Sunday, July 25, 2021



Auntie Maxine is Off Her Meds Again: The Alt-Right ‘Wants to Kill Me’

 by Cristina Laila, The Gateway Pundit:

Mad Maxine Waters is off her meds again!

Maxine Waters (D-CA) has three main war cries. Russian collusion, Nazis/KKK and impeach 45. This time she’s claiming the alt-right wants to kill her and others. She even named Breitbart as part of the alt-right threat.

Here is Maxine Waters’ direct quote to a Subcommittee on Terrorism and Illicit Finance on Wednesday via Pj Media:

“What can we do to deal with the KKK, the white nationalists, the extremists, the alt-right?” They’re on the internet, they’re Breitbart. If you look at the YouTube, you see how much they want to kill me and others. What can we do?”

The hearing was held to discuss domestic terrorists and ‘lone wolf’ attacks. Via PJ Media:

Waters reeled off a long list of domestic terror, including the Ruby Ridge standoff in 1992, the Oklahoma City bombing in 1995, the U.S. Holocaust Memorial Museum shooting 2009, the Wisconsin Sikh temple shooting in 2012, the Los Angeles International Airport shooting in 2013, the Colorado Springs Planned Parenthood shooting in 2015, the Portland train attack this year and Charlottesville.

“Extremists radicalized by foreign terror groups are not the only terrorists with the capacity to target and kill American citizens,” Waters said. “Indeed, domestic terror attacks have become more frequent in recent years.”

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The BRICS Summit: What You Need to Know


by James Corbett, The International Forecaster:

The biggest news to emerge during the summit was not directly part of the summit at all, but in some way is a reflection of the topsy-turvy period of global geo-economic reorientation we are living through.

The leaders of the so-called “BRICS” nations converged on Xiamen in Southeast China this week to convene the Ninth BRICS Summit, the annual get-together for the association. And to the surprise of absolutely no one, the event kicked off with a joint declaration full of the usual mealymouthed dipolomatic gobbledygook that was immediately hailed by the members’ state-run media mouthpieces as the start of the group’s second “golden decade” and (say it with me) “paving the way for a new world order.” Yay.

But, buried in among all the feelgood diplobabble were a few nuggets of significance, as predictably undigestible as those nuggets may be. Like the BRICS’ reaffirmation of commitment to the UN and their “sustainable development” scam, Agenda 21/2030:

“We reaffirm our commitment to fully implementing the 2030 Agenda for Sustainable Development.[…]We support the important role of the United Nations, including the High Level Political Forum on Sustainable Development (HLPF), in coordinating and reviewing global implementation of the 2030 Agenda, and support the need to reform the UN Development System with a view to enhancing its capability in supporting Member States in implementing the 2030 Agenda.”

And their resolve to foster a “global economic governance architecture,” complete with an obligatory curtsy and ring-kissing of their IMF/World Bank masters:

“We resolve to foster a global economic governance architecture that is more effective and reflective of current global economic landscape, increasing the voice and representation of emerging markets and developing economies. We reaffirm our commitment to conclude the IMF’s 15th General Review of Quotas, including a new quota formula, by the 2019 Spring Meetings and no later than the 2019 Annual Meetings. We will continue to promote the implementation of the World Bank Group Shareholding Review.”

And their genuflection to the World Trade Organization:

“We remain firmly committed to a rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system as embodied in the WTO. We reaffirm our commitments to ensure full implementation and enforcement of existing WTO rules and are determined to work together to further strengthen the WTO.”


But, like it or not, the summit did generate some actual news worthy of some scrutiny, so in the interest of keeping you informed, here are the most important stories to emerge from this year’s BRICS Summit.

Beijing Betrays Belt-and-Road Buddies?

One item from the joint declaration of actual news significance was buried halfway through the lengthy document, right after a discussion of the (in)security situation in Afghanistan. Blink and you’d miss it, but there in paragraph 48 is a little diplomatic bombshell alternately described as a “breakthrough” and a “betrayal.

“We, in this regard, express concern on the security situation in the region and violence caused by the Taliban, ISIL/DAISH, Al-Qaida and its affiliates including Eastern Turkistan Islamic Movement, Islamic Movement of Uzbekistan, the Haqqani network, Lashkar-e-Taiba, Jaish-e-Mohammad, TTP and Hizb ut-Tahrir.”

