AUGUST 21/GOLD CLOSED DOWN $1.80 TO $2510.20//SILVER WAS UP 3 CENTS TO $29.49//PLATINUM WAS UP $15.65 TO $968L45 WHILE PALLADIUM WAS UP $23.05//SOCIAL UNREST LOOMS IN CHINA WITH HUGE SPEAK IN YOUTH UNEMPLOYMENT AND STRIKES ARE SURGING//MISES PROVIDES AN IN DEPTH LOOK AT THE DETERIORATING PROBLEMS INSIDE ENGLAND DUE TO THE HUGE INFLUX OF MIGRANTS/ ISRAEL VS HAMAS UPDATE ALONG WITH ISRAEL VS HEZXBOLLAH/RUSSIA VS UKRAINE UPDATES//CANADA MAY HAVE A CRIPPLING RAIL STRIKE LOOMING//USA DATA JUST RELEASED THE REVISIONS TO THE JOBS RPEORT AND A STUNNING 818000 JOBS WERE REVISED SOUTH AND THAT SHOULD PAVE THE WAY FOR INTEREST RATES CUTS//MACY’S PLUNGES ON DISMAL FORWARD OUTLOOK/ KENNEDY JR MAY JOIN TRUMPS’ TEAM TRYING TO BLOCK THE DEMOCRATIC SOCIAL//COMMUNISTIC PROGRAM//SWAMP STORIES FOR YOU TONIGHT//
118 H MACQUARIE FUT 45 363 H WELLS FARGO SEC 70 661 C JP MORGAN 26 690 C ABN AMRO 7 737 C ADVANTAGE 95 6 905 C ADM 13 8 991 H CME 12
TOTAL: 141 141 MONTH TO DATE: 21,716
JPMorgan stopped 0/141
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2024. CONTRACT: 141 NOTICES FOR 14,100 OZ or 0.4385 TONNES
total notices so far: 21,716 contracts for 2,171,600 Oz (67.545 tonnes)
FOR AUGUST:
SILVER NOTICES: 15 NOTICE(S) FILED FOR 75,000
OZ/
total number of notices filed so far this month : 862 for 4,310,000 oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $1.80 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD VAPOUR INTO THE GLD/
/ /INVENTORY RESTS AT 857,27 TONNES
INVENTORY RESTS AT 857.27 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $0.03 AT THE SLV
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 1.552 MILLION OZ OF SILVER INTO THE SLV/
// INVENTORY AT 468.344 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 468.344 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 1672 CONTRACTS TO 146,986 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH MAJOR LIQUIDATION OF OI FROM OUR SPREADERS/TAS DESPITE OUR STRONG GAIN OF $0.24 IN SILVER PRICING AT THE COMEX ON TUESDAY’S TRADING. WE LOST ZERO LONGS WITH THE GAIN IN PRICE DESPITE THE FACT THAT WE HAD A HUGE LOSS OF 768 CONTRACTS ON OUR TWO EXCHANGES AS WE HAD AGAIN HUGE LIQUIDATION OF T.A.S. CONTRACTS DURING TUESDAY’S TRADING//. WE HAD ZERO COVERING BY OUR SPECS WITH THE HUGE GAIN IN PRICE. WE HAD ANOTHER HUGE 720 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY ANOTHER HUGE 664 CONTRACT T.A.S ISSUANCE. IN ESSENCE WE LOST 892 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE STRONG GAIN IN PRICE. THE T.A.S. LIQUIDATION DID ITS MAGIC HERE.
PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN YESTERDAY. THE ACCUMULATED T.A.S. IS BEING USED TO MANIPULATE PRICES AT THE COMEX NOW EVERY DAY..
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT: 664 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 NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1/2 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES AND THUS THE REASON FOR CONSTANT RAIDS BUT TO NO AVAIL. IT ALSO LOOKS LIKE THE FED (GOV’T) IS BEHIND EVERY DAY TRADING.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.24) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A HUMONGOUS SIZED LOSS OF 892 CONTRACTS ON OUR TWO EXCHANGES ALL OF THE LOSS WAS DUE TO SPREADER/T.A.S. LIQUIDATION/
WE HAD A HUGE 720 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.005 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 75,000 OZ QUEUE JUMP //NEW STANDING RISES TO 4.570 MILLION OZ
//NEW STANDING FOR SILVER//AUGUST IS THUS 4.570 MILLION OZ
WE HAD:
/ HUMONGOUS SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 664 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL REMOVED 184 CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF AUGUST
TOTAL CONTRACTS for 15 DAYS, total 14,540 contracts: OR 72.7 MILLION OZ (966 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 72.700 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 111.035 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: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RDHIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 72.700 MILLION OZ//THIS MONTH WILL PROBABLY BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1672 CONTRACTS DESPITE OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 720 ISSUED FOR SEPT AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR AUGUST OF 3.005 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 65,000 OZ QUEUE JUMP
//NEW TOTAL STANDING FOR AUG 4.560 MILLION OZ
WE HAVE A HUMONGOUS SIZED LOSS OF 892 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE GAIN IN PRICE…..THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 664 CONTRACTS,//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX TRADING WHICH ACCOUNTS FOR A PORTION OF THE HUGE COMEX OI LOSS//// MASSIVE ATTEMPTED SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS. ALSO SOME OF OUR LONGS EXERCISED THEIR RIGHT AND TENDERED FOR PHYSICAL SILVER.
THE NEW TAS ISSUANCE TUESDAY NIGHT (664) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 15 NOTICE(S) FILED TODAY FOR 75,000 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 STRONG SIZED 5904 OI CONTRACTS TO 532,867 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 2292 CONTRACTS
WE HAD A STRONG SIZED INCREASE IN COMEX OI (5904 CONTRACTS) OCCURRED WITH OUR GAIN OF $9.40 IN PRICE/TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR AUGUST AT 65.55 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 12,900 OZ QUEUE JUMP AS FINALLY GUYS ARE STANDING FOR GOLD AT THE COMEX
NEW STANDING ADVANCES TO 68.364 TONNES
/ ALL OF THIS HAPPENED WITH OUR $9.40 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A VERY STRONG SIZED GAIN OF 9427 OI CONTRACTS (29.32 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3523 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 532,867
IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9427 CONTRACTS WITH 5904 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3523 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 9427 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1055 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3523 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI OF 5904 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9427 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR AUGUST AT 65.55 TONNES FOLLOWED BY TODAY’S 12,900 OZ QUEUE JUMP AS THESE BOYS JUMP THE QUEUE TO STAND AT THE COMEX./
//NEW STANDING ADVANCES TO: /AUGUST 68.364 TONNES.
/ 3) HUGE T.A.S. LIQUIDATION//SPREADER CONTRACTS WITH ZERO NET LONG SPECS BEING CLIPPED,
4) STRONG SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1055 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
AUGUST
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST. :
TOTAL EFP CONTRACTS ISSUED: 74,531 CONTRACTS OF 7,453,100 OZ OR 231.83 TONNES IN 15 TRADING DAY(S) AND THUS AVERAGING: 4968 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 15 TRADING DAY(S) IN TONNES 231.83 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 231.83 DIVIDED BY 3550 x 100% TONNES = 6.53% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
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. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 231.83 TONNES//THIS MONTH WILL NO DOUBT BE A HUGE ISSUANCE OF EFP’S BUT A LITTLE LESS THAN LAST MONTH.
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF AUGUST. 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 NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
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 (AUG), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 1612 CONTRACTS OI TO 146,986 AND FURTHER FROM THE 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 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 720 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 720 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 720 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1672 CONTRACTS AND ADD TO THE 720 E.FP. ISSUED
WE OBTAIN A HUMONGOUS SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 892 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.460 MILLION OZ OCCURRED DESPITE OUR STRONG $0.24 GAIN IN PRICE
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 10.08 PTS OR 0.35% //Hang Seng CLOSED DOWN 120.07 PTS OR 0.69% // Nikkei CLOSED DOWN 111.12 OR .29%//Australia’s all ordinaries CLOSED UP 0.32%///Chinese yuan (ONSHORE) CLOSED UP TO 7,1343 CHINESE YUAN OFFSHORE CLOSED UP TO 7.1313/ Oil DOWN TO 73.27 dollars per barrel for WTI and BRENT DOWN AT 75.10 Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 5904 CONTRACTS TO 535,159 WITH OUR STRONG GAIN IN PRICE OF $9.40 WITH RESPECT TO TUESDAY’S TRADING. WE LOST A CONSIDERABLE NUMBER OF SPREADER/T.A.S. CONTRACTS AS SHORTS AGAIN PANICKED BIG TIME THROUGHOUT THE SESSION AND COVERED WHAT THEY COULD AT HIGHER PRICES. THE FED IS THE MAJOR SHORT OF AROUND 148 TONNES+ OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES ONCE THE BRICS BEGIN THEIR INITIATIVE AND ABANDON THE US DOLLAR. THIS IS SCHEDULED TO HAPPEN LATE SEPT 2024.
OUR LONDONERS ALSO BOUGHT NEW MASSIVE QUANTITIES OF LONGS AND THIS WILL BE TENDERED FOR PHYSICAL ON A T + 1 BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD MUST BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
WE HAD A GOOD T.A.S. LIQUIDATION ON TUESDAY’S GAIN IN PRICE WITH ZERO LONGS BEING CLIPPED (AS YOU WILL SEE BELOW) BUT WE DID HAVE MAJOR SHORT COVERING. THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW ENTERING INTO THE ACTIVE DELIVERY MONTH OF AUGUST.… 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 A STRONG SIZED 3523 EFP CONTRACTS WERE ISSUED: : OCT/DEC3523 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3523 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD DELIVERED COMES FROM LONDON.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 9427 CONTRACTS IN THAT 3523 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG GAIN OF 5904 COMEX CONTRACTS..AND THIS VERY STRONG GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR ADVANCE IN PRICE OF $9.40/TUESDAY COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AS MENTIONED ABOVE.
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 TUESDAY NIGHT A FAIR SIZED 1055 CONTRACTS. ALMOST ALL OF THE TRADING AND SUPPLY OF CONTRACTS WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL 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/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR STRONG T.A.S. ISSUANCE. THE USE OF T.A.S. IS OF EXTREME IMPORTANCE TO OUR CROOKS IN LAST WEEK’S TRADING//RAIDS AS WELL AS THIS WEEK AND ESPECIALLY ON FRIDAY’S HUGE TRADING DAY.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: AUGUST (68.364 TONNES)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 42 MONTHS OF 2021-2024:
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. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 68.364 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $9.40 //// AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE DID HAVE A VERY STRONG GAIN IN OUR TWO EXCHANGES. CENTRAL BANK LONGS , EXERCISED FOR PHYSICAL. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION TUESDAY/COMEX.
WE HAVE GAINED A TOTAL OI OF 36.615 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR AUGUST (65.55 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 12,900 OZ QUEUE JUMP //NEW STANDING: 68.364 TONNES.
NEW STANDING FOR AUGUST: 68.364 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $9.40
WE HAVE REMOVED 2292 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 9427 CONTRACTS OR 942,700 OZ (29.32
Total monthly oz gold served (contracts) so far this month
21716 notices 2,171600 oz 67.545 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 deposits:
total dealer deposits: nil oz
we have 0 customer deposits
total deposits NIL oz
withdrawals: 1
i) Out of JPMorgan: 69,837.502 JPMorgan 2.17 tonnes
TOTAL WITHDRAWALS 69,837.502 oz
adjustments: 6 DEALER TO CUSTOMER
a) Ashai 2913.14 oz
b) Delaware 206.13 ioz
c) HSBC 7639.493 oz
d) JPMorgan 7549.755 oz
e) Loomis: 17,265.087 oz
f) Manfra 23,186.883 oz
total oz moved out of registered to eligible; 58,760.927 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST
For the front month of AUGUST we have an oi of 404 contracts having GAINED 63 contracts.
We had 66 contracts served on TUESDAY so we gained an additional 129 contracts or 12900 oz will stand for gold at the comex
SEPT. LOST 5 CONTRACTS TO STAND AT 5589 CONTRACTS.
OCTOBER GAINED 1510 CONTRACTS UP TO 54,987 CONTRACTS
We had 141 contracts filed for today representing 14,100 oz
This is a major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notice issued from their client or customer account. The total of all issuance by all participants equate to 66 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for AUGUST /2024. contract month, we take the total number of notices filed so far for the month (21,716) x 100 oz ) to which we add the difference between the open interest for the front month of August 404( CONTRACTS) minus the number of notices served upon today (141 x 100 oz per contract( equals 2,199,900 OZ OR 68,364 TONNES. Somebody was in great need of physical gold on this side of the pond today
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (21,716 x 100 oz +we add the difference for front month of AUGUST (404 X// , OI} minus the number of notices served upon today (141) x 100 oz which equals 2,199,900 oz (68.364 TONNES)
TOTAL COMEX GOLD STANDING FOR AUGUST: 68.364 TONNES WHICH IS HUGE FOR THIS VERY ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,308,890.7912 OZ
TOTAL REGISTERED GOLD 7,806,871,247 ( 242.82 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,502,019.549 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,059,148 oz (REG GOLD- PLEDGED GOLD)= 188.46tonnes //
END
SILVER/COMEX
AUGUST 21/2024
INITIAL
//2024// THE AUG 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
714,430.700 OZ Brinks Delaware
Loomis
.
Deposits to the Dealer Inventory
NIL
Deposits to the Customer Inventory
484,284.650 oz
Loomis
No of oz served today (contracts)
15 CONTRACT(S) (75,000 OZ)
No of oz to be served (notices)
50 contracts (0.250 million oz)
Total monthly oz silver served (contracts)
862 Contracts (4.310 MILLION 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 : NIL oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 customer deposits:
i)Into Loomis: 484,284.650 oz
total customer deposit 484,284.650 oz
JPMorgan has a total silver weight: 134.771million oz/306.508 million or 44.01%
adjustment:0
withdrawals: 3
i)Out of Brinks 110,757.400 oz
ii)Out of Delaware 2994.200 OZ
III) OUT OF LOOMIS 600,148.390 OZ
total customer withdrawals: 714,420.700 oz
TOTAL REGISTERED SILVER: 69.805 MILLION OZ//.TOTAL REG + ELIGIBLE. 306.508 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR AUGUST:
silver open interest data:
FRONT MONTH OF AUGUST/2024 OI: 65 CONTRACTS HAVING LOST 1 CONTRACT(S).
WE HAD 16 NOTICES SERVED ON TUESDAY, SO WE GAINED 15 CONTRACTs OR AN ADDITIONAL 75,000 OZ WILL STAND FOR SILVER AT THE COMEX.
SEPT SAW A LOSS OF 5381 CONTRACTS TO 51,207. SEPT NOW BECOMES THE NEW FRONT MONTH
OCTOBER SAW ANOTHER GAIN OF OPEN INTEREST CONTRACTS OF 46 CONTRACTS AND THUS WE HAVE 621 OPEN INTEREST CONTRACTS FOR OCTOBER.
.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 15 for 75,000 oz
CONFIRMED volume; ON TUESDAY 96,220 HUGE
To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 862 x 5,000 oz = 4.310 MILLION oz
to which we add the difference between the open interest for the front month of AUGUST( 65) and the number of notices served upon today 15 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the AUGUST/2024 contract month: 862 notices served so far) x 5000 oz + OI for the front month of AUGUST (65)x number of notices served upon today minus (15)x 5000 oz of silver standing for the AUGUST contract month equates to 4.570 MILLION OZ.
New total standing: 4.570 million oz.
There are 69.904 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.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
END
GLD AND SLV INVENTORY LEVELS//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
GLD
AUGUST 21 WITH GOLD DOWN $1.80 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER WITHDRAWAL OF 1.73 TONNES OF GOLD OUT OF THE GLD./ //////INVENTORY RESTS AT 857.27 TONNES
AUGUST 20 WITH GOLD UP $9.40 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER DEPOSIT OF 4.03 TONNES OF GOLD VAPOUR INTO THE GLD./ //////INVENTORY RESTS AT 859.00 TONNES
AUGUST 19 WITH GOLD UP $3.05 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A MONSTER DEPOSIT OF 7.19 TONNES OF GOLD VAPOUR INTO THE GLD./ //////INVENTORY RESTS AT 854.97 TONNES
AUGUST 16 WITH GOLD UP $44.65 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: //////INVENTORY RESTS AT 847.78 TONNES
AUGUST 15 WITH GOLD UP $13,70 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.02 TONNES OF GOLD OUT OF THE GLD//////INVENTORY RESTS AT 847.78 TONNES
AUGUST 14 WITH GOLD DOWN $26.20 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.03 TONNES OF GOLD OUT OF THE GLD//////INVENTORY RESTS AT 845.76 TONNES
AUGUST 13 WITH GOLD UP $3.35 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.88 TONNES OF GOLD INTO THE GLD//////INVENTORY RESTS AT 849.79 TONNES
AUGUST 12 WITH GOLD UP $30.00 ON THE DAY; NO CHANGES IN GOLD AT THE GLD: ////INVENTORY RESTS AT 846.91 TONNES
AUGUST 9 WITH GOLD UP $10.50 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.87 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 846.91 TONNES
AUGUST 8 WITH GOLD UP $31.50 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.02 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 844.04 TONNES
AUGUST 7 WITH GOLD UP $1.90 ON THE DAY; HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.16 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 848.06 TONNES
AUGUST 6 WITH GOLD DOWN $13.10 ON THE DAY; SMALL CHANGES IN GOLD AT THE GLD” A WITHDRAWAL OF .57 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 844.90 TONNES
AUGUST 2 WITH GOLD DOWN $9.95 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.58 TONNES OF GOLD OUT OF THE GLD//INVENTORY RESTS AT 845.47 TONNES
AUGUST 1 WITH GOLD UP $9.15 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.88 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 846.05 TONNES
JULY 30 WITH GOLD UP $26.55 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// A /////INVENTORY RESTS AT 843.17 TONNES
JULY 29 WITH GOLD UP $27.35 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF 1.98 TONNES OF GOLD OUT OF THE GLD/////INVENTORY RESTS AT 843.17 TONNES
JULY 26 WITH GOLD UP $27.35 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A DEPOSIT OF 3.45 TONNES OF GOLD INTO THE GLD/////INVENTORY RESTS AT 845.19 TONNES
JULY 25 WITH GOLD DOWN $60.45 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 841.74 TONNES
JULY 24 WITH GOLD UP $12.75 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1,73 TOONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 841.74 TONNES
JULY 23 WITH GOLD UP $12.75 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
JULY 22 WITH GOLD DOWN $4.40 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
JULY 19 WITH GOLD DOWN $56.10 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;:A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD// ///INVENTORY RESTS AT 840.01 TONNES
JULY 18 WITH GOLD DOWN $2.20 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD;: ///INVENTORY RESTS AT 842.02 TONNES
JULY 17 WITH GOLD DOWN $6.60 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;: A MASSIVE DEPOSIT OF 5.49 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 842.02 TONNES
JULY 16 WITH GOLD UP $38.60 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD;: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 836.53 TONNES
GLD INVENTORY: 857,27 TONNES, TONIGHTS TOTAL
SILVER
AUGUST 21//WITH SILVER $0.03//HUGE CHANGES IN SILVER INVENTORY:A DEPOSIT OF 1..552 MILLION OZ INTO THE SLV. .///./// /INVENTORY AT 468.344 MILLION OZ
AUGUST 20//WITH SILVER $0.24//HUGE CHANGES IN SILVER INVENTORY:A DEPOSIT OF 1.369 MILLION OZ FROM THE SLV. .///./// /INVENTORY AT 466.792 MILLION OZ
AUGUST 19//WITH SILVER $0.39//HUGE CHANGES IN SILVER INVENTORY:A WITHDRAWAL OF 1.506 MILLION OZ FROM THE SLV. .///./// /INVENTORY AT 465.423 MILLION OZ
AUGUST 16//WITH SILVER $0.49//NO CHANGES IN SILVER INVENTORY: .///./// /INVENTORY AT 466.929 MILLION OZ
AUGUST 15//WITH SILVER $1.14//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 1.186 MILLION ON INTO THE SLV.///./// /INVENTORY AT 466.929 MILLION OZ
AUGUST 14//WITH SILVER DOWN $0.40//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 13//WITH SILVER DOWN $0.19//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 12//WITH SILVER UP $.37//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 9//WITH SILVER DOWN $.03//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 465.743 MILLION OZ
AUGUST 8//WITH SILVER UP $.70//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 3.241 MILLION OZ INTO THE SLV////./// /INVENTORY AT 462.502 MILLION OZ
AUGUST 7//WITH SILVER DOWN $0.27//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 4.552 MILLION OZ INTO THE SLV////./// /INVENTORY AT 462.502 MILLION OZ
AUGUST 6//WITH SILVER UP $0.05//NO CHANGES IN SILVER INVENTORY:///./// /INVENTORY AT 458.851 MILLION OZ
AUGUST 2//WITH SILVER DOWN $0.01//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 1.243 MILLION OZ OF SILVER OUT OF THE SLV ///./// /INVENTORY AT 460.961 MILLION OZ
AUGUST 1//WITH SILVER DOWN $0.46//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 1.608 MILLION OZ OF SILVER VAPOUR INTO THE SLV///./// /INVENTORY AT 462.204 MILLION OZ
JULY 31//WITH SILVER UP $0.45//NO CHANGES IN SILVER INVENTORY: /./// /INVENTORY REMAINS AT 460.596 MILLION OZ
JULY 30//WITH SILVER UP $0.61//SMALL CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 0.456 MILLION OZ OF SILVER VAPOUR INTO THE SLV/./// /INVENTORY RISES AT 460.596 MILLION OZ
JULY 29//WITH SILVER DOWN $0.07//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 4.382 MILLION OZ OF SILVER VAPOUR INTO THE SLV/./// /INVENTORY RISES AT 461.052 MILLION OZ
JULY 26//WITH SILVER DOWN $0.07//NO CHANGES IN SILVER INVENTORY./// /INVENTORY REMAINS AT 456.670 MILLION OZ
JULY 25 WITH SILVER DOWN $1.37//HUGE CHANGES IN SILVER INVENTORY: A WITHDRAWAL OF 3.124 MILLION OZ OF SILVER OUT OF THE SLV./// /INVENTORY FALLS TO 456.670 MILLION OZ
JULY 24 WITH SILVER UP 3 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 15.880 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
JULY 23 WITH SILVER UP 3 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 15.880 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
JULY 22 WITH SILVER UP 2 CENTS//HUGE CHANGES IN SILVER INVENTORY: A DEPOSIT OF 3.920 MILLION OZ OF SILVER INTO THE SLV./// /INVENTORY RISES AT 439.780 MILLION OZ
JULY 19 WITH SILVER DOWN 94 CENTS//NO CHANGES IN SILVER INVENTORY/// /INVENTORY REMAINS AT 435.854 MILLION OZ
JULY 18 WITH SILVER DOWN 13 CENTS//HUGE CHANGES IN SILVER INVENTORY” A DEPOSIT OF 2.374 MILLION OZ INTO THE SLV/// /INVENTORY RISES TO 435.854 MILLION OZ
JULY 17. WITH SILVER DOWN 75 CENTS//NO CHANGES IN SILVER INVENTORY// /INVENTORY REMAINS AT 433.480 MILLION OZ.
