Brexit Party leader Nigel Farage calls in to Neil Cavuto to discuss the latest maneuvering by the various political forces as they position to stop Brexit or modify the terms. [Backstory with details] Mr. Farage discusses Prime Minister Boris Johnson’s request to close parliament in order to push through ‘no-deal’ Brexit. Farage says the closing of parliament is a normal process being hyped by opposition leaders.
Reports today about FBI raids on the homes of United Auto Workers (UAW) President Gary Jones who is under investigation in a nationwide corruption sweep.
MICHIGAN – FBI and IRS agents raided the home of UAW President Gary Jones in metro Detroit early Wednesday as part of a nationwide sweep of sites tied to the autoworker union.
Agents also raided the California home of Dennis Williams, who preceded Jones as UAW chief; the union’s northern Michigan conference center; and additional UAW locations in Wisconsin and Missouri.
The raids were a major step as federal officials ramped up their corruption investigation of the autoworkers union — which is in the midst of contract negotiations with Detroit automakers.
As many as a dozen agents collected evidence from Jones’ home on Wildrose Drive in Canton, and would remain there “as long as it takes,” Special Agent Mara Schneider said from the site late in the morning. The search lasted six hours. (read more)
Internal British opposition leader Jeremy Corbyn was developing a plan to stop the U.K from leaving the European Union through legislation aimed at blocking any Brexit without a pre-existing deal. Additionally, Corbyn was proposing calling a vote of ‘no confidence’ in a scheme aimed at weakening Prime Minister Boris Johnson’s no-deal brexit.
To thwart that opposition plan, PM Boris Johnson asked Queen Elizabeth to suspend Parliament, thereby cancelling the legislative time Corbyn would have to form his anti-Brexit law and scheme. Britain’s Queen Elizabeth II agreed to suspend Parliament.
In addition, Prime Minister Johnson has significantly diminished the ‘no-confidence’ scheme by stating if Corbyn follows through PM Johnson would continue to proceed with the Brexit process, and call for a snap election immediately following the October 31st ‘no deal’ exit from the EU. The globalist opposition is going bananas.
LONDON – […] The controversy here lies solely in the timing of the move. Britain is on track to leave the European Union on Oct. 31 and anti-Brexit lawmakers were working frantically to try and thwart the departure via the House of Commons — with plans in motion to try and pass legislation to tie the hands of Johnson’s government when Parliament returns from recess on Sept. 3rd.
Specifically, lawmakers were trying to ensure that Britain is not allowed to leave without a formal withdrawal agreement with the E.U., similar to the kind that May secured with E.U. leaders but failed to get through Parliament — leading ultimately to her resignation in June. Johnson has said he would prefer to leave with a deal, but is prepared to leave without one if E.U. leaders won’t meet British demands.
Tuesday’s announcement torpedoes those opposition plans to tie the government’s hands, icing Parliament for the majority of the remainder of the time left before Oct. 31. Speaker John Bercow, who has made no secret of his anti-Brexit sympathies, called the move a “constitutional outrage.” (link)
With so many prior lies, delays and stall tactics by British leadership beholden to the ideology of multinational influence, there were/are many people concerned about whether Prime Minister Johnson could actually be trusted to deliver on the Brexit referendum supported by the majority of the British voters.
Today’s strong moves by the prime minister seem to dissuade some of those fears. What Great Britain needs is a strong leader who will stand in the gap against relentless leftist opposition and deliver what the people of Britain have voted for.
Today, despite his prior orientation toward fence-sitting weasel-speak, Johnson provides some cautious optimism that he might just be the strong leader the British deserve.
Prime Minister Boris Johnson sent the following letter to members of the House of Commons:
The Daily Mail has more.
QUESTION: I am a bit confused. You have forecast that interest rates will rise but official rates will decline. Exactly how does this materialize?
Thank you
GF
ANSWER: People seem to look at just the official interest rates set by the central bank and assume what I am saying is wrong. They have to look at what is really going on in interest rates. We have witnessed the greatest gap between official rates and private rates in history. While deposit rates are virtually zero, car loans which are secured, are at about 4.5% in the United States (up to 9.5% outside the USA). The Bank of America, N.A. prime rate was 5.25% as of August 1st, 2019.
In 1981, the Fed’s Discount Rate for banks was 14% at the peak back in 1981. The Prime Rate peaked at 21.5% at that time. This meant that the Prime Rate was 53.5% above the Fed’s Discount Rate. In August 2019, the Fed’s Discount Rate is 2.75% and the Prime Rate is 5.25% or a 90% markup. The spread between public and private rates has nearly doubled.
Official rates can be manipulated by the central bank for it can control the short-term rates, but not the long-term without instituting some form of capital controls. But they close the free markets in government bonds.