For those unfamiliar with the groups named in this sentence and their affiliations, this otherwise innocuous clause condemning terrorism is a “breakthrough” for India, because they have tried (and failed) to get the BRICS to condemn Pakistani terror groups like the Haqqani network and Lashkar-e-Taiba (LeT) for some time now. Just the naming of these names as threats to the security of the region is a huge boost for India’s position relative to its arch-nemesis, Pakistan, and is widely seen as diplomatic coup for New Delhi.

The sentence is seen as a “betrayal” by Pakistan, however, because that country had every reason to believe until now that it was in a blossoming relationship with China. They are partners in the highly lucrative China-Pakistan Economic Corridor (CPEC), after all, and Islamabad has been using Beijing as a diplomatic shield against Washington as Trump does his Obama Surge 2.0.

Indeed, it’s hard not to see this clause as a clear win for India. Just a few months ago India was boycotting the Belt and Road Forum in protest of the CPEC and coming close to military confrontation with China over a seemingly insignificant mountain pass in Doklam, and now China has publicly chewed out their arch-rivals on the global stage. Don’t expect China to completely abandon Pakistan politically, but this does indicate that Beijing is willing to use the stick as well as the carrot in their international dealings.

The Sidelines at Center Stage

At any major international summit, the bilateral meetings taking place on the sidelines of the main conference are where a lot of the real action can be found.

Once again the big winner of the sideline events appears to be Prime Minister Narendra Modi and the Indian people he claims to represent. After much “will they, won’t they?” speculation it was finally confirmed that, yes, indeed, Chinese President Xi Jinping would meet with Modi for the two leaders’ first substantive bilateral talks. Details of the deliberations were, as always, maddeningly vague, but at the very least indicated that the two powers are not on the edge of all-out warfare, as seemed possible during the Doklam standoff mere weeks ago.

One non-BRICS member getting in on the action was Egypt, with Egyptian President Abdel-Fattah al-Sisi meeting Russian President Vladimir Putin on the sidelines of the summit on Monday. The two discussed “boosting bilateral cooperation and other issues of mutual interest,” including, understandably, the security situation at Cairo airport, scene of the October 2015 Russian plane crash that killed over 200 people, mostly Russians. Sisi also got to burnish his diplomatic credentials with a sideline meeting with Modi where the two, predictably, vowed to “strengthen ties.”


So what was Egypt doing at the BRICS Summit anyway? Or Mexico, Guinea, Thailand and Tajikistan, for that matter? Well, it’s called “BRICS Plus,” and it’s a concept put forward by Chinese Foreign Minister Wang Yi last March. Employing the universal language of diplospeak, Wang explained that China wanted to “explore modalities” of an expanded BRICS grouping, adding: “We hope to establish extensive partnerships and widen our circle of friends to turn it into the most impactful platform for South-South cooperation.”

That vision took shape at the Xiamen summit with China’s invitation for “dialogue” with Mexico, Egypt, Guinea, Thailand and Tajikistan. The idea is to expand the BRICS’ reach and bring more of the developing world into the fold.

The plan may have already hit a road bump, however. The idea has been heavily criticized by “existing members” (read: India) and China has reportedly backed off the idea to make these dialogue partnerships an ongoing part of the BRICS Summit. Of course, this by no means signals an end to China’s interest in expanding the global reach of its diplomatic and economic ties, and India should tread carefully on ideas that expand the scope (and thus the relevance) of the BRICS. If the BRICS becomes an impediment to China’s global ambitions it may just be left to wither on the vine.

No Nuking NK!

The real determinants of what happens on the Korean peninsula remain (much to the detriment of the Korean people) powers other than North or South Korea. Namely China and the US (and to some extent Russia and Japan). Given the Russian and Chinese backbone of the BRICS, it’s no surprise, then, that the North Korean situation was one of the topics that was front and center at the shindig.

As the joint declaration put it:

“We strongly deplore the nuclear test conducted by the DPRK. We express deep concern over the ongoing tension and prolonged nuclear issue on the Korean Peninsula, and emphasize that it should only be settled through peaceful means and direct dialogue of all the parties concerned.”

This remains the line in the sand for both Russia and China: There is no military solution to the Korean crisis.

