How To Avoid The Next 50% Market Crash

This ageing bull market may soon face the third market collapse since the year 2000. Nobody can predict the exact starting date of its decline—but either a recession or stagflation will surely be its catalyst. During the next debacle, the typical balanced portfolio designed by Wall Street, which consists of approximately 60% stocks and 40% bonds, will no longer provide much protection at all. In fact, that type of portfolio construct has become downright dangerous.

The simple reason for this is that for the first time ever both stocks and bonds are in a massive and unprecedented bubble; and are therefore both vulnerable to significant selloffs. Bonds will no longer provide a ballast or offset to your stock portfolio once reality hits both of those asset classes. If a bond has a 5% yield and has 30 years left to maturity; that holder would lose 25% of his principal if interest rates rise by just 2%. Given the fact that bond yields are the lowest in history, an increase of 2% is certainly not out of the question; and is in fact most likely inevitable.

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Public Pensions: An Economic Time Bomb

By Joshua Rauh

Who cares about public pension liability? Well, you should – after all, it’s the reason entire cities and even states are facing bankruptcy. Joshua Rauh, professor of finance at Stanford and Senior Fellow at the Hoover Institution, paints a startling picture of just how broken the public pension system really is, and what will happen if we continue to ignore it.

Please watch the VIDEO.


The Real Climate Crisis Is Not Global Warming, It Is Cooling

By Allan MacRae and Joseph D’Aleo – Re-Blogged From WUWT

Introduction – Catastrophic Anthropogenic Global Warming – A Failed Hypothesis

The Catastrophic Anthropogenic Global Warming (“CAGW”, aka “Global Warming”, “Climate Change”, “Climate Crisis”, “Climate Emergency”) scare is a failed hypothesis and the greatest scientific fraud in history. Global warming alarmism has been promoted by political extremists and believed in by their gullible acolytes for decades, even though there is no credible evidence that catastrophic global warming exists in reality, and ample evidence that the CAGW hypothesis has been falsified.

The failed CAGW hypothesis assumes that increasing atmospheric CO2 from fossil fuel combustion drives dangerous runaway global warming. The alleged evidence for this fraud is climate computer models that greatly over-predict current observed warming, typically by 300 to 500%. These climate models deliberately employ excessively high assumed values of climate sensitivity to CO2, and are designed to create false alarm.

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The Globalists’ Race Against Time on China

By David Archibald – Re-Blogged From WUWT

To recap briefly, most of the communist countries collapsed by 1991 and the Western democratic tradition was seen as the winner of an existential battle that had waged since the Russian Revolution of 1917. Historian Francis Fukuyama called it “the end of history” because only good things would happen thereafter. Mankind’s ideological evolution had ended and Western liberal democracy would be the final form of government.

In response to that wishful thinking, Harvard historian Samuel Huntington wrote a paper, and subsequently a book, entitled The Clash of Civilizations and the Remaking of the World Order in which he predicted that with the end of ideological conflict the world would revert to a normal state of affairs characterized by cultural conflict. In particular, Professor Huntington predicted an attack by Islamists on the United States. That attack duly happened five years later. Huntington had identified China and Islam as “challenger civilizations.”

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New Way to Remove Carbon Dioxide from Air

By Massachusetts Institute of Technology – Re-Blogged From WUWT

The process could work on the gas at any concentrations, from power plant emissions to open air

A flow of air or flue gas (blue) containing carbon dioxide (red) enters the system from the left. As it passes between the thin battery electrode plates, carbon dioxide attaches to the charged plates while the cleaned airstream passes on through and exits at right. Credit: Sahag Voskian and T. Alan Hatton

A flow of air or flue gas (blue) containing carbon dioxide (red) enters the system from the left. As it passes between the thin battery electrode plates, carbon dioxide attaches to the charged plates while the cleaned airstream passes on through and exits at right. Credit: Sahag Voskian and T. Alan Hatton

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Global Industrial Slump And Brexit Dance Go On

By Arkadiusz Sieroń – Re-Blogged From Gold Eagle

The Brexit saga continues. Both the U.S. and China’s industrial sectors suffer from the trade war. How will the Fed react to these downside risks tomorrow? The expectation is that it’ll cut rates, but will that really happen? And how will gold take to that?

Brexit Dance Goes On

Last week, we wrote about the Brexit saga, diving into the latest battles between Johnson and Parliament. But the drama has not ended yet. As we concluded one week ago, “Brexit is far from over, and British politics may surprise us again.” Indeed, Johnson wanted to call a snap general election in December to gain more leverage in the House of Commons, but the UK parliament has rejected Johnson’s proposal. For the third time. But Boris does not like losing, so he proposed today a new bill that lowers the number of MPs requires to pass the decision to hold an early election from two thirds to simple majority.

In the meantime, the EU agreed to the Brexit extension until the end of January 2020. Importantly, the EU offered a “flextension,” which means that the UK could leave before the deadline if a deal is approved by the British Parliament. Brexit is still far from concluded and snap elections could significantly change the political landscape. But one thing is sure for now, the possibility of a non-deal Brexit has been postponed until January 31, 2020 at least. This should reduce the safe-haven demand for gold, but also support the pound and euro against the U.S. dollar, gold’s nemesis.

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California Faces “Biggest Blackout Ever” As 2.5 Million PG&E Customers May Have No Power For Days

By Tyler Durden– Re-Blogged From Zero Hedge

Earlier this week we joked that with PG&E now scrambling to enforce intentional blackouts every time there are powerful winds for fears the bankrupt company’s aged infrastructure could cause a new fire, “every time the wind blows California will become Venezuela.”

Turns out it wasn’t a joke.

On Friday, with its stock crashing to a new all time low amid speculation it may have been responsible for the latest California inferno, the Kincade Fire

… PG&E warned it will shut off power again on Saturday to as many as 2.5 million people as violent winds batter the state, in what according to Bloomberg will be “California’s largest intentional blackout ever.”

According to a Friday statement, approximately 850,000 homes and businesses in Northern California, including much of the San Francisco Bay Area, may be impacted beginning Saturday evening. And with data models indicating the weather event could be the most powerful in California in decades, with widespread dry Northeast winds between 45-60 miles per hour (mph) and peak gusts of 60-70 mph in the higher elevations through Monday, large swaths of the region could be without power for days.

