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The Gloves Are Off: Networks Cut Off President Trump During Broadcast; Georgia Flips To Biden

Friday, November 6, 2020, 8:50 am ET

Publisher's Note: Sorry if this report is a little bit disjointed. The election story is very fluid and things are happening fast, behind the scenes, the mainstream and social media making it difficult to source stories. Money Daily is trying to keep up with the news, but it promises to be a long, bumpy road.

In most civilized countries - and even in most uncivilized ones - when a president or prime minister is speaking live on TV or radio, he's generally allowed to finish what he's saying.

Thursday night in America a whole new level of arrogance was achieved, when all three major TV networks - ABC, CBS, and NBC, cut the president off in mid-sentence, claiming he was making "false" statements. Now, the networks and
all media share a responsibility to determine truth from falsity, but in regard to the president's own words, to wit: "if you count legal votes, I easily win, if you count illegal votes, they could try to steal the election", there's no doubting the veracity of that statement. It's perfectly logical, true no matter if it's in regard to voting for dog-catcher or president of the United States. Legal votes count. Illegal votes don't, which is why the new chant by the left of "count every vote" is a canard, misleading, and divisive.

The networks, claiming that they were "fact-checking" went overboard, and they took the rest of the country with them. In our new, uncivilized country, interrupting people with whom you disagree is accepted behavior. As we learned in the first Trump-Biden debate, calling your opponent a liar, a clown, and a racist - all of which Biden did call Trump - is quite OK. Moderator Chris Wallace never said a word about it, during or after the debate. And now, broadcasters can cut off the highest elected official in the country.

What the media masterminds continue to claim is that Trump is undermining the integrity of the election by "falsely" claiming that there are voting and counting irregularities "where none exist" or "without proof" or "baseless." They are calling his claims of a corrupted election is "unfounded" and "unsubstantiated."

The problem with such media characterizations is that they are void of reality. There are, in fact, many instances of election irregularities that have been reported and continue to be. What the TV talking heads and other reporters who insist on yet another false narrative (remember, they had no problem reporting that Trump had help from Russia in 2016 when that was patently false) are attempting to do is turn reality on its head. What the media really should be saying is that there's no irregularities or fraud that we care to report, just like they failed to entertain reporting on the incredibly damning evidence that Joe Biden was peddling his influence as Vice President through his brother, Jim, and son, Hunter. That story was subjected to a wholesale media blackout, as if none of the allegations of corruption and money laundering ever happened. It wasn't something the media was interested in covering because it negatively affected their chosen candidate.

The mainstream media has crossed a line and gone to a place from one which they can never return. They cannot be trusted to deliver news honestly, without bias, without reservation. They have rendered themselves null and void. Turn them off, tune them out. Shut them down. They are, at best, activists for the Democrat party, at worst, megalomaniacal propagandists for a new world order or the "Great Reset."

It's safe to say that whenever the media calls something "false" it is indeed true. And when they say there's no proof of something, like election issues, there's plenty. The media has abdicated its role as unbiased arbiters of events. They are partisan hacks, completely in the tank for the Democrat party. Nothing they say or show can be believed. They are not to be trusted and should be removed as soon as possible, replaced by media commentators and reporters that can be trusted. They are effectively aiding and abetting in a Coup de' Etat, engineered by the Democrat party leadership.

In case there's any doubt that this election has produced more than its fair share of irregularities and evidence of fraud, one need look no further than the ubiquitousness of mail-in ballots and early voting.

Here's a sampling of stories of actual voting fraud. There are hundreds more.

Officials investigate pre-filled Democrat ballots in Fayette County (near Pittsburgh) PA

Thousands of Pennsylvania Mail-in Ballots Are Delayed with Just 25 Days until Election

NY Post: USPS Employee Arrested at Canadian Border near Buffalo, NY with Undelivered Mail, Including Ballots

Washington Examiner: Ballot errors, theft, harvesting, dumping

Pennsylvania Election Law Violated the US Constitution

Project Veritas: Michigan USPS Postmark Scheme to Hand-Stamp Late Ballots as November 3

Project Veritas: Erie, PA, USPS Insider Exposes 'Nov. 3' Postmark Voter Fraud Scheme: 'All These Ballots That Were Coming In--Today, Tomorrow, Yesterday‹Are All Supposed To Be Postmarked the Third'

And, it's not as if we weren't warned. President Trump repeatedly, in the run-up to the election, voiced concern that mail-in ballots carried a huge potential for fraud, claims which the mainstream media called, "false" and "unsubstantiated" even after some primaries, like those in New Jersey, exposed serious problems.

The Problem with Mail-In Voting, as Explained By AG Barr - Attorney General William Barr cites 2005 Bi-Partisan Commission on Elections Co-Chaired byJimmy Carter and James Baker that called mail-in voting highly subject to fraud. Barr has to fend off CNN's Wolf Blitzer from interrupting him, cites instances of mail-in voting fraud.

