Dec 04 11:34

The “Damned Lies” that Unemployment Tells

Dec 04 09:52

I think someone just got liquidated...

Dec 04 08:58

‘Ukraine’s richest man’ faces criminal prosecution over Zelensky's claims

Hundreds of criminal cases will soon be launched against companies linked to one of Kiev's most high-profile businessmen, Rinat Akhmetov, after he was accused of being behind a failed bid to oust the Ukrainian government.

Writing in a Facebook post on Thursday, the country’s Prosecutor General Irina Venediktova said that “an unusual show” had been playing out in recent weeks, with President Volodymyr Zelensky accusing Akhmetov of plotting to stage a Russian-backed coup attempt. “I don’t think that in a public and political storm, the office of the Attorney General should sit aside,” she went on.

“I will repeat and emphasize,” Venediktova wrote, “I am not calling anyone an assailant, an oligarch or an offender, but I do have the right at such a pivotal moment for the country to activate the investigation of a whole number of criminal proceedings…regarding entities from the orbit of the owner of several famous TV channels, coal enterprises, and energy companies.”

Dec 04 08:55

The taper that never was

Dec 04 08:45

Israel: Owner of Beitar Jerusalem FC arrested for alleged crypto fraud and sex crimes

Israeli police have arrested Moshe Hogeg, the owner of anti-Arab football club Beitar Jerusalem and crypto mogul, over money laundering, fraud and sexual offences.

Hogeg, who bought Beitar Jerusalem in 2018, one of Israel's top football clubs, was arrested with seven other businesspeople on Thursday, following extensive investigations by Lahav 433, a police anti-corruption unit that tackles financial crimes.

Lahav 433 said the suspects had pocketed tens of millions of shekels through deception and tricking investors into pouring money into cryptocurrency investments that Hogeg had opened.

The Israeli police arrested Hogeg and a family member at Beitar Jerusalem's office. Homes and offices of the other suspects were also raided, to collect evidence.

Dec 04 08:22

The Decline of U.S. Car Production

Dec 04 07:48

US & Global Markets: It’s Do-Or-Die Time

Dec 03 13:21

Chinese govt summons Evergrande boss as firm’s debts mount

Chinese authorities have summoned the founder of Evergrande, once China's top-selling developer which is now on brink of default, after the firm announced earlier on Friday it may be unable to repay its debt.

The real estate developer received a demand under a $260 million guarantee obligation, which it may be unable to repay due to insufficient funds, the company announced in a filing to the Hong Kong stock exchange.

It added that repayment dates under other agreements may also have to be postponed.

Dec 03 11:06

Unvaccinated Sit-In Shuts Down Panera in NYC

Activist July Maury tells about discrimination against the disabled and the unvaccinated:

“I fought to get more access for people with disabilities in this city…this Panera is one of the few places I can get into (with my wheelchair)… I don’t have the vaccine card so now even the places I can get into I can’t get into. I’m thirsty, I’m hungry and I can’t participate, I can’t give them my money. I want to give them my money and I can’t. This doesn’t make sense. This is a civil rights issue, a human rights issue.”

By Michael Kane

Unvaccinated NYC activists forced a Panera Bread in Manhattan to shut down yesterday when they demanded the restaurant serve them and allow them to sit and eat in the establishment. At least 50 police officers descended on Panera but ultimately did nothing as the owners of the establishment made the decision to shut it down before 6pm when they regularly stay open till 10pm...

Dec 03 10:01

China Evergrande gets $260 mln demand, warns of non-payment

Indebted real estate developer China Evergrande (3333.HK) has got a demand under a $260 million guarantee obligation, the company said on Friday, adding it may be unable to repay due to a liquidity crisis that has gripped China's property sector.

Dec 03 07:41


Dec 03 06:22

U.S. Senate passes bill to avert government shutdown, sends to Biden for signature

The Democratic-controlled U.S. Senate on Thursday passed a bill to fund the government through mid-February, averting the risk of a shutdown after overcoming a bid by some Republicans to delay the vote in a protest against vaccine mandates.

