Shanghai Gold Benchmark Price

USD oz AM2014.57

PM1985.03

Historical SGE Fix

premium $122,00

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Bitcoin morning price:, $28313 UP 1364 Dollars

Bitcoin: afternoon price: $27,804 UP 856 dollars

Platinum price closing $882.20 DOWN $23.90

Palladium price; $1208.15 DOWN $63.60

END

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

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

CANADIAN GOLD: $2,500.25 DOWN 9.70 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1512.82 DOWN 2,83 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1744.88 DOWN 3.80 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: OCTOBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,848.100000000 USD
INTENT DATE: 09/29/2023 DELIVERY DATE: 10/03/2023
FIRM ORG FIRM NAME ISSUED STOPPED

323 C HSBC 299
323 H HSBC 1100
357 C WEDBUSH 337
363 H WELLS FARGO SEC 271
435 H SCOTIA CAPITAL 18
624 H BOFA SECURITIES 519
657 C MORGAN STANLEY 456
657 H MORGAN STANLEY 85
661 C JP MORGAN 18 155
661 H JP MORGAN 244
690 C ABN AMRO 11
700 C UBS 378
726 C CUNNINGHAM COM 5 5
737 C ADVANTAGE 39 52
880 H CITIGROUP 996
905 C ADM 4 6

TOTAL: 2,499 2,499

JPMorgan stopped 399/2499 contracts.

FOR OCT.:

GOLD: NUMBER OF NOTICES FILED FOR OCT/2023. CONTRACT: 2499 NOTICES FOR 249900 OZ or 7.7729 TONNES

total notices so far: 5836 contracts for 583,600 oz (18.152 tonnes)

FOR OCT:

SILVER NOTICES:26 NOTICE(S) FILED FOR 130,000 OZ/

total number of notices filed so far this month : 150 for 750,000 oz

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END

GLD

WITH GOLD DOWN $19.35

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / NO CHANGES IN GOLD INVENTORY AT THE GLD//

INVENTORY RESTS AT 873.64 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 98 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV: :

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 441.883 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY STRONG SIZED 650 CONTRACTS TO 127,882 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.28 LOSS IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A GIGANTIC SIZED 1877 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 FRIDAY NIGHT: 1877 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.28). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A GIGANTIC SIZED GAIN OF 1425 OI CONTRACTS ON OUR TWO EXCHANGES.

WE MUST HAVE HAD:

A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 775 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.530 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 5,000 OZ E.F.P. TO LONDON/HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1877 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 673 CONTRACTS

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

TOTAL CONTRACTS for 20 days, total 14,541 contracts: OR 72.705 MILLION OZ (727 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 72.705 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: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE

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

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

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 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: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT:

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 650 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.28 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 775 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 SMALL INITIAL SILVER OZ STANDING FOR SEPT OF 1.532 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ E.F.P. TRANSFER TO LONDON /// WE HAVE A GIGANTIC SIZED GAIN OF 2098 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA GIGANTIC SIZED 1877 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION. THE NEW TAS ISSUANCE FRIDAY NIGHT (1877) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 26 NOTICE(S) FILED TODAY FOR 130,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 5629 CONTRACTS TO 432,570 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: – REMOVED: –6 CONTRACTS

WE HAD A GOOD SIZED INCREASE IN COMEX OI ( 5629 CONTRACTS) DESPITE OUR $11.15 LOSS IN PRICE//FRIDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 16.562 TONNES ON FIRST DAY NOTICE + /A STRONG (AND CRIMINAL) ISSUANCE OF 3484 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $11.15 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING.WE HAD A VERY STRONG SIZED GAIN OF 10,793 OI CONTRACTS (32.570 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 5164 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 432,570

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,793 CONTRACTS WITH 5629 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 5164 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 10,793 CONTRACTS OR 33.570 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG 3484 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5164 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (5629) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 10,793 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR OCT. AT 16.562 TONNES FOLLOWED BY TODAY’S 112100 OZ QUEUE JUMP//NEW STANDING 20.049 TONNES// /// 3) ZERO LONG LIQUIDATION BUT CONSIDERABLE TAS LIQUIDATION DURING THE COMEX SESSION //4) STRONG SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 3484 CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

OCT

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: 81,889 CONTRACTS OR 8,188,900 OZ OR 254.709 TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING: 4095 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 20 TRADING DAY(S) IN TONNES 254.709 TONNES

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

THUS EFP TRANSFERS REPRESENTS 254.709/3550 x 100% TONNES 7.18% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:. 276.50 TONNES (STRONG AGAIN/

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

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC. 175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH/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: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT.

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 STRONG SIZED 650 CONTRACTS OI TO 128,555 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A FAIR 775 CONTRACTS

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

DEC 775 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 775 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 650 CONTRACTS AND ADD TO THE 775 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1425 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 7.125 MILLION OZ

OCCURRED DESPITE OUR HUGE $0.28 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

MONDAY MORNING//SUNDAY NIGHT

SHANGHAI CLOSED //Hang Seng CLOSED /The Nikkei CLOSED DOWN 97.74 PTS OR 0.31% //Australia’s all ordinaries CLOSED DOWN 0.20 % /Chinese yuan (ONSHORE) closed /OFFSHORE CHINESE YUAN 7.3017 /Oil DOWN TO 91.15 dollars per barrel for WTI and BRENT DOWN AT 92.77 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING XXX AGAINST US DOLLAR/OFFSHORE XX

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 5629 CONTRACTS TO 432,570 DESPITE OUR STRONG LOSS IN PRICE OF $11.15 ON FRIDAY.

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 5164 EFP CONTRACTS WERE ISSUED: : DEC 5164 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5164 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 10,793 CONTRACTS IN THAT 5164 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 5629 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $11.15//FRIDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A STRONG 3484 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: OCT (16.562) ( 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: 15.281 TONNES FINAL

OCT.16.562 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $11.15) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS STRANGELY WE HAD A VERY STRONG GAIN OF 10,793 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION ON THE FRONT END OF FRIDAY’S TRADING. THE T.A.S. ISSUED ON FRIDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 33.589 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR OCT. (16.562 TONNES) ON FIRST DAY NOTICE ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $11.15.

WE HAD – REMOVED 6 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 10,793 CONTRACTS OR 1,079,300 OZ OR 33.570 TONNES.

Estimated gold volume today:// 190,567 poor/raid

final gold volumes/yesterday 257,449 fair/raid

//speculators have left the gold arena

//OCT 2/ /// THE OCT. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	385.712. OZ JPMORGAN 12 kilobars .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	2499 notice(s) 249,900 OZ 7.7729 TONNES
No of oz to be served (notices)	610 contracts 61,000 oz 1.897 TONNES
Total monthly oz gold served (contracts) so far this month	5836 notices 583,600 OZ 18.152 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: 0 oz

customer deposits: 0

total customer deposits: 0 oz

we had 1 customer withdrawal

i) Out of JPMorgan: 385.812 oz (12 kilobars)

total withdrawals 385.812. oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR OCT.

For the front month of OCTOBER we have an oi of 3109 contracts having LOST 2216 contracts. We had 3337 contracts filed on Friday, so we gained a whopping 1121 contracts or an additional 112,100 oz will stand for delivery in this active delivery month of October.

NOV GAINED 141 CONTRACTS to stand at 1061

December GAINED 5339 contracts down to 375,804 contracts.

We had 2499 contracts filed for today representing 249,900 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 18 notices were issued from their client or customer account. The total of all issuance by all participants equate to 2499 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 399 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 OCT. /2023. contract month, we take the total number of notices filed so far for the month (5836 x 100 oz ), to which we add the difference between the open interest for the front month of OCT. (3109 CONTRACTS) minus the number of notices served upon today 2499 x 100 oz per contract equals 644,600 OZ OR 20.049 TONNES the number of TONNES standing in this active month of OCT.

thus the INITIAL standings for gold for the OCT. contract month: No of notices filed so far (5836) x 100 oz + (3109) {OI for the front month} minus the number of notices served upon today (2499) x 100 oz) which equals 644,600 oz standing OR 20.049 TONNES

TOTAL COMEX GOLD STANDING: 20.049 TONNES WHICH IS HUGE FOR AN ACTIVE BUT GENERALLY WEAK DELIVERY MONTH. (OCT). Somebody is after a considerable amount of gold from the comex.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 oz

total pledged gold: 2,009,719.720 OZ 62.51 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 20,912,083.541 OZ

TOTAL REGISTERED GOLD 10,422,876.462 (324.195 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,489,207.179 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,413,157 OZ (REG GOLD- PLEDGED GOLD) 261.68 tonnes//dropping like a stone

END

SILVER/COMEX

OCT 2

//2023// THE OCT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	11,086.8413 oz CNT .
Deposits to the Dealer* Inventory*	nil
Deposits to the Customer Inventory	nil
No of oz served today (contracts)	26 CONTRACT(S) (130,000 OZ)
No of oz to be served (notices)	155 contracts (775,000 oz)
Total monthly oz silver served (contracts)	150 Contracts (750,000 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 0 oz

JPMorgan has a total silver weight: 136.236 million oz/270.331 million or 50.31%

Comex withdrawals 1

i) Out of CNT 11,085.841

total: 11,085.841 oz

adjustments: 0

TOTAL REGISTERED SILVER: 37.043 MILLION OZ//.TOTAL REG + ELIGIBLE. 270.331 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF OCT /2023 OI: 181 CONTRACTS HAVING LOST 125 CONTRACT(S). WE HAD 124 NOTICES FILED

ON FRIDAY, SO WE LOST ONE CONTRACT OR 5,000 OZ WAS E.F.P.d IMMEDIATELY TO LONDON TO TAKE DELIVERY OVER THERE.

NOVEMBER GAINED 61 CONTRACTS TO STAND AT 530

DEC.GAINED 168 CONTRACTS TO STAND AT 113,061 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 26 for 130,000 oz

Comex volumes// est. volume today 93,154 //huge/raid

Comex volume: confirmed yesterday 118,812 huge raid//

To calculate the number of silver ounces that will stand for delivery in OCT. we take the total number of notices filed for the month so far at 150 x 5,000 oz = 750,000 oz

to which we add the difference between the open interest for the front month of OCT (181) and the number of notices served upon today 26 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the OCT/2023 contract month: 150 (notices served so far) x 5000 oz + OI for the front month of OCT (181) – number of notices served upon today (36 )x 500 oz of silver standing for the OCT contract month equates to 1.525 million oz.

There are 37.043 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

OCT 2/WITH GOLD DOWN $19.35 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: LD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 29/WITH GOLD DOWN $11.15 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: LD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 28/WITH GOLD DOWN $13.45 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE WITHDRAWAL OF 4.88 TONNES OF GOLD OUT OF THE GLD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 26/WITH GOLD DOWN $XXX TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT 05 THE GLD/ : // //INVENTORY RESTS AT 878.52 TONNES

SEPT 26/WITH GOLD DOWN $13.40 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT 05 THE GLD/ : // //INVENTORY RESTS AT 878.52 TONNES

SEPT 22/WITH GOLD UP $5.70 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD/ : // //INVENTORY RESTS AT 878.83 TONNES

SEPT 21/WITH GOLD DOWN $25.60 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.58 TONNES OF GOLD FROM THE GLD/ : // //INVENTORY RESTS AT 878.25 TONNES

SEPT 19/WITH GOLD UP $0.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD : // //INVENTORY RESTS AT 880.217 TONNES

SEPT 18/WITH GOLD UP $8.40 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD : A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 880.217 TONNES

SEPT 15/WITH GOLD UP $13.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 1.055 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 879.70 TONNES

SEPT 14/WITH GOLD UP $1.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 4.63 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 882.01 TONNES

SEPT 13/WITH GOLD DOWN $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

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

GLD INVENTORY: 873.64 TONNES

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

OCT 2/WITH SILVER DOWN 98 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 441.883 MILLION OZ

SEPT 29/WITH SILVER DOWN 28 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF 0.183 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 441.883 MILLION OZ

SEPT 28/WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF 4.88 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 442.066 MILLION OZ

SEPT 27/WITH SILVER DOWN 20 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF .641 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 448.392 MILLION OZ

SEPT 26/WITH SILVER DOWN 20 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF .641 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 448.392 MILLION OZ

SEPT 22/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 449.492 MILLION OZ

SEPT 21/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 449,033 MILLION OZ

SEPT 19/WITH SILVER UP 0 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.1 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 449.033 MILLION OZ

SEPT 18/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 1.651 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 441.332 MILLION OZ

SEPT 15/WITH SILVER UP 37 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 2.31 MILLION OZ FROM THE SLV. : // /.////INVENTORY RESTS AT 439.681 MILLION OZ

SEPT 14/WITH SILVER DOWN 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: : // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 13/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1,009 MILLION OZ INTO THE SLV//: // /.////INVENTORY RESTS AT 440.736 MILLION OZ

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

CLOSING INVENTORY 441.883 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

https://www.zerohedge.com/markets/peter-schiff-fork-road

Peter Schiff: A Fork In The Road

MONDAY, OCT 02, 2023 – 09:25 AM

Via SchiffGold.com,

The markets seem to think that everything is fine. They believe the Fed has effectively beat price inflation and it can mop it up without crashing the economy. In his podcast, Peter Schiff said in reality the Fed is at a fork in the road, and there is an imminent disaster waiting no matter which way it goes. He also warned that the biggest crisis is the one nobody sees coming.

The bond selloff continued last week. With yields rising coupled with dollar strength, gold got clobbered, closing the week below $1,850. That represented about a 4% drop in the price last week. Gold stocks fared even worse with the GDX dropping about 8%.

Peter said that it wasn’t the move he would expect given what’s going on.

Although I understand it because you have so many people that don’t get what’s going on. They look at this rise in interest rates, and they look at persistent inflation, and I’m going to get to the economic news in a bit, but the news that came out again was consistent with more inflation and the Fed being higher for longer. And that narrative is what’s driving gold prices down.”

Peter said the market has this completely wrong.

This is all bullish for gold and it’s bearish for the dollar. It’s not a sign that the Fed is going to have to fight harder to win the fight against inflation. It’s a sign that the Fed has already lost the fight against inflation. It doesn’t matter if it fights harder. It can’t win. And in the meantime, if it keeps on fighting, it is going to collapse the economy.”

Every element of the economy will be subject to the collapse from governments, to corporations to individuals.

Everybody that’s been borrowing money for the past 15 years – there is going to be a crisis if the Fed keeps interest rates at this level or raises them.”

That’s the position the Fed is in, but the markets seem to think the Fed can manage it without collapsing everything.

But Peter said we’ve reached a fork in the highway.

The Fed has been able to successfully kick the can down the road, and we’ve now caught up with the can and there’s a fork in the road at this point. But no matter which direction the Fed kicks that can, there’s an imminent disaster waiting.”

Either the Fed keeps fighting inflation and causes an economic meltdown, or it tries to avoid the meltdown in the economy and the banking sector by pivoting and cutting rates. That would mean even more inflation.

They have to do one of these two things, but either way, there’s a disaster. There’s no policy choice this time, I think, where you don’t have an imminent disaster.”

The markets see rising interest rates and they are reacting based on their perception that it’s bearish for gold. Peter said the problem is they’re not looking beyond one move ahead.

They’re all playing checkers. I’m playing chess. I see this through to the checkmate. I know how this game is going to end. I know that ultimately, everything that is happening right now, is bullish for gold, and it’s bearish for the dollar.”

Peter said most of the mainstream people have no idea what’s right around the corner. These are the same people who had no idea that the 2008 financial crisis was right around the corner.

It’s the same people making the same mistakes.”

And he reminds us that the worst crisis is the one nobody sees coming.

Peter said he took advantage of the selloff and bought more gold stocks.

I’m happy that gold sold off because it gives me a chance to buy more gold stocks at a better price, and I think everybody else should be viewing it the same way. When this thing changes — when the people who don’t have any idea what’s about to happen find out, when they’re blindsided by what happens, then they’re going to be rushing to buy gold.”

end

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

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

Premiums still high in China for gold

(Reuters)

Chinese gold premiums ease but remain high

Submitted by admin on Fri, 2023-09-29 19:35Section: Daily Dispatches

Chinese Gold Demand Robust But Indian Buyers Unimpressed by Price Dip

By Rajendra Jadhav and Deep Kaushik Vakil
Reuters
Friday, September 29, 2023

Physical gold premiums eased slightly in top consumer China this week but remained elevated on high investor demand amid a broadly weaker yuan and economic worries, while lower prices in India failed to boost retail purchases.

Chinese dealers charged premiums of between $80 and $100 an ounce over global spot prices, compared with $60-$130 last week.

“That people are prepared to pay such a premium over the spot suggests there is a strong willingness to buy gold … but a lot of that incremental interest is coming from investment demand,” said John Reade, market strategist for Europe and Asia at the World Gold Council.

China’s gold imports via Hong Kong rebounded in August from the previous month, data showed on Tuesday, with the issuance of fresh quotas to local banks likely to boost shipments.

Bullion is seen as a safer asset for Chinese investors amid a weaker currency, troubled property sector and subdued stock market, Reade said.

Activity is expected to remain muted, with markets closed from Sept. 29 to Oct. 8 for public holidays in China. …

… For the remainder of the report:

https://www.reuters.com/article/asia-gold-demand/asia-gold-china-demand-robust-india-buyers-unimpressed-by-price-dip-idUKL4N3B5180

END

U.S. dollar share of world currency reserves stays flat in second quarter, IMF says

Submitted by admin on Sat, 2023-09-30 12:56Section: Daily Dispatches

By Gertrude Chavez-Dreyfuss
Reuters
Friday, September 29, 2023

NEW YORK — The U.S. dollar’s share of global currency reserves reported to the International Monetary Fund was 58.9% in the second quarter, unchanged from the first three months of the year, IMF data showed today.

Claims in U.S. dollars rose 0.8% to $6.576 trillion in the second quarter, but were down 1% from a year earlier

The euro’s share edged up slightly to 19.9% in the second quarter, from 19.8% the previous three months. Euro claims grew 1% in the quarter and increased 2% from a year earlier.

“The dollar is still the dominant currency in foreign exchange and international funding. Its share of over-the-counter FX transactions has remained remarkably stable,” wrote Michael Langham, emerging markets analyst at abrdn, in one of his latest pieces on the future of the U.S. currency’s influence.

But he pointed out the greenback’s share of currency reserves has been on a “gradual downward trend,” falling over 10 percentage points over the past 20 years. …

… For the remainder of the report:

https://www.reuters.com/markets/currencies/us-dollar-share-global-fx-reserves-stays-flat-q2-imf-2023-09-29/

end

Turk describes the connection between liberty and gold as money

Submitted by admin on Thu, 2023-09-28 22:33Section: Daily Dispatches

10:53p Thursday, September 28, 2023

Dear Friend of GATA and Gold:

Interviewed this week by Jon Little of the Silver Degen Club, GoldMoney founder and GATA consultant James Turk reminds us that liberty disappears when government removes gold from the monetary system, confiscates it from the people, and refuses to let them have their own independent money.

That’s the theme of Turk’s most recent book, “Money and Liberty: In the Pursuit of Happiness and the Theory of Natural Money”:

As you may have noticed, GATA long has maintained that the frequently incongruous action of the gold price has something to do with government’s resolve to discourage people from having their own independent money, money that is potentially not under government’s direct control.