JULY 16. WITH SILVER UP 30 CENTS//NO CHANGES IN SILVER INVENTORY// /INVENTORY REMAINS AT 433.480 MILLION OZ.
CLOSING INVENTORY 468.344 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS/ JAMES RICKARDS/ VON GREYERZ//GOLD AND SILVER COMMENTARY//BILL HOLTER:
Submitted by admin on Mon, 2024-08-19 18:49 Section: Daily Dispatches
By Jeff McDonald San Diego Union-Tribune Monday, August 19, 2024
With a fickle stock market and broader economic uncertainty around the globe, Howard and Heather Short were looking for a safe harbor for their savings and financial stability.
The San Diego couple settled on gold.
After months of hearing advertisements promoting the Oxford Gold Group on a local talk radio station, the Shorts began transferring chunks of their retirement portfolio to the Beverly Hills company
“I thought, it’s silver and gold. It’s tangible. It’s not going to lose value,” Heather Short said in a telephone interview. “We did one lump sum from each of our retirement accounts.”
Oxford Gold told clients their assets would be deposited with Equity Trust Co., an Ohio firm specializing in so-called self-directed investment accounts focused on precious metals, cryptocurrency, and other alternative assets.
But earlier this year the Shorts and hundreds of other investors received a letter from Equity Trust indicating that the money they directed to Oxford Gold had not been properly recorded. …
SHANGHAI CLOSED DOWN 10.08 PTS OR 0.35% //Hang Seng CLOSED DOWN 120.07 PTS OR 0.69% // Nikkei CLOSED DOWN 111.12 OR .29%//Australia’s all ordinaries CLOSED UP 0.32%///Chinese yuan (ONSHORE) CLOSED UP TO 7,1343 CHINESE YUAN OFFSHORE CLOSED UP TO 7.1313/ Oil DOWN TO 73.27 dollars per barrel for WTI and BRENT DOWN AT 75.10 Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGSWEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.1343
OFFSHORE YUAN: UP TO 7.1317
SHANGHAI CLOSED DOWN 10.08 PTS OR 0.35 %
HANG SENG CLOSED DOWN 120.07 PTS OR 0.69%
2. Nikkei closed
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 101.42 EURO FALLS TO 1.1114 DOWN 14 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +0.876 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.11…… JAPANESE YEN NOW RISING AS WE HAVE NOW REACHED THE REIGNITING OF THE YEN CARRY TRADE AFTER DISASTROUS POLICY ISSUED BY UEDA
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: UP OFFSHORE:UP
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 YIELD DOWN TO +2.2130/Italian 10 Yr bond yield DOWN to 3.585 SPAIN 10 YR BOND YIELD DOWN TO 3.0346%
3i Greek 10 year bond yield DOWN TO 3.213
3j Gold at $2511.60//Silver at: 29.63 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 61/ 100 roubles/dollar; ROUBLE AT 91.75
3m oil into the 73 dollar handle for WTI and 75 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 146.11/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.875 % STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8554 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9506 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 3.815 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.076 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.994 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 33.93…
10 YR UK BOND YIELD: 3.9553 DOWN 3 PTS
10 YR CANADA BOND YIELD: 3.036 DOWN 0 BASIS PTS
2a New York OPENING REPORT
Futures Rise Ahead Of Payroll Revisions, FOMC Minutes
WEDNESDAY, AUG 21, 2024 – 08:11 AM
Global markets and US equity futures rose as investors awaited the annual BLS payrolls revisions – where as many as 1 million jobs can be eliminated – due at 10am ET, as well as the FOMC meeting minutes for further clues on interest rate cuts. US equity futures pointed to small moves at the Wall Street open as Europe’s Stoxx 600 edged 0.2% higher amid thin volumes while Asian stocks snapped a 3-day winning spree. As of 7:45am S&P futures were up 0.2% at 5,629 having fully recovered from the early August swoon; Nasdaq futures also gained 0.2%. The yield on 10-year Treasuries was steady at 3.81%, while the dollar paused a three-day run of declines. Oil was flat, halting the recent rout.
In premarket trading, technology stocks dipped on concerns over the country’s consumption outlook, Walmart’s planned sale of its stake in JD.com Inc. and poor earnings from key players including Kuaishou Technology. JD.com ADRs dropped 7% after Walmart raised about $3.6 billion by selling its stake in the Chinese e-commerce firm. Macy’s fell 7% after slightly missing analysts’ estimates for its quarterly revenue and lowering its outlook for sales during the rest of the year, while Target rose 12% after ending a string of sales declines in the 2Q, citing improved discretionary spending. Here are some other notable premarket movers:
Arch Resources gains 3% after agreeing to be bought by Consol Energy (CEIX) for $2.3 billion as the transition to greener fuels threatens the industry’s long-term outlook.
BigBear.ai surges 26% after the artificial intelligence software developer said it received an award as a subcontractor to Concept Solutions.
Keysight Technologies rises 12% after the measurement instruments company issued a 4Q forecast range with a midpoint that came in ahead of the analyst consensus.
Macy’s falls 7% after slightly missing analysts’ estimates for its quarterly revenue and lowering its outlook for sales during the rest of the year.
Stronghold Digital Mining soars 60% after Bitfarms Ltd. agreed to acquire the company.
Vector Group gains 7% after the discount cigarette maker agreed to be acquired by JT Group for about $2.4 billion.
Today’s main event is the annual payrolls revision where Goldman and Wells Fargo economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated. While JPMorgan forecasters see a decline of about 360,000, Goldman indicates it could be as large as a million. Investors will also be watching the latest FOMC minutes for further clues on the Fed’s September rate cut.
Beyond today’s FOMC minutes, anticipation is mounting before Fed Chair Jerome Powell’s Jackson Hole speech at the end of the week that could decide whether the market rebound has further to run. As traders look to Wednesday’s payrolls revisions, there’s concern signs of excessive weakness will revive fears the Fed is behind the curve on lowering rates.
“Given that the US labor market is at the center of the Fed’s policy, the publication is of unusually high interest,” said Amanda Sundstrom, interim chief strategist for Norway at SEB AB. “A large downward revision in the number of new jobs created could add new fuel to concerns that the Fed has waited too long to cut interest rates.”
A lot of Fed-related negatives appear to be priced in already as the US rates market prices in almost 100 basis points of cuts this year, he said. Gold held steady near a record high after the dollar’s recent run of losses. A weaker greenback typically aids gold as it is priced in the US currency.
European stocks make modest but broad gains as miners outperform. Basic resources is the strongest-performing sector, while energy is the biggest laggard. The Stoxx 600 Europe index is up 0.4% near session highs. Here are some of the biggest European movers on Wednesday:
European miners are outperforming as iron ore rises for a third straight session. The commodity recovered more of its 9% plunge last week on signs Chinese authorities will take further steps to revive the country’s moribund property market.
Biggest gainers by points are Rio Tinto (+2.2%), Anglo American (+1.9%), Glencore (+2.1%), Antofagasta (+2.0%) and steelmaker ArcelorMittal (+1.5%)
Demant gains as much as 4.9%, its biggest advance since February, after Morgan Stanley double-upgrades the stock to overweight from underweight. Broker says the current “extreme” valuation levels provide an attractive entry point for the Danish hearing-aid company.
Mobico shares rise as much as 19%, the most since March 2022, after the passenger transportation company reported first-half results and reiterated profit guidance. Analysts note that the sale of Mobico’s American school bus business is underway, which could be a positive catalyst for the stock.
Elementis shares rise as much as 4.7% as the British specialty chemicals firm gets an upgrade to overweight from Barclays, which sees further upside from the strategic review of Talc business and sets price target for the stock at Street high.
Alcon’s shares fall as much as 3.3% in Zurich after the Swiss eye-care products maker’s second-quarter sales undershot expectations. Analysts pointed to weakness in the vision care segment after a supplier-related quality issue affected its operating margin.
Sonova shares drop as much as 4% after Morgan Stanley downgraded its recommendation on the hearing-aids maker to underweight from equal-weight, noting the “all-time high” valuation compared with Demant and other peers.
Grieg Seafood declines as much as 16%, the most since September 2022, after the Norwegian seafood and salmon farming firm reported an operational loss for the second quarter of NOK35m, in stark contrast with an expected profit of NOK132m.
SoftwareOne shares fall as much as 5.2% to the lowest since May after the Swiss IT service provider reported a first-half adjusted Ebitda miss, cut its full-year revenue guidance and said it was in talks about a potential sale. Baader sees an improvement in coming quarters despite the weaker-than-expected second-quarter results.
Meanwhile, stocks in Asia snapped a three-day winning streak, dragged down by Chinese stocks in Hong Kong. The MSCI Asia Pacific Index dropped as much as 0.7%, after gaining nearly 4% over the previous three sessions. The biggest contributors to the gauge’s slide included TSMC, Commonwealth Bank and JD.com. Hong Kong was among the worst-performing markets in the region, with JD.com leading a rout in the tech sector on Walmart’s sale of its stake in the Chinese e-commerce company. Kuaishou Technology also tumbled, after reporting mixed earnings.
In FX, the dollar rises 0.1%, snapping a three-day decline. The Japanese yen is the weakest of the G-10 currencies, falling 0.5% against the greenback. British pound holds above $1.30. Rate-cut bets have driven a bout of dollar weakness, but the US currency halted the slide on Wednesday on speculation the drop may be overdone. “The dollar selloff is taking a breather given the speed of recent losses,” said Valentin Marinov, a Credit Agricole strategist in London.
In rates, treasuries are slightly cheaper across the curve, erasing a portion of Tuesday’s gains, as investors look ahead to the release at 10am New York time of revisions to US labor-market data. US session also includes 20-year bond auction at 1pm. Treasury yields cheaper by about 2bps across the curve with 10-year around 3.81%; bunds in the sector trade keep pace with Treasuries while gilts outperform by around 1bp. Most curve spreads are within 1bp of Tuesday’s close, which saw 2s10s steepen as additional Fed easing was priced into swaps; around 97bp remains priced in over the year’s three remaining policy meetings. Treasury issuance resumes at 1pm with $16 billion 20-year new-issue auction; WI yield is around 4.180%, 28.6bp richer than last month’s sale.
In commodities, oil prices advance, with WTI rising 0.4% to trade near $73.50. Gold held steady at $2,512/oz near a record high after the dollar’s recent run of losses. A weaker greenback typically aids gold as it is priced in the US currency.
Bitcoin is steady and holds just beneath USD 60k; Ethereum briefly topped USD 2.6k, but has since slipped below the level. Mt.Gox transferred USD 75mln in Bitcoin to BitStamp, according to Arkham cited by Block Pro.
Looking at today’s calendar, US economic data calendar only includes the BLS payroll revisions which will be closely watched to see just how many jobs are wiped out from the historical record. The Fed speaker slate is empty with the July FOMC meeting minutes release at 2pm.
Market Snapshot
S&P 500 futures little changed at 5,620.00
STOXX Europe 600 up 0.1% to 513.02
MXAP down 0.5% to 184.20
MXAPJ down 0.5% to 572.68
Nikkei down 0.3% to 37,951.80
Topix down 0.2% to 2,664.86
Hang Seng Index down 0.7% to 17,391.01
Shanghai Composite down 0.4% to 2,856.58
Sensex little changed at 80,791.00
Australia S&P/ASX 200 up 0.2% to 8,010.50
Kospi up 0.2% to 2,701.13
German 10Y yield little changed at 2.22%
Euro down 0.1% to $1.1117
Brent Futures little changed at $77.24/bbl
Gold spot down 0.2% to $2,509.31
US Dollar Index little changed at 101.53
Top Overnight News
Bond traders are taking on a record amount of risk as they bet big on a Treasury market rally fueled by expectations the Federal Reserve will embark on its first interest-rate cut in more than four years.
China set its daily reference rate for the yuan broadly in line with expectations for the first time in more than a year, signaling its comfort with current currency levels following a rebound.
US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates.
Russian air defenses shot down 10 drones approaching Moscow in what Mayor Sergei Sobyanin called one of the largest attacks on the capital since the beginning of the war on Ukraine.
Barack and Michelle Obama delivered blistering critiques of Republican nominee Donald Trump while painting Vice President Kamala Harris as the heir of their historic political legacy in addresses that capped the second night of the Democratic National Convention.
A signal from the Bitcoin derivatives market points to the growing risk of a “short squeeze” that can stoke sharp rallies in the largest digital asset, according to cryptocurrency specialist K33 Research.
A more detailed look at global markets courtesy of newsquawk
APAC stocks were subdued following the lacklustre performance stateside where the major indices traded sideways and finished with mild losses amid the absence of macro drivers ahead of the FOMC Minutes. ASX 200 declined amid a deluge of earnings with underperformance in energy following a retreat in oil prices and with Santos shares pressured after it reported an 18% drop in H1 underlying profit. Nikkei 225 slumped at the open amid pressure from recent currency strength but is off worst levels. Hang Seng and Shanghai Comp. retreated with the former ragged lower by tech weakness as JD.com suffered a double-digit drop after reports Walmart is seeking to offload its USD 3.5bln stake in the Co. However, the losses in the mainland are limited following the PBoC’s firm liquidity effort.
Top Asian News
China Automobile Manufacturers Association firmly opposes the EU Commission’s final draft on high tariffs on Chinese-made electric vehicles and said the tariff decision brings enormous risks and uncertainty for Chinese firms’ operations and investment in the EU, according to CCTV.
Chinese Commerce Ministry launched an anti-subsidy investigation into dairy products imported from the EU from August 21st; dairy product probe includes Ireland, Austria, Italy, Belgium and Finland.
China Financial Regulator Official says will strengthen supervision of the behaviour of major shareholders of small and medium size financial institutions.
Chinese Chamber of Commerce for Machinery and Electronics says China will continue to respond on behalf of China’s EV industry and will resolutely defend the rights of their firms through various means.
Xiaomi (1810 HK) Q2 (CNY): Revenue 88.9bln (85.8bln), Adj. Net 6.2bln (exp. 4.8bln), Repurchase programme of HKD 10bln; June MAUs reached another record high at 675.8mln.
European bourses, Stoxx 600 (+0.2%) are mostly firmer, in contrast to a largely subdued APAC session overnight. European sectors are mixed and with the breadth of the market fairly narrow. Basic Resources takes the top spot, benefiting from gains in underlying metals prices. Energy is found at the foot of the pile, hampered by losses in the crude complex. US Equity Futures (ES U/C, NQ U/C, RTY +0.3%) are flat/firmer, finding its footing following the modest pressure seen in the prior session. There are two notable releases on the docket for today; US Payrolls Revisions and the FOMC Minutes thereafter.
Top European news
UK Chancellor Reeves plans to increase social housing rents by more than inflation for the next 10 years to boost the building of affordable homes, according to FT.
FX
DXY is sitting just above the 101.50 mark with the USD mostly marginally firmer vs peers. US payrolls revisions will be in focus today with Goldman Sachs suggesting that the data series in the year to March could be revised lower by as much as 1 million, a potential driver for Dollar selling.
EUR is trivially lower vs. the USD but still holding onto a 1.11 handle. The next upside target for EUR/USD comes via the December 2023 high at 1.1139.
GBP is marginally softer vs. the USD but with Cable still maintaining its position on a 1.30 handle.
JPY is the laggard across the majors with not much in the way of fresh fundamental drivers. USD/JPY still has some way to go before approaching yesterday’s 147.34 peak.
Antipodeans are both a touch softer vs. the USD in quiet newsflow after a recent run of gains. AUD/USD has maintained a footing on the 0.67 handle.
PBoC set USD/CNY mid-point at 7.1307 vs exp. 7.1303 (prev. 7.1325).
Fixed Income
USTs are unchanged ahead of payroll revisions, and within a six tick range and holding in proximity to Tuesday’s 113-20 peak. Significant downward revisions could spark a dovish move as it adds to the factors in favour of the Fed commencing the easing cycle in September.
Bunds are slightly softer after being the relative outperformer in Tuesday’s European session. Currently holding just above the 134.50 mark with a double-bottom from Monday/Tuesday at 134.09 providing near-term support. Bunds were unreactive to the German 2034 auction.
Gilts are flat and pivoting the 100.00 mark. No real move to the morning’s PSNB release or the region’s auction.
Crude is flat/choppy start to the European session following a subdued APAC trade after recent declines amid China demand concerns and Gaza ceasefire efforts, while the latest private sector inventory data showed a surprise build in headline crude stockpiles. Brent Oct in a USD 76.95-77.46/bbl parameter.
Mixed/uneventful trade across precious metals with the complex taking a breather following yesterday’s price action. XAU within a tight USD 2,507-519/oz range.
Base metals are mostly firmer but to varying degrees despite the firmer Dollar and tentative risk tone.
ANZ Research sees Gold price to hit fresh highs to USD 2550/oz later this year.
Earthquake of magnitude 5.58 strikes the Jujuy province in Argentina, according to GFZ.
US Private Inventory Data (bbls): Crude +0.3mln (exp. -2.7mln), Distillate -2.2mln (exp. -0.2mln), Gasoline -1.0mln (exp. -0.9mln), Cushing -0.6mln.
Geopolitics – Middle East
“Israel Broadcasting Corporation: The meeting between Blinken and Netanyahu did not succeed in reducing the gaps and did not make progress on the deal”, according to Al Jazeera”Differences on outstanding issues have not been resolved despite optimistic US statements”.
Israeli raids were reported on towns in Baalbek, eastern Lebanon, while Hezbollah said it confronted an Israeli warplane that violated Lebanese airspace in the southern region with a surface-to-air missile, according to Sky News Arabia. Furthermore, Lebanese media reported that 4 people were killed and 10 others wounded in Israeli raids on the Bekaa region.
Islamic Resistance in Iraq said it attacked a vital target in Eilat, according to Al Jazeera.
