thelibertybeacon--2020-03-15--The World Is Hit With A $12 Trillion Dollar Margin Call

The World Is Hit With A $ 12 Trillion Dollar Margin Call ( ZeroHedge ) Earlier today President Trump declared that Sunday would be a national day of prayer .
With Americans having far bigger concerns on their minds , we doubt many will have time for prayer today , although there is one person who certain could do with some divine assistance : Fed chair Jerome Powell .
And there is a specific reason for that ... or rather 12 trillion reasons .
But first , let ’ s back up to a post we write back in October @ @ @ @ @ @ @ emergency response during the financial crisis – which included credit facilities backed by corporate bonds and even stocks , all the way to unlimited FX swap lines with foreign central banks – was first and foremost in response to a massive dollar margin call that resulted in the aftermath of the Lehman and AIG collapse as conventional cross-border funding pathways froze up , forcing the Fed to step in and flood the world with dollars to avoid a catastrophic surge in the dollar as the entire world scrambled to obtain the world ’ @ @ @ @ @ @ @ BIS published a paper titled “ The US dollar shortage in global banking and the international policy response ” which explained how then-Fed Chair Ben Bernanke in essence bailed out the entire developed world , which was facing an unprecedented dollar shortage crisis due to the sudden deflationary shockwave unleashed by the financial crisis , which also ground the global economy , and conventional dollar funding pathways to a halt while heightened counterparty risk after Lehman ’ s collapse and liquidity concerns compromised short-term interbank funding , resulting in a lock of shadow @ @ @ @ @ @ @ breaking the buck.
” In short : an unprecedented crisis as a result of a global dollar margin call .
This is how the BIS quantified the peak dollar shortage at the heights of the financial crisis : … European banks ’ US dollar investments in nonbanks were subject to considerable funding risk at the onset of the crisis .
The net US dollar book , aggregated across the major European banking systems , is portrayed in Figure 5 ( bottom left panel ) , with the non-bank component tracked by the green @ @ @ @ @ @ @ major European banks ’ US dollar funding gap had reached $ 1.0–1.2 trillion by mid-2007 .
Until the onset of the crisis , European banks had met this need by tapping the interbank market ( $ 432 billion ) and by borrowing from central banks ( $ 386 billion ) , and used FX swaps ( $ 315 billion ) to convert ( primarily ) domestic currency funding into dollars .
If we assume that these banks ’ liabilities to money market funds ( roughly $ 1 trillion , Baba et al ( @ @ @ @ @ @ @ , then the estimate of their US dollar funding gap in mid-2007 would be $ 2.0–2.2 trillion .
Were all liabilities to non-banks treated as short-term funding , the upper-bound estimate would be $ 6.5 trillion ( Figure 5 , bottom right panel ) .
Had the Fed not stepped in with a barrage of liquidity-providing instruments and facilities , the rest of the world would have simply collapsed as the $ 6.5 trillion dollar funding gap closed in on itself , causing an indiscriminate sell off of all dollar denominated assets .
@ @ @ @ @ @ @ of virtually unlimited dollar swap lines between the Fed and all other central banks : The severity of the US dollar shortage among banks outside the United States called for an international policy response .
While European central banks adopted measures to alleviate banks ’ funding pressures in their domestic currencies , they could not provide sufficient US dollar liquidity .
Thus they entered into temporary reciprocal currency arrangements ( swap lines ) with the Federal Reserve in order to channel US dollars to banks in their respective jurisdictions ( Figure 7 ) @ @ @ @ @ @ @ the Swiss National Bank were announced as early as December 2007 .
Following the failure of Lehman Brothers in September 2008 , however , the existing swap lines were doubled in size , and new lines were arranged with the Bank of Canada , the Bank of England and the Bank of Japan , bringing the swap lines total to $ 247 billion .
As the funding disruptions spread to banks around the world , swap arrangements were extended across continents to central banks in Australia and New Zealand , Scandinavia , and @ @ @ @ @ @ @ , forming a global network ( Figure 7 ) .
Various central banks also entered regional swap arrangements to distribute their respective currencies across borders .
The newly created swap lines which served as a “ letter of credit ” underwritten by the entity that prints the US currency… … soared in usage in the early days of the financial crisis , and were critical to contain a far greater liquidation cascade .
Why do we bring all this ancient history up ?
For two reasons .
First , it may come as @ @ @ @ @ @ @ the financial crisis nothing has been actually fixed , and instead the Fed stepped in at every market stress event to inject more liquidity , aiding the issuance of even more debt , and kicking the can while while helping mask the symptoms of the crisis , only made the underlying financial instability even more acute .
Meanwhile conventional wisdom that the US banking system was rendered more stable now are dead wrong , with the public and countless financial professionals fooled by the nearly two trillion in excess reserves ( we all @ @ @ @ @ @ @ to a precarious “ low ” of “ only ” $ 1.3 trillion in September of 2019 ) injected by the Fed in recent years .
All this liquidity upon liquidity has only made the system that much more reliant on the Fed ’ s constant bailouts and liquidity injections .
Ssecond , as the events of last week so ominously demonstrated , the dollar shortage is back with a vengeance , as confirmed by last week ’ s concurrent surge in both the Bloomberg Dollar index and the FRA/OIS spread , a @ @ @ @ @ @ @ availability .
Indeed , as of Friday , and following a rollout of various “ bazooka ” interventions by the Fed including a massive $ 5 trillion repo facility and the launch of QE5 , as well as an emergency six POMO operations on Friday to unlock the freezing Treasury market which failed to boost risk sentiment , the FRA/OIS not only failed to respond but surged to the highest level since the financial crisis .
At the same time cross-currency basis swaps – especially for Japan – are screaming dollar shortage… … @ @ @ @ @ @ @ the trillions in excess dollars already sloshing in the system as well as last week ’ s emergency liquidity injections which boosted the Fed ’ s balance sheet by over $ 200 billion in just a few days in the form of expanded repos and quantitative easing .
And yet – as the market ’ s response to the Fed ’ s bazooka announcement demonstrated – it does not appear to be enough .
Because , and going back to the original topic of a massive dollar margin call , there is now @ @ @ @ @ @ @ a global dollar short that has doubled since the financial crisis and was $ 12 trillion as of this moment , some 60 % of US GDP .
So what can the Fed do ?
For one possible answer we go to Zoltan Pozsar who last week laid out precisely why the coronavirus pandemic ( and subsequent oil crisis ) would led to a historic run on the dollar ( as he so aptly put it “ the supply chains is a payment chain in reverse… and so an abrupt halt in production @ @ @ @ @ @ @ ” ) , and concluded that to offset the dollar scramble , the Fed would need to “ combine rate cuts with open liquidity lines that include a pledge to use the swap lines , an uncapped repo facility and QE if necessary.
” So far the Fed has already launched stealth QE , which will likely transform into an official , full-blown QE5 this week when the FOMC meets , and all that ’ s missing are swap lines and an uncapped standing repo facility , both of which cross beyond the @ @ @ @ @ @ @ .
Whether those are also announced today will depend on if the Fed will pursue another intermediate step first , in the form of a Commercial Paper facility , which Bank of America believes will be unveiled in just a few hours .
( TLB ) published this article from Zero Hedge as compiled by Tyler Durden and staff .
( TLB ) appreciates this coverage and perspective .

