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9:45a Chicago PMI
Index 52.1 actual vs 56.0 prior
Consensus Outlook
July's consensus is 56.0 which would be unchanged from what was a lower-than-expected result in June.
Definition
The Institute For Supply Management - Chicago compiles a survey and a composite diffusion index of business conditions in the Chicago area. Since October 2011, the survey has been conducted by Market News International. Manufacturing and non-manufacturing firms both are surveyed. Hence, it is not directly comparable to pure manufacturing surveys. Readings above 50 indicate an expanding business sector.
10:00a Consumer Sentiment
Index 51.5 actual vs 51.1 prior
Consensus Outlook
Consumer sentiment is expected to end June at 51.1, unchanged from the mid-month and deeply depressed reading.
Definition
The University of Michigan's Consumer Survey Center questions 600 households each month on their financial conditions and attitudes about the economy. Consumer sentiment is directly related to the strength of consumer spending. Consumer confidence and consumer sentiment are two ways of talking about consumer attitudes. Among economic reports, consumer sentiment refers to the Michigan survey while consumer confidence refers to The Conference Board's survey. Preliminary estimates for a month are released at mid-month. Final estimates for a month are released near the end of the month.
8:30a Personal Income and Outlays
Personal Income - M/M 0.6% actual vs 0.6% (rev) prior month
Personal Consumption Expenditures - M/M 1.1% actual vs 0.3% (rev) prior month
PCE Price Index - M/M 1.0% actual vs 0.6% prior month
PCE Price Index - Y/Y 6.8% actual vs 6.3% prior year
Core PCE Price Index - M/M 0.6% actual vs 0.3% prior month
Core PCE Price Index - Y/Y 4.8% actual vs 4.7% prior year
Consensus Outlook
Personal income, up 0.5 percent in May, has been steady and hitting expectations with June's consensus gain also at 0.5 percent. Personal consumption expenditures, which had beaten expectations in prior reports, faded noticeably in May at a gain of only 0.2 percent; June's consensus is a 0.9 percent jump. Inflation readings are expected at accelerating monthly gains of 0.9 overall and 0.5 percent for the core (versus 0.6 and 0.3 percent respectively) for annual rates of 6.7 and 4.7 percent (versus May's 6.3 and 4.7 percent).
Definition
Personal income represents the income that households receive from all sources including wages and salaries, fringe benefits such as employer contributions to private pension plans, proprietors' income, income from rent, dividends and interest and transfer payments such as Social Security and unemployment compensation. Personal contributions for social insurance are subtracted from personal income.
Personal consumption expenditures are the major portion of personal outlays, which also include personal interest payments and transfer payments. Personal consumption expenditures are divided into durable goods, nondurable goods and services. These figures are the monthly analogues to the quarterly consumption expenditures in the GDP report, available in nominal and real (inflation-adjusted) dollars. Economic performance is more appropriately measured after the effects of inflation are removed.
Each month, the Bureau of Economic Analysis also compiles the personal consumption expenditure price index, also known as the PCE price index. This inflation index measures a basket of goods and services that is updated annually in contrast to the CPI, which measures a fixed basket.
8:30a Employment Cost Index
Quarter over Quarter 1.3% actual vs 1.4% prior qtr
Year over Year 5.1% actual vs 4.5% prior year
Consensus Outlook
Enormously swollen gains of 1 percent and more over the last three quarters have been signaling substantial wage-push risk. After the first quarter's 1.4 percent rise, forecasters see employment costs easing but only slightly to 1.1 percent in the second quarter. Year-over-year, the ECI is seen up 1 tenth to 4.6 percent.
Definition
A measure of total employee compensation costs, including wages and salaries as well as benefits. The employment cost index (ECI) is the broadest measure of labor costs.
Today's Economic Calendar
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
Today's Markets
In Asia, Japan -0.1%. Hong Kong -2.3%. China -0.9%. India +1.3%.
In Europe, at midday, London +0.5%. Paris +1.2%. Frankfurt +1%.
Futures at 6:20, Dow +0.3%. S&P +0.7%. Nasdaq +1.2%. Crude +1.9% to $98.29. Gold +0.5% to $1777.70. Bitcoin +4.6% to $24,010.
Ten-year Treasury Yield +1 bps to 2.69%
A verse on our coming depression
Far worse than our Covid recession
Our markets are rotten
Our world, misbegotten
Destroyed by an evil profession
-The Limerick King
Mike Savage - Another Nail
July 28, 2022
While many of us are finding the things that we buy skyrocket in price it is likely that we haven’t seen anything yet. My opinion is that this is a man-made crisis that is totally avoidable but will likely NOT be avoided because those “in charge” need a crisis to move from our failed fiat system to a new system which they would like to impose. This is so that they can implement total control through CBDCs (Central Bank Digital Currencies), social credit scores and massive surveillance.
In the meantime, as prices are rising, there are many signs that we are in the early innings of a massive inflationary spike. In a rare moment of candor Fed President Powell admitted in his Humphry-Hawkins testimony last month (Appearance before Congress) that higher interest rates would NOT lead to lower food and oil prices. Of course, they can’t “print” anything but more DEBT.
The fact that we have grossly negative real interest rates is only one reason why inflation may become more rampant. One announcement which really puts this into focus is that because of rising natural gas prices BASF (German chemical company) had to pay an ADDITIONAL 800 MILLION Euros over last years costs to keep its plants operating in just the second quarter of 2022.
After the earnings report BASF CEO Martin Brudermuller said “We are reducing production at facilities that require large volumes of natural gas, such as ammonia plants.”
Ammonia plays a critical role in nitrogen-based fertilizers, plastics and diesel exhaust fluid. Also, a byproduct of ammonia production is high-purity CO2 which is heavily used in the food industry.
While many are worried about keeping warm when winter gets here (a serious concern) we can now see an immediate problem. With the price of natural gas soaring, it is going to have a profound impact on farmer’s costs going forward for fertilizer and could also lead to severe supply constraints so not only will it cost more to produce the food but there could be a lack of fertilizer which could reduce the harvest and lead to further shortages and higher prices again. Let’s also not forget that most of our packaging is plastic and that most of our deliveries are done in diesel trucks. This is just one example of how rising costs for fuel can cause a cascading effect among many facets of the economy.
I am also wondering about the employees who may be laid off or put on furlough. How will that help consumer spending and tax receipts? Another nail.
It is also glaringly obvious that the central banks- mainly the ECB, the Fed and Bank of Japan are involved in a massive scheme to keep rates low by buying bonds and are also likely buying stocks. The Bank of Japan actually admits it. While this is likely what is leading to “markets” rising again in the short-term it is more than likely that in the longer-term it will be massively inflationary. Of course, they will blame it on Putin or global warming but as Powell (Fed President) actually admitted “Inflation is always and everywhere a monetary phenomenon” In plain English “printing” money out of nowhere is what causes inflation. In the last 4 weeks the Fed has “reduced” its balance sheet by ADDING $8 BILLION to it. How does THAT work???
Of course, the central banks are pulling out all of the stops to mask what they are up to. They compare fiat currencies to each other so as they all fall together the actual loss of purchasing power is hidden. The fallacy of a “strong dollar” should be easily seen as a joke when inflation at 15-20% means we are losing purchasing power by 15-20% THIS YEAR. If that is strong I would hate to see weak.
I have written in the past about the collusion to keep the price of gold suppressed so, again, to hide the loss of purchasing power of fiat currencies and make the dollar look “STRONG”. There are MANY reasons why this current paradigm can’t last forever but there is a GLARING chart that shows just how much effort it is taking at this time to keep the illusion of gold being risky and not being an inflation hedge. The JP Morgan brokers are on trial in Chicago for spoofing. This is where fake trades are inputted with no intent of executing the trade but in order to move the “market” where they want it to go. This is just the tip of the iceberg. The real action (which nobody is being prosecuted for) is in the derivative “markets” where, like central banks can conjure up cash out of nowhere, banks can conjure up “paper gold” contracts (no physical gold needed) in unlimited amounts to give the illusion of more gold than actually exists and can move “markets” far more meaningfully than anything a spoofer could do.
Because of algorithmic trading having taken over, a carefully placed buy or sell order can make the “market” move meaningfully- either up or down. Of course, at the behest of the BIS (Bank of International Settlements) almost ALL of the manipulation has been to the DOWN side.
So why do I see a problem brewing right now?
In January we saw gold start to take off and has since seemed to have cement shoes. In a report released by the US Office of the Comptroller of the Currency it showed that in the first quarter of 2022 the precious metals derivatives (paper contracts with little to no actual gold) increased a stunning 520% over the 4th. quarter of 2021.
This leads me to believe there is a major effort to keep the price suppressed at this time and the end of this rigging is coming. I only wish I could say when.
I continue to believe that we are heading towards a cliff where a whole lot of debt and equities will be wiped out- as in going to zero. The math supports my thesis. It appears to me to just be a matter of time.
I believe that Putin, Xi and many others also see the writing on the wall and that is why they are starting their own reserve currency (announced at the BRICS conference) and backing said currency with commodities produced by the participating countries.
How far along this is I really don’t know but I do know they have been working on this since 2014 or so and only made an “official” announcement last week. Stay tuned. This is likely to have a MAJOR negative effect on the US dollar in particular but also all currencies that are backed by nothing.
In this scenario inflation could reach heights that we can’t imagine at this time. It is also likely that as countries turn more inward (deglobalization) there will be far more competition for goods. Those with the strongest currencies at that time will get what they need- possibly at FAR higher prices than we see today.
