Gotta luv this mix of admission and disinformation: zerohedge @zerohedge Seriously running out of conspiracy theories 7:47 PM · Sep 24, 2023 Note this carefully. Mayo says HCQ may be used to treat “certain hospitalized patients”. Why “hospitalized”? HCQ is one of the ten most commonly used drugs world wide. It’s actually
Eric Schmidt's (Google) vast influence. Look at his relationship with Jared Cohen and the deep ties to State Department, Obamas, Clintons, the Council on Foreign Relations...it goes on and on. Juluan Assange wrote a long essay about Schmidt and Cohen, great read.
That may not seem relevant until you add to the mix Google's partnership with Mayo clinic.
The "hospitalized patients" disinformation is even worse than it seems. Unlike IVM, HCQ is only effective in the viral phase, since all it does is inhibit viral reproduction. Almost all patients who get to hospitalization are past or nearly past the viral phase, so it's too late for HCQ to do much of what it's meant for. As Mark says, as a prophylactic or very early after infection is the time to take it. After that, there are far better treatments available.
We are governed and run by demons working for the devil. Seriously, this evil is biblical.
Working backwards, the US$ is bid vs all comers not because of anything Yellen said, but fleeing disasters in the making, elsewhere. In the EuroZone alone, merchants of Kosovo, which is not a member, but uses the Euro as their local currency, are no longer looking for fake euro pieces as they've been flooded with counterfeits. They're using the fakes as legal tender, thus debasing the euro. And Nooo ECB interest to stop it, yet. If there's a banking crisis coming there, recall that the ECB prefers to use depositor funds to make up for the losses.
People are voting with their feet, as far as their savings are concerned.
Yield curve steepening for a whole host of reasons, including quarter end, too foggy to point at any single catalyst here.
Lastly, ReverseRepo REMOVES cash from the banking sector. Obliquely related to government funding. It has everything to do with the removal of tradable collateral in Leverage Land, since there were 99 participants in today's RRP, but there are only 23 Primary Dealers, who nominally would be lending out the securities they got in the RRP. Who are the other 76 participants? Money Market Funds, who lend to nobody, because of their bylaws forbidding it.
This is the source of The Street's angst. No friends and family to lend to because of no collateral available to lend. Thus softly removing leverage from the overall trading community. A most healthy development.
First, post covid, Trump and Biden signed legislation which unleashed some $6T of new spending, much of which went directly into taxpayer bank accounts, and which spending was deficit spending, meaning that the FED was forced to "print" (ie, create) $6T to buy the bonds Treasury had to sell to get funds for the various programs. This $6T diluted the existing supply of money and it was known that it would stimulate inflation.
Second, knowing this new money would be inflationary, the FED set up a new program, known as RRP, in which banks could lend the FED excess reserves (deposits over and above those required for regulatory compliance) for "5 basis point" (ie, .05%) interest. This was essentially free money for the banks and a drain on FED profits. Via RRP, the FED drained -$2.5T from the economy, reducing the inflationary effect of creating $6T, and essentially creating a large dollar reserve in the US financial system.
Third, the FED also decided to remove liquidity from the system at the rate of about $1T/yr to begin reversing QE (or prior FED policy of ultra low interest rates, which were acidic to our system). At the same time, however, Biden/Yellen wanted to pump liquidity into the market to maintain quasi-QE, to keep the economy pumped. Biden/Yellen have thus been spending insanely. So FED and Treasury policies are in conflict.
Fourth, to spend, Treasury must first sell bonds. Treasury decides how much to alot to each bond, bill, note duration. Yellen has heavily tilted issuance to high interest short duration versus going for lower interest long duration. Why? Because short duration treasuries are snapped by money market funds. Money going into money market funds comes from bank deposits flowing from low interest bank accounts to high interest money market funds. Because deposits leaving banks result in lower excess reserves at banks, the funds held within RRP necessarily drop. Thus, it is Yellen who is draining the RRP, not Powell.