Putin has floated an idea for a gas pipeline to Korea and the connection of the North and South Korean energy grid and railway systems (an idea that, incidentally, was first floated by Maurice Strong over a decade ago). Meanwhile, Xi is calling on France to get involved and give the whole situation a diplomatic restart. But both Xi and Putin are adamant: no military solution.

As Pepe Escobar puts it in his article on “The real BRICS bombshell:”

“Beijing has imposed a definitive veto on war – of which the Pentagon is very much aware.

“Pyongyang’s sixth nuclear test, although planned way in advance, happened only three days after two nuclear-capable US B-1B strategic bombers conducted their own ‘test’ alongside four F-35Bs and a few Japanese F-15s.

“Everyone familiar with the Korean peninsula chessboard knew there would be a DPRK response to these barely disguised ‘decapitation’ tests.

“So it’s back to the only sound proposition on the table: the RC ‘double freeze.’ Freeze on US/Japan/South Korea military drills; freeze on North Korea’s nuclear program; diplomacy takes over.”

And Last but not Least…

The biggest news to emerge during the summit was not directly part of the summit at all, but in some way is a reflection of the topsy-turvy period of global geo-economic reorientation we are living through. I am referring, of course, to the yuan/oil/gold earthquake that is about to shake the monetary world.

Read More @

Bank of Canada Shuts Out Free Market Economists from Key Policy Conference – Peter Diekmeyer

by Peter Diekmeyer, Sprott Money:

Next week’s Bank of Canada policy conference appears set to deliver standard talking points. Not a single free market economist has been invited and a BOC spokesperson confirmed that the alternative-financial press is also being shut out.

The BOC event, titled Monetary Policy Framework Issues: Toward the 2021 Inflation Target Renewal , takes place during a critical time for Canada’s central bank.

Bank of Canada economists emerged from the 2008 financial crisis red-faced, after having failed to predict the event in advance, despite the clear warning signs and having some of the country’s most respected practitioners on staff.

The BOC then had to bail out Canada’s big five banks, whose solvency the monetary authority is charged with overseeing.

Questions regarding Poloz’s “trickle down”economics

Things do not appear to have improved much under the reign of Stephen Poloz, its current Governor.

The Bank of Canada ranks last among the G-7 central banks in terms of its gold holdings, this during a time of record high Canadian household debts and one of the planet’s biggest housing bubbles.

There are also increasing questions regarding Mr. Poloz’s “trickle down” economics strategy, which consists of leveraging “considerable economic stimulus” to boost asset prices, in the hope that a resulting “wealth effect” will trickle down to the poor and the young.

Government-financed academics, officials and a government financed NGO

A quick look at the presenters at the upcoming event reveals the usual “broad range of opinions” that Canada’s central bank consults.

The 20 panelists, almost all of whom are financed or regulated by government, include:

  • Four Canadian government employees
  • Eight academics from Canadian universities, which draw the vast majority of their funds from government.
  • One presenter from a Canadian think tank that received a reported $30 million in government money
  • One representative representing Canada’s big banks, which were bailed out by governments during the last financial crisis.

Bank of Canada officials were unable to identify a single presenter who had published a paper about a free market thinker (Eg. Ludwig von Mises, Murray Rothbard, Nicolai Kondratieff or Carl Menger etc….) during the last ten years.

Dearth of free market thinkers

In fairness to the Bank of Canada, free market thinkers have been essentially banned from public discourse in Canada.

Universities refuse to hire them and major “business” think tanks such as the C.D. Howe Institute and the Fraser Institute, are stuck fighting rear guard actions against the state, and are thus forced to spend a huge proportion of their meager funds on technical specialists, who try to come up with creative arguments for relief from various regulatory clauses.

The upshot, is that the best they can hope for are incremental successes in holding back a ravenous state, which now eats up half of the country’s income.

That said, according to Tim Moen, leader of the Libertarian Party of Canada, the Bank of Canada has never once asked for the names of possible panelists or outside opinions. Redmond Weissenberger, president of Mises Canada, also confirmed that he was not asked for input either.

The BOC’s favorite media sources

The good news is that the Bank of Canada’s event will be covered by a select group of mainstream media. They will no doubt compensate for the fact that the alternative financial press has been shut out of the conference due to a “lack of space.”

