THE OVERTHROW OFWEIGHTS AND MEASURES IS CHAOS WEAPONIZED. 1. Bring and restore all mining under the People’s Treasury. 2. Bring all Human Energy (Labor) under the people’s Treasury. 3. Then issue overnight currency supply ballasted on current production, in accordance to the ancient law and root value of “Weights AND Measures.” 4. MINING, ballasted in Bonds, future production. 5. TAX-EXEMPTED CENTRAL BANKING SCHEME IS IMITATION CAPITALISM. 6.2022.7.26. RUSSIA/CHINA HEAD IN THIS DIRECTION!
Wednesday, October 31, 2018
Tuesday, October 30, 2018
Monday, October 29, 2018
Friday, October 26, 2018
Wednesday, October 24, 2018
Gregory Mannarino - We Are Going Back to a Two-tier Society
THE CASCADIAN INFINITIVE.
🔺BONDS (DEBTS IN PONZI CURRENCY) ARE PEGGED TO PONZI CURRENCIES, DESPITE BEING PROTECTED BY INTEREST AND MONETARY CORRECTION, IT IS NOT WEIGHTED, AND A 100% RISK RACKET BY OVER 200-CENTRAL BANKS WORLD-WIDE. ISSUER MAY ENTER RECEIVERSHIP AGAINST JUNK ASSETS OR TERRITORIES.
🔺SHARES FARE BETTER AS THEY ARE PEGGED TO TANGIBLE ASSETS, MAY SHRINK, BUT WILL NOT BE ZEROED.
🔺MATTRESS BULLION AND CRYPTOS ARE SAFE HEAVEN.
🔺PONZI PAPER CURRENCIES LIKE BONDS ARE 100% RISK. THERE ARE OVER 200-PAPER PONZI CURRENCIES, WORLD-WIDE UNDER MILITARY PROTECTION.
🔺BONDS (DEBTS IN PONZI CURRENCY) ARE PEGGED TO PONZI CURRENCIES, DESPITE BEING PROTECTED BY INTEREST AND MONETARY CORRECTION, IT IS NOT WEIGHTED, AND A 100% RISK RACKET BY OVER 200-CENTRAL BANKS WORLD-WIDE. ISSUER MAY ENTER RECEIVERSHIP AGAINST JUNK ASSETS OR TERRITORIES.
🔺SHARES FARE BETTER AS THEY ARE PEGGED TO TANGIBLE ASSETS, MAY SHRINK, BUT WILL NOT BE ZEROED.
🔺MATTRESS BULLION AND CRYPTOS ARE SAFE HEAVEN.
🔺PONZI PAPER CURRENCIES LIKE BONDS ARE 100% RISK. THERE ARE OVER 200-PAPER PONZI CURRENCIES, WORLD-WIDE UNDER MILITARY PROTECTION.
Monday, October 22, 2018
Friday, October 19, 2018
Thursday, October 18, 2018
Prepare Urgently �� CLIF HIGH - We Will Not Escape 2018 Without A Catastr...
Futures Proves Past, Listen To The Past - Episode 1693a
- BRITISH HISTORY IS BRITISH PROPAGANDA, SO IS KEYNES.
- 50 OF THE WORLD'S MOST PRESTIGIOUS UNIVERSITIES PEDDLE ARTIFICIAL MENTAL INTELLIGENCE DUBBED AS SYSTEMS, SCIENCE AND TRUTH.
- HONEST WORK HAS BEEN EXCHANGED FOR CROOKED CURRENCIES OVER THE LAST 300-YEARS TO BUILD EMPIRES AND FABRICATE WORLD WARS AND GENOCIDE TO ADJOURN THEIR COLLAPSE, TIME AFTER TIME.
This Is Not A Drill! The Economic Crisis Will Start This 2018 & Last For...
Leon Cooperman: "The Whole Structure Of The Market Is Broken"
++++++++++++++++++++++++++++++++++++++
DOW OPENED OVER A CLIFF! Crippled. Red October lurks.