When this thing unwinds I personally want assets that can’t be conjured up from nowhere and that are actually assets and not units of debt- which almost all paper assets are. Even most stocks-even though they show ownership of a company’s assets can be undermined in no time by a default on the corporation’s debt.
I’ll take hard assets like gold, silver, food, oil, etc. rather than counting on a third party to make good on their promises to repay. The math says – GOOD LUCK WITH THAT!
Be Prepared!
https://lemetropolecafe.com/man_ray_table.cfm?pid=17861
The “inflating away the debt” myth
By Steven Saville
July 27, 2022
[This blog post is an excerpt from a recent commentary published at TSI]
It is claimed that government indebtedness can be reduced via something called “financial repression”, which is the combination of “price inflation” and interest rate suppression. The idea is that the government debt burden can be made smaller in real terms in a relatively painless way by depreciating the currency in which the debt is denominated while the central bank prevents a large rise in the cost of servicing the debt. At a superficial level it seems plausible and may well be attempted over the years ahead by some governments, including the US government. However, aside from it having never worked as advertised in the past, the problem with financial repression is that when viewed through the lens of good economic theory it is not plausible. On the contrary, good economic theory indicates that the financial repression path leads to the destruction of the currency and economic collapse.
To support their argument, advocates of the idea that financial repression can achieve its intended goal (a reduction in the real government debt burden without dramatically adverse economic consequences) point to the US experience during the decade following the end of the Second World War. During this period there was significant “inflation”, a large reduction in federal government indebtedness and a successful effort by the Fed to prevent the yield on US government bonds from rising to reflect the inflation. However, this is an example of the logical error of observing that ‘B’ followed ‘A’ and concluding that ‘A’ must therefore have caused ‘B’.
In economics there are always many potential influences on an outcome. As a result, to avoid coming up with nonsensical cause-effect relationships you must be armed with prior knowledge in the form of good theory. For example, an observation that over the past twenty years the US unemployment rate has tended to move inversely, with a lag, to the price of beer in Iceland, should not lead to the conclusion that the rate of US unemployment could be reduced by increasing the price of beer in Iceland.
With regard to the US post-War experience, the key to success was not “financial repression”. The keys were the dismantling of New Deal programs, the general freeing-up of the economy, a reduction in government spending (government spending collapsed in the two years immediately after the War and then essentially flat-lined for a few years), and a currency linked to the world’s largest gold reserve. It was the combination of economic strength and restrained government spending, not the combination of inflation and interest-rate suppression, that enabled the US government to greatly reduce its debt burden.
In today’s world, we can safely assume that a general freeing-up of the economy leading to strong real growth is not on the cards.
To envisage what would happen in response to financial repression over the years ahead, bear in mind that if the central bank stops one pressure valve from working then the pressure will blow out somewhere else. For example, by monetising enough government debt the Fed could create a situation involving high price inflation and a low interest expense for the US government, but even in the unlikely event that the US government tried to its rein-in its spending the non-interest-related cost of running the government would surge due to price inflation. As a result, the total amount of government debt would rise rapidly and the Fed would be forced to ramp-up its bond monetisation to keep a lid on government bond yields, causing more “inflation” and giving another substantial boost to the cost of running the government, and so on.
Summing up, in a high-inflation low-growth environment, financial repression would lead to a downward spiral in currency purchasing power and an upward spiral in government indebtedness.
https://tsi-blog.com/
10:30a EIA Natural Gas Inventory
Week over Week 15bcf actual vs 32bcf prior
Definition
The Energy Information Administration (EIA) provides weekly information on natural gas stocks in underground storage for the U.S. and five regions of the country. The level of inventories helps determine prices for natural gas products.
11:00a Kansas City Fed Mfg Survey
Level 13 actual vs 12 prior
Definition
The Kansas City Fed index offers a monthly assessment of change in the region's manufacturing sector. Positive readings indicate monthly growth and negative readings monthly contraction. Readings at zero indicate no change. The headline number is the composite index, an average of the production, new orders, employment, delivery time, and raw materials inventory indexes.
US economy enters technical recession >
https://www.foxbusiness.com/economy/economy-us-economy-shrank-second-quarter-entering-technical-recession
8:30a GDP Q2
Quarter over Quarter - Annual Rate 0.9% actual vs -1.6% prior
Personal Consumption Expenditures - Annual Rate 1.0% actual vs 1.8% prior
Consensus Outlook
Second-quarter GDP is expected to accelerate to 0.5 percent annualized growth versus first-quarter contraction of 1.6 percent. Personal consumption expenditures, after the first-quarter's plus 1.8 percent rate, are expected to rise 1.3 percent.
Definition
Gross Domestic Product represents the total value of the country's production during the period and consists of the purchases of domestically-produced goods and services by individuals, businesses, foreigners and government entities. Data are available in nominal and real (inflation-adjusted) dollars, as well as in index form. Economists and market players always monitor the real growth rates generated by the GDP quantity index or the real dollar value. The quantity index measures inflation-adjusted activity, but we are more accustomed to looking at dollar values.
Household purchases are counted in personal consumption expenditures -- durable goods (such as furniture and cars), nondurable goods (such as clothing and food) and services (such as banking, education and transportation). Private housing purchases are classified as residential investment. Businesses invest in nonresidential structures, durable equipment and computer software. Inventories at all stages of production are counted as investment. Only inventory changes, not levels, are added to GDP.
Net exports equal the sum of exports less imports. Exports are the purchases by foreigners of goods and services produced in the United States. Imports represent domestic purchases of foreign-produced goods and services and must be deducted from the calculation of GDP. Government purchases of goods and services are the compensation of government employees and purchases from businesses and abroad. Data show the portion attributed to consumption and investment. Government outlays for transfer payments or interest payments are not included in GDP.
The GDP price index is a comprehensive indicator of inflation. It is typically lower than the consumer price index because investment goods (which are in the GDP price index but not the CPI) tend to have lower rates of inflation than consumer goods and services. Note that contributions of each component, as averaged over the prior year, are tracked in the table below (components do not exactly sum to total due to chain-weighted methodology). Consumption expenditures, otherwise known as consumer spending, has over history been steadily making up an increasing share of GDP.
8:30a Initial Jobless Claims
Initial Claims - Level 256K actual vs 261K (rev) prior
Initial Claims - Change -5K actual vs 17K (rev) prior
4-Week Moving Average 249.25K actual vs 243.00K (rev) prior
Consensus Outlook
Jobless claims for the July 23 week are expected to hold steady at 249,000 versus 251,000 in the prior week.
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smooths out weekly volatility.
Today's Economic Calendar
8:30 GDP Q2
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $38B, 7-Year Note Auction
4:30 PM Fed Balance Sheet
Today's Markets
In Asia, Japan +0.4%. Hong Kong -0.2%. China +0.2%. India +1.9%.
In Europe, at midday, London -0.1%. Paris flat. Frankfurt -0.1%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.6%. Crude +2.1% to $99.34. Gold +2.2% to $1756.30. Bitcoin +8.1% to $23,048.
Ten-year Treasury Yield +6 bps to 2.79%
They scared us with dangerous bugs
And fooled us with dangerous drugs
Both evil and crude
They're after our food
Elites are some dangerous thugs!
-The Limerick King
JetBlue Airways reaches deal to buy Spirit Airlines
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/28/jetblue-airways-reaches-deal-to-buy-spirit-airlines.html
Meta reports earnings miss and steeper-than-expected revenue drop
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/27/facebook-parent-meta-earnings-q2-2022.html
Ford beats on earnings and revenue as operating income surges
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/27/ford-f-earnings-q2-2022.html
Whole World is a Banana Republic – Bill Holter
By Greg Hunter
On July 26, 2022
A few months back, precious metals expert and financial writer Bill Holter predicted the economy was going to tank, and today, the U.S. is officially in a recession. Holter says it’s not just America buckling under enormous debt, but the entire world. Holter explains, “This is only the start. They are trying to debate whether or not we are in a recession, but it’s pretty much a lock. Yes, we are in a recession. And this is not just the U.S. This is a global problem. . . . Let me put his into perspective. If you add up all the global GDP’s, we are roughly $100 trillion. The problem is there is well over $350 trillion in debt worldwide. . . . When I graduated college . . . anything above 100% debt to GDP was considered a banana republic. Look where we are today. Globally, it’s 350% debt to GDP. What that tells me is the world is a banana republic.”
So, it’s no surprise big money is getting out of fiat currencies like the U.S. dollar. Less than a month ago, Holter, who is also a precious metals broker for Miles Franklin, brokered what looks like the biggest U.S. silver coin deal in history. Just the Silver Eagle portion of the deal was 650,000 coins, which was only part of the $50 million deal. Only $27 million of that could be bought in U.S. incremented silver coins. (The rest was used to buy gold U.S. coins.) Holter says that cleared out the wholesale market for U.S. silver coins, including so-called junk silver. Holter contends, “That shows you how thin it really is. By the way, a fair portion, 15% or so, was future deliveries from the mint. So, we basically cleaned up the next four to eight weeks of Silver Eagle deliveries. They belong to us, and we are still waiting for delivery from the mint. . . . The client wanted U.S. coin. In the U.S., that is the best form of silver ownership. We did not touch bars, generics or foreign sovereigns. So, there is still much more out there to be bought, but how much? I think $1 billion would buy all the available silver in the U.S. Think about it. A billion dollars today is not even the mustard on a ham sandwich. . . . Make no mistake, this deal was a big hit to the inventory . . . of U.S. silver coins. . . . This paper Ponzi scheme is going to come down, and the best place to hide is gold and silver.”
