Posts Categorized: In The News

Posted by & filed under In The News.

Bill Holter’s Commentary

The missing $21 Trillion…

$21 Trillion Dollars Is Missing From The US Government. That Is $65,000 For Every Person In America. That Is More Than Our Entire National Debt!

What’s going on? Where is the money? How could this happen? How much has really gone missing? What would happen if a corporation failed to pass an audit like this? Or a taxpayer?

This means the Fed and their member banks are transacting government money outside the law. So are the corporate contractors that run the payment systems. So are the Wall Street firms who are selling government securities without full disclosure. Would your banks continue to handle your bank account if you behaved like this? Would your investors continue to buy your securities if you behaved like this? Would your accountant be silent?

This is the reason that there is such a strong push to change or tear up the US Constitution. This is why members of the establishment say it is “old,” “outdated!” This is why there is such a push for gun control. Don’t buy it! We can use the Constitution to get our money and our government back. It is time to enforce the US Constitution.

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Bill Holter’s Commentary

I didn’t realize the United Nations had jurisdiction in Chicago?

Boykin Asks United Nations For Help Fighting Chicago Violence

December 14, 2017

CHICAGO (WLS) — Cook County Commissioner Richard Boykin headed to the United Nations in New York Thursday to ask for help fighting violence in Chicago.

“I’m hoping to appeal the UN to actually come to Chicago and meet with victims of violence and maybe even possibly help out in terms of peace keeping efforts,” Boykin said.

Boykin boarded a plane to New York City for a meeting with an Assistant Secretary General of the United Nations. It’s a meeting that’s been planned for more than a month and stems from disconcerting violence numbers seen this year in Chicago. Violence which is felt particularly hard in many African American communities.

“We’ve had over 600 people killed by gun violence already this year alone. That is a huge number, in my community of Austin we’ve had 450 people shot and 80 people killed this year alone 18 so we have to do more to protect these communities,” Boykin said.

The mayor’s office says the call for UN peacekeepers is a political stunt. The police superintendent said it’s a nice idea, but it’s not the answer to Chicago’s violence.

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Bill Holter’s Commentary

Weekend comedy from the Boston Globe.  Our fiscal situation mathematically will blow up yet we are told all is well!

With Interest Rates Low, Facts Don’t Justify Panic Over National Debt
December 15, 2017

You’ve heard the fearmongering. America is broke. Government debt already is measured in tens of trillions of dollars and will soon be as big as our entire economy. To top it off, Republicans are poised to pass a tax bill that will add at least another trillion in red ink.

In lieu of panic, though, maybe the more appropriate response is just to shrug. Sure, someday the government’s oversized debt load may get us into trouble. But right now, the situation seems manageable.

Month by month, and year by year, the debt doesn’t actually cost that much. We have interest payments to make — just like the interest you pay on your mortgage or student loans — but those bills are relatively small, and stable.

Which is not to say we should adopt a breezy attitude toward government spending, where Republicans pass giant tax cuts, Democrats pursue Medicare for all, and we pay for it with bottomless borrowing. At some point, there would be a reckoning.

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Bill Holter’s Commentary

If you recall, this is exactly what our pal Dave (in the witness protection program) told us was going to happen during one of our weekly calls after the hurricanes hit.  “No income equals foreclosure” is what he told us.

The Next Crisis for Puerto Rico: A Crush of Foreclosures
December 16, 2017

Puerto Rico has had an awful decade — and it’s about to get worse.

First came a brutal 10-year recession and financial crisis that drove businesses from this island and left 44 percent of the population impoverished. Then, in September, Hurricane Maria, a powerful Category 4 storm, shredded buildings, wrecked the electrical power grid and possibly led to more than 1,000 deaths.

Now Puerto Rico is bracing for another blow: a housing meltdown that could far surpass the worst of the foreclosure crisis that devastated Phoenix, Las Vegas, Southern California and South Florida in the past decade. If the current numbers hold, Puerto Rico is headed for a foreclosure epidemic that could rival what happened in Detroit, where abandoned homes became almost as plentiful as occupied ones.

About one-third of the island’s 425,000 homeowners are behind on their mortgage payments to banks and Wall Street firms that previously bought up distressed mortgages. Tens of thousands have not made payments for months. Some 90,000 borrowers became delinquent as a consequence of Hurricane Maria, according to Black Knight Inc., a data firm formerly known as Black Knight Financial Services.