1. DECLASSIFY VERSUS POTUS 45.
2. TOO BIG TO FALL IS INJUSTICE BECOMING LAW.FIGHT!.
3. OVER A DOZEN SENATORS INCRIMINATED THEMSELVES FOR TREASON, FELLONY AND LAWFARE.
4. MID-TERM ELECTIONS AHEAD. THE FED IS A POLITICAL WEAPON. THEY OWN BOTH THE BEAR AND THE BULL TRIGGER.
5. THEY ALSO OWN WORLD-WIDE INTERNET, GOOGLE, YOU TUBE, FACEBOOK, TWITTER. AND THE DEEP STATE MEDIA.
6. THEY OWN 200=THE STOCK MARKETS, FORTUNE 500, BULLION MARKET, BOND-INTEREST MARKET, EMIL WANTA SOROS CURRENCY MARKET, DEEP STATE MEDIA,
7. FOREIGN HOLDERS OF TREASURIES (USS) ARE BEING DUMPED IN EXCHANGE FOR GOLD BY WISE GOVERNMENTS.
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+++++++++++++++++++++++++++++++++++++++++
Profile picture for user Tyler Durden
by Tyler Durden
Thu, 10/18/2018 - 17:55
11
SHARES
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In a wide-ranging interview on CNBC, Leon Cooperman, chairman and CEO of Omega Advisors, explained that he doe snot see the market as 'cheap' or 'expensive' currently but warns that traditional value-manager-driven strategies face difficulties because " all these quantitative trading systems are destroying the structure of the market...particularly that group that buy strength and sells weakness."
Cooperman goes on to reflect on last week's mini-crash as being overdone, because "credit was relatively flat" but warns that "It’s crazy...selling begets selling because of these quantitative trading systems," adding that he thinks "all this fixation and fear about interest rates is misplaced."
However, he does warn that "the strongest economy in 50 years" could be a problem as "it forces the hand of The Fed."
Full Transcript
Who knows. I mean basically I think that the whole structure of the market is broken. You know when I came into the let’s put it this way. Whatever success I’ve achieved I think I’ve achieved it because I’ve been very lucky. I have a common sense basically. And I have a strong work ethic. And this whole thing now with all these quantitative trading systems are destroying the structure of the market you know particularly that group that buy strength and sells weakness.
So, everyone I know that’s accumulated wealth, whether it’s Warren Buffett, Ken Langone, Mario Gabelli - all friends of mine - I think they made their fortunes that by buying weakness and selling strength. What’s happening now [with the algos] is they’re trend followers and they really are exaggerating the trends up and down. The condition is that normally call for a significant market decline are just simply not present.
It’s crazy...selling begets selling because of these quantitative trading systems.
But basically as I said a moment ago the conditions that normally lead to a big decline aren’t present... you know the high yield market sold of 2 percent when the S&P was down 8 percent, the overall credit market was relatively flat. So you know I think I sent you a couple of slides to make my points. And we’ll get to him. Basically the things I look at which suggest that the market is OK is not cheap but it’s not expensive you know it’s not an exciting message when I tell you the markets in a zone of fair valuation. Basically it doesn’t excite you but that’s kind of where we’re at.
[Is it more expensive relative to where interest rates are likely to go. Is it that the big issue here is that the biggest fear that people that you bring are going to put them up right now.]
I think all this fixation on interest rates I think is misplaced [and shows the following chart]
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This is the end of a 10 year government bond adjusted for (minus) the CPI and the shaded areas on the chart or past recessions and bear markets.
And the message is abundantly clear. Real interest rates for five, six, seven, eight, nine hundred basis points prior to the bear market and recessions of the past. Real interest rates today are zero. The Fed has been extraordinarily accommodative. So you know the market can easily handle the rise in interest rates as long as the slope of the rise is gradual.
