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Old 09-29-2019, 05:41 PM
Danny B Danny B is online now
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Zero Hedge

The headlines at ZH give you a good idea of what is going on without having to wade through tons of text.

Galloway: "Markets Are Emerging From A Psychotic Break With Reality"
"The ugly process of repricing risk has begun..."
Final Collapse Is Inexorable
"Stormy winds are blowing across credit markets, twisting and bending them like the Tacoma Narrows Bridge...Greenspan got us into this mess... and there’s no dampening it."
It wasn't Greenspan who put the presses into hyperdrive to fund the welfare-warfare State. Gold was leaving the treasury at 100 tons a week when Nixon closed the gold window. The Chinese consider his action to be more momentous that either world war. This particular action is also what pushed Ron Paul to get into politics. Greenspan aided & abetted the bankers by pushing the Graham-leachy-Bliley act.

Which Banks Were Behind The "Repocalypse" Funding Squeeze?
We'll find out next friday WHICH banks.
Here is an interesting article showing that GOV waits til the last (budgetary) minute to spend like a drunken sailor.
Consumer Stress: Defaults Rise To Highest Level In 2019
"...and it's a ticking time bomb that could shock millions since they haven't planned for a recession."
There are a LOT of people who, either don't think about it OR, think that that they are insulated / isolated.
Stunning Clip Shows Billions In Gold, Cash Hidden In Chinese City Mayor's Secret Basement
"..the official will be executed." The wages of sin and, the cost of corruption

Want To Save The Environment? De-Fund The Pentagon
"...the hundreds of environmentally toxic military bases circling our planet, exists solely for the benefit of murderous dominating imperialists and sociopathic war profiteers..."
Yes, yes, yes. BUT, Keynes said that we had to have perpetual warfare to stimulate the economy.
Debt Bombs: Here Are The States With The Most Debt
"New Jersey, Illinois, Connecticut, Massachusetts, Hawaii, Delaware, Kentucky, California, and New York. 40 states do not have enough money to pay all of their bills and in total the states have racked up $1.5 trillion in unfunded state debt."
How can ANYBODY think that the default collapse won't affect them?

Trump, FDR, And War
""President Trump’s campaign of 'maximum pressure' against Iran reminds me of President Franklin Roosevelt’s similar campaign against Japan prior to the Japanese attack on Pearl Harbor."
FDR blockaded Japan (an act of war) and, waited for them to attack. There is a vid of testimony from Admiral Kimmel stating that military intelligence knew 2 weeks ahead of time all about the attack on his base. Japan was squeezing British interests out of China and Britain needed to drag America into the pacific war.
Trump could attack Iran but, it would bring the end of civilization (such as it is) to Japan and most of the western world. Iran has clearly said that they would block ALL 3 oil choke points in the region. They can easily do it. They would also obliterate israel but, not before israel launched Operation Sampson and nuked everybody for 1500 miles.

It's A Numbers Game In The Coup To Stop Johnson And Brexit
"...British elites want this pesky Brexit bother binned... The strategy now is to whip MPs into overthrowing Johnson’s government, securing that extension and destroying what’s left of the British political system."
THAT will not give them much chance of maintaining order when the default cascade hits.
Italy: Salvini Out, Migrants In
The Italy that we once loved is melting away.
NATO Rejects Putin's Request To Ban Missile Deployments In Europe
NATO has zero justification for it's existence. Like much of the blob state it has to conjure up a reason to keep it from going up in vapor.

Yet More, High-Quality Video Of Trudeau In Blackface Has Emerged
"The only one who dons blackface and afro" among the many people filmed on the rafting trip."
It probably seemed funny at the time.
Is This How GOP Will Answer Pelosi's Pre-Planned, Lawfare-Assisted Impeachment Plan?
"Perhaps, just perhaps, that is why the IG Horowitz report has been delayed... As in, hold it back until Pelosi, Schiff, Nadler and Cummings fire their impeachment cannons..."
Somebody is going to get blow out of the water.
"This Market 'Stalemate' Is Coming To An End One Way Or Another..."
Don't discount inflows from capital flight.
After Trump Accused Of Cover-Up, Susan Rice Admits Obama Put Transcripts On Top Secret Server Too
Obummer will get dragged down eventually.

Massive Mystery Blaze Engulfs High-Speed Rail Station In Saudi Arabia
Kinda like the mysteriously accurate attacks on the refinery.
Clinton Emailers Rattled After State Department Fires Off 'Culpability Letters' For Homebrew Server Messages
A 'remarkably aggressive crackdown.'
Apparently HRC has forgotten that she doesn't run State anymore..
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Free - Get it now: Solar Secrets

Old 09-29-2019, 06:26 PM
Danny B Danny B is online now
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still falling liquidity,,,, UBI creeping into the system

During the Weimar hyperinflation, many Germans gave up. They spent their life savings and bought one last, great meal. Then, they went home, turned on the gas,,, and went to sleep. This is till heavily ingrained in the German psyche. THAT is why they are so afraid of hyperinflation. Armstrong argues that hyperinflation is brought on by loss of confidence, NOT by excess fiat money creation.
PRIVATE BLOG – Liquidity Crisis & Dollar Hoarding Traces to Germany
There more $100 bills in circulation than $1 bills. Most of them are held outside America. Gresham's Law states that the best currency will go into hiding. The U.S. Treasury prints the $100 bill for 3 cents. In return, they receive a pile of Euros. The Euro continues to fall on the FX markets. Draghi has restarted QE which makes the Euro less attractive. Powell is pumping money into the repo market. It was slated to be short term but, it is a very convenient way to do QE without appearing to do QE.

Kunstler is getting even more descriptive.
"Honest government" talks about the dole in OZ.
Crony capitalism;
Poll - 70% Of Americans 'Angry' At Political System For Only Serving Insiders With Money And Power
The other 30% are on the dole.
9/29 Voter support for universal basic income grows – The Hill
All the money was sucked out of the lower loop. There is no practical way to move it back out of the upper loop. Instead, they will recapitalize the lower loop. BUT, not without a fight. Millions of pensioners will be collateral damage in this fight.
9/28 Adam Schiff epitomizes the total collapse of Democratic party integrity – PCR
They have aligned themselves with a rogue, criminal State that admits to being run by organized crime.

Apparently, the cashless welfare card being rolled out in OZ is an attempt to find the best way to rollout UBI.
Repost, https://www.youtube.com/watch?v=9RZSTx9khWw
How long will it take to discover that it can't work with debt money?
How badly will it demotivate needed workers? Stay tuned
9/29 Fibonacci predictive modeling suggests price volatility will continue – Technical Traders
Can't have that. Money renters will demand higher interest to compensate.
9/29 Consumer stress: defaults rise to highest level of 2019 – Zero Hedge
Wait til the pension funds go belly-up.
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Old 09-29-2019, 10:29 PM
Danny B Danny B is online now
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Going cashless to enforce NIRP. CEO pay

The Graham leach Bliley act gave all your money to the bankers so that they could front-run you an buy up everything. The carbon taxes will be channelled through the banks. Same for all the marijuana tax money.
"Other key drawbacks of cashless payments systems is that they de facto undermine the key role of money as a store of value. "
"Cash and monetary assets, such as gold, cannot be expropriated or bailed-in as long as they are held in physical form and under proper storage. " "Finally, cashless / electronic accounts represent a significant, and ever expanding in scope and size threat of cyber attacks and cyber crime. "
"ather, it is to do with government control and distrust of markets and individual freedom and it is to do with uber Keynesian economics and corporatism which supports banks and large corporations at the expense of the individuals"

"n 2015 the UK contributed 43% of the total card losses seen across Europe. Losses through card fraud totalled Ł88.5 million, attributed to the ‘growth in online spend and the digital revolution’ . Credit card fraud and attacks on food and beverage transactions climbed by 116% (yoy) in the last quarter, according to the Global Fraud Attack Index."
"Yet as much as economists and governments would like to blame cash-based money-laundering as a reason to go cashless, in the UK it is not as big a problem as cyber money laundering."
"There was a three-fold increase in mobile malware in the last year, according to the FT, as hackers target mobile-banking applications and payment apps."
"Whilst cash transactions might be falling the demand for banknotes is climbing. The Telegraph reports, ‘the demand for banknotes has risen faster than the total amount of spending in the economy,"
"The problem is, if the government and banks are able to push through an infrastructure that doesn’t support cash then it doesn’t really matter what people think. If their cash is suddenly null and void then their concerns about human rights have become a bigger matter entirely."

"t seems logical and quite obvious to most that one of the primary reasons that some central banks are striving for a cashless society is to pave the way for deepening negative interest rates. Once all of your money is in the digital banking system you can get ready for it to be frozen, taken to fund a bail-in and even taxed."
"But, in a cashless society if banks decide to impose negative interest rates account holders will not be able to access their money and this is hugely advantageous, to the banks."
Jens Weidmann, president of the Bundesbank “It would be fatal if citizens got the impression that cash is being gradually taken away from them.”

Armstrong; ANSWER: That is one of the reasons the Deep State is fighting so hard to remove Trump. They simply believe it will take a seasoned Bureaucrat to sign such a bill. That said, a cashless society will be arriving in Europe before it will appear anywhere else. You must understand that all governments are in their death throes. Instead of stepping back and looking at this from a practical perspective, they remain fixated on their debt crisis that is propelling them to raising taxes. They firmly believe if everyone paid their taxes, they would have no problem. Of course, that is a fantasy. Whatever they collect will NEVER be enough to sustain their power.

In Europe, there is already the tradition of cancelling their currency. This is done to prevent people from hoarding cash and not paying taxes. This was a step in the direction of a cashless society for it was intended to add risk to accumulating cash and not paying taxes. Hyperinflation only takes place when confidence in government collapses. When governments are on the hunt for taxes, you actually get the opposite — DEFLATION. This is when people curb their investments and hoard their wealth.
The elimination of physical money presents a new twist to the historical record. Hyperinflation in the classic sense becomes impossible for there is no printing of money to pay bills in that sense. Assets will rise in value reflecting the fear of government. That is the emotional equivalent to hyperinflation. Nobody will buy government bonds and capital will hoard and hide in assets whenever possible. There will no doubt arise a black market based upon a barter system. That is why I tend to recommend old silver coins that the average person can identify by a simple date."

Banning cash so you pay the bank to hold your money is what the IMF wants
"A recent IMF blog entitled "Cashing In: How to Make Negative Interest Rates Work", explains its motive in wanting negative interest rates — a situation where instead of receiving money on deposits, depositors must pay regularly to keep their money with the bank."
"a recent IMF staff study looked at how it could bring in a system that would make deeply negative interest rates "a feasible option".
The answer, it said, is to phase out cash.Cash acts as an 'interest rate floor'
When cash is available, cutting interest rates into negative territory becomes impossible."

Low-cost payment competitors are going to knock the profits out of the banks.
It has worked very well in China.

CEO pay vs workers pay.
"Companies keep lavishing astronomical amounts of money on chief executives, despite repeated studies which show huge pay doesn't equal huge performance.

One of those studies, by Morgan Stanley Capital International, looked at hundreds of the biggest companies in the United States over more than a decade.

It found those with the lowest-paid bosses outperformed those with the highest pay by around 40 per cent."
"Chief executive pay in the United States rose nearly 900 per cent between 1978 and 2012, a trend that Australia followed. "
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Old 09-30-2019, 03:09 PM
Danny B Danny B is online now
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State debt,,, imagination,,, confidence,, MMT

I keep pounding on the drum of job-loss created and enforced by automation. Since there is NO cure for efficiency, GOV does what it can to absorb the unemployable into State jobs.
"Police have launched an investigation after Brexit Party leader Nigel Farage pledged to “take the knife to pen pushers in Whitehall” while talking to a 500-person-strong audience at a rally in Wales.

Mr Farage’s comments, which were aimed at Britain’s Civil Service, almost immediately drew condemnation. Northern Ireland’s Alliance Party MEP Naomi Long asked police on Twitter if they were planning on investigating “this clear incitement to violence against staff in the civil service.”

The blob state has no intention of going quietly into the night. Armstrong predicts a collapse of sovereign debt. How will GOV pay the blob State? Illinois has a special tax assessment to pay for pensions. Californians are on the hook for about $100k each to pay for pensions.
Armstrong seems to ignore the climb of automation up the ability ladder. Any help offered to the unemployed is constantly referred to as "socialism". In pre-computer days, this may have been mostly correct. Armstrong also makes note of the fact that law firms and law schools are closing down right and left. At what point will he concede that; we either let the unemployable people die or, we support them. Don't forget that "unemployable" includes many millions of retired people who depend on pension funds that are soon to collapse.
Here, Armstrong writes about the historical battles between labor & Conservative.
Capital in Great Britain has always tried to impoverish the people to try to limit reproduction. A couple could not marry until they had a house. The battle will go on.

