Trump Blasts “Fraudulent Media” For Trying To Silence Him, “But I Am President And They Are Not”

It was a Tantrump twofer. Twelve hours after the president unloaded on Twitter, again slamming “Morning Joe” hosts “Crazy Joe” Scarborough and “dumb as a rock” Mika – once again provoking a sharp rebuke from both democrats and republicans – then saying he is “extremely pleased to see that @CNN has finally been exposed as #FakeNews and garbage journalism”, Trump lashed out at the ‘fake media’ for the second time on Saturday during an event at the Kennedy Center.
Speaking at the “Celebrate Freedom” concert honoring veterans, Trump used the stage to accuse the media of trying to silence him, and countered that “he is president and they’re not.”
“The fake media is trying to silence us, but we will not let them. The fake media tried to stop us from going to the White House. But I’m president, and they’re not.”

This post was published at Zero Hedge on Jul 2, 2017.

The Dollar Is Hanging By A Thread

A very interesting week so far. The dollar is now down 150 basis points in 2 1/2 days, in the old days it used to take several months to move this much. The ’96’level has only two ticks to go before we see a 95 handle. Gold was flash crashed in Sunday’s access market for about $20, this amount has not been fully recovered even with the flimsy dollar action. COMEX open interest actually rose on Monday’s drubbing which is proof positive the seller was not a ‘long’, conversely they were ‘shorts to open’ …or should I say to affect a lower price. Open interest was very strong with yesterday’s tiny price rise, as I expect another very large increase from today’s session.

This post was published at JSMineSet on June 28th, 2017.

[WATCH] Illinois Economic Collapse Is Near, Two Other States Will Follow In It’s Footsteps

The mismanagement of Illinois by government bureaucrats and politicians have plunged the state into a dire economic abyss. But SGTReport is predicting that other states will fall just as quickly, and you won’t be surprised in the least when your hear which ones are doomed to suffer an economic collapse soon.
Illinois could be expected to slash pensions to 30 cents on the dollar to help stave off the harsh reality of nanny state policies and socialist promises. But problems with finances began when the state failed to realize that a stranglehold on the economy spells disaster and political promises are failures waiting to happen. The mass exodus of property owners began when the land of Lincoln decided to jack up property taxes in an attempt to cover for their awful Ponzi scheme mismanagement, and the spiral into an almost $15 billion debt crisis began.

This post was published at shtfplan on July 2nd, 2017.

Market Report: Half-year blues

Gold and silver prices were hit on Monday by a $2bn sale of Comex gold futures at about 0400 hrs EST, when US traders were not around to challenge it. Rumours of a ‘fat finger’ appear wide of the mark. More likely it was a too-big-to-fail bank taking out all the stops to window-dress its books ahead of the half-year accounting deadline.
Derivative markets in gold and silver are generally directionless, so it is a good time for this sort of operation. Consequently, gold is down $13 from last Friday’s close, and silver off about five cents, in early European trade this morning (Friday). Since 31st December, gold is up 8.25% and silver 4.65%. Silver’s underperformance is notable, though it appears to be finding a base.

This post was published at GoldMoney on June 30, 2017.

Silicon Valley Begins to Crack Visibly

Chilling photos of for-lease signs lining the Great America Parkway There are parts of Silicon Valley where commercial real estate is still hanging on, and there are parts where it has let go.
In Santa Clara, it has let go. Overall availability of office space in Santa Clara was nearly 19% in the first quarter, according to Savills Studley, up from 14% a year ago. Only two other areas in Silicon Valley – Milpitas and North San Jose – show greater availability at respectively 23% and a harrowing 30%.
The availability problem becomes very real along the Great America Parkway, between Highway 237 and Highway 101. It’s near Levi’s Stadium. Nearby, Yahoo owned 49 acres of land that it acquired in 2006 and on which it had planned to build its new headquarters. It tore down the buildings on it and got the project approved for 3 million square feet of office space. It scuttled these plans in 2014 and turned the land into a parking lot for Levi’s Stadium. In April 2016, Yahoo sold the property for $250 million to LeEco, a Chinese company that had surged out of nowhere.
LeEco was going to get into nearly everything, including electric cars in the US. It was going to build its global headquarters on it and hire 12,000 people. Then came reality. Earlier this year, LeEco in turn scuttled those plans and pulled back from the US, claiming that it had run into a cash crunch. It has since been trying to sell the property. There will be a buyer eventually, as always, but maybe not at $250 million.

This post was published at Wolf Street on Jul 2, 2017.

What Really Happened When Gold Crashed, Monday June 26?

Let’s establish three facts up front. One, the volume of contracts traded was not ‘millions’ (as at least one conspiracy theorist is claiming). During the 1-minute window when the price of gold dropped from $1,254.10 to a low of $1,236.50 and recovered to $1,247, 18,031 August gold contracts traded. There was negligible volume in the October and December contracts.
Two, the Earth is round. This did not occur while ‘everyone’ was sleeping (as at least one conspiracy theorist asserted). It happened when Europe was open and the UK had come online, at 9:01am British Summer Time (BST). China and Singapore were also open for business at that time.
Three, there was no single large futures trade that ‘smashed’ the price, but a large number of smaller trades, with the largest trade being 296 contracts (close to 1 ton or $36 million). The chart below shows milliseconds (1/1000th of a second) from 9:01:00 to 9:01:30 – 30 seconds.

This post was published at GoldSeek on Monday, 3 July 2017.