The 69-28 vote leaves government funding at current levels through Feb. 18, and gives Democratic President Joe Biden plenty of time to sign the measure before funding was set to run out at midnight on Friday.

The Senate acted just hours after the House of Representatives approved the measure, by a vote of 221-212, with the support of only one Republican.

Dec 03 05:49

The Fed Admits It Has Lost Control

Like any junkie with an addiction, the first step is admitting that you have a problem.

It was no sooner than Paul Krugman came out less than two months ago declaring a win for what he called “Team Transitory” that Jerome Powell sat in front of a Senate panel and was forced to admit he had a problem.

Powell seemed to come to terms yesterday that he was stuck between a rock (brutal, unrelenting consumer inflation) and a hard place (the inability to raise rates or taper without fuck-tangling the entire economy and capital markets).

The Fed Chair admitted in front of a Senate panel yesterday that “it’s probably a good time to retire” the word “transitory” to describe inflation.

Dec 03 05:48

Danske Bank Slaps 'ESG' Label On 95% Of Its Funds As Top Banker Speaks Out Against "Greenwashing"

One of the most disturbing developments on Wall Street in recent years is how the "green cult" has managed to infiltrate the culture, forcing firms to drum up ESG-branded offerings or risk losing clients to better-prepared rivals.

But like any other fad, the shift to ESG, and the pressure investors are putting on "dirty" oil and gas companies (not to mention coal) has had side effects that are more serious, and others that are more or less benign.

In the "serious blowback" camp is the fact that the backlash against traditional energy companies and the new orientation in Washington has helped drive inflationary pressures to their highest level in 3 decades (more on that here) by weighing on US supplies of crude oil.

The truth is there simply aren't enough truly "green" assets to go around, which is why Wall Street is scrambling to label any old company "green" based sometimes on little more than promises.

Dec 03 05:47

Oil Crashes After OPEC+ To Proceed With Planned 400Kb/d Output Hike

An earlier trial balloon of a smaller 200k b/d production hike was been popped as Russia moves with a formal proposal for OPEC+ to lift oil output by 400,000 b/d for January, sending oil markets crashing.

Energy Intel's Deputy Bureau Chief & Chief Opec Correspondent Amena Bakr confirms that "All ministers appear to be in agreement with an increment of 400k for Jan (i.e. a rollover of the current policy)" according to sources.

Dec 02 15:01

Increased Consumer Spending Among Scarcity

Dec 02 13:19

Inflation Causing Hardship for 45% of U.S. Households

As the peak of holiday shopping approaches and winter temperatures drive up heating costs across the U.S., 45% of American households report that recent price increases are causing their family some degree of financial hardship. Ten percent describe it as severe hardship affecting their standard of living, while another 35% say the hardship is moderate.

Dec 02 12:47

What Do They Know? Insiders Are Dumping Stocks At A Pace Never Seen Before In All Of U.S. History

Why are CEOs and corporate insiders selling their stocks at a far faster rate than we have ever seen before?  Do they know something that the rest of us do not?  If stock prices are going to continue soaring into the stratosphere like many in the mainstream media are suggesting, these insiders that are dumping stocks like there is no tomorrow will miss out on some absolutely enormous profits.  On the other hand, if a colossal market crash is coming in 2022, then 2021 was absolutely the perfect time to get out.  As I have said countless times before, you only make money in the stock market if you get out in time.  Could it be possible that many of the richest people in the world have picked the absolutely perfect moment to pull the trigger?

Dec 02 11:26

The Fed Just Flipped

Dec 02 07:11

Europe’s imminent winter energy crisis could have serious political consequences

With temperatures falling and gas prices rising, much of Europe is drifting into a perfect storm. Supply shortages, inflation, green policies and ideological opposition to Russia are creating an energy crisis.
As a result, power outages, stunted economic recovery and political fallout could have ramifications across the continent. In the longer term, the failure of EU policymakers will undermine energy security, make its industries less competitive, and have a negative impact on Europe’s cohesion and role in the world.

