US Vows To Keep Gulf Waterway Open After Iran Threatens Blockade

As Americans are busy with July 4th celebrations, the temperature is heating up in the Persian Gulf a day after Iranian President Hassan Rouhani suggested Iran could stop all regional gulf oil exports in retaliation for the US seeking to collapse the nuclear deal, and in response to aggressive new US sanctions. 

Image source: Vestnik Kavkaza

“The Americans have claimed they want to completely stop Iran’s oil exports. They don’t understand the meaning of this statement, because it has no meaning for Iranian oil not to be exported, while the region’s oil is exported,” the state-run website, president.ir, quoted Rouhani as saying. “The Americans say they want to reduce Iranian oil exports to zero… It shows they have not thought about its consequences,” Rouhani said. 

After the provocative Iranian statements, widely understood as a threat to impose military blockade on the world’s most crucial oil choke point, spokesman for the US military’s Central Command, Captain Bill Urban, told the Associated Press on Wednesday that US sailors and its regional allies “stand ready to ensure the freedom of navigation and the free flow of commerce wherever international law allows”.

Washington has issued an ultimatum to countries dealing with Iran: halt all imports of Iranian oil from Nov. 4 or face punitive US economic measures with no exemptions. Rouhani called these threats “crime and aggression” and an act of “self-harm” as the unwavering stance is “against U.S. national interests and the interests of other countries.” He said this while in Vienna attempting to rally European governments to stand against Trump’s policies targeting Tehran. 

Previous threats by Iranian officials to possibly take the drastic action of blocking the the Strait of Hormuz — though once easily shrugged off as empty talk — are now coming to a head as the elite Islamic Revolutionary Guard Corps (IRGC) has thrown its full weight behind Rouhani’s words, to which the Pentagon responded, issuing its firm response promising to keep the waterway open through military action if need be.

Though Rouhani’s initial words could be somewhat open to interpretation, IRGC commander Major-General Qassem Soleimani followed up on Wednesday in a published letter addressed to the Iranian president: “Your comments, carried by the media, that if the Islamic Republic’s oil isn’t exported there would be no guarantees for the whole region’s oil to be exported, is a very valuable comment,” Soleimani wrote, “I kiss your (Rouhani’s) hand for expressing such wise and timely comments, and I am at your service to implement any policy that serves the Islamic Republic,” he said. 

As Quds force leader (the special forces IRGC unit engaged in of foreign operations), Soleimani is precisely the one who would oversee such an operation as blocking Gulf exports. The Straight of Hormuz at its narrowest is about 31 miles wide and approximately 20% of the world’s seaborne oil passes through it, annd the IRGC has in the past threatened the passageway by conducting war games, such as during a period of heightened tensions with the West over the straight in 2011 and 2012. 

via AFP

To put things in perspective considering potential disruption, the last major crisis of global economic consequence took place nearly three decades ago

The largest oil market disruption ever occurred in August 1990, when Iraq’s invasion of Kuwait took 4.3 million barrels per day of oil off the market—about 6.5 percent of world supply. That stoppage caused world oil prices to double (from about $20 to $40 per barrel). But a blockade of Hormuz would cut off nearly four times as much oil as the Kuwait crisis did, disrupting a share of the oil market three times greater.

Meanwhile, Iran OPEC governor, Hossein Kazempour Ardebili, weighed in with dire warnings in statements carried by Iran’s oil ministry news agency SHANA.

“Trump’s demand that Iranian oil should not be bought, and (his) pressures on European firms at a time when Nigeria and Libya are in crisis, when Venezuela’s oil exports have fallen due to U.S. sanctions, when Saudi’s domestic consumption has increased in summer, is nothing but self harm,” Ardebili said. 

“It will increase the prices of oil in the global markets,” he said, and echoing Rouhani’s theme of US “self-harm” he added, “At the end it is the American consumer who will pay the price for Mr. Trump’s policy.”

So far the EU is standing by Iran as a major longtime oil importer, but some European officials have acknowledged US sanctions will create an unpredictable environment, potentially making guarantees to Tehran impossible to fulfill. 

Iran has reportedly taken measures to gear up for survival amidst the coming economic war, according to Bloomberg, offering to barter oil for goods. “We have informed our oil customers that we will only buy their commodities if they buy our crude,” stated the spokesman for Parliament’s energy commission.

This reportedly the result of OPEC’s third-largest producer being unable to bring dollars or euros in exchange for crude because of “banking problems,” which, according to the spokesman, means Iran is open to alternative means of payment, including medical equipment and agricultural products.

Concerning this week’s heightened rhetoric over the Straight of Hormuz, should the IRGC attempt to block it, such a drastic retaliatory measure would most certainly spark war in the Persian Gulf. 

