Wednesday, December 8, 2021

Will The Fed Really “Normalize” It’s Balance Sheet?


by Dave Kranzler, Investment Research Dynamics:

To begin with, how exactly does one define “normalize” in reference to the Fed’s balance sheet?  The Fed predictably held off raising rates again today.  However, it said that beginning in October it would no longer re-invest proceeds from its Treasury and mortgage holdings and let the balance sheet “run off.”

Here’s the problem with letting the Treasuries and mortgage just mature:   Treasuries never really “mature.” Rather, the maturities are “rolled forward” by refinancing the outstanding Treasuries due to mature.   The Government also issues even more Treasurys to fund its reckless spending habits.  Unless the Fed “reverse repos” the Treasurys right before they are refinanced by the Government, the money printed by the Fed to buy the Treasurys will remain in the banking system.  I’m surprised no one has mentioned this minor little detail.

The Fed has also kicked the can down the road on hiking interest rates in conjunction with shoving their phony 1.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} inflation number up our collective ass.  The Fed Funds rate has been below 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} since October 2008, or nine years.   Quarter point interest rate hikes aren’t really hikes. we’re at 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from zero in just under two years. That’s not “hiking” rates.  Until they start doing the reverse-repos in $50-$100 billion chunks at least monthly, all this talk about “normalization” is nothing but the babble of children in the sandbox.  I think the talk/threat of it is being used to slow down the decline in the dollar.

To justify its monetary policy, Yellen stated today that she’s, “very pleased in progress made in the labor market.”  Again, how does one define progress?  Here’s one graphic which shows that the labor market has been and continues to be a complete abortion:

The labor force participation rate (left y-axis) has been plunging since 2000. It’s currently below 63{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. This means that over 37{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the working age population in the United States is not considered part of the labor force. That’s close to 100 million people between the ages of 15 and 64 who, for whatever reason, are not looking for a job or actively employed. A record number of those employed are working more than one part-time job in order to put food on table and a roof over the heads of their household. Good job Janet! Bravo!.

The blue line in the graph above shows the amount of dollars spent by the Government on welfare. Note the upward point acceleration in the rate of welfare spending correlates with the same point in time at which the labor force participation rate began to plunge. Again, nice work Janet!

The labor force participation rate is much closer to the true rate of unemployment in the United States.  John Williams of has calculated the rate of unemployment using the methodology used by the Government a couple of decades ago and has shown that a “truer” rate of unemployment is closer to 23{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

The true level of unemployment  is definitively the reason why the rate of welfare spending increased in correlation with the decline in those considered to be part of the labor force.   It could also be shown using the Fed’s data that another portion of the plunging labor force participation rate is attributable to the acceleration in student loans outstanding.  I would argue that part of the splurge in student loan funding, initiated by Obama, was used to keep potential job-seekers being forced by economic necessity from  seeking jobs and therefore could be removed from the labor force definition, which in turn lowers the unemployment rate.

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This Fed is on a Mission


by Wolf Richter, Wolf Street:

QE Unwind starts Oct. 1. Rate hike in Dec. Low inflation, no problem.

The two-day meeting of the FOMC ended on Wednesday with a momentous announcement that has been telegraphed for months: the QE unwind begins October 1. It marks the end of an era.

The unwind will proceed at the pace and via the mechanisms announced at its June 14 meeting. The purpose is to shrink its balance sheet and undo what QE has done, thus reversing the purpose of QE.

Countless people, worried about their portfolios and real estate investments, have stated with relentless persistence that the Fed would never unwind QE – that it in fact cannot afford to unwind QE.

The vote was unanimous. Even no-rate-hike-ever and cannot-spot-housing-bubbles Neel Kashkari voted for it.

The Fed also telegraphed that it could raise its target range for the federal funds rate a third time this year, from the current range of 1.0{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 1.25{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. There is only one policy meeting with a press conference left this year: December 13, when the two-day meeting ends, remains the top candidate for the next rate hike.

This has been the routine since the rate hike last December: The FOMC decides to change its monetary policy at every meeting with a press conference: December, March, June, today, and December.

Even hurricanes won’t push the Fed off track.