The World Is Hit With A $12 Trillion Dollar Margin Call
(ZeroHedge) Earlier today President Trump declared that Sunday would be a national day of prayer.
TODAY IS A NATIONAL DAY OF PRAYER. GOD BLESS EVERYONE! — Donald J. Trump (@realDonaldTrump) March 15, 2020
With Americans having far bigger concerns on their minds, we doubt many will have time for prayer today, although there is one person who certain could do with some divine assistance: Fed chair Jerome Powell.
And there is a specific reason for that... or rather 12 trillion reasons.
But first, let’s back up to a post we wrote back in October 2009 explaining how the Fed’s emergency response during the financial crisis – which included credit facilities backed by corporate bonds and even stocks, all the way to unlimited FX swap lines with foreign central banks – was first and foremost in response to a massive dollar margin call that resulted in the aftermath of the Lehman and AIG collapse as conventional cross-border funding pathways froze up, forcing the Fed to step in and flood the world with dollars to avoid a catastrophic surge in the dollar as the entire world scrambled to obtain the world’s reserve currency.
Back then the BIS published a paper titled “The US dollar shortage in global banking and the international policy response” which explained how then-Fed Chair Ben Bernanke in essence bailed out the entire developed world, which was facing an unprecedented dollar shortage crisis due to the sudden deflationary shockwave unleashed by the financial crisis, which also ground the global economy, and conventional dollar funding pathways to a halt while heightened counterparty risk after Lehman’s collapse and liquidity concerns compromised short-term interbank funding, resulting in a lock of shadow banking conduits and money market funds “breaking the buck.” In short: an unprecedented crisis as a result of a global dollar margin call.
This is how the BIS quantified the peak dollar shortage at the heights of the financial crisis:
… European banks’ US dollar investments in nonbanks were subject to considerable funding risk at the onset of the crisis. The net US dollar book, aggregated across the major European banking systems, is portrayed in Figure 5 (bottom left panel), with the non-bank component tracked by the green line. By this measure, the major European banks’ US dollar funding gap had reached $1.0–1.2 trillion by mid-2007. Until the onset of the crisis, European banks had met this need by tapping the interbank market ($432 billion) and by borrowing from central banks ($386 billion), and used FX swaps ($315 billion) to convert (primarily) domestic currency funding into dollars. If we assume that these banks’ liabilities to money market funds (roughly $1 trillion, Baba et al (2009)) are also short-term liabilities, then the estimate of their US dollar funding gap in mid-2007 would be $2.0–2.2 trillion. Were all liabilities to non-banks treated as short-term funding, the upper-bound estimate would be $6.5 trillion (Figure 5, bottom right panel).
Had the Fed not stepped in with a barrage of liquidity-providing instruments and facilities, the rest of the world would have simply collapsed as the $6.5 trillion dollar funding gap closed in on itself, causing an indiscriminate sell off of all dollar denominated assets. It also triggered the first ever launch of virtually unlimited dollar swap lines between the Fed and all other central banks:
The severity of the US dollar shortage among banks outside the United States called for an international policy response. While European central banks adopted measures to alleviate banks’ funding pressures in their domestic currencies, they could not provide sufficient US dollar liquidity. Thus they entered into temporary reciprocal currency arrangements (swap lines) with the Federal Reserve in order to channel US dollars to banks in their respective jurisdictions (Figure 7). Swap lines with the ECB and the Swiss National Bank were announced as early as December 2007. Following the failure of Lehman Brothers in September 2008, however, the existing swap lines were doubled in size, and new lines were arranged with the Bank of Canada, the Bank of England and the Bank of Japan, bringing the swap lines total to $247 billion. As the funding disruptions spread to banks around the world, swap arrangements were extended across continents to central banks in Australia and New Zealand, Scandinavia, and several countries in Asia and Latin America, forming a global network (Figure 7). Various central banks also entered regional swap arrangements to distribute their respective currencies across borders.
The newly created swap lines which served as a “letter of credit” underwritten by the entity that prints the US currency…
… soared in usage in the early days of the financial crisis, and were critical to contain a far greater liquidation cascade.
Why do we bring all this ancient history up? For two reasons.
First, it may come as a shock to some but ever since the financial crisis nothing has been actually fixed, and instead the Fed stepped in at every market stress event to inject more liquidity, aiding the issuance of even more debt, and kicking the can while while helping mask the symptoms of the crisis, only made the underlying financial instability even more acute. Meanwhile conventional wisdom that the US banking system was rendered more stable now are dead wrong, with the public and countless financial professionals fooled by the nearly two trillion in excess reserves (we all saw what happened when this number dropped to a precarious “low” of “only” $1.3 trillion in September of 2019) injected by the Fed in recent years. All this liquidity upon liquidity has only made the system that much more reliant on the Fed’s constant bailouts and liquidity injections.
Ssecond, as the events of last week so ominously demonstrated, the dollar shortage is back with a vengeance, as confirmed by last week’s concurrent surge in both the Bloomberg Dollar index and the FRA/OIS spread, a closely followed indicator of interbank dollar funding availability.
Indeed, as of Friday, and following a rollout of various “bazooka” interventions by the Fed including a massive $5 trillion repo facility and the launch of QE5, as well as an emergency six POMO operations on Friday to unlock the freezing Treasury market which failed to boost risk sentiment, the FRA/OIS not only failed to respond but surged to the highest level since the financial crisis.
At the same time cross-currency basis swaps – especially for Japan – are screaming dollar shortage…
… which is not worse only thanks to the trillions in excess dollars already sloshing in the system as well as last week’s emergency liquidity injections which boosted the Fed’s balance sheet by over $200 billion in just a few days in the form of expanded repos and quantitative easing.
And yet – as the market’s response to the Fed’s bazooka announcement demonstrated – it does not appear to be enough.
Why?
Because, and going back to the original topic of a massive dollar margin call, there is now – in JPMorgan’s calculations – a global dollar short that has doubled since the financial crisis and was $12 trillion as of this moment, some 60% of US GDP.
So what can the Fed do? For one possible answer we go to Zoltan Pozsar who last week laid out precisely why the coronavirus pandemic (and subsequent oil crisis) would led to a historic run on the dollar (as he so aptly put it “the supply chains is a payment chain in reverse… and so an abrupt halt in production can quickly lead to missed payments elsewhere”), and concluded that to offset the dollar scramble, the Fed would need to “combine rate cuts with open liquidity lines that include a pledge to use the swap lines, an uncapped repo facility and QE if necessary.”
So far the Fed has already launched stealth QE, which will likely transform into an official, full-blown QE5 this week when the FOMC meets, and all that’s missing are swap lines and an uncapped standing repo facility, both of which cross beyond the purely monetary realm and have political implications. Whether those are also announced today will depend on if the Fed will pursue another intermediate step first, in the form of a Commercial Paper facility, which Bank of America believes will be unveiled in just a few hours.
*********
(TLB) published this article from Zero Hedge as compiled by Tyler Durden and staff. (TLB) appreciates this coverage and perspective.
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Stay tuned to …
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The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
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thelibertybeacon--2020-03-15--ABORTION REFORM HELPS BLACK COMMUNITIES

ABORTION REFORM HELPS BLACK COMMUNITIES

A generation ago , the liberal mantra about abortion was that it should be “ safe , legal and rare.
” These days , safe and rare have largely been cast aside .
Women are now encouraged to ” shout your abortion.
” Additionally , there is pushback against state laws requiring abortionists to have admitting privileges at nearby hospitals – to be prepared in case something goes wrong that puts the life of the mother at risk .
Commenting on the latter in an interview with Alison Keyes for the CBS News program “ Weekend Roundup , ” Project @ @ @ @ @ @ @ simple question : Project 21 participated in the case of June Medical Services LLC v. Russo that was recently argued before the U.S. Supreme Court .
The National Center ’ s black leadership network joined a legal brief with other pro-life black groups that asked the justices to uphold the lower court ruling in favor of Louisiana ’ s Act 620 .
This law requires “ that every physician who performs or induces an abortion shall ‘ have active admitting privileges at a hospital that is located not further than thirty miles from @ @ @ @ @ @ @ performed or induced.
’ ” In the interview , Marie explained why this is an issue of particular interest to black Americans – citing how they are disproportionately affected by abortion policies : When you look at the numbers… the biggest demographic that gets abortions are black women .
I mean , you look at the example of the state where [ this case ] came from was the state of Louisiana , where the black population is 32 % .
But the number of black women getting abortions is 61.2 % .
@ @ @ @ @ @ @ any demographic .
And this disproportionate impact appears to be by design : In pointing out that “ Louisiana ’ s clinics have a history of serious health and safety violations , ” the Project 21 brief detailed cases of complicated and risky abortions in which hospital admitting privileges would have been helpful , remarking that “ [ t ] hese gruesome deaths are part of a long history involving unqualified and uncredentialed abortion providers disproportionately harming black women.
” Responding to those who oppose Act 620 , Marie said : Countering the @ @ @ @ @ @ @ clinics by placing the burden of obtaining admitting privileges on abortionists , Marie asked : Project 21 , a leading voice of black conservatives for over 25 years , is sponsored by the National Center for Public Policy Research .
Its members have been quoted , interviewed or published over 40,000 times since the program was created in 1992 .
Contributions to the National Center are tax-deductible and greatly appreciated , and may be earmarked exclusively for the use of Project 21 .
Founded in 1982 , the National Center for Public Policy @ @ @ @ @ @ @ independent conservative think-tank .
Ninety-four percent of its support comes from some 60,000 individuals , less than four percent from foundations and less than two percent from corporations .
Sign up for email updates here .
Follow Project 21 on Twitter at @ Project21News for general announcements .
To be alerted to upcoming media appearances by Project 21 members , follow our media Twitter at @ NCPPRMedia .
The Liberty Beacon Project is now expanding at a near exponential rate , and for this we are grateful and excited !
But we must @ @ @ @ @ @ @ we have not asked for any donations , and have built this project with our own funds as we grew .
We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent .
So we have just installed donation buttons on our websites and ask that you consider this when you visit them .
Nothing is too small .
We thank you for all your support and your considerations … ( TLB ) Disclaimer : TLB websites contain copyrighted material the use of which has @ @ @ @ @ @ @ copyright owner .
We are making such material available to our readers under the provisions of “ fair use ” in an effort to advance a better understanding of political , health , economic and social issues .
The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes .
If you wish to use copyrighted material for purposes other than “ fair use ” you must request permission from the copyright owner .

