Tuesday, September 29, 2020

Italy’s Results are Truly Forza Italia!

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by Tom Luongo, Tom Luongo:

Europe is headed for a breakup.  But, after a year of watching the EU establishment work the polls just enough to maintain the status quo in the Netherlands, France and Germany I wasn’t expecting much from yesterday’s Italian elections.

But with turnout over 73% we got just that.  Voters were clearly motivated to change the course Italy is on.  Now, we knew that Silvio Berlusconi’s center-right coalition would do well alongside upstart Five Star Movement.

The question was always going to be, however, how well would they do?

It looks like it was much better than the polls wanted us to believe.   Last week I told you the markets were getting nervous about this election.  This weekend the news was all about how subdued the reaction was to the polling.

As if a major technical breakout to the upside on Italian bond yields in the face of furious ECB buying wasn’t a strong enough market response?

But, that’s doesn’t fit the plan to gaslight voters and traders to worry about the potential outcome here.

The League of 5-Star Gentlemen

It looks like Five Start Movement will take more than 30% of the final tally, which is a couple of points above where polling had it tracking when the blackout went into effect two weeks ago.

The bigger result is that of The League (formerly The Northern League) who came off their secessionist mountain and ran hard on a platform of euroskepticism and anti-immigration.

The most important person in Italian politics right now is The League’s leader, Matteo “The EU can go F&%k itself” Salvini.

When the final votes are revealed, if The League out-polled Silvio “Establishment Stalking Horse” Berlusconi’s Forza Italia! then he has the hammer in coalition negotiations.

This is exactly the situation I was hoping for in this election. Because this paves the way for Salvini to pull out of the weak coalition with Berlusconi and form a stronger government with Five Star.

And at that point the price of Tums in Germany rises sharply on new demand.  Because the ‘agita’ over Italy’s untenable banking and debt situation will be enormous.

But, if you want to know what the real issue is just look at this map of Italian unemployment.

1% GDP growth is not something to cheer about when you have this kind of capital destruction for half of a country.   And with the euro above $1.20, just like Germany wants it, this is only making it harder for Italy to compete in world markets.

In other words, German strong-euro policy is creating the very election results now creating agita in Berlin.

Forza Populism!

Politicians are stupid.

They don’t know anything about currency, capital flow or substitution effects… except when it feathers their nests.  But, when a policy is inconvenient to them they invariably blame ‘the market’ which is another way of saying ‘blaming the people.’

Read More @ TomLuongo.me

This may be the dumbest thing that any politician could ever do…

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by Simon Black, Sovereign Man:

Week before last, I told you about how the brand-new President of South Africa, Cyril Ramaphosa, made an impassioned speech calling for the confiscation of real estate from white land owners.

It was a pretty remarkable thing to say during what was literally his first week in office.

You’d think the new president would take the opportunity to address more immediate, more critical issues– for example, the fact that Cape Town is about to run out of water.

I’m serious.

Cape Town, the second largest city in South Africa (and the most well-developed on the African continent) is about to become the world’s first major city to run out of water.

The city is experiencing its worst drought in a century, one that has dragged on for more than three years. And its various dams and reservoirs are at historically low levels.

Local residents are already being rationed, including having their showers limited to two minutes.

But even with the rationing, Cape Town is still just weeks away from running out of water.

You’d think that would be at the top of the government’s list, given that their own idiotic policies caused this problem to begin with.

But no.

Social Justice has once again won the day over common sense. So they’re prioritizing the confiscation of white-owned land over critical water supply needs.

A few days ago, they took this a step further and actually passed a law authorizing the expropriation of land without compensation.

Their next move is to form an official committee to manage the process.

Now, South Africa obviously has a painful history regarding race.

And this issue of land ownership goes all the way back to the earliest European settlers who took land from the natives– something that President Ramaphosa called “original sin.”

The government’s objective is to correct this centuries-old injustice by taking land away from white owners and giving it back to its ‘original’ owners… ostensibly the descendants of native tribes.

But here’s where things become completely ridiculous. Let me give you a hypothetical example…

Let’s say a white landowner has a large property in eastern South Africa.

Even if he’s only owned the land for six months, he’s still going to be blamed for four centuries of imperialism… so his land will be confiscated by the government.

That sounds like a nice dose of justice!

But who will become the new owner?

One of the dominant tribes in eastern South Africa is the Zulu people. So perhaps the South African government will carve up the land and give tiny parcels to members of the Zulu tribe.

But then again… the Zulu tribe conquered that region centuries ago after a bloody war with the Ndwande tribe.

So perhaps the government should give the land to the descendants of the Ndwande instead.

Except that the Ndwande had conquered the area from the Mthethwa Empire, who in turn had conquered it from the Pedi tribe (of which Julius Malema, another of South Africa’s political hot-heads, is a member).

Read More @ SovereignMan.com

China’s Coming Meltdown Will Rapidly Spread to U.S.

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by Jim Rickards, Daily Reckoning:

The coming credit crisis in China is no secret.

China has $1 trillion or more in bad debts waiting to explode. These bad debts permeate the economy.

Some are incurred by Chinese provincial authorities trying to get around spending limitations imposed by Beijing. Some are straight commercial loans on bank balance sheets. Some are external dollar-denominated debts owed to foreign creditors.

The most dangerous type of debt involves a daisy chain of insolvent corporations buying debt from each other.