The interview with Turk is 36 minutes long and can be viewed at YouTube here:

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

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:ORANGE JUICE

END

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

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

ONSHORE YUAN: CLOSED

OFFSHORE YUAN: UP TO 7.3017

SHANGHAI CLOSED

HANG SENG CLOSED

2. Nikkei closed DOWN 97.74 PTS OR 0.31 %

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 106.24 EURO FALLS TO 1.0533 DOWN 32 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.760 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.74/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 DOWN CHINESE ONSHORE YUAN: XX// OFFSHORE: XX

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.86430***/Italian 10 Yr bond yield DOWN to 4.747*** /SPAIN 10 YR BOND YIELD DOWN TO 3.938…**

3i Greek 10 year bond yield FALLS TO 4.307

3j Gold at $1836.15 silver at: 21.66 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 77 /100 roubles/dollar; ROUBLE AT 98.75//

3m oil into the 91 dollar handle for WTI and 92 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 149.74// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.760% 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 0.9146 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9633 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.631 UP 6 BASIS PTS…

USA 30 YR BOND YIELD: 4.742 UP 3 BASIS PTS/

USA 2 YR BOND YIELD: 5.102 UP 6 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.47…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 0 BASIS PTS AT 4.5160

end

2.a Overnight: Newsquawk and Zero hedge:

USA EARLY MORNING REPORT

Futures Slide, Losing Early Gains As Attention Turns From Govt Shutdown To Rising Rates

MONDAY, OCT 02, 2023 – 08:18 AM

Stocks tried to stage a modest rally overnight after the US government shutdown was postponed by 45 days, but failed after the global bond selloff resumed on Monday, with 10-year Treasury yields back to the highest since 2007, as investors waited for another speech by Fed chair Jerome Powell to provide clues on the direction of interest rates. As of 7:30am ET, S&P futures traded unchanged from Friday’s close after earlier gaining as much as 0.6% and following a September to forget in which they lost 4.7%; Nasdaq futures were 0.2% higher and continue to be disconnected with tighter financial conditions in rates as Treasury 10-year yields rose five basis points to 4.62% and back to the 16-year highs seen on Friday. The US dollar rose against most Group-of-10 currencies. Brent edged higher and traded around $92 buoyed by widespread bets that global demand will continue to run ahead of supply. Gold fell and Bitcoin gained for a third-straight day, surging above $28K. This week, we will have a busy calendar for macro data with ISMs and NFP being the focus; we will hear from 10 Fed speakers.

In premarket trading, cryptocurrency-exposed stocks rose as Bitcoin advanced to a six-week high as inflows picked up at the start of October. Riot Platforms +9%, Marathon Digital +8%. Here are some other notable premarket movers:

Macerich rose as much as 5.4% as Piper Sandler raised the recommendation on the real estate investment trust’s stock to neutral from underweight, saying the “strong labor market is key to economic growth, driving real estate demand.”.
Syndax Pharmaceuticals rose as much as 24% after the drug developer scheduled an event to reveal clinical data.
US-listed shares of Nio, XPeng and Li Auto climbed after the Chinese electric-vehicle makers reported September delivery figures. Meanwhile, Tesla was up 0.8% ahead of its monthly delivery announcement.

Stocks got a boost earlier in the session, when investors briefly felt optimistic after US lawmakers reached a deal over the weekend to avoid a government shutdown. US lawmakers passed a last-minute spending deal on Saturday to keep the government running until mid-November. Sentiment was also helped by Chinese manufacturing PMI returning to expansion for the first time in six months, although the data was mixed suggesting there’s still room for caution despite green shoots in the economy.

However, the focus in markets quickly shifted back to interest rates, especially as rising oil threaten to fan inflation. Potentially adding fuel to the fire, Powell is due to speak at a roundtable discussion alongside Philadelphia Fed President Patrick Harker. Their views will be of particular interest after New York Fed boss John Williams suggested Friday interest rates should stay high for some time.

“Financial markets were bracing for a shutdown, so there’s an element of relief, but it’s only a temporary lifting of one of the clouds hanging over the markets now,” said Yung-Yu Ma, chief investment officer at BMO Wealth Management. “Interest rates and Fed hawkishness remain the name of the game and the main driver of the markets over the next few weeks.”

In Europe, benchmark indexes retreated, weighed down by losses in drugmaker stocks. The Stoxx 600 traded down 0.3% after earlier rising 0.4%. Asset manager Mandatum debuted on Helsinki’s stock market, the biggest listing in five years. here are some other notable European movers:

Vivendi shares rose as much as 4.7%, briefly enjoying their highest jump since April after Barclays strategists upgraded their rating and said it was one of their favorite media stocks.
BAE Systems rise as much as 3.4% after it was awarded almost £4 billion in funding from Britain’s Ministry of Defence for the next phase of the UK’s nuclear-powered attack submarine program.
Pennon Group and United Utilities lead advances in the Stoxx 600 Utilities Index on Monday after the UK companies submitted their five-year business plans for the period 2025-2030. Pennon shares rose as much as +5.1%, United Utilities +3.5%
XP Power slumps as much as 42%, the most on record, after the electrical components company warns on profit, citing weaker end-market demand. Jefferies says this may lead to a cut of about 15% to full-year consensus Ebit expectations.
Fresenius SE drops as much as 3.8% after Reuters reported at the weekend that the German healthcare group is examining whether the state aid it received to offset high energy costs at its hospitals business would bar it from making management bonus and dividend payments.
Teleperformance falls as much as 3.6% as Deutsche Bank cuts its recommendation on the French call center operator to hold from buy due to the rise of generative artificial intelligence.
Flow Traders falls 8% to record low after Oddo BHF cut the recommendation on the market maker to neutral from outperform. The broker says Flow Traders is lacking short-term catalysts as it also sees sluggish exchange traded product and corporate credit market limiting the company’s earnings power.

Earlier in the session, Asian stocks gained as sentiment was buoyed by a temporary resolution to the US government shutdown situation, while many regional markets including China and South Korea were closed for holidays. The MSCI Asia Pacific Index rose as much as 0.4% on Monday, led by real estate and technology shares. Japanese equities led gains in the region after sentiment for non-manufacturers soared to the highest in 32 years as the economy continued to recover. Australian and Taiwanese stocks also advanced.

Hang Seng and Shanghai Comp. were shut alongside closures in South Korea and India, with mainland China away the entire week for the National Day Golden Week celebrations.
ASX 200 was lacklustre with many domestic participants absent in observance of Labour Day in Australia’s most populous state of New South Wales and ahead of tomorrow’s RBA meeting which is the first under Governor Bullock’s tenure.
Nikkei 225 opened above 32,000 with the index boosted by a weaker currency and an encouraging Tankan survey which showed Large Manufacturers’ Sentiment at its highest since June last year and the Non-Manufacturing at its highest in over three decades, although the index later pared most of the gains and eventually slipped back beneath the aforementioned key level.

In FX, the dollar edged higher versus its Group-of-10 peers, after enjoying its best quarter in a year. Trading in most G-10 currencies was subdued with several markets including China and South Korea closed for holidays. The Swiss franc led Group-of-10 currency gains. The euro and sterling both fell as much as 0.2% against the dollar. USD/JPY briefly extended gains and touched a year-to-date high of 149.82 after the Bank of Japan said it would conduct an additional buying operation for five- to 10-year Japanese government bonds on Oct. 4

In rates, treasury futures remain near session lows into early US session after gapping down at the open, spurred by weekend accord by US lawmakers averting a government shutdown. Rate-hike premium also edged up, with around 15bp priced into the December policy meeting vs 11bp at Friday’s close. US session includes an appearance by Fed Chair Powell, slated to take part in a roundtable discussion alongside Philadelphia Fed President Patrick Harker at 11am New York time. US yields cheaper by 4bp-7bp across the curve with belly leading losses on the day, flattening 5s30s spread by ~2bp; 10-year yields around 4.63%, cheaper by ~5bp with bunds and gilts outperforming by 2bp in the sector. Treasury coupon auctions on hiatus until 3-year note sale on Oct. 10; dollar IG issuance slate empty so far; consensus forecast is for ~$85b of new bond sales for October, with projections wide ranging between $66b and $100b.

In commodities, crude futures advance, with WTI rising 0.4% to trade near $91. Spot gold falls 0.9%.

Bitcoin is firmer on the session continuing the marked gains seen at the commencement of APAC trade despite a lack of specifics. Action which has lifted BTC to a circa. USD 28.5k high, surpassing levels from the last few weeks with the next mark around USD 29k from mid-August.

Looking ahead, investors will focus on Fed Chief Jerome Powell’s speech later Monday; US economic data slate includes September S&P manufacturing PMI (9:45am), August construction spending and September ISM manufacturing (10am)

Market Snapshot

S&P 500 futures up 0.5% to 4,349.25
MXAP down 0.2% to 156.97
MXAPJ little changed at 492.07
Nikkei down 0.3% to 31,759.88
Topix down 0.4% to 2,314.44
Hang Seng Index up 2.5% to 17,809.66
Shanghai Composite up 0.1% to 3,110.48
Sensex up 0.5% to 65,828.41
Australia S&P/ASX 200 down 0.2% to 7,033.21
Kospi little changed at 2,465.07
STOXX Europe 600 up 0.2% to 450.96
German 10Y yield little changed at 2.87%
Euro little changed at $1.0564
Brent Futures up 0.4% to $92.54/bbl
Gold spot down 0.3% to $1,842.73
U.S. Dollar Index little changed at 106.28

Top Overnight News

BOJ announced an extra bond-buying plan for this week following the unscheduled purchase on Friday as the central bank battles back against the recent yield rise. BBG
Asia faces one of its worst growth outlooks in 50 years according to a new World Bank update, amid concerns that China’s slowdown could spill over into other countries. FT
China’s economic momentum continued in September, with the NBS PMIs exceeding expectations: manufacturing was 50.2 (up from 49.7 in Aug and ahead of the Street’s 50.1 forecast) with non-manufacturing of 51.7 (up from 51 in Aug and ahead of the Street’s 51.6 forecast). While the NBS PMIs were solid, the Caixin PMIs fell short for September: manufacturing was 50.6 (down from 51 in Aug and below the Street’s 51.2 forecast) with services of 50.2 (down from 51.8 in Aug and below the Street’s 52 forecast). China’s new home prices rose slightly in Sept, ending a four-month streak of declines. RTRS
‘Last mile’ of disinflation the hardest, warns ECB deputy head. Luis de Guindos dismisses rates cuts and says getting back to 2% target will not be easy. FT
Fed’s Barkin warns that strength in the housing sector means other parts of the economy may need to slow more in order to win the war on inflation. BBG
Bill Ackman is “absolutely” interested in pursuing a deal with Elon Musk’s X through a new investment vehicle, the WSJ reported. Pershing Square received regulatory approval Friday for a SPARC, a blank-check firm which targets a company before raising funds, with the intention of taking it public. WSJ
Nearly 4,000 UAW members at Volvo-owned Mack Trucks reached a tentative pact to avoid a strike, the union said. BBG
In a surprise move, House Speaker McCarthy reversed course and brought a “clean” extension of spending authority up for a vote on Sep. 30, after avoiding this course of action for weeks. Now that this extension has become law, federal agencies have funding until Nov. 17. A shutdown at that point is still a clear risk, though we think the odds of a shutdown at the next deadline are lower than they seemed heading into the Sep. 30 fiscal year end. GIR
Regulators around the world are stepping up their campaign to reign in and regulate “shadow banks” (hedge funds, PE firms, etc.) as this part of the financial system captures a growing amount of market share from traditional banks. FT
Mega-cap tech has struggled relative to the broader market in recent months despite improving earnings estimates. However, history suggests that the upcoming 3Q results may catalyze a momentum reversal in the largest tech stocks. Since 4Q16, the mega caps in aggregate have beaten consensus sales growth expectations 81% of the time and have outperformed in two-thirds of earnings seasons, typically by 3pp. Goldman

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed in severely holiday-quietened conditions amid the mass closures in the region, while participants digested the key weekend developments including the US averting a government shutdown and mixed Chinese PMI data. ASX 200 was lacklustre with many domestic participants absent in observance of Labour Day in Australia’s most populous state of New South Wales and ahead of tomorrow’s RBA meeting which is the first under Governor Bullock’s tenure. Nikkei 225 opened above 32,000 with the index boosted by a weaker currency and an encouraging Tankan survey which showed Large Manufacturers’ Sentiment at its highest since June last year and the Non-Manufacturing at its highest in over three decades, although the index later pared most of the gains and eventually slipped back beneath the aforementioned key level. Hang Seng and Shanghai Comp. were shut alongside closures in South Korea and India, with mainland China away the entire week for the National Day Golden Week celebrations.

Top Asian News

German Finance Minister Lindner said at the third German-Chinese financial dialogue in Frankfurt which was attended by Chinese Vice Premier He Lifeng that Germany and China are keen to further strengthen their cooperation on financial and economic issues, while he added that both sides want to create a fair and non-discriminatory market environment and strengthen the security of global supply chains. Lindner also pledged that Germany will continue supporting a Chinese state-backed development bank despite Canada’s decision to freeze ties, according to AA and Politico.
BoJ Summary of Opinions from the September meeting noted a member stated they need to continue easing patiently and a member said they should maintain easy policy for now but in future exit, must consider what to do with non-JGB asset holdings. Furthermore, there was an opinion that there is no need to make additional YCC tweaks as long-term rates are moving fairly stably and it was also stated that they cannot currently determine the timing of the policy tweak as that would depend on economic and price conditions at the time, while a member said it is important to prepare for exit from a risk management perspective as they could have clarity around January-March next year on whether the 2% inflation target can be met in a sustained and stable fashion.
BoJ Governor Ueda said the sustainable and stable achievement of the BoJ’s 2% inflation target is not yet in sight and there is still some distance before reaching an exit from easy policy. Ueda stated that the BoJ’s ability to conduct monetary policy is not impaired by a temporary decrease in profits and capital as long as it conducts appropriate monetary policy, while he added that given the current distance to exit, he believes it is the right time to discuss the topic of central bank finances and monetary policy conduct from an objective perspective.
Japan reportedly put the brakes on the lucrative used-car trade with Russia which is valued at nearly USD 2bln annually, according to Reuters.

European bourses & US futures are a touch softer after starting the session with mild gains, though action overall is contained and tentative after a limited APAC handover ahead of data & Fed speak. Currently, Euro Stoxx 50 -0.3% with sectors mainly in the red and following suit to the above broader macro tone, but action the breadth of action is relatively modest. Stateside, futures are tilting into the red after faring marginally better than their European peers in the early part of the session; newsflow has been limited and focused on weekend fiscal developments ahead of Fed’s Powell and ISM metrics; ES +0.1%. EU antitrust regulators say there is no formal investigation into AI chips

Top European News

UK PM Sunak said the government is making good progress on bringing down inflation, according to Reuters.
UK Chancellor Hunt was reportedly caught in a secret recording suggesting that PM Sunak will call a general election once inflation falls below 3% which gives the strongest hint that the next general election could be held in Autumn next year, according to Sunday Times’ Wheeler.
UK Housing Minister Gove said his opinion is wherever they can cut taxes that those cuts should fall on workers and he would like to see the tax burden reduced before the next election, while he added that they first need to be certain that inflation is coming down.
England’s water companies are to pledge to invest GBP 90bln in water and sewerage networks in plans which would increase household bills, especially in the southeast, according to Sunday Times.
ECB’s de Guindos dismissed talk of rate cuts and warned that getting back to 2% inflation will be difficult with the last mile of disinflation the hardest, according to FT.
Slovakia’s former PM Fico’s leftist-populist Smer party won the election with 23.4% of votes, while the party is seen as pro-Russian after promising to stop sending weapons to Ukraine, according to Politico.
Fitch raised Portugal’s sovereign rating from BBB+ to A-; Outlook Stable, while Moody’s raised Cyprus’s sovereign rating to investment grade of Baa2; Outlook Revised to Stable from Positive.
Riksbank Minutes: prices are increasing at a rate that is not compatible with the inflation target; members emphasised the risks associated with the continued high underlying inflation and the weak krona; policy rate may need to be increased further.

DXY bid on dips within 106.040-490 range as Yen lags and offsets Franc outperformance, USD/JPY remains elevated after probing 149.80 as BoJ retains ultra-easy stance and Japanese officials stick to mere verbal intervention
USD/CHF retreats from 0.9166 towards 0.9100 after better than forecast Swiss manufacturing PMI and not as weak as previous retail sales.
Aussie and Kiwi cautious ahead of RBA and RBNZ policy meetings as AUD/USD probes 0.6400 from 0.6445 and NZD/USD touches 0.5975 from just over 0.6000.
Euro, Pound and Loonie all lose ground vs Greenback within 1.0591-36, 1.2220-1.2162 and 1.3557-1.3612 respective ranges.

Fixed Income

Bonds back in the firing line following a short squeeze into the end of September and Q3.
Bunds hit buffers at 128.50 before testing psychological support at 128.00, Gilts retreat from 93.71 to 93.22 and T-note drifts back from 107-29+ to 107-19 awaiting US final manufacturing PMI, ISM and Construction Spending before Fed speakers including Chair Powell.
Orders for the new BTP Valore 5yr hit EUR 1bln, via Reuters citing Bourse data.

Commodities

WTI Nov and Brent Dec futures maintain modest gains but remain off best and worst levels within a tight consolidative range after the contracts settled lower by just under USD 1/bbl apiece on Friday.
Spot gold remains shy of the USD 1850/oz mark though the recent modest deterioration in the risk tone has provided some slight assistance, while spot silver is the standout laggard with downside in excess of 2.5% intraday.
Base metals are hampered by the USD, overall risk tone and the absence of Chinese participants for the regions week long holiday. Additionally, the mixed Chinese PMIs failed to provide any lasting support.
Turkey’s Energy Minister says within the week they will recommence operating the Iraq-Turkey pipeline; subsequently, Iraq says the Kirkuk-Ceyhan oil pipeline cannot restart yet as there issues still need to be resolved on pipeline, according to an Iraqi official cited by Bloomberg
India is not comfortable with current oil prices, according to the Indian Petroleum Secretary; OPEC has the right to cut output but it’s led to high prices.
Iraq’s September oil exports averaged 3.4mln bpd and oil prices averaged USD 92.05/bbl.
Five more cargo ships were reportedly headed towards Ukrainian Black Sea ports for further grain exports, according to Ukraine’s Deputy PM.
UAE Energy Minister says they have decided to speed up the upstream expansion plan to reach 5mln/bpd by 2027 in order to counter for loss of supply from other producers; separately, says production capacity more than 4.2mln BPD and on track to produce 5mln BPD by 2027
Morgan Stanley believes the oil market will be 1mln BPD undersupplied in Q4, according to CNBC.

Geopolitics

UK Defence Secretary Shapps said UK troops will be deployed in Ukraine for the first time to start training Ukrainian soldiers on-site and not only at NATO bases under plans being discussed with military chiefs. Shapps also stated the UK signed contracts worth GBP 4bln to drive forward AUKUS submarines with the contracts signed with BAE Systems (BA/ LN), while the UK is deploying RAF typhoons to Poland and deploying forces to the UN peacekeeping mission in Kosovo, according to Reuters.
US Central Command conducted a helicopter raid in Northern Syria on September 28th and captured ISIS facilitator Mamduh Ibrahim Al-Haji Shaykh, according to Reuters.
Turkey’s Interior Minister said two terrorists attacked in front of the ministry building in which one was neutralised and the other blew himself, while Turkey stated that one of the attackers was a PKK member and Turkey later carried out air strikes in Northern Iraq and destroyed 20 targets of Kurdish militant group PKK, according to Reuters.
Turkish President Erdogan said will continue the struggle against inflation, terror and the outlawed group FETO, while he also commented that Turkey has kept every promise to the EU although the EU did not, and Turkey does not have any expectations from the EU.

US Event Calendar

09:45: Sept. S&P Global US Manufacturing PM, est. 48.9, prior 48.9
10:00: Aug. Construction Spending MoM, est. 0.5%, prior 0.7%
10:00: Sept. ISM Manufacturing, est. 47.9, prior 47.6
- ISM Employment, prior 48.5
- ISM New Orders, prior 46.8
- ISM Prices Paid, est. 49.0, prior 48.4

DB’s Jim Reid concludes the overnight wrap

Welcome to Q4 with the markets relieved to see the end of September, and for that matter Q3, after a tough latter half to a quarter that promised a lot after a buoyant July. Henry has just published our monthly and quarterly performance review (see here) but in short, of the 38 non-currency assets we look at, only 11 were up in total return terms in Q3 and only 7 in September making it the worst month of 2023 so far. Some highlights were the +28.5% increase in WTI oil and the +73.5bps rise in 10yr US yields over Q3. 30yr USTs were +83.9bps, the largest move since Q1 2009. The S&P 500 was -4.8% in September and -3.3% in Q3 on a total return basis. YTD the index is still at +13.1% but with the equal weight only up +1.8%, a handful of stocks are providing nearly all the gains. See Henry’s piece for more.