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Trump Reportedly Asked Aides About Invading Venezuela

Apparently, President Trump’s offhanded remarks about sending tanks to Venezuela were more than just a scare tactic. Trump reportedly asked a group of senior administration officials why the US couldn’t simply invade Venezuela during a meeting in the Oval Office, according to the New York Post. The meeting was called to discuss sanctions against members of the Venezuelan regime.

Trump

​Trump’s suggestion shocked members of his administration who were in the room, including former Secretary of State Rex Tillerson and former national security adviser HR McMaster. Months later, Trump was told by his aides not to mention his invasion suggestion during private dinner with leaders from four Latin American allies on the sidelines of the UN General Assembly. But he did it anyway, surprising members of his staff. Trump also raised the idea with Colombian President Juan Manuel Santos.

McMaster was reportedly among the advisors who explained to the president that a strike against Venezuela could jeopardize US support with other Latin American governments that have also condemned Maduro’s treatment of his political opposition. Still, Trump persisted, bringing up the invasions of Panama and Grenada in the 1980s.

Maduro
President Nicolas Maduro

The day after the meeting, Trump publicly raised the possibility of a “military option” for ending the unrest in Venezuela.

“We are all over the world and we have troops all over the world in places that are very, very far away,” the president said. “Venezuela is not very far away and the people are suffering, and they are dying. We have many options for Venezuela, including a possible military option if necessary.”

Within days, Maduro organized a rally that filled the street’s of Caracas with government loyalists, who condemned “Emperor Trump’s” aggressive rhetoric.

Since Trump’s inauguration, the US, Canada and Europe have levied sanctions on dozens of senior government officials, including Maduro, over allegations of corruption, drug trafficking and human rights abuses.

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Whitehead: The Danger Is Real – We Need a New Declaration Of Independence For Modern Times

Authored by John Whitehead via The Rutherford Institute,

“These are the times that try men’s souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands it now deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.”—Thomas Paine, December 1776

Imagine living in a country where armed soldiers crash through doors to arrest and imprison citizens merely for criticizing government officials.

Imagine that in this very same country, you’re watched all the time, and if you look even a little bit suspicious, the police stop and frisk you or pull you over to search you on the off chance you’re doing something illegal. 

Keep in mind that if you have a firearm of any kind while in this country, it may get you arrested and, in some circumstances, shot by police.

If you’re thinking this sounds like America today, you wouldn’t be far wrong.

However, the scenario described above took place more than 200 years ago, when American colonists suffered under Great Britain’s version of an early police state. It was only when the colonists finally got fed up with being silenced, censored, searched, frisked, threatened, and arrested that they finally revolted against the tyrant’s fetters.

No document better states their grievances than the Declaration of Independence.

A document seething with outrage over a government which had betrayed its citizens, the Declaration of Independence was signed on July 4, 1776, by 56 men who laid everything on the line, pledged it all—“our Lives, our Fortunes, and our sacred Honor”—because they believed in a radical idea: that all people are created to be free.

Labeled traitors, these men were charged with treason, a crime punishable by death. For some, their acts of rebellion would cost them their homes and their fortunes. For others, it would be the ultimate price—their lives. 

Yet even knowing the heavy price they might have to pay, these men dared to speak up when silence could not be tolerated. Even after they had won their independence from Great Britain, these new Americans worked to ensure that the rights they had risked their lives to secure would remain secure for future generations. The result: our Bill of Rights, the first ten amendments to the Constitution.

Imagine the shock and outrage these 56 men would feel were they to discover that 242 years later, the government they had risked their lives to create has been transformed into a militaristic police state in which exercising one’s freedoms is often viewed as a flagrant act of defiance.

Indeed, had the Declaration of Independence been written today, it would have rendered its signers terrorists, resulting in them being placed on a government watch list, targeted for surveillance of their activities and correspondence, and potentially arrested, held indefinitely, stripped of their rights and labeled enemy combatants.

The danger is real.

We could certainly use some of that revolutionary outrage today.

Certainly, we would do well to reclaim the revolutionary spirit of our ancestors and remember what drove them to such drastic measures in the first place.

Then again, perhaps what we need is a new Declaration of Independence.

Re-read the Declaration of Independence for yourself and ask yourself if the abuses suffered by early Americans at the hands of the British police state don’t bear a startling resemblance to the abuses “we the people” are suffering at the hands of the American police state.

If you find the purple prose used by the Founders hard to decipher, here’s my translation of what the Declaration of Independence would look and sound like if it were written in the modern vernacular:

There comes a time when a populace must stand united and say “enough is enough” to the government’s abuses, even if it means getting rid of the political parties in power.

Believing that “we the people” have a natural and divine right to direct our own lives, here are truths about the power of the people and how we arrived at the decision to sever our ties to the government:

All men and women are created equal.

All people possess certain innate rights that no government or agency or individual can take away from them. Among these are the right to Life, Liberty and the pursuit of Happiness.

