The Bank of International Settlements (BIS) has warned in its latest quarterly report that there is $80 trillion dollar in off-balance sheet dollar debt in the form of FX swaps. This has involved pension funds and other ‘non-bank’ financial firms.
What they do not explain is that each “debt” has a counterparty that has an “asset” and in theory, that works out to net zero. But there is counter-party risk that is not discussed. This doesn’t address the liquidity issue either. Still, it is not entirely a black hole as they seem to lead some to proclaim. What is also left unexplained or addressed is the question of if they are netting across all transactions. Many of the players in this market have offsetting positions. It is one thing to scream OMG the size of the stock market is too big, and another to yell fire in a crowded theater.
This $80 trill is effectively the derivatives market. It is what it is. Marking everything to market all the time isn’t a great answer either for there can be imbalances for a day or two in the middle of chaos. What is clear is that the BIS is raising concerns, in which it also said this year’s market upheaval took place without any major issues.
On the other hand, the BIS has been pushing central banks to raise rates to fight inflation which will only accelerate the crisis since it is shortage based. This is no different from the ’70s when there was an external price shock from OPEC,. Raising interest rates did nothing to prevent inflation, instead, it resulted in a strong dollar, the collapse of the pound to $1.03 in 1985, and the US national debt more than doubled on interest expenditures.
Nonetheless, the BIS has been quieter on the inflation front this time around. Just maybe, they are starting to realize that the old theories no longer work. The September UK government bond market turmoil was created by raising interest rates and the losses on holding long-term debt in the face of rising interest rates have been just the tip of the iceberg.
The FX swap markets have become huge. Our clients are well into the trillions these days whereas twenty years ago we had less than 5 clients at the $1 trillion threshold.
Nonetheless, the complexity of the cross-positions is the real risk. One side can blow out because of the chaos these braindead politicians are creating with this war against Russia.
Europe is trying to impose a cap on Russian oil at $60 a barrel. Russian authorities rejected a price cap and threatened to stop supplying the nations that endorsed it.
Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect along with an EU embargo on Russian oil shipped by sea.
In all honesty, this is the most braindead decision up their with trying to peg currencies. These people constantly reject any understanding of a business cycle and follow in the footsteps of Karl Marx believing that they even have the power to regulate prices of anything. Bretton Woods collapsed because of this same stupid reasoning of fixing the the dollar to gold at $35 per ounce. They capped the price of gold to dollars but never limited the amount of dollars they created. A 3-year old with a pocket calculator could have figured out that system would collapse.
So here we are with world leaders once again engaging in absolute stupidity that will come back to to rue the day they ever came up with this idea. If the price of oil rises to $100, they will prevent their own economies from acquiring energy. That would push the price of oil up even higher if they can only then buy non-Russian oil. Crude closed 2021 at $75.21. In their mind, they are trying still to destroy the Russian economy. This trick will only backfire.
Then this high-heel dancing head of Ukraine, President Volodymyr Zelensky, meanwhile, actually revealed the Ukrainian hatred of Russians and why Russia came to the aid of the Donbas because they would massacre every Russian they get their hands on as they did in Odessa as the West was silent for Russians are not entitled to human rights. Andriy Yermak, the head of Zelensky’s office, wrote on Telegram, staking out a position also favored by Poland which has also lost its mind, which will further create World War III since that is what has already been announced against Russia.
“It would be necessary to lower it to $30 in order to destroy the enemy’s economy faster.”
Granted, Russia’s crude has already been selling for around $60 a barrel, which is a deep discount from the international benchmark Brent. Whatever these people can do to create chaos in the world markets and bring the world to the brink of a major international war, they are doing it brilliantly.
BTW, our model called the low in 2020, had a Directional Change for 2022, and the next key turning point is the strongest on the Array in 2023. So thank you, braindead politicians. I am sure they will blame Putin and argue he is using energy as a weapon when, by their own statements, that is what they are doing to bring down Russia.
