Aug 06 12:17

Ministers 'wasted more than £150million buying face masks that don't work' from investment firm with no experience in PPE

Ministers spent more than £150milllion buying millions of face masks from a small investment company that cannot be used by NHS medics, court documents reveal today.

Around 50 million Chinese-made FFP2 masks supplied by Ayanda Capital had ear straps rather than head straps, which raised 'concern' they may not provide an 'adequate fixing' around the face.

The private equity company was handed a £252million contract overall to provide personal equipment (PPE) brokered by Andrew Mills, an adviser to Trade Secretary Liz Truss and the Board of Trade - and a senior board adviser at Ayanda.

Aug 06 10:22

The most bullish thing I’ve ever seen

Aug 06 10:15

How Much Worse Will America’s Homeless Crisis Get?

The title of this blogpost asks a very important question, because this is something that I would imagine is on the minds of many millions of Americans right now...

Aug 06 10:04

Gay Jewish Supervisor Claims Reopening Gay Sex Clubs Will Spur San Francisco’s Economic Recovery

Gay bathhouses could have an easier time returning to San Francisco, after the board of supervisors, led by Jewish homosexual Rafael Mandelman, approved an ordinance that would ease restrictions for adult sex venues on July 21 with a unanimous vote:

This will amend the Heath Code, requiring the Director of Health to “adopt minimum health and safety standards” for commercial adult sex venues. It will also remove decades-old policies that required these businesses to monitor sexual activities and prohibited private rooms and locked doors.

These regulations were put in place in 1984, when the AIDS crisis was devastating gay communities in San Francisco. They specifically targeted sex clubs and gay bathhouses, and while sex clubs eventually reopened in the city after shuttering their doors, gay bathhouses never did, according to the Bay Area Reporter.

Aug 06 09:56

Spot Silver Surges Above $28, Still Historically Undervalued To Gold

When gold pushed above its previous record price last week, silver went along for the ride, rising to nearly $26 an ounce. It has settled back and is currently trading in the $24 range. On June 29, silver closed at just over $18 an ounce. That’s a 33% gain on the month. Going back to March, the white metal was below $12.

Former US Mint director Ed Moy told MarketWatch silver is going up for the same reason as gold.

What is driving gold prices now are mainly the fear of inflation due to the magnitude of the monetary and fiscal stimulus worldwide, and the flight to safety due to the uncertainty around how and when the global economy will recover.”

Moy pointed out that the silver-gold ratio remains historically wide. That means either gold is overvalued or silver is undervalued. If silver is underpriced, “there is a lot of money to be made,” he told MarketWatch.

Aug 06 08:42

Jeff Bezos Just Sold Over $3 Billion In Amazon Stock

In a sale which we are confident will be defended as just "selling for tax purposes" or "considering charitable giving" and certainly not "an admission that Amazon is overpriced", Jeff Bezos took to the open market this week to dump a million shares of Amazon stock, worth just over $3 billion, company SEC filings revealed on Wednesday.

Bezos sold the majority of the shares between $3,106 and $3,167, decreasing the number of shares he beneficially owns from 55,488,700 to 54,488,700. The company's CEO of Amazon Web Services, Andrew R. Jassey, also sold 6,945 shares on August 3, 2020 at a price of $3,183, netting him about $2.2 million.

Webmaster's Commentary: 

Jeff, ol' buddy; I could use a few bucks over here! :)

Aug 06 08:20

Treasury Announces Record $112BN Quarterly Debt Sale, Unveils Tsunami Of New Bond Issuance

Just two days after the Treasury unexpectedly hiked its forecast for debt issuance in the current quarter by $270BN from $677BN to $947BN (after a record $2.75 trillion last quarter)...

Aug 06 08:19

Bank of America: Silver Could Hit $50 "In The Near Term"

A little over two months ago, Bank of America became gold's biggest cheerleader on Wall Street (and has been spot on so far) in predicting that the price of the yellow metal would hit $3000 in about 18 months due to "loose monetary and fiscal policies around the world" and with the US elections scheduled for November and the EU’s Recovery Fund in place from January 2021, the bank expects that demand will remain supportive next year, even though the pandemic continues to be an immense risk.