New report argues perils of mail-in voting go beyond fraud

More mailed votes, more rejected votes - Disaster in Wisconsin Primaries

Election fraud has been part and parcel of elections in the United States for a long time. So, it's not out of the ordinary that fraud would be alleged, discovered, and prosecuted. Because of the desperation by the Democrats to get rid of President Trump, the media's obvious agreement to same, and the advent of widespread use of mail-in ballots, this election was likely to be rife with fraud, vote harvesting, counting irregularities and more.

Here is the Heritage Foundation's database of election fraud.

As you slept, vote counters in Clayton County, Georgia worked overnight to put Joe Biden ahead in the state. On election night, Trump had a lead in the state of over 300,000. By Friday morning, all of that was erased by mail-in and absentee votes. Biden now leads in Georgia by about 1100 votes.

Late Thursday night in Minneapolis, Minnesota...
More Than 600 'Don't Let Trump Steal the Election' Protesters Arrested in Minneapolis

Those protesters need not worry. The vote totals in Hennepin County clearly favored Biden by an enormous margin, 70.72% for Biden to 27.35% for Trump. Here are totals from 2020 and 2016 for comparison:
2020: Biden: 532,373 / Trump: 205,877
2016: Clinton 429,288 / Trump: 191,770

What is shows is that Biden received 103,085 more votes than Democrat darling Hillary Clinton did in 2016, and Trump actually scored more votes, though only 14,107 than four years prior. So, of those additional votes, 12.03% voted for Trump and 87.97% went to Biden. Those are astonishing numbers, even for a place as torn apart as Minneapolis. They're well advanced from even the lopsided total count. These new votes must be coming from some extraordinary people.

For more perspective, consider that, according to the Minnesota Secretary of State, there are 835,366 registered voters in Hennepin county, and 738,250 (88.37%) of them voted for president in 2020. That's remarkable, given that the state went for Clinton by a small margin in 2016, and to Biden, by a larger margin, 52% to 45%, with nearly a third (31.17%) of Biden's total (1,707,806) coming just from Hennepin County. Of Trump's total statewide votes (1,484,750) only 12.92% came from the county containing the city of Minneapolis.

Minnesota set a record for voter turnout in this cycle, bordering on 80%.

If one were to take Hennepin County and with it, the city of Minneapolis (and that's using the reported numbers, which are likely far off the mark) out of the state totals, Trump would win the state by more than 100,000 votes, 1,278,873 to 1,175,433.

Similar figures and percentages can be found all over the country, in places like Georgia, with it's big city, Atlanta; or Detroit, Michigan; Philadelphia and Pittsburgh, Pennsylvania; Charlotte, North Carolina; New York City, New York; Los Angeles and San Francisco, California; Denver and Boulder, Colorado; Chicago, Illinois, and so on and so on across the fruited plains. If President Trump loses this election and decides to run again in 2024, he might consider the building of another Wall as a campaign platform. Actually, it would be multiple walls, around major cities, to keep the crazy people, people on drugs, rioters, looters, arsonists, delusional, over-medicated people who vote for seriously-flawed candidates like Hillary Clinton or Joe Biden inside. The people in the suburbs and rural America would overwhelmingly support the idea and thank him. He could even boast that the cities will pay for it.

Then there's some sketchy details of a possible DHS election sting using watermarked ballots to be tracked through the election system throughout the country. The source claims that 80% of the ballots processed by the DHS failed integrity checks.

Also, see here.

Not to be left out, from 2016, George Soros-Backed Company to Supply Voting Machines in 16 States:

  • Arizona

  • California

  • Colorado

  • District of Columbia

  • Florida

  • Illinois

  • Louisiana

  • Michigan

  • Missouri

  • New Jersey

  • Nevada

  • Oregon

  • Pennsylvania

  • Virginia

  • Washington

  • Wisconsin
  • Stocks flew again on Thursday, but, after four straight days of gains, futures are indicating a lower open. At 8:30 am ET, the Labor Department released the October Non-farm Payroll report, showing the the US economy produced 680,000 net new jobs during the month, beyond expectations. The unemployment rate fell to 6.9%.

    Precious metals took off on Thursday. Gold advanced $47 per ounce, from $1902.60 to $1949.60. As of Friday morning, it's pricing at $1955.30. Silver soared more than six percent, from $23.85 to $25.36 per troy ounce on the day. At this writing, it's putting in a further gain, to $25.66. More than a few watchers of precious metals are commenting that this move, tied to the Fed's announcement to keep rates at the zero bound Thursday, is signaling another leg up in gold and silver. The Fed's FOMC statement included this juicy tidbit for stackers and hoarders: "...over coming months the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions, thereby supporting the flow of credit to households and businesses." BOOM!

    At the Close, Thursday, November 5, 2020:
    Dow: 28,390.18, +542.52 (+1.95%)
    NASDAQ: 11,890.93, +300.15 (+2.59%)
    S&P 500: 3,510.45, +67.01 (+1.95%)
    NYSE: 13,199.12, +220.17 (+1.70%)


    As Biden Creeps Closer To The Presidency, Wall Street Throws Itself A Party

    Thursday, November 5, 2020, 7:16 am ET

    Evidence of widespread fraud in the 2020 elections is mounting and challenges by the Trump team are growing while voters on both sides are seething, especially the rabid supporters of President Trump.