Puerto Rico’s 35 percent foreclosure and delinquency rate is more than double the 14.4 percent national rate during the depths of the housing implosion in January 2010. And there is no prospect of the problem’s solving itself or quickly.

“If there is no income, the people cannot make payments,” said Ricardo Ramos-González, coordinator of a consumer legal aid clinic at the University of Puerto Rico School of Law. “Thousands have lost their jobs, thousands of small business have closed, and thousands more have left the country.”

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Bill Holter’s Commentary

Yet “all is well”?

Metlife Says It Failed To Pay Some Pensions, Flags Hit To Reserves
December 16, 2017

NEW YORK (Reuters) – Metlife Inc (MET.N) failed to pay pensions to potentially tens of thousands of people and will have to strengthen its reserves because of the costs of finding and repaying them, the New York insurer said. Metlife said in a filing on Friday that it believed the group missing out on the payments represented less than 5 percent of about 600,000 people who receive benefits from the company via its retirement business. Those affected generally have average benefits of less than $150 a month, it said.

A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake

When taken, however, the increase to reserves could be material to Metlife’s financial results. The insurer said it would provide further disclosure on its fourth-quarter earnings call and in its annual report for 2017.

MetLife did not say how many years of missing income was owed.

The people who missed out on the payments have changed jobs, relocated or are otherwise unreachable based on currently available information, the company said, adding that it was widening its search efforts and making better use of technology.

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Bill Holter’s Commentary

Please note, the second listed donor is the late Mr. Sherman’s company…And another one bites the dust?

Canadian Billionaire, Wife, Found Dead In “Suspicious” Suicide
December 16, 2017

The billionaire founder of Canadian generic drug Apotex Inc, Barry Sherman, and his wife Honey, were found dead in their Toronto home on Friday under what police described as “suspicious” circumstances.
Honey and Barry Sherman

Police said they were investigating the mysterious deaths after responding to a midday medical call at the Sherman’s home in an affluent section of northeast Toronto. Two bodies covered in blankets were removed from the home and loaded into an unmarked van on Friday evening.

“The circumstances of their death appear suspicious and we are treating it that way,” said Constable David Hopkinson. Homicide detectives later told reporters gathered outside the home that there were no signs of forced entry, and no suspects were being sought as of this moment.

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Dispensing Hope: Transforming US Medicine Surplus

In 2014, Mindset Social Innovation Foundation, and its partners, committed to expand access to affordable prescription medications in the U.S. Mindset has developed a five-year plan with the Dispensary of Hope that will enable the organization to receive over $100 million of donated medicine per year and distribute this medicine through hospital-based and community-charitable pharmacies that will deliver impact to more than 1.2 million people over the next 5 years.

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Posted by & filed under In The News.

Jim Sinclair’s Commentary

The latest from John Williams’ www.shadowstats.com

– Unable to Escape 2008, FOMC Boosted Rates a Quarter-Point, Nonetheless, Amidst Fed Projections of Lower Unemployment and a Stronger GDP
– Yet, Fundamentals Still Point to a Weaker Economy as Fed Chair Janet Yellen Described the Economic Outlook as “Highly Uncertain”
– Prospects for U.S. Economic and Financial-Market Activity Continued to Darken; Faltering Real Consumer Credit and Earnings Do Not Support the Purported Boom
– Amidst Downside Prior-Period Revisions, Fourth-Quarter 2017 Real Average Weekly Earnings Were on Track for Second Consecutive Quarterly Contraction
– Monthly and Annual Jumps in CPI and PPI Were Due to Gasoline Price Swings; Headline Inflation Gains Were Not Due to Strong or Over-Heating Economic Activity
– November 2017 CPI-U Monthly Inflation Jumped by 0.39% (Was 0.11%) Pulling Annual CPI-U Inflation Higher to 2.20% (Was 2.04%), with CPI-W at 2.32% (Was 2.06%) and ShadowStats at 9.9% (Was 9.8%)
– November 2017 Final-Demand PPI Inflation Monthly Gain of 0.44% Pulled Annual Gain to a 70-Month High of 3.07%, versus 2.79% in October 2017
– Continuing Monthly Jump of 0.44% in November PPI was Dominated by Gain of 0.98% in Goods Inflation (4.63% Energy Gain), Versus Gain of 0.17% in Services
– Inflation Will Soften November Real Retail Sales Growth versus Nominal Growth by 0.4% (-0.4%) Month-to-Month, 2.2% (-2.2%) Year-to-Year

