Category: zerohedge

After three days of violent moves and sharp intraday reversals, in a week that feels far longer than just 4 days in, even equities appear exhausted today, and have entered the slow drift into the Easter break with volatility and volume far more subdued than earlier in the week courtesy of a slowdown in the newsflow, and as a result risk is once again bid, as it has been in the early part of most days this week… the question is will we get another late-day selloff.

Commenting on the recent risk moves, Deutsche Bank notes that markets seem to have spent the last 24 hours packing their bags and jetting off for the long weekend after an eventful last few weeks.

Aside from digesting a few more tech related stories, the lack of any material newsflow – the first time we can say that in a while – certainly seems to have helped. Indeed, by the end of trading last night the S&P 500 and Dow closed -0.29% and -0.04% respectively. The lack of any real direction throughout the session is best summed up by the fact that the S&P 500 passed between gains and losses by 37 times.

For some investors, especially the bulls, the coming holiday will be a relief following a roller coaster quarter in which stellar global equity gains gave way to a volatility blow up in February and a tech wreck. “We’ve done some damage with the correction and it’s going to take some time to repair,” Bob Doll, portfolio manager and chief equity strategist at Nuveen Asset Management, told Bloomberg TV. “Expect choppy, sideways volatility.”

The MSCI All-World Index of global stocks is set to end a 7-quarter winning streak – its longest such stretch of gains since 1997 – while global bonds are set for their first decline in currency neutral terms since 2016. The “melt-up” that sent the MSCI’s world share index up 8% in January has melted away, and now the Dow Jones, S&P 500, FTSE Nikkei and scores of other big markets are all down for the year.

“We have got to make sure (the market selloff) …is not too prolonged because the longer this goes the higher the chance it will start to affect the man on street,” said Head of Equities at London & Capital Roger Jones.

So heading into Easter weekend, European stocks are higher on Thursday after a mixed, if mostly higher session in Asia, as equity markets staggered  toward the end of the most tumultuous quarter in years.

For the third consecutive day, S&P futures support at the 2,600 level, and we trading at session highs, 10 points higher than Wednesday’s close, around 2,618, while the VIX edged lower in early trading. “I think most of these markets are staring at the 200-day moving average on the S&P 500 to see if it breaks,” said Societe Generale’s Kit Juckes. As a reminder, the S&P 200DMA is at 2,588, so around 30 points lower.

Europe’s Stoxx 600 Index headed for a 3rd day of gains as most major country bourses traded quietly in the green. Automakers led the move higher after Renault and Nissan Motor were reported to be in talks to merge. Defensive sectors were in the red with focus on utilities and healthcare whilst broad gains are seen across all the other sectors. Sodexo (-14.1%) was the laggard this morning after reporting its earnings, dragging down Elior (-1.0%) and Compass (-3.6%) in the UK food catering segment. SwissRE (+2.9%) is leading the SMI after Softbank is said to be interested in building a 25% stake in the Co. for a USD 9.6bln deal. TomTom suffered losses of 6.3% after  approaching Deutsche Bank for a potential sale of the whole firm or minority stake, but then denied calling for an adviser to seek potential buyers. Understandably, volumes were subdued, with many traders wrapping up ahead of a long weekend.

To be sure, the overnight quiet has been the exception lately, with the Stoxx 600 making gains or losses of more than 1% 16 times in the current quarter.

Earlier in Asia, equity markets traded indecisive as bourses failed to completely shrug-off the lacklustre lead from Wall Street. Helping the mood were media reports that Japan had sounded out North Korea’s government about a bilateral summit, and that Pyongyang had also discussed the possibility of a broader meeting with other global leaders. As a result, Japanese shares closed higher even as the yen retraced some of Wednesday’s slump, while stocks in China and Korea gained. ASX 200 (-0.5%) and Nikkei 225 (+0.6%) were mixed with Australia dragged lower by tech as well as recent weakness across commodities, while the Japanese benchmark was propped up for most the day by a softer currency. Elsewhere, Hang Seng (+0.2%) and Shanghai Comp. (+1.2%) were choppy in the midst of earnings season and with initial gains seen following reports of VAT reductions, although continued liquidity inaction by the PBoC and ongoing trade tensions with the US eventually weighed.

In FX, the dollar found support around fixing times, and after sliding earlier in the session is back to unchanged levels.

In a rather lackluster session, G-10 currencies remained confined to relatively tight ranges as traders await direction from tier-one data out of the U.S. due later Thursday. The USD/JPY holds close to 106.50 as yesterdays strong USD was unwound during Asian hours. A small pickup in activity into the Tokyo fix also saw EUR/USD and GBP/USD forced to session lows with most G-10 pairs then remaining in tight ranges.

Hey overnight FX highlights from Bloomberg:

• EUR/USD was little changed, trading in a tight range, while the U.S. yield curve continued to bull-flatten
• The pound weakened amid continued month- and quarter-end flows
• USD/JPY declined as the pair’s surge Wednesday prompted investors to book profits ahead of the Easter holiday outside Japan
• Aussie recovered after dropping to a fresh year-to-date low of 0.7643 against the dollar, supported by gains in the price of iron ore

Treasuries also rose, if modestly, paced by core government bonds in Europe, with EGBs particularly quiet, showing a small outperformance of the European periphery, while benchmark yields on German government bonds crept back above 0.5% having been on a sharp slide for most of the month. Spanish yields meanwhile saw their biggest monthly fall since mid-2016. The 10-year U.S. Treasury yield was at 2.7662 percent after touching a near two-month low of 2.743 percent overnight amid the strains on Wall Street.

In commodities, WTI was poised to end its longest losing streak in almost a month, even as U.S. crude stockpiles resumed their expansion. Gold nudged lower, extending Wednesday’s plunge, while cryptos continued to slide overnight.

Bulletin Headline Summary from RanSquawk

• European bourses drifting higher heading into the long Easter weekend
• DXY stable around the 90.00 level
• Looking ahead, highlights include national German CPI, US personal income, PCE, Canadian GDP, Fed’s Harker

Market Snapshot

• S&P 500 futures up 0.4% to 2,618.50
• STOXX Europe 600 up 0.1% to 369.63
• MXAP up 0.02% to 171.83
• MXAPJ up 0.1% to 562.21
• Nikkei up 0.6% to 21,159.08
• Topix up 0.3% to 1,704.00
• Hang Seng Index up 0.2% to 30,093.38
• Shanghai Composite up 1.2% to 3,160.53
• Sensex down 0.6% to 32,968.68
• Australia S&P/ASX 200 down 0.5% to 5,759.37
• Kospi up 0.7% to 2,436.37
• German 10Y yield fell 0.3 bps to 0.5%
• Euro up 0.02% to $1.2310
• Italian 10Y yield fell 3.3 bps to 1.586%
• Spanish 10Y yield fell 1.0 bps to 1.203%
• Brent futures down 0.1% to $69.43/bbl
• Gold spot little changed at $1,324.33
• U.S. Dollar Index little changed at 90.11