    Superficially, it's difficult to comprehend how Joe Biden could possibly have garnered more votes than any other presidential candidates in history, including recent Democrat darlings Hillary Clinton and Barack Obama. While Trump's numbers are equally astounding, Biden's current tally of 71,598,750 votes (50%) is simply not realistic (Trump has 68,459,768 votes (48%)).

    If Biden's figures are to be believed, the path to victory for all future candidates would follow his progression to some degree. First, the eventual successful candidate would have to have run twice before and lost, then after being vice president for eight years, take four years off to allow the party's preferred candidate (in this case Hillary Clinton, 2016) to run, then emerge looking haggard with a cheap set of dentures and some shoddy cosmetic surgery, win the Iowa caucus only after losing and having the party reallocate the delegates in your favor, lose the first two primaries in New Hampshire and Nevada, then win South Carolina only after the other viable candidates drop out of the race simultaneously except for the radical independent candidate (Bernie Sanders).

    From there, it's a cakewalk, with a pandemic used as an excuse to keep the crowds at rallies low and run the table to the nomination in a largely under-reported race to the nomination. Choose a running mate that the early primary voters universally rejected, then spend the next two months in your basement, emerging sporadically wearing a mask to give speeches in empty airplane hangars or in front of a half dozen or so socially-distanced supporters and a number of people honking horns in their parked cars, all the while having the pollsters place you far ahead of an extremely popular president who draws crowds in the tens of thousands while the media hammers your opponent relentlessly as a liar, racist, cheat, womanizer, dunce, loudmouth, virus spreader, and other disparaging characterizations.

    Choose to have three debates but only hold two, winning the first one by having the moderator harrang and harass your opponent. Claim every allegation of wrongdoing on your part as false or debunked. With days to go before the election, have an influence-peddling scandal break against you in a major newspaper (NY Post) only to have social media and the mainstream press censor and ignore the story completely. With mail-in voting allowed in more than half the states, you fall far behind on election day, losing Florida and Ohio badly, only to win a handful of battleground states (Wisconsin, Michigan) the following day as votes magically appear, erasing your opponent's lead and putting you ahead.

    Wait a few days as some of the mathematically-challenged states (North Carolina, Arizona, Georgia, Nevada, Pennsylvania) slow walk the vote counting as your vote count gradually eats away at your opponent's leads and your electoral college numbers slowly creep towards the mythical 270 mark.

    Seriously, this scenario is only believable in bizarro-world, which the United States apparently fell into through some space-time warp sometime in March. Meanwhile, the vote counting continues. Biden is on the cusp of victory while President Trump files lawsuits and demands recounts. Paramount in this ongoing fiasco are the huge number of mail-in and absentee votes cast prior to election day. Unprecedented, mail-in ballots and early in-person voting will account for more than half of all votes cast. As the president warned repeatedly, and the media denied just as often, mail-in voting was ripe for fraud and that's apparently what happened in the 2020 vote.

    As the United States trudges toward a decision in what may shake out as the most corrupted election in the country's history, people have to do what they do, go to work, collect unemployment, protest and riot. For its part, Wall Street sees a party as the rally that began on Monday hit overdrive on Wednesday. All of the major indices put on sharp gains. In particular, the NASDAQ took off like an Elon Musk rocket, gaining nearly four percent on Wednesday.

    With Thursday's trading just ahead, futures are once again pointing to a huge upside at the opening bell. And why not? With Sleepy Joe Biden apparently gliding toward a corrupted, stolen victory, the grifters on Wall Street, criminals to the core, see the money flowing from future president Joe's deficit spending and handouts directly into stocks and to their bonus checks.

    Even if you don't own stocks, you have to marvel at the levels of corruption and audacity at the highest levels of government and finance. Regular working stiffs, who largely don't have half a million stashed away in a retirement plan need not worry, because, as we all know, the Wall Street millionaires and billionaires all ascribe to the trickle down theory of economics and want nothing more than to create high-paying jobs for regular people (that's a joke son).

    No, making money on Wall Street isn't for everybody. It's a tight little club that is open only to those on the inside select, and that selection process doesn't include waiters, nurses, teachers, baristas, dog groomers, carpenters or any of the countless "little people" jobs that actually keep the economy humming along.

    Thanks to the pandemic, shutdowns, lockdowns and social distancing requirements, most of those jobs and small businesses are going by the wayside. Walmart, Target, Home Depot and other mega-corporations will likely fid new avenues for revenue in providing services to the population. Sure, Suzy Q will still be clipping your dog's nails, but she'll be doing it as an employee, not as the owner of her own business. That's the kind of economy that's coming down the pike. Everybody is a worker, owned by a corporation and listed as an asset. Kurt Vonnegut would be proud.

