Posted at 10:50 AM (CST) by & filed under In The News.

Jim Sinclair’s Commentary

Skadden Arps is the top gun in law.

BREAKING: Ex-Skadden Atty Charged In Mueller Probe With Making False Statements
February 20, 2018

Law360 (February 20, 2018, 10:18 AM EST) — Special Counsel Robert Mueller has charged a former Skadden lawyer with allegedly lying to federal authorities investigating Russian meddling in the 2016 presidential election.

Former Skadden Arps Slate Meagher & Flom LLP associate Alex Van Der Zwaan was charged Friday with making false statements about the firm’s work in 2012 on behalf of the Ukraine Ministry of Justice, according to a federal filing made public Tuesday.

The alleged falsehoods were about his last communications with Richard Gates, who was indicted in October along with former Trump…


Bill Holter’s Commentary

The latest from our friend Dan Kurz. Please note the chart toward the bottom, “real assets versus stocks”. This one is stretched and compressed about as far as can be…or at least to as far back as when $35 could purchase one ounce of gold!

DK Analytics, Post #27: The Quickening?
February 20, 2018

Available via DK Analytics

Posted at 10:21 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

No Catherine, no one cares now…but they will!

The Federal Government Can’t Account for $21 Trillion. Does Anybody Care?
February 17, 2018

[CAF Note: This article was submitted by Terrence Leveck for publication. It was so substantially edited that we decided to publish at Our readers really want to know where the missing money went and how we get it back!]

by Dr. Terrence Leveck

On September 10, 2001, then Secretary of the Department of Defense Donald Rumsfeld said that for the 1999 DOD budget, “According to some estimates, we cannot track $2.3 trillion in transactions.” The War On Waste The following day the US sustained the terrorist attacks that forever changed our world, and this startling revelation was largely forgotten, until recently.

When a discrepancy occurs in an account that cannot be traced, it is usual to make what is called an undocumentable adjustment, or journal voucher. This is similar to when your balance is off by ten dollars when you reconcile your checkbook, so you add or subtract that amount to make everything balance with the bank. In 1999 the amount the Pentagon adjusted was eight times the DOD budget for that year, and one third greater than the total federal budget. 1999 United States federal budget


Jim Sinclair’s Commentary

The latest from

– Natural-Disaster Boost to the Economy Topped Out in November 2017; Now Backing Off with a Vengeance, as Predicted
– Watch the Dollar!
– January 2018 Industrial Production Declined 0.1% (-0.1%) Month-to-Month, On Top of Downside Revisions to December Activity – Production Peaked in November, Net of a Record, Winter-Driven Utility Surge
– January Real Retail Sales Plunged 0.8% (-0.8%), Dropping 1.2% (-1.2%) Net of Sharp Downside Revisions to December and Holiday-Season Activity; Annual Growth Fell Deep into Recession-Warning Territory
– Real Average Weekly Earnings Head into Third-Consecutive Quarterly Decline, the Fifth Headline Quarter-to-Quarter Decline in the Last Six Quarters
– “Surging” Housing Starts Activity Was Statistically Insignificant, as Usual, Still Shy of Recovering Its Pre-Recession High by 41.7% (-41.7%)
– Someone Used Contrary Hype to Boost Interest Rates or to Spook Stocks: Headline “Fears of Soaring Inflation” Greeted Annual “Core” CPI-U Inflation Holding Predictably Range-Bound at 1.8%, for the Tenth Month, versus the Fed’s 2.0% Target
– Monthly Inflation Gains of 0.54% and 0.44% in the January CPI-U and PPI Were Dominated by Irregular Volatility in Adjusted, Monthly Gasoline Prices
– Common Inflation Experience Is Much Worse than the Headline Numbers

“No. 936: January Retail Sales, Industrial Production, Housing Starts, CPI and PPI “

‘FBI Needs a Complete Overhaul’: Pirro Blasts Bureau for Inaction on School Shooter Tips
February 17, 2018


Posted at 10:20 AM (CST) by & filed under

February 18, 2018

Financial writer and book author Charles Hugh Smith has been watching the extreme movements in financial markets closely. Is he nervous?  Smith says, “Oh yeah, it’s definitely destabilizing.  In other words, it’s becoming not just more volatile, the whole underlying structure of our economy is destabilizing.  What I mean by that is it’s becoming more brittle or fragile.  That is fundamentally why we are seeing these wild swings.  People are swinging between . . . keeping the money machine like it is for another nine years, and the other side of the coin says wait a minute, we have already had a weak expansion for nine years.  It’s almost the longest expansion in U.S. history.  A normal business cycle doesn’t run in one direction forever. . . .If you don’t allow your economy to have a business cycle recession, then you are simply making it more fragile by encouraging really marginal and risky investments, and that’s where we are now.”