The Fed specifically mentioned Harvey, Irma, and Maria. No matter how destructive, they won’t impact the economy “materially” over the “medium term” and therefore won’t impact the Fed’s policies:

Hurricanes Harvey, Irma, and Maria have devastated many communities, inflicting severe hardship. Storm-related disruptions and rebuilding will affect economic activity in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.

This Fed is on a mission. There was zero surprise in the monetary policy decision today, which is key: The Fed wants to revive its credibility. It wants markets to take it at its word. But that’s not an easy job.

Starting in 2013 and into early 2016, the Fed engaged in feverish flip-flopping at every squiggle of the markets, first on tapering of QE and then on raising rates. I mused a few days ago:

During this period, they took their credibility out the back and shot it. And when that credibility seemed to still have any life left in it, they shot it again. And even after everyone saw that it obviously had no more life left in it, they shot it again, just to make sure.

Now markets don’t believe anything the Fed tries to communicate. They’re hoping that at the next market squiggle, the Fed will re-flip-flop, cut rates, and restart QE. Markets are dreaming.

“Low” inflation, no problem.

Fed officials see consumer price inflation below their target of 2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} for the next two years and are OK with it. The Fed’s favorite inflation gauge, core PCE (ex food and energy), was 1.4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} at the last reading. But no big deal. Fed officials lowered their projections of core inflation to 1.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} by the end of 2017, and to 1.9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} by the end of 2018.

And yet – despite market rumors and hopes that the Fed would flip-flop – rate hikes keep coming, albeit at snail’s pace; and on October 1, QE will begin to unwind.

Why? Asset prices.

Fed officials have been mentioning asset prices explicitly since last year. Inflated asset prices make inflated collateral values, and the banks are on the hook. Deflating asset bubbles threaten “financial stability” via this mechanism of collateral. They take down banks because collateral values collapse. And they do terrible damage to the real economy. This Fed doesn’t want another big crisis.

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Rate Hike Cycles, Gold, and the “Rule of Total Morons”


by Mish Shedlock, MishTalk:

In response to Janet Yellen’s everything is OK speech following today’s balance sheet reduction notice by the FOMC committee, I received an interesting set of comments from Pater Tenebrarum at the Acting Man Blog regarding rate hike cycles, gold, and stock market peaks.

“Rule of Total Morons”

A new bull market in gold started in late 2015 concurrently with the Fed’s first rate hike. That is no coincidence. The gold market is highly sensitive to future changes in liquidity. The more tightening moves the Fed undertakes (which it does in the face of collapsing money supply growth, because its decisions are based on lagging economic indicators), the more gold bullish and the more stock market bearish the fundamental backdrop becomes. Anyone long stocks should actually ask himself how it is possible that gold is up nearly 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from its low, despite an ostensibly “gold bearish” rate hike cycle.

But they never do ask the right questions, which is why stocks peak with a big lag, particularly in major bubbles. Economic historians found out that the economy was technically very likely already in recession when the stock market peaked in 1929. In the 2007 to 2009 bust, NBER backdated the beginning of the recession to December 2007, but in May of 2008 Bernanke was still talking about how well the economy was doing and how the high oil price was “creating inflation” (thereafter he began to shut up about all that, but not before demonstrating for everyone to see how utterly clueless he was). And of course, stocks peaked in October of 2007, practically two seconds before the economy fell into recession.

In bubble regimes, the final stage is always characterized by the “rule of total morons”. That’s just how it is.

Missing Inflation

Central banks cannot see inflation because they are totally clueless how to measure it: Central Banks Puzzled as Global Inflation Hits Lowest Level Since 2009: Solving the Puzzle

How Much Gold Should the Common Man Own?

Understanding Bubbles

If you wish to understand the nature of the bubbles we are in, a few recent articles of mine will help.

  1. Bubblicious Debate: Greenspan Says “Bond Bubble About to Break”, No Stock Market Bubble
  2. Median Price-to-Revenue Ratio Higher in All Deciles vs 2007, 90{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} vs Dot-Com Bubble: THE Choice
  3. Debunking MMT, Keynesianism, Monetarism: Reader asks “What theories do you believe?” Mish Reading List

Gold vs. Faith in Central Banks

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‘Secret Monetary Policy’: Who Manipulates Gold Prices and Why

from Sputnik News:

While major international events, like nuclear tests carried out by North Korea, affect gold prices and result in a situation when investors prefer to invest their money in the noble metal, economic expert Dimitri Speck believes that there are other, more important factors that play a crucial role in influencing the global financial market.

