Thought for the day
"I have come to the conclusion that one useless man is a shame, two are lawyers and three or more are the government." -- John Adams (1735 - 1826)
Traders have woken up this morning to more systemic fragility as Credit Suisse debt and equity is dumped in an unceremonious rejection of the CEO’s letter of reassurance over the weekend.
Who could have seen that coming?
Hurricane Ian could cost Florida up to $40 billion of insured losses, according to leading ratings agencies.
Steve Forbes, the chair of Forbes Media and editor-in-chief of Forbes Magazine, argued on Monday that Republicans have an addiction to government spending nearly as severe as their Democratic colleagues.
Pediatric gender clinics across the country are promoting services to children who reject sex-based stereotypes.
According to the Rev. Al Sharpton, President Biden told him last month that he will run again in 2024.
A father in New York state is fighting for his child to be allowed to grow up. The child's mother, the medical industry, and the court are pressing for the 11-year-old to be permitted to take drugs that would disrupt puberty, potentially stunting her development and leading to sterility.
The father to the middle-schooler, whose is not named in order to protect his family, has been instructed by the court to call his child by the new, chosen name, new preferred pronouns, and to refer to the child as being of the new, chosen gender. Neither parent is allowed, under court order, to talk to the child about "anything gender related," he said.
That order came down in April, and the mother demanded full custody. This would give her the right to medically transition the child without the father's consent. That request, along with the mother's request for a court of protection against , and sole use of the family's home, were both rejected by the court. The parents are seeking divorce, and this issue is the primary disagreement between them.
A fundraiser has been launched to ask for "help to keep [his] daughter a girl," and stop the child from being transitioned by mother, doctors, and school. The father has told The Post Millennial that he will fight as hard as he can to protect his child from medical gender transition, though puberty blocking drugs have been recommended. The father said that child's mother told him she will "die on this hill."
Russian President Vladimir Putin has made it crystal clear that he blames the United States for sabotaging the Nordstream 1 and 2 natural gas pipelines last week after a video surfaced of President Joe Biden and other U.S. officials threatening to take them out if Russia invaded Ukraine.
Putin made his remarks last week in the wake of the unprecedented attack on another country’s vital infrastructure, which critics said could hasten the arrival of World War III.
“They are destroying European energy infrastructure… it’s clear who benefits,” Putin was quoted as saying. “It’s obvious to everyone who did it.”
Twitter is hiring an army of intelligence community spooks, many of whom worked for the FBI, as they move forward with their plans to conduct ubiquitous Big Brother censorship on its platform.
(Article by Shane Trejo republished from BigLeaguePolitics.com)
Mint Press News discovered from data on the professional networking site LinkedIn that individuals such as Jeff Carlton, Mark Jaroszewski, Douglas Turner, Dawn Burton, Karen Walsh, Jim Baker moved from prominent roles within the deep state to important jobs within Twitter in recent years. Other individuals who refused to give their real names, such as Cherrelle Y., Laura D., Bruce A., Patrick G., and Matthew W., also made the move from the intelligence community to Twitter.
FBI whistleblower Coleen Rowley, who was named 2002 Time Person of the Year for exposing how the feds ignored evidence of the Sept. 11 attacks ahead of time, said that news of collusion between Big Tech and the deep state ought to surprise nobody.
Space X and Tesla CEO Elon Musk has proposed to buy Twitter for his original offer of $54.20 a share, reports Bloomberg.
Musk made the proposal in a letter to Twitter on Tuesday, a source who asked to remain anonymous told the outlet.
The Twitter stock has halted twice on Tuesday due to volatility, according to Stock Halt Alerts.
The EU’s anti-Russia policies are hurting the French, the politician claims © Getty Images / NurPhoto / Contributor
France should brace for a tough winter as a result of the EU’s anti-Russia sanctions, the leader of the right-wing National Rally parliamentary group said on Tuesday, adding that next winter will be even worse.
Marine Le Pen told BFMTV that the sanctions are not working, and are in fact harming the French people. She argued that the restrictions placed on Russia have proven counterproductive, helping Moscow to increase
Billy Eichner is still defending his LGBTQ romantic comedy, “Bros,” which was a box office flop over the weekend, and he wants the world to see it.
West and Owens shocked social media when the duo donned the “White Lives Matter” shirts, each of which also included a picture of the Pope’s face on the front, while flanked by models in matching tops.