These world leaders are trying to cap the price of oil below market value and then this evil leader of Ukraine, Zelensky, wants the cap to be $30. I warned that Zelensky will be the man, or whatever pronoun he/she prefers, that will create World War III just as the Serbs began World War I. A low in 2023 will most likely see a slingshot up into the years ahead.
For many years the carbon allowances for individuals were esoteric goals as presented by those who assemble at various global COP meetings, Davos and the World Economic Forum. However, with rapid advances in the energy control process, a result of the pandemic and Build Back Better exit, the control officers are now quantifying the specifics for the individual citizen. [pdf Here]
In short, we are now getting down to the brass tacks. Your resource allocation is part of the “consumption intervention” consideration, where the amount of carbon emission your consumption drives is what determines the goal for your future allocation.
[From the Abstract] – There is a growing consensus, based on compelling evidence, that the world is facing a climate crisis and rapid action to reduce greenhouse gas emissions is a necessity. Historically, decision-makers and academics have discussed a range of options that can reduce our carbon footprint over the long-term. However, recent evidence demonstrates that choosing between one option and another is no longer compatible with rapid and significant emission reductions.
Increasingly, all options are required, and this involves multiple actors exploring how they can respond to the current climate crisis; including national government, cities, business and civil society. (read more)
As you can see above, the goal is to remove meat and dairy products completely.
In the next chart, you can see your allocation for “net clothing and textiles“:
In the Transporation sector, the ambitious goal is to remove all private vehicles, and the target lifetime of vehicles is 50 years.
For airline travel, citizens will be permitted one flight less than 1,500km (930 miles) every three years.
[Abstract] – “The wide range of action required to achieve a 1.5°C scenario leaves little room for delay or failure over the coming decade; other broad, supporting policies can provide a safety net by bringing about complimentary emission reductions. Examples of such policies are a wide deployment of carbon capture and storage (CCS), particularly in industries that emit direct emissions, and carbon pricing mechanisms that can underpin action across entire economies and markets. However, even deeper paradigmatic shifts may be relevant, such as adopting more useful measures of societal development than just economic growth. In practice, no one city or nation will follow the exact same emissions reduction pathway, but this report provides direction on the type, scale and timescale of policies that will need to be implemented (read more).
As mentioned in the beginning, these are the allocations we can expect to see in the future.
The enforcement mechanisms will likely vary depending on government power amid the various nations within the collective western society. However, based on the successful results from the COVID passport beta tests, gateways and permissions, some form of digital currency will likely be part of the compliance process for the carbon allocation as outlined.
Sooner or later someone, if not Donald Trump, is going to have to start a second party.
Appearing on CBS with Margaret Brennan, incoming House Intelligence Committee Chairman Mike Turner walks through the priorities of the new HPSCI committee, to include that President Trump is horrible, Ukraine President Zelenskyy is awesome, Joe Biden is doing an awesome job and Ukraine needs more U.S. money and weapons.
If you listen closely, you might even catch the part where Mike Turner says he is working swimmingly with current HPSCI Chairman Adam Schiff and current Senate Intelligence Committee Chairman Mark Warner. Yes, folks, you just cannot make this stuff up. Ms. Brennan is absolutely smitten with Mr. Turner, he’s an acceptable republican. WATCH:
[Transcript] – MARGARET BRENNAN: And we turn now to Ohio Congressman Mike Turner, the top Republican on the House Intelligence Committee. Congressman Turner, good to have you here in person.
REPRESENTATIVE MIKE TURNER: Thank you. Yes. It’s great to be here.
MARGARET BRENNAN: So just yesterday, the Director of National Intelligence Avril Haines said that Russia was perhaps struggling to keep up with the amount of munitions that it’s using in this war in Ukraine, the cold weather is slowing combat. The Secretary of State, though, didn’t really give hope for diplomacy at this moment. Given what you know, when will this war end?
