a savings account if a customer is rude, abusive, violent, or discriminates in any way, based on the specific facts, comments and behaviour in each case.”

Triggernometry, a British YouTube show and podcast featuring interviews and satirical content about current affairs and social issues, also lost a bank account recently. According to co-host Konstantin Kisin, the bank has also cited their reception of donations as a reason.

END

HUNGARY

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA// UKRAINE/USA

Blinken: Ukraine will be defenseless without USA cluster bombs

(zerohedge)

Blinken: Ukraine Will Be “Defenseless” Without US Cluster Bombs

TUESDAY, JUL 11, 2023 – 06:25 PM

Secretary of State Antony Blinken while at the NATO summit in Lithuania is promoting a message that Washington essentially had no choice but to arm Ukraine with cluster munitions because the country would have been “defenseless” without them.

He gave an interview to MSNBC’s “Andrea Mitchell Reports” and asserted that Ukraine’s own stockpile of cluster bombs and artillery is running out, even merely exhausted.

“The stockpiles around the world and in Ukraine of the unitary munitions, not the cluster munitions, were running out, about to be depleted,” Blinken began.

“And so, the hard but necessary choice to give them the cluster munitions amounted to this: If we didn’t do it, we don’t do it, then they will run out of ammunition,” he explained to Mitchell. “If they run out of ammunition, then they will be defenseless.”

He also when pressed by the MSNBC host continued to advance the White House talking point that Russia is already doing worse, so cluster bombs are permissible despite the well-known human rights and war crimes issues.

Mitchell asked whether the US is ceding the moral high ground in delivering bombs which are banned by over 120 nations. “Every ally I’ve talked to has said they understand why we’re doing this when we’re doing it,” Blinken claimed.

NATO Secretary-General Jens Stoltenberg has relied on the same logic. “We are facing a brutal war, and we have to remember this brutality is reflected, that every day we see casualties, and that cluster munitions are used by both sides,” Stoltenberg said days ago. “And Russia used cluster munitions to invade another country. Ukraine is using cluster munitions to defend itself.”

Meanwhile, a number of European allies have broken from the US on the issue, condemning the move – most notably Germany. Ukraine has long accused Berlin of being weak and hesitate in the face of the Russian invasion.

But Blinken’s method of arguing makes clear, Washington has framed each new escalation decision as matter of life & death, despite billions in arms already shipped. Every moment is somehow “facing down Hitler”… we are told.

end

Re: Blinken: Ukraine Will Be “Defenseless” Without US Cluster Bombs | ZeroHedge

Senseless babble from an outcast on the world stage of relationships both personal and nation state. Knowledgeable people know that on more than one occasion what could have been a peaceful agreement of existence between Ukraine and Russia has been denied to the detriment of wide range of parties. As Europeans today pay and tomorrow will pay a greater price for being vassals of a Hegemon who cares less and will sacrifice them for agenda. Few nations like Hungary still stand up against war insanity and migrant disease. They too will never be taken into account for senseless Neocon aspirations. The truth is no one really cares about Ukraine and only acts to opinion support because of the “hidden hand” of hegemony and control that exercises the stick. Have no illusions Russia has answers that Europe will see along with the rest of world in response. The stick that America has used( itself a pawn) is the hegemony of dollar trade settlement. Today, this is waning with the advent of the BRICS and upcoming Gold based or gold centric trade settlements. Thus, what one sees is the combination of a lack or creditability coupled with rogue type actions and a currency debacle come together to unleash a storm upon American hegemony. At a time when America having been hollowed out over decades of it’s industrial base is faced with a rejection of currency and foreign policy. This is different from foreign holdings of Federal Reserve Dollars which is greater outside of America than within America. And it maybe one day that there is a actual split between domestic and international dollars largely because international holdings are result of measured asset based accumulation based on “labor” instead of mass printing of debt dollars domestically. Such a split would actually create 2 value points and settlement windows. Even today China wants evidence of real dollars for trade settlement. It is why the strategic oil reserve has been hollowed out. The unspoken immediate threat in America today is the collapsing value of commercial real estate which will consume many a bank in it’s wake. This is much like happened with the S&L crisis long forgotten. In any case, a repricing of oil in coming months will cast a new meaning to value as higher energy costs come to reflect in pockets of consumers.

There is zero respect in the international space outside of the EU for this administration and the people there and sadly this reflects on all Americans and the nation. Today, even Mexico wants to join the BRICS. Decades of abuse of foreign policy and arrogance is combining to go far beyond a simple rejection. Trust in state level relationships is hard to obtain and easy to lose. And why countries like China have given only months of survival to this regime under the weight of revelations unfolding, which will accelerate late August. At one time, America led the charge against the use of a cluster bombs; today it has destroyed all of its past efforts to be a simple war criminal exercising its hegemony to inflict suffering. There is no moral high ground in this proxy war while Ukraine serves as a laundry for tainted money for all to see. And it is equally clear that America has interests and few friends. And this is not limited to America but the West in general as past actions are now being rejected and nations and their citizens reject advice from nations and parties seen to be oppressive. Think of France as it is being rejected by past colonies. Even migration from Africans there now call for their time and turn to oppress the native French as their slaves. The riots you see now will grow and have deep roots in the minds of those who see a life that they cannot have. Europe will tomorrow pay a dear price for the foolish idealism of past leaders like Merkel who sold citizen and national prosperity out for agenda. And the EU basks in ending days of sunshine as debts that cannot be paid grow daily. This is the reason for a coming digital currency because it masks the debt sins so one cannot see while stealing all wealth for political survival. Like many things tried to be repeated it will fail because of the refusal to account for human nature leaving a tortured time in history. This allows fro a time for sanction of public freedoms and money until the pot boils over. You already see signs of this in Britain where certain political voices are being silenced like Farage and others by restriction of banking. It will turn far worse before the pendulum swings back.

It is a coming dark time for all of North America. While it started some time ago with countries like Switzerland denying Americans bank accounts, ( a direct result of American action) it is spreading quickly to think lesser of American products. What is being cast will take time to fully blanket consumption and thus settlement, however it is underway. This cannot be stopped even by war and will one day come to a new natural order. And like most things reactions will overshoot realities.

Yesterday has been tossed away without a care or understanding by fools too blind to even realize what they have done, leaving everyone else to walk over their errors of judgement to create a new tomorrow and new relationships which will be hampered by resentments awakened and manifesting.

https://www.zerohedge.com/geopolitical/blinken-ukraine-will-be-defenseless-without-us-cluster-munitions

RUSSIA/EU

Russia issues a veiled threat against Europe over French long ranged missiles to Ukraine

(zero hedge)

Russia Issues Veiled Threat Against Europe Over French Long-Range Missiles To Ukraine

WEDNESDAY, JUL 12, 2023 – 02:45 AM

The Kremlin is saying consequences are coming against France after President Emmanuel Macron on Tuesday announced supplies of SCALP long-range cruise missiles to Ukraine. The AFP then reported that the first delivery of the missiles are already in Kiev’s hands.

“The first missiles had been delivered when the president announced it,” a source told the publication from the NATO summit in Vilnius. It seems a number of the Western allies are trying to bring something “big” to the table for the Vilnius summit, making their announcements of the various new defense aid packages from Lithuania.

The UK calls the same weapon the “Storm Shadow” – as SCALP is an air-launched British-French missile, which will reportedly now constitute the longest range weapon in Ukraine’s arsenal of foreign arms.Via AP

Some reports have cited a 290 km or more operational range, but this can be modified depending on the recipient. Russia quickly blasted the French decision as “erroneous” and said that “it remains to be clarified and found out exactly what (effective casualty) radius we are talking about,” according to a statement from Putin spokesman Dmitry Peskov.

“This, from our point of view, is an erroneous decision, fraught with consequences for the Ukrainian side. Because, naturally, this will force us to take countermeasures,” he told a press briefing.” He stressed that for Ukraine the missiles only “only aggravates its fate.”

“These decisions (to supply heavier weapons) cannot, are not able to turn the course of the ‘special military operation’. They can only aggravate the fate of the Ukrainian, Kyiv regime,” Peskov asserted.

He also hinted it could ultimately threaten broader European security:

Concerning Ukraine’s speedy accession to NATO, Peskov said it could be very dangerous for European security.

“This really conceals great dangers, and those who will make this decision have to realize that,” he stressed.

