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Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
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Friday, March 4, 2022, 9:21 am ET
It's probably not a good time to be a Western banker. Nobody likes having their yacht, jets and other toys seized, especially Russian rich men, often referred to as oligarchs. But, Western bankers and governments have done just that. They've stolen their property. A day will come when the harmed parties will seek restitution, or, at least, revenge.
Some will try the courts, which are equally corrupt as the banks and politicians; others will opt for more direct means. As it stands right now, many bankers and politicians are afraid to show themselves in public without adequate protection (body guards with guns) for fear of being bum-rushed, mobbed, stoned, tarred and feathered, what-have-you, and, in many cases, deservedly so.
In what appears to be a most criminal act, Credit Suisse has asked clients to destroy records of loans involving Russians.
Elsewhere, banks like JP Morgan Chase (JPM) are being savaged. The bank claiming the "fortress balance sheet" is down 23.41% year-to-date. Goldman Sachs is off 21.34% since November 2nd of last year (4 months). Citigroup is down 28% from it's June, 2021 high. Investors in these monolithic, serial asset grabbers are rightfully concerned. Taking the assets from entire, nuclear-armed nations and their friends is not an action taken lightly. The blowback can be severe and that is what the world's commercial banks - which happen to be majority stockholders in the major Western central banks - are facing. The response may not happen overnight, maybe not even in a year's time, but, rest assured, come it will, and the repercussions will be global.
Russian forces continue to bear down on the Ukrainian capitol of Kyiv and other major cities in the country of roughly 44 million. Western media continues to attempt to portray the conflict in negatives towards Russia, but Russia is winning, and has taken most of the southern city of Enerhodar, a major energy hub on the Dnieper River. The nearby Zaporizhzhia nuclear plant, which Russians captured overnight, provides about 25% of Ukraine's power generation and is the biggest in Europe.
The Russian military now also controls Kherson, and local Ukrainian officials have confirmed Russian forces have taken over local government headquarters in the Black Sea port of 280,000 people ‹ the first major city to fall since the start of the war.
This is the ninth day of the war and Ukraine casualties are mounting, while their military resistance has recorded exactly zero victories. Western media continues to side with Ukraine, along with the UN, EU, governments of the United States and Great Britain, and NATO-aligned nations. One must question the judgement of these inept leaders, who refuse to fight, opting instead to steal Russian resources and capital in broad daylight while making the usual empty promises of humanitarian aid and diplomatic solutions, at the same time they are promising to send weapons to the embattled Ukrainians.
The blowback will be epic.
Just in case anybody cares, the BLS (that's BS with an "L" for LIES in the middle) reports that non-farm payrolls for February rose by 678,000 in February, and the unemployment rate edged down to 3.8 percent. Figures from January and December were revised higher, as is the norm.
To get an idea of the fictional quality of the BLS employment estimates, just take a look at their reported increase in construction jobs: +60,000; and mining, +9,000. Now, it doesn't take a finance or accounting major to figure out that if home-building is generally flat to lower and has been for the last six months, adding 60,000 jobs would not make much sense. Equally, with Biden and the corrupt congress' fight for the elimination of fossil fuels (including coal, no matter how "clean" it is), 9,000 mining jobs added in a month would come as something of a surprise.
Like their masters in elected offices, the bureaucracy of the United State, the "Leviathan," as it were, is as clueless and corrupt and out of touch as the people above them. They are interested mostly in receiving a paycheck, health benefits and a cushy pension. Their disdain for the general population is extreme.
As Friday unfolds, stocks around the world are cratering, with Asian and European bourses falling generally 2.50-3.75%. US stock futures are collapsing as the opening bell nears, with Dow futures off by more than 300 points. The West is rattled.
As of Thursday's close, the Dow is down 264 points on the week, the NASDAQ is lower by 157, and the S&P down 21.16 points. Let's see if the PPT, NY Fed trading desk and officials at the Exchange Stabilization Fund can pull more rabbits out of their hats and keep the Dow and S&P from falling into correction and the NASDAQ into bear market territory (-20%).
Maybe some people are awakening to why Russia is known as "The Great Bear." Don't poke the bear.
Word to the wise: Get your money out of banks, brokerages, and other financial institutions before they just take it. Cash. Gold. Silver. Bitcoin. Amen.