California Fire-Threat Maps, source: CPUC

“The upcoming wind event has the potential to be one of the strongest in the last several years. It’s also likely to be longer than recent wind events, which have lasted about 12 hours or less,” said Scott Strenfel, Principal Meteorologist with PG&E.

The potentially record outage will impact parts of Oakland, Berkeley, San Jose and Marin County. As usual, the city of San Francisco will not be affected, in order to make it easier for pedestrians to avoid stepping into the human faces covering the city’s sidewalks. The full list of affected counties can be found at the following page.

The hot and windy weather event is expected to begin impacting the service area Saturday between 6 and 10 p.m. and lasting until midday Monday, although as of late Friday, PG&E said it has not yet made a definite decision whether it will cut power.

As Bloomberg notes, this would be the third time this month alone that bankrupt PG&E – terrified of potentially sparking another multi-billion dollar blaze – has resorted to massive outages to prevent its power lines from sparking fires in high winds. The company’s aged equipment sparked blazes in 2017 and 2018, saddling the company with an estimated $30 billion in liabilities and forcing it into bankruptcy at the start of 2019. However, leaving millions in the dark has led to debate over how far California must go to prevent fires during windstorms. And despite the shutoffs, fires continue to burn.

Despite recent intentional outages, earlier on Friday California governor Gavin Newsom declared a state of emergency as wildfires are now raging at both ends of California. Near Los Angeles, blazes have prompted authorities to order 40,000 evacuations. And north of San Francisco, a blaze is raging amid the vineyards of Sonoma County.

The Sonoma County fire is the one that sent PCG stock tumbling as it began minutes after a PG&E transmission line in the area malfunctioned late Wednesday. While the company had shut down distribution lines to homes and businesses in the area before the flames began, the company said its transmission line was still energized. And while firefighters have not determined the cause of the blaze, a Citi research report said a finding that PG&E was responsible for the fire could leave the equity worthless as another litigation round would cripple the already bankrupt company.

PG&E was not alone: late on Friday, another California utility, Edison International – this one not yet bankrupt – warned that it may cut power to 132,679 customers as strong winds arrive on Sunday. And as PG&E shares plunged over 30% to a record low of just $5, shares of Edison International also fell 8.5%, the most in 11 months, as fires burned in its service territory in Southern California.

Needless to say, the prospect of more liabilities from wildfires is potentially terminal for PG&E, as Bloomberg explains:

Since filing for Chapter 11 in January, the judge overseeing the case has warned that another big blaze would upend the utility’s bankruptcy and potentially wipe out shareholders. Any claims from new fires sparked by PG&E would have to be paid out first — and in full — before those from previous blazes get a dime.

Adding insult to injury, not only are gas prices soaring for any resident who wish to move out of the potentially affected areas, but the high winds arrive at a precarious moment for California, which this summer received almost no rain and a five-year drought earlier this decade killed millions of trees that can now easily ignite, while the recent strong winds have dried out grasses and shrubs even further.

Bottom line: whereas we joked previously that any time California forecasts strong winds it will now turn to the socialist paradise that is Venezuela, it is now the sad reality for the state’s tens of millions of liberal residents, who don’t even have to leave their home state to observe the fruits of a socialist regime first hand.


No More Cooking With Gas

Consumers are getting caught in the crossfire of environmental activists’ war against natural gas and the new battlefield is in the kitchen.

Environmentalists began collaborating with state government officials from across the United States at a closed-door gathering in New York this summer to lay out the plans for policies that would prevent consumers from using natural gas to cook their food or heat their homes.

The conference included representatives from the Rocky Mountain Institute, the Energy Foundation, and the World Research Institute among others, according to open records recently obtained by free market group Energy Policy Advocates and reviewed by the Washington Times.

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Why Gold Price Has Stalled

[Adam recently wrote that as miners’ Q3 earnings come in, with stupendous earnings due to high Gold price, minors face good short term gains. The current essay is somewhat longer term and refers to Gold itself. –Bob
By Adam Hamilton – Re-Blogged From Gold Eagle

Gold has stalled out, drifting sideways to lower for nearly a couple months now. Traders are becoming more frustrated its preceding powerful rally has failed to resume. That is inexorably eroding this past summer’s bullish psychology. Corrective phases to rebalance sentiment are normal and healthy after strong uplegs. Gold had grown too overbought, exhausting traders’ near-term buying firepower in the process.

Bull markets are simply an alternating series of uplegs and corrections. Visualize the core bull-market trend as a rising straight line, and uplegs and corrections are like a sine wave oscillating around it. Prices power to new bull highs in uplegs, surging well above trend. That generates much greed, sucking in all available capital. Both speculators and investors interested in buying anytime soon pile in near bull highs.

That overdone buying late in uplegs necessitates corrections. They drag prices lower long enough to bleed off toppings’ excessive greed. The selling they spawn generates fear, eventually resetting traders’ buying potential and paving the way for the next upleg. The duration of corrections depends on how fast they can rebalance sentiment. They run on a continuum between big and quick to slow and drawn-out.

Gold’s last major interim high was 7 weeks ago, $1554 on September 4th. That followed a strong upleg, where gold powered 32.4% higher over 12.6 months. And like most uplegs, a large fraction of its gains accrued disproportionately in its final months. During the last 1/5th of this upleg which ran from gold’s decisive bull-market breakout in late June until its early-September peak, over half of its entire gains were seen!

That self-feeding buying frenzy last summer catapulted gold to extremely-overbought levels. The bigger and faster price gains, the greater the odds unsustainable overboughtness will result. After decades of study, my favorite indicator for quantifying overboughtness is where prices trade relative to their trailing 200-day moving averages. I developed a trading system around this over 15 years ago, called Relativity.

By early September gold had rocketed so far so fast that its price divided by its 200dma yielded a relative multiple of 1.166x. In other words, gold’s price had stretched 16.6% above its 200dma. That was the most-extreme seen in 8.0 years, since September 2011 right after gold’s last secular bull peaked! The current bull’s maiden upleg topped in early July 2016 after gold clocked a couple daily closes exceeding 1.15x.

What happened next wasn’t pretty, extreme overboughtness isn’t to be trifled with. Over the next 4.2 months into late 2011, gold plunged 18.3% in a severe correction that would later prove the start of a new bear market. And after that mid-2016 episode, gold dropped a similar 17.3% during the following 5.3 months. There are many more examples of major gold selloffs emerging out of extreme overboughtness.