Bad-mouth a Rothschild,,, go to jail.
The video also argues for the abrogation of the banking law of June 1973 – known as the “Pompidou-Rothschild Act,” after the then French president and the investment bank he used to work for. Critics claim the law has reduced France to debt slavery by making her dependent on financial markets for loans rather than self-finance through the national bank.
Ellen Brown and others have long campaigned for public banking. MMT in France would pull them out from under the Rothschild yoke.

The video also features a pyre where various figures are symbolically burned: President Emmanuel Macron, various media (TF1, Le Monde, BFMTV . . .), the Rothschild bank, and, most problematically, powerful elite Jews (Jacques Attali, Bernard-Henri Lévy, Patrick Drahi).

The rapper points out: “And if we talk about the media and Macron, we’ll have to talk about Drahi. His bank account is in Israel and he pays no taxes here.” Drahi, a Franco-Israeli-Portuguese oligarch born in Morocco and residing in Switzerland, has bought up large swathes of French media in recent years.

In case the denunciation of Jewish-globalist and Jewish-Zionist power elites in the financial and media spheres were not explicit enough, the video also states: “We’re not talking about a so-called oppressed minority. We’re talking about the deliberately neglected majority [of workers, farmers, and pensioners] .

Alain Soral Sentenced to 2 Years Jail for Sharing <i>“Gilets-Jaunes”</i> Anti-Rothschild Rap Video, by Guillaume Durocher - The Unz Review

It seems to me that the greedy bankers just do NOT have the perspicacity to see that they are $hitting in their own nest.. Every time that their greed brings a meltdown, they run to the State for a bailout. Privatise the gains and, socialise the losses. Did they never predict the long-range consequences? ALL sovereign debt eventually crashes and defaults. Is that OK with them. The bankers who caused WW II (Churchill) must have known that they would bring enormous destruction. Were they OK with that?
The bankers have bankrupted the State. Do they imagine that they will come out OK?

Public debt becomes increasingly risky. Armstrong claims that there will be a bifurcation of interest rates. Money-renters will demand higher interest rates from the State.
Did they never project what the State would do in response? Did they forget that the State has the guns and the law books?
MbS in Saudi Arabia has told the rich princes that don't agree with him that they can't leave the country OR move money out.
Do the bankers lack all imagination? Do they believe that millions of pensioners who are starving are going to go quietly into that long, dark night? Do they imagine that millions of GOV employees are going to peacefully clean out their desks and, walk away?
51% of Americans receive a check from GOV.

Here is the article from Armstrong,
"I fully understand that nobody has ever heard of a split in the interest rates between public and private that can be at odds with one another. But in assembling all of this data and allowing the global correlations to unfold, we actually have a shot at understanding how the economy truly functions and where we are headed. All of the economic theories we were taught in school have FAILED!!!!! Quantitative Easing for more than 10 years has utterly failed to produce inflation despite the vast increase in the supply of money. That alone stands as a witness that Keynesian Economics does not work."

The QE money went to a small group of non-producers who could not possibly carry out the necessary consumption to keep the economy going OR create the hoped-for price inflation to erase the pain of servicing State debt. Yes, QE for the upper loop failed to rescue the larger economy.

9/30 BofA: A liquidity crisis is coming in 2020 – Zero Hedge
The FED instantly pumped money into the markets when the repo rate hit 10%. The liquidity crisis is already here. If Berkshire Hathaway wouldn't lend at 10%, you know that there is a big rat plugging up the plumbing.
9/29 China to send its top trade negotiator to US for talks – AP
9/29 A “trade deal” is coming as Trump needs “win” for election – Real Investment Advice

NOPE, the trade negotiation yo-yo will run until there is a revolution in China.
9/30 Is the US dollar fading as the world’s dominant currency? – CE

The creation of the EU was terribly flawed. This ensures that there will be flight from the euro to the dollar. Same is true for many other currencies.
A bit more on the UIkraine problem.
WHAT IF Trump Really is Playing 4-D Chess, and the Ukraine Krisis is the Biggest Baddest Political Trap Ever Set? - The Great Recession Blog
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Old 10-01-2019, 03:43 AM
Danny B Danny B is online now
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Pushing the MMT meem,,,lotsa speedbumps,,, setting up Trump

The Yellow Vests in France are demanding an end to CB created debt money when the State can just print it debt free. Here is a vid of a 12 y.o. Canadian girl who lays out the problem VERY clearly about how Canada has been poor ever since it got a central bank.
Super Mario Draghi has come out in favor of MMT and, QE for the people. Most people just do not realize how heretical this is for a Central Banker.

"Putting money directly into consumer's hands is a people QE, and ignoring government deficits on the theory they don't matter is one of the tenants of MMT.

“These are objectively pretty new ideas,” Draghi said. “They have not been discussed by the Governing Council. We should look at them, but they have not been tested.”

Not Been Tested?!

That's not exactly true. Japan wasted trillions of dollars building bridges to nowhere and it solved nothing. The best one can say is Japan has not imploded yet.

Of course the MMTers will respond Japan did not do enough MMT, as if building more bridges to nowhere would actually solve problems."

ignoring government deficits
There IS NO DEFICIT with debt-free money
Japan wasted trillions of dollars building bridges to nowhere

Absolutely correct. Japan was pouring more concrete than the rest of the world combined. THAT is a waste of resources. Paying people directly so that they can survive does not waste resources like bridges to nowhere. Japan has a high poverty rate for women and children. Japanese politicians cry in their Sake about the terrible Japanese birth rate.

Zero Hedge again.

Credit Suisse 'Spy' Found Dead As 'Espionage Scandal' Stuns Swiss Banking Establishment
There will be many more.
Americans Reject Universal Basic Income While Canada & UK Embrace It
"Not entirely surprising but younger residents in each country are more supportive of UBI than older residents are, with at least 8-in-10 young adults (aged 18 to 29) in the U.K. and Canada - and nearly 6-in-10 in the U.S. - supporting the idea."
Just wait til the older residents lose their pension
Here Are The Billions Of Loans Exposed To A Potential WeWork Bankruptcy
Another financial speedbump.

Iraqi PM For First Time Confirms Israel Responsible For Multiple Strikes On Iraq
On Friday evening, the government here in Puerto Rico made an announcement to local retirees that many of them would have their pensions cut... Poof. Just like that.
Bolton Slams Trump's "Bromance" North Korea Policy In First Public Remarks Since Ouster
“This is a government that has essentially violated every international agreement it has ever made,” he said of Pyongyang.

South Korean Consumer Prices Just Did Something They've Never Done Before
...they dropped.

The head of the CB in S. Korea recently said, "We can't print babies"
Kyle Bass: Hong Kong Protests Are Chinese Regime's "Worst Nightmare" In US Trade War
Why is the Chinese economy so dependent on US dollars?

A hard rains a gonna fall.

Ron Paul Asks: "Impeachment... Or CIA Coup?"
...at every turn we see the fingerprints of the CIA and its allies in the US deep state...

Trump was warned in the beginning NOT to mess with the intelligence agencies. He was told that they have dozens of way to get back at him.

Trump Allies Worried He Doesn't Understand The
Gravity Of The Impeachment Inquiry

'We will move as expeditiously as possible' - Schiff
On Trump Impeachment Inquiry - Subpoenas Fly - Vid

Hillary - Trump 'Knows He Is An Illegitimate President' - Vid
Pelosi - Trump Impeachment Is Worth Losing
Control Of The House In 2020

A impeachment is a hearing. The defense gets to question whoever they want. You just know that all the dirty laundry is going to get aired out.
Why would the Dems be so stupid?

C. H. Smith may have the answer.
"The reason why Karma runs over Dogma is that nobody clinging to a dogma sees themselves as dogmatic. The true believer never sees their conviction as dogma, but as Revealed Truth, as self-evident, a view that is buttressed by all the other True Believers who surround the believer, reinforcing their conviction"
As the increasingly detached-from-reality leadership senses their power waning, they double-down, exhorting the faithful to support the orthodoxy even as the orthodoxy reaches new heights of fanaticism.

Military dogmas get discredited on the field of battle, often in dramatic fashion
To an alarming degree, the U.S. is dominated by dogmas that benefit the few at the expense of the many, and by leaders who are doubling or tripling down to defend the dogma and their power. As already noted, dogmas support extractive systems that enrich the few by bamboozling the many.
The leaders, safely protected from the consequences of their elitist dominance and fearing the loss of their wealth, power and prestige, ramp up the time-honored strategy of increasing demands for loyalty and public virtue-signaling, jacking up media propaganda in support of the orthodoxy, and moving to ban, shadow-ban, suppress, punish, discredit, demoralize, de-platform, demonetize and marginalize critics, i.e. heretics who challenge the status quo's foundational dogmas.

The consequences and costs inexorably pile up, and neither Inquisitions to silence heretics nor virtue-signaling one's loyalty will stop the trajectory over the cliff.

9/30 There goes the second tech bubble: 2019 worst year for IPOs in history – ZH
Chris Hedges writes a scathing article about Trump. In the end, he blames the rise of Trump and people like him on; the corporations and MSM. You end up once again at regulatory capture and, a lack of morality.

9/30 Repo rate soars as Fed accepts $63.5 billion in collateral on last day of Q3 – ZH
Pass the trash to the FED.
9/30 Ron Paul: US interest rates are going negative – CNBC
Umm, what about a few hundred $billion of interest rate derivatives? Somebody always has the other side of a derivative.

The 70th anniversary of the founding of the People's Republic of China 1 October 2019
9/30 Hong Kong police expect ‘violent attack’ on sensitive Chinese anniversary – Reuters
What will the Chinese do to save face?

TAE shows that the rules were changed just prior to charging trump with Impeachment. The whole thing looks like a CIA / Dem setup.
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Old 10-01-2019, 02:39 PM
Danny B Danny B is online now
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Stanley Fischer and the helicopter fleet

Stanley Fischer; "Fischer had joined the influential Washington-based financial advisory body, the Group of Thirty."
"Fischer was appointed Governor of the Bank of Israel in January 2005 " "by Prime Minister Ariel Sharon and Finance Minister Benjamin Netanyahu. "
"American President Barack Obama nominated Fischer as vice chair of the Federal Reserve System"
"He is a member of the Bilderberg Group and attended its conferences in 1996, 1998 and 1999. Apparently he also attended the Bilderberg conference in 2011 in St. Moritz, Switzerland.[46] However, his name does not show up on the list of participants for the year 2011 as of March 2016. He is also a Distinguished Fellow in the Council on Foreign Relations (CFR). "
" He was also Ben Bernanke's, Mario Draghi's and Greg Mankiw's Ph.D. thesis advisor.[26]"

"In an April 2016 blog post, however, Bernanke said helicopter money may be “the best available alternative” under some “extreme circumstances.”
Reportedly, Japan is going to try it.

Stanley Fischer is now promoting QE for the people. It will be a hard-sell trying to get past the bankers. A bad crash will be necessary before it can be introduced. The EBT card in America and the cash card in Australia are test runs to see how to best get money to people. Direct deposit cash is more like to be used for drugs and gambling than an electronic card.
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Old 10-01-2019, 03:06 PM
Danny B Danny B is online now
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More speed bumps

The E.U is getting quite tired of both SWIFT and sanctions.
The Taliban eradicated poppy production in Afghanistan so, America immediately invaded to get the big cash crop back in production. The Taliban are now taking out all the Saudi-British-Turkish mercenaries.
China has found more oil and, is quite happy about it.
Good thing too.
10/01 China’s renewable boom hits the wall – Oil Price

10/01 No end in sight for ECB’s inflation problem – MarketWatch
They need their own fleet of helicopters.
10/01 U.S. dollar share of global currency reserves at lowest since 2013 – Reuters
Yep, the CBs are dumping them and, savers are hoarding them.
10/01 ‘Helicopter money’ may be only weapon to confront next recession – GATA
Push the meme
10/01 Public pension funds abandon 8% dreams – PI Online
About 12 years too late.
10/01 CLO funds that hold leveraged loans could see another sharp 4Q sell-off – MW
They see NIRP riding in on the horizon.

