MSN: Trump administration estimates Iran war cost at over $11 billion in six days, source says.
AP/Reuters: Pentagon says first week of Iran war cost the US $11.3 billion.
As a rule of thumb, when I hear the government (fed, state, local) giving us a cost estimate; I immediately double the amount. A bit later I triple it.
"PRINT THAT FIAT!"
"Don't forget the usury!"
RT: Oil for over $100 a barrel ‘very small price to pay’ for Iran war – Trump.
The US president has attempted to quell fears that the military operation he launched will exacerbate the global energy crisis.
Talking points out and spread by every Western MSM Jew-controlled media.
But - but...The Orange Shitgibbon says U.S. oil companies are falling over each other vying for Venezuelan oil.
RT: US oil companies going to Venezuela – Trump.
US President Donald Trump has said that American oil companies are going to Venezuela in light of the South American country’s latest push to incentivize foreign investment in its energy sector.
[.]
[No, U.S. oil co's aren't clamoring to obtain Venezeulan oil. - DD] Exxon CEO Darren Woods has poured cold water on the idea, saying that the South American country is “uninvestable,” given the “commercial constructs and frameworks in place” there at present. He added that “durable investment protections” are the prerequisite to any long-term involvement.
RT: Why American Big Oil isn’t buying the Venezuela ‘victory’.
Exxon boss Darren Woods described Venezuela as “uninvestable.” Woods said: “We have a very long history in Venezuela… We’ve had our assets seized there twice. You can imagine to re‑enter a third time would require some pretty significant changes from what we’ve historically seen here and what is currently the state.” He added: “If we look at the legal and commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable. And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections, and there has to be a change to the hydrocarbon laws in the country.”
The Exxon CEO’s comments were echoed by Conoco’s boss, Ryan Lance, who said: “We need to be also thinking about even restructuring the entire Venezuelan energy system, including PDVSA.”
What that means is that Venezuela is far from under US control.
[.]
From the viewpoint of Big Oil, it’s not mission accomplished. Venezuela is ‘uninvestable’, which is the capitalist way of saying, there was no regime change to give the oil companies what they want – total control over Venezuela’s hydrocarbon wealth.
Hmmmmm...Central Banks you say? Teh Iorny.
IMF: Agustín Carstens: The Innovative Central Banker.
Financial Times: Agustin Carsten; "Crypto, but only government crypto." (CBDC).
[...]"the problem with stablecoins is that to assure [their] stability in an ironclad fashion is extremely difficult."
Same as the stock market, then, Slim? Hands off Crypto Control. Hit the treadmill 'Gus.
Coinrank: What is CBDC? A Beginner’s Guide.
Daily HODL: Bank Abruptly Shut Down by US Regulators in Second Bank Failure of 2024.
Financial regulators just shut down a bank in Oklahoma, marking the second US bank failure of 2024.
The First National Bank of Lindsay has been shuttered by the Office of the Comptroller of the Currency.
The agency says it took action after identifying false and deceptive bank records and other information that suggests fraud depleted the bank’s capital.
“The OCC also found that the bank was in an unsafe or unsound condition to transact business and that the bank’s assets were less than its obligations to its creditors and others.”
The OCC is also forwarding the matter to the US Department of Justice.
Off to the DOJ, eh? Well Merrick Garland will be right on top of it, you betcha!
But wait, there's more! More banks on the verge of failing:
Cryptopolitician: U.S. banks’ unrealized losses soar to 7 times 2008 crisis levels.
Unsustainable. Awaiting the domino effect.
CNN (Updated 12:59 AM EDT, Tue October 1, 2024): Port workers strike starts across the East and Gulf Coasts.
Nearly 50,000 members of the International Longshoremen’s Association (ILA) are on strike Tuesday against the nation’s East and Gulf Coast ports, choking off the flow of many of the nation’s imports and exports in what could become America’s most disruptive work stoppage in decades.
