SEPT 12//GOLD PRICE CLOSED DOWN $11.30 TO $1912.40//SILVER CLOSED UP ONE CENT TO $23.11//PLATINUM CLOSED UP $10.45 TO $912.50//PALLADIUM CLOSED UP $24.65 TO $1241,75//IMPORTANT GOLD COMMENTARY/PODCAST TODAY FROM PETER SCHIFF//FOOLISH GERMANY PASSES A NEW GREEN ENERGY BILL TO COST IN THE TRILLIONS//ISRAEL SOUNDS ALARM BELL ON POTENTIAL RUSSIAN ARMS SELLING TO IRAN//COVID UPDATES//VACCINE UPDATES//DR PAUL ALEXANDER//SLAY NEWS//NEWS ADDICTS/EVOL NEWS//USA NEWS: THE HOUSE TO HOLD IMPEACHMENT INQUIRY//STILL NO AGREEMENT ON UAW VS CAR INDUSTRY//CRE STILL IN BIG TROUBLE IN THE USA ALONG WITH THE BANKS//SWAMP STORIES FOR YOU TONIGHT///
323 H HSBC 1 363 H WELLS FARGO SEC 1 624 H BOFA SECURITIES 2 661 C JP MORGAN 4
TOTAL: 4 4 MONTH TO DATE: 3,633
JPMorgan stopped 0/4 contracts.
FOR SEPT.:
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 4 NOTICES FOR 400 OZ or .01244 TONNES
total notices so far: 3633 contracts for 363,300 oz (11.2908 tonnes)
FOR SEPT:
SILVER NOTICES: 60 NOTICE(S) FILED FOR 300,000 OZ/
total number of notices filed so far this month : 2557 for 12,785,000 oz
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END
GLD
WITH GOLD DOWN $11.20
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.65 TONNES OF GOLD FROM THE GLD//
INVENTORY RESTS AT 884.89 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER UP 1 CENT AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 439.727 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUGE SIZED 1052 CONTRACTS TO 126,221 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.19 GAIN IN SILVER PRICING AT THE COMEX ON MONDAY. TAS ISSUANCE WAS A GOOD SIZED 558 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. 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 MONDAY NIGHT: 558 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.19). AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER CONTRACTS AS WE HAD A HUMONGOUS SIZED GAIN OF 2578 CONTRACTS ON BOTH EXCHANGES ALONG WITH MINOR T.A.S.LIQUIDATION THROUGHOUT THE MONDAY COMEX SESSION
WE MUST HAVE HAD:
A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 1433 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 14.420 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE JUMP OF 285,000 OZ//NEW TOTAL 13.365 MILLION OZ + OUR CRIMINAL ISSUANCE OF 0 EXCHANGE FOR RISK CONTRACTS OR 0.00 MILLION OZ OF FUTURE SILVER STANDING FOR METAL: NEW TOTALS STANDING: 14.365 MILLION OZ// /// / //HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) GOOD SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 558CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 193 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
TOTAL CONTRACTS for 7 days, total 5231 contracts: OR 26.155 MILLION OZ (747 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 26.155 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 2022: 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: 112.58MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 26.155 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1052 CONTRACTS WITH OUR GAIN IN PRICE OF $0.19 IN SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1433 ISSUED FOR SEPT 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 SEPT OF 14.2 MILLION OZ FOLLOWED BY TODAY’S 285,000 OZ QUEUE JUMP.+ 0 MILLION OZ EXCHANGE FOR RISK//NEW TOTALS STANDING 14.365 MILLION OZ// /// WE HAVE A HUGE SIZED GAIN OF 2485 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD SIZED 558 CONTRACTS//MINOR FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION. THE NEW TAS ISSUANCE MONDAY NIGHT (558) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 60 NOTICE(S) FILED TODAY FOR 300,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 564 CONTRACTS TO 435,289 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: 279 CONTRACTS
WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 564 CONTRACTS) WITH OUR $4.45 GAIN IN PRICE//FRIDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 12.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 2200 OZ QUEUE JUMP//NEW TOTAL STANDING 13.853 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 1009 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR$4.45 GAIN IN PRICEWITH RESPECT TO MONDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 1719 OI CONTRACTS (5.346 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1155CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,568
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1719 CONTRACTS WITH 564 CONTRACTS INCREASED AT THE COMEX// AND A FAIR 1155 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1719CONTRACTS OR 5.346 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1009 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1155 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (564) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1719 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 12.656 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 2200 OZ/// 3) ZERO LONG LIQUIDATION WITH FAIR TAS LIQUIDATION DURING THE COMEX SESSION //4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1009 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
SEPT
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT :
TOTAL EFP CONTRACTS ISSUED: 13,054 CONTRACTS OR 1,305,400 OZ OR 40.60 TONNES IN 7TRADING DAY(S) AND THUS AVERAGING: 1864 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 7 TRADING DAY(S) IN TONNES 40.60 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 40.60/3550 x 100% TONNES 1.15% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( 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: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 40.60 TONNES (SMALLER THAN LAST MONTH)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT. 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 (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 1052 CONTRACTS OI TO 126,414 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 A HUGE 1433 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 1433and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1433 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1052 CONTRACTS AND ADD TO THE 1433 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2485 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 12.42 MILLION OZ
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING//MONDAY NIGHT
SHANGHAI CLOSED DOWN 5.72 PTS OR 0.18% //Hang Seng CLOSED DOWN 70,56PTS OR 0.39%/ /The Nikkei CLOSED UP 308.61 PTS OR 0.95% //Australia’s all ordinaries CLOSED UP 0.20 % /Chinese yuan (ONSHORE) closed UP AT 7.2913 /OFFSHORE CHINESE YUAN UP TO 7.3094 /Oil UP TO 88.09 dollars per barrel for WTI and BRENT UP AT 91.42 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 564CONTRACTS TO 435,289 WITH OUR GAIN IN PRICE OF $4.45 ON MONDAY.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF SEPT.… 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 1155 EFP CONTRACTS WERE ISSUED: : DEC 1155 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1155 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1719 CONTRACTS IN THAT 1155LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 843 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $4.45//MONDAY 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 A FAIR 1009 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)//
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: SEPT (13.863) ( NON ACTIVE MONTH)
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: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 13.853 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $4.45) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR GAIN OF 1009 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A MINOR T.A.S. LIQUIDATION ON THE FRONT END OF MONDAY’S TRADING. THE T.A.S. ISSUED ON MONDAY 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 5.346 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPT. (12.656 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 2200 OZ//NEW STANDING 13.853 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $0.35.
WE HAD – REMOVED 279 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET GAIN ON THE TWO EXCHANGES 1719 CONTRACTS OR 171,900 OZ OR 5.346 TONNES.
Estimated gold volume today:// 156,900 awful
final gold volumes/yesterday 136,658 awful//speculators have left the gold arena
Total monthly oz gold served (contracts) so far this month
3633 notices 363,300 OZ 11.2908 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:
total dealer deposits: NIL oz
customer deposits: 0
total customer deposits: nil oz
we had 3 customer withdrawals
i) Out of Brinks 100,889.840 oz
ii) Out of Manfra: 3279.402 oz (102 kilobars)
iii) Out of Asahi: 32.15 oz (one kilobar)
iii) Out of HSBC: 100,889.840 oz
total withdrawals 104,291,392 oz
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.
For the front month of SEPTEMBER we have an oi of 825 contracts having GAINED 15 contracts. We had
7 contracts were served on MONDAY, so we gained an additional 22 CONTRACTS or AN ADDITIONAL 2200 oz will stand for delivery in this non active delivery month of Sept.
Oct LOST 618 contracts to 24,799 contracts.
NOV GAINED 1 CONTRACTS to stand at 12
December GAINED 702 contracts UP to 375,617 contracts.
We had 4 contracts filed for today representing 400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 4 notices were issued from their client or customer account. The total of all issuance by all participants equate to 4 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 SEPT /2023. contract month,
we take the total number of notices filed so far for the month (3633 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (825 CONTRACTS) minus the number of notices served upon today 4 x 100 oz per contract equals 445,400 OZ OR 13.853 TONNES the number of TONNES standing in this non active month of SEPT.
thus the INITIAL standings for gold for the SEPTcontract month: No of notices filed so far (3633) x 100 oz + (825) {OI for the front month} minus the number of notices served upon today (4) x 100 oz) which equals 445,400 oz standing OR 13.853 TONNES
TOTAL COMEX GOLD STANDING: 13.853 TONNES WHICH IS HUGE FOR AN INACTIVE DELIVERY MONTH.
total pledged gold: 2,035,284.466 OZ 63.395 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,042,307.450 OZ
TOTAL REGISTERED GOLD 10,850,669.474 (337.50 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,191,637.946 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,815,385 OZ (REG GOLD- PLEDGED GOLD) 274,195 tonnes//dropping like a stone
END
SILVER/COMEX
SEPT 12
//2023// THE SEPT 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
722,926.120oz CNT HSBC
.
Deposits to the Dealer Inventory
nil
Deposits to the Customer Inventory
nil
No of oz served today (contracts)
60 CONTRACT(S) (300,000 OZ)
No of oz to be served (notices)
116 contracts (580,000 oz)
Total monthly oz silver served (contracts)
2557 Contracts (12,785,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit: 0
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 deposit customer account:
total customer deposit nil oz
JPMorgan has a total silver weight: 136.901 million oz/274.232 million or 50.00%
Comex withdrawals 2
i) Out of CNT: 699,203.920 oz
ii) Out of HSBC 23,722.210 oz
total: 722,926,120 oz
adjustments: 1//all dealer to customer
i)Manfra: 304,216.691 oz
TOTAL REGISTERED SILVER: 42.449 MILLION OZ//.TOTAL REG + ELIGIBLE. 274.232 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF SEPT /2023 OI: 176 CONTRACTS HAVING LOST 1 CONTRACT(S). WE HAD 58
CONTRACTS SERVED ON MONDAY. SO WE GAINED 57 CONTRACTS OR 285,000 OZ AS WE WITNESSED ANOTHER QUEUE JUMP AS THESE GUYS NEEDED TO RECEIVE SOME METAL OVER HERE.
OCT GAINED 8 CONTRACTS TO STAND AT 1125.
NOVEMBER GAINED 9 CONTRACTS TO STAND AT 107
DEC. GAINED 899 CONTRACTS TO STAND AT 113,684 .
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 60 for 300,000 oz
Comex volumes// est. volume today 42,184 poor
Comex volume: confirmed yesterday 45,286 poor
To calculate the number of silver ounces that will stand for delivery in SEPT. we take the total number of notices filed for the month so far at 2557 x 5,000 oz = 12,785,000 oz
to which we add the difference between the open interest for the front month of SEPT (176) and the number of notices served upon today 60 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2023 contract month: 2557 (notices served so far) x 5000 oz + OI for the front month of SEPT (176) – number of notices served upon today (60 )x 500 oz of silver standing for the SEPT contract month equates to 13.365 million oz. + OUR 1.0 MILLION EXCHANGE FOR RISK//NEW TOTAL STANDING FOR SILVER: 14.365 MILLION OZ//
There are 42.145 million oz of registered silver.
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
SEPT 12/WITH GOLD DOWN $11.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES
SEPT 11/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES
SEPT 8/WITH GOLD UP $0.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES
SEPT 7/WITH GOLD DOWN $0.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 3.22 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.69 TONNES
SEPT 6/WITH GOLD DOWN $8.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.16 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.81 TONNES
SEPT 5/WITH GOLD DOWN $13.50 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.97 TONNES
SEPT 1/WITH GOLD UP $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES
AUGUST 31/WITH GOLD DOWN $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES
AUGUST 30/WITH GOLD UP $8.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.59 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.23 TONNES
AUGUST 29/WITH GOLD UP 17.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.6 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.64 TONNES
AUGUST 28/WITH GOLD UP $6.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: / //INVENTORY RESTS AT 884.04 TONNES
AUGUST 25/WITH GOLD DOWN $6.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 884.04 TONNES
AUGUST 24/WITH GOLD UP $0.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD //INVENTORY RESTS AT 884.91 TONNES
AUGUST 23/WITH GOLD UP $21.35 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 4.32 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 884.91 TONNES
AUGUST 22/WITH GOLD UP $2.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.87 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 889.23 TONNES
AUGUST 21/WITH GOLD UP $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.60 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 890.10 TONNES
AUGUST 18/WITH GOLD UP $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 6.92 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 887.50 TONNES
AUGUST 17/WITH GOLD DOWN $12.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: //: /// //INVENTORY RESTS AT 894.42 TONNES
AUGUST 16/WITH GOLD DOWN $7.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 894.42 TONNES
AUGUST 15/WITH GOLD DOWN $7,45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.76 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 895.87 TONNES
AUGUST 14/WITH GOLD DOWN $2.10 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.75 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 899.63 TONNES
AUGUST 11/WITH GOLD DOWN $2.10 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .31 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 903.31 TONNES
AUGUST 10/WITH GOLD DOWN $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: /// //INVENTORY RESTS AT 903.69 TONNES
AUGUST 9/WITH GOLD DOWN $8.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: /// //INVENTORY RESTS AT 903.69 TONNES
AUGUST 8/WITH GOLD DOWN $9.60 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES FORM THE GLD /// //INVENTORY RESTS AT 903.69 TONNES
AUGUST 7/WITH GOLD DOWN $5.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: /// //INVENTORY RESTS AT 906.00 TONNES
AUGUST 4/WITH GOLD UP $7.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.18 TONNES OF GOLD FROM THE GLD/// .///INVENTORY RESTS AT 906.00 TONNES
AUGUST 3/WITH GOLD DOWN $5.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD //: //: / .////INVENTORY RESTS AT 909.18 TONNES
AUGUST 2/WITH GOLD DOWN $3.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 3.75 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 909.18 TONNES
AUGUST 1/WITH GOLD DOWN $28.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 912.93 TONNES
GLD INVENTORY: 886.64 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
SEPT 12/WITH SILVER UP 1 CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ
SEPT 11/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ
SEPT 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ
SEPT 7/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ
SEPT 6/WITH SILVER DOWN 36 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.373 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 436.518 MILLION OZ
SEPT 5/WITH SILVER DOWN 69 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 734,000 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 437.891 MILLION OZ
SEPT 1/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 440.00 MILLION OZ
AUGUST 31/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 438.625 MILLION OZ
AUGUST 30/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.834 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 443.210 MILLION OZ
AUGUST 29/WITH SILVER UP 49 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 183,000 OF SILVER INTO THE THE SLV// /.////INVENTORY RESTS AT 445.044 MILLION OZ
AUGUST 28/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.281 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 444.861 MILLION OZ
AUGUST 25/WITH SILVER UP ONE CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.751 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 446.145 MILLION OZ
AUGUST 24/WITH SILVER DOWN 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.651 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 448.896 MILLION OZ
AUGUST 23/WITH SILVER UP 94 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 826,000 OZ FROM THE SLV// /.////INVENTORY RESTS AT 450.547 MILLION OZ
AUGUST 22/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: /.////INVENTORY RESTS AT 451.373 MILLION OZ
AUGUST 21/WITH SILVER UP 59 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 917,0000 OZ FROM THE SLV//.////INVENTORY RESTS AT 451.373 MILLION OZ
AUGUST 18/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ
AUGUST 17/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ
AUGUST 16/WITH SILVER DOWN 13 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.275 MILLION OZ INTOTHE SLV/: / .////INVENTORY RESTS AT 452.290 MILLION OZ
AUGUST 15/WITH SILVER DOWN 6 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.275 MILLION OZ INTOTHE SLV/: / .////INVENTORY RESTS AT 452.290 MILLION OZ
AUGUST 14/WITH SILVER DOWN 3 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 0.459 MILLION OZ INTOTHE SLV/: //////INVENTORY RESTS AT 452.565 MILLION OZ
AUGUST 11/WITH SILVER DOWN 6 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.926 MILLION OZ INTOTHE SLV/: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 452.106 MILLION OZ
AUGUST 10/WITH SILVER UP 6 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 8,807 MILLION OZ OUT OF THE SLV/: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 450.180 MILLION OZ
AUGUST 9/WITH SILVER DOWN 7 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 8,807 MILLION OZ OUT OF THE SLV/: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 450.180 MILLION OZ
AUGUST 8/WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 458.987 MILLION OZ
AUGUST 7/WITH SILVER DOWN 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 458.987 MILLION OZ
AUGUST 4/WITH SILVER UP 1 CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.294 MILLION OZ FROM THE SLV// OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 458.987 MILLION OZ
AUGUST 3/WITH SILVER DOWN 16 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 189,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.281 MILLION OZ
AUGUST 2/WITH SILVER DOWN 43 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 275,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.471 MILLION OZ
AUGUST 1/WITH SILVER DOWN 61 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 184,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.746 MILLION OZ
Peter Schiff recently appeared on Nino’s Corner with David Nino Rodriguez to talk about the trajectory of the economy. Peter explained why the dollar is doomed to crash and what we can do to prepare. He also emphasized that the powers that be have managed to kick the can down the road for a lot longer than he expected.
But you can’t kick the can down the road forever. Eventually, you will run out of road.
Rodriguez is a heavyweight boxer who was ranked as high as number 13 in the world by the WBC and 12th by the WBA.
Highlights from the Interview
“There really is no ‘Bidenomics.’ All they’re doing is spending money. Any fool can do that.”
“I just think they’re trying to get votes. That’s the bottom line. They’re trying to hand out something for nothing. The problem is the voters don’t understand how expensive it is when you get something free from the government. Politicians exploit that ignorance and that greed to perpetuate their own careers. Unfortunately, it undermines the living standards of all the people who are voting to reelect them.”
“Don’t think just because you didn’t get a tax hike that you’re not paying for Bidenomics. You’re paying for it all every time you go to the supermarket.”
“The problem with immigrants isn’t the immigrants. It’s the welfare state that attracts many immigrants. We need to turn that off.”
“I think what is going to be the catalyst for the next major leg down is going to be when inflation kicks into a new gear and it rears its head in an even bigger way than it did back in 2021, 2022.”
“It’s going to be a deluge before too long where it’s a rush to get out of the dollar. We have these deficits — $2 trillion-plus annual budget deficits — not only as far as the eye can see, but the eye can see them getting much bigger than 2 trillion, 3 trillion, 4 trillion. It’s completely unsustainable. During the next official recession, when unemployment really spikes back up, the deficits are going to be $4 trillion per year, $5 trillion per year.”
“Americans get to live a standard of living that is much higher than what we would otherwise be entitled to based on our own productivity. But to make that possible, the rest of the world — and it’s not proportionate, some parts of the world feel the burden more than others — but the world outside the United States lives collectively beneath its means to enable 300 million Americans to live above their means. So, we get to consume without producing, but the rest of the world has to produce without consuming. We get to borrow without saving, and the rest of the world has to save without borrowing. So, we get all the fun stuff to make our lives better, and they do all the hard work that makes that possible.”
“We created an additional incentive for the world to move off the dollar based on the sanctions that the Biden administration imposed on Russia following the invasion of Ukraine. That was a huge wakeup call to every nation in the world.”
“It sent a message. ‘Get out of the dollar! Otherwise, you’re in a very vulnerable position because the US could punish you for using the dollar.’”
“When I think there will be a rush to get out of the dollar is once you start to see a significant erosion in the dollar’s exchange rate relative to a lot of other currencies.”
“Interest rates have helped prop up the dollar, and so our creditors are not in a rush to get rid of their dollars. But once they really see the dollar falling, and I think maybe it needs to fall maybe 20% or more from here, but once that happens, and then it keeps falling, then it can go into freefall. Because then people are going to get nervous about their dollars and they are going to want to get rid of them. But then, as more people want to get rid of them, the price starts to drop even faster, and ultimately it produces a crash when everybody’s like, ‘Oh, that’s it! We’ve got to get out no matter what. Sell at any price.’ Then you get a complete implosion of the dollar, which sends consumer prices absolutely ballistic here in the United States.”
“We’re literally living on borrowed time. We’ve been able to kick the can down the road for many, many years longer than I thought we could a decade or two ago. But the problem is all these years of can-kicking have simply allowed the problems to get much bigger. And so the consequences we didn’t want to deal with a decade ago are much more severe now because we didn’t deal with them a decade ago. We let the problems get bigger.”
“When this crisis hits, because we’ve succeeded in delaying the inevitable, the inevitable is going to be that much worse.”