At the Close, Thursday, March 3, 2022:
Thursday, March 3, 2022, 9:10 am ET
Enjoying our brave new world (apologies to Aldous Huxley) yet?
Stocks up one day, down the next. Russia completely isolated. Gas prices rising daily. Oil over $112 a barrel. Gas approaching $4.00 a gallon, already over that in California and elsewhere. Prime rib at $18 a pound.
This is what happens when elections are stolen, puppet leaders are installed, central bankers are allowed to counterfeit with impunity.
There are solutions, but they are not easy.
First, get your hands on some junk silver. 90% silver dimes, quarters, half dollars and silver dollars need to be on your preparedness checklist.
Second, get some bitcoin. Not crypto generally, bitcoin ONLY. Accounts on exchanges are OK for now, but you're eventually going to need a hard wallet with extra security. Why? Because the Western central banks and governments just stole all of Russia's reserves. Because the Canadian government froze various bitcoin accounts and bank accounts of the Freedom Trucker Convoy and is in the process of destroying their lives. Because Western central bankers, the US, NATO, and the EU goaded Russia into invading Ukraine. That's why. Because full spectrum financial repression is upon us, us being every living human on the planet.
After getting some silver and bitcoin, you may feel safer, but you're probably not. If you have the means, buy gold, more silver, more bitcoin. Get some land in a rural area of a red state. Learn how to grow vegetables. Maybe you can raise some cattle, or pigs, chickens (they're the easiest), or rabbits. You're going to need to raise some food on your own.
If you have a job or a means to some income, you'll eventually want to turn your dollars or euros or yen into something more secure. Keep enough money in your bank to pay necessary. The rest needs to be converted to GSB (gold, silver, bitcoin).
Get educated. Stop watching the mainstream media. They lie. A lot. All the time. Learn about the Federal Reserve, and how it's a private bank, NOT part of the US government. Learn about fractional reserve banking, about how Federal Reserve Notes (FRNs, i.e. dollars) are debt instruments and how you are a debt slave. Learn about bitcoin and how it is the ultimate hope for true, unencumbered money.
You can prepare for the brave new world. Or not.
You can continue to live your life chasing dollars, slaving away for debt instruments and paying half of your income to taxes. The rest will go for food, rent, utilities, all of which are becoming more expensive every day. Maybe you think the median home price should be $350,000, or seven times the median household income, not 2-3 times that, which used to be the norm. Maybe you want to be tied to a 30-year mortgage, taxes that always are increased, and interest that never stops accruing against you.
Maybe you like that, and your lack of job security, governments that work only for themselves and not you or your neighbors. Go ahead.Enjoy your chains.
Remember, Klaus Schwab, founder of the World Economic Forum (WEF), said, "You will own nothing and you will be happy." He meant it. Don't let his reality become yours.
Money Daily will continue to fight against financial repression until we are completely banned, like Russia.
Do not be a slave.
Last, but surely not least, watch this video and subscribe to Max Keiser and Stacy Herbert's channel. Max and Stacy quit the Keiser Report, hosted by RT, when Russia invaded Ukraine. This is their own channel, from which they'll hopefully be broadcasting.
At the Close, Wednesday, March 2, 2022:
Wednesday, March 2, 2022, 9:20 am ET
European and North American stock markets took yet another hit from the stresses of the Russia-Ukraine conflict and related issues, sanctions, and asset freezes.
While US and EU regulators strengthened their measures to criple the Russian economy, stock markets in Germany, France, the UK, US, and elsewhere were battered, sending the major averages deeper into the red.
France's CAC-40 is already down more than 13% from its January 5 all-time high (7376.37). Germany's DAX is lower by 14% off its own January 5 record closing price of 16,271.75. The FTSE, UK's leading index, by contrast, is only down some four percent since a record close on February 10 (7672.40).
Damage to US markets has been severe since the start of 2020. The S&P 500 and Dow Jones Industrial Average made all-time closing highs on January 3rd and 4th, respectively. The Dow, as of Thursday's close, was down 9.52% from the top. It has fallen into correction (-10%) a number of times during the past several sessions, including twice on Tuesday. The nearly-600-point drop was the seventh one-day decline of 500 points or more. The performance of the Dow for the first two months of a year has been the among the worst ever, so too for the S&P, which fell back into correction Tuesday, down 10.22% from its high point.