The current macro-economic backdrop is also bullish for the precious metals, with gold benefiting from record low real rates, at the same time as central banks are backstopping fiscal spending.

Aug 06 08:18


Poverty is spreading MUCH FASTER than Covid-19 is. Compared to this flu-like virus, poverty scares MANY MORE households and, unfortunately, nobody in government or in the education system is working on a treatment for it.

Most people are born into poverty and whatever they learn about MAKING MONEY is totally accidental.

Financial education is the MISSING PUZZLE PIECE that enables the wealthy and the sophisticated to keep reaping the fruits of labor in the fiat monetary system.

By design or not, the facts SPEAK FOR THEMSELVES; most families don’t have the necessary tools to understand what has happened in America in the last 40 years. They intuitively realize that their income HAS FROZEN in time and that the 0.1% club HAS THE GAME all figured out. But it’s boiling their blood already – politics will shift towards this frustrated mass of the population since there’s SO MANY of them.

Aug 06 08:17

"Let Me Tell You A Terrifying Story"

I have spent a lot of time on this site speaking about “Project Zimbabwe” as this period is so poorly understood and if you get it wrong, you’ll get annihilated. I have also written about how it’s getting strange out there as stocks no longer seem to have floors or ceilings on valuations. The moves are increasingly sudden and random as the active manager community undergoes an extinction event and no one is left to take the other side. When you combine the two, it should become obvious that shorting is suicidal. Sure, there will be a lot of volatility. There may be moments to take on counter-trend shorts, but why bother? The rules have clearly changed. Besides “Project Zimbabwe” states that the market is going higher, much higher. The risk is that you’re not along for the ride, or worse, get caught in a short vortex and removed from the game.

Aug 06 08:10

Millions of Americans to Suffer Severe Financial Hardship When Unemployment Aid Ends - Survey

A new analysis has found that 5.4 million Americans are expected to have issues paying their bills by the end of August, following the July 31 expiration of the supplemental $600 unemployment insurance benefits provided by the US’ Coronavirus Aid, Relief and Economic Security (CARES) Act.

Morning Consult Economist John Leer revealed on Wednesday an estimated 5.4 million Americans who filed for unemployment will soon face tough financial decisions and may be put out off their homes, and congressional Republicans and Democrats continue to disagree on which, when and how Americans should receive financial assistance amid the ongoing COVID-19 novel coronavirus pandemic.

Aug 06 08:07

US Senators Reportedly Threaten German Port Operator With 'Financial Destruction' Over Nord Stream 2

The Nord Stream 2 project is set to carry up to 55 billion cubic meters (1.942 trillion cubic feet) of gas per year from Russia to Germany, passing through the territorial waters or exclusive economic zones of Denmark, Finland, Germany, Russia and Sweden.

US Senator Ted Cruz together with Senators Tom Cotton and Ron Johnson have threatened the management of Mukran Port in Germany, involved in the Nord Stream 2 project with “financial destruction”, if they continue their work on the venture.

In a three-page letter, obtained by Handelsblatt newspaper, the lawmakers called on Sassnitz GmbH, which operates the port, to discontinue logistical support for the project.

"If you continue to provide goods, services, and support for the Nord Stream 2 project, you will destroy the future financial survival of your company", the letter read.

Webmaster's Commentary: 

What are these guys going to do, SUPPORT AN INVASION OF GERMANY OVER THIS?!?

Folks, this... is desperation on the cusp of madness, writ large.

Aug 06 07:48

Trump to sign executive order requiring U.S. to buy ‘essential’ drugs from American companies

President Donald Trump will sign an executive order requiring the U.S. government to buy “essential” drugs from American companies, White House trade advisor Peter Navarro announced Thursday.