Lithuanian President Gitanas Nauseda then seized on the veiled Kremlin threat to urge NATO members to begin establishing permanent military bases on Russia’s borders, according to a report in Anadolu Agency:

“The Russian military infrastructure has never moved towards Western Europe… however there has always been a movement in the opposite direction. If the Europeans do not understand this mistake, then, of course, it is regrettable,” he noted.

The NATO summit will run through tomorrow, and itself is located in Russia might consider it’s “own backyard” of the Baltics. Likely, the bellicose war rhetoric will only grow, as more and more escalatory measures are unveiled.

Is Germany next to jump on the “more and bigger weapons” to Ukraine bandwagon?

END

ISRAEL

Citizens furious on an imminent judicial coup

(zerohedge)

‘Day Of Disruption’: Roads Blocked, Clashes With Police As Israelis Protest Imminent ‘Judicial Coup’

WEDNESDAY, JUL 12, 2023 – 12:25 PM

Via Common Dreams,

At least tens of thousands of Israelis on Tuesday took to the streets, shutting down highways, and marching through the country’s main international airport in a “day of disruption” after the nation’s far-right governing coalition advanced a deeply controversial overhaul of the legal system critics condemn as a “judicial coup.”

Demonstrators thronged the highways leading to cities including Tel Aviv, Jerusalem, and Haifa, pitching tents, blocking roadways, and hanging banners from overpasses. At Ben Gurion International Airport near Lod, thousands of protesters defied police warnings and marched through the arrivals hall.

Israeli police said at least 66 people were arrested. Widespread police violence—including spraying water cannons at protesters, charging into crowds on horseback, and an attack on at least one journalist—was recorded and posted on social media.

Ami Eshed, Tel Aviv’s police commander, resigned last week due to what he claimed was political interference by Israeli Prime Minister Benjamin Netanyahu’s far-right government and its desire to use excessive force to quash the ongoing pro-democracy protests. “I could have easily met these expectations by using unreasonable force that would have filled up the emergency room… at the end of every protest,” Eshed said on Israeli television.

Protesters—some of whom flew in from as far afield as the United States—represented a broad cross-section of Israel’s center and left wing; however, Israeli-American journalist Emily Schrader said on Twitter that she “saw dozens of people screaming” at demonstrators opposing the illegal Israeli occupation of Palestine “to get out of the protest.”

Speaking at a Tel Aviv protest, opposition leader Benny Gantz of the National Unity party said that “ultimately, the protests will block this judicial coup.” Gantz implored police to refrain from violence: “These are not enemies. You don’t use this force on citizens.”

One protester named Grace told Middle East Eye that she believes “Israel is deteriorating towards complete dictatorship and corruption, and we are trying to stop it. Whatever laws this government doesn’t like, it cancels, so all the power goes into government hands and away from the public.”

“The message we have for the government is no one here will agree to live in a dictatorship,” she added. “We are seeing an extreme government that wants to create an extreme country, and we don’t want that to happen. We are going to show them that the power of the people is stronger than that of the people in power.”

Hundreds of Israel Defense Forces reservists specializing in cyberwarfare reacted to Monday’s parliamentary vote by announcing they will stop reporting for duty. “We will not continue to develop cyber capabilities for a criminal regime, and we will not train the future generation of offensive cyber,” the reservists said in a statement. “Our work cannot continue under such a severe legal and moral cloud.”

Hundreds of members of the women-led Bonot Alternativa movement rallied outside the U.S. consulate in Tel Aviv to protest the judicial bill, with another demonstration planned for Tuesday afternoon at the Israeli consulate in New York. “The Israeli government is destroying Israel as we know it—a Jewish and democratic state—it is harming the independence of the courts… banishing women from the public sphere, and harming our core democracy,” Bonot Alternativa said in a plea to U.S. President Joe Biden.

“The members of the ‘most extreme’ government, as President Biden put it, are attacking freedom of expression, the right to protest, and the rights of women and minorities,” the group added. “Don’t stand by. Don’t let the Jewish state be destroyed.”

The White House on Tuesday urged Israeli authorities to respect protesters’ rights. “As the administration has said, both U.S. and Israeli democracy are built on strong institutions, checks and balances, and an independent judiciary,” a U.S. National Security Council spokesperson told Haaretz.

“The president has said consistently, both privately and publicly, that fundamental reforms like this require a broad basis of support to be durable and sustained,” the spokesperson added. “The president has been clear he hopes Prime Minister Netanyahu will work to find a genuine compromise.”

Tuesday’s protests were sparked by Israeli lawmakers’ overnight 64-56 vote to provisionally support a key piece of the highly contentious judicial overhaul that would repeal the “reasonableness” standard used by the Supreme Court to overrule egregious government decisions like then-Prime Minister Yitzhak Rabin’s refusal to fire Cabinet Minister Aryeh Deri, leader of the ultra-Orthodox Shas party, after a 1993 fraud and bribery indictment.

The broader plan, proposed earlier this year by Israeli Justice Minister Yariv Levin—a member of Netanyahu’s Likud party—would allow a 50%+1 parliamentary majority to override rulings issued by the Supreme Court, which also sits as the High Court of Justice and has been accused by human rights groups of giving legal cover to war crimes and crimes against humanity including apartheid and the illegal occupation of Palestine.

The proposed reforms would also increase government control over judicial appointments and make it more difficult for the Supreme Court to annul legislation by requiring the assent of more justices. Furthermore, Levin’s proposal would turn legal advisers who serve government ministries from professional appointees accountable to the attorney general into political appointments controlled by Cabinet ministers.

Critics have accused Netanyahu—who faces multiple criminal corruption charges—of attempting to weaken the judiciary in a bid to boost his chances of dodging prosecution. Netanyahu is prohibited from personal involvement in the judiciary overhaul due to a conflict of interest related to the charges against him.

GLOBAL ISSUES//MEDICAL ISSUES

END

GLOBAL ISSUES//

Global economy:/global issues

The Great Famine Reset: You Will Own Nothing and You Will Be Starving

WEDNESDAY, JUL 12, 2023 – 12:05 AM

Authored by Augusto Zimmermann and John Hartnett via The Epoch Times,

“You will own nothing, and you will be happy.” This confronting statement emanates from the World Economic Forum (WEF), a non-governmental organisation established in 1971 by Klaus Schwab.

By all appearances, the WEF is the most powerful organisation in the world. For decades, it has been at the centre of bringing together the world’s richest and most powerful in business and politics, becoming the driving force in the world, especially after COVID-19.

In July 2020, Mr. Schwab co-authored and published a book entitled “COVID-19: The Great Reset.” With this publication, he sought to identify the weaknesses of the present economic system, which, according to him, were exposed by the alleged pandemic.

Mr. Schwab’s WEF considers COVID-19 as a “rare but narrow window of opportunity” to reset the global economy. This involves the elimination of national borders and the removal of property rights and, indeed, any other individual right from the rest of us.

In what is perhaps even more remarkable, the Great Reset also involves changing human beings.

According to political economist and financial journalist James Gorrie, one of WEF’s people, professor and author Yuval Noah Harari declared that the era of people’s free will is “over,” with humans being merely “hackable animals.”

Above all, the primary goal of the Great Reset is to restructure the entire world into a top-down dictatorship that is ruled by the global oligarchy.

“COVID-19 restrictions and measures to tackle climate change are pillars of the Great Reset initiative aimed to remake global capitalism, leading ultimately to tyrannical control over societies,” says climate journalist and formal political aide Marc Morano.

An empty and closed Melbourne Cricket Ground is seen in Melbourne, Australia, on Sept. 3, 2021. (Darrian Traynor/Getty Images)

If there is anything COVID-19 has taught us is that many governments are not working for the people.

To the contrary, these governments are following the script of the WEF’s Great Reset, which “is tied to the climate change and the green new deal policies pushed in the United States, Europe and some other countries as well as the United Nations’ climate agenda and net-zero initiative.”

Jeopardizing Food Security to Lower Emissions

These oligarchical plans to compromise food security and destroy property rights are well underway in many countries around the globe.

Take, for instance, the example of the Netherlands. A tiny country in terms of land and population, this country is nevertheless the second largest food exporter in the world.

And yet, this is all coming soon to an end due to governmental policies that effectively blame them for “high greenhouse emissions,” despite the nation contributing only 5.2 percent of all the EU emissions.