A deal to bring an end to the fighting in Gaza was said to be on the brink of collapsing and there is no clear immediate alternative agreement that could be put forward in its place, according to two US and two Israeli officials cited by POLITICO.
Israeli PM Netanyahu met with Finance Minister Smotrich over the past two days to convince him to support the hostage deal, according to sources cited by Walla News.
Hamas refuted US President Biden’s claim that it is backing away from a Gaza ceasefire and hostages deal, while it insisted that the US is yielding to Israel’s interests in negotiations, according to FT.
US Secretary of State Blinken said they need to get a ceasefire and hostage release agreement over the finish line now, while he said they will do everything possible over the coming days to get Hamas on board with the bridge proposal.
UK Foreign Secretary Lammy said he spoke with US Secretary of State Blinken to discuss the ongoing Gaza ceasefire negotiations, while he added that an immediate cessation of fighting in Gaza and release of all hostages is vital.
Qatari Foreign Minister told US Secretary of State Blinken that Qatar is committed to its mediating role with Egypt and the US to end the war in Gaza.
Geopolitics – Ukraine
Russian air defences repelled a Ukraine drone attack on Moscow, according to the Moscow Mayor.
Russia’s foreign intelligence agency said, without providing evidence, that Ukraine’s incursion into Kursk was prepared with the participation of the US, UK, and Poland, while it added that NATO advisers are providing assistance to Ukraine in its incursion into Kursk, according to TASS.
US Event Calendar
07:00: Aug. MBA Mortgage Applications, prior 16.8%
After a significant rally for risk assets, the market advance finally came to a halt over the last 24 hours, with the S&P 500 (-0.20%) falling back after its longest run of gains so far this year. There wasn’t an obvious catalyst, and the index was little changed on the day, but it was always going to be tough to sustain such a long run of gains, and several risks are now coming into focus again. In particular, today will bring the preliminary benchmark revision to US nonfarm payrolls, and given the recent jobs report, there’s quite a bit of concern this will show a weaker labour market than previously thought.
The revisions are happening because each year, the payroll numbers are benchmarked against the Quarterly Census of Employment and Wages (QCEW) for March. At the last QCEW, employment growth through end 2023 was running at +1.5%, which was beneath the +2.0% year-on-year growth in nonfarm payrolls. So that points to a downward revision in the payroll numbers. However, the important thing to note, whatever the numbers show today, is that these revisions would only affect the numbers up to the March payrolls, and don’t cover the job gains since. And ultimately, it’s those more recent numbers that really matter for the Fed and the pace of any future rate cuts.
With those revisions in focus, a more risk-off tone prevailed yesterday, and investors moved to raise the probability that the Fed will start cutting rates with a 50bp move in September. Indeed by the close, futures had increased the likelihood of a 50bp cut to 34%, up from 24% the previous day. That narrative also got a further boost from the latest Canadian CPI data, which showed that core inflation was weaker than expected in July. Specifically, the median core measure was down to +2.4% (vs. +2.5% expected), and the trim core measure was down to +2.7% (vs. +2.8% expected). In turn, that led to growing confidence that the Bank of Canada were on course to deliver another rate cut in September, and yields on 10yr Canadian government bonds were down -5.8bps.
That dovish narrative was evident elsewhere, as Sweden’s Riksbank had already cut their policy rate yesterday morning by 25bps to 3.5%. The move was in line with expectations, but they also said in their statement that if the inflation outlook was unchanged, then “the policy rate can be cut two or three more times this year.” That’s their second rate cut this year, and it adds to the signs that the global monetary policy cycle has now turned, with most of the major central banks now either cutting rates or moving closer towards cuts (with the notable exception of the Bank of Japan).
All these developments supported a sizeable bond rally on both sides of the Atlantic. In the US, it saw the 10yr Treasury yield fall by -6.4bps to 3.81%, and the 30yr yield (-6.2bps) fell to a YTD low of 4.06%. That marked the largest decline for both since the July payrolls release on August 2 and leaves the 10yr yield not far away from its recent closing low of 3.79% on August 5. And with investors dialling up the likelihood of a 50bp cut, the 2yr yield came down by an even larger -8.2bps to 3.99%. That helped the US Dollar to weaken further, pushing the dollar index (-0.44%) to its lowest level since December. Meanwhile in Europe, yields on 10yr bunds (-3.2bps), OATs (-2.4bps) and BTPs (-2.3bps) all saw a smaller decline, whilst the Euro closed at its highest level so far this year, at $1.1130.
When it came to equities, the relentless rally over recent sessions finally ran out of steam, and the S&P 500 (-0.20%) had a small decline. On a sectoral basis, the biggest underperformer were energy stocks (-2.65%), which lost ground as oil prices fell for the 5th time in the last 6 sessions, and Brent crude (-0.59%) closed at a two-week low of $77.20/bbl. The Magnificent 7 (-0.33%) were weighed down by a -2.12% decline for Nvidia, which also saw the Philadelphia Semiconductor Index fall -1.33% on the day. There were also broader elements of softness, with the equal weighted S&P 500 down -0.42% and the small-cap Russell 2000 (-1.17%) underperforming.
That weakness was clear amongst other risk assets, and the VIX Index of volatility (+1.23pts) ticked up to 15.88pts, ending a run of 5 consecutive declines. Similarly, US IG spreads were up +2bps to 97bps, which is their biggest daily move wider in the last two weeks, whilst US HY spreads widened by +6bps to 318bps. Over in Europe it was much the same story, with the DAX (-0.35%) finally ending a run of 10 consecutive daily gains, and the broader STOXX 600 (-0.45%) also lost ground.
Many of those themes have continued in Asian markets overnight, with losses across the major equity indices. In Hong Kong, the Hang Seng (-0.95%) is the biggest underperformer, having been pulled lower by JD.com (-10.25%). That comes as several outlets including Bloomberg have said that Walmart are selling their stake in the firm. Other indices also fell back, with losses for the Shanghai Comp (-0.39%), the CSI 300 (-0.10%), the Nikkei (-0.33%) and the KOSPI (-0.05%). However, US and European equity futures are now pointing to gains, with those on the S&P 500 (+0.12%) and the STOXX 50 (+0.14%) both higher this morning.
Overnight, we’ve also had the latest data on Japan’s trade balance, which showed that export growth accelerated up to +10.3% year-on-year (vs. +11.5% expected), whilst imports were up by +16.6% (vs. +14.6% expected), which is the fastest growth for imports since January 2023. Yesterday however, there wasn’t much data of note, although the final release for Euro Area inflation in July was confirmed at +2.6%, in line with the flash estimate. Similarly, the core inflation reading was unchanged at +2.9%. In Germany, we had the latest PPI reading for July, which came in at -0.8% year-on-year as expected. It was also the highest reading since June 2023, after falling as low as -9.1% in September 2023.
To the day ahead now, and data releases include the UK public finances for July, whilst in the US, the Bureau of Labor Statistics will release the preliminary estimate of the annual benchmark revision to payrolls. From central banks, we’ll get the minutes from the FOMC’s July meeting and hear from the ECB’s Panetta. Finally, today’s earnings releases include Target.
2B) European report
Equities flat/firmer, Dollar gains & JPY underperforms; US Payroll Revisions & FOMC Minutes due – Newsquawk US Market Open
Wednesday, Aug 21, 2024 – 06:03 AM
European bourses are mostly modestly firmer; US futures rangebound ahead of US Payroll Revisions and the FOMC Minutes
Dollar is incrementally firmer, JPY is the clear underperformer with USD/JPY around 146.00
Bonds are flat with traders mindful of today’s key risk events
Crude is flat, XAU is rangebound and holds just above USD 2500/oz, base metals entirely in the green
Looking ahead, Canadian Producer Prices, US Payrolls Benchmark NSA Prelim, FOMC Minutes, Democratic Convention, Comments from ECB’s Panetta, Supply from the US, Earnings from Target, Analog Devices, TJX & Synopsys
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EUROPEAN TRADE
EQUITIES
European bourses, Stoxx 600 (+0.2%) are mostly firmer, in contrast to a largely subdued APAC session overnight.
European sectors are mixed and with the breadth of the market fairly narrow. Basic Resources takes the top spot, benefiting from gains in underlying metals prices. Energy is found at the foot of the pile, hampered by losses in the crude complex.
US Equity Futures (ES U/C, NQ U/C, RTY +0.3%) are flat/firmer, finding its footing following the modest pressure seen in the prior session. There are two notable releases on the docket for today; US Payrolls Revisions and the FOMC Minutes thereafter.
DXY is sitting just above the 101.50 mark with the USD mostly marginally firmer vs peers. US payrolls revisions will be in focus today with Goldman Sachs suggesting that the data series in the year to March could be revised lower by as much as 1 million, a potential driver for Dollar selling.
EUR is trivially lower vs. the USD but still holding onto a 1.11 handle. The next upside target for EUR/USD comes via the December 2023 high at 1.1139.
GBP is marginally softer vs. the USD but with Cable still maintaining its position on a 1.30 handle.
JPY is the laggard across the majors with not much in the way of fresh fundamental drivers. USD/JPY still has some way to go before approaching yesterday’s 147.34 peak.
Antipodeans are both a touch softer vs. the USD in quiet newsflow after a recent run of gains. AUD/USD has maintained a footing on the 0.67 handle.
PBoC set USD/CNY mid-point at 7.1307 vs exp. 7.1303 (prev. 7.1325).
USTs are unchanged ahead of payroll revisions, and within a six tick range and holding in proximity to Tuesday’s 113-20 peak. Significant downward revisions could spark a dovish move as it adds to the factors in favour of the Fed commencing the easing cycle in September.
Bunds are slightly softer after being the relative outperformer in Tuesday’s European session. Currently holding just above the 134.50 mark with a double-bottom from Monday/Tuesday at 134.09 providing near-term support. Bunds were unreactive to the German 2034 auction.
Gilts are flat and pivoting the 100.00 mark. No real move to the morning’s PSNB release or the region’s auction.
Crude is flat/choppy start to the European session following a subdued APAC trade after recent declines amid China demand concerns and Gaza ceasefire efforts, while the latest private sector inventory data showed a surprise build in headline crude stockpiles. Brent Oct in a USD 76.95-77.46/bbl parameter.
Mixed/uneventful trade across precious metals with the complex taking a breather following yesterday’s price action. XAU within a tight USD 2,507-519/oz range.
Base metals are mostly firmer but to varying degrees despite the firmer Dollar and tentative risk tone.
ANZ Research sees Gold price to hit fresh highs to USD 2550/oz later this year.
Earthquake of magnitude 5.58 strikes the Jujuy province in Argentina, according to GFZ.
US Private Inventory Data (bbls): Crude +0.3mln (exp. -2.7mln), Distillate -2.2mln (exp. -0.2mln), Gasoline -1.0mln (exp. -0.9mln), Cushing -0.6mln.
South African CPI YY (Jul) 4.6% vs. Exp. 4.9% (Prev. 5.1%); CPI MM (Jul) 0.4% (Prev. 0.1%); Core Inflation YY (Jul) 4.3% (Prev. 4.5%); Core Inflation MM (Jul) 0.3% (Prev. 0.4%)
NOTABLE EUROPEAN HEADLINES
UK Chancellor Reeves plans to increase social housing rents by more than inflation for the next 10 years to boost the building of affordable homes, according to FT.
GEOPOLITICS
MIDDLE EAST
“Israel Broadcasting Corporation: The meeting between Blinken and Netanyahu did not succeed in reducing the gaps and did not make progress on the deal”, according to Al Jazeera”Differences on outstanding issues have not been resolved despite optimistic US statements”.
Israeli raids were reported on towns in Baalbek, eastern Lebanon, while Hezbollah said it confronted an Israeli warplane that violated Lebanese airspace in the southern region with a surface-to-air missile, according to Sky News Arabia. Furthermore, Lebanese media reported that 4 people were killed and 10 others wounded in Israeli raids on the Bekaa region.
Islamic Resistance in Iraq said it attacked a vital target in Eilat, according to Al Jazeera.
A deal to bring an end to the fighting in Gaza was said to be on the brink of collapsing and there is no clear immediate alternative agreement that could be put forward in its place, according to two US and two Israeli officials cited by POLITICO.
Israeli PM Netanyahu met with Finance Minister Smotrich over the past two days to convince him to support the hostage deal, according to sources cited by Walla News.
Hamas refuted US President Biden’s claim that it is backing away from a Gaza ceasefire and hostages deal, while it insisted that the US is yielding to Israel’s interests in negotiations, according to FT.
US Secretary of State Blinken said they need to get a ceasefire and hostage release agreement over the finish line now, while he said they will do everything possible over the coming days to get Hamas on board with the bridge proposal.
UK Foreign Secretary Lammy said he spoke with US Secretary of State Blinken to discuss the ongoing Gaza ceasefire negotiations, while he added that an immediate cessation of fighting in Gaza and release of all hostages is vital.
Qatari Foreign Minister told US Secretary of State Blinken that Qatar is committed to its mediating role with Egypt and the US to end the war in Gaza.
OTHER
Russian air defences repelled a Ukraine drone attack on Moscow, according to the Moscow Mayor.
Russia’s foreign intelligence agency said, without providing evidence, that Ukraine’s incursion into Kursk was prepared with the participation of the US, UK, and Poland, while it added that NATO advisers are providing assistance to Ukraine in its incursion into Kursk, according to TASS.
CRYPTO
Bitcoin is steady and holds just beneath USD 60k; Ethereum briefly topped USD 2.6k, but has since slipped below the level.
Mt.Gox transferred USD 75mln in Bitcoin to BitStamp, according to Arkham cited by Block Pro.
APAC TRADE
APAC stocks were subdued following the lacklustre performance stateside where the major indices traded sideways and finished with mild losses amid the absence of macro drivers ahead of the FOMC Minutes.
ASX 200 declined amid a deluge of earnings with underperformance in energy following a retreat in oil prices and with Santos shares pressured after it reported an 18% drop in H1 underlying profit.
Nikkei 225 slumped at the open amid pressure from recent currency strength but is off worst levels.
Hang Seng and Shanghai Comp. retreated with the former ragged lower by tech weakness as JD.com suffered a double-digit drop after reports Walmart is seeking to offload its USD 3.5bln stake in the Co. However, the losses in the mainland are limited following the PBoC’s firm liquidity effort.
NOTABLE ASIA-PAC HEADLINES
China Automobile Manufacturers Association firmly opposes the EU Commission’s final draft on high tariffs on Chinese-made electric vehicles and said the tariff decision brings enormous risks and uncertainty for Chinese firms’ operations and investment in the EU, according to CCTV.
Chinese Commerce Ministry launched an anti-subsidy investigation into dairy products imported from the EU from August 21st; dairy product probe includes Ireland, Austria, Italy, Belgium and Finland.
China Financial Regulator Official says will strengthen supervision of the behaviour of major shareholders of small and medium size financial institutions.
Chinese Chamber of Commerce for Machinery and Electronics says China will continue to respond on behalf of China’s EV industry and will resolutely defend the rights of their firms through various means.
Xiaomi (1810 HK) Q2 (CNY): Revenue 88.9bln (85.8bln), Adj. Net 6.2bln (exp. 4.8bln), Repurchase programme of HKD 10bln; June MAUs reached another record high at 675.8mln.
DATA RECAP
Japanese Trade Balance Total Yen (Jul) -621.8B vs. Exp. -330.7B (Prev. 224.0B)
Japanese Exports YY (Jul) 10.3% vs. Exp. 11.4% (Prev. 5.4%); Imports 16.6% vs. Exp. 14.9% (Prev. 3.2%)
2C) ASIAN REPORT
Geopols in focus with a deal reportedly close to collapsing; JPY marginally lags – Newsquawk Europe Market Open
Wednesday, Aug 21, 2024 – 01:25 AM
APAC stocks were subdued following the lacklustre performance stateside where the major indices finished with mild losses.
European equity futures indicate a marginally positive open with Euro Stoxx 50 future up 0.2% after the cash market finished with losses of 0.2% on Tuesday.
DXY remains on a 101 handle, JPY is the marginal laggard across the majors, EUR/USD holds onto 1.11 status.
A deal to bring an end to the fighting in Gaza was said to be on the brink of collapsing, according to Politico.
Looking ahead, highlights include Canadian Producer Prices, US Payrolls Benchmark Revisions, FOMC Minutes, Democratic Convention, Supply from UK, Germany & US, Earnings from Target, Analog Devices and TJX.
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US TRADE
EQUITIES
US stocks traded sideways for most of the session and the major indices finished with mild losses in a day that saw few macro updates and a lack of tier-1 data releases. Furthermore, the latest comments from Fed’s Bowman provided very little incrementally as she reiterated her view that rate cuts are appropriate if inflation keeps slowing but noted that she still sees upside risks to inflation, while the attention in the US turns to Wednesday’s FOMC Minutes.
SPX -0.20% at 5,597, NDX -0.24% at 19,720, DJIA -0.15% at 40,835, RUT -1.17% at 2,142.
Fed’s Bowman (voter) said they’ve seen some recent further progress on lowering inflation, but inflation is still uncomfortably above the committee’s 2% goal and wage gains remain above the pace consistent with their inflation goal. Bowman said should incoming data show inflation is moving sustainably toward the target, it will become appropriate to gradually lower rates to prevent becoming overly restrictive, while she added they need to be patient and avoid undermining continued progress on lowering inflation by overreacting to any single data point.
APAC TRADE
EQUITIES
APAC stocks were subdued following the lacklustre performance stateside where the major indices traded sideways and finished with mild losses amid the absence of macro drivers ahead of the FOMC Minutes.
ASX 200 declined amid a deluge of earnings with underperformance in energy following a retreat in oil prices and with Santos shares pressured after it reported an 18% drop in H1 underlying profit.
Nikkei 225 slumped at the open amid pressure from recent currency strength but is off worst levels.
Hang Seng and Shanghai Comp. retreated with the former ragged lower by tech weakness as JD.com suffered a double-digit drop after reports Walmart is seeking to offload its USD 3.5bln stake in the Co. However, the losses in the mainland are limited following the PBoC’s firm liquidity effort.
US equity futures traded steadily with price action contained ahead of upcoming key events.
European equity futures indicate a marginally positive open with Euro Stoxx 50 future up 0.2% after the cash market finished with losses of 0.2% on Tuesday.
FX
DXY languished below the 102.00 level with a slight reprieve from the recent selling pressure as attention turns to the FOMC Minutes, while recent comments from Fed’s Bowman provided very little fresh insight.
EUR/USD slightly eased back after climbing to a fresh YTD high above the 1.1100 level.
GBP/USD held on to the 1.3000 status after the prior day’s ascent to a one-year peak.
USD/JPY nursed some losses after yesterday’s outperformance in havens and with support at 145.00.
Antipodeans were rangebound with demand sapped by the downbeat mood and quiet calendar.
PBoC set USD/CNY mid-point at 7.1307 vs exp. 7.1303 (prev. 7.1325).
FIXED INCOME
10-year UST futures took a breather after recent bull flattening, while the attention turns to the 20-year auction stateside and FOMC Minutes scheduled later today.
Bund futures held on to the prior day’s gains but with upside capped ahead of a Bund issuance.
10-year JGB futures briefly rose above the 145.00 level amid the risk aversion and mixed trade data but later pared the majority of their initial advances.
COMMODITIES
Crude futures remained subdued after recent declines amid China demand concerns and Gaza ceasefire efforts, while the latest private sector inventory data showed a surprise build in headline crude stockpiles.
US Private Inventory Data (bbls): Crude +0.3mln (exp. -2.7mln), Distillate -2.2mln (exp. -0.2mln), Gasoline -1.0mln (exp. -0.9mln), Cushing -0.6mln.
Spot gold traded rangebound after a recent pullback and with support at the USD 2,500/oz level.
Copper futures lacked conviction with demand contained amid the risk aversion.
CRYPTO
Bitcoin traded indecisively and ultimately rebounded from an early dip beneath the USD 59,000 level.
NOTABLE ASIA-PAC HEADLINES
China Automobile Manufacturers Association firmly opposes the EU Commission’s final draft on high tariffs on Chinese-made electric vehicles and said the tariff decision brings enormous risks and uncertainty for Chinese firms’ operations and investment in the EU, according to CCTV.
DATA RECAP
Japanese Trade Balance Total Yen (Jul) -621.8B vs. Exp. -330.7B (Prev. 224.0B)
Japanese Exports YY (Jul) 10.3% vs. Exp. 11.4% (Prev. 5.4%)
Japanese Imports YY (Jul) 16.6% vs. Exp. 14.9% (Prev. 3.2%)
GEOPOLITICAL
MIDDLE EAST
Israeli raids were reported on towns in Baalbek, eastern Lebanon, while Hezbollah said it confronted an Israeli warplane that violated Lebanese airspace in the southern region with a surface-to-air missile, according to Sky News Arabia. Furthermore, Lebanese media reported that 4 people were killed and 10 others wounded in Israeli raids on the Bekaa region.