A single cash advance of $100 million can be passed from corporation to corporation in exchange for a new promissory note, used to extinguish an old unpayable promissory note. Repeated enough times, the $100 million can be used as window dressing to prop up $1 billion or even $2 billion of bad debts.

These kinds of accounting tricks will land you in jail in the U.S., but it’s an accepted practice in China as long as the corporate CEO is a “Princeling” (a politically connected Communist Party insider descended from the old guard) or an oligarch willing to pay bribes.

This state of affairs has existed for years. The question investors keep asking is, “How long can this last?” How long can the daisy chain keep operating to gloss over a sea of bad debt and give the Chinese economy an appearance of good health?

Well, the answer is the Ponzi will not likely last much longer. Even compliant Chinese regulators are starting to blow the whistle on bad loans and the banks that cover them up. So the good news is that China is starting to address the problem. The bad news is that if China gets serious about cleaning up bad debts, their growth will slow significantly and so will world economic growth.

That’s bad news for global stock markets.

Essentially, China is on the horns of a dilemma with no good way out. On the one hand, China has driven growth for the past eight years with excessive credit, wasted infrastructure investment and Ponzi schemes like wealth management products (WMPs).

The Chinese leadership knows this, but they had to keep the growth machine in high gear to create jobs for millions of migrants coming from the countryside to the city and to maintain jobs for the millions more already in the cities.

The Communist Chinese leadership knew that a day of reckoning would come. The two ways to get rid of debt are deflation (which results in write-offs, bankruptcies and unemployment) or inflation (which results in theft of purchasing power, similar to a tax increase).

Both alternatives are unacceptable to the Communists because they lack the political legitimacy to endure either unemployment or inflation. Either policy would cause social unrest and unleash revolutionary potential.

The Tiananmen Square protests and massacre of 1989 did not start out as a liberty movement, although that’s how they are remembered in the West. It started out as an anti-inflation protest, and that’s how the Communists remember it.

Instead of these unpalatable extremes, the Chinese leadership is trying to steer a middle course with gradual financial reform and gradual limits on shadow banking. I’ve previously predicted that this gradual policy would not work because the credit situation is so extreme that even modest reform would slow the economy too fast for comfort.

Read More @ DailyReckoning.com

US Seeks to Intentionally Prolong Syrian Bloodshed

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by Tony Cartalucci, New Eastern Outlook:

A 2012 US policy paper admittedly sought to “bleed” the Syrian government, and with it the Syrian people. Today in Syria, the consequences of America’s depraved foreign policy is being blamed by Western special interests on the very victims it targeted. 

From the beginning of Syria’s conflict the United States presented to the world its unyielding ultimatum that the government in Damascus be deposed and replaced by a government headed by the armed militants the US cultivated before the conflict and has armed and funded throughout its now seven year course.

US demands of regime change in Syria were not exclusive to the current conflict. Syria was upon US President George W. Bush’s “Axis of Evil” announced after the attacks on September 11, 2001 despite Syria playing no role in the attacks and in fact being one of the principal nations waging war on Al Qaeda and its many affiliates – including its predecessor the Muslim Brotherhood – stretching back to the 1980s when the US itself was arming and funding the terrorist organization’s members in Afghanistan.

US Intentionally Fuels Syria’s Conflict

Today, regions in Syria under government control now enjoy peace and security unseen since the conflict broke out in 2011. This includes Syria’s largest city of Aleppo which was invaded by Al Qaeda-linked militant groups crossing over Syria’s border from NATO member Turkey beginning in 2012.

Construction vehicles are replacing tanks in Aleppo. After years of occupation by terrorist groups, Aleppo was finally liberated, with reconstruction now underway. Peace and security was restored to Aleppo not through any initiative led by the United Nations, or Western states like the US, UK, or other NATO members, but instead by joint Syrian-Russian-Iranian military operations conducted in direct defiance of Western demands terrorist enclaves remain intact.

Reflecting the security Syria’s government still is able to offer the Syrian people versus regions still ravaged  by Western-backed militants is the fact that the vast majority of displaced Syrians reside in government-held territory.
This is revealed in a 2017 UN report titled, “UNHCR seeing significant returns of internally displaced amid Syria’s continuing conflict,” which states (emphasis added):

Aid agencies estimate that more than 440,000 internally displaced people have returned to their homes in Syria during the first six months of this year. In parallel, UNHCR has monitored over 31,000 Syrian refugees returning from neighbouring countries so far in 2017. Since 2015, some 260,000 refugees have spontaneously returned to Syria, primarily from Turkey into northern Syria.  

The main factors influencing decisions for refugees to return self-assisted mostly to Aleppo, Hama, Homs, Damascus and to other governorates are primarily linked to seeking out family members, checking on property, and, in some cases, a real or perceived improvement in security conditions in parts of the country.

It should be noted that Aleppo, Hama, Homs, and Damascus all fall under the control of the current Syrian government. Regions still occupied by terrorists – particularly Idlib in northern Syria – are omitted from the report.

It’s clear that if the United States’ agenda in Syria was a humanitarian one, it would be assisting the Syrian government in its efforts to improve security conditions across the country. Instead, the US actively works to undermine such efforts – intentionally creating and perpetuating conditions to jeopardize security and induce continued human suffering.

A map of Syria’s current conflict reveals that violence continues solely in areas the West and its regional partners remain committed in. This includes NATO-member Turkey whose ongoing invasion and destruction of Syria’s northern countryside aimed at Afrin goes unmentioned in UN proceedings. It also includes America’s continued, uninvited occupation of eastern Syria.