It is such an ominous short-term omen because of how prices, sentiment, and buying firepower interact. Prices can only blast higher too far too fast when popular greed grows excessive. Big rallies breed greed, motivating traders to buy aggressively to chase the mounting gains. So they swiftly throw all the money they are willing to risk at that market. While that does quickly bid prices higher, it rapidly exhausts buyers’ capital.

The upward price velocity of uplegs is a direct function of how much buying speculators and investors are doing. The more they rush to buy, the more capital they throw at a hot market, the faster they expend their available buying firepower. Once that is tapped out and dries up, only sellers remain. Uplegs fail and roll over into corrections once all available buyers are essentially fully deployed. That just happened in gold.

The gold price has two dominant primary drivers, speculators’ collective gold-futures trading and investors’ investment demand. I discussed the former in depth in mid-September soon after gold’s latest peak, warning of a very-bearish gold-futures-selling overhang. Then a couple weeks ago I wrote on the fragile gold investment demand. Today’s essay melds these research threads to try and help frustrated traders.

Gold-futures trading overwhelmingly drives gold’s short-term price action for two reasons. Gold futures allow extreme leverage, greatly multiplying their capital’s collective impact on gold. And the resulting price happens to be the world’s reference one, which heavily colors gold’s overall psychology. Without a doubt the biggest mistake most traders of gold, silver, and their miners’ stocks make is not watching gold futures.

Most traders buy gold or gold ETFs outright, with each dollar deployed exerting that same amount of price pressure on gold. But gold-futures speculators punch way above their weight, giving them wildly-outsized influence on gold prices. This week each 100-troy-ounce gold-futures contact controlling $150,000 worth of gold at $1500 only required a maintenance margin of $4,500. That enables extreme leverage up to 33.3x!

So fully-margined gold-futures speculators can effectively multiply their capital’s price impact on gold up to 33x when buying and selling. Each dollar they deploy has the same price impetus as thirty-three dollars invested outright. Running extreme leverage is hyper-risky, as gold merely moving 3.0% against a position at 33.3x leverage will obliterate 100% of the capital risked! This necessitates an ultra-short-term focus.

While investors have time horizons measured in years, and normal speculators in months, gold-futures speculators are forced to think in terms of days or weeks at most. Their extreme leverage doesn’t give them the luxury of riding multi-month trends. All they can care about is what the gold price is doing and likely to do in the immediate future. This myopic focus renders most normal gold analysis irrelevant to them.

This chart superimposes gold over speculators’ total gold-futures long and short contracts, which are published weekly in the CFTC’s famous Commitments of Traders reports. Their longs or upside bets on gold are drawn in green, and shorts or downside bets in red. Note how gold’s price throughout this entire bull has closely mirrored what the gold-futures speculators as a herd are doing! That will continue to hold true.

In gold-futures trading, there are two ways to both buy and sell. Speculators can buy gold futures to add new longs, or buy to cover and close existing shorts. And they can sell to exit current longs, or sell to open new shorts. The gold price impact of buying and selling gold futures is identical whether it is done to open new or close current positions. Gold-futures buying and selling always drives gold’s uplegs and corrections.

Gold’s strong 32.4% upleg that peaked in early September was mostly fueled by specs adding 172.9k long contracts and buying to cover another 157.5k short ones. That added up to a huge 330.4k contracts of total spec gold-futures buying between mid-August 2018 to early-September 2019. That made for the equivalent of 1027.6 metric tons of gold buying! Keep that in mind to compare with investment buying later.

Note in this chart that this latest upleg’s strongest gold advances occurred when gold-futures specs were aggressively buying longs and covering shorts. This is evident in a rapidly-rising green line and a fast-falling red one. Conversely when specs’ positioning was stable, gold flatlined. And when they started selling, gold was dragged lower. Gold is hostage to specs’ gold-futures trading thanks to its extreme leverage.

I’ve actively traded for decades now, earning my fortune in the markets. In all that time, I’ve never once used margin. I think it is crazy. There is plenty of risk and great rewards to be won without taking on the wildly-amplified additional risks leverage entails. The large majority of speculators and investors share the same opinion on this. The fraction of traders willing to run 10x, 20x, 30x+ leverage is very small.

So both the pool of available gold-futures speculators and the collective capital they command is finite. Eventually their buying firepower gets exhausted, leaving them nothing to do but sell. While we can’t know exactly when that happens in real-time, we can certainly game the odds it is close. Both total spec gold-futures longs and shorts have carved trading ranges over the decades. These help define extremes.

As of the latest CoT week ending last Tuesday, speculators held 382.4k gold-futures long contracts and 94.2k short ones. These are really high and really low historically, suggesting there’s not much room to buy and drive gold higher. But there’s vast room to sell and pummel gold lower. The main reason that gold stalled since early September is speculators had exhausted their buying firepower on both sides of the trade.

Their total long contracts hit 433.0k and 431.0k in late August and early September, and bounced slightly higher in late September to 433.9k. These are extreme levels by any measure, the 2nd, 3rd, and 4th highest seen out off all 1085 CoT weeks since early 1999 in gold’s modern era! They were only eclipsed by early July 2016’s all-time-record high 440.4k, which again preceded a monster 17.3% gold correction.

In this chart it is crystal-clear that gold stalled out exactly when specs stopped buying gold-futures longs. With their positioning so excessively-bullish and extreme, that left a massive gold-futures-selling overhang threatening gold. Gold hasn’t corrected hard yet, only drifting modestly sideways to lower, because these guys haven’t been scared into selling en masse. But that could still happen anytime with the right catalyst hitting.

In this latest CoT week, total spec longs remained way up in the 97th percentile of all CoT weeks. There is far more likely to be major selling than big buying from here. Anything over 350k contracts is worrying, and that happens to coincide with about the 94th percentile. For 17 CoT weeks in a row now, total spec longs have been above 350k. They averaged a lofty 396.6k over that recent span, or the 98th percentile!

These recent persistent extreme spec-long levels are eerily reminiscent of mid-2016. This gold bull’s maiden upleg peaked then after rocketed 29.9% higher in just 6.7 months. Spec gold-futures longs remained above 350k continuously for 17 CoT weeks, averaging 409.8k or almost the 99th percentile of all modern CoT weeks. Spec longs can remain excessively-high for some time, but eventually they must normalize.