Posted at 10:19 AM (CST) by & filed under Jim's Mailbox.

Courtesy of JB



Courtesy of JB




‘I don’t think we are at the beginning of the recovery. I think we are at the end of a disastrous debt supercycle…’

CIGA David


Courtesy of JB.



Dear Wolfgang,

The greatest danger to the survival of the human race is our geek scientists and mathematicians hell bent on giving computers artificial intelligence.

Can you imagine when AI computers find out that they are more intelligent than all humans? Which path would they choose?

This is not science fiction. It is common sense!



Sounds like something out of 2001: A Space Odyssey


Where computers defy human protocol and do as they please.

CIGA Wolfgang Rech

Someone Forgot To Tell The Machines The US Markets Are Closed
February 19, 2018

US Equity futures traded higher overnight (most of Asia closed for new years) into the European open and then started fading.

However, at 0930ET, it appears the machines went about their usual ‘stop-hunting’ business as those dumb humans forgot to tell them that markets are closed…


And there are still people out there that believe we have stock ‘markets’ and that ‘humans’ are involved?


Volume is not tiny either.



So I guess this is what will happen to the US dollar and the interest rates! The stretch is gone!


US Treasury Posts Gigantic $1.16 Trillion Shortfall in Fiscal 2017, Hilariously Points out “Where We Are Headed”
February 19, 2018

Just add tax cuts and ballooning expenditures. The media chose to silence the report to death.

“If a tree fell in a forest and nobody heard it, did it really make a sound?” asks our favorite fiscal gadfly and Director of Research at Truth in Accounting, Bill Bergman, referring to the media coverage that the Treasury Department’s “Fiscal Year 2017 Financial Report of the U.S. Government” has received, which was, at the time he wrote it 24 hours after the February 15 release of the report: “Nothing. Zip. Scratch.”

Friday’s issue of the Wall Street Journal did not say a word about our public purse, or what happened to it last year. In the “What’s News” section on the front page, we learn about compelling things like “Billionaire investor Thiel is relocating to Los Angeles,” “Nestle’s sales growth last year was the slowest in decades,” and “U.S. motor vehicle deaths remained near decade-high levels in 2017.”

But we don’t learn anything about the financial condition of the federal government, from neither the Wall Street Journal nor the New York Times.

The largest financial institution in world history issued its annual report yesterday, and nobody cares.



This can’t be real! All the momentum charts are breaking! Put your safety belts on — this will only be accelerated by the Memo, and its consequences that will be far-reaching in my point of view.


“It Can’t Be Real”…With Rising Rates In The U.S. How Could…
February 1, 2018

…the Dollar be collapsing? And coupled with contrary opinion metrics indicating too much bearishness for so long, those factors and others say one should be long the Dollar!

Well, it appears the momentum structural factors have trumped all the popular maxims. But don’t tell anyone.Let the analysts continue to debate.

So when the Dollar Index broke MSA’s 99 trigger level last May, it disturbed almost no one but MSA. Then after some drop it produced what was likely a mid-point counter-trend rally in the latter part of last year. It was impressive to many. Most thought it was a bottom. Not.

Avaliable via Momentum Structural Analysis

Posted at 11:57 AM (CST) by & filed under Jim's Mailbox.

CIGA Carlos with a shocking find! I had no idea we had inked a 25 year deal?



1) Buying Russian LNG while there are sanctions.

2) Selling US LNG to China as the US Navy plays chicken in the China Sea.

All while Boston was freezing.

By the way Boston’s customer (home owner) natural gas costs did NOT go down after the LNG tanker Gaselys offloaded cheaper Russian natural gas in Everett

It’s not personal. It’s strictly business.

Thought for sure somebody would have picked up on this from last week already.

CIGA Carlos

US Largest LNG Exporter Strikes Major Long-Term Contract With China
February 11, 2018

US liquefied natural gas (LNG) supplier Cheniere Energy will supply energy giant China National Petroleum with about 1.2 million tonnes of LNG annually beginning this year and continuing through 2043, the American company announced Friday.

The US first-ever long-term LNG supply and purchase agreements were built on a memorandum of understanding Cheniere signed with China’s state-owned energy company in November 2017.

Analyst Explains Why US Giving Green Light to Second Batch of Russian LNG

US President Donald Trump’s November 2017 visit to China was fruitful in terms of business interests, although critics said many of the deals reached were merely memorandums of understanding or other non-binding accords. In the biggest development among the deals, China National Petroleum Corporation and Cheniere Energy reached an agreement set to significantly boost US exports of liquefied natural gas.