The president is expected to sign the order during his trip in Ohio later Thursday, Navarro told reporters on a conference call. The United States is “dangerously over-dependent on foreign nations for our essential medicines.”

The order will require the U.S. government to develop a list of essential medicines and buy them from U.S. companies instead of from foreign countries like China, Navarro said. The World Health Organization already has a list of essential medicines, but the U.S. won’t need some of those drugs because of “where we are located,” he said.

Aug 06 07:42

War Drums Beat In The Middle East After Thousands Of Casualties In Beirut Explosion

Initial reports suggested that the explosion may have been caused by an incident in the firework storage area. However, later, Lebanon’s Prime Minister Hassan Diab said that 2,750 metric tons of ammonium nitrate, which is typically used as an agricultural fertilizer, had been stored for six years at a port warehouse without proper safety measures, “endangering the safety of citizens.”

This statement was backed by General Security chief Abbas Ibrahim, who said a “highly explosive material” had been confiscated years earlier and stored in the warehouse, just minutes’ walk from Beirut’s shopping and nightlife districts.

Webmaster's Commentary: 

IF there was ever a time for some "adults in the geopolitical room" (and guys, you KNOW who you are!!) to be working the phones to ratchet down the tensions here, now is bloody well the time for them to get to it.

And folks, regarding a potential de-escalation of tensions, don't look at all to President Trump for help; he is way too enmeshed in his own pre-election issues to care.

Aug 06 07:34

Record number of people from New York City, San Francisco and Los Angeles are looking for new homes in cheaper, smaller metro areas like Phoenix, Sacramento and Las Vegas as mortgage rates dip and working remotely becomes the new norm

A record number of people from the country's largest metropolitan areas, including New York City, Los Angeles and San Francisco, are flocking to smaller, more affordable cities amid the coronavirus pandemic, new data reveals.

A recent report by real estate company Redfin shows 27.4 per cent of website users were looking to move to smaller metro areas in the second quarter of 2020, with the top five destinations being Phoenix, Sacramento, Las Vegas, Austin and Atlanta.

The migration analysis was based on a sample of more than 1million Redfin users who searched for homes across 87 metro regions in the country between April and June.

Aug 06 07:33


This week the US Census Bureau published results of a survey in which nearly 30 million out of 249 million respondents said they did not have enough to eat at some point in the week before July 21. It was the highest number of people reporting insufficient food since the Census started tracking that information in early May.

According to the data released Wednesday, about 23.9 million people said they "sometimes" did not have enough to eat, while 5.4 million said they "often" did not have enough to eat -- a statement Webb says applies to her.

Food insecurity equates to an inadequate access to food for a healthy, nutritional diet. It’s separate from hunger, which the US Department of Agriculture describes as a physiological condition that may result from food insecurity.

Aug 06 06:35

The Difference Between Good Economics And Bad

Aug 06 05:39

Peter Schiff and Jim Rickards: $15,000 Gold?

Aug 06 05:14

McCullough: The Fed Is Going To Lose Control

Aug 06 05:13

Millions Worth of PPP Loans Went to Chinese-Owned Companies, Report Finds

Hundreds of millions of U.S. taxpayer dollars went to Chinese companies from the Paycheck Protection Program (PPP), which was designed to help small businesses survive during the pandemic, according to a new report.

A review of public PPP loan data by consultancy firm Horizon Advisory found that $192 million to $419 million in loans were given to more than 125 Chinese-owned or -invested companies operating in the United States. Many of the loans were substantial, with at least 32 Chinese-owned firms receiving more than $1 million under the program, totaling between $85 million and $180 million, it found.

