Posts Categorized: In The News

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Bill Holter’s Commentary

Unless these people are camping out for next years season tickets, this is an absolute travesty on all levels. The saddest thing are the arrests being made in California for feeding the homeless…What do you suppose the entire nation will look like once the dollar loses reserve currency status?

Bill Holter’s Commentary

Venezuela is a road map for “the world” at large.

Venezuela’s Cash Crisis: You Can’t Get $1 From A Bank. I Tried.
January 18, 2017

This was a typical day in Caracas, Venezuela, capital of the world’s most miserable economy.

In most of the world, getting a little money out of the bank is an errand, something forgettable. In Venezuela, for millions of people, it is complicated, tedious and surreal, or just impossible.

I moved here a year and a half ago to cover the country’s economic crisis as a freelance journalist. I knew how bad things were, but I never imagined the constant daily struggle to achieve even the simplest of tasks.

As Venezuela has sunk to new depths, prices have skyrocketed, and the currency, the bolivar, has become next to worthless. Supermarkets and banks have become scenes of confusion and chaos: Are they open? Do they have money or food? How much can I get?

Inflation is so rampant — some experts say it ran above 4,000% last year — that it has devoured people’s salaries.

As I write this, one dollar fetches about 191,000 bolivars, according to the black market exchange rate that everyone uses. (Nobody trusts the overvalued official rate because the government has lost credibility among ordinary Venezuelans and in international markets that determine exchange rates.)

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Bill Holter’s Commentary

Great article and wish I had written it.  Sometimes the truth hurts …but it is still the truth!

Of Crudeness and Truth
January 12, 2018

Nothing scandalizes a leftist like the truth. Point out that women and men are different, that black Americans commit a disproportionate amount of violent crime, that most terrorist acts are committed by Muslims, and the Left leaps to its collective feet in openmouthed shock, like Margaret Dumont after a Groucho Marx wisecrack. This is racism! This is sexism! This is some sort of phobia! I’m shocked, shocked to find facts being spoken in polite company!

No one is really shocked, of course. This is simply a form of bullying. The Left has co-opted our good manners and our good will in order to silence our opposition to their bad policies. The idea is to make it seem impolite and immoral to mention the obvious.

The bullying is highly effective and very dangerous. In England, in the city of Rotherham, at least 1,400 non-Muslim girls, some as young as 11, were brutally raped by Muslim immigrants over a period of years in the 2000s. Police and other officials worked to keep the facts hidden because, according to multiple reports, they were afraid of being called racist. Think about that: police officers did not want to seem racist, so they stood by and let their city’s children be raped. The same thing goes on in other cities in England and throughout Europe. And in fact, some who have spoken out have had their careers curtailed by manufactured scandal. The message is clear: it’s just not nice to tell the truth. It’s just not done. Don’t do it.

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Bill Holter’s Commentary

Add this to the recent ZH article on vintage car prices dropping hard and you can see the barely higher interest rates are already biting hard!

Greenwich Mansions Get Biggest Discounts Since Lehman Fell
January 17, 2018

The fourth quarter was the best time for luxury-home sales in Greenwich last year. It also had the biggest discounts in almost a decade for the tony Connecticut town.

High-end homes that changed hands in the quarter had their prices cut by an average of 13.5 percent, the most since the last three months of 2008, when the housing market all but froze in the months after Lehman Brothers Holdings Inc. filed the largest bankruptcy in U.S. history, according to a report Thursday by Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

The discounts, in a market that’s still bloated with lavish homes, helped clear some of the backlog. There were three sales for more than $20 million in the fourth quarter. There was only one earlier last year, and none for all of 2016, the firms said.

“Sellers were unrealistic in their pricing and were chasing the market,” Scott Durkin, president of Douglas Elliman, said in an interview. “The real sellers, who wanted to sell, have negotiated down from their asking price.”

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Bill Holter’s Commentary

It’s called “back to basics”…

Online Gold Coin Sales Jumped 400% as Bitcoin Plunged
January 17, 2018

Bullion dealer Sharps Pixley, a subsidiary of Europe’s largest precious metal coin and bar outlet, regularly sees trades north of a million pounds, while sales of gold coins at Frankfurt-based CoinInvest jumped fivefold as the largest digital asset collapsed after surging 1,400 percent last year, according to Director Daniel Marburger.

“Yesterday was a hell of a crazy day,” he said from Frankfurt. “Emails and phones did not stand still with customers asking how they could turn their crypto into gold.”

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Bill Holter’s Commentary

The title should read…”threaten the world as we know it”!