Gold prices have been subject to constant manipulations since 1993, German expert on the gold market Dimitri Speck told Sputnik Germany.

According to him, the manipulation of gold prices has been presented by the media as if it has been initiated by a couple of malicious traders just recently, but this idea is wrong.

“When the gold price manipulation started on August 5, 1993, these were central banks that initiated the process, and namely the then head of the US Central Bank Alan Greenspan. He did not want to let the gold price rise over $400,” Speck said, adding that Greenspan feared that a significant increase in gold prices might affect the “inflation thermometer.”

The expert noted that the US Fed had arranged an agreement among the central banks to keep the gold price below $400 dollars. This was done for several years by means of sales and loans.

Drivers of Gold Price Manipulation

Central banks, which often belong to the state, do not act alone, but work closely with private banking and financial institutions, Speck continued.

“With the help of price shocks, they [the institutions] shortly knock the prices down to drive other buyers out of the market. The state is the first to get benefit from all this, and this primarily concerns the United States. Well, and the dollar. These are the main beneficiaries of the gold price manipulation. Because the US dollar, as the main world currency, looks good in this case,” the analyst noted.

Explaining how the manipulation process actually takes place, Speck noted that this happens “very simply,” namely by “damaging other competitors.” 
In this case, gold is the main rival to currencies based on loans, such as the US dollar and the euro.

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Kremlin Says Morgan Freeman Suffering From “Stress” After ‘War With Russia’ Video

by Paul Joseph Watson, Infowars:

The Kremlin reacted to a video featuring Morgan Freeman that announces the U.S. is at war with Russia by asserting that the actor is suffering from “stress”.

The two minute clip features Freeman announcing that Russia attacked the United States by interfering in the presidential election.

The group behind the video, the Committee to Investigate Russia, claims to be “non-partisan” yet is made up of with Never Trump neo-cons like Max Boot and David Frum.


James Clapper, Obama’s spymaster who was caught lying about the Trump campaign being wiretapped after yesterday’s revelations about Paul Manafort, is also involved.

The group is also represented by Hollywood director Rob Reiner, seen in photos kissing Hillary Clinton, who has called for an “all out war” to resist Donald Trump.

Kremlin spokesman Dmitry Peskov said Freeman’s words were “purely emotional” during a press conference conference earlier today and that the video couldn’t be taken seriously because it was “not based on real information”.

“Many creative people fall prey to emotional stress without real information about the real state of things,” he was quoted as saying by the Interfax news agency.

Peskov added that the campaign was ” a continuation of a form of McCarthyism,” and that “with time this will pass.”

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Chinese Gold Mining as a Source of Gold Supply


from BullionStar:


As well as being the largest importer of gold in the world, and the world’s largest consumer of gold, the Chinese gold mining sector is the world’s largest national gold producer. According to the China Gold Association, China produced 453.5 tonnes of gold from mining operations during 2016, maintaining its pole position as the world’s largest gold producer for the 10th consecutive year. Most of this gold production comes from direct gold mining, however, about 10-20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} results as a byproduct of other non-ferrous mining.

China’s Gold Mining Output

Domestic gold mining is China’s second largest source of gold supply after gold imports[1], and mining supply, together with gold imports, drives the supply side of the Chinese Gold Market supply-demand balance[2].

China’s annual gold mining output is far ahead of both Australia and Russia, the world’s second and third largest gold producers. These two countries produced 270 tonnes and 250 tonnes of gold mining output, respectively, during 2016[3]

Chinese annual gold mining output has grown by 62{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} since 2007, and first exceeded the 300 tonne level in 2009, followed by the 400 tonne level in 2011. By 2014, it had reached a record 478 tonnes of gold output. In early 2017, the Chinese Ministry of Industry and Information Technology stated that the nation plans to boost annual gold output to 500 tonnes per year by 2020. This would mean gold production growing by an annual average 3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} over the 2017-2020 period[4].