Coming frost

Efforts by the US and EU to borrow and spend their way to recovery are failing. Growing debt and money printing are fueling inflation with a predictable impact on energy prices. America’s recent and drastic inflation of the money supply was unnecessarily reckless, given the country was already recovering from Covid-19 lockdowns.

Dec 02 07:08

A December Market Crash is Coming

Dec 02 07:07

16 states take HUGE stand against big banks. Join them NOW.

Dec 01 13:02

The Fed needs to raise rates immediately

Dec 01 12:55

Imminent Stock Market Crash

Dec 01 12:10

Fed Chair Powell Admits Inflation Will Continue And Rise, Will No Longer Use The Word ‘Transitory’

Testifying before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, Federal Reserve Chairman Jerome Powell admitted that inflation will not only continue, but continue to rise.

The Fed Chairman appeared to lay the blame on the “Omicron” variant of COVID, rather than the Fed or the spending policies of the Biden administration.

Webmaster's Commentary: 

Biden lied to us again! :)

Dec 01 11:55

In Act Of Sheer Panic, Turkey Central Bank Intervenes To Prop Up Lira, Fails

With the lira having lost 40% of its value in just the past 3 weeks (and down almost 50% YTD), now that the market finally realizes just how insane Erdogan has been all along with his intention to keep cutting rates until the mid-2023 Turkish elections...

... and foreign investors pulling their capital from Turkey in a show of defiance to the Erdogan regime - they may return if and when a new, more sensible ruler emerges - overnight the Turkish central bank intervened in the foreign exchange market for the first time in seven years, and in an act of sheer desperation, fought to shore up the plunging lira.

Dec 01 11:48

Economy In Free-Fall: It Is Not Just Biden That America Has Lost Faith In

November marks a U.S. consumer confidence fall of a nine-month low, clipped by rising prices and lingering concerns about the coronavirus.

The Conference Board reported Tuesday that its consumer confidence index sank to a reading of 109.5, down from 111.6 in October. It was the lowest reading since the index stood at 95.2 in February and would not include the ramifications of omicron, a new variant of the coronavirus that has begun to spread.

Dec 01 11:45

How Long Until Inflation Breaks Germany?

Dec 01 11:44

Keystone XL Pipeline Owners Seek $15 Billion in Compensation From US for Cancelation of Project

The developers of the Keystone XL pipeline, TC Energy Inc., are seeking $15 billion against the U.S. government in compensation for money already spent developing the canceled pipeline.

Dec 01 11:42

Omicron Variant Sends Vaccine Makers’ Stocks Soaring, as VAERS Data Show 913,000 Reported Adverse Events After COVID Vaccines

The Centers for Disease Control and Prevention released new data late Monday showing a total of 913,268 adverse events following COVID vaccines were reported between Dec. 14, 2020, and Nov. 19, 2021, to the Vaccine Adverse Event Reporting System (VAERS). VAERS is the primary government-funded system for reporting adverse vaccine reactions in the U.S.

The data included a total of 19,249 reports of deaths — an increase of 396 over the previous week — and 143,395 reports of serious injuries, including deaths, during the same time period — up 4,269 compared with the previous week.

Excluding “foreign reports” to VAERS, 664,745 adverse events, including 8,898 deaths and 56,297 serious injuries, were reported in the U.S. between Dec. 14, 2020, and Nov. 19, 2021.

Dec 01 11:40

Why Inflation Is a Runaway Freight Train

Dec 01 11:35

A Clearer Breakdown of What This Infrastructure Bill Is Really Funding

On November 5, 2021, Congress passed the Infrastructure Investment & Jobs Act (H.R.3684) which was signed by the President on November 15. Yet another $1.2 trillion in nefarious “investments” to keep the money presses rolling. Most media sources summarize the 2740-page bill by lumping everything into spending categories, while leaving out some of the most critical data that shows what they really intend to fund. This report breaks down several key data and funding points, while drawing attention to some of the more questionable allocations.