“No. 925: November CPI and PPI Inflation, FOMC ”

http://www.shadowstats.com

Bill Holter’s Commentary

A two minute article by Zerohedge proclaiming stocks no longer “cheap” in relation to bonds.  My simple question is this, what does this really mean in the grand scheme of things if interest rates are basically at 5,000 year lows …which means “bonds” are at a 5,000 year high?  Ponder this very carefully because it is key to your understanding and thus financial survival!

TINA’s Dead – US Equities Are No Longer ‘Cheap’ To Bonds
December 14, 2017

For almost 7 years, asset-gatherers and commission-takers have exclaimed “There Is No Alternative” to stocks, given how low interest rates are. However, given the recent buying-panic in stocks, TINA is now dead BAB is back (Bonds Are Better)…

In a sign the U.S. equity rally may be looking stretched, Bloomberg notes that the forward dividend yield on the S&P 500 has dropped below the return on Treasuries for the first time since 2011.

Shares in Europe and Japan, by contrast, continue to yield well above their equivalent government bonds.

Here’s what happened the last time the spread between Forward dividend yields and treasury yields was this wide…

To make matters worse for income investors: the Bank for International Settlements warned in its recent quarterly review that U.S. stock valuations are looking “frothy” and dividend growth may slow.

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Bill Holter’s Commentary

Just another confidence builder…

Head of Congressional Ethics Office Sued for Abusing Position, Accused of Assaulting Women
December 14, 2017

A top congressional ethics official who oversees investigations into misconduct by lawmakers is accused in a federal lawsuit of verbally abusing and physically assaulting women and using his federal position to influence local law enforcement, according to a complaint filed in a federal court in Pennsylvania last month.

The ongoing lawsuit against Omar Ashmawy, staff director and chief counsel of the Office of Congressional Ethics, stems from his involvement in a late-night brawl in 2015 in Milford, Pennsylvania, and includes a range of allegations relating to his behavior that evening and in the following two-and-half years.

Ashmawy’s office conducts the preliminary investigations into allegations of misconduct in the House of Representatives, deciding which cases to pursue or refer to the Committee on Ethics. He is named in congressional documents as the official who presented one of the investigations into John Conyers, the Democratic lawmaker from Michigan accused of sexual harassment, to the ethics committee for further action.

Among other allegations, Ashmawy is accused in the lawsuit of “threatening to use his position as staff director and chief counsel of the Office of Congressional Ethics to induce a criminal proceeding to be brought against Plaintiff and/or others,” according to the federal lawsuit filed against him.

In court filings and in statements to Foreign Policy, Ashmawy denied the allegations laid out in the lawsuit.

“To be clear, I did not harass anyone that evening, physically or verbally,” he wrote in a statement to FP. “To the contrary, I was the victim of a wholly unprovoked assault for which those responsible were investigated, arrested and charged. Any allegation to the contrary is unequivocally false.”

The lawsuit, previously unreported, stems from Feb. 14, 2015 — Valentine’s Day. The evening appeared to start off well for Ashmawy: a nearly $400 dinner with his girlfriend at an upscale restaurant in Milford, followed by late-night drinks at a local bar.

It ended, however, with him bruised and bloody in the back of a police car.

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Bill Holter’s Commentary

Quite interesting and well worth watching. I have a few questions; 1996? And they needed a “platform” (such as the internet)? Does it really matter “who” created Bitcoin et al? And if it does, who is “Satoshi”? What if the creator really is an agency like the NSA? Would that matter to you? On a side note, do you remember the Winklevoss twins? What were they involved in, in the past? Can you imagine the elation of the German Stasi if they had a system where people would willingly and even anxiously divulge personal information as they do with Facebook today? Can you imagine the smiles on their faces if they could have “tracked” every single penny (mark) bought, sold, spent, or accepted? How, all the way back to 1988 did the Economist magazine forecast 2018 as the year of a global currency with the similar image to a bitcon on their cover? Do you smell what I smell? Please watch this with these questions in the back of your mind…

Posted by & filed under In The News.