The spread on the private rates v official rates has doubled! I am nor forecasting the superficial trend in manipulated rates by central banks, but the real world rates in the private world. I have stated numerous times, the bankers have NOT passed on the lower interest rates to the people. The spreads have doubled – not declined nor did they even stay the same. If the spread was the same as it was in 1981, then the Prime Rate should be 4.2% instead of 5.25% and a secured car loan should be 3.4% instead of 4.5%.
QUESTION: The Thai baht has been very strong for some time now. It doesn’t seem to be affected by the China – US trade war. Is the Thai baht a safe haven in your opinion?
MW
ANSWER: Thailand has been benefiting from the China-US trade war as manufacturing has been moving to Thailand from China. Thailand’s automotive industry has contributed to 12% of the GDP with more than 1.94 million vehicles produced. Thailand is now ranked as the largest automotive producer in Southeast Asia and 12th in the world. Many people now call it the “Automotive Hub of Asia.”
On top of that, you have countless Americans who have gone to Thailand to retire on their visa program. Americans can even open bank accounts in Thailand, unlike in Europe. Many have moved out of Bangkok to the southern region in Cho Brui.
People from Cambodia, Laos, and Myanmar, also known as Burma, often move to Thailand to find work. The Thai economy has been stable and a magnet for foreigners. The culture is one of the friendliest in Southeast Asia, more akin to Japan than Hong Kong. The Thai even take their shoes off at the door as do the Japanese.
As far as the currency is concerned, July fell and bounced off of an important Monthly Bearish Reversal for the dollar. As long as the July low holds, the dollar may now begin to rise simply because of the tensions in Asia as a whole.
QUESTION: Martin;
What was the tipping point in your investing infancy that flung you to believe you could invest for others?
If so can you tell us the trade? And did you mortgage your house for it?
For it appears that the best in the business made it on their own first.
Apprehensive at this point in time;
RH
ANSWER: No. There was no trade. I was very young and was really trading bullion as a dealer in the cash markets prior to 1975. One of my clients was a senior executive at a major New York bank. The floating exchange rate system began in August 1971. There were no courses to take. He knew I understood how to trade and called me in to look at a foreign exchange loss involving the Italian lira. After that, institutions with FX problems would call me more or less saying get that guy that helped the other bank.
That is why by 1985 I was called by Congress for the G5. I was regarded as one of the top forecasters in foreign exchange. I realized that I was called into a dog and pony show where they had already made up their minds to create the G5 and just wanted experts to testify to pretend they relied on someone other than themselves. I protested and wrote to the president warning that lowering the dollar by 40% would cause a panic in 2 years because the Japanese would sell US assets since they would lose a fortune after buying 1/3rd of the US national debt.
The White House had to respond. I suppose that opened the door to governments. Ever since I have been called into just about every single major international event from China to Europe and the Middle East.
As far as trading was concerned, people were soliciting me all the time. I declined to manage money for individuals. Post-1985, I managed money only on an institutional level. I also tended to specialize in crisis management whereas I would be called in to manage a particular market crisis and get them out of some crazy trade.
I was asked by Deutsche Bank to manage a public fund that would be a hedge fund but onshore in Australia, which would be the first regulated hedge fund. I also manage funds for Magnum.
The London Financial Times had reported on our forecast in 1998. The computer projected the collapse and I took major short positions and more more than 60% in a single month. I was then named Hedge Fund Manager of the Year.
The banks lost big on that and from then on it was outright war. They do their best to try to slander me all the time in desperate hopes somebody will listen. As Nigel Farage said at our WEC in Rome, we have become the alternative to Davos.
Acting SPD leader Thorsten Schäfer-Gümbel has drafted a concept for a wealth tax. He is proposing that this will bring the federal government €10 billion annually. He has argued that the rich have disproportionately benefited from the economic situation in recent years while the average person has struggled. He claims many even benefited from the financial market crisis of 2008/2009. Therefore, they should be punished with higher taxes more than 10 years later for the rest of their lives. Interestingly, very few people benefited from the 2008/2009 crisis unless they were a short player and those you can count on one hand. The banks are still insolvent in case he hasn’t noticed.
Schäfer-Gümbel claims the money will be used for necessary investments in infrastructure, housing for the refugees, and of course climate change. The excuses are endless. But the truth is that the state and local governments are broke with over 50% in dire need of capital. They cannot create money and the German people are already severely taxed to the point where they rank only #3 from the bottom in net worth within Europe.
The hunt for taxes has always ended in revolution. This is not a trend governments should be following. The system is just unsustainable as is. We need someone for once to look at the viability going forward. The solution is not to raise taxes to meet next month’s rent time and time again.
An interesting article in the South China Morning Post outlines how Chinese companies producing everything from canned mandarin oranges, to mid and high-tier furniture, cannot sustain a business model without access to the U.S. market.