Top Overnight News from Bloomberg

• North Korean leader Kim Jong Un and South Korean President Moon Jae-in will hold a summit on April 27, according to a South Korean Unification Ministry official. China’s commerce ministry said the nation is open to talks with the U.S. and it won’t submit to unilaterally coerced negotiations
• Japan will not get dragged into bilateral negotiations with the U.S. over steel and aluminum import tariffs, Finance Minister Taro Aso says in parliament Thursday
• Officials from the two Koreas are meeting Thursday on their heavily militarized border to discuss details of an upcoming summit between Kim Jong Un and South Korean President Moon Jae- in. The talks at Panmunjom could set the stage for a similar meeting between Kim and U.S. President Donald Trump
• Robert Lighthizer, the U.S. Trade Representative ,said Wednesday he’s “hopeful’’ of reaching a deal “in the next little bit” with Canada and Mexico to update the North American Free Trade Agreement. Canada’s chief negotiator,Steve Verheul, said he didn’t know what an “in principle’’ deal would look like and “significant gaps” remain
• Treasury 7-Year auction got a cool reception as it came after a rally cut benchmark 7Y yields from Tuesday high of 2.78%. The 2.34 bid-to-cover ratio, lowest since February 2016, compared with 2.54 average for previous six auctions
• President Donald Trump is hailing the revised U.S. free trade agreement with South Korea as a “great deal” yet the revamped U.S.-South Korea accord unveiled earlier this week isn’t much different from the existing pact that Trump often condemned as “disastrous.” White House ‘win’ on South Korea gets mixed marks
• SoftBank Group Corp. is edging closer to a deal to buy a stake in Swiss Re AG that would value the reinsurer at as much as 37 billion Swiss francs ($39 billion), according to people with knowledge of the matter
• Carry trades are set for a fourth straight quarter of losses despite the relative calm of foreign-exchange rates over the past three months

Asian equity markets traded indecisive as bourses failed to completely shrug-off the lacklustre lead from Wall St. where the major indices were subdued amid month-end flows and continued tech losses. ASX 200 (-0.5%) and Nikkei 225 (+0.6%) were mixed with Australia dragged lower by tech as well as recent weakness across commodities, while the Japanese benchmark was propped up for most the day by a softer currency. Elsewhere, Hang Seng (+0.2%) and Shanghai Comp. (+1.2%) were choppy in the midst of earnings season and with initial gains seen following reports of VAT reductions, although continued liquidity inaction by the PBoC and ongoing trade tensions with the US eventually weighed. Finally, 10yr JGBs were weaker as Japanese yields rose across the curve, with demand for paper sapped by initial outperformance in Japanese stocks and after an uninspiring 2yr auction in which the amount sold, b/c and accepted prices all declined from prior. PBoC skipped open market operations for a net daily drain of CNY 40bln. PBoC sets CNY mid-point at 6.3046 (Prev. 6.2785)

Top Asian News

• Japan Watchdog Says Deutsche Bank, BofA Colluded on Bond Trade
• Ping An Is Said to Start Work on $3 Billion OneConnect IPO
• Hyundai Motor’s Chung Overhauls Group as Succession Looms
• Two Koreas Set April 27 for Kim Jong Un’s Historic Walk South

European equities (Eurostoxx +1.2%) are back into positive territory, improving on the mixed tone seen in Asia overnight and shrugging-off the losses on Wall Street. Defensive sectors are in the red with focus on utilities and healthcare whilst broad gains are seen across all the other sectors. Sodexo (-14.1%) was the laggard this morning after reporting its earnings, dragging down Elior (-1.0%) and Compass (-3.6%) in the UK food catering segment. SwissRE (+2.9%) is leading the SMI after Softbank is said to be interested in building a 25% stake in the Co. for a USD 9.6bln deal. TomTom suffered losses of 6.3% after approaching Deutsche Bank for a potential sale of the whole firm or minority stake, but then denied calling for an adviser to seek potential buyers. Finally, as a reminder, Melrose’s GBP 8bln hostile bid for GKN is due to expire today at 1300 BST.

Top European News

• German Joblessness Hits Record Low as Firms Push Capacity Limits
• Wary U.K. Consumers Keep House Prices Subdued Year Before Brexit
• Bulgaria Reluctant to Seek ECB Scrutiny Before Euro Entry

In FX, the Greenback is showing little sign of losing its month, quarter and Japanese FY end bid, although the DXY is only tentatively above the 90.000 handle and the Dollar is somewhat mixed against its G10 rivals. Usd/Jpy is hovering just above 106.50 having touched 107.00 overnight after the biggest 1 day jump this year so far and with near term support seen at the 30 DMA (106.35). Aud/Usd has recovered some poise after hitting a fresh 2018 low around 0.7644 overnight but looks capped ahead of macro supply seen at 0.7680 vs major support at 0.7600 where hefty option expiry interest also resides (1.2 bn). Usd/Cad remains close to 1.2900 amidst less positive NAFTA vibes (long way to go to reach a deal and US demands on food not palatable), and with the Loonie now looking towards Canadian GDP data for some independent direction. Eur/Usd looks anchored around 1.2300 with strong support and resistance not far from the round number at 1.2286 and 1.2329 (latter representing the 30 DMA) and little to offer impetus via German jobs or inflation data given outcomes relatively close to consensus. Cable is clinging to 1.4050 (just) having lost grip of 1.4200 and 1.4100 handles on the run in to the end of March and long Easter weekend amidst decent expiries at the latter level and 1.4000, while techs are also wary of a fib at 1.4041. Nzd/Usd sits near  0.7200 and Usd/Chf is just above 0.9550

In commodities, WTI (+0.3%) and Brent Crude (+0.1%) are trading in close proximity to yesterday’s post-DoE levels. Prices have also been supported by yesterday’s comments from OPEC stating the producer cartel and other suppliers are looking to continue withholding the output cut for the rest of the year and potentially 2019. Moving on to metals, Gold is trading close to the prior session’s lows where the yellow metal posted its biggest 1-day percentage fall in almost 9 months as it continues to move inversely to the dollar. Base metals have seen a rebound in prices on the London Metal Exchange with Nickel (+2.0%) leading the advance and copper (+1.0%) higher following recent declines.

Looking at the day ahead, it’s a reasonably busy day for data highlighted by that February PCE data in the US, and personal income and spending reports. The latest weekly initial jobless claims reading, March Chicago PMI and final revisions to the March University of Michigan consumer sentiment reading are also due. Away from the data, in the early evening the Fed’s Harker is due to speak.