REP. TURNER: Well, the one thing that we know is that the- the gains that Ukraine is making are real, they’re real in the battlefield. They’re real in the support that they have around the world, they have with democracies on the floor of the United Nations, in condemning this aggression by Russia. But Ukraine really has to be the one that decides that if, when, and how negotiations are entered into, and at this point, you know, they’re battling for their country. They’re losing lives for democracy. President Zelenskyy says, I was just in Ukraine, just before the elections, he says openly, he understands that he’s the frontlines for democracy, and he’s fighting an authoritarian regime. And I think, you know, obviously, Russia has to reevaluate how they look at this conflict and how Putin looks at what he has started–
MARGARET BRENNAN: So you agree with the administration on this?
REP. TURNER: I agree absolutely. That this is, this is something where, that this is a war of aggression, that Russia needs to reevaluate and to withdraw from Ukraine.
MARGARET BRENNAN: You’ve said, because you are poised to run the intelligence committees since you are at the top Republican when Republicans take control in January. Is this going to be an area where as you promised, you can take politics out of it and actually work across the aisle? What does that mean?
REP. TURNER: Right. So, you know, we’ve, when I went we went on a bipartisan trip to deliver to President Zelenskyy a message that there’s bipartisan support for Ukraine. I think there’s a number of issues that we’re going to be working on a bipartisan basis. What should the United States policy be? How do we make certain that the I serve on the Armed Service Committee and the Intelligence Committee? How do we make certain that they get the weapon systems that they need? How do we hold together this world alliance that-that we have where the world is condemning what Russia is doing? And of course, the expansion of NATO, we’re looking forward to Sweden and Finland, joining NATO, which is the opposite of what Putin believed he was going to achieve and attacking Ukraine. He’s now sees the expansion by two valuable partners with great military capabilities joining NATO.
MARGARET BRENNAN: I want to show our viewers some pretty extraordinary video that the Pentagon unveiled this week, a B-21 Raider. It’s the first US nuclear stealth bomber aircraft in more than 30 years. And it’s being packaged as this deterrent to Chin- to China. How concerned are you about the pace of Beijing’s nuclear development?
REP. TURNER: Extremely, and I want to co-co-commend the-the administration because they’ve been very forward leaning in releasing and declassifying information about what China is doing. They are expanding their nuclear weapons, nuclear weapons capabilities, their ICBMs that are targeting the United States. This plane is incredibly important. I served as chair of the air and land subcommittee as we, on a classified basis, began the process of working on this plane. And it gives us an additional balance, because it’s an additional delivery vehicle, additional way to combat what China’s doing–
MARGARET BRENNAN: to drop nuclear weapons?
REP. TURNER: to cause people not to drop nuclear weapons. I mean, that’s what’s so–
MARGARET BRENNAN: That’s- it’s really the deterrent.
REP. TURNER: Right. It is to make certain that the balance of power is there so that people understand that the-that the cost is just too great. When China is expanding the nuclear weapons, they’re looking at United States if we blink if we don’t, if we don’t respond, and they assume that they can get first strike capabilities that not only holds us at bay, but really holds us at risk, because then you have the leader of a nuclear power that might make that miscalculation and of course, cost unfathomable lives.
MARGARET BRENNAN: You talked about being open about intelligence. I’m wondering, in your new role, will you be asking the Director of National Intelligence for a briefing and a damage assessment related to Mar-a-Lago and the documents the former president took to his private home?
REP. TURNER: That’s already in process. I mean, we’ve already talked–
MARGARET BRENNAN: It hasn’t happened. In the new Congress will you ask for it?
[CROSS TALK]
REP. TURNER: Yes. I’ve just talked to the director of national intelligence about this particular issue. One issue that we have discussed with the director, which is very, very interesting is is that, you know, prior to the Mar-a-Lago and raid, no one in the intelligence community or in the national security community was engaged at all by the FBI to request an assessment as to what the risk of the documents that had been surrendered from Mar-a-Lago,or that might have been at Mar-a-Lago, or that were even perceived as being missing–
MARGARET BRENNAN: And you the Justice Department–
[CROSS TALK]
REP. TURNER: This was just the FBI and the and the archivist, which is basically a glorified librarian, coming together and deciding to raid Mar-a-Lago. Now-
MARGARET BRENNAN: But you’re not downplaying that taking classified material to your private home is a problem particularly for the commander in chief.
