Friday, February 28, 2020

I THOUGHT I WAS MIDDLE CLASS

by Jim Quinn, The Burning Platform:

“The best way to teach your kids about taxes is by eating 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of their ice cream.” – Bill Murray

When I saw that slimy tentacle of the Goldman Sachs vampire squid, Gary Cohn, bloviating about Trump’s tax plan and how it was going to do wonders for the middle class, I knew I was probably going to get screwed again. And after perusing the outline of their plan, it is certain I will be getting it up the ass once again from my beloved government.

I know everyone’s tax situation is different, but I’m just a hard working middle aged white man with two kids in college and some hefty family medical expenses. I’m already clobbered with Federal, State, City, and real estate taxes, along with huge toll taxes, sales taxes, gasoline taxes, utility taxes, phone taxes and probably a hundred more hidden taxes and fees.

I fucking hate taxes and want nothing more than to see them cut dramatically. I voted for Trump for the following reasons:

  1. He wasn’t that evil hateful shrew named Hillary Clinton
  2. He promised to repeal and replace Obamacare
  3. He promised to build the wall
  4. He promised to keep out Muslims
  5. He promised to reduce our military interventions around the world
  6. He promised to reduce my taxes

Well, one out of six ain’t bad. Right?

I know the Trump sycophants have a million reasons why he has been thwarted, but his pathetic support of the last GOP Obamacare lite bill reveals him to becoming just another establishment pawn. He has taken war mongering on behalf of the military industrial complex to a new level. No wall on the horizon. Now it is a figurative wall. And now he is disingenuously selling this tax bill as a huge windfall for the middle class, which is a lie based on my analysis of the known details. The truth is they need to screw the upper middle class in order to reduce corporate tax rates.

You hear the talking head “experts”, paid for by corporations, spinning a yarn about the 35{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} corporate tax rate and how it makes our corporations terribly disadvantaged. The truth is corporate lobbyists (I don’t have a white working man middle class lobbyist working for me) have bribed Congress to insert so many exemptions, deductions, credits, and loopholes into the tax code, the big corporations pay an effective tax rate of 19{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} already. If overly burdensome corporate taxes were really a problem, would corporations be generating record after-tax profits while GDP grows at a pitiful 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} rate?

I don’t know how many people are in my boat, but I’m guessing it is a large portion of the middle class. We already know about 50{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the households in the U.S. don’t pay any Federal Income Tax. Some even get refunds for not working. That’s why there are tax preparation offices all over West Philly and other urban welfare enclaves around the country. Here are the tax brackets for a married middle class family:

Read More @ TheBurningPlatform.com

Hard Assets In an Age of Negative Interest Rates

by Marcia Christoff-Kurapovna, Mises:

Time is the soul of money, the long-view — its immortality. Hard assets are forever, even when destroyed by the cataclysms of history. It is the outlook that perpetuated the most competent and powerful aristocracies in continental Europe, well up through World War I and, in certain prominent cases, beyond; it is the mindset that has sustained the most fiscally serious democratic republic in the Western world, that of Switzerland (as demonstrated in this article). In this view, the stewardship of money, formerly known as “banking,” is a serious matter of serious wealth management and not a weird-science lab experiment of investment products ultimately designed for hedge fund managers’ tax arbitrage schemes.

More than ever the focus on hard assets is a dire call to arms given the deformed market culture of central banking monetary magic. Despite the early promise of the Trump presidency to reinvigorate the economy, the United States remains mired in economic stagnation built up over so many years of debt-driven policies, easy-money policies, and the ZIRP fiasco fostering a bizarre-world situation in which the actual economy is doing poorly while the market is soaring. In such an environment, the allure of the centuries’-old tried and true has never had more appeal.

In a word, the hard asset vision is about building wealth outside the stock market. It refers to three main strategies overall:  1) land ownership and/or farmland, forestry and agriculture 2) gold, other precious metals, and certain base-metal commodities 3) The (Old Masters/Classic Modern) art market. Where this last is concerned, we mean art as investment and not art-as-commerce, such as that which contaminates today’s insipid and overpriced world of ‘Balloon-Dog’ bad art. The auction world of Rembrandt and Picasso; of El Greco and Gerhardt Richter has been on a tear, is smashing records, and cannot be ignored as an excellent safe-haven vehicle, as outstanding works of art traditionally always have been.

