July 19, 2019
Fox News host Tucker Carlson points out the lack of factual differentiation between the two dozen remaining Democrat presidential candidates fighting to get to the top of the moral superiority platform.
Category Uncategorized
Mitch McConnell Discusses Debt Ceiling, Budget and Possible Government Shutdown….
July 18, 2019
Senate Majority Leader Mitch McConnell appears on Fox Business News with Maria Bartiromo to discuss President Trump, the Democratic Party’s shift to the left, Rep. Alexandria Ocasio-Cortez’s comments, the budget battle, China trade tensions and issues with Iran.
President Trump Impromptu Presser Departing New Jersey (Video and Transcript)…
July 8, 2019
Chopper pressers are the best pressers. Sunday evening as President Trump is departing New Jersey en route back to the White House he delivers remarks to the press pool and answers questions: [Video and Transcript]
[Transcript] – Morristown, New Jersey – THE PRESIDENT: Thank you very much. We’ve had great economic numbers that came out. You saw that over the weekend; you saw it on Friday. We have just spectacular economic numbers. We’re doing better than any nation on the planet. And we’re very honored by that.
In addition to which, we’re paying interest rates, which the previous administration essentially didn’t pay. So we’ve had tremendous numbers coming out and that’s a big thing. Our economy is doing incredibly.
I want to congratulate the women’s soccer team on winning the World Cup. That’s an incredible achievement. It was a very exciting game. I got to see a little bit of it. And they’re great players, and it’s a great honor to have them capture it for the United States — fourth time — and that’s a tremendous thing. So congratulations to the team on the World Cup.
And if you have any questions, go ahead.
Q Iran says it’s going to start enriching and breaking the Iran deal. What do you say to that?
THE PRESIDENT: Iran better be careful because you enrich for one reason — and I won’t tell you what that reason is, but it’s no good. They better be careful.
Q Mr. President, do you have a reaction to the British ambassador’s comments that were reported about today?
THE PRESIDENT: No, I haven’t seen it. But, you know, we’ve had our little ins and outs with — with a couple of countries. And I would say that the UK and the ambassador has not served the UK well, I can tell you that. We’re not — we’re not big fans of that man, and he has not served the UK well. So I can understand it. And I can say things about him, but I won’t bother.
Q On the census — any decision on the census and what you’ll do?
THE PRESIDENT: Yeah, we’re moving ahead with the census. They’re spending $15 billion or some ridiculous amount of money on a census. I don’t know why we can’t do that through the computers of the world because, frankly, that’s the way you can do a census today and probably a lot more accurately.
But they’re spending 15 to 20 billion dollars on a census. They’re asking everything, except “Are you a citizen of the United States?” How ridiculous is that? So we are moving forward; we have a couple of avenues. And our Attorney General is doing a fantastic job, in many ways, and I think he’s got it under control.
Q What about a presidential memorandum? What about a presidential memorandum on the border?
THE PRESIDENT: We can do a memorandum. We can do an executive order. We’re looking at different things, but there are other alternatives. And, again, I believe our Attorney General — he’s a fantastic man and I think he’s got it very well under control.
Q Mr. President, can I ask you, sir, about the border — in particular, the conditions there?
THE PRESIDENT: Yeah, I think the New York Times story is a hoax. I think anything the New York Times writes nowadays –they’re — they’re really — you know, they use the word “unhinged” — the New York Times. I call it the “failing New York Times” for a reason. Check out their unfunded liability and see what they’re worth. They’re a failing — they’re already a failed New York Times.
But when they write a story like that, I went to my people, and they said, “Sir, it’s not true.” We told them about a crisis. They said it was “manufactured.” They laughed and they scoffed for months, and then it turned out that it wasn’t manufactured. It’s a crisis. We were right about that.
We told them that the detention centers are really full, and they’ve got to change the loopholes and they have to change asylum; they have to change the immigration laws. We could do it quickly, but we have no votes to do it because the Democrats won’t vote. We need some of their votes.