“That’s certainly one thing you can do. Buy gold. Buy silver. I have a company, SchiffGold, that you can go and buy gold and silver from. We’ve got great prices. We don’t push people into numismatics or other so-called collectibles where the commissions are huge and the salesmen make a lot of money. We get you into the right coins and bars that you need at the lowest markups. And that will hedge you from inflation. Don’t be fooled into thinking, ‘I can get 5% in a money market.’ Five percent isn’t even going to come close to breaking you even with how much inflation is going to be.”
“Gold and silver are better than holding cash or bonds. But I would not put everything into gold and silver. Now, if you don’t have a lot of money, if you only have a few thousand dollars, that’s fine. But if you’ve got a real portfolio … you do want to get rid of your US stocks and bonds, and you want to get into international stocks. That’s what we do at EuroPacific Asset Management.”
3,Chris Powell of GATA provides to us very important physical commentaries
Gold continues to amaze — another reason to register now for New Orleans
Submitted by admin on Mon, 2023-09-11 16:00Section: Daily Dispatches
GATA’s Bill Murphy and Chris Powell are among the speakers.
* * *
Monday, September 11, 2023
By Brien Lundin Publisher, Gold Newsletter CEO, New Orleans Investment Conference
Gold and silver are moving higher today, and no one should be surprised.
In the September issue of Gold Newsletter, I note how impressively gold has performed over the last six weeks or so in the face of soaring Treasury yields and the Dollar Index.
Many analysts and pundits had predicted that the yellow metal would trade into the low $1,800s as these headwinds buffeted the metal.
But gold refused to yield. Although it dipped below the key $1,900 level, the metal quickly rebounded back into the $1,900s and actually gained ground.
Consider this: The World Gold Council recently reported that gold lost a measly 1% in price during August. In comparison, the 10-year Treasury yield leaped over 15% over a similar time frame.
Tavi Costa, one of the many top experts who will be presentating at the New Orleans Investment Conference in November, is famous not only for his insightful observations but also his powerful graphics backing up those insights.
Costa recently pointed out how well gold has performed despite the tremendous headwinds of rising yields. Gold and the real 10-year Treasury yield have had a very close inverse correlation. However, as real yields soared during the Federal Reserve’s rate-hike crusade, gold has refused to yield and essentially broken the link. This bodes very well for gold once real yields turn back downward.
And as you know well, I fully expect that the Fed will be forced to start cutting rates long before it wishes to.
Whether it’s a re-ignition of the banking crisis, a long-expected recession, the crashing wave of corporate bankruptcies as debt resets at current lofty rates, a major downturn in the equity markets, the crushing cost of servicing the federal debt, or simply something we’re not fully expecting, a new crisis is inevitable and probably imminent.
In fact, I expect that by early November we’ll have a good handle on what will force the Fed’s hand — and how we can profit for the next cycle of falling rates and soaring metals prices.
Costa is joining a New Orleans Investment Conference roster that I feel is the best in investment event history. In addition to Tavi and yours truly, it includes:
Matt Taibbi, James Rickards, Danielle DiMartino Booth, George Gammon, Rick Rule, Konstantin Kisin, Dominic Frisby, Brent Johnson, Lyn Alden, Dave Collum, Peter Boockvar, James Stack, Peter Schiff, Jim Iuorio, James Lavish, Adrian Day, Adam Taggart, and The Real Estate Guys.
Also, Gwen Preston, Brent Cook, Mark Skousen, Nick Hodge, Robert Prechter, Chris Powell, Bill Murphy, Economic Ninja, Albert Lu, Gary Alexander, Dana Samuelson, Jeff Hirsch, Steve Hochberg, Mary Anne & Pamela Aden, Gerardo Del Real, Omar Ayales, Rich Checkan, Keith Weiner, and more.
Again, the timing for this year’s New Orleans Investment Conference is critical because the Fed is essentially done with rate hikes, and the markets are already positioning for the inevitable rate cuts.
You need to be prepared, and this year’s roster of experts will explain everything you need to know.
But time is growing short. The conference is less than two months away, our room block at our convenient host hotel will expire well before that, and our registration fees are set to rise soon.
So I urge you to stop what you’re doing, learn more about the conference, and register now.
By doing so, you’ll not only guarantee your place at his pivotal event but you’ll also save up to $400 from the full registration fee.
This opportunity will not last much longer, so don’t wait a moment longer. Click on this link to secure your place:
GATA Chairman Murphy interviewed by GoldSeek Radio’s Chris Waltzek
Submitted by admin on Mon, 2023-09-11 19:02Section: Daily Dispatches
7p ET Monday, September 11, 2023
Dear Friend of GATA and Gold:
GATA Chairman Bill Murphy, interviewed by GoldSeek Radio’s Chris Waltzek, describes how monetary metals prices are manipulated even as the metals have great value relative to other asset classes.
The interview is 12 minutes long and can be heard at GoldSeek here:
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2913
OFFSHORE YUAN: UP TO 7.3094
SHANGHAI CLOSED DOWN 5.72 PTS OR 0.18%
HANG SENG CLOSED DOWN 70.56PTS OR .39%
2. Nikkei closed UP 308,61 OR 0.95%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX DOWN TO 104.49 EURO FALLS TO 1.0713 DOWN 34 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.697 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.93/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DEOWN CHINESE ON SHORE YUAN: DOWN// OFF- SHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.6286***/Italian 10 Yr bond yield UP to 4.374*** /SPAIN 10 YR BOND YIELD UP TO 3.678…**
3i Greek 10 year bond yield RISES TO 3.997
3j Gold at $1909.25 silver at: 22.91 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 95 /100 roubles/dollar; ROUBLE AT 94.13//
3m oil into the 88 dollar handle for WTI and 91 handle for Brent/
3n Higher foreign deposits moving out of China// 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 146.93// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.697% 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 0.8925 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9561well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.289 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.375 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.5003 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 26.90…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 5 BASIS PTS AT 4.4720
end
2.a Overnight: Newsquawk and Zero hedge:
USA EARLY MORNING REPORT
Futures Drop On Oracle Weakness Ahead Of iPhone 15 Reveal As CPI Looms
BY TYLER DURDEN
TUESDAY, SEP 12, 2023 – 08:08 AM
US futures are slightly lower, but holding on to much of yesterday’s tech-driven gains, with European bourses and Asian markets mixed ahead of tomorrow’s CPI print. At 7:30am ET, both emini S&P500 and Nasdaq 100 futures slipped 0.3%, reversing yesterday’s rally. Tech stocks retreated as Oracle dropped 10% after posting slowing cloud sales, while the euro and pound weakened on concern the Europe faces a growing threat of stagflation. Tech will also be the center of attention on Tuesday, with Apple set to unveil a new product lineup including the new iPhone 15, and SoftBank-owned chip designer Arm gearing is set to price the biggest IPO of the year. US Treasuries edged lower, commodities are higher led by base metals with oil trading near its highest level this year before the OPEC monthly report. Gold fell while bitcoin redovered much of yesterday’s losses.
In premarket trading, Oracle tumbled 10% after it reported slowing cloud sales growth in the quarter. Analysts said the report failed to live up to high expectations, although they remain positive on the company’s long-term prospects; Morgan Stanley analysts said the results raise questions about the timing of generative AI demand turning into revenue across the broader business. Apple is up 0.20% ahead of the new iPhone 15 reveal. Here are some other notable premarket movers:
Acelyrin shares sink 58% after the biopharmaceutical company’s lead product, izokibep, did not meet the primary endpoint of a clinical trial of patients with hidradenitis suppurativa, a chronic inflammatory skin condition. Analysts found the miss to be disappointing, with Piper Sandler highlighting the “puzzling” dropout rates.
RTX shares dip 1.11% as Barclays and RBC Capital Markets downgraded their recommendations on the stock after the aerospace and defense company cut its full-year sales forecast. Meanwhile, Citi reduces its price target on the stock.
Sight Sciences shares slumped 34% after the glaucoma surgery device maker reduced its revenue outlook as uncertainty about the future of Medicare coverage for its products hurts demand.
After today’s Apple event, all eyes will turn to the US CPI report due Wednesday at 830am ET, and the ECB decision on Thursday. The consumer-price index report Wednesday will provide the latest insight into how much further the Fed may need to go to pull inflation back toward its target. Monthly inflation is expected to surge accelerate to 0.6% in August from 0.2% in July, even as core CPI is seen stable at 0.2%, according to economists’ estimates.
“Markets are gearing up to this week’s main events,” wrote ING Group NV strategists including Benjamin Schroeder. “It is not just about this Thursday’s ECB meeting, but also about crucial data in the US and UK ahead of next week’s respective central bank meetings.”
US consumers’ inflation expectations were mostly stable in August, but households grew more concerned about their finances and more pessimistic about the job market, according to a Fed Bank of New York survey which showed the highest 5-year inflation expectations since the start of 2022.
“If we do see potentially a more sticky inflation number than the 0.6% expected by economists or 0.2% on core, I would expect to see the bond market start to potentially price in another rate hike before the end of the year, potentially as early as November,” Anthony Doyle, head of investment strategy at Firetrail Investments Pty Ltd, said on Bloomberg Television.
In Europe, the Stoxx 50 fell 0.4% with the FTSE 100 outperforming peers, adding 0.4%, DAX lags, dropping 0.5%. Packaging company Smurfit Kappa Group plunged 13% after it announced a deal to combine with WestRock. Here are the most notable European movers:
AB Foods gain as much as 5.4% after the Primark owner reported fourth-quarter comparable sales growth of 8% for the clothing-retail business. Morgan Stanley analysts said the results show top-line resilience for Primark, while Shore Capital plans to increase its estimates.
HelloFresh shares climb as much as 8.3% after JPMorgan placed the meal-kit maker on positive catalyst watch following meetings with company management, saying it is “ready to beat.”
Jet2 shares rise as much as 4.9% after Morgan Stanley adds to the clean sweep of positive ratings on the company, starting coverage at overweight based on a continued supportive package holiday market outlook.
Smurfit Kappa shares fall as much as 13% after the packaging firm agreed on the terms of a merger with WestRock, just a week after disclosing talks to combine. Analysts note the premium paid for WestRock is higher than investors anticipated.
Campari shares fall as much as 6.1% in Milan after the company said Bob Kunze-Concewitz has decided to retire as CEO, effective as of April 2024, according to a statement.
PolyPeptide slumps as much as 8.3% after the Swiss biotechnology company gets downgraded to sell from neutral at Citigroup, which cited operational issues as a drag on profitability.
Dowlais shares fall as much as 6.3%, the most since July 11, after the co. reported 1H23 earnings that revealed uncertainty around possible US strikes affecting its 2H23 demand and kept its FY outlook unchanged.
Fevertree shares decline as much as 7.1% after the high-end tonic maker reported first-half sales and earnings that missed estimates and lowered Ebitda guidance for the year. Analysts were encouraged by the 2024 margin outlook, though the miss to profit expectations weighed.
Pepco shares drop as much as 5.2% after discount retailer reported sudden departure of CEO Trevor Masters and cut its Ebitda guidance due to weaker sales, even after previously signaling consumer recovery in its key markets in East Europe.
Keywords Studios shares fall as much as 6.4%, dropping to the lowest intraday level since April 2020, after the video-game industry services firm reported first-half adjusted pretax profit that missed estimates. Jefferies and Shore Capital noted that writer and actor strikes in the US were a headwind.
Stocks in Asia fluctuated and Chinese shares were back in the red. The MSCI Asia Pacific Index rose as much as 0.3%, with Toyota and TSMC the biggest boosts. Hong Kong shares erased losses following a report that distressed developer Country Garden got approval to extend repayment on its yuan bonds. Chinese gains triggered by news on Country Garden Holdings, which secured payment extension approval from its bondholders, were not enough to keep the positive sentiment going for long. With Chinese equities still struggling even after a slew of recent market-support measures, regional investors await retail sales and factory data due Friday for signs of recovery in the economy. China’s underperformance has held the MSCI Asia gauge to a gain of 4% this year while the S&P 500 Index has climbed 17%. “In the near term, we need to see more policy actions and data turning more positive” in order to see more reallocations to Chinese equities, Nupur Gupta, a portfolio manager at Eastspring Investments, said in an interview with Bloomberg TV.
Australia’s ASX 200 was lacklustre amid weakness in energy, tech and financials, with trade also contained after a somewhat mixed business survey and weaker consumer sentiment data.
Japan’s Nikkei 225 gained amid strength in automakers and with SoftBank among the early leaders after its Arm unit IPO was oversubscribed by 10 times although price action was choppy and the index nearly pared all of its gains before revisiting session highs.
Indian stocks opened higher, while South Korean shares fell amid losses in chip and EV battery names.
In FX, the Bloomberg Dollar Spot Index edged up 0.2%, recovering from a 0.7% slide – the biggest in two months – while the yen resumed its fall. The yuan was little changed after China’s central bank set its daily fixing rate at below 7.20 versus the dollar, another sign that it won’t tolerate excessive yuan weakness. The euro and the pound both traded around 0.3% lower against the dollar. UK wage growth held at a record high in the three months through July, a sign of persistent inflation that will keep pressure on the Bank of England to raise interest rates again. Investor confidence in Germany’s economy improved for a second month, while lingering at a level that will do little to dispel intensifying concerns over the country’s status as Europe’s growth laggard.
In rates, US Treasury yields remained within 1bp of Monday’s closing levels, with 10-year yields at 4.285% ahead of $35 billion reopening auction at 1pm New York time, as the front-end underperforms, slightly flattening 2s10s. . Demand was soft for Monday’s 3-year sale. Gilts outperformed after UK labor market data showed signs of cooling, while bunds trade marginally cheaper vs Treasuries. Dollar IG issuance slate contains a handful of names, including Slovenia 10Y benchmark, and another busy day is expected ahead of CPI and PPI due Wednesday and Thursday; eleven names priced almost $11b Monday, with at least one borrower electing to stand down. Today’s 10-year note auction is poised to draw the highest yield since 2007, as did the 3-year, which tailed by around 1bp; cycle concludes with $20b 30-year reopening Wednesday
In commodities, WTI trades within Monday’s range, adding 0.9% to trade near $88. Most base metals trade in the red; LME nickel falls 2.2%, underperforming peers. Spot gold falls roughly $3 to trade near $1,920/oz.
Bitcoin has rebounded from Monday’s weakness, rising back over $26L after tumbling to a $24.9k low rumors of forced FTX liquidations.
Looking to the quiet day ahead, data releases include UK employment data for July, the German ZEW survey for September, and in the US we also get the NFIB small business optimism index for August, which came in at 91.3, just below the 91.5 expected and down from 91.9. The SEC’s Gensler testifies at Senate Banking Committee at 10.00 a.m. New York time. Apple is expected to launch an India-assembled iPhone 15 with a USB-C port at 1.00 p.m. Arm bankers plan to stop taking orders for the IPO by Tuesday afternoon. The Google antitrust trial begins in Washington D.C. On Wednesday, US inflation data for August is out at 1.30 p.m. time along with mortgage applications data at noon.
Market Snapshot
S&P 500 futures down 0.3% to 4,478.25
MXAP up 0.1% to 162.00
MXAPJ down 0.1% to 503.65
Nikkei up 1.0% to 32,776.37
Topix up 0.8% to 2,379.91
Hang Seng Index down 0.4% to 18,025.89
Shanghai Composite down 0.2% to 3,137.06
Sensex little changed at 67,162.91
Australia S&P/ASX 200 up 0.2% to 7,206.85
Kospi down 0.8% to 2,536.58
STOXX Europe 600 little changed at 456.50
German 10Y yield little changed at 2.62%
Euro down 0.3% to $1.0721
Brent Futures up 0.5% to $91.06/bbl
Gold spot down 0.1% to $1,921.00
U.S. Dollar Index up 0.17% to 104.75
Top Overnight News
Tech stocks were in retreat as Oracle Corp. posted slowing cloud sales, while the euro and pound weakened on concern the Europe faces a growing threat of stagflation.
The European Central Bank’s decision is a cliffhanger for investors, but even participants in the meeting have no inkling of the likely outcome, according to people familiar with the matter.
The new Cold War is a business opportunity, and Mexico looks better placed than almost any other country to seize it.
The global economy is shifting toward a higher-for-longer period for interest rates, making the coming flurry of monetary decisions across the developed world pivotal in mapping out that plateau.
Apple Inc.’s biggest day of the year has arrived, and the company is set to unveil updated versions of its iPhone, smartwatch and AirPods.
Arm Holdings Ltd.’s initial public offering is already oversubscribed by 10 times and bankers plan to stop taking orders by Tuesday afternoon, according to people familiar with the matter.
The luxury armored train carrying North Korean leader Kim Jong Un crossed into Russia ahead of a summit with President Vladimir Putin that the US said would focus on supplying weapons for Moscow’s war on Ukraine.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed with the region tentative in the absence of any fresh macro catalysts and with participants bracing for the US CPI data due midweek. ASX 200 was lacklustre amid weakness in energy, tech and financials, with trade also contained after a somewhat mixed business survey and weaker consumer sentiment data. Nikkei 225 gained amid strength in automakers and with SoftBank among the early leaders after its Arm unit IPO was oversubscribed by 10 times although price action was choppy and the index nearly pared all of its gains before revisiti ng session highs. Hang Seng and Shanghai Comp traded ultimately flat with early downside cushioned following the PBoC’s liquidity effort and after Country Garden Holdings received approval to extend 6 onshore bond repayments by 3 years.
Top Asian News
Country Garden Holdings (2007 HK) received approval to extend 6 onshore bond repayments by 3 years and it delayed the voting deadline on two bond payment extensions to Tuesday evening.
New Zealand pre-election economic and fiscal update sees 2023/24 operating balance before gains and losses at NZD -11.4B (Budget forecast NZD -7.6bln), while it sees net at 43.6% of GDP (Budget forecast 43.1%) and expects to return to an OBEGAL surplus in 2026/2027 (Budget forecast of 2025/26).
Several Chinese banks have reportedly said that regulators as of this year no longer require them to report the proportion of property loans/mortgages in total loans, via Xinhua; indicating a relaxation of restrictions on property financing.
European bourses are diverging slightly and generally struggling for direction with newsflow light ahead of the week’s risk events, Euro Stoxx 50 -0.3%. The breakdown has the DAX 40 lagging following after-market earnings from ORCL -9.1% in pre-market trade which in turn is weighing on heavyweight SAP -2.7%. As such, Tech is the laggard among European sectors while Telecom and Retail names see some relative outperformance. Stateside, futures are incrementally lower across the board with tech in focus given Oracle and as we await the AAPL, +0.2% pre-market, event; ES -0.2%, NQ -0.3%
Top European News
BoE’s Breeden agrees with the MPC that the risks to inflation around the August forecasts are to the upside; expects inflation to be around the 2% target in two years. Sees balances risks to growth an unemployment in both directions. UK economic activity is weak. Breeden replaces Cunliffe on the MPC from November 1st.
German Ifo residential construction survey (Aug): Crisis intensified in August, number of Co’s reporting cancelled projects at a new high. Click here for more detail.
Germany’s ZEW says experts are even more pessimistic about the current economic situation in Germany vs August. More positive economic expectations for Germany are accompanied by significantly optimistic outlook for development on the international stock market, in part due to stable interest rates in EZ and US. Experts expect a further easing of interest rate policy in China.
FX
Buck finds its feet after a rocky start to the week, DXY towards the top of 104.820-430 range.
Sterling stumbles on weak UK labour market metrics alongside strong headline average earnings, Cable retreats from 1.2530 towards 1.2460
Euro shrugs off mixed German ZEW survey as VDMA and Ifo deliver bleak outlook updates, EUR/USD closer to base of 1.0713-68 parameters
Kiwi undermined by downgrades to NZ fiscal projections, NZD/USD heavy on 0.5900 handle
Yen keeps afloat of 147.00 vs Greenback as a Fib supplements psychological support
PBoC set USD/CNY mid-point at 7.1986 vs exp. 7.2859 (prev. 7.2148)
Fixed Income
Bonds bid, but off peaks after solid bounces from Monday lows.
Bunds topped out at 130.99 within a range down to 130.60.
Gilts reached 94.97 from 94.27 and outperformed on the back of weak components in the UK jobs report.
T-note straddled parity between 109-28/23 confines awaiting US CPI tomorrow
DMO’s 2051 linker and Germany’s Schatz tap both well received ahead of USD 35bln 10 year US refunding leg
Commodities
WTI and Brent futures are somewhat choppy within tight ranges amid quiet newsflow this European morning and ahead of key risk events including US CPI on Wednesday, the ECB decision on Thursday, and Chinese activity data on Friday.
