Venezuela recovers its gold from Citigroup. Argentina is trying to move away from the central bank. The IMF is pushing austerity on the people and the people are angry. There are now more job openings than there are unemployed people to fill them. So then why don’t we see people switching jobs and want don’t we see salaries increasing dramatically? US productivity is declining. World leaders are now nervous about the global economy, after the G7 or the G6+1 meeting leaders say the world is on fire as the US pushes the agenda to destroy the central banking economy. The deep state is in trouble, McCabe is now asking for immunity, which means he will turn on Comey, Comey is in trouble according the IG report which has not been released. Obama is trouble because he allowed Iran to access the banking system without informing congress which went against the sanctions placed on Iran. Illegal border crossing arrests are up. Putin points the finger at Soros and exposes him for who he really is. He is part of the deep state which pushes regime change around the world. The deep state is in trouble and is now backed into a corner and their entire agenda is now falling apart, expect an event to try to distract from the truth.
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Current News – 06.06.2018
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- The central bank of Venezuela has paid $172 million to the American bank Citigroup to recover the gold it had swapped with the bank. the precious metal was previously provided by the central bank as collateral for a dollar loan.
- Venezuela has used a part of its gold supply in recent years to take out dollar loans from foreign banks, but due to the new American sanctions, U.S. banks are no longer allowed to carry out these swaps.
- As a result, Venezuela had no other option than to end the currency swap with Citigroup and to return the gold.
- The reversal of this currency swap shows that Venezuela still managed to get enough dollars to repay the loan.
- Due to the financial crisis in Venezuela, the gold reserves of the country declined by over 50 percent in a few years, from around 360 tonnes in 2014 to just 150 tonnes at the end of 2017.
- The central bank had to use part of its gold supply to pay for imported goods.
- Argentina’s financing deal with the International Monetary Fund (IMF) will likely include measures strengthening the central bank’s independence, which has been questioned since the government changed inflation targets last year, economists said.
- TENUOUS INDEPENDENCE
- Argentina’s central bank charter already says the entity is “not subject to orders, indications or instructions from the national Executive Branch.” Treasury Ministry officials say that while they decide inflation targets, the bank is free to use whatever tools it wants to meet them.
- During the Dec. 28 news conference, the government also outlined a plan to drastically reduce central bank transfers to the Treasury to finance the fiscal deficit.
- But last year, the Organization for Economic Co-Operation and Development (OECD) recommended that Argentina “give the central bank greater autonomy,” arguing the executive branch had too much leeway to fire governors and that the mandate to prioritize price stability should be clearer.
- “The charter asserts and the laws guarantee it, but the problem in Argentina is sometimes the law is passed over,”
- “The central bank’s charter gives it a very tenuous independence,”
- As we reported yesterday, for the first time in history, the number of job openings in the US (6.7MM) has surpassed the official number of unemployed workers (6.1MM).
- And yet something about that number does not make sense.
- Subsequent deep dives into the jobs number show us that the health of the job market may not be on a par with where it was back in 2006 , and that the job market “health” may be judging a book by its cover.
- One such indicator to note is the amount of churn that occurs between jobs: churn is supposed to give an indication of how active participants in the workforce are in looking for better opportunities than the ones they currently have. In a market where there was recently more job openings than there were unemployed people to fill them, one would expect churn to be at, or exceeding, levels it has previously been at during times of a “healthy” economy.
- However, churn data shows no such thing. In fact, churn is still lower than it was in 2006 when unemployment was 4.8%.
- However, “the big surprise is that with all of those openings, people aren’t changing jobs as much as you’d expect.”
- For the eighth straight quarter, US productivity grew in Q1, rising 0.4% QoQ (improving on Q4’s +0.3%). However, the Q1 gain was less than the +0.6% expectation (
- This is the equal longest streak of productivity gains since 2010 (which corresponded to the V-shaped bounce off the great financial crisis lows).
- However, real compensation declined for the 3rd straight quarter.
- Following last weekend’s G-7 meeting for the world’s most important finance ministers and central bankers in Whistler, Canada, at which the US was introduced as a “+1” to the G-6, Chancellor Angela Merkel has vowed to challenge Donald Trump on trade and climate, and warned the lack of room for compromise means leaders may fail to agree on a final statement, an unprecedented event at a summit of the world’s 7 most advanced nations.
- Speaking before German lawmakers on Wednesday, two days before the G-7 summit starts in Canada, Merkel said that Trump’s “America First” doctrine shows that “we have a serious problem with multilateral agreements.”
- Looks like Mueller is becoming very desperate, likely prompted by reports that Paul Manafort is being accused by investigators of tampering with witnesses, special counsel Robert Mueller’s team is requesting that witnesses turn in their personal phones to inspect their encrypted messaging programs.