On Tuesday, Asian stocks were mostly higher, but felt the pain on Wednesday. Japan's NIKKEI was off 451.69 points (-1.68%), while Hong Kong's Hang Seng lost 417.79 (-1.84%). European stocks were struggling to make gains Wednesday morning.
Gold rallied strongly on Tuesday, gaining $37.60 to close out trading in New York at $1945.30. Silver was up 91 cents, to $25.325 an ounce. Silver has been on an exceptionally steady run since the end of January, though it is still regarded as extremely undervalued by many experts and stackers.
Cryptos have rallied for two consecutive days, led by Bitcoin, which is beginning to pull back slightly, at $43,528.59. Bitcoin topped out at $44,609 early Tuesday morning.
Oil has gone vertical, with WTI crude pricing above $111 a barrel Wednesday morning. Gas prices are up two cents overnight, at a national average of $3.659/gallon in the United States. Europe is being hit just as severely, if not more so. Word is trickling out that companies are fearful of purchasing Russian oil, which has still not fallen under sanctions, though some banks are refusing to finance deals for shipments of Russian oil.
Overnight, Joe Biden gave his first state of the union speech, a masterstroke of CGI and cinematic fakery. Biden's entire speech was taped and played for the international TV audience as if it was live. There were obvious points at which the fakery could be seen, such as the green screen line outlining Biden's shoulder throughout the production. He also never touched, shook hands with or otherwise interacted physically with Kamala Harris or Nancy Pelosi, who were ostensibly seated directly behind Biden and the podium.
The event was sparsely attended, similar to the groupings at Biden's fake inuaguration. The speech itself was a litany of high-mind proposals and suggestions, none of which carried any weight.
Wall Street is anticipating a higher open Wednesday. Futures are only modestly higher (Dow, +90; NASDAQ, +15, S&P, +8), though that could change.
Fed Chairman Jerome Powell is scheduled to appear before the House financial services committee at 10 a.m. on Wednesday and the Senate banking committee on Thursday to give his semiannual monetary policy update to U.S. lawmakers.
According to prepared remarks, Powell will reiterate his commitment to have the FOMC raise the key federal funds rate at its next meeting (March 15-16).
Russia continues its assault on Ukraine, purportedly having the capitol, Kyiv, surrounded.
At the Close, Tuesday, March 1, 2022:
Tuesday, March 1, 2022, 9:07 am ET
When, in the final 20 minutes of the trading session, the S&P gains 48 points, the Dow jumps 325 points, and the NASDAQ puts on 170 points and goes from down 113 points to up 57 at the close, you don't have free markets, you have fraud markets.
Numerous times, Money Daily has expressed displeasure with the functioning of various markets, but none are more obviously rigged than the most-widely watched equity markets, which almost always trade in unison after minor adjustments, and have recently begun to make wild swings at odd times, seemingly on news that is either fake, faulty, outright lies or non-existent.
With computer algorithms making more than 85% of all trades, US and European equity markets are a complete joke and not somewhere anybody with a solid mind should park their life's savings. They've been shown to be completely irrational, easily moved by insiders, and prone to the worst kind of manipulation ever seen. They are pure garbage and many of the companies represented by shares in these markets are pure frauds, cooking their books on the stoves of corrupt regulators and a Federal Reserve that engages in counterfeiting as a regular business practice.
Simply put, they suck. They suck about as badly as does the US federal government, which exists only to enrich politicians and their friends, contributors and minions which they employ. No good can come from a condition like that, which is why Money Daily almost never offers stock tips nor even suggest investing in equites at all.
Now that the US and its NATO allies have goaded Russia into the inevitable invasion of Ukraine, the mainstream media propaganda machine has kicked into overdrive and turned the volume up to 11. The lies are profound, calling the Russian "unprovoked" when the facts speak plainly that the US and its intelligence operatives overthrew the duly-elected government of Ukraine in 2014 (Maidan) and that Russia only wishes to keep the country as a buffer between it and NATO, which has been encroaching closer to Russia's borders ever since the fall of the Berlin wall in 1989. George HW Bush was president at that time. It was no coincidence that he was previously Director of the CIA.