So as we start October can we power out of the gravitational pull of bad September seasonals? September 2023 was the 4th year in a row that the S&P 500 and the STOXX 600 were down for the month, as well as the 7th year in a row that Bloomberg’s global bond aggregate was down for the month. The damage in bonds has been more severe and more sustained than for equities and you can’t help wondering where the real damage is. You can’t have this much value destruction in bonds without there being some stress somewhere. However, it’s near impossible to work out where exactly it might come to the surface.

The good news as we start the week and the new business month is that the US averted a shutdown just before the deadline on Saturday night which will keep the government running until November 17th. This gives negotiators more time to pass something more long standing. We will see if we’re in the same position in six weeks’ time though. This has helped lift US equity futures by around half a percent and US bond yields are 3-4bps higher across the curve.

For now no shutdown means that US data will get published on time this week. The highlight is clearly Friday’s payrolls. Before that, the JOLTS (tomorrow) and ADP (Wednesday) data will give us some early clues. The former is a month behind but is obviously a key report to assess labour market tightness by looking at the quits rate, hirings and vacancies etc.

The highlights for the rest of the week are the US ISM and a Powell roundtable discussion today, an expected hold from the RBA tomorrow, US services PMI, Euro Zone retail sales, Euro Zone PPI and a Lagarde speech on Wednesday, French IP on Thursday with German factory orders on Friday. The full week ahead is at the end, including a bevy of central bank speakers, but we’ll quickly preview today’s ISM and Friday’s payrolls below.

Our economists and the consensus are expecting +165k for headline payrolls (+187k previously) with the unemployment rate expected to dip back down a tenth to 3.7% after surprisingly increasing three tenths last month. A reminder that every headline payroll number has now been revised lower in 2023. In early summer we were on a run of 13 successive beats but some of that has now gone with revisions. We’ll do a fuller preview in Friday’s EMR.

Today’s US manufacturing ISM (47.5 expected at DB vs. 47.6 last) and Wednesday’s services ISM (54.1 vs. 54.5) are expected to be fairly stable. For the former our economists’ models suggest an uptick but the UAW strikes could offset that as perhaps foretold by a weak Chicago PMI last week. Note that it’s likely too early for this strike to impact payrolls but it could make a sizeable impact next month. For services watch for the employment index as this surprisingly soared 4 points to 54.7 last month.

Talking of such indices, the official China manufacturing PMI edged up to 50.2 (50.1 expected) over the weekend from 49.7 in August. Services also beat by a tenth to 51.7 from 51.0 in August. The private Caixin equivalents were at 50.6 and 50.2 respectively, below the 51.2 and 52.0 expected. So a mixed set of data as China starts a holiday week.

Staying in Asia, the Nikkei 225 is leading the way this morning (+0.74%) helped by the US government staying open and due to an upbeat reading for the Japan Tankan indices this morning (9 vs 6 expected for large manufacturers and 27 vs 24 for large non-manufacturers). The rest of the session is quiet with many markets closed for holidays.

Turning back to last week now, on Friday we got some encouraging inflation news in what a challenging week for financial markets. On that inflation news, key metrics of monthly core inflation came in below 2% annualised on both sides of the Atlantic. In the US, the headline August PCE data release came in below expectations at 0.4% month-on-month (vs 0.5% expected). In year-on-year terms, the PCE result was as expected at 3.5%, up from 3.3% in July. Core PCE also surprised to the downside at 0.1% month-on-month (vs 0.2% expected). In year-on-year terms, core was at 3.9% as expected, down from 4.2% in the previous month.

The positive inflation news saw US 10yr Treasuries slightly pare back losses from earlier in the week, with 10yr yields down -0.4bps and 2yrs down -1.3bps. Week-on-week, 10yr yields gained +13.7bps to 4.57%, their highest weekly close since 2007. With short-end rates rallying over the week, the 2s10s curve steepened by +20.4bps week-on-week (and +0.9bps on Friday), reaching its least inverted since May (-47.6bps). It was 30yr Treasuries that underwent the greatest sell-off last week, rising +17.5bps to 4.70% (-0.5bps on Friday). Overall, it was frenetic week for US rates, with the MOVE index of rates volatility up +12.4pts (-1.7pts on Friday).

Meanwhile, in Europe, Euro Area September HICP came in below expectations at 4.3% year-on-year (vs 4.5% expected), down from 5.2% in August, while core inflation came in at 4.5% (vs 4.8% expected and 5.3% in July). Notably, the ECB’s estimate of the seasonally adjusted monthly core inflation rate was +0.1% mom, its lowest since spring 2021. This new evidence of slowing inflation momentum brought a breath of fresh air to the European fixed income market, with 10yr German bund yields down -9.0bps on Friday. They still rose +7.9xbps week-on-week to 2.84%, their highest weekly close since 2011. French OAT yields gained +11.2bps in weekly terms (-9.2bps on Friday) and Italian BTP yields were up +19.0bps (and -8.6bps on Friday) after concerns over their budget. 10yr gilt yields rose +18.8bps in their largest weekly increase since early July (-4.7bps Friday).

Rising rates were a dampener for equity markets, with the S&P 500 falling for the fourth week in a row, down -0.74%(and -0.27% on Friday) to its lowest since early June. Technology outperformed, with the NASDAQ seeing a marginal gain of +0.06% (+0.14% on Friday). NVIDIA spearheaded the tech resilience, gaining +4.54% last week (and +0.95% on Friday), with Tesla (+2.18%, and +1.56% on Friday) also helping. In Europe, the STOXX 600 gained +0.38% on Friday but fell back -0.67% in weekly terms to its lowest level since mid-August.

Over in commodities, the oil rally took a breather on Friday but remained elevated against a backdrop of tight supply. Oil product supply is also getting tighter as Russia plans near zero diesel exports next month following its temporary ban on gasoline exports. Accordingly, Brent crude traded flat on Friday (-0.07%) but was up +2.19% week-on-week to reach $95.31/bbl, its highest weekly level since last November. WTI crude slipped back more significantly on Friday (-1.00%) but was still up +0.84% on the week.

In other commodity news, gold fell back -3.98% last week (and -0.80% on Friday) to $1,849/ounce, hitting its lowest level since February after its largest weekly decline since 2021. The downward momentum comes after Fed policymakers indicated they intended to keep policy tight for a longer period, pushing gold prices below the $1,900/ounce support level that had largely held since March.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

Equities weaker, US futures tentative & DXY bid ahead of US ISM; Fed’s Powell due – Newsquawk US Market Open

MONDAY, OCT 02, 2023 – 06:04 AM

European bourses & US futures have given up initial gains but action remains tentative pre-data/Powell and after mixed Chinese PMIs
US House/Senate passed a short-term spending bill, Biden signed a 45-day stop-gap measure into law
DXY is bid on dips and towards the top-end of 106.04-49 parameters with JPY lagging; antipodeans cautious ahead of policy announcements
Core debt benchmarks back under pressure ahead of afternoon events
WTI & Brent maintain modest gains while metals are hampered by the risk tone and USD
Looking ahead, highlights include US PMI (Final), US ISM Manufacturing. Speeches from Fed’s Powell & Williams.

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EUROPEAN TRADE

EQUITIES

European bourses & US futures are a touch softer after starting the session with mild gains, though action overall is contained and tentative after a limited APAC handover ahead of data & Fed speak.
Currently, Euro Stoxx 50 -0.3% with sectors mainly in the red and following suit to the above broader macro tone, but action the breadth of action is relatively modest.
Stateside, futures are tilting into the red after faring marginally better than their European peers in the early part of the session; newsflow has been limited and focused on weekend fiscal developments ahead of Fed’s Powell and ISM metrics; ES +0.1%.
EU antitrust regulators say there is no formal investigation into AI chips
Click here for more details.

FX

DXY bid on dips within 106.040-490 range as Yen lags and offsets Franc outperformance, USD/JPY remains elevated after probing 149.80 as BoJ retains ultra-easy stance and Japanese officials stick to mere verbal intervention
USD/CHF retreats from 0.9166 towards 0.9100 after better than forecast Swiss manufacturing PMI and not as weak as previous retail sales.
Aussie and Kiwi cautious ahead of RBA and RBNZ policy meetings as AUD/USD probes 0.6400 from 0.6445 and NZD/USD touches 0.5975 from just over 0.6000.
Euro, Pound and Loonie all lose ground vs Greenback within 1.0591-36, 1.2220-1.2162 and 1.3557-1.3612 respective ranges.
Click here for more details.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Bonds back in the firing line following a short squeeze into the end of September and Q3.
Bunds hit buffers at 128.50 before testing psychological support at 128.00, Gilts retreat from 93.71 to 93.22 and T-note drifts back from 107-29+ to 107-19 awaiting US final manufacturing PMI, ISM and Construction Spending before Fed speakers including Chair Powell.
Orders for the new BTP Valore 5yr hit EUR 1bln, via Reuters citing Bourse data.
Click here for more details.

COMMODITIES

WTI Nov and Brent Dec futures maintain modest gains but remain off best and worst levels within a tight consolidative range after the contracts settled lower by just under USD 1/bbl apiece on Friday.
Spot gold remains shy of the USD 1850/oz mark though the recent modest deterioration in the risk tone has provided some slight assistance, while spot silver is the standout laggard with downside in excess of 2.5% intraday.
Base metals are hampered by the USD, overall risk tone and the absence of Chinese participants for the regions week long holiday. Additionally, the mixed Chinese PMIs failed to provide any lasting support.
Turkey’s Energy Minister says within the week they will recommence operating the Iraq-Turkey pipeline; subsequently, Iraq says the Kirkuk-Ceyhan oil pipeline cannot restart yet as there issues still need to be resolved on pipeline, according to an Iraqi official cited by Bloomberg
India is not comfortable with current oil prices, according to the Indian Petroleum Secretary; OPEC has the right to cut output but it’s led to high prices.
Iraq’s September oil exports averaged 3.4mln bpd and oil prices averaged USD 92.05/bbl.
Five more cargo ships were reportedly headed towards Ukrainian Black Sea ports for further grain exports, according to Ukraine’s Deputy PM.
UAE Energy Minister says they have decided to speed up the upstream expansion plan to reach 5mln/bpd by 2027 in order to counter for loss of supply from other producers; separately, says production capacity more than 4.2mln BPD and on track to produce 5mln BPD by 2027
Morgan Stanley believes the oil market will be 1mln BPD undersupplied in Q4, according to CNBC.
Click here for more details.

EUROPEAN DATA RECAP

UK Nationwide House Price YY (Sep 2023) -5.3% vs. Exp. -5.7% (Prev. -5.3%); MM 0.0% vs. Exp. -0.4% (Prev. -0.8%)
UK S&P Global/CIPS Manufacturing PMI Final (Sep) 44.3 vs. Exp. 44.2 (Prev. 44.2)
EU HCOB Manufacturing Final PMI (Sep) 43.4 vs. Exp. 43.4 (Prev. 43.4); “With the exception of the great recession in 2008/2009, output prices have never decreased at a pace faster than the current three-month average, and it’s similar with input prices, which fell almost as fast as when oil prices hit rock bottom in the late-90s and during the bursting of the dot-com bubble in 2001.”
EU Unemployment Rate (Aug 2023) 6.4% vs. Exp. 6.4% (Prev. 6.4%, Rev. 6.5%)

NOTABLE EUROPEAN HEADLINES

UK PM Sunak said the government is making good progress on bringing down inflation, according to Reuters.
UK Chancellor Hunt was reportedly caught in a secret recording suggesting that PM Sunak will call a general election once inflation falls below 3% which gives the strongest hint that the next general election could be held in Autumn next year, according to Sunday Times’ Wheeler.
UK Housing Minister Gove said his opinion is wherever they can cut taxes that those cuts should fall on workers and he would like to see the tax burden reduced before the next election, while he added that they first need to be certain that inflation is coming down.
England’s water companies are to pledge to invest GBP 90bln in water and sewerage networks in plans which would increase household bills, especially in the southeast, according to Sunday Times.
ECB’s de Guindos dismissed talk of rate cuts and warned that getting back to 2% inflation will be difficult with the last mile of disinflation the hardest, according to FT.
Slovakia’s former PM Fico’s leftist-populist Smer party won the election with 23.4% of votes, while the party is seen as pro-Russian after promising to stop sending weapons to Ukraine, according to Politico.
Fitch raised Portugal’s sovereign rating from BBB+ to A-; Outlook Stable, while Moody’s raised Cyprus’s sovereign rating to investment grade of Baa2; Outlook Revised to Stable from Positive.
Riksbank Minutes: prices are increasing at a rate that is not compatible with the inflation target; members emphasised the risks associated with the continued high underlying inflation and the weak krona; policy rate may need to be increased further. Click here for more detail.

NOTABLE US HEADLINES

US House and Senate passed a short-term spending bill to keep the government funded, while President Biden signed the 45-day stop-gap funding measure into law which averts a government shutdown and funds the government until November 17th although does not include Ukraine funding.
US President Biden said it is time to stop governing by crisis and he is sick and tired of brinkmanship, while he expects Republicans to honour the deal they made in May and urges them to not waste time on funding the government. Furthermore, he hopes Republicans will maintain support for Ukraine and said his message to Ukraine on future aid is that they are going to get it done, according to Reuters.
US GOP Rep. Gaetz will file a motion to remove House Speaker McCarthy, while it was later reported that House Speaker McCarthy said he will not be ousted, according to Reuters citing CNN and CBS.
Click here for the US Early Morning Note.

GEOPOLITICS

UK Defence Secretary Shapps said UK troops will be deployed in Ukraine for the first time to start training Ukrainian soldiers on-site and not only at NATO bases under plans being discussed with military chiefs. Shapps also stated the UK signed contracts worth GBP 4bln to drive forward AUKUS submarines with the contracts signed with BAE Systems (BA/ LN), while the UK is deploying RAF typhoons to Poland and deploying forces to the UN peacekeeping mission in Kosovo, according to Reuters.
US Central Command conducted a helicopter raid in Northern Syria on September 28th and captured ISIS facilitator Mamduh Ibrahim Al-Haji Shaykh, according to Reuters.
Turkey’s Interior Minister said two terrorists attacked in front of the ministry building in which one was neutralised and the other blew himself, while Turkey stated that one of the attackers was a PKK member and Turkey later carried out air strikes in Northern Iraq and destroyed 20 targets of Kurdish militant group PKK, according to Reuters.
Turkish President Erdogan said will continue the struggle against inflation, terror and the outlawed group FETO, while he also commented that Turkey has kept every promise to the EU although the EU did not, and Turkey does not have any expectations from the EU.

CRYPTO

Bitcoin is firmer on the session continuing the marked gains seen at the commencement of APAC trade despite a lack of specifics. Action which has lifted BTC to a circa. USD 28.5k high, surpassing levels from the last few weeks with the next mark around USD 29k from mid-August.

APAC TRADE

APAC stocks traded mixed in severely holiday-quietened conditions amid the mass closures in the region, while participants digested the key weekend developments including the US averting a government shutdown and mixed Chinese PMI data.
ASX 200 was lacklustre with many domestic participants absent in observance of Labour Day in Australia’s most populous state of New South Wales and ahead of tomorrow’s RBA meeting which is the first under Governor Bullock’s tenure.
Nikkei 225 opened above 32,000 with the index boosted by a weaker currency and an encouraging Tankan survey which showed Large Manufacturers’ Sentiment at its highest since June last year and the Non-Manufacturing at its highest in over three decades, although the index later pared most of the gains and eventually slipped back beneath the aforementioned key level.
Hang Seng and Shanghai Comp. were shut alongside closures in South Korea and India, with mainland China away the entire week for the National Day Golden Week celebrations.

NOTABLE ASIA-PAC HEADLINES

German Finance Minister Lindner said at the third German-Chinese financial dialogue in Frankfurt which was attended by Chinese Vice Premier He Lifeng that Germany and China are keen to further strengthen their cooperation on financial and economic issues, while he added that both sides want to create a fair and non-discriminatory market environment and strengthen the security of global supply chains. Lindner also pledged that Germany will continue supporting a Chinese state-backed development bank despite Canada’s decision to freeze ties, according to AA and Politico.
BoJ Summary of Opinions from the September meeting noted a member stated they need to continue easing patiently and a member said they should maintain easy policy for now but in future exit, must consider what to do with non-JGB asset holdings. Furthermore, there was an opinion that there is no need to make additional YCC tweaks as long-term rates are moving fairly stably and it was also stated that they cannot currently determine the timing of the policy tweak as that would depend on economic and price conditions at the time, while a member said it is important to prepare for exit from a risk management perspective as they could have clarity around January-March next year on whether the 2% inflation target can be met in a sustained and stable fashion.
BoJ Governor Ueda said the sustainable and stable achievement of the BoJ’s 2% inflation target is not yet in sight and there is still some distance before reaching an exit from easy policy. Ueda stated that the BoJ’s ability to conduct monetary policy is not impaired by a temporary decrease in profits and capital as long as it conducts appropriate monetary policy, while he added that given the current distance to exit, he believes it is the right time to discuss the topic of central bank finances and monetary policy conduct from an objective perspective.
Japan reportedly put the brakes on the lucrative used-car trade with Russia which is valued at nearly USD 2bln annually, according to Reuters.

DATA RECAP

Chinese NBS Manufacturing PMI (Sep) 50.2 vs. Exp. 50.0 (Prev. 49.7); Non-Manufacturing PMI (Sep) 51.7 vs Exp. 51.5 (Prev. 51.0)
Chinese NBS Composite PMI (Sep) 52.0 (Prev. 51.3)
Chinese Caixin Manufacturing PMI (Sep) 50.6 vs Exp. 51.2 (Prev. 51.0); Services PMI (Sep) 50.2 vs Exp. 52.0 (Prev. 51.8)
Chinese Caixin Composite PMI (Sep) 50.9 (Prev. 51.7)
Japanese Tankan Large Manufacturing Index (Q3) 9 vs. Exp. 6 (Prev. 5); Outlook (Q3) 10 vs. Exp. 5 (Prev. 9)
Japanese Tankan Large Non-Manufacturing Index (Q3) 27 vs. Exp. 24 (Prev. 23); Outlook (Q3) 21 vs. Exp. 22 (Prev. 20)
Japanese Tankan Large All Industry Capex (Q3) 13.6% vs. Exp. 13.6% (Prev. 13.4%)

2 c. ASIAN AFFAIRS

MONDAY MORNING/SUNDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/

END

2e) JAPAN

JAPAN/

end

3 CHINA /

CHINA/

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

SWEDEN

Just take a look at what is going on in Sweden: daily shooting, bombings in migrant gangland areas

(zerohedge)

Sweden Turns To Military For Help Amid Daily Shootings, Bombings In Migrant Gangland Chaos

SATURDAY, SEP 30, 2023 – 08:45 AM

Last year Sweden witnessed its highest death toll from shootings on record, at more than 60 killed, with this year on track to possibly surpass that as the country’s gang violence continues spiraling out of control.

At a moment scenes of illegal migrants flooding southern Europe from across the Mediterranean continue unabated, even mainstream publications like FT haven’t hesitated to identify what’s fueling the crime and turning Sweden’s streets into war zones: “Police chiefs have said that Sweden is facing its most serious domestic security situation since the second world war as immigrant drug gangs engage in a bloody conflict,” FT writes.

And there’s even “child soldiers” in the heart of Scandinavian Europe: “Police believe the gangs are increasingly using children to commit the crimes, as those under 18 often go unpunished or receive low sentences from the courts.”AFP/Getty Images: A huge influx of asylum seekers began particularly in 2015.

Headlines like this one days ago from the Associated Press have tragically become almost commonplace: A 13-year-old boy found shot in the woods was a victim of Sweden’s gang violence. Gangs also regularly commit bombings and arson, sometimes destroying whole city blocks and districts.

Sweden has for much of the last decade been the leading bastion of liberal immigration policies in Europe, having welcomed hundreds of thousands of migrants and asylum-seekers from the Middle East and Africa. Simultaneously its third-largest city, Malmö, has for years been widely seen as Europe’s gun homicide capital.