- In an effort to potentially view conversations between witnesses linked to President Trump and Russia, that since as early as April, Mueller’s team has been asking witnesses in the Russia probe to turn over phones for agents to examine private conversations on WhatsApp, Confide, Signal and Dust.
- He just opened a can of worms, because how long will it be before investigation into the FBI that the FBI needs to handover their personal phones to examine their encyrpted messaging apps?
- The Justice Department’s internal watchdog has reportedly concluded that former FBI Director James Comey and former Attorney General Loretta Lynch acted improperly in their handling of the investigation into former Secretary of State Hillary Clinton’s use of a private email server.
- Inspector general Michael Horowitz will reportedly characterize Comey’s conduct as “insubordinate,”
- Rudy Giuliani, President Donald Trump’s personal defense lawyer, said they are “anxiously awaiting” the report because they believe it will help them make the case that senior FBI and DOJ leaders are biased against Trump.
- The Justice Department inspector general has concluded that former FBI Director James Comey defied authority at times during his time leading of the bureau,
- The report, which has not yet been officially released,
- Horowitz will also reportedly specifically chastise Lynch for how she handled the Clinton email investigation.
- Comey has accused Lynch, who was appointed by former President Barack Obama, of having a “tortured half-out, half-in” approach to the Clinton investigation. He also expressed disapproval at her decision not to recuse herself from the investigation and added that he considered calling for a special prosecutor to be appointed to oversee the probe because of what he believed was Lynch’s bias in favor of the Clintons.
Former Deputy FBI Director Andrew McCabe is said to be in negotiations with Senate Judiciary Committee Chairman Chuck Grassley for immunity ahead of his testimony on the upcoming DOJ Inspector General report on the FBI’s conduct during the Clinton email probe.
- McCabe’s attorney, Michael Bromwich, insisted that “Under the terms of such a grant of use immunity, no testimony or other information provided by Mr. McCabe could be used against him in a criminal case,” adding “Mr. McCabe is willing to testify, but because of the criminal referral, he must be afforded suitable legal protection.”
- Seemingly not satisfied with airlifting billions in US taxpayer cash on pallets to Tehran, AP reports that the Obama administration secretly sought to give Iran access to the U.S. financial system by sidestepping sanctions kept in place after the 2015 nuclear deal, despite repeatedly telling Congress and the public it had no plans to do so.
- An investigation by Senate Republicans released Wednesday that exposes the Obama administration’s politically-motivated actions to secretly offer help to Iran while withholding the truth from the American taxpayers about the extent of Washington’s handouts to Tehran.
The report by the Senate Permanent Subcommittee on Investigations revealed that under President Barack Obama, the Treasury Department issued a license in February 2016, never previously disclosed, that would have allowed Iran to convert $5.7 billion it held at a bank in Oman from Omani rials into euros by exchanging them first into U.S. dollars. If the Omani bank had allowed the exchange without such a license, it would have violated sanctions that bar Iran from transactions that touch the U.S. financial system.
While issuing the license was not illegal, it still went above and beyond what the Obama administration was required to do under the terms of the nuclear agreement.
- However, the Obama administration’s effort only failed as they were unable to find a compliant bank. American banks – themselves afraid of running afoul of U.S. sanctions – declined to participate. The Obama administration approached two U.S. banks to facilitate the conversion, the report said, but both refused, citing the reputational risk of doing business with or for Iran.
- Ironically, this ‘scandal’ appears just days after Obama proudy proclaimed that his administration had no scandals a
“The Obama administration misled the American people and Congress because they were desperate to get a deal with Iran.”
- A report from Syracuse University shows that prosecution in April 2018 of migrants illegally crossing the border jumped more than 160 percent over April 2017 prosecutions. The April numbers also increase a 30 percent over March 2018 numbers.
- Between March and April 2018, the prosecution of illegal immigrants who illegally crossed the southwest border with Mexico jumped by 30 percent, the report compiled by Syracuse University’s Newhouse School of Public Communications and the Whitman School of Management states. Federal prosecutors accepted referral of charges 8,298 times in April. This is up from 6,368 in March, the report states.
- In year-to-year comparisons, the 8,298 prosecutions in April 2018 represents an increase of 163 percent over the same month in 2017.
- Russian President Vladimir Putin calls out the global virus that is George Soros on Austrian TV.
- Putin told the Austrian state ORF channel in an interview: The US State Department would never admit to backing George Soros’s alleged attempts to “rock the euro,” yet Kremlin is being told to come clean on private internet companies meddling in politics.
“There is such a personality in the US – Mr. [George] Soros, who interferes in all affairs around the world. I often hear from my American friends that ‘America as a state has nothing to do with [his activities],”
“There are rumors circulating now that Mr. Soros is planning to make the euro highly volatile. Experts are already discussing this. Ask the [US] State Department why he is doing this. The State Department will say that it has nothing to do with them – rather it is Mr. Soros’ private affair.