Posted at 9:02 AM (CST) by & filed under Jim's Mailbox.

Jim/Bill,

You have said this so many times but the public will never be told the truth by our leaders.

Dave

Wall Street’s Financial Crisis Preceded COVID-19: Chart And Timeline
May 1, 2020

If a reputable polling outfit were to ask Americans what caused the current financial crisis on Wall Street, they would say the coronavirus COVID-19 pandemic. If Americans were asked in the same poll when the financial crisis on Wall Street started, they would tie it to outbreaks of the virus in the U.S. this year.

But as the timeline below and the chart above clearly substantiate, the financial crisis on Wall Street began in earnest on September 17, 2019, almost four months before the first death from coronavirus anywhere in the world was reported in China on January 11, 2020 and five months before the first death in the U.S. was reported on February 29, 2020, having occurred one day earlier on February 28. (See the New York Times coronavirus timetable here.)

This big disconnect between what people believe about the current Wall Street crisis and the easily documented facts show just how effective Wall Street’s spin doctors and protection racket have become at promulgating a false narrative through mainstream media outlets. (To help get the truth out to the American people, Wall Street On Parade has chronicled each milestone in the crisis in an investigative series that now includes more than seven dozen articles.)

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Posted at 8:59 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com (Early Sunday Release)

Renowned radio host, filmmaker and book author Steve Quayle says everything from cataclysms to Covid 19 is all part of the “Last Days” talked about in the Bible. Quayle says, “We are going through what I would call ‘quantum transformation’ that is taking place in the heavenly realm, on earth and under the ocean. We are in a period that is very clearly spoken of in the Bible as the ‘End of the Age.’ When it comes to the United States, I coined a phase, and it is ‘rape, pillage and plunder, the USA is torn asunder.’ What we are seeing is the absolute attack on everything that made America great starting with the separation of Our Lord Jesus Christ in the churches. The churches have rolled over and are seeker friendly. Now, people are without anchors to their souls. They are coming apart at the seams.”

Quayle says the Wuhan Coronavirus is no accident and explains, “Here’s the bottom line, and I pray people get this. There was an intentional bio attack on the United States. . . . It’s totally designed to destroy the country. I don’t think this can turn around and come back. You’ve got too many people out of work. . . . People have to understand this. You cannot say to someone you cannot feed yourself. You cannot go to work. We are going to come in and inject you with a poison. I say vaccine, shot in the arm, shot in the head, either way they want you dead. . . . They’ve got to know, and they do know exactly what they are doing. . . .The seeds of the communist infiltration in America now are coming to fruition. These people have yielded to bribery. It’s obvious, and some people say that’s really extreme. Are you kidding me? Extreme? There are five mile long lines on the highway with people waiting for handouts or waiting for their $1,200 checks. We are going into the worst financial situation the world has ever seen. We are going to have a deflationary depression, but they are going to print money like there is no tomorrow. They say that can’t happen. Oh, yeah? Look at oil. It went down to -$40 per barrel. That’s negative, and some people say oil could go down to a -$100 per barrel. . . . Here’s my bottom line. There are no markets anymore for true price discovery, only manipulations.”

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Posted at 2:36 PM (CST) by & filed under Jim's Mailbox.

Jim/Bill,

Listeners were warned back in September there was a problem in the repo market. Listeners were again warned B was cover for A in February. Listeners were told the price on comex and the street would grow much wider in time. Listeners were warned oil could could go negative. Do you see a pattern here?

Dave

A Did Not Cause B
April 28, 2020

A = coronavirus. B = economic meltdown.

A caused B.

That’s the mainstream narrative when it comes to the economic pain we’re feeling right now.

But in reality, A did not cause B. B was in the works long before A came along.

Of course, the mainstream never recognized the rot in the economy a few months ago. In fact, everything thing looked glowing on the surface. As economist Mark Thornton reminds us in an article published on the Mises Wire, on February 10, a mere 10 weeks ago, stock markets were at all-time highs. The unemployment rate was at an all-time low.

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Posted at 9:17 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

More good stuff from Erik.

We Are All In This—But Not Together (Political Economics)_001

We Are All In This—But Not Together (Political Economics)_002

Bill Holter’s Commentary

Yes, “just in case”?

After Gold & Oil Contract Chaos, CME Group Secures $7 Billion Credit Line “In Case Of COMEX Member Default”
May 1, 2020

Something unusual is happening in the gold market.

First we had unprecedented dysfunction in the gold futures markets with dramatic paper and physical price divergences amid virus-inspired geographical shortages for deliverables.

“I’ve never seen that before,” said one gold trader who has been in the market for 30-plus years.

Saxo Bank’s head of commodity strategy, Ole Hansen, observed that a lockdown is occurring in two biggest gold hubs in the world, New York and London, so many traders are working from home. “This has caused a breakdown in the marketplace”, he said.