US Event Calendar

• 8:30am: Initial Jobless Claims, est. 230,000, prior 229,000; Continuing Claims, est. 1.87m, prior 1.83m
• 8:30am: Personal Income, est. 0.4%, prior 0.4%; Personal Spending, est. 0.2%, prior 0.2%; Real Personal Spending, est. 0.1%, prior -0.1%
  • 8:30am: PCE Deflator MoM, est. 0.2%, prior 0.4%; PCE Deflator YoY, est. 1.7%, prior 1.7%
  • 8:30am: PCE Core MoM, est. 0.2%, prior 0.3%; PCE Core YoY, est. 1.59%, prior 1.5%
• 9:45am: Chicago Purchasing Manager, est. 62, prior 61.9
• 9:45am: Bloomberg Consumer Comfort, prior 56.8
• 10am: U. of Mich. Sentiment, est. 102, prior 102; Current Conditions, prior 122.8; Expectations, prior 88.6

 

DB’s Craig Nicol concludes the overnight wrap

Markets seem to have spent the last 24 hours packing their bags and jetting off for the long weekend after an eventful last few weeks. Aside from digesting a few more tech related stories, the lack of any material newsflow – the first time we can say that in a while – certainly seems to have helped. Indeed, by the end of trading last night the S&P 500 and Dow closed -0.29% and -0.04% respectively. The lack of any real direction throughout the session is best summed up by the fact that the S&P 500 passed between gains and losses by 37 times.

The Nasdaq (-0.85%) did lag behind but at least that was the first sub-2% move in either direction for that index since this time last week. That performance looks even more solid when you look at the fall for the NYSE FANG index  (-2.40%), which is now down -13.15% in the last 8 sessions. The tech equivalent of the VIX did however rise to 30.19 and is not far off the recent high of 33.89. In fact, the spread of the VXN over the VIX at one stage touched the highest in 13 years yesterday. Meanwhile, Europe spent much of the day scrambling back from a big leg lower at the open, sparked by that selloff in the US the night before. The Stoxx 600 clambered to a +0.46% gain after being down as much as -1.33% at one stage.

In bond land 10y Treasuries consolidated below 2.80% after yields closed at 2.782%, although touched 2.7425% intraday which is the lowest since early February. That was despite a bigger than expected upward revision to Q4 GDP (more on that below). The curve flattened once more though with 2s10s down 1.3bps to a fresh 10-year low while 5s30s also fell 3.4bps. In Europe yields were broadly speaking a couple of basis points lower yesterday.

So, as it’s the last day before markets shut down for the long weekend, it should be a fairly quiet end to the week although we say that slightly tentatively given what markets have done over the last few weeks. In any case we do have some important data to consider as we’ll get the US PCE report for February this afternoon. Both our US economists and the market expect a +0.2% mom print for the core, while the headline deflator is also expected to come in at +0.2% mom. The data takes on a little bit more significance in light of the Fed last week raising its inflation forecast above 2% in 2019. Our economists note that a print in line with their expectation would keep the year-over-year reading roughly steady at +1.5% yoy, however the 6m and 3m annualized rates should jump to +2.1% and +2.4% respectively, and so putting a bit of daylight between the run rate and the Fed’s target. Our colleagues also make the point that this is the last inflation data before the wireless services price drop is annualized in the March report, which will boost core CPI and core PCE by about 20bps and 10bps, respectively. Anyway, today’s data is due out at 1.30pm BST.

Ahead of it, markets in Asia are trading mixed this morning with the Nikkei (+0.40%) and Kospi (+0.27%) modestly up while the Hang Seng (-0.27%) and ASX 200 (-0.37%) are slightly lower. Bourses in China are flat having recovered from an early fall. Futures in Europe and the US are down about -0.10%.

Back to the subject of tech, yesterday Luke Templeman in our team published a timely and topical note as part of his Accounting Lifeguard series called ‘Europe’s digital tax’. Luke highlights that the ‘interim’ three percent tax on digital revenues is likely to be the mere opening salvo in negotiations between European states about the design of a new tax system and companies outside the technology sector should not be complacent. The EU’s digital tax may merely represent the first change to move taxation from being a domicile-based system to one based on value-creation. Given the decades-long rise of multinational firms, their taxation has become an increasingly sensitive topic. Digital firms are now the test subjects. You can find a link to Luke’s report here.

Rounding back to the US GDP print which we mentioned at the top, Q4 growth was revised up four-tenths and more than expected to +2.9% yoy annualized (vs. +2.7% expected) at the final reading. A 20bp uplift from personal consumption was the main driver. The data also included the latest corporate profits numbers, however it was a bit of a disappointment. Profits fell -0.1% qoq following two straight quarters of growth, although it appeared to be driven by financials predominantly with non-financial corporate profits still fairly solid.

In terms of the other macro data from yesterday, the February advanced goods trade deficit in the US was slightly wider at -$75.4bn (vs. -$74.4bn expected), while February wholesale inventories (+1.1% mom vs. +0.5% expected) and pending home sales (+3.1% mom vs. +2.0% expected) were both above expectations. In Europe, Germany’s April GfK consumer confidence index was slightly above consensus at 10.9 (vs. 10.7 expected) while France’s March consumer confidence was in line at 100. In the UK, March CBI retailing reported sales was below market at -8 (vs. 7 expected), partly impacted by the harsh weather during the month, although we should note that the data can be particularly volatile.

Away from the data, there were also some Brexit headlines to digest yesterday. The BOE noted that it’s “reasonable” for UK based firms “to plan that they will be able to continue undertaking activities during the (Brexit) implementation period in much the same way as now”. Chancellor Hammond also echoed similar sentiments and said that the BOE’s statement and the transition deal “will provide further confidence to financial services firms that there will be a smooth exit”.  Notably, the FCA did caution that the transition agreements are not binding until they’re ratified as part of the withdrawal agreement.

Before we look at the day ahead, the Fed’s Bostic has reiterated that staying on a gradual path of rate hikes would be appropriate. He added that “unemployment is very close to full employment position and inflation our 2% target. If things are close to where we hope that they’ll be, then our policy doesn’t need to be super accommodative”. Elsewhere, the Bundesbank’s Wuermeling noted that “the upbeat economy and the inflation forecast would justify bringing (QE) to a rapid end, if the economic recovery in the Euro area continues as expected”.

Looking at the day ahead, it’s a reasonably busy day for data highlighted by that February PCE data in the US, and personal income and spending reports. The latest weekly initial jobless claims reading, March Chicago PMI and final revisions to the March University of Michigan consumer sentiment reading are also due. In Europe, the main highlight will likely be the flash March CPI report in Germany. Money and credit aggregates data in the UK along with the final Q4 GDP revision is also due. Away from the data, in the early evening the Fed’s Harker is due to speak.