Islamic Resistance in Iraq said it attacked a vital target in Eilat, according to Al Jazeera.
A deal to bring an end to the fighting in Gaza was said to be on the brink of collapsing and there is no clear immediate alternative agreement that could be put forward in its place, according to two US and two Israeli officials cited by POLITICO.
Israeli PM Netanyahu met with Finance Minister Smotrich over the past two days to convince him to support the hostage deal, according to sources cited by Walla News.
Hamas refuted US President Biden’s claim that it is backing away from a Gaza ceasefire and hostages deal, while it insisted that the US is yielding to Israel’s interests in negotiations, according to FT.
US Secretary of State Blinken said they need to get a ceasefire and hostage release agreement over the finish line now, while he said they will do everything possible over the coming days to get Hamas on board with the bridge proposal.
UK Foreign Secretary Lammy said he spoke with US Secretary of State Blinken to discuss the ongoing Gaza ceasefire negotiations, while he added that an immediate cessation of fighting in Gaza and release of all hostages is vital.
Qatari Foreign Minister told US Secretary of State Blinken that Qatar is committed to its mediating role with Egypt and the US to end the war in Gaza.IRGC spokesman justified the delayed response to Israel and said it will come but it will take a long time, according to Al Arabiya. Furthermore, a spokesman said they control the time and Israel must wait, while their response to Israel will be different.
Iran-backed armed factions in Iraq are ending the truce that was meant to give the Iraqi government time to negotiate the withdrawal of US troops from the country, according to a high-ranking member of one of the groups cited by The National.US Pentagon said it’s taking the necessary steps to reduce the possibility of regional escalation by Iran or its agents.
OTHER
Russian air defences repelled a Ukraine drone attack on Moscow, according to the Moscow Mayor.
Russia’s foreign intelligence agency said, without providing evidence, that Ukraine’s incursion into Kursk was prepared with the participation of the US, UK, and Poland, while it added that NATO advisers are providing assistance to Ukraine in its incursion into Kursk, according to TASS.
US President Biden approved a secret nuclear strategy refocusing on Chinese threat and ordered US forces to prepare for possible coordinated nuclear confrontations with Russia, China and North Korea, according to NYT citing a classified document approved in March.
EU/UK
NOTABLE HEADLINES
UK Chancellor Reeves plans to increase social housing rents by more than inflation for the next 10 years to boost the building of affordable homes, according to FT.
France’s caretaker government limits 2025 state spending to EUR 492bln which is the same as in 2024, while 2025 spending limits on ministries imply roughly EUR 10bln in savings after inflation.
2D JAPAN
3 CHINA
CHINA/
China’s economy begins to crack with respect to youth unemployment as strikes surge
(zerohedge)
China On The Verge: Welfare State Crumbles, Explosion In Social Unrest As Youth Unemployment Soars, Strikes Surge
Tuesday, Aug 20, 2024 – 04:40 PM
In retrospect, it was clear that the bottom was falling out of China’s economy (the real economy, not the fake “as reported” one) last August when shortly after we learned that youth unemployment in the country hit a record 21.3%, Beijing unexpectedly stopped reporting this data entirely, because as Stalin would probably say today if he were still alive, “No data – no problem”!
Since then, largely as a result of Xi Jinping’s insistence not to stimulate the economy no matter the severity of the deterioration, China’s economy has accelerated down its perilous slowdown. And while Wall Street has gladly assumed that Beijing will be able to get away without a forceful stimulus for the foreseeable future even as GDP ticks down from 5% to 4% to 3% to… you get the picture, a far more credible – and unpleasant – argument for a bazooka stimulus is rearing its ugly head: social cohesion is about to crack.
We start where we left off last August, with China’s surging youth unemployment rate. Here, as the South China Morning Post reports, China’s revised youth unemployment surged to 17.2% in July (this would be the equivalent of about 23% according to the old series), the highest level since the National Bureau of Statistics adopted a new method of counting.
The jobless rate for 16- to 24-year-olds (excluding students) was up from 13.2% a month earlier and ended three months of declines, according to the latest NBS data. The rate for December was 14.9%.
As we reported last year, Beijing introduced the revised method for December after suspending the release of youth unemployment data from July. Under the previous approach, the jobless rate for the 16-24 age group, including students, peaked at 21.3 per cent in June.
Student numbers were then stripped out of the calculation, a change that the NBS said was to “more accurately” reflect that job-hunting was not a priority for students in China. That, however, is a major problem, as it does not account for the relentless firehose of new entrants that enter the labor market every year when millions of Chinese students graduate and start looking for a job.
Indeed, as SCMP reports, the rise in unemployment among young jobseekers comes as a record 11.79 million tertiary graduates enter the labor market of the world’s second-largest economy!
As a result, many fresh graduates have had to scale back salary expectations by about a third as the economy has struggled to gather momentum, according to analysts. One day before the youth jobless reading, the NBS reported that the country’s overall unemployment rate was 5.2%, up for the first time since February.
“The employment situation has remained generally stable so far this year,” NBS spokeswoman Liu Aihua said, “but we should also see at the same time that pressure … still exists. The structural contradiction of difficulties in both job seeking and recruitment is still prominent.”
Realizing that tens of millions of unemployed yutesis recipe for revolution, China’s ruling elites have put far more emphasis on dealing with youth joblessness this year – starting with adjusting how it is misreported of course to prevent all out chaos – in part because of the risks it poses to social stability as well as the pressure lower incomes would put on plans for consumer spending to lead the way to a sustainable recovery.
At a meeting of the State Council, the country’s cabinet, last Friday, Premier Li Qiang called for more efforts to “stabilize employment for key groups”. The Communist Party’s Politburo, the main decision-making body in China, had a similar message two weeks earlier, saying priority should be given to university graduates looking for jobs.
And last month the party’s Central Committee said it would “improve the system of employment support for key groups such as college graduates, rural migrant workers and ex-service members”.
Which brings us to even more data fudging: since the release of the December data, the Chinese authorities have split the 25-59 age group into two parts – 25-29 and 30-59 – and applied the new statistical method to both.
The jobless rate for the 25-29 age group, also excluding students, was 6.5% in July, up by 0.1% from June, inching back up after three consecutive months of decline. The rate for the 30-59 age group was 3.9%, just down from 4% reported in June.
Unfortunately for Beijing, literally nobody believes these numbers, because instead of a picture of economic stability, China now exudes an unprecedented slowdown, one where labor disputes in China’s property and manufacturing sectors have surged as economic growth decelerates, underlining blue-collar workers’ concerns over the country’s social safety net.
As Nikkei reported last week, while “unrest is rarely reported by the country’s media due to strict government control, signs of public discontent and hardship emerge nonetheless.”
Recent incidents include a protest by an ex-soldier who sat atop a building in Beijing’s famed Wangfujing shopping street on the evening of Aug. 1. In a video uploaded on the social media platform X, the man in full army uniform unveils a white banner accusing a government office in the city of Kunming, Yunnan province, of “strangling a retired serviceman who had served for 12 years.”
Two days earlier, another protester displayed a banner on an overpass in the county of Xinhua, Hunan province, demanding freedom and elections. In an accompanying video that spread on X, the protester identified himself as Fang Yirong and claimed to have been targeted by authorities since last summer for supporting democracy. He said he took part in the “white paper” protests in 2022 against China’s harsh COVID-19 restrictions.
Meanwhile, labor strikes in China increased 3% on the year to 719 incidents in the first half of 2024, according to the China Labor Bulletin (CLB), a Hong Kong-based workers advocacy group.
Incidents involving the all-important property and manufacturing sectors were up 12%, accounting for 80% of the total.
“The uptick in strikes is a reflection of the increasing social pressure as the economy struggles to improve,” said Max J. Zenglein, chief economist at the Mercator Institute for China Studies in Germany.
China’s economic growth slowed to 4.7% in the second quarter, from 5.3% in the first, stifled by a persistent downturn in the property sector, which is going from bad to worse seemingly every single month as we will discuss in a subsequent post, and subdued household demand. Sluggish domestic growth has pushed some industries, including solar panels and automobiles, to step up exports and price dumping, sparking howls of outrage from domestic producers in export markets, while those hit by trade tensions with the U.S. have sought to shift production abroad.
Worker unrest appears to reflect the growing pressures. Among the incidents highlighted in the CLB report was a dispute at solar panel maker Akcome Technology over pay cuts and withdrawal of social security contributions. The Shenzhen-listed Akcome filed for bankruptcy at one of its subsidiaries on July 29, citing an inability to repay debts.
While there was no indication of the number of protesters at Akcome, CLB in a separate report profiled a strike involving over 1,000 workers at a shoe factory in Jiangsu province that counts Nike, Adidas, Asics, New Balance, Timberland and Salomon among its clients. The dispute at Yangzhou Baoyi Shoe Manufacturing in November took place over compensation issues affecting laid-off workers after the company moved its production to Indonesia.
“So far in 2024 there has been no notable improvement of the economy, with a weak labor market being a key source of household insecurity that is weighing down on consumption,” said Zenglein.
The largest proportion of protests — 344 incidents — were carried out by construction workers demanding wages, according to CLB. This is no surprise, said Zenglein, given the growing number of property developers that have run into financial trouble who are unable to pay their employees, resulting in chaos and ripple effects through the economy.
China’s strikes are usually by workers who face long working hours and low wages, CLB said. This also casts a light on the disparity in social security coverage between urban and migrant workers. Unlike people with a registered household in a city, many laborers from rural areas work without formal contracts despite forming the economic backbone of their adopted cities.
“It is difficult for migrant workers to find jobs that pay for social security for 15 years, the prerequisite for getting pension when retired,” the report said.
As migrant workers are largely excluded from such welfare coverage altogether, “work becomes the hedge against an extremely porous social safety net,” said Yun Zhou, a social demographer and family sociologist at the University of Michigan. These workers “are confronting a harsh, discriminatory labor landscape where work availability is highly susceptible to China’s economic downturn and restructuring, working conditions are often at the will of capricious management, and workers’ productivity and worth are tightly managed by technology and algorithms.”
In a key socioeconomic planning meeting concluded last month, the government vowed to improve the social security system by addressing the restrictions faced by migration workers. In response to the country’s aging population, it added that the statutory retirement age — currently 60 years for men and between 50 and 55 for women — would be raised gradually and voluntarily. Of course, there has been no centrally-planned civilization in history that managed to raise the retirement age either “voluntarily” and without clashes, violence, and collapse in social cohesion, precisely the three things that Beijing fears the most.
“For China’s urban workers, the talk of raising retirement ages is felt as a delayed, if not broken, promise of social welfare coverage,” said Zhou.
Which is precisely why Beijing will have no choice but to blink in the end, and that will mean unleashing a much delayed stimulus bazooka that likes of which have not been seen yet.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
ENGLAND/
Starmer’s attack on free speech
(zerohedge)
“Legal But Harmful” – Keir Starmer’s Authoritarian Slippery Slope Crackdown On Dissent
It’s not unfair to say that the current unrest and rioting in the UK has been accompanied by a lot of inaccurate information. As with any event, everyone should be aware that it becomes a lot easier to spread false information and have people believe it. Tensions are boiling over and emotions are running amok, and it does not take a genius to understand why you should be more wary of misinformation when emotion is in the driver’s seat.
Unfortunately, the #1 rule of government is to never let an emergency go to waste. The relationship between emergencies and the state is a symbiotic relationship. Supposed “emergencies” almost always lead to the growth of government and a creeping infringement on natural rights. Take the current events in the UK—the riots accompany a crackdown on an individual’s right to say what they wish on their property, free from punishment by the government or anyone else.
During the riots, misinformation has been used manipulatively, amid extremely volatile emotions, by people for their own ends. This has been very public, with the most prominent example being the claim that the Southport stabber was a Muslim named Ali Al-Shakati. This was entirely false, but it spread all over social media and angered the people that were looking for a reason to be violent.
The public nature of the misinformation, combined with the emergencies caused by the riots, has allowed the UK prime minister, Keir Starmer, to threaten social media platforms, stating:
Let me also say to large social media companies, and those who run them, violent disorder clearly whipped up online: that is also a crime. It’s happening on your premises, and the law must be upheld everywhere.
In the spirit of an assault on our natural right to free speech, Starmer announced that his government would be re-examining existing legislation related to regulation of social media, even threatening to bring back proposed legislation that was abandoned in 2022 due to its open assault on free speech. Starmer’s government has suggested measures that would remove “legal but harmful” content. At least Cicero had a somewhat clear political philosophy before he violated all his beliefs about the universality of law. Starmer has yet to flesh out his actual political philosophy but followed Cicero down the path of violating individual rights.
In 2012, Keir Starmer was the director of public prosecutions and he was for reforming a clause of the Public Order act that made insults a criminal offense, stating:
The clear problem of the outlawing of insult is that too many things can be interpreted as such. Criticism, ridicule, sarcasm, merely stating an alternative point of view to the orthodoxy, can be interpreted as insult.
Many people who are ardent believers in two-tier policing may post a statement along the lines of, “Keir Starmer, you are a Muslim-sympathizer, and you just don’t care about the communities outside of the Islamic community.” Is this an insult or an incitement of hatred?
It could be both, but Starmer’s lack of thought concerning basic political philosophy and ethics means that he can feel comfortable holding both positions, completely unaware that his actions are nonsensical and entirely inconsistent.
Your right to say what you want, post what you want, express the feelings that come from the deepest reaches of your being, does not come from the state, a document, or a politician. It comes from the undeniable fact that you are your own being—you own yourself and only you can exert any action you wish over the many appendages of your body. Only you can produce the thoughts that constitute reason from your brain. No one else is able to take control of your brain and make you think a certain way. Proponents of restrictions on man’s ability to reason through the tool of speech should admit that they do not believe they own themselves since that is the logical conclusion of their position. Admit that you do not own yourself and we can discuss the immense political power that comes from that logic. You will soon realize just how dangerous this position is to yourself, those you love, and everyone else under which your position is enforced.
Free speech does have consequences, but those do not and can never involve the violation of the immutable fact that you own your body. You cannot sentence someone to any criminal offense due to what they say. They have not violated anyone else’s right to property, which includes your body, thus, it is manifestly immoral to use the heavy iron hand of the state to punish them for it.
If you disagree or dislike what another person says, then challenge that view, converse and debate to come to the truth, and spread it as far as you can. Unfortunately, many prominent political commentators and politicians feel the need to say that your natural right to your ability to reason is, in fact, not absolute, but qualified.
The political figures should consider why there are so many people with “ghastly” views. Members of the establishment ponder why their arguments are not taken seriously, and mistakenly come to the conclusion that it must be due to the volatile state of human nature—some people are just idiotic plebs to them. The lack of self-awareness is breathtaking. The establishment spends decades lying to the public, manipulating emotions, and lambasting them for their lying eyes. After a lot of what our lying eyes have told us becomes true years later, not even one of these figures will admit their error. Perhaps this is why so many have views they despise enough to wish them arrested.
You should listen to those you oppose so you can better understand their worldview and get a measure of how much thought they have put into their positions. In this spirit, there have been some interesting takes on free speech.
Keir Starmer’s government is suggesting removing “legal but harmful” speech. What is harmful? Hypothetically, if I state that the chancellor of the exchequer is a dull and bland orator who inspires very little confidence in anything and does not show any sign of truly understanding economics, is that harmful?
The chancellor may very well claim that her feelings have been hurt, that her reputation has been damaged, and thereby the great institution that is the treasury has been brought into disrepute, causing her ability to operate to be restricted by widely-perceived incompetence. If you have an establishment worldview, you probably believe that’s harmful. If I post it, should it be removed? The subjectivity implies inconsistent application of the law to target opinions that are uncouth. Think of the politician that you find the most duplicitous and hate the most, would you trust them with these powers? Remember, your guys won’t be in power forever.
Another take I’ve seen is this from a fairly prominent KC in the UK.
She attempts to justify the crackdown on free speech by suggesting that because the British parliament is adopting it, not the government, that this is an expression of “the will of people.” It is critical to make readers aware that this justification shows how shallow her thought process is. She has put zero thought into how this justifies the worst possible attacks on an individual’s natural rights since, per her own logic, if the parliament adopts the legislation, then that’s democracy in action and, therefore, justified. There is nothing in her own logic that theoretically would prevent parliament from adopting legislation that takes away your right to have a trial that is based on only the available evidence, then this is justified as its “the will of the people.”
She would probably oppose this, but if follows the same reasoning she uses to justify the restriction of speech.
We can add these events to the very long list of cases where governments exploit emergencies to expand their powers. Natural rights are inherent to every human being. Free speech plays a vital role to express why a society that wants to remain free should fight against forces that seek to diminish it. Those who argue that free speech is not absolute should think about this. Every dictatorship in the history of man started by suppressing speech because they knew that it helped shape their narrative and shut out opposing opinions from the mainstream. History is not binary, nations are not either fully free or totally authoritarian. Are you willing to take the risk of unleashing a power that could be dispensed by those you vehemently dislike? Man is fallible and politicians certainly aren’t altruistic, they all have their own agendas, so is there not an incentive to use this power to push their narrative? Questions to truly ponder and discuss before taking the leap.
END
GERMANY/UKRAINE
END
GERMANY
end
ENGLAND/FRANCE
END
5/RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/HAMAS/
I doubt that this would come to fruition!
(JerusalemPost)
IDF withdrawals from Gaza part of hostage deal, Blinken says
Both during Blinken’s visit and in its aftermath, Netanyahu insisted that the IDF must remain in two critical security corridors in Gaza.
By TOVAH LAZAROFFAUGUST 20, 2024 23:11Updated: AUGUST 21, 2024 02:44
Us Secretary of State Anthony Blinken and Prime Minister Benjamin Netanyahu, October 12, 2023.(photo credit: CHAIM TZACH/GPO)
The Gaza ceasefire and hostage deal includes a detailed schedule of IDF withdrawals from Gaza, US Secretary of State Antony Blinken said as Prime Minister Benjamin Netanyahu insisted that the Israeli army must remain in strategic corridors in that enclave.
“The agreement is very clear on the schedule and the locations of IDF withdrawals from Gaza and Israel has agreed to that,” Blinken told reporters as he continued his efforts to advance a deal in Doha, after visiting Egypt and Israel.
Egypt and Qatar, with the help of the US, have been the main mediators for the deal to secure the release of the remaining 109 hostages. The US is also hoping that this agreement would lead to an end to the Gaza war.
Blinken met with Netanyahu in Jerusalem on Monday for three hours, after which both he and the Prime Minister stated that Israel had accepted a “bridging proposal” that the US had put on the table last week in Qatar. That proposal is designed to close the gaps between Israel and Hamas with regard to the implimentation of US President Joe Biden’s May 31 proposal for a deal.
Both during Blinken’s visit and in its aftermath, Netanyahu insisted that the IDF must remain in two critical security corridors in Gaza; the Philadelphi and Netzarim.
(L-R): Prime Minister Benjamin Netanyahu; Hamas leader Yahya Sinwar (credit: FLASH90/CANVA)
On Tuesday, as the US prepared for high-level end-game talks in Cairo this week, Netanyahu said that an IDF presence in the Philadelphi Corridor must be part of that deal.
Blinken, who in Tel Aviv had appeared to indicate that the issue of the two corridors was an issue that still needed to be worked out, said in Qatar, that IDF with-drawls were clarified in the existing agreement.
Blinken comments
“It is laid out in the agreement, an agreement that Israel has endorsed, and it is specific as to the locations and the schedule for withdrawals,” Blinken said.
He reiterated that Netanyahu had endorsed “the bridging proposal,” which included a clear withdrawal schedule.
Qatar FM Sheikh Mohammed bin Abdulrahman Al Thani affirmed to Blinken that his country is committed to its role as a mediator in the Gaza ceasefire talks, along with Egypt and the US, the Qatari foreign ministry said on Wednesday.
Qatar will continue efforts and communication to end the war, the ministry said in a statement.
end
ISRAEL HAMAS/
ISRAEL/WESTBANK
One wounded, fires erupt after 50 rockets fired into Israel’s Golan Heights
MDA announced that, following the sirens in Kazrin, its emergency teams were on route to sites of reported strikes.
By MATHILDA HELLERAUGUST 21, 2024 00:27Updated: AUGUST 21, 2024 13:22
One man was moderately wounded, and fires broke out after around 50 projectiles were identified crossing from Lebanon into northern Israel on Wednesday morning.