I’ll give you some statistics - I don’t make it sound like a statistician - but basically the last 50 years, the S&P multiple averaged 15 times; when it averaged 15 times, the 10 year government with 6.65% and a 90 day bill was 4.95%. Today the multiple on the market is about 16.5 times earnings - so 10% above the historical norm - but the 10 year government is about 3.1% vs 6.65%, and treasuries bills are a little over 2% versus 4.95%. The market will allow for a rise in rates; in fact I think the rise in may be more positive than negative.
[But you know people are just fixated on something that doesn’t make any sense because they worry that the Fed is going to go too far and maybe some of the economic data that’s come out whether it’s related to housing or autos or some from some of these in the market allows for a rise in rates.]
The pricing structure in the market allows for a rise in rates. The condition that normally lead to a big decline... What are they? Recession. OK. There’s no signs of recession the economy if anything is too strong the economy is on fire. I was at a board meeting two weeks ago and the head of the Association made a comment that in 50 years of being in business he has never seen the economy as strong as it is today.
That probably in my opinion is probably a problem because it’s going to force the hand of the Fed.
The economy is very strong, so the recession is not on the horizon. A hostile Fed is not on the horizon ( look at the chart above that said real interest rates are zero), so that’s not a restraining influence on the economy. So the condition that normally lead to a big decline are simply not present.
SITUATION CRITICAL SPECIAL REPORT: Is WAR Really On The Horizon? By Greg...
Leon Cooperman: "The Whole Structure Of The Market Is Broken"
++++++++++++++++++++++++++++++++++++++
DOW OPENED OVER A CLIFF! Crippled. Red October lurks.
1. DECLASSIFY VERSUS POTUS 45.
2. TOO BIG TO FALL IS INJUSTICE BECOMING LAW.FIGHT!.
3. OVER A DOZEN SENATORS INCRIMINATED THEMSELVES FOR TREASON, FELLONY AND LAWFARE.
4. MID-TERM ELECTIONS AHEAD. THE FED IS A POLITICAL WEAPON. THEY OWN BOTH THE BEAR AND THE BULL TRIGGER.
5. THEY ALSO OWN WORLD-WIDE INTERNET, GOOGLE, YOU TUBE, FACEBOOK, TWITTER. AND THE DEEP STATE MEDIA.
6. THEY OWN 200=THE STOCK MARKETS, FORTUNE 500, BULLION MARKET, BOND-INTEREST MARKET, EMIL WANTA SOROS CURRENCY MARKET, DEEP STATE MEDIA,
7. FOREIGN HOLDERS OF TREASURIES (USS) ARE BEING DUMPED IN EXCHANGE FOR GOLD BY WISE GOVERNMENTS.
Dow Jones Industrial Average
WATCH
LIST
CREATE
DJIA
ALERT
OPEN
Last Updated: Oct 18, 2018 at 2:59 p.m. EDT
25,371.28
+++++++++++++++++++++++++++++++++++++++++
Profile picture for user Tyler Durden
by Tyler Durden
Thu, 10/18/2018 - 17:55
11
SHARES
TwitterFacebookRedditEmailPrint
In a wide-ranging interview on CNBC, Leon Cooperman, chairman and CEO of Omega Advisors, explained that he doe snot see the market as 'cheap' or 'expensive' currently but warns that traditional value-manager-driven strategies face difficulties because " all these quantitative trading systems are destroying the structure of the market...particularly that group that buy strength and sells weakness."
Cooperman goes on to reflect on last week's mini-crash as being overdone, because "credit was relatively flat" but warns that "It’s crazy...selling begets selling because of these quantitative trading systems," adding that he thinks "all this fixation and fear about interest rates is misplaced."
However, he does warn that "the strongest economy in 50 years" could be a problem as "it forces the hand of The Fed."