Before we wrap up, a quick mention that on Easter Friday most major markets will be shut for the long weekend holiday. Industrial production and housing starts data is due in Japan for February while in Europe we’ll get the flash   March CPI reports in France and Italy. Finally, on Saturday, China’s official PMIs for March will be released.

via RSS https://ift.tt/2GhVPcL Tyler Durden

Following a recent barrage of negativity from former Lehman trader and current Bloomberg macro commentator, Mark Cudmore, who warned that stocks are likely to continue sliding as a short squeeze in bonds sends yields lower, overnight his Bloomberg Markets Live colleague and macro commentator, Garfield Reynolds, echoed Cudmore’s growing pessimism, urging readers to “Rest Up This Easter Because Markets Face an Ugly Q2”  and that “the worst for markets is yet to come” for four reasons he lists below.

His full Macro View is below:

Rest Up This Easter Because Markets Face an Ugly Q2: Macro View

Risk assets look to be in dire need of the Easter break because the second quarter has every chance of being more stressful than the first.

Volatility across bonds, FX and stocks is soaring. This quarter’s jump in implied vol is the most since the European debt crisis escalated in 2011 and it’s the sort of steep shift only seen on two prior occasions: the LTCM meltdown of 1998 and the Lehman-led crash of 2008.

Actual volatility is also exploding, with the U.S. benchmark leading the way for the first time since 2008 too. Oh, and the 206% surge in 90-day realized volatility for the S&P 500 has only been topped twice, in 1987 and 1930.

The market turmoil has been greeted with some bemusement due to the lack of an obvious real-world reason. “The fundamentals are still strong” is the catchcry. But the jump in volatility is in itself the key fundamental change.

It has fueled broader risk aversion, helping to explain why the MSCI All-World Index of global stocks is poised to snap a seven-quarter winning streak – – its longest stretch of gains since 1997 — and global bonds are set for their first decline in currency-neutral terms since 2016.

There are signs that it’s correct to be pricing in a marked deterioration from 2017’s perfect low-volatility rally. Global data is breaking down too fast for economists to keep up. Both Westpac’s data pulse index, which tracks outcomes relative to prior reports, and Citigroup’s surprise gauge are rapidly heading south.

The outperformance of Australia’s bond market, from the stunning inversion of the yield premium it has usually enjoyed over the U.S., to the drop in its yield curve under 50 bps and the evaporation of bets on RBA hikes, is another warning sign.

Australia is the large developed economy most tightly bound to the global-growth engine that is China, so it’s hard to see how the global uptick story makes sense when the land Down Under is being left behind.

Credit spreads are widening the most since 2016. This has been one of the few constants this quarter and will keep risk assets under pressure.

The worst for markets is yet to come:

• The S&P 500 has yet to really break down — the longer it holds above the 200-day moving average, the bigger the crash will likely be when it happens
• WTI has again failed to hold above $65, forming a very ominous double top that must make the near- record net longs for WTI nervous. With U.S. output surging, and sliding commodities signaling a slowdown in demand for raw materials, the stars are aligning for a big, disinflationary step down by crude
• Treasury 10-year yields have had to be dragged down kicking-and-screaming because the Fed is sticking to its dots, but the latest capitulation of the term premium forewarns of a larger collapse in rates
• When they do, that will cast doubt on the Fed’s guidance and spread a fresh wave of disruption across assets that will start out in bonds, currently less volatile than FX and stocks relative to historical norms

So, rest up and enjoy those chocolates.

 

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Authored by Jay Syrmopoulos via TruthInMedia.com,

With the rise of the term “fake news,” many individuals have turned to self-proclaimed fact-checking sites like Snopes and PolitiFact; the objectivity of these sites tends to be questioned by conservatives as having a covert liberal bias.

On Tuesday, the conservative Media Research Center unveiled a new project entitled “Fact-Checking the Fact-Checkers,” which is designed to “ensure the fact-checkers themselves are reliable, or exposed as liberal partisans if they aren’t.”

The Media Research Center explained in its announcement:

Sometimes you have to check the fact-checkers.

More and more, major news outlets are relying on “fact checkers” to, allegedly, ensure that the news is factual, sources are reliable, and statements are accurate.

In theory, this is admirable. In practice, it has proven to be simply another opportunity for the media to push their leftist agenda.

Fact checking groups — such as PolitiFact — routinely cast judgments while failing to disclose their own left-wing bias. Their allies in the media try to cast these groups as neutral third parties when, in fact, they are card-carrying members of the liberal echo chamber.

It’s no wonder that the public has so little faith in the fact-checkers. A 2016 Rasmussen poll found that an astonishing 62% of American voters think the fact-check-ers are biased.

The Media Research Center is flipping the script on these faux-fact-checkers. It’s time to turn the tables and give the public the real facts.

While Americans attempt to separate truth from propaganda, especially in regards to politics, some of these reportedly neutral third-party fact checkers – accused by conservatives of having a progressive bias – has left some consumers unsure of their reliability.

“In an era of ‘fake news’ and inaccurate reporting, it is important now more than ever that the fact-checkers themselves are exposed for their biases,” MRC President Brent Bozell said in a statement.

“MRC routinely finds instances when fact-checkers bend the truth or disproportionately target conservatives,” Bozell continued.

“We are assigning our own rating to their judgments and will expose the worst offenders. Americans deserve the truth. There must be accountability across the board, and that includes these alleged arbiters of fact and fiction.”

Some of the purported “fact-checking” sites the project plans to monitor are PolitiFact, FactCheck, Snopes, Washington Post Fact Checker, AP Fact Check, and CNN Fact Check.

As previously reported at Truth In Media, Emmy-winning investigative journalist Sharyl Attkisson held a recent Tedx talk at the University of Nevada, discussing the “fake news” narrative that gained tremendous discussion during and following the 2016 U.S. presidential election, saying that “the whole thing smacked of the roll-out of a propaganda campaign.”

While Attkisson acknowledged that fake news has long existed in various forms, she said that noticed something different taking root within U.S. mainstream media in 2016.

Suspecting that the origins of this growing “fake news” narrative were less than organic, Attkisson began researching and said that she connected the origins of this phenomena to a decidedly progressive non-profit organization called “First Draft,” which, she notes, “appears to be the about the first to use ‘fake news’ in its modern context.”…

Upon investigation, Attkisson discovered that one of the major financial backers of First Draft’s anti-fake news coalition was none other than Google, whose parent company, Alphabet, was chaired by major Clinton supporter Eric Schmidt until Dec. 2017.

Schmidt “offered himself up as a campaign adviser and became a top multi-million donor to it. His company funded First Draft around the start of the election cycle,” Attkisson said.

“Not surprisingly, Hillary was soon to jump aboard the anti-fake news train and her surrogate, David Brock of Media Matters, privately told donors he was the one who convinced Facebook to join the effort.”

To learn more about the rise of the “fake news” narrative, watch Attkisson’s enlightening TedxTalk below:

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The last few days have seen a rapid rush to the ‘safe-haven’ dollar, stalling a seemingly non-stop drop in the world’s reserve currency.