While the US has claimed its purpose for occupying eastern Syria was to “defeat” the self-proclaimed “Islamic State” (ISIS), Washington’s own Defense Intelligence Agency revealed in a leaked memo in 2012 that ISIS’ initial creation was specifically desired by the US and its allies as a means of isolating the Syrian government.

The 2012 memo (PDF) would state specifically that:

If the situation unravels there is the possibility of establishing a declared or undeclared Salafist principality in eastern Syria (Hasaka and Der Zor), and this is exactly what the supporting powers to the opposition want, in order to isolate the Syrian regime, which is considered the strategic depth of the Shia expansion (Iraq and Iran). 

The DIA memo would also explain who these “supporting powers” are:

The West, Gulf countries, and Turkey support the opposition; while Russia, China, and Iran support the regime.

With ISIS now mostly defeated in both Syria and Iraq, the US has used multiple and increasingly strained narratives to explain why it not only remains in Syria illegally, but why it is seeking to even expand its presence there. This includes claims it must “provide a bulwark against Iranian influence,” according to the Guardian. Such pretexts stand at face value as contradictory, with Iranian influence having played a central role in America’s desire to create ISIS in the first place, and ISIS’ defeat at the hands of a Syrian-Russian-Iranian coalition.

Eastern Ghouta, located east of Damascus, also remains as a pocket of enduring violence owed solely to US efforts to impede Syrian efforts to liberate the area from terrorist occupation and restore the same order the rest of Damascus enjoys. Observers of the Syrian conflict can draw identical parallels between US propaganda aimed at impeding Aleppo’s liberation in 2016 and current efforts to prolong violence in Eastern Ghouta.

US Policy in Syria: Bleed It

Concluding that Washington’s policy in Syria is to intentionally prolong human suffering for as long as possible is not merely a matter of superficially assessing its current actions – it is stated as US policy throughout policy papers for the last several years.

As early as 2012 when speedy US-backed regime change had clearly failed and a more protracted conflict had begun, prominent US policy think tank, the Brookings Institution, would publish a policy paper titled, “Saving Syria: Assessing Options for Regime Change.”

The paper would state (emphasis added):

The United States might still arm the opposition even knowing they will probably never have sufficient power, on their own, to dislodge the Asad network. Washington might choose to do so simply in the belief that at least providing an oppressed people with some ability to resist their oppressors is better than doing nothing at all, even if the support provided has little chance of turning defeat into victory. 

Alternatively, the United States might calculate that it is still worthwhile to pin down the Asad regime and bleed it, keeping a regional adversary weak, while avoiding the costs of direct intervention.

The paper not only openly admits US intervention in Syria has nothing to do with humanitarian concerns but rather “keeping a regional adversary weak,” it specifically recommends prolonging the conditions under which a humanitarian crisis will only expand, and for as long as possible.

The US intentionally backing an “opposition” that has no chance of overturning the Syrian government equates to intentionally and maliciously prolonging a deadly conflict and all the horrors that accompany it. The Brookings paper specifically suggesting the US “bleed” the Syrian government is done with full knowledge of the cost in human suffering that “bleeding” would undoubtedly incur.

Read More @ Journal-NEO.org
 

Zepp-LaRouche: Putin Delivers a New ‘Sputnik’ Shock—’Now They Will Listen to Us!’

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by Helga Zepp-LaRouche, LaRouchePAC:

In a trans-Atlantic atmosphere of hysteria against Russia and China that can only be understood as pre-war propaganda, President Putin dropped a bombshell in his annual State of the Union address which has redefined the strategic balance. He announced that Russian forces had acquired weapons based on new physical principles, including a new intercontinental missile capable of moving at 20 times the speed of sound, with excellent maneuverability. It can therefore outmaneuver all existing air defense and missile defense systems and render them obsolete. These new systems, which include nuclear-propulsion cruise missiles, fast submarine drones and laser weapons, were Russia’s answer to the unilateral termination of the ABM Treaty by the U.S. in 2002, and the launch of the global U.S. missile defense system. Since then, all negotiations have fallen on deaf ears. “They did not listen to us. Now they will listen to us!” Putin emphasized.

The response from the Western media and politicians ranged from attempts to ridicule Putin’s new arsenals as technologically impossible, mere pre-election bluster—to concerns about a new arms race, as if one were not already long in progress ago, thanks to NATO’s eastward expansion.

These responses once again reflect the fact that adherents to neo-liberal dogma can only see the world through their geopolitical concave glasses, and they obviously underestimate Russia’s military science capabilities, just as they underestimated the dynamics of China’s New Silk Road for years.

Contrary to the opinion of the Bild newspaper, which says that Putin is a mouse who is squeaking at a lion, Putin is more likely to be the cat among the mice. With the creation of new varieties of weapons based on new physical principles, a very different level is established from, for example, the fairly linear scenarios proposed by the recent CSIS think-tank report in which Russia and China are supposed to be preparing surprise attacks on the Baltic States or the South China Sea. In their other scenarios, it is mooted that China will attack the U.S. with cruise missiles to force it to withdraw from the Pacific, or that China would wipe out the entire American leadership in preparation for an invasion of Taiwan.