REP. TURNER: Absolutely not. There were just- there were other options that the FBI had versus the escalation that- that they did. That’s certainly going to be one of the questions we have. The Director of National Intelligence indicated they have conducted their risk assessment, and they are prepared to give both of our committees on the Senate and the House presentations as to what those are–
MARGARET BRENNAN: Do you have a sense of when or what the scale of the damage is?
REP. TURNER: At this point it’s just a scheduling issue. We just had a meeting with the director, but both Sen. Warner, myself and Adam Schiff. And as they look to how do we get everybody scheduled together, and those who’ve done the assessment, because again, it’s not just a director that will be coming–
MARGARET BRENNAN: Right.
REP. TURNER: They’ll have to come forward to give us, what did they see, what did they have, and how do they perceive the threat that may or may not have existed from some of these documents.
MARGARET BRENNAN: This may seem a basic question, but all elected leaders swear to uphold the Constitution. Does calling for its suspension, is that disqualifying for a presidential candidate?
REP. TURNER: It’s certainly not consistent–
MARGARET BRENNAN: You know why I’m asking this question?
REP. TURNER: I do. It’s certainly not consistent with the oath that we all take.
MARGARET BRENNAN: So yesterday, the front runner for the Republican nomination, the standard bearer for your party, posted on Truth Social, and we know he lost the 2020 election, but continues to claim he did not. “A massive fraud of this type and magnitude allows for the termination of all rules, regulations and articles, even those found in the Constitution.” Should the standard bearer for the Republican Party, the front runner for the nomination for the presidency for your party in 2024, say this?
REP. TURNER: Well, I you know, I, first of all, I vehemently disagree with- with the statement that Trump has made. Trump has made, you know, 1,000 statements in which I disagree. There is a political process that has to go forward before anybody–
MARGARET BRENNAN: Constitutional conservatives are pretty clear about where they value the constitution–
REP. TURNER: Exactly. There has to be–
[CROSSTALK]
REP. TURNER: You do get picked questions, but I do get to pick my answer.
MARGARET BRENNAN: I know. I’m trying to get you to answer the question I’m asking.
REP. TURNER: There is a political process that has to go for before anybody’s a front runner or anybody is a- even the candidate for the party–
MARGARET BRENNAN: Do you condemn him saying something like this?
REP. TURNER: Absolutely. And I believe answering your question that people certainly are going to take into consideration a statement like this as they evaluate a candidate.
MARGARET BRENNAN: I also have to ask you about the other statement and the people that he has been spending time with, a neo-Nazi, pro-Putin misogynist, named Nick Fuentes came to have dinner with the former president at his home alongside Kanye West who just this past week, praised Hitler.
REP. TURNER: This is atrocious. This is- everybody I think- everyone both condemns and is shocked and is as disgusted and nauseated by the fact that we’re even in this year, in 2022, having anyone that would make statements like that, nevertheless, have anybody who would engage in a conversation with someone who’s having- making statements like that.
MARGARET BRENNAN: So having classified documents at the same place where they’re having the dinner–
REP. TURNER: Well that’s- that’s not–
MARGARET BRENNAN: –which we’re not necessarily securely held, and they’re government records that should be in government property, all those things together, it’s a problem.
REP. TURNER: Well, as you know, the FBI raided his home, and I suppose there are not classified documents there. But all of these are issues of judgment.
MARGARET BRENNAN: The president is saying he doesn’t know who he’s having dinner with at that home.
REP. TURNER: These are all issues of judgment, and a political process has to go forward. And I believe voters are smart, and they’ll take those things into consideration in a political process.
MARGARET BRENNAN: Congressman, thank you for coming on and answering questions. We’ll be back in just one minute so stay with us. {End Transcript}
Germany is to comply virtually immediately with the EU directive to end fertilizer following the same path as the Netherlands. There is just no support in the data for Climate Change Mania. This is part of an agenda that will no doubt reduce the population along with the termination of fossil fuels. These people want war it appears to reduce the population as well and the people are fools to buy into this agenda. The lowest peak average temperature was in the year 2000 at 72.7 degrees. The low in this data set was 1888 and 72.6.and it was 72.8 in 1869. That is when we were rising from the Mini Ice Age all without soccer-moms driving SUVs to take the kids to games and schools. This does not support the proposition that CO2 from the Industrial Revolution has caused climate change.
