‘Time Of The Dawn Of Turkey’: Erdogan Announces Construction Of Antarctic Base June 18, 2018
Turkish research teams have visited Antarctic three times in the last two years in an effort Ankara hopes will establish Turkey as a major scientific power.
Turkey will join close to 30 other countries when it officially opens its own Antarctic research station in 2019, President Recep Tayyip Erdogan wrote in his official Twitter account.
“In 2019, we will create a research station in Antarctica. Through this station, we will join the victorious group of 30 countries who already have a presence there. This is a time of global vision. It is the time of the dawn of Turkey!” Erdogan wrote.
Turkey is a signatory to the 1959 Antarctic Treaty obliging nations to engage only in scientific activity in this southern polar zone. Over 50 countries are party to the treaty, including Russia, the US, China, Japan, Australia, New Zealand, Argentina, and many European countries. About two dozen states maintain about 90 permanent or seasonal research stations in the region.
Atrocity Porn and Hitler Memes Target Trump for Regime Change June 23, 2018
American and global audiences have been bombarded with media images of wailing children in holding facilities, having been separated from adults (maybe their parents, maybe not) detained for illegal entry into the United States. The images have been accompanied by “gut-wrenching” audio of distraught toddlers screaming the Spanish equivalents of “Mommy!” and “Daddy!” – since, as any parent knows, small children never cry or call for their parents except in the most horrifying, life-threatening circumstances.
American and world media have provided helpful color commentary, condemning the caging of children as openly racist atrocities and state terrorism comparable to Nazi concentration camps and worse than FDR’s internment of Japanese and Japanese-Americans. Indeed, just having voted for Trump is now reason enough for Americans to be labeled as Nazis.
Finally, the presumptive Hitler himself, also known as President Donald Trump, citing the pleas of First Lady Melania and First Daughter Ivanka, signed an Executive Order to provide for adults and (their?) children to be detained together. However, the order is unlikely to hold up in court, with sanctuary-minded states aiming to obstruct border enforcement the way Trump’s earlier order on vetting arrivals from terrorism-prone countries has been crippled by the federal judiciary. His media and bipartisan political opposition will be happy only when all border violation detentions cease and America has gone full Merkel, starting with ending Trump’s declared zero tolerance for illegal crossings and restoration of Barack Obama’s catch-and-release policy.
Ralph Nader Asks Former First Ladies: Why No “Heartfelt Concern for Tens of Thousands of Children Killed or Seriously Maimed” by Their Husbands’ Wars? June 23, 2018
By Andrea Germanos
“Information Clearing House” – Noted consumer advocate and author Ralph Nader on Friday offered a sharp retort to Laura Bush and Michelle Obama in response to the former first ladies levied criticism at the Trump administration’s cruel immigration policy that separated immigrant children from their families.
“Would be nice if Laura Bush and Michelle Obama had expressed similar heartfelt concern for the tens of thousands of children killed or seriously maimed by the wars of their husbands in Iraq, Afghanistan, and elsewhere,” he tweeted.
Would be nice if Laura Bush and Michelle Obama had expressed similar heartfelt concern for the tens of thousands of children killed or seriously maimed by the wars of their husbands in Iraq, Afghanistan and elsewhere. -R
If this was true, we would have heard about it during the campaign season.
Watch: Trump Melts Down As Man Holds Up Photo Of Him And Billionaire Pedophile Epstein At Rally June 23, 2018
As the old adage goes, where there is smoke, there is fire. This week, a man attending a rally for President Trump in Minnesota held up a sign with a photo of Trump, and one of his close friends from the past, convicted pedophile Jeffrey Epstein—and Trump’s reaction is incredibly notable.
The image, which included the caption “Where is Jeffrey Epstein?” was apparently too offensive for Trump who told security to “Get him outta here. Go home to your mom darling, go home. Get him outta here. Out!”
Well well well. At Trump’s Minnesota rally a protester held up a pic of Epstein and Trump with the words “who is Jeffrey Epstein?”
If JPMorgan Gaps Below Its 200-Day Simple Moving Average Then A Bear Market For Stocks Will Follow June 22, 2018
In my opinion, JPMorgan Chase & Co (JPM) is the most important stock if you are worried about all the crosscurrents facing the global economy.
JPMorgan is the biggest of the “too big to fail” U.S. money center banks and is a component of the Dow Jones Industrial Average. The banking giant has tentacles in so many markets and banking activities around the globe that negative technical warnings for its charts should be considered a warning that a global bear market for stocks is around the corner.
JPMorgan obviously passed the bank stress tests, which can lead to a dividend hike and share buybacks but will not help consumers on Main Street. A lower tax rate may offset the larger regulatory banking fees that are on the way. Dealings with foreign banks under stress could become a major headwind.