Dutch TTF remains supported with modest intraday gains as the Australian LNG strike and the extended maintenance at Norwegian fields keep prices underpinned.
Spot gold is softer intraday amid the firmer Dollar, but the yellow metal remains within yesterday’s ranges and trades on either side of its 200 DMA (USD 1,920.03/oz today) after finding support at the 21 DMA (USD 1,916.41/oz today) yesterday.
Base metals see modest softness amid the broader Dollar strength and cautious trade across stocks, although Singapore iron ore futures hit over five-month highs with analysts citing better-than-expected Chinese loans data and pre-holiday stocking ahead of the Chinese mid-Autumn festival at the end of the month.
The Australia union said it is to oppose Chevron’s (CVX) intractable bargaining application and it wants industrial action to continue until it secures a union-negotiated deal at Australian LNG facilities, according to Reuters.
Western Australia State Government says they have no current plans to engage with the Fair Work Commission in the Chevron (CVX) dispute, at this stage there has been no disruption to Western Australia’s domestic gas supply.
Kazakhstan’s Karachaganak gas condensate field is undergoing maintenance on September 11-15th, output will be reduced by 27k tonnes, according to the Energy Minister.
China is looking to buy LNG again in latest risk to the global gas market’s delicate balance, according to Bloomberg sources; Unipec released a tender to purchase more than a dozen shipments for this winter, in addition to deliveries through the end-2024.
India imposed anti-dumping duty on some Chinese steel for five years.
Geopolitics
US President Biden’s administration is close to approving long-range missiles including ATACMS or GMLRS both armed with cluster bombs for Ukraine, while these missiles would give Kyiv the ability to cause significant damage deeper within Russia-occupied territory, according to Reuters citing four US officials.
US Secretary of State Blinken confirmed they exercised a waiver to allow the transfer of USD 6bln from South Korea to Qatar as part of a US-Iran prisoner swap, according to Reuters.
North Korean leader Kim left Pyongyang on Sunday to visit Russia and his train arrived at Khasan Station in Russia’s far east, while the White House urged North Korea not to provide weapons to Russia.
Kremlin spokesman said Russian President Putin and North Korean leader Kim will discuss bilateral ties and seek to build good, mutually beneficial relations, while a spokesman also stated that Russia is not interested in Washington’s warnings on Moscow’s contact with North Korea.
No separate meeting between Russian and North Korea defence ministers planned, via Ifax citing Russia’s Peskov; Russian President Putin and North Korean Leader Kim to meet in the “coming days”.
Russian President Putin says FSB captured Ukrainian saboteurs who sought to damage our nuclear power station; Saboteurs were instructed by British services; that is worrying and consequences could be serious.
Taiwan’s Ministry of Defence 2023 National Defence Report stated that China’s military intimidation and intrusions are a new normal and China is using grey-zone tactics to change the status quo.
US Event Calendar
06:00: Aug. Small Business Optimism 91.3, est. 91.5, prior 91.9
10:00: Income, Poverty and Health Insurance report: 2022
DB’s Jim Reid concludes the overnight wrap
Welcome to my annual day of being seduced into buying a new iPhone that I don’t really need but desperately want. Apple launch their new product suite today which actually is a potential macro mover. It goes alongside the annual “buy a new golf driver I don’t really need” day usually in the Spring. However, I’m nearly 50 and I’ve only ever owned two cars, so allow me these extravagances.
As I type this on a dull old iPhone 14, markets are mostly awaiting tomorrow’s all-important US CPI print. As we wait, the most interesting moves over the last 24 hours have been the dollar putting in one of its worst daily performances in the past two months and Tesla climbing over 10% to be up +122% YTD but actually almost -10% YoY. Timing is everything. There was also a fresh sell-off for bonds as speculation about rate hikes and inflation gathered pace. But, on the other hand, risk assets did quite well, with the S&P 500 (+0.67%) recovering from last week’s declines, helped by tech and Tesla.
The bond sell-off carried on from the overnight moves before Monday’s Western market open after BoJ Governor Ueda’s comments over the weekend (that we discussed yesterday along with our revised BoJ call – link here) that then spread globally. In Japan, yields on 10yr JGBs had already closed at a post-2014 high of 0.70% (0.713% this morning) but we then saw yields on 10yr Treasuries up +2.5bps to 4.29%, which was their highest closing level in nearly 3 weeks. It was a similar story in Europe too, with yields on 10yr bunds (+2.9bps), OATs (+3.2bps) and BTPs (+4.8bps) all rising. Interestingly, markets are continuing to price in a growing likelihood that the ECB will deliver a hike on Thursday, with overnight index swaps now giving it a 41% probability, up from a low of 23% on 1 September, the day after the August euro area inflation print. The last time there was as much doubt about an ECB decision was back in March after SVB’s collapse, although back then the question was more between 25bps vs 50bps rather than no hike at all.
When it came to the bond sell-off, 10yr gilts (+4.9bps) saw the largest increase in yields, which followed comments from the BoE’s Mann, the most hawkish member of the MPC. She said that her preference was to tighten further, and that to “pause or to hold the policy rate lower for longer risks inflation becoming more deeply embedded”. And she added further that “holding rates constant at the current level risks enabling further inflation persistence”. For now, markets continue to price in a 79% likelihood of another BoE hike next week, which would take the policy rate up to 5.5%. As an aside, our rates strategist Francis Yared wrote a piece here suggesting that central banks should be erring on the side of doing too much rather than too little. It’s worth a read after the recent Table Mountain talk.
Those movements in the bond market occurred alongside some interesting shifts in the FX space. In particular, the Japanese Yen surged +0.93% against the US Dollar, which came as investors priced in a growing likelihood of a policy shift from the BoJ. This morning the Yen (-0.03%) is slightly lower. And there was also a significant appreciation in the Chinese Yuan (+0.74%), which followed comments from the People’s Bank of China, which said in a statement that FX market participants should “resolutely avoid behaviors that disturb market orders such as conducting speculative trades.”. The dollar index had been on course for its worst performance in nearly two months yesterday, though it ended the day a smidgen shy of this mark, down -0.50% (which marked its first decline in eight sessions). It is fairly flat this morning.
There wasn’t much data to speak of yesterday, but the New York Fed’s latest Survey of Consumer Expectations offered some interesting findings that added to signs of a weakening economy. For instance, the mean probability of losing one’s job over the next 12 months rose to 13.8% in August, which was the highest since April 2021. There were also signs of tightening credit availability, since the share saying that credit was “much harder” or “somewhat harder” to obtain credit than a year ago rose to 59.8%, which is the highest since the series began over a decade ago. In the meantime, the inflation expectations series were broadly steady, with 1yr inflation expectations ticking up a tenth to 3.6%. On the topic of risks to the US economy, our economists yesterday published a note updating their recession probability models. See here for more.
Despite the broader moves in markets, equities managed to put in a resilient performance yesterday, with the S&P 500 advancing +0.67%. That was supported by a large gain for Tesla (+10.09%), which was the top performer in the entire S&P yesterday on the back of a big broker upgrade. This helped drive the outperformance from the NASDAQ (+1.14%) and the FANG+ Index (+2.07%). To narrow down the tech rally even further we are going to start quoting the “Magnificent Seven” performance regularly in the EMR. They rose +2.71% yesterday buoyed by Tesla with only Nvidia down (-0.86%).
Talking of tech, last week, Bloomberg reported that Huawei and China’s top chipmaker, SMIC, have surprised the market by building an advanced 7nm (N+2) chip and installing it in the latest Huawei smartphone. This is the most recent development in what has become known as the US-China high tech decoupling. In their latest chartbook, my team members Marion Laboure and Cassidy Ainsworth-Grace explore how this tech decoupling began, the cost of a full global technological decoupling, and break down the ten technologies most at risk of decoupling. See here for more.
Back in Europe, the STOXX 600 (+0.34%), the DAX (+0.36%) and the FTSE 100 (+0.25%) all rose. Unlike the US, European tech stocks underperformed on a broadly positive day that saw 69% of the STOXX 600 constituents post a gain.
Asian equity markets are relatively quiet overnight. As I check my screens, the Nikkei (+0.61%) is outperforming the region with the CSI (+0.03%) and the Shanghai Composite (+0.04%) trading a tad higher while the KOSPI (-0.52%) is trading in negative territory. The Hang Seng (-0.01%) is flat but has come back from over -1% down near the open. Country Garden got creditor approval to extend the duration of 6 onshore bonds which has helped lift its shares by 10% and turn the property sector from around -2% to nearly +3%. S&P 500 (-0.12%) and NASDAQ 100 (-0.09%) futures are inching lower.
There wasn’t much other data of note yesterday, but the European Commission downgraded its growth forecast for the Euro Area in 2023 and 2024 by three-tenths in both years. That now leaves its forecasts at +0.8% this year and +1.3% in 2024. For inflation, it sees a slightly lower figure this year at +5.6%, down two-tenths, but the 2024 projection has been raised a tenth to +2.9%. Elsewhere, Italian industrial production fell by a larger-than-expected -0.7% in July (vs. -0.3% expected).
To the day ahead now, and data releases include UK employment data for July, the German ZEW survey for September, and in the US there’s the NFIB’s small business optimism index for August.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)/
Equities tentative, DXY firmer, GBP & Gilts dovish post-data; BoE’s Mann due – Newsquawk US Market Open
TUESDAY, SEP 12, 2023 – 06:12 AM
European bourses/US futures are generally struggling for direction though Tech lags post-ORCL -9.1% pre-market
USD at the top-end of parameters but still sub-105.00; GBP stumbles on caveats to UK wage data
Gilts outperform post-data but are off highs as BoE’s appointee Breeden says she agrees that August CPI risks are skewed to the upside
Crude benchmarks choppy with specifics light while TTF continues to benefit from strike action, metals softer after Monday’s strength
Looking ahead, highlights include BoE’s Mann, Supply from the US.
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EUROPEAN TRADE
EQUITIES
European bourses are diverging slightly and generally struggling for direction with newsflow light ahead of the week’s risk events, Euro Stoxx 50 -0.3%.
The breakdown has the DAX 40 lagging following after-market earnings from ORCL -9.1% in pre-market trade which in turn is weighing on heavyweight SAP -2.7%.
As such, Tech is the laggard among European sectors while Telecom and Retail names see some relative outperformance.
Stateside, futures are incrementally lower across the board with tech in focus given Oracle and as we await the AAPL, +0.2% pre-market, event; ES -0.2%, NQ -0.3%
WTI and Brent futures are somewhat choppy within tight ranges amid quiet newsflow this European morning and ahead of key risk events including US CPI on Wednesday, the ECB decision on Thursday, and Chinese activity data on Friday.
Dutch TTF remains supported with modest intraday gains as the Australian LNG strike and the extended maintenance at Norwegian fields keep prices underpinned.
Spot gold is softer intraday amid the firmer Dollar, but the yellow metal remains within yesterday’s ranges and trades on either side of its 200 DMA (USD 1,920.03/oz today) after finding support at the 21 DMA (USD 1,916.41/oz today) yesterday.
Base metals see modest softness amid the broader Dollar strength and cautious trade across stocks, although Singapore iron ore futures hit over five-month highs with analysts citing better-than-expected Chinese loans data and pre-holiday stocking ahead of the Chinese mid-Autumn festival at the end of the month.
The Australia union said it is to oppose Chevron’s (CVX) intractable bargaining application and it wants industrial action to continue until it secures a union-negotiated deal at Australian LNG facilities, according to Reuters.
Western Australia State Government says they have no current plans to engage with the Fair Work Commission in the Chevron (CVX) dispute, at this stage there has been no disruption to Western Australia’s domestic gas supply.
Kazakhstan’s Karachaganak gas condensate field is undergoing maintenance on September 11-15th, output will be reduced by 27k tonnes, according to the Energy Minister.
China is looking to buy LNG again in latest risk to the global gas market’s delicate balance, according to Bloomberg sources; Unipec released a tender to purchase more than a dozen shipments for this winter, in addition to deliveries through the end-2024.
India imposed anti-dumping duty on some Chinese steel for five years.
Oracle Corp (ORCL) – Q1 2024 (USD): Adj. EPS 1.19 (exp. 1.15), Revenue 12.50bln (exp. 12.47bln). Cloud services and license support revenue rose 13% Y/Y to USD 9.55bln +13% (exp. 9.43bln). Cloud license and on-premise license revenue fell 11% Y/Y to USD 809mln (exp. 894.1mln). Hardware revenue fell 6.4% Y/Y to USD 714mln (exp. 742.7mln). Service revenue rose 1.6% Y/Y to USD 1.38bln (exp. 1.4bln). Co. said AI companies are in a pact to buy over USD 4bln of capacity in Gen2 cloud. CEO says confident annual revenue growth will continue to accelerate moving forward and customer demand continues to build. Sees Q2 adj. EPS USD 1.27-1.31 and total rev. to grow 5%-7%
Apple (AAPL) is to reportedly sell India-made iPhone on launch day for the first time, according to Bloomberg sources; vast majority of iPhone 15s will come from China. Slight delays with the Indian devices could occur amid unforeseen logistics bottlenecks, sources added.
All WTO disputes between US and India have been resolved; both nations have submitted statements to WTO, according to an Indian Trade official. Additional duty of 20% on import of Apple (AAPL) from the US lifted as part of this
BoE’s Breeden agrees with the MPC that the risks to inflation around the August forecasts are to the upside; expects inflation to be around the 2% target in two years. Sees balances risks to growth an unemployment in both directions. UK economic activity is weak. Breeden replaces Cunliffe on the MPC from November 1st.
German Ifo residential construction survey (Aug): Crisis intensified in August, number of Co’s reporting cancelled projects at a new high. Click here for more detail.
Germany’s ZEW says experts are even more pessimistic about the current economic situation in Germany vs August. More positive economic expectations for Germany are accompanied by significantly optimistic outlook for development on the international stock market, in part due to stable interest rates in EZ and US. Experts expect a further easing of interest rate policy in China.
NOTABLE EUROPEAN DATA
UK Average Week Earnings 3M YY* (Jul 2023) 8.5% vs. Exp. 8.2% (Prev. 8.2%, Rev. 8.4%); this total annual growth rate is affected by the NHS and Civil Service one-off payments made in June and July 2023. Average Earnings (Ex-Bonus) (Jul 2023) 7.8% vs. Exp. 7.8% (Prev. 7.8%)
UK ILO Unemployment Rate (Jul 2023) 4.3% vs. Exp. 4.3% (Prev. 4.2%)
UK Vacancies/Jobs: In May to July 2023, the number of unemployed people per vacancy was at 1.4, up from 1.2 in February to April 2023. Show a slight loosening of the labour market as the number of vacancies fell against an increase in unemployment.
Norwegian GDP Month Mainland (Jul) 0.2% vs. Exp. -0.1% (Prev. 0.0%; Rev. 0.1%); Month (Jul) 0.3% (Prev. 0.0%, Rev. 0.1%)
German ZEW Current Conditions (Sep 2023) -79.4 vs. Exp. -75.0 (Prev. -71.3); Economic Sentiment (Sep 2023) -11.4 vs. Exp. -15.0 (Prev. -12.3); EU ZEW Survey Expectations (Sep) -8.9 (Prev. -5.5)
German Wholesale Price Index YY (Aug 2023) -2.7% (Prev. -2.8%); MM (Aug 2023) 0.2% (Prev. -0.2%)
GEOPOLITICS
US President Biden’s administration is close to approving long-range missiles including ATACMS or GMLRS both armed with cluster bombs for Ukraine, while these missiles would give Kyiv the ability to cause significant damage deeper within Russia-occupied territory, according to Reuters citing four US officials.
US Secretary of State Blinken confirmed they exercised a waiver to allow the transfer of USD 6bln from South Korea to Qatar as part of a US-Iran prisoner swap, according to Reuters.
North Korean leader Kim left Pyongyang on Sunday to visit Russia and his train arrived at Khasan Station in Russia’s far east, while the White House urged North Korea not to provide weapons to Russia.
Kremlin spokesman said Russian President Putin and North Korean leader Kim will discuss bilateral ties and seek to build good, mutually beneficial relations, while a spokesman also stated that Russia is not interested in Washington’s warnings on Moscow’s contact with North Korea.
No separate meeting between Russian and North Korea defence ministers planned, via Ifax citing Russia’s Peskov; Russian President Putin and North Korean Leader Kim to meet in the “coming days”.
Russian President Putin says FSB captured Ukrainian saboteurs who sought to damage our nuclear power station; Saboteurs were instructed by British services; that is worrying and consequences could be serious.
Taiwan’s Ministry of Defence 2023 National Defence Report stated that China’s military intimidation and intrusions are a new normal and China is using grey-zone tactics to change the status quo.
CRYPTO
Bitcoin has seen a rebound from Monday’s weakness, where BTC dropped to a USD 24.9k low after posting a parameter which was much more pronounced than those seen in recent sessions. Today, BTC has reverted back towards the top-end of that mentioned range and is holding just shy of USD 25.8k.
APAC TRADE
APAC stocks were mixed with the region tentative in the absence of any fresh macro catalysts and with participants bracing for the US CPI data due midweek.
ASX 200 was lacklustre amid weakness in energy, tech and financials, with trade also contained after a somewhat mixed business survey and weaker consumer sentiment data.
Nikkei 225 gained amid strength in automakers and with SoftBank among the early leaders after its Arm unit IPO was oversubscribed by 10 times although price action was choppy and the index nearly pared all of its gains before revisiting session highs.
Hang Seng and Shanghai Comp traded ultimately flat with early downside cushioned following the PBoC’s liquidity effort and after Country Garden Holdings received approval to extend 6 onshore bond repayments by 3 years.
NOTABLE ASIA-PAC HEADLINES
Country Garden Holdings (2007 HK) received approval to extend 6 onshore bond repayments by 3 years and it delayed the voting deadline on two bond payment extensions to Tuesday evening.
New Zealand pre-election economic and fiscal update sees 2023/24 operating balance before gains and losses at NZD -11.4B (Budget forecast NZD -7.6bln), while it sees net at 43.6% of GDP (Budget forecast 43.1%) and expects to return to an OBEGAL surplus in 2026/2027 (Budget forecast of 2025/26).
Several Chinese banks have reportedly said that regulators as of this year no longer require them to report the proportion of property loans/mortgages in total loans, via Xinhua; indicating a relaxation of restrictions on property financing.
DATA RECAP
Australian Westpac Consumer Confidence Index (Sep) 79.7 (Prev. 81.0); Sentiment MM (Sep 2023) -1.5% (Prev. -0.4%)
Australian NAB Business Confidence (Aug) 2.0 (Prev. 2.0); Conditions (Aug) 13.0 (Prev. 10.0)
2 c. ASIAN AFFAIRS
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED DOWN 5.72 PTS OR 0.18% //Hang Seng CLOSED DOWN 70,56PTS OR 0.39%/ /The Nikkei CLOSED UP 308.61 PTS OR 0.95% //Australia’s all ordinaries CLOSED UP 0.20 % /Chinese yuan (ONSHORE) closed UP AT 7.2913 /OFFSHORE CHINESE YUAN UP TO 7.3094 /Oil UP TO 88.09 dollars per barrel for WTI and BRENT UP AT 91.42 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
//NORTH KOREA/CHINA/RUSSIA
END
2e) JAPAN
JAPAN
3 CHINA /
CHINA/BLACKROCK
Blackrock closes China equity fund due to congressional scrutiny. Real reason: doing poorly.
(Fu EpochTimes)
BlackRock Closes China Equity Fund After Congressional Scrutiny
In a recent letter to shareholders, BlackRock Global Funds Chairwoman Denise Voss said the world’s largest money manager will close the China Flexible Equity Fund over a “lack of shareholder interest” and the investment cost to keep the fund running, which she noted is “not in the best interests of shareholders.”
BlackRock intends to liquidate all assets under the fund and redeem any outstanding shares by Nov. 7. Existing shareholders have the options to switch their investments into another fund, sell back their shares ahead of the liquidation date, or receive automatic payments for the shares when the fund closes down.
Opened in October 2017, China Flexible Equity Fund had an asset value of about $21.4 million as of late August. It recorded a negative 16.7 percent return in 2021, a number that nearly doubled in 2022, to negative 30.5 percent.
The fund closure came just a month after the House Select Committee on the Chinese Communist Party initiated a probe into BlackRock and investment index provider MSCI regarding the alleged investments in Chinese companies the U.S. government has deemed problematic.