Full Transcript
Who knows. I mean basically I think that the whole structure of the market is broken. You know when I came into the let’s put it this way. Whatever success I’ve achieved I think I’ve achieved it because I’ve been very lucky. I have a common sense basically. And I have a strong work ethic. And this whole thing now with all these quantitative trading systems are destroying the structure of the market you know particularly that group that buy strength and sells weakness.
So, everyone I know that’s accumulated wealth, whether it’s Warren Buffett, Ken Langone, Mario Gabelli - all friends of mine - I think they made their fortunes that by buying weakness and selling strength. What’s happening now [with the algos] is they’re trend followers and they really are exaggerating the trends up and down. The condition is that normally call for a significant market decline are just simply not present.
It’s crazy...selling begets selling because of these quantitative trading systems.
But basically as I said a moment ago the conditions that normally lead to a big decline aren’t present... you know the high yield market sold of 2 percent when the S&P was down 8 percent, the overall credit market was relatively flat. So you know I think I sent you a couple of slides to make my points. And we’ll get to him. Basically the things I look at which suggest that the market is OK is not cheap but it’s not expensive you know it’s not an exciting message when I tell you the markets in a zone of fair valuation. Basically it doesn’t excite you but that’s kind of where we’re at.
[Is it more expensive relative to where interest rates are likely to go. Is it that the big issue here is that the biggest fear that people that you bring are going to put them up right now.]
I think all this fixation on interest rates I think is misplaced [and shows the following chart]
Trending Articles
Trending Articles
Powered By
This is the end of a 10 year government bond adjusted for (minus) the CPI and the shaded areas on the chart or past recessions and bear markets.
And the message is abundantly clear. Real interest rates for five, six, seven, eight, nine hundred basis points prior to the bear market and recessions of the past. Real interest rates today are zero. The Fed has been extraordinarily accommodative. So you know the market can easily handle the rise in interest rates as long as the slope of the rise is gradual.
I’ll give you some statistics - I don’t make it sound like a statistician - but basically the last 50 years, the S&P multiple averaged 15 times; when it averaged 15 times, the 10 year government with 6.65% and a 90 day bill was 4.95%. Today the multiple on the market is about 16.5 times earnings - so 10% above the historical norm - but the 10 year government is about 3.1% vs 6.65%, and treasuries bills are a little over 2% versus 4.95%. The market will allow for a rise in rates; in fact I think the rise in may be more positive than negative.
[But you know people are just fixated on something that doesn’t make any sense because they worry that the Fed is going to go too far and maybe some of the economic data that’s come out whether it’s related to housing or autos or some from some of these in the market allows for a rise in rates.]
The pricing structure in the market allows for a rise in rates. The condition that normally lead to a big decline... What are they? Recession. OK. There’s no signs of recession the economy if anything is too strong the economy is on fire. I was at a board meeting two weeks ago and the head of the Association made a comment that in 50 years of being in business he has never seen the economy as strong as it is today.
That probably in my opinion is probably a problem because it’s going to force the hand of the Fed.
The economy is very strong, so the recession is not on the horizon. A hostile Fed is not on the horizon ( look at the chart above that said real interest rates are zero), so that’s not a restraining influence on the economy. So the condition that normally lead to a big decline are simply not present.
LIONS ALERT! Watch These Three Major Factors Weighing On Stocks. By Greg...
DOW OPENED OVER A CLIFF! Crippled. Red October lurks.