And yet, the European Left tends to only emphasize talking points of “failure to integrate” and “racism” and “rightwing extremism” – which has led to “parallel societies”, serving to periodically unleash riots in places with large immigrant concentrations.

Now, after a dozen more lives were lost this month, which has included innocent bystanders and young gang members alike, government leaders are talking about ‘getting tough’ by calling in the military:

Sweden’s prime minister on Thursday said that he’s summoned the head of the military to discuss how the armed forces can help police deal with an unprecedented crime wave that has shocked the country with almost daily shootings and bombings.

Prime Minister Ulf Kristersson is meeting with both the armed forces’ supreme commander and the national police commissioner on Friday to consider “how the armed forces can help police in their work against the criminal gangs.”On Thursday an explosion ripped through the Storvreta area outside Uppsala, Sweden. A 25-year-old woman died. TT News Agency via Reuters

“Sweden has never before seen anything like this,” Kristersson said of soaring violent crime during a Thursday televised speech to the nation. “No other country in Europe is seeing anything like this.”

According to more from the AP:

Sweden has grappled with gang violence for years, but the surge in shootings and bombings in September has been exceptional. Three people were killed overnight in separate attacks with suspected links to criminal gangs, which often recruit teenagers in socially disadvantaged immigrant neighborhoods to carry out hits.

One of the victims was a woman in her 20s who died in an explosion in Uppsala, north of Stockholm. Swedish media said she was likely not the intended target of the attack.

Addressing this week’s tragic bombing, Kristersson described that “A 25-year-old woman went to bed last night on a completely ordinary evening but never got to wake up.”

He added: “We will hunt the gangs, we will defeat the gangs.” The aforementioned powerful blast in a residential area had ripped the facades off multiple houses.

Below: Gang-related shootings and killings have been the bulk of overall confirmed homicides in the country…

You will find more infographics at Statista

Kristersson’s center-right government rose power last year largely on a platform of getting tough on crime. Kristersson has done a rare thing for a Swedish politician, placing blame squarely on “irresponsible migration policies and failed integration” under the previous government and years of failed policies.

end

UK/GERMANY/RUSSIA /UKRAINE

They are morons for pushing us towards WWiii: They want to send British troops to Ukraine?

(zerohedge)

“These Morons Are Pushing Us Towards WW3”: Sunak Backtracks After UK Defense Chief Wants To Send British Troops To Ukraine

SUNDAY, OCT 01, 2023 – 02:35 PM

British Prime Minister Rishi Sunak was forced to clarify the UK’s stance on sending troops to Ukraine, after newly appointed Defense Secretary Grant Shapps unveiled ongoing discussions about expanding the UK-led training program for Ukrainian troops, and potentially sending British instructors back into the country, while offering Kiev unspecified naval support in the Black Sea.

After a visit to the Salisbury Plain training ground on Friday, Shapps told The Telegraph that “I was talking today about eventually getting the training brought closer and actually into Ukraine as well.”

During his trip to Kiev earlier this week, the new defense chief, who took his post after a government reshuffle a month ago, apparently saw an “opportunity” to bring more things “in country.” Shapps explained he meant “not just training,” but also weapons manufacturing, and he praised the British arms giant BAE Systems for its plans to localize in Ukraine.

“I’m keen to see other British companies do their bit as well by doing the same thing. So I think there will be a move to get more training and production in the country,” he added.

In his discussions with the Ukrainian President Vladimir Zelensky, Shapps also reportedly said that Britain’s Navy could play a role in “defending commercial vessels” in the Black Sea, according to The Telegraph.

“Britain is a naval nation so we can help and we can advise, particularly since the water is international water,” he said, without elaborating what kind of help he offered Zelensky.Ukrainian President Vladimir Zelensky meets UK Defence Secretary Grant Shapps, September 28, 2023

It didn’t take long for two things to happen: i) Russia condemning the proposal and warning it would accelerate WW3, and ii) the UK backtracking.

On Sunday, former Russian President Dmitry Medvedev who currently serves as the deputy head of Russia’s Security Council, suggested that British soldiers training Ukrainian troops in Ukraine would be legitimate targets for Russian forces, as would German factories producing Taurus missiles should they supply Kyiv. Medvedev, who is deputy chairman of Russia’s Security Council, and has become one of the most hawkish and anti-Western figures in Russian politics, said such steps by the West were bringing World War Three closer.

In a post on Telegram, Medvedev first slammed Shapps’s proposal to deploy military instructors to Ukraine, in addition to training Ukrainian armed forces in Britain or other Western countries as at present.

“(This will) turn their instructors into a legitimate target for our armed forces,” Medvedev wrote on Telegram. “Understanding perfectly well that they will be ruthlessly destroyed. And not as mercenaries, but namely as British NATO specialists.”

Medvedev then turned his focus to Germany, vilifying those who want Berlin to supply Ukraine with Taurus cruise missiles that could strike Russian territory and try to limit Moscow’s supply to its army.

“They say this is in accordance with international law. Well, in that case, strikes on German factories where these missiles are made would also be in full compliance with international law,” Medvedev said.

“These morons are actively pushing us towards World War Three,” Medvedev said.

Realizing that he probably does not want his government to end in a mushroom cloud, British PM Rishi Sunak quickly backtracked and during a visit to Burnley on Sunday, said he wanted to make the situation “absolutely clear,” explaining that Shapps did not mean British soldiers would be deployed in Ukraine during the conflict with Russia, claiming there was “some misreporting” of comments by Defense Secretary Shapps, who floated the idea; he did however say that the UK has been training Ukrainian soldiers on British soil for “for a long time.”

According to the PM, the defense secretary actually meant that “it might well be possible one day in the future for us to do some of that training in Ukraine.”

“But that’s something for the long term, not the here and now, there are no British soldiers that will be sent to fight in the current conflict. That’s not what’s happening,” he insisted.

London continues to provide military training to the Ukrainians, but it’s “doing that here in the UK,” Sunak assured.

US Republican congresswoman Marjorie Taylor Greene also voiced alarm over Britain’s apparent plans to send troops to Ukraine, writing on X (formerly Twitter): “They’re going to start World War III” and that “the US cannot participate” in such a deployment, stressing: “No American troops” in Ukraine.

Since the start of its military operation in Ukraine in February 2022, Moscow has repeatedly argued that the provision of arms, intelligence-sharing and training of Kiev’s troops already means that Western nations have de facto become parties to the conflict.

EUROPE/

Over 160,000 migrants have crossed the Mediterranean sea so far this year according to the UN

(<Middle East Eye)

Over 186,000 Migrants Crossed The Mediterranean So Far This Year, UN Says

SATURDAY, SEP 30, 2023 – 07:00 AM

Via Middle East Eye

From January to August this year, more than 2,500 people died or went missing trying to cross the Mediterranean Sea to Europe, the UN’s refugee agency said on Thursday.

Ruven Menikdiwela, director of the UN High Commissioner for Refugees (UNHCR), also told the UN Security Council that 186,000 people have crossed the Mediterranean so far this year. A 2016 deadly capsizing of a migrant boat in the Mediterranean, via BBC

Tunisia and Libya were the main departure hotspots for those seeking to make the journey. More than 102,000 people departing from Tunisia have attempted to cross the sea towards Europe in 2023 to date, a 260 percent increase on last year.

At least 45,000 people have sought to make the dangerous crossing from Libya. Of the 186,000 people who crossed the Mediterranean, more than 80 percent landed in Italy. The rest landed in Greece, Spain, Cyprus and Malta.

Menikdiwela told a council meeting called by Russia on migration to Europe that the high departure rates from Tunisia “result from the perception of insecurity among refugee communities, following incidents of racially motivated attacks and hate speech, as well as collective expulsions from Libya and Algeria.”

Earlier this year Tunisian President Kais Saied linked people from sub-Saharan Africa in the country to criminality, in comments that were widely denounced as racist.

“There has been a criminal plan since the beginning of the century to change the demographic structure of Tunisia and there are parties that received large sums of money after 2011 for the settlement of illegal immigrants from sub-Saharan Africa,” Saied said.

In Libya, where there are nearly 50,000 refugees and asylum seekers registered with the UNHCR, “the conditions of thousands of refugees and migrants in both official and unofficial detention facilities… remains of grave concern,” said Menikdiwela.

Earlier this week, Human Rights Watch (HRW) called the European Union’s decision to release $135m in migrant control assistance to Tunisia “terrible for human rights”. Last week, the European Commission announced the payment, which came after a controversial deal it signed with the North African country in July.

The decision by the EU was made “despite an absence of any specific human rights guarantees for migrants and asylum seekers”, said HRW. Moreover, the deal risked making the EU “complicit in abuses” carried out by Tunisian authorities.

Migrant abuse

The financial assistance is meant to prop up Tunisia’s crisis-hit economy and help the country stop refugees from heading to Europe. More than 10,000 refugees have arrived at the Italian island of Lampedusa in recent weeks.

Italy’s right-wing prime minister, Giorgia Meloni, has been pushing the EU to fulfil the agreement brokered by European Commission President Ursula von der Leyen in July.

Middle East Eye reported earlier this month that Sub-Saharan Africans in Tunisia are increasingly being denied emergency food and water supplies in the government’s latest move to crack down on migration at the behest of Saied.

The plight of migrants, mainly from Sub-Saharan countries, is the “worst” in modern Tunisian history, Nicholas Noe, a senior visiting fellow at Refugees International, told MEE. In July, HRW reported that the Tunisian police, military, national guard and coastguard have been involved in grave violations against Black Africans.

Beatings, use of excessive force, some cases of torture, arbitrary arrests and detention, collective expulsions, dangerous actions at sea, forced evictions and theft of money and belongings are all examples of abuses documented by HRW.

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

Robert H to us;

Russian commandos use newest anti-sniper robot in special operation in Ukraine — source – Military & Defense – TASS

Not only does it impair a sniper .. a coordinated artillery shell comes calling with coordinates sent in real time upon target identification
Newer systems will laser fry the sniper .. this technology is already dated

https://tass.com/defense/1682153

UKRAINE/WAGNER/RUSSIA

UKRAINE/RUSSIA

END

6.GLOBAL ISSUES AND VACCINE/COVID ISSUES

GLOBAL VACCINE/COVID ISSUES

And rightfully they should sue as Remdesivir is a killer of the kidneys

(Stieber/EpochTimes)

Class-Action Lawsuit Filed Against Remdesivir Manufacturer Over Alleged Deceptive Practices

SUNDAY, OCT 01, 2023 – 09:20 AM

Authored by Zachary Stieber via The Epoch Times,

The company that manufactures remdesivir, used across the United States to treat COVID-19, has been hit with a class-action lawsuit over allegations it deceptively promoted the drug without disclosing possible side effects.

Two California residents, one of whom is a relative of a person who died after receiving remdesivir, lodged the suit against Gilead Sciences in Shasta County on Sept. 26.

Deborah Fust, the surviving spouse of Michael Fust, and Edward Pimentel, who says he was injured after receiving remdesivir, are accusing California-based Gilead of failing to mention documented side effects in its promotion of remdesivir.

“It’s a terrible drug. The nonprofit has thousands of members who have the hospital records, and you can see there’s a big difference in the creatinine levels and the blood levels, kidney readings after they get the remdesivir,” Bradford Geyer, an attorney with Former Feds Group who is representing the plaintiffs, told The Epoch Times.

The FormerFedsGroup Freedom Foundation, a nonprofit, has compiled some of the cases on its website.

The suit says that Gilead’s press releases and statements to consumers and investigators from Gilead show “a pattern of downplaying or omitting altogether the clinical dangers experienced by patients from remdesivir use, instead emphasizing its supposed benefits, safety, and efficacy.”

For example, a website for the drug, also known as veklury, makes no mention of kidney problems. A handout (pdf) given to patients also does not mention the issues.

“Defendant’s advertising that remdesivir is a safe and effective treatment for COVID-19 is false and misleading to a reasonable consumer, including plaintiffs, because defendant in fact knew or should have known, based upon prior studies and data on remdesivir, that it was unsafe and posed a high risk of severe adverse effects and death to plaintiffs and the class,” the suit states.

The advertising “misrepresented and/or omitted the true content and nature of the drug,” it also says.

Gilead did not respond to a request for comment.

Plaintiffs are seeking class status, which would enable two groups of people to join the suit. They are people who received remdesivir while hospitalized with COVID-19 and suffered serious injuries as a result, and people whose loved ones died after receiving remdesivir after being hospitalized with COVID-19.

Early FDA Authorization

The U.S. Food and Drug Administration (FDA) granted emergency authorization to Gilead for remdesivir in May 2020, primarily based on results from a government-sponsored trial in which researchers changed the endpoint midway. Critics said the change was done in order to garner positive results. The trial found remdesivir quickened recovery time from COVID-19.

The agency made the move without consulting its advisory committee on antimicrobial drugs.

The FDA approved remdesivir in October 2020 and expanded its allowable use to outpatient settings and children.

Soon after, a large trial run by the World Health Organization found remdesivir did not quicken recovery time or reduce mortality. The group recommended against using remdesivir in hospitalized patients, which ran counter to the recommendation in the United States.

Animal studies found indications that remdesivir injured the kidney. The U.S. trial found kidney injuries among remdesivir recipients, including in three patients who were forced to stop taking the drug.

Other studies, as well as post-approval data, have also raised safety and effectiveness concerns.

Researchers reviewing reports to VigiBase, a World Health Organization database, for instance, found reports of kidney injuries after remdesivir were far higher than reports of kidney injuries after other COVID-19 treatments.

Before receiving remdesivir, American patients are instructed (pdf) by the FDA to disclose all of their medical conditions, including kidney problems.

Gilead, while promoting remdesivir, needed to disclose the risk of kidney injuries, according to the new suit.

By not doing so, the company allegedly violated California laws against using deceptive practices and making untrue or misleading statements.

Gilead also made negligent misrepresentations, resulting in unjust enrichment, the suit says.

Plaintiffs are seeking an order establishing a class, an order preventing Gilead from engaging in “unfair, unlawful, and deceptive business practices, and false advertising,” an order forcing Gilead to correct its previous advertisements, an order ordering Gilead to recall and destroy misleading and deceptive advertising materials, an order requiring Gilead to pay back money obtained by the allegedly violative actions, and an order compelling Gilead to pay restitution and interest.

Plaintiffs also want damages.

Follows Michigan Ruling

The new suit comes after a court in Michigan ruled that remdesivir was not protected under federal law against an action brought by a man who needed his leg amputated after receiving remdesivir.

The man, Don Nowacki, also suffered two strokes.

The remdesivir he received was said to be contaminated with glass particles.

Gilead argued that it could not be sued because of immunity granted by the Public Readiness and Emergency Preparedness Act, which was triggered by the Trump administration during the COVID-19 pandemic.

The judge rejected that argument, finding the act did not cover the manufacturer in the situation.

Mr. Nowacki and his lawyers are now poised to receive discovery, with a trial coming later.

“One of the things that we’re going to figure out is exactly what Gilead, the FDA, and the hospital knew and when,” Ven Johnson, one of the lawyers, told The Epoch Times. “How did glass particles that could cause strokes and death in people get into this medication? Why aren’t these people approaching us to get our client’s medical records to understand what happened?”

end

My goodness: over 277,000 vaccinated covid 19 injury cases hidden by the CDC

(Stieber/EpochTimes)

Over 277,000 ‘Vaccinated’ COVID-19 Cases Hidden By CDC In 2021: Newly Obtained Files Show

SUNDAY, OCT 01, 2023 – 03:10 PM

Authored by Zachary Stieber via The Epoch Times,

More than 277,000 COVID-19 cases among people who received COVID-19 vaccines were reported to the U.S. Centers for Disease Control and Prevention (CDC) in 2021 but not disclosed to the public, newly obtained files show.

Some 144,349 cases among partially vaccinated people were reported by 32 jurisdictions to the CDC across three months in 2021, according to some of the files, which were acquired by The Epoch Times through the Freedom of Information Act.

Partially vaccinated has been defined by the CDC as a person who received at least one dose of a vaccine. People were described as fully vaccinated if at least 14 days had elapsed since they completed a primary series.

The Moderna and Pfizer primary series consisted of two doses while Johnson & Johnson’s consisted of one dose.

The cases were recorded in California, Maryland, New York, Texas, and 28 other jurisdictions in April, May, and June 2021 and reported to the CDC.

The CDC never disclosed the numbers to the public.

“These data on partially vaccinated persons were not reported publicly but rather, were collected to ensure that that they were being appropriately excluded from the numbers of vaccine breakthrough cases as described as a best practice on the CDC website,” staffers at the CDC’s National Center for Emerging and Zoonotic Infectious Diseases told The Epoch Times in a letter.

On a webpage advising state and local officials on how to analyze patterns of COVID-19 by vaccination status, the CDC recommends excluding people who only received one Moderna or Pfizer dose or analyzing them separately.

The exclusion is recommended “because only people that have received all of the recommended primary series doses and have had the required duration of time to form a protective immunological response after vaccination (14 days, per the definition) would be expected to receive the full benefit of the COVID-19 vaccination,” the CDC said. “In general, the immunological response to a primary vaccination series usually takes 2–4 weeks. Only partial protection is provided to partially vaccinated persons.”

Stopped Reporting

The CDC stopped reporting post-vaccination infections among the fully vaccinated, or breakthrough cases, in May 2021, after disclosing that 10,262 breakthrough infections were reported to the agency by 46 jurisdictions through April 30, 2021.

The CDC said that 995 of the cases resulted in hospitalization and 160 resulted in death.

The CDC said it shifted to only reporting breakthrough cases that resulted in hospitalization or death “to help maximize the quality of the data collected on cases of greatest clinical and public health importance.”

It’s not clear how many infections in the partially vaccinated that the CDC did not disclose before led to hospitalization or death.

The Centers for Disease Control and Prevention (CDC) headquarters in Atlanta, Ga., on Aug. 25, 2023. (Madalina Vasiliu/The Epoch Times)

Changed Definition

The CDC initially defined a breakthrough case as people who tested positive seven or more days after completing a primary series but changed the definition to testing positive at least 14 days after completion of a primary series after emailing about “vaccine failure,” documents obtained by The Epoch Times showed.

“CDC made the change to the definition of a breakthrough infection time period due to the most current data that showed that the 14-day period was required for an effective antibody response to the vaccines,” a CDC spokesman told The Epoch Times recently via email.

The CDC’s National Center for Emerging and Zoonotic Infectious Diseases falsely said in the new letter that it never changed the definition.

“Since COVID-19 vaccine breakthrough surveillance began (January 2021), the definition of a breakthrough infection has been the same,” the center claimed.

The CDC has not sent a correction as of yet. It has made other false claims during the COVID-19 pandemic, some of which remain uncorrected.

The CDC also said that some of the partially vaccinated numbers were reported on one of its webpages, but a review of archived versions of that page did not show that to be the case. The page, which has been taken down, said that cases among the partially vaccinated were excluded.

Hid Other Cases

Another 133,000 post-vaccination cases occurred among Medicare beneficiaries through September 2021, according to Humetrix, a contractor that analyzed the data. The case count excluded partially vaccinated people.

Humetrix provided the data to the CDC in August 2021, according to other documents obtained through the Freedom of Information Act.

The CDC spoke in meetings with the Advisory Committee on Immunization Practices, the CDC’s panel of vaccine advisers, and the Vaccines and Related Biological Products Advisory Committee, which advises the U.S. Food and Drug Administration, after receiving that data but did not present it to either one.

The meetings resulted in the approval of Pfizer’s vaccine and the authorization of a Pfizer booster. The CDC then recommended both for wide swaths of the U.S. population.

The CDC declined to comment on withholding the Humetrix data.

end

Excess deaths from cardiovascular diseases up 44% in the UK among citizens aged 15 to 44

(zerohedge)

Excess Deaths From Cardiovascular Diseases Up 44% Last Year Among UK Citizens Aged 15-44: Report

MONDAY, OCT 02, 2023 – 02:45 AM

A new and disturbing analysis reveals that excess deaths from cardiovascular diseases have jumped in the UK over the past several years.

