Uk retailers getting hit hard, just like in the US. This is spreading to all countries. Credit card usage starts to slow, people are maxed out, we saw this right before the crash of 2008. Half the companies are losing money, how can we have a recovery. It’s starting to look alot like 1987, credit is going to be a major problem. The US does not import 90% of its alluminum only about half, the other comes from recycle material. Bitcoin seller identified. Banks are bankrupt, the facts are in and it shows the economy is in big trouble and when the system collapses the banks are going down. John Kerry is now being investigated. John McCain is set to resign. The FBI has been using Geek Squad to spy on peoples computers. Venezuela is about to have an election and the US does not want this to happen. Q drops additional intel, IBOR is moving forward, Session begins the investigation with outside help. The news so silent right now, something big is about to happen, be prepared.
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Current News – 03.08.2018
- Up to 980 jobs are being axed at retailer New Look under plans to shut 60 stores and slash rent on nearly 400 shops as part of a rescue deal, the company said.
- It is the latest high street chain to face difficulties with more than 5,000 retail jobs under threat with the demise of Toys R Us UK and Maplin. UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability.
- Comment: They can try to blame Brexit all they like but the US is seeing an equally dire future and it isn’t facing Brexit; this financial crash is happening all over the Western world:
- After a massive surge in consumer credit in the last three months of 2017, when October thru December saw a massive increase in revolving and non-revolving credit, amounting to a total $73 billion, the Fed reported that 2018 started off with a whimper, with a modest $701 million increase in credit card debt, coupled with a $13.2 billion increase in non-revolving, or auto and student loan, credit in the first month of the year.
- we doubt it will be a surprise to anyone that both student debt and auto loans hit a new all time high in the quarter ending December 2017, with $1.491 trillion for the former, and $1.12 trillion for the latter (
- The sharp slowdown in consumer credit growth may be the latest red flag for the US economy,
- Baruch Lev is the Philip Bardes Professor of Accounting and Finance at the Stern School of Business, NYU.
- We are inundated with great economic news: The stock market is at all-time high (despite wide fluctuations), unemployment is the lowest in two decades, consumer confidence is the highest in many years, and corporate profits are surging from quarter to quarter. A real economic recovery to be sure.
- So, you will be shocked to see the following figure which I haven’t seen anywhere else, nor mentioned by economists and pundits. The figure shows the percentage of U.S. public companies reporting an annual loss, from 1960 through 2016. The two curves portray the percent “losers” from all public companies (lower curve), and the percent “losers” from all technology and science-based companies (computers, software, pharma, biotech, etc.), presented by the upper curve.
The main finding: Both curves are fast increasing.
The percent losers from all companies increased from 18% in 1980 to 46% in 2016.
For high tech and science-based companies the losers reached 69%! In 2016.
- So, where is the economic recovery if half the companies are reporting losses? Shouldn’t a recovery be reflected by an increasing number of profitable companies?
- The Strategic Investment Conference 2018 kicked off in San Diego with a keynote speech from David Rosenberg of Gluskin Sheff titled, “Year of the Dog: Will It Bark or Bite?” (Spoiler: The latter). Rosenberg began by running through a list of his own metrics: forward P/E, price/sales, price/book value, enterprise value/EBITDA. Not surprisingly, and as shown here previously, all of them pointed to record-high valuations.
- Rosenberg pointed out that even the Fed admits that valuations are high. Our policymakers themselves believe this can’t continue for long. In fact, the Shiller CAPE ratio now stands at its second-highest level in decades. History shows that high P/E ratios are usually followed by years of low returns in equities. In fact, even the San Francisco Fed now predicts that equity returns over the next decade will be, at best, 0%, to wit:
- Credit Shows Warning Signals
- Rosenberg then shifted to what is one of the biggest recession threats to be observed in this late-cycle behavior by looking at the erosion in credit quality as one of the warning signals, something we noted two weeks ago in “This Is Where The Next US Debt Crisis Is Hiding“
- He also stressed that former big buyers of corporate debt have started to “pull back.”