The reaction of the pro-party Chinese newspaper Global Times, in an article entitled “U.S. Frightened by its Own Mirror Image,” put it in a nutshell: The U.S. fell into the error that an expert at the Office of Net Assessment of the Pentagon had warned about. Andrew Marshall (who, however, is otherwise responsible for a utopian doctrine of air war) had warned that one should not project one’s own intentions onto the intentions of other states. For decades, the U.S. has been pursuing a preventive-war military doctrine, while China’s military doctrine aims to respond to an attack with a counterattack. Similarly, it is common American practice to eliminate hostile governments through regime change, while the Chinese Communist Party has rejected the idea of assassinating the leadership of hostile governments since the 1920s. And thirdly, it is U.S. policy to focus on nuclear arsenal development to respond to conventional threats and cyber-attacks, while China considers it unwise to own too many nuclear weapons, preferring instead to have only as many as are necessary for deterrence. Drawing conclusions from such mirror images has nothing to do with the real world, and if the U.S. military were to follow this study, they would be scared to death by their own shadow and fail to prepare for real dangers.

A knowledgeable analyst writing under the pseudonym “Publius Tacitus” on the website Sic Temper Tyrannis of well-known security analyst Pat Lang, alludes to the same kind of mirror-image perception trap. He writes that U.S. interference in Ukraine overshadows by far anything that could be blamed on Russia. Recently released documents of the CIA showed the close cooperation of the U.S. intelligence services with Stepan Bandera’s OUN since 1946. They show a history of collaboration, from working with the former president Viktor Yushchenko, whose wife had a high position in the U.S. State Department and who declared Bandera to be a Ukrainian national hero, to the direct cooperation with the Nazis in “Maidan II” and the coup against President Yanukovych in February 2014. In fact, one can hardly find a greater distortion than the “narrative” in relation to the events in Ukraine, which provides a large part of the basis for demonization of Putin and Russia.

The same inability to recognize the new paradigm—President Xi Jinping’s domestic and foreign policy with its anti-corruption campaign, its absolute focus on scientific and technological innovation, and the win-win cooperation among nations in the New Silk Road Initiative—finds expression in the house organ of the British Empire, the Economist. Under the heading “How the West got China wrong,” the decision of the Central Committee to extend President Xi’s term of office becomes the reason for lamenting: “They hoped that economic integration would encourage China to evolve into a market economy and that, as they grew wealthier, its people would come to yearn for democratic freedoms, rights and the rule of law.” Now, it seems, the West has completely misjudged China. Now China is richer than anyone could have imagined, but instead of yearning to emulate the West, China is offering “Chinese wisdom and a Chinese approach to solving the problems facing mankind”! Blimey! London lost its bet!

Read More @ LaRouchePAC.com

Recent Elections Prove Once Again that the Anti-Establishment Trend is Here to Stay – Nathan McDonald

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by Nathan McDonald, Sprott Money:

The global, anti-establishment trend is not only alive, it is firing on all cylinders.

As I have written in numerous articles over the past few years, this trend will continue onward, shaping our politics for years to come. The election of Donald Trump, (whom I accurately predicted would win theElectoral College) was not the first sign of this growing trend, nor was the successful BREXIT campaign.

Even though these two events were the most stunning to rock the political landscape in recent history—and thus shocked many—they came as no surprise to those closely following the pulse of the geopolitical landscape. This pulse suggests monumental change is still yet to come, and the times are going to become increasingly more unstable moving forward.

Once again, with the recent German, Austrian and now Italian elections, we can see that this trend has solidly entrenched itself. Anyone who still has their blinders on needs to wake up and smell the coffee.

Whether you like it or not, global change is occurring, and it is becoming ever more obvious with each passing election in the Western world. The center is falling away, and rising powers—which many are calling “extreme” or “radical”—are filling the void on both the right and the left.

The anti-EU, “Five Star Movement” is now the largest party in Italy, wresting control from the leftist party in power before them. Shockingly, the latter came in third place, with another anti-establishment party taking the second share of the vote, proving just how far things have deteriorated in the minds of the Italian people.

Still, forces will be working against the Five Star Movement. This election was highly controversial—as are all of its type—and they were unable to meet the 40% share of the vote needed to make a majority. This means they will need to try and work with one of the other parties to form a coalition, a not-so-simple task given the many differences of these parties.

Whatever happens next is anyone’s guess. However, we are once again seeing that the anti-establishment trend is here to stay, and the global elite are rapidly losing power over many of the systems they have helped create.

People are demanding change and are sick and tired of the results they are seeing. They are throwing their hands up in despair and taking any opportunity they can to rock the boat and, hopefully, reset the system in a way that benefits them, the citizens of their nation.

Read More @ SprottMoney.com

Breakthrough: North Korea Ready To Denuclearize “If Regime Safety Is Guaranteed”

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from ZeroHedge:

Score another diplomatic victory for Trump, whose hard line negotiating tactic appears to have generated a dramatic – and favorable for market – outcome. Moments ago futures spiked, 10Y yields jumped and the USDJPY bounced about 106 on what the FT dubbed a “diplomatic breakthrough” that North and South Korea have agreed to hold direct talks between their leaders with North Korea signalling it is willing to abandon its nuclear program “if regime security can be guaranteed.

