Saturday, May 15, 2021

FOR THE FIRST TIME EVER RUSSIA DROPS UNDER 50% OF EXPORTS SOLD IN U.S. DOLLARS

from Southfront:

The more America imposes its sanctions on Russia, the more natural is the desire of the latter to avoid the risk of the consequences of these sanctions.

The rejection of the dollar in this regard is something that has been expected for a while, and is happening now.

Russia’s decades-long drive to reduce its dependence on the unpredictable US dollar reached a milestone as the share of exports sold in US currency fell below 50% for the first time ever.

The Twilight Zone

by Ted Butler, Silver Seek:

While many financial developments in the world seem quite strange to me of late, a new observation has me feeling as if I truly entered the Twilight Zone, the TV series that ran from 1959 to 1964, created and hosted by Rod Serling, in which the characters find themselves in disturbing and unusual situations. I guess I have been so preoccupied with the strange events going on in silver that I wasn’t paying close attention to many other commodities. Therefore, it came as a bit of a shock when I scanned the commodities board (after all, my professional upbringing had been as a commodities broker).

How Can Anyone Believe the Fed’s Fantasyland Economic Projections?

by Mish Shedlock, The Street:

The Fed’s Dot Plot of interest rate projections is another exercise in silliness.
Dot Plot 

The Dot Plot is a summary of where the FOMC members see future interest rates.

It’s unanimous there will be no hikes this year. And by a 14-4 supermajority there will not be hikes in 2022.

In 2023, the expectations are 11-7. Two brave souls actually think the Fed will hike 4 times in 2023. [Note: a reader commented that foolish is a better word than brave. I agree.]

“We’re #1”: Yet Another Ignominious All-Time Record High Is Established In The Late, Great United States…

by Michael Snyder, The Economic Collapse Blog:

Whenever it seems like this country can’t possibly sink any lower, we always seem to find a way to top ourselves.  According to a report that was just released by the Centers for Disease Control and Prevention, cases of chlamydia, gonorrhea, and syphilis in the United States reached the highest level ever recorded in 2019.  Thanks to the popularity of Internet “dating apps”, there has been a boom in casual sex in recent years, and this has resulted in a tsunami of STD cases that is absolutely unprecedented in our history.  Needless to say, this is not a sign of a healthy society.

Violent Criminal Gangs Become More Powerful Each Day as Venezuela Crumbles

by J.G. Martinez, The Organic Prepper:

Violent criminal gangs are running more than half of Venezuela. Some people know how messed up Venezuela is these days. Having lived there for decades, I have a better understanding of why. Until there is a return to democracy, however, I can’t fully disclose the reasons. 

Recently a shooting incident left several officers and civilians injured and one officer dead. Criminals destroyed an armored car (AK fire, cracked windshield, torn tires, bullet holes) and other vehicles.

RAGING INFLATION: Sit-Down Restaurants Beginning To Prove The US Dollar HYPERINFLATION HAS BEGUN!

from Silver Doctors:

It’s not about innovative tech, nor is it about saving the environment or some other euphemistic pipe dream. It’s all about keeping up with super fast rising prices!

(by Half Dollar) My family dined at a local brewery restaurant for dinner one day this weekend, and I felt an epiphany.

Or maybe I just felt my stomach growling?

Or indigestion?

Either way, I don’t quite remember exactly how much I paid for the computer in my front right pocket, but I’m pretty sure it was over $1,200, plus tax, plus a case, and plus an extra cable for using Android Auto in my giddy-up pick ‘em up truck.

Subprime Mortgage Delinquency Still at Record Levels

by Peter Schiff, Schiff Gold:

Despite the “improving economy,” subprime mortgage delinquencies remain at record high levels. And the full extent of the problem is masked by forbearance programs.

The delinquency rate on FHA mortgages spiked to 17.5% in February. That was up from 17.0% in January and equals the all-time record set in September and November of 2020, according to AEI’s Housing Center.

FHA loans categorized as seriously delinquent (90-days or more) jumped from 11.8% in January to 12% last month, setting a new record.