To begin with, physical gold and precious metals remain an investment enigma despite being market-leading performers for the past seventeen years. Gold is a must-have portfolio asset amid the aggressive debt levels and monetary debasement that have so unhinged the market. Silver, for its part, in addition to its prestige status, also has innumerable industrial applications and throughout the precious-metal bull market since 2000.

Russia, in this context, is leading the charge in the long-view outlook. For the past three years, the Bank of Russia has been the world’s number one stacker of gold, and, thus far in 2017, has taken the lead position among international central banks in buying the commodity. At its current pace, Moscow will unseat China for the number five spot of gold-holding nations by the first quarter of 2018. Currently, the gold-to-GDP ratios of the world’s leading powers are: Russia 5.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}; the Euro Zone 3.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}; the U.S. 1.8{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} and China 1.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

Yet countries buying up gold versus investors who do so are two different worlds. Ninety-five percent of the world’s gold is held as a wealth store.

In other commodities, zinc and copper have been the big movers. Zinc, the key galvanizing agent, claimed the status of the best performing metal last year. Copper began its resurgence in 2017, and in late August of this year, a host of commodities broke out of multi-month consolidation patterns. Nickel and cobalt are also coming into the spotlight as metals essential to the rapidly growing lithium ion (Li-ion) battery sector.

The art world lags not too far behind that of precious metals in terms of history’s preferred storehouses of value as protection against uncertain times. Art as investment has long been a favored strategy of the European elite since, effectively, the High Middle Ages and has never gone out of style. In modern times, the phenomenon of an ever-growing collectors’ base and less supply of museum quality works has been accepted as a meaningful way to protect investors’ cash during economic difficulty. Though continually eclipsed in the media by the brasher contemporary art market, Old Masters (and Classic Modern—the great 20th century works) have shown stable, often spectacular, results over the past ten years with both categories reaching record-breaking highs.

Art, to be a safe haven, must be an investment and not a whim — just as it was for the Liechtenstein family who acquired Leonardo da Vinci’s Ginevra de Benci so many centuries ago. In the wake of the World War II near-bankruptcy of that eponymous principality (whose monarchs were not and are not supported by taxes), that painting was the first of the major, big-ticket art sales of the 20th century, when it was sold to Paul Mellon and The National Gallery of Art in Washington DC. Ginevra continues to hang there today (and to date, is the only Leonardo painting in possession of the United States).  While the average investor may not be in a position to store wealth in a Renaissance master or a Picasso, there are always the underrated gems or the new discoveries that can and will bring in the most unexpected of windfalls decades down the line.

Finally, farmland is seen by many as an excellent addition to a precious-metal portfolio. As Jim Rogers predicted in early September, fortunes will be made in agriculture “and when an industry breaks full faith, even mediocre people make a lot of money” in that sector. Hard asset investors continue to include farmland in their portfolios “for a combination of income generation, diversification and inflation-hedging”. Historically, farmland, like forestland in continental Europe or Latin America, has been a unique asset class demonstrating low-correlation to traditional asset classes, and which performs well as inflation rises.

Read More @ Mises.org

The Safest Place to Escape the New World Order

0

by Dave Hodges, The Common Sense Show:

There are many of us who are all to well aware of the dangers that lie ahead for those people who speak out against the tyranny that is sweeping our country. In modern day America, this is a very dangerous time to be outspoken. At places like Washington State University, using the terms “boy”, “girl”, “homosexual”, “senior citizen” and any other term that the globalist political correct police force deems inappropriate, can get you expelled from school. For those who engage in the high stakes game of calling a criminal a criminal (e.g. the bankers who have hijacked the United States government), are willfully engaging in life-threatening behavior.

Economic indicators in this country, are horrific on their face. As economist Joseph Meyer recently told my international radio audience:

-Seventy five percent of the country makes less than $30,000 per year.