The government’s job is to protect the people’s innate rights to Life, Liberty and the pursuit of Happiness. The government’s power comes from the will of the people.

Whenever any government abuses its power, it is the right of the people to alter or abolish that government and replace it with a new government that will respect and protect the rights of the people.

It is not wise to get rid of a government for minor transgressions. In fact, as history has shown, people resist change and are inclined to suffer all manner of abuses to which they have become accustomed. 

However, when the people have been subjected to repeated abuses and power grabs, carried out with the purpose of establishing a tyrannical government, people have a right and duty to do away with that tyrannical Government and to replace it with a new government that will protect and preserve their innate rights for their future wellbeing.

This is exactly the state of affairs we are under suffering under right now, which is why it is necessary that we change this imperial system of government.

The history of the present Imperial Government is a history of repeated abuses and power grabs, carried out with the intention of establishing absolute Tyranny over the country. 

To prove this, consider the following:

The government has, through its own negligence and arrogance, refused to adopt urgent and necessary laws for the good of the people.

The government has threatened to hold up critical laws unless the people agree to relinquish their right to be fully represented in the Legislature.

In order to expand its power and bring about compliance with its dictates, the government has made it nearly impossible for the people to make their views and needs heard by their representatives.

The government has repeatedly suppressed protests arising in response to its actions.

The government has obstructed justice by refusing to appoint new judges and has demanded that the Court comply with the government’s dictates.

The government has allowed its agents to harass the people and steal from them.

The government has directed militarized government agents—a.k.a., a standing army—to police domestic affairs in peacetime.

The government has turned the country into a militarized police state.

The government has conspired to undermine the rule of law and the constitution in order to expand its own powers.

The government has allowed its militarized police to invade our homes.

The government has failed to hold its agents accountable for wrongdoing and murder.

The government has jeopardized our international trade agreements.

The government has taxed us without our permission.

The government has denied us due process and the right to a fair trial.

The government has engaged in extraordinary rendition.

The government has continued to expand its military empire and occupy foreign nations.

The government has eroded fundamental legal protections and destabilized the structure of government.

The government has declared its federal powers superior to those of the states.

The government has ceased to protect the people and instead waged war against the people.

The government has plundered our seas, ravaged our Coasts, burned our towns, and destroyed the lives of the people.

The government has employed private contractors and mercenaries to carry out acts of death, desolation and tyranny, totally unworthy of a civilized nation.

The government has pitted its citizens against each other.

The government has stirred up civil unrest and laid the groundwork for martial law.

Repeatedly, we have asked the government to cease its abuses. Each time, the government has responded with more abuse.

An Imperial Ruler who acts like a tyrant is not fit to govern a free people.

We have repeatedly sounded the alarm to our fellow citizens about the government’s abuses. We have warned them about the government’s power grabs. We have appealed to their sense of justice. We have reminded them of our common bonds.

They have rejected our plea for justice and brotherhood. They are equally at fault for the injustices being carried out by the government.

Thus, for the reasons mentioned above, we the people of the united States of America declare ourselves free from the chains of an abusive government. Relying on God’s protection, we pledge to stand by this Declaration of Independence with our lives, our fortunes and our honor.

That was 242 years ago.

In the years since early Americans first declared and eventually won their independence from Great Britain, we—the descendants of those revolutionary patriots—have somehow managed to work ourselves right back under the tyrant’s thumb.

Only this time, the tyrant is one of our own making: the U.S. government.

The abuses meted out by an imperial government and endured by the American people have not ended. They have merely evolved.

“We the people” are still being robbed blind by a government of thieves.

We are still being taken advantage of by a government of scoundrels, idiots and cowards.

We are still being locked up by a government of greedy jailers.

We are still being spied on by a government of Peeping Toms.

We are still being ravaged by a government of ruffians, rapists and killers.

We are still being forced to surrender our freedoms—and those of our children—to a government of extortionists, money launderers and professional pirates.

And we are still being held at gunpoint by a government of soldiers: a standing army.

Given the fact that we are a relatively young nation, it hasn’t taken very long for an authoritarian regime to creep into power.

Unfortunately, the bipartisan coup that laid siege to our nation did not happen overnight.

It snuck in under our radar, hiding behind the guise of national security, the war on drugs, the war on terror, the war on immigration, political correctness, hate crimes and a host of other official-sounding programs aimed at expanding the government’s power at the expense of individual freedoms.

The building blocks for the bleak future we’re just now getting a foretaste of – police shootings of unarmed citizens, profit-driven prisons, weapons of compliance, a wall-to-wall surveillance state, pre-crime programs, a suspect society, school-to-prison pipelines, militarized police, overcriminalization, SWAT team raids, endless wars, etc. – were put in place by government officials we trusted to look out for our best interests and by American citizens who failed to heed James Madison’s warning to “take alarm at the first experiment on our liberties.”