Poloz’s favorite “by invitation only” news sources include:

  • The Wall Street Journal
  • Market News International
  • Bloomberg News
  • The Financial Post
  • The Toronto Globe and Mail
  • Reuters
  • The Canadian Press

(Full disclosure, this writer has contributed to several of these publications).

The other good news is that parts of the event will be podcast.

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Welcome To The Third World, Part 25: Losing Faith In College


by John Rubino, Dollar Collapse:

One of the hallmarks of a successful society is the widespread belief that education is a key to success. For that to be true there have to be 1) enough jobs farther up the food chain to make four more years of studying worthwhile, and 2) schools that are good and cheap enough to make the equation work financially.

The US is losing both:

Americans Losing Faith in College Degrees, Poll Finds

(Wall Street Journal) – Americans are losing faith in the value of a college degree, with majorities of young adults, men and rural residents saying college isn’t worth the cost, a new Wall Street Journal/NBC News survey shows.

The findings reflect an increase in public skepticism of higher education from just four years ago and highlight a growing divide in opinion falling along gender, educational, regional and partisan lines. They also carry political implications for universities, already under public pressure to rein in their costs and adjust curricula after decades of sharp tuition increases.

Overall, a slim plurality of Americans, 49{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, believes earning a four-year degree will lead to a good job and higher lifetime earnings, compared with 47{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} who don’t, according to the poll of 1,200 people taken Aug. 5-9. That two-point margin narrowed from 13 points when the same question was asked four years earlier.

The shift was almost entirely due to growing skepticism among Americans without four-year degrees—those who never enrolled in college, who took only some classes or who earned a two-year degree. Four years ago, that group used to split almost evenly on the question of whether college was worth the cost. Now, skeptics outnumber believers by a double-digit margin.

Conversely, opinion among college graduates is almost identical to that of four years ago, with 63{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} saying college is worth the cost versus 31{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} who say it isn’t.

Big shifts occurred within several groups. While women by a large margin still have faith in a four-year degree, opinion among men swung significantly. Four years ago, men by a 12-point margin saw college as worth the cost. Now, they say it is not worth it, by a 10-point margin.

Likewise, among Americans 18 to 34 years old, skeptics outnumber believers 57{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 39{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, almost a mirror image from four years earlier.

Today, Democrats, urban residents and Americans who consider themselves middle- and upper-class generally believe college is worth it; Republicans, rural residents and people who identify themselves as poor or working-class Americans don’t.

Research shows that college graduates, on average, fare far better economically than those without a degree. For example, the unemployment rate is 2.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} among college graduates, compared with 5.1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} among high school graduates who never attended college, and Labor Department research shows that bachelor’s degree recipients earn higher salaries than those who never went to college. But the wage premium of getting a degree has flattened in recent years, Federal Reserve research shows.

Student debt has surged to $1.3 trillion, and millions of Americans have fallen behind on student-loan payments.

“Costs have gone up considerably to the point that I think there are a number of people who maybe rightfully say, ‘I’m not in the league of Harvard and maybe not even in the league of really good state schools,’” said Doug Webber, a Temple University econimics professor. Many of those Americans are concluding that paying high tuition at less-prestigious schools isn’t worth it.

College is clearly still a good thing, just not at current prices. Put another way, higher ed has been in a bubble fueled by government loans and deceptive marketing, and now that bubble is bursting. The old model of extended adolescence in which mom/dad/Uncle Sam cover five or more years of partying and sampling various majors is now beyond the means of more than half the population.

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How to Recharge Alkaline Batteries


by Backdoor Survival:

About a month ago, I learned that it was possible not only to test old alkaline batteries to see if they are still are usable but also that, with the right type of charger, you can bring dead batteries back to life and that you can actually recharge alkaline batteries.  To be quite honest, I was blown away.

Being a dutiful citizen of the world, when a flashlight, computer mouse or portable electronic gizmo such as a remote control stopped working, I dumped the old batteries into my recycle box and installed some new ones.  Of course not being wasteful, I favored the use of rechargeable batteries and was quite proud of my collection of various sized Eneloop batteries which hold their charge for up to three years, even while sitting on the shelf.


Do you every get a bug in your bum and decide that nothing will stop you from the mission or task at hand?  Well, that was me.  I wanted to prove to myself that old alkaline batteries were still usable and further, as Dennis Evers (Preparedness is Fundamental) says, you can have free batteries for life.