It is estimated that up to 3,000 farmers could have to close down their productive farms in that country.

Writing for The Spectator Australia, Xin Du comments:

“The Dutch policies are particularly puzzling, as Dutch farmers are among the most efficient in the world … It is, therefore, mind-boggling that the Dutch government and the EU would want to uproot this industry rather than to promote and emulate it in a world that is running out of food.”

Unfortunately, the Dutch government is not alone in targeting their farmers. Many countries, including Canada, Germany, and Sri Lanka, are following a similar agenda to undermine the agricultural sector by reducing nitrogen in the environment by at least 30 percent.

Farmers arrive for a protest at the government district in Berlin, Germany, on Tuesday, Nov. 26, 2019. (Photo: AP /Markus Schreiber)

Joshua Phillip, an investigative reporter and recognized expert on asymmetrical hybrid warfare, says “nitrogen reduction policies and chemical fertilizer trends in the majority of countries around the world will lead to food shortages, like what happened in Sri Lanka recently.”

The global warming alarmists claim nitrous oxide is a greenhouse gas, and we must stop meat production to reduce it. This is just another scam.

In the United States, farmers already cannot find enough chemical nitrogen fertilizer to grow their crops. The WEF recommendation to “build back better” has been adopted in the United States as a “climate change policy.”

Under the Biden administration, this, too, has led to the collapse of the current energy system in order to lower carbon dioxide emissions.

The U.S. Department of Agriculture (USDA) recently released a disturbing report that essentially warns the American public about inevitable food shortages.

The threat of food shortage in that country has been further aggravated by governmental policies that result in rising interest rates, price inflation, and excessive environmental regulations that, when combined, create very serious problems for that nation’s agrarian and livestock sectors.

Global Population

It is the WEF’s propaganda of overpopulation and environmental damage that leads governments to implement such rash insane policies.

How is that going to affect global food supplies? Not very well, we suspect. How do we reduce the global demand for resources and limit environmental damage? Depopulate the world of humans.

We are constantly told that there are too many people on this planet and it can’t support everyone.

The WEF has set about implementing an agenda of dramatic depopulation of the world. This has been the program of the Club of Rome, an oligarchical think-tank, as far back as 1972 when its members were concerned with global resources and overpopulation.

Renowned primatologist Jane Goodall said at the WEF in 2020:

“All these [environmental] things we talk about wouldn’t be a problem if the world was the size of the population that there was 500 years ago.”

In 1600, the world population is estimated to have been 500 to 580 million. That means 94 percent fewer humans in the world!

We are meant to believe that reducing the world’s population to 500 million will relieve the environment of the stress on both resources and environmental damage.

But the reduction of the human population can be done and has been done through wars.

In World War I, 21.5 million died of which 13 million were civilians. The civilian deaths were largely caused by starvation, exposure, disease, military encounters, and massacres. In World War II, 40-50 million died, the largest of any war.

Then there were the massacres by the communists. For example, Joseph Stalin’s Bolsheviks killed 40-60 million in the former Soviet Union, and Mao Zedong’s communist regime killed 65-78 million in China.

Picture taken on May 1962 showing Chinese refugees queuing for a meal at Hong Kong. – During the famine caused by “The Great Leap Forward” Chinese policy, between 140.000 and 200.000 people were entered illegally at Hong Kong. (AFP via Getty Images)

The war in Ukraine, coupled with the West’s economic sanctions, has put the world’s food security at tremendous risk. These sanctions aim to punish Russia for its invasion of Ukraine. However, they are causing a serious danger to the world’s ability to feed itself.

In the worst-case scenario, says Chris Barrett, an agricultural economist at Cornell University, “we are going to see tens of millions of people suddenly facing famine.”

Control the Money

We are presently experiencing an asymmetric war, some kinetic (NATO/Ukraine vs. Russia) but primarily a silent war where food shortages are engineered. This is achieved through shutting down production by driving farmers from the land, banning live animal exports, and disrupting supply lines, as we saw in the “pandemic” years.

But probably the greatest driver of famine is none of the above. It is the supply of currency and credit.

Control the food supply, and you control the people. But control the money supply, and you control the whole world.

Of course, controlling the money supply also directly affects the food supply.

It goes without saying that since 2008, the world-dominating U.S. Federal Reserve has been “printing money” like never before. Currently, the amount is already 2.3 times larger (in the same dollar terms) than was “printed” during and after World War II. And there is no sign of stopping.

Since the U.S. dollar is the global reserve currency, either hyperinflation will result and/or a total global economic collapse will ensue. Either way, it doesn’t matter; the global famine will accelerate. It is inevitable.

We need to wake up to the tactics of the global oligarchs and resist all efforts to impose their objectives on us.

We must stop also the woke depopulation agenda and put an end to the WEF’s ungodly neofascist agenda before it is too late. Otherwise, paraphrasing WEF’s statement, you will own nothing, and you will be starving!

END

GLOBAL VACCINE/COVID ISSUES

Lancet Paper On Post-Vax Autopsies Nuked After Attracting ‘Special Attention’: Dr. Peter McCullough

TUESDAY, JUL 11, 2023 – 11:45 PM

A pre-print review of autopsy data of more than 300 post-Covid-19 vaccination deaths was removed by the Lancet within 24 hours of its initial submission, according to cardiologist Dr. Peter McCullough, the paper’s leading author and prominent COVID vaccine skeptic.

“The government narrative is still that people do not die after COVID-19 vaccination. Now we have the largest series of autopsies, and the autopsies really are incontrovertible,” he told the Epoch Times.

The paper was uploaded to the Lancet’s pre-print website on July 6, only to be taken down with a note implying that the study violated the medical journal’s “screening criteria.”

“Pre-print servers go through a check to make sure all the elements of the paper are there, but it is not peer-reviewed by external doctors. And the preprint server simply offers people a chance to look at the data themselves and decide,” McCullough told the Times Jan Jekielek. “I think that’s perfectly fair to look at the tables, look at the figures.”

“Obviously, we struck a very important gap in knowledge and the world needed to know the results.“

The paper was co-authored by Yale epidemiologist Dr. Harvey Risch and their colleagues at the Wellness Company, a Florida-based medical group.

The study looked at 678 published papers, 44 of which contained the 325 autopsy cases. They then used a “blind adjudication” process by which three physicians independently review all the deaths and determine whether the Covid-19 vaccine caused, or contributed significantly, to the deaths.

“We use the standard called PRISMA, where we searched for every paper possible. We sorted through hundreds and hundreds of manuscripts because deaths can be reported as different clinical syndromes are coming out after the vaccine,” said McCullough.

“There were deaths where there was an auto accident or a suicide. There were some cases in nursing homes where people are on hospice and it looked like they were in their last days of life. We just couldn’t attribute it to the vaccine,” he added. “But the striking cases were people who were perfectly healthy, who had no other medical problems. The only new thing in their life was a vaccine, and then they died with an obvious syndrome like a blood clot, or heart damage, or myocarditis.”

“This is important because when these papers were originally published, the authors didn’t know the full breadth of safety profiles of the vaccine,” McCullough continued. “Initially there were some autopsies from Germany [where] people died of blood clots shooting to lungs. The authors concluded that it wasn’t vaccine because at that time they didn’t know the vaccine causes blood clots, but we do now.”

To that end, a total of 240 deaths (73.9 percent) were identified as directly due to or significantly contributed to by COVID-19 vaccination.

The most implicated organ system in COVID-19 vaccine-associated death was the cardiovascular system (53 percent), followed by the hematological system (17 percent), the respiratory system (8 percent), and multiple organ systems (7 percent), according to the paper. The mean time from vaccination to death was 14.3 days, with most deaths occurring within a week from the most recent jab.

Without further detail from Lancet, it is hard to tell exactly in which way the study’s methodology might have failed to support its conclusions. On the other hand, Dr. McCullough said they used standard methodology and did reach realistic results. –Epoch Times

“We didn’t come up with an unrealistic number. We didn’t come up with 100 percent or zero percent of deaths were due to vaccines. We came up with a reasonable number that’s defensible,” he said. “In the supplemental tables, people can go through every case and decide if they agree or disagree, and that’s fair. That should be up on the pre-print server so the world can see it.”