In so doing, we compromised our principles, negotiated away our rights, and allowed the rule of law to be rendered irrelevant.

There is no knowing how long it will take to undo the damage wrought by government corruption, corporate greed, militarization, and a nation of apathetic, gullible sheep.

The problems we are facing will not be fixed overnight: that is the grim reality with which we must contend.

Frankly, as I make clear in my book Battlefield America: The War on the American Peoplewe may see no relief from the police state in my lifetime or for several generations to come. That does not mean we should give up or give in or tune out.

Remember, there is always a price to be paid for remaining silent in the face of injustice.

That price is tyranny.

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Step Aside Italy: India Is Emerging As Ground Zero Of The World’s Biggest NPL Crisis

While bad loans in the Italian banking system have received a ton of attention from investors who fear that the Italians could inadvertently blow up the European banking union, it’s not the only financial landmine lurking among the world’s ten largest economies. To wit, while Italy has the largest percentage of non-performing loans among the world’s largest economies, India isn’t far behind and India’s economic recovery is built on an even shakier foundation.

According to Bloomberg, India’s $1.7 trillion formal banking sector is presently struggling with $210 billion in bad loans, most of which are concentrated within its state-owned banks. During the 2018 fiscal year, growth slowed to 6.7%, down from the previous year’s 7.1%, back to its levels from 2014, before Modi came to power.

The state banks have been so badly mismanaged that some analysts say the country’s banking crisis is an opportunity for private sector banks, as CNBC reported.

“If you take a 10-year view, currently the private sector banks’ market share is 30 percent. Probably it will become 60 percent,” Sukumar Rajah, senior managing director at Franklin Templeton Emerging Markets Equity, told CNBC.

As a result, he said, “the overall health of the banking system will improve because the better banks will be a bigger portion of the market and the weaker banks will become a smaller portion of the market.”

Some also see opportunities for investment bankers looking to underwrite corporate bond issuance in the country..

“My view is that, incrementally, a lot of long-term financing of corporate India can also be met by the corporate bond market, which has developed reasonably well,” he said.

“Between the corporate bond market and the private banks, I think most of the requirements can be met as far as corporate India is concerned.” When it comes to lending directly to individuals, Prasad said that is mostly done by the private banks and non-banking financial companies.

Supposedly, “reform” Prime Minister Narendra Modi has tried to force state-owned banks to make genuine oversight improvements. Still, they’ve continued to struggle. Late last year, Modi’s government authorizeda $32 billion “recapitalization” (bailout?) from Modi. His decision led to a rally in India’s Sensex equity index that was led by the banks.

But unfortunately for investors, the happy times weren’t built to last. In February, a scandal of historic proportions exploded into public view. State-owned PNB bank revealed that employees inside its Mumbai branch helped facilitate the largest banking fraud in India’s history, a fraud involving nearly $2 billion in loans to companies that didn’t exist.

What’s worse, thanks to the banks nonexistent internal controls, nobody realized what was happening for more than six years.

Since then, PNB has promised to improve its internal monitoring, and has quietly closed the Mumbai branch. But PNB has lost half its market capitalization and other state-owned banks have also been hid hard. So far, Indian authorities haven’t been able to recover the stolen cash or arrest the culprits – who remain in hiding abroad. But confidence in state banks has hardly improved.

And that’s a huge problem, because the country’s state banks do the bulk of the country’s lending. And they also hold nearly all of the Indian banking system’s bad debt. 

India

The problem has shaken confidence in the entire Indian economy, evidenced by the fact that the Indian rupee just hit a new record low.

Rupee

Eventually, when the NPL reckoning is finally resolved, the country’s GDP will crumble as credit freezes up. And lest you thought this was a storm in a teacup, it appears the shareholders of the world’s most systemically important banks disagree and are selling with both hands and feet…

Banking

And the last time GSIBs tumbled at this pace, the world’s central banks suddenly re-accelerated their money printing and saved the world…

Banking

What will save the banks this time?

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“20lbs Of Human Waste” – Major Medical Convention Abandons San Francisco Citing Street Safety

A foul odor permeated from a massive bag of human excrement sludge left on a street corner in San Francisco’s Tenderloin district Saturday. As SFGate reports, the horrendous smell and sight quickly gained notoriety when a Reddit user posted a screen shot of a report made to San Francisco’s Citizen app for identifying crimes.

“Twenty pounds of feces dumped onto sidewalk,” the report called out.

The waste is largely linked to the thousands of people living in the city without housing and without access to public restrooms.

And now, as HotAir.com’s John Sexton reports, the disgusting nature of some San Francisco streets is now starting to have significant economic impact.