Some were intercepted by the IDF, and a number fell in the town of Katzrin in the Golan Heights, the IDF, Police, and Magen David Adom (MDA) reported.
Hezbollah announced later on Wednesday morning that, in response to IAF strikes on the Beqaa region in the night, the terror organization sent Katyusha rockets into the Golan, according to the Hezbollah-backed Lebanese channel “Al-Manar.” Hezbollah also released a statement saying they had been targeting the IDF Tsnobar base specifically, which is in the vicinity of Katzrin. They later stated that launched a drone attack on military posts in the kibbutz of Amiad in northern Israel, again in retaliation for the Beqaa strikes, following reports of sirens in the Galilee.
Drone alerts sounded across northern Israel on Wednesday morning. Sirens sounded at the same time in the areas to the east of Mount Meron and in the Katzrin area of the Golan.
The sirens in the Upper Galilee regarding a drone intrusion were later determined to be a false identification, the IDF noted.
MDA announced that, following the sirens in Kazrin, emergency teams were en route to sites of reported strikes and later added that a man in his 30s was wounded from shrapnel and was transferred in moderate condition for treatment to the Ziv Medical Center in Safed.
Two other people were treated for anxiety. Army Radio reported damage to property in the area following the barrage and fires. The outlet estimated about 50 projectiles crossed into the North.
The police reported on Wednesday morning that they were responding at a number of scenes where impacts had been reported near Katzrin.
Northern District police said they were isolating the fall scenes to protect the public from danger.
Ynet reported that the Katzrin local council instructed residents to stay in protected areas until further notice.
Oren Avitan, the MDA Yarden Region Director, said he was on his way to the area when he heard the alerts, and immediately after, he heard the sounds of explosions.
“We dispatched large teams to search several sites where we saw smoke and received calls on the 101 emergency line. At one site, we saw thick smoke coming from a private house that was on fire,” Avitan said.
MDA paramedic Muhammad Husni added that the 30-year-old man walked out of his house unaided but with shrapnel wounds and was later evacuated for treatment. Avitan said no other casualties were reported.
“This is a significant miracle considering the damage; the event could have ended very differently,” Avitan added.
Following the barrage, opposition leader Yair Lapid tweeted: “The government lost the North.”
Later on Wednesday, several drone alerts sounded in multiple locations in the Upper Galilee, including Hatzor Haglilit, Rosh Pina and Amnon.
Strikes on Hezbollah
Earlier, the Israel Air Force (IAF) struck Hezbollah weapons storage facilities in the Beqaa area of Lebanon on Wednesday night, the military reported.
The IDF said the secondary explosions which occurred following the strike indicate that weapons were located in the facilities.
Israeli media reported, citing Lebanon’s NBN network and the Lebanese Health Ministry, that airstrikes were conducted in the area of Baalbek in the Beqaa Valley, northeast of Beirut, Lebanon, resulting in one dead and 16 wounded.
The IDF also announced on Wednesday morning that it struck a Hezbollah terrorist in the area of Beit Lif in southern Lebanon overnight. According to Al-Manar, citing the Lebanese Health Ministry, a Lebanese citizen and a Syrian citizen were killed in two Israeli strikes on Beit Lif and Al-Wazzani in southern Lebanon.
On Tuesday night, the IAF struck a military structure in the Al-Matmoura area of southern Lebanon in response to a Hezbollah unmanned aircraft incursion into the Upper Galilee and the Golan Heights.
end
ISRAEL HEZBOLLAH
end
ISRAEL/HEZBOLLAH
IDF strikes Hezbollah, IRGC terrorist Khalil Al-Maqdah in Sidon
Al-Maqdah is the brother of Mounir Al-Maqdah, a resident of Lebanon who operates for Hezbollah and the IRGC, attempting to carry out terror attacks, the IDF added.
An Israel Air Force (IAF) aircraft struck terrorist Khalil Hussein Khalil Al-Maqdah in the Sidon area of Lebanon, the military confirmed on Wednesday.
Al-Maqdah is the brother of Mounir Al-Maqdah, a resident of Lebanon who operated for Hezbollah and the IRGC, attempting to carry out terror attacks, the IDF added.
The two operated for the IRGC and were involved in guiding terror attacks , transferring of funds and weapons for West Bank terror infrastructure.
Members of the Islamic Revolutionary Guard Corps (IRGC) attend an IRGC ground forces military drill in the Aras area, East Azerbaijan province, Iran, October 17, 2022. (credit: IRGC/WANA/HANDOUT VIA REUTERS)
IDF names IRGC figures responsible for weapon-smuggling, terror attacks
The military specified that weapons that were uncovered in March 2024, which were smuggled into the West Bank, were destined for terror squads, which were enlisted and guided by the two brothers.
The IDF also named Jawad Jaafari, head of the special operations unit in the IRGC‘s intelligence wing, Unit 4000, and Ashgar Bakari, Commander of Unit 840, a special operations unit in the Iranian Quds Force, as the guiding figures behind the smuggling of weapons to Israel and the planning of terror attacks
end
ISRAEL/HOUTHIS/USA/IRAN
Now, what will the lack duck Biden do?
/Commercial Vessel “Not Under Command” After Red Sea Attack
Wednesday, Aug 21, 2024 – 07:45 AM
A commercial vessel in the southern Red Sea has been hit by “two unidentified projectiles” and “hit by a third projectile,” according to a post on X by UK Maritime Trade Operations (UKMTO). The UK Navy said the vessel was “not under command” following the attack.
UKMTO said the Red Sea incident occurred about 77 nautical miles west of Al Hudayah, Yemen. No details were given about the type of vessel or the ship’s name.
Here are more details about the attack as reported by UKMTO:
The Master of a merchant vessel reported at 0257UTC that the vessel was approached by two small craft. The first craft had 3-5 persons onboard, while the second had approximately 10. The two small craft hailed the merchant vessel, leading to a brief exchange of small arms fire. The distance between the small craft and the merchant vessel subsequently increased to 2NM. Subsequently at 0500UTC, the Master reported that the merchant vessel had been struck by two unidentified projectiles before being hit by a third projectile. The vessel reports being not under command. No casualties reported.
There was no immediate claim for the attack. Still, Iran-backed Houthi rebels based in Yemen have carried out dozens of attacks on commercial ships in the Red Sea and Gulf of Oman since the Israel-Hamas war erupted last October. In June, Houthis used a sea drone for the first time to sink a merchant ship. Biden-Harris administration’s Operation Prosperity Guardian to ensure freedom of navigation in the Red Sea has largely failed, sparking supply chain snarls across the global shipping market.
Meanwhile, a spokesperson for the Islamic Revolutionary Guard Corps said Tuesday that Iran’s retaliation attack against Israel for the killing of Hamas political leader Ismail Haniyeh in Tehran will take time.
State media quoted Ali Mohammad Naeini as saying, “Time is on our side, and the waiting period for this response may be prolonged.”
The Middle East has been on high alert for broadening conflict since last month’s assassination of Haniyeh in Tehran. This followed the assassination of Hezbollah commander Fu’ad Shukr in Beirut.
Furthermore, Iran rejected a call Tuesday by Britain, France, and Germany to refrain from any retaliatory attacks against Israel that could spark regional conflict.
end
RUSSIA/UKRAINE/USA
ROBERT H TO US: SCARY IF TRUE!!
Disclose.tv on X: “JUST IN – Biden ordered U.S. forces to prepare for possible nuclear confrontations with Russia, China, and North Korea — NYT” / X
One problem, he does not have the codes. Watch for the lawsuit filed tomorrow in the Supreme Court by Tina Peters … proves tampering in last election and how the vote machines cannot be trusted Good chance America does not see an election. And if it does no one will accept the result.
JUST IN – Biden ordered U.S. forces to prepare for possible nuclear confrontations with Russia, China, and North Korea — NYT
Supposedly, a Ukrainian “Kamikaze” plane, loaded with explosives, has been shot down by Russian Air Defense over Murmansk, Russia. Since there is zero chance this plane’s flight originated from Ukraine; the question of where such a small plane would come from is loud and clear. And there are only 2 countries Finland or Norway.
Murmansk is where Russia docks it’s nuclear missile submarine fleet. It seems to have been an attempt to attack Russia’s strategic nuclear capabilities! The plane was too small to do serious damage but clearly defense systems are being tested.
So whether it is Murmansk or Kursk it is clear Russia is being tested as to it’s readiness across it’s wide expanse of border lands.
These armchair Neocons are truly demented in trying to provoke Russia to respond with nukes. While there should be no doubt Russia will use them to defend itself this is far from being such a case. What will be clear if it is not already is that a wider conflict is coming and if Neocons can they will trigger it sooner than later. Or perhaps this is in keeping with the faction that wants Zelensky gone and will blame him as a rogue that he is. After all a useful idiot is useful until disposed of.
As for Ukraine it is one day and several missiles away from being deprived of power from a long time. Ukrainian grid and transformer infrastructure is already under real stress. And if the Russians want to they will destroy all roads and railways into the country. So far they have held back but that may change and then the question will be how Europe deals with a mass influx of fleeing Ukrainians before winter. Because it will be millions.
Whatever happens we can be sure that Ukraine will cease to exist. It is why new lines are being drawn outside the Ukraine to continue the fight. Wider war is coming and that is also something you can be certain about.
end
Free speech is drying in the USA
Shut Out In Chi-Town: Jewish Groups Blocked From Marching During The DNC
This week, citizens will gather in Chicago during the Democratic National Convention to voice their support for Israel and protest the abuses of Hamas.
However, this largely Jewish gathering will not be marching.
Instead, they will gather on a small private lot blocks away from the convention as thousands of pro-Palestinian protesters march through the streets.
The reason is that Democratic Mayor Brandon Johnson has refused to grant their request for a permit.
While pro-Palestinian protesters have been given an array of accommodations by the city (and received a shoutout from President Joe Biden in his convention address), the Jewish protesters are only able to gather due to the donation of a private lot by an owner for their use.
Even as pro-Palestinian protesters veered off approved routes and tore down security fencing, it will be the Jewish protesters who will reportedly remain confined to this private lot under the watchful eye of the Chicago Police Department.
Besides pro-Palestinian protesters, pro-abortion protesters have been allowed to march, and Planned Parenthood is celebrating the nomination of Vice President Kamala Harris with free abortions.
So Jewish protesters get to watch as favored groups parade in abortion pill outfits, but they cannot march with the images of the Hamas hostages in Gaza.
Josh Weiner, co-founder of Chicago Jewish Alliance, confirmed that the group was not granted permits, so all they could do is walk around such approved protests to “make our presence felt.”
He added that “pro-Palestine protesters have gotten multiple permits, including a march, which seems to be a little bit weighted on one side.”
For Chicagoans like myself, the treatment of the pro-Israel protesters at the DNC could not be more ironic or disturbing.
Forty-six years ago, Nazis were allowed to march through Skokie, Illinois, despite the presence of thousands of Holocaust survivors in the largely Jewish city.
The Skokie case is considered one of the milestone moments for free speech, allowing a small group of anti-Semites and racists to march despite the overwhelming opposition in the public. The Nazis were outnumbered 70-1 by counterprotesters and soon receded into obscurity.
Now roughly five decades later, Jewish marchers are being effectively blocked from marching through the city of Chicago, presumably because they would be “too disruptive.”
The city’s passive aggressive approach is fooling no one.
The Johnson administration has been coordinating plans for the convention with the Democratic leadership. The record in this case shows a transparently hostile response to the Jewish protesters. Despite putting in their request in June, the Jewish protesters were denied while pro-Palestinian protesters were granted permission to march.
The city slow-walked the permit request. When the permit was not granted, it then said that the Jewish groups failed to apply in time when they renewed their requests multiple times. The groups have accused the city of simply not responding to their repeated efforts to address the permits.
Yet Hatem Abudayyeh, executive director of the Arab American Action Network, said that the mayor had personally reached out to reemphasize his support: “The mayor has said from the very beginning that he supports the protest movement. The protest movement is what brought him to City Hall. . . . He said, ‘I understand that struggle. Because I am part of a national liberation struggle as well.’”
It was equally clear that many Democrats did not want Jews to march.
This is unfortunately nothing new for those who support Israel. At Columbia, a professor had his school access card deactivated and was told not to come on campus because his presence might enrage anti-Israel protesters.
In England, a Jewish man was told that he could not walk on a street because “you are quite openly Jewish” and it might trigger pro-Palestinian marchers.
The treatment of the Jewish groups in Chicago outside of the convention stands in sharp contrast to what is being said inside the convention. Speaker after speaker has declared the party to be the champion of the Constitution and free speech.
The one thing that organizers cannot abide in a celebration of constitutional freedom is the actual exercise of those freedoms by unpopular groups.
In only five decades, Jewish groups have become too controversial to march. Instead, the Israeli-American Council has given up waiting for a permit to march and will host a Hostage Square display on private property.
The irony is crushing for many of us who lived through the 1978 controversy. While the Nazis could march in Skokie, these Jews will not be marching in Chicago.
Russia Summons US Envoy Over Presence Of American Mercenaries, CNN Crew In Kursk Region
Tuesday, Aug 20, 2024 – 08:55 PM
Russia’s Foreign Ministryon Tuesday summoned a senior US Embassy official in Moscow in order to protest several issues related to US interference in the Kursk region, which has been scene of heavy fighting since Ukraine’s cross-border incursion kicked off on Aug.6.
Russia condemned “provocative actions” of both American journalists and US mercenaries spotted on Russian territory in the context of the Kursk invasion.
The foreign ministry in the meeting with US Embassy Chief of Mission Stephanie Holmes issued “strong protest” in “connection to the provocative actions of American reporters who illegally entered the Kursk region to produce propaganda for covering up the crimes of the Kyiv regime.”
The statement further said that national law enforcement authorities plan to “carry out the necessary investigative measures” examining the American journalists’ work.
Last week a CNN crew filed a report from the heart of the Russian town Sudzha just after the Ukrainian army took it over. It was clear that the CNN journalists were there under the protection of the Ukrainian military, as their words describing a segment indicated:
Chief International Security Correspondent Nick Paton Walsh gained some of the first access to a Ukrainian-held Russian town Friday, to witness their control over the town of Sudzha and the intensity of the fight. CNN was accompanied by the Ukrainian military who reviewed the video without sound prior to release for operational security reasons, yet had no editorial control.
Watch: Some of CNN’s footage inside the southern Russian town…
Chief International Security Correspondent Nick Paton Walsh gained some of the first access to a Ukrainian-held Russian town Friday, to witness their control over the town of Sudzha and the intensity of the fight. CNN was accompanied by the Ukrainian military who reviewed the… pic.twitter.com/Q9ueTEH5tR
Moscow views his as unauthorized American journalists illegally entering Russia’s sovereign territory without permission, ultimately to assist with Ukrainian propaganda under Kiev’s military protection.
But among the more interesting charges aimed at Holmes from the Russian Foreign Ministry centers on the alleged presence of US military contractors assisting the Kursk invasion.
The ministry pointed to “evidence that has emerged of the participation of American private military companies on the side of the Ukrainian armed forces during” the offensive into Russia.
While not naming specific companies or firms, Russian state sources have flagged a posting by the American military lifestyle brand Forward Observations Group.
EXPOSED: US mercs spotted in Kursk region US mercenary firm Forward Observations Group (FOG), previously known for its presence in Ukraine and Israel, claims its members are taking part in the Ukrainian attack of the Kursk region, Sputnik has discovered. FOG’s official social media accounts posted a photo with the text: “The boys in Kursk,” geotagging the city of Kursk. Earlier, Major-General Apty Alaudinov, deputy head of the Russian Defense Ministry’s Main Military-Political Directorate and commander of the Akhmat commando unit, noted that foreign mercenaries also entered the Kursk region as part of Ukrainian forces. Meanwhile, the Ukrainian aggression in the Kursk region, including in the Sudzha district, has been stopped by the Russian Army.
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EXPOSED: US mercs spotted in Kursk region
US mercenary firm Forward Observations Group (FOG), previously known for its presence in Ukraine and Israel, claims its members are taking part in the Ukrainian attack of the Kursk region, Sputnik has discovered.
The organization recently posted photos of alleged US mercenaries on Instagram, apparently on the Kursk battlefield, with a caption that reads: “the boys in Kursk.”
END
UKRAINE/RUSSIA
It is about time, the West settles with Russia to prevent World War iii
(zerohedge)
Ukraine Sends One Of Largest Ever Drone Attacks On Russian Capital
WEDNESDAY, AUG 21, 2024 – 09:05 AM
Russia on Wednesday says its anti-air defenses have successfully thwarted a major Ukrainian drone attack against the capital of Moscow, having shot down eleven inbound drones in total.
“The echeloned defense of Moscow against enemy UAVs made it possible to repel all attacks. This was one of the largest attempts to attack Moscow with the help of drones of all time,” Moscow Mayor Sergei Sobyanin said in a Telegram post early Wednesday morning.
Russia’s defense ministry said the effort to target the capital was part of a broader cross-border attack which included 45 drones total sent by Ukraine across different regions overnight, including:
11 shot down over the Moscow region
23 intercepted over the Bryansk region
6 over Belgorod,
3 over the Kaluga region
2 over Kursk
Reuters noted that some of the drones were downed over the city of Podolsk, which lies some 24 miles south of the Kremlin. There have been no initial reports of injuries or damage due to the drone attack on the capital. Separately the governor of Bryansk, Alexander Bogomaz, cited a “mass” attack on his region which included all 23 drones intercepted.
Kremlin officials likely see this brazen attack on the capital as but a new extension of the Kursk incursion. While it’s certainly not the first drone attack on Moscow since the war began, it could mark the start of more consistent efforts to reach Moscow with UAVs.
President Zelensky has meanwhile been busy demanding that the West lift all restrictions for using long-range missiles inside Russian territory.
Ukraine has assaulted the Russian capital on a few prior notable occasions. First, on May 3, 2023 a pair of explosive-laden drones targeted the Kremlin complex in what Russia called an “act of terrorism” and an assassination attempt. The drones were intercepted, but just barely, as one appeared to explode at the top of the Kremlin Senate dome. President Putin had not been present there at the time.
Another drone attack occurred in July 2023, when drones struck two buildings very near the Ministry of Defense headquarters. Another in November included a wave of 20 Ukrainian drone attacks on separate locations of Russia, some which tried to reach Moscow.
Ukraine, for its part, said it was also subject of a large-scale overnight drone attack which included 72 projectiles launched by Russia, most which were reportedly intercepted.
Ukraine’s military said 69 Iranian-design one-way drones targeted locations in Kyiv, Odesa, Kherson and Donetsk. Of these it said 51 drones were shot down; however, at least two Russian ballistic missiles made impact.
Moscow Mayor Sergey Sobyanin reports that all ten Ukrainian drones targeting Moscow were intercepted, marking the most massive drone attack in the city’s history. He says all of the drones were shot down while approaching the capital, neutralized by the city’s layered defense system. This surge in drone activity around Moscow suggests that Ukraine is likely to increase the number of drones in future attacks, potentially as a strategy to bolster its leverage in future direct or implicit negotiations with Russia
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Meanwhile, former president Dmitry Medvedev, who serves as deputy head of Russia’s Security Council, has reiterated that the ongoing Kursk incursion means peace talks are impossible until Ukraine is completely defeated. “The empty chatter of intermediaries that no one had appointed about the wonderful peace is over. Everyone understands everything now, even though they do not say it out loud,” Medvedev wrote on Telegram.
He concluded his message in caps with: “There will be NO MORE NEGOTIATIONS UNTIL THE COMPLETE DEFEAT OF THE ENEMY!”
end
.6.COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUE
Phillips has it correct: do not take the monkeypox vaccine for any reason
(Phillips/EpochTimes)
WHO Official: Monkeypox Is Not The New COVID-19, Lockdowns Not Likely
An official with the World Health Organization (WHO) said that mpox is not the same as COVID-19 and signaled there will not be lockdowns or similar measures, in comments about a week after the UN health agency declared an emergency over the virus.
“Are we going to go in lockdown in the WHO European region, it’s another COVID-19? The answer is clearly: ‘no,’” said Han Kluge, WHO regional director for Europe, in a live-streamed media briefing on Tuesday. “Two years ago, we controlled mpox in Europe thanks to the direct engagement with the most affected communities of men who have sex with men,” he said.
Mpox, a viral infection known as monkeypox, causes pus-filled lesions and flu-like symptoms. It is usually mild but can kill.