1. DECLASSIFY VERSUS POTUS 45.
2. TOO BIG TO FALL IS INJUSTICE BECOMING LAW.FIGHT!.
3. OVER A DOZEN SENATORS INCRIMINATED THEMSELVES FOR TREASON, FELLONY AND LAWFARE.
4. MID-TERM ELECTIONS AHEAD. THE FED IS A POLITICAL WEAPON. THEY OWN BOTH THE BEAR AND THE BULL TRIGGER.
5. THEY ALSO OWN WORLD-WIDE INTERNET, GOOGLE, YOU TUBE, FACEBOOK, TWITTER. AND THE DEEP STATE MEDIA.
6. THEY OWN 200=THE STOCK MARKETS, FORTUNE 500, BULLION MARKET, BOND-INTEREST MARKET, EMIL WANTA SOROS CURRENCY MARKET, DEEP STATE MEDIA,
7. FOREIGN HOLDERS OF TREASURIES (USS) ARE BEING DUMPED IN EXCHANGE FOR GOLD BY WISE GOVERNMENTS.
Dow Jones Industrial Average
WATCH
LIST
CREATE
DJIA
ALERT
OPEN
Last Updated: Oct 18, 2018 at 2:59 p.m. EDT
25,371.28
Wednesday, October 17, 2018
Monday, October 15, 2018
Thursday, October 11, 2018
Wednesday, October 10, 2018
TWISTED SYSTEM: Every Single World Leader Is In Bed With Their Central B...
Trump says the Federal Reserve has 'gone crazy' by continuing to raise interest rates QQQQQQQQQQQQQQQQQQQQQ 1. The Federal Reserve was crazily born off the Deep State act off 1871 and consequently the Treasuries of over 200-countries were hijacked by the Deep State. 2. Having hijacked the sovereign treasuries, you tax payment has also been hijacked and automatically converted to Interest, which is not constitutional, but a racket. 3. In fact, the Federal Reserve is a private printing press and that is as crazy as can be. Nothing could be crazier. 4. One wonders if Trump realizes that the Deep State Federal Reserve is eyeing mid-term elections and Trump is not their friend, but a lousy patriot. And they have the power to turn the elections against Trump. 5. Remember how they turned the tide to elect Bill Clinton from the swamp at the cost of Bush Sr. by playing with high interest rates?? QQQQQQQQQQQQQQQQQQQQQ · "I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy," the president said after walking off Air Force One in Erie, Pennsylvania. · The U.S. central bank has raised interest rates three times this year and is largely expected to hike once more before year-end. · Fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points Wednesday. · "Actually, it's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing," the President added. Published 47 Mins Ago Updated 12 Mins AgoCNBC.com President Donald Trump knocked the Federal Reserve for continuing to raise interest rates despite some recent market turbulence. "I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy," the president said after walking off Air Force One in Erie, Pennsylvania for a rally. Fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points Wednesday. The S&P 500 posted its worst day since February and clinched its first five-day losing streak since 2016. "Actually, it's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing," the President added. The Fed has raised interest rates three times this year and is largely expected to hike once more before year-end. The most recent September rate hike drew criticism from Trump at the time, who said he was "worried about the fact that they seem to like raising interest rates, we can do other things with the money," he said. Market expectations for a December rate hike were at 76.3 percent, according to the CME Group's FedWatch tool. White House press secretary Sarah Sanders downplayed Wednesday's steep sell-off on Wall Street, noting the U.S. economy remains in good shape. "The fundamentals and future of the U.S. economy remain incredibly strong," Sanders said in a statement. President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth." Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy. On Tuesday, Trump noted: "We don't have to go as fast." He also said he did not want the economy to slow "even a little bit" when there are no signs of inflation. Criticism of the Fed is rare from a sitting president, with Trump's predecessors largely refraining from comment on the direction of the central bank's monetary policy. Win McNamee | Getty Images President Donald Trump in the Oval Office of the White House on October 10, 2018 in Washington, DC. Interest rates have been on the rise over the past several weeks, with the benchmark 10-year Treasury note — a barometer for corporate debt and mortgages rates — climbing to its highest level in more than seven years. Following the central bank's move to hike rates a third time this year, Fed Chair Powell said in an interview with PBS that U.S. monetary policy is "far from neutral," suggesting front-end rates have further room to rise. "Interest rates are still accommodative, but we're gradually moving to a place where they will be neutral," Powell said added. "We may go past neutral, but we're a long way from neutral at this point, probably." Powell said at the Fed's latest press conference that he had not discussed interest rates with the president. |