“The main thing people want is they want access to the data. They simply don’t want data censored off of the internet,” he added. “We should have grand rounds on this. We should have broad internet discussions on it. People maybe want to discuss specific cases—maybe the authors [of the 44 papers] themselves want to look at it.“

end

DR PAUL ALEXANDER

Breitbart: ‘Biden DOJ Indicts Whistleblower Gal Luft, not Hunter Biden, for FARA Violations’; The U.S. Department of Justice indicted Gal Luft, a whistleblower in the Biden family scandals, for

failing to comply with the Foreign Agents Registration Act (FARA) — but has never indicted Hunter Biden; “When Government fears the people, there is liberty, if people fear government, then tyranny

DR. PAUL ALEXANDERJUL 12

DOJ: “If you say anything about the Bidens, we’ll ruin your life.”

“When the Government fears the people, there is liberty. When the people fear the Government, there is tyranny.” – Thomas Jefferson

‘The U.S. Department of Justice indicted Gal Luft, a whistleblower in the Biden family scandals, for failing to comply with the Foreign Agents Registration Act (FARA) — but has never indicted Hunter Biden for the same.

Luft, as Breitbart News reported, is on the run abroad from charges of arms trafficking, which he denies. He says he met with the FBI about corruption involving Joe Biden and his son Hunter, but it never followed up.’

https://www.breitbart.com/politics/2023/07/11/biden-doj-indicts-whistleblower-gal-luft-not-hunter-biden-for-fara-violations/

SLAY NEWS

EVOL NEWS

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIESCIA Secretly Releasing Mosquitos in India to Spread ‘Rare and Dangerous Diseases’The CIA has been conducting secret experiments in India that involve releasing genetically modified mosquitos into the wild in India to trigger virus outbreaks by spreading “rare and dangerous diseases.”READ THE FULL REPORT DOJ Indicts ‘Missing’ Whistleblower Just Days After He Made Biden Bribery Accusations Dr. Gal Luft, an Israeli academic and key whistleblower in the Biden probe, who was reportedly “missing” for several weeks, has been indicted by the Department of Justice. This development comes just days after Luft released a video accusing the Biden family of accepting bribes and aiding the Chinese government, raising questions of whistleblower retaliation. Dr. Gal Luft was a …READ THE FULL REPORT Bribery Ring Investigators Wanted FBI Raid on Biden But DOJ Attorney Blocked It Due to ‘Optics’: Report Senate Republicans are intensifying their probe into allegations involving Joe and Hunter Biden. Spearheaded by Senator Charles Grassley (R-IA), the Republicans are demanding answers from U.S. Attorney David Weiss regarding unresolved questions in the probe and new allegations that Assistant U.S. Attorney Lesley Wolf obstructed efforts to link President Joe Biden to the investigation. CBS News’ Catherine Herridge reported the …READ THE FULL REPORT House Republicans Set to Propose Nationwide Election Integrity Bill Restricting Ballot Boxes, Absentee Voting In a move that has rekindled a national debate on voter rights and election integrity, lawmakers in the Capitol Hill are gearing up for a critical round of debates over forthcoming election bills in the next few weeks. Central to the discussion will be the proposed restrictions on ballot drop boxes, a prominent element of Republican proposals nationwide. The outcome …READ THE FULL REPORT

VACCINE IMPACT/

Sound of Freedom Film Falls Short of Revealing Who are the Ones Trafficking Children and How to Stop It

July 11, 2023 6:44 pm

I was able to view the recently released movie “Sound of Freedom” in a local theater last night, which amazingly was sold out in a Monday evening showing more than a week after the film’s release. The film stars Jim Caviezel playing the part of Tim Ballard, a former Special Agent for the Department of Homeland Security who was assigned to the Internet Crimes Against Children (ICAC) Task Force, and started his own organization, Operation Underground Railroad, a nonprofit focused on rescuing trafficked children. The production of this film reportedly began more than 5 years ago, and since at least 2021, I have seen numerous interviews and articles about Jim Caviezel talking about this film along with such topics as adrenochrome, Satanic ritual abuse, organ harvesting, and other such dark topics that we have covered for the better part of a decade here at Health Impact News. While this is definitely a good film that I recommend everyone to watch if they get a chance to, be forewarned that none of these darker topics are even addressed in this film, nor is there any real call to action with practical advice on how to actually stop child trafficking.

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

end

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

RUSSIA

Russia’s crude oil exports starting to show signs of decline. They wanted a cut in production of 500,000 barrels per day.

(Charles Kennedy/OilPrice.com)

Russia’s Crude Oil Exports Start To Show Signs Of Decline

WEDNESDAY, JUL 12, 2023 – 05:45 AM

By Charles Kennedy of OilPrice.com,

After months of high crude oil exports by sea, Russian shipments have started to show the first signs of a decline as they dropped below the levels from February, the baseline for Russia’s oil production cut of 500,000 barrels per day (bpd) that Moscow says began in March.

Russian crude oil exports by sea dropped by 205,000 bpd to 3.21 million bpd on a four-week average basis in the four weeks to July 9, tanker-tracking data monitored by Bloomberg showed on Tuesday.

The latest four-week average export volumes fell below the 3.38 million bpd in the four weeks to February 26, after holding up above that level for months, according to the data reported by Bloomberg’s Julian Lee.

The main reason for the lower seaborne exports was significantly reduced shipments from Russia’s western ports, the data showed.

In the week to July 9, seaborne crude exports out of Russia dipped to 2.86 million bpd, which was 1 million bpd lower than in the previous week, and with no signs of maintenance at ports that had dragged shipments down two weeks ago. Most of the weekly decline in shipments – 80% — was due to lower volumes leaving Russia’s western ports, which used to ship crude to Europe before the embargo.

The observed decline in Russian crude oil exports on a four-week average basis comes just as Russia said last week that it would cut its crude oil exports by 500,000 bpd in August in a bid to ensure a balanced market.

Russia’s Deputy Prime Minister Alexander Novak, the top oil official in Russia and lead OPEC+ negotiator, didn’t give any figures as to the volume of the Russian production and exports for August, nor the baseline from which the cut would be made.

The August cut in exports would mean an additional cut in oil production by 500,000 bpd in August, Novak’s office told Russian daily Vedomosti.

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 WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS

EURO VS USA DOLLAR: 1.1023 UP 0.0009

USA/ YEN 139.51 DOWN 0.616 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2914 DOWN 0.0019

USA/CAN DOLLAR: 1.3213 DOWN .0016 (CDN DOLLAR UP 16 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 25.23 PTS OR 0.78%

Hang Seng CLOSED UP 82.87 PTS OR 1.32%

AUSTRALIA CLOSED UP 0.35% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 82.87 PTS OR 1.32%

/SHANGHAI CLOSED DOWN 25.23 PTS OR 0.78%

AUSTRALIA BOURSE CLOSED UP 0.35%

(Nikkei (Japan) CLOSED DOWN 255.64 PTS OR 0.81%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1935.50

silver:$23.18

USA dollar index early WEDNESDAY morning: 101.14 DOWN 27 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.262% DOWN 12 in basis point(s) yield

JAPANESE BOND YIELD: +0.470 % UP 1 AND 7//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.591 DOWN 6 in basis points yield

ITALIAN 10 YR BOND YIELD 4.256 DOWN 16 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.537 DOWN 11 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.1129 UP 0.0115 or 112 basis points

USA/Japan: 138.35 DOWN 1.779 OR YEN UP 178 basis points/

Great Britain/USA 1.2993 UP 0.0060 OR 60 BASIS POINTS //

Canadian dollar UP .0043 OR 43 BASIS pts to 1.3186

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.1664

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1630)

TURKISH LIRA: 26.15 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.471…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 13 in basis points from TUESDAY at 3.852% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.945 DOWN 8 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 WEDNESDAY: CLOSING TIME 12:00 PM

London: CLOSED UP 133.59 points or 1.83%

German Dax : CLOSED UP 232,64 PTS OR 1.47%

Paris CAC CLOSED UP 122.60 PTS OR 1.31%

Spain IBEX UP 48.20 PTS OR 0.85%

Italian MIB: CLOSED UP 490.59 PTS OR 1.75%

WTI Oil price 745.52 12: EST

Brent Oil: 79.92 12:00 EST

USA /RUSSIAN /// AT: 90.87 ROUBLE DOWN 0 AND 49//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.537 DOWN 11 BASIS PTS

