You really have to wonder how it is that so much is going on all around us yet almost nothing is being reported by the mainstream press. I know it is hard to do, but imagine yourself 20 or 30 years ago, could what is currently happening ever be "slept through" as it is today? Could markets have just snoozed it off as if nothing bad "could" happen?
For example, the U.S. economy is in another recession. The 1st quarter GDP was revised to show a decline of -.7%. Do you know why the number was not worse? Because the BLS used as a very "special" assumption, a NEGATIVE inflation rate, if they used just a 1% inflation rate, GDP would have reported negative 2% plus! But wait, the funny part is this, the Fed at the same time is again bringing up tightening interest rates. Again, imagining yourself 20-30 years ago, the speculation would be "when will the Fed begin to loosen" ...and here is one of your problems, the Fed CANNOT do ANYTHING to turn up the economy. The Fed has fired all its bullets and cannot loosen further. Yes they can start up another QE (the opposite of what they are taking about now) but I believe even they fear the reaction this time around. What would they do if the selling pressure increased on the announcement of another QE? Can't happen you say? I hope you're right!
The Chinese stock market took an 11% nosedive over the last two days of the past week, did you hear about this? Is it "unimportant"? Or how about COMEX having 26 tons of gold standing for June delivery with only 11 tons currently on hand? You probably didn't hear about this one because they will just cash "settle" (they have already begun as 2,800 contracts "disappeared" last night), nothing to see here, move along. How about David Cameron promising an "in or out" referendum pertaining to the British and the EU? Or the right wing in France demanding a similar referendum? Probably not important enough either?
Or how about this list; Goldman warns "too much debt" threatens the world economy... China places artillery on disputed South Sea islands... Margin debt 50% higher than last peak... Russia backs alternative to SWIFT... 5 billion euro bank run in Greece ... or just plain old Greece? Even worse than all of these pieces of "real news" that didn't make the news, did you hear about Yemen? Or more specifically a (or several) nukes were lit up? Yes, nuke(s) went off in Yemen late last week and the press (yawn) decided it wasn't "newsworthy".
Shifting gears just a bit, I want to bring up a topic I have not seen anyone even talk about. Do you remember last November when Congress, the Senate in particular was "shaken up"? "We" (the American people) threw the bums out! I can remember it vividly, Congress would now be able to hamstring a president running roughshod over the Constitution. I thought it might be a glimmer of hope ...I thought WRONG! Has anything been done to reverse or retard Obamacare? The answer of course is no, nothing. I ask you this, what exactly did we get for our votes to evict the "bums"?... ...How about Loretta Lynch! How did she get confirmed as Attorney General? As Ted Cruz said, "she looked Senators in the eye and told us she intends to disregard the law". I ask, was there even a purpose to the last election? Or better yet, once the financial system comes down and social unrest unleashes martial law, was that our LAST election?
I am not kidding here folks, the rule of law is gone in the U.S., our financial system is a totally rigged sham and people believe they are "wealthy"... are they really ? W e have zero press left to hold anyone's feet to the fire or accountable for anything. More people now "take" than "pay" and we are so broke as a nation we can't even afford to pay attention! What could possibly go wrong? The worst thing of all is if you were to bring up even one of the above "cluster bombs" at a summer BBQ, it is YOU who are the nutcase! Our Forefathers are in tears.
Regards, Bill Holter for;
Bill Holter writes and is partnered with Jim Sinclair at the newly formed Holter/Sinclair collaboration.
Prior, he wrote for Miles Franklin from 2012-15. Bill worked as a retail stockbroker for 23 years, including 12 as a branch manager at A.G. Edwards. He left Wall Street in late 2006 to avoid potential liabilities related to management of paper assets. In retirement he and his family moved to Costa Rica where he lived until 2011 when he moved back to the United States. Bill was a well-known contributor to the Gold Anti-Trust Action Committee (GATA) commentaries from 2007-present.
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