Tourism is big business in San Francisco, bringing in $9 billion dollars a year to the city’s businesses. Now, a major medical convention expected to bring in 15,000 visitors and drop $40 million in less than a week has decided it will stop bringing its members to the City by the Bay because they don’t feel safe walking the streets. From the San Francisco Chronicle:

“It’s the first time that we have had an out-and-out cancellation over the issue, and this is a group that has been coming here every three or four years since the 1980s,” said Joe D’Alessandro, president and CEO of S.F. Travel, the city’s convention bureau…

“They said that they are committed to this year and to 2023, but nothing in between or nothing thereafter,” D’Alessandro said. “After that, they told us they are planning to go elsewhere — I believe it’s Los Angeles.”

The doctors group told the San Francisco delegation that while they loved the city, postconvention surveys showed their members were afraid to walk amid the open drug use, threatening behavior and mental illness that are common on the streets.

It’s actually not hard to see why tourists would look for a nicer place to visit. The city is filled with homeless campsopen drug use in public areas, and petty crime. There were 31,000 thefts from vehicles reported in 2017, which works out to 85 per day. Garbage, drug needles, and human feces are ubiquitous sights and smells on the streets. Just yesterday a local news station ran a story about multiple complaints about a 20-pound bag of feces that was abandoned on the street.

CBS affiliate KPIX 5 has a story on the convention complete with man-on-the-street interviews. The people they talked to aren’t shocked by the decision:

Tourists once took home memories of famed cable cars. These days, too often it is of the image of someone begging, or dancing in circles, or just wandering around the streets intoxicated or mentally ill.

“You can smell it,” says one tourist.

“I come from a third world county and it is not as bad as this,” says another.

Here’s the report.

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How To Make Your Life A Declaration Of Independence

Authored by Daisy Luther via The Organic Prepper blog,

A couple of centuries ago, our country’s Founding Fathers wrote and signed a declaration of our independence from another country. They included a bill of the rights that they wished to ensure for their descendants. While not perfect people, by any means, they tried to create a nation of liberty that would go on for centuries to come.

What people seem to be missing is that the Bill of Rights isn’t a list of ‘privileges’ granted to us by gray-haired rich men in the 1700s. We are endowed with natural human rights from the moment we are born.  We also bear the responsibility to protect our independence from those who would subjugate us.

Fast forward to our current day. Human ingenuity has come so far in many ways, but at the same time, many have lost that spark of liberty, that sense of compassion, and that pride that urges us to achieve even greater things. There are so many people in our country who are just ready to turn over all control of their lives and wait for a handout.

Our education system has had a great hand in this. These days, many educators are more likely to wax poetic over the joys of socialism than to tempt students to greatness with the benefits of capitalism. And decades of indoctrination is beginning to overcome centuries of liberty-minded ideals.

Lately, the 4th of July simply makes me sad.

I was trying to summon up a rush of pride to write about what makes our country great, and all I could think about was how far we’ve sunk. How distant we’ve ventured from those original settlers who said, “No more!” and declared their independence. They fought and sacrificed to be free of a government that oppressed them, taxed them, stole from them, and enforced rules without any type of representation upon them.

We have somehow forgotten what freedom really means and so we have lost it, incrementally and for many people, voluntarily.

Here we stand today, on July 4, 2018, with a government that has systematically crushed the rights that were demanded more than 240 years ago when the founding fathers signed the Declaration of Independence. And I’m not just talking about the current administration. This stuff has been going on for decades, if not longer.

  • They tax us unreasonably, and if we don’t pay, they will take the money right from our bank accounts or steal our possessions.

  • In many states, we must ask for permission to catch a fish, drive a car, own a gun, or build an extra room onto our homes, just to name a few.

  • Permits and licenses are big revenue generators from start to finish – and if you proceed without asking permission, they will extort more money from you in the form of fines. If you refuse to pay the fines (or if you can’t) they’ll kidnap you and lock you in a cage, where you’ll be forced to perform manual labor for 10 cents an hour for whatever length of time the legal authorities feel is sufficient to teach you a lesson.

  • Then there’s civil asset forfeiture. In many instances, without due process or a trial, our possessions and money can be taken from us on the “suspicion” that they are the benefits of some crime we haven’t been convicted of.

  • We’re unable to voice our opinions without incurring the wrath of so-called social justice warriors, who may actually mean well in an idealistic kind of way, but end up causing more oppression when they try to right a wrong by forcing people to abide by their way of thinking. And this is only if we get it past the censors on social media.

And yet, people comply. They truly believe that this is what freedom looks like. When they lose freedoms they comfort themselves with, “This is the price we pay to live somewhere safe and civilized.”

Every time a bad act occurs, people plead to give away even more of their freedom because they believe it will make them safer.  They are willing to be fondled and naked-body-scanned by the TSA in order to board a plane. They want to make a phone call and wait for the police to save them instead of picking up their own firearm and refusing to be a victim. They want to be surrounded by gun free zones, rainbows, and armed guards instead of taking responsibility for their own safety.

