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

Bill Holter’s Commentary

Again, it is all about credit.

Foreign Investors Reduce Chinese Bond Holdings For The First Time Since Feb 2017: Why This Matters
November 12, 2018

Three months ago, something unprecedented happened to China’s economy: for the first time since 1998, China reported a current account deficit for the first half of the year.










While we expounded on the full implications previously, they could be summarized as follows: greater reliance on foreign funding, a more open capital account, a weaker CNY and deeper and less manipulated capital markets.


Macron to Trump: ‘You’re No Patriot!’
November 13, 2018

In a rebuke bordering on national insult Sunday, Emmanuel Macron retorted to Donald Trump’s calling himself a nationalist.

“Patriotism is the exact opposite of nationalism; nationalism is a betrayal of patriotism.”

As for Trump’s policy of “America first,” Macron trashed such atavistic thinking in this new age: “By saying we put ourselves first and the others don’t matter, we erase what a nation holds dearest, what gives it life, what makes it great and what is essential: its moral values.”

Though he is being hailed as Europe’s new anti-Trump leader who will stand up for transnationalism and globalism, Macron reveals his ignorance of America.


Bill Holter’s Commentary

We spoke of this on our weekend call.

“The Collapse Has Begun” – GE Is Now Trading Like Junk
November 13, 2018

Two weeks after we reported that GE had found itself locked out of the commercial paper market following downgrades that made it ineligible for most money market investors, the pain has continued, and yesterday General Electric lost just over $5bn in market capitalization. While far less than the $49bn wiped out from AAPL the same day, it was arguably the bigger headline grabber.

The shares slumped -6.88% after dropping as much as -10% at the lows after the company’s CEO, in an interview with CNBC yesterday, failed to reassure market fears about a weakening financial position. The CEO suggested that the company will now urgently sell assets to address leverage and its precarious liquidity situation whereby it will have to rely on revolvers – and the generosity of its banks – now that it is locked out of the commercial paper market.










Bill Holter’s Commentary

It’s a good thing these aren’t “investment grade assets” Mr. Minerd is talking about?!

Posted at 12:33 PM (CST) by & filed under Jim's Mailbox.


Sorry Folks. Park’s closed!









Venezuela want its gold back, currently stored in the BOE vaults, and Great Britain says “NO”.

If this doesn’t send red flags throughout the international central banking community, I don’t know what will!

“The very fact that Great Britain asked Venezuela “what do you need your gold for?” is preposterous.

With the penalties in place, it’s impossible to sell the gold straight from the Bank of England.

Adding fuel to the fire, now this:

Germany, the second biggest holders of gold in the world after the US with 3,378 tons, finished repatriating 300 tons from the US last year. It had taken the United States several years to do it! It was reported that the gold bars received by Bundesbank had different labels to make one think that US might have replaced the German bullion with different gold bars bought from the market. It means the gold was not in place when the Germany’s request for return was made. Perhaps, the UK is not able to comply with Venezuela’s request for the same reason – the gold is not in vaults and London needs time to purchase it.

Today it’s Venezuela; tomorrow it could be any other holder on the list of more than 30 nations keeping gold reserves in BOE vaults.”

CIGA Wolfgang Rech

UK Blatantly Violates Norms of Decent Behavior
November 10, 2018

Russia and Venezuela are among the countries the EU, including Great Britain, has imposed sanctions on. Both nations have been targets of London’s vigorous attacks, being blamed for numerous nefarious things they have allegedly done. The UK insists that everyone play by the rules. Meanwhile, London is making mockery of commonly accepted norms in the international relations.

The government of Venezuela is seeking to eventually repatriate at least 14 tons of gold held at the Bank of England (BOE). It has recently asked to release the gold bars worth about £420 million or $550 million. This is the right and timely move as the new round of punitive measures recently imposed on Caracas by Washington showed. The Bank has refused to do so!

UK officials have reportedly insisted that Venezuela clarify its intentions for the gold. Venezuelan President Maduro is suspected by London of harboring plans to sell the national treasure for personal gains. There is also a subterfuge used to explain why the Venezuelan property has not been returned to the owner. The UK says it’s very hard to obtain insurance for the shipment to move the large cargo. Even if Venezuela gets the gold back, it’ll be a large order to use it for raising hard currency because of the new round of US sanctions announced on Nov.1. With the penalties in place, it’s impossible to sell the gold straight from the Bank of England.