And that was seriously painful for traders ignoring the gold-futures situation, as gold again plunged 17.3% over the next 5.3 months. The major gold miners’ stocks amplified that downside by 2x to 3x like usual, with the leading GDX VanEck Vectors Gold Miners ETF plummeting 39.4% in roughly that same span! It doesn’t pay to buy gold and gold stocks high once speculators’ gold-futures buying nears exhaustion levels.

Compounding gold’s near-term downside risks, total spec shorts are near major lows. Back in late August they sunk to a deep 4.5-year low, and extended that slightly to a 4.6-year one just 3 CoT weeks ago. In this latest CoT week they were trading just 8% up into their gold-bull-market trading range since mid-December 2015. That compares to spec longs running 77% up into their own, after hitting 97% in late September.

As is apparent in this chart, spec shorts have an effective floor. No matter what gold does, there are always traders betting it will fall lower. Today’s spec shorts remain right near those bull-market lows, so there is little room left to buy to cover additional shorts. Instead there is vast room to add new shorts to pile on to gold’s downside momentum driven by specs dumping longs when the right catalyst inevitably arrives.

Considered from this bull’s extremes, in this latest CoT week speculators had room to add 57.9k longs and buy to cover another 14.5k shorts. That adds up to 72.5k contracts of potential buying. But they had room to sell 195.7k longs and short sell another 162.6k. That makes for 358.2k contracts of potential near-term selling. With room for selling outweighing room for buying by 4.9x, it’s hard to be bullish on gold.

Gold stalled out because these gold-dominating traders exhausted their buying in early September. And gold is going to struggle until those excessively-bullish bets are normalized by selling longs and adding shorts. Gold will remain saddled with serious downside risks until spec longs and shorts mean revert. I don’t like it either, and am eager for gold’s next upleg. But with this spec positioning, we have to stay wary.

The secondary reason gold has stalled out is identifiable investment inflows have disappeared as gold’s futures-fueled upleg peaked and started drifting lower. This next chart looks at this gold bull compared to the physical gold bullion held in trust by the world’s leading and dominant GLD SPDR Gold Shares gold ETF. It publishes its holdings daily, making them the best high-resolution proxy for gold investment demand.

While successful investment requires buying low then later selling high, gold investors love to buy high. They get most excited about gold when it is surging, succumbing to greed to pile in to ride that upside momentum. Differential buying of GLD shares during gold’s recent 32.4% upleg forced this ETF to add 122.5 metric tons to its holdings. That was less than 1/8th of spec gold-futures buying during that span!

New-high psychology is a powerful motivating force for investors to buy, and fueled a massive 131.8t GLD build in the 2.5 months between gold’s decisive bull-market breakout in late June and its early-September peak! That was actually bigger than GLD’s build over this entire upleg, since this ETF’s holdings slumped even lower in June than when gold’s upleg was born. American stock investors were buying big.

But once gold’s new highs ceased as gold-futures speculators’ buying firepower exhausted, so did the outsized gold investment demand soon after. With US stock markets hovering near all-time-record highs, investors feel little need to prudently diversify their stock-heavy portfolios. They aren’t worried about any material stock-market selloffs, so the only reason they flooded into gold recently was to ride the momentum.

That’s why this recent gold-investment-demand surge is quite fragile. As long as US stock markets don’t plunge, gold investors will flee when gold rolls over on the inevitable spec gold-futures selling coming. American stock investors in particular will dump GLD shares faster than gold is being sold, forcing this ETF’s managers to sell gold bullion exacerbating gold’s selloff. Gold’s momentum-dependent demand isn’t durable.

Again mid-2016’s precedent is ominous. Investors poured into gold early that year as this gold bull’s strong maiden upleg soared higher. And investors were mostly content to remain in gold as long as its price stayed near highs. But once gold turned south materially on gold-futures selling, investors rushed for the exits as evident in GLD’s holdings. The result was that miserable 17.3% gold correction in late 2016.

Every day I get e-mails from subscribers wondering why I’m not buying gold stocks right now. And my answer is simple. Why buy now if odds heavily favor materially-lower gold prices in the near future? The major gold stocks leverage gold corrections by 2x to 3x, so if gold corrects 10% GDX is going to fall 20% to 30%. At worst so far in late September, gold had merely retreated 5.2% from its early-September peak.

Successful trading isn’t about doing what you want to do, but what you ought to do. While you won’t win every time, the goal is to only trade big when the odds are most in your favor. A poker player who bets big holding a hand with just two pairs isn’t brave, but a fool. The smart ones won’t throw all-in unless they are holding something strong like a full house or four-of-a-kind. Probabilities need to offer high chances of success.

And the current still-overbought gold-price levels, still-excessively-bullish speculator positioning in gold futures, and momentum-driven gold investment make for high odds gold’s correction is not over. Few are taking it seriously so far because it has looked like a benign high consolidation. But until specs’ lopsided gold-futures bets mean revert to more-normal levels, it is highly likely gold faces more sizable selling soon.

Gold’s powerful upleg stalled out a couple months ago for major reasons, so as long as they persist there is no reason to expect this bull’s next upleg to start marching. We can’t change the markets, so it is futile to fight them and counterproductive to worry about what they are doing. When corrections are likely, the best course is to patiently wait them out in cash to preserve capital and boost buying power at their bottoms.

To multiply your capital in the markets, you have to trade like a contrarian. That means buying low when few others are willing, so you can later sell high when few others can. In the first half of 2019 well before gold stocks soared higher, we recommended buying many fundamentally-superior gold and silver miners in our popular weekly and monthly newsletters. We later realized big gains including 109.7%, 105.8%, and 103.0%!

To profitably trade gold stocks, you need to stay informed about gold’s major drivers and their likely near-term impacts. Our newsletters are a great way, easy to read and affordable. They draw on my vast experience, knowledge, wisdom, and ongoing research to explain what’s going on in the markets, why, and how to trade them with specific stocks. Subscribe today and take advantage of our 20%-off sale! Get onboard now so you can mirror our coming trades for gold’s next upleg after this correction largely passes.

The bottom line is gold’s strong summer advance stalled out for good reasons. Gold surged to super-overbought levels, sucking in all available near-term buying. Gold-futures speculators’ bets became so excessively-bullish that they exhausted all their capital firepower. And once gold’s advance flagged, the momentum-driven gold investment demand withered too. Gold won’t rally materially until all this is rectified.