Steven Mnuchin: US "Will Make Sure" China Isn't Manipulating The Yuan QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ 1. DOESN'T MAKE SENSE OR DOESN'T KNOW WHAT HE'S TALKING ABOUT. 2. THE JAPANESE AND THE CHINESE HAVE MANIPULATED THEIR CURRENCIES TO COUNTER THE UNPEGGING OF THE US DOLLAR FROM GOLD SINCE 1971. IT'S THEIR RIGHT. 3. THE EXCHANGE RATE OF THE DOLLAR IS MANIPULATED BY THE EMIL WONTA-SOROS GANGE. FRAUD. 4. IF THE DOLLAR IS A PONZI FAKE CURRENCY, ALL MARKETS, BONDS, BULLION, COMMODITIES, STOCKS BECOME MOVING TARGETS AND END UP BEING A HUGE PONZI SCHEME. 5. THERE'S NO WAY ANY CURRENCY SUCH AS THE DOLLAR , COULD OPERATE UNDER DOMESTIC (GDP) CIRCULATION AS WELL AS INTERNATIONAL (GNP) CIRCULATION, UNLESS BY MILITARY FORCE, WHICH HAS BEEN THE CASE SINCE THE 17TH CENTURY. QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ Profile picture for user Tyler Durden by Tyler Durden Wed, 10/10/2018 - 06:11 11 SHARES TwitterFacebookRedditEmailPrint US officials made it clear earlier this week (via an anonymous leak) that the US wouldn't hesitate to counter the PBOC's decision to pump more liquidity into the Chinese financial system - a decision that, incidentally, also helped push the yuan even closer to policy makers' "red-line" level of 7 yuan to the dollar - by returning China to the Treasury Department list of currency manipulators, a decision that would make Beijing eligible for further sanctions (and presumably justify a round of competitive devaluations that could escalate into a global currency war). But if Chinese officials didn't get the message, Treasury Secretary Steven Mnuchin (who almost certainly approved the "leaks" from "senior officials" inside his department) left little room for uncertainty in an on-the-record interview with the Financial Times, where he warned that the US would be monitoring Chinese policy "very closely" for any signs of competitive devaluations meant to offset the impact of President Trump's tariffs on roughly half of Chinese goods entering the US. FX Mnuchin refused to discuss the Treasury's upcoming currency report, and he didn't specifically reference currency manipulation, but the implication was clear: If China allows (or even actively encourages) the yuan to sink past its red line, then the US will insist that an agreement against currency manipulation be a part of whatever trade accord is produced (assuming there is one). And assuming no agreement is reached, the US will do what it needs to do to make sure that US tariffs on Chinese goods are maximally effective. Steven Mnuchin said in an interview with the Financial Times that the Treasury monitored currency issues “very carefully” and noted that the Chinese renminbi had fallen “significantly” during the year, adding that he wanted to discuss the currency with Beijing as part of trade talks. He acknowledged there were several drivers behind the falls in the renminbi, including the country’s own economic issues. "As we look at trade issues there is no question that we want to make sure China is not doing competitive devaluations," he said ahead of meetings of the G20, IMF and World Bank in Bali, Indonesia. To be sure, Mnuchin, who was speaking during an IMF-World Bank meeting in Bali (where no trade discussions are expected to be held even though Mnuchin and China's top trade envoy will both be present - though, of course, that could always change), did clarify that some of the renminbi weakness this year has been the result of domestic economic factors in what sounded like a swipe at China. "The renminbi has depreciated significantly during the year. There are various factors for that which we look forward to discussing with them," said Mr Mnuchin. "One of those factors has to do with their own economic issues and what has gone on in the Chinese economy." Mnuchin also obliquely criticized what Mike Pence referred to as China's "debt diplomacy" when he said that any recipients of IMF bailouts would need to be "transparent" about their debt exposure. Mnuchin While Mnuchin's remarks were relatively circumspect, an anonymous official quoted by the South China Morning Post expanded on his warnings and offered a candid update on the status of trade negotiations. With less than two months to go before the G-20 summit in Buenos Aires, when it comes to the US and China, "nothing has changed." "Our view is that when they are ready to have meaningful discussions about correcting the trade imbalances and the structural issues we have in the relationship, we’re willing to talk," the official said. |
As The World Decouples From The Fed Note,The Transition Is Happening Qui...