China banking regulator chief warns ‘black swan’ event could threaten financial stability: People’s Daily
January 16, 2018

SHANGHAI (Reuters) – China’s banking regulator chief warned that a “black swan”, or an unforeseen, event could threaten the country’s financial stability, official People’s Daily reported on Wednesday.

In an interview with the paper, Guo Shuqing said that while risks in the financial system are manageable, they are still “complex and serious.”

Since his appointment as the head of the China Banking Regulatory Commission early last year, Guo has introduced a flurry of new rules to reign in lender risks including from curbs on shadow banking activities to the crackdown on loan fraud.

Guo said the dangers stem from the pressure of rising bad debt, imperfect internal risk systems at financial institutions, the relatively high levels of shadow banking activities and rule violations.

All of these risks could upend financial stability through a “black swan” event, Guo told the People’s Daily, referring to major, unexpected occurrences.

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Bill Holter’s Commentary

…and only days before they start trading oil for yuan, is this a coincidence?

Chinese agency Dagong cuts U.S. sovereign ratings to BBB+ from A-
January 16, 2018

BEIJING (Reuters) – China’s Dagong Global Credit Rating Co, one of the country’s most prominent ratings firms, on Tuesday cut the local and foreign currency sovereign ratings of the United States, citing an increasing reliance on debt in the world’s largest economy.

Dagong said in a statement that it cut the sovereign ratings to BBB+ from A- and also placed them on a negative outlook.

The growing reliance on the debt-driven mode of economic development will continue to erode the solvency of the U.S. federal government, the Beijing-based ratings agency said.

In December, U.S. President Donald Trump signed into law a package of tax cuts that will add $1.4 trillion over a decade to the $20 trillion national debt.

“Deficiencies in the current U.S. political ecology make it difficult for the efficient administration of the federal government, so the national economic development derails from the right track,” Dagong said.

“Massive tax cuts directly reduce the federal government’s sources of debt repayment, therefore further weakens the base of government’s debt repayment.”

The U.S. embassy in Beijing could not immediately comment.

International ratings agencies Fitch and Moody’s Investors Service both give the United States their top AAA ratings. S&P Global has put the U.S. on a slightly lower grade of AA+ since 2011.

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DHS Seeking To Charge Leaders Of Sanctuary Cities
January 16, 2018

Homeland Security Secretary Kirstjen Nielsen confirmed Tuesday that her department has asked federal prosecutors to see if they can lodge criminal charges against sanctuary cities that refuse to cooperate with federal deportation efforts.

“The Department of Justice is reviewing what avenues may be available,” Ms. Nielsen told the Senate Judiciary Committee.

Her confirmation came after California’s new sanctuary law went into effect Jan. 1, severely restricting cooperation the state or any of its localities could offer.

U.S. Immigration and Customs Enforcement Director Tom Homan says those policies put his officers and local communities at more risk because they have to arrest illegal immigrants out in the community.

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Greyerz – Governments And Central Banks Are About To Totally Lose Control, Ushering In $10,000 Gold, $667 Silver And Global Panic
January 14, 2018

As we continue to kickoff the new year, today the man who has become legendary for his predictions on QE and historic moves in currencies, warned King World News that governments and central banks are about to totally lose control of the global financial system, ushering in $10,000 gold, $667 silver and global panic.

January 15 (King World News) – Egon von Greyerz:  “The world is now between Scylla and Charybdis, which means between two evils. Thus, there is no solution or positive outcome of the the present state of the world economy. Scylla is the rock or the six headed monster, while Charybdis is a whirlpool or a black hole (a hard place).

Since 2006-2009, governments and central banks believe that they have made it through the strait of Messina, passing through Scylla and Charybdis, but sadly they are mistaken. The world is still desperately trying to get through the inescapable passage that would lead to safety. By printing unlimited amounts of money and thus doubling global debt, there is a general belief that the world has passed the dangers. But sadly that is not the case. We are still in very dangerous waters.

Will the world economy be trapped by Scylla, the rock, and incur damages that will have severe consequences for the world economy for years or even decades? Or will we be unlucky to be caught by the whirlpool or black hole of Charybdis? Let’s hope not, especially since that would mean the end of the world as we know it for a very, very long time.

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Bill Holter’s Commentary

More bad news for the dollar…

Bundesbank Says It’ll Add China’s Yuan to Currency Reserves
January 14, 2018

Germany’s central bank has decided to include the Chinese yuan in its own reserves, in a further boost to the international status of the currency.

Speaking at an event in Hong Kong on Monday, Bundesbank board member Andreas Dombret said the decision was taken last year following an investment of 500 million euros ($611 million) by the European Central Bank, of which the German authority is a part. He said he wouldn’t comment on the amount that would be allocated.