  • NKOREA OPEN TO DENUCLEARIZE IF REGIME SAFETY GUARANTEED: SKOREA

The headlines come from South Korean National Security Office special envoy Chung Eui-yong, who is speaking to reporters in Seoul after returning from Pyongyang. Remember he and another envoy, National Intelligence Service chief Suh Hoon met North Korean leader Kim Jong Un in Pyongyang on Monday. Chung confirms that North Korea is indeed ready to stop the jawboning and negotiate:

  • Kim Jong Un open to frank talks with U.S. for denuclearization: Chung
  • North Korea to suspend provocations during talks: Chung
  • Promises not to use any weapons against South Korea: Chung

Next step: a summit in April between the two neighbors where details will be ironed out: “North Korea, South Korea agree to hold summit in April”, Chung says. Pyongyang vowed not to test any ballistic missiles or make further provocations during talks, according Chung clarified.

The easing of tensions between the two Koreas and this clearly positive geopolitical development has triggered a broad based risk-on move. Fixed income is selling off sharply here, with Bunds flying. As the spot KRW market is closed, the NDF space is in focus. The 1m NDF has traded from 1076.0 to 1070.8 at time of print. USDJPY is spiking higher at 106.10 at print. This move may have legs especially as early NY begins to come in

The question now is whether this unexpected diplomatic victory for Trump will further empower him to demand similar concessions on the trade side, and launch the “trade wars”, even as the market is now fully convinced that the US president will backtrack.

Read More @ ZeroHedge.com

GOLD FALLS $4.10 TO $1319.00/SILVER FALLS 11 CENTS TO $16.39

by Harvey Organ, Harvey Organ Blog:

T ITALY, THE 5 STAR PARTY GAINS MOST VOTES AT 32%: TOGETHER WITH NORTHERN LEAGUE THEY HAVE EXACTLY 50% BUT LOOKS LIKE A HUNG PARLIAMENT/PAUL RYAN ASKS TRUMP TO END THE TARIFF WARS BUT IS SHOT DOWN BY TRUMP/VERY LITTLE PROGRESS WITH CANADA AND MEXICO ON NAFTA/SWAMP STORIES

GOLD: $1319.00  DOWN $4.10

Silver: $16.39 DOWN 11 CENTS

Closing access prices:

Gold $1322.80

silver: $16.52

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1333.90 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1325.55

PREMIUM FIRST FIX: $8.35

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SECOND SHANGHAI GOLD FIX: $1332.39

NY GOLD PRICE AT THE EXACT SAME TIME: $1325.50

PREMIUM SECOND FIX /NY:$6.87

SHANGHAI REJECTS NY PRICING OF GOLD.

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LONDON FIRST GOLD FIX: 5:30 am est $1326.30

NY PRICING AT THE EXACT SAME TIME: $1325.80

LONDON SECOND GOLD FIX 10 AM: $1320.40

NY PRICING AT THE EXACT SAME TIME. $1320.60

For comex gold:

MARCH/

NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.

TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),

For silver:

MARCH

143 NOTICE(S) FILED TODAY FOR

715,000 OZ/

Total number of notices filed so far this month: 4205 for 21,025,000 oz

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Bitcoin: BID $11,514/OFFER $11,584: UP $486(morning)

Bitcoin: BID/ $11,535/offer $11,602: UP $507  (CLOSING/5 PM)

 

end

Let us have a look at the data for today

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In silver, the total open interest FELL BY A CONSIDERABLE SIZED 1,702 contracts from 192,332  FALLING TO 190,630 DESPITE FRIDAY’S STRONG 23 CENT RISE IN SILVER PRICING.  WE HAD SOME COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  0 EFP’S FOR MARCH, 1316 EFP’S FOR MAY AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 1316 CONTRACTS.  WITH THE TRANSFER OF 1316 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1316 CONTRACTS TRANSLATES INTO 6.580 MILLION OZ DESPITE  WITH THE CONTINUAL DROP IN OPEN INTEREST IN SILVER AT THE COMEX.

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:

5686 CONTRACTS (FOR 3 TRADING DAYS TOTAL 5686 CONTRACTS OR 28.430 MILLION OZ: AVERAGE PER DAY: 1895 CONTRACTS OR 6.476 MILLION OZ/DAY

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  28.43 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.06% OF ANNUAL GLOBAL PRODUCTION

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  521.905 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ

ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ

RESULT: WE HAD SOME LOSS  IN COMEX OI SILVER COMEX DESPITE THE 23 CENT GAIN IN SILVER PRICE.  WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 1316 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 1316 EFP’S  FOR  MONTHS MARCH AND MAY WERE ISSUED FOR  A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS.   WE LOST  356 OI CONTRACTS i.e. 1316 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 1702  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 23 CENTS AND A CLOSING PRICE OF $16.50 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A FAIR AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.953 BILLION TO BE EXACT or 136% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 143 NOTICE(S) FOR 715,000 OZ OF SILVER

In gold, the open interest  FELL BY A CONSIDERABLE 4448 CONTRACTS FALLING TO 505451 . DESPITE THE HUGE RISE IN PRICE ON FRIDAY ($18.70) HOWEVER  FOR MONDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN FAIR SIZED  5140 CONTRACTS OF WHICH MARCH SAW THE ISSUANCE OF 55 CONTRACTS,  APRIL SAW THE ISSUANCE OF 5085 CONTRACTS ,  JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO.    The new OI for the gold complex rests at 505,451. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A GAIN OF 692  CONTRACTS: 4448 OICONTRACTS DECREASED AT THE COMEX AND A FAIR SIZED 5140 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(692 oi gain in CONTRACTS EQUATES TO 2.15TONNES)