Trump says the Federal Reserve has 'gone crazy' by continuing to raise interest rates QQQQQQQQQQQQQQQQQQQQQ 1. The Federal Reserve was crazily born off the Deep State act off 1871 and consequently the Treasuries of over 200-countries were hijacked by the Deep State. 2. Having hijacked the sovereign treasuries, you tax payment has also been hijacked and automatically converted to Interest, which is not constitutional, but a racket. 3. In fact, the Federal Reserve is a private printing press and that is as crazy as can be. Nothing could be crazier. 4. One wonders if Trump realizes that the Deep State Federal Reserve is eyeing mid-term elections and Trump is not their friend, but a lousy patriot. And they have the power to turn the elections against Trump. 5. Remember how they turned the tide to elect Bill Clinton from the swamp at the cost of Bush Sr. by playing with high interest rates?? QQQQQQQQQQQQQQQQQQQQQ · "I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy," the president said after walking off Air Force One in Erie, Pennsylvania. · The U.S. central bank has raised interest rates three times this year and is largely expected to hike once more before year-end. · Fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points Wednesday. · "Actually, it's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing," the President added. Published 47 Mins Ago Updated 12 Mins AgoCNBC.com President Donald Trump knocked the Federal Reserve for continuing to raise interest rates despite some recent market turbulence. "I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy," the president said after walking off Air Force One in Erie, Pennsylvania for a rally. Fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points Wednesday. The S&P 500 posted its worst day since February and clinched its first five-day losing streak since 2016. "Actually, it's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing," the President added. The Fed has raised interest rates three times this year and is largely expected to hike once more before year-end. The most recent September rate hike drew criticism from Trump at the time, who said he was "worried about the fact that they seem to like raising interest rates, we can do other things with the money," he said. Market expectations for a December rate hike were at 76.3 percent, according to the CME Group's FedWatch tool. White House press secretary Sarah Sanders downplayed Wednesday's steep sell-off on Wall Street, noting the U.S. economy remains in good shape. "The fundamentals and future of the U.S. economy remain incredibly strong," Sanders said in a statement. President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth." Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy. On Tuesday, Trump noted: "We don't have to go as fast." He also said he did not want the economy to slow "even a little bit" when there are no signs of inflation. Criticism of the Fed is rare from a sitting president, with Trump's predecessors largely refraining from comment on the direction of the central bank's monetary policy. Win McNamee | Getty Images President Donald Trump in the Oval Office of the White House on October 10, 2018 in Washington, DC. Interest rates have been on the rise over the past several weeks, with the benchmark 10-year Treasury note — a barometer for corporate debt and mortgages rates — climbing to its highest level in more than seven years. Following the central bank's move to hike rates a third time this year, Fed Chair Powell said in an interview with PBS that U.S. monetary policy is "far from neutral," suggesting front-end rates have further room to rise. "Interest rates are still accommodative, but we're gradually moving to a place where they will be neutral," Powell said added. "We may go past neutral, but we're a long way from neutral at this point, probably." Powell said at the Fed's latest press conference that he had not discussed interest rates with the president. |