“The renminbi is used increasingly as part of central banks’ foreign-exchange reserves — for example, the ECB included the RMB but also other European central banks did so,” Dombret said during a speech in Hong Kong Monday.

Following the fanfare around the yuan’s acceptance to the International Monetary Fund’s reference basket of currencies, or Special Drawing Rights, in 2016, the march of the yuan has slowed down. With capital controls still in place, the currency backed by the world’s second-largest economy has dropped to the sixth most-used worldwide from a record fourth ranking in August 2015, according to Swift data.

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Bill Holter’s Commentary

On the other hand, gold and silver actually prefer the “dark”…

One of the Biggest Crypto Exchanges Goes Dark and Users Are Getting Nervous
January 12, 2018

One of the biggest cryptocurrency exchanges has been down for hours and its clients are starting to freak out.

Kraken went offline at 9 p.m. Pacific Time on Wednesday for maintenance that was initially scheduled to last two hours, plus an additional two to three hours for withdrawals, according to an announcement on the San Francisco-based company’s website.

“We are still working to resolve the issues that we have identified and our team is working around the clock to ensure a smooth upgrade,” according to a status update on Kraken’s website posted seven hours ago. “This means it may still take several hours before we can relaunch the site.”

In previous updates, Kraken mentioned it’s working on “unexpected and delicate issues” and assured clients their funds were secure, adding that “Yes, this is our new record for downtime since we launched in 2013. No, we’re not proud of it.”

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Bill Holter’s Commentary

…now show us yours!

Move Over Fort Knox: Here’s An Actual Look Inside Russia’s Gold Vaults At Their Gold Reserves
January 10, 2018

It’s no secret that Russia has been stacking the shiny phyzz for years, and here’s a glimpse showing exactly how they stack…

Article originally sourced via English Russia

Photos from main gold storage of Central Bank of Russia. Almost 1800 tons of gold is stored here. This is the main storage of gold in Russia. This makes Russia to be number six in the world by gold storage.

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Bill Holter’s Commentary

Grab the popcorn for this one folks!

New Survey Reveals Staggering Number Of People Are Buying BitCoin On Their Credit Cards
January 12, 2018

A few weeks ago we presented anecdotal evidence from Joseph Borg, director of the Alabama Securities Commission, suggesting that people are taking out home equity loans and cash advances on credit cards just to purchase BitCoin in the hopes of getting rich quick (see: “It’s In The Mania Phase”: Securities Regulator Warns That “Mortgages Are Being Taken Out To Buy Bitcoin”)

“We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.

“This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”

“You’re on this mania curve. At some point in time there’s got to be a leveling off. Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is bitcoin or not, I don’t know,” Borg said in an interview with “Power Lunch.”

Now it seems that the speculation by Borg has been confirmed by a new survey conducted by LendEDU which found that, among other things, nearly 20% of people who have purchased BitCoin have done so using their credit cards.

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Bill Holter’s Commentary

WOW, this one’s a real shocker!

Pew: US Media Bias Ranks Worst In The World
January 11, 2018

More than in any other country, Americans on both sides of the political aisle believe the media does a poor job covering political issues fairly, according to a blockbuster new survey of media consumption in 38 nations.

What’s more, the Pew Research Center’s study found that supporters of President Trump believe the media is doing a worse job covering politics than the supporters of any of the other international political leaders in countries surveyed.

“Large gaps in ratings of the media emerge between governing party supporters and non-supporters. On the question of whether their news media cover political issues fairly, for example, partisan differences appear in 20 of the 38 countries surveyed. In five countries, the gap is at least 20 percentage points, with the largest by far in the U.S. at 34 percentage points,” said Pew.

The survey found that just 21 percent of Americans supportive of Trump and Republicans believe the media is fair. Some 55 percent of those who don’t back Trump also believe the media is fairly covering politics in the U.S.

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Bill Holter’s Commentary

Real? Or fake news?

US Has To Buy Russian Natural Gas As Consumer Prices Soar
January 9, 2017

Russia will deliver liquefied natural gas (LNG) to the US, Kommersant daily reports. The reason for the deal is the sharp rise in gas prices on the east coast of the US.

An LNG tanker belonging to French energy company Engie is now shipping from the British port of Isle of Grain to an American terminal, Everett, located near Boston.

The gas being shipped is from Russia’s Yamal LNG plant, according to the newspaper. The tanker is due to arrive in the US on January 22.

As the newspaper reports, the deal was signed because of rising gas prices – to an unprecedented $6,300 per a thousand cubic meters – on the east coast of the US. Extreme weather conditions, in particular a snow storm, led to the price hike.