ABORTION REFORM HELPS BLACK COMMUNITIES
By: David Almasi
A generation ago, the liberal mantra about abortion was that it should be “safe, legal and rare.” These days, safe and rare have largely been cast aside.
Women are now encouraged to ”shout your abortion.” Additionally, there is pushback against state laws requiring abortionists to have admitting privileges at nearby hospitals – to be prepared in case something goes wrong that puts the life of the mother at risk.
Commenting on the latter in an interview with Alison Keyes for the CBS News program “Weekend Roundup,” Project 21 member Marie Fischer asked the very simple question:
If you’re going to be pro-choice, at least wouldn’t you want a highly qualified doctor doing this procedure on you?
Project 21 participated in the case of June Medical Services LLC v. Russo that was recently argued before the U.S. Supreme Court. The National Center’s black leadership network joined a legal brief with other pro-life black groups that asked the justices to uphold the lower court ruling in favor of Louisiana’s Act 620. This law requires “that every physician who performs or induces an abortion shall ‘have active admitting privileges at a hospital that is located not further than thirty miles from the location at which the abortion is performed or induced.’”
In the interview, Marie explained why this is an issue of particular interest to black Americans – citing how they are disproportionately affected by abortion policies:
When you look at the numbers… the biggest demographic that gets abortions are black women. I mean, you look at the example of the state where [this case] came from was the state of Louisiana, where the black population is 32%. But the number of black women getting abortions is 61.2%. So this affects black women more than any demographic.
And this disproportionate impact appears to be by design:
You see a lot of Planned Parenthoods put in black or lower-income neighborhoods. So they make it easier access – which has unfortunately led to a large number of black babies being aborted.
In pointing out that “Louisiana’s clinics have a history of serious health and safety violations,” the Project 21 brief detailed cases of complicated and risky abortions in which hospital admitting privileges would have been helpful, remarking that “[t]hese gruesome deaths are part of a long history involving unqualified and uncredentialed abortion providers disproportionately harming black women.”
Responding to those who oppose Act 620, Marie said:
People keep saying abortion is like a [medical] procedure, but it is an invasive surgery. If done wrong, not only could it sterilize the mother but it could kill.
So all we’re asking – we’re just agreeing that, yes, you must have admitting privileges [at a hospital].
Countering the complaint that laws like this could close clinics by placing the burden of obtaining admitting privileges on abortionists, Marie asked:
Will it really leave a dearth of places? Are you saying that many practitioners are truly unqualified? And, if that’s the case, that’s a problem.
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Protect Women, Not Abortionists, Says Project 21’s Marie Fischer
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To schedule an interview with a member of Project 21, contact Judy Kent at (703) 759-0269.
BLACK LEADERSHIP NETWORK
Project 21, a leading voice of black conservatives for over 25 years, is sponsored by the National Center for Public Policy Research. Its members have been quoted, interviewed or published over 40,000 times since the program was created in 1992. Contributions to the National Center are tax-deductible and greatly appreciated, and may be earmarked exclusively for the use of Project 21. Founded in 1982, the National Center for Public Policy Research is a non-partisan, free-market, independent conservative think-tank. Ninety-four percent of its support comes from some 60,000 individuals, less than four percent from foundations and less than two percent from corporations. Sign up for email updates here. Follow Project 21 on Twitter at @Project21News for general announcements. To be alerted to upcoming media appearances by Project 21 members, follow our media Twitter at @NCPPRMedia.
••••
The above article (ABORTION REFORM HELPS BLACK COMMUNITIES) was originally created and published by Project 21 and is republished here with permission and attribution to author David Almasi and nationalcenter.org/project21/
••••
Read more great articles by David Almasi
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Stay tuned to …
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The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
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Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
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Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
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Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.


thelibertybeacon--2020-03-15--KEN’S CORNER: The Power of Those Who Would Play God & the Coming Smack-Down?

KEN ’ S CORNER : The Power of Those Who Would Play God & the Coming Smack-Down ?
… the money printed out of thin air , the enslavement of the minds and spirit of an entire nation , the destruction of Christianity , the millions upon millions of lives for their control , the domination of mega international corporations , the manipulation of our children ’ s minds in universities , moral and ethical norms crushed by the promotion of slavery of the spirit , government mandates that inhibit individual responsibility , debt slavery and the scientific creation of @ @ @ @ @ @ @ lies and propaganda , totally unprecedented human experimentation and the use of stem cells from aborted babies , war on the back of war for corporate profit and banker dominance , false flags , hidden agendas from a small group of elites that map out our collective future with artificial intelligence , the rewriting of history , the destruction of civil liberty and Constitution , Maritime law infiltrating Constitutional law , the pharmaceutical industry inhibiting cures for the unprecedented costs of drug therapy and treatments instead of cures , dependency on government instead @ @ @ @ @ @ @ of our Congress and the ability to influence elections , unaccountable deep state initiatives hidden from view , the creation of Socialism , Marxist Communism , Progressivism , NeoConservatism , Zionism , Bolshevism in direct competition with our Republic based on Constitutional law , powerful lobbying that have created oligarchs , international banks who undermine American interests like the use of slave labor , without insurance , child labor laws , unions , to create low quality built to break , cheep commodities that blousier Totalitarian Communism all around the world and never @ @ @ @ @ @ @ nation , but the use of puppet dictators , assignations to get rid of competition and truth , destruction of historical records to crush cohesion and unity in culture , the creation of pornography at its very base , from mixing sex and violence , child pornography , and promoting it increment by increment for social acceptance , the destruction of family values , open borders to garner a vote and election tampering , the use of Artificial Intelligence to formulate social manipulation and management garnered by stolen personal information , control of @ @ @ @ @ @ @ can replicate , for untested genetically modified crops that has never been found in nature , human DNA used in genetics , and the creation of human hybrids that can think , the splicing of two organisms , and all of this done in independent labs who now can patent a live creation , weather manipulation , the creation of a violent Israel that steals land , steals and mimics our technology , protected by the largest lobbying force called AIPAC that has ever existed in the history of the world , inhibit @ @ @ @ @ @ @ as the JFK Assassination , 9/11 , CIA drug , weapons , and human trafficking , the formulation of what is considered a deep state , the transfer of gold without congressional approval or formal visible audit , the creation of the Patriot act that has destroyed due process , the creation of laws that inhibit Zionist criticism , the constant and unrelenting attack on our rights to bear arms… the manipulation of Wall Street , our economy , and truth… Our only weapon are patriots who demand our Constitution… a message from @ @ @ @ @ @ @ can I validate who Q actually is , or that he or It actually wrote this , but it is circulating now for two days all around the world .
Even it it is a complete fabrication .
It indicates a powerful populous push- back on our overwhelming human enslavement .
My fellow Americans , over the course of the next several days you will undoubtedly realize that we are taking back our great country ( the land of the free ) from the evil tyrants that wish to do us harm and @ @ @ @ @ @ @ light .
On POTUS ’ order , we have initiated certain fail-safes that shall safeguard the public from the primary fallout which is slated to occur 11.3 upon the arrest announcement of Mr. Podesta ( actionable 11.4 ) .
Confirmation ( to the public ) of what is occurring will then be revealed and will not be openly accepted .
Public riots are being organized in serious numbers in an effort to prevent the arrest and capture of more senior public officials .
On POTUS ’ order , a state of temporary military @ @ @ @ @ @ @ carried out .
False leaks have been made to retain several within the confines of the United States to prevent extradition and special operator necessity .
Rest assured , the safety and well-being of every man , woman , and child of this country is being exhausted in full .
However , the atmosphere within the country will unfortunately be divided as so many have fallen for the corrupt and evil narrative that has long been broadcast .
We will be initiating the Emergency Broadcast System ( EMS ) during this time in @ @ @ @ @ @ @ ( avoiding the fake news ) to all citizens .
Organizations and/or people that wish to do us harm during this time will be met with swift fury – certain laws have been pre-lifted to provide our great military the necessary authority to handle and conduct these operations ( at home and abroad ) .
From the Author , Ken La Rive – We in the Liberty movement have been fighting to take back this country for less than a decade , peacefully and with the love of God and country in our @ @ @ @ @ @ @ on and displaced by a multitude of distractions , further eroding our nation and the cause for Liberty .
And so , as we are pulled by forces we can not fathom , powerful entities with unlimited resources stolen from our future , unaccountable trillions printed out of thin air and put on our backs as debt , we must formulate the most pitiful of all questions any patriot might ask in the final hour : Are we going to fight for our master ’ s tyranny , or are we going to @ @ @ @ @ @ @ and Constitution ?
Are we going to choose The Banner of Liberty , or the shackles of voluntary servitude ?
Will it be a war for corporate profit , or a war to regain our ability to self govern , as the blood and toil of our forefathers presented to us , their children , as a gift ?
I fear that decision is emanate .
I fear that any decision will be a hard one , but my greatest fear of all is that the decision has already been made for us @ @ @ @ @ @ @ expanding at a near exponential rate , and for this we are grateful and excited !
But we must also be practical .
For 7 years we have not asked for any donations , and have built this project with our own funds as we grew .
We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent .
So we have just installed donation buttons on our websites and ask that you consider this when you visit them .
Nothing is too small .
@ @ @ @ @ @ @ and your considerations … ( TLB ) Comment Policy : As a privately owned web site , we reserve the right to remove comments that contain spam , advertising , vulgarity , threats of violence , racism , or personal/abusive attacks on other users .
This also applies to trolling , the use of more than one alias , or just intentional mischief .
Enforcement of this policy is at the discretion of this websites administrators .
Repeat offenders may be blocked or permanently banned without prior warning .
Disclaimer : TLB websites @ @ @ @ @ @ @ has not always been specifically authorized by the copyright owner .
We are making such material available to our readers under the provisions of “ fair use ” in an effort to advance a better understanding of political , health , economic and social issues .
The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes .
If you wish to use copyrighted material for purposes other than “ fair use ” you must request permission from the @ @ @

