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QE During the “Everything Mania”: Fed’s Assets at $7.7 T, up $3.5 T in 13 months

Written on . Posted in PT Global Economy.

Wolf Street: The Fed has shut down or put on ice nearly the entire alphabet soup of bailout programs designed to prop up the markets during their tantrum a year ago, including the Special Purpose Vehicles (SPVs) that bought corporate bonds, corporate bond ETFs, commercial mortgage-backed securities, asset-backed securities, municipal bonds, etc. Its repos faded into nothing last summer. And foreign central bank dollar swaps have nearly zeroed out.

, “The rich rule over the poor, and the borrower is slave to the lender.” Proverbs 22:7

What the Fed is still buying are large amounts of Treasury securities and residential MBS, though no one can figure out why the Fed is still buying them, given the crazy Everything Mania in the markets.

But for the week, total assets on the Fed’s weekly balance sheet through Wednesday, March 31, fell by $31 billion from the record level in the prior week, to $7.69 trillion. Over the past 13 months of this miracle money-printing show, the Fed has added $3.5 trillion in assets to its balance sheet. Read More …

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Prosecutors Ask Jurors To Dismiss George Floyd Autopsy Findings

Written on . Posted in PT World Order.

Zero Hedge, Jonathan Turley:

I previously wrote that the key to conviction in the Derek Chauvin trial (and avoiding a cascading failure in all four cases) is the autopsy findings and the role of drugs (including fentanyl) in the body of George Floyd.

“Whoever walks in integrity walks securely, but he who makes his ways crooked will be found out.” Proverbs 10:9 ESV

Prosecutors are now asking the jury to effectively dismiss the findings of the only official autopsy in the case and insist, contrary to those findings, that Floyd died from asphyxia, or, lack of oxygen. Some new disclosures may make that claim more difficult for the prosecution.

Last week, special prosecutor Jerry Blackwell admitted to jurors that Hennepin County Chief Medical Examiner Dr. Andrew Baker pointed to cardiac arrest as Floyd’s cause of death. However, he insisted that the state would prove that “was … not a fatal heart event,” but asphyxiation.

It is a bold move since it could invite reasonable doubt on the cause of death.  The question is whether a case of manslaughter could have been advanced without the need of opposing the state’s own coroner on such findings.

The failure of Chauvin to respond to a medical emergency speaks more to manslaughter than murder but it could be framed consistently with these findings. Instead, the prosecution has asked the jury to effectively reject the coroner’s findings — a risky maneuver. Read More

Janet Yellen To Call For Global Minimum Tax Rate Based on ESG Score

Written on . Posted in PT Global Economy.

Axios: Janet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.

“The fourth beast shall be
A fourth kingdom on earth,
Which shall be different from all other kingdoms,
And shall devour the whole earth,
Trample it and break it in pieces.” Daniel 7:23

Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.

  • “We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom.” Read More
  • Next step: Determine the global corporate tax based on the environment, social and governance (ESG) score per company  Read More

G20 Countries GDP Comparison 2004-2023 - MGM Research

 

Poll Finds Almost Half Of Americans Want Vaccine Passports

Written on . Posted in PT World Order.

Zero Hedge: A Rasmussen poll has revealed that almost half of Americans support the introduction of vaccine passports in order to get “back to normal.”

“As they have done from the day I brought them up out of Egypt until this day, forsaking me and serving other gods, so they are doing to you. 9 Now listen to them; but warn them solemnly and let them know what the king who will reign over them will claim as his rights.” 1 Samuel 8:8-9

The findings were released over the Easter period, and noted that 44% of Americans said that a government run system requiring proof of vaccination is a “good idea.”

62% of those who say they’ve gotten the COVID-19 vaccine believe it’s a good idea to require proof of vaccination … Read More

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President Rivlin grants Netanyahu mandate to form new government

Written on . Posted in PT Middle East.

Arutz Sheva: Israeli President Reuven Rivlin has tasked Prime Minister Benjamin Netanyahu Tuesday with forming a new government.

“They turned aside after dishonest gain and accepted bribes and perverted justice. So all the elders of Israel gathered together and came to Samuel at Ramah. They said to him, “You are old, and your sons do not walk in your ways; now appoint a king to lead us, such as all the other nations have.” 1 Samuel 8:1 NIV

Rivlin announced Tuesday afternoon that he has decided to grant Netanyahu a mandate for the premiership, following consultations with representatives of parties from the incoming 24th Knesset.

Rivlin’s nomination will grant Netanyahu selected a 28-day mandate to attempt to cobble together a governing coalition with the support of at least 61 MKs.

“After consulting with the representatives of all the factions in the Knesset, the following picture has emerged: 52 MKs requested that I entrust MK Benjamin Netanyahu with forming a government. 45 MKs requested that I entrust MK Yair Lapid with forming a government. 7 MKs requested that I entrust MK Naftali Bennett with forming a government. 16 MKs did not make any recommendation to me.” Read More

Sen. Warnock — a PASTOR — Preaches Damnable Heresy on Easter

Written on . Posted in PT World Order.