10/01 Brent crude posts biggest quarterly drop this year on demand fears – Reuters
The saudi slowdown drove up prices but, demand is falling.
Nobody wins, but Germany and EU hurt most in global trade war – Mish MAGA baby
The Federal reserve education department has a marvelous GRAPH.

VERY good article.
There is no possibility of maintaining fixed exchange rates. No possibility of a gold-backed currency. BUT, gold backed bonds are a different story. There are claims that America will no longer be able to run a trade deficit after the collapse. A post-collapse world would entail UBI to keep people alive. It would entail gold settlement for foreign trade. All prices would be quoted in gold-ounces. Trade settlement would be in gold. Without a trade deficit, Americans will be quite a bit poorer. It would be a big help if we could if we could get rid of the $1.25 trillion military expenditure.
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Old 10-02-2019, 03:03 PM
Danny B Danny B is online now
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Armstrong,,, melting confidence & melting markets

I mentioned that the Saudis went to the credit markets looking for a $billion. MbS is trying to force Saudi princes to buy the IPO for ARAMCO. Nobody is really interested in the IPO. Saudi oil production suffered more than reported by the Houthi attack. I'm sure that Saudi regrets getting sucked into Yemen. Now;
Saudi Credit Rating Cut In Face Of 'further Threats'
Maybe war wasn't such a good idea.

Armstrong writes about the Thucydides Trap. This has to do with a war resulting from the rise of a new power & the fall of the old one. It often results in war.
"The US trade with China will by no means send the US economy into a deep recession. However, blocking US investment into China would send the Chinese economy down even harder."
MAGA baby
" The West will fall because of the economic conflicts internally between the left and right as socialism is dying and all the promises cannot be funded. "
I fault Armstrong for not having enough imagination. The promises of socialism can not be funded with DEBT money. UBI is emerging in the West. Automation will have the same effect in the East. China is unfolding draconian surveillance as a means of maintaining control. I believe that is the wrong solution.

Armstrong writes about the "contagion of discontent" This is definitely something to keep in mind for the West.

The FED had to cough up several hundred $ billion to address the liquidity crisis.
Armstrong, "A lot of people have been writing in about the liquidity crisis and the banks with exposure to Deutsche Bank. This is clearly the European Banking Crisis we have been warning about. Most European (and Swiss) banks are having to overpay 30-40bps over libor. Even A+ rated banks are having to pay this premium."
The European banks are having to pay premiums above LIBOR to get funding.
"Keep in mind that the Lehman and Bear crisis took place in the REPO market."
So, we see big problems in both REPO and LIBOR.
"In all honesty, if this explodes in Europe, no-one will be safe and it will be pot-luck who’s cash you will be holding when it hits the fan. The Fed will bailout the US banks, but it cannot get involved in bailing out the European banks"
Side note
European banks big Fed borrowers in 2008 crisis - Reuters

The European banks got $trillions. ALL banks have exposure to all other banks. The FED has to save all of them OR, none of them.
Op-Ed: The bank bailout of 2008 was unnecessary. Fed ...

"As I have REPEATEDLY warned, we are facing scenarios that nobody has ever seen before. The interconnectivity runs so deep, this clash in public policies can result in a serious crisis emanating from Europe."

"If there is truly a will to address the critical issues at the core of this crisis, we have a team ready to provide guidance. As for our central banking clients outside of Europe, please monitor our services on Socrates."
Armstrong has a team already to go. They won't be called. Certainly NOT before the default cascade. I am sure that the plan calls for Germany ( 1 trillion capital account surplus) to shoulder the debts of the rest of the EU (1 trillion capital account deficit.)
I long ago mentioned that this scenario would be Versailles all over agina but, without the war.
"They" will push Germany into the arms of Russia.

When Rome collapsed, the population fell from 1 million down to 20,000.
Charles Hugh Smith writes about a meltdown in the affluent communities.
oftwominds-Charles Hugh Smith: Could Pricey Urban Meccas become Crime-Ridden Ghost Towns?
This is now happening in cities like Durban, Pretoria, Cape Town and Jo-burg
The markets are melting and nobody wants to be left holding the bag.

10/02 UPS just won FAA approval to fly as many delivery drones as it wants – Verge
I'm sure that antifa can think of a good use for a drone.
10/01 China showcases fearsome new missiles to counter U.S. at military parade – Reuters
Will it stop cyber-attack?
10/02 What exactly is Trump’s impeachable offense? – FFF
10/01 Here’s why the Forever 21 bankruptcy means really bad news for malls – CNBC
America had 5 times the retail space per person as France had.

10/02 How facebook’s libra could kick off a digital currency war – Singularity
Billions of pixels are in danger of massacre.
10/01 Dollar powers to 29-month high, bonds turn choppy – Reuters
Maturity, maturity. The dollar is a zero-maturity bearer bond. It is the most fungible instrument in the world.
If a foreigner wants to obtain a $100 bill, he must surrender $100 worth of stuff to us. The bill costs the treasury 3 cents to print. When this foreigner buys the U.S. note, he is buying confidence.

10/02 After scary manufacturing drop, this is the number to watch Wednesday – CNBC
10/02 Treasury yields sink after U.S. manufacturing weakness raises recession fears – MW
10/02 Downside price rotation dominates after manufacturing data – Technical Traders
10/02 GDP estimates tumble on abysmal ISM report – Mish

We don't need no stinkin manufacturing. We got no money to buy that stuff.
10/02 VC veterans host emergency meeting of unicorns as IPO ‘bubble’ implodes – ZH
Ah yes, the venture capital pushers. IPOs are in complete meltdown.
There are $trillions and $trillions of nominal capital that are trying to avoid going up in smoke. Sorry Charlie,,,, smoke it is.

10/01 World economy sends up flares as manufacturing crisis hits U.S. – Bloomberg
So, who is going to see those flares and, ride to the rescue. It isn't going to be the IMF and SDR. The East won't accept that. Fracking is crashing and, America needs to import even more oil. Russia and China have bet on gold. Rubin got rid of America's gold. There were plenty on newspaper articles with pictures showing lots of army trucks driving away from Ft. Knox. As far as the gold in NYC, the treasury has admitted that it is in deep storage for it's rightful owners.

10/01 Major U.S. investors have billions at risk in Chinese stocks – Reuters
I suppose that we shouldn't blow up China.
10/01 Japan proceeds with twice-delayed sales tax hike as growth sputters – Reuters
Poverty is up, everything else is down,,, so, they raise taxes. Why do that? The BOJ is buying all GOV debt. They don't need taxes.
10/01 Japanese bond crash, margin call send shockwaves around the globe – Zero Hedge
You're going to hear a LOT about margin calls. You will see gold go DOWN in price. When you get a margin call, you sell what you CAN sell, not what you want to sell. You can always sell gold. Market dumping will lower the price of gold until it runs out. There are 100 owners for every 1 ounce of physical gold. The DOJ is using the RICO act against the gold manipulators. It will blow higher than the super caldera under Yellowstone.
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Old 10-10-2019, 04:23 AM
Danny B Danny B is online now
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Bad news here and there

I went to my BOL for a few days and, things really melted down. I'll hit the highlights.
A good article explaining an inflationary depression.
Keep in mind that Bernanke confessed that the FED caused Great depression one. He claimed that the FED caused GD 1 because it did not pump in enough money. What do you expect from a jewish central banker? The FED pumped in lots of money but, ONLY into the upper loop. SAME as this time. Pump the money into the banks and wait for the economy to recover.

Bank Crisis Hits India - 'Bank Stops Functioning, People Crying Outside Bank Branches'
Boris Johnson's Plan To 'sabotage' The EU's BudgetIf Brexit Is Delayed
He's going to veto the EU budget.
Brexit - Tusk Accuses Bojo Of 'Stupid Blame Game' As No. 10 Signals Talks About To Collapse
As Hong Kong ATMs Run Out Of Cash, Central Bank Steps In To Prevent 'Pubic Panic'
If they use their smart cards, they can be tracked everywhere.

US Railroads Are Already In Recession With No End In Sight

Global Air Cargo Rates Continue To Plummet Hit Four Year Low

Just an inconsequential; blip.
Stephen Miller Exposes The Deep State As 'A Collection Of Permanent Bureaucrats Enmeshed Inside The Fed Govt'
I already copyrighted the term "blob State"
Paul Craig Roberts is fairly old but, now believes that he will live long enough to witness the complete collapse of western Civilization.

$10 Oil - How Far Could Oil Prices Fall IfWe See A 2009 Style Crash?

Oil Prices Tank On Global Recession Fears

The Fed's Latest Bailouts Are More Proof Of Big, Bad Times Just Ahead

Saudi needs $85 a barrel to meet domestic policies.

US Financial Suicide - The Budget Deficit Rises 26% In 1 Year Under Trump As Federal Spending Spirals Wildly Out Of Control
Regulatory capture insured that no banker would be left behind. The State is fast going broke.

"They" are going to watch EVERYTHING.
Saturday Humor: New Facebook TOS Includes Compulsory Conscription Into Zuckerberg's Army
10/08 DHS’s new database uses scars, tattoos, and your voice to ID you – Organic Prepper

AI is chewing up more white collar jobs.

Misc headlines
10/07 Chinese farmers raise mutant pigs the size of polar bears amid ‘pig ebola’ crisis – ZH
Pigs can get REALLY mean.
10/08 Solar minimum is underway, and it’s a deep one – PSI
Get ready for more and more violent storms and crop loss.
10/05 Cancer cells stopped by compounds derived from hops – KTVZ

10/08 Hong Kong police stage show of force on streets, jeered by residents – Reuters
10/08 Chinese army ready to step in against rioters – HK’s Carrie Lam warns – ZH

In Sweden, women make up 45% of parliament
10/09 Sweden: one in four women are afraid to leave their homes – Summit

Those women effed it up badly.
Sweden will teach immigrants to have sex with Swedish women
Right,,, at the point of a knife.
10/08 Iron curtain, super-hard Brexit rises to the forefront – Mish
Just wait til the Provo company shows up.
10/08 The Democrats are partially right about wealth and corruption – National Review
The Dems specialize in corruption to get wealth.

0/08 How housing wealth transferred from families to corporations – City Lab
Regulatory capture
10/07 J.P. Koning: does anyone use the IMF’s special drawing rights? – GATA NOPE !
10/09 China’s central bank buys 100 tons of gold on trade and dollar tensions – GC
10/09 Tech investors brace for this pivotal $160 billion ‘gut punch’ in December – MW
10/09 The repo market Is more than mere plumbing – Bloomberg
10/09 GE’s gaping pension deficit is just a tiny part of companies’ $269 billion gap – B

"US gross national debt jumped by $110 billion in the last two business days of fiscal 2019, and increased $1.2 trillion for the whole year. “This ballooned the US gross national debt to a vertigo-inducing $22.72 trillion,” the article states. "
"Adding all these items together, actual defense spending is more like $1.2 trillion - around the same amount of new debt that was heaped onto the national debt this year. "
"According to a World Bank study, countries whose debt-to-GDP ratios are above 77% for long periods (remember the US’s is at 106.5%) experience significant slowdowns in economic growth. Every percentage point above 77% knocks 1.7% off GDP, according to the study,"
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Old 10-10-2019, 03:34 PM
Danny B Danny B is online now
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Notes from Armstrong

Armstrong always has something important to say. Here is one post that you really should keep in mind for the future.
"reading about money shortage and hoarding. Would it be good for US citizens to hoard also? Is there any difference in hoarding dollars or gold and silver coins?"
"ANSWER: In order for gold and silver to be a medium of exchange, it requires the general population to accept that. The older generations know what a silver quarter or a $20 gold coin might be. However, the younger generation does not. Paper dollars will still be best to hoard for every day use until about 2022. At that time, we will have to reassess the climate of the monetary system."

[10/09 Why central banks are edging away from the dollar – Yahoo!
Italy today launched new debt in US dollars instead of euros in hopes of attracting dollar investors
The Eurocrats are trying to escape the pull of the U.S. neutron star (dollar). They were told many years ago that the Euro would fail because it didn't have a common debt market. In true political fashion, they ignored history. Now, they are finding that many individual savers and investors prefer to be pulled into the dollar's orbit as opposed to staying with a Euro currency that is in the process of flaming out.
Armstrong, "We are in the end game now to have euro members begin issuing debt in US dollars. This is going to create further tensions between the Fed and ECB moving forward. The REPO market is still in crisis and the fears in Europe behind the curtain continue. This all puts the Fed and the ECB on a collision course."