KEN’S CORNER: The Power of Those Who Would Play God & the Coming Smack-Down?
Commentary by: Ken LaRive
The power…
… the money printed out of thin air, the enslavement of the minds and spirit of an entire nation, the destruction of Christianity, the millions upon millions of lives for their control, the domination of mega international corporations, the manipulation of our children’s minds in universities, moral and ethical norms crushed by the promotion of slavery of the spirit, government mandates that inhibit individual responsibility, debt slavery and the scientific creation of voluntary servitude, unaccountable spending, media lies and propaganda, totally unprecedented human experimentation and the use of stem cells from aborted babies, war on the back of war for corporate profit and banker dominance, false flags, hidden agendas from a small group of elites that map out our collective future with artificial intelligence, the rewriting of history, the destruction of civil liberty and Constitution, Maritime law infiltrating Constitutional law, the pharmaceutical industry inhibiting cures for the unprecedented costs of drug therapy and treatments instead of cures, dependency on government instead of individual responsibility, the complete control of our Congress and the ability to influence elections, unaccountable deep state initiatives hidden from view, the creation of Socialism, Marxist Communism, Progressivism, NeoConservatism, Zionism, Bolshevism in direct competition with our Republic based on Constitutional law, powerful lobbying that have created oligarchs, international banks who undermine American interests like the use of slave labor, without insurance, child labor laws, unions, to create low quality built to break, cheep commodities that blousier Totalitarian Communism all around the world and never using our constitution standard for a conquered nation, but the use of puppet dictators, assignations to get rid of competition and truth, destruction of historical records to crush cohesion and unity in culture, the creation of pornography at its very base, from mixing sex and violence, child pornography, and promoting it increment by increment for social acceptance, the destruction of family values, open borders to garner a vote and election tampering, the use of Artificial Intelligence to formulate social manipulation and management garnered by stolen personal information, control of agriculture and the displacement of crops that can replicate, for untested genetically modified crops that has never been found in nature, human DNA used in genetics, and the creation of human hybrids that can think, the splicing of two organisms, and all of this done in independent labs who now can patent a live creation, weather manipulation, the creation of a violent Israel that steals land, steals and mimics our technology, protected by the largest lobbying force called AIPAC that has ever existed in the history of the world, inhibit independent investigations into a destructive anomalies such as the JFK Assassination, 9/11, CIA drug, weapons, and human trafficking, the formulation of what is considered a deep state, the transfer of gold without congressional approval or formal visible audit, the creation of the Patriot act that has destroyed due process, the creation of laws that inhibit Zionist criticism, the constant and unrelenting attack on our rights to bear arms… the manipulation of Wall Street, our economy, and truth…
Our only weapon are patriots who demand our Constitution… a message from Q. Now, In no way can I validate who Q actually is, or that he or It actually wrote this, but it is circulating now for two days all around the world. Even it it is a complete fabrication. It indicates a powerful populous push- back on our overwhelming human enslavement.
Q Clearance Patriot
My fellow Americans, over the course of the next several days you will undoubtedly realize that we are taking back our great country (the land of the free) from the evil tyrants that wish to do us harm and destroy the last remaining refuge of shining light. On POTUS’ order, we have initiated certain fail-safes that shall safeguard the public from the primary fallout which is slated to occur 11.3 upon the arrest announcement of Mr. Podesta (actionable 11.4). Confirmation (to the public) of what is occurring will then be revealed and will not be openly accepted. Public riots are being organized in serious numbers in an effort to prevent the arrest and capture of more senior public officials. On POTUS’ order, a state of temporary military control will be actioned and special ops carried out. False leaks have been made to retain several within the confines of the United States to prevent extradition and special operator necessity. Rest assured, the safety and well-being of every man, woman, and child of this country is being exhausted in full. However, the atmosphere within the country will unfortunately be divided as so many have fallen for the corrupt and evil narrative that has long been broadcast. We will be initiating the Emergency Broadcast System (EMS) during this time in an effort to provide a direct message (avoiding the fake news) to all citizens. Organizations and/or people that wish to do us harm during this time will be met with swift fury – certain laws have been pre-lifted to provide our great military the necessary authority to handle and conduct these operations (at home and abroad).
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Parting Shot …
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Read more from KEN’S CORNER
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From the Author, Ken La Rive – We in the Liberty movement have been fighting to take back this country for less than a decade, peacefully and with the love of God and country in our hearts. Our banner has been trampled on and displaced by a multitude of distractions, further eroding our nation and the cause for Liberty. And so, as we are pulled by forces we cannot fathom, powerful entities with unlimited resources stolen from our future, unaccountable trillions printed out of thin air and put on our backs as debt, we must formulate the most pitiful of all questions any patriot might ask in the final hour: Are we going to fight for our master’s tyranny, or are we going to demand the return of our civil liberties and Constitution? Are we going to choose The Banner of Liberty, or the shackles of voluntary servitude? Will it be a war for corporate profit, or a war to regain our ability to self govern, as the blood and toil of our forefathers presented to us, their children, as a gift? I fear that decision is emanate. I fear that any decision will be a hard one, but my greatest fear of all is that the decision has already been made for us.
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Stay tuned to …
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The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
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Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
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Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
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Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.


thelibertybeacon--2020-03-15--The Need for a Philosophical Look at Trump …

The Need for a Philosophical Look at Trump … After listening to Roger Landry ’ s podcast several days ago on the National Intel Report which was awesome , I took note of his comments about Trump .
( I ’ ll rephrase ) How could he have been elected without the “ help ” of those above ?
And we don ’ t mean God or his reasonable facsimiles .
You know who I mean .
That thought has been with me since he got elected , though pushed beneath the radar of my mind .
But facing it @ @ @ @ @ @ @ that such an unlikely candidate , being an apolitical oddball from leftfield , would make it in , especially against Hillary , the chosen one .
We were shocked .
Who wants to think about this dangerous allegiance when we see his amazing production in bringing about what he said he would do ?
Anyone else would have abandoned these goals as soon as they were safely set in the White House .
Further , Kennedy DID try to buck the powers that be , working to get rid of the Federal Reserve @ @ @ @ @ @ @ did that get him ?
Dead .
So these two occurrences have their inconsistencies .
You know the old saying , “ Too good to be true ” .
A disturbing thought in this scenario .
We want it to be good .
But how is Trump still alive ?
I consider that every time I watch his self-bloated speeches .
And there is certainly no way out once you marry up with the One World Globalists .
Your soul is theirs and you are left spiritually bankrupt .
Your goals are altered @ @ @ @ @ @ @ anything lofty or well-meaning .
So where does that lead to ?
What is his future and what is ours ?
So if he became president through their help , will he need to follow through with their plans ?
Based on the past , seems so , doesn ’ t it ?
I mean are we being led to slaughter , blinded by his enormous popularity and faith in him , especially his fervent promises that strike directly against the goals of the Globalists and their socialist agenda ?
Here ’ s @ @ @ @ @ @ @ 5G so heavily ?
As I wrote in an earlier article on this , he can ’ t be that dumb .
A nightmare thought would be , yes , he knows all about how fatal 5G is to the planet .
( logical thought ) Is he letting it happen anyway because it won ’ t be blamed on him and , in the end – the end of the large majority of us – he will happily go off with his buddies to conquer another planet ?
He IS pushing the @ @ @ @ @ @ @ s a positive thought I cling to .
It could quality as a fantasy .
In fact , I get the picture of a cartooned video in dwelling on it .
But then , future realities are built by fantasies .
Here it is : He could be using them as much as their plans to use him , disguising himself and riding the waves of their support until he is ready to rein them in , dump them in the swamp and drain it along with the small fish .
It would @ @ @ @ @ @ @ sea of bad intention .
But for that to happen , we would need droves of enlightened citizens , not hood-winked by this evil crew and the media they control .
That for me , would be step one .
We would have to build faith this way that Trump really does want the best for this country and beyond .
We would make it real .
You might be thinking I ’ ve entered fairyland .
But again , fantasy becomes reality .
What if millions of people suddenly truly believed in @ @ @ @ @ @ @ everyone has ) , who knows , he might become so , if he wasn ’ t quite that way before or even far from it .
I propose this for one main reason : who is out there who can fill his shoes ?
Who has demonstrated the massive ability he has to make things happen in the real world ?
Certainly no one in the other camp or among republicans .
If we decide to go down this yellow brick road , so to speak , let ’ s ignore the @ @ @ @ @ @ @ mind ) that all his accomplishments were achieved in a few blinks of the eye by these globalists in order to lure us into believing Trump is a superman before they move in for the kill .
Their arsenal is just a huge bag of tricks and not the party kind .
Let ’ s ignore that scenario .
It ’ s just the product of anxious thinking which leads nowhere .
Furthermore , he was a pretty accomplished guy before he was president .
I ’ m reminded of an African tribe @ @ @ @ @ @ @ child misbehaved or did something bad , the adults would ignore that and assume that he was trying to do something good .
They would praise the child for his helpfulness or good intention and lo and behold , the kid would alter his behavior for the good !
This is a very practical and constructive approach and not at all “ delusion ” or “ not facing reality ” .
As a final note , my writing always leans toward philosophy .
Some may think philosophy has no place in a political @ @ @ @ @ @ @ chock full of who , what , where , facts , names and dates .
Well , ok .
But hopefully I ’ m expressing some streamlined thoughts above the level of facts because facts are not truth .
WE are truth and creativity .
In other words , despite all the enforced , bullying realities , what we say , is .
The Liberty Beacon Project is now expanding at a near exponential rate , and for this we are grateful and excited !
But we must also be practical .
For @ @ @ @ @ @ @ any donations , and have built this project with our own funds as we grew .
We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent .
So we have just installed donation buttons on our websites and ask that you consider this when you visit them .
Nothing is too small .
We thank you for all your support and your considerations … ( TLB )

