Posts Categorized: In The News

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Jim Sinclair’s Commentary

The latest from John Williams www.shadowstats.com

– Nonsense in the Gross Domestic Product (GDP) Reporting
– Gross Domestic Income (GDI) – Theoretical Equivalent of the GDP – Gained 0.85% in First-Quarter 2017, After a Revised Fourth-Quarter Contraction of 1.38% (-1.38%), Previously up by 1.00%
– First-Quarter 2017 GDI Activity Still Is Below Third-Quarter 2016 – Headline First-Quarter Details Otherwise Showed Stalling Economy, with GDP at 1.15%, GDI at 0.85%, GNP at 0.99%
– Better-Quality Series Still Show Continuing, Protracted Economic Collapse, with No Recovery of Pre-Recession Highs and No Economic Expansion
– In the Context of Downside Benchmark Revisions, Durable Goods Orders Declined Month-to-Month, Before and After Inflation and/or Commercial Aircraft Orders
– Monthly New- and Existing-Home Sales Declined in March, In the Continuing Context of Low-Level, Non-Recovered Stagnation
– Real Median Monthly Household Income Has Shown No Net Gain Since February 2002

“No. 889: GDP Revision, April Durable Goods and Home Sales”

www.shadowstats.com

Microsoft Warns Of ‘Orwellian Future’ As Wikileaks Exposes Participation With Surveillance
May 25, 2017

Recently, an instalment of WikiLeaks’ Vault7 documents came to light that exposed two CIA malware programs that specifically infect Microsoft computers with the purpose of carrying out tasks on infected computers, checking for scheduled events, and collecting data.

The revelation put Microsoft in the hot seat, with people speculating that the tech giant may have been aware that the CIA works with features specifically built into Microsoft computers to collect data and perform tasks.

Microsoft’s history would suggest the worst, from Edward Snowden’s 2013 leaks that revealed Microsoft had “collaborated closely with US intelligence services to allow users’ communications to be intercepted, including helping the National Security Agency to circumvent the company’s own encryption,” to the NSA bragging about their newly acquired ability to triple the amount of Skype video calls being collected through Prism just nine months after Microsoft bought Skype.

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Bill Holter’s Commentary

Some Friday humour for you! – I found this on Amazon, I guess it slipped by their software/bots? Never in my life have I put a bumper sticker on any of my cars, that may change!

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Bill Holter’s Commentary

One man’s warning…

DO THE MATH: Here’s The Rational Analysis Why 99% Of Current Bitcoin Owners Will Never Be Able To Sell Bitcoins For Anything Close To Its Imagined Current Value
May 24, 2017

Disclaimer: I am pro-Bitcoin and pro crypto-currency. For 15 years, I have publicly and repeatedly criticized the central banks, fiat currency systems and the systematic theft of purchasing power from the People by corrupt banking cartels. This is not a hit piece on Bitcoin but rather a rational analysis of why the current Bitcoin BUBBLE is dangerous for novice investors as well as the long-term reputation of the Bitcoin crypto currency. I have mined a few Bitcoins over the last two years. I now hold just 0.25 Bitcoins in total, having just traded almost my entire Bitcoin wallet for physical gold. (Yes, somebody gave me GOLD in exchange for a virtual wallet. Seriously.) Why did I do that? Because I can do math. Here’s what I discovered:

# of Bitcoins currently in circulation: Roughly 16,350,000

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Bill Holter’s Commentary

Very sad President Trump is attacked on anything and everything. He could spell it out for her but would be a waste because she apparently “can’t read ” anyway. (sarc.)

Nancy Pelosi Complains Trump Not Visiting Countries In Alphabetical Order
May 26, 2017

Has Nancy Pelosi completely lost her mind? Or does she just have to complain about everything President Trump does?

During a press briefing on Thursday, the House Minority Leader criticized the president’s choice of visiting Saudi Arabia first during his inaugural foreign trip.