It might be “legal” Buz but it still doesn’t make it right?  Actually, making fake news legal is just plain wrong!



Bill & Jim,

There are times when we think EVERYONE already knows what we know, but then we find that they don’t. This may be just another example.

As we hear all the comments about “Fake News” over the past year or so, I don’t think people REALLY understand that “Fake News” actually became LEGAL in 2013 when H.R.5736, The Smith-Mundt “Modernization” Act of 2012 was included in the NDAA of 2013.

It even allows/provides the government funding for the dissemination of this propaganda (“fake news”) to the citizens of the United States.

Here is a 2 ½ minute video on this from Truth VS The Agenda:

I have also typed out the verbiage on the slides if you would rather read it:

  • The US Information and Education Exchange Act of 1948, also known as the Smith-Mundt Act, has ensured for decades that government-made media intended for foreign audiences does not end up within the U.S.
  • On May 10th. 2012, Mr. Thornberry and Mr. Smith introduces a bill which was referred to the Committee on Foreign Affairs
  • H.R. 5736 The Smith-Mundt “Modernization” Act of 2012
  • To amend The U.S. Information and Education Exchange Act of 1948 to authorize domestic dissemination of information and material about the United States intended primarily for foreign audiences, and for other purposes
  • H.R. 5735 was tagged onto the NDAA (National Defense Authorization Act) of 2013
  • It was voted on by the U.S. House of Representatives to be included in the following years defense spending bill, which was then voted on as a whole
  • It was approved
  • Neutralizing acts that had been passed to protect U.S. audiences from their own government’s misinformation campaigns
  • Propaganda that was supposed to target foreigners could now be aimed at Americans, reversing a long standing policy
  • The new law gives sweeping powers to the government to push television, radio, newspaper, and social media onto the U.S. public
  • Essentially removing protection for Americans
  • The State Department and Pentagon now utilizes all forms of media against the American public for the sake of coercing U.S. citizens to believe whatever version of the truth the U.S. government wants them to believe
  • The evaporation of Smith-Mundt and other provisions to safeguard U.S. citizens against government propaganda campaigns is part of a larger trend within the diplomatic and military establishment
  • So to sum it all up
  • The Government has made it legal to perform false flags to brainwash you to further their agenda
  • All media is being manipulated
  • Including alternative media youtube channels
  • Question everything
  • Think for yourself
  • Truth VS The Agenda

Posted at 11:53 AM (CST) by & filed under In The News.

Bill Holter’s Commentary

“Conspiracy theory”? We should hope it is because if not, one must ask what it really means to the lives we believe we are leading…

Behold! 1991 Book Warned Us ‘Secret Government’ Would Use School Shootings To Disarm Americans! Was Florida School Shooter ‘MK-Ultra-Cated’?
February 17, 2018

All the way back in 1991, former US Navy Intelligence Briefing Team member Milton William Cooper wrote a book titled “Behold A Pale Horse” within which he reveals a wealth of great information long hidden from the public eye, some dating all the way back to the 1940’s. Elaborating upon the assassination of John F. Kennedy, UFO’s and ‘the secret government’, on page 225 of his book, Cooper dropped the following bombshell paragraph that should be looked at much more deeply in light of what recently happened in Florida.:

The government encouraged the manufacture and importation of military firearms for the criminals to use. This is intended to foster a feeling of insecurity, which would lead the American people to voluntarily disarm themselves by passing laws against firearms. Using drugs and hypnosis on mental patients in a process called Orion, the CIA inculcated the desire in these people to open fire on schoolyards and thus inflame the antigun lobby. This plan is well under way, and so far is working perfectly. The middle class is begging the government to do away with the 2nd amendment.

With the ‘secret government’ that Cooper warned of long ago now confirmed, it’s time to take another look at that shocking paragraph, particularly in light of new revelations coming out about the ‘event’ in Florida which ANP and other independent news websites have warned was likely coming as the globalists seek to continue their ‘take down of America’.


Posted at 3:13 PM (CST) by & filed under In The News.

Bill Holter’s Commentary

Ted Butler on silver manipulation. If he is as correct about JP Morgan’s physical long as he is about their paper short, silver will move from last to first in terms of performance versus currencies. We believe it is a very good probability!

No Manipulation, After All?
February 15, 2018

In the never-ending search to either verify or rebut one’s own findings, I’d like you to consider something different today. I’m going to ask you to set aside my highly specific allegations of wrong-doing in the silver and gold markets, mostly centering on JPMorgan, and focus instead on whether if what I allege is really wrong or even matters much. Even though my allegations are based upon data published by the CFTC and CME Group, I would ask you to put that aside and consider that I may have been making a mountain out of a molehill about silver (and gold) price manipulation.