The two firms together facilitated investment into more than 60 Chinese entities hit with U.S. sanctions over national security or human rights issues, the lawmakers said, noting that their review was far from comprehensive and thus the actual number of benefited Chinese companies is likely higher. Across five funds, BlackRock has invested more than $429 million in such Chinese firms against U.S. interests, according to the House committee.
One of the top invested Chinese entities for China Flexible Equity Fund is Tencent, a Chinese state-backed tech giant that had aided Beijing in silencing dissent and spreading propaganda through its popular messaging app WeChat. Two others are state-owned hydropower operator China Yangtze Power and Nari Technology, the country’s largest supplier of electric power equipment.
In a response to the congressional probe, BlackRock told The Epoch Times that it “complies with all applicable U.S. government laws” regarding “all investments in China and markets around the world” and noted that it is one of 16 asset managers offering U.S. index funds that invest in Chinese companies.
The firm didn’t immediately respond to a request for comment regarding the China fund closure.
But across the board, there are growing signs of wariness from U.S. investors toward the Chinese market. The long-hoped-for economic recovery after the regime lifted its stringent COVID-19 policies hasn’t happened. Instead, the country faces a slowing economy, with a sharp drop in trade, millions of young Chinese people struggling to find jobs, a housing crisis, and growing tensions with the United States.
In August, President Joe Biden signed an executive order to restrict U.S. investments in China in advanced technologies such as artificial intelligence, quantum technology, and semiconductors, citing risks for U.S. national security.
For a U.S. investor, “there is nothing bigger than the current trade tensions between the U.S. and China,” Gary Dugan, chief investment officer at the UAE-based Dalma Capital, a global alternative investment platform and an avid China investor, told The Epoch Times.
China’s regulatory environment also presents increasing challenges to foreign investors. In July, China officially expanded an anti-espionage law that could criminalize regular business activities. Authorities this year have also ordered a raid on Bain & Co.’s office in Shanghai and due diligence firm Mintz Group’s office in Beijing. In May, it told local operators of “critical information structure” to stop buying products from U.S. chipmaker Micron Technology.
“Increasingly, I hear from American business that China is uninvestable because it’s become too risky,” Commerce Secretary Gina Raimondo said on Aug. 29 during an official visit to China. She said she had made 120 to 150 calls with business and labor leaders in preparing for the trip.
Foreign investors have dumped Chinese stocks at a record pace in August as China’s economy continues to decline. Data from Hong Kong’s Stock Connect trading scheme show that sales by offshore traders on the Chinese equity market reached about $11 billion over three weeks since Aug. 7.
Early in August, HSBC said it had cut its Chinese commercial property exposure by $5.5 billion by the end of June compared with last year. Standard Chartered also reduced exposure to $3 billion, from $3.7 billion a year ago.
END
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
GERMANY
How could a conservative country like Germany get it so wrong!!
(FreiheitRemix)
Germany Passes Controversial ‘Green’ Heating Law Estimated To Cost Economy €1 Trillion
After six months of fierce debate, Germany’s left-wing government has passed the country’s controversial green heating law, the Building Energy Act (GEG), with high estimates indicating the law will cost Germany’s economy over €1 trillion over the next 20 years.
While politicians belonging to Germany’s three-way politician applauded the heating law coming into force on Friday last week, the political fallout has likely yet to be fully realized.
Many Germans — already struggling with inflation and a slowing economy — balked at the mandate to install new expensive heating systems, with the law being rejected by the majority of the populace, according to polling. The government is also being accused of a hasty legislative process and a lack of parliamentary hearings, calling into question the democratic basis for the law in its entirety.
The law mandates that Germans with older heating systems replace them within a certain time period, although the final bill passed watered down some requirements and carved out some exceptions. Nevertheless, the final cost of the bill is still expected to be enormous, with high estimates placing it at €1 trillion and lower estimates hovering at €600 billion.
Many Germans have all of their savings in their home, and for many seniors, their homes, often featuring older heating systems, have seen their value take a hit due to the law. At the same time, in the coming years, they will be forced to make costly heating upgrades — usually in the form of a heat pump and the associated costs of making it work efficiently inside a building — to meet new green standards. Experts are also warning that landlords will have an incentive to increase rents in response to the Building Energy Act.
The problem is that approximately three-quarters of the old buildings in Germany were built before the first thermal insulation regulations came into force in 1979. Many of these buildings will now need to be made energy efficient, representing an enormous cost burden at a time when Germany has also phased out nuclear power and the price of energy, particularly oil and natural gas, has soared.
The Free Democrats (FDP), usually seen as a pro-business party, first fought their coalition partners on the proposed law, but in the end, the liberal party helped pass the law on Friday. There are already signs the FDP is paying the price for its decision, with the latest YouGov poll putting the party at just 5 percent, which is the threshold for entering the German parliament.
“There is fear among the population,” shouted Alexander Dobrindt (CSU) in parliament.
He said it is “the height of disrespect” for the citizens to pass the law and that the CSU would work to abolish it.
The Alternative for Germany (AfD), which saw its polling numbers soar around the same time the heating debate raged, has also said it will abolish the law should it come to power, saying it is an arduous tax on German businesses, pensioners, and those who invested in a home or apartment.
“The AfD faction strictly rejects Habeck’s (…) heating hammer. Despite severe criticism, the law was neither postponed nor defused,” said Marc Bernhard, a parliamentary spokesperson for the AfD.
“The tricky thing about the law, however, is that the heating has to be torn out again if it does not meet the municipalities’ heat planning required by 2028. In this way, the government is hiding the devastating consequences for millions of people and is transferring the risk of the heat transition to the citizens.”
He further pointed out that the nuclear power plants would save twice as much CO2 if they were allowed to continue to operate.
As Remix News reported last year, the proportion of poor people in Germany reached a new high, according to the Federal Statistical Office, with the data highlighting a sea change in the German economy. The report also only covered data up until the end of 2021 before the dramatic increase in food and energy prices in 2022.
END
EU
This is where we are heading and it is scary!! They have not learned! Digital vaccine passports?
(Macon/)
“The Future Is Digital” – EU Chief Boasts About Vaccine Passports, Calls For More Global Collaboration Paving Way For Digital IDs
With an ominous call for increased global collaboration and centralization, European Commission President, Ursula von der Leyen at a G20 Summit session, dubbed “One Future,” today appealed for an international regulatory body for Artificial Intelligence and digital ID systems similar to coronavirus vaccine passports.
Von der Leyen audaciously proclaimed our collective future to be digital, hence the implied necessity for global entities to draw boundaries and enforce regulations.
Von der Leyen, in her position as the EU Commission President, touched on AI and the digital landscape in her address.
She acknowledged the potential dangers and gargantuan opportunities linked with advancing AI technology and emphasized the importance of channeling such explosive technology.
“Today I want to focus on AI and digital infrastructure. As it has been described, AI has risks but also offers tremendous opportunities. The crucial question is how to harness a rapidly changing technology.
“In the EU, in 2020, we presented the first-ever law on artificial intelligence. We want to facilitate innovation while building trust. But we need more. What the world does now will shape our future. I believe that Europe — and its partners — should develop a new global framework for AI risks,” von der Leyen said.
Von der Leyen praised the European Union’s move in 2020 to introduce the first legal framework on AI, a step taken with the intent of fostering innovation alongside trust. However, she insisted that this wasn’t sufficient. She suggested a multinational adoption of a coping mechanism for managing AI risks.
The EU Chief also stressed that globally accepted standards must be created under the purview of the United Nations, akin to their Intergovernmental Panel on Climate Change. Humanity stood to benefit, she argued, if an international authority could clarify the risks and rewards related to AI, akin to the IPCC for climate concerns.
Concurrently, von der Leyen championed the concept of digital public infrastructure similar to the coronavirus passport system – a system developed by the EU as a response to the Covid saga. The World Health Organization embraced it with open arms as a global standard for combating health threats.
“Many of you are familiar with the COVID-19 digital certificate. The EU developed it for itself. The model was so functional and so trusted that 51 countries on 4 continents adopted it for free. Today, the WHO uses it as a global standard to facilitate mobility in times of health threats,” von der Leyen continued.
Alarmingly, von der Leyen praised the EU’s strides towards a bloc-wide digital identity app capable of storing a citizen’s personal information, including credit cards, driver’s license, and passport data.
These developments ring alarm bells for individuals and nations valuing free speech and privacy.
Exclusive: Ukraine could get long-range missiles armed with US cluster bombs | Reuters
For a long time since this Neocon Ukrainian proxy war with Russia was started it has been known that the plan is to cause a war with Russia. Neocons who control America are now more desperate than ever as the Ukrainian war has gone off the rails and the Ukrainians are dying in vast numbers that can only be described as a genocide.
Ignoring the fact, that the UN has banned the use of cluster bombs is irrelevant to a demented war mongering crowd in DC. The supply of long range missiles carrying such bombs to kill Russian civilians in mass number is an escalation that cannot be ignored. While Neocons are desperate for war as the political farce of DC soils its’ pants on a world stage; the collapse of support for Democrats and the puppet called Biden is a ending of such abuse of both Americans and the world to be decided in a election the Democrats will lose. And with that lost is an ending for Neocons. So their solution is to cause Russia to start a real war where nukes fly so elections can be suspended. Their failure to realize flying nukes will certainly end them is complete insanity. Their lost in Ukraine is lost that will end their reign. And their solution is more war.
Meanwhile Putin has a real problem. If he remains silent and lets Russian civilians be killed in large numbers he will be over thrown by hard liners in the Kremlin. Be assured this will happen because the Kremlin is well aware of who is the problem. The only reason nukes have not rained on Europe or DC is an unwillingness of Putin to own that stain on his soul. Meanwhile Zelensky has already written his place in history as the butcher of Ukraine. Soon he will have to see if his SAS guards let him run or he will die in Ukraine. The destruction last night of the largest ammo dump in Ukraine should be a wake up call to this drug sniffing clown. Yes, General Armageddon will soon return to excite.
Real Capital flow has shifted most recently with unusual character and signals much trouble coming and very soon. America is quickly becoming a no go zone for capital for a time just like Europe is losing luster fast. Real estate in Western Continental Europe has developed a sour taste, while places like Serbia, Croatia and Portugal rise in interest. Technology is one of the few areas still attracting capital. And for how long remains an unknown because the coming escalation will preclude all investments for a time until the dust settles. Leaving few real opportunities while Europe confronts a reality feared. The Euro marches on borrowed time being ended by Neocon actions. Europe will learn it as expendable as Ukraine as teh reality of American Neocons having no friends; rather only interests.
In an escalated War Europe will be a big loser. And the problems and horrors of flawed immigration hoisted upon Europe by misguided leadership of Merkel and others will flood to daily headlines.
Sadly this is all happening very quickly leaving very few options for people.
Trump & GOP Hawks Blast Biden For Handing Over $6BN To “Terrorist Regime” In Iran
TUESDAY, SEP 12, 2023 – 10:10 AM
More details have emerge of the major US-Iran deal to secure the release of as many as five detained US dual nationals, after President Biden has given formal approval, which was confirmed late Monday when he informed Congress.
“When $6 billion of unfrozen Iranian funds are wired to banks in Qatar as early as next week, it will trigger a carefully choreographed sequence that will see as many as five detained U.S. dual nationals leave Iran and a similar number of Iranian prisoners held in the U.S. fly home,” Reuters detailed, citing multiple diplomatic sources.
Already four of these US citizens have been transferred from Tehran’s notorious Evin prison into house arrest, where they’ve been awaiting their freedom since Aug.10. It’s unclear who the five Iranians are or what their current status is. So far it’s known that 51-year old businessmen Siamak Namazi is set to be freed, as well as 59-year old Emad Sharqi and 67-year old environmentalist Morad Tahbaz, 67. The identities of the final two are not yet known.
Iran on Monday said the prisoner swap will happen “in the near future” – significantly also in return for $6 billion in previously frozen funds related to US sanctions specifically on the Islamic Republic’s oil revenue.
“Iran initially wanted direct access to the funds but in the end agreed to having access via Qatar,” a senior US diplomat told Reuters. “Iran will purchase food and medicine and Qatar will pay directly.”
While US sanctions stipulate the funds can only be used for humanitarian purposes, Iranian President Ebrahim Raisi has told NBC that his country has sovereignty in this area and thus it will be spent “wherever we need it.”
“This money belongs to the Iranian people, the Iranian government, so the Islamic Republic of Iran will decide what to do with this money,” he said according to a translation. According to more of his response in an NBC interview:
Asked if the money would be used for other purposes apart from humanitarian needs, Raisi said: “Humanitarian means whatever the Iranian people needs, so this money will be budgeted for those needs and the needs of the Iranian people will be decided and determined by the Iranian government.”
The State Department has still sought to assure that “These funds will be moved to restricted accounts in Qatar, and the United States will have oversight as to how and when these funds are used.”
This seems to be precisely what President Raisi is challenging. Raisi’s somewhat defiant tone is likely to be seized upon by hawks in Congress as well as by the influential Israeli lobby.
For example Rep. Michael McCaul of Texas, chairman of the House Foreign Relations Committee, asserted that all the Americans held by Iran are “innocent hostages who must be released immediately and unconditionally.”
“However, I remain deeply concerned that the administration’s decision to waive sanctions to facilitate the transfer of $6 billion in funds for Iran, creates a direct incentive for America’s adversaries to conduct future hostage-taking.” He and others blasted the Biden White House for “demonstrating weakness that only further endangers Americans and freedom-loving people around the world.”
Leading Republican presidential contender Donald Trump called Biden an “incompetent FOOL” in a written statement on social media for the “terrible deal” – which was announced on September 11.
Trump wrote: “Can you believe that Crooked Joe Biden is giving $6 Billion to the terrorist regime in Iran? That money be used for terrorism all over the Middle East, and, indeed, the World. This incompetent FOOL is absolutely destroying America. He had the audacity to announce this terrible deal today, September 11th. To pay for hostages will lead to kidnapping, ransom, and blackmail against Americans across the globe. I freed many dozens of our people from various unfriendly countries and never paid a dime!”
Israeli officials are also not happy…
And Arkansas Senator Tom Cotton agreed, writing on X: “First Joe Biden used 9/11 as an excuse to flee Afghanistan. Now he desecrates this day by paying ransom to the world’s worst state sponsor of terrorism. Shameful.”
However, the $6 billion was Iran’s own money in the first place, and was held chiefly in South Korean banks. Washington moved to get Seoul to freeze the funds as part of unilateral sanctions enforcement, which critics have decried as a form of international piracy, also as the US has literally taken over Iranian oil tankers on the high seas.
In contrast to the Iran hawks, one former State Dept official had this to say: “There are no good deals w/Iran. Only various degrees of bad ones. If you want to free 5 Americans some unjustly imprisoned for years, what’s alternative? It’s easy for some in Washington to hang tough, especially if they’re not rotting in Evin prison.”
end
ISRAEL/SAUDI ARABIA
This is a first!! Amazing! Israel makes the first ever public visit to Saudi Arabia
(zerohedge)
Israeli Officials Make First Ever Public Visit To Saudi Arabia
An official Israeli delegation has arrived in Saudi Arabia to serve as observers during the 45th session of the UNESCO World Heritage Committee, marking the first public visit by government officials to the kingdom.
An Israeli official who spoke with AP said the delegation is led by Amir Weissbrod, a deputy director-general in the Israeli foreign ministry, and includes several diplomats. The official also stressed that the delegation is “not on a bilateral visit.”Image source: Shutterstock
“We are happy to be here – it’s a good first step … We thank UNESCO and the Saudi authorities,” a member of the delegation who did not want to be named told AFP.
The delegation reportedly traveled through Dubai on their way to the kingdom. They only take part as observers due to Tel Aviv quitting UNESCO in 2017 and accusing the organization of being “biased” over Israel’s historical abuses against Palestinians and the military occupation of their land.
Last week, Israeli media accused the kingdom of “delaying granting visas” for the delegation, as the group was reportedly set to include Foreign Minister Eli Cohen and Education Minister Yoav Kisch. In March, Riyadh refused Israel’s request to grant entry to Cohen for the UNESCO conference.
The public visit by low-level Israeli officials to Saudi Arabia has been described as a coup for the US in its plans to secure a normalization agreement between the two nations.
Normalization would be part of a so-called “mega-deal” with the US, which also calls for a defense pact from Washington, access to more advanced weaponry for the Saudis, and US help in developing a civilian nuclear program that would include uranium enrichment on Saudi soil.
Saudi Arabia has also publicly declared that normalization hinges on the implementation of the 2002 Arab Peace Initiative, which calls for the creation of an autonomous Palestinian state. The Palestinian Authority (PA) has reportedly set conditions to support Saudi-Israeli normalization.
Although the current visit by Israeli officials is being hailed as a major step toward normalization, last year, the kingdom relaxed its entry rules for Israeli passport holders. Furthermore, reports suggest dozens of Israeli businesspeopletraveled to Saudi Arabia over the past year.
Hebrew media revealed last year that several senior security and political figures, including Prime Minister Benjamin Netanyahu, visited the kingdom over the past decade. Israeli tourists have also been spotted in the planned futuristic megacity of NEOM in Saudi Arabia, which is still under construction.
END
ISRAEL/IRAN/RUSSIA
Israel sounds alarm over possible Russian advanced weapon transfers to Iran
(zerohedge)
Israel Sounds Alarm Over Possible Russian Advanced Weapons Transfers To Iran
TUESDAY, SEP 12, 2023 – 05:45 AM
Israel’s Mossad Director David Barnea on Sunday expressed alarm over the potential for Russia to give advanced weapons to Iran, amid the two countries’ deepening relations connected to the Ukraine war and Moscow’s use of Iranian drones.
“Our fear is that the Russians will transfer to the Iranians in return what they lack (of advanced weaponry),” Barnea said in statements cited by The Times of Israel.Illustrative image via AP
If this happens, these advanced weapons “will certainly endanger our peace, and maybe even our existence here,” he described. The comments came during remarks before an Israeli defense forum wherein Russia’s heavy reliance on Iranian kamikaze drones was being discussed.
The Times of Israel wrote of the remarks that “Barnea said Iran had intentions to provide Russia with short- and long-range missiles in addition to the UAVs that it sold to the Russian military for its invasion of Ukraine.” However, he didn’t cite any specific intelligence or evidence.
More broadly the speech was focused on the many ways the Islamic Republic continues to threaten Israel’s security, and the ways Tel Aviv is preparing. Barnea argued out that Iran’s ‘terror operations’ have gone global:
“The squads that were captured, the weapons that were seized together with them, all had clear targets,” he said, noting that the attempts occurred “all over the world, in Europe, Africa, the Far East and South America.”
“All this under the direction and guidance of Iran. We are witnessing a significant increase in attempts to harm Jews and Israelis around the world, and we are working even now at this very moment to follow Iranian and proxy squads to prevent them from killing Jews and Israelis around the world,” Barnea went on.
He said that “the time has come to exact a price from Iran in a different way,” and elaborated: “Harming Israelis and Jews in any way — by proxy, by Iranians, or by Iranian weapons smuggled into Israel — will lead to activity against the Iranians who sent the terrorists and also against the decision-makers, from the ground operators to the commanders who approved the operation, to the highest echelon, and I mean that,” he said.
This was followed with more threats: “These prices will be exacted with great precision in the depths of Iran, in the heart of Tehran,” Barnea continued. “The Iranian regime no longer has no room for denial and, above all, it has no immunity.”
The Mossad chief’s words strongly suggested Israel foiled an active plot for Russia-Iran advanced weapons transfers…
Israeli leaders, especially in the past Netanyahu administrations, have articulated they believe a preemptive strike on Iran and especially its nuclear facilities to be justifiable, and maintain this as an ‘option’.
As for growing Moscow-Tehran ties, US intelligence tends to agree that it’s a threat, also given the widespread reports that Russia has allowed an Iranian drone production facility to be established on its soil, in the south of Russia. Iranian suicide drones have pummeled Ukrainian cities and military positions throughout the over year-and-a-half long war.
More than 1,600 scientists, including two Nobel laureates, have signed a declaration saying that “There is no climate emergency.”
The declaration is unlikely to get any attention from the mainstream media, unfortunately, but it is important for people to know about: the mass climate hysteria and the destruction of the US economy in the name of climate change need to stop.