FRIDAY, WE HAD 20,030 EFP’S ISSUED.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 35,073 CONTRACTS OR 3,507,300  OZ OR 109.09 TONNES (3 TRADING DAYS AND THUS AVERAGING: 11,691EFP CONTRACTS PER TRADING DAY OR 1,169,100 OZ/ TRADING DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 3 TRADING DAYS IN  TONNES: 109.09 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES

THUS EFP TRANSFERS REPRESENTS 109.09/2200 x 100% TONNES =  4.26% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  1361.29 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22  TONNES

ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES

Result: A  STRONG SIZED DECREASE IN OI AT THE COMEX DESPITE THE CONSIDERABLE RISE IN PRICE IN GOLD TRADING YESTERDAY ($18.70).  HOWEVER, WE HAD ANOTHER FAIR SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 5140 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 5140 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 692 contracts ON THE TWO EXCHANGES:

5140 CONTRACTS MOVE TO LONDON AND 4448 C ONTRACTS DECREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 2.15 TONNES).

we had: 0 notice(s) filed upon for NIL oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

With respect to our two criminal funds, the GLD and the SLV:

GLD

WITH GOLD DOWN $4.10 : NO CHANGES IN GOLD INVENTORY AT THE GLD /

Inventory rests tonight: 833.98 tonnes.

SLV/

WITH SILVER DOWN 11 CENTS TODAY: 

NO CHANGES IN SILVER INVENTORY AT THE SLV/

/INVENTORY RESTS AT 318.069 MILLION OZ/

end

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FELL BY 1702  contracts from 192,332 DOWN TO 190,630 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE THE RISE  IN PRICE OF SILVER  (23 CENTS WITH RESPECT TO  FRIDAY’S TRADING).  OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER  1316 EFP CONTRACTS FOR MAY  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS .  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD CONSIDERABLE COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI LOSS AT THE COMEX OF  1702 CONTRACTS TO THE 1316 OITRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL LOSS OF 356  OPEN INTEREST CONTRACTS  WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET LOSS TODAY IN OZ ON THE TWO EXCHANGES:  1.780 MILLION OZ!!!

RESULT: A CONSIDERABLE  DECREASE IN SILVER OI AT THE COMEX DESPITE THE  RISE OF 23 CENTS IN PRICE (WITH RESPECT TO FRIDAY’S TRADING ). BUT WE ALSO HAD ANOTHER FAIR 1316 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/LATE SUNDAY NIGHT: Shanghai closed DOWN 2.39 POINTS OR 0.07% /Hang Sang CLOSED DOWN 697.06 POINTS OR2.28% / The Nikkei closed DOWN 139.55 POINTS OR 0.53%/Australia’s all ordinaires CLOSED DOWN 0.53%/Chinese yuan (ONSHORE) closed UP at 6.3400/Oil UP to 61.35 dollars per barrel for WTI and 64.44 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED  .   ONSHORE YUAN CLOSED DOWN AT 6.3400 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3395 /ONSHORE YUAN TRADING STRONGER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS NOT  HAPPY TODAY (STRONGER CURRENCY BUT TERRIBLE CHINESE MARKETS/ ) 

Read More @ HarveyOrganBlog.com

Putin Made His Speech, Now Watch the US Bankrupt Itself in Response

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by Jonathan Marshall, Russia Insider:

Putin is goading the US to pour vast fortunes into countering weapons Russia isn’t close to fielding

Putin exaggerates Russian breakthroughs, invites the US to spend itself into the poorhouse

Be afraid. Be very afraid of Russian President Vladimir Putin’s latest boast to his Federal Assembly that Russian scientists have come up “a breakthrough in developing new models of strategic weapons” aimed at the United States.

Don’t be afraid that he has any intention of using them. Don’t even be afraid that most of the weapons he demonstrated through animated simulations are operational.

Be afraid, rather, that armchair Cold Warriors in the United States will shamelessly exploit Putin’s speech to justify billions—no, trillions—of dollars in needless spending on a pointless nuclear arms race.

Achieving their agenda was made easier by media coverage of the speech, which reported that Putin “threatened the West” (New York Times) and “represented an escalated level of martial rhetoric even by his pugnacious standards” (Washington Post).

Putin in fact explicitly and repeatedly emphasized that his claimed new weapons are not offensive, but rather designed to maintain Russia’s nuclear deterrent in the face of growing U.S. anti-missile systems.

  Putin announced Russia is close to wonder weapons
Putin announced Russia is close to wonder weapons

Responding to the United States

“Back in 2000, the US announced its withdrawal from the Anti-Ballistic Missile Treaty,” he explained. “We saw the Soviet-US ABM Treaty signed in 1972 as the cornerstone of the international security system… Together with the Strategic Arms Reduction Treaty, the ABM Treaty not only created an atmosphere of trust but also prevented either party from recklessly using nuclear weapons.”

“We did our best to dissuade the Americans from withdrawing from the treaty,” he continued. “All in vain. The US pulled out of the treaty in 2002. Even after that we tried to develop constructive dialogue with the Americans. … All our proposals, absolutely all of them, were rejected.”

Putin went on, “Despite our numerous protests and pleas … there are new missile defense systems installed in Alaska and California; as a result of NATO’s expansion to the east, two new missile defense areas were created in Western Europe … The US global missile defense system also includes five cruisers and 30 destroyers, which … have been deployed to regions in close proximity to Russia’s borders.”