But the New York Times story is a fabrication. Now, I look at things in the — I saw, visually — I had people there that told me the job that they are doing is incredible. And, in all cases, if you look — people that came from unbelievable poverty — that had no water, that had no anything where they came from — those are people that are very happy with what’s going on because, relatively speaking, they’re in much better shape right now.
The Border Patrol and all of the law enforcement that’s working on the border — it’s incredible what they’re doing. They’ve had to become nurses. They’ve had to become janitors. They’ve had to become things that they were never trained to do, all because the Democrats refuse to change the loopholes and the asylum laws, the immigration laws. So I think it’s a disgrace.
And the New York Times is basically a partner with the Democrats, the way I look at it. They should never be allowed to write stories like that. It’s a disgrace.
Q Did the numbers fall in June (inaudible)?
THE PRESIDENT: Yeah, the numbers are going down because Mexico is doing a lot. Mexico is building up to over 20,000 soldiers at the border, so the numbers are going down. Yes.
Q Do you believe female athletes should be paid as much as their male counterparts?
THE PRESIDENT: I would like to see that. And you also have to look at numbers because, when you look at World Cup soccer, that’s one thing, and you also have to look at soccer professionals out there. You have to see who’s taking in what.
So I don’t know what those numbers are. I would like to see that. But, again, you have to look at the great stars of the men’s soccer and the great stars of the women’s soccer, and you have to see, year round, how are they all drawing — what’s the attendance for women’s soccer outside of World Cup. But I would like to see it, yes.
Q Mr. President, do have any comment on Jeffrey Epstein, who was charged?
THE PRESIDENT: No, I don’t know about it. That I don’t know about.
Q Will you invite the women’s team to the White House?
THE PRESIDENT: What?
Q Will you invite the women’s team to the White House — the soccer team?
THE PRESIDENT: We haven’t really thought about it. We will look at that, certainly.
Yeah, Jeff.
Q When you said earlier that Iran should “be careful,” what are you thinking about, in terms of a response?
THE PRESIDENT: Iran is doing a lot of bad things. And remember this: The Obama agreement, which was the most foolish agreement that you’ll ever find — it expires in a very short period of time. So whether you have this conversation now or in a number of years from now — a few number of years — it’s a very important conversation, except, the way they want it, they would have automatic right to have nuclear weapons. Iran will never have a nuclear weapon.
Thank you very much.
Q (Inaudible) this week on China — Ambassador Lighthizer and Secretary Mnuchin, I guess, would they meet with the Chinese this week?
THE PRESIDENT: Well, we’re doing very well with China. That’s right; they’re meeting. But we’re — most importantly, we’re doing very well with the tariffs. We’re taking in billions and billions of dollars from China. We’ve never taken in ten cents from China. China has ripped us off during Obama and Biden; during, in all fairness, Bush and other Presidents; and Clinton, obviously.
And right now China is not very happy because thousands of companies are leaving China and they’re going to other places, including the United States, because they don’t want to pay tariffs. And the other thing is, China is paying the tariff. They’re devaluing their currency and they’re pumping money in. That’s paying for the tariff. Our people have not been paying for the tariff.
Thank you.
Q Do you have any problem with the Fed then, with regard to what they should do?
THE PRESIDENT: Well, if the Fed knew what it was doing, they would lower rates and they would stop quantitative tightening.
If you look at Europe, what they’re doing is they’re pumping money in and they’re having rates lowered so they can compete with us. Just remember, the European Union was set up in order to compete with the United States. Okay? And when they have a man — Draghi — if you look at what he’s done, I mean, he’s made them somewhat competitive. Now, despite everything, they’re not doing well and we’re doing great. Europe is not doing well at all. They’re doing great.
But we’re put in an unfair playing field when they cut interest rates and when they pump in a lot of money. And we’re doing just the opposite; we’re taking money out and interest rates have gone up.
If the Fed didn’t do what it did or if it did even half, we would have a Dow that would be — as good as it is; we’re doing so good — but we would have a Dow that would be anywhere from 5- to 10,000 points higher.