A Trump-hating former FBI agent short-circuited the bureau’s probe of Hunter Biden’s laptop just before the 2020 election by ghosting a key whistleblower, the former associate of the president’s son told Tucker Carlson Monday.
Joe Rogan slammed educators pushing a “progressive ideology” in schools and said it’s not their job, mentioning things like drag queen shows for kids and sexually-charged books in some school districts.
Whoopi Goldberg unloaded on The Daily Beast entertainment reporter Kyndall Cunningham, who complained about “a distracting fat suit” in her review of “The View” host’s recent film.
Two more legal challenges emerged last week against the Biden administration for its policy to cancel up to $10,000 in student debt for millions of borrowers.
Central banks globally added to their net gold holdings for the fifth consecutive month in August, according to the latest data released by the World Gold Council.
On net, central banks added 20 more tons of gold to their reserves. Three banks drove buying in August and there were no notable sellers.
So far this year, central banks have added over 300 tons of gold to their goldings.
Turkey was the biggest buyer in August and has added more gold than any other country in 2022 to date. With its 8.9-ton purchase in August, Turkey has increased its gold reserves by 84 tons year-to-date. Turkey now holds 478 tons of gold between its central bank and treasury holdings, the highest level since Q2 2020.
Uzbekistan added 8.7 tons to its reserves in August, roughly the same amount as the previous five months. This brings its y-t-d net purchases to over 19 tons despite having begun the year by selling almost 25 tons in the first quarter. Gold reserves account for just over 60% of Uzbek’s total reserves.
Three U.S. Postal Service employees have been arrested in connection with a $1.3 million fraud and identity theft scheme in which they allegedly used stolen credit cards to purchase luxury items.
According to a release from the Department of Justice (DOJ), U.S. Postal workers Nathanael Foucault, Johnathan Persaud, and Fabiola Mompoint were arrested Thursday in New York alongside a fourth individual, Devon Richards, who is not a postal worker.
Prosecutors said that the scheme began in or around December 2018 and continued up until recently and saw members of the scheme work with U.S. Postal Service mail carriers, including, among others, Mompoint, Foucault, and Persaud to steal credit cards from the mail before the cards were delivered to the actual card holder.
Once getting their hands on the stolen cards, members of the scheme were allegedly able to activate them using the stolen personal information of the actual card owner, according to prosecutors.
Kim Kardashian is in trouble with the Securities and Exchange Commission for promoting cryptocurrency and has agreed to pay a $1.26 million fine because of it.
Planned Parenthood officials announced Monday the clinic would soon hit the road in a 37-foot RV, bringing abortion services near bordering states that have since banned the procedure.
According to an economic theory called the Unholy Trinity, governments can only ever have two of the following three things: pegged exchange rates, independent monetary policy and free capital flows.
The reason why this is so is quite complicated. But the point is that they must choose two of the three, making the third a pressure valve for the problems created by their attempts to control the other two.
Of course, governments occasionally try to have all three. But it always ends in humiliation. It’s only a question of when.
In this context, humiliation may mean the breaking of the (managed) currency peg. Think of what happened to sterling on Black Wednesday, 16 September 1992, when the currency was forced out of the Exchange Rate Mechanism (ERM) and subsequently plunged.
Alternatively, humiliation may mean the loss of control of monetary policy, and rampant inflation. There are plenty of contemporary examples.
Pennsylvania Republican Senate nominee Dr. Mehmet Oz is receiving help from a surprising corner of the electorate as his race against Pennsylvania Lt. Governor and Democratic Senate nominee John Fetterman enters its final stretch.
In a podcast episode released last week Thursday, David Cross and Kevin Moncla of the Election Oversight Group reveal that open records request from 64 of 66 Georgia counties show the same security error “QR code signature mismatch” and warning message “Ballot format or id is unrecognizable” that caused seven scanners to miscount hundreds of ballots in Williamson County, Tennessee.
The "Tennessee Error" is an “anomaly” discovered on Dominion’s Image Cast Precinct (ICP) Tabulators (also referred to as "scanners") that occurred during a Williamson County election held on October 26, 2021.
The Election Assistance Commission (EAC) defines an anomaly as "an irregular or inconsistent action or response from the voting system or the system component, which resulted in the system or component not functioning as intended or expected."
In Williamson County, an election worker tallying votes on a post-it note realized that hundreds of ballots removed from a tabulator did not get counted.
Even though that tabulator never signaled that a problem occurred.