-On-third of adults over the age of 30 are living with their parents for economic reasons.

-The college loan fiasco will be the next housing crash of 2008.

-Over 300,000 waitresses and waiters have college degrees.

Additionally, we know the following:

-Our nation’s economy has gone from first to fourteenth and is rapidly plummeting.

-Some polling groups ranks America as low as 44th, behind Romania, in civil liberties.

-Despite our 24/7/365 access to entertainment America ranks 14th in happiness levels.

-In the United States, suicide has replaced car accidents as the number one cause of death.

-Since 1968, suicide for Americans between the ages of 15-24 has skyrocketed by 310{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}

-An estimated 20-25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the country is on mind-numbing psychotropic drugs. Seventy percent of foster children are on these drugs which bring structural changes and damage to young brains.

-We are now seeing East German Stasi type interrogation centers being used against American citizens who are not even charged with a crime (e.g. Chicago Black Sites).

-DHS and the Clergy Response Team have greatly compromised the spoken word of the Bible. Most churches and their pastors fall under the category of “false prophets”. In other words, today’s American churches are centers of deception.

-The U.S. economy is nearly $19 trillion dollars in debt.

-The U.S. government owes $240 trillion dollars in unfunded mandated liabilities to Social Security, Medicare, Medicaid, etc.

-The bankers have coerced the government to push their derivatives debt upon the American people. This debt amounts to about $1.5 quadrillion dollars with an annual interest rate of $505 trillion dollars. The entire GDP of the planet is under $70 trillion. America could not pay off this debt by the 50th century.

-Despite spending in excess of 10 times more for health care as any other nation, we only have the 51st longest life span. We live, on average, a full one year less than the a Cuban living in a third world country.

-Post-secondary education is the most expensive in the world as is health care.

-The U.S., despite having only 4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the population, has over 25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the world’s prison population.

-Americans are expatriating in record numbers. Should you be one of them and where would you go?

For people like myself, it is too late to leave, but for the average American, expatriation is something that one might want to seriously consider. People ask me, where should I go? Costa Rica? It is attractive in many ways, but there are way too many CIA types there for me to be comfortable. What about Sweden? They have relatively free health care and college education. However, they are being overrun by the same Muslim extremists that Curt Schilling wrote about in his tweet that got him fired by ESPN. The most attractive choice, to me, is Iceland.

IF ONE WANTS TO BE, AT LEAST TEMPORARILY SAFE FROM THE RAVES OF THE NEW WORLD ORDER, ICELAND IS YOUR BEST BET!

Iceland

 The World’s Center of Democracy.
The World’s Center of Democracy.

With a forecasted 2015-16 growth of 3.4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, Iceland is one of the most stable economies on the earth.

At one time, in 2008, Iceland’s economy was crashed by the same crushing debt as the United States. The usual players, Goldman Sachs and their criminal colleagues on Wall Street were behind the hijacking of both the government and the banks in Iceland. At least they were until the collective people in Iceland realized that they had much more than snowballs  that they could throw at their Wall Street enemies. In short, they rose up and defeated the banksters. Despite being told that their economy would be irreparably damaged if they rejected Wall Street and central banking edicts, they persevered and “threw the bums out”. Today’s Icelandic economy is thriving and the government is relatively stable given the volatile times we live in. Add to that, Iceland is the only nation on the planet who told the banksters where to go and what do when they got there, they have survived to tell the tale.

IF America Had Done, In 2008, What Iceland Did, the following Would Have Been the Headlines In the US

The First District Court of Appeals sentenced four former Goldman Sachs Executives to prison termsranging from three to five years in prison for financial crimes dating back to 2008. The Supreme Court, fearing civilian reprisals, has refused to hear the bankers’ appeals.

The mainstream media is reporting that Hank Paulson, former CEO of Goldman Sachs and Secretary of the Treasury as well as being known for being the architect of the bailouts, received the heaviest sentence of five years in prison. Paulson was ordered to pay $33.4 million dollars in fines. Along these same lines, former Goldman Sachs CEO and former World Bank President, Tim Geithner, was sentenced to three years in prison along with being assessed a hefty $23 million dollar fine. The mastermind of the MF Global theft, former Goldman Sachs executive and the former Governor of New Jersey, Jon Corzine, was sentenced to four years an $18 million dollar fine. The most recent Goldman Sachs CEO, Lloyd Blankfein was also sentenced to three years and assessed a $13 million dollar penalty.