Q Is Jerome Powell’s job safe, sir?
Q Mr. President, will you visit the migrant detention center in Clint, Texas — the one in the New York Times story?
THE PRESIDENT: What we’re going to do is I’m going to start showing some of the detention centers because — to the press. I want the press to go in and see them. And I just spoke to Mark Morgan. And I just spoke with, as you know, Kevin.
So we’re going send people in. We’re going to have some of the press go in and see them, because they’re crowded and we’re the ones who were complaining about they’re crowded. They’re crowded because people come up. But, now, thanks to Mexico, it’s slowing down greatly, and I think you’ll start seeing some very good numbers. But it is crowded. But we want to have the press go in and see because, you know, the New York Times — it really is fake news.
Thank you everybody.
Q Is Jerome Powell’s job safe, sir?
THE PRESIDENT: Thank you very much everybody.
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Watch the Money – Billionaires Exit Hong Kong as China Fist Looms….
June 14, 2019
More indications of the growing financial exit to avoid the predictable response from totalitarian moves by Beijing. [Backstory – Backstory] Now we see reports growing of mass financial moves out of Hong Kong, as billionaires see the looming shadow of Red Dragon closing in…
HONG KONG (Reuters) – Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions.
One tycoon, who considers himself potentially politically exposed, has started shifting more than $100 million from a local Citibank account to a Citibank account in Singapore, according to an adviser involved in the transactions.
“It’s started. We’re hearing others are doing it, too, but no-one is going to go on parade that they are leaving,” the adviser said. “The fear is that the bar is coming right down on Beijing’s ability to get your assets in Hong Kong. Singapore is the favoured destination.”
Hong Kong and Singapore compete fiercely to be considered Asia’s premier financial centre. The riches held by Hong Kong’s tycoons have until now made the city the larger base for private wealth, boasting 853 individuals worth more than $100 million – just over double the number in Singapore – according to a 2018 report from Credit Suisse.
The extradition bill, which will cover Hong Kong residents and foreign and Chinese nationals living or travelling through the city, has sparked unusually broad concern it may threaten the rule of law that underpins Hong Kong’s international financial status.
Hong Kong’s Beijing-backed leader, Carrie Lam, has stood by the bill, saying it is necessary to plug loopholes that allow criminals wanted on the mainland to use the city as a haven. She has said the courts would safeguard human rights. (read more)
As predicted Singapore and Tokyo will be the primary benefactors of large scale shifts in financial wealth. The investing class always leads the way. You don’t have to be a geopolitical expert to see what is coming over the horizon. The trick is to make the exit quietly and re-position assets ahead of the rush for the exits.
The best days of Hong Kong are in the rear view mirror. The combination of President Trump’s geopolitical trade pressure upon Beijing, and the natural tendency of China to respond with over-the-top totalitarian tactics (subtlety cast asunder), will mean a crushing and oppressive Red Dragon will soon step in to block the escape doors.
The Red Dragon is going to do what the Red Dragon does.
Thus begins the phase when corporate interests, particularly multinationals, recognize at its core China is a communist state-run, controlled-market, system.
The reaction from China is immensely predictable; and creates a downward spiral. If any corporation is perceived as working against the interests of the state; the state will take control of the corporate interest. What western business interest would want to do business within China when that reality is the landscape of every economic decision?
The willingness of China to self-immolate is the golden arrow in President Trump’s economic quiver. The inability of China to modify itself based on downstream economic outcomes is the inherent weakness… Overlay that weakness with the zero-sum outlook and you get this quote from Chinese State-Run broadcast:
…“If the US wants to negotiate, our door is open. If you want to fight, we will fight to the end.”…
Think about the logical reality of this statement as expressed. Put another way: ‘if you agree to our terms we will work with you; however, if you don’t agree to our terms, we will self destruct.’ That’s the economic reality of the zero-sum dragon mindset. This inevitable position is what CTH has been outlining for several years.