“Climate science should be less political, while climate policies should be more scientific,” states the declaration signed by the 1,609 scientists, including Nobel laureates John F. Clauser from the US and Ivar Giaever from Norway/US.
The statement adds:
“Scientists should openly address uncertainties and exaggerations in their predictions of global warming, while politicians should dispassionately count the real costs as well as the imagined benefits of their policy measures…
“The geological archive reveals that Earth’s climate has varied as long as the planet has existed, with natural cold and warm phases. The Little Ice Age ended as recently as 1850. Therefore, it is no surprise that we now are experiencing a period of warming.
“Warming is far slower than predicted…
“The gap between the real world and the modeled world tells us that we are far from understanding climate change.
“Climate policy relies on inadequate models Climate models have many shortcomings and are not remotely plausible as policy tools. They do not only exaggerate the effect of greenhouse gases, they also ignore the fact that enriching the atmosphere with CO2 is beneficial…
“Global warming has not increased natural disasters There is no statistical evidence that global warming is intensifying hurricanes, floods, droughts and suchlike natural disasters, or making them more frequent. However, there is ample evidence that CO2 mitigation measures are as damaging as they are costly.
“Climate policy must respect scientific and economic realities There is no climate emergency. Therefore, there is no cause for panic and alarm. We strongly oppose the harmful and unrealistic net-zero CO2 policy proposed for 2050. Go for adaptation instead of mitigation; adaptation works whatever the causes are.”
Professor Steven Koonin, former Undersecretary for Science at the U.S. Department of Energy under the Obama administration, current professor at New York University, and fellow at the Hoover Institution, authored the 2021 bestseller, Unsettled: What Climate Science Tells Us, What It Doesn’t, and Why It Matters. In it, he states that what the largely unreadable (for laymen) and complicated science reports say on climate change is completely distorted by the time their contents are filtered through a long line of summary reports of the research by the media and the politicians.
“There are abundant opportunities to get things wrong – both accidentally and on purpose – as the information goes through filter after filter to be packaged for various audiences… It’s not only the public that is ill-informed about what the science says about climate…”
Koonin adds:
“Government and UN press releases and summaries do not accurately reflect the reports themselves… Distinguished climate experts (including report authors themselves) are embarrassed by some media portrayals of the science.”
In a recent interview, Koonin noted that his colleagues’ reactions to his book had been that he should not be telling the public or the politicians the truth about climate change.
“I was taught that you tell the whole truth [as a scientist]. And you let the politicians make the value judgments and the cost effectiveness trade-offs and so on,” Koonin said. He noted as well the immorality of asking the developing world to cut down emissions when so many do not even have access to electricity, and the immorality of scaring the younger generations: 84% of American teenagers believing, as of January 2022, that if climate change is not addressed, “it will be too late for future generations, making some part of the planet unlivable.”
Of course it would be helpful to research what can be done to relieve the problems brought about by man, such as the “hole in the ozone layer,” which is now closing, but climate change is not an apocalyptic emergency and needs to be attended to without bringing devastation to the hundreds of millions of people already in extreme poverty.
The Biden administration, however, appears not to be concerned about the widespread poverty and massive starvation that will be caused by the unavailability of cheap and reliable energy in underdeveloped countries, or the inflation caused by the skyrocketing prices that are crushing Americans “barely able to afford one meal a day”.
These are man-made problems, created by importing expensive (nearing $100 a barrel again) — often dirtier — oil from adversaries of the United States, such as Russia and Venezuela, instead of extracting it far less expensively at home. The Biden administration also does not seem concerned that so long as China and India keep burning coal – the Chinese Communist Party is permitting two new coal-power plantsa week, easily cancelling out whatever benefits the US might be providing, and reportedly exceeding “all developed nations combined” in carbon emissions.
The Biden administration also does not seem concerned that it is killing wildlife, sea life and the fishing industry by installing offshore wind turbines along the Atlantic seaboard, or that mandating electric vehicles will throw virtually the entire auto maintenance industry out of work (EVs do not need routine maintenance), or that lithium batteries not only explode but cost thousands of dollars to replace.
The administration even wants military equipment, such as tanks, to be electric, as if there were charging stations in the middle of foreign deserts in the event of a conflict. Moreover, according to NBC News, volcanoes, unimpressed with executive orders, “Dwarf Humans for CO2 Emissions.”
The Biden administration does not even bother to act on its own climate findings: In March, the White House released a report about the impact of climate change on the US economy. “Its findings undermine any claims of an ongoing climate crisis or imminent catastrophe” Koonin wrote in July.
“The report’s authors should be commended for honestly delivering likely unwelcome messages, even if they didn’t make a show of it. The rest of the Biden administration and its climate-activist allies should moderate their apocalyptic rhetoric and cancel the climate crisis accordingly. Exaggerating the magnitude, urgency and certainty of the climate threat encourages ill-considered policies that could be more disruptive and expensive than any change in the climate itself.”
But facts will not stop the Biden administration from forging ahead with its radical policies: “I don’t think anybody can deny the impact of the climate crisis anymore,” Biden, commenting on Hurricane Idalia, told reporters at the White House on August 30. “Just look around. Historic floods. I mean, historic floods. More intense droughts, extreme heat, significant wildfires have caused significant damage.”
Never mind that much of climate change is apparently caused by sun flares, about which we can do nothing, and which, unlike commercial industries, do not offer grants; or that major wildfires are, ironically, exacerbated by “environmentalists” for refusing to let tinderbox brush be cleared lest the creatures there be disturbed other than by a wildfire.
Climate expert Bjørn Lomborg suggests that the trillions of dollars needed to address climate change might be put to better use:
“This isn’t an argument to do nothing but just to be smarter. To ensure we can transition from fossil fuels, we need to ramp up research and development to innovate down the price of green energy. We should invest across all options including fusion, fission, storage, biofuel and other sources.
“Only when green energy is cheaper than fossil fuels will the world be able and willing to make the transition. Otherwise, today’s energy prices are just a taste of things to come.”
was a failure, NOTHING worked & in time you will realize what they did was steal 3.5 years of your life, horrified & terrorized you, took your freedoms & damaged you with lockdowns & a deadly vaccine
Not one aspect of this fraud PCR-manufactured ‘false-positive’ made-up pandemic was real….nothing about it! Nothing done under Trump at HHS nor Biden, and they are trying again with lockdowns, masks and scaring you with fraud variants that are NOTHING, pose no threat, but still for you to get vaccinated with the fraud waste of time useless and deadly mRNA Pfizer and Moderna boosters.
Do not buy it, do not take any! Tell them ‘up yours’! You survived the 3 years of hell, you will again, once you do not comply and take no vaccine, never for your healthy child. Take the masks, go to your neighbors, build a pile and set them ablaze.
doesn’t understand is that cloth & surgical masks cannot stop viruses because viruses are too small & they still get through,” said Jefferson & Walensky ‘lied to Congress that Cochrane was retracted’
We argued that it was likely mRNA vaccine induced silent myocarditis or similar, that we are not being told! The doctors, team, NFL are deceiving the nation & other players in league! He must retire!
Did the mRNA vaccine kill Cash Addy? Makis writes a good substack here! Yes, transplant medicine in the era of COVID is a complete failure! vaccinated, myocarditis, heart transplant, died!
Watch now (5 mins) | 2023 Aug.14 (VIDEO & PICTURES ABOVE) – Los Angeles, CA – 12 year old Cash Addy was visiting Korea with his parents when he started complaining of chest pains. He was COVID-19 mRNA vaccinated but didn’t have COVID. He was taken to the hospital, diagnosed with myocarditis, had cardiac arrest, was put on life support and eventually received a heart transplant on July 20. Sadly, he had complications post transplant, developed clotting and hemorrhage in the brain and died…
LATEST REPORTS FOR NEWS JUNKIESStudy: Covid Shots Behind Spike in Excess Child DeathsA new peer-reviewed study has concluded that Covid mRNA shots are responsible for a huge spike in sudden child deaths.READ THE FULL REPORTMayor Adams Announces More Budget Cuts in New York City Due to Migrant CrisisMayor Eric Adams issued a warning on Saturday that New York City agencies will be forced to reduce their budgets by as much as 15% due to the escalating expenses associated with Biden’s migrant crisis. All city departments have been instructed to make a 5% budget reduction by November. This reduction will translate to a substantial financial adjustment amounting to …READ THE FULL REPORTState Lawmakers Threaten New Mexico Gov. with Impeachment After Her ‘Suspension’ of Constitutional RightsNew Mexico Governor Michelle Lujan Grisham, a Democrat, issued an emergency public health order on Friday, temporarily suspending both open and concealed carry of firearms in Albuquerque, the state’s largest city, for a duration of 30 days. Now she’s being threatened with impeachment over her suspension of constitutional rights in the state. The decision by the Democratic governor was prompted …READ THE FULL REPORTJ6 Defendant Who Got 22 Years in Prison: Biden DOJ Told Him to Lie to Frame TrumpThe Proud Boys leader Enrique Tarrio, who was recently sentenced to 22 years in prison for his participation in the Capitol Riots, has come forward with bombshell accusations that the Department of Justice told him to falsely tie Donald Trump to the events of January 6 in exchange for a plea deal. “They asked me to LIE about President Trump …READ THE FULL REPORTWATCH: Republican Lawmaker is Cut Off While Opposing California’s AB 957 on Transgender YouthCalifornia has frequently been a battleground for socially divisive issues, spanning from immigration to taxation. Once again, it finds itself at the center of a significant debate, this time centered around parental rights and gender identity. Assembly Bill 957, brought forward by Assembly Member Lori Wilson and coauthored by Senator Scott Wiener, instructs courts to take into consideration whether or …READ THE FULL REPORT LATEST REPORTS FOR NEWS JUNKIESUnsealed Court Docs Prove Governments New Covid Shots Were Unsafe before Public RolloutA batch of secret contracts between pharmaceutical companies and governments around the world has been unsealed by a court, providing evidence showing that governments knew Covid vaccines posed a high risk to health before they were rolled out for public use.READ THE FULL REPORTGun Owners Rally in Defiance of New Mexico Governor’s ‘Suspension’ of 2nd Amendment RightsNew Mexico gun owners turned out in force on Sunday to show the state’s governor Lujan Grisham that they will not comply with her executive order ‘suspending’ their Constitutional rights in the state. https://youtube.com/watch?v=rhfTLZwGdB8&feature=oembed&enablejsapi=1 Footage of the event was provided by News2Share. Ford Fischer gave coverage of the event on X. 2) One speaker at the armed rally in Albuquerque …READ THE FULL REPORTBiden Gets Cut Off as He Mumbles Incoherently And Then He’s Whisked Off Stage in VietnamPresident Biden was in Vietnam on Sunday where he was whisked past Communist leader Ho Chi Minh’s mausoleum and eventually to the Communist Party headquarters, where he and General Secretary Nguyen Phu Trong solidified a new diplomatic pact that will enhance ties between the two countries regarding Communist China. While in Vietnam, the site of one of America’s most socially …READ THE FULL REPORT‘We Would Have Done Everything Differently’: Gavin Newsom Issues Guilty Confession on His Covid ResponseCalifornia Governor Gavin Newsom is coming clean on his state’s Covid response. “We would have done everything differently,” the potential 2024 presidential candidate confessed to Chuck Todd in the host’s probably last episode of “Meet the Press.” “During Covid, you were pretty strict with the lockdowns here and it was an interesting piece in Harper’s that sort of was critical …READ THE FULL REPORTVirginia Gov. Youngkin Pardons Dad Whose Daughter Was Sexually Assaulted at Public SchoolVirginia Governor Glenn Youngkin has pardoned a Loudoun County dad whose outburst about his daughter being sexually assaulted by a ‘transgender’ student led to him being criminally charged by the state. Youngkin issued a statement along with his executive order pardoning the father, Scott Smith. “Scott Smith is a dedicated parent who’s faced unwarranted charges in his pursuit to protect …READ THE FULL REPORT
…
EVOL NEWS
Virginia Gov. Youngkin Pardons Dad Whose Daughter Was Sexually Assaulted by ‘Transgender’ StudentREAD MORE…
LATEST NEWS:
Unsealed Court Docs Prove Governments New Covid Shots Were Unsafe before Public RolloutRead more…Lithium deposit found in US may be among world’s largest, study findsRead more…Michigan State football coach Mel Tucker suspended without pay amid sexual misconduct investigationRead more…‘We Would Have Done Everything Differently’: Gavin Newsom Makes Guilty Confession on His Covid ResponseRead more…Biden Gets Cut Off as He Mumbles Incoherently And Then He’s Whisked Off Stage in VietnamRead more…U.S. Open 2023: Novak Djokovic defeats Daniil Medvedev to tie Margaret Court’s record of 24 Grand Slam winsRead more…Gun Owners Rally in Defiance of New Mexico Governor’s ‘Suspension’ of 2nd Amendment RightsRead more…More than three-quarters of voters want an age limit imposed on politicians: PollLATEST NEWS:Study: Covid Shots Behind Spike in Excess Child DeathsRead more…Shannon Brandt sentenced to prison in death of North Dakota teen Cayler EllingsonRead more…J6 Defendant Who Got 22 Years in Prison: Biden DOJ Told Him to Lie to Frame TrumpRead more…American teen Gauff wins US Open for first majorRead more…North Korea Debuts Rocket Launchers That Appear As Civilian TrucksRead more…State Lawmakers Threaten New Mexico Gov. with Impeachment After Her ‘Suspension’ of Constitutional RightsRead more…Colorado secretary of state calls Trump a ‘liar,’ vows to see ballot lawsuit throughRead more…MUST WATCH: Trump Throws Out Signed Footballs To Iowa CrowdRead more.Read more…
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
“The G7 Look More Like EM Now, Another Shock To The West’s Worldview”
TUESDAY, SEP 12, 2023 – 10:30 AM
By Michael Every of Rabobank
Big German Word, Big Global Problem
Today’s Global Daily focuses on a German word about the globe: weltanschauung, or “worldview”, one’s fundamental cognitive orientation, encompassing knowledge, culture, theology, philosophy, politics, economics, morals, and ethics – and even what ‘daily’ means. For 13 years post-Revolution, France had a 12-month calendar of three 10-day weeks with 10-hour days of 100 minutes of 100 seconds. We are today in ‘Duodi’ in the second week of ‘Fructidor’, with five or six Fêtes from September 17-22/23 about to add the days needed to fit it the year into the solar system. Of course, the latter is based on the Copernican weltanschauung which replaced the Ptolemaic, where the sun revolved round the Earth.
Everyone in markets has a worldview even if they don’t know it or can’t articulate it. For most it’s a neoliberal belief that free markets work best, as selfishness creates selfless outcomes; except ESG is better; the West is best; except for China; and central banks bail us all out when this all ‘mysteriously’ fails. It’s deeply unserious when you think about it, and an intellectually leaky weltanschauung isn’t saved by the odd ‘Minsky’, ‘geopolitics’, or ‘black swan’ as plasters if you haven’t actually read them.
Worldviews can change – but usually only after a huge shock for those holding them, e.g., “You can’t own land.” (Native Americans) vs. “Yes, you can.” (US Settlers); or monarchs vs. republicans; or republicans vs. theocrats; or pacifists vs. warriors. We’ve had ample evidence of that of late.
Today’s changing world is leaving welts on Germany’s weltanschauung in particular. First a Global Financial Crisis; then austerity creating a Euro crisis, only solved with un-Germanic monetary policy; then a refugee crisis; Brexit; Trump; Afghanistan; China’s policy shift; Russia’s invasion of Ukraine; an energy shock; the return of inflation and Germanic monetary policy; Biden’s IRA; African coups, EM wanting value-added green jobs rather than selling their minerals to Europe; and China flooding the EU with EVs and solar panels. Germany thought it understood how the world works, but didn’t. Yet the real problem is they still don’t have a new worldview, and are about to go full circle with a return to fiscal austerity(!) The next iteration of that cycle risks deeper disaster.
The market weltanschauung is also showing welts: those managing tens of trillions of assets still “don’t do geopolitics,” think “inflation has peaked,” and hope “rate cuts will solve this.” They are likely to be as wrong as the Germans as the world around us does not sit in line with such views.
For example, the recent G20 condemned war “In Ukraine,” not “against” it despite no Putin, and new Chair Brazil said he can visit despite his international arrest warrant: both show the limits of Western influence. China tried to block the US hosting in 2026, and Bloomberg alleged it would demand access to Western chips as quid pro quo for help with the global green transition. That didn’t occur, but what can John Kerry do if China does kick him in the weltanschauung like that? Xi didn’t even attend, underlining he isn’t interested in this forum, and favors a South-South global system. Let’s see if the BRICS11 use more local FX invoicing, i.e., dollar-priced bilateral barter, which West African state has an anti-West coup next, and if the US letting the World Bank lend $25bn more to a Global South needing trillions –costing Washington the pocket change of $2.5bn– makes any realpolitik difference.
Ironically, the G7 look more like EM now, another shock to the West’s worldview.Canada’s Trudeau couldn’t fly home because his Air Canada jet broke down on the runway for hours!
Yet steel wheels are turning – away from the past low-inflation globalization. A new US-brokered India-Saudi-(Israel?)-EU railway deal will rival China’s Belt and Road, reroute global supply chains, and aim to pull Riyadh and the UAE away from the BRICS. The US has signed a Comprehensive Strategic Partnership with Vietnam – followed by reports exports of Vietnamese dragon-fruits and durian to China were halted for “quality checks”. We see South Korea-Japan and US (and Australia)-Philippines defence rapprochement. Indonesia declined to join the BRICS for the chance to get into the OECD – and let’s see what happens in the Argentinian election re: dollarisation. In short, dividing lines are being drawn, even if where any Potsdam-Yalta curtains may fall, and how permeable they may prove to be remains unsettled.
Meanwhile, Russia will be spending 45% of its budget on the military by year-end, and is cooperating with North Korea. So is China, which the Atlantic says ‘Prefers Guns to Butter.’ Yet while there’s money for that, there’s not for much else. Our China strategist Teeuwe Mevissen’s ‘Debt and dilemmas’ estimates local government debt alone at CNY106.7tn ($14.6tn), or 87% of GDP, so “those who are waiting for a big bazooka will likely be disappointed.” Importantly, this doesn’t mean a ‘Lehman’ moment looms, but “Regardless, China’s economy is likely to be at the start of a long process of deleveraging that will suppress economic growth for years to come.”
Indeed, the Wall Street Journal underlines that ‘Xi Jinping’s Tight Control Hampers Stronger Response to China’s Slowdown’, the Financial Times says ‘No more exceptionalism for US banks in China’, and the president emeritus of the EU Chamber in China says ‘No hope China will rejoin the world’, adding, “this leadership is willing to sacrifice economic growth for the sake of ideology. The old equation was always that China does anything to add economic growth because that was the perception of what keeps us in office. Now what keeps the party in office is utter, 110% control.” Who could have seen this coming? Anyone whose worldview included reading Marx, Lenin, and Minsky, not Fortune and Forbes.
Meanwhile, NATO will launch its biggest military exercise since the Cold War in 2024, involving 40,000 troops. Yet with low unemployment and fewer risk-averse, trigger-warning happy youngsters, where will future recruits be drawn from? And the money, as US federal debt interest exceeds spending on an underfunded Pentagon, and Germany can’t fight its way out of a wet paper bag? More broadly, we are seeing Western policy shift to match the external environment: foreign policy is usually an extension of domestic policy, but now it works in both directions.
In the US, Bidenomics is here, and yesterday’s Financial Times noted ‘America’s New Right is moving beyond Reaganism‘, as predicted in 2019’s ‘The Age of Rage’. As an example, the conservative American Compass released ‘Rebuilding American Capitalism’ earlier this summer, which argues, “Just as policymakers chose the current order, they can choose to move beyond globalization toward more balanced global flows of goods, capital, and labour.” It proposes to:
A Global Tariff on all imports at 10%, rising 5ppts a year until there is no trade deficit;
Repudiate China’s WTO Member Status and rescind its permanent normal trade relations status, rejecting WTO authority over US trade policy.
Prohibit US investment firms from holding Chinese assets and China from US capital markets.
Implement a skills-based system for legal immigration, and cap H-2A and H-2B temporary visa programs and phase them to zero over the next ten years.
On industry they want to: establish a 50% local content requirement for goods critical to national security; mandate domestic labour and intermediate goods account for 50%+ of value-added; establish a national development bank for critical industrial projects; and repeal the National Environmental Policy Act. Regarding labour, they favour meaningful worker representation; worker-led benefits; allowing sector-wide bargaining; and guaranteeing workers’ legal right to organize. All this from a wing of the Republican party(!)