Somehow, this land of rugged individuals has become populated with scared children, who expect to be cared for, fed, protected, and made to feel good about themselves, all by government mandate. Many people seem to have no desire whatsoever to earn their keep, provide for their families, or take responsibility for their own safety. They expect the workplace to be one of sunshine and lollipops, with ample time off, equal pay for all, and. don’t forget, lots of kind words for everyone.

Our culture is just so incredibly dependent.

Freedom is terrifying to most people because it means that they and they alone, are responsible for the actions that they take. An independent person succeeds or fails on his or her own merit. Independence by its very nature means that the possibility of failure exists. It requires a sense of adventure, confidence, and the ability to fail and get right back up again, and it seems like these things are being bred right out of the American people.

What “independence” actually means

“Independent”, by definition, is the opposite of dependent. Here’s a whole list of definitions:

1. not influenced or controlled by others in matters of opinion, conduct, etc.; thinking or acting for oneself.

2. not subject to another’s authority or jurisdiction; autonomous; free

3. not influenced by the thought or action of others.

4. not dependent; not depending or contingent upon something else for existence, operation, etc.

5. not relying on another or others for aid or support.

6. rejecting others’ aid or support; refusing to be under obligation to others.

7. possessing a competency.

So, if you are, at heart, a free person, the above is a description of your character.

Maybe you read that list and realized it doesn’t describe you. With some hard work and a big dose of courage, it can. Here’s how:

You must reduce your dependence on everything that is out of your control.

You must reduce your dependence on the government, the large corporations, the transportation system, money, the banking system, entities like the FDA and the USDA. All of these are marketed to us to make it seem like we can’t survive without them.

Those who signed the Declaration of Independence, hundreds of years ago, knew this was the case. When Britain tried to coerce them and convince them that they needed help and governance from the other side of the ocean, those patriots decided that there was not one single thing that England could provide for them that they needed enough to remain under the rule of the King. (Here’s how high the cost of freedom was for some of those men.)

Once you decide that there’s nothing that you need, then the boogeymen who would control us all lose their power. That’s why nearly everything you need to do to become self-sustaining is either illegal or strongly discouraged: milk straight from the cow, water collection, front-yard vegetable gardens, carrying a firearm.  They need you to need them.

“Government” is a giant scam.

The government is not really made up of the elected officials that it purports. It’s made up, mostly, of people who sell their souls to huge corporations that have an interest in beneficial laws being passed and laws that would harm their businesses shut down before they ever reach the desk of the presidents.

As well, the supposed watchdog entities, like the Food and Drug Administration, the Environmental Protection Agency, and the United States Department of Agriculture are also populated by those who have been hand-picked to support corporations, no matter what the detriment to the American people whom they pretend to protect. If Congress was like Nascar, the members would have to wear uniforms emblazoned with their sponsors. However, Washington DC does not have the transparency of professional car racing, so we must guess at the sponsors of our members.

We are buried under ridiculous laws with the sole purpose of generating revenue or adding to the slave labor force in the for-profit prison system. We must work most of our waking hours to be able to pay for our basic necessities. We are convinced repeatedly that we must have things that our ancestors would never have considered owning, much less requiring.

Hand in hand, the mega-corporations and the government entities work together to keep us subservient and in our places. The corporations create products, the watchdog agencies “test” the products, and the government mandates an artificial need for these products.

They have most people convinced that they must follow the food pyramid, the vaccine schedule, and the rules that force us to have licenses for every darned thing we do. We must pay for and be granted permission to feed ourselves, transport ourselves, build shelters for ourselves, unite in matrimony, and even to own pets.

Like some kind of frighteningly authoritarian parent, they assure us that it’s for our own safety, these breaches into our independence and that we must comply or face the consequences.  They ground us by taking away our licenses. They send us to our rooms that just happen to be located in for-profit prisons. They don’t “allow” us to pursue life, liberty, and happiness because once we taste that sweet freedom, we won’t want to be under their oppressive thumbs anymore.

But some of us have seen the corporate government for what it is: a bully that reigns through fear of reprisal. They hold over us these fears:

  • We will die if we don’t eat things that were inspected and approved by them.

  • We will be jailed, fined, or have our children taken from us if we don’t toe the line.

  • We are unable to figure things out for ourselves because we are not “experts” and therefore we must suppress our own judgments and bow to their far greater knowledge.

  • We will die if we don’t follow their expert health and nutrition advice.

  • We’ll be murdered by scary foreign terrorists if we don’t allow the TSA to fondle our private parts, make us walk barefoot for 30 feet, and perform x-rays that show us naked before we fly.