When hundreds of thousands of citizens showed up at the Capitol building and began throwing rocks at the building, this triggered the biggest civil unrest in the country’s history. The military refused to become involved and government officials cowered in fear as DHS fought off the protesters. Shortly thereafter, the beleaguered Congress rediscovered its backbone and issued arrest warrants for the four criminal banksters. Of course, Goldman Sachs and several other international bank entities warned the citizens that the country would collapse economically and it would become necessary to usher in martial law. This proved to be an empty threat, as the opposite ended up being true. The year following the arrests of these four bankster thugs, the economy grew at a rate of 2.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. It is safe to say that the government will never tolerate the undue influence of any financial institution again. The country is approaching financial solvency. Goldman Sachs has been turned into a bed and breakfast location. Who would have thought that this would have been possible?

In a related story, Nancy Pelosi also went to prison for two years after being convicted insider trading on Wall Street. And Diane Feinstein went to prison for five years for repeated violations of conflicts of interest as Feinstein’s husband was the beneficiary of several no-bid federal government contracts. Obama was impeached and convicted for identity theft and most importantly, treason. Happy days are here again.

Fade to black….not in a pigs eye!

I would pray that these events would take place, but unfortunately, our bankster crime rate continues to rise exponentially.  However, the equivalent of these events, and more, just took place in Iceland.

Read More @ TheCommonSenseShow.com

GOLD DOWN $3.75 TO $1282.25 WITH SILVER BEING WHACKED 14 CENTS ON THIS LAST DAY OF LONDON BASED OPTIONS EXPIRY

by Harvey Organ, Harvey Organ Blog:

CHAOS IN CATALONIA SPAIN AS RAJOY PULLS OUT ALL STOPS TRYING TO BLOCK REFERENDUM

GOLD: $1282.25 down $3.75

Silver: $16.68down 14 CENT(S)

Closing access prices:

Gold $1287.50

silver: $16.87

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: $1293.04 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1284.30

PREMIUM FIRST FIX:  $8.24 (premiums getting larger)

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SECOND SHANGHAI GOLD FIX: $1297.75

NY GOLD PRICE AT THE EXACT SAME TIME: $1284.75

Premium of Shanghai 2nd fix/NY:$13.00 (PREMIUMS GETTING LARGER)  

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LONDON FIRST GOLD FIX:  5:30 am est  $1286.95

NY PRICING AT THE EXACT SAME TIME: $1288.20 ???

LONDON SECOND GOLD FIX  10 AM: $1283.10

NY PRICING AT THE EXACT SAME TIME. 1283.10

For comex gold:

OCTOBER/

NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 411 NOTICE(S) FOR41100OZ.

TOTAL NOTICES SO FAR: 411 FOR 41100 OZ  (1.2783 TONNES)

For silver:

OCTOBER

 

 285 NOTICES FILED TODAY FOR

 

1,425,000  OZ/

Total number of notices filed so far this month: 285 for 1,425,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

Let us have a look at the data for today

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In silver, the total open interest FELL SLIGHTLY BY  573 contracts from  184,997DOWN TO 184,424  DESPITE THE SMALL SIZED RISE IN PRICE THAT SILVER UNDERTOOK IN YESTERDAY’S TRADING (UP 3 CENTS ). IT SURE LOOKS LIKE WE HAD CONSIDERABLE BANKER SHORT COVERING YESTERDAY AND TODAY.  BOTH GOLD AND SILVER JUMPED EVEN THOUGH 99{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} OF THE TIME, THEY RAID ON THE DAY PRIOR TO FIRST DAY NOTICE. THIS IS A GREAT SIGN THAT THE PHYSICAL MARKET IS OVERWHELMING THE PAPER MARKET AND THEIR NAKED SHORTING.