Courtesy of JB.












Tomorrow is the day.


Judicial Watch: Federal Court Hearing to Compel Testimony from Hillary Clinton and Make Video Depositions Public
November 13, 2018
‘The public and the media have a right to a full accounting from top officials of the Clinton State Department’ – Judicial Watch President Tom Fitton.

(Washington, DC) –Judicial Watch announced today that a hearing will be held in federal court Wednesday, November 14, 2018, on a motion to compel further testimony from former Secretary of State Hillary Clinton and Director of Information Resource Management of the Executive Secretariat John Bentel, as well as make public the audiovisual recordings of the depositions of top Clinton aides and State Department officials, including Huma Abedin and Cheryl Mills.

Clinton claimed that she “does not recall” 20 times in her under-oath responses to 25 Judicial Watch questions concerning her, email system. Bentel asserted his Fifth Amendment right and refused to answer 87 questions at his deposition.

The hearing is before U.S. District Court Judge Emmet G. Sullivan.


Posted at 10:32 AM (CST) by & filed under

By Greg Hunter’s (Early Sunday Release)

Radio host Dr. Dave Janda says Attorney General Jeff Sessions was removed because he did not release declassified FISA documents before the midterm elections that were used to spy on Donald J. Trump. It was a treasonous failed coup attempt to remove a duly elected President, and now justice is about to be served. Dr. Janda explains, “I think the first thing you have to start with is declassifying documents, and I believe he is going to do that. I also believe there is a very short time window here. The time window is between now and when the Democrats take control of the House of Representatives. When these documents are declassified, the criminals’ response, whether Republican or Democrat globalist criminals, they are going to say you are misconstruing these texts between McCabe and Comey that implicated me. You are misconstruing what we had to do with these FISA warrants. . . . You don’t have the documentation to support me being involved in this. . . . It’s up to the players in the House right now to unleash this stuff. . . . The window is short. . . . If they wait until the House falls into the hands of the globalist Democrats, it’s going to be declassified and they will be screaming where is the proof, and the Democrats will be twiddling their fingers. . . .They will be working on impeaching the President and won’t bother with that stuff. So, they have a timeline, and the indictments don’t happen until the declassification occurs.”

So, who is going to be indicted first? Janda says, “If you start at the top part of the chain, you are going after the Rothchilds, Rockefellers, the Paysour family, Warburgs and Pincus family . . . that’s the top of the chain. I think they will get there, but I think they will take the middle level guys out first. That is the Obamas, the Clintons, the Holders, the Lynches, the Brennans, the Clappers and maybe there is going to be a Ryan in there, too. Maybe McCain’s name is going to surface again. It could might well be a number of the members of the House of Representatives and possibly the Senate. They will be brought forward and linked to these documents when they are declassified.”



Posted at 10:30 AM (CST) by & filed under Jim's Mailbox.












We brought this up on Saturday, accidents can and do happen…then what?


Unsafe Military Encounters Are Getting More Frequent
November 10, 2018

This week, a U.S. Navy reconnaissance aircraft flying in international airspace over the Black Sea was intercepted by a Russian fighter jet. The Navy released video footage of the incident, labeling the intercept “unsafe” and “irresponsible”.

The footage shows the Russian SU-27 turning on its afterburners and banking in front of the U.S. EP-3 Aries, creating vibrations which the crew could feel inside.




We talked about this on Saturday.


Russia Deploys Its Avangard Glide Vehicle – the Unmatched Leader in Hypersonic Technology
November 8, 2018

On Oct. 12 CNBC reported that Russia had hit a snag in its development of its hypersonic weapon, because it was at the time unable to find a source for the critical carbon fiber components. The news agency stated that the Pentagon had doubts that the Avangard hypersonic glide vehicle (HGV) existed. Skepticism seems widespread. Some believe that Russia’s new super weapons are “virtual reality,” while others think they are “mostly hype.” In March, the National Interest cited Michael Kofman, a research scientist for the Center for Naval Analyses and a highly respected analyst, who offered his assurances that there was no chance Russia could field its hypervelocity boost-glide weapon by 2019.  But history has shown that those who believed it to be just a bluff have been proven wrong.