American Compass also argues:
“American finance has metastasized, claiming a disproportionate share of the nation’s top business talent and the economy’s profits, even as actual investment has declined. This “financialization” of the American economy weakens the nation and threatens our future prosperity.”
They propose establishing a financial transaction tax of 10bps on secondary-market sales of stocks, bonds, and derivatives to fund a pro-investment tax policy, ban share buybacks, and eliminate the tax deductibility of interest.
Can you imagine the market impact of even some of these measures, let alone all of them? They would rip up markets and worldviews in tandem. Space precludes me doing so today, but any analyst worth their salt should be able to tell you immediately what they would buy and sell, and at what price relative to today. We are talking Brexit-on-steroids and common-prosperity-on-steroids level shocks.
Regardless, you won’t get any of this in markets research –not even to say this is unlikely to come to pass, or showing similar right-left populism failed under the UK Tories– right up until the day it eventually does. Which it may well do. That’s because it’s so far out of most analysts’ weltanschauung that even if they weren’t selling you something —which they are!— their own cognitive bias, and their models’ biases, means they couldn’t cover the issue properly anyway.
But don’t blame them for that: just don’t *be* them.
Don’t expect low inflation and low rates and free trade and free hugs, or rising house prices and happy voters, just because that used to be how the world worked. Do expect volatility: in growth; in inflation; in politics; and in geopolitics. And *hedge* yourself where you can, how you can best.
If even the BOJ is warning of removing negative interest rates, that’s the best thing to do. After all, big German words mean big problems not only for Germany, but for almost everyone.
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
Oil breaks out to new highs especially with OPEC data showing huge supply shortfalls
(zerohedge)
WTI Breaks Out To New Nov Highs After OPEC Data Shows Huge Supply Shortfall
TUESDAY, SEP 12, 2023 – 08:23 AM
Oil prices had been coiling for a few days ahead of this data and are breaking out now after OPEC reports that global oil markets face a supply shortfall of more than 3 million barrels a day next quarter – potentially the biggest deficit in more than a decade.
If realized, it could be the biggest inventory drawdown since at least 2007, according to a Bloomberg analysis of figures published by OPEC’s Vienna-based secretariat.
OPEC’s 13 members have pumped an average of 27.4 million barrels a day so far this quarter, or roughly 1.8 million less than it believes consumers needed, according to the report.
WTI pushed above $88 on the news, its highest since Nov 2022…
As Bloomberg reports, The kingdom’s hawkish strategy, aided by export reductions from fellow OPEC+ member Russia, threatens to bring renewed inflationary pressures to a fragile global economy.
Diesel prices have surged in Europe, while American airlines are warning passengers to brace for increased costs.
It could even become a political issue for President Biden as he prepares for next year’s reelection campaign, with national gasoline prices nearing the sensitive threshold of $4 a gallon.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//BRICS
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0713 UP 0.0030
USA/ YEN 146.93 UP 0.269 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2463 DOWN 0.0039
USA/CAN DOLLAR: 1.3579 DOWN .0009 (CDN DOLLAR UP 9 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 5.72 PTS OR 0.18%
Hang Seng CLOSED DOWN 70.56 PTS OR .39%
AUSTRALIA CLOSED UP 0.20 % // EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 70.56 PTS OR 0.39%
/SHANGHAI CLOSED DOWN 5.72 PTS OR 0.18%
AUSTRALIA BOURSE CLOSED UP 0.20%
(Nikkei (Japan) CLOSED UP 308.61 PTS OR 0.95%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1911.75
silver:$22.92
USA dollar index early TUESDAY morning: 104.49 UP 30 BASIS POINTS FROM MONDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2926
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.3048)
TURKISH LIRA: 26.90 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.696…VERY DANGEROUS
Your closing 10 yr US bond yield UP 0 in basis points from MONDAY at 4.290% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.378 UP 0 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 5.003 UP 1/2 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates TUESDAY: CLOSING TIME 12:00 PM
London: CLOSED UP 30.66 POINTS or 0.41%
German Dax : CLOSED DOWN 85.46 PTS OR 0.54%
Paris CAC CLOSED DOWN 25.39 PTS OR 0.535%
Spain IBEX UP 20.20 PTS OR 0.21%
Italian MIB: CLOSED UP 59.48 PTS OR 0.21%
WTI Oil price 89.21 12: EST
Brent Oil: 92.28 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 95.02; ROUBLE UP 0 AND 6//100
GERMAN 10 YR BOND YIELD; +2.6415 UP 1/2 BASIS PTS
UK 10 YR YIELD: 4.4645 DOWN 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0731 DOWN 0.0017 OR 17 BASIS POINTS
British Pound: 1.2487 DOWN .0021 or 21 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.4620% DOWN 5 BASIS PTS//
JAPAN 10 YR YIELD: .694%
USA dollar vs Japanese Yen: 147,10 UP .435 //YEN DOWN UP 44 BASIS PTS//
USA dollar vs Canadian dollar: 1.3561 DOWN .0018 CDN dollar UP 18 basis pts)
West Texas intermediate oil: 88.94
Brent OIL: 92.13
USA 10 yr bond yield DOWN 2 BASIS pts to 4.267%
USA 30 yr bond yield DOWN 3 BASIS PTS to 4.352%
USA 2 YR BOND: UP 2 PTS AT 5.007 %
USA dollar index: 104.35 UP 17 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 26.89 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 94.94 UP 0 AND 14/100 roubles
GOLD 1913.10
SILVER: 23.06
DOW JONES INDUSTRIAL AVERAGE: DOWN 17.73 PTS OR 0.05%
NASDAQ DOWN 172,13 PTS OR 1.11%
VOLATILITY INDEX: 14.27 UP 0.47 PTS (0.36)%
GLD: $177.49 DOWN 0.92 OR 0.52%
SLV/ $21.13 DOWN 0.03 OR 0.14%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Bitcoin, Banks, & Black Gold Bid As Tech Stocks Tumble Ahead Of CPI
TUESDAY, SEP 12, 2023 – 04:00 PM
Weaker US Small Business optimism and German sentiment back at COVID-lockdown lows were the only macro catalysts of note today as micro-events dominated (ORCL earnings and AAPL launch event). Though we do have to caveat that with the fact that the Census Bureau reported a decline in real household incomes in the US for the 3rd year in a row…
So much for Bidenomics.
Slowing cloud business growth sent Oracle shares crashing (down 14%, the most since Dec 2011)…
Apple stock slid on its big innovative new iPhone/Watch release (on lower than expected price points)…“There is some disappointment the company didn’t raise iPhone prices on models other than the Pro Max, but the presentation spent a lot of time emphasizing the higher-end devices over the base ones (which could help drive the mix in favor of Pro and Pro Max vs. 15 and 15 Plus)”
Banks were bid today…
Both of which dragged down the Nasdaq (and S&P). About 30 mins into the AAPL launch event (around 1330ET), all the majors started to see heavy selling pressure which dragged Small Caps and The Dow into the red…
All the majors closed below their 50DMAs (Russell 2000 below its 100DMA)…
Treasuries were mixed with the short-end lagging (2Y +2bps, 30Y -3bps)…
Source: Bloomberg
The 2Y Yield pushed barely back above 5.00% but the ranges were very narrow once again…
Source: Bloomberg
The yield curve (2s30s) flattened, erasing yesterday’s steepening…
Source: Bloomberg
The dollar ended higher on the day but was sold for most of the US session…
Source: Bloomberg
After yesterday’s puke back below $25k briefly, today saw Bitcoin panic-bid back up to $26,500…
Source: Bloomberg
Oil prices surged, breaking out of their pennant pattern with WTI tagging $89 – its highest since Nov ’22…
Gold was lower on the day with spot trading below $1910 intraday…
Source: Bloomberg
Finally, with Triple-Witching looming, you are here…
Brace for the unclench.
With all eyes focused (for now) on tomorrow’s CPI, we are seeing inflation expectations (1Y inflation swap) surging higher again…
Source: Bloomberg
That will spoil the ‘goldilocks’ narrative.
TUCKER CARLSON…
“Liars” & “Low IQ Lunatics”: Tucker Tears Into Politicians’ “Betrayal Of American Democracy”
TUESDAY, SEP 12, 2023 – 08:50 AM
In a brief clip dropped last night, Tucker Carlson rages (in his inimitable manner) that the current system of governance in the US does not genuinely reflect the majority’s will but benefits a small group of people with power.
“Most governments are run by a small group of people for their own benefit without reference to what the majority wants,” he says.
Carlson highlights, based on public opinion polls as evidence, that there is often a disconnect between what the people want and what their leaders prioritize:
“Take a look at the latest Gallup poll, pick a poll. What are the top 10 issues for people in the United States and then compare those to the priorities of your leaders.”
The former Fox News host takes aim at Governors Gretchen Whitmer of Michigan and Greg Abbott of Texas as case examples of this disconnect.
Regarding Whitmer, who he calls a “low IQ lunatic”, Carlson says her priorities are not in line with the majority of her constituents, specifically regarding social issues like “misgendering”:
“The things that people care about, Gretchen Whitmer couldn’t care less about.”
Abbott, who Carlson calls a “liar, and betrayer of your own people”, is accused of not taking significant action on illegal immigration, despite having the resources to do so:
“Don’t you have a National Guard? Why don’t you seal the Border? Oh, it’s very complicated. No, it’s not.”
Carlson concludes that this deviation from public will is a betrayal of American democracy.
“It’s not just frustrating; it’s a betrayal of the core promise of the country, which is the people rule,” he proclaims; suggesting that the current situation represents a “criminal act,” and, in what some have suggested sounded the most like a campaign/stump speech, urges the audience to reconsider their belief that a majority vote will automatically translate into action or law.
Another subprime auto dealership files for chapter 11. The problem elevated used car prices and higher interest rates
(zerohedge)
Another One Fails: Subprime Auto Dealership Hit With “Unprecedented Changes To Auto-Retail Landscape”
MONDAY, SEP 11, 2023 – 11:20 PM
Earlier this year, we discussed the ‘big profitability squeeze‘ on auto dealerships and the subsequent failure of a subprime dealership with dozens of locations. Now, another dealership has failed as cracks across the industry worsen.
A popular used car dealership in South Florida, called “Off Lease Only,” filed for Chapter 11 of the US Bankruptcy Code in the District of Delaware last Thursday, citing “unprecedented changes to the automotive-retail landscape.”
“The industry has been impacted by inventory scarcity, and vehicle price inflation stemming from supply chain disruptions and multi-year declines in new vehicle production,” the company wrote in a press release.
The company also blamed elevated used car prices and soaring interest rates that “further deteriorated conditions in the automotive retail market, weakening consumer demand and affordability.”
Off Lease Only’s demise was due to collapsing demand after used car interest rates skyrocketed while used car prices remained elevated, sparking an affordability crisis.
The Florida-based company listed assets and liabilities each of between $100 million and $500 million on its bankruptcy filing. It noted a range of strategic options were being explored for “an orderly wind-down of the business.”
In April, another subprime auto dealership called US Auto Sales abruptly closed dozens of locations and filed for bankruptcy in August amid headwinds gathering in the used car market.
We can only imagine there are many other subprime dealerships on the verge of collapse.
end
With many moving to the suburbs causing their rural populations to explode and this is causing massive problems
(zerohedge)
City Slickers Caused Rural Populations To Explode During Pandemic — Leaving A Trail Of Resent And Strained Infrastructures
MONDAY, SEP 11, 2023 – 10:40 PM
The influx of transplants from urban living to rural areas during the pandemic has been well documented, as the lure of a cheaper cost of living and wide open spaces vs. the prospect of riding out lockdowns in a $5,000 / month postage stamp was no brainer for many.
And so for the first time in three decades, rural America’s population has outgrown that of urban areas, driven by remote work, affordability and lifestyle changes. Tech-savvy Californians have led this great migration. Driven by exorbitant living costs and an ever-intrusive (and tax-thirsty) state government, they are fleeing the Golden State for places like Montana. However, this movement is sparking backlash from longtime residents, with bumper stickers saying, “Don’t California my Montana,” highlighting the growing resentment.
The result? Rural America is booming – yet, underneath the surface problems are beginning to emerge – most notably resent among longtime locals over now-prohibitively expensive real estate prices, and a growing strain on infrastructures around the country.
The trend is sparking resentment as house prices in the top 10 rural counties that have seen the biggest population increases surging more than 40% over the past three years. Schools are overloaded and the shift is even impacting farmland prices. -Bloomberg
Farmland prices are also at record highs, driven by higher commodity prices and inflation hedging.
“There’s a lot of resentment,” said Maggie Doherty, a writer and columnist living in Flathead County, Montana. “There’s bumper stickers that say ‘Montana’s full’ or ‘Don’t California my Montana.’” she told Bloomberg.
Tech-savvy Californians are leading this great migration. Driven by exorbitant living costs and an ever-intrusive (and tax-thirsty) state government, they are fleeing the Golden State for places like Montana. However, this movement is sparking backlash from longtime residents, with bumper stickers saying, “Don’t California my Montana,” highlighting the growing resentment.
In Jackson County, Georgia, finding affordable homes is now near impossible – as prices rose 50% in the first half of this year vs. three years earlier, according to Zillow. Thanks to Jackson’s proximity to Atlanta, the county has attracted a flood of hybrid workers.
“There’s been a lot of battles politically over building and where to build,” said Jackson County Democratic head Pete Fuller. “There are organized groups that do not want affordable housing being built.”
Rents are also surging. In the past two years, according to Zillow, Harnett County and Moore County in North Carolina, Gallatin County in Montana, and Iron County in Utah have all seen rent increases between 13% to 24%, Bloomberg reports.
“Rent is completely through the roof,” said Tennessee resident Wendy Cerne. “There are a lot of new people that have moved into the region and I’ve experienced that first hand.”
As noted above, the price of farmland has never been this high either.
“Anything that helps broaden and deepen what I would call the opportunity set for off-farm income is good for producers, which is a good underpinning for land prices,” said Tom Halverson, CEO of rural lender CoBank ACB.
“The states in the South and East have been some of the biggest beneficiaries of this population movement,” he said. “They also are the parts of the agricultural production complex in this country that that are most reliant on off-farm income. So there’s an interesting correlation dynamic there.”
No Affordable Retirement in California
Bob Ficken, a retiree from California, encapsulates the dilemma: “Retiring in California is near impossible. The state ends up taking between 25% and 30% of everything you make.” This situation, coupled with deteriorating cityscapes in urban areas, is fueling the rush towards rural America.
Political Fault Lines
The demographic shifts are also exacerbating existing political divides. As newcomers bring along their political preferences, battleground states like Georgia and North Carolina become even more unpredictable, adding a layer of complexity to the 2024 presidential election calculus.
The migration has the potential to change voting patterns in both the places people are leaving and the ones they’re going to, adding an additional layer of unpredictability in battleground states like Georgia and North Carolina in the 2024 presidential election. -Bloomberg
And lastly, aging infrastructures are being tested like never before.
“You see huge issues with infrastructure as well with roads, roads that were not meant to handle truck traffic a lot of times are breaking down,” said Fuller, adding “There’s been two new high schools built here in the last couple years just to accommodate growth.”
end
Still no sign of an agreement
(zerohedge)
UAW Lowers Pay Hike Demand; Labor Deal With Detroit Automakers ‘Still Distant’ Before Thursday Deadline
TUESDAY, SEP 12, 2023 – 07:45 AM
The pro-union Biden administration has been very confident United Auto Workers won’t strike against Detroit’s “Big Three” automakers – General Motors, Ford, and Stellantis, the producer of Chrysler – but people familiar with negotiations tell Bloomberg, “automakers and the union still remain far apart on several issues.” The deadline for the new four-year labor agreement is Thursday at midnight, and a strike would be seen if no deal is reached.
People familiar with the ongoing negotiations say UAW has lowered its demand for pay hikes from 40% to 36%. “It is now asking for a series of increases over nearly five years that would start with an 18% boost and then alternate between 5% and 4% annually over the subsequent years of the contract,” said the people. They noted Detroit’s automakers are still not entertained by the counteroffer.
The people added that automakers see UAW’s demands as uneconomical as skyrocketing labor costs could threaten profitability. UAW President Shawn Fain has been very clear with all three automakers that at midnight on Thursday, 146,000 workers will strike if he doesn’t have a proper deal in his hands.
“The deadline is the deadline,” Fain said in an interview in August.
The people said, “The automakers and the union still remain far apart on several issues, including the UAW’s request for a restoration of cost-of-living adjustments.”
With only two days left in negotiations, there is still a considerable gap between the union and automakers.
John Murphy, a senior auto analyst at Bank of America Securities, told clients last week to prepare for a strike.
If a strike is seen, data from economic consultancy Anderson Economic Group showed that Michigan’s economy could quickly plunge into recession (and maybe this is what the Fed needs to cool inflation further).
However, President Biden has been very adamant about no strike. On Monday, Treasury Secretary Wally Adeyemo reaffirmed Biden’s stance that there will be no strike.
UAW and automakers are in the final countdown.
END
From Robert H
(courtesy Fortune/KyleBass)
and zerohedge
Banks to hemorrhage $250 billion because of the cratering office real estate market, says investor who cashed in on the 2008 housing crash | Fortune
When land is worth more than the tower, you know there is trouble in the land of OZ. There is even chatter that New York may play with bankruptcy again. A day is coming that real estate will go with no bids and they are not alone. And that includes hotels and residential properties.
Banks to hemorrhage $250 billion because of the cratering office real estate market, says investor who cashed in on the 2008 housing crash
Elevated interest rates and tight lending conditions are making it even more difficult for property developers.
September 11, 2023 1:11 PM EDT
Kyle Bass said the US banking industry will lose hundreds of billions of dollars from exposure to the office market amid shifting workplace trends and elevated interest rates.
“Banks in the US will lose $200, $250 billion in office over time here,” Bass, founder of Hayman Capital Management, said in an interview with Bloomberg TV Monday. “And there’s about $2 trillion of equity in the banks so it’s like a 10% hit to US banking equity.”
Office space is the main sector that will report losses in the commercial real estate market, while industrial and multi-family will remain strong, said Bass, who’s known for his successful bet against subprime mortgages before the 2008 financial crisis.
Bass has predicted that older and lower-quality office buildings in the US will need to be razed to reset the market. He’s not alone in that view. Canadian investor Vincent Chia is buying up proprieties only to tear them down and profit from the land.
Elevated interest rates and tight lending conditions are making it even more difficult for property developers. While Bass doesn’t expect the Federal Reserve to raise interest rates much higher, he expects wages to remain strong.
“We are going to have a sticky situation with wages and we are going to see the economy coming down in the next six to eight months,” he said.
end
Kyle Bass Sees Banks Losing Quarter Trillion Dollars In Coming Office Market Collapse; Morgan Stanley Sees 40% Wipeout
TUESDAY, SEP 12, 2023 – 12:10 PM
The panic that gripped financial markets in March over the regional bank bailout, which was in large part due to exposure to the foundering commercial real estate space in general and the office sector in particular, is all but forgotten even though in the six months since underlying fundamentals have only gotten worse, underlying cash flows in the CRE space have slowed further, and . In fact, the only thing that has changed is the record amount of “papering over” the Fed has enabled with the central bank’s BTFP facility hitting an all time high every week. Meanwhile, if one eliminates the impact of the BTFP program, which is scheduled to sunset in around 6 months, regional banks are effectively insolvent as the following chart showing large and small banks’ cash/assets with and without BTFP makes clear.
Speaking to Bloomberg TV, Kyle Bass said the US banking industry will lose hundreds of billions of dollars from exposure to the office market amid shifting workplace trends and elevated interest rates.
“Banks in the US will lose $200, $250 billion in office over time here,” Bass, founder of Hayman Capital Management best known for correctly predicting and profiting from the bursting of the subprime housing bubble, said on Monday. “And there’s about $2 trillion of equity in the banks so it’s like a 10% hit to US banking equity.”
According to Bass, who echoes our views on CRE, office space is the main sector that will report losses in the commercial real estate market, while industrial and multi-family will remain strong.
Bass previously predicted that older and lower-quality office buildings in the US will need to be razed to reset the market; as Bloomberg notes, he’s not alone in that view. Canadian investor Vincent Chia is buying up proprieties only to tear them down and profit from the land.