The Need for a Philosophical Look at Trump …
Commentary by TLB Contributing Author: Lucille Femine
After listening to Roger Landry’s podcast several days ago on the National Intel Report which was awesome, I took note of his comments about Trump. (I’ll rephrase) How could he have been elected without the “help” of those above?
And we don’t mean God or his reasonable facsimiles. You know who I mean.
That thought has been with me since he got elected, though pushed beneath the radar of my mind. But facing it somewhat today, it does seem unbelievable that such an unlikely candidate, being an apolitical oddball from leftfield, would make it in, especially against Hillary, the chosen one. We were shocked.
Who wants to think about this dangerous allegiance when we see his amazing production in bringing about what he said he would do? Anyone else would have abandoned these goals as soon as they were safely set in the White House. Further, Kennedy DID try to buck the powers that be, working to get rid of the Federal Reserve and stop the Vietnam war. What did that get him? Dead.
So these two occurrences have their inconsistencies. You know the old saying, “Too good to be true”. A disturbing thought in this scenario. We want it to be good. But how is Trump still alive? I consider that every time I watch his self-bloated speeches. And there is certainly no way out once you marry up with the One World Globalists. Your soul is theirs and you are left spiritually bankrupt. Your goals are altered forever and eventually bear no resemblance to anything lofty or well-meaning. So where does that lead to? What is his future and what is ours?
So if he became president through their help, will he need to follow through with their plans? Based on the past, seems so, doesn’t it? I mean are we being led to slaughter, blinded by his enormous popularity and faith in him, especially his fervent promises that strike directly against the goals of the Globalists and their socialist agenda?
Here’s one example: why is he supporting 5G so heavily? As I wrote in an earlier article on this, he can’t be that dumb. A nightmare thought would be, yes, he knows all about how fatal 5G is to the planet. (logical thought) Is he letting it happen anyway because it won’t be blamed on him and, in the end – the end of the large majority of us – he will happily go off with his buddies to conquer another planet? He IS pushing the space program.
However, there’s a positive thought I cling to. It could quality as a fantasy. In fact, I get the picture of a cartooned video in dwelling on it. But then, future realities are built by fantasies. Here it is: He could be using them as much as their plans to use him, disguising himself and riding the waves of their support until he is ready to rein them in, dump them in the swamp and drain it along with the small fish. It would be the biggest catch in the contaminated sea of bad intention.
But for that to happen, we would need droves of enlightened citizens, not hood-winked by this evil crew and the media they control. That for me, would be step one. We would have to build faith this way that Trump really does want the best for this country and beyond. We would make it real.
You might be thinking I’ve entered fairyland. But again, fantasy becomes reality. What if millions of people suddenly truly believed in him and his inherent goodness (which everyone has), who knows, he might become so, if he wasn’t quite that way before or even far from it. I propose this for one main reason: who is out there who can fill his shoes? Who has demonstrated the massive ability he has to make things happen in the real world? Certainly no one in the other camp or among republicans.
If we decide to go down this yellow brick road, so to speak, let’s ignore the possibility (which just crept into my mind) that all his accomplishments were achieved in a few blinks of the eye by these globalists in order to lure us into believing Trump is a superman before they move in for the kill. Their arsenal is just a huge bag of tricks and not the party kind.
Let’s ignore that scenario. It’s just the product of anxious thinking which leads nowhere. Furthermore, he was a pretty accomplished guy before he was president.
I’m reminded of an African tribe I once read about. When a child misbehaved or did something bad, the adults would ignore that and assume that he was trying to do something good. They would praise the child for his helpfulness or good intention and lo and behold, the kid would alter his behavior for the good! This is a very practical and constructive approach and not at all “delusion” or “not facing reality”.
As a final note, my writing always leans toward philosophy. Some may think philosophy has no place in a political piece of writing; it should be chock full of who, what, where, facts, names and dates. Well, ok. But hopefully I’m expressing some streamlined thoughts above the level of facts because facts are not truth. WE are truth and creativity.
In other words, despite all the enforced, bullying realities, what we say, is.
My parting shot …
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TLB Note: Lucille is a longtime friend and contributor to TLB. She is also an author, writer, researcher, podcast show host, activist, and an exceptional artist to boot! To enjoy more of Lucille’s wisdom, research and presentation … CLICK HERE
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••••
Stay tuned to …
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.


thelibertybeacon--2020-03-16--COVID-19 for Total Social Control Already Envisioned: ‘This is No Futuristic Scenario’