The US and its NATO allies have, over nearly a past decade, tried to bring Ukraine into the cabalistic European Union and NATO fold, going so far as to threaten Russia with nuclear arms within Ukraine's borders, aimed directly at Russian cities. Now that Russia has played its hand, the financial and propaganda war from the West has taken on newer, more sinister forms, shutting off Russia from financial markets, except those that deliver oil and natural gas to America, Canada, the UK, Germany, France, Italy and others. Those transactions are allowed because the West needs Russia's oil. Otherwise, according to the mainstream media and politicians everywhere, Russia is a bad actor, a rogue nation that wants to re-establish the old USSR borders (surely East Germans won't stand for that) and is slaughtering and terrorizing the peaceful people of Ukraine.
Nothing could be further from the truth. Russia only wants to be treated fairly and respectfully in the family of nations, but, because the preeminence of the West is faltering and on the brink of economic implosion, Russia must pay the price, be the enemy. Lapdog media blares on about the atrocities in Ukraine without ever showing proof. They claim Russia is bogged down when the facts on the ground say they're in position to strike but are holding back, seeking a peaceful solution.
Shutting Russia off from the SWIFT financial messaging system and freezing assets of their banks, companies and wealthy people constitutes financial warfare, which is all the NATO members can muster other than sending arms to Ukraine, the country they have put in harm's way. Their financial gambit will be their downfall, but they will blame Russia, not their own fecklessness and lust for money and power.
Make no mistake, the West is at war with the East, and it will be their undoing. Empires die, and the Western empire, primarily the United States of America, is dying fast. Their economic assault on Russia will result in fewer nations of the world doing business with America or Europe. They can see what happens when you don't play ball according to their rules. You either get bombed into oblivion or financially ruined. Nobody likes those options.
The good news is that while Americans dump vodka in the streets (of which less than two percent comes from Russia) and support the Ukrainians, stocks were mostly down, while gold, silver and Bitcoin gained in value. Bitcoin's gains over the past five days have been spectacular, rising to a current level of $44,500, from a low of $34,529 on February 24, a 29% gain.
When bad money becomes weaponized, better money is sought and the case for Bitcoin becomes more and more obvious with each passing day.
Europeans, Americans, and freedom-loving people of the planet don't have to overthrow governments or try to vote out the occupiers. They only have to change the game by changing the currency and the malignant economic and governmental systems will collapse on their own. Time is on the side of freedom and self-determination. In case you're not convinced, watch the fake president, Joe Biden, deliver his State of the Union address tonight before his feckless political cronies. He will espouse programs and plans designed to further the political and economic aims of an elite class, not those of the ordinary citizen.
Do not be fooled, or cowed, or afraid. The elitist, New World Order of Klaus Schwab and the globalist cabal cannot kill an idea so long as there are people willing to defend it.
We are at war and we must not waver.
At the Close, Monday, February 28, 2022:
Sunday, February 27, 2022, 9:20 am ET
It's not working.
The response to Russia's invasion of Ukraine by the great Western nations - USA, UK, Germany, France, other NATO allies - is an abject failure.
Like everything else emanating from Washington, Berlin, Paris, London, and let's not forget Ottawa, it's fake, bull, garbage, and meaningless, unless you're a sheep in the land tuned into MSM news.
Western media will tall you the sanctions are working. Our stock markets are going higher. Russia isn't winning. They'll spout just about any nonsense other than the truth.
That's why US stocks rallied on the Russian move Thursday and continued higher on Friday. It's a mirage. The United States is not stronger because we allowed Russia carte blanche in Ukraine, a country, it must be noted, in which the United States fomented a coup in 2014. Putin is just going about fixing that, but you're not allowed to know the truth.
Russia will do what it wants in Ukraine. NATO and Europe are toothless. They're still buying Russian natural gas and oil, as is the US.
It's a fairly disgusting chapter of world history, so let's dispense with the hand-wringing.
Stocks spent Thursday and Friday erasing most of the losses of the prior four sessions. The Dow Industrials dropped 1803 points from February 16 to the 23rd (three-day weekend in between the 18th and 22nd). It gained back 929 points Thursday the 24 and Friday, the 25th. About half. US strong. The NASDAQ and S&P made similar moves. They're all down for the year so far and all trading below their 200-day moving averages. Intraday lows on Thursday were the worst levels since March 2021, nearly a year's worth of gains had been wiped out.
The upside moves were nothing short of market manipulation at the highest levels. Covered that on Friday.