Bill Holter’s Commentary

Mortgaging their houses because a “crypto kitty” at $122,000 is more than pocket change?

People Mortgaging Their Homes To Buy Bitcoin, Report Says
December 12, 2017

CBS Local — How much would you put at risk to invest in the hottest digital currency in the world? For some people, the skyrocketing value of Bitcoin is worth putting their own homes at stake.

According to reports, a number of investors looking to cash in on the soaring prices have resorted to putting their houses up as collateral to fund the venture.

“We’ve seen mortgages being taken out to buy bitcoin. People do credit cards, equity lines,” Joseph Borg of North American Securities Administrators Association said, via Business Insider.

The president of the securities firm added that he believes the risks outweigh the rewards tied to the popular cryptocurrency. “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.”

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Bill Holter’s Commentary

Doug Noland is correct. As we have been trying to tell you, what comes is all about credit because credit is about math…and confidence!

Doug Noland: There Will Be No Way Out When This Market Bubble Bursts
December 11, 2017

This week Doug Noland joins the podcast to discuss what he refers to as the “granddaddy of all bubbles”.

Noland, a 30-year market analyst and specialist in credit cycles, currently works at McAlvany Wealth Management and is well known for his prior 16-year stint helping manage the Prudent Bear Fund.

He certainly shares our views that prices in nearly every financial asset class have become remarkably distorted due to central bank intervention, first with Greenspan’s actions to backstop the markets in the late-1980’s, and more recently (and more egregiously) with the combined central banking cartel’s massive and sustained liquidity injections in the years following the Great Financial Crisis.

All of which has blown the biggest inter-connected set of asset price bubbles the world has ever seen.

Noland foresees tremendous losses as inevitable, as the central banks lose control of the monstrosity they have created:

This is the granddaddy of all bubbles. We are at the end a long cycle where the bubble has reached the heart of money and credit.

There will be no way out. We’re not going to get enough private credit growth to reflate things when this bubble bursts. It’s going to have to come from central bank credit; it’s going to have to come from sovereign debt.

When this bubble bursts, it will shock people how far the central banks will have to expand their balance sheet just to accommodate the deleveraging in the system. And they won’t really be able to add new liquidity to the market; they’re just going to allow the transfer of leveraged positions from the leveraged players onto the central bank balance sheets.

When you get to that point, when the market sees that transfer occurring, I predict there’s going to be fear of long-term financial instruments. We’ll see rising yields. That’s when things will become problematic.

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Bill Holter’s Commentary

Doug Noland is correct. As we have been trying to tell you, what comes is all about credit because credit is about math…and confidence!

Doug Noland: There Will Be No Way Out When This Market Bubble Bursts
December 11, 2017

This week Doug Noland joins the podcast to discuss what he refers to as the “granddaddy of all bubbles”.

Noland, a 30-year market analyst and specialist in credit cycles, currently works at McAlvany Wealth Management and is well known for his prior 16-year stint helping manage the Prudent Bear Fund.

He certainly shares our views that prices in nearly every financial asset class have become remarkably distorted due to central bank intervention, first with Greenspan’s actions to backstop the markets in the late-1980’s, and more recently (and more egregiously) with the combined central banking cartel’s massive and sustained liquidity injections in the years following the Great Financial Crisis.

All of which has blown the biggest inter-connected set of asset price bubbles the world has ever seen.

Noland foresees tremendous losses as inevitable, as the central banks lose control of the monstrosity they have created:

This is the granddaddy of all bubbles. We are at the end a long cycle where the bubble has reached the heart of money and credit.

There will be no way out. We’re not going to get enough private credit growth to reflate things when this bubble bursts. It’s going to have to come from central bank credit; it’s going to have to come from sovereign debt.

More…

Posted by & filed under In The News.

Bill Holter’s Commentary

This is just another pin in the dollar’s balloon! First yuan for oil, now oil backed crypto rubles …what is the straw that breaks the dollar’s back?