However, judging by the first half of 2017, during which China’s gold production dropped to 206.5 tonnes of gold, the full year figures for 2017 will most likely be lower than in 2016[5].


China’s In-Ground Gold Reserves

Although the 2017 US Geological Survey (USGS) mineral commodity summary gold report states that China only has in ground gold reserves of 2000 tonnes (and the USGS has not updated this figure since 2009), the Chinese Ministry of Land and Resources circulates far higher figures.

In a June 2015 presentation to a LBMA conference in Singapore, Zhang Bingnan, Chairman of the China Gold Association claimed that China had 9816 tonnes of in ground gold reserves[6]. Bingnan was sourcing his figure from the Chinese Ministry of Land and Resources which releases “China Mineral Resources Bulletins” each year[7]. The 2015 bulletin had included this 9816 tonnes of in ground gold reserves as of year-end 2014. Notably, this figure has now been updated even further in the 2016 mineral resource bulletin which now claims that at year-end 2015, China has a huge 11563.5 tonnes of identified in ground gold reserves[8]. The Ministry of Land and Resources also claims to have discovered an additional 1130.3 tonnes of gold reserves during 2016.

Leading Companies in Chinese Gold Mining Sector

The ten top Chinese gold producers account for over half of the country’s total refined gold output. The largest of these gold mining groups include:

  • China National Gold Group (which controls Zhongjin Gold)
  • Shandong Gold
  • Zijin Mining Group
  • Hunan Gold

China National Gold Group Corporation (CNG)[9] is China’s largest gold producing conglomerate. CNG is owned by the Chinese state and it reports directly the central government in Chinese. Notable, CNG is the only Chinese gold mining company to be a member of the World Gold Council. Companies under the CNG group umbrella include the domestic  mining company, the group’s international arm China Gold International Resources Corporation, and nationwide jewellery network Zhongjin Gold Jeweller.

Zhongjin Gold, headquartered in Beijing, is China’s largest gold mining producer. and owner of the largest in-ground gold reserves of all Chinese mining companies. Its largest mine is in the Dazhuohan region and it also controls gold mining resources in the Shandong province and in other areas of China. Zhongjin Gold shares are listed on the Shanghai Stock Exchange.

CNG corporation holds a 39{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} share in China Gold International which is listed on both the Hong Kong and Toronto stock exchanges. China Gold International also controls 2 operating gold mines in China, one of which is an open pit mine CSH mine located in Inner Mongolia and the other is the Jiama open-pit and underground copper-gold and other mineral (polymetallic) mine located in the Tibet Region. Together these 2 gold mines have proven / probable reserves of 5.1 million ounces of gold (159 tonnes), and measured / indicated resource of 8.5 million ounces (264 tonnes)[10].

The Zhongjin Gold Jewellery subsidiary distributes gold in approximately 1,600 gold jewellery stores throughout China. These outlets sell CNG branded gold bars as well as other gold investment products.

Shandong Gold Group is a state-owned company controlled by Shandong Provincial Government, and is named after the Shandong province in East China, which is located north-west of Shanghai. Shandong’s stock is listed on the Shanghai and Shenzhen stock markets.

Shandong is one of China’s largest gold groups in terms of gold output[11]. Shandong controls over 1000 tonnes of identified gold resources on the Jiaodong Peninsula, one of the most gold resource rich areas of China, and more than 1400 tonnes of identified gold resources overall.

Four of its mine locations, each with over 100 tons of gold resources, are located in the Sanshan Island, Jiaojia, Linglong and Xincheng areas of Shandong. While most of the group’s gold resources are within Shandong, the Shandong Gold also controls gold resources in other areas of China and also outside China. Recently Shandong Gold discovered the huge new “Xiling” gold deposit near its Sanshan Island gold mine. According to Shandong, this Xiling gold deposit, which is still at the exploration stage, will in time produce over 550 tonnes of gold and will prove to become China’s largest ever single gold deposit.