Stanley Fischer is talking about UBI for America. The Eurozone seems to be behind the curve on potentially adopting UBI to counter automation. The Eurozone seems to be ahead of the curve when it comes to CB / monetary collapse.

Armstrong, "The US Federal deficit has reached a seven-year peak — $984 billion.

"Federal Reserve Chairman Jerome Powell announced that central bank plans to incrementally increase the reserve supply. Treasury bills will compose the majority of purchases, but Powell stressed that increases to the balance sheet will not result in Quantitative Easing. “I want to emphasize that growth of our balance sheet for reserve management purposes should in no way be confused with the large-scale asset purchase programs that we deployed after the financial crisis,” Powell noted. "

OK, so the FED won't do asset purchases. NO QE. WTF does he think the government is going to do with the liquidity created when the FED credits the treasury with liquidity in exchange for Treasury bills?
"Federal spending has surpassed revenue by an estimated $1 trillion. Year-over-year, the deficit grew 26% or $205 billion."
FED GOV may not do asset purchases but, they are definitely going to pump liquidity into the economy.

"Meanwhile, the European Court of Auditors released an independent audit of EU spending, stating that the EU managed their budget effectively under Junker. The auditors gave the EU annual accounts a clean bill of health for a 12th year in a row"
The ECB may pump in 60 billion Euros a month of new liquidity but, averybody gets a clean bill of health.

"According to the BBC, a source has said a Brexit deal is “essentially impossible” after a call between the PM and Angela Merkel." "Donald Tusk tweeted publicly to PM Johnson, “What’s at stake is not winning some stupid blame game. At stake is the future of Europe and the UK as well as the security and interests of our people.” As time is running out"

Given the liquidity crisis and the problem to arrive from Europe, I have a question for us Europeans:
when you are talking about Europe and failures to come, you mean:

1. euro zone countries ONLY?
2. EU countries which still hold their currency (eg. Romania)?
3. what about the UK?

"ANSWER: The policy of a bailout will be carried out by the central bank. Those members of the EU who are NOT in the Eurozone will fair much better than the Eurozone banks. This is one reason countries should NOT join the euro at this time.

However, there will be risks for non-Eurozone banks deeply involved in derivatives. They will probably have exposure that can lead to losses emerging from the Eurozone which is rejecting a bailout policy. "
So, is a bailout "rejected" OR "carried out"

If you are interested in finance, here is an excellent article from Armstrong. He explains that the management AND the traders are completely separate areas of expertise. Management wants to shove everything under the rug rather than dealing with it.

"One of the top 10 banks was having an international internal meeting about the problems in markets. Two offices insisted we be there to address the meeting. They paid our fees and everything, but at the last minute the senior board said no, they did not want to air the problems in front of an outside firm. That’s what I mean when I say we never get called in to avoid a crisis, only when the crisis hits. Then the trading side of the banks wants us to come in because then they hope the boards will listen to us rather than them who they want to blame for everything."
"The trading desks in banks have to sell trades to management using fundamental explanations. It is akin to trying to explain a trade to freshman students in high school with no experience. There is just a major gap between the levels even within major banks."

"The REPO market is where 2008 began. However, very few people even on a trading floor will see that as a risk and definitely no one on the board! It will not be until the NIM (Net Interest Margin) starts to underperform that questions will be asked at the board level. And as we know, by that time it is way too late.

Some do not understand why we even get called in because there is the presumption that bankers know what is going on. That is so far from the truth."
"There is a huge gap between the board of directors of banks and those who are actually trading. Consequently, even the big banks are clueless with respect to the hidden risks in the financial markets because of the interference of politicians.
The banks are not aware of the problem because their management are not traders.
The take-away from all this is; when problems hit, the bank management will be completely blindsided.

Armstrong, "The precious metals Desk at JP Morgan Chase on September 16, 2019, was criminally charged by the U.S. Department of Justice with being a criminal enterprise for approximately eight years in its manipulation of the prices of gold, silver, and other precious metals. The head of that desk and two other precious metals traders were charged with racketeering under the RICO statute which was originally passed to target organized crime."
There are roughly 100 ounces of paper gold for every ounce of physical gold. The movement against the gold-price manipulators ruins a very high risk of blowing up the paper-gold markets. When this finally happens, There will be huge craters where New York and London are now located.

China has cracked down on it's people FAR beyond anything that George Orwell could have imagined.
At the same time, Trump has moved against facial recognition technology spreading in America. While the State wants to maintain control, Computer monitoring of everyone and everything may be an action that will have enormously destructive consequences.

Armstrong, "Attendees will get their autographed hardcover edition of “Manipulating the World Economy,” which is a detailed account of central banks and how the entire system has been managed. The system is now slipping through their fingers, and this is the first time in modern history where such things have converged."
So, what comes after the Central bank system melts down?
"Historical accounts exist, but well before the 17th century. This is why a major database is required to simply reveal the real possibilities based upon the historical outcomes. Opinions will not cut it when nobody has experience in what face and daily charts post-Great Depression will not help this time."

"For the first time, we are publishing “The Dark Age Cycle” for attendees. A special report on “How Do Empires, Nations & City-States Fall” is also the first time I have put this all together using the reconstruction of the world monetary system.

This special report will undoubtedly become a classic for it has pulled together decades of research to answer that burning question: How fast do empires actually fall?

We can argue for various reasons. However, the critical question is timing. That is what this report illustrates above all else – the timing."
"I have also completed probably the most documented report on the precious metals ever written, tracing the ratio and how these metals have responded in times of financial stress.

This report traces the ratio from 8:1 to 120:1 and why it has moved. Yet most of all, what has been completely overlooked is the fact that people do not understand that the ratio was manipulated as part of Quantitative Easing even under the gold standard. Sorry central bankers, it failed to work then and nearly bankrupted the economy."

" have also put together a report on “Hoarding Dollars” and the implications for the world foreign exchange markets. Here, you will have a guide to the currencies and how they will impact the future as we head into the “Monetary Crisis Cycle” in the years ahead.

Virtually 70% of the physical paper US currency is now circulating outside the United States. On top of that, there are now more $100 bills than $1 in circulation, and they mainly exist outside the US."
I expect this to continue. A dollar bill is a bearer bond of zero maturity. A very powerful piece of paper. We must create $100 of wealth to get one from the FED/ treasury that prints them for free. The more people that hoard them, the more that confidence grows.

"As the world has turned toward outlawing cash transactions to eliminate cash altogether outside the United States, the trend has shifted toward hoarding dollars. That is just not considered in the analysis these days of the future prospects in currency. This report provides the forecasts for all the strategy currencies going forward."

As China goes full Orwell and, Europe goes cashless, that will attract people and money to America.

"Also for the first time, “The Fate of Europe” report was sent to Rome WEC attendees earlier this year and will be made available for sale in our store shortly. Here, you will learn the shocking reality behind the curtain of the euro.

Although not included with the Orlando WEC materials, “The Fate of Europe” is a very important report to understand the backdrop to what we face going forward. Like the Great Depression, the crisis will begin in Europe and spread like a contagion."
Great Depression one started in Austria. Bank managers have no understanding of what debt-traders do. When the crisis starts, they will all be completely lost and, close the banks. The contagion will spread around the West in just a few hours. There will be no chance to do cash withdrawals.
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Old 10-11-2019, 03:13 PM
Danny B Danny B is online now
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Armstrong,,, more speedbumps

For quite a few years, the U.S. dollar was backed by gold. This was a way to buy confidence. More importantly, gold-backing acted like a governor on the sovereign bond market. This, in turn, made it much more difficult to start wars that had to be financed up-front. As the gold backing melted away, the wars financed by credit spread around the world.
Gold backing thus served 2 purposes. Of primary importance was the prevention of credit bubbles to finance wars. The secondary purpose of creating confidence in the currency was secondary. When everybody went off a gold / silver standard, confidence in currency levelled out. Gresham's Law made sure that no single currency could be gold-backed. The economy needs a transactional currency. If a superior currency is hoarded, it isn't available for trade. A gold backed currency would be used as a store of value instead of a transactional device.
Bonds are a different story because they are not used for transactions.

For many years, the German Mark was very strong even though Germany had NO gold. So, what truly makes a currency strong?
Armstrong argues that the strength of a currency is dependent on the skills, work ethic education and GOV restrictions.
So, within a given economic sphere, fiat currency is OK. Since all States try to do competitive devaluation, this argues for gold-backed bonds. The BIS demands that ALL settlements between States are settled in gold. This prevents State "A" from printing up fresh Money to pay State "B".

OK, the strength of a currency is dependent on the education and skills of the workforce. What if that workforce is shrinking?
At the same time, automation is making much of the workforce redundant.
Electricians are now making 6 figure salaries. You can't find an electrician or plumber in Germany. everybody wants to sit at a desk and, not get their hands dirty.

Armstrong; "General Electric Co announced it was freezing its pension fund for about 20,000 U.S. employees with salaried benefits as the Pension Crisis continues to build. Its pension deficit is up to $8 billion."
"This is the cost of Quantitative Easing and lowering interest rates to artificially low levels. This is the collapse of socialism. All the promises are collapsing."
The private pension funds are about $380 billion in arrears at funding their in-house pensions. The PRIVATE pension fund shortfall has NOTHING to do with socialism.

Armstrong, "The interesting thing is as revenues decline in these state, they raise taxes and enforcement to make up the short-fall which in turn then send more people out. If a retail store sees a recession and sales decline, they run a sale to entice people to buy. The government is incapable of proper management. This is like a recession comes so the store doubles its prices to make up for the decline in prices. Duh?"

10/11 Most voters agree with Trump’s withdrawal from ‘endless wars’ – Zero Hedge
10/09 Graham rips into Trump for removing troops from Syria – CNN

Graham should go to the front lines and, make a stand.
10/11 Zimbabwe’s capital runs dry as taps cut off for 2m people – AP
Both South Africa and Zim have a huge population but, severely degraded infrastructure.
10/11 Geopolitical signals of global economic crisis abound – Technical Traders
But, nothing like that here at home.
10/10 California set to end private prisons and immigrant detention camps – Reuters
They can join the homeless camps.

10/10 It’s looking like one huge deposit – Great Bear Resources
The main part of this gold deposit will yield one gram per ton of rock. Imagine all the energy spent to get just one gram.
10/10 Debt market suffering “quiet meltdown” as billions in loans are suddenly crashing – ZH
So, how much longer will this all be "quiet"?
10/10 Blizzard-like weather approaches, only half of corn is mature, USDA says – Agriculture
10/11 ‘Crippling blizzard’ blasts Northern Plains; Denver weather is wild – USA Today

Robin Hood In Reverse - US Billionaires Paid Lower Tax Rates Than Working Class In 2018 In Latest Blow To Capitalism
Communist UN Facing Cash Crisis - Warns Staff Could Go Unpaid In November
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Old 10-13-2019, 12:54 AM
Danny B Danny B is online now
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too much "money" in all the wrong places

In Sweden, The Central government mandated to bring in tons of immigrants with no possible employment prospects. The Central government mandated that the municipal government pay for the invasion. The municipal government is now broke.
Apparently, the Canadian government is on a hunt for additional taxes and fines.

"How bad is this going to be (Europe), and how does this compare to 2008?"
"ANSWER: The answer is very bad. The structure of the Eurozone is an absolute disaster. It is promoted as a single country, but it lacks everything that stands behind a currency. Just look at the tariffs starting between the USA and the EU. It is IMPOSSIBLE to negotiate a trade deal with Europe because each country can veto any deal, proving this is not a single country, and thus there is no substance behind the single currency. This is why I say Brexit is the only way for Britain to survive."
"If the US had to seek the approval of all 50 states before it could do any national policy, nothing would ever get done."

"The only way for Europe to survive is for the Eurozone to actually collapse. Then each country could negotiate for itself without a veto from another over something irrelevant to their economy.

If the Eurozone were to survive, each country must surrender all autonomy to Brussels on everything retaining only local culture and laws. Brussels is trying hard to make it the United States of Europe, but the first thing that must go is the refusal to consolidate the debts and end the bail-in policy. Anything shy of that is playing with fire."
consolidate the debts ; means; take Germany's 1 trillion account surplus and, use it to pay off the debts of the lazy countries like Portugal, Italy, Greece, and, Spain.
Tell me that this idea isn't socialism writ large.