Using official government data for deaths in England and Wales between 2010 and 2022, former BlackRock portfolio manager Ed Dowd and his partners at Phinance Technologies found that excess death rates from cardiovascular diseases were up 13% in 2020, 30% in 2021, and 44% in 2022, which “point to a worrying picture of an even greater acceleration in coming years of deaths & disabilities.”

What’s more, they found that “deaths per year from cardiovascular diseases had been trending lower from 2010 to
2019, with a significant downward slope,” until 2020, when the trend reversed. They also found that in 2022, men began outpacing women in cardiovascular diseases.

The analysis also found that disabilities are skyrocketing.

Dowd and co. conclude that: “When looking at excess deaths for cardiovascular diseases, the Z-score in 2020 was around 3, indicating that prior to the start of the vaccinations there was already a signal pointing to an increase in cardiovascular deaths. That trend however accelerated substantially in 2021 and 2022 where we observe Z-scores of around 7.5 and 10.5, respectively. These are extreme events that we believe need a thorough investigation.”

end

Important: Covid vaccines are now linked to increased mortality, resulting in 17 million deaths, worldwide

(Redshaw/EpochTimes)

COVID Vaccines Causally Linked to Increased Mortality, Resulting in 17 Million Deaths: Scientific Report

COVID Vaccines Causally Linked to Increased Mortality, Resulting in 17 Million Deaths: Scientific Report

Data suggest COVID-19 vaccines haven’t saved lives, but instead, have resulted in 17 million deaths and increased all-cause mortality in 17 countries.

By Megan Redshaw
The Epoch Times, New York
Thursday, September 28, 2023

https://www.theepochtimes.com/health/covid-vaccines-causally-linked-to-increased-mortality-resulting-in-17-million-deaths-scientific-report-5499001

A new scientific report challenges the idea that COVID-19 vaccines have prevented deaths after researchers assessed all-cause mortality in 17 countries and found COVID-19 vaccines did not have any beneficial effect on reducing mortality. Instead, researchers found that unprecedented peaks in high all-cause mortality in each country—especially among the elderly population when COVID-19 vaccines were deployed—coincided with the rollout of third and fourth booster doses.

The report, published Sept. 17 by Correlation Research in the Public Interest (pdf) (not yet peer-reviewed), quantified the vaccine-dose fatality rate (vDFR) for all ages—which is the ratio of inferred vaccine-induced deaths to vaccine doses delivered in a given population. After analyzing mortality data, the researchers calculated a mean all-ages fatal toxicity by injection of vDFR of one death per 800 injections across all ages and countries. This equates to 17 million COVID-19 vaccine-related deaths worldwide from 13.25 billion injections as of Sept. 2, 2023.

“This would correspond to a mass iatrogenic event that killed (0.213 ± 0.006) % of the world population (1 death per 470 living persons, in less than 3 years), and did not measurably prevent any deaths,” the authors said. The overall risk of death induced by COVID-19 vaccines is 1,000 times greater than previously reported in data from clinical trials, adverse event monitoring, and cause-of-death statistics obtained from death certificates.

All-cause mortality is the death rate from all causes of death for a population in a specific time period. This is the most reliable data for detecting and epidemiologically characterizing events driving death and for measuring the population-level impact of any surge or collapse in deaths from any cause.

“All-cause mortality is a good feature to use in statistical medical analyses since there is no ambiguity in whether someone has died or not,” Stephanie Seneff, a senior research scientist at Massachusetts Institute of Technology (MIT), told The Epoch Times in an email. “It is highly disturbing that these authors have found a consistent trend among seventeen countries showing a significant increase in all-cause mortality coinciding with extensive COVID vaccine rollout. Their estimate of one death for every 800 injections globally is alarming.”

Ms. Seneff said her investigations into potential mechanisms of vaccine injury have led her to believe that it is plausible that these injections are “extremely toxic” and should not have been approved by regulatory agencies.

Key Findings

The researchers conducted an analysis of all-cause mortality using data from the World Mortality Dataset for 17 equatorial and Southern Hemisphere countries, including Argentina, Australia, Bolivia, Brazil, Chile, Colombia, Ecuador, Malaysia, New Zealand, Paraguay, Peru, Philippines, Singapore, South Africa, Suriname, Thailand, and Uruguay. Equatorial countries have no summer and winter seasons, so there are no seasonal variations in their all-cause mortality patterns.

These countries comprise 9.1 percent of the global population and 10.3 percent of worldwide COVID-19 injections—with a vaccination rate of 1.91 injections per person of all ages—and include nearly every COVID-19 vaccine product and manufacturer across four continents.

Key findings from the 180-page report include:
In all countries included in the analysis, all-cause mortality increased when COVID-19 vaccines were deployed.

Nine of 17 countries had no detectable excess deaths following the World Health Organization’s March 11, 2020, declaration of the pandemic until the beginning of the COVID-19 vaccination campaign.

Unprecedented peaks in all-cause mortality were observed in January and February 2022, during the summer season of Southern Hemisphere countries coinciding with or following the rollout of boosters in 15 of 17 countries studied.
Excess all-cause mortality during the vaccination period beginning January 2021 was 1.74 million deaths, or one death per 800 injections, in the 17 countries studied.

The vDFR increased exponentially with age, reaching almost 5 percent among those 90 years and older who received a fourth vaccine dose.
“There is no evidence in the hard data of all-cause mortality of a beneficial effect from the COVID-19 vaccine rollouts. No lives were saved,” Denis Rancourt, co-director of Correlation Research in the Public Interest with a doctorate in physics, told The Epoch Times in an email. “On the contrary, the evidence can be understood in terms of being subjected to a toxic substance. The risk of death per injection increases exponentially with age. The policy of prioritizing the elderly for injection must be ended immediately.”

Peaks in All-Cause Mortality Coincide with Booster Doses

Using mortality and vaccination data from Chile and Peru by age and dose number, researchers observed clear peaks in all-cause mortality in July through August 2021, January through February 2022, and July through August 2022 among elderly age groups. The increase in all-cause mortality observed in January and February 2022 in both countries coincided with the rapid rollout of Chile’s fourth COVID-19 vaccine dose and Peru’s third dose.

It is unlikely that the rise in all-cause mortality coinciding with the rollout and sustained administration of COVID-19 vaccines in all 17 countries could be due to any cause other than the vaccines, researchers said.

GLOBAL ISSUES//

end

DR PAUL ALEXANDER.

DR. PETER AND GINGER BREGGIN: New Approach to Calling for COVID Investigations and Justice;A new American organization, the National American Renaissance Movement (National ARM), advocates for

criminal investigations into COVID-19 actions by state county and local officials. Peter Breggin MD and Ginger Ross Breggin sat down with attorney David Meiswinkle, to discuss how to reclaim America

DR. PAUL ALEXANDEROCT 2

READ IN APP

Excellent substack, please support Peter and Ginger Breggin:

Peter and Ginger Breggin Exposing the Global Predators

New Approach to Calling for COVID Investigations and Justice

A new American organization is calling for criminal investigations into COVID-19 crimes by governors, attorneys general, county prosecutors, and local sheriffs. The organization provides the officials with the template of a detailed grand jury petition or criminal complaint, tailored by state, that can be presented to grand juries by these officials…

2 days ago · 93 likes · 30 comments · Dr. Peter and Ginger Breggin

‘A new American organization is calling for criminal investigations into COVID-19 crimes by governors, attorneys general, county prosecutors, and local sheriffs. The organization provides the officials with the template of a detailed grand jury petition or criminal complaint, tailored by state, that can be presented to grand juries by these officials.

Peter Breggin MD and Ginger Ross Breggin sat down for an hour with the President of this group, attorney David Meiswinkle, to discuss how to reclaim America and return our country to her roots.

end

No clinical, medical, scientific basis, NONE, no data, no evidence to support anyone today taking any of the COVID mRNA technology booster shots, none one should touch the deadly mRNA shots

definitely not in any healthy child, bivalent BA 4/BA 5 booster failed & so will XBB.1.5 booster when they know EG.5, BA.2.86 etc. will dominate, thus selective pressure, viral immune escape, OAS

DR. PAUL ALEXANDERSEP 29ENDDr. Geert Vanden Bossche and Dr. James Lyons-Weiler are giving a stunning set of lectures on COVID, yet focused on the pandemic & the evolutionary dance between the virus & the host/population immuneresponse & how both feed back on each other & drive adaptations to pressure they place on each other; we have readings to do & this passage is important I wish to share on MUCOSAL immunity & vaccine
DR. PAUL ALEXANDER
SEP 30 READ IN APP ‘
Crucially, vaccines that are injected into the muscle—i.e., the interior of the body—will only induce IgG and circulating IgA, but not secretory IgA. The antibodies induced by such vaccines therefore cannot and will not effectively protect cells of the respiratory tract against infection by air-borne viruses [37, 38]. This realization is neither contentious nor particularly new. Even 30 years ago, McGhee et al. [38] concluded: It is surprising that despite our current level of understanding of the common mucosal immune system, almost all current vaccines are given to humans by the parenteral route [i.e. by injection].Systemic immunization is essentially ineffective for induction of mucosal immune responses. Since the majority of infectious microorganisms are encountered through mucosal surface areas, it is logical to consider the induction of protective antibodies and T cell responses in mucosal tissues. The failure of intramuscular injection to induce secretory IgA was confirmed yet again in a recent study on Middle East Respiratory Syn drome (MERS) [39], which like COVID-19 is caused by a coronavirus of dubious origin. The experimental vaccine used in this study was gene based, like the major vaccines currently deployed against COVID-19.END
NO!!! Tell them NO! They are coming in America & Canada & UK with lockdowns & masks again, to scare you to take the fraud failed Malone, Kariko, Weissman mRNA technology gene based vaccine by Moderna,
Pfizer, BioNTech (Sahin, Bourla, Bancel); tell them no!; ockdown mask lunatic Dr. Bonnie Henry of BC, Canada, is near orgasmic with masks again, she is having a COVID based orgasm, so a JACKASS AWARD!
DR. PAUL ALEXANDER
SEP 30 READ IN APP
Tell Bonnie, in all her COVID mask orgasmic pleasure, tell her to shove the masks…tell her Dr. Paul Alexander said ‘up yours Bonnie’…hopefully this lady gets thoroughly investigated and held to account for the madness she did across COVIDshow her this, tell her she gets the double barrel:END

Why can’t authorities find the 50 missing Cleveland schoolchildren? This happened this month, September 2023 with over ONE THOUSAND kids vanished so far this year in ‘alarming’ trend that’s left

Ohio cops baffled; why would they be baffled? Police say the number of runaways and missing kids is unusually high this year;Last year, 1,600 kids were reported missing in the state of 11million

DR. PAUL ALEXANDERSEP 29

READ IN APP

https://www.dailymail.co.uk/news/article-12560607/Mystery-nearly-50-children-missing-Cleveland-September-ONE-THOUSAND-vanished-far-year-alarming-trend-thats-left-Ohio-cops-baffled.html

‘The number of missing and runaway children in Ohio for 2023 is nearly double that of states with similar populations, sparking panic among parents and police who in some towns can’t keep up with the number of teenagers running away.

In this month alone, 45 children have been reported missing in the Cleveland area.

SLAY NEWS

he latest reports from Slay News

Scientists Develop ‘Airborne mRNA’ to Vaccinate Public Without Consent A team of scientists at Yale University has developed a new form of “airborne” mRNA vaccine that can be rapidly deployed among the public to vaccinate the masses without their knowledge or consent.READ MORE

Newt Gingrich Calls for an End to ‘Pointless GOP Debates’: ‘Trump Is Going to Be the Nominee’Republican former House Speaker Newt Gingrich has declared that the 2024 GOP debates without President Donald Trump are “pointless.”READ MORE

New York Democrats to Warn Illegals at Southern Border to Stay Away from NYC: ‘Consider Another City’Democrats in New York are launching a new effort to dissuade illegal border crossers from heading to NYC.READ MORE

Republicans Move to Strip Salary from Biden Climate Official Senate Republicans are moving to strip the salary from a climate official in Democrat President Joe Biden’s administration.READ MORE

UN: 186,000 Illegal Migrants Have Arrived in Southern Europe in 2023 So Far The United Nations (UN) has revealed that a staggering 186,000 illegal migrants have arrived in Southern Europe so far this year.READ MORE

Kari Lake Launches Senate Bid to Challenge Kyrsten Sinema GOP rockstar Kari Lake has announced that she is launching a campaign to challenge left-wing Sen. Kyrsten Sinema (I-AZ), a former Democrat, for her seat in the U.S. Senate.READ MORE

Senator Dianne Feinstein Dead at 90 Democrat Senator Dianne Feinstein (D-CA) has died at age 90.READ MORE

Wuhan ‘Batwoman’ Warns Another Coronavirus Outbreak Is ‘Highly Likely’Shi Zhengli, the Wuhan Institute of Virology’s infamous “Batwoman,” has warned that it is “highly likely” that there will be another coronavirus outbreak.READ MORE

Twitter’s WEF-Linked CEO Boasts of ‘Successfully’ Censoring ‘Lawful but Awful’ Speech Linda Yaccarino, the new CEO of Elon Musk’s Twitter/X, has boasted during a new interview that she has overseen measures to censor the American people on the platform.READ MORE

Thug Arrested for Looting in Philadelphia Was Out on Bail for Murder One of the thugs arrested for looting and ransacking businesses in Philadelphia earlier this week was already out on bail for a murder case from last year.READ MORE

GOP Rep Accuses Biden of Committing ‘Treason’ during Impeachment Hearing: ‘Betraying Your Country Is Treason’Republican Rep. Nancy Mace (R-SC) dropped the hammer on Joe Biden and his family during the first congressional hearing of the Democrat president’s impeachment hearing.READ MORE

WEF Demands Criminalization of ‘Climate Inaction,’ Punishable Up to Death The World Economic Forum (WEF) is calling on governments around the globe to criminalize so-called “climate inaction” with severe penalties for offenders.READ MORE Top Japanese Virologist Raises Alarm over Manufactured Omicron Strain One of Japan’s leading virologists is raising the alarm after discovering evidence to suggest that strains of Covid have been manufactured.READ MORE Elon Musk Shares Video of Himself ‘Hip-Firing’ a ’50 Cal’ Gun: ‘I Have an Arsenal of Weapons’Twitter/X boss Elon Musk has shared a video of himself shooting a gun on social media and declared that he has “an arsenal of weapons.”READ MORE House Passes Bill to Slash Biden DHS Chief’s Salary to $1 over Border Crisis A bipartisan bill has passed in the U.S. House that seeks to slash the salary of Democrat President Joe Biden’s Department of Homeland Security (DHS) Secretary Alejandro Mayorkas to just $1.READ MORE Disney Employees Among Hundreds Arrested in Major Trafficking Bust Authorities in Florida have just announced the results of a record-breaking human trafficking operation.READ MORE Biden Tells Heckler to ‘Meet’ Him ‘Immediately After’ Speech: ‘Shush Up’Democrat President Joe Biden was briefly interrupted by a “climate change” protester in Arizona on Thursday.READ MORE Feds Considered Trafficking Charges against Hunter Biden, Document Shows The House Ways and Means Committee has released a legal document that reveals the criminal charges that federal investigators were considering against Democrat President Joe Biden’s son Hunter.READ MORE Ex-Loudoun County Public Schools Superintendent Found Guilty of Charges Stemming from Transgender Rapist Cover-Up Former Loudoun County Public Schools Superintendent Scott Ziegler has been found guilty of charges stemming from the cover-up of the sexual assault of a female student by a transgender rapist.READ MORE Biden Doomed as Robert F Kennedy Jr Calls DNC’s Bluff, Will Run as Independent in 2024 Democrat President Joe Biden got horrific news today when 2024 presidential candidate Robert F. Kennedy Jr. announced he will run as an independent candidate in 2024.READ MORE FBI Issues Warning about Global Satanic Pedophile Cult Extorting Children Online The FBI has uncovered a disturbing global satanist pedophile extortion cult after arresting a 23-year-old in New York City.READ MORE Jonathan Turley Shreds Democrat Claims about Biden Bribes: ‘Pretty Fallacious’Legal scholar Jonathan Turley has torn Democrat claims about President Joe Biden’s alleged bribes to shreds while testifying before Congress.READ MOREThe latest reports from Slay NewsmRNA Found in Hearts of Dead People, Study Warns A troubling new peer-reviewed study has found traces of mRNA in the hearts of dead people who had died suddenly after suffering cardiac arrests.READ MORE Canada Moves to Regulate and Censor Podcasts, Track Subscribers Canada’s far-left government is pushing to further crack down on dissenters by moving to begin regulating and censoring podcasts.READ MORE

EVOL NEWS

74% of Triple-Vaxxed Canadians Now Have VAIDS, Government Data Shows

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

Shutdown Averted For 45 Days

MONDAY, OCT 02, 2023 – 10:15 AM

By Philip Marey, senior US strategist at Rabobank

Summary

The government shutdown has been averted, as House Speaker Kevin McCarthy decided to defy the Freedom Caucus on Saturday and pass a stopgap measure (continuing resolution) to keep the government funded through November 17 with bipartisan support. The Senate adopted the same measure and President Biden signed it into law on Saturday night.
This week we are likely to see a challenge to McCarthy’s speakership from members of the Freedom Caucus.
Before November 17, the House still has to adopt 8 appropriations bills for fiscal year 2024, and then reconciliation of the House and Senate versions of the 12 appropriations bills has to take place. Meanwhile, there is still no agreement about the level of total federal spending for FY2024. What’s more, border security and additional funding for Ukraine are still unresolved.
This means that we could still be looking at a government shutdown after November 17, unless a new stopgap measure is approved.

Introduction

On Saturday, in an unexpected and courageous move, House Speaker Kevin McCarthy defied the hardliners in his own Republican party and proposed a stopgap measure (continuing resolution) to extend government funding through November 17 at the $1.6 trillion annual rate of fiscal year 2023. The measure includes $16 billion in disaster relief, but still omits any additional aid for Ukraine. It also excludes the border security provisions sought by Republicans. The House of Representatives voted 335-91 in favor of this measure. All but one Democrat voted in favor, but nearly half of Republicans voted against it. The Senate followed with 88-9, despite hesitation about the absence of Ukraine aid, which was a part of last week’s bipartisan Senate stopgap proposal. President Biden signed the continuing resolution into law late Saturday night, just in time to avert a government shutdown on Sunday.

Bring it on

Earlier last week, in an attempt to include the hardliners, McCarthy proposed a continuing resolution (CR) at a lower $1.471 trillion annual rate and with the condition of strict border security measures. This measure already excluded any new support for Ukraine. This proposal was rejected on Friday. It had been expected that McCarthy would take more time to make this switch from appeasing the hardliners and showing that he had done everything in his power to get their demands through Congress. The real world impact of the government shutdown would have given him the cover needed to make his switch to a bipartisan solution to the shutdown. However, last week’s voting behavior by the hardliners seems to have brought McCarthy to the conclusion that he might as well make this switch prior to a shutdown and that delaying the inevitable would not change the position of the hardliners. He seems to accept that a speakership challenge is coming anyway, even if he were to go along with the wishes of the House Freedom Caucus and go into a government shutdown. After Saturday’s vote he said: “If somebody wants to make a motion against me, bring it. There has to be an adult in the room.” He also said: “It’s easy to be a conservative that wants to do nothing, but I believe America wants to find the conservative that can make government work efficiently, effectively and accountable.”

This means that a government shutdown has been averted, at least until November 17, but that we could see a challenge to McCarthy’s speakership as soon as on Monday. Note that at the start of the year, in order to get elected, McCarthy accepted that it would take only one member of the House of Representatives to challenge his speakership. On Sunday morning, Republican Matt Gaetz announced on CNN that he intends to file a motion to vacate against Speaker McCarthy this week. This comes as no surprise as we discussed last week in Shutdown. A key question for the Democrats is whether they should bail out McCarthy if he does not get enough Republican votes. Note that Republicans have a small (221-212) majority in the House of Representatives.

What’s ahead?