Because some people fear these things and believe these tales so thoroughly, they allow the government to enforce ridiculous, unconstitutional laws “for our own safety.” They say, “Better that I give up my rights as a human being and save the world from a terrorist.” They justify, “These agents are only doing their jobs.”  Heck, I’ve even heard people in line at the airport thank the TSA for patting them down.

Stockholm Syndrome and the government

Our government strives to create in its citizens a dependency. They want us to feel as though we actually can’t survive without them.

There’s a name for this: Stockholm Syndrome.

Stockholm Syndrome is a psychological term that was coined after a 6-day siege at a bank in Stockholm, Sweden. The 4 hostages began to feel affection, even love, for their captors.

The phrase was reported to have been coined by criminologist and psychiatrist Nils Bejerot. Psychiatrist Dr Frank Ochberg was intrigued by the phenomenon and went on to define the syndrome for the FBI and Scotland Yard in the 1970s…

…His criteria included the following: “First people would experience something terrifying that just comes at them out of the blue. They are certain they are going to die.

“Then they experience a type of infantilisation – where, like a child, they are unable to eat, speak or go to the toilet without permission.”

Small acts of kindness – such as being given food – prompts a “primitive gratitude for the gift of life,” he explains.

“The hostages experience a powerful, primitive positive feeling towards their captor. They are in denial that this is the person who put them in that situation. In their mind, they think this is the person who is going to let them live.” (source)

Stockholm Syndrome is defined as “feelings of trust or affection felt in certain cases of kidnapping or hostage-taking by a victim toward a captor.”

Sounds familiar, right?

So here’s how the government does it.

The corporate system is constructed around making us feel as though we need what they are offering.  They want us to believe we need their expertise, their handouts, their approvals, and their protection. They want us to feel that we are not capable of making our own decisions without their input.

Once they create this insecurity in you, then you have become their slave.

You must work, almost non-stop, to be able to afford the lifestyle they tell you to have. Your home must meet their standards, your dependence upon the grid is absolute, and you must never, ever partake of a food that has not passed their approval process. You should call the experts to protect you, via 911, as opposed to taking care of your own security. Your children must be supervised constantly, unable to grow and seek adventures, in order to create the next generation of adults who submit without even realizing they are doing so.

When it’s put like that, you can see how absolutely ridiculous it all is, right?

Let’s take food, for example.

Historically, in nearly every takeover of the modern world, food was involved.  Think of communist China in the early 1960s or the Holodomor, for two examples. The government took control of the farms “for the good of the people.” They controlled all of the food – every single bite. If you complied, you ate. If you rebelled, you starved.

Back 100 years ago, people drank milk. You got it from cows as opposed to the store. Now, the substance they drank is called “raw milk” and it’s the subject of taboos, warnings, and legal hoops that must be jumped through. It’s a million times easier to purchase a known carcinogen (cigarettes) or a mood-altering substance (alcohol) than it is to get fresh, creamy milk from a cow and drink it. We’ve been brainwashed into believing our milk must be heated to the point that the good bacteria is exterminated and then approved by the USDA before we’re able to drink it. Milk is controlled like a dangerous Level 1 narcotic, for crying out loud. But pasteurized milk from the store, which often originates from cows that have been given recombinant bovine growth hormone and antibiotics, is perfectly fine. It’s “USDA approved.”

In a million small ways, folks are being brainwashed that we require permission to do nearly everything. Think of an abusive relationship, because our relationship with the government is a classic example of such a thing.

The abuser says things like this to the victim:

  • “You’d never survive without me.”

  • “You obviously need me to take care of you because you aren’t smart enough to take care of yourself.”

  • “Why did you do that without my permission? Now, you’re going to be punished.”

  • “I’m doing this for your own good.”

The abuser keeps track of your time, makes you account for your earnings,  seizes your personal belongings, coerces you into doing things you don’t want to do, and harshly discourages any vestiges of independence. Because if you are independent, they have lost control of you. Compliance is rewarded and rebellion is punished.

Let the TSA pat you down, you are allowed to travel. Refuse to be groped and you lose the price of your plane ticket and your opportunity to go to your cousin’s wedding by air.  Sell a homemade edible product that hasn’t been “inspected” and approved by local officials, they will fine your business out of existence. Not only this, but occasionally we’re allowed to feel we’re independent and do these things, and we pay extra for the privileges for living our lives, traveling, and earning a living.

There IS something you can do.

Whether you call it freedom, liberty, sovereignty, or self-governance, the point remains the same: if you’re reading this, you probably want to determine your own life, whether the result is success or failure. You want to have control over your ability to live, truly live, and not merely exist as a slave to the powers that be.

There actually is something we can do.

We can say no.

Hell, no.

We can be the squeaky wheel.

We can be louder than those dependent, noisy individuals who want to throw away liberty. We can.