Dec 01 11:18

The Perfect Con Job

One of the most famous examples of smart people being sucked into a bubble and losing a packet as a result is Isaac Newton’s forays in and out of the 1720 South Sea Bubble that is estimated to have sucked in 80–90% of the entire pool of investors in England.

Some have claimed that Newton did not buy early in 1711, sell in April 1720 for a nice profit and then sink the majority of his substantial fortune in the bubble as it peaked in summer, then suffering heavy losses as the bubble popped in September, but evidence supports this chain of events.

Newton “bought the dip” on the way up and then added to his position as the mania rolled over, making his final fatal purchase as a “buy the dip” just before the “last chance to exit” spike — which is precisely the point the current bubble has finally reached, when everyone is all in and “buying the dip” to increase the profits that everyone agrees are essentially guaranteed because the Fed.

Not Even a Genius Can See a Bubble

Webmaster's Commentary: 

Then there was Tulip Mania!

Dec 01 11:16

Retailers Open Pop-Up Container Yards To Bypass Savannah Port Jams

Overflow lots set up by large retailers this month as temporary staging areas for imported containers have helped bring down congestion levels at the Port of Savannah, and Georgia officials expect further efficiency gains with this week’s opening of two more port-sponsored pop-up sites.

The Georgia Ports Authority, in partnership with the Norfolk Southern, will start accepting loaded containers on Monday at the freight railroad’s nearby Dillon Yard and later this week will begin routing shipping units to a general aviation airport in Statesboro, located about 60 miles west of Savannah, Chief Operating Officer Ed McCarthy told FreightWaves.

Dec 01 10:51

Belarusian President Lukashenko Threatens To Halt Transit Of Energy Products From Russia

As if the energy sector needed any more volatility than it's already experiencing, Belarusian President Alexander Lukashenko has thrown his hat in the ring by commenting this week that he could shut down transit of energy products if Poland closes its border with his country.

The border is currently turning into a point of contention between the European Union and Lukashenko. Thousands of migrants are stuck in the middle of the border and at least 11 have died, according to the Wall Street Journal. The migrants are seeking refuge and to move further into Europe. The EU has blamed Lukashenko for using the migrants as "pawns", while Lukashenko attests that something should be done about the humanitarian crisis.

Lukashenko has now escalated tensions over the crisis by indicating he is "serious" about halting energy products from Russia.

Dec 01 09:32

Is A Stock Market Crash Like 2000 Possible?

Dec 01 08:15

The Next 2 Weeks Will Be Very Volatile

Dec 01 08:08

Daily Briefing: Surprise, Surprise: Inflation Is Not Transitory?

Fed Chair Jerome Powell just said it’s time to retire the word “transitory”—are you shocked? All the major U.S. market indices fell more than 1% on the announcement while the dollar strengthens and crude oil tanks. Ash Bennington is not surprised by Powell's announcement to retire "transitory", and he sits down with Tony Greer of TG Macro on another installment of TG Tuesdays on the Daily Briefing to talk about inflation and oil. Want to submit questions? Drop them right here on the Exchange:

Dec 01 08:00


Cobalt, a key metallic element used in lithium batteries and other “green” technology, is sourced from slave labor in the Democratic Republic of Congo. As the West points the finger at China, the US Africa Command is indirectly policing mining operations that profit US corporations.

Ever since Belgium’s King Leopold II (1835-1909) established the Congo Free State in 1885, international powers have exploited the region’s vast resources. Leading a regime that went on to kill an estimated eight million people to plunder their gold, ivory, and rubber, Leopold reportedly described Congo as “a magnificent African cake.”

Dec 01 07:46

Watch: Manchin Attacks Schumer Over Rushed Socialist Spending

Sen. Joe Manchin (D-WV) refused to say Monday whether he would support Senate Majority Leader Chuck Schumer's promise to force the Biden Administration's almost $2 trillion social spending bill through the chamber by Christmas.

"I think what we need to do is just really look at the bill, what we have right now, what came from the House and that's what I've been doing this afternoon," Manchin told reporters.