ER Editor : Here is the archived text version of the Rockefeller Foundation ‘ s 2010 report , discussed by William Engdahl below , titled Scenarios for the Future of Technology and International Development ( you have to scroll down past some digital gobbledy-gook ) .
Pages 18 – 25 are titled Lock Step , referred to below .
What Engdahl does not mention from the scenario planning in these particular pages is the biometric ID-ing of people in ‘ developed countries ’ .
Which calls to mind yesterday ’ s piece by Peter Koenig , which we highly recommend @ @ @ @ @ @ @ ’ ?
The Real Danger is “ Agenda ID2020 ” .
ID2020 will rely on vaccination as a delivery platform , combining the two agendas of mass vaccination and micro-chipping .
We say ‘ will ’ because Bangladesh is offering up its own people as sacrificial guinea pigs to this totalitarian plan .
The 7 or so pages are worth perusing because it ’ s apparent they ’ ve foreseen and planned for a lot of things , including our own rebellion .
We can only hope that the global influence of an @ @ @ @ @ @ @ this psychopathic nonsense .
Every day world mainstream news reports more people in more countries diagnosed “ positive ” for the coronavirus illness , now called COVID-19 .
As the reported numbers grow , so does widespread nervousness , often in the form of panic shopping for masks , disinfectants , toilet paper , canned goods .
We are told to accept the testing results as science-based .
While it is next to impossible to get a full picture of what is taking place in China , the center of the novel virus @ @ @ @ @ @ @ being fed by mainstream media accounts and genuine panic in populations unclear what the real dangers are , that has alarming implications for the post-pandemic future .
During the last week of January , the Chinese Communist Party ( CCP ) ordered an unprecedented lock down of an entire city of 11 million , Wuhan , in an attempt to contain a public health situation that had clearly gotten out of control .
Never before in the history of modern public health had a government placed an entire city in quarantine by imposing @ @ @ @ @ @ @ lock down was quickly extended to other Chinese cities to the extent that , for the past weeks , a major part of the world ’ s second largest national economy has shut down .
That in turn is impacting the global economy .
At this point , as cases and the first deaths are being reported in countries outside of China , especially in South Korea , Japan , Iran and Italy , the prime question everyone has is how dangerous this virus is .
The fiasco with the US CDC , @ @ @ @ @ @ @ virus were shown defective , underscores the fact that the testing for the now-named virus , SARS-CoV-2 , said to cause the disease called COVID-19 , is anything but 100 % reliable .
Despite this , influenced by a steady stream of mainstream media images of empty shop shelves in Italy , of police cordons around Washington State nursing homes said to house several presumed Coronavirus patients , of pictures of Iranian hospitals filled with body bags , millions of citizens are understandably becoming alarmed and fearful .
Panic buying and threats of @ @ @ @ @ @ @ mainstream media campaign of fear ( Image : NEO ) What is being done in city after city and country after country is cancellation of major events where many people come together .
This has included the Venice Carnival , major sports events , trade shows in Switzerland and elsewhere being canceled .
Major airlines are being financially devastated as people around the world cancel holiday flights , as are cruise ship lines .
China orders burning of cash notes claiming they might be contaminated .
The French Louvre reopens but does not @ @ @ @ @ @ @ paper might be contaminated .
WHO warns about paper money contagion risk .
Countries are introducing laws such as in the UK allowing legal detention of citizens who might have a virus .
Growing media promotion in the West of shop shelves bare of everyday essentials such as rice , pasta , toilet paper is feeding panic buying everywhere .
It is important to have a perspective on the apparent deaths provably due to COVID-19 .
Here facts become very imprecise .
As of March 3 , 2020 according to WHO Director-General Tedros @ @ @ @ @ @ @ of 90,893 cases of COVID-19 , with 3,110 resulting in death .
He then called this a 3.4 % mortality rate , a figure highly disputed by other health experts .
Tedros stated , “ Globally , about 3.4 % of reported COVID-19 cases have died .
By comparison , seasonal flu generally kills far fewer than 1 % of those infected.
” The problem is that no one can say precisely what the true death rate is .
That ’ s because globally we have not tested all who might have mild @ @ @ @ @ @ @ accuracy of those tests are anything but 100 % certain .
But a statement about a death rate more than three times that of seasonal flu is a real panic-maker if true .
The reality is very likely a far lower true mortality according to epidemic experts .
“ We do not report all the cases , ” says Professor John Edmunds of the Centre for the Mathematical Modelling of Infectious Diseases at the London School of Hygiene & Tropical Medicine .
“ In fact , we only usually report a small proportion @ @ @ @ @ @ @ more cases in reality , then the case fatality ratio will be lower.
” Edmunds went on to say , “ What you can safely say [ … ] is that if you divide the number of reported deaths by the number of reported cases [ to get the case fatality ratio ] , you will almost certainly get the wrong answer.
” The WHO under Tedros seems to be erring on the side of spreading panic .
The WHO and the USA CDC some years ago changed the definition of deaths from @ @ @ @ @ @ @ or pneumonia.
” The CDC calculates only an approximate flu death count by totalling death certificates processed that list “ pneumonia or influenza ” as the underlying or contributing cause of death .
The CDC estimates 45 Million Flu Cases , and 61,000 of what they deftly call “ Flu-Associated ” Deaths in 2017-2018 US Flu Season .
How many were elderly with pneumonia or other lung diseases is unclear .
Naturally the numbers help spread fear and sell seasonal flu vaccines , whose positive effect is anything but proven .
Worldwide , @ @ @ @ @ @ @ 2017 that , “ between 291,000 and 646,000 people worldwide die from seasonal influenza-related respiratory illnesses each year.
” In China alone , the estimate for seasonal influenza-associated ( including pneumonia ) deaths was about 300,000 in 2018 .
Note that 3,000 corona-attributed deaths , as tragic as it is , is but 1 % of the “ normal ” annual deaths from lung-related illnesses in China , and because of the mixed or changing China accounting , it is not clear how many of the 3,000 China deaths are even from seasonal @ @ @ @ @ @ @ , not verifiable , of people allegedly dropping dead on the streets in China , with no proof , or of Wuhan hospitals filled in the corridors with body bags apparently of dead from COVID-19 , much of the world is understandably anxious about this strange exogenous invader .
Amid what is clearly confusion among many well-meaning health officials and likely opportunism by Western vaccine makers like GlaxoSmithKline or Gilead and others , with alarming speed our world is being transformed in ways just months ago we could not have imagined .
Whatever @ @ @ @ @ @ @ is almost impossible to say owing to conflicting reactions of the Beijing authorities and several changes in ways of counting COVID-19 cases .
The question now is how the relevant authorities in the West will use this crisis .
Here it is useful to go back to a highly relevant report published a decade ago by the Rockefeller Foundation , one of the world ’ s leading backers of eugenics , and creators of GMO among other things .
The report in question has the bland title , “ Scenarios for the Future @ @ @ @ @ @ @ was published in May 2010 in cooperation with the Global Business Network of futurologist Peter Schwartz .
The report contains various futurist scenarios developed by Schwartz and company .
One scenario carries the intriguing title , “ LOCK STEP : A world of tighter top-down government control and more authoritarian leadership , with limited innovation and growing citizen pushback.
” Here it gets interesting as in what some term predictive programming .
Then the scenario gets very interesting : ER : Notice that the possible range of threats used to trigger this level @ @ @ @ @ @ @ limited to a ‘ pandemic ’ : • None ‘ Transnational terrorism ’ has been wheeled out time and time again in what are probably false flag events .
In Europe we can always count on some ‘ terrorist ’ attack around election time .
Seasoned commentators call this Gladio B • None ‘ Environmental crises ’ has been firmly set through the climate nonsense of absurd baseline data on top of which an entire industry of myth and fear has been constructed , Greta being the autistic cherry on top .
• @ @ @ @ @ @ @ and outsourcing of working class jobs , poverty is now going off the charts in many otherwise wealthy countries .
( See here here and here .
Greece gets a special mention here and here . )
The global elite have prepared well the varied range of options on which increasing authoritarianism can be justified .
A relevant question is whether certain bad actors , and there are some in this world , are opportunistically using the widespread fears around the COVID-19 to advance an agenda of “ lock step ” top down @ @ @ @ @ @ @ stark limits on travel , perhaps replacing of cash by “ sanitary ” electronic cash , mandatory vaccination even though the long term side effects are not proven safe , unlimited surveillance , and the curtailing of personal freedoms such as political protests on the excuse it will allow “ identification of people who refuse to be tested or vaccinated , ” and countless other restrictions .
Much of the Rockefeller 2010 scenario is already evident .
Fear is never a good guide to sound reason .
Author F. William Engdahl is strategic @ @ @ @ @ @ @ a degree in politics from Princeton University and is a best-selling author on oil and geopolitics , exclusively for the online magazine “ New Eastern Outlook ” where this article was originally published .
He is a Research Associate of the Centre for Research on Globalization ( CRG ) .
Published to The Liberty Beacon from EuropeReloaded.com