Armstrong "This is the backdrop to people like Thomas Piketty, the French economist from communism’s birthplace, who argues it is not fair that anyone has more money than he does. Piketty wants to drive a stake through the heart of capitalism and restore Marxism thereby subjugating human rights. If it is unfair to discriminate against race, gender, or creed, then why is it reasonable to discriminate against people because of their wealth? To this crowd, a doctor should earn no more than a trash-truck driver. By earning more, you are suppressing others even if you try to help others.

We are facing a very serious crisis for the Marxists who have usurped climate as the new excuse to end the freedoms that were once guaranteed by the constitution we generally refer to as human rights. This is building into a serious issue for they then immediately attack anyone who disagrees with their agenda intimidating politicians around the world"

"Ms. Tett’s article pinpoints the “belly of the beast.” The GSEs, securitizations, sophisticated mortgage derivatives, and “repo” finance created the nucleus of the risk intermediation and leverage fueling precarious mortgage finance Bubble excess. I am convinced the mushrooming of government bonds, the proliferation of global “repo” markets and off-shore securities lending operations, along with unmatched global derivatives excess and leveraged speculation, are at the epicenter of the runaway “global government finance Bubble.” "
ah yes, government finance.

"I’m not confident that the BIS and global central bank community have a handle on what evolved into colossal global flows intermediated through securities finance and “offshore” financial centers. "
"Derivatives trading in over-the-counter (OTC) markets rose even more rapidly than that on exchanges, according to the latest BIS Central Bank Triennial Survey… The daily average turnover of interest rate and FX derivatives on markets worldwide – on
exchanges and OTC – rose from $11.3 trillion in April 2016 to $18.9 trillion in April 2019.”"
“The turnover of interest rate derivatives increased markedly between April 2016 and April 2019, especially in OTC markets, where trading more than doubled from $2.7 trillion per day to $6.5 trillion.”

“The OTC trading of FX derivatives also rose substantially… In OTC markets, the daily average turnover of FX derivatives increased from $3.4 trillion to $4.6 trillion between April 2016 and April 2019.”
Do you see why I claim that things will come apart fast?

“The resulting narrow measure was $51.6 trillion at end-2017” (from ‘08’s $36.2TN)."
"nvestment-grade bond funds saw inflows of $1.840 billion, while junk bond funds posted outflows of $1.500 billion (from Lipper)
So, junk bonds had a $1.5 trillion outflow. That should bring a lot of them down.
10/12 Bruised US banks expected to report third quarter earnings decline – Reuters
10/12 Global air freight decline now worst since 2008 financial crisis – Zero Hedge
10/12 Wacky economic predictions come true in 2019 – Redland
10/12 Another Deutsche Bank bailout clue – GATA

10/12 How to make economic policy fit for a world of low inflation – Economist
10/12 Technology is making inflation stats an unreliable guide – Economist

The Economist is the mouthpiece of the self-proclaimed elites. They continue to use the word "inflation" when wages and population are in deflation.

"The fiat money quantity is the amount of fiat money (in this case US dollars) both in circulation and held in reserve on the central bank’s balance sheet. Before the Lehman crisis, it grew at a fairly constant compound growth rate of 5.86%. Since the Lehman crisis, it has grown at an average of 9.45%,"
So, what was that question again about; where does price inflation come from?
"FMQ is still $5 trillion above where it would have been today if the massive monetary expansion in the wake of the Lehman crisis had not happened. If there is a shortage of money, it is because the process of debt creation to fund current expenditure is spiralling out of control."
fund current expenditure Means; save every banker and speculator.

" In China, the compound annual growth rate has been 12%, "

"Just as GDP tells us nothing about human progress and its benefits to society, other uses of money as a control mechanism for economic management are equally misleading. Much of the monetary expansion has been to fund unproductive government spending. Most of the balance after the government’s cut has fuelled speculation in the financial sector and has funded consumer credit for those whose savings have been tapped out. Not revealed by the acceleration of money supply growth is the wealth transfer effect which impoverishes every productive individual for the benefit of governments, the banking system and the bank’s favoured customers,"

"If history and reasoned economic theory is any guide, the demands for credit by the state will terminate in the destruction of government currencies."
"Rather like Monty Python’s glutton, Mr Creosote, can we force in a little more inflation before we all explode?[i]"

News on developments in electric cars.
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Old 10-13-2019, 06:23 PM
Danny B Danny B is online now
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Hyper-unreality (shudder)


There is increasing talk about civil war. Keep in mind that Civil War one was caused by taxes.
Abraham Lincoln said war was over taxes, not slavery - al.com
https://www.al.com › opinion › 2015/06 › war-over-slavery_rhetoric_is_i
Jun 26, 2015 - Abraham Lincoln repeatedly stated his war was caused by taxes only, and not by slavery, at all.

Civil War one (the war of northern aggression) was caused in large part by the northern bankers.
"The President thus took great satisfaction in signing into law the National Currency Act, which created the national banking system and the Office of the Comptroller of the Currency as its supervisor. Although promoted partly as a wartime measure (the new national banks were required to purchase government bonds as security for the bank notes they issued),"
Once again, we see the Central Bank issuing currency instead of the treasury.

Civil War One used a geographic divide, ie, North vs South.
The coming insurrection won't be near so clearly defined / divided.
Civil War one pitted the hard-money followers of Jackson against the flexible money people like Treasury Secretary Salmon P. Chase.

Lincoln argued that the hard money taxes just sat in government vaults until the government was ready to spend it. The flexible money argued that this tax money could be multiplied many times over and, used to finance all kinds of productive enterprise.
The previous War of 1812 was strictly an attack by England to bankrupt America and force open the economy to big European bankers. Andrew Jackson resisted.
English born Richard Lawrence shot Jackson but, did not kill him.

Eventually, the European bankers got control of the American economy through the Federal Reserve. They have siphoned off many $ trillions and fomented many expensive wars.
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Old 10-13-2019, 10:28 PM
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BroMikey BroMikey is online now
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Phase 1- Writing on the wall

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Old 10-14-2019, 02:38 AM
Danny B Danny B is online now
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Competitive devaluation,,, gold,,, crypto

Mikey, I rarely watch the X-22 report because they don't demonstrate enough technical understanding / proficiency. I don't know if they just don't have it OR, they simplify things to keep in a time limit. You just can't lump together financial instruments.
A fiat currency note is a bearer bond of zero (time) maturity. Fiat currency is NOT going to go away. With the proviso that electronic money does not replace it. The State would VERY much like to see full electronic money to supply unlimited tax power. The State just can't help itself. Given unlimited tax power, the State would foster unlimited wealth transfer. This would be effective communism and, would destroy wealth creation.
Trump seems to be pulling away from the saturated facial recognition that would make unlimited identification & taxing a reality.

X-22 seems to make NO differentiation between bonds and currency. A bond can have a maturity out to 100 years. A currency is a transactional instrument. A bond is nominally a store-of-value. You can't lump them together. No transactional currency can serve as a store of value. BUT, because of a loss of confidence in most world currencies, the dollar is now serving as a worldwide store-of-value instrument. A store-of-value currency will go into hiding and, deprive the economy of a transactional instrument. The FED has responded to this potential problem by flooding the world with fresh $100 notes. This does not cause deflation of the value of the note because there has been no deflation of confidence in the dollar.

A gold backed / denominated bond can go into hiding and, that isn't a problem. A gold-backed currency isn't truly gold backed unless it is gold convertible. Since the State can't help but print, all the currency would soon get converted.

Automation fosters unemployment. Unemployment fosters social unrest. Every currency dominion is going to try to avoid unrest and chaos. Every currency dominion is in competition with every other currency dominion. We saw that in the late'30s. Germany was too productive and too efficient for France and England to compete. Worse yet, Hitler had kicked out the European banks and, injected money into the economy for actual work. He squeezed out the speculators.
Churchill; "Germany doesn't want a war but, we will force one on her."
Churchill; "WW II could have been avoided but, the bankers wanted it"
So, the West sided with the jewish Bolsheviks and attacked Christian Germany.
In the '60s, Churchill commented, "we butchered the wrong pig."

As automation increases, unemployment / chaos increases. As the government takes on more debt, It's finances become more perilous. This all shows up in the bond market. Currency is an entirely different story because is a zero-maturity note. It never trades at a discount. The "people" could do without bonds. They could never do without a currency. Barter is too limited. Imagine trying to barter with Exxon for a tank of gas.

China is over a barrel right now because of food shortages,,, especially pork. Wasn't it fortunate for America that swine flu wiped out Chinese pork producers.
China is in a dealing mood now.

Jim Willie claimed that; after the reset, international claims will be settled in gold. He said that America would have to lease 10,000 tons of gold from China.
Here is a collection of Articles from Armstrong on the sovereign debt crisis.

"An article published by the De Nederlandsche Bank (DNB), or Dutch Central Bank, has shocked many with its claim that "if the system collapses, the gold stock can serve as a basis to build it up again. "
"DNB holds 615 tons (15,000 bars) of gold mainly in Amsterdam, with other stores in the U.K. and North America; the value of this gold reserve is over €6 billion ($6.62 billion). Calling gold the “trust anchor,” the article details briefly why the hard asset is so important to wealth building and the global economy, claiming: "Gold is... the trust anchor for the financial system. If the whole system collapses, the gold stock provides a collateral to start over."
"the bank announced it would soon be moving a large part of its gold reserves to "the new DNB Cash Center at military premises in Zeist."

Almost as if the Netherlands is preparing for the grand reset, and is moving its most valuable asset to a "military" installation just for that purpose."
"It is hardly a coincidence that in its preparation for monetary doomsday, the Dutsch Central Bank is also set to begin cracking down on crypto exchanges and wallets, stating that "firms offering services for the exchange between cryptos and regular money, and crypto wallet providers must register with De Nederlandsche Bank.""

" the motivation of the five large banks not to lend to institutions that needed funding: it wasn’t that the banks were worried about solvency; it was that they had no cash to lend. "
"When the Fed buys Treasury bonds (or entices banks to do so), the government spends that money mostly as transfer payments for consumption"
" Myrmikan’s January 2019 letter points out that historical trends suggest that a recession would increase federal deficits beyond $3 trillion per year."
"The private sector thus was able to absorb half of the $20 trillion in new credit growth, and the government squirted the other half into the economy through deficit spending."
QE-for-the-people is the end game of the inflationary economic cycle. Gold will anticipate it first.

Morgan Stanley Makes A Stunning Observation: 28% Of The US Population Has FICO Score Below 650
J.P.Morgan Warns About The "State" Of The American Consumer
"Dear Jay Powell, How Stupid Do You Think We Are?"

"The forces of intervention want to “extend the business cycle” and they are throwing the kitchen sink at it..."
There is an election coming.
Monetary Failure Is Becoming Inevitable
...the consequences are unthinkable for the authorities.
Retail Investors Are Acting As If A Financial Crisis Is Just Around The Corner
IRS Adds Question On Crypto Usage To New Income Tax Form Draft

10/13 U.S. SEC halts Telegram’s $1.7 billion digital token offering – Reuters
10/12 Facebook’s libra association crumbling as Visa, Mastercard, Stripe, exit – Verge

10/12 Is bitcoin a safe haven like gold? These four charts say not yet – Coindesk
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Old 10-14-2019, 03:02 PM
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Flat tires on the business cycle

Zero Hedge;
Hedge Fund CIO: There’s So Much Going Wrong, So Many Manipulations, That I Don’t Trust Anything Right Now
"Now they’re restarting QE while assuring us it’s anything but QE – and no one can afford to miss another leg higher."
Ah yes, the constant battle between fear & greed.
Punishing Savings Through Inflation Is One Of The Greatest Crimes In Human History
"The Fed's 2% inflation targeting seems 'normal' these days but it is really a stealth tax on savings with no empirical basis for it whatsoever."
ONLY the jewish central bankers have endorsed the 2% inflation target. Paul Volker, a Presbyterian central banker judged that there was NO JUSTIFICATION at all for it. So, the jewish central bankers endorsed the target to finance the jewish-owned banks. "They" increased the money supply by about 6% a year to get 2% inflation. Actually, it is higher than 2%.

France: More Death To Free Speech
"Defending someone who is accused of being a 'racist' implies the risk of being accused of being a 'racist' too. Intellectual terror reigns in France..."
The French are protesting the poverty brought on by their Central Bank. THAT particular cause has been submerged out of the discussion.