RESULT: A SMALL FALL IN OI COMEX  WITH THE3 CENT PRICE RISE. IT LOOKS LIKE WE HAD A SMALL AMOUNT OF BANKER SHORTS COVERING.  THE BANKERS YESTERDAY TRIED TO ORCHESTRATE ANOTHER RAID AND FAILED MISERABLY IN THEIR ATTEMPT.  

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.922 BILLION TO BE EXACT or 132{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT OCT MONTH/ THEY FILED: 285 NOTICE(S) FOR 1,425,000OZ OF SILVER

In gold, the open interest FELL BY A CONSIDERABLE 7,202 CONTRACTS DESPITE THE RISEin price of gold ($1.55 ) WITH YESTERDAY’S COMEX TRADING.  The new OI for the gold complex rests at 532,683. GENERALLY WHEN WE ENTER FIRST DAY NOTICE WEEK FOR AN ACTIVE GOLD MONTH, WE SEE THE OPEN INTEREST FALL APPRECIABLY.  THIS IS BECAUSE LONGS CAN ACCEPT PRIVATE EFP CONTRACTS WHICH ENTITLES THEM TO A FIAT BONUS AND A FUTURES CONTRACT ON ANOTHER BOURSEAND MOST LIKELY THAT WOULD BE A LONDON BASED FORWARD. WE HAVE NO DOUBT HAD AN EXCESS OF 5400 EFP’S ISSUED. IN OTHER WORDS THE DEMAND IS STILL PRESENT BUT MOVED TO ANOTHER EXCHANGE AND THE OBLIGATION TO DELIVER STILL RESTS WITH OUR CRIMINAL BANKERS.

 

Result: A LARGE SIZED DECREASE IN OI WITH THERISE IN PRICE IN GOLD ($1.55) AND CONSIDERABLE EFP’S ISSUED (IN EXCESS OF 7200 )

we had: 411 notice(s) filed upon for 41,100 oz of gold.

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

GLD: 

Tonight , NO CHANGESin gold inventory at the GLD:

Inventory rests tonight: 864.65 tonnes.

SLV

Today: a no changes in inventory:

INVENTORY RESTS AT 326.757 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 ONLY573 contracts from 184,997DOWN TO 184,424 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) . AGAIN TODAY, IT  SEEMS THAT A TINY FRACTION OF OUR BANKER SHORTS COVERED.  THEY NEED TO COVER A MUCH HIGHER NUMBER OF OPEN INTEREST CONTRACTS WHEN RAIDS ARE INITIATED.  SO THEY TRIED AGAINYESTERDAY AND AGAIN TODAY.

RESULT:  A SMALL SIZED DROP IN SILVER OI  AT THE COMEX WITH THE SMALL RISE IN PRICE OF 3 CENTS IN YESTERDAY’S TRADING. ANOTHER ATTEMPTED RAID ORCHESTRATED BY THE CROOKS .  IT FAILED YESTERDAY JUDGING BY THE SMALL DROP IN OI.  THE CROOKS SEEM BENT ON DRIVING GOLD BELOW $1285.00 AND SILVER AT $16.75 AS NO DOUBT WE HAD CONSIDERABLE UNDERWRITTEN OPTIONS AT THESE LEVELS.

(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)Late THURSDAY night/FRIDAY morning: Shanghai closed UP 9.30 POINTS OR 0.28{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED UP 132.70 POINTS OR 0.48{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/ The Nikkei closed DOWN 6.83 POINTS OR 0.03{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED UP 0.23{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed WELL UP at 6.6535/Oil DOWN to 51.62 dollars per barrel for WTI and 57.01 for Brent. Stocks in Europe OPENED GREEN/EXCEPT SPAIN. Offshore yuan trades  6.6467 yuan to the dollar vs 6.6535 for onshore yuan. NOW THE OFFSHORE MOVED A LITTLE STRONGER TO THE ONSHORE YUAN/ ONSHORE YUANSTRONGER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS STRONGER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER  DOLLAR. CHINA IS VERY HAPPY TODAY

Read More @ HarveyOrganBlog.com