Aug 06 04:54

We Are Experiencing Economic Devastation On A Scale That America Has Never Seen Before

For a very long time we have been warned that a U.S. economic collapse was inevitably coming, and now it is here. Fear of COVID-19 and unprecedented civil unrest in our major cities have combined to plunge us into a historic economic downturn, and nobody is exactly sure what is going to happen next. On Thursday, we learned that U.S. GDP was down 32.9 percent on an annualized basis last quarter. That officially makes last quarter the worst quarter in all of U.S. history, and many people believe that this new economic depression is just getting started. But of course not all areas of the country are being affected equally. According to USA Today, states such as Hawaii, Nevada, Michigan and New York were hit particularly hard last quarter…

Aug 05 12:07

This can't be legal

Aug 05 10:34

Massive Inflation May Be Coming, Because the US Government Has Cornered Itself into a Fiscal End Game

The federal government is moving into the final stages of its fiscal life. Deficits have gotten so enormous that the Federal Reserve simply prints the money the government needs. Why? Because that’s the only option left on the table.

For years, we have warned that continued deficit spending would paint the Federal Reserve into a corner wherein monetary policy would become a slave to fiscal policy. To avoid government default, confiscatory taxes, government shutdown, or a combination of all three, the Federal Reserve has reached a point wherein it has little choice but to monetize federal deficits. Sooner or later, we will all pay the price in the form of massive inflation.

Aug 05 10:26

U.S. small businesses face mass closures without more pandemic aid

After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland.

Now with the coronavirus pandemic forcing cancellations of her customers’ weddings and events, she has slashed her staff from 25 to six and tried to drum up new business by selling groceries online. She secured a $100,000 forgivable loan under the U.S. Paycheck Protection Program (PPP) and another $150,000 loan under a federal program usually used for natural disasters. She expected the money to get her through just a few months of hardship.

But the hardships are dragging on.

“I’ve applied for all the grants and loans, I have maxed out my credit card, used my company’s reserves, spent my savings,” she said.

Colt now fears she may have to shutter her business permanently.

Aug 05 10:13

I guess we need lower rates.

Aug 05 10:12

Unusual Variable For Labor Market Recovery

Aug 05 09:01

Tough year for consumers.

Aug 05 08:54

FAMANG Controls The Market

Aug 05 08:10

Storm Clouds Are Gathering…: Maund

Aug 05 07:35

On Verge Of Six-Week Shuttering, Australian Small Businesses Beg: We Can't Survive Another Lockdown

The reality on the ground in Australia is that many small businesses were struggling even before the coronavirus lockdowns began. Now, with the country on the verge of what Financial Review is calling "Lockdown 2.0", it could be the last straw for many businesses.

Nellerichal ‘‘Sree’’ Sreeju, who owns a gift shop in Richmond said: "It was already hard and this has made it five times harder. It’s really uncertain."

He represents a microcosm of businesses in Australia who are begging for some sanity after the country has announced that "non-essential" retailers will once again have to close, starting at midnight on Wednesday this week.

Aug 05 07:29

Could Gold Reach $7,000 by 2030?

Aug 05 02:59

ANZ chairman Sir John Key warns 'financial crisis coming'

Sir John Key has warned the New Zealand business community to not be complacent about apparent buoyancy in retail, property and equity markets, as "we have a financial crisis coming".

Key said equity and property markets were presently being cushioned by record-low interest rates and healthy surface-level business activity - such as busy used car lots and apparently busy restaurants - masked an underlying economic crisis the country would feel for years.

"There is a lot of stress in the system ... We are in the early part of what is going to be a very significant contraction in the New Zealand and global economy."

Aug 04 11:14

Can Israelis broaden their protests beyond Netanyahu?

Jonathan Cook argues that anti-Netanyahu demonstrations in Israel have yet to draw a connection between Netanyahu’s personal abuses of office and the systemic corruption of Israeli politics, with the occupation its beating heart.>>

Aug 04 08:41

Furlough costs soar by £2billion with more than 100,000 new claims in the last week of July despite Boris Johnson's pleas for the nation to return to work

Some 9.6 million jobs had been covered by the coronavirus Job Retention Scheme (JRS) up to August 2, Government figures show. This was an increase of 100,000 on the previous week.