Officials say that a subvariant of the Clade I mpox strain called Clade Ib has caused global concern because it seems to spread more easily through routine close contact. A case of the variant was confirmed last week in Sweden and linked to a growing outbreak in Africa, the first sign of its spread outside the continent.
The WHO declared the recent outbreak of the disease a public health emergency of international concern. The Clade I mpox variant has been spreading outside of the Democratic Republic of the Congo since last year, with reports of the virus being found in about a dozen other African nations.
Kluge said that the focus on the new Clade I strain will also help in the fight against the less severe Clade II variety that has spreading globally since 2022, allowing Europe to improve its response through better health advice and surveillance.
During the 2022–23 outbreak, U.S. and worldwide officials warned that the virus was primarily spreading in males who engage in sexual activity with other males. But with the Clade Ib variant, which has been described as more severe, WHO and other agencies such as the U.S. Centers for Disease Control and Prevention (CDC) have not made similar warnings.
About 100 new cases of the Clade II mpox strain are now being reported in the European region every month, added Kluge. According to a news release from the United Nations, Congo has reported 15,600 mpox cases in 2024 along with 540 deaths.
Mpox transmits through close physical contact, including sexual contact, but unlike previous global pandemics such as COVID-19, there is no evidence it spreads easily through the air.
“We can and must tackle mpox together,” said Kluge on Monday. “So will we choose to put the systems in place to control and eliminate mpox globally? Or we will enter another cycle of panic and neglect? How we respond now and in the years to come will prove a critical test for Europe and the world,” he added.
Health authorities need to be on alert and flexible in case there are new, more transmissible clades or ones that change their transmission route, but there are no recommendations for people to wear masks, WHO spokesman Tarik Jasarevic said.
CDC Issues Mpox Update
In an update late last week, the CDC said that mpox currently poses a low risk to the United States, and no cases of Clade I mpox have been found in the country.
“The risk to the general public in the United States from the type of mpox circulating in the DRC is very low,” the federal health agency said. However, it stressed that the situation “might change as more information becomes available” or if cases of the Clade I variant appear outside of Africa.
That’s because there have been a limited number of individuals traveling on direct commercial flights from Congo or nearby countries to the United States.
Actors in US, Brazil, Germany, Slovakia, Israel, India; athletes in US, Brazil, Spain, Philippines, Australia; “vaxxidents” in US (3), Can., Brazil (5), UK (2), Italy (8), Australia (3), NZ (2); more
joined forces with the far-left Brazilian government to quietly host the Global Pandemic Preparedness Summit in Rio de Janeiro. The goal: war game and urge governments to prepare for the next pandemic
‘The same forces and globalist organizations involved in the Covid-19 injections and the unprecedented global tyranny imposed under the guise of fighting the virus are preparing for a potentially catastrophic H5N1 Avian Influenza “bird flu.” Prominent doctors and critics are already sounding the alarm.
Alexander MAGA Trump news; fake PCR created non-pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Just last month, the Coalition for Epidemic Preparedness Innovations (CEPI) joined forces with the far-left Brazilian government to quietly host the Global Pandemic Preparedness Summit in Rio de Janeiro. The goal: war game and urge governments to prepare for the next pandemic in partnership with global health “authorities” and Big Pharma.
Speakers, including self-styled “public-health experts,” warned that new “vaccines” would have to be developed and deployed within 100 days of an outbreak, and that even people in poorer nations would have to be injected. They hope to have the jabs on the shelf ready to go for whatever real or imagined boogeyman may be lurking.
Participants also claimed alleged man-made “climate change” was helping fuel the threat. The allegations echo claims made by global “public health” leaders arguing that everything from gun violence and racism to global warming are “public-health” emergencies requiring urgent action.
The international news media was largely silent on the important Rio summit, even as more and more officials and “experts” warned of a potential bird-flu pandemic that could cause unprecedented fatalities. The U.S. government is already funneling taxpayer funds to Moderna and other Big Pharma interests under the guise of preparing a bird-flu “vaccine.”
Meanwhile, policymakers and Big Pharma officials are preparing for the “International Bird Flu Summit” in D.C. from October 2-4. The objective of the summit is to prepare for, among other possibilities, a “mass fatality management planning,” delivery of “vaccines,” and “surveillance,” the website for the event explains.
“With the emergence of a highly virulent strain of bird flu affecting both cattle and humans, it is imperative that we come together to discuss preparedness, response strategies, and the future implications of this evolving situation,” the site continues, urging government officials, bureaucrats, and Big Pharma operatives to sign up.
That is all happening as the World Health Organization prepares for an emergency meeting to discuss the possibility of declaring a “Public Health Emergency of International Concern” this week. If the “PHEIC” is declared, the WHO purports to have broad authorities to combat the “emergency” even as it seeks to usurp broader powers still.
At the CEPI summit at the end of July, an unspecified “Disease X” was officially the topic of discussion — the same subject addressed by the most recent WEF summit in Davos. But growing hysteria surrounding bird flu and even monkeypox suggests either or both may soon be declared an “emergency” supposedly justifying global Covid-style tyranny.
“CEPI’s business plan says there is to be a series of pandemics and there will be only one countermeasure response — mass vaccination,” explained Dr. Peter A. McCullough, one of the first doctors to sound the alarm about the suppression of legitimate early Covid treatments as well as the now-obvious problems with the “vaccine.”
“Nowhere in the CEPI business plan is there mention of therapeutics and treatment of patients for an acute illness,” he told The New American. “CEPI is essentially a vaccine incubator fully syndicated in the Bio-Pharmaceutical Complex which has positioned itself for massive investments and profits with the COVID-19 pandemic being a template.”
However, the model is dangerously flawed, explained the prominent physician and cardiologist who exposed the “Bio-Pharmaceutical Complex” in a major book and who gained an international reputation as a top medical leader during Covid. “Vaccines should never be used in widely prevalent pandemics since they foster resistant strains and are destined to fail and prolong the pandemic,” he said, echoing concerns of other leading experts in the field.
Still, despite the possible effort to try the same CEPI business plan again, Dr. McCullough said he did not think Brazil or the world would “fall for it” again.
CEPI’s background is causing great concern among the medical experts who exposed the Covid tyranny. Consider that it was created as a partnership between Big Pharma, billionaire population-control zealot Bill Gates, and the pro-Communist China World Economic Forum (WEF) founded by “Great Reset” peddler Klaus Schwab.
The group practically wrote the script for the Covid pandemic in its 2017 business plan, Harvard-trained psychiatrist Dr. Peter Breggin — author of COVID-19 and the Global Predators: We Are The Prey — told The New American by phone. His book devotes almost an entire chapter to the shady organization.
“This is just catastrophic,” Breggin said when asked about the pandemic meetings. “They got more than they ever could have imagined with Covid. They can’t wait to hammer us again.”
“They now know that all they have to do is fake a terrorizing event of any kind whatsoever — a disease or something else — and the whole world will cave in,” explained Dr. Breggin, widely known as the “Conscience of Psychiatry.”
While CEPI remains an obscure organization as far as the public is concerned, it has played a major role behind the scenes in everything from pandemic response to seed-funding the mRNA injections deployed under the guise of fighting Covid, Breggin warned. For instance, CEPI seed-funded three “successful” Covid vaccines, including the Moderna mRNA shot.
“It doesn’t even matter what it is, they just need to scare us and get our president and all the other governments to step up the totalitarianism and take our wealth,” warned Breggin, who has labeled those responsible for the Covid disaster as “global predators” who seek to kill and enslave.
“In our first book, we called CEPI’s preliminary business plan the actual plan for the entire unfolding of what happened with COVID,” he continued. “The CEPI business plan was developed with all the villains — they all had input — and they did the dirty work afterward.”
Breggin also pointed to CEPI boss Dr. Richard Hatchett and his connections to U.S. biodefense agency BARDA, as well as his successor, Rick Bright. Among other posts, Bright served at the Rockefeller Foundation, which in 2010 released a report that included a section called “Lockstep,” which imagined a pandemic resulting in a draconian global governmental response almost exactly like what happened with Covid a decade later.
“He’s the one who stopped hydroxychloroquine,” said Breggin, noting that HCQ was known to be effective in the fight against Covid.
The controversial players and organizations involved with CEPI, which is fully aligned with the United Nations 2030 Agenda Sustainable Development Goals (SDGs), suggest that Breggin is right to be concerned.
CEPI co-founder Gates, for example, famously said at a 2010 Ted talk, “If we do a really good job with new vaccines, health care and reproductive health services, we can lower that [global population] by 10-15 percent.” Gates has also repeatedly celebrated the genetic-engineering component of mRNA injections.
Meanwhile, Schwab and his WEF — key partners behind CEPI — have been building up the mass-murdering Chinese Communist Party for decades while seeking to impose its “model” on the world.
Global “health” bureaucrats are also key, hammering their usual talking points during the Rio summit.
“We need … science and political resolve to come together as we prepare for the next pandemic,” declared World Health Organization boss Dr. Tedros Adhanom Ghebreyesus, a former ethno-Marxist terror leader installed to lead WHO by Bill Gates and the CCP. “Advancing our knowledge of the many pathogens that surround us is a global project requiring the participation of scientists from every country.”
Tedros continued by threatening humanity with more danger from more pandemics if politicians did not jump on the bandwagon. “History teaches us that the next pandemic is a matter of when, not if,” he said. “It also teaches us the importance of science and political resolve in blunting its impact.”
The leader of CEPI, former leader of the U.S. military’s controversial “biodefense” bureaucracy Dr. Hatchett, also hinted at the agenda in his official comments for the Global Pandemic Preparedness Summit.
“WHO’s scientific framework for epidemic and pandemic research preparedness is a vital shift in how the world approaches countermeasure development, and one that is strongly supported by CEPI,” explained Dr. Hatchett.
He added, “As presented at the Global Pandemic Preparedness Summit 2024 in Rio de Janeiro, Brazil, this framework will help steer and coordinate research into entire pathogen families, a strategy that aims to bolster the world’s ability to swiftly respond to unforeseen variants, emerging pathogens, zoonotic spillover, and unknown threats referred to as pathogen X.”
CEPI is a perfect example of the WEF-backed “stakeholder” model, in which Big Business and Big Government team up in a fascist-style partnership. In fact, even officially, CEPI’s goal was to forge partnerships between governments, the business sector, and phony tax-exempt “philanthropies” to develop and push vaccines for future pandemics.
In reality, the model simply removed natural checks and balances between government, business, the press, and civil society organizations by bringing them all under the same umbrella. Remaining dissenters not dependent on the machine are then marginalized, demonized, censored, and, in some cases, attacked.
Leading vaccine peddlers associated with the machine such as Dr. Peter Hotez are now calling for deployment of the military and NATO against those who resist the mass-vaccination-at-gunpoint agenda.
In the months leading up to Covid, the WEF and the Gates Foundation teamed up to host “Event 201” at Johns Hopkins, war-gaming the totalitarian response to a novel respiratory virus. The exercise featured incredible similarities with what actually happened just a few months later. Critics of CEPI suggested these conferences could be playing a similar role.
The goal of all these efforts does not appear to be protecting humanity from pandemics, genuine health experts say. Rather, it all seems aimed at allowing powerful forces to extract enormous amounts of resources from the public under the guise of creating “vaccines,” and then protect everyone involved from liability and accountability when the public is maimed and killed by the allegedly “safe and effective” products.
The U.S. government is fully on board with the agenda of CEPI and its elements. In fact, just last month, the Department of Health and Human Services announced that it would be funneling over $175 million of Americans’ taxpayer money to Moderna, the disgraced company behind the failed and deadly mRNA Covid “vaccines.”
“We have successfully taken lessons learned during the COVID-19 pandemic and used them to better prepare for future public health crises,” claimed HHS Secretary Xavier Becerra, an advocate of mutilating children under the guise of “gender affirming care.” “As part of that, we continue to develop new vaccines and other tools to help address influenza and bolster our pandemic response capabilities.”
“Importantly, we are doing this work in partnership with some of the nation’s leading scientists and clinicians,” Becerra continued. “The Biden-Harris Administration won’t stop until we have everything we need to prepare for pandemics and other public health emergencies that impact the American public.”
All of this federal spending is not just unwise, it is unconstitutional. Now that even the National Institutes of Health’s own leaders have admitted under oath that NIH deliberately and knowingly funded gain-of-function research at the Wuhan Institute of Virology, a much better way of protecting humanity from pandemics (and “plandemics”) would be to hold everyone involved in the last one accountable.
It is past time for CEPI, the WHO, and all their allies to be criminally investigated for a wide range of violations. If prosecutors and law enforcement continue to delay, Covid might look like a walk in the park compared to the dangers being “prepared” for by CEPI in Rio and the WHO in Geneva. The clock is ticking.’
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‘Healthy’ 18-Year-Old Student Drops Dead during SabbaticalAn 18-year-old student has collapsed and died suddenly after traveling to the UK to work during a sabbatical year. Jack Ryan from Australia dropped dead in the bathroom at his accommodation over the weekend. Ryan was working in south-east England as part of the “Letz Live” program at the Dulwich Cranbrook school in Kent, according to the Daily Mail. The …READ MORE
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Rabobank: Kamala Taxing Unrealized Gains Would Risk Mass Sale Of US Assets And The Rich Fleeing
BY TYLER DURDEN
WEDNESDAY, AUG 21, 2024 – 09:45 AM
By Michael Every of Rabobank
On the border, Nietzsche
“Cruisin’ down the centre of a two-way street; Wonderin’ who is really in the driver’s seat Minding my business, along comes big brother; Said, “Son, you better get on one side or the other” (Whoa-ooh) I’m out on the border; (Whoa-ooh) I’m walkin’ the line Don’t you tell me ’bout your law and order (whoa-ooh); I’m tryin’ to change this water to wine”
– The Eagles, ‘On the Border’
“He who has a why to live for can bear almost any how.”
– Nietzsche
——-
It’s not often The Eagles and Nietzsche both describe the political economy, but the US, and the world, are bordering on major change in their “why” and “how” as November’s election looms.
On the border gap, Vice-President Harris proposes amnesty for those who arrived in the US illegally, which would logically incentivize more arrivals failing a tough border approach(?) Trump proposes to deport all those illegal arrivals and take a tough border approach. On one hand, we’d have the larger, unofficial US labor force and the implication of a similar trend ahead. On the other, we’d have a potential drop in the labor force and much lower growth in it. Market economists and the Fed have very belatedly started to realize undocumented immigration might be impacting macro data; the point may be underlined by today’s BLS revision to past payrolls data, where 600,000 to 1m jobs may be cut from the total ‘created’ over a year. If so, the macro story shifts; and so does that of new jobs added net new labor force arrivals. Yet while “Rate cuts!” views of this are already clear, there’s little discussion of the very different assumptions of post-election border policy on wage growth, inflation, housing, budgets, and productivity, etc.
[ZH: and this is what we said back in January, long before “belatedly” everyone else did]
How is this not the biggest political talking point right now: since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs.
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1.9M Views
There’s a widening Harris-Trump policy gap on tax. Social media claim Harris backs President Biden’s plan for a 44.6% capital gains tax and a 25% tax on unrealized capital gains for those with more than $100m in assets. That would theoretically narrow the fiscal deficit and act against dangerous inequality; practically it may risk a mass sale of US assets and the move of capital and the rich outside it. Of course, that this tax hike was already raised by Biden yet didn’t pass speaks to the president proposing and Congress disposing: that means those guessing the presidential electoral outcome also need to guess the Senate and House outcomes. Meanwhile, Trump favors lower taxes: fiscal deficit, fiscalshmeficit. Which tax rates do your models assume?
There’s also a Harris-Trump gap on trade. The former may keep existing Biden tariffs and add to them strategically. The latter wants a 20% universal tariff and up to 100% on China. Our house view incorporates a lower universal tariff yet is already inflationary enough for our Fed watcher Philip Marey to call a floor in rate cuts at 4.50% in H1 2025. Imagine if we were to get 20% and 100%! While it’s impossible to find a neoclassical economist who backs tariffs (or the working paper a pro-tariff US think tank says proves they have a positive economic impact), it helps to look at things more broadly in what policy assumptions to make.
To illustrate, my colleague Ben Picton is now reading Factory Man, published in 2004, from which he just shared two key passages from when the US protagonist visits a Chinese furniture factory run by a Taiwanese businessman who had negotiated deals with European and South American counterparties, but had “never met anyone like Americans”, then a CCP official, He YunFeng:
“I have figured you guys out, the translator finally relayed.
Tell me.
If the price is right, you will do anything. We have never seen people before who are this greedy – or this naïve.
The Americans were not only knocking one another over in a stampede to import the cheapest furniture they could, but they were also ignoring the fact that they were jeopardizing their own factories back home by teaching their Asian competitors every nuance of the American furniture-making trade.
When we get on top, the man said, don’t expect us to be dumb enough to do for you what you’ve been dumb enough to do for us.”
“He YunFeng would be happy to provide Basset with the dressers at a fraction of what they cost to make, a feat Basset knew would not be possible without Chinese government subsidies. All Basset had to do in return, Hu YunFeng said, was close his own factories.”
The author, whose protagonist opts to keep his US factory, has their own bias, and the above sounds Trumpian. However, it was not Americans saying it, and they were doing so 20 years ago. How many readers were aware this, not ‘free trade comparative advantage’, was realpolitik two decades ago? More to the point, how many voters — so politicians — were/are now? In short, it’s more logical to expect further global protectionism and goods inflation (and onshoring or friendshoring), than endless structural goods deflation (and deindustrialisation) via China.
Even in China-friendly Thailand, the government may impose tariffs as it worries about the collapse of local industry due to Chinese imports, joining the US, EU, Canada, Mexico, Brazil, India and Indonesia in doing so. Meanwhile, the US and EU are set to impose high tariffs on solar panels made in Malaysia, Thailand, Vietnam, and Cambodia by Chinese firms circumventing existing 25% tariffs on Chinese production, which may rise to 50%. The pattern is clear: the US (and EU) tariffs China; China shifts its exports to others; they also tariff China; China shifts its production to Asia and Mexico; and the US (and EU) tariffs these new China proxies. Ultimately, most countries will either end up being in one trade zone or the other: a Trump election victory would massively accelerate this process.
And what does the non-US bloc look like? Hard to say – but it’s not going to be anything like the US bloc. Russian companies that import from China have started receiving their CNY payments back from Chinese banks who fear US sanctions for dealing with them, sometimes even after the goods have been delivered and cleared by customs. Obviously, this makes importing from China even harder for Russians. As such, while the West is not doing well in general, or the dollar this week as “Rate cuts!” fever builds, it’s clear that building a global dollar alternative is hard: if you can’t even do CNY-RUB trade now due to potential US sanctions, it’s back to bilateral (dollar-priced) barter, which isn’t efficient or scalable within a bloc. And for those who say gold as medium, that metal might hedge well vs. political inflation, but you can’t run sustained trade deficits with it, and both China and Russia (and most of the BRICS) want to run trade surpluses.
So, yes, we are stuck on the border: literally, in the US case, and much else; metaphorically in a US and global sense, where everything is shifting —don’t you tell me ‘bout your law and order– and November’s election will determine the Nietzschean “why” we are living/acting, allowing us a new “how” to achieve it – I’m tryin’ to change this water to wine.
7.OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
Industry Groups Urge Trudeau ‘Take Action’ As Inflation-Reigniting Canadian Rail-Strike Looms
Tuesday, Aug 20, 2024 – 03:05 PM
Top industry trade groups have warned in a letter to Canadian Prime Minister Justin Trudeau to avert a rail strike that could snarl supply chains of critical commodities across North America.
“We request that you take action to ensure railroad operations continue before a lockout or strike occurs to prevent serious damage to the Canadian and US economies,” 35 US industry groups wrote in a letter to PM Trudeau.
Bloomberg highlights the commodities that would be most impacted by a potential rail strike:
Two of Canada’s largest railroad companies said they’ll shut down operations Thursday if they fail to reach an agreement with more than 9,000 of their unionized workers. The two companies account for 80% of Canada’s rail network.
The agriculture industry ships more than 25,000 rail cars a week of goods on Canadian National Railway Co. and Canadian Pacific Kansas City Ltd. and that figure would “go to zero” during a strike or lockout, according to Monday’s letter signed by groups including the US Grains Council, American Farm Bureau Association and the National Grain and Feed Association.
Larry Avila of SupplyChainDive provides more information on the potential labor action at Canada’s major rail carriers, which could unfold as early as Thursday unless 10,000 union workers receive a new deal before then.
The Teamsters Canada Rail Conference served a strike notice Sunday to Canadian Pacific Kansas City, stating its estimated 3,300 union-represented workers employed by the railroad will withdraw services effective 12:01 a.m. ET Thursday unless they receive a new contract. In response, CPKC said it would lock out all union employees beginning Thursday.