    That's the kind of future that's been planned for us, so the election was kind of a big deal because if Biden wins, there will be tacit approval of dystopia by the federal government. Trump was seen as a major impediment to the ends of the elitists from Davos' World Economic Forum and the technocrats of Silicon Valley, so he had to go, and the only way they could get him out of the way to to steal the election. Sad. But, true, and most people know it.

    At this juncture, it's not yet over. Biden hasn't wrapped up the presidency yet and Trump still has an outside chance of gaining enough electoral votes to ascend to a second term. But, don't count on it. There are significant forces aligned against him and they're capable of just about any kind of atrocity. It's pretty obvious that the deep state tentacles extend just about everywhere and denying President Trump a second term in office is at the top of their top agenda. Trump's pathways to victory include either winning the few remaining states that haven't already found enough extra votes to put Biden in the winner's circle or getting actual relief via vote audits, recounts, and lawsuits, eventually all the way to the Supreme Court.

    He's got a chance to win this still, but the clock is ticking, there are major forces aligned against him and most of his supporters are now in a state ranging from numbness to outrage, neither of those doing any good towards seeing good triumph over evil.

    At this point, everybody needs to help out. Share information on the fraud. Post to social media (if they allow it). Put up signs. Tell people outright that the election of 2020 looks very fishy. Call out the mainstream media.

    This is war. We've been at war for nearly five years, since Trump won the Republican nomination all the way to today. We've been subjected to fake media, lies about Trump's character, the Russian hoax, impeachment, extreme media bias. It's time to fight back. You, we, cannot stand idly by and hope that somebody does something. Our president (and yes, Donald J. Trump is still president until January 20, 2021) needs you. He has fought the good fight. It's time for his supporters to do more than wave flags, attend rallies, and vote. Our voices need to be heard, not silenced. Now is not the time to wait or hold back; now is the time to act.

    "All that is needed for evil to triumph is for good men to do nothing."

    -- Edmund Burke


    At the tip of the election fraud iceberg, here's Project Veritas founder James O'Keefe uncovering some disturbing information from a Michigan postal worker turned whistleblower. Watch this, because this and other stories like it are probably going to become increasingly difficult to find on Twitter, Facebook and other social media platforms. The mainstream media is 100% guaranteed to never mention this at all.

    And finally, here's Dr. Chris Martenson with some insight on the elections and the evolving Great Reset. Martenson is insightful, original and often funny. You don't have to agree with him, but his videos are - more often than not - instructive and entertaining.

    At the Close, Wednesday, November 4, 2020:
    Dow: 27,847.66, +367.63 (+1.34%)
    NASDAQ: 11,590.78, +430.21 (+3.85%)
    S&P 500: 3,443.44, +74.28 (+2.20%)
    NYSE: 12,978.95, +101.49 (+0.79%)


    No Decision On Election Day; Prepare For Recounts, Court Contests, Volatile Markets

    Wednesday, November 4, 2020, 8:32 am ET

    Having telegraphed this outcome for weeks, the mainstream media is in their glory spot, with a contested election virtually assured as votes for president in Nevada, Alaska, Arizona, Wisconsin, Michigan, North Carolina, Georgia, and Pennsylvania are all too close to call on Wednesday morning.

    What this portends is certain recounts in most of those states, along with court pleadings contesting mail-in and absentee ballots which have likely kept President Trump from a second term in office. The most contentious and important states yet remaining to call a clear winner are Georgia, North Carolina, Pennsylvania, and Michigan.

    In the pre-dawn hours Wednesday, Trump's lead of more than 200,000 votes in Michigan magically was cut down to 68,000 and continues to shrink. By noon today, as the counting continues, Michigan may have turned from a Trump lead to one for Joe Biden.

    North Carolina may be counting votes for days as their constitution gives them up to nine days to count votes. Trump currently holds a slim edge of roughly 60,000 votes. Trump's lead in Georgia is more than 100,000 as of this writing, but the count will resume this morning, focusing on Dekalb county, the Democrat stronghold of Atlanta.

    Pennsylvania is a nightmare, with less than 30% of the votes in Philadelphia having been counted. As of Tuesday night, when counting stopped, President Trump held a lead of more than 600,000 votes, but Democrats are energized by the huge numbers of mail-in and absentee votes not yet counted in their base of Philadelphia and its suburbs.

    Any result will trigger recounts in at least five states, if not more. Court challenges have already been filed, with more to come. All of this leaves the American public in a state of deja vu, harkening back to the contested election in Florida between George W. Bush and Al Gore, which was eventually decided by the Supreme Court, in a decision that is, to this day, a sore spot for constitutional scholars as there is no written guideline that gives the court the power to decide elections.

    With the presidential outcome and that of several senate races completely up in the air, America faces hard days ahead. The process could play out over a week, a month, or longer. Despite the uncertainty, stocks continue to trend positively. On the heels of back-to-back gains Monday and Tuesday, futures Wednesday morning are wildly positive.