Traders had the opportunity to buy JPMorgan on weakness to its 200-day simple moving when it was at $105.24 on May 29 and again over the last five days with the average now at $106.73. If there is a price gap below the 200-day simple moving average beware that the downside is to my annual value level of $93.20.
Is this a shock to anyone other than those trying to survive on it?
Social Security Benefits Buy 34 Percent Less Than In 2000, Study Shows June 21, 2018
If you feel like your Social Security check doesn’t stretch as far as it once did, there’s a likely explanation for it.
Since 2000, the buying power of monthly benefits has fallen by more than a third, according to an annual report released Thursday by the Senior Citizens League, an advocacy group based in Alexandria, Virginia.
In other words, the cost of goods and services common among retirees have collectively risen faster than the cost-of-living adjustment, or COLA, that Social Security recipients get every year.
“People who recently retired might have seen only a [small] decrease in buying power,” said Mary Johnson, a policy analyst for the league. “But those retired for a long time are feeling the cumulative effect of this.”
About 47 million older Americans receive Social Security. Overall, the benefits comprise about a third of income among those age 65 or older, according to the Social Security Administration.
China Can Hurt America In Trade War Six Ways From Sunday June 21, 2018
The threat of a full-scale trade war between the US and China has dominated the news in recent weeks. The countries have exchanged import tariffs on each other’s goods, and are threatening further protective steps.
After numerous threats to tax Chinese imports, US President Donald Trump fired the first shot by approving $50 billion in tariffs that will come into force on July 6. Beijing immediately responded by imposing a 25-percent tariff on American imports worth $34 billion, which will come into effect on the same day.
Trump issued a threat to impose additional 10-percent levies on $200 billion of Chinese goods coming to the US. This prompted a pledge from China’s Commerce Ministry to “forcefully fight back” with “qualitative” and “quantitative” measures.
The mutual exchange came two months after the White House slapped China and several other nations, including Russia and India, with an import tax of 25 percent on steel and 10 percent on aluminum. In late May, the measure was extended to the EU, Canada and Mexico.
China Cuts US Investments By 92% Amid Escalating Trade War June 21, 2018
The US market saw a significant plunge in investment from China in the first five months of the year amid a growing trade row between the world’s two largest economies.
Chinese investments totaled $1.8 billion from January through May, representing a 92-percent drop against the same period a year ago. That’s the lowest level in seven years, according to the latest report by Rhodium Group, a research provider that tracks Chinese foreign investment.
Chinese corporations that had been pumping cash into the US to cement ties over a long period have cut their investments in recent years. In 2017, investments declined by 36 percent to $29.7 billion from $46.5 billion during the previous year.
“The more confrontational approach of the Trump administration toward economic relations with China has cast some doubt, in these companies’ minds, about their position here,” said Thilo Hanemann, a director at Rhodium Group, as quoted by CNN Money.
The Diseased, Lying, Condition of America’s ‘News’ Media June 21, 2018
Both President Trump and former President Obama are commonly said in America’s ‘news’ media to be or to have been “ceding Syria to Russia” or “ceding Syria to Russia and Iran,” or similar allegations. They imply that ‘we’ own (or have some right to control) Syria. That’s not only a lie; it is a very evil and harmful one, dangerously goading the US President to go even more against Russia (and Iran) (and, of course, against Syria) than has yet been done — but the ‘news’media don’t care about that evil, and that falsehood, and that dangerousness — they do it anyway, and none of them attacks the others for perpetrating this vicious war-mongering lie, that lying provocation to yet more and worse war than already exists there. And the fact that none is exposing the fraudulence of the others on this important matter, is a yet-bigger additional scandal, beyond and amplifying the media’s common lying itself. Because they all function here like a mob, goading to more and worse invasions, and doing it on the the basis of dangerous lies — that America, and not the Syrians themselves, own Syria.
These lies simply assume that America (probably referring to the US Government, but whatever) somehow “has” or else “had” Syria (so that America can now ‘cede’ it, to anyone); and this assumption (that the US somehow owns Syria) is not only an imperialistic one (which is bad, and wrong, in itself), but it reduces to nothingness the rights (in the minds of the American public) of the Syrian people, to control their own land. That lie is what America’s ‘news’media won’t expose, but instead they all cooperate with it, when they’re not actually participating, themselves, in spreading these lies.