The cumulative cost of the scheme rose from £31.7billion on July 26 to £33.8billion on Sunday, an increase of £2.1billion.

However, HM Revenue and Customs said it does not currently have data on how many jobs are currently furloughed.

Aug 04 08:39

Pizza Express to close SIXTY-SEVEN restaurants across Britain with up to 1,100 jobs at risk - hours after launch of Rishi's Eat Out to Help Out scheme - as Dixons announces 800 redundancies

Pizza Express today revealed it could shut 67 of its UK restaurants with up to 1,100 jobs at risk as it becomes the latest business devastated by coronavirus.

The 55-year-old company, owned by Chinese private equity firm Hony Capital, has debts of £735million and has put itself up for sale after bringing in experts.

Bosses at the chain said they wanted to push down rents by closing about 15 per cent of its 449 restaurants in the UK, which would help protect 9,000 jobs.

It means at least 75,000 jobs are now at risk across the UK amid the ongoing crisis which has devastated a swathe of industry sectors including hospitality.

Aug 04 07:33

More Bad Breadth

Aug 04 05:51

#recession ... #Tech #Bubble 2.0 edition

Aug 04 05:42

Gold Consolidates Near New All Time Record Highs Of $1,988.40/oz

Aug 04 05:02

Back to the banks and their troubles

Aug 04 04:47


The great investigative journalist Glenn Greenwald gave an hour-long lecture on how America’s billionaires control the U.S. Government, and here is an edited summary of its opening twenty minutes, with key quotations and assertions from its opening — and then its broader context will be discussed briefly:

“How Congress Maintains Endless War – System Update with Glenn Greenwald” - The Intercept, 9 July 2020

2:45: There is “this huge cleavage between how members of Congress present themselves, their imagery and rhetoric and branding, what they present to the voters, on the one hand, and the reality of what they do in the bowels of Congress and the underbelly of Congressional proceedings, on the other. Most of the constituents back in their home districts have no idea what it is that the people they’ve voted for have been doing, and this gap between belief and reality is enormous.”

Webmaster's Commentary: 

This makes it pretty clear that no matter who wins an American election, it is the war party which always wins, period, end of discussion.

Aug 04 04:35

2020 Crash #2 Inevitable, so says new Algo

Aug 04 04:28

United States should shut down completely for another four to six weeks to save the economy, senior Federal Reserve official says

A top official at the Federal Reserve has recommended that the U.S. were to 'lock down really hard' for four to six weeks, in order to save the ailing economy.

Neel Kashkari, president of the Minneapolis Federal Reserve Bank, said on Sunday that Congress can well afford large sums for coronavirus relief efforts.

The economy, which in the second quarter suffered its biggest blow since the Great Depression, would be able to mount a robust recovery, but only if the virus were brought under control, he told CBS' Face the Nation.

Aug 04 04:11

Bring on the ‘eviction tidal wave’: 40 percent of US renters face homelessness as landlords & tenants are encouraged to go to war

Millions of Americans face homelessness with the expiration of the federal Covid-19 eviction ban and unemployment benefits. But instead of encouraging landlord-tenant cooperation, the media are hyping stories of violence and fear.

The economic suffering American families have already faced at the hands of incompetent government responses to the Covid-19 pandemic pales in comparison to the looming “tidal wave of evictions” poised to soak the nation after a federal moratorium expired last month.

Families who thought “moratorium” meant they didn’t have to pay those three months’ rent are getting a rude awakening, learning they’re on the hook for the entire sum just as the $600 weekly unemployment payments many received after virus-related lay-offs have also dried up. A financial bottomless pit is about to swallow millions.

Aug 04 04:06

Shorts Crushed As Dollar Surges, Euro Tumbles In Violent Trend Reversal

Following the worst month for the dollar in a decade, there has been a bout of position squaring as we start August, largely on the back of a slump in the Euro, which is down 200 pips in 2 days, and accelerating weakness in the Yen, which have sent the Bloomberg dollar index to its highest level in a week, surging the most since June 14.