Russia May Turn To Oil-Backed Cryptocurrency To Challenge Sanctions & The Petrodollar
December 11, 2017

The gradual acceptance of digital currencies, with major exchanges about to launch bitcoin futures trading, may prompt some oil producing nations to ditch the US dollar in crude trade in favor of cryptocurrencies, an oil analyst says.

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As RT reports, Russia, Iran and Venezuela have more than one thing in common.

All three are major oil producing nations dependent on the dollar since the global crude market is traditionally dominated by contracts denominated in US currency.

Moscow, Tehran and Caracas are also facing US sanctions; penalties which are proving effective since the sanctioned countries are dependent on the US dollar to sell their crude.

A decentralized currency – allowing anonymous transactions along with blockchain technology support to facilitate oil contracts – may be the ideal tool to allow the oil producing trio to turn their back on the greenback.

“The advent of cryptocurrencies, therefore, represents a fresh catalyst for commodity-producing countries wishing to abandon the dollar as a means of payment for oil,” said Stephen Brennock, oil analyst at PVM Oil Associates, in a research note seen by CNBC.

Several oil producers have already voiced plans to ditch the dollar in oil trading.

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Last week, Venezuela announced it will launch its own cryptocurrency, the “Petro,” which will be backed by the country’s vast natural resource reserves.

Russia, China and Iran are currently pursuing currency swap agreements to eliminate the US dollar from trade.

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Bill Holter’s Commentary

I guess we should ask, how many times will the Clown News Network get knocked down before they don’t get back up again?

CNN Walks Back Jeff Sessions-Russia Bombshell
December 11, 2017

CNN has quietly walked back more of their “bombshell” reporting on the Trump-Russia collusion narrative, and this time it’s a story relating to Attorney General Jeff Sessions’ security clearance forms.

In May, CNN reported that Sessions had failed to disclose meetings he had with the Russian ambassador when he was a senator. Justice Department officials told CNN that Sessions had not listed those meetings on a security clearance form, even though the form says to list “any contact” with the “foreign government” or its “representatives” in the past seven years.

CNN framed the non-disclosures as more evidence of collusion between Russia and the Trump team, writing, “He has come under withering criticism from Democrats following revelations that he did not disclose the same contacts with Kislyak during his Senate confirmation hearings earlier this year.”

At the time, Sessions said he was told by the FBI not to list meetings “connected with his Senate activities,” but CNN’s legal expert denied those claims.

“A legal expert who regularly assists officials in filling out the form disagrees with the Justice Department’s explanation, suggesting that Sessions should have disclosed the meetings,” CNN asserted.

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Judge Jeanine: There Needs to Be a ‘Cleansing’ at the FBI, DOJ
December 10, 2017

In her Opening Statement Saturday night, Judge Jeanine Pirro said there needs to be a “cleansing” at the FBI and the Department of Justice.

Judge Jeanine ran down a list of individuals who she said have been dedicated to protecting Hillary Clinton or destroying President Donald Trump, singling out Deputy Director of the FBI Andrew McCabe, FBI official Peter Strzok, former Associate Deputy Attorney General Bruce Ohr, former FBI Director James Comey and Special Counsel Robert Mueller.

“There have been times in our history where corruption and lawlessness were so pervasive, that examples had to be made. This is one of those times,” she said.

She said the FBI and Justice Department have too many “political hacks” embedded, individuals who have never accepted that the American people elected Donald Trump to be commander-in-chief.

“I for one am tired of investigations, politicians posturing. Something more has to be done,” Judge Jeanine said. “The stench coming out of the FBI and Justice Department is like that of a Third World country where money and boys and clubs decide elections.”

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Bill Holter’s Commentary

We keep harping about “truth” and why it is important.  What will the reaction be when it arrives full scale and engulfs everything?