We start our last day of the Triple Witch Week with Gold moving higher with the price now at $1,271.50, $1 higher inside a $5 trading range between $1,273.10 and $1,268.40 sometime before 6am pst. Silvers trade is now at $16.50 (Sept contract) with a high so far at $16.535 and a low of $16.385. We start quoting the next month’s contracts when the Open Interest in the previous month (July) falls below the next traded obligation (Sept). In other words, we always talk the price that has the largest Open Interest. The US Dollars trade is now at 94.25, down 15.4 points after being knocked down to 94.095 with a high at 94.55. Admittedly, this is an odd week because most of the time, precious metals get whacked on these last trading days during the bankers inventory check and balance week. The tactics were changed for some reason forcing the metals lower last Friday. Odd imo and maybe proof of the price hex being removed (let us pray).
Speaking of Open Interest, June Silvers receipt obligations are still at 1 but with a volume so far of 6 which means our buyer(s) are still in need and are not hesitating one bit to keep on adding more and more. Silvers over all OI is now at 219,697. A gain of 1,591 contracts in order to keep things stagnant.
The cryptos are taking it on the chin again with Bitcoins trade at $6,371.31, a drop $371.29 from yesterday morning. Ethereum’s trade is at $487.03, down $48.73 and Litecoins trade is at $88.88 a fall of $7.88. This drop in value has been attributed to another banker claiming blockchaining is too primitive to be used. With cost cutting everywhere in order to make a profit, one has to consider the evidence that the only thing primitive is the fact that the fiat currency system, is no longer quick, cost efficient, nor trusted, especially when the banks have court approved rights to take your money if their careers or trades, are in jeopardy. Another crypto note to add is now Congressional Critters must report their Crypto holdings if they are over $1,000.
Italy is still making waves along its borders as they too attempt to regain their freedoms from oppression and forced immigration policies of the EU as the nation continues its attempted divorce from a relationship that refuses to listens and the judges who are siding with the EU. As a reminder, the nation is not the only one wanting out and all of this spells the end of their international currency, in short, the European Union’s attempt to one world currency itself .. failed, or is at least losing their debt burdened support.
All has been saved! The Federal Reserve has blessed us all with their claims that All 35 Banks Will Be Fine If Stocks Crash 65%. It sure is a comfort to know they will be fine with your money. What they don’t say, is if you will ever have the chance to recover your money from them, if the market falls 65%.
We are prepared as we continue to HODL our metals during this worldwide political turmoil that will surly affect all markets in the future. Hopefully our writings have encouraged you too, in gaining more and more physical precious metals, and get out of the failed system surely set to correct. Have a great weekend, HODL as much as you can, and as always … Stay Strong!
“Judical Watch” are brave patriots. I humbly salute them. Courtesy of JB.
Judicial Watch Obtains IRS Documents Revealing McCain’s Subcommittee Staff Director Urged IRS to Engage in “Financially Ruinous” Targeting June 21, 2018
McCain minority staff director Henry Kerner to IRS official Lois Lerner and other IRS
officials: “the solution is to audit so many that it becomes financially ruinous”
(Washington, DC) – Judicial Watch today released newly obtained internal IRS documents, including material revealing that Sen. John McCain’s former staff director and chief counsel on the Senate Homeland Security Permanent Subcommittee, Henry Kerner, urged top IRS officials, including then-director of exempt organizations Lois Lerner, to “audit so many that it becomes financially ruinous.” Kerner was appointed by President Trump as Special Counsel for the United States Office of Special Counsel.
The explosive exchange was contained in notes taken by IRS employees at an April 30, 2013, meeting between Kerner, Lerner, and other high-ranking IRS officials. Just ten days following the meeting, former IRS director of exempt organizations Lois Lerner admitted that the IRS had a policy of improperly and deliberately delaying applications for tax-exempt status from conservative non-profit groups.
Lerner and other IRS officials met with select top staffers from the Senate Governmental Affairs Committee in a “marathon” meeting to discuss concerns raised by both Sen. Carl Levin (D-MI) and Sen. John McCain (R-AZ) that the IRS was not reining in political advocacy groups in response to the Supreme Court’s Citizens United decision. Senator McCain had been the chief sponsor of the McCain-Feingold Act and called the Citizens United decision, which overturned portions of the Act, one of the “worst decisions I have ever seen.”
A scary new political trend is taking over America…from college campuses…to even the U.S. Congress.
It’s a radical “reform” of the U.S. dollar… meant to create a “fairer” and more “equal” society…
Supporters like Professor Eric Tymoigne at Bard College, or Delman Coates at The Black Church Center for Justice and Equality, claim this reform is necessary to solve “social and economic injustice.”
But there’s a darker truth behind this trend.
If you are an investor… own life insurance or annuities… or have substantial savings in an FDIC-insured bank account…then you need to be aware of serious risks. Click here to see what you should do.
Coauthor, The Bill Bonner Letter
It is coming!
Inflation Fears Spike To 30 Year Highs June 21, 2018
Hidden deep in the narrative-busting Philly Fed survey plunge this morning was an alarming data point that may better explain the slump in stocks than mere disappointing headlines would suggest.