 

Which raises the question, is the correlation between President Trump’s approval rating and ‘king dollar’ about to reignite?

President Trump’s approval rating has been rising on average since the start of the year, and the results from the most recent presidential job approval survey by CNN shows that Donald Trump is now at an 11-month high.

Although he still has majority disapproval, 42 percent of respondents are currently giving him a thumbs up – the highest rate recorded by CNN since March 2017 where the president was on 44 percent.

You will find more infographics at Statista

So how, during a time of seemingly endless scandals trying to burst their way into the public sphere, is Trump seemingly on the up?

Digging deeper,  Statista’s Martin Armstrong indicates that  the area in which he is performing the strongest is the economy.

Despite being criticized from some corners for his protectionist approach, Trump following through on his America First campaign promises is seemingly helping to win some voters back around.

In many ways, the road ahead is looking far from smooth for the president, but having come through scandal and controversy relatively unscathed in the past, who knows where this current wave will lead.

Fascinatingly, since Larry Kudlow was appointed as Director of the National Economic Council, proclaiming that investors should “sell gold and buy king dollar,” the two ‘assets’ have roundtripped to be practically unchanged…

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Authored by Johsua Gill via The Daily Caller,

A Greek Orthodox bishop is facing a re-trial over comments in which he allegedly incited violence against gay people, after government officials criticized his initial acquittal.

A Greek court acquitted Metropolitan Bishop Ambrosios of Kalavryta of a lawsuit levied against him by nine gay males over comments in a 2015 blog post in which he directed Greek faithful to “spit on them,” referring to gay people. Opposition parties united with the Greek government in criticism of the acquittal, and a senior prosecutor filed an appeal against the ruling on Monday, according to The Associated Press.

Justice Minister Stavros Kontonis also requested transcripts of Kalavryta’s initial trial to check to see if their were any errors in the process which would justify a re-trial. If convicted of incitement of violence against gay people, Ambrosios could face a fine of up to $25,000 and a maximum of three years in prison.

Ambrosios railed in the 2015 blog post against a Greek politician who he said openly supported homosexuality.

“Homosexuality is a diversion from the Laws of Nature! It is a social felony! It is a sin! Those who either experience it or support it are not normal people! It’s a scum of society,” a translation of Ambrosios’ blog post read (emphasis his).

Ambrosios directed his readers later in the post to remember the words of Lech Walesa of Poland, with regard to how they should treat those who support homosexuality and atheism.

“Hey, then, these scoundrels, spit on them! Discard them! Blacken(sic) them! They are not people! They are abodes of nature! Mental and spiritual suffering(sic)! They are people with mental disorders(sic),” Ambrosios quoted Walesa as saying.

Ambrosios is known for taking strong public stances against homosexuality and transgenderism and leading churches in opposition against legislation favoring LGBT individuals. Ambrosios directed churches in his diocese to protest the passing of a law in October of 2017 that allowed Greek citizens to identify as whichever gender they choose.

“It is an outrageous inspiration for someone to change his gender in a few minutes, with a simple declaration, so contrary to what God has gifted people with … whoever has ‘gender dysphoria’ is mentally ill,” a statement approved by the orthodox leaders of Kalavryta read concerning the law.

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Authored by Tsvetana Paraskova via OilPrice.com,

If crisis-hit Venezuela was hoping to pay off its US$3.15-billion debt to Russia with its new cryptocurrency, those hopes have been shattered as the Russian Finance Ministry announces that it won’t be accepting digital coin.

Venezuela will not be paying any part of its debt to Russia with its cryptocurrency, the head of the Russian Finance Ministry’s state debt department, Konstantin Vyshkovsky, has said.

In November last year, Russia threw a life-line to Venezuela after the two countries signed a deal to restructure US$3.15 billion worth of Venezuelan debt owed to Moscow. Under the terms of the deal, Venezuela will be repaying the debt over the next ten years, of which the first six years include “minimal payments”.

The following month, Venezuelan President Nicolas Maduro announced that his country would be issuing an oil-backed cryptocurrency, which it did, in February this year.

Maduro’s propaganda machine is touting the digital coin as a ‘ground-breaking’ first-ever national crypto currency, the El Petro–backed by 5 billion barrels of oil reserves in Venezuela’s Orinoco Belt.

But most observers see this crypto issuance as a desperate attempt to skirt U.S. financial sanctions.

Earlier this month, U.S. President Donald Trump banned U.S. purchases, transactions, and dealings of any digital coin or token issued for or by the government of Venezuela.

Last week, Time magazine reported that Russia secretly helped Venezuela in creating the Petro, with the purpose of undermining the power of U.S. sanctions, the magazine reported, citing sources familiar with the effort.

Russia slammed the Time report as “fake news”, with Deputy Director of the Information and Press Department of the Russian Foreign Ministry, Artyom Kozhin, saying that Russia and Venezuela had never worked together on the development of the Venezuelan cryptocurrency.

Russia and China are the last holdouts that still finance Venezuela, which is digging deeper into the downward spiral of economic crisis, hyperinflation, and crumbling oil production. However, China is reportedly thinking of cutting off Venezuela from new loans. This would leave Russia as the only financial supporter of the Maduro regime, and if all it’s got is a crypto coin that no one really believes in to pay off debt, loans are likely to be plentiful.

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Authored by Alex Gorka via The Strategic Culture Foundation,

Strange things happen in East and Central Europe that get little mention from media outlets.  Two heads of state, the PMs of Slovenia and Slovakia, resigned almost simultaneously.

Slovak Prime Minister Robert Fico was a victim of the scandal over the murder of Jan Kuciak, a journalist who was investigating government corruption.  The PM had to step down amid mass street protests.

Mr. Fico was known for his support of a stronger Visegrad Group. He opposed Brussels on many issues. It’s worth noting that he called for lifting sanctions and improving relations with Moscow. The PM was adamant that Russia was a reliable energy partner.  Is it a coincidence that he was forced to resign amid the anti-Russia campaign triggered by the Skripal case and other obviously concocted stories used as false pretexts for incessant attacks on Moscow? Wasn’t he a threat to the so-called unity of the EU against Russia? He definitely was.   

The PM did not hide the fact that his decision was made under great pressure. The ouster was engineered by outside forces, including philanthropist billionaire George Soros. For instance, Slovak President Andrej Kiska had a private meeting with the billionaire in September, 2017. It was a one-on-one conversation. No Slovak diplomat was present there.

According to Foreign Minister Miroslav Lajčák, “George Soros is a man who has had a major influence on the development in Eastern and Central Europe and beyond. That is a fact that cannot be questioned.” PM Viktor Orbán had this say about the event: “George Soros and his network are making use of every possible opportunity to overthrow governments that are resisting immigration.”