Speculators’ collective gold-futures bets can stay extreme for some time, but sooner or later a catalyst hits forcing them to start normalizing. The radical leverage inherent in that market makes selloffs self-feeding. Gold, silver, and the stocks of their miners are going to remain precarious with serious downside risks until that necessary gold-futures selling comes to pass. Jumping the gun on buying will be punished.


Weekly Climate and Energy News Roundup #383

The Week That Was: October 26, 2019, Brought to You by

By Ken Haapala, President, Science and Environmental Policy Project (SEPP)

Quote of the Week – “Beware of false knowledge; it is more dangerous than ignorance.”— George Bernard Shaw [H/t William Readdy]

Number of the Week: $11.69 billion up 31%

Alarmists in Local Media – Using Surface Data: The huge propaganda push by the UN Intergovernmental Panel on Climate Change (IPCC) on the need for “climate protection” has resulted in many strident claims in the local media, many becoming colorful slogans such as “climate crisis”, “climate chaos”, etc. Joseph D’Aleo, a Certified Consulting Meteorologist, and a fellow of the American Meteorological Society (AMS) has long addressed false ideas about climate change both in the AMS and in the public. D’Aleo was a founder of the Weather Channel and of WeatherBell Analytics, LLC. He is a pioneer in seasonal forecasts based on evidence and statistical modeling. As with many well-known skeptics who rebut the unsubstantiated claims that carbon dioxide is causing dangerous global warming, D’Aleo has been called a shill for oil companies and suffered many other politically motivated attacks.

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US Lawsuit Against CA Cap & Trade Pact with Quebec

WASHINGTON (Reuters) – The United States on Wednesday sued California for entering a climate agreement with Canada’s Quebec province, saying the state had no right to conduct foreign policy, in the latest feud between the Trump administration and the state.

FILE PHOTO: California’s Governor Gavin Newsom is seen at the California Democratic Convention in San Francisco, California, U.S. June 1, 2019. REUTERS/Stephen Lam/File Photo

President Donald Trump’s administration argued in the lawsuit that California’s 2013 agreement to link its emission-trading program – the centerpiece of its climate change policy – to Quebec’s violates the constitution, which prohibits states from making treaties or pacts with foreign powers.

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Climate Protestors are Forcing the Diversion of Crime Investigation Resources

By Eric Worrall – Re-Blogged From WUWT

According to London’s police chief, resources are being diverted from criminal investigations to perform frontline duties, because of the acute manpower shortage caused by having to deal with Extinction Rebellion’s climate protest stunts.

Extinction Rebellion protests cost police £37 million and led to other investigations being shut

Policing the Extinction Rebellion protests has cost Scotland Yard £37million so far this year and has caused other investigations to be closed down.

Metropolitan Police Commissioner Cressida Dick said on Tuesday that the cost of the two-week protest action this month had cost £21million, a bill set to rise by several million pounds.

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Financial System Is Rotten

By Egon von Greyerz – Re-Blogged From Silver Phoenix 

Something is rotten in the state of Denmark the world (from Shakespeare’s Hamlet).

In a world that cannot survive without incessant deficit spending, money printing and negative interest rates, there is clearly something very rotten. It is not only rotten but it stinks! Yes it stinks of lies, deceit and moral decadence.

So why doesn’t anyone stand up to tell the world where we are heading. Well, for the simple reason that no politician can tell the truth. Because if they did, they wouldn’t be elected. The principal purpose of any politician is to buy votes and to get votes you can never speak the truth.

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Air Force New Laser Cannon

The U.S. Air Force finally has its hands on the laser cannon that military tech contractor Raytheon built for it.

The laser weapon, which can be mounted onto the back of a vehicle, is designed to help the Air Force take down hostile drones, Engadget reports. While the military will spend another year testing the cannon, the delivery represents an escalation in the arms race as more countries work to develop dangerous lasers.

Trial Period

The Air Force will test out the cannon in real-world scenarios overseas for the next year, though it’s not clear how that’s distinct from active deployment.

East Coast Govs Want to Jack Up Gas Taxes to California Levels

‘In the face of continued inaction and all-out climate denial from the Trump Administration, regional, cooperative efforts … are critically important…’

Several East Coast governors from both political parties are considering policies that would circumvent President Donald Trump’s de-regulated auto emissions standards and force drivers to pay more at the pump.

Raising gas taxes would allow states to invest additional funds into public transit, electric vehicles and other environmentally friendly infrastructure, thereby addressing rising carbon emissions.

More than a dozen states are considering the agreement, which is based on the Regional Greenhouse Gas Initiative, according to Politico.

Connecticut, Delaware, Maryland, Massachusetts, New Jersey, Pennsylvania, Rhode Island, Vermont, Virginia, New York, Maine and New Hampshire are all part of the proposal. Eight of these states have Democratic governors, and the other four have Republicans.

Oil Industry And Left-Wing Enviros Find Common Cause In A Carbon Tax

Photo by JeepersMedia (CC)

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Nanoparticle Tech Reduces Celiac Disease Symptoms by 90%

By Kristin Houser – Re-Blogged From Futurism

Let them eat cake. And bread. And…

People with celiac disease have two options in life, neither of which is ideal.

Because their immune systems can’t tolerate gluten, they can choose to never eat the many delicious foods containing it. Boring.

Or they can devour all the cake, bread, and beer they want — but resign themselves to abdominal pain, diarrhea, and other nasty side effects when their immune systems trigger an inflammation response in their small intestines.

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Precious Metals Round-Up

By Alasdair Macleod – Re-Blogged From Gold Eagle

Growing evidence of an economic downturn despite unprecedented monetary inflation since Lehman means a new credit and systemic crisis is becoming increasingly certain. In an attempt to prevent a new crisis developing, this time the scale of monetary inflation by the authorities will have to be even greater. The rise in the price of gold since December 2015 and its break-out from a three-year consolidation period earlier this year confirms that the risks of a credit and systemic crisis undermining fiat currencies have been increasing for some time.

It is now likely that in future portfolio managers will increase their investment allocations in favour of gold and actively consider investing in silver and platinum as well. It is in this context that this article looks at the price relationships between the three precious metals and their relevant monetary and investment characteristics.

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Quantum Supremacy

Rumors have been circulating for weeks that tech megacorporation Google has achieved quantum supremacy, meaning it’s used an experimental quantum computer to perform a calculation significantly faster than a regular binary computer.

In a mysterious paper spotted by the Financial Times on NASA’s Technical Reports Server in September, Google researchers claimed to have beaten a supercomputer by a wide margin. But the paper was quickly deleted, prompting much debate about the claim’s validity.