While Prices Paid and Prices Received both rose modestly (even as New Orders and Backlogs plunged), it appears Trump Trade Tariffs have sparked a Daimler-esque response in the business-people of Philadelphia who are now more worried about inflation in the next 6 months than at any time since 1988 (shooting up a whopping 23 points to 56.6)…
There is so much more to Mr. Williams that, with his permission, I am showing what is available to a subscriber of his paid service. His work is not simply clear statistical work, there is no comparison between his work and present fake statistical releases everywhere by everyone.
RICO is very serious as, if won by the plaintiff it penetrates all protective barriers to funds except the Cook Island Trust. Courtesy of JB.
Former Secret Service Agent Files RICO Suit Against Clintons, Soros, Podesta, Brock June 21, 2018
Conspiracy theorists (and conspiracy factists) are running wild as infamously outspoken former Secret Service agent Gary Byrne has filed a Racketeer Influenced and Corrupt Organizations (RICO) suit against what some call the Democrat Deep State.
Defendants in the case include:
CLINTON FOUNDATION, CLINTON-GIUSTRA ENTERPRISE PARTNERSHIP, MEDIA MATTERS FOR AMERICA, CORRECT THE RECORD, AMERICAN BRIDGE 21ST CENTURY, CITIZENS FOR RESPONSIBILITY AND ETHICS IN WASHINGTON, SHAREBLUE, DAVID BROCK, WILLIAM JEFFERSON CLINTON, HILLARY RODHAM CLINTON, GEORGE SOROS, JOHN PODESTA, JONATHAN WACKROW, JAN GILOOLY and CLINTON GLOBAL INITIATIVE.
Quite a rogue’s gallery.
Here’s the summary of Byrne’s case…
For the past decade in which relevant predicate acts were corruptly carried out by the named defendants as “payback” for Plaintiff Gary Byrne’s role in the Clinton impeachment and his status as a “Clinton enemy” (for his temerity in telling the truth concerning obstruction of justice and gross abuse of power), along with their corrupt surrogates and collaborators (referenced individually and collectively as the “Enterprise”), David Brock and William and Hillary Clinton have been synonymous with criminal behavior, malicious baseless attacks (using mainly the illicit and vicious defamatory tactics against perceived political enemies (like Officer Gary Byrne, the Plaintiff here) of those willing to compensate participants like Brock) – and coordinating by mail and wire to violate myriad Federal and State laws in the exploitation of Enterprise nonprofit entities they use for purely partisan purposes.
This is solid truth in a world of fake news and statistics…
Tiny Asian Nation Hoards Gold as Shield Against Trade War June 19, 2018
What do you do when your two biggest trading partners are embroiled in economic standoffs with the U.S.? You buy as much gold as you possibly can.
At least that’s what Kyrgyzstan’s central bank is doing in a bid to protect itself from currency volatility in China and Russia. The central Asian nation hopes to grow the share of gold in its $2 billion international reserves to 50 percent from around 16 percent now.
“The rules of the game are changing,” Kyrgyz central bank Governor Tolkunbek Abdygulov, 42, said in an interview in the capital, Bishkek. “It doesn’t matter what currencies we have in our reserves; dollars, yuan or rubles all make us vulnerable.”
BUREAU BIAS? Top Republican Says FBI ‘Misled’ DOJ with ‘FALSE INFORMATION’ June 20, 2018
A top Republican lawmaker raised eyebrows throughout Washington this week, claiming there was “growing evidence” the FBI “edited and changed” information submitted to the Inspector General to avoid “prosecution.”
Freedom Caucus Representative Mark Meadows made the startling suggestion during his fiery address before Inspector General Michael Horowitz; slamming the bureau’s actions in the lead up to the 2016 race for the White House.
“The other thing that I would ask you to look into, there is growing evidence that 302s were edited and changed,” Meadows told Horowitz. “Those 302s, it is suggested that they were changed to either prosecute or not prosecute individuals. And that is very troubling.”
This Billboard In Texas Tells Liberals To Get Lost. After Backlash, It’s Coming Down June 20, 2018
UPDATE: Since this story was first published, the billboard owner responded to a request for comment, saying that the billboard would be taken down and the client reimbursed, after media coverage and social media backlash to the sign’s message.
“Howdy, y’all,” is the folksy, welcoming greeting that has made Texas known for a relaxed, down-home charm over the years.
But that’s not the message motorists are getting from a billboard causing a stir on social media.
“Liberals,” the billboard reads. “Please continue on I-40 until you have left our GREAT STATE OF TEXAS.”
At least that’s what it will read until sometime Wednesday. Randy Burkett, who owns Burkett Outdoor Advertising and the sign, told McClatchy that after all the backlash and media attention the sign got on Tuesday and Wednesday, it would be taken down immediately.