On housing, Holter says it has topped and predicts, “Now, there are no bids, and homeowners are lowering the price. It was a virtuous cycle to the upside. Now, it’s reversed, and it will be a virtuous cycle to hell on the downside. I say hell because there is so much debt outstanding, it will create margin calls across the board.”
Holter is still predicting a Mad Max apocalyptic future that looks more and more like a real possibility. Holter says, “We have had free and carefree times for the last 40 years. Now, you are going to see the reverse. Debt is a two-edge sword, and after 40 years, we are going to see the dangerous side of the sword. . . . There is going to be starvation. This is going to be unlike anything . . . anyone has even written about from a fictional basis. . . . I’ll be surprised if we make it through this year with the real economy functioning as it is right now. Supply chains will break down . . . We will have some dire markets leading to . . . market closures and bank closures.”
There is much more in the 44 min interview.
Join Greg Hunter on Rumble as he goes One-on-One with financial writer and precious metals expert Bill Holter of JSMineset.com for 7.26.22.
https://rumble.com/v1dqkb1-whole-world-is-a-banana-republic-bill-holter.html
After the Interview:
Holter adds, the derivative market will take down the central banks because it is thousands of times larger than all central bank capital combined. “When the system goes down, it will go down fast, and it will be uncontrollable,” predicts Holter.
There is much free information and analysis on JSMineset.com. If you want to become a subscriber to cutting edge original analysis and articles, click here: https://bit.ly/3PEk8oY
https://usawatchdog.com/whole-world-is-a-banana-republic-bill-holter/
10:00a Pending Home Sales
Month over Month -8.6% actual vs 0.4% (rev) prior
Index 91.0 actual vs 99.6 (rev) prior
Consensus Outlook
Up 0.7 percent in May, pending home sales ended six straight sharp declines. Yet a further gain is not expected for June where the consensus is a decline of 1.0 percent.
Definition
The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. Specifically, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale.
10:00a State Street Investor Confidence Index
Delayed at source
10:30a EIA Petroleum Inventories
Crude Oil Inventories - W/W -4.5M barrels actual vs -0.4M barrels prior
Gasoline Inventories - W/W -3.3M barrels actual vs 3.5M barrels prior
Distillate Inventories - W/W 0.8M barrels actual vs -1.3M barrels prior
Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.
11:00a Survey of Business Uncertainty
Sales Growth 5.02% actual vs 4.73% prior
Employment Growth 5.06% actual vs 4.92% prior
Definition
The survey of business uncertainty is a panel survey measuring year-ahead expectations that US firms have about their own sales and employment growth. The sample covers all regions of the US economy, all industries except agriculture and government, and a broad range of firm sizes. Sample size is about 150 responses per month. Readings in Econoday's presentation are seasonally adjusted. The Atlanta Fed publishes this monthly survey in partnership with the University of Chicago Booth School of Business and with Stanford University. (Federal Reserve Bank of Atlanta)
7:00a MBA Mortgage Applications
Composite Index - W/W -1.8% actual vs -6.3% prior
Purchase Index - W/W -0.8% actual vs -7.3% prior
Refinance Index - W/W -3.7% actual vs -4.3% prior
Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
8:30a Durable Goods
New Orders - M/M 1.9% actual vs 0.8% (rev) prior
Ex-Transportation - M/M 0.3% actual vs 0.5% (rev) prior
Core Capital Goods - M/M 0.5% actual vs 0.5% prior
Consensus Outlook
Forecasters see durable goods orders falling 0.5 percent in June following a better-than-expected 0.8 percent rise in May. Ex-transportation orders are seen inching 0.2 percent higher as are orders for core capital goods.
Definition
Durable goods orders are new orders placed with domestic manufacturers for factory hard goods. The report also contains information on shipments, unfilled orders and inventories. The advance release provides early estimates and is revised about a week later by the factory orders report.
8:30a International Trade in Goods (Advance)
Balance $-98.2B actual vs $-104.0B (rev) prior
Imports - M/M -0.5% actual vs 0.0% (rev) prior
Exports - M/M 2.5% actua; vs 1.5% (rev) prior
Consensus Outlook
The US goods deficit (Census basis) is expected to narrow by $0.8 billion to $103.2 billion in June after narrowing by $2.8 billion in May to $104.0 billion (revised from an initial $104.3 billion).
Definition
The Census Bureau is now publishing an advance report on U.S. international trade in goods. The Bureau of Economic Analysis will incorporate these data into its estimates of exports and imports for the advance GDP estimates. This is expected to reduce the size of revisions to GDP growth in the second estimates.
Note that data in the advance goods report are accounted for on a census basis and can differ slightly from subsequent data in the international trade report where goods data are accounted for on a balance of payment basis to adjust for changes in ownership that can occur without goods passing into or out of the US.
8:30a Retail Inventories (Advance)
Month over Month 2.0% actual vs 1.1% prior
Definition
Retail inventories measure the monthly dollar value of inventories held by retailers. The advance report is released late in the month for the following month and is part of the Monthly Advance Economic Indicators report (which also includes data on wholesale inventories and international trade in goods). Final monthly data for retail inventories are released about two weeks later with the Business Sales and Inventories report
8:30a Wholesale Inventories (Advance)
Month over Month 1.9% actual vs 2.0% prior
Definition
Wholesale inventories measure the monthly dollar value of inventories held by merchant wholesalers and are tracked to gauge inventory change in quarterly GDP. The advance report is released late in the month for the following month and is part of the Monthly Advance Economic Indicators report (which also includes data on retail inventories and international trade in goods). Final monthly data for wholesale inventories are released about two weeks later with the Wholesale Trade report which also includes initial monthly data on wholesale sales.
Today's Economic Calendar
7:00 MBA Mortgage Applications
8:30 Durable Goods
8:30 International Trade in Goods (Advance)
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 Results of $24B, 2-Year FRN Auction
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
Today's Markets
In Asia, Japan +0.22%. Hong Kong -1.13%. China -0.05%. India +0.76%.
In Europe, at midday, London +0.50%. Paris +0.41%. Frankfurt +0.08%.
Futures at 6:20, Dow +0.52%. S&P +1.00%. Nasdaq +1.26%. Crude +0.83% to $95.77. Gold +0.25% to $1722.00. Bitcoin +0.9% to $21,314.
Ten-year Treasury Yield +3 bps to 2.79%
The world will be slaughtered like sheep
We're herded with nary a peep
With wolves at the lead
And evil indeed
And most of the herd still asleep
-The Limerick King
Deutsche Bank beats expectations to post eighth straight quarter of profit
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/27/deutsche-bank-q2-2022.html
10:00a Consumer Confidence
Index 95.7 actual vs 98.4 (rev) prior
Consensus Outlook
Expectations of approaching weakness for the jobs market headlined what was a broadly unfavorable report in June, underscored by a 4-1/2 point drop in the headline index to 98.7 for the lowest reading since early last year. Forecasters aren't counting on much strength for July where the consensus is a nearly 2-point decline to 96.8.
Definition
The Conference Board compiles a survey of consumer attitudes on the economy. The headline Consumer Confidence Index is based on consumers' perceptions of current business and employment conditions, as well as their expectations for six months hence regarding business conditions, employment, and income. Three thousand households across the country are surveyed each month. In general, while the level of consumer confidence is associated with consumer spending, the two do not move in tandem each and every month.
10:00a New Home Sales
Annual Rate 590K actual vs 642K (rev) prior
Consensus Outlook
Sales of new homes are expected to fall noticeably to an annualized rate of 664,000 in June versus 696,000 in May.
Definition
New home sales measure the number of newly constructed homes with a committed sale during the month. The level of new home sales indicates housing market trends and, in turn, economic momentum and consumer purchases of furniture and appliances.
10:00a Richmond Fed Mfg.
Index 0 actual vs -9 (rev) prior
Consensus Outlook
At a consensus of minus 10, forecasters see the Richmond Fed manufacturing index remaining deeply negative in July. June's minus 19 and May's minus 9 were both far below expectations.
Definition
This survey tracks business conditions in the Richmond Fed's manufacturing sector. The headline index is a composite of the new orders, shipments, and employment indexes.
9:00a S&P Corelogic Case-Shiller Home Price Index
20-City Adjusted - M/M 1.3% actual vs 1.7% (rev) prior
20-City Unadjusted - M/M 1.5% actual vs 2.2% (rev) prior
20-City Unadjusted - Y/Y 20.5% actual vs 21.2% (rev) prior
Consensus Outlook
Econoday's monthly consensus estimates for May are a respective monthly gain of 1.6 percent for the adjusted 20-city index and a yearly rate of 21.0 percent unadjusted. These would compare with 1.8 and 21.2 percent in April, the latter a record for this series.
Definition
The S&P Corelogic Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the nation. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home resales. Condominiums and co-ops are excluded as is new construction. Note that forecasters, in line with recommendations from Standard & Poor's questioning the accuracy of seasonal adjustments, track both seasonally adjusted and not seasonally adjusted monthly data for this indicator.
9:00a FHFA House Price Index
Month over Month 1.4% actual vs 1.5% (rev) prior
Year over Year 18.3% actual vs 18.9% (rev) prior
Definition
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac. The House Price Index is derived from transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. In contrast to other house price indexes, the sample is limited by the ceiling amount for conforming loans purchased by these government-sponsored enterprises (GSE). Mortgages insured by the FHA, VA, or other federal entities are excluded because they are not "conventional" loans. The FHFA House Price Index is a repeat transactions measure. It compares prices or appraised values for similar houses and applies to both purchases and refinancing.