The strike, which was confirmed by the Port Authority of New York and New Jersey as well as the Port of Virginia, began at midnight.
[.]
The strike will stop the flow of a wide variety of goods over the docks of almost all cargo ports from Maine to Texas. This includes everything from bananas to European beer, wine and liquor, along with furniture, clothing, household goods and European autos, as well as parts needed to keep US factories operating and American workers in those plants on the job. It could also stop US exports now flowing through those ports, hurting sales for American companies.
Biden could stop this, but he his handlers don't want to.
Washington Examiner: Biden won’t invoke Taft-Hartley to stop port strike that could cost $5 billion a day.
On Sunday, Biden said he would not get involved.
“It’s collective bargaining,” he said. “I don’t believe in Taft-Hartley.”
Oh, we have to suffer and endure more economic hardship because Biden doesn't believe in Taft-Hartley.
U.S. Chamber of Commerce: US Chamber of Commerce calls on Biden to Invoke Taft-Hartley.
Hit MW and Crypto links:
^ Link defaults to US Market. Once there, remember to click and view Europe, Asia, Futures and Crypto.
Crypto. < All Crypto.
Schuduled Sunday night to post Monday AM. I may sleep in. Why awaken early for disaster? Pray it's not as bad as the Stonkers predict.
^ Link defaults to US Market. Once there, remember to click and view Europe, Asia, Futures and Crypto.
Crypto. < All Crypto.
100% Fed Up: BLACK MONDAY INCOMING? Everything Is Crashing Overnight, Heading Into Monday.
This is intended and designed to happen. It's not accidental or incompetency. It's ... the Amish.
Substack - Gregory Mannarino: $517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says.
In its latest Quarterly Banking Profile report, the FDIC notes that banks now face over half a trillion dollars in paper losses on their balance sheets, primarily due to their exposure to the residential real estate market. These unrealized losses, the gap between the purchase price of securities and their current market value, are becoming a significant burden.
DC Patriot: $517,000,000,000 in unrealized losses hits US Banking System as FDIC Warns 63 Lenders on Brink of Insolvency.
“The number of banks on the Problem Bank List, those with a CAMELS composite rating of ‘4’ or ‘5’, rose from 52 in the fourth quarter of 2023 to 63 in the first quarter of 2024. This figure represents 1.4% of all banks, a range considered normal for non-crisis periods, typically between 1% and 2%. The total assets held by problem banks increased by $15.8 billion to $82.1 billion during the quarter,” the FDIC stated.
[.]
Despite these concerning trends, the FDIC assures that the US banking system is not in imminent danger. However, it warns that ongoing inflation, fluctuating market rates, and geopolitical issues continue to exert pressure on the industry.
"...and geopolitical issues..." Gee, I wonder what those might be?
Does the FDIC's assurance there's no imminent danger put you at ease?
Crypto News: Industry support and the Silk Road founder release: what Trump promises to the crypto community.
[Trump] promised to release the founder of the darknet marketplace Silk Road, Ross Ulbricht. If he wins the election, Trump promised to cancel the sentence on the first day.
[.]
He also pledged to support self-custody rights for the nation’s 50 million digital assets holders.
The story mentions Trump has solid and large support from the digital currency community while they view Biden and Handlers as anti-crypto, which they are. The article states Trump saying he'd never allow the launch a CBDC.
Great; yeah! 👍👍
Trump should've pardoned Ulbricht, along with Julian Assange and Edward Snowden, his first time around.
Reuters: Some young people see Trump as an answer to their economic woes.
For Democratic incumbent Joe Biden, who overwhelmingly won the youth vote in 2020, an erosion of his support among young voters could potentially dampen his hopes of a second term.
[.]
There are also signs young people are slowly warming to the Republican Party, despite Biden's efforts to keep them on side by trying to cancel student debt, expand affordable housing and reverse curbs on abortion rights.
[.]
"I make decent money and I can't afford a home on the salary I make now," said Steve Wendt, 26, a security guard at a nearby hospital.
