Sunday, June 13, 2021

Powell Painted Into a Corner…Still – Craig Hemke

by Craig Hemke, Sprott Money:

Though we just wrote about this last week, Tuesday’s “emergency” fed funds rate cut demands that we write this update. Why? Because the bond market action in the hours since foreshadows even more cuts later this month, and this will have direct implications for gold, silver, and the U.S. dollar.

So let’s begin with last week’s link. If you missed it, that’s OK. Here’s your chance to read it now: https://www.sprottmoney.com/Blog/powell-painted-in…

Сoronavirus may be a product of US ‘biological attack’ aimed at Iran & China, IRGC chief claims

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from RT:

The US сould be the prime culprit behind Covid-2019 outbreak that hit China and then Iran, head of its elite Revolutionary Guards claimed, threatening that the virus will eventually be turned against those who unleashed it.

“It is possible that this virus is a product of a biological attack by America which initially spread to China and then to Iran and the rest of the world,” Hossein Salami said on Thursday.

He vowed that Iran would “fight” the virus and cautioned that the illness “will return” to the United States, if Washington was indeed responsible for the outbreak.

Fed Is Now Trapped: If Powell Fails To Taper “Not-QE”, He Will Admit It Was “QE 4” All Along

from ZeroHedge:

The unexpected scramble by dealers to obtain repo funding in recent days has taken the market, and especially STIR traders by surprise: after all, the primary catalyst behind the Fed’s decision to (emergency) cut by 50bps was to ease financial conditions. And yet the record oversubscribtion in both term and overnight repos in the past few days confirms that contrary to the Fed’s expectations, market liquidity has in fact deteriorated sharply.

Thursday Conversation – David Rosenberg

by Turd Ferguson, TF Metals Report:

It’s another Thursday Conversation…recorded on Tuesday…and posted on Wednesday. Regardless, please be sure to give this podcast a thorough listen as the guest, David Rosenberg, is a veteran economist and forecaster.

It was truly an honor and privilege to get to visit with David yesterday…and the timing was tremendous given the emergency fed funds rate cut that was announced earlier in the day. Over the course of this call, we discuss that rate cut and the implications. However, we also discuss the state of the global economy pre-virus as well as where this is all headed in 2020. I promise you’ll find it informative and very helpful.

Click HERE to listen

Iranian General: Coronavirus Is A Manmade Bio-Weapon

by Steve Watson, Summit News:

Suggests US unleashed virus against China and Iran

An Iranian military leader has suggested that the coronavirus is not a naturally occurring disease, and that it is a manmade bioweapon cultivated and released against China and Iran by a ‘hostile state’.

Brigadier General Gholam Reza Jalali, an Iranian officer in charge of the country’s Civil Defense Organization claimed Tuesday that “A study of the consequences of the virus in terms of tolls or the extent of the epidemic and the type of media propaganda over this issue that is aimed at increasing fear and panic among people strengthens the speculations that a biological attack has been launched against China and Iran with economic goals.”

Where is Gold heading from here?

by Alex Deluce, Gold Telegraph:

The U.S market collapsed last Friday over coronavirus concerns. The global health epidemic continues to showcase its danger as it proliferates into more countries. The Dow Jones lost 357 points to finish off the worst week since 2008. In addition to the market sell-off, gold was also dramatically sold as it plummeted as low as $1,568. However, gold has rebounded today, for the most part, as it is trading over $1600/ounce again.

Have we brewed a whirlwind?

by Paul Craig Roberts, Paul Craig Roberts:

Dear friends, it is March and time for my quarterly call for your donations.  I am here for you as long as you want me.  PCR

In the United States and throughout the Western World there is public distrust of public authorities and distrust among the public of one another.  Public authorities who do not like “conspiracy theories” do a lot to generate them.

We can see the public’s distrust of public authorities in the negligent response to the coronavirus.  The refusal of public authorities to stop incoming flights from infected countries has brought the dangerous virus into the Western World where inaction has so far prevailed.

FEMA getting ready for Trump to declare national coronavirus emergency, unleashing the military and billions of federal aid

by Lance D Johnson, Natural News:

Despite repeated attempts to assure the public that the coronavirus pandemic is under control in the United States, the federal government continues to take drastic measures, just in case.

A source close to NBC News says the Federal Emergency Management Agency (FEMA) is getting ready for President Donald Trump to declare an “infectious disease emergency declaration.”

Socialism and Gold

by Keith Weiner, Monetary Metals:

Most people assume that the central bank prints money when it buys bonds. They further assume that this increase in the quantity of money causes an increase in the general price level. And, this leads them to assume that the value of the money is 1 / P (P is the general price level). Therefore, when the central bank prints money to buy bonds, it is diluting the value of the money held by everyone—in proportion to the amount printed divided by the total amount in circulation.

How The Pandemic Crisis Will Probably Develop Over The Next Year

by Brandon Smith, Alt Market:

For a while now I have been hearing it said that Americans are “in a panic” over the coronavirus outbreak in the US, and that mainstream media outlets are “feeding the fear”.  This is an odd conclusion to come to and something worth noting, because the truth is mostly the opposite.  For the past couple of months the WHO, the CDC and even Donald Trump have been dismissing Covid 19 as nothing much to worry about.  The WHO actually still refuses to call it a pandemic even though the virus meets all of their own criteria.

“COVID-19 Added to this Uncertainty:” Orders & Sales of Heavy Trucks & Medium-Duty Trucks Plunge in the US

by Wolf Richter, Wolf Street:

But for its still pre-coronavirus quarter, Navistar reported that its Truck revenues collapsed by 31%.

So Navistar International reported Q1 results this morning. It swung to a net loss of $36 million in the quarter ended January 31, as total revenues plunged 24.5%, to $1.84 billion. Net sales in its Truck segment plunged 31% to $1.24 billion.