Elevated interest rates and tight lending conditions are making it even more difficult for property developers. While Bass doesn’t expect the Federal Reserve to raise interest rates much higher, he expects wages to remain strong.
“We are going to have a sticky situation with wages and we are going to see the economy coming down in the next six to eight months,” Bass said.
While some may call Bass’s view alarmist, there are even more draconian takes: in a report from the Morgan Stanley team published recently, the bank said that it expect CRE prices to be down – 27.4% from peak to trough in 18-24 months this cycle, not that far off from the -34.9% drop during the GFC in 34 months, which will range from -15% for apartments to a stunning -40% for office. That compares to just a CRE price decline of -12.1% (for the 10 months ending May 2023) ranging from -3.3% for industrial to -13.8% for apartments. For those who missed our report on the topic, here is where property price forecasts stand:
(=) All CRE property types: peak to trough decline of -12.1% in 10 months. In-line with prior Morgan Stanley estimates (MSe) of -27.4% in 18-24 months.
(-) Apartments: peak to trough decline of -13.8% in 10 months. Worse than MSe of -15% in 18 months and see downside risk to -20% in 18 months.
(=) Office – suburban: peak to trough decline of -8.8% in 10 months. Better than MSe of -40% in 24-30 months. Majority of price decline still ahead as transaction activity and distress sales rise
(=) Retail: peak to trough decline of -8.1% in 10 months. Better than MSe of – 30% in 24-30 months. Majority of price decline still ahead as transaction activity and distress sales rise.
(=) Office – CBD: peak to trough decline of -7.3% in 14 months. Better than MSe of -40% in 24-30 months; the MS quant model sees upside risk to -28% on lack of distressed sales. Majority of price decline still ahead.
(+) Industrial: peak to trough decline of -3.3% in 9 months. Better than MSe of -15% in 24-30 months. Majority of price decline still ahead as transaction activity and distress sales rise.
Furthermore, as of a month ago, Morgan Stanley maintained its -27.4% CRE property price forecasts and highlighed the following headwinds and tailwinds to property prices it is monitoring:
(+) bank stress test and agencies guidance on loan workouts
(+) soft landing in the economy
(=) transaction volumes and distressed sales
(=) fundamental occupancy and NOI growth
(=) credit spreads below GFC levels
(=) private capital on the sidelines
(-) lending conditions
More in the full MS report available to pro subscribers.
This is scary!! IRS launches a sweeping historic tax enforcement using AI
(EpochTimes)
IRS Launches ‘Sweeping, Historic’ Tax Enforcement Crackdown Using AI
The Internal Revenue Service (IRS) has announced that, thanks to a new funding boost, it’s launching a “sweeping, historic” tax enforcement initiative using artificial intelligence and other cutting-edge technologies to catch tax evaders more effectively.
“There is a sea change taking place at the IRS in every aspect of our operations,” IRS Commissioner Danny Werfel said in a Sept. 8 statement, which notes that the tax agency has completed a top-to-bottom review of its enforcement efforts and is girding to catch people “abusing the nation’s tax laws,” thanks in part to cutting-edge tech.
“The changes will be driven with the help of improved technology as well as Artificial Intelligence that will help IRS compliance teams better detect tax cheating, identify emerging compliance threats and improve case selection tools to avoid burdening taxpayers with needless ‘no-change’ audits,” Mr. Werfel said.
The new enforcement thrust is said to focus on higher-earning Americans and big corporations, with the IRS pledging not to increase audit rates for people earning less than $400,000 per year.
This has been an oft-repeated promise in the face of Republican assertions that working-class taxpayers would be subjected to tougher enforcement thanks to the tens of billions of dollars in additional IRS funding.
As part of the new enforcement crackdown, the tax agency said that it would prioritize cases involving taxpayers earning over $1 million but with recognized tax debt of more than $250,000.
The IRS said that, as it expands its effort to target higher-earning Americans, it has already identified 1,600 or so millionaires who owe hundreds of millions of dollars in taxes—in part thanks to the deployment of cutting-edge technology.
The IRS’ AI Facelift
The IRS said it expects AI tools to help boost tax enforcement of large partnerships, in particular.
To that end, complex computer algorithms have already been used by the agency to assist with identifying targets for tax enforcement.
The IRS said that “cutting-edge machine learning technology” has already played a role in helping the agency flag and open investigations into 75 of the largest partnerships in the United States, each with over $10 billion in assets on average.
“With the help of AI, the selection of these returns is the result of groundbreaking collaboration among experts in data science and tax enforcement, who have been working side-by-side to apply cutting-edge machine learning technology to identify potential compliance risk in the areas of partnership tax, general income tax and accounting, and international tax in a taxpayer segment that historically has been subject to limited examination coverage,” the IRS said in the announcement.
The Inflation Reduction Act that President Joe Biden signed into law in 2022 initially included around $80 billion to expand the IRS’ budget over ten years, drawing Republican ire that some of that money would go to hiring an “army” of tax enforcers who would reach for low-hanging fruit and target ordinary Americans rather than wealthier, more financially sophisticated taxpayers who are trickier to audit.
That $80 billion in additional IRS funding has since been pared down to around $60 billion due to the debt-ceiling deal struck between President Biden and House Majority Leader Kevin McCarthy (R-Calif.), which clawed back $10 billion in each of calendar years 2024 and 2025 from the tax agency’s appropriations.
Part of the money being pumped into the IRS is to give it a technological facelift, as outlined in a 150-page strategic operating plan (pdf) released in April that promises to use some of the funds to deliver “cutting-edge technology, data, and analytics to operate more effectively.”
Mr. Werfel said in a memo to Treasury Secretary Janet Yellen that part of what is now a $60 billion cash infusion would buy artificial intelligence tools and that “technology and data advances will allow us to focus enforcement on taxpayers trying to avoid taxes, rather than taxpayers trying to pay what they owe.”
In the plan, the IRS focused mostly on the customer service aspects of the technology boost, pledging to improve the taxpayer experience by introducing chatbots, online portals, and electronic notice responses.
However, the agency also said in the plan that it expects its technology-driven enforcement to boost tax collections and revenue for government programs.
That plan is now fast becoming a reality, according to Mr. Werfel’s latest remarks on Sept. 8.
“The nation relies on the IRS to collect funding for every critical government mission—from keeping our skies safe, our food safe and our homeland safe,” Mr. Werfel said.
“It’s critical that the agency addresses fundamental gaps in tax compliance that have grown during the last decade,” he added.
According to IRS estimates, taxpayers in America pay around 85 percent of the total taxes they owe, with the difference between what is owed and what is paid known as the tax gap. Between the years 2014 and 2016, the IRS estimated that the annual tax gap was around $496 billion.
Treasury said in a note (pdf) on the IRS’ strategic operating plan that a lack of modern digital tools had negatively impacted various aspects of the IRS’ operations and that the agency would see its technology continue to be improved in the years to come in part to help enforce tax laws.
More Details of New Enforcement Thrust
Besides expanding high-income and large partnership compliance, other key elements of the IRS’ new enforcement initiative include prioritizing digital assets, FBAR (Foreign Bank and Financial Accounts) violations, and labor brokers.
As part of the enforcement push, the IRS is expanding its Digital Assets Compliance Campaign, targeting taxpayers involved in digital currency transactions. The move comes in the wake of last month’s release of proposed regulations regarding broker reporting for digital assets.
“We need to make sure digital assets are not used to hide taxable income, and the proposed regulations are designed to provide a clearer line of sight into activities by high-income people as well as others using them,” Mr. Werfel said in an Aug. 25 press release.
The IRS said Friday that initial reviews of taxpayer compliance in the digital currency sector have raised concerns, with a potential non-compliance rate as high as 75 percent among taxpayers identified through record production from digital currency exchanges.
Accordingly, the agency is looking to increase the number of digital asset cases it develops for compliance work going forward.
Also, the IRS is turning its attention towards FBAR violations, especially among high-income taxpayers.
Under current regulations, U.S. individuals with a financial interest in foreign financial accounts exceeding $10,000 must file an FBAR to disclose their holdings and related taxes.
Recent IRS analysis of multi-year filing patterns has identified hundreds of potential FBAR non-filers, many of whom maintain account balances averaging over $1.4 million.
The IRS said it has also identified a concerning trend in the construction industry, where some contractors make payments to apparent subcontractors through “shell” companies that lack legitimate business relationships.
To tackle this issue, the IRS plans to expand its scrutiny in this area with a combination of civil audits and criminal investigations.
While the IRS’ new enforcement plan makes no mention of additional staffing, the $60 billion in extra funding has already bolstered the IRS’ ranks substantially, with hiring up around 13 percent over the past year, hitting a decade-high of nearly 90,000 employees.
The IRS has said earlier it plans to hire 20,000 people over the next two years, with around one-third of them earmarked for tax enforcement
An impeachment inquiry looms and the shrieks of outrage are beginning.
The Left is now suddenly voicing warnings that those who recently undermined the system could be targeted by their own legacies.
So, for example, now we read why impeachment is suddenly a dangerous gambit.
True, the Founders did not envision impeaching a first-term president the moment he lost his House majority. Nor did they imagine impeaching a president twice. And they certainly did not anticipate trying an ex-president in the Senate as a private citizen.
In modern times, the nation has not rushed to impeach a president without a special counsel investigation to determine whether the chief executive was guilty of “Treason, Bribery, or other high Crimes and Misdemeanors.”
But thanks to the Democrats, recent impeachments now have destroyed all those guardrails. After all, Trump was impeached the first time on the fumes of an exhaustive but fruitless 22-month, $40 million special counsel investigation—one designed to find him guilty of Russian “collusion” and thus to be removed from office but found no actionable offenses at all.
Instead, dejected Democrats moved immediately for a second try. In September 2019 a few weeks after Trump had announced his 2020 reelection bid, the Democratic House began to impeach the president on the new grounds that he had talked to the President Zelensky of Ukraine and said he might delay offensive arms shipments—unless the Ukrainians could demonstrate that they had ended corruption and, in particular, were no longer influenced by the Biden family quid pro quo shakedowns.
Trump was proven right: the Biden family is not just corrupt, but, in particular, Joe Biden as head of the family and Vice President had intervened in the internal politics of an aid recipient, by threatening not to delay but rather to cancel outright all U.S. aid to Ukraine—unless it fired Viktor Shokin, a Ukrainian prosecutor.
Shokin was then looking into the misadventures of Biden’s son Hunter, and why the Vice President’s imbecilic son was receiving lucrative compensation on the boards of a Ukrainian energy company Burisma, yet without any demonstrable expertise or education in matters of energy policy.
Since Trump was impeached, we now know that Joe Biden did lie that he had no connection with or even knowledge of his son’s business. And we know that the fired prosecutor believed the Bidens were recipients of bribes. We know that contrary to Biden’s assertions, he was not following State Department policy.
In contrast, the U.S. had, in fact, lauded Shokin’s efforts to repress corruption. In sum, Biden was undermining the stated policy of the U.S. government to protect his son’s—and his own—efforts to leverage money from Kyiv by monetizing the influence of his own Vice Presidency. In some sense, Biden was guilty of the very “treason” charge—altering U.S. foreign policy for personal benefit—by which Rep. Adam Schiff had earlier falsely accused Trump.
Given that reality, it is easy to argue that the House impeached Donald Trump in 2019 for crimes that he did not commit, but which the current president Joe Biden most certainly had during his Vice Presidency.
But weaponizing impeachment is just one baleful legacy of the Left.
There are plenty more of their own precedents that Leftists now would not wish to have applied to themselves:
Will the next president have the FBI pay social media censors to suppress the dissemination of any news it feels is unhelpful to the reelection of a Republican president?
Is it OK now for the next Vice President to invite his son onto Air Force Two to cement multimillion dollars deals that benefit both, with Chinese, Russian, and Ukrainian oligarchs who enjoy government ties?
Should a conservative billionaire stealthily insert $419 million late in the 2024 campaign to absorb the work of registrars in key voting precincts?
If a Democratic president wins the 2024 election should conservative groups riot at the Capitol on Inauguration Day? Should a conservative celebrity yell out to the assembled crowd of protestors that she dreams of blowing up the White House? And if a Republican wins, should he prosecute any Democratic rioters who once again swarm Washington on Inauguration Day and charge them with “insurrection,” meting out long prisons sentences to the convicted?
Is Joe Biden now vulnerable to being impeached for systematic family corruption, or using the Department of Justice to obstruct the prosecution of his son in his last days in office, and then being tried in the Senate as a private citizen?
If the Republicans gain the Senate, will they move to end the filibuster in agreement with Democratic assertions that it is “racist” and a “Jim Crow relic”?
If the midwestern Electoral College “Blue Wall” seems to reappear, or if Georgia, Arizona, and Nevada recreate new blue walls, will there be a conservative effort to end the constitutionally mandated Electoral College?
If in 2024 there is a narrow Democratic win in the Electoral College, should conservative celebrities conspire to run ads urging the electors to reject their constitutional duties and not vote in accordance with their state’s popular vote that went Democratic? Should a Republican third-party candidate sue to stop a state’s selection of its electors on grounds the voting machines were rigged?
If Supreme Court decisions begin to appear to favor the left, will Republicans talk of packing the court, or have the DOJ turn a blind eye when mobs began to swarm the homes of liberal justices? Should the conservative media go after liberal judges with serial accusations of corruption? Should the Republican Senate leader assemble a mob of pro-life protestors at the doors of the court and call out Justices Sotomayor or Jackson by name, with threats that they will soon reap the whirlwind they have sowed, given they have no idea of what is about to “hit” them? Should conservative legal scholars urge the country to ignore Supreme Court decisions deemed liberal?
Will local prosecutors in red jurisdictions begin filing criminal charges against leading Democratic candidates on various charges, among them accusations of old inflated real estate assessments, campaign finance laws, questioning ballot results, or taking classified documents home? If Joe Biden or Hillary Clinton were to run in 2024, will their past illicit behavior gain the attention of a city or state attorney in Utah, West Virginia, or Wyoming?
If Joe Biden continues to decline at his present rate, will Republicans demand he be given the Montreal Cognitive Assessment? Will they subpoena Ivy League psychiatrists to testify that an intervention is needed to remove him from office? And will an FBI director and a deputy Attorney General plan to wear wires, and record Biden in his private moments of senility, as a way of convincing the cabinet or Congress that he is demonstrably mentally unfit for office?
In the 2024 election, should the Republican nominee hire a foreign ex-spy to compile falsehoods about the Democratic opponent and then seed them among the media, and Department of Justice? Should the FBI hire such a Republican contractor and likewise use him to gather dirt on the Democratic nominee?
If there appears incriminating evidence concerning a Republican nominee, should the FBI retrieve such evidence, keep it under wraps, lie about its veracity, and instead go along with media and ex-intelligence officers assertions that it is a fraudulent production of Russian intelligence?
Will conservative CIA and FBI directors, and the Director of National Intelligence be given exemptions from prosecutions for systematically lying while under oath in Congress or to federal investigators?
Will conservative celebrities ritually on social media, without fear of censorship, brag about ways of decapitating, shooting, stabbing, burning, or blowing up the Democratic nominee?
Since in many states the statues of limitations have not yet expired for arson, murder, assault, looting, and attacks on 1,500 police officers during the summer 2020 riots, will state prosecutors now begin identifying those 14,000 once arrested and mostly released, and begin refiling charges of conspiracy, racketeering—and “insurrection”?
Will they also file insurrection charges against those who torched a federal courthouse, a police precinct, and a historic Washington DC church, or conspired to riot and swarm the White House grounds in an effort to attack the President of the United States?
Will they file charges against Vice President Kamala Harris for “inciting” ongoing violent demonstrations with monotonous, emphatic, and repetitive threats in the weeks before her nomination? Contrary to liberal “fact checkers” at time of nationwide violence, Harris certainly did not distinguish violent from non-violent protests, but in fact implied that they were intimately tied to the upcoming election and beyond. So given the hundreds of police officers injured, the hundreds of millions in property damage, and the dozens killed, what exactly did Harris mean by tying that ongoing summer of often violent protests to Election Day?:
“But they’re not gonna stop. They’re not gonna stop, and this is a movement, I’m telling you. They’re not gonna stop, and everyone beware, because they’re not gonna stop. They’re not gonna stop before Election Day in November, and they’re not gonna stop after Election Day. Everyone should take note of that, on both levels, that they’re not going to let up — and they should not. And we should not.”
Was the above more or less inflammatory than Trump’s January 6 remarks for which in part he is under indictment:
“We fight like hell. And if you don’t fight like hell, you’re not going to have a country anymore…I know that everyone here will soon be marching over to the Capitol building to peacefully and patriotically make your voices heard”?
In sum, the Democratic leadership along with the media long ago deemed that Donald Trump posed such an existential threat to democracy that they were entitled to destroy democratic norms to destroy him.
Their actions were predicated on three assumptions: one, they had that right because they were more sophisticated, morally superior, and smarter than the rest of America and thus deserved the exemption to blow up customs and norms to achieve the “correct” ends; two, whatever damage they did to long-standing protocols of equal justice under the law paled in comparison to the damage that Trump supposedly would or did do; and three, their conservative opposition either lacked the wherewithal, the brains, or the audacity to emulate such behavior and thus there was no worry anyone would dare do to them what they did to others.
And now? For the first time, given recent polls, the Left is scared that a Republican House and perhaps soon a Republican Senate and White House might follow its own precedents, and use new leftwing guidelines to enact conservative agendas.
end
this should be good enough reason to believe now that job gains are non existent
(Brashers/EpochTimes)
Despite Federal Tax Hikes, Revenues Are Way Down – Here Are 5 Reasons Why
Just because the government raises taxes, doesn’t necessarily mean it will raise more revenues. The Biden administration is discovering that the hard way.
On paper, that adds up to more than $60 billion in tax hikes in 2023.
Yet, as of July 31, tax revenues are down almost $400 billion from the same time last year, representing a 13 percent drop in tax receipts—even larger after accounting for inflation.
It’s unusual for tax revenues to drop from one year to the next, as it’s happened only eight times since 1960. And only once in that 63-year period—from 2008 to 2009—did revenues fall by more than 7 percent.
It’s too early to fully account for why tax revenues are down in 2023. However, there are some factors that are clearly at work, even if it’s unclear how much of the drop in tax receipts each factor explains.
The following are five such factors.
1) Slow Economic Growth
Economic growth has cooled substantially over the past year and a half, leading to stagnant real incomes, which in turn have diminished income-tax and payroll-tax receipts.
Reduced capital gains taxes may especially be dragging down revenue collection. Stocks fell in 2022, and while most market indices recovered in 2023, dividend payouts and stock buybacks have dropped. Existing home sales have also tanked in 2023.
The slowdown in the U.S. economy can’t explain the full drop in tax receipts, though. At the start of the year, the Congressional Budget Office forecasted slow economic growth for 2023, but it only modeled a very slight decline in tax revenues compared with last year.
2) Explosion of Green Tax Credits
The Inflation Reduction Act carved a large hole out of the tax base for the crony green economy. While green companies have long enjoyed generous tax treatment, the 2022 law took things to another level.
Not only can companies in politically favored fields now avoid federal tax liability through nearly two dozen generous green tax credits, they can also sell many of the tax credits they accrue to other companies, giving many green companies negative effective tax rates.
When the legislation was debated and passed, official estimates suggested that the bill’s tax hikes would more than offset these green carve-outs. There was reason to be skeptical even then. And sure enough, more recent estimates show that the green tax credits will ultimately cost two to four times what government forecasters led the public to believe, possibly carrying a price tag of a trillion dollars or more over a decade.
3) IRS Regulatory Activism
Part of the explosion of green tax credits was predictable. Some companies will chase government subsidies like children going after candy thrown at a parade.
But the IRS and the Biden administration have also been playing fast and loose with regulatory interpretations of the new tax provisions. By devising expansive definitions for certain terms written in the statute, the IRS has greatly expanded the size of some of the green tax credits.
In one of numerous egregious examples, the IRS wrote regulations that allow foreign vehicles to circumvent strict domestic-production and battery-content requirements by defining “commercial vehicles” to include any vehicles that are leased, including to consumers.
Because of this regulatory workaround, leases now account for a nearly 500 percent larger share of electric vehicle sales than they did last year, despite the recent spike in interest rates.
4) COVID-19-Era Employee Retention Credits
If you’ve listened to the radio, watched television, browsed the internet, or answered a call from an unknown telephone number in the past year or two, chances are you’ve come across marketing for the employee retention credit (ERC).