ER Editor: Here is the archived text version of the Rockefeller Foundation‘s 2010 report, discussed by William Engdahl below, titled Scenarios for the Future of Technology and International Development (you have to scroll down past some digital gobbledy-gook). Pages 18 – 25 are titled Lock Step, referred to below.
What Engdahl does not mention from the scenario planning in these particular pages is the biometric ID-ing of people in ‘developed countries’. Which calls to mind yesterday’s piece by Peter Koenig, which we highly recommend, titled The Coronavirus COVID-19 ‘Pandemic’? The Real Danger is “Agenda ID2020”. ID2020 will rely on vaccination as a delivery platform, combining the two agendas of mass vaccination and micro-chipping. We say ‘will’ because Bangladesh is offering up its own people as sacrificial guinea pigs to this totalitarian plan.
The 7 or so pages are worth perusing because it’s apparent they’ve foreseen and planned for a lot of things, including our own rebellion. We can only hope that the global influence of an independent China and Russia puts paid to this psychopathic nonsense.
********
F. William Engdahl
Every day world mainstream news reports more people in more countries diagnosed “positive” for the coronavirus illness, now called COVID-19. As the reported numbers grow, so does widespread nervousness, often in the form of panic shopping for masks, disinfectants, toilet paper, canned goods. We are told to accept the testing results as science-based. While it is next to impossible to get a full picture of what is taking place in China, the center of the novel virus storm, there is a process, being fed by mainstream media accounts and genuine panic in populations unclear what the real dangers are, that has alarming implications for the post-pandemic future.
During the last week of January, the Chinese Communist Party (CCP) ordered an unprecedented lock down of an entire city of 11 million, Wuhan, in an attempt to contain a public health situation that had clearly gotten out of control. Never before in the history of modern public health had a government placed an entire city in quarantine by imposing a cordon sanitaire around it. That lock down was quickly extended to other Chinese cities to the extent that, for the past weeks, a major part of the world’s second largest national economy has shut down. That in turn is impacting the global economy.
At this point, as cases and the first deaths are being reported in countries outside of China, especially in South Korea, Japan, Iran and Italy, the prime question everyone has is how dangerous this virus is. The fiasco with the US CDC, where the putative tests for the novel virus were shown defective, underscores the fact that the testing for the now-named virus, SARS-CoV-2, said to cause the disease called COVID-19, is anything but 100% reliable. Despite this, influenced by a steady stream of mainstream media images of empty shop shelves in Italy, of police cordons around Washington State nursing homes said to house several presumed Coronavirus patients, of pictures of Iranian hospitals filled with body bags, millions of citizens are understandably becoming alarmed and fearful.
Panic buying and threats of scarcity features heavily in a sustained corporate mainstream media campaign of fear (Image: NEO)
What is being done in city after city and country after country is cancellation of major events where many people come together. This has included the Venice Carnival, major sports events, trade shows in Switzerland and elsewhere being canceled. Major airlines are being financially devastated as people around the world cancel holiday flights, as are cruise ship lines. China orders burning of cash notes claiming they might be contaminated. The French Louvre reopens but does not accept cash, only cards, as paper might be contaminated. WHO warns about paper money contagion risk. Countries are introducing laws such as in the UK allowing legal detention of citizens who might have a virus. Growing media promotion in the West of shop shelves bare of everyday essentials such as rice, pasta, toilet paper is feeding panic buying everywhere.
Questions on Death Rate
It is important to have a perspective on the apparent deaths provably due to COVID-19. Here facts become very imprecise.
As of March 3, 2020 according to WHO Director-General Tedros Adhanom, worldwide there were a total of 90,893 cases of COVID-19, with 3,110 resulting in death. He then called this a 3.4% mortality rate, a figure highly disputed by other health experts. Tedros stated, “Globally, about 3.4% of reported COVID-19 cases have died. By comparison, seasonal flu generally kills far fewer than 1% of those infected.”
The problem is that no one can say precisely what the true death rate is. That’s because globally we have not tested all who might have mild cases of the virus, and the accuracy of those tests are anything but 100% certain. But a statement about a death rate more than three times that of seasonal flu is a real panic-maker if true.
The reality is very likely a far lower true mortality according to epidemic experts. “We do not report all the cases,” says Professor John Edmunds of the Centre for the Mathematical Modelling of Infectious Diseases at the London School of Hygiene & Tropical Medicine. “In fact, we only usually report a small proportion of them. If there are many more cases in reality, then the case fatality ratio will be lower.” Edmunds went on to say, “What you can safely say […] is that if you divide the number of reported deaths by the number of reported cases [to get the case fatality ratio], you will almost certainly get the wrong answer.” The WHO under Tedros seems to be erring on the side of spreading panic.
The WHO and the USA CDC some years ago changed the definition of deaths from seasonal flu to “deaths of flu or pneumonia.” The CDC calculates only an approximate flu death count by totalling death certificates processed that list “pneumonia or influenza” as the underlying or contributing cause of death. The CDC estimates 45 Million Flu Cases, and 61,000 of what they deftly call “Flu-Associated” Deaths in 2017-2018 US Flu Season. How many were elderly with pneumonia or other lung diseases is unclear. Naturally the numbers help spread fear and sell seasonal flu vaccines, whose positive effect is anything but proven. Worldwide, the CDC estimated in a study in 2017 that, “between 291,000 and 646,000 people worldwide die from seasonal influenza-related respiratory illnesses each year.”
In China alone, the estimate for seasonal influenza-associated (including pneumonia) deaths was about 300,000 in 2018. Note that 3,000 corona-attributed deaths, as tragic as it is, is but 1% of the “normal” annual deaths from lung-related illnesses in China, and because of the mixed or changing China accounting, it is not clear how many of the 3,000 China deaths are even from seasonal pneumonia. But owing to dramatic videos, not verifiable, of people allegedly dropping dead on the streets in China, with no proof, or of Wuhan hospitals filled in the corridors with body bags apparently of dead from COVID-19, much of the world is understandably anxious about this strange exogenous invader.
Amid what is clearly confusion among many well-meaning health officials and likely opportunism by Western vaccine makers like GlaxoSmithKline or Gilead and others, with alarming speed our world is being transformed in ways just months ago we could not have imagined.
‘ LOCK STEP’
Whatever has occurred inside China at this point is almost impossible to say owing to conflicting reactions of the Beijing authorities and several changes in ways of counting COVID-19 cases. The question now is how the relevant authorities in the West will use this crisis. Here it is useful to go back to a highly relevant report published a decade ago by the Rockefeller Foundation, one of the world’s leading backers of eugenics, and creators of GMO among other things.
The report in question has the bland title, “Scenarios for the Future of Technology and International Development.” It was published in May 2010 in cooperation with the Global Business Network of futurologist Peter Schwartz. The report contains various futurist scenarios developed by Schwartz and company.
One scenario carries the intriguing title, “LOCK STEP: A world of tighter top-down government control and more authoritarian leadership, with limited innovation and growing citizen pushback.” Here it gets interesting as in what some term predictive programming.
The Schwartz scenario states,
“In 2012, the pandemic that the world had been anticipating for years finally hit. Unlike 2009’s H1N1, this new influenza strain — originating from wild geese — was extremely virulent and deadly. Even the most pandemic-prepared nations were quickly overwhelmed when the virus streaked around the world, infecting nearly 20 percent of the global population and killing 8 million in just seven months…”
He continues,
“The pandemic also had a deadly effect on economies: international mobility of both people and goods screeched to a halt, debilitating industries like tourism and breaking global supply chains. Even locally, normally bustling shops and office buildings sat empty for months, devoid of both employees and customers.”
This sounds eerily familiar.
Then the scenario gets very interesting:
“During the pandemic, national leaders around the world flexed their authority and imposed airtight rules and restrictions, from the mandatory wearing of face masks to body-temperature checks at the entries to communal spaces like train stations and supermarkets. Even after the pandemic faded, this more authoritarian control and oversight of citizens and their activities stuck and even intensified. In order to protect themselves from the spread of increasingly global problems — from pandemics and transnational terrorism to environmental crises and rising poverty — leaders around the world took a firmer grip on power.”
ER: Notice that the possible range of threats used to trigger this level of control is multi-faceted and not just limited to a ‘pandemic’:
‘Transnational terrorism’ has been wheeled out time and time again in what are probably false flag events. In Europe we can always count on some ‘terrorist’ attack around election time. Seasoned commentators call this Gladio B
‘Environmental crises’ has been firmly set through the climate nonsense of absurd baseline data on top of which an entire industry of myth and fear has been constructed, Greta being the autistic cherry on top.
And with 40 years of neoliberalism and outsourcing of working class jobs, poverty is now going off the charts in many otherwise wealthy countries. (See here here and here . Greece gets a special mention here and here .)
The global elite have prepared well the varied range of options on which increasing authoritarianism can be justified.
A relevant question is whether certain bad actors, and there are some in this world, are opportunistically using the widespread fears around the COVID-19 to advance an agenda of “lock step” top down social control, one that would include stark limits on travel, perhaps replacing of cash by “sanitary” electronic cash, mandatory vaccination even though the long term side effects are not proven safe, unlimited surveillance, and the curtailing of personal freedoms such as political protests on the excuse it will allow “identification of people who refuse to be tested or vaccinated,” and countless other restrictions.
Much of the Rockefeller 2010 scenario is already evident. Fear is never a good guide to sound reason.
************
Author F. William Engdahl is strategic risk consultant and lecturer, he holds a degree in politics from Princeton University and is a best-selling author on oil and geopolitics, exclusively for the online magazine “New Eastern Outlook” where this article was originally published. He is a Research Associate of the Centre for Research on Globalization (CRG).
Published to The Liberty Beacon from EuropeReloaded.com


thelibertybeacon--2020-03-16--The Real Crisis Starts Now in Europe

The Real Crisis Starts Now in Europe

The lockdown of Italy isn ’ t a temporary thing .
Oh , the suspension of free movement is temporary , but it portends something far bigger .
It ’ s the beginning of the real political balkanization that ’ s coming to the European Union over the next few years .
Old enmities and prejudices have not been stamped out under the boot heel of oppressive legislation coming from a bunch of disconnected technocrats in Brussels .
They have only been suppressed .
Because when there are existential threats , there ’ s no time or desire to virtue @ @ @ @ @ @ @ one big happy dysfunctional family .
For decades , Germany refused to lighten up on its fiscal inflexibility believing , rightly , that it shouldn ’ t subsidize profligacy in places like Italy , Spain and Greece if it didn ’ t want to .
At the same time , however , Germany transmitted those rules to the single currency regime of the euro .
That was the price they forced on the rest of Europe .
This ensured that eventually they would have to do exactly that , subsidize or bailout debts @ @ @ @ @ @ @ capital efficiency inherent in the any single currency applied over multiple economies drove capital to Germany and out from those countries .
Now Germans face the existential threat of COVID-19 imported into Europe mostly through Wuhan textile workers in Milan ’ s leather shops .
Their leaders will force them to accept looser spending rules .
And do you think this will engender an outpouring of love and affection towards Italians ?
If you do , you might be delusional or an open-borders libertarian… but I repeat myself .
Chancellor Angela Merkel has @ @ @ @ @ @ @ to satisfy the rising Greens on Germany ’ s political left .
Her finance minister , Olaf Scholz , has unleashed the full force of Germany ’ s sovereign wealth fund to offer unlimited support to German businesses facing troubles because of this virus .
This is as good a cover story for the gargantuan holes in the balance sheets of zombie German banks as they were likely ever going to get , folks .
ECB President Christine Lagarde was brought in to ram through the political changes needed to loosen Germany ’ @ @ @ @ @ @ @ way the EU would survive the growing crisis within its non-functional sovereign debt market was to print money to the high heavens .
Or allow the union to break up .
But , there is no Door # 2 in Europe .
All doors lead to Brussels .
Germany stood in the way of that , while at the same time Merkel ruthlessly enforced Schengen .
She weakened the political center in Germany and inflamed memories of a Germany which rampaged across Europe militarily in the 20th century through enforced austerity hollowing out @ @ @ @ @ @ @ midst of this mess comes COVID-19 and the uncoordinated and inept response to it from the political center of Europe to date .
Only now are they coming to the conclusion they need to restrict travel , after sitting on their hands for a few weeks while Italians died by the hundreds .
And do you think that ’ s engendering waves of love and affection among Italians towards Germans ?
If you do , then you don ’ t know Italians… at all .
And this is your signal that this is @ @ @ @ @ @ @ Because while COVID-19 may have been the catalyst for the breakdown of capital markets , capital markets were simply waiting for that spark to occur .
Any other type of spark , a bank failure from a run of bad loans , could have been handled and absorbed .
There was no Credit Anstalt the central planners weren ’ t prepared for .
They ’ ve been able to keep Deutsche Bank operational for the past few years , for pity ’ s sake , they could have handled any other single bank @ @ @ @ @ @ @ ultimate form of exogenous shock to the global economy , there is no containing the financial contagion .
And that ’ s why we saw a strong unwind of U.S. equities and a sharp rise in both the Japanese yen and the euro when this thing began .
Part of what had been pushing U.S. equities higher was the capital flow from Europe and Japan into the U.S. That reversed for a short time as the eurodollar markets seized up and the demand for cash locally rose sharply .
It ’ s no @ @ @ @ @ @ @ I went to my bank yesterday to grab some cash and finish our self-quarantine prep ( we ’ d bought extra toilet paper weeks ago ) .
The teller told me she ’ d moved out a lot more cash than normal , and it wasn ’ t even the end of lunch hour .
Then I told her the bank run on corporate credit began earlier in the week as companies like Boeing maxed their credit revolvers to front run the bank pulling it .
That got her attention .
The same @ @ @ @ @ @ @ in Europe until Lagarde told the world that she wasn ’ t done blackmailing Germany into loosening its stance on fiscal rules at her presser on Thursday .
And the rally in the euro , which was already sick , died .
What we saw to end this week was an epic reversal of that capital outflow as the USDX and U.S. equities rallied while the euro crashed back to $ 1.11 .
And now that it ’ s started , I don ’ t expect it to stop .
The Fed fired @ @ @ @ @ @ @ the credit markets this week .
What is the ECB going to do to stop rates from rising in Europe as money flees their incompetence ?
Fairy dust springs to mind , honestly .
But , more likely there will be a very quick move to close the banks and cancel the use of cash while new rules are adopted and Lagarde turns to the IMF to bailout the ECB , which can very easily go bankrupt here .
The weakest banking system in Europe serves a country on lockdown over this virus @ @ @ @ @ @ @ matter now that Germany has acquiesced , pledging its own savings and lifting fiscal restraints of euro-zone members .
All the printing will do is feed the vortex of unpayable debt that is far bigger than their prodigious piggy bank .
The next stage of the crisis is here with the focus finally turning to Europe .
The U.S. , for all of its faults , is one nation with a unified debt market and an executive who can , and has , exercised powers necessary to keep the wheels from completely falling @ @ @ @ @ @ @ spend money he doesn ’ t actually have ?
Yes .
So what ?
That money will go into a logistical pipeline that far outstrips Europe ’ s to combat a disease over a smaller population spread across larger distances .
That limits the damage to the U.S .
It ensures political stability that the EU can not hope to compete with for the trust of spooked capital .
Add the global economy grinding to a halt .
We ’ ll see the crisis emerge in Europe to feed a widening gyre of @ @ @ @ @ @ @ global bank run on dollar liquidity .
It will force fundamental reform of the euro and the ECB .
They are necessary for the EU to survive this crisis in anything close to its current form .
I ’ m not laying odds that will work .
Instead , I expect Schengen ’ s suspension to hold and more countries go the way of the Brits by exiting the EU itself .
While this crisis is tailor-made to shove the federalization of Europe down the throats of what ’ s left of the @ @ @ @ @ @ @ t think it succeeds .
Until Germany is willing to bail out Italian banks , there is no solution to this .
And while I think Merkel is willing to fall on her sword to get this done , it may still not work .
How convenient it is that Merkel ’ s CDU just cancelled their April 22nd leadership vote because of this crisis .
This forestalls any possibility of Merkel losing control of her party until after Germany begins its EU Commission Presidency .
Whatever she has planned , she has @ @ @ @ @ @ @ is just about spent .
There will be no change of leadership during a crisis like this .
She ’ s almost done completing the sell out of Germany to the EU begun by Helmut Kohl .
Just in time for the whole experiment to come crashing down .
Published to The Liberty Beacon from EuropeReloaded.com