“I was shocked that it traveled that fast,” Burkett said. “I believe in free speech, but this country is divided enough as it is. I’ve spoken with the client, and he’s agreed that it should come down. We’ll be reimbursing him.”
CNN Star GASPS When Border Patrol Cop Drops Huge Truthbomb June 20, 2018
The controversy surrounding illegal immigrant family separation has caused a mainstream media feeding frenzy this week — but when CNN tried to get in the middle of the action Tuesday, it blew up in the network’s face.
In fact, CNN star Brooke Baldwin tried to shame National Border Patrol Council spokesman Chris Cabrera over the harsh separation of illegal immigrant families. She tried to blame President Donald Trump and conservatives for the story that’s just now gained national attention.
Instead, Baldwin was left gasping when she learned the harsh truth about the U.S. border.
Cabrera was prepared for CNN and quickly flipped their script — and in the end, Baldwin was thanking him for his service to our country.
J. Johnson makes the correct connection between “Physical and Real”
“Physical” Is The “Real” In A World Of Fake June 20, 2018
Here we are on the hump day inside the Triple Witch Week with the markets doing what they almost always do during this period of time keeping precious metals in check with Gold at $1,275.50, down $3 inside a tight trading range between $1,272.10 and $1,278.60. Silver is flat to lower at $16.30 down 2.3 cents inside a high of $16.37 and the low of $16.25 in the early morning sometime before 6am pst. The US Dollar’s trade is at 94.73 with its high so far at 94.985 and the low of 94.64.
June Silver’s Open Interest is now at 34 with zero volume so far. After yesterday’s write up, someone stepped into June’s delivery cycle and painted a 110+/- volume on the board which may mean a buyer and seller agreed to the swap before the COMEX close which would have increased the OI if it had taken longer to agree. This of course is one of the many ways to hide the sausage in the ledger game banks have mastered over the decades. Silver’s over all OI is now at 219,110 contracts, a drop of 2,289 obligations from the previous early morning as we see the squaring out of the July trades before the First Notice Day.
Bitcoin is trading lower with a price now at $6,625 down $102 from yesterday’s sunrise report. Ethereum is at $524.41, down $13, and Litecoin is now at $96.46 down $2.88.
There have been some real news stories popping up everywhere regarding all things government(s) as we see over in the European Union of Disillusionments, a continuance of the constant bickering before the break up as the stories of divorce and separation are once again using “Italy Is Collapsing” as the title. The real issue is the uncollectable debts weighing down on the masses at the same time the currency, that many nations are living under, is losing not only nations, but support from its trading partners. Deutsche Bank is a primary issue of concern for everyone yet the media services stay away from the topic of “
currency wars” because it doesn’t have as good a selling point as people suffering. Even the United Nations seems to be losing value as the USA, once again, is uninstalling its support from the“Cesspool Of Political Bias” after we uninstalled ourselves from NATO last year. At the same time Europe and NATO is falling apart, Russia is uninstalling American debt from its system as more than half of their held US T-bonds have been liquidated.
The other topics for early morning consumption is the entire AI-Algo trading system(s) which has taken over all financials as a distressed trader declares This Is What “Investing Without People” Looks Like. Bill Holter penned the piece “Being Real In A Fake World” which he talked about this specific point and I too fully agree that the system we are presently living under is collapsing (and at all levels) at the same time a new system with more integrity and a much “harder to hide” behind blockchain comes into play. This is not a time to be “all in” the markets, in fact it may be a damn good reason to be all out of the third party system completely because it is absolutely falling apart right before our eyes. Anyone who thinks these issues mean nothing, and are simply the ramblings of failed traders, will find the so called “failed” being the ones who were right all along because lately all trading is fake! What does one think the word “Artificial” and “Intelligence” mean when they are combined yet are separate words with completely different meanings? It’s exactly like “Television” and “Programming”, when put together, it’s a total mind f**k.
We still stand with all things physical in an ever changing world. “Physical” is the “real” in a world of fake. The one thing constant is the physical values of precious metals regardless of the artificially faked price quotes. So HODL those metals and as always Stay Strong.
Interestingly Wolfgang, after the change in currency to one that was gold backed, real estate immediately dropped 30%…and then started going down in real terms (versus gold). Real estate dropped because after the currency change as they say “there was no money on the streets”. Gold is the only true yardstick to measure value against when all is said and done.
Existing Home Sales Slump To Lowest Since Jan: “Housing Affordability Is Becoming A Crisis”
People’s immediate reaction would be : “Well, I guess house prices must fall if there are no buyers.”
That could be a mistake.