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Bill Holter’s Commentary

…and this guy is the one who decides what is real and what is fake news? How about erasing all student loans and making college free for all? I guess we have come a long, long way from “a chicken in every pot”? I may not be a rocket scientist but this guy defines economic ignorance (in my opinion which for now I am still entitled to). Funny the “location” where he gave this speech … no less than Harvard!

Mark Zuckerberg Calls for Universal Basic Income in His Harvard Commencement Speech
May 25, 2017

Facebook CEO Mark Zuckerberg has become the latest major tech figure to call for universal basic income as a solution for inequality, joining a growing chorus from Silicon Valley.

“Every generation expands its definition of equality. Now it’s time for our generation to define a new social contract,” Zuckerberg said during his commencement speech Thursday at Harvard University. “We should have a society that measures progress not by economic metrics like GDP but by how many of us have a role we find meaningful.”

“We should explore ideas like universal basic income to give everyone a cushion to try new things,” he said.

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Video: Obama’s NSA conducted illegal searches on Americans for years: Report
May 24, 2017

On Wednesday, May 24, Judicial Watch Director of Investigations and Research Chris Farrell appeared on “Lou Dobbs Tonight” on the Fox Business Network to discuss the NSA under Obama routinely violated American privacy protections by conducting illegal searches for years.

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Bill Holter’s Commentary

A heads up for our Canadian friends, what’s in your bank?

Canadian Banks Derivatives Expanded By A Trillion in 2016
March 28, 2017

Since we reported on the total notional derivatives exposures of the big 5 Canadian banks in Q1 2016, the banks have collectively continued to expand their derivatives portfolios.

The following table summarizes the total exposures of the Big 5 based on the 2016 Q4 report from the Office of the Superintendent of Financial Institutions (OSFI).

Whereas Scotiabank has seen its derivatives books reduced significantly and BMO’s reduced somewhat, the increase in exposure by the other 3 banks way more than offset the shrinkages at Scotiabank and BMO. Particularly of note is TD Bank which increased its notional by a whopping $1.57 trillion (that right, $1,574 billion, 21% increase since Q1).

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Bill Holter’s Commentary

This seemingly “local” stand off is a potentially VERY BIG loose thread being tugged on. Please do a little research on who “Imran Awan” is and you will see what I mean. Of course had Hillary won the election we would not even have heard of his name…

Wasserman Schultz Threatened Police Chief For Gathering Evidence On Her IT Staffer’s Alleged Crimes [VIDEO]
May 24, 2017

Rep. Debbie Wasserman Schultz threatened the chief of the U.S. Capitol Police with “consequences” for holding equipment that she says belongs to her in order to build a criminal case against a Pakistani staffer suspected of massive cybersecurity breaches involving funneling sensitive congressional data offsite.

The Florida lawmaker used her position on the committee that sets the police force’s budget to press its chief to relinquish the piece of evidence Thursday, in what could be considered using her authority to attempt to interfere with a criminal investigation.

The Capitol Police and outside agencies are pursuing Imran Awan, who has run technology for the Florida lawmaker since 2005 and was banned from the House network in February on suspicion of data breaches and theft.

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Bill Holter’s Commentary

…and today isn’t even April 1st?

NJ Emergency Alert System Accidentally Activates, Sends Nuclear Warnings to Some TVs
May 24, 2017

A false alarm that went out to some people’s television sets Tuesday might have scared some in New Jersey.

A nuclear power plant warning issued in Cumberland and Salem counties was sent out by mistake.

The message that was sent out said “a civil authority has issued a nuclear power plant warning for the following counties/areas.”

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Bill Holter’s Commentary

Please note the very last sentence;

“Regulators fearing such risk factors as defaults have stepped up a crackdown on shadow banking since April.”

Isn’t “cracking down” always what leads to the risk curtain between flung open?

China’s Bond Market Chaos Continues – Yield Curve Double-Inverts
May 22, 2017

China’s $1.7 trillion government-bond market is turning curiouser and curiouser…

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In a fresh sign of the nerves among investors caused by Beijing’s campaign this spring to make Chinese markets less risky, the yield on seven-year government bonds rose to 3.79% on Monday, above the yield on both five-year and 10-year bonds.