China has no cultural or political space between peace and war; they are a historic nation based on two points of polarity. They see peace and war as coexisting with each other.
Chinese engagement stems from a belief that opposite or contrary forces may actually be complementary, interconnected, and interdependent in the natural world, and they may give rise to each other as they interrelate to one another. However, it must benefit China.
Trump is applying Chairman Xi’s own “us -vs them approach” toward confronting China. The supply chain investment Beijing needs to sustain itself is now being controlled by elements outside China. Beijing responds by attacking those in the international community who control the investment.
This will not end well for China.
Keep watching,… as time goes along and more companies, and nations, slowly walk toward the exits with China. There is just too much inherent financial risk. The first loss is the best loss.
TheLastRefuge@TheLastRefuge2Hong Kong is lost. It will only get worse. The smart groups will exit early and avoid the rush.
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Will Basel-III Changing Gold’s Status as a Reserve Asset for Banks Change the Future?
Armstrong Economics Blog/Gold
Re-Posted Jun 14, 2019 by Martin Armstrong
The Bank of International Settlements under Basel-III changed the status of gold as a reserve asset effectively on April 1, 2019. Gold used to be viewed by the banks as a risky asset and classified under “Tier-3”, which meant it was considered risky and could only be carried on the books at 50% of the market value for reserve purposes. Naturally, gold has historically been classified as a Tier 3 asset because its value fluctuated. To the extent that the value was reduced for reserve status by 50% ensured that there was little incentive for banks to retain gold as a reserve asset regardless of their beliefs.
Since the BIS reclassified gold as a “Tier-1” asset, its value is now no longer reduced but is reflected as 100%. Now people assume banks will run out and buy gold. The problem is that it is not a fixed price on the balance sheet but it is regarded only as a 100% of market value. While some claim that this makes Gold a “riskless” asset in the eyes of world banking authorities, they fail to note it is market value. Cash does not fluctuate $1 is still $1 regardless of what it buys.
Banks are NOT in a mad rush to buy gold and shift their reserve asses when they cannot employ gold in the banking business. True, there was once upon a time when banks cherish gold reserves but that was when gold was fixed on a standard. It will by no means increase confidence in any bank or the system as a whole. Gold remains illiquid insofar as a reserve asset is concerned.
While there is no incentive for banks to load up on gold even if it is a Tier-I asset from a banking and economic standpoint since we are not on a gold standard and its value will fluctuate unlike cash reserves, There is another reason why a small portion would make sense to retain in gold outside of the United States especially in Europe. The reserve status that is Tier-I in Europe would be bonds of all member states of the EU. There is obviously a risk in that respect.
These standards, collectively called Basel III, compare a bank’s assets with its capital to determine if the bank could stand the test of a crisis. Capital is required by banks to absorb unexpected losses that arise during the normal course of the bank’s operations. The Basel III framework tightens the capital requirements by limiting the type of capital that a bank may include in its different capital tiers and structures.
Because not all assets have the same risk, the assets of a bank are weighted based on the credit risk and market risk that each asset presents. For example, take a government bond may be characterized as a “no-risk asset” and given a zero percent risk weighting. On the other hand, a subprime mortgage may be classified as a high-risk asset and weighted 65%. So Basel III considering government debt as “no-risk” is a little foolish when we look into the years ahead.
Gold will offer a neutral bank with respect to government debt holdings, but it will still not provide a stable base of an asset since it will fluctuate rather than the immediate currency base. Gold will offer a hedge against sovereign debt among European banks more so than America.
President Trump Celebrates Indy-500 Winning Team Penske at White House – (W/ Media Remarks)…
June 10, 2019
Earlier today President Trump welcomed Indy-500 winning team Penske to the White House, along with winning driver Simon Pagenaud. [Video and Transcript]
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[Transcript] THE PRESIDENT: Hi, everybody. (Applause.) Congratulations. (Applause.)