Besides a leadership challenge among House Republicans, the stopgap adopted on Saturday still leaves considerable unfinished business. The stopgap only lasts through November 17, which means that this measure only buys Congress 7 weeks to approve all 12 appropriations bills for fiscal year 2024 (which starts today, on October 1). If the House and the Senate have not approved and reconciled the 12 bills by then, we are looking at a shutdown after November 17, unless a new stopgap measure is adopted. Note that the Senate has already approved 12 appropriations bills, but the House did not get further than 4 of them, 3 of which last week (Defense, Homeland Security, Department of State; the agriculture bill failed). Until recently, only the bill for veterans affairs had passed in the House. Also, there is still no agreement which total federal spending levels should apply for FY2024. All of this has to pass the House, while Republican hardliners want to depose the House Speaker. What’s more, the issue of border security will come up again, by Republicans. The same is true for additional funding for Ukraine, which has been requested by President Biden.

Conclusion

Saturday’s unexpected move by House Speaker McCarthy has averted a government shutdown on October 1, but we are heading for a new deadline on November 17. Meanwhile, several issues about fiscal year 2024 remain unresolved and on top of that we could start the week with a speakership challenge. Political turmoil on Capitol Hill continues, but at least federal workers and contractors will get their money for the next seven weeks.

end

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

This is how Russia is evading sanctions on oil exports by use of the Chinese yuan

(zerohedge)

Putin Is Now Evading Western Sanctions On Almost All Oil Exports, And Using Yuan To Avoid Import Sanctions

SUNDAY, OCT 01, 2023 – 10:00 PM

When western nations rolled out a grand plan to throttle Russian oil imports and impose sanctions on Kremlin energy exports, we – and many others – laughed: after all, we have repeatedly seen how toothless western sanctions are when seeking to contain “rogue regime” oil profits, from Iran (which is pretty much selling oil to China at max capacity) to Venezuela and onward. One year later, our laughter has been well justified, because as the FT reports, “Russia has succeeded in avoiding G7 sanctions on most of its oil exports”, a shift in trade flows that will boost the Kremlin’s revenues as crude rises towards $100 a barrel, and as Russian Urals prices hit $80, the highest level in over a year.

According to the report, almost 75% of all seaborne Russian crude flows traveled without western insurance in August, the only lever used to enforce the G7’s $60-a-barrel oil price cap, according to an analysis of shipping and insurance records by the Financial Times. That is up from about about half this spring, according to data from freight analytics company Kpler and insurance companies. The rise implies that Moscow is becoming more adept at circumventing the cap, allowing it to sell more of its oil at prices closer to international market rates.

More importantly, it means that few if any Russian clients are worried about retaliation by the Biden regime for purchasing Russian oil.

The FT reports that the Kyiv School of Economics (KSE) has estimated that the steady increase in crude prices since July, combined with Russia’s success in reducing the discount on its own oil, means that the country’s oil revenues are likely to be at least $15bn higher for 2023 than they would have been; it is also an indication that for all its talk and posturing the West is content with allowing Putin’s regime to benefit from surging oil prices as the far more draconian alternative of taking all Russian oil off the market, would have sent global oil prices much higher.

Indeed, as the FT admits, while the EU and US have largely barred imports of Russian oil, the G7 price cap was designed to keep Russian oil flowing into global markets: “The aim was to prevent a squeeze on supplies and an economically and politically damaging jump in prices.”Providing western services such as shipping or insurance is allowed under the price cap as long as Russia’s oil is sold for less than $60 a barrel. Russian oil is now selling for $20 more.

The shift is a double blow for western efforts to restrict Russia’s revenues from oil sales — which make up the biggest part of the Kremlin’s budget — following its full-scale invasion of Ukraine.

Not only is a higher proportion of Russian oil being sold outside the cap, but Moscow’s increasing independence as a seller has coincided with a strong rally in oil prices, which topped $95 a barrel for the first time in 13 months this week.

Worst of all for Western neocons, while Russia’s oil sector is still facing several challenges, including claims of shortages in its domestic refined fuels market and a dip in export volumes overall, the figures still suggest more oil revenues will be flowing into the Kremlin’s war chest.

Ben Hilgenstock, an economist at the KSE, said: “Given these shifts in how Russia ships its oil, it may be very difficult to meaningfully enforce the price cap in future. And that makes it even more regrettable that we did not do more to properly enforce it when we had more leverage.”

Meanwhile, in further weaponization of its commodities (in response to the US weaponization of the US Dollar), Russia this week banned the export of diesel and other fuels, a significant move from one of the biggest global sellers of diesel. The move has raised fears that Russian president Vladimir Putin is trying to disrupt the oil market as he did with natural gas, sparking last year’s energy crisis.

And while the Kremlin is steamrolling western export sanctions, it is Beijing that is allowing Russia to evade import sanctions.

A new study has found that Russia is using Chinese currency for at least a fifth of its imports, illustrating both Moscow’s increasing reliance on Beijing and its efforts to evade western sanctions.

As a reminder, sanctions imposed on Moscow by the EU, US and others as a result of its war against Ukraine have made it increasingly difficult for Russia to get hold of large amounts of western imports. It’s also made it more expensive for it to trade using the dollar, euro or other western currencies, especially after Russia was effectively kicked out of SWIFT and its banks can no longer transact in dollars.

What happened then? Well, by the end of 2022, 20% of Russia’s imports were invoiced in yuan — up from 3% a year previously, according to a research paper published this morning by the European Bank for Reconstruction and Development, the FT reported.

While some of that increase is owing to increased imports from China itself, the use of yuan to settle imports from third countries rose to 5% from just 1% before the war was launched in February 2022.

“Yuan is being used as a vehicle currency,” said Beata Javorcik, the EBRD’s chief economist and one of the paper’s authors. “Russia is now the third-largest clearing centre for offshore yuan transactions.”

Asking trade partners to invoice them in yuan is just one way Moscow is evading sanctions, alongside tactics such as importing products through middleman countries or exporting its oil on tankers that sail without western insurance.

The EBRD paper makes stark just how much Moscow is avoiding western banks when trying to bypass sanctions: when it comes to sanctioned goods and dual-use equipment, which can be used by civilians but also to make weapons, “the increase in [yuan] invoicing was more pronounced,” the paper found. The research also strikes a warning for any western policymakers who might see the data as a sign that their measures are working.

“Rising geopolitical tensions in general, and the use of trade sanctions in particular, may reduce the attractiveness of the use of the US dollar as a vehicle currency in international trade,” they write. “This, in turn, might lead to a greater fragmentation of global payment systems.”

Yet despite all the signs, in a few years there will still be those who are stunned to learn that the dollar is no longer the world’s reserve currency.

end

Premiums rising and plunging USA supply sends oil prices higher around the world

(zerohedge)

“Premiums Are Going Nuts Everywhere”: Plunging US Supply Sends Oil Prices Around The World Soaring

SUNDAY, OCT 01, 2023 – 03:45 PM

Buyers of physical oil across the planet are experiencing an acute supply shortage and are facing some of the highest premiums for supplies they’ve seen in months as plunging stocks at the largest US crude storage hub send shockwaves cross markets from Asia to Europe and the Middle East.

As Bloomberg reports, US crude cargoes on offer in Asia are being offered at the costliest premium this year. The spread between Brent and Middle East oil has jumped to the highest since February while the premium for near-term US supply is close to the highest since July 2022.

Behind the soaring premiums is Cushing, Oklahoma, the delivery point for benchmark US crude futures, which helps to set the price of oil across the Americas and beyond. As we have noted in recent weeks, inventories at the hub are now sitting just above seasonal lows last seen in 2014, and are effectively at the level known as “tank bottoms” below which inventories are for the most part unusable.

Stockpiles at Cushing, Oklahoma tumbled below 22 million barrels last week, the lowest since July 2022, and have dropped for seven straight weeks, reaching the lowest level at this time of the year since at least 2018. At these levels, many traders consider inventories to already be at the lowest levels that allow tanks to function normally.

The situation is forcing some traders to pay up big for last-minute supplies at Cushing. The prompt futures spread, which closely tracks supply and demand at the site, surged above $2 a barrel on Wednesday, the highest since July 2022.

Meanwhile, the US refinery maintenance season is getting underway, which will prevent the storage hub from draining to absolute lows. Still, exports remain a wild card for balances, given that demand for American oil is high amid OPEC+ supply curbs, meaning domestic users will likely have to pay up to keep barrels in the US.

Operationally, pulling oil out of tanks when levels fall below the so-called “suction line” is difficult and expensive, and the quality of crude can be compromised by the presence of water and sediment. For now, traders are expecting stockpiles to halt their decline by October and possibly start building up again, depending on how exports shape up. Indeed, this week’s drawdown was less than 1 million barrels — the first time that’s happened since early August.

Cushing’s role in global oil markets has also diminished in recent years since the US lifted an export ban. Most barrels now flow straight from the prolific oilfields in Texas’ Permian Basin to the coast, where they are shipped to overseas buyers.

“Cushing can stay at minimum operating operating levels for an extended period of time,” said Scott Shelton, an energy specialist at ICAP. “It’s now a transit point to the US Gulf Coast and a supply point for Cushing-based refiners.”

The latest surge in US crude spreads also fueled a jump in Brent spreads, with the prompt spread climbing above $2 as well, to the widest in a year.

All that’s happening just as the world was already facing a tight supply situation with Saudi Arabia and Russia cutting output. In recent months, the US had helped fill a void left in the market, routinely sending more than 4 million barrels every day to sate global appetite. Between overseas shipments and strong domestic demand, stockpiles quickly declined in the US. Now there’s a question of whether those flows will continue.

“We’re running out of oil – you can see how low storage is at Cushing,” said Gary Ross, a veteran oil consultant turned hedge fund manager at Black Gold Investors LLC. “If we’re running out at Cushing, then we’re running out in Europe, because it relies on US exports. If the US exports less, then where is Europe going to get its oil from?”

As supplies collapse, cargoes of WTI Midland crude for January delivery to Asia are being offered for sale at premiums of $9 a barrel above benchmark Dubai oil, according to traders who buy and sell the grade. That would be the highest premium seen this year, data compiled by Bloomberg show. Actual trading will likely start next week, giving more clarity on how much stronger the market for US barrels has gotten.

Abu Dhabi’s Murban crude also surged against Dubai on the ICE Futures Abu Dhabi exchange. Although spot cargoes of Middle Eastern crude will only begin trading in the coming weeks, the premium of the grade — often compared with WTI Midland — increased to the highest since February/

In the futures market, the surge is already apparent. The tightness in US supplies narrowed the gap between US crude and international benchmark Brent to under $3 a barrel, the smallest since May last year. Meanwhile, the spread between Brent and Middle East’s Dubai marker — also known as Brent-Dubai EFS — has skyrocketed

While there’s been a lot of angst over the shrinking US inventories, there are yet to be any concrete signs of a slowdown in American exports.

“Waterborne exports in October are still likely to come in close to 4 million barrels a day,” said Matt Smith, oil analyst at Kpler. “The lagged impact of the tightening Brent-WTI spread means we may not see the full impact until November’s loadings.”

For November and beyond, it’s still likely exports will hover around the 4 million barrels a day level, Smith said, citing strong domestic shale production.

Traders also point to inventories being fairly robust in the Gulf Coast region as a sign that US exports could continue to remain strong for a few weeks. At the same time, heavy seasonal refinery maintenance work in the US alongside turnarounds in Europe should also offer a cushion and free up some supplies.

Already, prices for WTI in Midland and WTI at Houston are weakening relative to prices at Cushing. If that continues, it could re-open the arbitrage window to ship crude profitably to Asia. It should also help to send more barrels to Cushing.

Still, there are signs that some European refiners are having to pay up for immediate supplies.

Angola’s Sonangol sold four cargoes as much as $1.50 a barrel above offer prices over the past week, with three of the shipments likely going to Europe. Those cargoes would usually be destined for Asia — the atypical trade pattern reflects some of the market’s sharp swings this week.

“The premiums are going nuts everywhere,” Ross said. “The Saudis have tightened this market up dramatically.” Almost as if Saudi Crown Prince MBS doesn’t care much for Joe Biden’s sole election “strategy” of keeping gas prices low – fist bumps notwithstanding…

… especially now that the US SPR is half-empty and any continued drainage would lead to catastrophic collapse at the salt caverns that hold US emergency inventories, sending oil prices to new record highs.

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

CANADA/

END

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

EURO VS USA DOLLAR: 1.0533 DOWN 0.0033

USA/ YEN 149.74 UP .465 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2153 DOWN 0.0031

USA/CAN DOLLAR: 1.3607 UP .0041 (CDN DOLLAR DOWN 41 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED

Hang Seng CLOSED

AUSTRALIA CLOSED DOWN 0.20% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG

/SHANGHAI CLOSED

AUSTRALIA BOURSE CLOSED DOWN 0.20%

(Nikkei (Japan) CLOSED DOWN 97,74 PTS OR 0.31%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1837,75

silver:$21.70

USA dollar index early MONDAY morning: 106,24 UP 33 BASIS POINTS FROM FRIDAY’s CLOSE.

MONDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.623% UP 6 in basis point(s) yield

JAPANESE BOND YIELD: +0.760% UP 1 AND 5//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.996 UP 9 in basis points yield

ITALIAN 10 YR BOND YIELD 4.808 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.9265 UP 11 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.0504 DOWN 0.0061 or 61 basis points

USA/Japan: 149.83 UP 0.554 OR YEN DOWN 55 basis points/

Great Britain/USA 1.2133 DOWN 0.0051 OR 51 BASIS POINTS //

Canadian dollar DOWN .0094 OR 94 BASIS pts to 1.3663

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The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.XXX

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3140)

TURKISH LIRA: 27.46 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.760…VERY DANGEROUS

Your closing 10 yr US bond yield UP 7 in basis points from FRIDAY at 4.690% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.782 UP 7 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 5.108 UP 6 BASIS PTS.

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

London: CLOSED DOWN 99,59 POINTS or 1.31%

German Dax : CLOSED DOWN 136.62 PTS OR 0.89%

Paris CAC CLOSED DOWN 67.75 PTS OR 0.95%

Spain IBEX DOWN 110.90 PTS OR 1.18%

Italian MIB: CLOSED DOWN 384.25 PTS OR 1.36%

WTI Oil price 88.89 12: EST

Brent Oil: 90.94 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 99.49; ROUBLE DOWN1 AND 51//100

GERMAN 10 YR BOND YIELD; +2.9265 UP 10 BASIS PTS

UK 10 YR YIELD: 4.608 UP 14 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0489 DOWN 0.0075 OR 75 BASIS POINTS

British Pound: 1.2101 DOWN .0082 or 82 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.6060% UP 10 BASIS PTS//

JAPAN 10 YR YIELD: .758%

USA dollar vs Japanese Yen: 149.74 UP .472 //YEN DOWN 47 BASIS PTS//

USA dollar vs Canadian dollar: 1.3676 UP .01088 CDN dollar DOWN 109 basis pts)

West Texas intermediate oil: 88.59

Brent OIL: 90.45

USA 10 yr bond yield UP 9 BASIS pts to 4.685%

USA 30 yr bond yield UP 8 BASIS PTS to 4.791%

USA 2 YR BOND: UP 6 PTS AT 5.108 %

USA dollar index: 106.91 UP 69 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 27.45 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 99.77 DOWN 1 AND 50/100 roubles

GOLD 1829.20

SILVER: 21.18

DOW JONES INDUSTRIAL AVERAGE: DOWN 74.15 PTS OR 0.22%

NASDAQ UP 122.33 PTS OR 0.83%

VOLATILITY INDEX: 17.94 UP 0.42 PTS (2.40)%

GLD: $169.65 DOWN 1.80 OR 1.05%

SLV/ $19.42 DOWN 0.92 OR 4.52%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

Bonds, Bullion, & Black Gold Battered As Hawkish FedSpeak & Inflation Fears Lift The Dollar

MONDAY, OCT 02, 2023 – 04:00 PM

Rate-change expectations shifted hawkishly today, after drifting dovishly for the last week, on the heels of the Manufacturing PMI’s report which showed the rate of inflation quickened to the sharpest pace in five months and FedSpeak which confirmed Powell’s “higher for longer” messaging.

Source: Bloomberg

In the US, S&P Global noted

“Less encouraging was the news on the inflation outlook, as producers’ costs rose at the fastest rate for five months, largely on the back of higher oil prices. These increased costs are already feeding through to higher prices to customers, which will inevitably result in some renewed upward pressure on inflation.”

Globally, JPMorgan warned that there were further signs of price pressures building in September.

Input costs and output charges both rose for the second consecutive months, with rates of inflation accelerating for both measures.

Fed Gov Michelle Bowman again said that multiple interest-rate hikes may be required to get inflation down:

“I continue to expect that further rate increases will likely be needed to return inflation to 2% in a timely way,” Bowman said in remarks prepared for delivery to bankers in Banff, Canada.

“I see a continued risk that high energy prices could reverse some of the progress we have seen on inflation in recent months.”

Fed Vice Chair Michael Barr said the US central bank is “likely at or very near” a level of interest rates that is sufficiently restrictive:

“I think it is likely that we’ll need to keep rates up for some time in order to get inflation down to 2%. I’m confident that we’ll get there.”

Traders were buying protection against a less-hawkish Fed. Bloomberg notes significant SOFR flows on the day have been skewed toward dovish protection into year-end, standing to benefit from no more additional rate hikes from the Fed.

The hawkish shift sent the dollar higher, rallying back up to perfectly tag the stops from Wednesday highs…

Source: Bloomberg

The stronger dollar weighed on crude oil prices, with WTI sliding back below $89, as Citi’s Ed Morse muttered something about Oil “going back to the $70s” as “demand looks constrained as the pandemic recovery factors continue to ease off and peak transport fuel demand looms, while supply is growing in non-OPEC+ suppliers”

And gold was dumped to fresh cycle lows, selling off for the 6th day in a row (9th drop in the last 10 days)…

Source: Bloomberg

Spot Platinum prices plunged to their lowest since Oct 2022…

Source: Bloomberg

Treasuries were sold across the board with the belly (5s-10s) suffering the most…

Source: Bloomberg

Which steepened the yield curve (2s10s) to its least-inverted since the peak of the SVB crisis…

Source: Bloomberg

Bitcoin continued to drift higher, spiking above $28,500 intraday

Source: Bloomberg

Stocks were very mixed on the day with Small Caps clubbed like a baby seal while Mega-Cap tech outperformed leave The Dow and S&P trying to get back above water…

Value stocks puked relative to Growth, erasing their recent gains…

Source: Bloomberg

‘Most shorted’ stocks were hammered for the second day in a row with no squeeze attempts…

Source: Bloomberg

Utes were the biggest losers today (NEE’s plunge did not help) and Tech stocks were the only sector to end green…

Source: Bloomberg

That’s quite a puke in Utes…

Source: Bloomberg

Goldman’s data could hint at capitulative flows: CTAs as short $17.8bn of global equities (31st %tile), while In the US, CTAs are short $17.5bn of equities after selling -$59bn over the last two weeks, representing the largest two week selling since Covid!

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1708930111192399895&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbonds-bullion-black-gold-battered-hawkish-fedspeak-inflation-fears-lift-dollar&sessionId=cf09cedaa4a9476516e93f66dedc2ad4353e4cdd&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

And finally, financial conditions continue to tighten, suggesting stocks may have more room to run to the downside…

Source: Bloomberg

Is that the ‘deflation’ that Powell is looking for?

TUCKER CARLSON..

end

II USA DATA

Another crazy seasonal adjustment. Unadjusted number is 92 billion dollars of outflow

(zerohedge)

Fed Engages In Shocking Seasonal Adjustments To Convert $92BN Bank Deposit Outflow Into $36BN Inflow

FRIDAY, SEP 29, 2023 – 04:40 PM

Retail money-market fund inflows continued last week and usage of The Fed’s emergency funding facility for banks remains at record highs, as shrinkage of The Fed’s balance sheet continues.