UK 10 YR YIELD: 4.554 DOWN 11 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1135 UP 0.01217 OR 122 BASIS POINTS

British Pound: 1.2990 UP .0057 or 57 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.556 % DOWN 15 BASIS PTS//

USA dollar vs Japanese Yen: 138.44 DOWN 1.708 //YEN UP 88 BASIS PTS//

USA dollar vs Canadian dollar: 1.3193 DOWN .0036 CDN dollar, UP 36 basis pts)

West Texas intermediate oil: 75.98

Brent OIL: 80.31

USA 10 yr bond yield UP 2 BASIS pts to 3.863%

USA 30 yr bond yield DOWN 10 BASIS PTS to 3.949%

USA 2 YR BOND: DOWN 15 PTS AT 4.742%

USA dollar index: 100.23 DOWN 1.18 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 26.15 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 90.87 DOWN 0 AND 49/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 86.01 PTS OR 0.25%

NASDAQ 100 UP 188.16 PTS OR 1.24%

VOLATILITY INDEX: 13.54 UP 1.26 PTS (8.49)%

GLD: $181.88 UP 2.43 OR 1`.35%

SLV/ $22.15 UP .95 OR 4.48%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Soft CPI Sparks Bond-Buying Bonanza, Meme Stock Meltup, Gold Gains As Dollar Pukes

WEDNESDAY, JUL 12, 2023 – 04:00 PM

The cooler-than-expected CPI print was all the doves and bulls needed today and while the odds of a July hike were unchanged (pretty much a lock), expectations for Fed rate changes for the rest of the year dropped notably, erasing the hawkish shift after the strong GDP revision at the end of June…

Source: Bloomberg

Curvature’s all-knowing STIRs guru, Scott Skyrm noted the following:

Fed officials say there are two 25 basis point tightenings left on the table. The market is only pricing one, with about a 20% change of a second.

The market is pricing an 89% of a tightening on July 26 and expects fed funds to peak at 5.38% in November.

Given that the weak CPI number didn’t even move the needle on the July rate hike, it means the real question is whether the last rate hike occurs in September or November or not.

Equities loved it “because this means The Fed is almost done” – seemingly forgetting that the cost of capital is still 500bps higher than it was (at least) and The Fed is adamant that it won’t be cutting any time soon. Small Caps and Nasdaq were the biggest gainers today as The Dow lagged…

The short-squeeze continues with the ‘most shorted’ basket up a stunning 19% in the last 10 days…

Source: Bloomberg

Which has helped send ‘Meme Stocks’ up 15% in the last 10 days… is that really what The Fed wants?

Source: Bloomberg

Un-profitable tech stocks are up 13% in the last 4 days… The Magnificent-Seven stocks are flat…

Source: Bloomberg

It wasn’t just stocks that were panic-bid, Treasuries surged with yields plunging across the curve (with the short-end outperforming – 3Y -17bps, 30Y -6bps). On the week, the belly has seen the biggest decline in yields (but the long-end is still down 10bps)…

Source: Bloomberg

The 2Y yield is perhaps the most notable since it ran the stops above the pre-SVB yield highs and was unable to hold above 5.00%, it is now down 40bps from its highs

Source: Bloomberg

The yield curve (5s30s) steepened notably today – pushing back up to un-inverting…

Source: Bloomberg

The dollar puked today – its biggest daily drop since Jan 2023 – down for the 4th straight day (the biggest 4-day drop for the dollar since Nov 2022). The Bloomberg Dollar Index is at its lowest since April 2022…

Source: Bloomberg

Dollar’ losses are Euro’s gains – which closed at its highest since March 2022 – completely decoupled from its macro data…

Source: Bloomberg

Bitcoin was pumped (up near $31k) and dumped…

Source: Bloomberg

Oil continued its rebound with WTI trading above $76 – the highest since the first day of May…

Gold also extended its recent gains, topping $1960 (futs) today – the highest in 3 weeks…

Finally, this is probably nothing, right?

Source: Bloomberg

When did credit traders know anything anyway? </sarc>

b) THIS MORNING TRADING//

END

II) USA DATA/

USA consumer price inflation drops to 27 month lows

(zerohedge)

US Consumer Price Inflation Drops To 27-Month Lows; Longest Streak Of Declines Ever

WEDNESDAY, JUL 12, 2023 – 08:42 AM

Expectations for this morning’s headline CPI print were for a plunge from 4.0% YoY to 3.1% YoY (due to shelter, used-cars, and seasonals); however, what The Fed will be watching for is Core Services CPI Ex-Shelter, which fell to +3.93% YoY – the lowest since Jan 2022…

Source: Bloomberg

Notably the MoM increase in Core Services CPI Ex-Shelter was just 0.09% – the smallest MoM rise since Sept 2021.

The headline CPI rose just 0.2% MoM (below the 0.3% MoM expected) which dragged the headline down to +3.0% YoY (cooler than expected) – the lowest since March 2021..

Source: Bloomberg

This is the 12th straight month of YoY declines in headline CPI – equaling the longest streak of declines in history (since 1921)…

Core CPI fell to 4.8% YoY – the lowest since Oct 2021…

Source: Bloomberg

The monthly core increase — 0.2% in June — was the smallest 1-month increase in that index since August 2021.

The index for all items less food and energy rose 0.2 percent in June. Here are the components:

The shelter index increased 0.4 percent over the month after rising 0.6 percent in May.
The index for rent rose 0.5 percent in June, and the index for owners’ equivalent rent increased 0.4 percent over the month.
The index for lodging away from home decreased 2.0 percent in June after increasing 1.8 percent in May.

The shelter index was the largest factor in the monthly increase in the index for all items less food and energy.

June Rent inflation 7.83% YoY, down from 8.04% and lowest since Dec ’22
June Shelter inflation 8.33% YoY, down from 8.66% and lowest since Nov ’22

While Shelter accounted for over 70% of the increase in the monthly CPI, this is still a badly lagging indicator and has yet to catch down to the real time.

The problem is that real-time indexes have again inflected higher.

Among the other indexes that rose in June was the index for motor vehicle insurance, which increased 1.7 percent, and the index for apparel which increased 0.3 percent.

The indexes for recreation and personal care also increased in June.

Several indexes declined in June, led by the airline fares index, which fell 8.1 percent over the month following declines in April and May.

The index for communication fell 0.5 percent over the month.
The household furnishings and operations index fell 0.1 percent over the month, after declining 0.6 percent in May.
The index for new vehicles was unchanged in June.
The medical care index was unchanged in June, after increasing 0.1 percent the previous month. The index for physicians’ services rose 0.7 percent over the month, while the index for hospital services increased 0.4 percent.

Services inflation remains very sticky, even as Goods inflation fades…

Source: Bloomberg

Under the hood, these are the biggest drivers of the YoY drop in headline and core CPI…

And the biggest drivers of the MoM change…

For the first time in 27 months, ‘Real’ wage growth rose YoY in June (+0.6%)…

Source: Bloomberg

It appears M2 signaled that the ‘stickiness’ is over and a tsunami of deflation is about to hit…

Source: Bloomberg

Here’s what to expect from markets (via Goldman):

>0.5% S&P sells off at least 200bps (5% probability)
.4 – .5% S&P sells off 100 – 200bps (10% probability)
.3 – .39% S&P sells off 0 – 100bps (30% probability)
.2% – .29% S&P rallies 0 – 100bps (35% probability)
.1% – .19% S&P rallies at least 100bps (15% probability)
< .1% S&P rallies at least 175bps (5% probability)

So expect stocks to rise from here, since, regardless of where you sit in the Fed debate, inflation decelerated in June to the slowest pace in more than two years. That’s the headline takeaway from today.

However, as Bloomberg notes – The questions now are: Is this a genuine turning point?

Does it reflect a material slowdown in the economy and how will the Fed respond?

Remember, policy makers in the 1970s were blamed for cutting rates at the first sight of inflation easing — only to be later blamed for policy error.

end

III) USA ECONOMIC STORIES

A UPS strike could be very costly

(zerohedge)

Strike Could Cost UPS 30% Of Diverted Volume

TUESDAY, JUL 11, 2023 – 09:25 PM

By Mark Solomon of FreightWaves

UPS Inc. should be prepared to lose as much as 30% of diverted volume should the Teamsters strike the company by the end of the month and a work stoppage last for a decent duration, a leading parcel consultant said Monday.