Dec 01 06:45

Finnish Electricity Prices Jump 5x Amid Unseasonably Cold Weather And Worsening Energy Crisis

Finland has succumbed to the energy crisis as households and businesses early this week paid a mind-numbing €422 per MWh (including taxes), or about five times higher than a year ago, according to data from the Nord Pool electricity exchange.

The Northern European nation bordering Sweden, Norway, and Russia is energy-dependent, meaning it must import high volumes of fossil fuels, such as petroleum and natural gas. Domestic sources of power production include thermal, nuclear, and hydropower plants.

Energy experts told RT News that soaring natural gas prices in Central Europe attributed to skyrocketing power prices. Experts warned of very little relief for Finnish households and businesses who may experience heightened electricity costs until next summer.

Dec 01 06:42

Let Them Eat Volts!

Once upon a time – it wasn’t all that long ago – the Democrat Party was at least nominally a populist party, ostensibly opposed to politics of the elites, which the GOP was said to represent. Is there a better measure of how these roles have reversed than the pushing of electric cars by Democratic elitists such as the Biden Thing’s secretary of transportation, Pete Buttigieg?

He glibly advises average Americans who are having a time paying $3.40 for a gallon of gas that cost them $2.20 just before he and the Biden Thing took over the apparatus of government from a Republican to deal with it by getting rid of their gas-burning car in favor of an electric car.

“They will never have to worry about gas prices again,” he says.

The problem there, of course, is that electric cars cost even more than it costs to fuel a not-electric car at $3.40 per gallon.

Or even $5.

Dec 01 06:37

Brutal cold wave hits Europe with lowest temperatures in 40 years – Energy prices soar to new record

Let’s talk about global warming… Or better said GLOBAL COOLING! A brutal cold wave is currently sweeping across Europe, bringing tons of SNOW, powerful WINDS triggering widespread POWER OUTAGES and devastating several countries in Europe and Scandinavia with lows that haven’t been seen since 1980 in Sweden.

Sweden has had the lowest temperature in November since 1980 with a polar wave sweeping Western Europe. Same in Ivalo, Finnish Lapland, where thermometer were at -22ºC as well as in Norway.

Nov 30 14:51

Why Inflation Is a Runaway Freight Train…

The value of these super-abundant follies will trend rapidly to zero once margin calls and other bits of reality drastically reduce demand.

Nov 30 12:33

Elon Musk tells SpaceX employees that Starship engine crisis is creating a ‘risk of bankruptcy’

Elon Musk is angry with the lack of progress SpaceX has made in developing the Raptor engines that power its Starship rocket.

He described a dire situation the day after Thanksgiving in a companywide email, a copy of which was obtained by CNBC.

“The Raptor production crisis is much worse than it seemed a few weeks ago,” Musk wrote.

“We face genuine risk of bankruptcy if we cannot achieve a Starship flight rate of at least once every two weeks next year,” Musk added later.

Starship is the massive, next-generation rocket SpaceX is developing to launch cargo and people on missions to the moon and Mars. The company is testing prototypes at a facility in southern Texas and has flown multiple short test flights. But to move to orbital launches, the rocket prototypes will need as many as 39 Raptor engines each – necessitating a sharp ramp in engine production.

Nov 30 12:00

What Happens If Europe Runs Out Of Gas?

The real test of Europe's energy supply is here. As temperatures have started dropping on the continent in recent days, power prices spiked again, and the natural gas shortage could worsen in case the winter is colder than usual. There isn't an immediate fix to the power and natural gas supply crunch, and the colder and longer the winter is, the worse the situation could become, analysts say. Currently, the only thing that could ease the pressure on tight energy supply in Europe is demand destruction in industries due to high natural gas prices, some note.

Some have even said that gas stores could fall to zero this winter if cold weather abounds.

Russia is fulfilling its contractual obligations with customers to send natural gas to Europe via pipelines, but it has not significantly raised additional supply amid the gas and energy crunch in recent months.