Today's Economic Calendar
FOMC meeting begins
9:00 S&P Corelogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
10:00 Consumer Confidence
10:00 New Home Sales
10:00 Richmond Fed Mfg.
1:00 PM Results of $46B, 5-Year Note Auction
1:00 PM Money Supply
Today's Markets
In Asia, Japan -0.24%. Hong Kong +1.67%. China +0.83%. India -0.84%.
In Europe, at midday, London +0.57%. Paris -0.1%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.39%. S&P -0.27%. Nasdaq -0.31%. Crude +1.79% to $98.43. Gold +0.01% to $1719.30. Bitcoin -3.92% to $21,123.
Ten-year Treasury Yield -4.4 bps to 2.776%
When children play robots at chess,
The message is simple: Don’t mess;
Some kids gotta learn
To wait for their turn
Or wind up with one finger less.
https://t.co/BkoKCrzuXu
-Mick Twister
General Motors earnings are out >
https://www.cnbc.com/2022/07/26/general-motors-gm-earnings-q2-2022.html?__source=newsletter%7Cbreakingnews
Fed prepares another mega-sized rate hike >
https://www.foxbusiness.com/economy/fed-prepares-mega-sized-rate-hike-risking-deeper-economic-downturn
UBS misses expectations >
https://www.cnbc.com/2022/07/26/ubs-q2-earnings-2022.html
Larry; THE AUDIT CONFIRMS TRUMP HAS WON THE ECLECTIONS - TRUMP NEWS
Trump News Channel Published July 25, 2022
https://rumble.com/v1dkhtb-the-audit-confirms-trump-has-won-the-eclections-trump-news.html
https://rumble.com/v1dkdj5-restored-republic-via-a-gcr-update-of-judy-25-2022-trump-news.html
TO ALL Thanks; $500 TRILLION LAWSUIT AGAINST THE FEDERAL GOVT AND OVER 140
MONOPOLISTS (REMOVED BY YOUTUBE IN 5HRS)
WATCH
https://rumble.com/v10gh0u--500.-trillion-dollar-lawsuit-on-the-way-to-those-responsible-for-their-dea.html
https://www.bitchute.com/video/QFcfDjifRl6u/
https://rumble.com/c/TrumpNewsChannel
THIS is the result of socialism
https://rumble.com/v1d43yp-this-is-the-result-of-socialism.html
https://rumble.com/user/redpillrevolution
California suffers the worst drought in 1,200 years and they ask to reduce water consumption
Larry thanks; Canadian Pastor Arrested For Holding Church Services During COVID Wins Legal Victory
Tyler Durden's Photo
BY TYLER DURDEN
https://www.zerohedge.com/political/canadian-pastor-arrested-holding-church-services-during-covid-wins-legal-victory
MONDAY, JUL 25, 2022 - 03:25 PM
Most of the narratives surrounding the covid pandemic and the lockdowns were illogical and faulty, based in propaganda rather than science and fear instead of reason. One key issue that was never addressed by lockdown proponents was the question of “risk.” Doesn't every individual have a natural right to take whatever risks they see as acceptable when it comes to their own health? If a group of people want to go to a church service and take the risk that they might get covid, don't they have the right to do that?
Of course, lockdown supporters will claim that those refusing to comply with mandates don't have a right to put “other people at risk,” but how much risk from covid is there really?
According to dozens of independent and peer reviewed studies from around the world, the actual “risk” of death from covid is limited. Studies indicate that the median Infection Fatality Rate (or Ratio) of covid is between 0.23% and 0.27% of the population. This is the contrary mainstream science that the media rarely talks about.
Larry thanks for all great music )
In The Midst of it all, *Live* >
Mint 1952 Mickey Mantle card could fetch record price at auction
NEW YORK -- A decades-old, mint condition Mickey Mantle baseball card could break a record at auction.
The collectors' item from 1952 features one of baseball's most celebrated and charismatic legends, and is widely regarded as one of just a handful in near-perfect condition.
It's estimated the card could exceed $10 million when the auction ends Aug. 27. The record is $6.6 million for a 1909 Honus Wagner card that was sold at auction a year ago, months after another 70-year-old Mantle card fetched $5.2 million.
Interest was already heavy Monday when the auction debuted online, with bidding up to at least $4.2 million.
Heritage Auctions
No matter the final price for the rare Mantle rookie card, it will be a hefty profit for the current owner, a New Jersey waste management entrepreneur who bought the card for $50,000 at a New York City show in 1991.
"Every time he got up to the plate, the crowd would go crazy, the roars would be there. And he never disappointed you. ... He had that aura about him," card owner Anthony Giordano said of Mantle, who spent his entire career with the New York Yankees from 1951 to 1968. "Whether you're from the New York area or not, or a Yankees fan, it was always Mickey Mantle that was highlighted."
The switch-hitting Mantle -- the Mick -- was a Triple Crown winner in 1956, a three-time American League MVP and a seven-time World Series champion. The Hall of Famer, who died in 1995, was considered a humble player on the field. When he hit a home run, he would often run the bases with his head bowed.
"I figured the pitcher already felt bad enough without me showing him up rounding the bases," Mantle once said.
As for the baseball card, its rarity is on par with its subject's mythical reputation.
"The quality of the card is the key," said Derek Grady, the executive vice president of sports auctions for Heritage Auctions, which is running the bidding. "Four sharp corners, the gloss and the color jumps off the card."
Grady said that the collectibles market is having a renaissance, noting that cards that are "the crème de la crème, the best of the best, are still selling despite the economy right now," and that Mantle, "the king" of baseball cards, "has always done well."
Giordano, 75, said it was time to give the Mantle card a new home.
"It's the right thing to do," he said. "My boys and I have had the cards for over 30 years, and we've enjoyed it. We've enjoyed showing anybody that's close to me -- friends and relatives -- and I think it's time for someone else."
The card will be on display in Atlantic City from Wednesday through Sunday at the National Sports Collectors Convention, and at the New York office of Heritage Auctions the following week.
https://www.espn.com/mlb/story/_/id/34293166/mint-1952-mickey-mantle-card-fetch-record-price-auction
Flood insurance hikes on horizon
A report from FEMA claims higher prices may drive a falloff of 1 million policies compared to the beginning of the decade.
BY MICHAEL PHILLIS
Associated Press
July 25, 2022
ST. LOUIS — When questioned by members of Congress, the Federal Emergency Management Agency said its new update to the nation’s flood insurance program will prompt more people to sign up for coverage, even though many will pay more for it.
But in a FEMA report obtained by The Associated Press under the Freedom of Information Act, the agency estimates 1 million fewer Americans will buy flood insurance by the end of the decade — a sizable number of people at risk of catastrophic financial loss.
As climate change drives increased flood risk in many areas, FEMA has updated its flood insurance program to more accurately reflect risk, but also make it more solvent. It’s a response in part to criticism that taxpayers were funding big payouts when coastal mansions in risky locations flooded.
But nine senators from both parties expressed “serious concerns” about the new pricing system in a letter last September, after hearing that the agency’s internal numbers predicted policies would drop off by 20%. The next month FEMA told the AP those figures were “misleading” and “taken out of context” and that on the subject of how many people will be insured “there is no study or report to share.”
The agency painted a different picture at the end of the year when it sent a report to the treasury secretary and a handful of congressional leaders saying higher prices would drive a falloff of 1 million policies compared to the beginning of the decade.
The issue of how many people go uninsured for flooding is vital, said Chad Berginnis, executive director of the Association of State Floodplain Managers.
“We are talking the basic economic health, I think of not only our households and businesses, but our communities at large” if fewer people buy flood insurance, he said.
The federal flood insurance program was started when many private insurers stopped offering policies in high-risk areas. It operates in the red, paying out more in claims than it collects in premiums.
By more accurately setting rates, the update, officially referred to as Risk Rating 2.0, makes it more expensive to develop in flood-prone regions, shifting the risks of disaster toward those homeowners.
Risk Rating 2.0 will factor in a property’s unique flood risk — like its distance to water and cost to rebuild. The old system was based largely on a home’s elevation and whether it was in a designated flood zone. Most policyholders will now see their rates go up. But for the first time, nearly a quarter of policyholders will see theirs go down. Buyers of new policies began seeing the new prices in October.
FEMA downplayed the report obtained by the AP as a pessimistic projection, aimed at forecasting finances, not insurance participation. The agency said it has not directly studied how many people will buy flood insurance.
“There’s numerous reasons that growth could occur as time goes on,” said David Maurstad, a senior executive of the National Flood Insurance Program, adding that an enrollment analysis should consider the agency’s marketing efforts, the program’s clear messaging of flood risk, price decreases and other factors.
But critics like Sen. Bob Menendez, D-N.J., said affordability is a problem and FEMA didn’tclose the impact of those higher costs.
“This report makes it crystal clear that FEMA failed to be transparent with policyholders, Congress, and ultimately the American public,” Menendez said in a statement. It shouldn’t have taken a records request for details to emerge, he said.
When Francisca Acuña, a climate and community activist in Austin, Texas, was given a new quote, it was hard for her to believe.
“I go, ‘No, you’re making a mistake,’” she said.