Zijin Mining Group, one of China’s largest mining groups, controls mineral assets across gold, copper, iron ore and other minerals. The group is involved in exploration, mine development, mine production and refining, and has over 1350 tonnes of in-ground gold reserves/resources[12]. Zijin’s gold mines include the open-pit Zijinshan Gold & Copper Mine in Shanghang which contains one of the largest gold deposits in China, the open-pit Liba gold mine in Gansu province, the Shanggong underground gold mine in Hunan province, and the Dongping gold mine in Hebei province[13].

The group also has a 70{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} ownership in the Yinhui Gold Refinery located in Hunan province[14]. Zijin’s stock is listed on both the Shanghai and Hong Kong stock exchanges.

Hunan Gold Corporation, is headquartered in Huaihua in the southwestern Chinese province of Hunan, hence the ‘Hunan’ name. Formerly known as Chenzhou Mining Group, the group changed name to Hunan Gold during 2015. Hunan is involved in exploration, mining, processing and smelting of non-ferrous metals including gold. Gold bars / ingots produced by Hunan are fabricated under the Chenzhou brand name[15].

Chinese Gold Army

The Chinese Armed Gold Police Force is a special division of xxx which is tasked with gold and other mineral exploration across China, including geological gold surveys, drilling, and prioritising areas for exploration focus. In short, its main task is to “find gold for the country”.

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Existing Home Sales Unexpectedly Decline 1.7 Percent: Fourth Drop in Five Months


by Mish Shedlock, MishTalk:

The Econoday consensus expected a small increase in existing home sales in August.

Instead, sales decline a substantial 1.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. The August decline follows a 1.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} decline in July.

Fourth Drop in Five Months

MarketWatch reports Existing Home Sales Fall in August for the Fourth Time in Five Months.

Existing home sales in August dropped for the fourth time in five months as real-estate agents continue to blame a lack of available homes to buy.

The National Association of Realtors said existing home sales fell 1.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to a seasonally adjusted rate of 5.35 million. Economists polled by MarketWatch expected a 5.44 million pace.

The median existing-home price in August was $253,500, up 5.6{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

Total housing inventory at the end of August declined 2.1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to 1.88 million existing homes available for sale, and is now 6.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} lower than a year ago.

Harvey Impact

The Wall Street Journal reports A sharp drop in sales in Houston, which was racked by Hurricane Harvey, accounted for most of the overall decline.

Existing-home sales fell 1.7{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from a month earlier to a seasonally adjusted annual rate of 5.35 million, the National Association of Realtors said Wednesday. Economists surveyed by The Wall Street Journal expected a rate of 5.45 million sales in August.

Sales have risen just 0.2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} over the past year.

A sharp drop in home sales in Houston, which was racked by Hurricane Harvey last month, accounted for most of the overall decline in home sales, NAR economist Lawrence Yun said. He estimated overall sales would have been flat from the prior month without the hurricane effects.

Housing Starts Down Again

Yesterday, the Census Bureau New Residential Construction report shows housing starts declined again in August but July starts were revised substantially higher. Still, starts have lost momentum and are only up 1.4{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from a year ago.

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New Emails show Hillary Clinton invited Vladimir Putin to Clinton Foundation Gala


by Alex Chrisoforou, The Duran:

For all her “Putin tried to destroy me” rhetoric, Hillary Clinton was eager to hang out with the Russian President during the Clinton Foundation good ol’days.

Emails recently obtained and released by conservative watchdog group, Judicial Watch show that Hillary Clinton invited Vladimir Putin to a Clinton Foundation Gala back in 2009.

Which makes all of Hillary’s “Russia” whining complete bullshit…and a total acting job by the sore loser presidential candidate.

Here is the Judicial Watch PDF download of HRC gushing at a chance to have Vladimir Putin attend a Clinton Foundation Gala.

Via The Gateway Pundit

Just a couple months into Hillary Clinton’s term as Secretary of State, the Clinton Foundation invited Vladimir Putin and other leaders to the Clinton Global Initiative’s 2009 annual gathering.

The email containing the list of leaders who were invited was forwarded in March of 2009 from the Director of Foreign Policy of the Clinton Foundation Amitabh Desai to former Assistant Secretary of State Andrew Shapiro. Shapiro then forwarded it to Hillary’s foreign policy advisor Jake Sullivan showing a conflict of interest between the Clinton Foundation and the federal government.