US Engulfed In The Most Corrupt Scandal In History & All Roads Lead Back To Obama
December 7, 2017

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Jim Sinclair’s Commentary

The latest from John Williams’ www.shadowstats.com

– Private Surveying of November Labor Conditions Showed Continuing Annual Contraction and Ongoing Non-Expansion
– Still-Heavily-Distorted, November Unemployment Rates Notched Minimally Higher: U.3 Rose to 4.12% versus 4.07%, U.6 Rose to 7.96% from 7.91%, and the ShadowStats-Alternate Rose to 21.7% from 21.6%
– Hurricane-Warped Unemployment and Employment Household-Survey Details Face Near-Term Corrections with the January 5th Benchmark Revisions
– Low-Level Annual Payroll Growth Continued to Signal New Recession – Seasonal-Adjustment Gimmicks Bloated Headline Payroll Gains, where Unadjusted Payrolls Revised Lower but Adjusted Levels Revised Higher; Payroll-Survey Benchmark Revisions Loom for February 2nd
– Fourth-Quarter 2017 Real Merchandise Trade Deficit on Early Track for Worst Showing Since First-Quarter 2007
– October 2017 Nominal Balance of Payments Trade Deficit Increased by 8.6% versus September 2017, by 13.1% versus October 2016
– Shy of Recovering Its Pre-Recession Peak by 22.0% (-22.0%), Real Construction Spending Continued in Annual Decline, as Last Seen During the 2006 Housing Collapse
– Amidst Expectations of a December 13th FOMC Rate Hike, November 2017 M3 Annual Growth Eased Back to 4.6% from 4.8% in October, as Monetary-Base Annual Growth Jumped to a Four-Year High of 8.1%

“No. 924: November Labor, Private Surveying and M3, October Trade Deficit and Construction Spending”

www.shadowstats.com

Posted by & filed under In The News.

Bill Holter’s Commentary

Here it comes yet barely reported on!

China Will Run Trade Tests for Yuan Oil Futures This Weekend, Hopes to Roll Out Contracts by Year-End
December 8, 2017

(Yicai Global) Dec. 8 — A unit under Shanghai Futures Exchange will hold market-wide training simulations tomorrow and on Dec. 10 in preparation for the formal inauguration of the crude oil futures contract, Sina reported yesterday.

The International Energy Exchange conducted four mock trading exercises for crude futures in June and July. It will look to roll out the contracts by the end of this year, an official at INE said after the last session.

Oil consumption in the Asia Pacific region as a percentage of the global total has continued to rise in recent years, and the region has become the main growth driver for international petroleum use. Crude futures will serve as a barometer for supply, demand and price fluctuations in China and the Asia Pacific oil markets, similar to the West Texas Intermediate and Brent indicators in the US and Europe, an energy futures manager at Shanghai Futures Exchange said.

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Bill Holter’s Commentary

…I guess we will find out about the liquidity issue?

The Bulgarian Government Is Sitting on $3 Billion in Bitcoin
December 7, 2017

A crackdown on organized crime by Bulgarian law enforcement in May resulted in the seizure of more than 200,000 bitcoins – an amount worth more than $3 billion at today’s prices.

According to a press release dated May 19 from the Southeast European Law Enforcement Center (SELEC), a regional organization comprised of 12 member states including Bulgaria, a total of 213,519 bitcoins were seized that month. Twenty-three Bulgarian nationals were arrested during the operation, and officials said at the time that the arrests and subsequent asset seizures followed an investigation into an alleged customs fraud scam.

As of press time, the amount seized is worth approximately $3.3 billion, at a price of roughly $15,524, according to CoinDesk’s Bitcoin Price Index (BPI).

Authorities commented at the time:

“The offenders choose the bitcoin way of investing/saving the money, because it is rather difficult to be tracked and followed.”

They further alleged that those involved developed a virus which was used to hack into Bulgarian Customs computers, allowing the perpetrators to skip paying fees when transporting goods into the country. The virus was uploaded to government machines by bribed agents, according to the release.

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Bill Holter’s Commentary

This is hilarious! If you want to have some fun, scroll around the stadium to see how many tickets are still for sale for the Rams/Eagles game! Please don’t tell me the tickets are not sold because of the fires, it has been this way since the season started on its knees. This game is between the leaders of the NFC West and NFC East…yet Fox is “auditioning” actors to play as Ram fans for the pregame? What kind of business plan is this?

https://www.vividseats.com/nfl/los-angeles-rams-tickets/rams-vs-eagles-1-3-2291768.html?utm_source=msn&utm_medium=CPC&utm_campaign=NFL+Football+Sitelinks&utm_term=buy%20la%20rams%20tickets&vkid=456327

Bill Holter’s Commentary

This is the YouTube by Architects and Engineers that David spoke of during our call for subscribers

Video: I Believe in 9/11 Miracles
December 7, 2017

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Bill Holter’s Commentary

Goes right along with what we spoke of today on our call for subscribers…

Peak Fantasy Time
December 8, 2017

If you want to know why both Wall Street and Washington are so delusional about America’s baleful economic predicament, just consider this morsel from today’s Wall Street Journal on the purportedly awesome November jobs report.