In Weimar Germany in the early 1920’s (during their ramp up to hyperinflation) house prices didn’t fall. Even though people couldn’t even afford to buy an apple!
Well worth thinking about.
And if you think that the situation in America is different from Weimar, remember this: When have you ever seen a country in so much indebtedness as us?
And with Russia dumping their US Treasury holdings and China and the rest of the world cutting back their purchases, all that debt (increasing exponentially) will have to be monetized.
CIGA Wolfgang Rech
Existing Home Sales Slump To Lowest Since Jan: “Housing Affordability Is Becoming A Crisis” June 20, 2018
Following a disappointing April for home sales data, and weakness in May’s building permits data, our fiorst glance at May sales suggests all is not well. Existing home sales slipped 0.4% MoM (and were revised lower in April), well below expectations o a 1.1% rebound.
This dropped the Existing Home Sales SAAR to 5.43mm – the lowest since January
Problem is Wolfgang…they have been doing this for years and getting away with all of it!
Par for the course.
Remove any company from the index if it doesn’t help the Dow keep its upward momentum.
It’s not like GE is some penny ante stock.
Just like the BLS CPI index. Remove any product that pushes prices higher.
Can smell the BS in the air?
Wall Street loves the smell of BS in morning.
It smells like victory.
CIGA Wolfgang Rech
General Electric Shareholders Should Rejoice At The Dow Removal June 20, 2018
After more than 100 years as a component in the Dow Jones industrial average, General Electric will be replaced by drugstore chain Walgreens Boots Alliance next week.
But GE investors may take solace in the recent history of stock price outperformance from the companies booted from the Dow.
On Tuesday, David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement that adding Walgreens to the Dow will make the index “more representative of the consumer and health-care sectors of the U.S. economy.”
“Today’s change to the (Dow Jones industrial average) will make the index a better measure of the economy and the stock market,” Blitzer said.
It’s no wonder bank regulators are being deceived and auditors being tipped off.
“Regulators Stunned By Deutsche Bank’s Spectacular, 12x VaR Trading Blowup”
This loss, which is unrivaled in either Deutsche Bank history, or in other banks’ first quarter reports – was oddly left out of Deutsche Bank’s earnings report.
…….having some $50 trillion in gross notional derivatives on its books
Crap like this can snowball throughout the banking community. Lehman? Bear Stearns?
CIGA Wolfgang Rech
Regulators Stunned By Deutsche Bank’s Spectacular, 12x VaR Trading Blowup June 20, 2018
Until recently, Deustche Bank was best known for being the worst managed megabank in the world, for having attempted rigging and manipulating virtually every single market and getting caught doing it, for having been “secretly” added to the Fed’s “troubled bank” watchlist, for having been told by the ECB to simulate a “crisis scenario”, for “accidentally” transferring €28 billion to an outside account, and of course, for having some $50 trillion in gross notional derivatives on its books.
As of today it is also known for having reckless traders on “full tilt” who go all in, bet the house, and lose.
As first noticed by Bloomberg, and disclosed publicly in a May 7 Federal Financial Institution filing, unknown Deutsche Bank traders suffered a staggering one-day loss in the first quarter that was almost 12x VaR, or 12 times what DB’s risk officers have estimated for regulatory purposes it might lose on a typical day.
If everything is on the up and up, why the need for a tip off?
Lynn Turner, a former chief accountant for the SEC told MarketWatch. “In my opinion, the information that has come to light raises a serious question with respect to the integrity, objectivity and professionalism of the audits.”
I’d run from banks as fast as I could after reading this.
CIGA Wolfgang Rech
The Auditor Of Citi, Credit Suisse And Deutsche Bank Was Tipped Off Before Regulatory Inspection
June 20, 2018
The auditor of some of the world’s largest banks including Citigroup, Credit Suisse and Deutsche Bank was tipped off before a regulator inspected them.
It’s been previously reported that KPMG executives were able to extract from the regulator, the Public Company Accounting Oversight Board, confidential information ahead of inspections, and use that information to correct their work and at least in one instance, withdrawn an opinion. But MarketWatch now has court documents that, for the first time, names the audit clients caught up in the scandal.
The Justice Department in January brought criminal charges against five former KPMG executives and one former regulator for allegedly taking advantage of advance notice of regulator inspections. Court filings made June 8 by lawyers for two of the KPMG partner defendants spells out the audit clients caught up in the scandal. They’re mostly financial companies: Citigroup C, +0.90% , Credit Suisse CS, +0.53% , Deutsche Bank DB, -0.81% , Banc of California BANC, +0.00% , BBVA BBVA, +0.72% , Chemical Financial Corp. CHFC, +0.75% , Ambac AMBC, -1.68% , Phoenix Life, and NewStar Financial as well as C&J Energy Services CJ, -1.42%
It really is convenient to see no one can recover any lost funds from the perps in this wash, rinse, recycle again process. If I didn’t know better, I’d say this fine was a simple license fee to do it again and if caught, pay for another license.