PJ Media: On Easter Sunday, Sen. Raphael Warnock (D-Ga.) — pastor of Ebenezer Baptist Church in Atlanta, the same church Martin Luther King, Jr. pastored — tweeted a message that subverted the gospel of Christianity and preached utter heresy, rejected by Christian churches for more than a millennium.

“For the time will come when they will not endure sound doctrine, but according to their own desires, because they have itching ears, they will heap up for themselves teachers; 4 and they will turn their ears away from the truth, and be turned aside to fables.2 Tim. 4:3-4

“The meaning of Easter is more transcendent than the resurrection of Jesus Christ. Whether you are Christian or not, through a commitment to helping others we are able to save ourselves,” Warnock tweeted. Read More

MLB Requires Photo ID to Pick Up Tickets Yet Blasts Georgia for Voter ID Law

Written on . Posted in PT World Order.

Breitbart: Even as Major League Baseball continues its attack on Georgia’s requirement to show a valid photo ID to vote, the league has a photo ID requirement of its own for fans picking up tickets at the stadium.

You hypocrite, first take the log out of your own eye, and then you will see clearly to take the speck out of your brother’s eye. Matthew 7:5 ESV

South Carolina Republican state Rep. Nancy Mace took note of this requirement and found it hypocritical. “Hey @MLB, this you?” Mace wrote, as a caption to a screenshot of baseball’s Will Call policy at mlb.com.

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The MLB pulled its 2021 All-Star Game from the Atlanta Brave’s Truist Park in the wake of the state’s new election integrity law enacted last month.

The league has characterized the law as a “voter suppression” law. Read More

Rivlin to Hear All 13 Parties in 1 Day, Issue Verdict on Tuesday, Netanyahu May Fall

Written on . Posted in PT Middle East.

Jewish Press: President Reuven Rivlin will receive the parties’ representatives on Monday at his residence to hear their recommendations for the candidate to form the next government.

“ Now the Lord had told Samuel in his ear the day before Saul came, saying, 16 “Tomorrow about this time I will send you a man from the land of Benjamin, and you shall anoint him commander over My people Israel … 1 Sam. 9:15-16

The Israeli media reported on Sunday night that should the balance is clearly in one candidate’s favor the president may announce his decision as early as Monday evening – that’s if a candidate receives 61 or more votes or if there’s a significant gap in the number of endorsements between one candidate and the rest. In any case,

Rivlin intends to announce his pick by Tuesday at noon at the latest, ahead of the swearing-in ceremony of the 24th Knesset on Tuesday afternoon. This is also the reason why the round of consultations with party heads has been reduced to one day, as opposed to two days in the past. Read More

US Nat’l Debt Passes $28T, +$4.7T in 13 Months. General Treasury Account Down by $480B in 2 Months, $620B to Go

Written on . Posted in PT Global Economy.

What does it mean for the markets that the government now spends the proceeds from debt sales last spring that the Fed had monetized back then? 

Wolf Street: It finally happened, that glorious moment, when, after teetering on the verge for weeks – for reasons we’ll get into shortly – the incredibly spiking US gross national debt, after kissing the line a couple of times for a moment, finally, and suddenly by a big leap, jumped over the $28-trillion mark, with a $143-billion leap in one day on Wednesday, March 31, following some big Treasury sales. It gave some of that up on Thursday as some bonds matured. And it now amounts to $28.08 trillion, as per US Treasury Department on Friday.

The US gross national debt has now spiked by $4.7 trillion in 13 months since the end of February 2020, in the days before this show started.

The flat spots in the chart are the visual depictions of a charade unique to American politics, the periods when the debt bounced into the Debt Ceiling. Those were the days when everyone in Congress was still trying to hijack the Debt Ceiling law to get their favorite spending priorities! Read More

Biden Tested: Ukraine – Taiwan – Iran

Written on . Posted in PT World Order.

PJ Media: The new administration started off using virtue signaling as an important component of foreign and domestic policy. But now even the “only adults in the room” suddenly suspect that  Woke garlic doesn’t repel vampires. Russia and China continue to defy the rules of the Biden-Harris administration despite their expectation that the world would return to its pre-2016 order. Pundits are starting to accept something has gone wrong in the calculations.

Russia and China — not to mention North Korea and Iran — are all on the move and don’t seem deterred by Washington. If disaster overtakes the Biden Harris restoration future historians will conclude that organized self delusion played a leading part.

The cultural and political establishment belief in the Great Reset after Trump sputtered and instead of the predicted return to normal the global world has continued its descent into crisis. Perhaps the status quo overattributed the problems of the old global world to populist unrest and failed to address the basic weaknesses which caused them. They thought they could pick up where they left off and couldn’t. Read More