Slovenian PM Miro Cerar was attacked by Soros for his opposition to the EU policy on immigration. George Soros did not hide the fact that he was an ardent opponent of Miro Cerar’s stance. “It is an obligation for Europe to receive migrants,” the US financier lectured Europeans.  Now the PM has to go, after the results of a referendum on a key economic project were annulled by the top court and the media attacks on his stance regarding asylum seekers intensified. With Cerar no longer at the helm, the opposition movement to Brussels’s dictatorship has been weakened.

Who’s next?

Probably Hungary, which has become a target for Soros’s attacks.  The American billionaire has invested more than $400 million into his native country since 1989.  He has also announced his intention to influence the Hungarian election campaign and has employed 2,000 people for that purpose. The government wants its “Stop Soros” bills to become laws.  No doubt Hungary will come under attack for opposing the financier’s network.

Brussels will raise a hue and cry, criticizing the “undemocratic regime” ruling the country. The next parliamentary elections in Hungary will be held on April 8, 2018. It’ll be a tough fight to preserve independence while fending off attempts to impose US pressure through Soros-backed NGOs and educational institutions.  

Soros’s activities are also being resisted in the Czech Republic. Czech President Milos Zeman has accused the groups affiliated with Soros of meddling in his nation’s internal affairs. The financier is urging the EU to lean on Poland and compel it to “preserve the rule of law.”

Macedonia, is also resisting the billionaire-inspired subversive activities that have an eye toward regime change. The “Soros network” has great influence on the European Parliament and other institutions. The scandalous list of Soros’s allies  includes 226 MEPs out of 751.  Every third member — just think about that! If that isn’t corruption then what is? The lawmakers being swayed from abroad dance to Soros’s tune. They do what they are told, which includes whipping up anti-Russia hysteria. 

Moscow has its own history of dealing with the Soros network. In 2015, George Soros’s Open Society Institute was kicked out of that country as an “undesirable organization” that was established to boost US influence. 

It would be really naïve to think that Soros acts on his own. It’s an open secret that the US government flagrantly meddles in other countries’ internal affairs using the billionaire as a vehicle. Europe is an American competitor that needs to be weakened. USAID and the Soros network often team up in pursuit of common objectives.  In March 2017, six US senators signed a letter asking the State Department to look into government funding of Soros-backed organizations. But those efforts went nowhere, Foggy Bottom is always on Soros’s side, whatever it is. 

Many European countries are engaged in a fierce battle to protect their independence. The financier’s “empire” is chomping at the bit to conquer Europe by means of bribes and subversive NGOs.  These countries and Russia are resisting the same threat. Perhaps that’s why the sanctions against Russia are so unpopular among many East European politicians.

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Authored by Brandon Smith via Alt-Market.com,

Public sentiment on the economy is generally influenced by to two false indicators – the national unemployment rate and stock markets. This is not to say the average person tracks either of these numbers very vigorously; they don’t. What they do is hear these numbers on the morning news, the radio news on their way to work (if they are employed) or they hear them on the evening news just before bed. If the jobless rate is low and the Dow is high, then all is right with the world, at least financially.

When it comes to the economy, most people are lost.

The average American, in particular, is not as oblivious to the world of political and social discourse as they are on economics. Whether on the left or the right of the political spectrum, most citizens know that lines are being drawn and ideological battles are accelerating into realms of the extreme.  Conservatives and the liberty activists that stand at the front line of the culture war understand quite well the threat of globalism and the “philosopher king” elitism of international financiers. They know that these criminals must eventually be dealt with if freedom and stability are to return to the world.

There is a rather common disinformation tactic used to manipulate people within conservative circles that has made a resurgence lately in the wake of the Trump election win. It is the idea that Americans within the “working class” aren’t interested in “high-minded” debates over philosophical conflicts, such as the conflicts between individualism versus collectivism and globalism. There is also the notion that “real” Americans could not care less about the elitist culprits behind the political theater of the false left/right paradigm.

This attitude is presented as a superior one. That is to say, disinformation agents play to people’s egos, suggesting that the working class should be focused on putting food on the table and money in their wallets and that the rest of this “intellectual nonsense” should be ignored as frivolous.

I have seen this working-class cultism before. When I lived in Pittsburgh for a time, there were many people who adopted the image of the steel mining working man, even though steel mining was almost non-existent in the region. People were extremely proud of the idea that they came from a tradition of industrial production, and technical and intellectual pursuits were predominantly ignored in the hopes of perpetuating the mining town mystic. The problem was, all of these folks were wage slaves now in the midst of Pittsburgh’s garbage economy. There were too many people scrambling for too few low wage jobs and production was a thing of the distant past.

And they were supposed to be proud of this?

The working class hero meme is nonsense. It is not a real thing; not anymore. It is something that appeals to many of us conservatives in particular, and it is a subject that politicians use to lure us with a pied piper song of reconstruction and reformation promises that they never intend to keep.

And, the idea that working Americans struggling to survive “do not care” about the bigger picture is a lie, perpetuated by disinformation peddlers trying to appeal to any misplaced sense of superiority. They want us all not only to remain ignorant, but to be prideful of that ignorance. They want us to look down our noses at anyone offering in-depth insight into why the world is becoming a harder place to live. In fact, they want us to revel in the struggle; to revel in self-flagellation and sing songs of how good we are at suffering and barely scraping by.

I mention this within an economic article because I do not see this disinformation tactic being successful, at least not yet. What I do see are millions upon millions of Americans who want answers, and many of them are well aware that the root of the problems they face today comes from globalism and globalists. All that is left is for them to understand the causes of the economic disasters they will soon face, so that they can prepare more effectively to counter them and change their own fates for the better.

The working man is smart enough to care about the bigger picture.  So, with that in mind…

If you have not been tracking economic activity for the past several years then the frenetic movements of markets recently might have you a bit confused. I’ll summarize the “great stock market recovery” that many people have grown accustomed to in a single quote from former president of the Federal Reserve Bank of Dallas:

“What the Fed did — and I was part of that group — is we front-loaded a tremendous market rally, starting in 2009.

It’s sort of what I call the ‘reverse Whimpy factor’ — give me two hamburgers today for one tomorrow.”

Fisher went on to hint at his very reserved view of the impending danger:

“I was warning my colleagues, Don’t go wobbly if we have a 10 to 20 percent correction at some point… Everybody you talk to… has been warning that these markets are heavily priced.” [In reference to interest rate hikes]

I want to break down the situation in the clearest terms possible so that there are no misconceptions here. The bottom line is this — the Federal Reserve through monetary stimulus packages and near zero interest rates engineered an artificial economic recovery from thin air.  But, just as they print money from thin air, everything the central banks create has fleeting value and will eventually crumble.

The Fed not only pumped trillions of fiat dollars into banks and corporations, they also purchased over $4 trillion (officially) in various assets.  These purchases coincided with interest rates so low that loans through the Fed were essentially free for corporate borrowers. But what did corporations do with these loans?

