Dan Kurz on “QT” (quantitative tightening).
DK Analytics, Post #42: If QT keeps ramping up to $600bn, look for an accelerated “reset”
July 14, 2018
YOY (year-over-year) change in monetary base as per 7/5/2018: $84bn
Growing financing needs juxtaposed against a shrinking Fed balance sheet spells trouble:
The 1.36trn YOY increase in US federal debt through 7/6/2018 is not only indicative of the true deficit, but it is up from a $501bn increase over the 12 months ended 7/6/2017. The $860bn expansion in the federal government deficit (reflects an expanding gap between US government receipts and spending) will mushroom in a weakening economy featuring lower tax receipts and higher social safety net spending such as jobless and welfare benefits.
(Calendar YTD, federal debt is up by $715bn.)
Courtesy of JB.
This could get VERY INTERESTING!
The Party’s Over – FBI And DOJ Must Turn Over All Spy Documents To Congress Unredacted
July 13, 2018
In a move that could kill two birds with one stone, the White House has ordered the FBI and DOJ to turn over all documents on Obama’s spy Stefan Halper. This could be monumental as everyone knows that President Trump would love to fire both Christopher Wray and Rod Rosenstein but politics just won’t allow it. You may or may not realize that the ultimate decider of what is classified and what is not is the president of the United States.
There is no one who can overrule him including the Supreme Court. If either or both refuse to turn over the information, President Trump would be free to fire them and appoint temporary replacements of his choice without Senate consent. He could pick the most radical replacements he wants and they would serve until the Senate confirms a replacement.
From The Daily Caller
California Republican Rep. Devin Nunes, the chairman of the House Intelligence panel, has been locked in a heated battle with the DOJ over the records. The Republican has accused the DOJ and FBI of obstruction for refusing to release the documents. Nunes has led an investigation into potential surveillance abuses at the FBI and DOJ during its collusion investigation.
And they should hold him for contempt…
Strzok Hearing Chaos: House Chair Threatens To Hold FBI Agent In Contempt
July 12, 2018
A House Judiciary Committee hearing quickly spiraled into chaos on Thursday when FBI Deputy Assistant Director Peter Strzok said he couldn’t answer a question related to the Russia investigation because the FBI’s lawyers had instructed him not to, leading the committee’s chairman, Bob Goodlatte, R-Va., to threaten to hold Strzok in contempt.
Rep. Trey Gowdy, R-S.C., asked Strzok — whose anti-Trump text messages led to his removal from the investigation by special counsel Robert Mueller — how many interviews he conducted in the first week of the probe.
“Congressman, as you know, counsel for the FBI, based on the special counsel’s equities, has instructed me not to answer questions about the ongoing investigation into Russian attempts to interfere,” Strzok replied.
Gowdy repeated his question and Strzok repeated his answer, infuriating Goodlatte.
“Mr. Strzok, you are under subpoena and are required to answer the question,” Goodlatte said. “Are you objecting to the question?”
Rep. Jerry Nadler, D-N.Y., interjected.
“Mr. Chairman, I object,” Nadler said. “This demand puts Mr. Strzok in an impossible position. He is still an employee of the FBI, and FBI’s counsel has instructed him not to answer the gentleman’s question. If we have a problem with this policy we should take it up with the FBI, not badger Mr. Strzok.”