Their problem?…
In essence, when they established their decades-old business model the overwhelming majority of their manufacturing was/is contingent on U.S. buyers.
Right now those Chinese companies are praying the CCP central government keeps devaluing their currency, because U.S. purchasers, including wholesalers and intermediaries, have told those manufacturers they will not pay the import duties.
Apparently, U.S. corporate buyers are leveraging the pressure applied by President Trump – a remarkable dynamic.
(SCMP) […] “The US client called us last weekend and asked us to pay the additional tariff of 5 per cent. We could not refuse since it was our idea to bid to supply the canned fruit for the supermarkets,” she said. “We have no way to deal with it now. We only hope that the yuan will depreciate in the coming weeks and offset the new tariff. Otherwise, we will lose a lot [of money] on this order.”
If the yuan does not further depreciate by more than 5 per cent, she added, the company will have no choice but to cease exports to the US after October 1.
Exporters have been left blindsided after the US said on Friday that it would raise the tariff rate on US$250 billion of Chinese imports from 25 per cent to 30 per cent from October 1, and raise the planned new tariff rate on US$300 billion of goods from 10 per cent to 15 per cent in two tranches on September 1 and December 15.
This was in response to China’s move earlier on Friday to impose retaliatory tariffs of between 5 and 10 per cent on US$75 billion worth of American products, including soybeans, pork, and, for the first time, crude oil. China also reinstated the 25 per cent penalty duty on imports of US-made cars and car parts, bringing the total tariff on the sector to 40 per cent.
[…] “In the case of medium-and high-end furniture, even with the addition of tariffs, it is still impossible to find substitute markets for our products,” said Xie Jun, a furniture exporter in Haining, a city in Zhejiang province where hundreds of furniture factories make goods for export to the US.
[…] “For Chinese exporters, it is useless to be afraid because there is nowhere to hide. We can only rely on the wisdom and countermeasures of the central government,” he said, adding that as long as Beijing can maintain employment levels and prevent the housing market from collapsing, “we are not afraid”. (read more)
The Eagle and the Arrow – An Aesop’s Fable
An Eagle was soaring through the air. Suddenly it heard the whizz of an Arrow, and felt the dart pierce its breast. Slowly it fluttered down to earth. Its lifeblood pouring out. Looking at the Arrow with which it had been shot, the Eagle realized that the deadly shaft had been feathered with one of its own plumes.
Moral: We often give our enemies the means for our own destruction.
HatTip DaveNyiii – Shocking video has surfaced (via Voice of America) of Mexican military police battling today with swarms of African migrants outside an immigration detention center in Tapachula, Mexico. WATCH:
.
How do African nationals get to Mexico?
[…] J. Antonio Fernandez, president and CEO of Catholic Charities of San Antonio. These new arrivals hail from the Democratic Republic of Congo and Angola—two countries with no strong historic ties to the United States. (link)
It’s the business end of illegal immigration. Previous background here.
TheLastRefuge@TheLastRefuge2Wow. Mexican Police clashing with African Migrants attempting to cross border….
How did they get from Africa to Mexico? https://twitter.com/DaveNYviii/status/1166450627888734208 …
TrumpSoldier@DaveNYviii8/27/19 Mexican Police Clash With Migrants From Africa and Haiti Outside Immigration Center after migrants demand passage through Mexico to the United States. #MexicoIsTheWall
Francois Aube@Francois_Aube
The efforts of the Wall Street pundits and financial class to talk the American consumer into creating a recession is failing. The Consumer Confidence Index remains at historic highs as U.S. workers/consumers are confident in their economic position. Yes, Main Street USA is optimistic about current and future expectations.
The Consumer Assessment Index, a measure of the percentage of consumers claiming business conditions are “good”, increased from 39.9 percent to 42.0; and the Present Situation Index is now at its highest level in nearly 19 years (Nov. 2000, 179.7).
These are all key indicators because the U.S. consumer is the engine of our economy. The U.S. consumer generates over two-thirds of our GDP activity through purchases. One of the strengths of the U.S. economy is our internal self-sufficiency; approximately 80 percent of all consumer goods created in the U.S. are purchased in the U.S. by U.S. consumers [we are not reliant on exports to sustain growth].
A strong jobs market means higher wages and benefits; those higher wages lead to more purchasing…. the purchasing demand leads to more manufacturing, competition and innovative product creation… which leads to more job openings, which creates upward pressure on wages.
The U.S. economic growth is a strongly self-sustaining process so long as the consumer is optimistic about the future.
This dynamic is exactly why corporate media pundits, pushing the preferred message of Wall Street, are attempting to convince the U.S. consumer that a recession is coming.
Those who oppose a strong Main Street are attempting to create a self-fulfilling prophecy.
Bloomberg Economics✔@economics
U.S. consumer confidence is at its highest level in 19 years https://bloom.bg/2zoRkvh
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