Well, they poured that cash into their OWN stocks, of course. They did this through something called “stock buybacks” which is basically a legal form of stock market manipulation. Companies purchase their own stocks and reduce the number of stocks circulating on the market, thereby elevating the value of the remaining stocks and pushing the Dow to new highs every year… until this year, that is.

The Fed’s control of stock market prices is made perfectly clear in this chart, which shows the S&P 500 rising in exact tandem with the Fed’s balance sheet purchases:

As I continually warned before the Fed pushed forward with balance sheet reductions, if stocks rallied in close relation to the rising balance sheet, then it only follows that stocks will crash as the balance sheet falls.  It appears as though this is exactly what is now happening.

You see, there is a problem with this model of economic alchemy. It only lasts so long as the central banks perpetually increase the ability of nations and corporations to take on debt. Ultimately, even central banks do not have the power to facilitate debt forever. They have limitations. That said, they never intended to continue with this farce anyway.

Giving the Federal Reserve the power to dictate the terms of the economic ‘recovery’ also gave them the power to dictate the terms of an economic collapse. And now with Donald Trump in office, an economic collapse can be achieved without the central bankers even getting any blame.

Donald Trump’s trade war activities set in motion by numerous tariffs have now provided a convenient cover for the banking elites. I do not believe it is a coincidence that Trump announces new trade measures (or fires an economic adviser) every time the Federal Reserve raises interest rates and cuts its balance sheet.

I also do not believe it is a coincidence that the Dow suffers a 1,200 to 1,500 point loss every time the Fed dumps more assets from its balance sheet. Recognize that the mainstream media barely mentions the Federal Reserve’s rate hikes and balance sheet cuts as being the cause of the renewed instability in stock markets. They blame Trump’s trade war rhetoric as the cause.

Again, I want to make this clear — Trump’s tariffs have little or nothing to do with the falling stock market. What Trump’s tariff theater does do is act as a smokescreen to hide the Fed’s culpability in the crash to come.

I warned of this distraction dynamic in January of this year in my article ‘Party While You Can – Central Bank Ready To Pop The ‘Everything’ Bubble‘.

It is not just the Fed that is pulling the plug on stock market support. Central banks around the globe are tightening policy, raising interest rates and halting purchases of new assets. It is important to remember that the fiscal bull run that the central banks conjured up since the crash of 2008 cannot continue unless the central banks continue to expand debt through purchases and easy credit. They are now doing the reverse.

And if you think the central bankers are somehow ignorant of what they are triggering here, then I suggest you read the new Federal Reserve chairman Jerome Powell’s thoughts in 2012 on the matter. He states unequivocally what will happen if the fed raises interest rates and dumps the balance sheet.

Powell made these comments in 2012, yet in 2018 he is implementing the exact measures he warned about. The Fed is perfectly aware that it engineered a recovery and now it is perfectly aware that it is engineering a calamity, and Powell is as big a part of the banking cabal as Yellen or Bernanke ever were.

A pattern appears to have developed in the past few months in terms of the ongoing decline in stocks. Every time the Fed cuts the balance sheet or raises interest rates stocks plunge by around 1,200-1,500 points within a few days. Then, there is a smaller rebound about a week later, which then fizzles out going into the next month as stocks return to a slower grinding downward trajectory. Then the cycle starts all over again.

New monthly highs are being replaced with new monthly lows as stocks are being steam valved down with each fresh balance sheet cut.

While stocks in the grand scheme of things are generally irrelevant, they still represent a psychological marker for the public. As go stocks, so goes the economic sentiment of the masses. It is an unfortunate thing, but also a true thing.

I expect that as the balance sheet cuts increase in size, it will become more difficult for stock markets to produce meaningful rebounds. Which means the bankers will need even greater distractions from the Trump administration and other political assets to hide the true source of the economic breakdown. A trade war alone will probably not be enough. Some regional wars are likely in the making. As these events unfold, it is vital that as many people as possible are made aware of the real reason and the real criminals behind them. A time of reckoning is required, and a reckoning requires accountability.

The banking elites hope to cause so much confusion and catastrophe that the masses will forget who was truly behind it all. We might not be able to stop the greater crash from taking place, but we can prepare accordingly, and we can educate others so that we can stop the culprits from fading back into the fog.

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Bonuses on Wall Street are up sharply!

Profits in the securities industry rose in 2017 for the second consecutive year, with Statista’s Dyfed Loesche pointing out that the average bonus paid to industry employees in New York City jumped 17 percent to reach $184,220, according to the comptroller Thomas P. DiNapoli.

He comes to the conclusion that tighter regulation of the financial markets since the crisis hasn’t stood in the way of trading, as New York Stock Exchange member firms’ profits totaled $24.5 billion in 2017, the highest level since 2010.

Compared to the average U.S. household income this is quite some money, keeping in mind these are payments on top of the regular pay.

You will find more infographics at Statista

In 2016, the average Wall Street bonus stood at close to $158,000 dollars and thus three times as high as the median household income of a little more than $59,000. (The U.S. Census Bureau has not yet released official household figures for 2017). The average number of people living in an American household stands at 2.5.

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Authored by Daisy Luther via The Organic Prepper blog,

Recently, the news has been all abuzz with teen activists who want to take away our guns but refuse to use clear backpacks, the Facebook privacy scandal, and how someone bit Beyonce in the face. But there are three recent events that aren’t getting much press which tell us it is entirely possible that we could be headed toward World War III at worst and toward an economic collapse at best.

During the election, it really seemed as though Hillary Clinton as president would be a much more likely path to World War III. She even gloated of the actions she planned to take that would have led directly and immediately to war. Donald Trump as president seemed less likely to get us into a war with Russia, but it appears the tides may have turned back in that direction.

#1) The Trade Tariffs

We’re already at financial war with China due to punitive trade tariffs that our governments are instituting on one another. President Trump wants to rebalance global trade in America’s favor, and China isn’t going to go down without a fight. Here’s more information on the list of tariffs the US wants to charge for Chinese merchandise and the retaliatory list from China.

The last time we were involved in a major trade war, the Great Depression happened, according to an economics expert for CNN.

America’s last trade war exacerbated the Great Depression in the 1930s, when unemployment rose to 25%. Claiming it was protecting American jobs, Congress passed the Smoot-Hawley Act in 1930. The original bill was meant to protect farmers. But to build political support, many lawmakers asked for tariffs — or taxes — on all sorts of goods in exchange for their vote.

Several nations, such as Canada, slapped steep tariffs — or taxes — on US goods shipped and sold abroad. For example, US exports of eggs to Canada fell to 7,900 in 1932 from 919,000 in 1929, according to Doug Irwin, a Dartmouth professor and former trade adviser to President Reagan.