Canadian National Railway followed suit Sunday, informing the union of its intent to lock out the roughly 6,000 represented workers employed by the railroad on Thursday unless the parties agreed on a new labor deal or the union agreed to binding arbitration.
While talks between the Teamsters and the two rail carriers have been ongoing since the last contract expired at the end of last year, a deal has yet to be reached.
The union previously rejected calls for binding arbitration, and Canadian Minister of Labour and Seniors Steven MacKinnon denied Canadian National’s request for such a solution last week. In his letter to Canadian National, MacKinnon stressed the need for the parties to reach an agreement and offered mediation assistance.
The threat of service disruption due to a work stoppage led CPKC and Canadian National to begin shipping embargoes last week to avoid leaving critical freight unattended. Executives from both rail carriers have reported shippers diverting freight to other transportation modes, including trucking, in anticipation of a work stoppage.
CPKC in a statement said it recognizes disruption already is occurring “and will intensify until this dispute is resolved.”
Separately, unionized dockworkers across the East and Gulf Coast are threatening to strike in October.
The worst-case scenario, which would almost certainly re-ignite inflation, involves multiple strikes across various transportation modes in North America that could begin as early as Thursday. 62
END
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.1114 DOWN 0.0014
USA/ YEN 146.11 UP 0773 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS JULY 2024/Bank of Japan raises rates by .15% to 1.15..UEDA END HIKING RATES AND NOW CARRY TRADES REIGNITES//
GBP/USA 1.3032 UP 0.0002
USA/CAN DOLLAR: 1.3642 DOWN .0015 (CDN DOLLAR UP 15 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 10.08 PTS OR 0.35%
Hang Seng CLOSED DOWN 120.07 PTS OR 0.69%
AUSTRALIA CLOSED UP 0.32%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 120.07 PTS OR 0.69 %
/SHANGHAI CLOSED DOWN 10.08 PTS OR 0.35%
AUSTRALIA BOURSE CLOSED UP 0.32%
(Nikkei (Japan) CLOSED DOWN 111.12 PTS OR 0.29%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2510.70
silver:$29.59
USA dollar index early WEDNESDAY morning: 101.42 UP 12 BASIS POINTS FROM TUESDAY’s CLOSE.
…dominated by 2024 dovishness – dramatically more than The Fed’s single-cut expectation…
Source: Bloomberg
…and that sparked a buying-panic in bonds, bitcoin, stocks, and gold (but the dollar and crude tumbled).
Stocks and bonds are (arguably) disagreeing…
Source: Bloomberg
Stocks initially surged on the BLS bad news and Dovish Fed, but some reality started to set in again that ‘growth scares’ are real enough to have prompted The Fed to consider a July cut and now a September cut seems locked in.
The market was completely confused at what to do with the payrolls revisions at first – which were delayed (but leaked to several banks).
Small Caps led on the day (big short squeeze) but the rest of the majors ended up giving gains back. The last ten minutes of the day saw the machines back in charge, lifting stocks off unchanged…
Small Caps gains were once again on the back of a major short squeeze…
Source: Bloomberg
Mag7 stocks went nowhere for the second day, stalled at the pre-payrolls highs…
Source: Bloomberg
VIX rose for the second day in a row, back above 16…
…and worse still, VVIX (the real fear gauge) extended its bounce back above the 100 Maginot Line…
Source: Bloomberg
Treasury yields tumbled today with the short-end outperforming (2Y -6bps, 30Y -1bps). The entire curve is now below pre-CPI levels of yield…
Source: Bloomberg
…smashing the 2Y yield back below 4.00% (having stalled at pre-CPI high yields)…
Source: Bloomberg
That steepened the yield curve significantly, erasing the flattening post-CPI…
Source: Bloomberg
The dollar continued to dump, hitting 5-month lows…
Source: Bloomberg
Bitcoin surged back above $61,000 (helped by potential short squeeze)…
Source: Bloomberg
Gold rallied after the Fed Minutes, having been stomped back below $2500 (once again near The London Fix) earlier in the day…
Source: Bloomberg
Crude prices tracked bond yields lower, with WTI dropping to a $71 handle…
Source: Bloomberg
Finally, is Harris’ honeymoon ending?
Source: Bloomberg
Source: Polymarket
Prediction markets are trending back towards Trump.
AFTERNOON TRADING///
II USA DATA
As we have told you time and time again, the jobs report is a phony. Now they released the USA jobs adjusted report and it shows a downward revision of a huge 818,000 jobs. This will cement in stone, the Fed’s cuts in interest rate in Sept.
(zerohedge)
US Jobs Revised Down By 818,000 In Election Year Shocker, Second Worst Revision In US History
Wednesday, Aug 21, 2024 – 11:16 AM
Back in March, when most of Wall Street and economists still believed the lies spewed forth by the Biden Bureau of Labor Statistics, which intentionally uses inaccurate, rushed “data” from the Establishment survey which is meant to pad sentiment and make the economy appear far stronger than it is for propaganda purposes (as one can see by the constant monthly downward revisions), we did an in-depth analysis looking at the actual, “uncooked” numbers published by the Philadelphia Fed preview of the annual Quarterly Census of Employment and Wages employment revision, and warned our readers that actual US payrolls are overstated by at least 800,000.
Specifically, we concluded that “the BLS had overstated payrolls by 800,000 through Dec 2023 (and more if one were to extend the data series into 2024)” and added that “it’s truly statistically remarkable how every time the data error is in favor of a stronger, if fake, economy.”
Furthermore, we also noted that the revision “also means that far from the stellar 230K average monthly increase in payrolls in 2023, which the White House would spin time and again as direct evidence of the benefits of Bidenomics, the true average monthly payroll increase in 2023 was only 130K! The full monthly change in payrolls as originally reported by the BLS (in green) and the actual monthly number, as per the QCEW (in red) is shown below.”
This matters because as we reminded our followers this weekend, today at 10am, the BLS would publish its annual nonfarm payrolls benchmark revision where it would unveil as , which it did (with the usual 35 minute delay because that’s the kind of service $35 trillion in debt buys you), and it confirmed that we were right almost to the dot, because as the BLS unveiled in its CES Preliminary Benchmark Announcement, “the preliminary estimate of the benchmark revision indicates an adjustment to March 2024 total nonfarm employment of -818,000 (-0.5 percent)” or just above the 800,000 was said to expect back in March.
The revision is mainly due to the highest-paying sectors: i.e., professional services -358k, leisure -150k, and manufacturing -115k. Not at all surprising: government was revised +1,000.
As an aside, while the data were scheduled to be released at 10 a.m. in Washington but didn’t appear on the BLS’s website for more than a half hour later. A spokesperson for the agency didn’t answer Bloomberg’s questions as to why the figures were delayed, but we have some pretty good guesses about the panic that gripped the BLS as they realized they needed a green lights from the propaganda ministry before going live with this number.
How big is the 818,000 revision in context? As the chart below shows, the 2024 revision was the biggest in the past decade, and the second biggest on record, with just the 824K downward revision in 2009 just (barely) greater.
The revisions confirm that – as we had been warning for much of the past year – the labor market started moderating much sooner than flawed conventional wisdom thought. It wasn’t until earlier this month that markets and economists grew concerned with the release of the July jobs report. That set off alarm bells with a weak pace of hiring and a fourth month of rising unemployment, but other metrics like jobless claims and vacancies have suggested a more moderate slowdown.
Putting it all together, we now know – as we reported first back in March – that the labor market is, and was, far weaker than conventionally believed. In fact, no less than 800,000 payrolls would end up “missing” when one uses the far more accurate Quarterly Census of Employment and Wages data rather than the BLS’ woefully inaccurate and politically mandated payrolls “data”, and if one looks back the the monthly gains across most of 2023, one gets not 218K jobs added on average every month but rather 150K, a 31% decline. Needless to say, the market would look very different if it had known that effectively all the payroll “beats” of the past year would be deleted!
Of course, none of that paints Bidenomics, or Kamalanomics, or whatever it is now, in a flattering picture, because while one can at least pretend that issuing $1 trillion in debt every 100 days to add 3 million jos per year is somewhat acceptable, learning that that ridiculous amount buys 800,000 jobs less is hardly the endorsement that the White House needs. On the flip side, pretending that the US had added an additional 800,000 jobs in the past year is precisely what Biden, and now, Kamala would have wanted to generate the kind of buzz and momentum that somehow translates into the “greatest economy ever”… at least until it is all revised away as the admin’s lies finally wash away.
What is the implication for the market? Well, as UBS trader Leo He correctly notes, “the Fed is well aware of nonfarm payrolls (establishment survey) overstating the job market, but unemployment rate (household survey) underestimating the job market” and he goes on to quote Governor Bowman’s speech on Tuesday:
“There are also risks that the labor market has not been as strong as the payroll data have been indicating, and it appears that the recent rise in unemployment may be exaggerating the degree of cooling in labor markets. The Q4 Quarterly Census of Employment and Wages (QCEW) report suggests that job gains have been consistently overstated in the establishment survey since March of last year, while the household survey unemployment data have become less accurate as response rates have appreciably declined since the pandemic. The rise in the unemployment rate this year largely reflects weaker hiring, as job searchers entering the labor force are taking longer to find work, and layoffs remain low. It is also likely that some temporary factors contributed to the soft July employment report. The rise in the unemployment rate in July was largely accounted for by workers who are experiencing a temporary layoff and are more likely to be rehired in coming months. Hurricane Beryl also likely contributed to weaker job gains, as the number of workers not working due to bad weather increased significantly last month.”
At the end of the day, all this does is cement the Fed’s 25bps rate cut next month.
As for broader socio-political implications, back in March we concluded our article, which predicted today’s revision with near 100% accuracy, by warning that the staggering size of the revised data “is also why nobody in the mainstream media – which is now nothing more than the PR smokescreen for the Biden puppetmasters, the government and the deep state – will ever mention this report.”
Today it will be more difficult for the propaganda press to ignore it.
END
FOMC Minutes Show “Vast Majority” See September Cut As Appropriate
Wednesday, Aug 21, 2024 – 02:05 PM
Since the last FOMC meeting on July 31st, bonds and bullion have soared while the dollar and oil have floored, with stocks roller-coastering to a modest gain…
Source: Bloomberg
A lot has happened in that brief three weeks with both soft and hard macro data declining, prompting growth scares which terrified stock investors (and then prompted them to BTFD).
Source: Bloomberg
…but the last few days have seen bonds revert to more recessionary-fears as the stock squeeze continued…
Source: Bloomberg
Most notably, rate-cut expectations have soared since the last FOMC meeting from around 170bps (to end-2025) to 215bps, with the weight dominated in 2024…
Source: Bloomberg
So, given our preview – which noted that the Minutes are very stale now (based on all the data and price action since) and will likely be dominated by expectations for Powell’s speech at Jackson Hole, just what will The Fed’s scribblers want us to take away from The Minutes?
Key Headlines:
‘Vast Majority’ of Fed Officials Saw September Cut As Likely Appropriate
‘Several’ Officials Saw a Case For Reducing Rates in July 30-31 Meeting
‘Almost All’ Fed Officials Wanted More Inflation Data Before Cutting Rates
‘Some’ Officials Noted Risk of ‘More Serious Deterioration’ in Labor Market
Democratic Presidential candidate Kamala Harris is proposing to increase the corporate tax rate as part of her economic agenda if she wins the presidency in November.
Harris campaign spokesperson James Singer confirmed in a statement on Aug. 19 that Harris is backing an increase in the corporate tax rate from 21 percent, to 28 percent, the same policy put forward by President Joe Biden in his administration’s fiscal year 2025 budget. Changes to the U.S. tax code require approval by Congress before they can be enacted.
Singer says Harris is in favor of rate rise because it’s the most “fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”
“As president, Kamala Harris will focus on creating an opportunity economy for the middle class that advances their economic security, stability, and dignity,” he said.
Days earlier at a campaign event in North Carolina on Aug. 16, Harris outlined her economic agenda, which included a pledge to offer housing assistance through government subsidies, to take on price gouging concerns following a period of heightened inflation, and increase child tax credits, among other promises.
According to the Congressional Budget Office, any increase in the corporate tax rate could raise billions in taxes. In its estimates, the federal agency found that a 1 percent increase in the corporate tax rate would generate an additional $96 billion in taxes from 2019 to 2028.
However, critics of increasing corporate tax rates argue it would only encourage businesses to leave American shores for countries with lower rates. In the process, it could see a decrease in available jobs in the United States.
“Tax rate differences among countries can influence businesses’ choices about how and where to invest,” the Congressional Budget Office said.
“To the extent that firms shift their investment and activities to countries with low taxes with the goal of reducing their tax liability at home, economic efficiency declines because firms are not allocating resources to their most productive use.”
Under Republican Presidential candidate former President Donald Trump, the federal government’s 2017 Tax Cuts and Jobs Act slashed corporate tax from 35 percent to 21 percent in an effort to help boost the economy by making it attractive for businesses to operate in the United States. Many of the tax reforms in the bill expire in 2025; whoever wins the upcoming election will have the opportunity to either extend the Trump-era tax cut or let it lapse.
Trump has voiced his intention to make the tax model permanent or even cut the rate further. In an Aug. 8 news conference at the Mar-a-Lago resort in Florida, he argued that he‘d “never seen people get elected by saying, ’We’re going to give you a tax increase.’”
Jacob Burg contributed to this report.
end
This is big!! Kennedy mulling joining forces with Trump in order to defeat the radical left
(zerohedge)
RFK Jr Campaign Mulling “Joining Forces With Trump” Because We ‘Run The Risk Of Enabling A Harris/Walz Presidency’
Tuesday, Aug 20, 2024 – 01:05 PM
Just days after refuting reports that RFK Jr approached Harris for a cabinet position, his running mate, Nicole Shanahan just dropped a bombshell during a podcast that could change the race considerably.
Appearing on the ‘Impact Theory’ podcast (that was filmed yesterday), Shanahan said they are debating whether to stay in the race or drop out and join forces with Trump:
“There’s two options that we’re looking at…
…and one is staying in, forming that new party, but we run the risk of a Kamala Harris and Waltz presidency because we draw more votes from Trump.
Or we walk away right now and join forces with with Donald Trump and explain to our base why we’re making this decision.”
Watch the brief clip below:
RFK’s VP Nicole Shanahan says they are debating whether to stay in the race or drop out and join forces with Trump:
“There’s two options that we're looking at and one is staying in, forming that new party, but we run the risk of a Kamala Harris and Waltz presidency because we… pic.twitter.com/O3HrLbbCLO
Shanahan is clearly disillusioned at the anti-democratic methods that the Democratic Party have pulled to stall RFK Jr’s progress:
“...the DNC made it impossible for us…
…they have banned us, shadow-banned us. kept us off stages. manipulated polls. used lawfare against us. sued us in every possible State. They’ve even planted insiders into our campaign to disrupt it, and to create actual legal issues for us.
I mean the extent by which the sabotage they’ve unleashed upon us is mindblowing.
I mean we’re still learning new ways that they have sabotaged us.
I really wanted a fair shot at this election and I believed in the America that I a little girl pledged an allegiance to…”
The full podcast is viewable here…
It is worth noting that Kennedy reportedly met with Trump in mid-July to discuss a possible endorsement in exchange for a position advising the Republican nominee on health policy. The meeting did not result in an endorsement, though Trump campaign advisers told The Washington Post they are still in touch with Kennedy and his campaign.
end
Macy’s in trouble//expects consumer weakness to persist
(zerohedge)
Macy’s Plunges On “Sharp Cut” To Full-Year Forecast; Goldman Expects Consumer Weakness To Persist
WEDNESDAY, AUG 21, 2024 – 10:05 AM
Department store chain Macy’s missed analysts’ estimates for its quarterly revenue and lowered its outlook for sales for the full year, citing “more discriminating consumer and heightened promotional environment relative to its prior expectations.”
The department store operator said Wednesday in a statement that sales in the second quarter through Aug. 3 fell 3.8% to $4.9 billion, missing the Goldman Sachs consensus of $5.10/$5.06 billion.
“In the second quarter, we began to see the customer become even more discerning,” CEO Tony Spring said in an interview, as quoted by Bloomberg.
Spring continued, “We did not see any material change in our traffic. We did see a change in conversion, and that to us really means people were either distracted, or they were even more cautious than we had seen previously.”
A team of Goldman analysts led by Brooke Roach and Evan Dorschne wrote in a note to clients that their first take on Macy’s earnings was “Weaker comp trends and cautious revenue outlook overshadows better 2Q margin delivery.”
Here’s the analysts’ detailed breakdown of second-quarter results:
M reported F2Q24 EPS of $0.53, ahead of GS/FactSet consensus of $0.30 with the beat driven by better margins. Despite the beat, sales fell notably light of expectations in the quarter, with retail sales of $4.94bn well below GS/consensus at $5.10/$5.06bn, driven by a sequential slowdown in owned reported comps which decelerated to -4.0% vs. GS/FactSet consensus of -1.0%/-0.9%. This softer sales trend was offset by better profitability with gross margin as a % of retail sales at 40.5% (above GS/consensus 39.8%/40.1%), and SG&A as a percent of total sales at 38.7% (below GS/consensus at 38.8%/38.9%). Inventories were reported +6.0% Y/Y, compared to our expectation of +1.2% Y/Y.
After the weaker-than-expected quarter, attributed to a cautious consumer, Macy’s lowered its annual outlook on sales for the fiscal year to between $22.1 and $22.4 billion, compared with the previous forecast (as of May 31) of between $22.9 billion and $22.3 billion.
Goldman’s Roach and Dorschne added more color to the dismal outlook:
On the forward outlook, M reaffirmed its FY EPS guidance of $2.55-$2.90, vs. GS/consensus at $2.85/$2.78. However, management took a much more cautious tone on the consumer, pointing to a more discriminating consumer and a heightened promotional environment vs. prior expectations. As a result, management now expects comps (owned + licensed) at -2.0% to -0.5% (vs. -1.0% to +1.5% prior), and net sales are now guided at $22.1bn-$22.4bn (vs. $22.3bn-$22.9bn prior), indicating -4.3% to -3.0% Y/Y declines (vs. -3.4% to -0.8% prior), which compares to GS/consensus at -1.2%/-2.4%. For 3Q, management expects EPS at -$0.04 to $0.01 vs. GS/consensus at $0.07/$0.01.
The analysts noted, “This is a disappointing result for Macy’s and a sharp cut to the company’s forecast for sales and comp trends for the full year.”
CEO Spring warned in the interview that “it will be a more rocky remainder of the year” for the consumer.
The retailer decided to increase product discounting to counter the slowdown in discretionary spending.
“We are leaning into every available expense stream” that doesn’t erode customers’ shopping experience, Spring said, adding, “We are trying to make sure that our cost of operations, our packaging, our delivery expense, our costs for paper and shopping bags” are decreasing.
Goldman analysts concluded, “We are Buy rated on M. Our 12-month price target of $23 is based on 3.85x Q5-Q8 EV/EBITDA and includes a $1 per share contribution value from M’s real estate.”
Shares of Macy’s are down more than 13% in the early US cash session…
…extending a multi-year trend lower…
Separately, Target beat Wall Street’s earnings and revenue expectations, yet issued a cautious note on the consumer and gave a mixed outlook because of uncertainty surrounding discretionary spending in the months ahead.
Goldamn’s consumer specialist, Scott Feiler, provided clients with commentary surrounding the latest and most important earnings from big box retailers, noting consumer weakness will still be a theme through year-end:
The big debate post WMT’s beat and better than expected consumer commentary last week was whether they were just taking a lot of share, or if in fact they truly thought the consumer was stable. Post WMT’s huge comp beat and comment that general merchandise flipped positive, expectations for TGT’s comp moved from the +1% range to the +1.5% range. They hit the very high-end of the recent expectations (+2%) and importantly, beat margins by 90 bps, which they did not do last quarter. Is this an all clear in consumer? I would argue it is not, given that they are now talking to the low-end of the prior FY comp guide (probably some conservatism), despite this beat. However, it will certainly be good enough for TGT at this valuation and a little bit more of a relief for the space, even if not an all-clear (Macy’s revenue miss and cut this morning).