The first thing I needed to do was to gather up the gear:

Old “dead” alkaline batteries
Battery tester simple enough to use without a Ph.D. in electronics
Battery charger designed specifically for alkaline batteries
Test gear such as flashlights, remote controls, wireless headphones and more

Simple enough although I did have to purchase the tester and the charge.  But more on that later.


For years I have been saving all of my old batteries in a box in the garage, thinking that one of these days I would find someplace to recycle them.  Where I live that is easier said than done so the box was pretty darn full which was great because that meant I had a lot of raw material to work with.

While waiting for my battery tester and alkaline charger to arrive, I sorted through the box, weeding out any leakers as well as odd ball batteries such as cell phone and hearing aid batteries.  According to Wikipedia, the reason a battery leaks is this:

As batteries discharge — either through usage or gradual self-discharge — the chemistry of the cells changes and some hydrogen gas is generated. This out-gassing increases pressure in the battery. Eventually, the excess pressure either ruptures the insulating seals at the end of the battery, or the outer metal canister, or both. In addition, as the battery ages, its steel outer canister may gradually corrode or rust, which can further contribute to containment failure.

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Globalists Will Throw Antifa To The Wolves To Further Their Agenda


by Brandon Smith, Alt Market:

In numerous interviews and articles, including my essay ‘Globalist Strategy: Use Crazy Leftists And Provocateurs To Enrage/Demonize Conservatives‘, I have warned leftists that they are being exploited by globalists as a means to drive conservatives towards greater centralization under Trump and the federal government and that if they continue on the path they have embraced, a totalitarian response may be imminent.

I have also made it clear to conservatives that cultural Marxist groups like Antifa and Black Lives Matter as they exist today are paper tigers; they are not physically or strategically capable of backing up the viciousness of their ideologies. Meaning, a totalitarian response is not warranted (a totalitarian response is NEVER warranted) and would in fact only help the globalists in their long term efforts to destroy our Constitutional principles.

To summarize, the goal of the establishment is to use extreme leftist groups like a short stick to prod the real tiger — conservative movements. The goal, I believe, is to enrage liberty champions to the point that they are willing to “bend the rules” and rationalize the abandonment of their morals in order to defeat what they think is a great evil. Like all morally relativistic shifts in society, there is always the claim that it is for “the greater good of the greater number”, or, “the other side is much worse, therefore we are justified in our tyranny…”.

In the end, groups like Antifa will be thrown to the wolves, because the globalists do not intend for them to “win” any engagement with conservatives. This was never the plan.

If you want to measure the speed at which our nation is destabilizing under this agenda, it is helpful to watch how quickly government institutions and politicians abandon or turn on the leftists. The faster they do so, the more likely it is that a major crisis event is in the making.

In the past week alone, the entire narrative surrounding the mainstream relationship to Antifa has turned sour. For example:

According to documents obtained by Politico, the FBI and DHS have now officially classified Antifa as a terrorist group. The DHS has stated that these documents were not meant to be made public.

The mainstream media, the largest backers of cultural Marxist groups, must have received a memo, because their tune has quickly morphed to the negative when dealing with Antifa. The Washington Post chastised them for attacking “peaceful right-wing demonstrators” (did you EVER think you would see the words “peaceful right-wing protestors” in an establishment rag like The Washington Post?).

The Los Angeles Times also admonished far-left violence, while The Atlantic warned of the “rise of the violent left.”

Even crazed leftist zealot Nancy Pelosi has publicly turned against Antifa, stating that violent members should be “locked up.”

This is a rather fascinating 180-degree turn from a couple of weeks ago when all eyes were on “white nationalist” groups as the primary threat to America. But does this mean that the establishment did some soul searching and realized who the real purveyors of violence and conflict are? No, it does not.

As I have been predicting since before the 2016 elections, the left’s usefulness has a shelf life. If the establishment was interested in following through with the concept that Trump must be “unseated,” then they would retain full public support behind groups like Antifa. Instead, the establishment is playing the game of the hidden hand.

Right now,it would seem that Antifa groups are to take on the role of the underdog — the battered but still active insurgency against an “increasingly fascist regime.” A few events need to take place in order for this narrative to hold any weight in the national consciousness, however. For example, while globalists may back away from support of extreme leftists in public, they will most likely continue with private support and funding as men like George Soros have always done. Leftists will also have to be inspired to even greater violence than they have already committed.