Acuña had previously paid $446 a year. Under Risk Rating 2.0, she was quoted $1,893. Rate increases that large are rare. Increases are generally capped at 18% a year, but Acuña, juggling other expenses, had let her policy lapse so she was required to pay the full amount right away.
“There’s no way, no how, that I can afford it,” Acuña said.
Told of Acuña’s situation, Maurstad said the rates reflect actual risk. It’s unfortunate when people face big increases, but ensuring the financial health of the program and accurate rates, is “good public policy,” he said.
Jim Rollo, a New York-based insurance agent, said he’s seeing a change in some buyer attitudes. Some seem more skeptical about properties that have previously flooded and have higher premiums. Others “roll the dice” and forgo costly insurance if it’s not required.
“We are writing fewer policies than we were before,” Rollo said.
Congress should create an affordability program for people struggling to buy insurance and fund efforts to improve flood protections, said Joel Scata, a lawyer at the Natural Resources Defense Council, an environmental advocacy group.
But Maurstad said FEMA’s mission is different from the private sector. FEMA must help people “before, during and after” disasters, as well as charge premiums that are risk-based and financially sound.
“We have certain responsibilities we are charged with. The number of policies sold isn’t one of them, again, because we are a government program,” he said.
Nevertheless, the agency report predicts that the program, even with higher revenue, will continue to sink deeper into debt.
https://tampabaytimes-fl.newsmemory.com
Kunstler: The Wrecking Crew Will Be Overcome
By James Howard Kunstler
July 25, 2022
We stumble into the horse latitudes of summer feeling trapped in the stillness. The heat disorders minds — and these are minds already scrambled by official propaganda. We are this close to a general recognition that the Covid vaccines were a deadly scam, even while Rochelle Walensky of the CDC keeps pushing boosters on TV and the entire public health bureaucracy stands by silently behind this murderous fakery. When their trials finally come, will they plea that they just didn’t know? How is that possible? (It’s not.)
The crisis of the vaccinated is coming and there won’t be any hiding it. Anyway, nobody expects actual news reporting out of the legacy media. It will get around through the alt.media for sure, and already is, but the real spread will proceed when all the everyday people see themselves and those around them get sick, and realize they have one thing in common: those vaxxes they submitted to. It’s already happening.
In keeping with the principles of mass formation psychosis, the maliciously insane people in charge of our nation’s affairs will expect you to swallow ever-greater absurdities to maintain their control (and protect themselves). But we’re way beyond the “women-with-penises” stage of the mind-fuckery program. Nobody with a functioning brain believes that bullshit anymore — except the people who run the California prison system. Next up, apparently, is a hot little war with Russia or China, a useful distraction from the systematic self-dismantling of Western Civ.
“Joe Biden” has sent troops from the 82nd and 101st Airborne Divisions to Europe, supposedly to “train” the NATO forces of Euroland. Is this some kind of bluff? Or does “Joe Biden” and Company imagine that they’ll pull off some blitzkrieg counter-offensive on-the-ground in Ukraine and recapture territory secured by Russia painfully since February. If we send troops into Ukraine proper, it would amount to a deliberate sacrifice of our supposedly best soldiers in a meat-grinder. Maybe the purpose is simply to further weaken the US military, humiliate NATO, and hasten the death of the West.
Of course, we have no real strategic national interest in Ukraine. We had no quarrel all the years that the Russian Soviets owned and operated it. We set in motion the current conflict by cooking up the 2014 color revolution. (There followed the fat years for Hunter Biden converting US aid money into revenue for his many shell corporations.) I doubt that a plurality of Americans will fall for another such stupid Hate Russia ploy. We’ve had enough pointless and costly foreign misadventures. This would be a war exceeding the unpopularity of Vietnam and could easily unleash widespread street protests. Only this time the Left will be pro-war and the Party of Chaos will send out its ragtag army of Antifa trannies to make the street protests bloodier. It will be seen for what it is: the ruling regime’s war on its own people. And it will be overcome.
Vying in the absurdity Olympics, the World Health Organization (WHO) just declared Monkeypox a Public Health Emergency of International Concern (PHEIC) — but only after the outfit’s chief, Tedros Adhanom Ghebreyesus, overruled a WHO committee that voted against such a move. Monkeypox, you understand, is a disease spread almost exclusively among the gay population, that is, men having sex with men, exchanging bodily fluids. Outbreaks have been keyed to gay orgies, especially during the recent June “Pride Month” festivities. Do you think it might be more appropriate for the WHO to issue an advisory against gay orgies?
But, really, it’s just another obvious power-grab, an attempt by the Schwabenklausian maniacs to push people around and wreck the economy in order to Build Back Better — that is, to orchestrate a program of severe digital social control for managing its depopulation event. The US Department of Defense (DOD) is now authorized under the 2022 National Defense Authorization Act (NDAA) to administer a mandatory vaccine program, while the CDC has bought millions of doses of supposed monkeypox vaccine.
Knowing how deadly the Covid vaxxes were, do you really think that masses of Americans who happen to not engage in gay sex might line-up willingly for these new shots? I kind of doubt it. The idiotic war provocations, the renewed climate hysteria, and dishonest health scares are devices for postponing, cancelling, or screwing around with the US midterm election. If the Left loses the US Congress, then the globalists will lose their main weapon: the Party of Chaos. Meanwhile, Euroland leaders are already falling and whole governments over there will crash and burn in the months to come.
All of this is happening against the background of a wobbling financial system that is making life unaffordable for what’s left of the middle-classes. One way or another, they will be sharply motivated to rescue their own livelihoods and recreate a country under real rule-of-law in the service of liberty. We await “Joe Biden” and Company’s most desperate move: to turn off the Internet so that Americans won’t be able to communicate easily or remain informed about anything. Of course, if they try that, they’ll also destroy everything that is managed automatically by computers in this land and plunge America into battle against the demented bureaucracy that rules us.
https://kunstler.com/clusterfuck-nation/the-wrecking-crew-will-be-overcome/
10:30a Dallas Fed Manufacturing Survey
General Activity Index -22.6 actual vs -17.7 prior
Consensus Outlook
The Dallas Fed's general activity index, despite very high energy prices, has been in negative ground and little relief is expected. After June's minus 17.7, July is expected to come in at minus 12.0.
Definition
The Dallas Fed Manufacturing Survey tracks factory activity in Texas on a monthly basis. Firms are asked whether output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month. Responses are aggregated into balance indexes where positive values generally indicate growth while negative values generally indicate contraction. About 100 manufacturers regularly participate in the survey.
8:30a Chicago Fed National Activity Index
Index -0.19 actual vs -0.19 (rev) prior
Consensus Outlook
The national activity index has been slowing, at least slightly. After May's lower-than-expected 0.01, Econoday's consensus for June is marginal acceleration to 0.05.
Definition
The Chicago Fed National Activity Index (CFNAI) is a monthly index that tracks overall economic activity and inflationary pressures. The CFNAI is a weighted average of 85 existing monthly indicators of national economic activity. It is constructed to have an average value of zero and a standard deviation of one. Since economic activity tends toward trend growth over time, a positive index reading corresponds to growth above trend and a negative index reading corresponds to growth below trend.
Target chases bigger e-commerce profits >
https://www.cnbc.com/2022/07/25/target-chases-bigger-e-commerce-profits-with-new-delivery-hubs-fleet-of-drivers.html
Today's Economic Calendar
8:30 Chicago Fed National Activity Index
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $45B, 2-Year Note Auction
Today's Markets
In Asia, Japan -0.77%. Hong Kong -0.22%. China -0.60%. India -0.39%.
In Europe, at midday, London +0.01%. Paris +0.07%. Frankfurt -0.02%.
Futures at 6:20, Dow flat. S&P +0.18%. Nasdaq +0.31%. Crude -0.13% to $94.58. Gold +0.02% to $1727.40. Bitcoin -2.69% to $22,072.
Ten-year Treasury Yield +3.3 bps to 2.814%.
With wealth in the hands of the few
And peasants with nothing to do
The world will soon see
A new recipe
For Globalist Kleptocrat stew
- The Limerick King
CV19 Vax Lies – Greatest Trust Destroyer in Human History – Steve Kirsch
By Greg Hunter
On July 23, 2022
Steve Kirsch was a Big Tech CEO who retired from his job after he was double vaxed for Covid 19. Not long after, he learned the entire injection and Covid narrative did not match the science or the facts. The vaccines, for example, were not safe and effective as he was led to believe. Healthy people he knew were dropping dead after they were vaxed. So, Kirsch who holds two degrees from MIT, started a quest to learn everything about CV19 and the so-called vaccines used to treat it. In the process, he became a warrior for truth and posted his cutting-edge journalism and analysis that exposed huge Covid19 lies on his wildly popular Substack.com site. Kirsch explains, “I actually look at the science to see if that backs up what the recommendations are, and every time, I am surprised to find out the actual science doesn’t match what we are being told. This is true for the vaccines, this is true for the masks, and for basically any of the interventions we have been told about. The ‘six feet rule,’ even something as simple as that, you can’t find a paper that says it’s 6 feet as opposed to 7 feet, or 5 feet or whatever. It’s much more complicated than that.”
Kirsch says, “Whenever I have an audience, I ask people, ‘How many people in your household died from Covid?’ There will be one hand or two hands. Then I ask, ‘How many people do you know died from the Covid vaccine?’ The last time I asked that question, it was a 7 to 1 ratio. 7 times more people reported a death from the vaccines. If they are wrong even by a factor of 10 . . . it is still a disaster beyond proportion. . . . I saw a tweet from a doctor saying how much longer are we going to pretend that these (vax death) incidents are just bad luck? He is basically saying we know the vaccine is causing this, but we can’t speak out because we will be fired and have our hospital privileges revoked. We will have our licenses to practice medicine revoked. This is why you are not seeing doctors who realize this speaking out. They all have to remain silent.”