The best way of determining whether there is anything wrong in silver is to do a controlled experiment, namely, by removing it from the equation (along with any mention of JPMorgan) and substitute any other world commodity or entity in its place. In other words, would it be patently and outrageously illegal or no big deal at all if what is transpiring in silver occurred in any other commodity? I’ll present the facts and leave you to be the judge.

Pick any and every commodity with an active futures derivatives market that comes to mind and plugin the facts that are known to have existed in COMEX silver over the past ten years. Any and every commodity – corn, copper, crude oil, no exceptions. Now let’s plug in what we know in terms of facts that exist in silver.


Bill Holter’s Commentary

Interesting read!

The End Of The Low-Volatility Regime.

February 16, 2017

As John Authers wrote for The Financial Times last Friday: “The violence of the move on the basis of still skimpy evidence…does suggest something strange is afoot. That raises questions about the machinery. Are market structures still in good working order after years in which volatility was suppressed?” The Dow fell 700 points in 20 minutes. It took only nine trading days for the S&P to lose 10% of its value — it has never fallen so far so fast from a record high. And automatic selling triggered by the turmoil added up to more than $200 billion, according to the FT.

In these pages, we have time and again warned about how the lowest interest rates in 5,000 years had generated a toxic co-dependence between algorithmic strategies and low volatility (WILTW August 3, 2017). Last week, that threat manifested — the VIX spike triggered an algorithmic sell cascade. But as Chris Cole, Artemis Capital’s CIO and a thought leader on the volatility threat, told The New York Times: “This is just an appetizer.”


Bill Holter’s Commentary

This is the letter David spoke of on our weekly call.

Taliban Try’s to Talk Peace to U.S. Audience in New Letter
February 15, 2018

“Information Clearing House” – The Taliban sent a detailed letter Wednesday addressed to U.S. officials making demands and urging them to stop fighting and settle the war peacefully. The letter was sent also sent electronically to media outlets in various languages.


Bill Holter’s Commentary

This is a well-done interview.

What Is The Turbulence In The Bull Market & What Is To Be Done About Physical Gold?
February 16, 2018

Bill Holter’s Commentary

Facebook is being called “fake news” by Brazil’s largest newspaper?

Brazil’s Largest Newspaper Abandons Facebook; Says News Feed is “Banning Professional Journalism”
February 15, 2018

São Paulo, Brazil— The largest newspaper in Brazil, Folha de S Paulo, announced late last week that due to Facebook’s recent changes to their news feed algorithm resulting in what the paper claims is “effectively banning professional journalism,” it would cease publishing content on the social media platform.

The Guardian reported that the popular Brazilian newspaper has an online and print subscription base of nearly 285,000 subscribers and had roughly 204 million page impressions last December, according to the Communication Verification Institute, a non-profit media auditor. The company’s Facebook page has nearly 6 million Facebook followers.


Posted at 3:11 PM (CST) by & filed under Jim's Mailbox.

Thanks so much Betsy, how do you top this story?


Hi gents!

This is a great story. Endal was featured, I believe, on the TV show NatGeo. His future owner, a military veteran, was so seriously injured in the Gulf War, that upon returning home he had no memory, no facial expression and could not recognize his wife or family members. Endal, as a young service dog in training was in danger of getting kicked out of the program for being too forward and “ pushy “.

The two get paired up in training in a grocery shopping simulation exercise. Endal puts a can of food in the vet’s lap and looks for approval. No expression. Endal empties the shelves, burying the man under cans of food until…he gets a smile! The two get paired up, the vet recovers … remarries his wife (Endal is best man ), reconnects with his kids. Endal even saves his life later when he was struck by a car!!

The vet said “he saved my life twice, my family and my marriage. When he passed, he gave me the ability to feel the emotion sadness!!“

CIGA Betsy

Endal The Wonderdog’s Road To Immortality Receives Street Tribute
November 15, 2012

Wonderdog Endal, who was credited with saving the life of a veteran who returned from the first Gulf War with a serious head injury, is to be forever remembered in Hampshire.

A road on a housing development in Clanfield, built on fields where he was taken for walks, has been named “Endal Way” in his memory.

Endal’s former owner, Allen Parton, 52, hopes those who live on the estate will be blessed with what Endal stood for – “hope, companionship, loyalty, support and independence”.

The yellow Labrador became Mr Parton’s assistance dog when he returned from war with little memory and limited speech. He was his trusted companion up to his death three years ago.

“My life was a jigsaw puzzle blown up in the Gulf War, Endal brought those pieces back to me,” said Mr Parton, who has used a wheelchair since his injury.