Last, the risk that Luongo is raising, is as follows: The relative value of the dollar to other currencies is rising because financial conditions are tight and dollar liquidity is decreasing. At the same time treasury yields have been rising (yield is sum of interest payments divided by sales price, so yield rises when price is dropping). For a bunch of technical reasons, very much involving the Japanese currency and bond market, this combo of high dollar and rising 10y treasury yields is hazardous to the European currency and bond markets. There is a strong possibility of a "credit event" happening, and it will likely be far worse for Europe than the US.
What Luongo leaves out is the likelihood of an impact to the US stock market and the smaller possibility of that credit event being globally amplified by the derivatives market, though that's a different story. I will only say that I advised my brother to keep his gas tank filled for the next few months.
I hope I didnt add to the confusion. I've found this subject to be very complex. Luongo is by far the best at making it understandable but even he has difficulty being understandable.
When they announced the former Nazi SS officer, they merely said he was a WW2 veteran who fought against Russia. I wonder how many Americans - or Canadians - could tell you who the Allies were in WW2 and who the Axis was.
If you don't know that Russia fought Germany in WW2, you wouldn't think twice about Canadian parliament celebrating a WW2 veteran who fought Russia. The lack of knowledge of basic history is appalling and frightening.
People who don't know history will blindly believe that Eurasia is at war with Oceania and therefore Eurasia has always been at war with Oceania. NATO is at war with Russia so NATO has always been at war with Russia. The enemy of the moment always represents absolute evil. Since Russia is today's enemy, Russia is absolute evil therefore we could never have been on the same side with Russia. Never mind that Russia lost over 27 million people fighting the Nazis in WW2.
As a Canadian, I felt intense shame and horror when I heard about what happened in Parliament the other day. The Canadian government, under the direction and control of the WEF/globalists, has spent $9 billion and counting KNOWINGLY supporting Nazis.
Monday Roundup, 9/24/2023: Covid, Canada, Luongo
Keep in mind
Eric Schmidt's (Google) vast influence. Look at his relationship with Jared Cohen and the deep ties to State Department, Obamas, Clintons, the Council on Foreign Relations...it goes on and on. Juluan Assange wrote a long essay about Schmidt and Cohen, great read.
That may not seem relevant until you add to the mix Google's partnership with Mayo clinic.
Niall Ferguson: "Russia is getting stronger - Western support is fading away - and there won't be any break through"
The "hospitalized patients" disinformation is even worse than it seems. Unlike IVM, HCQ is only effective in the viral phase, since all it does is inhibit viral reproduction. Almost all patients who get to hospitalization are past or nearly past the viral phase, so it's too late for HCQ to do much of what it's meant for. As Mark says, as a prophylactic or very early after infection is the time to take it. After that, there are far better treatments available.
We are governed and run by demons working for the devil. Seriously, this evil is biblical.
Not very good at any thing veering towards a conspiracy.
Working backwards, the US$ is bid vs all comers not because of anything Yellen said, but fleeing disasters in the making, elsewhere. In the EuroZone alone, merchants of Kosovo, which is not a member, but uses the Euro as their local currency, are no longer looking for fake euro pieces as they've been flooded with counterfeits. They're using the fakes as legal tender, thus debasing the euro. And Nooo ECB interest to stop it, yet. If there's a banking crisis coming there, recall that the ECB prefers to use depositor funds to make up for the losses.
People are voting with their feet, as far as their savings are concerned.
Yield curve steepening for a whole host of reasons, including quarter end, too foggy to point at any single catalyst here.
Lastly, ReverseRepo REMOVES cash from the banking sector. Obliquely related to government funding. It has everything to do with the removal of tradable collateral in Leverage Land, since there were 99 participants in today's RRP, but there are only 23 Primary Dealers, who nominally would be lending out the securities they got in the RRP. Who are the other 76 participants? Money Market Funds, who lend to nobody, because of their bylaws forbidding it.