Kirsch goes on to say, “This is the biggest catastrophe in American history. Even a member of the EU parliament recently said this. She said these vaccines are the biggest disaster ever.”
The massive amount of victims of this vaccine fraud are waking up to the fact they have been poisoned and murdered. Kirsch says, “They are not going to be happy. I don’t want to predict what they are going to do, but a lot of people are going to be extremely upset. I think at minimum, they will not trust anything from the CDC, FDA and NIH ever again. That’s at a minimum, and they won’t trust the mainstream media either. They won’t trust representations from Congress because most of the people in Congress are saying get your vaccine. This will destroy trust in the mainstream media, Congress, in the mainstream medical community, in government agencies and medical science in general. It will be the greatest trust destroyer in human history, these Covid vaccines. This is not just in the U.S., this is worldwide. When people figure out that they were told by their government to take a shot that was way more likely to kill them than to save them, people are going to be livid. It won’t just be a few people that will be livid, it will be a lot of people.”
There is much more in the 1-hour and 10-minute interview.
Join Greg Hunter from USAWatchdog.com on Rumble as he goes One on One with CV19 truth warrior Steve Kirsch.
https://rumble.com/v1ddidj-cv19-vax-lies-destroyed-trust-everywhere-on-the-planet-steve-kirsch.html
After the Interview:
You can find lots of free information and analysis on the Steve Kirsch Newsletter page like his latest post called “Will physicians EVER speak out"? https://bit.ly/3ztS2qJ
https://usawatchdog.com/cv19-vax-lies-greatest-trust-destroyer-in-human-history-steve-kirsch/
Kunstler: People, Get Ready
By James Howard Kunstler
July 22, 2022
“Worse is better,” V. Lenin used to explain to his Bolshevik cohorts in their vicious pursuit of power. And is there any question now that this is the same operational formula of the shadowy crew behind “Joe Biden” in its mission to turn the American Republic into a branch-office of the Schwabenklausian trans-human techno-tyranny?
“Joe B” is doing his part to personally make things worse by taking Paxlovid, the Pfizer wonder drug that wondrously amps up Covid-19 symptoms and extends the course of the illness — as recently admitted by that other eminent, double-boosted Covid-19 sufferer, Dr. Anthony Fauci, the sage of US public health. If White House doctors follow the CDC’s treatment protocol they’ll soon put “JB” on remdesivir. Naturally, it kills him. State funeral… boo hoo… “46” is entombed under the Wilmington Amtrak station….
My political fantasy du jour: Thus, Kamala accedes to greatness! She must then appoint a new vice-president. That would be… wait for it… California governor Gavin Newsom — who else? (He was recently captured on video skulking into a back door of the West Wing while “Joe Biden” was out-of-town schmoozing up the honchos of Saudi Arabia.) Gov. Newsom is easily confirmed in the House and narrowly in the Senate when Mitt Romney and Lisa Murkowski vote with the Party of Chaos. Kamala soon resigns, citing “anxiety problems.” Now president, Mr. Newsom proceeds to accelerate the wrecking of the old USA along the lines of his recent work in California. All D.C. gas stations are ordered shut to promote the transition to renewables. The D.C. Mall is declared the National Homeless Camp….
I called it a fantasy, but this may be their only move left as the nation utterly loses its patience with the “Joe Biden” fiasco and the escalating disorders of Western Civ take us into August. The mid-term election must be revamped at all costs, they’ll say, “to save our democracy.” A new pandemic is declared in early October, complete with lockdowns, while Google partners with Facebook to roll out a new vote-by-phone app. By some miracle, then, the Democrats add thirty more seats to their house majority and five in the Senate. We enter the new frontier of the Green New Deal and Build Back Better. In other words, the USA completely collapses.
A dark scenario, I confess, but doesn’t that seem but exactly where things are going? An epic crackup is upon us. Every place in the world is primed for meltdown, and a few lands in the periphery are already sinking. Sri Lanka is broke and out of gas after being set up as a WEF / Schwabenklaus low-carbon eco-state experiment. Panama is in revolt over extreme government corruption, food scarcity, and the after-effects of an especially severe two-year-long Covid lockdown that the rest of the world hardly heard about — perhaps because China has operational control over the vital Panama Canal and the CCP has operational control over the World Health Organization, which set up Panama as a lockdown lab project.
Of course, Europe is suddenly a magnificent mess with governments falling like duck pins, industry shuttered from lack of fuel, and citizens rising up against insane WEF diktats to drastically reduce livestock and shut down farming — in effect declaring food production an unacceptable environmental hazard. This, of course, after the governments of Euroland cut their own throats by self-sanctioning themselves out of Russian oil and natgas. It’s especially bizarre in Germany, the largest economy of the region, which had just this year conclusively realized and admitted that its “green energy” policy was a complete bust, forcing them to shut down major wind turbine installations and resort to producing electricity with coal. The governments of Merkel, and then Olaf Scholz, reveal themselves as the sheerest hypocritical idiots.
And now, the ground is even shifting under the CCP as China’s extravagant matrix of city-building, mortgage debt, and banking fraud rattles its financial system. What a surprise! Potent as it has been in bribing politicians around the world, infiltrating governments and cultural institutions in every land, and getting the news media to do their bidding, the CCP is apparently losing its grip on the Chinese people, who are sick of being locked down, tracked, and swindled. The tanks are out. This is not the same movie as Tiananmen Square, 1989. This is the CCP bankruptcy, an epic event that will thunder through “the global south,” sending Africa into famine and chaos and South America into yet another rotation of elites.
Pretty soon, it’s going to be every country for itself in this main event of the fourth turning (a.k.a. the long emergency). Global unity is a mirage, along with all the preposterous narratives of a world government. And in every country for itself, it’s going to be every community, every family, every person for itself until, emergently and painfully, everyday life can be reorganized from the ground up. People, get Ready.
https://kunstler.com/clusterfuck-nation/people-get-ready-2/
Mike Savage: Coincidence?
July 22, 2022
The central banks appear to be “all in” on stretching this freak show of a “market” for as long as they can. The ECB is pulling out all of the stops to keep their bond “market” from imploding and yet, the yields are rising anyway. They did raise rates for the first time in 11 years though. The citizens of the EU can now expect to get back their deposit since the rates are now ZERO. Just last week you had to pay them ½ % for the privilege of them holding your “money”.
I guess that with inflation raging in the Eurozone – even worse than here- zero rates will really slow things down. If you believe that then there really isn’t anything I can say.
I am also laughing at the clowns running Europe who are making demands upon Russia. Basically, they are pulling the economic rug right from under themselves as Putin is laughing all the way to the bank. The citizens of Europe are suffering from record price increases and fears of major shortages of not only fuel but also food later in the year. In the meantime, Russia is opening new markets with BRICS countries and selling their wares elsewhere. It appears the “printers” are getting a lesson in reality that they can’t print value- only debt.
Of course, in Denmark and other “green zones” they are trying to limit the farmers from using the nitrogen that they need to produce crops. Of course, this was a major reason that Sri Lanka finds itself in the mess it is in (totally bankrupt and in total chaos). It started with the same sort of “green insanity” that led to massive losses in crop yields and far less exports. Of course, I am sure that graft in the government was a major element in the collapse also.
A good question to me is are the Europeans just stupid (not my guess) or is this being done on purpose to bring on a crisis?
I can’t just talk about Europe because here in the USA there are over 100 food and fertilizer plants that have been destroyed since January. Coincidence? Union Pacific refused to deliver fertilizer to the farmers and are not accepting any new orders. (Coincidence?) Bill Gates is the largest owner of farmland in America (Coincidence?)
It has been reported that Nancy Pelosi’s husband front-ran the chip deal that was just announced. Why is it that it is ok for members of congress to trade on inside information when any one of us would be led away in handcuffs for doing the same? Graft? We’re loaded with that here too.
Bank of America, JP Morgan, Blackrock, and MANY others are warning of severe food shortages later this year. Are they in on the plan or are they just reading the tea leaves? I believe it is a plan to help usher in the “great reset”.
It appears that there is a new “crisis” just about every day. A new variant (in which almost nobody has any severe symptoms) but the fear is manufactured anyway. Monkeypox, nuclear war talk- hopefully that is ALL that is. News stories to keep everyone fighting each other when the real enemies of humanity are the money “printers” and their minions in the government who are uniting to make everyone’s (Except the 1%) lives miserable.
The government creates crises, the press perpetuates it, and the central banks conjure up cash to “fix” the problem. This leads to far greater debts, the need for even more debt to pretend we can still honor our prior commitments- which we can only do now with MORE DEBT.
The only question in my mind is WHEN will that final snowflake fall that will create the avalanche that those “in charge” are leading us towards.
It appears to me that we are nearing the end of an era that has been in place since most of us have been alive. The days of low interest rates appear to be coming to an end. Inflation is heating up and even if there is demand destruction for some goods there is a severe shortage of many materials and foodstuffs that could lead to far higher prices as people, companies and nations will have to bid for too few assets.