CFTC Orders JPMorgan Chase Bank, N.A. to Pay $65 Million Penalty for Attempted Manipulation of U.S. Dollar ISDAFIX Benchmark Swap Rates June 18, 2018
Washington, DC – The Commodity Futures Trading Commission (CFTC or Commission) today issued an Order filing and settling charges against JPMorgan Chase Bank, N.A. (JPMC) for attempted manipulation of the ISDAFIX benchmark and requiring JPMC to pay a $65 million civil monetary penalty.
The CFTC Order finds that over a five-year period, beginning in at least January 2007 and continuing through January 2012 (the Relevant Period), JPMC made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark referenced in a range of interest rate products, to benefit its derivatives positions, including positions involving cash-settled options on interest rate swaps.
James McDonald, CFTC Director of Enforcement, commented: “This matter is one in a series of CFTC actions that clearly demonstrates the Commission’s unrelenting commitment to root out manipulation from our markets and to protect those who rely on the integrity of critical financial benchmarks.”
Horowitz Reveals That Comey Is Under DOJ Investigation Over Mishandling Classified Info June 18, 2018
DOJ Inspector General Michael Horowitz made a stunning admission during Monday Congressional Testimony that former FBI Director James Comey is under a separate and ongoing investigation over mishandling of classified information – when asked by Senate Judiciary Committee Chairman Chuck Grassley (R-IA) about
Grassley: “Comey said he did not expect a report on his handling of classified information because, “That’s frivolous.” I don’t happen to think that it is frivolous. Question number one, Mr. Horowitz, are you investigating the handling of his memo and does that include the classification issues, and should Mr. Comey expect a report when it’s complete?”
Horowitz: “We received a referral on that from the FBI,” We are handling that referral and we will issue a report when the matter is complete, consistent with the law and rules that are–a report that’s consistent and takes those into account.”
CIGA Robert warns of higher taxes from desperately indebted nations.
Linear analysis never takes into account climate cycles. And history does show the earth does go through cycles of climate much like locusts come in cycles. And certain countries are experiencing real change that is not warming. Russia had the coldest spring in a 140 years which devastated their winter wheat harvest.
Watch the coming outcry for taxation as Europe goes broke. As it is countries are rushing to load up on debt before the ECB stops buying so what comes next will be increasing taxes.
The fight will be on and will add to trade disputes already under way.
Leaked UN Draft Report Warns Of Urgent Need To Cut Global Warming June 15, 2018
The world is on track to exceed 1.5C of warming unless countries rapidly implement “far-reaching” actions to reduce carbon emissions, according to a draft UN report leaked to Reuters.
The final draft report from the UN’s intergovernmental panel on climate change (IPCC) was due for publication in October. It is the guiding scientific document for what countries must do to combat climate change.
Human-induced warming would exceed 1.5C by about 2040 if emissions continued at their present rate, the report found, but countries could keep warming below that level if they made “rapid and far-reaching” changes.
Under the 2015 Paris climate agreement, almost 200 countries signed up to limit global temperature rises to well below 2C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5C.
Practice shows that there are three topics connected to Moscow that attract genuine attention, and often also invoke the sincere surprise of the foreign financial press and expert community.
The main mystery that the authors of the western financial periodical press try to solve is why the Russian economy hasn’t yet collapsed, despite unprecedented western sanctions? If it continues like this, then the meme about the “mysterious Russian economy” will occupy in the western news sphere a place near a meme about the “mysterious Russian soul”.
One more topic moving the world is the Russian successes in relation to intercepting control over the OPEC oil cartel, which the Americans once created to advance their own interests. Now American journalists sadly joke that it is time to rename OPEC into ROPEK, because now it is Russia – which (oh the horror!) doesn’t react to the tweets of Trump demanding to immediately lower the prices of oil – that rules here.
It is impossible to not mention the topic of the Russian gold reserves and the persistence with which the Central Bank buys gold for gold and foreign exchange reserves. Taking into account with the amount of this metal in its own stocks Russia already overtook even China, western analysts suspect that this strategy is a part of strengthened preparation for the collapse or radical reformatting of the world monetary system, after which gold will be the only “financial instrument” that not only keeps its value, but also raises it.
What Does the North Korea-Trump ‘Best Friends’ Summit Portend for Iran? June 19, 2018
What an odd outcome: After all the threatened ‘fire and fury’, all the earlier bluster about complete, irreversible, verified, denuclearisation, and all the neocon bravura about Kim Jong Un having to transfer his nukes to the US, and having to undertake irreversible steps to strip himself nuclear-naked, as it were, prior to Trump lifting his little finger – all this melted away, like snow, into a show of BFFE (best friends for ever).