[.]
"I don't really like what we are doing with Ukraine," [Collin Crego, 19] said. "When I hear him (Trump) talk, he's very patriotic, very 'America First' and I like that."
The Guardian: Mitch McConnell calls for Congress to take action on supplemental bill that includes aid for Israel and Ukraine.
Spending like this is unsustainable. Financial collapse incoming.
Biden was asked about the debt ceiling:
Why isn't The Diaper King wearing his wedding ring? Did he lose it? Did he eat it? Something amiss in his wedded bliss with Tamale Jill? 🤔
HITC: Bud Light offering $20 rebates to flog beer after controversy.
Bud Light is practically giving away beer with $20 rebates at certain stores as they try and sell crates following the controversy.
[.]
[... and] backlash for partnering with transgender influencer Dylan Mulvaney.
[.]
People have seen the notices at Meijer, Kroger, and other stores, and have taken to Twitter to share photos of the rebates.
Here’s one:
I've been sober for almost a decade, so I'm not sure on this, but ain't a case like $20 most places?
Things can't be going great if they're basically giving it away… pic.twitter.com/aeCgHjlnEe
— Ed Latimore (@EdLatimore) May 13, 2023
And another:
Stopped by my local Kroger tonight and they had a $10 rebate on cases of Bud Light and no one will still even touch it. pic.twitter.com/K1iP5lDI5F
— Scott Burns (@SeminoleScott) May 12, 2023
[.]
“The Bud Light marketing team must still be all women if they think a coupon will get a man’s attention,” she amusingly wrote in the caption.
“What’s a coupon?” one man joked in the comments.
Another said: “We hate rebates, too much work.”
“Literally never used a coupon in my life, so yeah this checks out,” a third person added.
In other business news: Adidas has decided to sell Kanye merchandise after deciding not to sell Kanye merchandise.
A great time to be alive in an era of Bad Marketing and PR!
MSN: PacWest Shares Plunge 60%, More Banks Drawn Into Quagmire.
PacWest shares plunged by 60 percent in after-hours trading Wednesday, raising concerns that the Los Angeles-headquartered bank might be the latest victim of the turmoil sweeping through the banking sector ever since the collapse of Silicon Valley Bank (SVB) in March.
[.]
Growing anxiety over the fate of PacWest and other smaller banks in the future would likely increase pressure on the Fed, which in the aftermath of the SVB's collapse was widely expected to pause its interest rate hikes.
Another smaller bank, Western Alliance, saw its shares drop by as much as 38 percent in after-hours trading on Wednesday.
But despite predictions and expectations, the Fed has so far persisted in its strategy.
Hit The Kobeissi Letter at Twitter for ongoing updates. The outlook...let's just say it's not optimistic.
Conservative Playbook: Are PacWest and Western Alliance the Next 2 Dominoes to Fall?
Things weren’t supposed to move this quickly. Just hours after First Republic was dissected, two more major banks are in very serious trouble.
Are the dominoes going to start to fall more quickly than we were anticipating? After his bank gobbled up First Republic, Jamie Dimon told the world that “this part of the crisis is over”, and many in the corporate media believed him.
[.]
Both institutions are now highly vulnerable, and as Dick Bove has aptly noted, those that have made massive amounts of money from recent bank failures are searching for their next victim[.]
[.]
Of course PacWest and Western Alliance are not the only potential targets.
🤣
NY Mag: Jerome Powell Got Punked by Russian Prank Callers.
...it’s a little jarring to see that on Thursday, the gray-haired Powell was made the butt of a joke by two Russian pranksters crudely posing as Ukrainian president Volodymyr Zelenskyy. This happened back in January, but Powell apparently thought this call was a private one with the world leader and talked candidly about how a recession was just as likely as it was not, and it is now making the rounds on Russian media and Twitter.
BBC: Federal Reserve chair Jerome Powell pranked by Russians.
