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"After a shooting spree, they always want to take the guns away from the people who didn't do it...." -- William S. Burroughs
If you asked Torsten Slok a week ago how the economy was going to fare this year, he would have told you he was expecting a no-landing scenario, whereby the Federal Reserve would tame inflation without triggering a downturn.
But all has changed following the collapse of three US banks over a matter of days. The chief economist of Apollo Global Management now says he’s bracing for a hard landing. He joined the What Goes Up podcast to discuss his changing views.
China imported more gold from Switzerland last year and stepped up gold purchases from Russia, according to the latest import data releases.
Swiss exports of gold to China were at four-year highs in 2022, with China taking in 524 tonnes of gold worth around $33 billion. This is a massive increase from 354 tonnes reported in 2021 and the most since 2018, according to Swiss customs data.
China is the world’s number one gold consumer, followed by India, with a focus on retail investment and jewelry demand.
In a separate dataset published by Russia’s customs agency over the weekend, China also increased its purchases of Russian gold. China bought 6.6 tons of gold from Russia in 2022, which is an increase of 67% from 2021, local Russian media reported.
China’s central bank also stepped up gold purchases at the end of last year, buying 30 tons of gold in December, which followed its November purchase of 32 tons of gold — the People's Bank of China's first officially recorded purchase since September 2019. China's gold reserves now total 2,010 tons.
Credit Suisse, which was the second largest bank in Switzerland, and considered a “too big to fail” bank, has failed.
Swiss authorities rushed through a deal late Sunday in an attempt to prevent a whole-scale stock market crash before trading started in Asia, along with futures trading in the U.S.
The deal involved a forced fire sale to its rival bank, the largest bank in Switzerland, Swiss National Bank (SNB), which included both bailout money from Switzerland’s Central Bank for SNB, along with a bail-in of AT1 bonds with Credit Suisse used to fund seniors’ pensions, which will be completely wiped out.
The failing 167-year-old Swiss usury branch of private central banking known as Credit Suisse is swimming in scandals, many of them horrendously appalling, that date back many years.
Despite only just recently capturing headlines for its likely soon collapse, the ongoing stock selloff of the company actually began back in March 2021 following the collapse of the United Kingdom’s Greensill Capital and the United States investment fund Archegos, both to which Credit Suisse had exposure.
The Greensill Capital collapse shaved $10 billion off of Credit Suisse’s books, while the Archegos collapse trimmed another $5.5 billion in losses. The latter company’s manager, in case you did not know, had previously pleaded guilty to wire fraud.
That same year, Credit Suisse entered a guilty plea in the U.S. over the so-called “tuna bond fraud.” The failing bank also received a criminal conviction in Switzerland last year for failing to stop a money-laundering scheme involving a Bulgarian cocaine trafficking ring.
As the U.S. reflects on the legacy of former President Jimmy Carter, new details from a prominent Texas politician could upend the narrative surrounding one of the defining moments of his presidency: the Iran hostage crisis. According to reporting from The New York Times, former Texas Lt. Gov. Ben Barnes claims that a high-ranking member of Ronald Reagan’s 1980 presidential campaign took him on a secret diplomatic tour of the Middle East in a bid to damage Carter’s re-election campaign by convincing Iran not to release its 52 American hostages until after the election. “History needs to know that this happened. I think it’s so significant and I guess knowing that the end is near for President Carter put it on my mind more and more and more,” said Barnes, 85. After holding the hostages for 444 days in a standoff that derailed Carter’s presidency, Iran finally released them minutes after Reagan was inaugurated on January 20, 1981. Congressional investigations into collusion between the Reagan campaign and Iran did not find evidence of wrongdoing at the time, but Barnes’ account has the potential to shed light on the much-debated episode, which has become known as the “October surprise.”
According to TheBlaze, The EPA waited a month before ordering dioxin testing near the toxic Norfolk Southern train derailment in East Palestine, Ohio. Pace Analytical, an independent lab based in Indiana, released a report on whether there were dangerous concentrations of chemicals in soil samples from East Palestine.
