Posts Categorized: In The News

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Bill Holter’s Commentary

I urge you to read this once slowly, then a second time to digest fully. It is ALL about credit, remember this while reading the article…it is so spot on it’s scary!

$180 Billion Asset Manager: “There Is No Way Out, Fed Policies Can No Longer Be Exited Without Provoking The Next Crisis”
January 23, 2020

When just over three years ago, TCW’s Chief Investment Officer in Fixed Income, Tad Rivelle, who oversees roughly $180BN in assets, or more than Jeff Gundlach, stated that we are now living through the third consecutive asset bubble in a row, “the central bankers’ bubble” which followed the dot com and housing bubbles…

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… he naturally caused a stir as back then he was still one of the first established professionals to confirm and admit that this particular “tinfoil conspiracy theory” website had been right all along: the market’s performance was entirely due to the Fed, and that the longer the Fed’s “emergency” measures continued, the more locked in the central bank would be as the reverse process, namely price discovery without Fed intervention, would result in a catastrophic crisis that could even lead to global war.

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Bill Holter’s Commentary

The World Bank last week and the IMF this week? Do they know something obvious to the average inquisitive mind? Yes, they are buying gold as reserves instead of dollars…

IMF Warning: Another Potential “Great Depression”
January 22, 2020

The International Monetary Fund has issued a warning that’s largely been brushed aside by mainstream media. Kristalina Georgieva, the head of the IMF, is warning that the global economy risks another “Great Depression.”

What makes things worse, is that the propaganda outlets in the United States are continuing to ignore the red flags of a looming disaster. Mainstream Americans are blissfully unaware of what’s coming in this manipulated economy we are all forced to live under.

RT pointed out that, for instance, rudimentary Google searches suggest neither the Financial Times nor the Economist have covered Georgieva’s comments at all. It is very ethically questionable but also understandable, in a cynical sense, given their complete attachment to the doctrine of Neo-liberal economics and centralized banking. The worst part is that once the next Great Depression strikes, the masses won’t put the blame where it belongs, on the ruling class and banking elitists.

The United States is ill-prepared for any kind of economic downturn, too, let alone a massive global depression designed to impoverish every single person who isn’t a member of the ruling class. Yet, Russia seems to be prepared, at least, by comparison. Experts in the Russian capital have been saying for years: a major Western financial crash is both inevitable and reasonably imminent. And it’s going to make the 2008 meltdown look mild by comparison.

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Bill Holter’s Commentary

Really? If they print enough money, they can alter the climate? Where can we send our weather requests?

Central Banks Declare Climate Change As Core Mission
January 21, 2020

The Fed, ECB, Bank of England, and Bank of Japan have now embraced climate change as part of their mission.

They now want their hands in another thing they do not understand and cannot control even if they did.

Fed’s Core Mission Change

Lael Brainard, Chair of the Fed’s Committee on Financial Stability, says Climate Change Matters for Monetary Policy and Financial Stability.

So how does climate change fit into the work of the Federal Reserve? To support a strong economy and a stable financial system, the Federal Reserve needs to analyze and adapt to important changes to the economy and financial system. This is no less true for climate change than it was for globalization or the information technology revolution.

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Bill Holter’s Commentary

Some logical meat to chew on, not to mention real history from people who understood there were only two sexes and that certain rights were God given!

Governor Prepares State Of Emergency As Virginia Counties Threaten To Secede
January 15, 2020

Virginia – We’ve just learned that the Governor of Virginia is expected to declare a state of emergency and reportedly has riot police and the National Guard at the ready, all while a number of counties are threatening to secede.

On Tuesday, a resolution was introduced by West Virginia (House Concurrent Resolution 8, or HCR 8), offering the Second Amendment sanctuary counties of Virginia to secede and join their State.

This is huge.

West Virginia knows their fellow Americans are feeling the weight of unconstitutional legislation and repeated attempts to strip them of their rights. So they’re offering a helping hand.

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Bill Holter’s Commentary

Really? If? Why not grow a set of cajones and call the Bidens to testify? Then we will know why Mr. Trump asked for an investigation in the first place…

Senate Republicans To ‘Weaponize’ Impeachment Witnesses If Moderate Colleagues Side With Dems
January 18, 2020

Trump supporting Senate Republicans have warned their moderate GOP colleagues that if they side with the Democrats to force witnesses in the upcoming impeachment trial, they’re going to flip the script and weaponize the process to call controversial witnesses such as Hunter Biden and Alexandra Chalupa – people central to the core claims behind the impeachment, yet were ignored like the plague by House Democrats during their investigations.

The pressure tactics are the latest shift in strategy as Republican leaders try to navigate the factions in their caucus, where moderates want to leave the potential for witnesses on the table and conservatives are anxious to quickly acquit President Trump. -The Hill

Sen. Rand Paul (R-KY) warned fellow GOP senators that if four or more of them join with Democrats to entertain witness testimony, he’ll make sure the Senate holds a vote on subpoenaing President Trump’s preferred witnesses – including the Bidens.