UPS handled about 18.6 million parcels in the U.S. per day in the first quarter. Under a contingency plan, it expects to handle 4 million parcels on its own. The balance of about 14.6 million parcels, most of which would be ground deliveries, would be subject to diversion.

Satish Jindel, president of consultancy ShipMatrix, said in a communique to FreightWaves that the 30% of volume that could be lost would be equivalent to more than 4 million parcels a day.

Because there are about 80,000 package car drivers and each driver delivers about 230 parcels per day, the diverted volume, if it never returns to UPS could result in 4,300 lost driver jobs and those of a few thousand package handlers for every 1 million packages diverted, he said.

Unlike the last Teamster strike in 1997, there is plenty of competition for diverted volume. For example, FedEx Corp whose ground unit didn’t exist back then, is delivering on-time performance for air and ground on par with UPS, according to Jindel. This will give shippers more confidence to keep diverted volumes with FedEx, he said.

On Sunday, the U.S. Postal Service launched “Ground Advantage” with two-to-five-day transit times comparable to FedEx and UPS. Jindel envisioned a scenario in which large shippers divert lightweight parcels under 5 pounds that can fit in a mailbox to the Postal Service and the heavier parcels to FedEx.

The potential damage to UPS and its unionized workers behooves both sides to return to the table and resume negotiations, Jindel said. Talks collapsed last week reportedly over an inability to come to terms on part-time wages. No new talks are scheduled. The current contract expires July 31.

“Being very tough in negotiations is analogous to stretching a rubber band,” Jindel wrote. “No one knows the full limit before it snaps and then one has to start all over again with a new set of conditions.”

Separately, for the minority of Teamsters union members at UPS who don’t favor a strike should a contract not be agreed to in three weeks, the National Right to Work Legal Defense Foundation on Monday issued some advice.

All UPS employees can resign their membership in the union and continue to do their jobs, according to a legal notice issued by the foundation. “If you don’t support the union you can send the union a letter resigning your membership at any time,” the notice said.

In addition, employees who resign their membership — or who are already nonmembers — have the right to work even if the union orders a strike. “Union officials can — and often do — fine union members thousands of dollars for working during a strike,” the notice said. “So you should seriously consider resigning your union membership before you return to work during a strike, which is the only way to avoid fines and discipline.”

Employees working in a “right-to-work” state, where union membership and financial support are voluntary, can resign their membership and opt out of all union financial support, according to the notice.

Employees not working in a state with those protections have the right to opt out of paying dues for union politics and may be able to avoid other union financial support, according to the notice. In non-right-to-work states, unions can still only mandate that employees pay dues as a condition of employment if the union and management have finalized a union monopoly bargaining contract that contains a valid forced-dues clause, the notice said.

About 97% of UPS’ members have voted to authorize a strike if a contract is not reached by July 31. The Teamsters represent 340,000 UPS employees, many of them part-timers.

END

My goodness: forcing landlords to rent to illegals? or face civil rights violations?

(zerohedge)

Illinois Law Forces Landlords To Rent To Illegals Or Face Civil Rights Violations

TUESDAY, JUL 11, 2023 – 08:25 PM

Illinois Governor J.B. Pritzker signed SB 1817 into law, which mandates landlords must rent property to illegal immigrants. Democrats in this ultra-progressive crime-ridden state are under fire for prioritizing the needs of migrants over the needs of their constituents.

Breitbart first reported Pritzker signed SB 1817 into law on June 30. The rule amends the Illinois Human Rights Act to include “immigration status” as a protected class. This means landlords could get slapped with a civil rights violation if they ‘discriminate’ against a migrant.

“This law sets clear boundaries, protecting the rights of immigrants and ensuring that financial institutions and service providers cannot engage in discriminatory practices,” Democratic State Sen. Ann Gillespie wrote in a statement.

Gillespie continued, “Putting these protections in place will promote fairness to ensure people are not unjustly denied housing.”

The law comes after Texas Governor Greg Abbott sent more than 8,000 migrants to Chicago amid the worst border crisis ever — sparked by the Biden administration’s failed open border policies. In the last few years, the record surge of migrant and drug flows into the country has triggered a twin crisis this country has never seen before.

Meanwhile, Democratic leadership in Chicago has pleaded with Abbott to halt the bussing of migrants from the southern border to their city because resources are limited to help them.

As for landlords, running a background check and credit report on potential tenants is standard. The question is, how does one vet illegals?

Just wait until the Pritzker allocates millions of dollars for ’emergency’ housing assistance for illegals.

As for the working poor and/or people experiencing homelessness in the state — this is yet another example of Democrats putting their constituents last while trying to appease illegal aliens in hopes of becoming new voters for their party ahead of the 2024 presidential election cycle.

END

USA// COVID

Awful! this university still demands COVID vaccines or the student must withdraw. Crooks!

(Brownstone)

Santa Clara University Students Must Take COVID Vaccines Or Withdraw

TUESDAY, JUL 11, 2023 – 11:25 PM

Authored by Lucia Sinatra via The Brownstone Institute,

College COVID vaccine mandates remain some of the most coercive mandates ever declared. While most colleges have now rescinded their mandates, some colleges refuse to let go, and Santa Clara University in California is one of the most oppressive.

In late April 2021, after most incoming freshmen had committed, SCU announced that all students were required to get COVID vaccines for fall enrollment or after full approval, whichever was later.

Then by mid-summer, SCU announced that students would be required to receive the vaccine even if it remained authorized only for emergency (EUA) and despite the fact that the CA Health and Safety Code codifies the Nuremberg Code. Section 24172 states

“(t)here is, and will continue to be, a growing need for protection for citizens of the state from unauthorized, needless, hazardous, or negligently performed medical experiments on human beings. It is, therefore, the intent of the Legislature, in the enacting of this chapter, to provide minimum statutory protection for the citizens of this state with regard to human experimentation and to provide penalties for those who violate such provisions.”

SCU (and many other CA colleges and universities) are in direct violation of this Code for removing informed consent by mandating EUA medical treatments.

Despite lack of efficacy or adequate safety data for this overwhelmingly healthy young adult population, in December 2021, SCU mandated the booster, midway through the academic year when students would have no choice but to comply or leave tens of thousands of dollars behind. SCU’s three-dose requirement remained through the 2022-23 school year.

In complete disregard for the end of the emergency declarations, in early April 2023, when most universities like nearby Stanford were announcing the end of their COVID vaccine mandates, SCU updated its requirement for incoming freshmen.

On May 8th, one week after the fall 2023 enrollment deadline, SCU quietly updated its COVID vaccine policy to require one bivalent dose for incoming freshmen (but not returning students) regardless of how many COVD vaccines they had previously taken. SCU backdated this announcement to May 1st thinking no one would take notice, but in private emails from incoming students learned that some were furious. We encouraged them to withdraw and accept another offer.

On May 31st, SCU updated its policy again. They now require either three previously taken monovalent doses or one bivalent dose for all community members. As with the University’s previous mandates, SCU offers no religious exemptions and limited medical exemptions for students even in the most extreme of circumstances as explained below. Faculty and staff, however, are permitted to request exemptions.

SCU’s policy is determined by its opaque “COVID-19 team,” believed to be led by campus physician Dr. Lewis Osofsky, who also holds several positions at Santa Clara County Medical Association (SCCMA). SCCMA partners with the Santa Clara County Public Health Department (SCCPH) to maximize COVID-19 vaccinations. Santa Clara County is one of the most vaccinated counties in the country, with more than a third having received the bivalent booster, twice the national average, and 88.5 percent having received the primary series.

Osofsky’s positions in the SCCMA include chair of the Professional Standards and Conduct committee, tasked with promoting high ethical standards for physicians and investigating disputes involving unethical conduct. This is ironic, as Osofsky is believed to be a driving force behind SCU’s ethically-indefensible mandate. Medical ethics would require, at a minimum, both transmission prevention and a proven benefit for students. An antibody increase from vaccines, with no established antibody level correlate of protection, wanes in mere weeks, and cannot support the ethics of a mandate. In fact, a recent study demonstrated that the “greater the number of vaccine doses previously received the higher the risk of COVID-19.”