Tonight, all eyes are on the bank deposits for more worries, and on a seasonally-adjusted basis, total deposits jumped $49BN last week (the biggest inflow since May)…

Source: Bloomberg

But, on a non-seasonally-adjusted basis, total deposits plunged $85BN last week (the biggest drop since July)…

Source: Bloomberg

Which means the gap between surging money-market fund assets and bank deposits continues to grow…

Source: Bloomberg

For the last two weeks, the SA and NSA data has ‘agreed’ on its direction… but not this week as The Fed’s utter fuckery turned a massive $92BN domestic US bank deposit outflow into a $36BN deposit inflow…

Source: Bloomberg

On an NSA basis, Large banks saw $66BN of outflows (SA $26BN inflows), Small banks saw $26BN outflows (SA $9.1BN inflows), and Foreign banks saw $7,3BN inflows (SA $13BN inflows)…

Source: Bloomberg

The gap between SA and NSA deposit losses since the SVB Crisis is now over $150BN…

Source: Bloomberg

On the other side of the ledger, large banks saw loan volumes decline (odd given the $26BN inflows SA) while small banks saw loan volumes jump $8.2BN…

Source: Bloomberg

The key warning sign continues to trend lower (Small Banks’ reserve constraint), supported above the critical level by The Fed’s emergency funds (for now)…

Source: Bloomberg

Finally, last week we suggested the gap between large bank and small bank deposits may mean its time for another small bank failure so JPMorgan can soak up some more cheap deposits… and sure enough, Jamie Dimon hinted that the banking crisis was not over…

“The problem of interest rate exposure was known to everyone. I do not think we want a system where no bank ever fails. So, having a bunch of failures is not a terrible thing. But if it causes havoc in the system, we have to modify regulations to stop that from happening.”

After an ugly month and even uglier quarter, we sure hope these banks are making plans to fill the $108BN hole in their balance sheets they are filling with expensive Fed loans.

end

Seems stagflation is upon us: USA manufacturing rises a bit but still in contraction phase. But input costs increase

(zerohedge)

“Renewed Upward Pressure On Inflation” – US Manufacturing Surveys Signal Stagflation

MONDAY, OCT 02, 2023 – 10:08 AM

Despite disappointing macro data (and tightening financial conditions), US manufacturing survey data was expected to rise in final September data released this morning and S&P Global’s PMI Manufacturing jumped from 47.9 in August to 49.8 in September (and up from 48.9 in the flash September print). That is the highest print for US manufacturing since April but remains in contraction (below 5). That is the 5th straight month in contraction and 10th month in the last 11 in contraction (sub 50).

The ISM Manufacturing print also rose (to 49.0), up from 47.6 and better than the 47.9 exp (but still below 50 for the 10th straight month).

Quite a decoupling from the ‘hard’ data’s decline…

Source: Bloomberg

While the two surveys show the same headline (just sub-50 – contraction) headline prints, below the surface they could not be more different…

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

“September saw a welcome near-stabilization of business conditions in manufacturing, but a further increase in price pressures is a concern on the inflation front.

“Output reversed some of the loss seen in August as higher employment and improved supply availability helped factories fulfil backlogs of orders.

“Although the pace of production growth remains disappointingly subdued thanks to a further decline in new orders received during the month, notably from weak export markets, there are signs that the situation will improve as we head through to the end of the year.

“Manufacturers’ expectations of future output have jumped to their highest for nearly one and a half years, supply conditions continue to improve, and the rate of order book decline has moderated considerably in recent months, in part due to fewer producers and customers reporting deliberate cost-focused inventory reduction policies.

“Less encouraging was the news on the inflation outlook, as producers’ costs rose at the fastest rate for five months, largely on the back of higher oil prices. These increased costs are already feeding through to higher prices to customers, which will inevitably result in some renewed upward pressure on inflation.”

So, take your pick!

PMI – higher prices (fast inflation) and slower orders/production (growth slowing)
ISM – lower prices and faster orders

However as the chart shows, the ISM’s faster orders remain below 50 (in contraction)

For context, ‘hard’ data has fallen to 5-month lows while survey-driven ‘soft’ data is at its strongest sine January 2022…

It would seem the tightening financial conditions may finally be having an effect…

So, summing everything up, despite the headline improvement in the ‘soft’ survey data, the Manufacturing reports shows production continuing to slow while prices are re-accelerating higher… in other words ‘Stagflation’.

Time to panic Mr.Powell?

end

III) USA ECONOMIC STORIES

funny but true: the House passes RepGreen’s amendment to cut defense secretary Lloyd Austin’s salary to one dollar

Thus the Democrats must find other ways to pay his salary

(Pruet/EpochTimes)

House Passes Rep. Marjorie Greene’s Amendment To Cut Defense Secretary Lloyd Austin’s Salary To $1

FRIDAY, SEP 29, 2023 – 07:40 PM

Authored by Jana J. Pruet via The Epoch Times (emphasis ours),

House Republicans have approved an amendment to slash U.S. Defense Secretary Lloyd Austin’s annual salary to no more than $1. The move comes as Congress remains in a gridlock over the budget, which could lead to a government shutdown.Secretary of Defense Lloyd Austin answers questions during a press briefing after participating in a virtual meeting of the Ukraine Defense Contact Group at the Pentagon in Arlington, Virginia on July 18, 2023. (Win McNamee/Getty Images)

Rep. Marjorie Taylor Greene (R-Ga.) on Wednesday introduced the measure, which was approved in a voice vote as part of the 2024 fiscal year appropriations bill for the U.S. Department of Defense (DOD). (pdf)

“I’m proud to let you know my amendment to FIRE Secretary of Defense Lloyd Austin just passed on the House floor,” Ms. Greene wrote on X following the amendment’s passage.

“Under his failed leadership, our military is being destroyed, and he doesn’t deserve to serve any longer. This is the first time in the 118th Congress the Holman rule has been used to hold a Biden official accountable. It’s time for more,” she continued.

The Holman Rule is a provision that allows members of Congress to reduce the salary, fire federal employees, or cut specific programs during the appropriations process. The provision was first adopted in 1876. It has been dropped and reinstated at various times since its inception. Earlier this year, the GOP-led House revived the measure for the 118th Congress. The order was not adopted for the 116th and 117th Congresses. (pdf)

“Secretary Austin has not fulfilled his job duties,” Ms. Greene said on the House floor. “As a matter of fact, he’s destroying our military. During Secretary Austin’s tenure, military recruitment has reached crisis levels of low recruitment.”

Rep. Betty McCollum (D-Minn.) spoke in opposition to the move, citing Mr. Austin’s decades-long military career.

“Secretary Austin has dedicated his life to service in the United States,” Ms. McCollum said in a speech on the House floor. “For 41 years, he has served in the United States Army, which began as an appointment to West Point and rose to the rank of four-star general.”

Mr. Austin, who led the withdrawal from Afghanistan, has an annual salary of more than $221,000.

“None of the funds made available by this Act may be used to pay Defense Secretary Lloyd James Austin III a salary that exceeds $1,” the provision reads. (pdf)

Ms. Greene, along with other conservatives in the House, has frequently criticized Mr. Austin’s chaotic withdrawal from Afghanistan in August 2021. More than 180 people, including 13 service members, were killed by suicide bombers at Kabul Airport during the evacuation that marked the disastrous end of the 20-year war against terror.

Austin Faces Impeachment

The Pentagon chief is also facing impeachment for “high crimes and misdemeanors” regarding his actions leading up to and during the military’s exodus from Afghanistan.

Late last month, Rep. Cory Mills (R-Fla.) introduced articles of impeachment accusing Mr. Austin of “dereliction of duty including and resulting in abandonment of Americans in Afghanistan.”

“It’s not enough for Congress to hold committee hearings,” Mr. Mills said in a news release on Aug. 28. “We must start taking real action to address the complete failure of this administration.”

In December 2020, then-president-elect Joe Biden nominated Mr. Austin, who was retired at the time, to lead the Defense Department. He accepted the nomination and was confirmed by the Senate on Jan. 22, 2021, in a vote of 93–2.

“Despite having nearly 8 months as Secretary of Defense to prepare for and execute a smooth and orderly departure from Afghanistan, Secretary Austin failed to adequately prepare for such a withdrawal, including through his decisions during the catastrophic events of July and August 2021, which initially resulted in as many as 9,000 Americans being abandoned in Afghanistan,” reads House Resolution 666. (pdf)

“These actions recklessly abandoned the interests, security, and values of the United States of America and contributed to the unnecessary deaths of 13 United States servicemembers as well as uncounted American civilians who were targeted and murdered by the Taliban,” the document continues.

Earlier this year, the State Department released its “After Action Review on Afghanistan,” which analyzed the decisions made between January and August leading up to the withdrawal (pdf). More than 150 voluntary interviews with current and former State Department officials, along with “relevant” documents and other materials, were compiled for the report.

The report states that decisions by the Trump and Biden administrations contributed to the disastrous situation in Afghanistan.

“The decisions of both President [Donald] Trump and President Biden to end the U.S. military mission posed significant challenges for the Department as it sought to maintain a robust diplomatic and assistance presence in Kabul and provide continued support to the Afghan government and people,” reads the report.

END

Homes are unaffordable in 99% in all USA counties

(Michael Snyder)

Homes Are “Unaffordable” In 99% Of US Counties

SUNDAY, OCT 01, 2023 – 11:40 AM

Authored by Michael Snyder via The Economic Collapse,

If you are looking to buy a home right now, I feel so sorry for you. The other day when I wrote that “life in America has never been more unaffordable than it is right now”, some people thought that I was exaggerating. But the truth is that I was not exaggerating one bit. The cost of living has risen to extremely painful levels, and this is particularly true when it comes to housing. Since 2019, the median price of a home in the United States has risen by more than $100,000. And thanks to the Federal Reserve, we are now facing dramatically higher interest rates.

As a result, housing has become extraordinarily unaffordable. In fact, a new report that was just released determined that homes are currently “unaffordable” in 99 percent of U.S. counties…

The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards.

That’s the main takeaway from a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.

In the entire history of our country, we have never seen anything like this before.

A combination of insanely high home prices and suffocatingly high mortgage rates have literally frozen the housing market.

Until something changes, millions of potential buyers and millions of potential sellers will remain sidelined…

Housing experts point to couple trends driving up housing costs. Mortgage rates have topped 7%, adding hundreds of dollars per month to a potential house payment. At the same time, homeowners who locked in at lower mortgage rates during the pandemic have opted not to sell out of fear of having to buy another property at today’s elevated rates, depleting the supply of homes for sale.

“The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc.,” Daryl Fairweather, chief economist of Redfin, told CBS MoneyWatch.

Considering everything that I just shared with you, it should be no surprise that pending home sales in August were 18.7 percent lower than they were a year ago…

Pending home sales plunged in the U.S. last month as high mortgage rates deterred more would-be buyers and sellers from making deals.

The National Association of Realtors’ Pending Home Sales Index tumbled 7.1% to 71.8 in August, a much greater decline than the 0.8% drop analysts polled by Refinitiv expected.

Year over year, pending transactions are down 18.7%, the NAR’s data shows.

According to one analyst, a potential buyer would need an income of more than $125,000 a year in order to qualify for a mortgage on an average U.S. home right now…

The steep drop in pending sales in August, on the heels of reports of slower existing and new home sales at the end of the summer, suggests that the market is cooling, said Lisa Sturtevant, chief economist at Bright Multiple Listing Service.

Overall, she said, total home sales this year could be below 4.2 million; that would be the lowest level since 2010.

With mortgage rates near and above 7% for all of August, purchasers’ buying power was crushed, and for many the math for buying a home just did not work.

“At a mortgage rate of 7%, a homebuyer would need an income of over $125,000 to qualify for a loan to purchase a $400,000 home,” said Sturtevant.

So the vast majority of us are just going to have to wait until the market shifts.

Of course housing is not the only thing that has become ridiculously expensive.

According to CNN, the price of a box of Girl Scout cookies is going up to six dollars this year…

Girl Scout cookies are getting more expensive. In some places, at least.

At least one New York State chapter, the Girl Scouts Heart of the Hudson, told troop parents and other members of the community in an email this week that all cookies will be sold for $6 per box this coming cookie season — which takes place from about January to April annually nationwide – up from $5 last year.

“In order to combat rising production and material costs, GSHH will be increasing the price of all cookie packages to $6.00,” the chapter’s interim CEO wrote, adding “we expect our neighboring councils to announce similar increases in the coming weeks and months.”

I remember the days when it was common for people to buy dozens of boxes every year.

But now if you want to do that you will need to sell an organ.

Our standard of living is being steadily eroded, and meanwhile economic conditions continue to slow down all over the country.

Earlier today, I was saddened to learn that Epic Games is laying off workers…

Epic Games, the maker of Fortnite, said on Thursday that it will lay off 16% of its staff, around 830 employees, as it attempts to reverse what CEO Tim Sweeney called “unrealistic” spending.

In a letter to employees Thursday, Sweeney said the video game company had been “spending way more money than we earn, investing in the next evolution of Epic.”

“I had long been optimistic that we could power through this transition without layoffs, but in retrospect I see that this was unrealistic,” Sweeney said in the letter, which the company shared publicly.

If even Epic Games is struggling now, what does that say about the overall state of our economy?

I am so concerned about where things are headed in the months ahead.

A major economic downturn is looming, the most chaotic presidential election in our history will happen next year, and we are already witnessing widespread rioting and looting all over the nation.

In fact, looters in Philadelphia just made headlines for a second consecutive night…

Looting has rocked Philadelphia for a second night in a row as brazen thieves ransacked a liquor store.

Shocking footage out of the City of Brotherly Love showed Fine Wine And Good Spirits smashed apart in the latest flash rob mob crime.

The brutes made off with the safe and raided the lottery machine on a night when liquor stores were shut down by the authorities.

For a long time, I have been encouraging my readers to consider relocating if they live in any of our major cities.

But now thanks to a combination of ridiculously high home prices and the highest mortgage rates we have seen in ages, most Americans simply cannot afford to move.

Unfortunately, most people will be forced to remain where they are as the events of the next few years shake this nation to the core.

end

Student loan payments officially resume after a three year pause

(zerohedge)

Student Loan Payments Officially Resume After Three-Year Pause

MONDAY, OCT 02, 2023 – 08:45 AM

On Sunday the Trump administration’s pandemic-era student loan pause officially ended, re-saddling more than 28 million borrowers with the consequences of their own actions (granted, colleges virtually assured 18-year-olds six-figure salaries amid ridiculous tuition hikes before ‘bidenomics’ and the Ukraine war resulted in scorching inflation).

Despite pleadings from advocates, the Biden administration has reactivated payment requirements, The Hill reports.

“It’s a sad day for student loan borrowers and for the country that student loans have to come back on, especially with the threat of a looming government shutdown, potentially on the same day. It’s just wild,” said the president and founder of the Student Debt Crisis Center, Natalia Abrams, apparently unaware that nobody forced anyone to take on all that debt.

According to a July survey by Life and My Finances, half of borrowers don’t make enough to afford their student loan payments, while 22% had a plan on how they would make ends meet once payments resume.

Some borrowers are going on a “student debt strike” and refusing to make payments as a way to show their discontent with the system.

Meanwhile, President Biden, who had made relief a key pledge of his 2020 campaign, has released an “on-ramp” repayment plan that allows borrowers to miss their monthly payments for the next year with fewer consequences than before. The Department of Education will not put borrowers in delinquent status if they miss payments, garnish their wages or send them to debt collectors.

But borrowers will still see interest accrue on their loans, and their credit score could be affected, despite the department saying they won’t report the missed payments to credit card companies. -The Hill

“There could be situations where potentially because you’re not making your payments, the value of your loan is increasing because it’s collecting interest, so you will owe more money. The credit bureau takes that into account, and maybe your credit score gets dinged a little bit,” said Lending Tree senior economist and student loan repayment expert, Jacob Channel.

As we’ve noted for years, student loans were an albatross around the necks of young borrowers even before the pandemic pause, delaying home ownership and throwing retirement savings plans into disarray. In 2019, nearly half of student loan borrowers delayed a home purchase due to educational debt, according to real estate site Cleaver.

“In typical pre-COVID times, when people are paying their student loans, they’re not buying their children’s medication, they’re not able to save for a house or retirement. We know from polling borrowers for so many years that they were using their COVID pandemic money to pay for basic needs, and so the worry is that now they won’t be able to,” according to Abrams.

In June, the Biden administration took the flatly unconstitutional step of forgiving at least $10,000 in student debt for all 45 million borrowers, however it was (predictably) struck down by the Supreme Court in June. The reason only 28 million borrowers will be affected by the resumption is because the rest are either paused because the borrowers are in school, in default, or waiting in the hopes that their debt will be discharged.

That said, the administration was able to create a new income-driven repayment program known as SAVE (Saving on Valuable Education), which rolls out in two phases. In the first phase coming later this year, the income exemption is raised from 150% to 225% above the federal poverty guidelines, which grants an individual borrower making up to $32,800 per year a $0 monthly payment on their student loans. The same $0 payment scales to a family of four making under $67,500.

Next year, monthly payments will be cut in half, moving from 10% of discretionary income to 5%.

“The SAVE plan is a lifeline if you’re able to get on a $0 payment, and we have worked with some borrowers, especially older borrowers on Social Security” to get on that plan,” said Abrams.

“But the folks that we’re seeing it harm or not be helpful for is our folks that may have seen an increase in their income during the pandemic. And then when they go to apply, the people who were on a previous IDR plan … they realize they have to pay a much higher payment.”

According to Republicans, none of this addresses the root of the problem.

“This conversation distracts us from the core problem, which is making student loan money too easy, which causes tuition to rise and does not address what’s needed, which is that colleges need tough love to end their addiction to tuition,” according to Adam Kissel, a visiting fellow in the Heritage Foundation’s Center for Education Policy.

“Republicans have brought forth a solution that holds colleges accountable for rising costs and empowers students and families to make the best decisions for their college careers and beyond. But if Congress fails to act, students will continue to drown in debt without a path to success,” said Sen. Bill Cassidy (R-LA), ranking member of the Health, Education, Labor and Pensions Committee.

And then there’s the economy

As we noted last week, personal consumption collapsed in the latest GDP revision – in fact, printing at 0.8%, down 80% from 3.8% in Q1, it was a downright disaster. As shown in the chart below, Personal Consumption was expected to print unchanged from the 1st revision to Q2 GDP at 1.7%. Instead, it came in less than half at 0.8%, a 9-sigma miss to expectations!

Of course, when it comes to the US economy which is 70% spending-driven, all that matters is consumer spending, and the sudden collapse there confirms what we have been saying: the US is about to careen into economic contraction once the various factors that will slam Q4 GDP come into play including:

the resumption of student loan payments, which will subtract (at least) 0.5% (and likely much more) from quarterly annualized GDP growth
the federal government shutdown, which will reduce quarterly annualized growth by around 0.2% for each week it lasts
reduced auto production from the ongoing UAW strike which will reduce quarterly annualized growth by 0.05-0.10% for each week it lasts.

Hey, at least the government averted a shutdown, so at least we’ve got that going for us.

END

Small Business Bankruptcies Surge In 2023, Five Reasons Why

MONDAY, OCT 02, 2023 – 03:40 PM

Authored by Mike Shedlock via MishTalk.com,

Small business bankruptcies are at a much higher pace than any year since the Covid pandemic…

Small business bankruptcies from the American Bankruptcy Institute via the Wall Street Journal

The Wall Street Journal reports There’s No Soft Landing for These Businesses

Nearly 1,500 small businesses filed for Subchapter V bankruptcy this year through Sept. 28, nearly as many as in all of 2022, according to the American Bankruptcy Institute.

Bankruptcy petitions are just one sign of financial stress. Small-business loan delinquencies and defaults have edged upward since June 2022 and are now above prepandemic averages, according to Equifax.

An index tracking small-business owners’ confidence ticked down slightly in September, driven by heightened concerns about the economy, according to a survey of more than 750 small businesses. Fifty-two percent of respondents believed that the country is approaching or in a recession, said the survey by Vistage Worldwide, a business-coaching and peer-advisory firm.

Robert Gonzales, a bankruptcy attorney in Nashville, said he’s now getting four times as many calls as he did a year ago from small businesses considering a bankruptcy filing.

“We are just at the front end of the impact of these dramatically higher interest rates,” Gonzales said. “There are going to be plenty of small businesses that are overleveraged.”