    Making predictions on where all of this is headed, in markets, in politics and in social response is a fool's errand. Only one thing is certain: the pre-election polls, which had Biden handily winning in many states that are still being contested, were not polls at all, but guidance points for the corrupted media that has been in the tank for Democrat candidates for years. Pre-election polls have become an endangered species, believable by only the truly daft or gullible members of society. They have become highly politicized and tools of the mainstream media.

    At the Close, Tuesday, November 3, 2020:
    Dow: 27,480.03, +554.98 (+2.06%)
    NASDAQ: 11,160.57, +202.96 (+1.85%)
    S&P 500: 3,369.02, +58.78 (+1.78%)
    NYSE: 12,877.45, +215.29 (+1.70%)


    Bull Market or Just Bull?; Election Day In America Has the Nation On Edge

    Tuesday, November 3, 2020, 6:42 am ET

    Whatever this guy - Keith Lerner, chief market strategist at Truist/Suntrust Advisory - is smoking, he better not be sharing it, because it seems to be pretty potent.

    "We think we're in the early stages of an economic cycle, and we think we're in the early stages of a bull market," Lerner said, talking to Yahoo! Finance.

    Two things: One, it would be nice to finish the current economic cycle, the one that includes a recession and high unemployment, massive bankruptcies, and a commercial real estate bust. Two, don't trust advice or articles from any site purporting to be a finance portal that has an exclamation point in its name, especially the day before an existentially-impactful national election.

    Lerner is advising investors to "lean into that weakness," whatever that means. He could just say, "buy the dip," but then he'd sound so pedestrian. He likes material and industrial stocks, also, regional banks, which isn't surprising, given that he is employed by one, via Truist/Suntrust Advisory.

    Truist Financial Corporation was birthed in 2019 upon completion of the merger between Suntrust and BB&T, two regional banks serving primarily the Southeast with somewhat sketchy pasts. Both were the subject of fraud investigations and paid fines within the past five years. Now, the merger has made Truist the sixth-largest bank in the country.

    While there may be some of the opinion that the corona panic was a one-off event that isn't likely to repeat nor cause lasting damage to economies, the measures taken in response to the virus have been far-reaching. Even now, some countries, especially in Europe, are re-instituting lockdowns and other measures that will surely crimp any economic growth and the future is largely unknown.

    To the extent that a virus that effective kills only 0.01% of the adult population under retirement age, the draconian measures taken by advanced nations boggles the mind. In response, populations in France, Spain, Italy, and elsewhere have taken to the streets to express their outrage over having their lives turned upside down by government action that they consider excessive.

    How the eventual drama plays out over the next six months is a matter of speculation, but one would be hard-pressed - with the exception of Mr. Lerner - to make the case for a speedy recovery and return to bullishness.

    Of course, top of mind on this thrid day of November is the presidential election in the United States, which has shaped up to be a tight race that may take days, weeks, or even months before an actual victory is made official.

    Democrats are dug in against President Trump, who has been making reference to the ultimate veracity of the results, suggesting in very strong terms that early, mail-in, and absentee voting - indirect results of the coronavirus scare - opened the door to cheating and voting irregularities. Legal challenges have been mounted on both sides, with more to come, for certain, but on Tuesday, voters will head to polling places to cast ballots that should be counted by later in the evening.

    While most polls have Biden leading in important states, the margins are razor thin and polling was proven to be faulty in the last presidential election of 2016, when Trump pulled off a major upset of Democrat Hillary Clinton.

    Largely overlooked, all 435 seats in the House of Representatives are being contested. A swing from a the Democrat majority earned in 2018 to a Republican edge would have profound effects on governance no matter which presidential candidate is chosen. In the Senate, Republicans seek to retain control of the slim 53-47 edge they currently hold, with as many as nine of their seats in tight races.

    Whatever the outcome, participation this year is projected to be the best since 1990.

    Wall Street's Monday rally took the form of a serious rebound from last week's drubbing, though the NASDAQ did not participate to any great extent. A solid cohort of market participants see an oversold condition and may have piled into some of the more beaten down equities on Monday, their motivation to be ahead of the curve when election results are announced Tuesday night. With futures pointing to another positive start in US markets, a continuation of the snap-back rally is being foretold. If the presidential election is not clear-cut and might be contested, they may be caught wrong-footed, especially if the race is too close to call in places like Pennsylvania, Wisconsin, North Carolina, or Georgia. Lawsuits could be flying to courthouses across various jurisdictions. Hope is that the Supreme Court does not have to be involved as it was in 2000, when they appointed George Bush the victor over Democrat Al Gore.

    So much is riding on the presidential outcome that it's easy to envision a condition wherein markets could be whipsawed for weeks.