The lockdown of Italy isn’t a temporary thing. Oh, the suspension of free movement is temporary, but it portends something far bigger.
It’s the beginning of the real political balkanization that’s coming to the European Union over the next few years. Old enmities and prejudices have not been stamped out under the boot heel of oppressive legislation coming from a bunch of disconnected technocrats in Brussels.
They have only been suppressed.
Because when there are existential threats, there’s no time or desire to virtue signal about how we’re all one big happy dysfunctional family.
For decades, Germany refused to lighten up on its fiscal inflexibility believing, rightly, that it shouldn’t subsidize profligacy in places like Italy, Spain and Greece if it didn’t want to.
At the same time, however, Germany transmitted those rules to the single currency regime of the euro. That was the price they forced on the rest of Europe.
This ensured that eventually they would have to do exactly that, subsidize or bailout debts, as the mis-pricing of labor and capital efficiency inherent in the any single currency applied over multiple economies drove capital to Germany and out from those countries.
Now Germans face the existential threat of COVID-19 imported into Europe mostly through Wuhan textile workers in Milan’s leather shops. Their leaders will force them to accept looser spending rules.
And do you think this will engender an outpouring of love and affection towards Italians?
If you do, you might be delusional or an open-borders libertarian… but I repeat myself.
Chancellor Angela Merkel has signaled for months she would spend more to satisfy the rising Greens on Germany’s political left.
Her finance minister, Olaf Scholz, has unleashed the full force of Germany’s sovereign wealth fund to offer unlimited support to German businesses facing troubles because of this virus.
This is as good a cover story for the gargantuan holes in the balance sheets of zombie German banks as they were likely ever going to get, folks.
ECB President Christine Lagarde was brought in to ram through the political changes needed to loosen Germany’s tie. She knew the only way the EU would survive the growing crisis within its non-functional sovereign debt market was to print money to the high heavens.
Or allow the union to break up. But, there is no Door #2 in Europe. All doors lead to Brussels.
Germany stood in the way of that, while at the same time Merkel ruthlessly enforced Schengen. She weakened the political center in Germany and inflamed memories of a Germany which rampaged across Europe militarily in the 20th century through enforced austerity hollowing out less-efficient euro-zone economies.
So in the midst of this mess comes COVID-19 and the uncoordinated and inept response to it from the political center of Europe to date. Only now are they coming to the conclusion they need to restrict travel, after sitting on their hands for a few weeks while Italians died by the hundreds.
And do you think that’s engendering waves of love and affection among Italians towards Germans?
If you do, then you don’t know Italians… at all.
And this is your signal that this is the beginning of the real crisis. Because while COVID-19 may have been the catalyst for the breakdown of capital markets, capital markets were simply waiting for that spark to occur.
Any other type of spark, a bank failure from a run of bad loans, could have been handled and absorbed. There was no Credit Anstalt the central planners weren’t prepared for.
They’ve been able to keep Deutsche Bank operational for the past few years, for pity’s sake, they could have handled any other single bank failure.
But with COVID-19 being the ultimate form of exogenous shock to the global economy, there is no containing the financial contagion. And that’s why we saw a strong unwind of U.S. equities and a sharp rise in both the Japanese yen and the euro when this thing began.
Part of what had been pushing U.S. equities higher was the capital flow from Europe and Japan into the U.S. That reversed for a short time as the eurodollar markets seized up and the demand for cash locally rose sharply.
It’s no different than what is happening here.
I went to my bank yesterday to grab some cash and finish our self-quarantine prep (we’d bought extra toilet paper weeks ago). The teller told me she’d moved out a lot more cash than normal, and it wasn’t even the end of lunch hour.
Then I told her the bank run on corporate credit began earlier in the week as companies like Boeing maxed their credit revolvers to front run the bank pulling it.
That got her attention.
The same thing on a larger scale was happening in Europe until Lagarde told the world that she wasn’t done blackmailing Germany into loosening its stance on fiscal rules at her presser on Thursday.
And the rally in the euro, which was already sick, died.
Annnnd…. it’s gone!
What we saw to end this week was an epic reversal of that capital outflow as the USDX and U.S. equities rallied while the euro crashed back to $1.11. And now that it’s started, I don’t expect it to stop.
The Fed fired major blanks at the dollar-funding crisis in the credit markets this week. What is the ECB going to do to stop rates from rising in Europe as money flees their incompetence?
Fairy dust springs to mind, honestly. But, more likely there will be a very quick move to close the banks and cancel the use of cash while new rules are adopted and Lagarde turns to the IMF to bailout the ECB, which can very easily go bankrupt here.
The weakest banking system in Europe serves a country on lockdown over this virus.
So, it doesn’t matter now that Germany has acquiesced, pledging its own savings and lifting fiscal restraints of euro-zone members. All the printing will do is feed the vortex of unpayable debt that is far bigger than their prodigious piggy bank.
The next stage of the crisis is here with the focus finally turning to Europe. The U.S., for all of its faults, is one nation with a unified debt market and an executive who can, and has, exercised powers necessary to keep the wheels from completely falling off the U.S. economy.
Will Trump spend money he doesn’t actually have? Yes. So what?
That money will go into a logistical pipeline that far outstrips Europe’s to combat a disease over a smaller population spread across larger distances. That limits the damage to the U.S. It ensures political stability that the EU cannot hope to compete with for the trust of spooked capital.
Add the global economy grinding to a halt. We’ll see the crisis emerge in Europe to feed a widening gyre of debt servicing that will look like a global bank run on dollar liquidity.
It will force fundamental reform of the euro and the ECB. They are necessary for the EU to survive this crisis in anything close to its current form.
I’m not laying odds that will work. Instead, I expect Schengen’s suspension to hold and more countries go the way of the Brits by exiting the EU itself.
While this crisis is tailor-made to shove the federalization of Europe down the throats of what’s left of the German middle class, I don’t think it succeeds.
Until Germany is willing to bail out Italian banks, there is no solution to this.
And while I think Merkel is willing to fall on her sword to get this done, it may still not work.
How convenient it is that Merkel’s CDU just cancelled their April 22nd leadership vote because of this crisis. This forestalls any possibility of Merkel losing control of her party until after Germany begins its EU Commission Presidency.
Whatever she has planned, she has to do soon. Her political capital is just about spent.
There will be no change of leadership during a crisis like this. She’s almost done completing the sell out of Germany to the EU begun by Helmut Kohl.
Just in time for the whole experiment to come crashing down.
************
Published to The Liberty Beacon from EuropeReloaded.com