According to recent Russian media reports, the Avangard hypersonic boost-glide system, one of the new super weapons that President Putin mentioned in his address to the Federal Assembly in March, went into production last summer and will be operational with the 13th Strategic Missile Forces division by the end of 2019. It will be deployed near Yasny, a town 502 kilometers (312 mi) southeast of Orenburg in the southern Urals, by the end of 2019.

Normally it takes two systems for a regiment to be combat ready by that time, but in this case that number will be increased to six. At least two regiments with six systems each are expected to be battle-ready by 2027. According to the state armaments program (GPV2027), twelve UR-100UTTKh (NATO: SS-19 Stiletto) missiles will be integrated into the Avangard hypersonic glide vehicles (HGVs). The deployment of the HGV might begin without additional flight tests. Eventually, the Sarmat RS-28 ICBM could be used to deliver the Avangard, potentially carrying a single, massive thermonuclear warhead with a yield exceeding two megatons.




As you said on Saturday, it is all about Sovereign debt!


The Nation’s Fiscal Doomsday Machine is Now Unstoppable
November 9, 2018

By David Stockman

Earlier this year the Donald provoked a bleep-hole moment per the Fox “family channel” or what was otherwise known as the shit-hole moment across the rest of the MSM.

But whatever you called the contretemps spurred by the president’s crude utterance with regard to certain countries domiciled on the African continent, the claim this was evidence that he’s an incorrigible racist was risible. Actually, we already knew that the Donald is a semi-literate bully, who never got (read) the memo on racial comity—to say nothing of political correctness.

 Still, there is a not inconsiderable share of Washington’s preening, self-important ruling class that indulges in that very same kind of gutter talk on a regular basis when puffing their chests and marking the objects of their displeasure. That’s why the shaming chorus which sprung up from all corners of the Swamp was enough to give hypocrisy a bad name.

 But if we have to have a shaming of politicians, there is a far better reason for it than that unfortunate presidential slur.


Posted at 11:37 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

In an economy growing at 7%? Or maybe the “wealth defect” is raring its ugly head?

Chinese Auto Sales Suffer Historic Collapse; Set For First Annual Decline In 30 Years
November 9, 2018

China was supposed to be the saving grace of the global auto market, pitched by auto makers and analysts as an endless area of opportunity and growth. Instead, China’s October auto sales numbers have been another disaster, a harbinger for an accelerating global slowdown for the industry. Automobile sales were down 12% y/y in October, sliding to 2.38 million, according to the Wall Street Journal. And with this dreadful annual comp, 2018 has now turned negative for overall Chinese auto market.

A quick breakdown: passenger car sales fell 13% in the month to 2.05 million, down 8% for the third quarter. Passenger car sales were off 1% for the first 10 months of the year.  That puts them down 1% for the first 10 months of the year, on course for their first yearly decline in nearly three decades.


Bill Holter’s Commentary

Well worth your time to read Alasdair Macleod’s latest piece.

Prices When Gold Is Money
November 08, 2018

We are getting ahead of ourselves here. Gold does not circulate as money – yet. It might never do so. Perhaps the end of government currency, fiat money imposed on us by government laws, may never be replaced by what for millennia has been the people’s money, gold. Do we even wish it? Given what we have to do to get there, probably not.

It is hard to think of a life without Nanny State giving us her money-tokens to buy our sweets, telling us what to eat and what medicine to take. But Nanny State is getting long in the tooth. When she was younger, she was less controlling. Her constant refusal to allow us, the ordinary people, to do what we want is an increasing source of friction.

Growing numbers of us can see Nanny State should pack her bags. But Nanny State’s favourites are frightened at the prospect of no nanny. Those of us who want a life without Nanny State can’t agree what it should be, and don’t know what happens when she goes.

Above all, there’s a feeling our secure, controlled world is coming to an end. Increasing financial instability and economic uncertainty are our common destination. Nanny State has frittered away all our pocket money, and it turns out the cupboard is now bare.


Bill Holter’s Commentary

“It won’t matter until it matters” …