As more cases of injuries following COVID-19 vaccination continue to be published in the medical journals, it becomes more and more evident that these COVID-19 vaccines have been the most damaging and lethal vaccines to ever be mass-injected into the population.
Case reports of Alopecia, hair loss which sometimes include the loss of all body hair, even the eyebrows, have now been reported and published in the journal Clinical Case Reports.
One month ago we said that there is a reason why despite fundamentals, yields and newsflow screaming for lower prices, US equities simply refused to sell off: it was because investors know that the moment the Fed pivots dovish and capitulates on its tightening cycle (a move which could take place at any moment since it is as much political as it is financial), risk will explode limit up. And so, even though the US is sliding into a recession - or rather because the US is sliding into a recession - stocks remain sticky to the upside, and the VIX barely rises to crisis levels, waiting for the inevitable pivot.
Also one month ago, we got an advance look of what said pivot would look like courtesy of Australia, where bond yields tumbled and stocks soared after the country's top central banker opened the door on Thursday to slowing the bank's policy tightening after five rate increases in as many months, sparking a rally in bonds as markets scaled back bets on further aggressive moves.
In a speech on the policy outlook, Reserve Bank of Australia Governor Philip Lowe said further rate increases would be needed to contain inflation but the RBA Board was not on a pre-set path and was aware rates had already risen sharply: "We are conscious that there are lags in the operation of monetary policy and that interest rates have increased very quickly," said Lowe adding that he recognizes that "all else equal, the case for a slower pace of increase in interest rates becomes stronger as the level of the cash rate rises."
New week. New month. New quarter. New brains. New trades. New hope. Or “New balls, please” as they say at Wimbledon.
I don’t have the physical energy to play tennis with markets on an every-other-day basis, sending a detailed volley back at those who think the Fed is about to pivot because of one bad datapoint. That doesn’t mean the UK government can’t though – they just did exactly that on tax cuts.
All I can say is re-read what I have been saying all year about this being about more than just data; and I am told every goldbug, cryptonite, bond-bubble boy, equity enthusiast, derivative devil, property shill, and commodity compere is sitting on the side-lines --bleeding out-- and is waiting for the Fed to pivot in order to go all in on the next inflationary everything asset bubble.
Oil prices are extending their recent gains following headlines from Vienna that OPEC+ is considering a reduction in its production limit of as much as 2 million barrels a day.
However, the impact on actual production could be smaller since several members are already pumping far below their officials quotas, meaning they could automatically be in compliance with their new limit without having to curb production.
Nevertheless, it could still result in the cartel's largest reduction since the deep cuts agreed at the outset of the Covid-19 pandemic in 2020 and WTI surged up to $87 on the news...
Bangladesh's national power grid collapsed Tuesday afternoon, plunging 140 million people, or nearly everyone in the country, into darkness, AFP reported.
Reuters spoke with officials at the state-run Bangladesh Power Development Board, who said power transmission failed in the eastern part of the country and then tripped power plants nationwide, cutting off power to the capital, Dhaka, and other major metro areas.
Last week, the Bank of England intervened to prevent a gilt market crash by pledging to purchase long-dated bonds after the fallout from Prime Minister Liz Truss's proposed tax cuts. As collateral calls mounted, forcing pension funds to scramble for cash from investment managers to meet margin calls, Bloomberg revealed that the central bank's bond-buying program is much larger than previously announced.
Bloomberg reported Finance Minister Kwasi Kwarteng signed off on a £100 billion ($113 billion) bond-buying program for the BoE to soothe strains in the gilt market which has so far halted a sell-off that threatened to spiral out of control, sparking a liquidity crisis among pensions funds. Initially, the BoE pledged £65 billion ($69 billion) to buy long-dated gilts.
Spot charter rates for the global liquefied natural gas (LNG) carriers are soaring due to a shortage of vessels.
LNG shipping rates have been dramatically impacted by energy supply chain disruption due to the Russian invasion of Ukraine. The LNG shipping sector is booming even more as rates near record highs following the bombing of the Nord Stream pipeline system last week.
Bloomberg said Europe is "to replace Russian pipeline flows with liquefied natural gas from suppliers including in the US and Nigeria." Rejiggering supply chains for the energy-stricken continent means increasing demand for LNG carriers to source gas further away.
Shell booked an LNG carrier for $400k per day, likely the most expensive ever for the Atlantic basin. The Indian firm GAIL also secured an LNG shipment for about $360k per day.