‘I hope to die on Mars. Just not on impact.’ Elon Musk. (1971- ).
Bill Holter’s Commentary
So much for sanctions? JB
At Least 20 European Gas Buyers Open ‘Rubles-For-Gas’ Account With Gazprombank
Europe’s anti-Russian virtue signaling and harsh language are nothing more than a facade as the number of European companies opening accounts with Gazprombank JSC has doubled as President Vladimir Putin demands rubles for natural gas.
In my eyes, those who have the most to lose are hurt the most. Obviously that's the West.
The entire world is being drawn into a chaotic downward spiral of economic destitution.
Ever since the Biden administration has come into power we've had increasing tumult in domestic and international markets to the detriment of our own standard of living. Can we live without petro products, raw materials, manufacturing capabilities, and trading partners? Of course we can. The Neanderthals did. But is that what we want?
Globalization is good thing, providing however, all the members of the family get along; resolve any issues diplomatically and not in a schoolyard brawl manner.
Statesmanship, as opposed to politics, is using brains and tact in lieu of brawn and bullying. Being adults instead of kids. That's what is lacking in today's political arena.
We have discarded the concepts of comparative advantage and ignored the boundaries of pareto optimality for some nefarious agenda. Only history will enlighten us to what that is.
Since the Fed is rushing to hike the US into a deep recession just so inflation will (supposedly) slide ahead of the November midterms, in line with Biden’s demands, the housing market is eager to comply with Powell’s and Biden’s handlers’ wishes, and is leading the charge into the economic abyss, as we discussed most recently here, and as the latest nationwide survey of new home builders confirms.
‘It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair…’ Charles Dickens. (1812-1870). A Tale of Two Cities.
Bill Holter’s Commentary
Pastor Stanley talks about the digital air situation…
The Modern Version of A Run On The Banks Starts As Tether and TerraUSD Lose Their $1 peg
Senator Tells Treasury Secretary Yellen that Crypto Market Is Now Larger than Subprime Market that Triggered Global Financial Crisis
Yesterday, the Senate Banking Committee held a hearing to take testimony from Treasury Secretary Janet Yellen on F-SOC’s annual report to Congress and what F-SOC sees as the biggest threats right now to financial stability.
They are warning you ahead of time about the “…aaand it’s gone” moment? As a reminder, one owns gold and silver precisely because they cannot go “bankrupt” in a world that mathematically will!
Coinbase Admits Users May Lose Crypto If Exchange Goes Bankrupt
Hidden away in Coinbase Global’s disappointing first-quarter earnings report—in which the U.S.’s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase’s service that may come as a surprise to its millions of users.
In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts too.
Terra UST Stablecoin Dives Below $1 Peg; Luna Cryptocurrency Down 80%
The two main tokens from embattled crypto project Terra went into free fall Wednesday.
TerraUSD, or UST, plunged to as low as 26 cents. The so-called stablecoin is meant to maintain a 1-to-1 peg with the U.S. dollar. It was last trading at around 68 cents, according to Coin Metrics data.
The latest is called “Fed Cannot Fight Inflation – Peter Schiff.” Money manager and economist Peter Schiff says all the talk you are hearing from the Federal Reserve is simply the Fed “pretending to fight inflation.” Schiff explains, “Everything I predicted with inflation breaking out and the way the Fed would react to it has come true. The next thing is the Fed is now pretending it’s going to fight inflation. I say they are pretending because they have no real intention of doing it because they can’t. If the Fed could fight inflation, it would have started the fight a long time ago. They would have acted preemptively when it was obvious it was a problem. . . . I have been warning about this for over a decade. As the Fed was on this course of deliberately creating inflation, I always said this was going to come back and bite the Fed because they were going to let loose a monster that they were not going to be able to fight, like Frankenstein. The Fed used to say we don’t care if we have too much inflation, we know how to solve it. We have the tools, and I pointed out that they may have the tools, but they ain’t going to use them because it was like having a handgun as the tool for a headache.”
Schiff says there is record amount of debt in all sectors. Schiff points out, “Now, the Fed says it’s going to take away all that free money? The Fed is going to normalize interest rates? Everything that was built on that foundation is going to implode. We would have a financial crisis that would make 2008 look like a Sunday school picnic, and there will be no bailout if the Fed is fighting inflation. It wouldn’t be another ‘Great Recession,’ it would be a ‘Greater Depression.’ This is why the Fed can’t do anything. The Fed can’t do what Paul Volker did . . . and raise interest rates to 20%.”
Schiff says the economy is going to tank no matter what the Fed does, and you will see this in the job market soon. Schiff says, “I see massive layoffs coming. It’s going to be like Covid except without Covid. Instead of the government shutting down the economy, the economy is going to shut itself down. Not because it’s been ordered to, but because the cheap money is gone. . . . Fed Head Powell is going to reverse course, and when he does, the bottom is going to drop out of the dollar. Gold is going through the roof. You better be fully positioned in your portfolio when that happens. It’s probably going to happen while you are asleep because the dollar is going to collapse in Asia. That’s where our biggest creditors are, and that’s where the mass exodus is going to start.”
Schiff advises to stock up on everything you think you are going to need. Things such as toiletries, food, spare parts for your equipment and anything else you can store because everything is going up in price. It will never be cheaper, and in the future, you might not be able to get it at any price.
The Treasury Secretary actually said that banning abortion is damaging to the economy? Is this the same as the head of the FDA claiming “misinformation is the leading cause of death in the US”? Or Pelosi claiming that further government spending will lower inflation? The truth is, we definitely need some adults in Washington who understand cause and effect rather than goat heads that are either too dumb to understand or are just outright lying?
Yellen: Banning abortion would be ‘very damaging’ to U.S. economy
The Treasury chief said the Roe ruling helped allow women to finish school and increase their earning potential, leading to higher workforce participation.