Putin overestimates the potential effectiveness of these U.S. missile defense systems, which have never proven reliable. But Russia’s generals, like ours, build their careers on exaggerating risks, and Putin, like most Russians, is easily awed by claims for U.S. technology. [More likely the Russians can’t know the Americans won’t eventually delude themselves into thinking the missile shield works – editor]

As I wrote here in 2016, “The ABM system currently deployed in Europe is admittedly far too small today to threaten Russia’s nuclear deterrent. In fact, ABM technology is still unreliable, despite America’s investment of more than $100 billion in R&D. Nonetheless, it’s a threat Russia cannot ignore. No U.S. military strategist would sit still for long if Russia began ringing the United States with such systems.”

Dubious Russian Claims

Russia didn’t sit still. In response, Putin said that Russia has developed new missiles capable of evading U.S. missile defenses—by taking new routes (e.g., over the South Pole), traveling underwater, operating at hypersonic speeds, or maneuvering unpredictably.

Read More @ Russia-Insider.com

Russian spy fighting for life after being ‘poisoned’ by unknown substance in Salisbury

by Robert Mendick, The Telegraph:

A Russian agent convicted of spying for Britain was fighting for his life last night amid suspicions he was poisoned in a shopping centre in Wiltshire.

Sergei Skripal, 66, was in intensive care after being exposed to a mysterious substance as he sat on a bench in the centre of Salisbury. A 33-year-old woman who was with him, is also in critical condition. Both had collapsed and were unconscious when they were discovered.

Reports suggest Col Skripal had recently gone to police claiming he was fearing for his life.

The incident comes a little over a decade after the murder of Alexander Litvinenko, the former Russian agent who was poisoned by radioactive polonium in a London hotel.

Colonel Skripal, 66, a former Russian intelligence agent with the FSB, was jailed in Moscow for spying for Britain but had arrived in the UK in 2010 as part of a prisoner exchange. Anna Chapman, a Russia-born secret agent who had acquired British citizenship and who was detained by US authorities, was sent back to Russia along with nine other agents.

Litvinenko’s widow Marina Litvinenko told the Telegraph last night: “It looks similar to what happened to my husband but we need more information. We need to know the substance. Was it radioactive?”

Colonel Skripal and his female companion was discovered on Sunday afternoon. An eyewitness told how she saw the pair seemingly “frozen” in place. 

Georgia Pridham, 25, had been for a hen do lunch and was walking back to her friend’s car when she saw the couple slumped on a bench.

She told the Telegraph: “He was quite smartly dressed, which caught my eye. He had his palms up to the sky as if he was shrugging and was staring at the building in front of him.

Read More @ TheTelegraph.co.uk

Anti-immigration hardliner Salvini could become Italy’s next Prime Minister

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from Voice Of Europe:

Matteo Salvini’s Lega party has become the third largest party of the country after yesterday’s elections. But as the numbers one and two have no coalition support, Salvini thinks he should form the next government together with the other parties of Berlusconi’s centre-right bloc.

Salvini said “It’s an extraordinary victory, which fills us with pride, joy and responsibility. I see it as a vote for the future; the Italians have rewarded the future”.

The leader of Lega added that, “The team with whom you must talk and govern is the centre-right”. He ruled out “weird alliances” with other parties like the anti-establishment 5-Star Movement (M5S), which was the big winner of the elections with almost one third of the vote.

“I’m someone who keeps his word and the commitment regards the centre right coalition, which has won and can govern”, Salvini said.

The negotiations to form an Italian coalition government could take a long time as no party or pre-election coalition has formed a majority. Berlusconi’s centre-right coalition received 37% of the vote, the centre-left coalition 22% and the 5-star Movement 32%.

Read More @ VoiceOfEurope.com

French prosecutors officially charge Marine Le Pen for tweeting against ISIS terrorists

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by Alex Christoforou, The Duran:

France’s Marine Le Pen charged for tweeting against ISIS.

The unelected rulers of the EU in Brussels are about to bring down one of their biggest critics, as lackey French President Macron is moving forward with charges against former French Presidential candidate Marine Le Pen.

It is no secret that the EU finds free speech to be a nuisance, and has nothing but contempt for leaders like Le Pen who has historically called out the dictatorial rule of Brussels, by highlighting the endless illegal wars in the Middle East, covert support for ISIS, and promotion of a destructive migrant policy.

The former French National Front leader has now been formally charged with circulating “violent messages that incite terrorism”, for a series of tweets she sent after the massacre at Paris concert hall the Bataclan in 2015.

The crime levied against Le Pen is punishable by up to three years in prison and a fine of 75,000 euros.

Zerohedge reports…

The move comes after French President Emmanuel Macron announced early this year that, in an effort to “defend liberal democracy”, he would push through legislation this year to fight the spread of “fake news” in France. Macron went on to criticize Russian media in particular and accusing RT, a Moscow funded TV channel, of deliberately sowing disinformation and discord (sound familiar?).

While Macron’s announcement was cheered by many on the left, conservatives and those with anti-establishment or right-wing views are (so far justifiably) worried that they might become targets (because there’s no better way to defend an open society than to crack down on free speech and enforcing not only official censorship, but, by extension, the self-censorship that these policies encourage.)

And now they have even more reason to be concerned as French prosecutors move to punish – and possibly imprison – a political rival despised by the ruling party.

The charges stem from a series of tweets Le Pen sent in the weeks after the Bataclan massacre, where she shared disturbing photos including images from the beheading of American journalist James Foley. Le Pen later took the photos of Foley down after being contacted by his family. 