Thank you very much. It’s a great honor to introduce the winner of the Indianapolis 500, Simon Pagenaud. And he is an incredible racer. I happened to be watching that one because my friend is somewhat involved with racing. As you know, Roger Penske is — there’s never been anybody like him, I can really say.
We meet a lot of great athletes. And if they win a major three or four times, that’s a big deal. He won 18 Indianapolis 500s. And he was here a few months ago for the Daytona. You won the whole thing with NASCAR, right? And I love NASCAR because they endorsed me. (Laughter.) I think it’s the first time (inaudible) ever endorsed a candidate. The whole league endorsed me. So they — we like NASCAR, too.
But this is an incredible machine. And the job that Simon did, if you saw that, that was talent and it was a lot of courage, because I wouldn’t do it, I will tell you. I’m not going to do it. Even for that trophy. (Laughter.) Maybe for that trophy, I would do it. That’s a great trophy.
But, Simon, I just want to congratulate you.
MR. PAGENAUD: Thank you.
THE PRESIDENT: That was an incredible job. (Applause.)
Roger, come on over. The great Roger Penske. Nobody like him. (Applause.)
(A helmet is presented.)
THE PRESIDENT: I could use it. I could use it for them. (Laughter.) Makes my life easier.
MR. PAGENAUD: (Inaudible.)
THE PRESIDENT: Would you like to say something?
MR. PAGENAUD: I would just like to say that it is — as a Frenchman, it’s such an honor to represent my country here today in the biggest race in the world. And especially being invited to come to the White House with President Trump is a phenomenal achievement. But it’s also an honor for my whole team, Team Penske, the entire organization. We’re very proud to be here today. So, a big thank you. We want to offer you this helmet —
THE PRESIDENT: That’s beautiful, thank you.
MR. PAGENAUD: — to thank you very much for your gesture to have us here.
THE PRESIDENT: And we’re going to find a great spot. (Applause.) And I want to thank all of you guys. And I know when you took those tires off and refueled, and all of the other things you had to do, with — without that, it’s not going to work, right?
MR. PAGENAUD: Exactly.
THE PRESIDENT: And you were setting records. And I think it’s beautiful. I think it’s really brilliant. They actually had you a couple of times in slow motion doing the tires and the fueling and everything else. It was a brilliant thing to watch. So I just want to congratulate everybody. And — special. Really special job.
And Roger has been my friend for many years; we know each other well. And just every year, it’s another one, another one. And I know how hard it is to win the Indianapolis 500. When I see — when I see countries — Japan and Germany and so many countries — spending tremendous amounts of money trying to win that race, and you won it 18 times. That’s incredible. That’s incredible. So I just want to congratulate you, Roger.
MR. PENSKE: Thank you, Mr. President.
THE PRESIDENT: Would you like to say something?
MR. PENSKE: Yes. I think, Mr. President, it’s obviously an honor to have our people in the capital today. And, to me, it’s all about team. It certainly couldn’t be done without the people behind us. And I want to thank you for your team and what you’re doing for our country, and the people who are in our military, and certainly first responders. Thank you very much.
THE PRESIDENT: Well, our country is doing really well, Roger. And I think probably, in many ways, never better. It’s never been better. Our military is being rebuilt. We have equipment that even you’d like, I’ll tell you. We have some great equipment. We make the best in the world, and we’re stocking up.
And unfortunately — hopefully, we’ll never have to use it, but it’s a good thing to have. In fact, the more of it you have, and the better we are. Our military is at now a new level — very soon to be a new level like we’ve never been before. And we make the best equipment in the world, and now we’ll be getting it in and getting it into the military. And they appreciate it. And economically, we’re doing fantastically well. So it’s been great.
I spoke with Governor Cuomo about the helicopter accident in New York. We have a lot of our great folks over there, working very closely with New York City, New York State. And it’s a big tragedy. There will be a report in a little while as to what happened and why it happened. But a very, very sad event. The pilot was killed, as you know. But we’ll have a full report on that soon. But the federal people are working with the city and state people, and they’ll have a full report very soon. Thank you very much.