America’s Pension Bomb: Illinois Is Just the Start

We’ve written quite a bit over the past couple of months about the pending financial crisis in Illinois which will inevitability result in the state’s debt being downgraded to “junk” at some point in the near future (here is our latest from just this morning: “From Horrific To Catastrophic”: Court Ruling Sends Illinois Into Financial Abyss).
Unfortunately, the state of Illinois doesn’t have a monopoly on ignorant politicians…they’re everywhere. And, since the end of World War II, those ignorant politicians have been promising American Baby Boomers more and more entitlements while never collecting nearly enough money to cover them all…it’s all been a massive state-sponsored scam.
As we’ve noted frequently before, some of the largest of the many entitlement ‘scams’ in this country are America’s public pension funds. Up until now, these public pension have been covered by stealing money set aside for future generations to cover current claims…it’s a ponzi scheme of epic proportions…$5-$8 trillion to be exact.

This post was published at Zero Hedge on Jul 1, 2017.

DeSoto To DeLorean – 14 Defunct Car Brands (& How They Failed)

Automobile enthusiasts around the world know brands like Studebaker, Plymouth and Packard, but you’d be hard-pressed to find any of these on the roads today. Former powerhouses in the American auto market, as Visual Capitalists’s Chris Matei notes, they have since become beloved by collectors, but lost to the general public.
Today’s infographic comes from TitleMax and it looks at 14 now-defunct car brands and the circumstances that took them from highways to bygones.
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These are only a selection of a much longer list of car brands that have not survived to see the present day. What accounts for the churn rate of these brands?
BOLD EXPERIMENTS, BOONDOGGLES, AND BURNOUTS Some car brands, like Tucker and Saturn, introduced new ideas that the market simply didn’t care for, didn’t perform as well as the competition, or were too ambitious for the industry climate. Others, like Edsel and DeLorean, met swift ends as they hemorrhaged money far faster than their owners anticipated. Even more brands were simply folded into the ever-expanding portfolios of either Ford or General Motors, the two biggest auto conglomerates ever to rule the roads.

This post was published at Zero Hedge on Jul 1, 2017.

US Government Prepares For ‘Space Weather Event’ As NASA Warns “Solar Minimum Is Coming”

A new report and video out from NASA about the upcoming ‘solar minimum’ has been published. The report titled ‘Solar Minimum is Coming’ outlines every 11-years, the sun oscillates from a solar minimum to a maximum. Today, the sun is called ‘solar minimum,’ says Dean Pesnell of NASA’s Goddard Space Flight Center in Greenbelt, MD. ‘And it’s a regular part of the sunspot cycle’. The sun is heading towards a solar minimum where the sunspot count will be relatively low.
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The report goes on to say, ‘while intense activity such as sunspots and solar flares subside during solar minimum, that doesn’t mean the sun becomes dull. Solar activity simply changes form’. During a solar minimum, we can expect more space weather events called coronal holes.
According to the report, coronal holes are vast regions of the sun’s atmosphere where the sun’s magnetic field opens up and allows streams of solar particles to escape the sun as fast solar wind.

This post was published at Zero Hedge on Jul 1, 2017.

Markets Are Still Dancing To The QE Two-Step…But Is the Music About To Stop?

Just a quick thought about what is driving the US stock market. The chart below shows the Wilshire 5000 (representing all publicly traded US equities in red), the Federal Reserve balance sheet (black), and excess reserves held at the Federal Reserve Bank by the largest of private(?) banks (likely a majority of these reserves held by foreign banks). What you may notice is the rise in equities since ’09 correlating with the rise in the Federal Reserves balance sheet until QE ended. Then a momentary pause in equities during 2015, and another strong leg higher since. That strong leg higher correlates nicely to the drawdown in the excess reserves held at the FRB, particularly since 2016.
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The chart below shows these dynamics since 2008. The Federal Reserves purchase of $3.6 trillion in new “assets”…and the continual rise in excess reserves banks hold at the Fed until September, 2014. As the reserves and QE ceased rising and were essentially flat, the market began rolling over. However, by late 2015 banks began withdrawing those excess reserves and putting them to work…and the equity markets positively responded.

This post was published at Zero Hedge on Jul 1, 2017.

Banks Begin To Mutiny Against The Fed: “If We Are Right, Central Banks Will Be Wrong”

It has been a trying time for the world’s central bankers, who for decades have been used to the “high finance” community’s adulation, derived from the deliverance of policy wrapped in so much opacity, gibberish and contradictions, that neither the central bankers, nor the markets, had any idea what was going on (see the Greenspan tenure), or dared to admit it was all meaningless drivel, resulting in phases during which the market was on “autopilot” and culminating with a bubble and subsequent crash, “rescued” by an even greater asset bubble and even greater crash, etc.
However, after generations of largely uncontested and unquestioned monetary policy where only the occasional “tinfoil” fringe blog dared to say that central banker emperors are not only naked and clueless but are also the cause of the world’s biggest problems, more and more voices are emerging to both challenge the prevailing monetary religious dogma, as well as daring to do something unprecedented: tell the truth.
One example was Bank of America’s chief strategist, Michael Harnett, who on Friday confirmed what we had been saying for years, that “central banks have exacerbated inequality via Wall St inflation & Main St deflation” and that the Fed failed in its mission to make the poor richer, instead its destructive policies have made the top 1% wealthier beyond its wildest dreams, and have been directly responsible for such political outcomes as “Brexit” and “Trump.”

This post was published at Zero Hedge on Jul 1, 2017.