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Bill Holter’s Commentary

Another ex-Mother Merrill employee follows in the footsteps of Stan Salvigsen. I was an avid reader of Mr. Salvigsen before his death.

Gold Is an Ideal Investment
January 17, 2020

Equity markets are racing from one record to the next. On Thursday, the S&P 500 closed over 3300 for the first time. After Apple and Microsoft, Google is now the third technology giant to reach a market capitalization of 1 Trillion dollars.

Mr. Rosenberg is also the author of Breakfast with Dave, a daily distillation of his economic and financial market insights.

“At this level, many things have to go optimally so that the prices are higher at the end of the year,” comments David Rosenberg on the growing complacency among investors. The renowned economist and strategist is one of the most profound experts on the U.S. economy and one of the last remaining skeptics to warn of a correction.

His bearish view is based on exorbitantly high equity valuations and over-optimistic earnings expectations. He also thinks that the US consumer sector is in worse shape than the consensus believes.

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Bill Holter’s Commentary

The IMF and World Bank have now issued at least three dozen similar warnings … as we keep telling you, they will point at these and say you were warned many times before the event!

IMF Boss Says Global Economy Risks Return Of Great Depression
January 17, 2020

The head of the International Monetary Fund has warned that the global economy risks a return of the Great Depression, driven by inequality and financial sector instability.

Speaking at the Peterson Institute of International Economics in Washington, Kristalina Georgieva said new IMF research, which compares the current economy to the “roaring 1920s” that culminated in the great market crash of 1929, revealed that a similar trend was already under way.

While the inequality gap between countries had closed in the last two decades, it had increased within countries, she said, singling out the UK for particular criticism.

“In the UK, for example, the top 10% now control nearly as much wealth as the bottom 50%. This situation is mirrored across much of the OECD (Organisation for Economic Co-operation and Development), where income and wealth inequality have reached, or are near, record highs.”

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Bill Holter’s Commentary

Every step forward for China is a step backwards for the dollar…

How Chinese Financing is Fueling Megaprojects Around the World
January 7, 2020

How Chinese Financing is Fueling the World’s Megaprojects

On a mountaintop a few miles north of the bustling streets of Harare, Zimbabwe, a curving, modern complex is beginning to take shape. This building, once completed, will be the home of the African country’s parliament, and the centerpiece of a new section of the capital city.

Aside from the striking design, there’s another unique twist to this development — the entire $140 million project is a gift from Beijing. At first glance, gifting a country a new parliament building may seem extravagant, but the project is a tiny portion of China’s $270 billion in “diplomacy spending” since 2000.

AidData, a research lab at the W&M Global Research Institute, has compiled a massive database of Chinese-backed projects spanning from 2000–2017. In aggregate, it creates a comprehensive look at China’s efforts to grow its influence in countries around the world, particularly in Africa and South Asia.

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Bill Holter’s Commentary

Again, they will say “you were warned”!

World Bank Warns Of Global Debt Crisis Amid Borrowing Buildup
January 8, 2020

The World Bank has highlighted the risk of a fresh global debt crisis after warning of the biggest buildup in borrowing in the past 50 years.

In its half-yearly Global Economic Prospects (GEP), the Washington-based organisation said of the four waves of debt accumulation since the 1970s, the latest was the largest, fastest and most broad-based.

The World Bank, which provides loans and grants to developing and emerging economies to help tackle poverty, said there could still be a financial crisis even though historically low interest rates were making debts more manageable.

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Bill Holter’s Commentary

…because gold IS money, oil is not!

Gold Or Oil: Which Is A Better Iran Crisis Hedge? Here Is Goldman’s Answer
January 6, 2020

Now that Dennis Gartman’s daily recos can no longer be faded, algos are feeling just a little confused: after all, with no 100% guaranteed way to make money, some risk has to be taken and that just won’t stand. So what is a good alternative to the “Gartman Letter”? Here Goldman’s sellside recos certainly come to mind. And while nobody can ever come close to the uncanny Gartmanity of Goldman’s former FX strategist, Thomas Stolper, Goldman’s research desk does have a peculiar habit of advising its clients to do precisely the opposite of what Goldman’s own prop desks are doing at any one moment.

Which is why we have some bad news for gold longs, who have enjoyed a tremendous surge in the price of pet rock in the past year, and which is now up about 40% higher than when some WSJ hack decided to mock gold back in July 2015…

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Bill Holter’s Commentary

But we were told “climate change” was the culprit…?

Nearly 200 People Arrested Across Australia For Deliberately Starting Bushfires
January 6, 2020

Authorities in Australia have arrested close to 200 people for deliberately starting the bushfires that have devastated the country, yet the media and celebrities continue to blame “climate change” for the disaster.

The fires have caused at least 18 deaths, destroyed thousands of homes, millions of hectares of land and killed hundreds of millions of animals.

A total of 183 people have been arrested by police in Queensland, NSW, Victoria, South Australia and Tasmania for lighting bushfires over the last few months, figures obtained by news agency AAP show.