    At the Close, Monday, November 2, 2020:
    Dow: 26,925.05, +423.45 (+1.60%)
    NASDAQ: 10,957.61, +46.02 (+0.42%)
    S&P 500: 3,310.24, +40.28 (+1.23%)
    NYSE: 12,662.17, +232.89 (+1.87%)


    WEEKEND WRAP: After the Elections: Breaking Away; Stocks, Bonds, Metals, Oil All Down

    Sunday, November 1, 2020, 9:23 am ET

    With the hotly-contested presidential, state and local elections (Senate, House, governors, etc.) looming just two days hence, Americans are rightfully focused on polls, news and voting for people who will supposedly lead the nation for the next few years.

    As quaint notions as voting and elections may be, the idea that ordinary people are electing leaders may be as far from reality as a distant asteroid is from crashing into planet Earth. Truthfully, Americans are voting for people who will manage the government, another anachronistic relic of the past that has, in many ways, outlived its purpose.

    It's been many decades since government was actually a function "of the people, by the people, for the people" and while it is true that more people will likely vote in this election than in any other in the nation's history, the results will neither lead to an enlightenment nor to a radical shift of long-standing values.

    Partisanship aside, President Trump, who won the 2016 election as an outsider, is now the status quo candidate, whereas Joe Biden - who has spent 47 years in public office - is appealing as the agent of change. The transmogrification is unique to this episode of presidential politics.

    While there is a case to be made that President Trump is a once in a generation leader, the same cannot be said about other high muckety-mucks like House Speaker, Nancy Pelosi, Senate leader, Mitch McConnell, and other high profile contestants for public office. These are not leaders in the traditional sense. They are negotiators, players, figureheads of a government transfixed upon retaining power. Both sides of the aisle share equally in the quest to maintain their status over the general population.

    What this concentration of power (and money) by mostly septuagenarians and octogenarians is doing to the United States is dragging it all slowly into an abyss of greed, corruption, and reliance upon broken or outdated systems by which the country will gradually fall from its mantle of world power.

    This is manifested by the concentration of wealth by so-called "one percenters," the multimillionaires and billionaires spawned out of Wall Street's public corporations, by the inability of congress to pass legislation that improves the lives of its citizens such as infrastructure spending, a health care bill that is affordable and detached from deep-pocketed vested interests, the recent faux negotiations over a second major stimulus bill, and, generally, a congress that has spent the better part of the past four years trying to undo the results of the 2016 presidential election, which put into the White House an outsider, Donald Trump, who vowed to "drain the swamp."

    Rather than appear to be an endorsement of President Trump, this article aims to reveal some of the issues facing the United States as elections loom and the specter of the coronavirus still overhangs via the media. For all his faults (and there are many, just as everyone is far from perfect), President Trump has tried to lead, but the choices he was presented with, in terms of choosing qualified people to man his administration, came mostly from the same swamp he pledged to drain. So entrenched is government, politics, academia, and big business at the top levels, it was nearly impossible for the president to find quality and qualified individuals who weren't already compromised by money, fealty, or long-standing connections.

    The rot at or near the top of the political system, the business structures, the medical, educational, and financial systems is deeply entrenched. Individuals and institutions strain to retain their cherished positions of power, making real change impossible. Electing Joe Biden will likely make matters worse; re-electing president Trump is at least an attempt to step away from the institutionalized behaviors, crony capitalism, and corruption that has plagued the country for at least the past twenty years and to some degree, much, much longer.

    By clinging to antiquated functions like the borrow and spend policies that have produced massive, unpayable debt of more than $27 trillion such as the Federal Reserve and its unconstitutional currency, political favors arranged by lobbyists for the good of themselves and their business interests, congressional legislation that is so dense to be not understandable, and reliance upon measurements such as GDP, the stock market, and corporate profits to gauge the health of the economy, the United States is being left behind on innovation that is transforming entire industries and nations open to adoption of new ideas.

    As the US dollar becomes less relevant around the world, the United States faces a crisis at the very root of its existence. While the dollar may retain value against other currencies like the euro and the yen, it is losing ground to China's renminbi, to crypto-currencies like Bitcoin, to gold and silver. Debt-based currencies, as are most in the developed world, eventually fail. The euro, yen, pound sterling, and the dollar are vestiges of the past, doomed to lose purchasing power as the giant debt balloon central banks have created eventually overwhelms everything and then explodes. Not only the United States, but the entirety of the developed world, using fiat currencies, are at a tipping point.

    Recently, the IMF, itself a vestigial construct of American hegemony and supremacy of the dollar, called for a "new Bretton Woods," - referencing the 1944 agreement that established the U.S. dollar as the world reserve currency in the aftermath of World War II - as the debt-based economies continue to crumble. The IMF and World Bank are pushing on a string, hoping to keep the failing fiat currency systems intact for a while longer, all the while piling up odious debt upon odious debt as the real solutions - gold-backed or digital currency (Bitcoin) stare them in the face and continue at an accelerating pace to be adopted by the general public and increasingly, the business community.

    Governments around the world have long ago acceded their power to the central banks. Without their currency creation machines they would lose all power and ability to govern. This is being manifested daily by millions sinking into poverty, growing protests, demands for fairness for the middle and lower classes, and the ascendancy of alternative currencies and the growth of countries like China, Indonesia, Russia, and other developing nations that are developing and adapting to new paradigms in finance, industry, and culture, leaving the mostly Euro-centric nations in their dust.