$35 Billion: UK Faces Huge Loss From Electric Vehicle Adoption
"The UK’s mission to switch over to EVs and renewable energy by 2050 represents “a huge long-run fiscal challenge”
Calpers, the huge California state retirement fund mandated that it invest in "green" projects. They lost big-time on them.
Futures Tumble, Stocks Slide As China Wants More Talks Before Signing "Phase One" Trade Deal
"We are back to trade deal groundhog day."
G7 Panics, Says "Global Stablecoins" Pose Threat To Financial Stability
"...the introduction of 'global stablecoins' could pose a host of challenges to the regulatory community, not least because they have the potential to become systemically important... include challenges for financial stability""
When it gets right down to it, the State doesn't want any crypto except STATE crypto.

Armstrong, "We are in a position where there is a crisis on the horizon and we will see a hard landing outside the USA. The impact of a European banking crisis can send the dollar significantly higher. The risks for accounts will be in Europe, for there are no bailout policies"
Taking into account Armstrong's prediction of a world economic collapse on Jan 18, 2020, we can assume that European banks will close some time close to the second quarter.

Armstrong, "ANSWER: The original theory was to smooth out the business cycle. The political governments turned to the central banks and argued that they were responsible for the money supply. Therefore, it was allegedly their duty to control inflation irrespective of the spending of politicians. This was an inconvenient economic truth.

The problem is that the ONLY theory they have is the Keynesian Model. They really have no other theory to rely on. So they keep lowering rates, hoping to stimulate demand and are oblivious to the economic reality that the political side is hunting taxes and becoming more aggressive in tax enforcement."
Armstrong appears oblivious to the fact that off-shoring, automation and falling wages have diminished demand.
"They will pray at the foot of their bed before each night that their theory will somehow work. That is not going to happen or prevent anything. We must experience the pain before they would EVER consider any reform."
"Reform" to Armstrong implies that the State leave private enterprise completely uncontrolled. U.S. GOV spends 24% of the GDP. Imagine what will happen when State finance goes bust and, this spending stops. Armstrong just does not see UBI coming down the tracks.

QE4 'Not A QE' Begins - Fed Starts Buying $60 BillionIn Bills Per Month Beginning Next Week
QE Renamed To 'Reserve Management' !

"Formerly known as Hong Kong Shanghai Bank Corporation, HSBC has served as the world’s #1 drug money laundry since its inception as a repository for British Crown opium proceeds accrued during the Chinese Opium Wars. During the Vietnam War HSBC laundered CIA heroin proceeds."
"Deak & Company was the major gold dealer in Hong Kong and its operations were crucial to the CIA guns for heroin trade. Founded by OSS operative Nicholas Deak, it became the largest currency and gold trader in the US after WWII. Deak financed CIA adventures in Vietnam, the Mossadegh coup in Iran and the CIA’s assassination of nationalist Prime Minister Patrice Lumumba in the Congo. "

U.S. GOV assures us that there is a terrorist behind every rock. NOW, they assure us that the MAIN terrorist IS a rock.

The council on Foreign Relations (CFR) has produced a very intimately filmed video of a 2018 get together of all the major players in the 2008 crash.
They seem to have left out a few facts.
In 2004, U.S. GOV mandated that the banks MUST give loans to people who did not qualify. The banks very fined if they did NOT approve loans to people who could NOT pay them back. Sub-prime borrowers defaulted on sub-prime loans.
The biggest shock to the system was the collapse of Lehman Bros. The Treasury Secretary at the time was straight out of Goldman Sachs. When the banks got into trouble, the secretary of the treasury orchestrated the execution of Lehman Bros.

When the Russian bond collapse brought down Long Term Capital Management, the banks all ponied up money to save the wider system from systemic collapse.. Bear Stearns refused to contribute. In the aftermath of the 2008 collapse, Bear Stearns was also executed.
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Old 10-14-2019, 08:40 PM
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That Dave guy from the x22 report is for people like me who are not
sure about all of the complexities of the ever changing trends according
to the lame stream news.

Dave basically says the same thing every time just like you say the same
thing every time. You report on many interesting things from A-Z from
Wall street to the next financial suicide and Dave keeps saying
"IT LOOKS LIKE" sorta like predicting the weather I guess.

Dave has been saying that this system is going down while the new one
building up is taking over based on GOLD. I have you both to review and
am looking for a third guy who makes good sense.
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Old 10-15-2019, 12:51 AM
Danny B Danny B is online now
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Gold and FOFOA

Mikey, I can't give you the name of a good candidate for a third guy. I've been reading everybody for 14 years now. I read different people for different subjects.
If you want to read the definitive history of gold, there is;
Friend of Another (FOA)
Friend of friend of Another (FOFOA)
FOFOA is now behind a paywall.


FOFOA: January 2014

This is the exhaustive analysis of gold backing in the West.
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Old 10-15-2019, 03:23 AM
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Okay sounds good oh and excuse me if I am not as breathless as
say people in the know cause I ain't. In fact economics was so
boring to me back in the 70's When gold bellied up I went fishing
instead. Back then I was still pedaling a 20" bike to deliver news papers
to keep in tip top physical condition. I can remember the big noise made
over Gold going up AND down. This might have been 70-71 I think it
was. Wasn't it about 385?

Since then we have come a long way. The form of govt we have been
exposed to in out lifetime is call futilism. This means no matter what
you do, yer screwed. This form of govt is being exposed and will gradually
be replaced.

Nothing stated in the 70's came true, just like the 80's, 90's well you
get the idea.

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Old 10-15-2019, 02:59 PM
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Equality vs equal opportunity

Squeezed for time this morning. The U.S. constitution tries to guarantee us "freedom for the pursuit of happiness. "
There is no guarantee of happiness, NOR equality. We are born with vastly different abilities. The Left tries to legislate equality. With $25 trillion mis-spent on the war on poverty, all the Left has to show for it is destroyed societies in various cities.
People with great natural talent and great motivation are more likely to rise to the top. The Left can't stand this and, demands that they be taxed exorbitantly to make up for inequality.
Bernie sanders wants a 97% tax,,, or something like that.

The answer is NOT taxing the snot out of the rich. Much of our problems were created by the constant currency inflation that outran wage inflation. Most of this gets back to regulatory capture. Greenspan said that we needed to get rid of Glass-Steagal to make American banks to better compete with European banks. He and slick willy gave us the Graham-Leach-Bliley act that gave all our money to the bankers so that they could speculate on everything and, front-run everything that we needed to buy.

This is a comprehensive article about how Wall Street destroyed capitalism. It doesn't mention regulatory capture.
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Old 10-16-2019, 02:40 AM
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Old 10-16-2019, 03:39 AM
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REPO and LIBOR problems indicate big liquidity problems in the banks

As the magnetosphere gets weaker, more and more solar flux / particle storm gets through. This flux directly affects the brain and heart. but, solar cycle 25 has only started. The wacky news just gets whackier. A couple hundred years ago, Cardinal Malachi made a list of all the future popes, though not by name,,, by characteristics. The current pope is the LAST on the list.
Lisa Havens reports that the current pope wants to make an interfaith center combining all the Abrahamic religions.
The articles on the right hand column might be interesting.

WIDE reading suggests that the banks have run out of money. Repo locked up because they did not have money to loan. LIBOR also has a problem.

1. GDP hasn’t grown in more than a decade as calculated on a debt-adjusted basis using a realistic deflator.
2. Average real household income has stagnated to the point that families increasingly can’t afford kids. Canada must rely on immigration for growth.
3. Governments—through interest rate suppression —are providing vast hidden subsidies for special interest groups ranging from the fossil fuel and automotive industries to cattle production and real estate development. This is spurring environmental despoliation that free markets would stop cold.
4. Canadian system debts (public, private, household and financial) according to Statistics Canada hit $8.3 trillion at the end of Q2 2019, up 45% since Poloz took office six years ago. That works out to nearly $1 million in debt for each Canadian under the age of 19.

Illinois Red-Light Cameras Have Collected More Than $1B From Drivers Since 2008
US Money Supply Suddenly Surges - Bouncing From A 12-Year Low

There's an election coming.
"Complete Demise" - Neil Woodford's Flagship Equity Fund To Be Liquidated
"We have seen the complete demise of the most famous fund manager the U.K. has seen for years."
IMF Forecasts "Synchronized Global Slowdown" - Weakest Growth 'Since Lehman'
Panic Behind The Scenes: China's Capital Outflows Are Soaring

Maybe they shouldn't have messed with Hong Kong.
Futures, Yuan Slide As China Threatens Retaliation Over US House Bill On Hong Kong

China Pork Prices "Will Continue To Rise Sharply", Analysts
"Every week it's a new record."
China is unfolding an Orwellian crackdown at the same time that food prices are rising.
Historic Midwest Blizzard Has Farmers Seeing "Massive Crop Losses...As Devastating As We've Ever Seen"
"An unprecedented October blizzard that hit just before harvest time has absolutely devastated farms all across the U.S. heartland. "
Is it HAARP or, is it Memorex?
The Economic Collapse
So have American farmers been blasted by HAARP to make the food situtaion in China that much worse?
Investors Panic-Sell Saudi Stocks As Bear Market Erupts
Saudi is going broke FAST.

From the Left;
Waffling Warren Confirms Gender-Reassignment Surgery Is Now A Right
Pedophile Who Assaulted Nearly 200 Kids Stabbed To Death In Prison

I'll bet that was quite painful. The cons really detest child molesters.
Hillary Clinton Says It May Take Her 'More Time' To Grasp Person With Penis Can Identify As Woman
Twitter Paves Way For Trump Ban With New Content Rules For World Leaders
Just in time for election season...

"Governments can do whatever they desire. We have no recourse against governments. No private company could act in such a manner. This is one primary reason why I believe governments should be prohibited from borrowing. People are fools for buying their paper and always expecting that this time will be different."

"You repeatedly say that Socialism is dying. I live in a rural area of Oregon. As a personal observation, what I see around here is that more people, and especially the younger, are indeed moving TOWARD Socialism. The influence of the media is so strong that even people we know who advocate gun rights and the Constitution are willing to give up both to see Trump out of office and love the Bernie rhetoric of free everything."
"ANSWER: Socialism is dying because other people’s money is running out. Yes, we see that socialism is rising in its extreme actions from climate change being usurped to justify the confiscation of wealth and control of the economy."
"This is the final rally of socialism before the crash. It is more akin to the final Phase Transition of a market as it makes its fatal high like the Dot.com Bubble, 1929, or Tokyo 1989.

So do not confuse the rise in the outward demands of socialism. We are running out of other people’s money and the unfunded promises will reach $400 trillion by 2032. There is no possible way to fund that without a crash & burn."
"We are in the collapse of government and the socialistic promises since World War II are all coming due. Economically, this is a battle to the end. The left wants to confiscate all the wealth of the right. This is the end of the purpose of civilization and the beginning of pure tyranny."
Armstrong definitely turns a blind eye to the effects of automation.

A good article on failed banks.
The Ghosts of Failed Banks Have Returned - Alasdair Macleod (10/15/2019) - WallStreetWindow.com

Socialism is the great de-motivator. Every economy that it seeps into becomes moribund. Social security was supposed to support people after their working years were over.
As automation took over, fewer and fewer people were qualified for the remaining jobs.

How many people have never worked in their lives? - Full Fact
https://fullfact.org › economy › how-many-people-have-never-worked-the...

Feb 11, 2013 - As it was revealed that 4 million people in Britain have never worked in their lives, today's headlines accused Britons of idleness. But how many ...
If nearly 40% of Americans aren't working, what are they doing ...
https://qz.com › if-nearly-40-of-americans-arent-working-what-are-they-d...

Oct 13, 2015 - The most recent US jobs numbers masked a dark story. Unemployment held steady at 5.1%, but only 59.2% of Americans have a job.

44 million receive direct government assistance. 51% receive a check from GOV. So, what happens when the sovereign bond market collapses? The banks are already in deep trouble.