I am sure this post would be canceled in 3 seconds or less on YouTube and Google will block it. This is the government’s own data since 1869 on New York City. I do not see some drastic warming trend as they have argued. The temperatures have oscillated with the energy output of the sun and as we head into Solar Minimum, it will get colder and dryer into 2024.
I’m sorry, but this Climate Change is absurd and it certainly does not justify what is being carried out all in the name of saving the planet. It seems that they want to kill off our children and grandchildren – not theirs between reducing food production and creating World War III. They seem to be just evil.
A former target of the Twitter speech police, actor James Woods, calls in to the Tucker Carlson broadcast tonight after the release of the Twitter files. {Direct Rumble Link}
Mr. Woods gives his first reaction to discovering the Biden campaign and government employees had access to Twitter for content removal. Mr. Woods states he intends to sue the DNC and Biden Campaign for his personal targeting as outlined by the Twitter document release. WATCH:
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It is very well known by now that FBI agents worked within social media networks like Facebook, Twitter and Instagram through direct portals connecting the government to the backdoors of the networks. The Dept of Homeland Security (DHS) continue to operate in partnership with various tech systems and platforms to monitor content.
During a deposition this week the FBI admitted to giving instructions to tech companies like Google, Apple and Microsoft to block URLs without a basis in legality. Essentially the ideology of the FBI and DHS determines the targets of the content removal, blockage and/or censoring.
To repeat, these are not FBI and DHS instructions based on defined criminal activity, these are government instructions based on disagreements over ‘information’ as espoused by the content provider.
Information the government agrees with is safe; however, information the U.S. government doesn’t agree with is targeted. Obviously, a person of reasonable intelligence can see the problem with allowing law enforcement to determine which information is valid and which information is invalid.
(Fox News) – On Tuesday, lawyers from the offices of Attorneys General Eric Schmitt of Missouri and Jeff Landry of Louisiana deposed FBI Supervisory Special Agent Elvis Chan as part of their lawsuit against the Biden administration. That suit accuses high-ranking government officials of working with giant social media companies “under the guise of combating misinformation” to achieve greater censorship.
Chan, who serves in the FBI’s San Francisco bureau, was questioned under oath by court order about his alleged “critical role” in “coordinating with social-media platforms relating to censorship and suppression of speech on their platforms.”
During the deposition, Chan said that he, along with the FBI’s Foreign Influence Task Force and senior Cybersecurity and Infrastructure Security Agency officials, had weekly meetings with major social media companies … Fox News Digital also learned that, according to Chan’s testimony, the FBI regularly sends social media companies lists of internet URLs and social media accounts that should be taken down because they are “disinformation” from “malign foreign influence operations.” The FBI then inquires whether the platforms have taken down the content. On many occasions, the platforms take down the accounts flagged by the FBI.
“Since filing our lawsuit, we’ve uncovered troves of discovery that show a massive ‘censorship enterprise,’” Attorney General Eric Schmitt told Fox News Digital. “Now, we’re deposing top government officials, and we’re one of the first to get a look under the hood — the information we’ve uncovered through those depositions has been shocking to say the least. It’s clear from Tuesday’s deposition that the FBI has an extremely close role in working to censor freedom of speech.” (read more)
[DISCLAIMER: CTH has a heightened awareness on this issue because I received a congressional subpoena based entirely on a Tweet that was discovered to have been attributed to an account set up by a Twitter employee to create CTH as a target. What we discovered was that Twitter employees have the ability to manipulate the platform to create real world outcomes. A variation on “swatting” by Twitter. As a result, knowing that FBI and DHS officials target user accounts based on content, and knowing that Twitter employees have the ability to create content with false attribution to targeted user accounts, it’s worth an even larger pause when considering the relationship. /SD]
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