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Bill Holter’s Commentary

The physical market cannot accommodate this anywhere near current pricing…!

Petrodollar Shock: Russia Could Invert Part Of Its National Wealth Fund In Gold
December 29, 2019

In the past two years Russia has been quite explicit in its shifting preference between fiat, in the form of the world’s reserve currency, US Dollars and hard assets, i.e., gold: after liquidating almost all of its Treasury holdings in mid 2018, roughly around the time relations between the US and Russia hit rock bottom and started digging, Russian gold holdings continued to climb and just a few months back rose to a record, more than doubling in the past 4 years.

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Bill Holter’s Commentary

Prohibition of anything never works, it only forces the market price higher. The ultimate bank run is in sight!

Germans Rush to Buy Gold as Draft Bill Threatens to Restrict Purchases
December 27, 2019

Reports have emerged depicting long lines in front of a physical gold sales location in Germany, in view of pending legislation which would once again lower the anonymous purchase limit, this time from €10,000 to €2,000. The last drop happened in 2017 when the limit was set at €15,000. A draft bill from the German finance ministry is being pointed to as the reason for the change, which is scheduled to take effect from Jan. 10, 2020.

Germans Rush to Buy Gold

In a tweet posted Wednesday, precious metals consultant and analyst Dan Popescu shared a picture of a long line of people waiting in front of “Degussa store to buy gold in Köln.” Popescu described, “From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000.” One user posted his own photo and replied “This is me line at Degussa in 23rd. The employees said they haven’t seen anything like it before.” To give an idea of the relatively small amount of gold €2,000 (~$2,224) can buy, even a 50g gold bar is currently too expensive.

Germans are queuing at Degussa store to buy #gold in Köln. From Jan. 1, 2020, the limit to buy gold anonymously drops from €10,000 down to €2,000. Only two years ago the limit was €15,000. pic.twitter.com/vhuZTBPA0Y

Dan Popescu (@PopescuCo) December 24, 2019

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Bill Holter’s Commentary

Please read and understand this article as John Hathaway is spot on, and David Rosenberg now resembles the ghost of Stan Salivigsen!

Taking The Hard Way Out – Gold & The “Big Bomb Of Debt Monetization”
December 28, 2019

Authored by David Hay via Evergreen Gavekal blog,

“You don’t make mistakes when you don’t have money. When you have too much money, you will make a lot of mistakes.”

– Jack Ma, founder of Alibaba, the Amazon of China

“My view is simple and starts with the observation that gold is a lot like religion. No one can prove that God exists…or that God doesn’t exist…Well, that’s exactly the way I think it is with gold. Either you’re a believer or you’re not.”

– Howard Marks, founder of OakMark, whose newsletter Warren Buffett reads “religiously”

“Because of Paul Volcker, our financial system is safer and stronger. I’ll remember Paul for his consummate wisdom, untethered honesty, and a level of dignity that matched his towering stature.”

– Barack Obama

“Every penny of QE undertaken by the Fed that cannot be unwound is monetized debt.”

– CNBC regular and former senior advisor to the president of the Dallas Fed, Danielle DiMartino Booth

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Bill Holter’s Commentary

Yes, divide and conquer has always been the goal…even if magic mushrooms are required!

Rachel Maddow Called Out By WaPo Columnist For Shamelessly Peddling Fake News
December 27, 2019

Conspiracy theorist and MSNBC host Rachel Maddow has been called out by Washington Post columnist Erik Wemple for breathlessly peddling the Steele Dossier – becoming a “clearinghouse” for the largely debunked opposition research funded by the Hillary Clinton campaign and the DNC in 2016 (and fed to the MSM six weeks before the 2016 US election by the former British spy who wrote it).

Wemple has been writing about the media’s coverage of the Steele dossier since it was significantly undercut earlier this month by Michael Horowitz, the DOJ Inspector General. Thursday’s feature details how Maddow spewed Russophobic propaganda to the American public based on Steele’s fabricated claims.

Horowitz absolutely shredded the dossier, writing in his report on FBI FISA abuse that “The FBI concluded, among other things, that although consistent with known efforts by Russia to interfere in the 2016 U.S. elections, much of the material in the Steele election reports, including allegations about Donald Trump and members of the Trump campaign relied upon in the Carter Page FISA applications, could not be corroborated; that certain allegations were inaccurate or inconsistent with information gathered by the Crossfire Hurricane team; and that the limited information that was corroborated related to time, location and title information, much of which was publicly available.”

Maddow began using the dossier to smear Trump in March of 2017 – when both CNN and the New Yorker falsely claimed that US authorities had loosely confirmed ‘some of the details’ from the dossier. An emboldened Maddow claimed that while the “baseline” dossier claim that Trump colluded with Russia to win the 2016 election had yet to be proven, “all the supporting details are checking out, even the really outrageous ones. A lot of them are starting to bear out under scrutiny. It seems like a new one each passing day.”

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