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Old 10-16-2019, 09:14 PM
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Old 10-17-2019, 03:08 PM
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Derivatives, NIRP,,, liquidity pumping

"They" are working overtime to ensure that nobody loses confidence in the banks. The banks are strained for liquidity. Here are a few headlines.
Wall Street’s Mega Banks Report Earnings Today, Capping the Craziest Banking Era in U.S. History
News Articles on the Fed’s Secret Trillions in Loans to Wall Street During the Last Crisis Have Been Purged from Bloomberg News
Two Investment Banks Eligible for Today’s Fed Loans Got Over $2 Trillion from the NY Fed in the Last Crisis
In the Midst of a Liquidity Crisis, the Fed Rolls Back Liquidity Requirements at Banks

Where Are the Hundreds of Billions in Loans from the Fed Actually Going on Wall Street? Fed’s Powell Admits a Bigger Bailout for Wall Street Is Coming; Fed’s Balance Sheet Ballooned by $176 Billion Since September
Fed Says It Will Offer $310 Billion More in Term Loans to Wall Street as Over 68,000 Job Cuts Planned at Mega Banks
There’s Nothing Normal About the Fed Pumping Hundreds of Billions Weekly to Unnamed Banks on Wall Street: “Somebody’s Got a Problem”
Derivative Risks Rising: Sell-Off in Interconnected Mega Banks and Insurers
Mega Banks and Insurers
JPMorgan Chase Has a Pattern of Criminality; Now Wall Street Is Pointing to the Bank as a Cause of the Fed’s Emergency Loans
The Fed Is Offering $100 Billion a Day in Emergency Loans to Unnamed Banks and Congress Is Not Curious Enough to Hold a Hearing
Wall Street Bank Stocks Closed in a Sea of Red Yesterday as Fed Pumps in Another $105 Billion of Liquidity to Manage
The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You.
Malaysia Indicts 17 of the “Untouchables” at Goldman Sachs
Yesterday’s Market Plunge Shines Harsh Light on Big Banks and their Derivative Counterparties


Interest rate swaps and corporate default - European Central Bank
As interest rates crash, there are many $trillions of interest-rate-derivatives. Great mountains of liquidity are disappearing into Wall Street banks to satisfy demands from counter-parties to interest rate derivatives.
"Fed Is Offering $100 Billion a Day in Emergency Loans"
I see lots of articles asking where the money is going. I don't see anyone directly reporting that all this liquidity is issued to rescue swaps that are being wiped out by low interest rates.
Reportedly, NIRP is coming to America to stimulate the economy. All of this is pumped into the upper loop and won't help consumption. At the same time, NIRP plays havoc with $trillions in derivatives.
10/15 Sub-zero interest rates could be problematic in U.S.: Fed’s Bullard – Reuters
"Congress Is Not Curious Enough to Hold a Hearing"
There is NO MYSTERY about this. The FED needs to pump in $trillions to keep the derivative market from imploding.
There is an election coming.

10/16 China unexpectedly injects $28 billion of cash as growth slows – Bloomberg
Capital flight is taking out more than that.
10/16 “Worst slump in a generation”: China auto sales continue historic collapse – ZH
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Old 10-18-2019, 01:57 PM
Danny B Danny B is online now
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The values of money

Here is a must-read article about the subjective value of money vs the objective value of money. Keep in mind that; when gold was used for money, it had intrinsic value. Money today is just information.
Like all information, it is widely susceptible to corruption.
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Old 10-18-2019, 02:59 PM
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Warfare-welfare has destroyed the currencies once again

The previous article shows that; any freely accepted "money" must have a long history of wide acceptance. Fiat currencies are accepted at the point of a State-held gun. Latin and European currencies have been regularly cancelled. The dollar has not. Great Depression one was caused by runaway currency inflation caused by the FED. There was just not enough money circulating when the credit bubble collapsed. Roosevelt devalued the dollar from $20 to $35 and ounce to free up currency printing to support the general public. Gold-backing had locked up the amount of currency in circulation.
When Nixon closed the gold window, this cut loose the chains on the printing presses so that currency could be wildly expanded. Closing the gold window was forced on him by the previous creation of the welfare-warfare State.
With the closure of the gold window, wars and welfare could be expanded almost without limitation.

The bankers always farored a flexible currency. They needed this flexibility so that they could always be first in line for new money. This new money + your savings were used to speculate in everything. They bought up everything that you needed. At the same time, the State needed a flexible currency to pay for programs needed by various politicians to buy votes.
Post WW II, the war industries had no intention of fading away. They got various wars going on the flimsiest excuses. The emerging State of israel got lots of foreign aid and used it wisely. They invested in buying the U.S. congress to ensure unending wars against all of their neighbors. 78 members of congress are israelis with dual citizenship. Their elections were paid for by 3 American, jewish billionaires.
Currency expansion reached enormous levels to finance a warfare-welfare State that had reached enormous proportions.

The fact that America had never cancelled it's currency attracted people to dollar investments. The fact that America was less socialist than Europe attracted capital to U.S. investments. The fact that America was nowhere near as authoritarian as China attracts investments. There is worldwide capital flight to the dollar zone because the U.S. dollar has the longest running stability.
At the same time, there is a growing recognition that the world must pull away from the U.S. dollar if it wants monetary independence from the district of corruption.
The R.O.W. prefers a return to gold.

The paper-gold price is maintained by the COMES, LBMA and, the bullion banks. The State doesn't want any alternative stores of value outside it's fiat currency. The State goes along with the suppression of the price of gold. The DOJ attack on gold manipulators at J.P. Morgan signals a whole new approach.
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Old 10-19-2019, 04:03 AM
Danny B Danny B is online now
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Mixed mess

"China's growth dropped last quarter to its lowest level in nearly three decades,
China's gross domestic product grew by 6% in the three months to September 30, the weakest quarterly growth rate since 1992"
This comes from CNN so, of course you can believe it.
Armsdtrong, "There is some concern over the latest figures of Chinese unemployment, which shows that 10.97 million new jobs were created. This is very close to the full-year government target of 11 million. US President Trump often bashes China and suggests that the trade war is costing them dearly, with more than “3 million jobs” lost, however, the current figures do not show such a loss which brings to question whether the government figures are accurate or not."
Office Vacancies In China Hit Decade High Amid Economic Turmoil 20%

China Bans Exports Of Black Clothing To Hong Kong Amid Escalating Social Unrest
That will definitely fix the problem,
10/12 Median home prices unaffordable for 3/4 of average wage earners – The Day
10/18 US imposes tariffs on EU goods, targeting Airbus, wine and whisky – SG

Nobody wants the 737 so, we tax the snot out of the Airbus.
10/17 Fed injects $104.2bn via overnight, term repos one day after start of “not a QE” – ZH
10/17 The Fed’s plan for “stealth QE” isn’t fooling anyone – Birch Gold

As long as the banks get the money, they don't care.
This is a long detailed article about retirement on Britain.

Trump Beats GOP Competitors At Fundraising 194-1
The donors just can't stomach Pocahontas or Cortez
Despite Ruthless FB Censorship, Zuck Claims He's 'Not Comfortable Being Arbiter Of Free Speech"
Somebody whispered in his ear that BAD things just might happen to him if he shut off Trumps' Twitter account.
US Slaps EU With Record $7.5 Billion Tariffs
MAGA baby !

Lebanon Cancels Tax On WhatsApp Calls In Wake Of Mass Protests - Comm Minister
Lebanon's 'tax Intifada': Beirut Aflame As Protesters Call For 'downfall Of The Regime' - Vid

Something like that could really get out of hand. Don't mess with their apps.
'WhatsApp Revolution' Protests In Lebanon Turn Violent With Fires, Road Blocks; Multiple Dead & Wounded

Venezuela Ready To Hand Control Of State Oil Company To Russia's Rosneft
More oil than Saudi Arabia, but, completely mismanaged.
Missing money
Two Investment Banks Eligible For Today's Fed Loans Got Over $2 Trillion From The NY Fed In The Last Crisis
Remember that money is only information.

The IMF is going to double-down on inflationary policies that have always failed.
Singapore has banned fake news,,,,, any news that disturbs tranquillity.

'Peace-Expert' George W Bush Says "Isolationism" Is Dangerous To Peace
By all means,,, get the big wars going again.
Why Has There Been A 56% Increase In Suicide Among Young Americans In Just 10 Years?
"Today, our society offers more ways to entertain ourselves than ever before, but it offers very little hope..."

Trump Campaign To Sue CNN For "Substantial Payment" After Project Veritas Undercover Exposé
America's Road Map To $40 Trillion National Debt By 2028

With MMT, it won't be debt at all.
Military Police Deployed As 500,000 Catalan Independence Protesters Shut Down Barcelona
The long-standing plan to flood Europe with immigrants (Kalergi Plan) is a necessity to keep Tribal uprisings like this from ever happening. 1/2 million Catalonians are a force that the Spaniards just can't reckon with.

"Complicated Web Of Payments Behind Hunter Biden's $700K Ukraine, China Dealings Untangled"
what a tangled web we weave when we practice to deceive
Canadian Central Bank Exploring Digital Currency To Better "Track People's Spending Habits"
Of course, this has nothing to do with taxing.
770,000 Indexes Just Died, But There's Still 2.96 Million Left
For The First Time Since The Crisis, Companies Spent More On Buybacks And Dividends Than They Earned...

Trump Boasts The US "Has Secured The Oil" In Syria
Trump and Putin arranged to put Russians between Erdogan and Assad. This was the only way to keep the israeli warmongers in congress from knocking Syria back to the stone age. When Syria was REALLY down a few years ago, Tel Aviv claimed that Syria no longer existed and, israel was just going to waltz in there and completely annex the Golan with all the water and oil there,,,, belonging to israel.
A couple years ago, Trump refused to attack ISIS and, he allowed Assad to retake territory lost to ISIS. This was Trump's big debut in MENA. This was the start of his war to end wars. Putin is completely on-board. Russia has all the oil they could ever need. He doesn't need Syria's oil.
Yes, the oil is secured for Syria. Presumably, Assad will rebuild using American men and materials. Meanwhile, Erdogan is stewing in Ankara. The Syrian Kurds have joined up with Assad for survival. Only the Russians stand between them and, Turkish vengeance.
As stupid as Erdogan is, he wouldn't dare attack Russia.
A few years ago, Erdogan shot down a Russian pilot. He was made to REALLY regret this. A newspaper columnist in Constantinople wrote. "If you dance with the Great Bear, it will be the bear who decides when the dance is over".

Kunstler writes about the absolute mendacity of the intel agencies.
"Perhaps you can see why unleashing the CIA, NSA, and the FBI on political enemies by Mr. Obama and his cohorts has become such a disaster. When that scheme blew up, the intel community went to the mattresses, as the saying goes in Mafia legend and lore. The “company” found itself at existential risk."
"As for the FBI, only an exceptional species of ineptitude explains the trouble they got themselves into with the RussiaGate fiasco. The unbelievable election loss of Mrs. Clinton screwed the pooch for them, and the desperate acts that followed only made things worse. The incompetence and mendacity on display was only matched by Mr. Mueller and his lawyers, who were supposed to be the FBI’s cleanup crew and only left a bigger mess "
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Old 10-20-2019, 05:13 AM
Danny B Danny B is online now
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Location: L.A. Ca.
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Bigger speedbumps and more volatility

Armstrong writes about the end of "civilization" in that we no longer civil to each other.
"The very purpose of civilization is when everyone comes together to produce a society that is greater than the sum of the individuals. We have lost that very purpose. I honestly do not know what the future will bring after 2032. But there will have to be a lot of blood spilled before there will ever be any resolution. The hatred is far too great to overcome."

"Case in point: On October 4, Federal Reserve Chairman Jerome Powell publicly claimed the US economy is “in a good place”. Yet somehow, despite the US banking system already having approximately $1.5 trillion in reserves, the Fed is suddenly pumping in an additional $60 billion per month to keep things propped up."
"For starters, you can clearly see how in 2008, the Fed printed up more money in just a few weeks than it had in the nearly 100 years of operations prior."
"Further, it has to be noted that the decision to suddenly restart the QE program was made mid-cycle, that is between FOMC meetings. This is a good indicator that things are “serious”, as the Fed typically doesn’t like to appear as if it’s been caught off-guard."
The REPO market meltdown brought on the crisis.

“The Federal Reserve injected both temporary and permanent liquidity into the financial system Friday. The permanent addition came by way of $7.501 billion in Treasury bill purchases,"
"On Thursday, the Fed added $104.15 billion in temporary liquidity.”
Credit Bubble Bulletin : Market Commentary: China Watch

Escobar: Syria May Be The Biggest Defeat For The CIA Since Vietnam
Excellent news

Getting Out Of Foreign Wars: Next Up, Ukraine?
China's $3.6 Billion Bailout Insulates Turkey From US
Beijing’s biggest support package ever for President Erdogan arrives at a critical time...
Times Square Billboard Shows Trump Being Hogtied & Tortured
So much for the tolerant left!
Von Greyerz: The Problem Is The Economy, Stupid! Not The Climate
The earth is about to get much cooler and so too is the earth’s economy...