Via SHTF Plan

In newly released emails which the mainstream media is willfully ignoring, Hillary Clinton invited Russian president Vladimir Putin to a Clinton Foundation event. The Russian collusion between Hillary Clinton is becoming very apparent.

Hillary Clinton likes to talk a tough game about Russian President Vladimir Putin. And she likes to put him on the list of those at fault for her loss in the election last November to Donald Trump. But that didn’t stop her from inviting him and other top Russian officials to a Clinton Foundation gala right after she became Secretary of State.

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EXCLUSIVE: The Forensicator On Guccifer 2.0’s “Clinton Foundation” Files


by Elizabeth Vos, Disobedient Media:

Disobedient Media provided the first media coverage of the findings of the independent analyst known as the Forensicator. The Forensicator’s work and our coverage of their analysis was cited by Veteran Intelligence Professionals for Sanity (VIPS) in their memorandum to President Trump questioning Russian hacking allegations. The Forensicator’s groundbreaking analysis, the VIPS memorandum, and the immense work of Adam Carter have been instrumental in forcing legacy press and establishment figures to face a fundamental lack of evidence supporting Russian hacking claims.

The Forensicator‘s latest analysis was sparked in part by twitter user Stephen McIntyre’s observation regarding the so-called “Clinton Foundation” (cf.7z) file. The alleged Clinton Foundation information is separate from NGP-VAN data, though both were published by the Guccifer 2.0 persona.

The Forensicator’s report illustrated the time stamps used in their latest analysis of the “Clinton Foundation” files:

The Forensicator prefaced their discussion of the latest findings with Disobedient Media by emphasizing that Guccifer 2.0’s use of the title “Clinton Foundation” was potentially misleading. They noted that despite the title, the file may not have actually come from a “hack” of the Clinton Foundation. When the Forensicator analyzed the files attributed to The Clinton Foundation, they confirmed that some were dated 7/5/2016; those files fit into gaps in the previously analyzed NGP/VAN data.

McIntyre’s tweets pointed out an observable time zone difference of an hour between the NGP-VAN files and the purported Clinton Foundation files. The Forensicator explained that the latest available information raised questions as to whether one person or multiple individuals were responsible for copying the files published by Guccifer 2.0. They stated that the available evidence is not sufficient to draw a strong conclusion on that issue.

The Forensicator addressed the time zone issue in his latest findings:

The Forensicator additionally told Disobedient Media that in their earlier analysis of the NGP-VAN data, a copying event at a later date had raised questions as to the number of  “team members” involved. The Forensicator told Disobedient Media that the the data in the “Clinton Foundation” disclosure introduces new content that has time stamps which fit into the NGP/VAN timeline. This observation supports their conclusion that both the NGP/VAN files and the Clinton Foundation files were selected from a larger group of files dated 2016-07-05.

The Forensicator further explained to us that these new files either fit into gaps previously observed in their analysis of the NGP/VAN files, or preceded them by just one minute. This, they said, strengthens their earlier analysis of the NGP-VAN meta data, and suggests that the “Clinton Foundation” files was pulled from a much larger set of data, then curated.

The Forensicator also emphasized that “the entire cf.7z archive has two second granularity,” indicating that the Clinton Foundation files were copied to a FAT-based media (most likely a thumb drive) before the final 7zip file was built. They added that the files appear to have been copied to a Windows PC before the final 7zip was constructed.

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BOOM! Trump Slams Socialism At UN General Assembly — Faces Silence and Audible Gasps (VIDEO)


by Jim Hoft, The Gateway Pundit:


President Trump slammed the Venezuelan Socialist Regime at the UN General Assembly on Tuesday.

President Trump then SLAMMED the Socialist platform.

President Donald Trump: The problem in Venezuela is not that socialism has been poorly implemented but that socialism has been faithfully implemented. (long pause) From the Soviet Union to Cuba to Venuzela, wherever socialism or communism has been adopted it has delivered anguish and devastation and failure.

You could have heard a pin drop — except for a few gasps and a couple people clapping.

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