The ERC is a refundable federal tax credit that was created in March 2020. It was designed to pay certain employers whose businesses were disrupted by government shutdowns if they kept employees on payroll.
While it may have been well-intended, implementation of the ERC has proven disastrous, delivering more fraud and abuse than the pandemic relief it was meant to provide.
Despite paying out as much as $20,000 per employee, the initial take-up of the ERC was light in 2020—the time when businesses were most impacted by onerous government shutdowns. Then in 2021, Congress made the ERC more generous, paying up to $26,000 per employee while expanding eligibility.
Meanwhile, across the country, a cottage industry of ERC mills formed, companies created solely to market and churn out ERC claims. In many cases, these companies fraudulently persuade small businesses they qualify for the credit, setting them up for IRS disputes down the road.
Even though the ERC expired after 2021, claims have since skyrocketed, with ERC companies pushing businesses to file forms to retroactively change prior tax filings.
The IRS paid out about $10.9 billion on about 120,000 ERC claims through 2020, the period during which it was originally intended to provide relief. But through July of this year, it had processed well over 1 million claims, paying out an estimated $220 billion so far, with an additional half-million unprocessed claims in the backlog.
More ERC claims continue to pour in even now, long after the pandemic.
Instead of a lifeline to help businesses survive the shutdowns, the ERC increasingly looks like a bungled and belated giveaway to the businesses the government didn’t kill.
5) Flaws in Budget-Scoring Process
The Joint Committee on Taxation and the Congressional Budget Office produce budget scores of significant tax and spending legislation. In theory, these agencies’ analyses should be tools that help lawmakers write fiscally responsible laws.
But the budget models are far from perfect. Because they don’t account for economic growth, they’re biased against legislation that would grow the economy and in favor of spending bills that pay people not to work.
Meanwhile, lawmakers game the system, using gimmicks to claim artificial deficit reduction on bills that clearly do the opposite.
How do they do this? By not spending money they were never actually going to spend.
Next, they can use the buy-now-pay-later method: Front-load government handouts in the years when they’re expecting to be in office and back-loading the spending cuts and tax increases for future lawmakers to deal with.
This is how the White House and members of Congress can claim credit for a quarter of a trillion dollars of “deficit reduction” from the Inflation Reduction Act and $1.5 trillion from the recently passed Fiscal Responsibility Act, even as the deficit has doubled since last year.
A Sea of Debt
Congress and the White House are spending at a breakneck pace, and now tax revenues have fallen significantly as generous tax credits and a slowing economy outweigh the revenues from Biden’s economically harmful new taxes.
The net result is that Washington is burying Americans under a sea of debt.
In four short years, lawmakers have managed to add $80,000 of debt per U.S. household, and the budget picture looks much, much darker ahead.
Politicians’ gimmicks won’t change the fact that the American middle class will be the ones left to pay history’s largest tab, run up by D.C. lawmakers on your behalf.
US Real Household Incomes Slide For 3rd Year In A Row As White Incomes Tumble; Blacks, Hispanics Gain
TUESDAY, SEP 12, 2023 – 02:25 PM
Regular readers are aware that life for middle-class Americans under the Biden administration has been a constant – and consistent – descent into economic hell, courtesy of real incomes declining every single month since the end of the Trump administration, when inflation exploded wiping out all nominal wage gains since 2020.
Today, the Census Bureau made sure that everyone else knows as well, when it reported that inflation-adjusted household incomes in the US decreased 2.3% in 2022 from a year earlier, the third year in a row of declining real incomes, highlighting the toll surging cost of living is extracting on American families, a near-record number of whom are forced to take multiple jobs just to make ends meet.
The median income last year was $74,580 compared with $76,330 in 2021, $76,660 in 2020 and $78,250 in 2019 (the all-time high hit during the Trump administration), according to the Census Bureau’s annual report on income, poverty and health insurance coverage.
Tuesday’s data cements the devastating legacy of the economic farce known as “Bidenomics”, where an explosive surge in inflation and debt have not only crushed real incomes and crippled what’s left of America’s middle class, but the resulting $33 trillion in debt has doomed future generations of Americans and triggered the beginning of the end of the US dollar as the world’s reserve currency.
But wait, there’s more, because like everything else under the Biden administration’s favorite trope of divisive identity politics, race had a huge impact on the latest household income numbers too. See if you can spot it from the chart below.
Don’t see it? Maybe this version will make it more obvious:
If it’s still unclear, while median real incomes for Black and Hispanic households rose modestly, those of White Americans saw one of their biggest drops in recent history. This is how the Census Bureau described it:
White and non-Hispanic White households experienced a decrease in real median income between 2021 and 2022 (3.5 percent and 3.6 percent, respectively). The real median incomes for Black, Asian, and Hispanic households were not statistically different from 2021. Asian households had the highest median income ($108,700) in 2022, followed by non-Hispanic Whites ($81,060) and Hispanics ($62,800). Black households had the lowest median income ($52,860).
The real median incomes of different groups can be compared by calculating the ratio of the median income of a specific group to the median income of non-Hispanic White households. For 2022, the ratio of Asian to non-Hispanic White household income was 1.34. In other words, the median income for Asian households was 1.34 times higher than the median income for non-Hispanic White households. This ratio was not statistically different from 2021. The ratio to non-Hispanic White households increased in 2022 for both Black and Hispanic households, from 0.62 to 0.65 and 0.74 to 0.77, respectively. This means that the gaps in median income between these groups and non-Hispanic White households decreased.
There was another surprise in the data: readers may recall that since the covid crash, it has been just foreign-born workers that have seen job gains, while native-born workers have been stagnant at best; in August, this trend blew up with 1.2 million native-born workers losing their jobs and replaced by 668K foreign-born workers.
Not surprisingly, this divergence between a labor market that is extremely hospitable to foreign-born workers and hostile to domestic-born workers has also extended to incomes, with native-born households watching their inflation-adjusted incomes sliding 2.5% in 2022, while foreign-born workers saw a modest 0.2% increase.
There is much more in the full report, and none of it is even remotely supportive of the lie that Bidenomics has been a success. No matter how one spins the data, one thing is clear: the standard of living of most Americans – and especially white, middle-class households – has deteriorated every year under Biden, offset by tiny improvements for Hispanics and Blacks. Almost as if that has been the agenda of Biden’s puppetmasters all along…
end
USA// COVID//VACCINE/
end
SWAMP STORIES
This ought to be fun!
(zerohedge)
McCarthy Launches Biden Impeachment Inquiry
TUESDAY, SEP 12, 2023 – 11:28 AM
Update (1127ET): That didn’t take long…
House Speaker Kevin McCarthy on Tuesday announced that the House will open an impeachment inquiry into President Joe Biden over a variety of alleged crimes, skipping a formal House vote he had previously teased.
According to McCarthy, Reps. James Comer and Jim Jordan will spearhead it.
“Biden used his official office to coordinate with Hunter Biden’s business partners, about Hunter’s role in Burisma – the Ukrainian energy company,” said McCarthy, adding “it appears that the president’s family has been offered special treatment by Biden’s own administration.”
Senate RINOs are downplaying an impeachment inquiry against perhaps the most corrupt president in US history, citing a ‘distraction’ from 2024 election issues such as the economy and border security.
In truth, they’re nothing more than uniparty shills protecting their preferred candidate at any cost against the return of the highly disruptive Orange Man Bad.
“It really comes to how do you prioritize your time? I don’t know of anybody who believes Chuck Schumer (D-NY) will take it up and actually have a trial and convict a sitting president,” said Sen. John Cornyn (R-TX) a member of the Senate GOP leadership team, in a comment to The Hill, adding that House Republicans can already investigate Biden without launching a formal impeachment inquiry.
“Since they got the majority, they got the chairmen of the various committees, they could do all of that now without going to a formal inquiry,” he continued. “Members of the House don’t really care what I think. All I can tell you, it’s unlikely to be successful in the Senate.
“Rather than doing something they know is unlikely to end the way they would like, maybe they want to emphasize other things.”
Cornyn was joined by GOP Whip John Thune (SD) and Marco Rubio (FL), the latter of whom suggested that attempting to impeach Biden would be frivolous, and “should generally be avoided for the interest of the country.”
“It can’t become routine,” Rubio continued, adding “There are countries like Peru that routinely now impeach whoever the president is, and it’s become almost a national sport.”
Yes Marco, the sitting US President is suspected of taking bribes from a Ukrainian oligarch in exchange for abusing his position as then-VP, and his son – with no practicable skills in any art – appears to have been his family’s international bag man for more of the same, but let’s not make this into a ‘national sport.’
Rep. Ken Buck (R-CO), a member of the House Freedom Caucus, also downplayed impeachment – telling former Biden spox and MSNBC host Jen Psaki “The time for impeachment is the time when there’s evidence linking President Biden — if there’s evidence linking President Biden to a high crime or misdemeanor. That doesn’t exist right now.”
In short:
Speaking of circling wagons:
McCarthy changes tune?
On Tuesday, Axios reported that Speaker McCarthy plans to tell Republicans on Thursday that the House does have enough evidence to justify launching an impeachment inquiry into Biden.
McCarthy is expected to tell House Republicans in a closed-door meeting that the House Oversight and House Judiciary Committee investigations are at the point where an inquiry is the “logical next step,” Punchbowl News reports.
The current investigations delve into the business dealings of Biden’s son Hunter.
Launching a formal probe would give them added subpoena powers, McCarthy said in August.
McCarthy has balked at launching an impeachment inquiry by himself – as former Speaker Nancy Pelosi (D-CA) unilaterally launched against Trump, and has instead said he would toss the decision to a divided house full of uniparty loyalists, leading Rep. Matt Gaetz (R-FL) to threaten a vote to fire McCarthy.
correction: Matt Gaetz was incorrectly identified as a California lawmaker. We regret the error.
The yen soared and Japan’s 10-year note (JGB) hit a 0.71% yield for the first time since 2014 due to Ueda’s hawkish comment. Bonds declined globally on the report.
China’s yuan rallied 1% after the PBoC said China’s financial regulators would take action to boost the yuan from its 16-year low. “Participants of the foreign-exchange market should voluntarily maintain a stable market… and resolutely avoid behaviors that disturb market orders such as conducting speculative trades.” Also boosting the yuan: China reported that credit expanded more than expected in August.
Tesla rallied as much as 10.5%. Morgan Stanley analyst Adam Jonas predicted that Tesla’s Dojo supercomputer could add as much as $500B to the company’s market value due to faster adoption of robotaxis and network services. NB: Nvidia sank as much as 2.8% while Tesla soared! Hmmm
Tesla (TSLA) stock surges from optimistic look at Dojo supercomputer Morgan Stanley analyst Adam Jonas wrote in the note: Tesla has developed an advanced supercomputing architecture that pushes new boundaries in custom silicon and may put Tesla at an asymmetric advantage in a $10 trillion total addressable market. The analyst argued that Dojo alone could add about $500 billion in value to the company… https://electrek.co/2023/09/11/tesla-tsla-stock-surges-optimistic-dojo-supercomputer/
ESUs traded modestly higher, but flat from the Nikkei opening until the Japanese and Chinese verbal currency intervention appeared. Then ESUs and stocks commenced a robust rally that persisted until 3:44 ET. After a 10-handle ESU decline that ended near 5 ET, ESUs and stocks went flat again.
After the 8 ET US bond market opening, ESUs and stocks soared on Tesla, the usual Pump & Dump buying, and traders getting long for the Monday Rally. ESU soared to a daily high of 4543.50 at 9:34 ET. The dump commenced early; ESUs sank to 4519.50 by 11:00 ET. The rally for the 11:30 ET European close morphed into a Noon Balloon that transitioned into the afternoon rally.
The momentum peak appeared at 13:36 ET. ESUs and stocks then inched higher until 15:24 ET. ESUs then rolled over and declined 7 handles by 15:55 ET. ESUs advanced four handles into the close.
@Schuldensuehner: JPM’s Dimon doesn’t find fixed income attractive despite the rise in rates: “I would not be a buyer of Treasuries at 4.2%, nor would I be a buyer of credit spreads at these spread levels,” Dimon said at the Barclays conf. He wouldn’t be surprised to see 10yr Treasury yields at 5.5% or oil at $120-150. JPM’s Jamie Dimon at Barclays Investor Conference: “I wouldn’t be a big buyer of bank stocks” (he made the comment not in the light of the collapse of the Citi share BUT in the context of onerous and inchoate regulations, making the point that regulators are making the industry uninvestable). https://twitter.com/Schuldensuehner/status/1701323637695955181
Positive aspects of previous session. Japanese and Chinese verbal forex intervention aided & abetted the usual Monday Rally Tesla soared on a MS tout, which led Fangs higher
Negative aspects of previous session Gasoline rallied sharply, again; bonds declined globally Despite the rally, action remained uninspiring What is wrong with Nvidia? Is there substance to some pundits’ allegations about CW?
Ambiguous aspects of previous session Will the BLS manage the August CPI Report?
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]: 4482.04 Previous session S&P 500 Index High/Low: 4490.77; 4467.89
@michaelpsenger: 2019: When asked how to prevent getting sick, Fauci explicitly advises to “avoid all the paranoid aspects” such as “wearing a mask” and social distancing, and to instead “do something positive” like diet and exercise. Funny how this slipped his memory. https://twitter.com/michaelpsenger/status/1701260372047761648
US makes deal with Iran to swap prisoners and release $6 billion in frozen Iranian funds – AP (Team Obama continues its fawning appeasement of Iran.)
CNN’s @halbritz: “Today the intelligence couldn’t be clearer. Whatever its actual intentions maybe I could not say, but China is preparing for a war and specifically for a war with the United States,” AF Secretary Frank Kendall says at AFA this morning.
Today – The usual intraday ESU/equity patterns are likely to appear, barring unexpected news. However, CPI of 0.6% m/m are 3.6% y/y are expected. Based on the crafted economic data of the past few years, don’t be surprised if the BLS constructs a more benign CPI than warranted. It can be revised later!
Apple gained only 0.66% ahead of today’s introduction ofthe iPhone 15 at 13:00 ET. Apple’s high on 9/5 was 189.98; it closed at 179.36 yesterday. Traders tend to buy APPL into events and then dump during or after the event depending on the products’ reviews. Apple’s recent decline is a bad omen.
The S&P 500 Index closed at 4483.46; the high was 4490.77. Bulls want to push the index through 4500 to incite momentum buying. If the index struggles at 4500 or reverses after breaching 4500, spirited selling could develop. ESUs are -7.75 and USUs are -5/32 at 20:40 ET.
Expected economic data: Aug Small Business Optimism 91.5
S&P 500 Index 50-day MA: 4480; 100-day MA: 4350; 150-day MA: 4245; 200-day MA: 4173 DJIA 50-day MA: 34,797; 100-day MA: 35,206; 150-day MA: 33,838; 200-day MA: 33,795 (Green is positive slope; Red is negative slope)
S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 3814.46 triggers a sell signal Weekly: Trender and MACD are negative – a close above 4586.76 triggers a buy signal Daily: Trender and MACD are positive – a close below 4431.22 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4457.93 triggers a sell signal
@RNCResearch: Biden opens his 9/11 remarks in Alaska: “The governor and I have something in common: we’re both from Scranton, Pennsylvania. I wish I had him playing on my high school ball club when I was playing. I could’ve been an All-American.” (All-American is a collegiate honor.) https://twitter.com/RNCResearch/status/1701332784349147508
@RNCResearch: BIDEN: “Ground Zero in New York — I remember standing there the next day and looking at the building. I felt like I was looking through the gates of hell.” On September 12, 2001, Biden was in Washington, D.C., for a Senate session. https://twitter.com/RNCResearch/status/1701345112968901101
@RealSpikeCohen: This man’s name is Rick Rescorla. 22 years ago today, Rick disobeyed orders, and saved 2700 lives. Rick was the head of security for Morgan Stanley in the South Tower of the World Trade Center. He warned that the Towers’ basements were vulnerable to attack… When the first plane hit the North Tower, the Port Authority announced over the South Tower’s speaker system “Please do not leave the building. This area is secure.” Rick ignored them. “The dumb sons of b——s told me not to evacuate,” he said to his best friend Dan. “They said it’s just Building One. I told them I’m getting my people the f–k out of here.”… Once he had successfully evacuated his employees, Rick went back to look for survivors. But first, he called his wife Susan… Rick rushed back to the South Tower. That was the last time anyone saw him alive. All but 6 of the more than 2700 Morgan Stanley employees survived. Had they obeyed the Port Authority, they would all be dead… https://twitter.com/RealSpikeCohen/status/1701192725851173171
Was 9/11 the Beginning of the End of the American Empire? It spawned the worst and most destructive foreign policy in the country’s history. The government response to 9/11 birthed the constitutional abomination that is the modern warrantless surveillance state. The Patriot Act enabled the government to weaponize its vast resources against its own people. Bush’s failed foreign policy led to directly to Obama’s presidency, and indirectly to Biden’s, both of which are responsible for diminishing the U.S. at home and abroad, militarily and economically. After two failed forever wars that wouldn’t have happened without 9/11, our government is now desperately trying to foment potentially nuclear forever war against Russia. Meanwhile, all the massive surveillance powers claimed by the U.S. after 9/11 are being ruthlessly deployed against American political enemies of the regime via the most insidious censorship-industrial complex the world has ever seen. And then there’s the crippling legacy of debt enabled by America’s response to 9/11. Not content to spend trillions on poorly thought out invasions of Iraq and Afghanistan, our leaders spent as thoughtlessly at home, creating insane amounts of new entitlements, while doing nothing to put the country on a sound financial footing. And where are we today? The ruling political party is criminalizing its opposition and attempting to throw its top political opponent and his supporters in prison, all under the guise of “democracy.” We generally remember 9/11 as the day that the towers came down. I wonder if historians will look back on it as the day that America started to fall. https://thefederalist.com/2023/09/11/was-9-11-the-beginning-of-the-end-of-the-american-empire/
GOP Rep @mattgaetz: Never Forget that a Saudi intelligence officer provided material support to the hijackers. And our own government spent years covering it up.
@JackPosobiec: Did You Know: The 28 Pages show that two 9/11 hijackers tied to Saudi intelligence rented a room from an FBI informant in California before the 2001 attacks. The Director of the FBI kept this covered up for years. His name? Robert Mueller
Inside the forgotten third World Trade building occupied by CIA that burned down on 9/11 World Trade Center 7… Astonishingly, this skyscraper had not been struck by an airplane, and fires raged on only a few of its floors. The reason behind its collapse has long been a subject of contention, with many questioning the official narrative… On the condition of anonymity, sources told CBS, that intelligence officials had lost a trove of secret documents and crucial intelligence reports stored at the station — either on paper or in computers… According to their findings, the building succumbed to the intense heat of fires ignited by debris from the nearby North Tower collapse. This explanation, however, failed to satisfy a group of engineers and architects who have sought the truth. Enter the Architects & Engineers for 9/11 Truth (AE911T), a coalition of over 3,000 professionals, including scientists, engineers, and architects, who have dedicated themselves to uncovering the facts…The UAF study challenges NIST’s conclusions, suggesting that the collapse of Building 7 was a “near-simultaneous failure of every column in the building.” This contradicts NIST’s assertion that fire weakened the steel supports, causing them to fail and the building to collapse… https://nypost.com/2023/09/11/inside-the-forgotten-wtc-building-that-burned-down-on-9-11/
9/11 remains troubling for us. We lost several friends and clients. In fact, we were on the phone with a client when a plane hit; he didn’t make it out. And he had a young family. Other friends/clients had pregnant wives. Our clearing firm was in the WTC. The survivors had difficulties for years. A family friend from our parish was on the first flight that hit the WTC. He had five children. We worked in the WTC and stayed in the Vista Hotel for weeks after our relocation to the area.
NYT Columnist: ‘Decrepit-Seeming’ Joe Biden Is So Unpopular ‘He Could Easily Lose to Donald Trump’ – Maybe the big problem is just simmering anxiety about Biden’s age. Maybe his poll numbers dipped first in the Afghanistan crisis because it showcased the public absenteeism that often characterizes his presidency. Maybe some voters now just assume that a vote for Biden is a vote for the hapless Kamala Harris. Maybe there’s just a vigor premium in presidential campaigns… https://www.breitbart.com/2024-election/2023/09/11/nyt-columnist-decrepit-seeming-joe-biden-so-unpopular-could-easily-lose-to-donald-trump/
AM1987.82
COVID Intel – by Dr.William Makis
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