It is alleged that Osofsky has improperly denied student medical exemptions. In a March 2022 lawsuit filed against SCU, Harlow Glenn, one of the student plaintiffs, claims that she had serious adverse reactions to her primary series COVID vaccines, including an emergency room visit due to leg paralysis and abnormal bleeding. According to the complaint, Osofsky refused to grant her a medical exemption for the required booster and actively interfered with her doctor-patient relationship by contacting her private doctors to persuade them to retract their medical exemption documentation.

Such aggressive tactics are nothing new for Osofsky, as he apparently employs them against patients in his private pediatric practice. Parents have complained in online reviews that Osofsky’s office forced vaccines and didn’t listen to their concerns. As it turns out, Blue Cross Blue Shield pays pediatricians in private practice a $40,000 bonus for every 100 patients under the age of 2 that they fully vaccinate, if at least 63 percent of the patients are fully vaccinated (including the annual flu vaccine).

Osofsky’s roles with SCCMA, which is in partnership with the SCCPH whose goal is to maximize COVID vaccination, as well as his aggressive private practice approach to vaccination, have likely played a large role in SCU’s continued COVID vaccine mandates.

On June 14, 2023, attorneys for the plaintiffs filed their opening brief against SCU in the Sixth Appellate District in California. It is expected that SCU will oppose the appeal and insist on its right to demand that students submit to EUA boosters to “protect the campus community.”

Protect the community? That justification went out the window long ago when CDC Director Rochelle Walensky admitted that the COVID vaccine did not prevent infection or transmission.

Recently released documents confirmed that Walensky actually knew this information in January of 2021, well before colleges announced COVID vaccination requirements.

Given that the emergency is officially over, and the shots have proven to be both ineffective and in some cases harmful, now more than ever, SCU must defend the science and ethics behind their refusal to drop them.

In the absence of such transparency, we are left to assume that Osofsky, along with SCCMA and SCCPH, must be using SCU students as mere pawns to achieve their unscientific and authoritarian vaccination goals and quotas.

SWAMP STORIES

TUCKER CARLSON NO 9

Tucker Carlson Uncensored One-On-One With Andrew Tate: “I Don’t Want You To Think That I’m A Conspiracy Theorist”

TUESDAY, JUL 11, 2023 – 07:27 PM

Tucker Carlson is back with something everyone should pay attention to.

Episode 9 of ‘Tucker on Twitter’ is a lengthy (complete) interview with Andrew Tate – the former-kickboxer-turned-influencer who is currently being held on human trafficking, rape, and criminal gang charges.

As an introduction, Carlson’s monologue reflecting on the constant emasculation of American men. Specifically, he pointed to the “grotesque” feminist experiments of trying to snatch manhood away from boys and men.

“What would it be like to find yourself the subject of that experiment, as a boy trying to become a man during the Biden years?” Carlson asked.

“Well, you might kill yourself. Many have. You might decide to reject your own manhood and embrace androgyny or even switch sexes.

‘Girls are better?’ ‘Fine, I’ll become one.’

Or more likely, you might simply withdraw into porn and weed and video games and give up on your life before it’s begun.”

This led to Tucker introducing Andrew Tate who argues for a different way for boys to become men, pointing out that men want respect above all things, and thus must earn it by, among other things, staying sober, finding God, and living a healthy lifestyle.

Tate says he is attacked for emphasizing the importance of having a masculine presence in a relationship with a woman in order to have a functioning society. He said elites are trying to “instill cowardice” in men and elicit compliance in society.

Regarding the charges against him, Tate believes the Romanian government “coerced” the women to come forward, explaining that there is no evidence of actual crimes.

“I would hate to come across as a conspiracy theorist, but I kind of have a feeling that it might have something to do with my influence in an attempt to slander my name,” he said.

“But the fact that they chose such a heinous crime, and they report it so heavily, and they won’t shut up…

…also considering the fact that people who actually commit heinous crimes have way more favorable press coverage. But I don’t want you to think that I’m a conspiracy theorist. Please, Tucker, I would hate for you to come here and call me crazy.”

Specifically, Tate believes they silenced him because “he’s helping men to resist the slave programming…”

Tucker asked him what he did in prison. The answer was simple and ominous…

“Smoked cigarettes, did pushups, and read the Quran… and I don’t want to go back…”

The discussion was wide-ranging including his thoughts on the war in Ukraine: “If you are naïve enough to believe that there are good guys and bad guys in wars and it’s as simple as good & bad… you need to do a little more investigation…” to which Tucker replied: “That’s the truest thing.. Anyone who doesn’t understand that should shut the f*ck up”

And the former kickboxer pulled no punches on what he thinks of Kamala Harris…

And COVID: “Sweden never did a thing… Where was their winter of severe illness and death?”

Tate believes this situation he is in is a “test from God” and say he “will suffer as much as I need to suffer to stick by my convictions and know that I am an innocent person.” Tate added without irony:

“I will never kill myself”

Around 42:00, Tucker & Tate discuss European immigration, and Tate offers an interesting perspective:

“…we are feminizing, neutering the local population of males… and then these high-testosterone men from the 3rd world arrive – what do you think will happen…”

“…which makes you wonder, if this is purposeful…”

Tucker asked Tate, whose father was black and mother was white, what he made of the race conversation in the United States…

“I think it’s deliberately,.. they’re trying to put fuel on the fire and they’re deliberatly trying to accelerate division.”

If a black billionaire and a white billionaire meet, I don’t think there is much conversation about race…

…but amongst the lower echelons of the populous, they seem very interested in trying to turn us all on each other…”

But, Tate continued “I think what certain people in the world would be most afraid of is white people of a certain class and black people of a certain class shaking hands and saying ‘this is bullshit'”

Having slayed Kamala earlier, Tate addressed President Biden…

“I think the reason he was put into office is because he is incompetent. And that makes him easy to control and influence… that’s what is most scary.”

Tucker rounded out his questions by asking Tate’s thoughts on digital currency:

“CBDCs are inevitable and they’re scary…super scary because its the final absolute realm of control. They’re already removing cash from society. They want to be able to trace things more easily. They can control where it goes and how and when it can be spent… ‘it can only be spent on vegetables because you’ve had too much meat this week’.”

Finally, we note – without humor – that Tate repeated the fact that “I will never kill myself” many times during the interview to the point where Carlson noticed and Tate replied “I have to keep saying it…because it’s scary.”

“I think they give you three lives: first they cancel you; when that fails, they throw you in jail; and if that fails they have only one option left… so I am in a very scary scenario.”

Watch the full interview below:

https://www.zerohedge.com/geopolitical/tucker-carlson-uncensored-one-one-andrew-tate-i-dont-want-you-think-im-conspiracy

END

THE KING REPORT

The King Report July 12, 2023 Issue 7030

Independent View of the News

Sky News’ @BethRigby:  President Biden is not attending tonight’s dinner with NATO leaders. Asked why he is skipping it, a US official said the president has had four full days of official business and is preparing for a big speech tomorrow in addition to another day at the summit. (Ala his last NATO trip)

Joe Biden Was ‘Wandering Around’ During King Charles Meeting
Gardiner told Newsweek: “Judging by the images from Windsor, it did appear that at times Biden almost didn’t know where he was, and that’s increasingly the case when he travels on the international stage. It’s very hit or miss… “It’s not always clear that he’s in complete control, and he seems to be sort of wandering around… https://www.newsweek.com/joe-biden-wandering-around-king-charles-meeting-1812102

@RNCResearch: King Charles has trouble getting Biden to move on (Joe sported that lost look!)
https://twitter.com/RNCResearch/status/1678392720551804934

@HedgeyeRetail: Redbook Retail Sales Index just went negative for the first time since March 2020. Lower lows… 2Q retail reporting season is gonna be a hot mess.
https://twitter.com/HedgeyeRetail/status/1678752844931911680

ESUs traded moderately higher, but sideways, during most of Nikkei trading. When Japan closed, ESUs commenced a robust rally that ended at 2:24 ET.

ESUs and stocks then sank until they hit daily lows at 4:51 ET. ESUs and stocks then commenced a rally that persisted until daily highs appeared 8 minutes after the 9:30 ET NYSE open. Pump & dumpers dumped ESUs and stocks, driving ESUs 16 handles lower by 10:06 ET.

Once the dumpers finished booking profits, the usual suspects aggressively bought stuff. The ensuing rally peaked at 11:12 ET. ESUs and stocks sank into the Old World close on profit taking. After a moderate retreat, ESUs and stocks zoomed to new high before the clock struck noon ET.