    One glaring example of how the staid and stodgy functions of central banks and their shareholders - the multi-national untouchable, too-big-to-fail banks and financial institutions - extend their reach and hold onto their failing, unfair systems is presented below, outlining how the banks and government are able to change the rules and move the goalposts to their own ends, none of which will eventually aid in transitioning to a more sustainable and prosperous society.

    New Revelations About Banks' Bottom Lines and Credit Loss Reserves

    The following is from Discover Financial Services' (DFS) third quarter earnings report (emphasis Money Daily):

    Adoption of Accounting Standard for Measurement of Credit Losses

    The company's results for the third quarter of 2020 reflect the January 1, 2020 adoption of Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments for the Company (the "ASU"). For purposes of calculating the company's regulatory capital, the company has elected to defer recognition of the estimated impact of the ASU on regulatory capital for two years in accordance with the interim final rule adopted by federal bank regulatory agencies on March 27, 2020. Pursuant to the interim final rule, the estimated impact of the ASU on regulatory capital will be phased in over a three year period beginning in 2022.

    In other words, Discover isn't going to be reporting adequate credit loss reserves until, at the earliest, the second quarter of 2022. This is a complete scam of the financial system, similar to the March 2009 ruling by the FASB that allowed banks to mark assets to whatever benchmarks they desired, eliminating the mark-to-market standard that had kept banks somewhat sane for decades.

    The accounting change in 2009 is roughly comparable to valuing your 2002 Honda Civic at $24,000 on your balance sheet, rather than close to the Kelly Blue Book value of $1200. What the one crucial change did for banks was allow them to shore up their balance sheets by pricing assets that were basically toxic soup at par or close to it, even if they were non-performing loans.

    Now, the Fed has allowed the banks and financial institutions to take the next step forward into the world of bizarre finance, by allowing them to underreport credit loan loss reserves. Prior to March 27, 2020 - again, coincident with the market bottom - banks and financial firms which deal with credit cards, personal loans, mortgages and all manner of consumer loans were supposed to make reasonable assumptions about future credit losses (i.e., delinquencies and defaults) and report them as such. Now, they don't have to make any assumptions, just defer the expected losses to some later date.

    By not reporting expected losses as they are building (these companies know this; they monitor delinquencies with an eagle's eye), they're allowed to boost share price by giving the impression that they are profitable and growing, when, in fact, the opposite is occurring. Most of these firms, like Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, Capital One, and Discover, took fairly large provision for credit losses in the first and second quarters. Discover, for instance, took a $2.046 billion provision in the second quarter, but only provisioned $750 million in the third, all the while allowing personal loan and credit card users the luxury of deferring their payments for as many as six months in some cases, just as people were beginning to feel the effects of the wearing off of the first stimulus without a second round approved by congress.

    Discover may have sealed its own fate by believing congress had its back and would pass another bailout or relief bill, as the company cancelled its deferral program, leaving customers with the untidy prospect of making a payment and strapping their cash or falling into delinquency. With millions out of work and hundreds of thousands of small businesses closed for good, the chances are many chose the latter course of action, leaving Discover with unpaid credit cards, mortgages, car loans, personal loans, and student loans, and a massive loss that they didn't have to report.

    In their third quarter report, Discover's net income of $771 million would have been a loss had they reported true credit loss provisions. They plugged in the $750 million number for credit losses to make it just better than year ago results of a net profit of $770 million. How convenient. The other financial firms did exactly the same thing, making the third quarter results look surprisingly robust.

    The media roundly criticized President Trump for downplaying the threat of COVID-19, but are completely silent when it comes to huge financial firms fudging the numbers to meet or exceed analyst expectations, which is a nice way of saying "committing widespread fraud at the behest of the Federal Reserve."

    There's no proof that the banks under-reported their credit loss provisions, only the evidence that every one of them provisioned much less in the third quarter than in the second quarter of 2020, as if the economy had rebounded and everybody was paying their bills. Anybody paying attention would have known that the "V-shaped recovery" narrative being pushed by Wall Street and the White House was a complete fraud, about as good as the "Russia, Russia, Russia" hoax deployed by the Democrats on President Trump over the past four years. Good for goose, good for gander.

    An October 24 article by MarketWatch, titled Big U.S. banks' day of reckoning is delayed, illustrates the extent to which the ten biggest banks in America managed to use accounting trickery to beat analyst estimates, in some cases, blowing them completely away. For instance, Goldman Sachs (GS) was supposed to return earnings per share of $5.28. They reported $9.68 for the quarter. Capital One (COF) buried their estimated eps of $2.08 with a stunning $5.06 per share performance. For Capital One, whose revenue is derived overwhelmingly from credit card income, this was a coup, as their third quarter oan loss provision was a mere $331 million, when they were estimated to provision $2.16 billion.