Bonds were little changed, as the treasury yield curve flattened slightly. 2s-10s were 45 basis points apart on the 18th; 42 on the 25th. Yield on the two-year note advanced from 1.47% to 1.55%, while the 10-year rose from 1.90% to 1.96%. Some morons (Gregory Mannarino) call this stabilizing. People who actually understand bonds and interest rates call it flattening, while rising, a condition presaging a recession.
Spread on the 7s-10s is one basis point, nearing inversion, whereas the 20s-30s has been inverted since October 28, 2021, and has blown out to its widest yet, 8 basis points, with the 20-year yielding 2.37% and the 30, 2.29%. Nothing in the bond market looks particularly appealing at this juncture.
Oil rose to over $100 a barrel, as WTI crude in the current month contract peaked at $100.02 on Thursday, the 24th, but settled back down to close out the week at $91.94, close to where it's been trending for the past month. The rise and selloff in oil and other commodities was highly suspicious, suggesting that the elite bankers aren't quite ready to strangle drivers at the gas pump even though the average for a gallon of unleaded regular rose eight cents, to $3.61 over the past week.
While gas prices are rising, consumers are feeling the pinch on heating fuels - oil, natural gas, propane - which have all been rising throughout the winter. With more than a month of high heating still expected for much of the nation, the pain will be more severe in utility bills in the near term.
Gold and silver were treated similarly to crude, with silver trading as high as $25.615 on Thursday, then selling off violently to $23.975, eventually closing out the week at $24.31. Gold's moves were similarly dramatic, topping out at $1975.70 early Thursday morning (5:55 am ET) prior to selling off on the COMEX to a low of $1886.10 (2:35 pm ET) later in the day. Gold closed out the week in New York at $1,890.10.
Short term, expect silver to putpace gold, as the controllers desire to keep gold suppressed, not only to keep the world in US dollars, but to damage the Russian economy, which has significant gold reserves.
Gold price 02/13: $1,859.00
Silver price 02/13: $23.57
Gold and silver price volatility did little to discourage buyers and sellers on eBay and at coin merchants on the internet, with prices at their highest levels since last June.
Here are the latest prices for common one ounce gold and silver items sold on eBay (numismatics excluded, shipping - often free - included):
The Single Ounce Silver Market Price Benchmark (SOSMPB) fell during the week, to $39.69, a decline of 77 cents from the February 20 price of $40.46.
Cryptos were also sloshed about, trading as if they were risk assets, a dangerous precedent for the elite mobsters running ETFs and other derivatives on Wall Street, London, and Munich. Bitcoin, as of Sunday morning, had vaulted past $39,000, currently (8:30 am ET) at $39,673.82. The price wobble was significant. Bitcoin traded as low as $34,529 and as high as $40,005. Week to week, it gained 3.70%.
Efforts by Western nations to cut off Russia from the banking system can only serve to help adoption of bitcoin and induce higher prices for gold and silver. Individuals and business interests are witnessing an attempt at wholesale economic exclusion of Russia as punishment for its incursion into neighboring Ukraine.
While Russia continues to progress on the capitol, Kiev, propaganda from the West implies that they have been slowed, though the plans of Putin were never considered to be a one-week affair. Russia's advance on the capitol and other large cities is proceeding on a predetermined pace. NATO nations attempting to supply arms to Ukraine will find that mission difficult, if not impossible, as Russia has control of most of the country's air space and border crossings.
The Stultifying efforts by the West to cripple Russia economically are just short of pure farce. Germany, France, Italy, the UK, and even the United States continues to purchase energy from Russia, despite their superficial stance of being joined at the hip in efforts to diminish trade by Russia, the most recent ploy being to cut some Russian banks off from the SWIFT system, which will be easily worked around by Russian concerns.
Already on the brink of insolvency, Western nations are playing a dangerous game with their fiat currencies. Eventually, people will see that NATO, the US and Eurozone nations are paper tigers, with no real skin in the game other than their suppressions and sanctions. Russia will adjust to their bullying tactics, propagandizing, and disdain for their own citizens, as will the people of the world.
De-dollarization will proceed at an even faster pace under the new regime of control imposed by the US and Europe.Countries such as India, China, and most of Latin America, Africa and the middle east will determine that doing business with the United States and their dying reserve currency is a dead end.
Bitcoin, gold, and silver holders will be emboldened to avoid the dollar and likely, the Euro.
At the Close, Friday, February 25, 2022:
For the Week:
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