The highly unusual move means that China’s government-bond yield curve now resembles a triangle, with the seven-year yield at its highest since October 2014. Furthermore, the Chinese curve has a double-inversion 3s to 5s and 7s to 10.

In fact the 3s10s spread is the most negative ever…

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Bill Holter’s Commentary

Is this an event that might effect “credit”, who get’s it, how it is dispersed …and maybe even whether it remains available? Do not pooh pooh this, we are all in the same swimming pool and a turd on the other side of the world will contaminate the whole pool!

Enron 2.0? Asia’s Largest Commodity Trader Halted After Crashing To 16 Year Lows On S&P Downgrade
May 22, 2017

Once Asia’s largest commodity trader, Noble Group has been halted after crashing almost 30% this morning following S&P lowering its corporate credit rist rating to CCC+, citing continuing weak cash flows and profitability…

“We downgraded Noble because we believe the company’s capital structure is not sustainable,”

“The negative outlook on Noble reflects the potential that the company will face distress and a non-payment of its debt obligations over the next 12 months,”

This is the lowest prices for the Singapore-based firm since 2001…

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Bill Holter’s Commentary

The bankers start us off young with lies…

San Francisco Fed Prez Tells High School Students Gold Irrelevant
May 21, 2017

On Friday, San Francisco Fed President John Williams told a group of high-school students at El Camino High School in South San Francisco that the dollar was safe as the world’s reserve currency and that gold is irrelevant to Fed monetary policy—which in a superficial way is accurate since the Fed hates gold and will talk about any other market indicator but gold.

Though you can be sure that while Williams and other Fed officials diss gold, they know very well where the price of gold is and watch it closely.

This has always been the case, I have been told by a person who was waiting in an ante-room to visit Paul Volcker when he was Fed chair that the first thing Volcker did when walking into the office was to ask his secretary for the gold quote.

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Bill Holter’s Commentary

Didn’t the U.S. already do this very same thing in 1933?

Greek Authorities To Launch Mass Confiscation Of Safe Deposit Boxes, Securities, Homes In Tax-Evasion Crackdown
May 22, 2017

Last week, the Greek parliament once again approved more austerity to unlock withheld Greek bailout funds in Brussels: a symbolic move, which has little impact without any actual follow through, like for example, actually imposing austerity. And while Greeks have been very good in the former (i.e. promises), they have been severely lacking in the latter (i.e. delivery).

That may be changing. According to Kathimerini, Greek Finance Ministry inspectors are about to start seeking out the owners of all local undeclared properties, while the law will be amended to allow for financial products and the content of safe deposit boxes to be confiscated electronically. The plan for the identification of taxpayers who have “forgotten” to declare their properties to the tax authorities is expected to be ready by year-end, according to the timetable of the Independent Authority for Public Revenue.

What follows then will be a wholesale confiscation by the government of any asset whose source, origins and funding can not be explained

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Jim Sinclair’s Commentary

Sky News reports a second explosive device found so, if true, that confirms terrorism.

Deaths Confirmed After Manchester Arena Blast Reports
May 22, 2017

A number of people have died and others have been injured following a reported explosion at Manchester Arena.

Witnesses said they heard two loud bangs, reported to in the foyer, after a pop concert by singer Ariana Grande.

Greater Manchester Police said there are a “number of confirmed fatalities and others injured”.

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Jim Sinclair’s Commentary

The latest from John Williams’ www.shadowstats.com

– U.S. Political-System Instability Would Threaten U.S. Dollar, Financial-Market and Economic Tranquility
– Downwardly-Benchmarked Durable Goods Orders and Shipments of Manufacturers Showed Weaker Historical Economic Activity and Potential Downside GDP Revisions
– Heavily-Stressed Consumer Liquidity Conditions Continue to Prevent Sustainable Economic Growth

“SPECIAL COMMENTARY No. 888: Political Stability versus the Economy and Financial Markets, Durable Goods Benchmarking, Consumer Liquidity”

www.shadowstats.com

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Bill Holter’s Commentary

Wolf Richter illustrates what Richard Russell always said, “inflate or die”. This time around there is just too much debt burdening the entire system…INCLUDING sovereign treasuries!