    Capital One's amazing quarter can be attributed to only one thing: excessively creative accounting, which, although it's extremely sleazy and misleading, is all perfectly legal. This puts the onus on stock pickers and self-driven investors who either don't bother or can't properly read or interpret quarterly reports. They see blowout numbers and dive right in, like unseasoned RobinHood traders. Down the road, Capital One's deceit and eventual collapse will rival that of Countrywide in the sub-prime era. Sometime in the next two years, when people ask Capital One "what's in your wallet?" the answer will be "Nothing. Nothing but bad loans."

    And the Fed will swoop in to buy them all, at par, to save yet another insolvent institution.

    As the week progressed and the electioneering became more bizarre by the day through revelations of possible corruption and criminality on the part of Democrat candidate Joe Biden and his family, stocks continued to sink. Making matters even more alarming to the pubic and Wall Street was the mainstream media blackout of the Hunter Biden laptop containing damning evidence. Outright censorship of the New York Post's stories - where the news was originally broken - by Twitter and feigned ignorance by the television networks, New York Times and the Washington Post served only to increase the public's distrust of the media and expose its obvious political bias.

    Stocks had their worst week since March, but it could have been much worse. Friday's late-day rally saved the Dow Industrials and the S&P 500 from falling below their 200-day moving averages. As it was, all the major exchanges fell 5 1/2 to 6 1/2 percent for the week and on the cusp of a correction, which, in all likelihood will be achieved on Monday or Tuesday as Americans continue to the polls.

    Friday's late afternoon rally lifted the Dow more than 360 points, the S&P by nearly 38 points, the NASDAQ 102 points, and the NYSE Composite 132 points. All together, the lift of one percent or more left the averages just above correction levels.

    At Friday's close, the Dow was down 10.3% from its February high; the NASDAQ 9.5% lower from its September 2nd record close, the S&P 500 down 8.7% from its record close of September 2nd, the NYSE down 12.1% from its February all-time high. Thus, the push at the end of the day saved the bacon of the most prominent indices. While the Dow and NYSE Composite are technically in correction, the supine financial media uses the most recent highs of September 2nd instead of the pre-COVID February highs, thus avoiding use of the nasty term "correction."

    On an intraday basis, all of the averages are firmly at or beyond correction levels. It's just more or the conditioning and institutionlized fraud that keeps the public sadly misinformed.

    Treasury yields saw some movement during the week but ended higher by Friday as the massive movement of money out of fixed income that began in earnest at the start of October offered no indication of waning, with both the 10-year note and 30-year bond finishing at high points, 0.88% and 1.65%, respectively.

    Oil was taken to the woodshed and severely beaten, closing at $35.79 per barrel, down from $39.85 the prior week, the price decline reflective of increasing COVID-related quarantines and lockdowns in parts of Europe, notably France, and slack demand overall. This was the weakest price for WTI crude since June 1, a five-month low.

    Gold ended another down week at $1881.00, a decline of $11.90, from $1902.90 the week prior and the second time since reaching its peak (2058.90, August 6) three months ago. Silver was also punished for being real money, ending the week at $23.63, also well off it's August 10 high of $29.23. While the paper prices for the metals continues to be put under pressure by the bullion banks and other nefarious sources, premiums remain elevated, as shown below.

    While stocks and bonds fell, oil was crushed, and precious metals took a hit, the big winner of the week was Bitcoin, which trades continuously, not taking the weekend off, like other asset classes. From Sunday of last week (10/25) to its present price, the world's most recognizable cryptocurrency added 700 points, to 13,748.393. The week was an extension of the rally which began September 23, when the value was 10,225.86. That's a gain of 25.6% while the established financial order was largely falling apart.

    Here are the weekly prices for common gold and silver items on eBay (numismatics excluded, shipping, often free, included):

    Item: Low / High / Average / Median
    1 oz silver coin: 29.00 / 46.46 / 38.05 / 38.40
    1 oz silver bar: 28.00 / 56.20 / 37.49 / 35.25
    1 oz gold coin: 1,975.00 / 2,037.31 / 2,006.59 / 2,010.00
    1 oz gold bar: 1,965.00 / 2,001.79 / 1,982.16 / 1,981.34

    Finally, here are Max Keiser and Stacy Herbert explaining how Jamie Dimon was wrong and they were right about Bitcoin. The second part of the video is an interview with entrepreneur, Dan Collins, who recently returned to the United States after 20 years in China, who envisions that country as the dominant new world power.

    At the Close, Friday, October 30, 2020:
    Dow: 26,501.60, -157.51 (-0.59%)
    NASDAQ: 10,911.59, -274.00 (-2.45%)
    S&P 500: 3,269.96, -40.15 (-1.21%)
    NYSE: 12,429.28, -73.01 (-0.58%)

    For the Week:
    Dow: -1833.97 (-6.47%)
    NASDAQ: -636.69 (-5.51%)
    S&P 500: -195.43 (-5.64%)
    NYSE: -770.58 (-5.84%)


    Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine, Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine, Money Daily, its owners, affiliates and employees against any and all liability.


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