Other pictures showed a man in an orange jumpsuit being run over by a rank – another showed a man being burned alive in a cage.

“Daesh is this!” Le Pen wrote in a caption. The tweets were a response to a TV journalist drawing a comparison between ISIS and the French far-right.

 

The irony of the charges brought against Le Pen were noted by the former presidential candidate…

“I am being charged for having condemned the horrors of Daesh,” Le Pen told AFP.

“In other countries this would have earned me a medal.”

Read More @ TheDuran.com

Putin’s Speech Was to Send a Clear Message to the US’ – Scientist

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from Sputnik News:

Last week President Putin said, during his annual address to the Federal Assembly, that Russia has developed an invincible new cruise missile and warned that any use of nuclear weapons against Russia or its allies will be viewed as a nuclear attack and would trigger an immediate response from Moscow.

Sputnik discussed this with Dr. Rajeswari Pillai Rajagopalan, Senior Fellow and Head of the Nuclear and Space Policy Initiative at Observer Research Foundation.

Sputnik: What are your thoughts on President Putin’s speech? Did anything come as a surprise to you?

Rajeswari Pillai Rajagopalan: This was certainly quite an impressive speech, and I think this is an annual speech where one gets to see what Russia has been up to in terms of immediate developments, particularly in the defense sector; I think that’s something that we have been watching out for, so that speech has been particularly impressive in terms of the new weapons systems that Putin talked about. I think some of the things he said, that some of the systems, have already been tested out and some of the systems are already operational with the forces, so he did highlight that these are in operational stages and that the world, and US in particular, should be careful about dealing with Russia. I think there’s lot of political posturing in that sense, Putin also said that now the US must listen to us, must see what our capabilities are, of course, the weapons systems and the display of weapons is important, but the political aspect of Putin’s speech, I think, is even more interesting. One is to send a clear message to the US, but I also think it’s the domestic political message that came across as something important.

Sputnik: Experts said that this announcement, the development of a new strategic weapon, might start a new arms race, what are your thoughts on that?

Rajeswari Pillai Rajagopalan:Absolutely, I think this is a particularly tough period of time, when there is a global power transition, countries are looking at whether this missile defense system or any other missile system, there is a sign of competition, there’s a lot of suspicion in competition, so it is a time indeed for a potentially new arms race [to emerge] out of the new technologies and new weapons systems that are coming out. Unfortunately, I think this is going to be a reality, there will be an arms race that will pick up in the near future among the major powers.

 Russian President Vladimir Putin delivers his annual Presidential Address to the Federal Assembly at the Manezh Central Exhibition Hall
Russian President Vladimir Putin delivers his annual Presidential Address to the Federal Assembly at the Manezh Central Exhibition Hall

Sputnik: Despite the missile Putin showcased being within the provisions of the 1987 INF Treaty Washington has already accused Moscow of treaty violations, why is that?

Rajeswari Pillai Rajagopalan: There has been back and forth on that, between Russia and the Unites States saying to each other, that the US has not been meeting obligatory commitments, the Americans say that Moscow has been violating the commitments. But adding the variety to the old kinds of systems,the new weapons systems that are coming out, the long-range missile capabilities and the missile defense systems that are coming out, all of that points to the competition that’s going to stay on and play in the coming decade, and I think that the INF Treaty violations, I think there have been back and forth between both sides and are difficult to absolutely verify one way or the other.

Read More @ SputnikNews.com

ITALY’S RULING CENTER-LEFT ‘PRETTY MUCH GONE,’ ROUTED OVER MIGRATION ISSUE

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from Infowars:

Open borders globalists destroyed by populist wave

The shake-up of the Italian political scene that saw voters ditch the ruling center-left and boost anti-establishment forces – according to preliminary results – is rooted in the migration problem, Professor Marco Bassani told RT.

“There is one clear result that is though the Democratic Party that was in power is gone, [it will get] 20 or 21 percent, we’ll see, but it’s pretty much gone. The issue was so clearly that of immigration that bother them a lot and clearly created that mess for them,” Bassani, professor of the history of political theory at the University of Milan, told RT.

The SWG projections on Sunday gave the center-left Democratic Party only 19 percent of the vote, meaning it’s likely to leave the government and go into the opposition. The success of the Euroskeptic Five Star Movement, which is expected to gain over 30 percent of the vote nationwide, came mainly from the south, can be explained by the uneven distribution of wealth across the country. The southern part has been “very much on the welfare for past 40 years,” Bassani said.

Speaking on possible coalition scenarios, Bassani noted that although he doesn’t see “any coalition coming out directly” from the elections, it should not be ruled out that the anti-immigration Lega would eventually build a coalition with the Five Star Movement.

“Probably [Lega chairman] Matteo Salvini will be a little bit ahead of [Silvio Berlusconi’s center-right Forza Italia] and he will be tempted to form a government with the Five Star [Movement]. He said ‘No, I will not do that,’ but he will be tempted,” Bassani said. He noted that “there is nothing in the Italian law that prohibits that.”

While Lega, formerly Lega Nord, is often referred to in the international media as ‘far-right’, this term is not quite accurate, Lorenzo Pregliasco, professor of political science at the University of Bologna, told RT.

They were basically a party for the interests of the north, of the old country, so they moved quite on the right of the political spectrum in the last year, but they are not seen as a far-right party, even if you can tell that they are actually,” Pregliasco argued. He noted that the “actual” far-right parties gained a very little of the vote at the election.

Read More @ Infowars.com