- The situation on the retail side isn’t better either. Rosenberg pointed out that consumers begin to struggle to make credit card payments.
- , President Trump joked at a mid-day cabinet meeting that he still likes former economic advisor Gary Cohn – even though he’s a “globalist.”
- Fact Check:
- “America imports 90 percent of the aluminum that U.S. companies use to make products as diverse as beer cans and fighter jets,” WaPo reported.
- A parenthetical in a NYT article noted, “Aluminum is more heavily dependent on imports, with only 10 percent made domestically.”
- “Imports make up … more than 90% of the 5.5 million tons of aluminum used here,”
- “In 2016, the United States imported five times as much primary aluminum on a tonnage basis as it produced,” the report explains. “The import penetration level was about 90 percent, up from 66 percent in 2012.”
- But what reporting by these outlets overlooks, however, is that this figure does not capture the entire U.S. aluminum market – it only reflects the production and trade of “primary” aluminum, or aluminum that has been smelted from raw ore.
- Most unwrought (or unfinished) aluminum that the U.S. produces, on the other hand, is recycled and re-molten scrap, or “secondary aluminum.” The Commerce Department report makes clear that it is excluding this key component of the American aluminum industry.
- “The United States is the world’s leading producer of secondary unwrought aluminum,” the report notes. “While aluminum produced through secondary production is an important feedstock for the U.S. aluminum industry, it is fundamentally a different industry sector and is not the focus of this report.”
- The proportion of aluminum that is imported nearly halves when secondary aluminum is also considered.
- The reason for the mini taper, is that “policy makers have long been in agreement that QE shouldn’t stop abruptly — a view ECB President Mario Draghi has publicly voiced in the past.”
- Bitcoin’s Tokyo Whale (not to be confused with that Tokyo Whale) revealed on Wednesday that he has sold off about $400 million in bitcoin and bitcoin cash since late September.
Nobuaki Kobayashi, bankruptcy trustee for Mt. Gox, the largest bitcoin exchange in the world before hackers absconded with tens of thousands of customers’ bitcoins worth billions at recent prices, said he started selling in late September, meaning it’s quite possible he sold at least some of the coins at the highs reached toward the end of last year.
- Kobayashi made his disclosure in the report from the 10th creditors’ meeting, which took place Wednesday.
- In the report, he said he’d started selling off the bitcoin and bitcoin cash to raise money for disbursements that the trustee will soon need to begin making as bankruptcy claims are being evaluated, per Bloomberg.
- Which brings us to the crash of Bitcoin from December 2017 through February 2018.
- Matt Odell (@Matt_Odell) presents the full list of transfers out of their wallet.
- As Odell points out “More than half of the bitcoin they sold (18k btc) was transferred to an exchange on Feb 5th. The day before bitcoin hit its 3 month low of ~$6000. They panicked and sold the bottom. Market absorbed it well.”
- This is what Kobayashi’s “sells” look like on the chart of Bitcoin…
- every major bank and credit union and the truth is truly shocking (if you don’t study this kind of stuff on a daily basis). The fact is, they’re all bankrupt. Totally insolvent. Not even going into their derivative exposure, their cash to deposit ratio is alarmingly low, and by low we mean likely 0.20 to 5% covered.
the bank run and collapse of ABLV in Latvia which just got bailed out. Their cash to deposit ratio was 13%. Compared to most of the big banks, they were doing well!
- Here are some examples…
- JP Morgan:
98.26% of deposits are not covered. So they cover about 1.74%.
- Wells Fargo:
98.41% of their deposits are not covered. So about 1.59% is covered with cash on hand.
- Goldman Sachs:
98.76% of their deposits are not covered. So about 1.24% is covered by cash on hand.
- Alpha Bank in Greece:
99.48% of their deposits are covered. 0.52% is covered by cash on hand.
- Then looking at some of the credit unions…
- Assiniboine Credit Union in Canada:
97.53% of deposits are covered. 2.47% covered by cash on hand.
- Cambrian Credit Union in Canada is astounding:
99.84% of deposits are not covered! 0.16% is covered by cash on hand!