What’s clear with Home Depot and Lowe’s executives is that home improvement trends remain under pressure. McDonald’s and Disney have warned about waning consumer spending. And travel companies have warned about a slowdown. The theme building is that low/mid-tier consumers are under pressure in the era of failed Bidenomics.
end
unbelievable
California Wants To Reward Illegal Aliens With Zero Down, No Payment Home Loans
Wednesday, Aug 21, 2024 – 01:05 PM
Progressive lawmakers in California have pushed forward a bill that prioritizes illegal aliens over veterans and hardworking citizens by offering them zero down payment loans through the state’s first-time homebuyer program. This outrageous legislation is a slap in the face to California’s citizens, who are already struggling under failed Bidenomics, which has triggered an inflation storm nationwide.
Self-proclaimed liberals and far-left Democrats are ‘weirdly’ obsessed with prioritizing illegal aliens over citizens. The latest example of this absurdity is a bill that the California Senate Appropriations Committee recently advanced to allow illegal aliens to tap into the state’s zero down, no payment home loan program.
“The social and economic benefits of homeownership should be available to everyone. As such, the California Dream for All Program should be available to all,” wrote Assemblymember Joaquin Arambula, D-Fresno, who is the lead author of Assembly Bill 1840.
Arambula said, “When undocumented individuals are excluded from such programs, they miss out on a crucial method of securing financial security and personal stability for themselves and their families.”
What the leftist lawmaker fails to understand is that there are thousands of Californians, some of which are veterans, working poor, and just folks down on their luck, who have been neglected, forgotten, and rejected and could desperately use lifelines. Yet, progressives in the state would instead hand out taxpayer funds to illegal aliens (or their future voters) instead of their constituents first.
AB 1840, which already passed the Assembly and now faces a floor vote in the Senate, would prevent the state’s California Dream for All Shared Appreciation Loans program from denying individuals on the basis of their immigration status. This program allows applicants to secure “loans” of up to 20% of the home’s purchase price — or, about what a typical down payment is — with zero down payment on this state loan, and no payments.
The state’s “loan” can potentially be repaid to the state when the home is refinanced, sold, or transferred, with the borrower paying back the original loan amount plus 20% of any increase in value on the property. It’s not clear what happens if a family decides to hold on to a home as there are no provisions on how long a property can be held for, which means certain kinds of trusts could potentially allow the loan to not be paid back.
State Sen. Briah Dahle, R-Bieber, called AB 1840 “an insult to California citizens who are being left behind and priced out of homeownership,” adding, I’m all for helping first-time homebuyers, but give priority to those who are here in our state legally.”
“Our state is already facing a housing crisis, and adding more strain through AB 1840 is not the approach,” San Diego County Supervisor Jim Desmond wrote on X.
Desmond warned, “California cannot afford to continue rewarding illegal immigration while neglecting its fiscal responsibilities to its citizens. This bill will worsen the state’s deficit and increase the tax burden on hardworking Californians.”
He noted, “This bill now moves to the Senate floor which has one last chance to stop this reckless legislation before it reaches Newsom’s desk.”
Our state is already facing a housing crisis, and adding more strain through AB 1840 is not the approach. California cannot afford to continue rewarding illegal immigration while neglecting its fiscal responsibilities to its citizens. This bill will worsen the state’s deficit and increase the tax burden on hardworking Californians. This bill now moves to the Senate floor which has one last chance to stop this reckless legislation before it reaches Newsom’s desk. Join me in demanding change. Contact your state representative and tell them to stop this bill.
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Our state is already facing a housing crisis, and adding more strain through AB 1840 is not the approach. California cannot afford to continue rewarding illegal immigration while neglecting its fiscal responsibilities to its citizens. This bill will worsen the state's deficit and…
American citizens, especially ADOS, shouldn’t have to compete w/ non-citizens for resources or wealth-building opportunities offered from our federal &/or state governments. “AB 1840, which already passed the Assembly and now faces a floor vote in the Senate, would prevent the state’s California Dream for All Shared Appreciation Loans program from denying individuals on the basis of their immigration status. This program allows applicants to secure “loans” of up to 20% of the home’s purchase price — or, about what a typical down payment is — with zero down payment on this state loan, and no payments.” #California#Housinghttps://thecentersquare.com/california/article_12142022-5e66-11ef-94a4-d7bb5f00d23e.html…
We all remember how down payment assistance programs under President George W. Bush contributed to the housing bubble in the mid-2000s, ultimately leading to the unraveling of the Global Financial Crisis meltdown.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
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The King Report August 21, 2024 Issue 7310
Independent View of the News
@jessefelder: ‘In gold terms, the S&P 500 is exactly where it was in August 1971. The significance of that date is that it was the moment when President Richard Nixon severed the dollar’s link to gold.’ https://x.com/jessefelder/status/1825890674824335695
@spomboy: Looks like, in addition to a material downward benchmark revision to last year’s payrolls, we can expect to see a further collapse in full-time jobs. The Philly Fed report showed a 10pt drop in full time hiring, taking the index to levels only seen twice before–Covid and the GFC. Still believe in the ‘soft landing’ fairytale??https://x.com/spomboy/status/1825889916225528242
Flights, Hotels and Parks Are All Flashing Travel Warning Signs – Bloomberg Facing an uncertain outlook, consumers are getting choosier when booking vacations and holding out for discounts. ‘We’re shifting back to normal.’ The great post-pandemic boom in consumer travel is officially over. With the US economy showing signs of slowing and the financial cushions many accumulated during the Covid-19 pandemic wearing thin, travelers are reining in their post-lockdown wanderlust and tightening their belts… https://t.co/4lXh2cPWHK
Lowe’s Reports Sales Below Estimates, Cuts Guidance In Q2 EarningsRevenue: $23.59 billion vs analyst estimates of $23.96 billion (1.6% miss)EPS (non-GAAP): $4.10 vs analyst estimates of $4.00 (2.6% beat)The company dropped its revenue guidance for the full year to $82.95 billion at the midpoint from $84.5 billion, a 1.8% decrease… Lowe’s: “Challenging macroeconomic backdrop”https://uk.finance.yahoo.com/news/lowes-nyse-low-reports-sales-103832229.html
Recession angst wafted through the markets on Tuesday. Stocks, commodities, and the dollar declined; bonds rallied moderately. Gold rallied $27.47 to a new high of $2531.75; but it sank after 11:00 ET. Gold recovered about half of its rally peak in the afternoon.
ESUs traded sideways and mostly positive during Nikkei trading. The rally for the European opening took ESUs to a daily high of 6541.25 at 3:44 ET. The dump appeared; ESUs fell to 5627.00 at 4:40 ET. After a 9-handle rebound, ESUs rolled over and traded sideways until they rallied after the NYSE opening. ESUs jumped to a new daily high of 5643.75 at 9:55 ET.
Alas, recession angst unleashed defensive asset allocators; ESUs tumbled to a daily low of 5613.00 at 11:47 ET. A robust rebound put ESUs at 5629.00 at 12:01 ET. But there were organic sellers in the market; ESUs slid to a new daily low of 5607.75 at 12:57 ET. Traders wondered where the ESU manipulator was. After a moderate rebound, ESUs jumped to 5632.25 at 14:23 ET.
ESUs then reversed into a decline that lasted until the last-hour rally commenced just before 15:00 ET. It ended at 15:07 ET after a modest rally. ESUs then fell to 5619.25 at 15:44 ET. The late manipulation spiked ESUs to 5626.50 at 15:50 ET. Alas, sellers were still present; ESUs fell to 5618:50 at 15:56 ET.
Positive aspects of previous session There was an afternoon ESU rally and a late upward manipulation.
Ambiguous aspects of previous session Where was the ESU manipulator?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5601.03 Previous session S&P 500 Index High/Low: 5620.51; 5585.50
Best retort to Biden, Harris, Dems, and the media’s contention that prices are falling via @pecker2002: “I used to weigh 200. In 2020 I gained 5 lbs. In 2021 I gained 11. In 2022 9 lbs. In 2023 6 lbs. This year only 3. So my weight gain is down. But I now weigh 234?” https://x.com/WallStreetSilv/status/1824258585515143477
Ukraine Defies the U.S. to Launch a Showy Offensive Into Russia Observing Israel’s moves in the Middle East, Kyiv gambles on an American power vacuum The Ukrainians maintain they were sending a signal to the Kremlin as well as to the White House that Kyiv was finished operating under self-defeating constraints and that it would now probe red lines that had been set out by both powers. Kyiv has long been frustrated at being provided with just enough support from Washington in order to not lose—but not enough to overcome the numerically superior and better financed Russian army… What changed in July is that the Ukrainians, like other embattled U.S. allies, were faced with a new opportunity in Washington: The cognitively impaired president had been forced out of his reelection bid… With this emergent power vacuum at the White House, the Ukrainians decided to bypass both the deposed occupant of the White House as well as the staff of his hypercautious National Security Council… “The United States government currently has no strategy for Ukraine. Zero. None at all,” a former high-ranking Ukrainian intelligence and national security official told Tablet… Keeping the Americans in the dark was also key to keeping the Russian intelligence services and army from being able to prepare. “We have learned some very hard lessons from the events of the previous counteroffensive,” a highly placed member of Zelenskyy’s team informed Tablet… https://www.tabletmag.com/sections/news/articles/ukraine-offensive-kursk-russia
@zerohedge: Even Harris’ own backers admit her polls are too fake and oversampled
Since the nineties, US polls have become instruments of persuasion instead of sentiment gauges.
On Monday night, Trump announced that Harris had rejected the September 4 debate with Trump on Fox. DJT said he will hold a townhall event from Pennsylvania on Fox on that date.
LA Times: Europe and NATO can’t help the U.S. counter China. Here’s why Decades of underinvestment have left European armed forces too small and ill-equipped to sustain far-flung expeditionary missions. Germany, the continent’s economic powerhouse, has allowed half its tanks to fall into disrepair. Britain, once a global power, could exhaust its ammunition within two months of high-intensity combat. France’s army has shrunk from 15 divisions during the Cold War to just two today… Political will is in even shorter supply… https://www.latimes.com/opinion/story/2024-07-08/donald-trump-china-nato-chinese-aggression
@PeterSweden7: A man in Britain has just been sentenced to 20 months prison after shouting in the face of a police dog. Yes, this is actually real…
@zerohedge: Kamala’s policies so far: Price Controls; 28% corporate tax; 44.6% capital gains tax; 25% tax on unrealized gains (Would cause depression). (Yet Street and Silicon Valley types support her!)
How bad was the first night of the DNC Convention (more below) and last week for Kamala Harris?
@IAPolls2022: @Polymarket 2024Presidential Election (chance of winning) August 15: Harris 54%, Trump: 44%; August 20: Trump 51%, Harris: 48% https://polymarket.com/elections
Bond Traders Amassing Historic Level of Risk on Rate-Cut Bets – BBG The number of leveraged positions in Treasury futures… an all-time high… 23 million 10-year note… last week… roughly $1.5 billion of risk per one basis point move in underlying cash notes…
Today – Though traders will remain exceedingly bullish for Jackson Hole Week, the determined ESU manipulator was absent on Tuesday. But there was defensive asset allocation. Ergo, today’s action depends on the presence or absence of the ESU manipulator and defensive asset allocators.
@TrumpWarRoom: PRESIDENT TRUMP: “There has been a report that the job numbers… were fraudulent… 600,000 to 1 million less… That’s a terrible insult to our economy.” https://x.com/TrumpWarRoom/status/1825975203337228716
NQUs are -2.00; ESUs are +3.25; and USUs are +5/32 at 20:30 ET.
S&P Index 50-day MA: 5474; 100-day MA: 5332; 150-day MA: 5234; 200-day MA: 5078 DJIA 50-day MA: 39,697; 100-day MA: 39,241; 150-day MA: 39,055; 200-day MA: 38,342 (Green is positive slope; Red is negative slope)
S&P 500 Index (5597.12 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4983.62 triggers a sell signal Weekly: Trender and MACD are negative – a close above 5628.97 triggers a buy signal Daily: Trender and MACD are positive – a close below 5357.75 triggers a sell signal Hourly: Trender is positive; MACD are negative – a close below 5579.39 triggers a sell signal
The NY Times: Several senators in highly competitive races are skipping the D.N.C. @Kellen_Browning: The Democrats not at the DNC this week: Jon Tester, Sherrod Brown, Jacky Rosen…and Martin Heinrich. https://t.co/0v1s7KG368 (How can this be if Kamala Harris is doing so well in the polls?)
Harris’ cautious, hold-the-details campaign – Axios Kamala Harris will accept the Democratic presidential nomination Thursday without having sat for an interview, held a press conference or released many details about her policy priorities in the month since she entered the race… https://www.axios.com/2024/08/20/harris-cautious-hold-details-campaign
Kamala Harris unexpectedly spoke on the first night (Monday) of the DNC Convention. Usually, you build excitement for the big cheese’s appearance on the last night. Kamala praised Biden for his leadership and presidency. Yes, Virginia, it reeked of phoniness.
Harris: “I want to kick us off by celebrating our incredible president, Joe Biden,” she said to cheers. “Joe, thank you for your historic leadership, for your lifetime of service to our nation.” https://x.com/AFP/status/1825706102136385543
Joe didn’t take the stage until 11:27 PM ET on Monday. Dem officials and delegates hypocritically showered Biden with chants of “We love Joe.” A most despicably hypocritical scene was Pelosi mouthing “We love Joe.” https://x.com/ufcolin/status/1825738684513091740
@AlexThomp: One longtime Biden aide texts: “This is awful. He literally set up a campaign and handed it over to them—do they have to cut him out of prime time?”
@JoeConchaTV: This Biden speech is loud, angry, negative, devoid of anything resembling policy, and patently dishonest.
Newsweek’s @josh_hammer: Biden’s intense anger at being shivved by Barack, Nancy, Chuck, and Kamala is coming through big-time in this, uh, “speech.”
@NateSilver538: The media is very East Coast focused though, you’ve gotta be pretty naive to think the prolonged DNC tonight is for any reason other than diminishing Biden’s visibility.
@toddstarnes: NYT reports that there were lots of empty seats for Biden’s address. https://t.co/Qsb7qdFdEr
Joe’s bitter, angry speech was littered with his usual lies and bumbling.
@ABC: “Donald Trump says he will refuse to accept the election result if he loses again … He means it,” Pres. Biden says at the DNC.
@joma_gc: Joe Biden: “Democracy has prevailed. Democracy has delivered. Democracy must be preserved.” Joe Biden was deposed in a coup by his own his party less than a month ago.
@joelpollak: Biden just bragged about installing 500,000 EV charging stations… they built 8 in 3 years.
@RichardGrenell: News outlets who fail to fact-check this lying speech from Joe should be labeled as propagandists.
@DrewHolden360: Biden’s speech is a testament to the lies a president can get away with when the media parrots those lies, too.
@FoxNews: “All this talk about how I’m angry at all those people who said I should step down: it’s not true.” President Biden addresses dropping out of the race in his Democratic National Convention speech. https://x.com/FoxNews/status/1825893712141955549
@VigilantNews: WATCH: Joe Biden Battles the Teleprompter and Loses“Women are now without electrical…not allowed, excuse me, not without electoral (long pause) or political power.”(Biden gives up) https://t.co/Y86rME4LXn
Biden goes off script and throws a lifeline to terror supporters during DNC speech and more top headlines – “Those protesters out in the street, they have a point,” Biden told the crowd in the United Center after anti-Israel protesters marched on the convention calling for an end to the U.S. support of Israel. “A lot of innocent people are being killed on both sides.” https://www.foxnews.com/us/biden-off-script-throws-lifeline-terror-supporters-during-dnc-speech-more-top-headlines
@townhallcom: Joe Biden brags about building 500,000 electric vehicle charging stations. As of May, $7.5 billion has been spent — and only SEVEN chargers have been built. https://t.co/nd83euSDZ4
@joma_gc: Most striking aspect of Joe Biden’s DNC speech, beyond the nonstop yelling, were the numerous times he said “Kamala and I” when discussing his administration’s record —something she’s desperately trying to distance herself from. The discomfort in her and Walz’s face was obvious. https://x.com/joma_gc/status/1825876646827630908
@TrumpWarRoom: Steve Kerr said tonight that “speaking out about politics these days comes with risks… but it was too important as an American citizen to not speak up.” This is the same Steve Kerr that had no comment when he was asked about China’s human rights abuses. https://x.com/TrumpWarRoom/status/1825707781883621591
@VivekGRamaswamy: The DNC speeches should remind us of the obvious solution: shut down the nanny state, once and for all. We’re victors, not victims.
For months, Dem officials and their media auxiliary proclaimed that Dem politicians would campaign on Trump-hate and abortion. Indeed, those were the major themes on Monday night.
@TrumpWarRoom: DISGUSTING: Kentucky Gov. Andy Beshear wishes for a member of JD Vance’s family to become pregnant due to rape. “Make him go through this.” https://x.com/TrumpWarRoom/status/1825891912999420296 @JDVance: What the hell is this? Why is @AndyBeshearKY wishing that a member of my family would get raped?!? What a disgusting person.
PS – Beshear took Vance’s ‘inconvenient’ comment out of context.
@HenryJGomez: The “inconvenience” line traces back to a 2021 interview w/ Spectrum News in which Vance said: “At the end of the day, we’re talking about an unborn baby. What kind of society do we want to have — a society that looks at unborn babies as inconveniences to be discarded?… It’s not whether a woman should be forced to bring a child to term. It’s whether a child should be allowed to live, even though the circumstances of that child’s birth are somehow inconvenient or a problem to society.”
@libsoftiktok: Randi Weingarten is at the DNC and she’s on stage again raging and screeching like a lunatic while jumping up and down and flailing her arms around. She’s in charge of the 2nd largest teachers union in America. Another ad for homeschooling. https://x.com/libsoftiktok/status/1825611853340483809
@PatriotJ: Every speaker at the DNC is talking about how rough Americans have it right now, as if the Democrats haven’t controlled the White House for the past four year.
@KylieJaneKremer: Night one of the DNC was a complete dumpster fire. No one spoke of any direction or future policy for Democrats. No one accurately described the real state of our nation. It was hate filled screaming, lying repeatedly to Americans, and pandering to women as if they are stupid.
GOP Rep. @laurenboebert on Monday: No policy. Just slogans and Trump hatred. This DNC has nothing at all for the American people. It’s a mess!
Just think, the talking points issued to the media and Dem faithful last week stated that Harris & Walz’s campaign theme is “joy!”
@JerryDunleavy: Keeping with the Tim Walz pattern of habitually lying about everything, he also lied about him & his wife using IVF — which involves the creation & freezing & often the discarding of human embryos — when they actually used IUI (a process which does not).https://t.co/PH5EBnUf7e
@KamalaHQ, Aug. 9: Gov. @Tim_Walz: If it was up to JD Vance, I wouldn’t have a family because of IVF. Democrats are investing in prenatal care. We’re the ones that are for universal pre-K. We’re the ones that are providing school meals. I’m not gonna back down one bit on this whole family values thing. We’re making it more affordable to have children by having paid family and medical leave. Where is JD Vance’s program?
@TrumpWarRoom: REPORTER: “How are you preparing for a debate with Tim Walz?” @JDVance: “Well I found a good friend from back home who embellishes and lies a lot and I’m having him stand in for Tim Walz.” https://x.com/TrumpWarRoom/status/1825946738076823733
Man who says he accompanied Walz on trip to China calls VP candidate ‘Maoist to the core’ For over a decade, Tim Walz traveled to and from China. First arriving in the country in 1989, Walz taught at a high school in partnership with a nonprofit program affiliated with Harvard University… After this first trip to China, Walz founded a company that took students on summer trips to China. Walz said in a 2016 interview that he has traveled to China “about 30 times” as a teacher and member of Congress. The New York Post recently reported that Walz was a visiting fellow at a state-run university in China as recently as 2007… Shad drew attention to the similarities between the messaging of Walz and Kamala Harris—including phrases like “the politics of joy” and “unburdened by what has been”—and the propaganda materials used by Mao. “People need to have their eyes wide open,” Shad said. “The snitch hotline in Minnesota is straight out of CCP. Tim Walz is a very bright guy. None of this by accident.”… “It’s certain that Walz was vetted by the Ministry of State Security, the regime’s powerful secret police, because that’s how China works. No American would be allowed to run academic exchanges for a couple of decades, on the CCP’s dime, without MSS approval. It just wouldn’t happen… https://alphanews.org/man-who-says-he-accompanied-walz-on-trip-to-china-calls-vp-candidate-maoist-to-the-core/
Trump calls for death penalty for child rapists, return to ‘stop and frisk’ in speech blasting Harris as ‘anti-police’https://trib.al/5mRUEsl
The president of the Chicago Teachers Union blames everyone but the Chicago Teachers Union for the performance of the Chicago Teachers Union https://t.co/x0mpReXCDc
harveyorganblog.com 