Five Reasons for Surge in Bankruptcies

Rising Interest Rates
Surging Wages
Tighter Bank Credit
Overleverage
Work-at-Home Curtailing Demand

Fed Rate Interest Rate Hike Expectations Are Still Higher for Even Longer

The Fed has hiked interest rates to 5.25% to 5.50%. It’s the highest in 22 years.

And Fed Rate Interest Rate Hike Expectations Are Still Higher for Even Longer

Surge in Wages

Minimum wages have surged. Unions are piling on. Small businesses have to offer prevailing wages or they cannot get workers.

In California, Minimum Wage for Fast Food Workers Jumps 30% to $20 Per Hour. Governor Gavib Newsom called it a “big deal”, I responded:

A Big Deal Indeed, Expect More Inflation

Yes, governor, this is very big deal. It will increase the cost of eating out everywhere.

The bill Newsom signed only applies to restaurants that have at least 60 locations nationwide — with an exception for restaurants that make and sell their own bread, like Panera Bread (what’s that exception all about?)

Nonetheless, the bill will force many small restaurants out of business or they will pony up too.

30 Percent Raise Coming Up!

If McDonalds pays $20, why take $15.50 elsewhere?

The $4.50 hike from $15.50 to $20 is a massive 30 percent jump.

Expect prices at all restaurant to rise. Then think ahead. This extra money is certain to increase demands for all goods and services, so guess what.

Other states will follow California.

Biden Newsome Tag Team

Biden’s energy policies have made the US less secure on oil, more dependent on China for materials needed to make batteries, fueled a surge in inflation, and ironically did not do a damn thing for the environment, arguably making matters worse.

See The Shocking Truth About Biden’s Proposed Energy Fuel Standards for discussion of the administration’s admitted impacts of Biden’s mileage mandates.

Newsom is doing everything he can to make things even worse.

The tag team of Biden and Newsom is an inflationary sight to behold.

Bank Credit and Over-Leverage

In the wake of the failure of Silicon Valley Bank, across the board small regional banks are curtailing credit.

The regional banks over-leveraged on interest rate bets. And businesses overleveraged too, getting caught up in work-from-home environments that curtailed demand for some goods and services.

The bankruptcies will fall hard on the regional banks.

Add it all up and things rate to get worse.

VICTOR DAVIS HANSON…

end

USA// COVID//VACCINE/

end

SWAMP STORIES.

They avoid a shutdown after Mccarthy seeks support from the Democrats. And he gets a side deal for funding for Ukraine.

(zerohedge)

“This Is Personal”: McCarthy Hits Back After Gaetz Removal Threat

SUNDAY, OCT 01, 2023 – 11:46 AM

Update (1146ET): House Speaker Kevin McCarthy on Sunday responded to a threat by Rep. Matt Gaetz (R-FL) to oust him from the Speakershp, telling CBS News’ “Face The Nation” that it’s “personal” for the Florida lawmaker.

“That’s nothing new, he’s tried to do that from the moment I ran for office,” said McCarthy, adding “I’ll survive, you know this is personal with Matt.”

“Matt voted against the most conservative bill to protect our border…secure border,” McCarthy continued.

Gaetz, meanwhile, hopped on ABC‘s “This Week” to say that McCarthy will get his wish, and that he’s going to file a motion this week to vacate him as speaker.

* * *

Rep. Matt Gaetz (R-FL) announced on Sunday that he will file a motion this week to remove McCarthy as speaker, and will use a parliamentary process that hasn’t resulted in the removal of a speaker since 1910.

The move comes after McCarthy reached across the aisle for bipartisan support to pass a Continuing Resolution which will keep the US government operating until mid-November, and then Democrats revealed that McCarthy had struck a side deal to guarantee Ukraine funds at a later date.

Speaking with CNN‘s “State of the Union,” Gaetz said he will file what’s known as a motion to vacate.

“I think we need to rip off the Band-Aid,” said Gaetz. “I think we need to move on with new leadership that can be trustworthy.“

When asked how many Republicans were behind him, Gaetz said he has enough.

“Enough so that when you host this show next week, if Kevin McCarthy is still Speaker of the House he will be serving at the pleasure of the Democrats,” said Gaetz. “He will be working for the Democrats. The only way that McCarthy will be Speaker of the House is if Democrats bail him out. Now they probably will.”

Gaetz’s announcement came just hours after the CR was passed, and says it’s the latest in a string of broken promises by McCarthy.

“This isn’t personal. This is about spending,” said Gaetz. “This is about the deal Kevin McCarthy made.”

McCarthy will need a simple majority of the House to stop Gaetz’s effort to oust him. If just five Republicans join the Democrats, it could work. Democrats, meanwhile, would generally be expected to back such a motion since they would prefer one of their own, Minority Leader Hakeem Jeffries (D-NY) as speaker.

“I’m going to be totally blunt. There are a lot of trust issues in my chamber right now,” said Rep. Byron Donalds (R-FL), who thinks McCarthy is in trouble, in a statement to Fox News.

As Bloomberg further notes,

Even if McCarthy survives the current mutiny, Republican dissenters could call for a new vote at any time or impose procedural hurdles to block consideration of legislation. That essentially requires him to either maintain the alliance with Democrats—essentially a coalition government in the House—or resolve differences with hardliners who now have one more reason to resent his leadership.

In 2015, then-Speaker John Boehner resigned when hardliners threatened such a rebellion rather than rely on Democratic votes to remain in power.

House Democrats led by Representative Hakeem Jeffries of New York could decide to bail out McCarthy, even if they don’t actually cast votes to keep him in his post. Enough members could simply not show up, hold back their votes, or merely vote “present,” lowering the threshold number of “nays” to removal that McCarthy needs to prevail.

Weeks ago Rep. Dean Phillips (D-MN) says he and other Democrats would consider helping McCarthy remain in power, but backpedaled on those comments after the speaker authorized the formal impeachment inquiry of President Joe Biden, which Phillips called an act of “pandering.”

end

Should be interesting!

Trump Sues Christopher Steele Over Hoax Dossier

SUNDAY, OCT 01, 2023 – 01:25 PM

Former President Trump is suing Christopher Steele, the former MI-6 spook who assembled the infamous “Steele Dossier,” a collection of fabricated Kremliny rumors about Donald Trump, which was funded by Hillary Clinton’s 2016 campaign via a law firm intermediary, and primarily sub-sourced from a Russian analyst, Igor Danchenko – who was later found not guilty of giving false statements to the FBI.

After the former spy was commissioned by Fusion GPS, a DC-based intelligence outfit hired by the DNC and Clinton’s campaign for various election-related deeds (and which employed the wife of a high-ranking DOJ official, and was accused of taking money from the Russian government, and met with the Russian Trump Tower meeting operative hours before she met Don Jr. to allegedly offer ‘dirt’ on Hillary Clinton’s activities in Russia), the Steele Dossier was made public in January 2017 after BuzzFeed published several memos written by Steele, purporting to detail Trump’s alleged “activities in Russia.”

Yes, the same Russia where a Hunter Biden-linked company accepted a $3.5 million payment from the wife of the former mayor of Moscow in 2014, who Joe Biden met with according to former Hunter partner Devon Archer. And the same Russia where Bill Clinton snagged $500k for a 2010 speech & hung out with Russian President Vladimir Putin at his house, right before the Uranium One deal went down with the Hillary-run State Department (and Bill sought State’s permission to meet with a Russian nuclear official).

The documents don’t indicate what decision the State Department finally made. But current and former aides to both Clintons told The Hill on Thursday the request to meet the various Russians came from other people, and the ex-president’s aides and State decided in the end not to hold any of the meetings with the Russians on the list.

Bill Clinton instead got together with Vladimir Putin at the Russian leader’s private homestead. -The Hill

Anyhow…

The Steele dossier was used by the Obama DOJ and the intelligence community to smear Trump as a Russian asset. Its various fabrications were legitimized under the guise of a legitimate DOJ investigation, and featured frequent strategic media leaks, ‘expert’ opinions, and manipulated evidence such as an email altered by former FBI attorney Kevin Clinesmith, which was used to renew a wiretap warrant on Trump Campaign adviser Carter Page.

Then there was the fraudulent ‘Alfa Bank Server’ allegation made by Clinton campaign lawyer Michael Sussman, who pleaded guilty to not telling the FBI that he was Hillary’s employee when he alleged that Trump was directly communicating with the Kremlin via a covert server.

Steele peddled the dossier to the State Department – which then passed it along to former FBI deputy assistant director of counterintelligence Peter ‘We’ll stop Trump‘ Strzok. Steele also met with the DOJ’s Bruce Ohr (whose wife, as we noted above, Fusion GPS employee), who he told that Russia had Trump “over a barrel.”Left to right: Nellie Ohr, Fusion GPS co-founder Glenn Simpson, Bruce Ohr

(Bruce Ohr was consequentially demoted for making “consequential errors in judgement” for failing to inform his supervisors for his role in Russiagate, and retired on Sept. of 2020 “after his counsel was informed that a final decision on a disciplinary review being conducted by Department senior career officials was imminent”).

Then there was the infamous ‘pee tape’ allegation that Trump paid prostitutes to urinate in a bed in Moscow where Barack and Michelle Obama had stayed, and that the Kremlin had a tape of the whole thing.

The 35-page dossier was publicly disavowed by high ranking FBI officials, including the bureau’s former deputy director Andrew McCabe, who told lawmakers in November 2020 that he would have never approved the Carter Page wiretap if he’d known the dossier was inaccurate.

And now, Trump is suing Steele…

According to the Independent, the 77-year-old former president is bringing a data protection claim against Steele, and his consulting firm Orbis Business Intelligence, in the UK.

“Proceedings have been issued on behalf of President Donald J. Trump against Orbis Business Intelligence Limited. The claim relates to breaches of UK Data Protection law arising from the inaccurate processing of the President’s personal data by Orbis following the publication of the false ‘Steele Dossier,’” said Trump attorney Tim Lowles.

“The President’s claim seeks remedies including that the inaccurate data contained within the Steele Dossier be erased or rectified together with the payment of damages,” the statement continues.

On October 16, a two-day hearing will commence according to the report, citing a High Court order published Thursday.

Steele has defended his work, telling the Oxford Union in March 2022: “What is being called the dossier was actually a series of single-source intelligence reports over a period of time, if you like, almost a running commentary on the election campaign and Russia’s perspective on it — and it comes from the Russian perspective of the telescope if you like,” adding “The sources were Russian, they were reporting on how Russia saw it, and of course, that may in some cases be rather different than how it was viewed in America at the other end of the telescope.”

end

20th Busload Of Illegal Immigrants Arrives In Downtown Los Angeles

SUNDAY, OCT 01, 2023 – 05:30 PM

Via The Epoch Times,

Yet another bus carrying illegal immigrants arrived in downtown Los Angeles Sept. 30, marking the 20th such arrival since June.

“One bus with migrants on board from Texas arrived around 1:45 p.m. today at Union Station,” read a statement from Mayor Karen Bass’s office.

“This is the 20th bus that has arrived. The city has continued to work with city departments, the county, and a coalition of nonprofit organizations, in addition to our faith partners, to execute a plan set in place earlier this year. As we have before, when we became aware of the bus yesterday, we activated our plan.”

When three busloads with 109 illegal immigrants arrived Friday, Ms. Bass noted that “Governor [Greg] Abbott continues to put vulnerable lives in jeopardy with limited food and water on multi-day bus journeys to Los Angeles.”

On X, the Coalition for Humane Immigrant Rights (CHIRLA) confirmed the arrival of 27 asylum-seekers Saturday with no children. It did not specify from which nations they had come.

While the collective expected 109 illegal immigrants to arrive Friday, it only assisted 65, citing that some of them may have been picked up by family members or sponsors, or some left immediately upon their arrival at Union Station.

Of the 65 illegal immigrants, 16 were children and there were 35 family-units, meaning migrants who traveled with a spouse, partner, a child or children. Additionally, 36 were female and 29 were male.

According to the CHIRLA, which is a member of the L.A. Welcomes Collective, a network of nonprofit, faith groups, and city and county services that respond to the arrival of migrant buses, a third of all illegal immigrants arriving in Los Angeles by bus have been children.

“When migrants arrive in California—more than 434,000 have arrived in California since 2019—we receive them, integrate them into society, and they in turn contribute positively to our way of life. The Golden State is an immigrant state and that will not change,” CHIRLA wrote on X.

Los Angeles Mayor Karen Bass speaks onstage during EMILYs List’s 2023 Pre-Oscars Breakfast at The Beverly Hilton in Beverly Hills, Calif., on March 7, 2023. (Araya Doheny/Getty Images for EMILYs List)

The Clergy & Laity United for Economic Justice, another member of the collective, wrote on X they learned of two of Friday’s buses early Friday morning. The lack of information resulted in “stretching our resources for greeting people with dignity and respect, helping them reunite with family and connect with sponsors,” according to CLUE Justice.

“It is abhorrent and cruel of Gov. Abbott to send human beings who are tired, hungry and yearning for a safe haven on a 30-hour bus ride without regard for their care, journey or destination,” CHIRLA wrote on X.

“It is clear he is trying to disrupt our efforts, but we will persevere.”

Jorge-Mario Cabrera, director of communications for CHIRLA, told City News Service since June a third, 35 percent of illegal immigrants arriving on buses from Texas are children, which is one of many reasons the collective condemns Mr. Abbot’s actions.

Mr. Cabrera also noted some “folks [illegal immigrants] told us that L.A. was not their destination. They were just told to get on that bus.” Many had not eaten in three days, he added.

The collective usually gets tips hours ahead from volunteers, organizations or from good Samaritans about the arrival of a bus. The route of buses from Brownsville are easier to predict, Mr. Cabrera said, but when they are sent from different cities like Del Rio, it’s “difficult to guess when they’ll arrive.”

Migrants who have crossed into the U.S. from Mexico in Eagle Pass, Texas, on Aug. 25, 2023, enter a Border Patrol vehicle to be taken to a processing facility. (Suzanne Cordeiro/AFP via Getty Images)

Illegal immigrants received a medical check up, and no one was in need of serious medical attention. Mr. Cabrera reiterated the collective will support them with basic needs as they are met by their family or sponsors.

Mr. Cabrera said he hopes the buses will slow down and stop altogether because Gov. Abbott is using illegal immigrants as “political pawns” without regard to their health. But he knows that is less than likely as the political season takes shape.

Texas Gov. Abbott has been arranging the trips under Operation Lone Star (OLS), saying Texas’s border region is “overwhelmed” by immigrants crossing the Mexican border. OLS is a joint operation between the Texas Department of Public Safety and the Texas Military Department along the southern border between Texas and Mexico.

In a recent interview with Fox News, Mr. Abbott said “What we’ve seen is when Democrats have to face up to the reality of what Texas has to deal with every single day, they adopt the same approach that Texas has.”

“We need the president to start enforcing the immigration laws of the United States of America, period,” he added.

Texas Gov. Greg Abbott speaks at a news conference in Beaumont, Texas, on Oct. 17, 2022. (Brandon Bell/Getty Images)

Ms. Bass has complained that Mr. Abbott’s office does not share enough information with Los Angeles about the shipments. She told KNX that if Mr. Abbott’s concerns and actions were legitimate and sincere, then “someone in the government and Texas would notify us and coordinate with us.”

“We hear about the buses headed our way when they’re on the way. We have no idea who’s going to be on the bus, how many people it is or what condition they’re going to be in when they get here,” she said.

“Sometimes they haven’t had any food, barely had enough water.”

The Los Angeles City Council approved a motion on June 9 seeking to formally establish the city as a sanctuary city.

Last month, the council approved a motion calling for the City Attorney’s Office to investigate whether crimes were committed on or before June 14, when Mr. Abbott sent 42 illegal immigrants to Los Angeles in the first of the shipments.

end

Now Maryland has 3 senators. Amazing from the huge population of California, Newcome could not find one person to fill Feinstein’s seat.

(zerohedge)

Newsom Fills Feinstein’s Empty Senate Seat With Wealthy Black Lesbian From Maryland

MONDAY, OCT 02, 2023 – 09:05 AM

In 2021, California Governor Gavin Newsom (D) vowed to replace any Senate vacancies with a black woman.

On Sunday, he did just that following the death of Sen. Dianne Feinstein (D), appointing the first black lesbian to ever openly serve in Congress.

Laphonza Butler, president of of pro-abortion organization EMILY’s List who served as a senior adviser to Kamala Harris’ very failed 2020 presidential campaign, and currently a resident of Maryland, was announced as Feinstein’s replacement in a Sunday night announcement by Newsom.

Butler will finish Feinstein’s term, which runs until 2024, after which she may face off with Rep. Adam Schiff (D-CA), who had been hoping Feinstein would live till the election so he could slide into the Senate.

“As we mourn the enormous loss of Senator Feinstein, the very freedoms she fought for — reproductive freedom, equal protection, and safety from gun violence — have never been under greater assault,” said Newsom, adding “Laphonza will carry the baton left by Senator Feinstein, continue to break glass ceilings, and fight for all Californians in Washington D.C.”

Butler was born in Magnolia, Mississippi, where she began her career as a union organizer. In 2009, she moved to California, where she served as president of SEIU United Long Term Care Workers, where she was instrumental in raising minimum wage, and hiking taxes on wealthy Californians. She also served as a University of California regent for three years, until she moved to Maryland in 2001.

After advising Kamala Harris on her 2020 campaign, Butler left SCRB strategies to become Airbnb’s director of public policy and campaigns in North America. Wile working for Harris, she was hired by Uber during an organized labor dispute – when Harris’s brother-in-law, Tony West, was Uber’s chief legal officer.

Many have made light of the fact that Butler doesn’t actually live in California.

end

THE KING REPORT

GREG HUNTER INTERVIEWING CHARLES NENNER

Short America & Go Long BRIC Countries – Charles Nenner

Short America & Go Long BRIC Countries – Charles Nenner

By Greg Hunter On September 30, 2023 In Political Analysis37 Comments

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

Renowned geopolitical and financial cycle expert Charles Nenner has been warning his war cycles were turning up. Nenner says, “It happens like clockwork in the second decade of a new century.” Nenner says it’s a lot like the stock market running out of gas, and he warns, “It’s like a stock market that is topping. First, the weak stocks go down. Then, the indexes are still holding up, and then the big ones go down. Now, you see for instance, Apple also came down, but first, the small stocks came down. It’s already happening, but you only see the results suddenly when the whole thing crashes. . . .Americans seem to have no worries about the war that could be coming. I don’t want people to lose sleep, but the pact is forming. It is China, Russia, North Korea and Iran. They are going against the United States that does not have a functional army anymore. . . . Who do the Americans think they are? It’s over, they can’t rule the world anymore. If they are going to fight all these countries, I don’t think it is going to end well.”

Does Nenner see the American Empire ending? Nenner says, “I think it ended already, but we just don’t know it yet. One of the signals of end of empire is bad education, which we have. Another signal is the lifespan of people is shorter than for the people before. What do you want me to say? It does not look good, does it? Another signal is your children have it worse than the generation before. So, there is a whole list of signals, and it points to the United States is in trouble. . . . I would be short America . . . and I would go long the BRIC countries (Brazil, Russia, India China).

Nenner says the stock market is on its way to being “substantially lower, but not just yet.” Nenner also sees the cycles for gold, silver, bonds and real estate all going lower from here, but gold and silver will be going back up longer term. The only thing Nenner likes right now are short-term Treasury bonds. The dollar will hold up for now, but it is headed much lower in the not-so-distant future. Nenner also likes energy, but it is cycling down at the moment. Nenner says, “Inflation goes up and down” and warns, “Inflation is starting another up trend.”

This round of inflation is probably going to be very painful for the common man.

There is much more in the 41-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned cycle analyst and financial expert Charles Nenner for 9.30.23.

(https://usawatchdog.com/short-america-go-long-bric-countries-charles-nenner/)

After the Interview:

There is free information and analysis on CharlesNenner.com.

You can also sign up to be a subscriber for Nenner’s cutting edge cycle work with a free trial period by clicking here.

(USAW does not share in Nenner’s revenue in any way. We post this as a courtesy.)

This segment is sponsored by Discount Gold and Silver Trading. Ask for Melody Cedarstrom, the owner, at 1-800-375-4188.

see you on TUESDAY