“The Singapore summit was long on theatre and largely devoid of substance”, writes Professor Steven Walt, “save for a typical Trumpian giveaway. This time Donald Trump impulsively offered to suspend military exercises with South Korea (without notifying Seoul in advance) in exchange for a North Korean pledge to do – well, nothing. If the self-proclaimed master negotiator keeps making deals like this, there will be a Kim Jong Un Hilton in Honolulu, before there is a Trump Tower in Pyongyang. The most significant development in Singapore was to complete the transformation of Kim… into a serious and engaged world leader, of some stature.”
Was this just an example of creative, Trump unorthodoxy (face-to-face meeting in advance of substantive agreement) – i.e. the voiding of a blockage? Or, was it because the outlines to Kim Jong Un’s policy objectives have been clear since at least 2013, but the tilt point in turning it from something latent into substantive form, was the metamorphos in South Korea which gave Moon the clear mandate to seek the reunification of the Peninsular (something the North Korean leadership had long sought)?
Study Confirms Most Psychopaths Live in Washington D.C. June 18, 2018
Murphy also included the District of Columbia in his research, and found it had a psychopathy level far higher than any other state. But this finding is an outlier, as Murphy notes, as it’s an entirely urban area and cannot be fairly compared with larger, more geographically diverse, US states. That said, as Murphy notes, “The presence of psychopaths in District of Columbia is consistent with the conjecture found in Murphy (2016) that psychopaths are likely to be effective in the political sphere.”
Surprised? I didn’t think so. But still, fun to get some scientific confirmation.
Psychos are drawn to power. It is not just that power corrupts, it is that already corrupt people seek power. Government is the best industry to be in for someone with no morals.
The study is called Psychopathy By State, conducted by Ryan Murphy. He surveyed samples from the lower 48 states and Washington D.C. to find the prevalence of personality traits which correspond to psychopathy.
The personality traits generally corresponding to psychopathy are low neuroticism, high extraversion, low agreeableness, and low conscientiousness.
Judicial Watch Sues State Department for Obama-Era Records on Refugee Resettlement Site Locations June 18, 2018
(Washington, DC) — Judicial Watch announced today that it filed a Freedom of Information Act (FOIA) lawsuit in the United States District Court for the District of Columbia for records on sites that were considered for the resettlement of refugees in the United States during the last two years of the Obama administration. (Judicial Watch vs. U.S. Department of State (No. 1:18-cv-01244))
Judicial Watch filed the lawsuit after the State Department failed to respond to a February 23, 2017, FOIA request seeking:
All records reflecting the locations within the United States that were considered as possible sites for refugee resettlement under the U.S. Refugee Admissions Program (USRAP) in 2015 and 2016.
All records reflecting the criteria used to determine suitability of locations as refugee resettlement sites in 2015 and 2016.
All records reflecting the names of local organizations promoting any of the locations identified above for consideration as refugee resettlement sites.
In October 2016, Judicial Watch made public 128 pages of documents it obtained from the mayor of Rutland, Vermont, showing a concerted effort by the mayor and a number of private organizations to conceal from the public their plans to resettle 100 Syrian refugees into the small southern Vermont town. The mayor and resettlement organizations shrouded the plan in such secrecy that not even the town’s aldermen were informed of what was taking place behind closed doors. The aldermen eventually wrote to the U.S. Department of State protesting the plan and opened an investigation into the mayor’s actions.
Judicial Watch Sues DOJ for Mueller Deputy Andrew Weissmann Text Messages Regarding Trump, Clinton June 19, 2018
(Washington, DC) — Judicial Watch announced today that it filed a Freedom of Information Act (FOIA) lawsuit asking the court to compel the Department of Justice produce “all text messages to or from DOJ official Andrew Weissmann” regarding President Donald Trump and Hillary Clinton. (Judicial Watch v. U.S. Department of Justice (No. 1:18-cv-01356)). Weissmann is a senior deputy for Special Counsel Robert Mueller and a former chief of the Justice Department criminal fraud division.
Judicial Watch filed suit after the DOJ failed to respond to a December 15, 2017, FOIA request for:
All text messages sent to or from DOJ official Andrew Weissmann regarding Donald Trump and/or Hillary Clinton between August 8, 2016 and the present.
All calendar entries, whether in physical or electronic form, for Weissmann from January 1, 2015 to the present.
Weissmann’s objectivity in Mueller’s investigation was called into question in December 2017 when a Judicial Watch FOIA lawsuit uncovered an email Weissmann wrote praising former acting Attorney General Sally Yates for defying Trump on enforcement of the president’s so-called travel ban.