The Guardian reported, “Regulators establish the toxicity of dioxins in a soil sample by calculating the ‘toxicity equivalence’ of all dioxins in the soil compared with the most toxic dioxin compound, called 2,3,7,8 TCDD. East Palestine soil showed levels of ‘2,3,7,8 TCDD toxicity equivalence’ of 700 parts per trillion (ppt).”
Since 1998, the EPA determined that dioxin soil concentrations of less than 1,000 parts per trillion (ppt) were safe for residential areas and between 5,000 ppt to 20,000 ppt in commercial and industrial soil. Anything above those levels would trigger a cleanup.
However in 2010, the EPA proposed drastic reductions in what concentration of dioxin the agency determined to be safe based on the “best available peer-reviewed science.” The concentration of dioxins in the East Palestine soil samples is as much as hundreds of times greater than the threshold from the EPA’s safety recommendation from 2010.
The white-coloured humanoid "Garmi" does not look much different from a typical robot -- it stands on a platform with wheels and is equipped with a black screen on which two blue circles acting as eyes are attached.
But retired German doctor Guenter Steinebach, 78, said: "For me, this robot is a dream."
Not only is Garmi able to perform diagnostics on patients, it can also provide care and treatment for them. Or at least, that is the plan.
Garmi is a product of a new sector called geriatronics, a discipline that taps advanced technologies like robotics, IT and 3D technology for geriatrics, gerontology and nursing.
About a dozen scientists built Garmi with the help of medical practitioners like Steinebach at the Munich Institute of Robotics and Machine Intelligence.
'Too small to fail.'
In the past 48 hours, two banks – Credit Suisse and First Republic - got massive cash infusions to stabilize their foundations, which had begun to shiver and shake after the collapse of two U.S. regional banks, Silicon Valley Bank (SVB) last Friday and New York's Signature Bank on Sunday.
Credit Suisse, a 167-year-old financial institution, secured a $54 billion dollar loan from the Swiss National Bank (SNB) - Switzerland's version of the Federal Reserve.
Apparently, the SNB thinks Credit Suisse, which ranks among the world's largest wealth managers, is too Swiss to fail, and that its collapse could cause ripples through the entire financial industry.
Concerning, but fair enough. Credit Suisse is an international banking giant. But California-based regional bank First Republic is not.
CNN anchor Erin Burnett has admitted evidence that members of President Biden's family received over $1million from various accounts linked to son Hunter's Chinese business associates 'doesn't look good' for the First family.
During a recent episode of CNN's 'Erin Burnett OutFront,' the host touched on the subpoenaed financial records, which were obtained by the House Oversight Committee.
The records show that money from the president's troubled son was funneled to several members of the Biden clan including James Biden, and Beau Biden's widow Hallie Biden.
California Gov. Gavin Newsom is facing increased pressure to use his authority to unilaterally enact proposals that would dole out billions of dollars to Black residents in reparations as a way to make amends for slavery if the state legislature doesn't act.
The California Reparations Task Force, which was created by state legislation in 2020, is considering a proposal to give just under $360,000 per person to approximately 1.8 million Black Californians who had an ancestor enslaved in the U.S., putting the total cost of the program at about $640 billion.
The task force's final recommendations for reparations will be submitted to the California Legislature, which will then decide whether to implement the measures and send them to Newsom's desk to be signed into law.
Fox News anchor Maria Bartiromo suggested Trump's potential indictment over hush money payments to porn star Stormy Daniels may be part of a plot to distract from recent revelations about Joe Biden's questionable family finances.
Speaking on Sunday Morning Futures with former Director of National Intelligence John Ratcliffe, Bartiromo said it was 'disturbing' that news of Trump's indictment was broken just days after a Congressional committee released documents that appeared to indicate members of Biden's family were paid more than $1million by the Chinese government.
The report was released by House Republicans on Thursday and showed the president's son, Hunter Biden, the widow of his son Beau Biden, and other relatives of the president's family received the cash in 2017 from an associate who had entered into a business deal with a Chinese energy company.