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How will Funding Climate Science Help Prevent Coral Bleaching?

By Eric Worrall – Re-Blogged From WUWT

Climate skeptic Aussie One Nation leader Pauline Hanson has challenged marine park authorities to explain why giving them money will help prevent global warming from bleaching coral reefs.

Pauline Hanson gives Great Barrier Reef Marine Park Authority’s top scientist a serve over coral bleaching

“You’re saying that coral bleaching is affected by water temperatures,” she told Dr David Wachenfeld.

“Yet around Indonesia, closer to the equator … where the water temperatures are 29C, it’s a known fact that coral actually grows faster and more prolific in warmer temperatures.“

Wachenfeld explained that corals live in a variety of water temperatures over the world, with substantial differences even within the Great Barrier Reef.

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Over a Barrel, Canadian Documentary Preview

[View the video for free until Oct 31st. Well worth your time. –Bob]

Re-Blogged From WUWT


The filmmakers behind this  documentary decided to have a free preview period until October 31 to get the word out. After that, it will be paywalled ($4.99).

From IMDb:
Over a Barrel is a short political documentary about the work of Vivian Krause, and the questions she raises regarding U.S foundations funding activism against the Canadian oil and gas industry. The supposed goal of this “Tar Sands Campaign”, funded by the Rockefeller Brothers Fund and other U.S. charitable foundations, is to fight pipeline approvals in Canada and stop Canadian oil from reaching overseas markets. We focus on the negative consequences this has had on the Alberta economy, First Nations communities and the rising threat of western separatism.

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Movement Detected on California Earthquake Fault

Rong-Gong Lin II – Re-Blogged From Los Angeles Times

A major California fault capable of producing a magnitude 8 earthquake has begun moving for the first time on record, a result of this year’s Ridgecrest earthquake sequence destabilizing nearby faults, Caltech scientists say in a new study released in the journal Science on Thursday.

In the modern historical record, the 160-mile-long Garlock fault on the northern edge of the Mojave Desert has never been observed to produce either a strong earthquake or even to creep.

Second jolt for Southern California

Buckled asphalt in a parking lot in Argus, Calif., after the Ridgecrest earthquakes in July.
(Robert Gauthier / Los Angeles Times)

Wealth Accumulation Is Becoming Impossible

B Keith Weiner – Re-Blogged From Gold Eagle

We talk a lot about the falling interest rate, the too-low interest rate, the near-zero interest rate, the zero interest rate, and the negative interest rate. Hat Tip to Switzerland, where Credit Suisse is now going to pay depositors -0.85%. That is, if you lend your francs to this bank, they take some of them every year. Almost 1% of them.

A bank deposit comes with a risk. But instead of compensating you for the risk, the bank pays you nothing. So it’s a return-free risk. And worse than that, a negative rate means that you are paying the bank in order to take the risk of lending to them.

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More Junk Science From the AAAS

By David Middleton – Re-Blogged From WUWT

One of the best things about my morning emails from the American Association for the Advancement of Science of America (Google “Dodgeball” if you don’t get the joke), is that there’s almost always at least one article deserving of ridicule…

Many state birds may flee their home states as planet warms
By Eva Frederick Oct. 10, 2019

State birds can be a source of tremendous local pride—but as the climate warms, at least eight state birds may no longer call their native state homeThe New York Times reports. In a new study, National Audubon Society scientists…

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French Gold In World War II

By Larry LaBorde – Re-Blogged From Gold Eagle

This story is about one of the world’s largest gold hoards stored in one of the largest most secure vaults ever built. The French stored their 2,500 tons of gold in their secure underground vault in Paris. When the Germans began their offensive, the French started to remove its gold as a precaution. When the Maginot Line was breached and it was clear Paris would be overrun the remaining gold was rushed out of France. The gold traveled over thousands of miles in different directions by ship, train, truck, and airplane during WWII. So grab your Indiana Jones fedora and a globe so you can follow along.

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Invisibility Cloak

Canada’s Hyperstealth Biotechnology already manufactures camouflage uniforms for militaries across the globe.

But now, the company has patented a new “Quantum Stealth” material that disguises a military’s soldiers — or even its tanks, aircraft, and ships — by making anything behind it seem invisible.

Light Bender

Earlier in October, Hyperstealth filed a patent for the material, which doesn’t require a power source and is both paper-thin and inexpensive — all traits that could make it appealing for use on the battlefield.

Fed’s Foundering Follies

As September rolled into October, the US central bank’s monetary madness blew all over us like a fountain of foam in a windstorm. First, the Fed burst into $75 billion in overnight funding operations due to obvious shortages all over the map in bank reserves. Then the surge spread beyond that into longer-term temporary funding of $30 billion twice a week because the overnight loans were not up to the needs. That still not being enough to end the troubles, the Fed’s rapidly expanded the overnight operations to $100 billion and doubled the term operations to $60 billion. Those operations still did not end the troubles the Fed’s tightening had created, so the Fed decided to flood the murky money pools of this world with $60 billion in frothy treasury purchases.
Although this money was permanent reinflation of the Fed’s balance sheet (unlike the temporary overnight and term repos), the Fed told us they are not QE (never mind that exactly like all previous QE, they give new fiat money with interest to primary treasury dealer banks that buy treasuries from the US government). The banks rushed in with more than four times the offers to resell treasuries they had purchased from the government to the Fed than what the Fed was willing to buy.

Deet Gives Humans an ‘Invisibilty Cloak’ to Fend Off Mosquito Bites

By Johns Hopkins Medical – Re-Blogged From Eureka Alert

IMAGE: Anopheles mosquito antennae in apparatus used in these experiments. view more 

Credit: Christopher Potter

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Survival Strategy in Living Corals

By University of Barcelona – Re-Blogged From Eureka Alert

Some corals can recover after massive mortality episodes caused by the water temperature rise. This survival mechanism in the marine environment -known as rejuvenation- had only been described in some fossil corals so far. A new study published in the journal Science Advances reveals the first scientific evidence of the rejuvenation phenomenon in vivo in Cladocora caespitosa coral colonies, in the marine reserve in Columbrets, in the coast of Castellón (Spain).

The authors of the study are the experts Diego Kersting and Cristina Linares, from the Department of Evolutionary Biology, Ecology and Environmental Sciences from the Faculty of Biology and the Biodiversity Research Institute (IRBio) of the University of Barcelona.