As I discussed in my article ‘Militant Leftists Are More An Annoyance Than A Real Threat To Liberty’, published in May, regular Antifa protest organizations are not a true threat. That said, eventually there will be Antifa groups that are directly trained by government agencies to commit terrorist acts, much like The Weather Underground in the U.S. in the 1970s, or the controlled and well armed terror groups in Europe during Operation Gladio from the 1950s to the 1990s. In the end, all leftists will be associated with the actions of these false-flag groups.

In the meantime, the Trump administration is playing its part by preparing the ground for a future martial law-style crackdown. Trump’s latest executive measure? Bringing back Department of Defense program 1033, which funnels considerable amounts of surplus military hardware to police departments across America.

What happens next?  Well, in my view the next most logical step for the globalists would be to initiate an attack of some kind on a civilian or government target and ensure that leftists are involved or blamed.  With the fanaticism of the left today almost on par with the fanaticism of Islamic fundamentalists, I imagine it will not be very hard to find some useful idiots to carry out such an action.

Most likely attack scenarios in my view? Leftist terror groups supported covertly by governments have often gravitated towards bombings as their preferred method. On a larger scale, I would not rule out assassinations of politicians or even a FAILED assassination attempt on Donald Trump. These would be perfect triggers for a wider federal crackdown on leftists, fueling even greater animosity for Trump by progressives and providing a rationale for martial law for conservatives.

For some people uneducated on the finer points of false flag terrorism, this will sound like “conspiracy theory.” Some of it is indeed speculation on my part, but all of it is based on exposed programs of past high profile operations by various establishment entities to engineer civil unrest or to manipulate one part of a society to support more centralization and less freedom.

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by Steve St. Angleo, SRSrocco:

The four-decade long monopoly of the U.S. Petro-Dollar as the world’s reserve currency is coming to an end.  Unfortunately, most Americans have no clue that when the Dollar loses its reserve currency status, life will get a lot tougher living in the U.S. of A.  Let’s say, Americans will finally receive “Precious metals religion.”

The U.S. Dollar Index fell considerably yesterday and is now down below a key support level.  In early morning trading yesterday, the U.S. Dollar Index fell to 91.46, down 73 basis points:

According to technical analyst, Clive Maund, in his recent article, DOLLAR update as LOSS OF RESERVE CURRENCY STATUS LOOMS..., he stated the following:

The dollar is on course to lose its reserve currency status. This is not something that will happen overnight, it will be a process, but at some point there is likely to be a “sea change” in perception, as the world grasps that this is what is happening, which will trigger a cascade of selling leading to its collapse, whereupon gold and silver will rocket higher.

In that article, Clive posted the following chart on the U.S. Dollar Index (USD index) and its key support level:

As we can see, traders are looking closely to the Key support area at 92.5 for the USD index.  With the USD index now below that key support area, it could spell real trouble for the Dollar if it closes below that level at the end of the week.  After the markets opened today, the Dollar fell to a low of 91.08.  So, it looks like the Dollar will close this week well below the key support area.

Now, part of the reason for the selloff in the Dollar may have been due to the disaster that took place in the 10-year U.S. Treasury Repo market today.  According to Zerohedge’s article “We’ve Never Seen Anything Like This”: Repo Market Snaps As 10Y Suffers “Epic Fail”:

 Commenting on this dramatic move in 10Y repo rates, Stone McCarthy’s Alan Chernoff, in a note titled “Epic Fail”, writes that “the 10-year note has been below the fails rate and shows no signs of moving! It opened at -350 basis points, and though pressure has eased off of it slightly, it is STILL below the fails rate at -300 basis points.”
Commenting on this dramatic move in 10Y repo rates, Stone McCarthy’s Alan Chernoff, in a note titled “Epic Fail”, writes that “the 10-year note has been below the fails rate and shows no signs of moving! It opened at -350 basis points, and though pressure has eased off of it slightly, it is STILL below the fails rate at -300 basis points.”