The result: US imports fell 40% in the two years after Smoot-Hawley. Banks shuttered. Unemployment shot up. Surely, there were a litany of factors at play. But economists widely agree Smoot-Hawley made the Great Depression much worse than otherwise. (source)

And what happened at the end of the Great Depression? World War II happened, and this ended the unemployment and resulted in a spending frenzy that pumped up the economy. There’s always an increase in the GDP during wartime due to defense spending. But that is one hell of a bad way to fix the economy, don’t you think?

#2) The PetroYuan

As of Monday, March 27th, the US has lost petrodollar status. The petrodollar now has competition in the form of the petroyuan. What this means is that previously, the only way anyone in the world could buy oil was to use US dollars to do so. This kept the value of our currency high. But now, Russia and China are buying oil using the yuan. Others may soon follow because the United States has ticked off a majority of the planet in the past century.

What does this mean for Americans? Inflation. Major inflation. If our dollar is worth less on the global scale, it means that anything we import is going to cost more.  If you want the super-detailed economic explanation, this article and video will provide the in-depth info you want on the history and potential collapse of the petrodollar.

Many articles have been written about the possibility that the United States will go to war to protect the petrodollar status. This one is a good read. For a quick explanation, watch this video.

#3) Kicking Out the Russian Diplomats

We also kicked 60 Russian Diplomats out of the United States because Russia was accused of poisoning their own spy on British soil.

Trump took the action after the US joined the United Kingdom in accusing Russia of attempting earlier this month to murder a former Russian double agent and his daughter using a nerve agent in the town of Salisbury, England. The action comes just 11 days after the Trump administration leveled the first sanctions against Russia for its interference in the 2016 US presidential election.

“The United States takes this action in conjunction with our NATO allies and partners around the world in response to Russia’s use of a military-grade chemical weapon on the soil of the United Kingdom, the latest in its ongoing pattern of destabilizing activities around the world,” White House press secretary Sarah Sanders said in a statement. (source)

Russia, the world’s favorite scapegoat recently, denies responsibility for the poisoning.

“It’s complete drivel, rubbish, nonsense that somebody in Russia would allow themselves to do such a thing ahead of elections and the World Cup,” Putin told supporters after winning a fourth term as president.

“We have destroyed all chemical weapons,” he added, rejecting Britain’s claim that only Moscow could be behind the nerve agent attack on former double agent Sergei Skripal and his daughter Yulia. (source)

As for the dozens of Russian diplomats expelled from countries around the world, Russia has promised a response.

RIA Novosti reports an unnamed foreign ministry official protested the decision by EU, NATO nations to expel envoys, and  confirmed that Russia will respond to each country expelling diplomats, warning that the “expulsions won’t go unanswered.”

“Unfriendly” action won’t be left unanswered.

U.K.’s allies are “blindly following” principle of Euro-Atlantic unity at the expense of common sense.

Additionally, Russia’s ambassador to Washington, Anatoly Antonov, said that, with regard to the US response, “US only understand force.“

“I mentioned in my statement in the State Department that I consider these actions counterproductive,” Antonov said.

“I said that the United States took a very bad step by cutting what very little still remains in terms of Russian-American relations.” (source)

Whether Russia was responsible for the poisoning of their former agent or not, this incident and the response could lead to…you guessed it…war.

President Trump Seems to be Building a War Cabinet

If Russia and China decide to team up, it’s a safe bet they won’t just be making passive aggressive comments about the US. We can look for a brutal and decisive attack. Whether the United States strikes first or gets hit first would be the only thing in question.

Whatever the case, it looks like the White House is expecting war.

There was more upheaval in Washington DC last week when President Trump replaced his National Security Advisor. Many people were shocked when Trump booted H.R. McMaster and replaced him with an avid Warhawk, John Bolton.

“I am pleased to announce that, effective 4/9/18, @AmbJohnBolton will be my new National Security Advisor. I am very thankful for the service of General H.R. McMaster who has done an outstanding job & will always remain my friend. There will be an official contact handover on 4/19.”

“The two have been discussing this for some time. The timeline was expedited as they both felt it was important to have the new team in place, instead of constant speculation,” a White House official said. “This was not related to any one moment or incident, rather it was the result of ongoing conversations between the two.” (source)

John Bolton ranks up there on my List of Really Bad Choices along with Jeff Sessions and Mike Pompeo. Bolton served as a U.N. ambassador under President George W. Bush. He has openly been a supporter of aggressive military actions for decades. With former head of the CIA Mike Pompeo, these two are bound to lead us into a bloody and brutal war with…well, just about everyone.

It is no coincidence that next in line for Donald Trump’s secretary of state position is Pompeo himself. Together, Bolton and Pompeo will be able to advise Trump on anti-North Korean and anti-Iranian platforms so hawkish there is no telling what’s to come (though we have a fairly decent idea).

As some of you may know, John Bolton’s hawkishness has already led to some of the most despicable foreign policy agendas of our generation. (source)

Just to give you an idea of Bolton’s thought processes, check out his 2015 op-ed for the New York Times, titled, “To Stop Iran’s Bomb, Bomb Iran” which was followed by a recent op-ed for the Wall Street Journal called, “The Legal Case For Striking North Korea First.” Learn more about the world according to John Bolton in this article, littered with horrifying quotes right from the horse’s mouth.

So, while it seemed as though we were moving forward when Kim Jong Un agreed to talks with President Trump about giving up his nukes, we’ve just moved 10 steps back with this new “war cabinet.” And that’s exactly what Pat Buchanan, advisor to three presidents and syndicated columnist has called it.

President Donald Trump seems to be creating a war cabinet.

Trump himself has pledged to walk away from the Iran nuclear deal — “the worst deal ever” — and reimpose sanctions in May.

His new national security adviser John Bolton, who wrote an op-ed titled “To Stop Iran’s Bomb, Bomb Iran,” has called for preemptive strikes and “regime change.”

Secretary of State-designate Mike Pompeo calls Iran “a thuggish police state,” a “despotic theocracy,” and “the vanguard of a pernicious empire that is expanding its power and influence across the Middle East.”

Trump’s favorite Arab ruler, 32-year-old Saudi Prince Mohammed bin Salman, calls Iran’s Ayatollah Khamenei “the Hitler of the Middle East.”

Bibi Netanyahu is monomaniacal on Iran, calling the nuclear deal a threat to Israel’s survival and Iran “the greatest threat to our world.”

U.N. Ambassador Nikki Haley echoes them all. (source)

Do you want a war? Because this is how you get a war.

Are you nervous yet?

Are we on the cusp of World War III? This has been a question I’ve asked numerous times recently for numerous reasons, but it sure seems like all the game pieces are being moved into place on the chessboard.

• We have a cabinet staffed with warmongers.
• We have a trade war with China.
• We ticked off Russia more than once.
• We’ve lost petrodollar status.

In the past, America has “resolved” its economic problems by going to war. Will this time be any different?

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