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Plastics: Science is Winning

By Kip Hansen — Re-Blogged From WUWT

Science is beginning to win in the long battle over misinformed anti-plastic advocacy.  It has been a long time coming.  The most recent paper on the subject of pelagic plastic (plastic floating in the oceans) is from a scientific team at the Woods Hole Oceanographic Institution on Cape Cod, Mass., and the Massachusetts Institute of Technology.

The study is “Sunlight Converts Polystyrene to Carbon Dioxide and Dissolved Organic Carbon” by Collin P. Ward, Cassia J. Armstrong, Anna N. Walsh, Julia H. Jackson and Christopher M. Reddy.   It is good basic science.


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Federal Reserve’s New QE Transfers Wealth To Its Owner Banks

By Mike Gleason – Re-Blogged From Silver Phoenix

Metals Investors are positioning themselves for rapidly developing political and geopolitical events, as well as a rapidly expanding Federal Reserve balance sheet.

What started out as a limited intervention to provide temporary liquidity to overnight lending markets has morphed into a massive $60-billion-per-month Treasury-buying campaign. By some measures, it’s even bigger than the last Quantitative Easing program.

The Fed has yet to fully explain why this is all necessary given the lack of an immediate crisis in the real economy. Last week, Fed chair Jerome Powell took great pains to insist that their expanded repo market operations are “not QE” – only to announce a massive new Treasury bill buying program on Friday.

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Weekly Climate and Energy News Roundup #381

The Week That Was: October 19, 2019, Brought to You by

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week “The human mind is not capable of grasping the universe. We are like a little child entering a huge library. The walls are covered to the ceilings with books in many different tongues. The child knows that someone must have written these books. It does not know who or how. It does not understand the languages in which they are written. But the child notes a definite plan in the arrangement of the books … a mysterious order which it does not comprehend, but only dimly suspects.”— Albert Einstein

Number of the Week: 2,352 cubic feet about 30 tons, with 20,000 vacuum tubes using150 kilowatts of power and with five million hand-soldered connections.

NASA-GISS Audit: A search of the web sites of the major US government-funded global modeling entities revealed an April 5, 2018 audit of NASA’s management of the Goddard Institute for Space Studies by the Office of Inspector General (IG) of NASA. Under the heading “What We Found” the IG report states, in part:

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Furious Farmers Defy Army Roadblocks in Dutch Anti-Green Protest

By Eric Worrall – Re-Blogged From WUWT

Farmers in the Netherlands have reacted with fury to government demands they cull their herds to help Holland meet their nitrogen emission targets.

Incredible Pictures: Thousands of Tractors Shut Down Highways in Farmer’s Anti-Green Madness Protest

Thousands of farmers shut down highways in a go-slow protest converging on the Dutch capital Monday, as they protested being victimised by a government trying to meet European Union emissions laws by cracking down on agriculture.

Dutch Anti-Climate Farmer Protest. Image source Breitbart

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Gold Miners’ Profits To Soar

By Adam Hamilton – Re-Blogged From Gold Eagle

The gold miners are likely to report blowout profits in this spinning-up Q3’19 earnings season.  Higher production, stable costs, and much-higher gold prices should combine for some super-impressive results.  That’s going to leave the still-undervalued gold miners much more attractive fundamentally, supporting bigger capital inflows and much-higher stock prices.  Q3 should prove the gold miners’ best quarter in years.

Stock prices are ultimately dependent on underlying corporate earnings.  Over the long term all stock prices gravitate towards some reasonable multiple of their underlying companies’ profits.  Herd greed and fear can force stock prices to disconnect from fundamentals for some time, but eventually they trump sentiment.  So there’s nothing more important for stock-price-appreciation potential than foundational profits.

Most of the major gold miners trade in the US or Canada, and thus are required to report their results quarterly.  The SEC deadline for filing 10-Q quarterly reports is 40 calendar days after quarter-ends, or November 9th for the recently-finished Q3’19.  The major gold miners tend to report in the latter end of that window.  The definitive list of them comes from the leading gold-stock trading vehicle and benchmark.

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Cuomo Orders Utility to Pump Imaginary Natural Gas

There’s been a standoff between New York City and utility company National Grid going on since May of this year. As you may recall, plans for a new natural gas pipeline from New Jersey were killed off by the state government under pressure from environmental activists. As a result, National Grid wound up imposing a moratorium on new gas hookups because the current supply was insufficient to serve additional customers. This has resulted in more than a thousand potential customers being unable to be hooked up.

Now the Governor has come up with a unique plan to end the stalemate. Using an obscure state law regulating utility companies through the power of the Public Service Commission, Andrew Cuomo (who helped kill the pipeline project) is simply ordering the utility to hook up the gas lines anyway. (New York Post)

Back to the Anthropocene! Arctic Sea Ice Edition

By David Middleton – Re-Blogged From WUWT

Do you ever get tired of smarmy, snot-nosed articles like this?

Obituary: Remembering the Holocene Epoch

AUGUST 29, 2016

The Holocene Epoch, which witnessed milestones from the development of Crater Lake to the invention of the electric guitar, died prematurely Monday in Cape Town at the age of 11,650. It is survived and succeeded by the Anthropocene Epoch.

The cause of death was the rapid alteration of the earth’s ecosystem due to nuclear weapon tests, micro-plastic pollution, agriculture, carbon emissions and other human contributions to the changing environment, according to the Anthropocene Working Group. News of the Holocene’s death could not be independently confirmed by the International Geological Congress, which is conducting a review of the evidence surrounding the epoch’s death.

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Money And The Theory Of Exchange

By Alasdair Macleod – Re-Blogged From Goldmoney

Evidence mounts that the global credit cycle has turned towards its perennial crisis stage. This time, the gathering forces appear to be on a scale greater than any in living memory and therefore the inflation of all major currencies to deal with it will be on an unprecedented scale. The potential collapse of the current monetary system as a consequence must be taken very seriously.

To understand the consequences of what is likely to unfold requires a proper understanding of what money is and of the purpose for its existence. It does not accord with any state theory of money. This article summarises the true economic role of money and how its use-value is derived. Only then can we apply the lessons of theory and empirical evidence to anticipate what lies ahead.