The surge ended at 12:02 ET; ESUs sank 13 handles by 12:28 ET. After a 9.00 rally, ESUs completed an A-B-C decline from the session high at 14:26 ET. A 28-handle ESU surge ended at 14:50 ET. Did someone have non-public info about the June CPI Report? ESUs fell 8 handles into the close.

Oil rallied 2.6% to a 10-week high and gasoline rallied 2.1%.

@unusual_whales: Institutional investors may control 40% of U.S. single-family rental homes by 2030, according to MetLife Investment Management. (Housing & food needs fuel social unrest & revolution!)

Positive aspects of previous session
Stocks rallied on pattern buying the coming Q2 earnings season
Bonds were +7/32 at the NYSE close

Negative aspects of previous session
Fangs declined again on the coming Nasdaq 100 rebalance
Oil and gasoline rallied sharply

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: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4430.45
Previous session High/Low: 4443.64; 4408.46

Bottom Line: The S&P 500 Index is breaking out from an exceptionally bullish formation.

S&P 500 Index – 4600 is 1^st resistance, then it is the all-time high at 4818.62 (What say you, Jerome?)

Today – Besides the June CPI Report, four Fed presidents speak: Richmond Fed Pres Barkin 8:30 ET, Minn Fed Pres Kashkari 9:45 ET, Atlanta Fed Pres Bostic 13:00 ET, Cleveland Fed Pres Mester 16:00 ET

Unless June CPI is significantly higher than expected, there should be a robust relief rally after its release. Pattern traders want to be long for Q2 earnings season, which commences tomorrow.

ESUs are -2.25 at 20:35 ET.

Expected economic data: June CPI 0.3% m/m & 3.1% y/y. Core 0.3% m/m & 5.0% y/y; Fed Beige Book 14:00 ET;

S&P 500 Index 50-day MA: 4264; 100-day MA: 4149; 150-day MA: 4090; 200-day MA: 4019
DJIA 50-day MA: 33,673; 100-day MA: 33,369; 150-day MA: 33,458; 200-day MA: 33,013
(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 positive – a close below 4407.48 triggers a sell signal

‘Decency and dignity’: Multiple carefully crafted Biden narratives fall apart as 2024 race heats up
Biden promised to restore the American story of “decency and dignity” and threatened to fire any staffer who didn’t share that view. However, a new report suggests that the 80-year-old president is prone to yelling at aides behind closed doors and roping them in for “angry interrogations.”…
    Biden, who is often asked softball questions from sympathetic members of the press, also has a history of responding with anger or sarcasm when faced with tougher questions…
https://www.foxnews.com/politics/decency-dignity-multiple-carefully-crafted-biden-narratives-fall-apart-2024-race-heats-up

FBI worked with Ukraine intelligence agency to remove social media accounts: House Judiciary report https://t.co/rLb0APRlJG

Hunter Biden prosecutor’s office briefed on bribery allegation before 2020 election, senator says
Grassley demands answers from US Attorney David Weiss, claiming “hundreds” of people have had access to FBI informant memo.
https://justthenews.com/accountability/political-ethics/tuehunter-biden-prosecutors-office-briefed-bribery-charge-2020

@CBS_Herridge: YELLOW: Weiss letter to @LindseyGrahamSC @SenatorDurbin also confirms FD 1023 not closed as some democrats suggested, “…Your questions about allegations contained in FBI FD 1023 (Ukraine bribery claims Hunter, Joe Biden) relate to an ongoing investigation.” Credibility record, investigative steps taken by FBI not shared. https://twitter.com/CBS_Herridge/status/1678748994141388800

AP: Supreme Court Justice Sotomayor’s staff prodded colleges and libraries to buy her books
Her memoir or children’s books have earned her at least $3.7 million since she joined the court in 2009…
https://apnews.com/article/supreme-court-sotomayor-book-sales-ethics-colleges-b2cb93493f927f995829762cb8338c02

Some book deals for liberal politicians and figures are nothing more than gratuities for ideological mates.

Rep. Mesha Mainor @MeshaMainor: My name is Rep. Meisha Mainor and today I made the decision to leave the Democrat Party. I represent a blue district in the city of Atlanta so this wasn’t a political decision for me. It was a MORAL one. (Over school choice) I will NEVER apologize for being a black woman with a mind of my own.

Kerry blasted for fretting over climate change effects of Ukraine war: ‘Can’t make this stuff up’
https://www.foxnews.com/politics/kerry-blasted-fretting-climate-change-effects-ukraine-war

@DVATW: This is so surreal. The socialist Spanish minister uses a private jet to attend a climate conference. 100 meters before the venue she gets out of the limo and takes a bicycle. The security cars follow her. https://twitter.com/DVATW/status/1678693093703385090
    @BowesChay: The gross hypocrisy of the Green elites exposed in a single tweet.

GREG HUNTER INTERVIEWING ALEX NEWMAN

Destroy America for One World Government – Alex Newman

Destroy America for One World Government – Alex Newman

By Greg Hunter On July 11, 2023 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com

Award-winning journalist Alex Newman, author of the popular book “Deep State,” contends everything you are seeing from open borders to pushing the transgender ideology to war is all part of the push to destroy America and Christians for a One World Government hell on earth.

Newman says the riots in France are all part of the Deep State globalist game plan. Newman explains, “France has exploded in violence. They burned down historical sites. They have been looting, shooting fireworks at the police, and it’s been absolutely out of control. . . . There is a reason why the globalists have been pushing mass migration. . . . What I prove in the book, and it’s more and more obvious, this has every thing to do with undermining the nation state, undermining cohesive societies and really breaking up Christianity. . . .This is very deliberate. It is calculated. What happens is people look around them and say, wow, I don’t share the same language, the came culture, the same religion, the same ideas, the same upbringing. We can’t even talk to each other. What’s the purpose of having the arbitrary line on a map that we call France or Sweden or Germany? Why not have a big European super state and then later a one world system. So, that’s what they are doing. The evidence is overwhelming. The globalists love what’s happening in France–destruction, polarization, shaking the grounds of society. You see churches burning, and this is very deliberate. By the way, the U.S. State Department was involved in training the agitators who have made this mess in France.”

Newman says that is also the plan in America. For proof, look at the wide open Southern border. Newman says, “Never in human history has a society imported a bunch of foreigners and then taught those foreigners that the country that they just moved to was oppressive and evil. That is exactly what a lot of these European governments are doing, and that’s exactly what the U.S. government is doing. They have the border wide open. . . . They have dissolved the border on purpose. There have been at least 6 million illegal immigrants who have crossed the border since Biden has been in office.”

The UN is behind this one world government rule, and Newman points out, “The UN says we have to get rid of borders and nation states and first create regional governments and then a world government. That’s what this is all about. It’s very, very clear, and anybody who thinks America is going to be immune to this has not been paying attention. Again, the Southern border is wide open, and there are no signs that is going to change anytime soon. . . . Americans are so sick of this that a lot of Americans would be fine if the whole thing just collapsed. That is a very dangerous situation to be in. We have to recognize that we are dealing with criminals who have infiltrated our institutions that are the problem. It is that our institutions have been hijacked and weaponized. The perfect example is the persecution of the whistleblower and all of the protection given all of the cronies connected to the Bidens and the Clintons.”

In closing, Newman says, “Most of the problems we face today would go away if we could, once again, enforce the U.S. Constitution. . . . it may look bleak, but we know God wins in the end.”

Newman also takes a deep dive on the number one tool of the Deep State, and that is brainwashing your children under the guise of education.

There is much more in the 38-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with hard hitting journalist Alex Newman, founder of LibertySentinel.org and author of the book “Deep State,” that explains it all for 7.11.23.

(https://usawatchdog.com/destroy-america-for-one-world-government-alex-newman/)

(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:

Newman’s website is called LibertySentinel.org. There is lots of free information and articles.

For a copy of Alex Newman’s popular book “Deep State,” click here, and for the DVD, click here.

To get a copy of “Crimes of the Educators,” click here.

To support Alex Newman with electronic donations, click here.

(Please support the people who risk it all to bring you the truth.)

You can also use Snail Mail below:

Liberty Sentinel Media, Inc.

11767 S. Dixie Hwy #336

Pinecrest, FL 33156

I will see you on WEDNESDAY