Comedians Vladimir Krasnov and Alexei Stolyarov - known as Vovan and Lexus - claimed credit for the stunt.
[.]
In one of the clips shared on Russian television, Mr Powell praised Russia's central bank chief Elvira Nabiullina for managing the Russian economy amid Western sanctions, according to the BBC Monitoring service.
Other video now circulating on the internet shows Mr Powell describing a sharp slowdown in growth in the US, following the bank's efforts to rein in price rises.
"We would tell you that a recession is almost as likely as very slow growth," he said of expectations for 2023. "I think that is partly because of us having raised rates quite a bit but this is what it takes to get inflation down."
[.]
"Embarrassing moment for the Fed," chimed in Jesse Cohen, global markets analyst at Investing.com.
"Embarrassing moment for the Fed." Ya think?
Powell needs to go. Didn't care for his policies during Trump's term, he shouldn't have been appointed, still don't care for his policies.
This wasn't a perfect phone call. Resign.
UPI: FDA authorizes first at-home test to detect both flu and COVID-19.
The Lucira test will be sold over-the-counter and it can detect both Influenza A and Influenza B, as well as the SARS-CoV-2 virus - the virus that causes COVID-19, FDA officials announced Friday in a news release.
The announcement marks a breakthrough as the first at-home test for flu, the Washington Post reported. Testing for the flu previously required a visit to a doctor's office or urgent care clinics.
Will a majority of people make a mad-dash, rushing to test themselves the moment they sneeze or have a runny nose? Probably, based on the number of past, current and "I plan to take all future Coof Boosters" Jab Addicts and Mask-Karens.
Lucira. The FDA approved an at-home test from a company whose stock closed on Friday at .14 cents, whose all-time high of $37/share was two years ago and their 52W high is $5.67? Oh, yeah - full faith and trust, BAYBEE!
It might be a worth a look as a short-term buy-hold-sell when or if it hits "dollars." (This is not presented or intended in any way as financial or investment advice.*)
If I felt energetic, I'd search who the big buyers and investors of Lucira stock are the past 30-90 days. I wonder if Paul "The Hammer" Pelosi, Sr. or other spouses of politicians sank some $$$$$ into this Pharma Company?
With a 52W low of .04 cents, Lucira badly needed a Booster product. I wonder how many palms at the FDA and TPTB were greased? It'd be great if this product failed.
* DISCLAIMER: Lucira stock assessment is purely speculative. It is NOT financial advice. Author assumes no risk, responsibility and/or liability for any financial losses. Immediately seek trained health professionals if you have the slightest inclination rolling dice with your financial risk based on anything written anywhere on this blog.
Annnnnnnnnnnnnnnnnnd.........mark! Timing starts to see how long Biden's words age very, very badly.
Breitbart: Biden: U.S. Will Not Have a Recession This Year or Next Year.
President Joe Biden said Wednesday on “PBS NewsHour” that the United States would not have an economic recession this year or next year.
[.]
[JUDY] WOODRUFF: So when people at the Gallup Poll saying most Americans think next year the economy is going to be bad, do you think there’s going to be a recession?
BIDEN: No.
WOODRUFF: This year?
BIDEN: No. Or next year. From the moment I got elected, how many of the experts are saying within the next six months is going to be recession?
Well, we sure hope not, Cap'n Diaper. We already had 2Q's of negative growth last year:
PBS, July 29, 2022: U.S. just had 2nd quarter of negative growth.
al-Reuters, July 28, 2022: US Q2 GDP shows 2nd quarter of negative growth.
I don't think anyone can argue that Leni Riefenstahl's PBS and al-Reuters are two Right-Leaning publications. Both, and other news outlets, reported we had 2Q of negative growth last year.
Two consecutive Q's of negative growth have been the past definition of recession. Until last year, when other reasons were added to what defines a recession, meaning we were in a recession even though we weren't. "...Reasons..."
We're likely going to have a recession this year and next year. Because last year...no one could have predicted it. They didn't see it coming.