Donald Trump said early Monday morning that the statute of limitations has already passed for charges he is expecting in the Stormy Daniels case, as his ally prepared to appear before the grand jury.
The former president wrote on Truth Social: 'They are MANY years beyond the Statute of Limitations which, in this instance, is TWO YEARS. More importantly, THERE WAS NO CRIME!!!'
He posted as lawyer Robert Costello was set to testify to the Manhattan grand jury investigating the hush money payments made to the porn star, which Trump says he will be arrested for on Tuesday.
A coalition of midsize U.S. banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.
“Doing so will immediately halt the exodus of deposits from smaller banks, stabilize the banking sector and greatly reduce chances of more bank failures,” the Mid-Size Bank Coalition of America said in a letter to regulators seen by Bloomberg News.
Confirming all that we've been warned about for the past decade+ in their report that retired foreign ministers, ambassadors, CEOs, bankers and academics had gathered at the secretive meeting of the Trilateral Commission's first global plenary meeting in India, their story reported that the meetings that would be taking place there would lead to 'policies that shape the world' and as we've all witnessed over the past several years, those 'policies' look and smell an awful lot like tyranny, that 'boot stamping upon a human face forever' the globalists so look forward to.
Reporting also that during those meetings, one speaker (who is not allowed to be identified according to commission rules) bluntly stated "Three decades of globalization -- defined as integrated, free-market based and deflationary -- has been replaced by what will be a multidecade period of globalization defined as fragmented, not-free-market-based but industrial-policy based and structurally inflationary. This year, 2023, is Year One of this new global order," Slay News had also reported back in February of 2023 that according to the Globalists who'd gathered at the World Government Summit in Dubai, the transformation to 'world government' needed a 'shock' to move the world away from 'the current world order.' What kind of 'shock' we might ask? From that story before we continue.:
Turkey’s Ambassador Murat Mercan recently argued in Defense One that “transitioning transatlantic security priorities to an era of great power competition inevitably will necessitate exploring venues of gradual rapprochement between Turkey and the United States.” This could not be further from the truth.
After 21 years in power, while a rapprochement between the United States and Turkey may be possible, it cannot happen until President Recep Tayyip Erdoğan leaves office. Put simply, Erdogan shares none of the values that define and undergird the transatlantic alliance that Turkey was an integral and trusted member of.
Officers with the New York Police Department had to escort far-left activists from a Drag Story Hour hosted by Leftist New York Attorney General Letitia James on Sunday after they previously said "Queer Spaces Must Be No Cop Zones" and protested James' involvement in the event.
Video captured by NJEG Media shows police removing the counter protestors from the event titled "Drag Story Hour NYC with New York State Attorney General Letitia James," held at the LGBTQ+-centric The Center located in NYC's West Village.
Poland’s Ambassador to France Jan Emeryk Rościszewski said in an interview that a situation could arise in which Poland would have to enter the war. The embassy urged audiences to refrain from sensationalising his words.
Source: Rościszewski in an interview with LCI, a French TV channel; Rzeczpospolita, a Polish media outlet, citing Poland’s Embassy in France.
“QE” or Quantitative Easing has been the bull’s siren song for the last decade, but will “Not QE” be the same?
Last week, amid a rash of bank insolvencies, government agencies took action to stem a potential banking crisis. The Federal Deposit Insurance Corporation (FDIC), the Treasury, and the Fed issued a Bank Term Lending Program with a $25 billion loan backstop to protect uninsured depositors from the Silicon Valley Bank failure. An orchestrated $30 billion uninsured deposit by 11 major banks into First Republic Bank followed. Those deposits would not occur without Federal Reserve and Treasury assurances.
The details of the Bank Term Funding Program were described in the Federal Reserve press release.
“The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.
“With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.”
Dr. Jordan B. Peterson, Michael Yon, and Eva Vlaardingerbroek discuss recent events encircling the Dutch farmers protest, how their anti-globalist movement mirrors the Canadian Freedom Convoy, and how their message has resonated across the world despite best efforts to silence their voices.
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