“There is no price discovery in the market right now,” he said Tuesday morning. “If you need to borrow gold in the OTC [over-the-counter] markets right now, you are going to pay a king’s ransom.”

Then we had the even more stunning negative prices for front-month WTI crude futures as prices converged to negative spot prices at expiration/delivery, thanks to a lack of storage and ETF-driven illiquidity issues. This sparked major losses for some very large market brokerages and clearing houses, among them, Interactive Brokers:

CNBC: “Across the industry, do you think there is going to be some really serious pain?”

Peterffy: “There is about another half a billion dollars of losses that somebody is sitting on… and I do not know who those folks are.”

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Posted at 11:34 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

Erik on oil.

upporting Insanity With Bailouts (On Economics)_001

upporting Insanity With Bailouts (On Economics)_002

Bill Holter’s Commentary

You mean sovereign nations don’t like the guillotine of having their assets frozen hanging over their heads? A level playing fieild…what a novel concept!

Shanghai Gold Boss Wants Super-Sovereign Currency For Post-Crisis Times
April 28, 2020

HANGHAI (Reuters) – The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally.

Concern has mounted among some market participants over the dollar-denominated system as the U.S. Federal Reserve cut interest rates to near-zero and embarked on unlimited quantitative easing to contain the economic damage of the coronavirus pandemic.

The measures have helped to drive gold prices to more than seven-year-highs this month, while the dollar has been range-bound. Wang Zhenying, who heads the world’s largest physical spot gold exchange, said in an interview the gold gains should be sustained, but ultimately a new kind of currency was needed.

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Posted at 9:00 AM (CST) by & filed under USAWatchdog.com.

By Greg Hunter’s USAWatchdog.com

Journalist Alex Newman says the virus crisis has exposed the financial debacle of the $5 trillion shortfall in state and local pensions. Senate Majority Leader Mitch McConnell says “states should file bankruptcy.” President Trump says a “federal bailout would not be fair.” Treasury Secretary Mnuchin says states are “not going to be bailed out.” As unemployment soars by the millions and taxes implode, pensions are running out of money to pay lavish benefits promised to public workers. Newman contends, “It’s unsustainable, it’s a rip-off, it’s a scam. These people are being used and manipulated, too. The reason Democrat politicians agree to these things is not because they love police and firefighters, it’s because they want the votes from big labor. It’s a really nasty political machine, and I was happy for Senator McConnell to talk about this. What you have here is huge government employee unions run by communist, radical leftists, Deep State operatives that suck up all this money . . . and then they recycle that money back into the campaign coffers of Democrat politicians. . . . Then they say, oh sure, we will give you a bigger pension, and, sure, we will give you more benefits, and it’s a vicious cycle. . . . They have been creating this massive Ponzi scheme, and now they are saying coronavirus caused this, and now we need a federal bailout. Sorry, it’s not going to work. . . .A lot of these issues are now getting exposed. This is the first time in years that we are having a national discussion about this tsunami that’s about to swallow up our economy.”

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Posted at 9:44 AM (CST) by & filed under Jim's Mailbox.

Bill,

The holes at the grocery store prove this is consistent

JB

What they are not telling you is freight rates and trade were in a world of hurt prior to the coronavirus

Bill

Freight Trucking Demand Plunges To All Time Lows; Rates Crash And Industry Grapples With Lockdown
April 27, 2020

Bank of America’s Truckload Diffusion Indicator for shippers continues to paint a grim picture not only of freight, but of the overall economy. Put simply, the pandemic has led to record lows and some of the ugliest survey numbers since the bank started conducting it back in 2012.

ch 1_3

Heavy duty trucking was already in the midst of trying to shake off the results of a bloated Class 8 order backlog that started in 2018, as we document on a month-by-month basis here on Zero Hedge. Not unlike the auto industry, it was a terrible time for the industry to be hit with demand interruption and the coronavirus has forced the sector from “bad” to “worse”.

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Jim/Bill,

I thought the readers might like this.

Dave

How Many Investors Own Gold Stocks?
April 27, 2020

Bull markets reach their peaks when there are no suckers left on the sidelines.

A 1996 FORTUNE Magazine article titled When the Shoeshine Boys Talk Stocks It was a Great Sell Signal in 1929 tells the story of Joe Kennedy, a famous investor of his day. Joe Kennedy wrote of his experience leading up to the Great Depression

“Taxi drivers told you what to buy. The shoeshine boy could give you a summary of the day’s financial news as he worked with rag and polish. An old beggar who regularly patrolled the street in front of my office now gave me tips and, I suppose, spent the money I and others gave him in the market. My cook had a brokerage account and followed the ticker closely. Her paper profits were quickly blown away in the gale of 1929.”

Taking this example into modern day… When your uber driver starts talking up Bitcoin, or your grandparents extoll the benefits of cannabis equities, your gut reaction to jump ship may be one worth noting. 

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