The pressure on the U.S. Treasury 10-year repo market is likely a reaction to what came out of the annual BRICS summit in China yesterday,  According to the article, Escobar Exposes Real BRICS Bombshell: Putin’s “Fair Multipolar World” Where Oil Trade Bypasses The Dollar:

“To overcome the excessive domination of the limited number of reserve currencies” is the politest way of stating what the BRICS have been discussing for years now; how to bypass the US dollar, as well as the petrodollar.

Beijing is ready to step up the game. Soon China will launch a crude oil futures contract priced in yuan and convertible into gold.

This means that Russia – as well as Iran, the other key node of Eurasia integration – may bypass US sanctions by trading energy in their own currencies, or in yuan.

This announcement by Putin that oil trade should by-pass the Dollar came a few days after China announced that they plan to start trading oil on their Shanghai Exchange in Yuan, which will be backed by gold.  While we have heard for years that China was going to back their currency or trade with gold, we now see actual plans to start implementing it sometime this year.

By China backing its new oil trading benchmark in Yuan with gold, it provides countries with a great deal of confidence in trading oil in another fiat currency besides the U.S. Dollar.  Thus, countries that acquire a lot of Chinese Yuan by trading oil don’t have to worry about devaluation as they can convert Yuan into gold.

This Is Bad News For the Saudi-Petro Dollar System

The Petro-Dollar system that has been the foundation of world oil trade for the past four decades is now about to become obsolete.  Even though many countries will continue trading oil in Dollars in the future, a larger percentage will likely move into trading oil in Chinese Yuan as it provides a “gold-backed protection” against fiat currency devaluation.

Not only is the Petro-Dollar under severe pressure, so is Middle East’s largest oil exporter that was the foundation of this monetary system back in the early 1970’s.  Ever since the price of oil peaked in 2014 and has fallen by more than half to $49 currently, this has put an enormous strain on Saudi Arabia’s financial bottom line.  In the past three years, Saudi Arabia sold over $250 billion of its foreign exchange reserves, which are mostly in U.S. Treasuries, to fund its national government.

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Russian Electronic Warfare Technology is Reshaping Western Attitudes


from Rogue Money:

Another reason for the upswing in online interest regarding Russia’s rumored ability to simply shut off many Western combat systems and proven capability to crash low flying Raven drones and scramble Ukrainian army radio signals: the Israeli Air Force testing Moscow’s willingness to respond to their strikes against targets in Syria, typically launched from either IDF controlled air space over the Golan Heights or from above Lebanon. As the Russians clearly do not wish to engage the IAF with their S300/400 long range SAMs based near Latakia and Tartus (or they would have done so by now), one alternative to shooting down Israeli pilots may involve switching on the Tonka-truck like Krasukha 4 jammers to blind Israeli F15I/F16 targeting warplane radars or scramble the GPS and inertial guidance systems of their JDAMs and missiles.

After the hotly denied Cook incident the U.S. military of course, is likely to be impatiently waiting on the IAF-goaded Russians to do that very thing, so ELINT data can be gathered on the Russians’ ‘off switch’ from NSA/GCHQ listening posts in nearby Israel, Turkey and across the Med at the Royal Air Force bases on the island of Cyprus.


For those who insist the Cook incident is a total propaganda myth, and that Russian EW capabilities are no big deal, and that the U.S. is miles ahead of anything Moscow can field, it’s fair to ask them a simple question: why then have we seen a drastic increase in ELINT collection flights all around Russian territory since April 2014? Why would the systems that NATO’s  supreme commander Lt. Gen. Ben Hodges described in 2015 as ‘eye watering’ in sophistication be limited to merely jamming the counter-battery radars (one of which was captured by the Donbass forces at Debaltsevo) and short range drones the U.S. provided to Ukraine? Would there not be much more powerful systems kept in reserve by Moscow for use at sea and to defend Russian military strong points like on the Crimean peninsula or Kheimmim in Syria?

Another awkward question for those waving the flag saying ‘rah rah USA USA we’re no. 1’ in EW: if Russian jamming had no effect on American missiles and their inertial/GPS guidance systems, why did one Tomahawk reportedly crash near Tartus during April’s salvo, and why didn’t all of the Tomahawk missiles launched at Al-Shayrat air base hit their target, and did such light damage to the facility that Syrian Air Force jets were able to fly and fight from it within 24 hours? Something does not add up in the Pentagon’s insistence that all Tomahawk missiles fired by the U.S. Navy then struck their target and the Russians were lying for propaganda effect.

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