Steven Mnuchin: US "Will Make Sure" China Isn't Manipulating The Yuan QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ 1. DOESN'T MAKE SENSE OR DOESN'T KNOW WHAT HE'S TALKING ABOUT. 2. THE JAPANESE AND THE CHINESE HAVE MANIPULATED THEIR CURRENCIES TO COUNTER THE UNPEGGING OF THE US DOLLAR FROM GOLD SINCE 1971. IT'S THEIR RIGHT. 3. THE EXCHANGE RATE OF THE DOLLAR IS MANIPULATED BY THE EMIL WONTA-SOROS GANGE. FRAUD. 4. IF THE DOLLAR IS A PONZI FAKE CURRENCY, ALL MARKETS, BONDS, BULLION, COMMODITIES, STOCKS BECOME MOVING TARGETS AND END UP BEING A HUGE PONZI SCHEME. 5. THERE'S NO WAY ANY CURRENCY SUCH AS THE DOLLAR , COULD OPERATE UNDER DOMESTIC (GDP) CIRCULATION AS WELL AS INTERNATIONAL (GNP) CIRCULATION, UNLESS BY MILITARY FORCE, WHICH HAS BEEN THE CASE SINCE THE 17TH CENTURY. QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ Profile picture for user Tyler Durden by Tyler Durden Wed, 10/10/2018 - 06:11 11 SHARES TwitterFacebookRedditEmailPrint US officials made it clear earlier this week (via an anonymous leak) that the US wouldn't hesitate to counter the PBOC's decision to pump more liquidity into the Chinese financial system - a decision that, incidentally, also helped push the yuan even closer to policy makers' "red-line" level of 7 yuan to the dollar - by returning China to the Treasury Department list of currency manipulators, a decision that would make Beijing eligible for further sanctions (and presumably justify a round of competitive devaluations that could escalate into a global currency war). But if Chinese officials didn't get the message, Treasury Secretary Steven Mnuchin (who almost certainly approved the "leaks" from "senior officials" inside his department) left little room for uncertainty in an on-the-record interview with the Financial Times, where he warned that the US would be monitoring Chinese policy "very closely" for any signs of competitive devaluations meant to offset the impact of President Trump's tariffs on roughly half of Chinese goods entering the US. FX Mnuchin refused to discuss the Treasury's upcoming currency report, and he didn't specifically reference currency manipulation, but the implication was clear: If China allows (or even actively encourages) the yuan to sink past its red line, then the US will insist that an agreement against currency manipulation be a part of whatever trade accord is produced (assuming there is one). And assuming no agreement is reached, the US will do what it needs to do to make sure that US tariffs on Chinese goods are maximally effective. Steven Mnuchin said in an interview with the Financial Times that the Treasury monitored currency issues “very carefully” and noted that the Chinese renminbi had fallen “significantly” during the year, adding that he wanted to discuss the currency with Beijing as part of trade talks. He acknowledged there were several drivers behind the falls in the renminbi, including the country’s own economic issues. "As we look at trade issues there is no question that we want to make sure China is not doing competitive devaluations," he said ahead of meetings of the G20, IMF and World Bank in Bali, Indonesia. To be sure, Mnuchin, who was speaking during an IMF-World Bank meeting in Bali (where no trade discussions are expected to be held even though Mnuchin and China's top trade envoy will both be present - though, of course, that could always change), did clarify that some of the renminbi weakness this year has been the result of domestic economic factors in what sounded like a swipe at China. "The renminbi has depreciated significantly during the year. There are various factors for that which we look forward to discussing with them," said Mr Mnuchin. "One of those factors has to do with their own economic issues and what has gone on in the Chinese economy." Mnuchin also obliquely criticized what Mike Pence referred to as China's "debt diplomacy" when he said that any recipients of IMF bailouts would need to be "transparent" about their debt exposure. Mnuchin While Mnuchin's remarks were relatively circumspect, an anonymous official quoted by the South China Morning Post expanded on his warnings and offered a candid update on the status of trade negotiations. With less than two months to go before the G-20 summit in Buenos Aires, when it comes to the US and China, "nothing has changed." "Our view is that when they are ready to have meaningful discussions about correcting the trade imbalances and the structural issues we have in the relationship, we’re willing to talk," the official said. |
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