Q Any reaction to John Dean’s testimony, Mr. President? Mr. President, is there any reaction to John Dean’s testimony today?
Q Have you been watching it?
THE PRESIDENT: Look, John Dean has been a loser for many years. So I’ve been watching him on one of the networks that is not exactly Trump-oriented, and I guess they paid him a lot of money over the years. No, John has been a loser for a long time. We know that. I think he was disbarred and he went to prison. Other than that, he’s doing a great job.
Q Mr. President, Mexico’s foreign minister says there was no secret agreement beyond what was announced on Friday. What do you mean in your tweets?
THE PRESIDENT: Well, we have an agreement on something that they will announce very soon. It’s all done. And they have to get approval, and they will get approval. If they don’t get approval, we’ll have to think in terms of tariffs or whatever. But it’s just another aspect of what we’ve done. It was all done because of the tariffs and because of the relationship that we have with Mexico. I spoke with the President yesterday. And, by the way, I was with the President of France the other day, too.
MR. PAGENAUD: I saw that. Yes.
THE PRESIDENT: And he’s a great guy. Emmanuel. He’s a great guy.
So we had a great conversation the other day. And I think you’re going to see some real action. It’s sad that, when you think of it, Mexico is doing is more for the United States, as of now, than Congress. And, specifically, the Democrats, they have to get their act together. They have to work and get something done because you got a tremendous problem at the border. You have people pouring in. And it means crime. It means drugs. It means so many other things.
We’re building the wall. We’re going to have close to 500 miles of wall built by the end of next year. That’s a lot. And we’re moving along very rapidly. We won the big court case, as you know, the other day. And that was a big victory for us.
So a lot of good things are happening. But I want to thank Mexico. And we do have one other thing that will be announced at the appropriate time. But they have to get approval from their legislative body.
Q What is it?
Q Why are the Mexicans denying it then?
THE PRESIDENT: I don’t think they’ll be denying it very long. It’s all done.
Q Mr. President, you hinted earlier in that CNBC interview that you may not — you’d actually go ahead and impose tariffs if Xi doesn’t show up for the G20.
THE PRESIDENT: We’ll see what happens. I think President Xi —
Q Would you be personally insulted if Xi doesn’t show up? Would you be insulted?
THE PRESIDENT: No. I’m never insulted. I’ve learned not to be insulted. I think President Xi of China — great relationship with him — I think he’ll be there. We are scheduled to talk and to meet. I think interesting things will happen. Let’s see what happens.
Right now, we’re getting 25 percent on $250 billion worth of goods. That’s a lot of money that’s pouring into our Treasury. We’ve never gotten 10 cents from China. Now we’re getting a lot of money from China. And I think that’s one of the reasons that GDP was so high in the first quarter, because of the tariffs that we’ve taken in from China.
We always have the option to raise it another $300 billion at 25 percent. And the 25 percent could be much higher than 25 percent.
But Roger Penske said, “That’s enough.” Twenty-five percent is enough. (Laughs.) Bernard — Bernard said, “That’s enough,” too. Right? (Laughter.) It’s not bad. You like those numbers, right?
Q Mr. President, do you have a message —
THE PRESIDENT: Yes.
Q Mr. President, some of your allies have said that if Democrats open up an impeachment inquiry, that it could actually help your reelection chances. Do you agree with that?
THE PRESIDENT: Well, I hear that too. But you can’t impeach somebody when there’s never been anything done wrong. We have a no collusion. We have no anything. There’s no obstruction. There’s no collusion. There’s no anything.
When you look at past impeachments, whether it was President Clinton or — I guess, President Nixon never got there; he left. I don’t leave. There’s a big difference. I don’t leave.
We did nothing wrong except create the greatest economy in the history of our country. We did nothing wrong except rebuild our military like nobody has ever seen before. We’re doing a great job. Our country has never been stronger.
And I think that having Simon here and Roger here is a tremendous honor for me. And these are champions. These are the people I like. These are great, great champions. Thank you. (Applause.)
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