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Supreme Court Agrees To Review SEC’s In-House Judges
January 12, 2018

Law360, New York (January 12, 2018, 3:01 PM EST) — The U.S. Supreme Court agreed Friday to consider whether the hiring of U.S. Securities and Exchange Commission administrative law judges violates the appointments clause of the Constitution, a case that could call into question the legitimacy of past rulings by the administrative judges.

The high court will resolve a split between the D.C. Circuit and the 10th Circuit over whether ALJs are “inferior officers” or regular federal employees.

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Analyst David P. Out Of Europe – $3,500 Gold Target!
January 12, 2018

On the heels of gold and silver continuing their recent surges, analyst David P. out of Europe sent King World News two extremely important gold charts along with a $3,500 price target for gold.

Major Breakout In The Gold Market

January 12 (King World News) –The following long-term gold charts and commentary were sent to KWN by analyst David P. out of Europe:  “Right now gold is testing the last major resistance before the big move (see chart below).

Massive Gold Breakout Taking Place!

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Jim Sinclair’s Commentary

Today’s world requires courage.

Bill Holter’s Commentary

Here we go with Antarctica news again.  What are they getting us ready for?

NASA Detects Strange Electric-Blue Clouds Over Antarctica
January 8, 2018

NASA’s AIM spacecraft is monitoring a vast ring of electric-blue clouds circling high above Antarctica.

These are noctilucent clouds (NLCs), made of ice crystals frosting specks of “meteor smoke” in the mesosphere 83 km above the frozen continent. Here is an animation from the past week:

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Bill Holter’s Commentary

This is about as negative for EVERYTHING paper as it gets …and conversely positive for gold and silver!  If China try follows through with this, they have effectively pulled the plug and shut off the credit card of the U.S.

China Weighs Slowing or Halting Purchases of U.S. Treasuries
January 10, 2018

China added to bond investors’ jitters on Wednesday as traders braced for what they feared could be the end of a three-decade bull market.

Senior government officials in Beijing reviewing the nation’s foreign-exchange holdings have recommended slowing or halting purchases of U.S. Treasuries, according to people familiar with the matter. The news comes as global debt markets were already selling off amid signs that central banks are starting to step back after years of bond-buying stimulus. Yields on 10-year Treasuries rose for a fifth day, touching the highest since March.

China holds the world’s largest foreign-exchange reserves, at $3.1 trillion, and regularly assesses its strategy for investing them. It isn’t clear whether the officials’ recommendations have been adopted. The market for U.S. government bonds is becoming less attractive relative to other assets, and trade tensions with the U.S. may provide a reason to slow or stop buying American debt, the thinking of these officials goes, according to the people, who asked not to be named as they aren’t allowed to discuss the matter publicly. China’s State Administration of Foreign Exchange didn’t immediately reply to a fax seeking comment on the matter.

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Greyerz – This Is The Real Reason Why 2018 Will Be An Absolutely Terrifying Year
January 08, 2018

As we kickoff the new year, this is the real reason why 2018 will be an absolutely terrifying year.

January 8 (King World News) – Egon von Greyerz:  “Welcome to 2018 – a year that will be the culmination of at least 105 years of mismanagement of the Western financial system by governments, central bankers and the elite…

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Bill Holter’s Commentary

Made by man?…hackable by man!

The World’s Largest Biometric ID System Keeps Getting Hacked
January 8, 2018

Critics of India’s Aadhaar—the world’s largest biometric identification system—have been vocal about its infrastructural flaws for years. Their fears have turned into reality as the list of security breaches into the system keeps growing.

Access to the personal data of more than 1 billion people is for sale for less than $10 through WhatsApp. India’s The Tribune newspaper was able to buy the data and also claimed that it could buy software that would allow them to print fake Aadhaar cards for about $5 more.

Aadhaar data includes fingerprints, retina scans, names, addresses, and phone numbers through which SIM cards can be purchased, and important government services and bank accounts can be accessed. According to multiple reports, biometric data was not exposed on WhatsApp, but names, addresses, emails, photographs, and phone numbers were.

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Bill Holter’s Commentary

All I can cay is WOW!

Facebook Censors Charles C. Johnson For Writing “Hating Russians Is The Last Socially Acceptable Prejudice”
January 8, 2018

Facebook has censored the account of GotNews Editor-in-Chief Charles C. Johnson over a status he posted that simply read “Hating the Russians is the last socially acceptable prejudice.”

Johnson wrote the innocuous post to highlight how pervasive anti-Russian prejudice is in the public discourse right now:

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