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The Days the Music Died

The music died many times in the past. To name a few:

  • 1929 Market crash
  • 1933 President Roosevelt confiscates citizen gold and declares it illegal to own more than a few ounces.
  • 1971 President Nixon “closed the gold window” and severed the last link between the devaluing dollar and gold.
  • 1987 Stock market crash
  • 2000 Stock market and “dot-com” crash
  • 2008 Stock market and housing crash
  • 2019? Stock market and “everything bubble” correction/crash
  • 2020-2025? “Inflate or Die” QE, bond monetization, helicopter dollars etc.

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‘BETO’S’ PLAN: Law Enforcement Would ‘Visit’ Homes to Confiscate Guns

[The 2nd Amendment declares in very strong language that the Right to Keep and Bear Arms “…shall not be infringed.” A case can be made that both Pete Buttigieg and Beto O’Rourke (and other gun control advocates) are calling for Treason. –Bob]

‘Recover that firearm and to make sure that it is purchased, bought back…’

(Claire Russel, Liberty Headlines) After clashing with Pete Buttigieg over gun control policy during last night’s Democratic primary, Robert Francis O’Rourke (“Beto”) admitted this morning that he’d enforce his mandatory buyback of so-called “assault-style” rifles by allowing law enforcement to go door-to-door.

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The Optimist’s Guide To Airlines And Gold

By Frank Holmes – Re-Blogged From Gold Eagle

“Travel,” Mahatma Gandhi once said, “is the language of peace.”

If that’s the case—and I happen to believe that it is—then I’m extremely bullish about the future, especially with respect to U.S.-China relations.  The trade war’s days may be numbered as both sides of the skirmish reached a partial agreement last Friday, laying the groundwork for Presidents Donald Trump and Xi Jinping to sign a trade deal later this year.

L A Times Wildfires Editorial

By Larry Hamlin – Re-Blogged From WUWT

The L. A. Times ran an editorial denying the need for wildfire actions recommended by Cal Fire and authorized by Governor Newsom for immediate implementation facilitated by waving California’s onerous, time consuming and costly environmental regulations.


The Times editorial claims that the Cal Fire actions regarding prioritizing and immediately beginning the of thinning of decades long forest overgrowth in selected forests areas are ineffective, costly and unnecessary. Instead the editorial claims that other measures including hardening of structures, increasing greater clearance distances around structures, etc. would be more effective.

The Cal Fire report containing recommended actions for improving the decades long deteriorated conditions of California forests is a comprehensive report involving the efforts of 40 agencies and organizations that addresses both immediate and longer term needs regarding the state’s wildfire debacle.

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The Ultimate Safe-Haven Asset. A Looming Nobel Prize?

By Arkadiusz Sieroń – Re-Blogged From Gold Eagle

Yesterday, the Nobel prizes in economics were awarded. Unfortunately, gold has been omitted and got nothing. How unfair! But looking at the Dutch central bank press release, gold would have much higher chances if they were the ones granting the prizes and not the Swedish central bank!

2019 Nobel in Economics and Gold

Yesterday was a big day! At least for all those boring economists and similar bean-counters. The Nobel Prize in economics was awarded. Abhijit Banerjee, Esther Duflo, and Michael Kremer became 2019 laureates for their experimental approach to alleviating global poverty.

Nice! But, dear Nobel Committee, we also have great ideas how to reduce poverty in the world. Just give everyone some gold! We know, that’s not the quick road to wealth, but whatever the current outlook, gold portfolios should appreciate substantially in the long run.

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QE4ever Arrives in One Quantifiable Quantum Leap!

It’s QE4ever, Baby! The Fed’s latest move back into quantitative easing took a quantum leap in a single day with last week’s rush announcement of major permanent money injections to begin this Tuesday. Since the Fed adamantly denies it is doing what it is doing — going back to quantitative easing (because they legally have to deny it) — we could just call it the Fed’s new quantitative mechanics. If we must avoid the term quantitative easing, as some writers are insisting we should, I’ve come up with the new term from the definition of quantum mechanics in which …

objects have characteristics of both particles and waves …. and there are limits to the precision with which quantities can be measured (the uncertainty principle)…. Quantum mechanics gradually arose from theories to explain observations which could not be reconciled with classical physics.


UK Faces Huge Loss From Electric Vehicle Adoption

If Great Britain keeps its commitment to switch over its vehicles to electric by 2050, the government will see a whopping loss of 28 billion pounds ($35 billion) paid by motorists driving traditional gasoline- and diesel-powered vehicles.

That comes from a study released Friday by London-based Institute for Fiscal Studies examining the impact of the UK’s net-zero greenhouse gas emissions law adopted in June and signed by previous Prime Minister Theresa May. England became the first G7 country to set the goal of reaching zero net emissions by 2050.

Facts About Methane Ignored to Support Climate Narrative

By Walter Starck – Re-Blogged From WUWT

Science is, above all, a search for understanding based on a primacy of reason and evidence, with all findings subject to revision in accord with further evidence or more comprehensive explanation. The highest achievement in science is to discover a new or better understanding that can extend or replace an existing one.

The other major systems of organized understanding are ideology and religion. In these systems, understanding derives from what is deemed to be revealed truth, which is unethical even to question. Reason and evidence are subordinated to a supporting role that’s restricted to selected examples that accord with belief. The highest achievement here is not to discover truth, as that is accepted to be known with absolute certainty, but rather to defend such belief from any questioning and to maintain it without change or doubt, regardless of any and all reason and evidence that does not support it.

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What Would Happen…?

By David Middleton – Re-Blogged From WUWT

What would happen if science went stupid? “Science” articles like this would become the norm (H/T ozspeaksup):

Here’s What Would Happen if All The Ice on Earth Melted Overnight
12 OCT 2019

Ninety-nine per cent of all freshwater ice on Earth is sitting on top of Greenland and Antarctica, and each year, a little more of it melts into the ocean.

Normally, it would take hundreds to thousands of years for it all to melt away. But what if something happened that caused a massive global melt overnight?

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Will Rate Cuts Be Enough?

The main stream financial media is absolutely ebullient about global central banks’ renewed enthusiasm to cut interest rates to a level that is even lower than they already are. And, most importantly, Wall Street is completely confident that theses marginally-lower borrowing costs will not only be enough to pull the global economy out of its malaise; but will also be sufficient to provide enough monetary thrust to blow asset bubbles into the thermosphere.

However, the truth is Fed stimulus does not always work. This was the case during both 2000 and 2008. A significant amount of rate cuts was not enough to avert a recession and also did nothing in the way of preventing the stock market from collapsing.

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