G20 Finance Leaders: Stablecoins Could Threaten Global Financial System
"Such risks, including in particular those related to money laundering, illicit finance, and consumer and investor protection..."
OF COURSE, it is never about lost tax revenue. Do it for the children.
CIA Analysts Lawyer Up As Brennan, Clapper Ensnared In Expanding Russiagate Probe
"I Stand Against Everything She Represents" - Gabbard Hammers Tired, Sick, Fragile Hillary

"She’s the epitome of everything wrong with America and, in fact, the world and Tulsi Gabbard just stood up and laughed at her for still thinking she was the Emperor when in reality she’s The Joker..."

Navy Patents UFO-Like Compact Nuclear Fusion Reactor And Hybrid Space/Sea Crafts
A mysterious set of patents filed recently by a U.S Navy researcher has caught the eyes of technologists and conspiracy theorists alike...
The Army Is Building A Cannon Capable Of Firing From Nashville To NYC
The powerful cannon can fire a projectile over a distance of more than 1,150 nautical miles...
So, what has Nashville got against NYC?
"There Is A Global Crisis" - Israel Diamond Industry Collapses Amid Faltering Demand
"There is a global crisis. The government needs to help out the industry. "
Millennials have no interest in diamonds so, the government should buy up israeli diamonds

California Is (Again) Teetering On The Edge Of Financial Ruin
Bring it on. I have my bags packed.
Santiago On Fire: Chile's Military Quells Mass Riots With Tanks & Troops Patrolling Streets
State of emergency in effect, helicopters & armored vehicles patrol the city amid 'metro protests' as masked student rioters in running war with police...
Santiago is a very nice city. It sounds like antifa is loose.
PG&E May Sporadically Cut Power To Californians For A Decade
Come for the poo-encrusted streets, earthquakes and exorbitant taxes - stay for the Venezuela-tier electricity!

"Perhaps it has something to do with the fact that California is the most regulated state in the nation — by far. The Cato Institute analyzed the laws of each state by measuring the amount of individual legal restrictions in their legal codes. California was at the top, way at the top with 395,503 individual restrictions (laws, prohibitions). We surpassed No. 2, ultraleft New York, by almost 90,000 restrictions. Our politicians in Sacramento keep passing hundreds of new laws every year yet half of Californians are thinking of leaving."

10/19 IMF: ‘World’s financial system is more stretched than pre-Lehman – GoldCore
10/19 Peter Schiff: coming Fed-induced collapse will be ‘far more dramatic’ than ’08 – MM
10/19 IMF says Japan can ramp up fiscal stimulus if tax hike sinks growth – Reuters

It's never worked but, why stop now.
10/19 Serious dark web warning issued after Tor browser users have bitcoin stolen – Forbes
TOR, we hardly knew you. Now, you're fading away.
10/19 Green Party torches Clinton for claiming Jill Stein is ‘totally’ a Russian asset – RS

10/19 Spain calls in Civil Guard to outskirts of Barcelona – Reuters
The Guardia Civil are the government thugs that they bring in when the police just aren't violent enough. The Catalans will get BADLY beaten just like last time. They will buy scandalous headlines just like last time. They will show lots of bleeding Catalans,,, just like last time. Madrid will incur the fury of the rest of Europe just like last time.
You can see why the Eurocrats want a European army. They will use NON-nationals to put down any nascent revolts. "They" claim that they need a European army to defend themselves from Russia. Nigel Farage asked in the EU parliament, "who do you think you're kidding"?
"They" plan to have a united states of Europe no matter how many people they have to kill and imprison.

10/19 Protests sweep Lebanon as fury at ruling elite grows – Reuters
That certainly appeared out of the blue. A suspicious person might think that a certain neighbour wants to destabalize the home of Hezbollah.
10/19 David Stockman on how the US went from America first to empire first – IM
Mandated by our overloards in Tel Aviv.
The groundwork was laid down many years ago.

India and Pakistan are heating things up.
The Affordable Care act, "As we recently reported, 66.5 percent of all bankruptcies in the US are tied to medical issues, either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills."
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Old 10-20-2019, 09:19 PM
Danny B Danny B is online now
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Failure of Interest-rate & oil derivatives

Warren Buffett once called derivatives “financial weapons of mass destruction.” ... “In our view, however, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal,” 2002
Warren Buffett's company is sitting on $122 billion in cash
"Rates in the $2.2 trillion market for repurchase agreements rose as high as 10% on September 17 as demand for overnight cash from companies, banks and other borrowers exceeded supply."
The FED had to step in because Buffet and other refused to lend liquidity to a crashing market.
The FED originates about $100 billion a day and, has extended this into November.

Deutsche Bank capitalized to $14.1 billion.
Bank Run: Deutsche Bank Clients Are Pulling $1 Billion A Day July 2019.
Deutsche Bank pegs its derivatives exposure at about $22 trillion 2019
On July 21, 2011, ... A derivatives book of $49 trillion notional puts Deutsche Bank
After a $354 Billion U.S. Bailout, Germany’s Deutsche Bank Still Has $49 Trillion in Derivatives April 17, 2019
Fed’s Balance Sheet Spikes by $253 Billion, Now Topping $4 Trillion

"According to an article in the Financial Times last week “Germany’s federal and state governments have spent €70bn on bailing out banks since the financial crisis, according to an estimate by Gerhard Schick, head of lobby group Finance Watch.” The figure of €70bn is about 79 billion U.S. dollars. Why did the U.S. Fed throw $364 billion at one German bank when its country of origin has only reached in its pocket to the tune of $79 billion for all of its troubled banks? (Read on for the answer.)

During 2018, the serially troubled Deutsche Bank – which still has a vast derivatives footprint in the U.S. as counterparty to some of the largest banks on Wall Street – trimmed its exposure to derivatives from a notional €48.266 trillion to a notional €43.459 trillion (49 trillion U.S. dollars) according to its 2018 annual report."

I suspected that all this cash was used to rescue failing derivatives from Deutsche Bank that are held by U.S. banks.
Here is what Jim Willie wrote when I queried him about,,, where I suspected the cash was going.
Jim Willie,
“This enormous cash flow to the banks is used to settle crashing derivatives written on interest rates. As the Zero Interest Rate Policy (ZIRP) and Negative Interest Rate Policy (NIRP) float around the system, with a massive USGovt debt as background, the counter-parties are demanding settlement. Then another broken side. The enormous cash flow is also used to settle dismantled Petro-Dollar derivatives. As the USDollar to crude oil connection breaks down, amidst shattered US-Saudi relations, the counter-parties are demanding settlement. Every major platform to the USD-based financial system is in breakdown mode.” ~ Jackass"

Russia and Iran have a LOT of oil. Both are pulling away from the SWIFT system AND the dollar.
Just to make matters more difficult, Russia (Rosneft) is taking over oil production in Venezuela. Venezuela reportedly has more oil that Saudi Arabia in it's Orinoco basin.
Reportedly, Syria has more oil in the Golan that Saudi Arabia has. Russia is guaranteeing Syrian stability.

Banks Are Tired of Losing Money on Fracking Loans – WSI ...
https://news.wsifn.com › banks-are-tired-of-losing-money-on-fracking-loans
Jun 9, 2019

Money-losing fracking industry struggling to attract new ...
ieefa.org › money-losing-fracking-industry-struggling-to-attract-new-inves...
Feb 25, 2019

How long can the fracking spending spree last ...
https://www.houstonchronicle.com › business › energy › article › How-lon...
Sep 14, 2018

Why fracking isn't the answer to the 'peak oil' crisis | Opinion
How America's 'most reckless' billionaire created the fracking
Shale Pioneer: Fracking Is An “Unmitigated Disaster” | OilPrice ...
https://oilprice.com › Energy › Energy-General
Jun 24, 2019 - Fracking has been an “unmitigated disaster” for shale companies themselves

US Fracking Industry is Losing Epic Amounts of Money ...
https://www.youtube.com › watch
Could Fracking Industry Debt Trigger a Financial Crisis?

America's shale firms don't give a frack about financial returns ...
https://www.economist.com › business › 2017/03/25 › americas-shale-firm...

Mar 25, 2017 - But shale fracking—the business of getting oil and gas out of rocks by blasting ... The business has burned up cash for 34 of the last 40 quarters, ... at more than $1bn—shale firms are on an unparalleled money-losing streak.

Jim Willie, "The enormous cash flow is also used to settle dismantled Petro-Dollar derivatives. As the USDollar to crude oil connection breaks down, "
This is easy enough to believe.
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Old 10-20-2019, 10:02 PM
Danny B Danny B is online now
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Location: L.A. Ca.
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Armstrong,,, Tor,,, barcelona,,,1987 crash

"Fed’s Balance Sheet Spikes by $253 Billion, Now Topping $4 Trillion"
Armstrong makes NO mention of this. He has never mentioned that frackers lost $280 billion.
This Federal Policy Enabled the Fracking Industry's $280 billion loss....
https://www.resilience.org › stories › this-federal-policy-enabled-the-fracki...
May 22, 2018

1/4 $trillion in new liquidity dumped into the system to rescue counterparties of Deutsche bank. NO mention from Armstrong.
Though, he does write about Great Thurberg and, the global warming hoax.

10/19 Spain calls in Civil Guard to outskirts of Barcelona – Reuters
10/20 Dramatic footage shows Spanish police in brutal Catalonia protest crackdown – ZH

Madrid just doesn't seem to learn that the Catalans are yearning from bloody headlines.
I lived in Madrid for a while and, it is very nice. The spectre of Franco still seems to linger in the halls of justice. They just can't win the PR battle by beating people up.
10/20 Hong Kong: Tear gas, petrol bombs shatter calm – Reuters
Will the Chinese go down the same road?

10/20 Mich Congressman calls Hillary Clinton a ‘Trump asset’ after Gabbard Comments – NW
I'm sure that this was well-received.
10/20 After backlash, Trump says his Doral resort won’t host G-7 summit – Politico
The Secret Service told him that it was indefensible.

10/19 Serious dark web warning issued after Tor browser users have bitcoin stolen – Forbes
10/20 Fake Tor browser has been spying, stealing bitcoin ‘for years’ – Coindesk
10/20 Bitcoin price falls under $8k with ‘ugly’ scenarios on all timeframes – Coin Telegraph

10/20 Bipartisan shrug as US budget deficit nears $1 trillion – Voice of America

"So, what actually happened on October 19th, 1987 that was different than the last few market collapse events and why is it so similar to what is happening today?

On October 19, 1987, a different set of circumstances took place. This was almost a perfect storm of sorts for the markets. " "Our researchers believe the declines in the US markets in early October 1987 set up a breakdown event that, once support was broken, prompted a collapse event where liquidity issues accelerated the price decline volatility – much like the “flash crash”. Global investors were unprepared for the scale and scope of the price decline event and panicked at the speed of the price collapse. "
Keep in mind that it is a different world today. The stock exchanges have "circuit breakers" to day if things get too crazy. The circuit breakers shut down trading for 10 seconds.
"In Part II of this article, we’ll explore the potential of another Black Monday type of setup that may be playing out before our very eyes right now in the US stock market."

"But if you look closer, today’s correction isn’t much like the dot-com bubble at all. In fact, it might be more accurate to say that what’s happening today is the very opposite of the dot-com bubble."
"Consumer tech grabs most of the headlines. But enterprise tech, whose top clients are other businesses, grabs most of the profit."

The Verdict Is In: "Negative Rates Are A Huge Negative For Savers, Low-Income People, And Investors"
"the far bigger problem faced by central bankers is that they really have nothing else up their sleeve, and should negative rates be denied by the establishment, it may well mean game over for the financial system as we know it."

Jamie Damon, “[Negative rates] has huge negatives for savers and low-income people, for investors and for the capital markets. "
“Insurance companies and pension funds have no way to neutralize the negative rates"

[B]A US-China Trade Deal Will Likely Be A Zero-Sum Game[/
10/20 East St. Louis closes fire house, lays off firefighters to make pension payments – CF

California is already home to almost half of the country's homeless.
Believe it.
At the same time, government pension costs are rising across the state; faster in California than in the rest of the nation.
"a recent paper by economists Joshua Rauh and Ryan Shyu found that out-migration of top-bracket taxpayers accelerated after the state's 2012 income tax hike.

"Among top-bracket California taxpayers, outward migration and behavioral responses by stayers together eroded 45.2% of the windfall tax"
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