- the banking system is insolvent!
- BREAKING: Senate Officials Confirm John McCain Expected to Step Down from U.S. Senate https://t.co/GEXVsaveuF
— Thomas Paine (@Thomas1774Paine) March 8, 2018
- The House Select Committee on Intelligence has John Kerry in its crosshairs – as Congressional investigators explore what involvement, if any, the former Secretary of State had in the unverified “Steele dossier” which relied on intelligence from high level Kremlin officials at a time when US-Russia relations were deteriorating.
Between 2014 and 2016, Steele authored more than a hundred reports on Russia and Ukraine. These were written for a private client but shared widely within the State Department and sent up to Secretary of State John Kerry and to Assistant Secretary of State Victoria Nuland, who was in charge of the U.S. response to the Ukraine crisis.
- As Journalist Sara Carter notes, “Also in September, 2016 Steele briefed Winer on the dossier at a Washington Hotel, according to an expose recently published in The New Yorker. Winer prepared his summary and shared it with former Assistant Secretary for European and Eurasian Affairs Victoria Nuland and Jon Finer, who was then chief of staff Kerry. Kerry was then briefed by Finer several days later, according to the report.
- For over a decade, the FBI had been paying employees of Best Buy’s Geek Squad to pass on information about illegal materials on customer devices sent in for repair, according to records obtained through the Freedom of Information lawsuit filed last year.
At no point did the FBI get warrants based on probable cause before Geek Squad informants conducted these searches. Nor are these cases the result of Best Buy employees happening across potential illegal content on a device and alerting authorities. –EFF.org
- Records posted Tuesday by the Electronic Frontier Foundation reveal that federal agents from the FBI’s Louisville division had been paying Geek Squad informants for information that might kick off investigations related to their “Computer Intrusion and Cyber Crime” program, according to the documents.
The documents released to EFF show that Best Buy officials have enjoyed a particularly close relationship with the agency for at least 10 years. For example, an FBI memo from September 2008 details how Best Buy hosted a meeting of the agency’s “Cyber Working Group” at the company’s Kentucky repair facility.
The memo and a related email show that Geek Squad employees also gave FBI officials a tour of the facility before their meeting and makes clear that the law enforcement agency’s Louisville Division “has maintained close liaison with the Geek Squad’s management in an effort to glean case initiations and to support the division’s Computer Intrusion and Cyber Crime programs.” –EFF
- With presidential elections announced in Venezuela, the US State Department moved quickly to declare that the contest was illegitimate and that its results would not be recognised. But less than a year ago the tune was quite different, as a cursory look through State Department briefings and press releases will show. We also examine how political developments from the past year have led to the current scenario, and how US demands for “free and fair” elections are not only arrogant and hypocritical but also misleading.
Do you TRUST SESSIONS? BOOM. Q
, Sessions says he’s appointed “a person outside of Washington” to look into the allegations.
- “ I have appointed a person outside of Washington — many years at the Department of Justice — to look at all of the allegations that the House Judiciary Committee members sent to us and we are conducting that investigation.”
- Trump Has Already Approved
- Brad Parscale, who was recently appointed as campaign manager for Donald Trump’s 2020 reelection bid, has warned Google, Facebook, and Twitter to maintain a “level playing field,” following a month of high-profile revelations of bias at big tech.
- When you tell an establishment Democrat that Google’s hiding and removal of content is a dangerous form of censorship, people will say “It’s a private company and they can do what they like with their property,” they will tell you. “It’s insane to say that a private company regulating its own affairs is the same as government censorship!”This is absurd on its surface, because Google is not separate from the government in any meaningful way. It has been financially intertwined with US intelligence agencies since its very inception when it received research grants from the CIA and NSA for mass surveillance, pours massive amounts of money into federal lobbying and DC think tanks, has a cozy relationship with the NSA and multiple defense contracts.“Some of Google’s partnerships with the intelligence community are so close and cooperative, and have been going on for so long, that it’s not easy to discern where Google Inc ends and government spook operations begin,“