Wages rose just 2.5% from a year earlier in November—near the same lackluster pace maintained since late 2015, despite a much lower unemployment rate. But in a positive sign for Americans’ incomes, the average work week increased by about 6 minutes to 34.5 hours in November…. November marked the 86th straight month employers added to payrolls.

Whoopee!

Six whole minutes added to a work week that has been shrinking for decades owing to the relentlessly deteriorating quality mix of the “jobs” counted by the BLS establishment survey. In fact, even by that dubious measure, the work week is still shorter than it was at the December 2007 pre-crisis peak (33.8) and well below its 2000 peak level.

The reason isn’t hard to figure: The US economy is generating fewer and fewer goods producing jobs where the work week averages 40.5 hours and weekly pay equates to $58,400 annually and far more bar, hotel and restaurant jobs, where the work week averages just 26.1 hours and weekly pay equates to only $21,000 annually.

In other words, the ballyh0oed headline averages are essentially meaningless noise because the BLS counts all jobs equal—-that is, a 10-hour per week gig at the minimum wage at McDonald’s weighs the same as a 45 hour per week (with overtime) job at the Caterpillar plant in Peoria that pays $80,000 annually in wages and benefits.

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Bill Holter’s Commentary

Maybe these “lost troops” know where our missing $21 trillion went to?

Report: 44,000 ‘Unknown’ Military Personnel Stationed Around The World
December 7, 2017

WASHINGTON — The U. S. military has more than 44,000 troops across the globe that the Pentagon claims it cannot track, according to a recent report.

“We are not at a point where we can give numbers other than those officially stated,” said Army Col. Rob Manning, a Pentagon spokesman.

The report — compiled by the Defense Manpower Data Center under the Office of the Secretary of Defense — shows more than 44,000 personnel in a category labeled “Unknown.”

Active-duty military personnel number slightly more than 1.3 million in the Army, Navy, Marine Corps and Air Force, and hundreds of thousands more civilian personnel fall under Defense departments. That number does not include Reserve and National Guard formations that might be active at any particular time.

The United States has military personnel in nearly every country in the world, ranging from two liaison officers in Fiji to tens of thousands from all of the service branches in Japan and Germany, according to the report.

 

Manning said during a press briefing Wednesday that troop numbers in Syria are about four times higher than reported by the Pentagon, with 2,000 present in the country. He also clarified that there are 5,200 in Iraq, up from about 5,000 reported earlier.

“We seek to balance informing the American public with the imperative of operational security and denying the enemy any advantage,” Manning said at the briefing.

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Posted by & filed under In The News.

Bill Holter’s Commentary

So what else is new? The problem they are creating is no one will ever believe them IF they actually uncover real news. We should have known all those years ago during the Iraq war when their reporter put a gas mask on and it turned out to be in front of a blue screen. Truly the most busted news in the business!

CNN Botches “Bombshell” Report “Proving” Collusion Between Trump Jr And Wikileaks
December 8, 2017

CNN misreported key details of an offer made to Donald Trump Jr. last year of a batch of stolen Wikileaks documents.

The story, which CNN published on Friday and covered extensively on TV, was touted as the first evidence that the Trump campaign was given a heads-up about documents stolen from Democrats.

But the story appears to have been riddled with errors, while also lacking key context.

Perhaps the most jarring error in the CNN report is the date on which Trump Jr. was sent the email. The network reported that a person named Mike Erickson emailed Trump Jr. and others on the Trump campaign on Sept. 4, 2016, with a link to Wikileaks documents as well as a decryption key to access them.

The email also offered access to emails that had been stolen from former Sec. of State Colin Powell, according to CNN.

But a copy of the email provided to The Daily Caller shows that Erickson sent the email on Sept. 14.

That date is significant because WikiLeaks had released a batch of stolen documents on Sept. 13. The group touted its release of the DNC documents, which were published by Guccifer 2.0

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