We are living in increasingly uncertain times. Throughout history, after virtually every major upheaval- whether it be war or financial meltdown gold has been a major factor in restoring confidence in the system. I don’t believe it will be any different this time which may explain why JP Morgan and major banks, most central banks and indeed nations are buying gold in record amounts while at the same time crushing the price below what its intrinsic value actually is. This allows them to load up on the cheap and also masks the degradation of fiat currencies.
It appears that particularly China and Russia know the term “Those who own the gold make the rules”.
JP Morgan himself said “Gold is money. Everything else is debt”. This is the guy who bailed out the US government in the early 1900s.
If the debt collapses- which in my opinion is a certainty- I just can’t say when- why would you want to own an asset that counts on another to pay you back when the numbers say that many (if not most) debts are unpayable if the currency maintains anywhere near its current “value”?
Don’t forget that if a company defaults on it debts the first people to get wiped out are the common stock shareholders so I believe that stock picking is also extremely important in this environment.
I don’t believe that following the investing crowd will work in the next few years the way it worked in the past few decades. Have a plan and …
Be Prepared!
https://lemetropolecafe.com/chien_du_cafe.cfm?pid=17849 (sub. req.)
9:45a PMI Composite Flash
Composite Index 47.5 actual vs 52.3 (rev) prior
Manufacturing Index 52.3 actual vs 52.7 (rev) prior
Services Index 47.0 actual vs 52.7 (rev) prior
Consensus Outlook
Both manufacturing and services fell back in June; all gains made since the Ukraine war started were then erased. July's expectations are 51.8 for manufacturing and 52.3 for services versus 52.7 for each in June.
Definition
The flash Composite Purchasing Managers' Index (PMI) provides an early estimate of current private sector output by combining information obtained from surveys of around 1,000 manufacturing and service sector companies. The flash data are released around 10 days ahead of the final report and are typically based upon around 85 percent of the full survey sample. The report tracks changes in variables such as new orders, stock levels, employment and prices across both manufacturing and services. Production is also tracked, defined as "production" for manufacturing and "output" for services. Results are synthesized into a single index which can range between zero and 100. A reading above (below) 50 signals rising (falling) output versus the previous month and the closer to 100 (zero) the faster output is growing (contracting). The report also contains flash estimates of the manufacturing and services PMIs. The data are produced by S&P Global.
Twitter misses earnings expectations, partially blames revenue drop on Elon Musk takeover bid
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/22/twitter-twtr-earnings-q2-2022.html
Today's Economic Calendar
9:45 PMI Composite Flash
1:00 PM Baker-Hughes Rig Count
Today's Markets
In Asia, Japan +0.4%. Hong Kong +0.2%. China -0.1%. India +0.7%.
In Europe, at midday, London +0.2%. Paris +0.2%. Frankfurt +0.2%.
Futures at 6:20, Dow flat. S&P -0.3%. Nasdaq -0.6%. Crude -1.1% to $95.33. Gold +0.5% to $1721.40. Bitcoin +2.2% to $23,477.
Ten-year Treasury Yield -9 bps to 2.82%
The costs of living have gotten so high
That life is now draining us dry
A Globalist plan
To own every man
(At least all the ones that don't die)
-The Limerick King
Snap shares plunge 25% on >
https://www.cnbc.com/2022/07/21/snap-earnings-q2-2022.html
10:00a Leading Indicators
Month over Month -0.8% actual vs -0.6% (rev) prior
Consensus Outlook
After falling a sizable 0.4 percent in both April and May, forecasters see the index of leading economic indicators falling a further 0.5 percent in June.
Definition
The index of leading economic indicators is a composite of 10 forward-looking components including building permits, new factory orders, and unemployment claims. The report attempts to predict general economic conditions six months out.
10:30a EIA Natural Gas Inventory
Week over Week 32BCF actual vs 58bcf prior
Definition
The Energy Information Administration (EIA) provides weekly information on natural gas stocks in underground storage for the U.S. and five regions of the country. The level of inventories helps determine prices for natural gas products.
Why Investors Care
Natural gas product prices are determined by supply and demand - just like any other good and service. During periods of strong economic growth, one would expect demand to be robust. If inventories are low, this may lead to increases in natural gas prices. If inventories are high and rising in a period of strong demand, prices may not need to increase at all, or as much. During a period of sluggish economic activity, demand for natural gas may not be as strong. If inventories are rising, this may push down natural gas prices.
Amazon to buy primary health care provider One Medical for roughly $3.9 billion
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/21/amazon-to-buy-primary-health-care-provider-one-medical-for-roughly-3point9-billion.html
8:30a Initial Jobless Claims
Initial Claims - Level 251K actual vs 244K prior
Initial Claims - Change 7K actual vs 9K prior
4-Week Moving Average 240.50K actual vs 235.75K prior
Consensus Outlook
Jobless claims have been moving higher, pointing to easing strength for the labor market. Claims in the July 16 week are expected to come in at 240,000, down slightly from 244,000 in the prior week.
Definition
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smooths out weekly volatility.
8:30a Philly Fed Business Outlook
Index -12.3 actual vs -3.3 prior
Consensus Outlook
After June's minus 3.3, the Philadelphia Fed manufacturing index is expected to edge fractionally back over zero to 0.4. The 6-month general outlook index in the June report posted its first negative reading since 2008.
Definition
The general conditions index from this business outlook survey is a diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey, widely followed as an indicator of manufacturing sector trends, is correlated with the ISM manufacturing index and the index of industrial production.
European Central Bank raises rates by 50 basis points, its first hike in 11 years
This is a developing news story. Please check back for updates:
https://www.cnbc.com/2022/07/21/european-central-bank-raises-rates-by-50-basis-points-its-first-hike-in-11-years.html
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
Today's Markets
In Asia, Japan +0.4%. Hong Kong -1.5%. China -1%. India +0.6%.
In Europe, at midday, London -0.4%. Paris +0.4%. Frankfurt -0.4%.
Futures at 6:20, Dow -0.3%. S&P -0.2%. Nasdaq flat. Crude -4.3% to $95.63. Gold -1% to $1682.70. Bitcoin -2.5% to $23,024.
Ten-year Treasury Yield +2 bps to 3.05%
A limerick on global inflation
A plan to destroy every nation
And after they're done
The world will be one
A non-democratic damnation
-The Limerick King
Election Heroes Are Stopping Fraudulent Voting...Right Now
By Jay Valentine
July 20, 2022
The soul of phantom voter fraud is the occasional, non-committed voter. They show up at the last minute, delivering winning margins.
Actually, nobody shows up. Nor does anyone return an absentee ballot.
That magic comes from a wonderful customer service innovation, the Phantom Voter Concierge, who casts the non-committed voters' votes for them.
Let's go there.
Voter rolls are crammed with millions of voters who seldom, occasionally, or never vote.
Democrat-leaning organizations run voter registration drives in edge communities, collecting identities they expect will never vote.
You remember ACORN registering drug addicts on city streets? You might have said, "Why, they will never vote!"
They aren't expected to vote. They are simply voter identity placeholders later used by vote-harvesters.
State-funded groups like ERIC are paid by a dozen state governments, some with clueless Republican governors, to make sure almost nobody is ever taken off voter rolls. ERIC provides institutional cover to this national phantom voter scam.
During early voting, our vote-harvester pals track those who never voted or have not voted yet and vote for them.
In some states, like Wisconsin, leftist groups had access to the online voter rolls — something nobody else had. They could track every voter and vote for all of them if they did not show up in 2020.
Remember the stories in 2020 of people coming out to vote, often for the first time in years, to be told, "Sorry, you already voted"? Your Voter Concierge voted for you! Saved you the gas money to drive to the polls!
There are people voting from Salvation Army Food Banks who registered at that address twelve years ago. Those people are likely dead or living in a tent in Austin now — but still voting.
There are people at the Alabama college dorm, registered since 1984, still active and voting.
In Wisconsin, the Voter Concierges went to cognitive care facilities, where the patients did not recognize their own children. Their Voter Concierge voted them. Now part of a criminal investigation, this is how it's done.
So how bad is the problem?
The Wisconsin voter integrity team did a deep dive, using U.S. government and state databases, and found 225,000 active, current voters who had "issues." Those included addresses that did not exist; locations that could not be a true registration address, like a jail; and scores of others.
Elections are often decided by 1% of the vote. The Wisconsin team identified potential phantom voters easily able to impact an election.
The other half of the scam is sending out absentee ballots to addresses that don't line up.
For instance, there may be an apartment building at 145 Essex Street. The ballot-harvesting industry registers people there, deliberately skipping their apartment number.
Their mail gets returned to — you guessed it, smarty-pants! Those absentee ballots accumulate at the local Post Office.
The Wisconsin voter integrity team, one of the best in the country, found evidence that the Post Office collected those ballots and gave them to the Voter Concierges — to vote. Pretty good USPS customer service!
You might think this would be caught with signature matching. Right! That is why so many states or counties eliminate the signature match — like Maricopa County in Arizona.
If your blood is boiling right now, you just don't get it. This is customer service on a whole new level. The Voter Concierge gets votes counted – even if the voter never casts that vote.
Voter integrity teams are now applying advanced computer technology to thwart the Voter Concierge by deep-cleaning the rolls.
In 2022, the vote-harvesting industry will again flood the zone in swing counties with over 250,000 new registrants from September to November.
Several voter integrity teams, using advanced artificial intelligence technology, can check every registrant, at silicon speed, against over 30 databases, with a billion records, ensuring that the registrant is not living in an R.V. park, a church, or a UPS store, and that his address meets current legal standards.