This is the source of The Street's angst. No friends and family to lend to because of no collateral available to lend. Thus softly removing leverage from the overall trading community. A most healthy development.
Perhaps I can help to clarify a bit.
First, post covid, Trump and Biden signed legislation which unleashed some $6T of new spending, much of which went directly into taxpayer bank accounts, and which spending was deficit spending, meaning that the FED was forced to "print" (ie, create) $6T to buy the bonds Treasury had to sell to get funds for the various programs. This $6T diluted the existing supply of money and it was known that it would stimulate inflation.
Second, knowing this new money would be inflationary, the FED set up a new program, known as RRP, in which banks could lend the FED excess reserves (deposits over and above those required for regulatory compliance) for "5 basis point" (ie, .05%) interest. This was essentially free money for the banks and a drain on FED profits. Via RRP, the FED drained -$2.5T from the economy, reducing the inflationary effect of creating $6T, and essentially creating a large dollar reserve in the US financial system.
Third, the FED also decided to remove liquidity from the system at the rate of about $1T/yr to begin reversing QE (or prior FED policy of ultra low interest rates, which were acidic to our system). At the same time, however, Biden/Yellen wanted to pump liquidity into the market to maintain quasi-QE, to keep the economy pumped. Biden/Yellen have thus been spending insanely. So FED and Treasury policies are in conflict.
Fourth, to spend, Treasury must first sell bonds. Treasury decides how much to alot to each bond, bill, note duration. Yellen has heavily tilted issuance to high interest short duration versus going for lower interest long duration. Why? Because short duration treasuries are snapped by money market funds. Money going into money market funds comes from bank deposits flowing from low interest bank accounts to high interest money market funds. Because deposits leaving banks result in lower excess reserves at banks, the funds held within RRP necessarily drop. Thus, it is Yellen who is draining the RRP, not Powell.
Last, the risk that Luongo is raising, is as follows: The relative value of the dollar to other currencies is rising because financial conditions are tight and dollar liquidity is decreasing. At the same time treasury yields have been rising (yield is sum of interest payments divided by sales price, so yield rises when price is dropping). For a bunch of technical reasons, very much involving the Japanese currency and bond market, this combo of high dollar and rising 10y treasury yields is hazardous to the European currency and bond markets. There is a strong possibility of a "credit event" happening, and it will likely be far worse for Europe than the US.
What Luongo leaves out is the likelihood of an impact to the US stock market and the smaller possibility of that credit event being globally amplified by the derivatives market, though that's a different story. I will only say that I advised my brother to keep his gas tank filled for the next few months.
I hope I didnt add to the confusion. I've found this subject to be very complex. Luongo is by far the best at making it understandable but even he has difficulty being understandable.
When they announced the former Nazi SS officer, they merely said he was a WW2 veteran who fought against Russia. I wonder how many Americans - or Canadians - could tell you who the Allies were in WW2 and who the Axis was.
If you don't know that Russia fought Germany in WW2, you wouldn't think twice about Canadian parliament celebrating a WW2 veteran who fought Russia. The lack of knowledge of basic history is appalling and frightening.
People who don't know history will blindly believe that Eurasia is at war with Oceania and therefore Eurasia has always been at war with Oceania. NATO is at war with Russia so NATO has always been at war with Russia. The enemy of the moment always represents absolute evil. Since Russia is today's enemy, Russia is absolute evil therefore we could never have been on the same side with Russia. Never mind that Russia lost over 27 million people fighting the Nazis in WW2.
The official admissions over Covid are coming out at the same reluctant and glacial pace as they are about Ukraine. But at least they are coming out.
As a Canadian, I felt intense shame and horror when I heard about what happened in Parliament the other day. The Canadian government, under the direction and control of the WEF/globalists, has spent $9 billion and counting KNOWINGLY supporting Nazis.