Oops, this Wasn’t Supposed to Occur in a Rosy Credit Scenario
May 20, 2017

It’s always associated with a recession: last time, the Financial Crisis.

Over the past five decades, each time commercial and industrial loan balances at US banks shrank or stalled as companies cut back or as banks tightened their lending standards in reaction to the economy they found themselves in, a recession was either already in progress or would start soon. There has been no exception since the 1960s. Last time this happened was during the Financial Crisis.

Now it’s happening again – with a 1990/91 recession twist.

Commercial and industrial loans outstanding fell to $2.095 trillion on May 10, according to the Fed’s Board of Governors weekly report on Friday. That’s down 4.5% from the peak on November 16, 2016. It’s below the level of outstanding C&I loans on October 19. And it marks the 30th week in a row of no growth in C&I loans.

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Bill Holter’s Commentary

The story referenced in this week’s interview with Bill and Jim. Swept under the rug…so far?

474 Arrested, 28 Sexually Exploited Children Rescued During Statewide Human Trafficking Operation: LASD
February 1, 2017

Hundreds of people were arrested and dozens of sexually exploited children and adult victims were rescued across California during a statewide operation to combat human trafficking, the Los Angeles County Sheriff’s Department announced Tuesday.

More than 30 federal, state and local law enforcement agencies and task forces, including the Los Angeles Regional Human Trafficking Task Force, participated in the third annual “Operation Reclaim and Rebuild” enforcement operation, according to a sheriff’s news release.

The statewide operation took place over the three-day period between last Thursday and Saturday.

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Bill Holter’s Commentary

So which is it? Or, better yet, which time were you lying? When you were under oath or your statements as a disgruntled employee? Liar, liar pants on fire!

 

Bill Holter’s Commentary

A reasonable and easy to read discussion on silver.

Silver: Train Leaving Station Soon!
May 18, 2017

Silver prices are rising along the bottom of a 20 year log scale trend channel (shown later). There are no guarantees in a manipulated paper market, such as COMEX silver, but it is possible that silver prices will collapse further, or more likely, move substantially higher, sooner rather than later.

Silver prices COULD fall from their current level of $16 – $17 to under $10. Other events that COULD occur include:

You could win the Powerball Lottery.

The U.S. congress could balance the budget and reduce debt.

The Federal Reserve could apologize for destroying the dollar.

President Putin and Hillary could sing “Kumbaya” together.

The Middle-East could ascend into a century of peace.

And it is possible that silver prices could drop under $10.

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Bill Holter’s Commentary

…so what is the truth?

Who’s Lying About The Murder Of DNC Staffer Seth Rich?
May 18, 2017

(Derrick Broze, Activist Post) On Tuesday, Fox5 in Washington D.C. released a new report claiming that Democratic National Committee staffer Seth Rich was in contact with WikiLeaks prior to his murder in July 2016. The report claims a private investigator hired by Rich’s family has found tangible evidence of a connection to Rich and WikiLeaks.

According to D.C. police, Rich was shot twice in the back as part of a botched robbery in D.C.’s Bloomingdale neighborhood. Curiously, Rich’s wallet, money, and an expensive watch were not taken during this robbery attempt. Only 12 days after Rich’s death, WikiLeaks began releasing thousands of hacked emails from the DNC. The apparent hacker behind the leaks is a character known as Guccifer 2.0 who claimed to have accessed the emails via a vulnerability in DNC servers.

However, after the damaging emails became public, the deadstream media and Democratic power players denounced the leaks, calling them “fake news,” and accusing the Russian government of being involved in the hacks. Meanwhile, opponents of Hillary and supporters of WikiLeaks began speculating on the possibility of Rich’s death being connected to the DNC leaks. Now there is more fuel to that fire as Fox5 D.C. released an interview with private investigator Rod Wheeler, claiming that evidence “on Rich’s laptop that confirms he was communicating with WikiLeaks prior to his death.”

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