Sorry, Beto, but registering every itinerant is no longer the key to the Texas Governor's Mansion.
For the first time, phantom voters are being identified before their registrations take effect.
Living in an apartment where you do not designate the apartment number? Sorry, pal — you aren't voting this year. Registering from a church? There had better be enough bathrooms to meet the certificate of occupancy requirements for that county.
More voters showing up in a county than there are eligible citizens? Flagged hourly! Alert issued before the ballots are counted!
As ballots arrive during early voting, artificial intelligence snapshots aggregate voter identities. That guy who voted on day 2 in person, disappeared on snapshot 8, reappeared on snapshot 11 with his ballot changed to absentee...is identified.
Before that ballot is tabulated, it is red-flagged, and the voter integrity team files a protest.
Thirty-five thousand inactive voters, changed to active — then voted, then changed to inactive again? The A.I. systems pick this up with snapshot analysis. That scam is over!
For the first time, voter integrity teams have technology ballot-harvesters cannot outrun.
When Sheriff Clarke and Mike Lindell started supporting these kinds of technologies, after the 2020 election, the focus was voter roll anomalies. Anomalies were abundant.
The battlefield has changed to real-time analysis, driven by artificial intelligence.
The combined knowledge of a dozen gifted voter integrity teams, with 16 months of experience, is built into an artificial intelligence engine, identifying phantom voters before they are registered, before they can illegally vote.
Every time a fake vote is cast by a Voter Concierge, an American is disenfranchised.
Artificial intelligence helps the good guys protect the vote and gives confidence to all Americans that ttheir elections are legit.
Voter integrity teams learned that chasing 2020 voter fraud after the election is too late.
Some leading election integrity teams are stopping phantom voter fraud before it impacts elections.
Cleaning up voter rolls just became an A.I.-driven, real time endeavor.
https://www.americanthinker.com/articles/2022/07/election_heroes_are_stopping_fraudulent_votingright_now.html
2023 Will Be Year from Hell – Martin Armstrong
By Greg Hunter
On July 19, 2022
Legendary financial and geopolitical cycle analyst Martin Armstrong says the time to prepare is now for what is coming in 2023. Armstrong’s Socrates computer program is predicting “2023 will be the year from Hell.” Armstrong explains, “Our computer is predicting a ‘war cycle’ that hits in 2023, but that is also civil unrest. So, you are looking at revolutions and etc. because of inflation. Our projection on oil is that it is going to go up dramatically into 2023. It’s going to be the same thing, I think, for gasoline prices. This is just not over yet. The euro looks like death warmed over. . . . Our computer is projecting the continued decline of the euro and rising commodity prices. With these sanctions on Russia, you just had the leader of Hungary say Europe is committing suicide. The sanctions are hurting Europe more than they are hurting Russia. This is like a shot to the lung. They can’t even breath at this stage.”
Armstrong says you are not going to have to wait until next year to see extreme stress in the financial system. Armstrong is seeing financial upheavals coming in the August and September time frame. So, the economic pain is already here and getting worse, especially in Europe. Armstrong says, “I think you are going to see this come to a head. . . . It’s definitely tanking more anyway. . . . What makes things even worse for the world is the dollar going up and not down. This is because you had all these emerging markets issue debt in dollars. . . . They were borrowing in dollars because it was a cheaper interest rate, and they had no concept of the foreign exchange risk. . . . This happened in Australia. The currency swings, and, now, suddenly you owe 20% more. . . . You had the same thing with all these emerging markets. . . . Now, the dollar is going up and you are seeing bank runs.”
Armstrong says not only is the euro dramatically declining, but the euro bonds are being shunned by U.S. banks. This is another bad financial sign for the EU. Armstrong says, “All these things are a real crisis. I can tell you that speaking to the top three banks in New York City, they refuse to accept any European sovereign debt as collateral—period. That is what started the whole repo crisis in 2019.”
So, we are entering into a debt crisis with the EU financial system in the crosshairs. Armstrong says, “This is why they are pushing for war. . . . They think they can create a new monetary system, and to do so, they need war. They think they can keep it just conventional. Then the United Nations can emerge as the white knight and the peacemaker. Therefore, we get another Bretton Woods. You can redesign all the currencies, and when you do that, you wipe out all the debt. That is what is on the agenda. . . . There is no way they can get out of this other than default. If they default, they are worried about millions of people storming the parliaments of Europe. . . .This is really a tremendous financial crisis that we are facing. They have been borrowing year after year since WWII with zero intention of paying anything back.”
There is much more in the nearly 40-minute interview.
Join Greg Hunter of USAWatchdog.com on Rumble as he goes One-on-One with Martin Armstrong, cycle expert and author of the upcoming new book “Manufacturing World III,”
https://rumble.com/v1cvw9r-2023-will-be-year-from-hell-martin-armstrong.html
After the Interview:
There is some free information, analysis and articles on ArmstrongEconomics.com.
https://usawatchdog.com/2023-will-be-year-from-hell-martin-armstrong/
Ronan Manly: Why is a criminal organization allowed to dominate the gold industry?
By Ronan Manly
Bullion Star, Singapore
Wednesday, July 20, 2022
With a group of former JP Morgan precious metals traders
currently on criminal trial in front of a federal jury in
Chicago, accused of engaging in a racketeering conspiracy
involving precious metals price manipulation, commodities fraud,
and trade spoofing, while another group of their colleagues has
already pleaded guilty, now is a good time to ask how the bank JP
Morgan is still considered fit and proper to not only continue to
trade in the precious metals markets but also to continue to
dominate the entire precious metals industry in London,
Singapore, and New York, with the support of the London Bullion
Market Association, the Singapore Bullion Market Association, and
the CME Group, operator of the Comex and NYMex.
While JP Morgan made a deferred prosecution deal with the U.S.
Department of Justice and Commodity Futures Trade Commission in
2020 and admitted wrongdoing for the criminal conduct of numerous
JP Morgan traders and sales personnel on the bank's precious
metals desks in London, Singapore, and New York, while paying
$920 million in the form of a criminal monetary penalty, criminal
disgorgement, and victim compensation in relation to this
criminal precious metals scheme, the LBMA, SBMA, and CME Group,
as you will see below, continue not only to welcome the proven
criminal bank JP Morgan but to allow it to operate at the highest
levels of each organisation. ...
... For the remainder of the commentary:
https://www.bullionstar.com/blogs/ronan-manly/despite-manipulating-precious-metals-prices-jp-morgan-is-still-at-the-heart-of-the-lbma-sbma-and-comex/
California's Farmland Rapidly Turns To Dust Amid Water Crisis
By Tyler Durden
Monday, Jul 18, 2022 - 06:55 PM
As much of the Western US suffers from a historic drought, all eyes have shifted to Californian farmers as hundreds of thousands of acres become fallow in a state responsible for a tremendous amount of US food production.
Unprecedented cuts to water supplies are jeopardizing the future of growing for many farmers. Drought conditions are worsening, making it harder for farmers to irrigate crops.
As fields dry up and farm production drops, Josue Medellin-Azuara, an associate professor at the University of California Merced, told Bloomberg that 800,000 acres of farmland could be unworked this year, more than double the acreage last year.
Medellin-Azuara said the figure is preliminary as satellite imaging of California cropland continues to be examined. He anticipates official estimates by the end of this month or early August.
Just like that, multi-year, multi-decade investments in farm production have been wiped out over new water restrictions. Much of the fallow land is in California's Central Valley, which produces more than half of the fruits, vegetables, and nuts grown in the US.
Farmers that remain in operation are seeing sharp reductions in surface water rights due to low snowmelt and dwindling storage from last year.
"What's really concerning is for the first time we are fallowing at least 250,000 acres in the Sacramento Valley ... those are the most senior water rights holders," Karen Ross, secretary of the California Department of Food and Agriculture, said in an interview.
Medellin-Azuara said the new water restrictions are a complicated issue:
Last year, some California farmers were stunned to find their so-called senior water rights restricted. Water laws in the state are governed by a complex system that dates back to the Gold Rush era. Senior rights holders -- which include companies, growers and cities with claims that were acquired before 1914, and landowners whose property borders a river -- are the last to see their supplies curtailed. -Bloomberg
California's most productive agricultural region is turning into dust, which should concern every American.
As a reminder, California produces a quarter of the nation's food -- shrinking crop output is more alarming news that reveals food inflation is becoming structural and won't abate anytime soon.
https://www.zerohedge.com/commodities/californias-farmland-rapidly-turns-dust-amid-water-crisis
10:00a Existing Home Sales
Annual Rate 5.41 M 5.395 M 5.150 M to 5.500 M 5.12 M
Month over Month -5.4% actual vs -3.4% prior month
Year over Year -14.2% actual vs -8.6% prior year
Consensus Outlook
Existing home sales have been slowing, to a 5.41 million annualized rate in May, with a marginal decline to 5.395 million the consensus for June.
Definition
Existing home sales tally the number of previously constructed homes, condominiums and co-ops in which a sale closed during the month. Existing homes (also known as home resales) account for a larger share of the market than new homes and indicate housing market trends.
10:30a EIA Petroleum Inventories
Crude Oil Inventories - W/W -0.4M barrels actual vs 3.3Mbarrels prior
Gasoline Inventories - W/W 3.5M barrels actual vs 5.8M barrels prior
Distillate Inventories - W/W -1.3M Barrels actual vs 2.7M barrels prior
Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.
Welcome to Economic Collapse, a forum where most everything is on topic! Enjoy.
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