You may feel like you aren’t in the right place in life to declare your independence. Perhaps you don’t have room to raise your own food. Perhaps you have a physical handicap that bars you from living 30 miles from civilization in a yurt located down a dirt road, over a creek, and in the woods. Maybe it’s all you can do financially to keep the refrigerator full of groceries for the week.

But wherever you are right now, that’s okay. Wherever you are, know that every single person, even the very free-est person you know, started at a place that was less free than where they are right now. The most important thing is to begin to recognize the chains that are on you so that you can begin, link by link, to break them.

How do you break free of the life that nearly every single person around you lives?

It’s simple, yet so complicated. Here it is, the ultimate act of insurrection:

You have to need less.

When you need less, you have less to fear.

Now, every year when I write about this topic, a few people come out of the woodwork to claim, “It’s not enough.”

Well, not everyone is a warrior. But taking steps to become freer than you were the day before is a cause for celebration.

It is simply reality that most of us cannot make a stand in every single aspect of our lives. We have children that could be taken away from us. We have homes that could be seized. We fear being imprisoned in a cage. I get that, truly. I don’t want to lose my daughter or my home or be thrown in jail either. The folks in control have done their job in that respect, but we can work around it.

We can refuse to eat the poisoned apple that they graciously hand to us. We can stop sending our children to public schools for “free” education. We can all stop purchasing processed food that originated as the bastard child of factory farming and a chemistry project. We can refuse to shop at Wal-Mart, K-mart, or any of those corporate discount stores that have their products manufactured in sweatshops overseas so that they can undercut the Mom & Pop stores right out of business.

I raise vegetables. I collect rainwater. I have things repaired instead of replaced. I don’t pay interest to the banks, heck – I don’t even leave money in the bank if I can help it. 911 is not my default for home security. I don’t have Obamacare, cable TV,  a maxed-out credit card, or a home phone. I live my life quietly, and without many of the things that others consider “necessities.” I live frugally so I don’t have to sell the majority of the hours in my day for enough money to survive the other hours.

Every single day, I strive to reduce my vulnerability to coercion.  Because the less I need, the more difficult I am to manipulate.

And you?

You don’t need this stuff they are offering, either. There is so much that you can do to free yourself from them.

You have a natural human right to be free.

This freedom is also supposed to be protected by our Constitution, which gets undermined on a regular basis. If you aren’t free, then revolution is your duty. Part of the power that the government holds over people is the fact that they hold the keys to the stuff we need. Look at Venezuela, where the government controls access to food, water, and electricity.

True independence is to not need the stuff they have.  When there is nothing that you require enough to submit, then coercing you becomes much more difficult.

Make your life a declaration of independence.

Here are 20 ways to make yourself less dependent on the whims of the economy, the government, and corporate interests. Don’t worry if they seem impractical to you. They may not all be possible right this moment. Pick one and act on it, then another.  Every journey begins with the decision to start the trip.

  1. Question absolutely everything you hear on the news. Always be a skeptic. All major media goes back to just a few conglomerates. The “news” is a propaganda ploy to help the rich get richer and the powerful remain in power.  The media can make or break a candidate with unholy zeal in less than a week.  These people and others like them are the ones that decide what the rest of us get to see.

  2. Call out the media.  When you see coverage that is clearly biased, take a moment to call out the media about it.  Take the time to comment on mainstream media websites and point out the unbalanced coverage.  If you use social media, share this information and post on the media outlet’s social media pages as well.

  3. Get out of the banking system. By opting to “unbank” or “underbank,” there is a limit to what can be easily stolen from you.  When you have physical control of your financial assets, you are not at as high a risk of losing those assets, and therefore, less likely to be dependent on “the system.” (Remember what happened to account holders in Cyprus?)

  4. Educate others.  At the (very high) risk of people thinking you’re crazy, it’s important to let people know WHY you do what you do. If you are an anti-Monsanto activist, teach others about the dangers of GMOs.  If you object to a municipal policy, speak at a town meeting or send a letter to the editor of your local paper.  Be calm and present intelligent arguments.

  5. Get others involved in the fight.  For example, if you are fighting with the city council that wants to rip out the vegetables growing in your front yard, let your friends and neighbors know, post a notice at the grocery store, and write a letter to the editor.  When injustice occurs, use the power of social media to spread awareness. Often a public outcry is what is necessary to get the “authorities” to back down.  Remember the case of Brandon Raub, the veteran who was kidnapped and taken to a mental hospital for things he posted on Facebook? Raub was not charged, but he was detained in the psych ward involuntarily. His friends and family immediately mobilized and spread the videos of his arrest all over the internet.  It snowballed and alternative media picked it up – soon Raub was released, and all because of a grassroots and social media campaign to bring the injustice to light.

  6. Grow your own food.  Every single seed that you plant is a revolutionary act.  Every bit of food that you don’t have to purchase from the grocery store is a battle cry for your personal independence.  When you educate yourself (and others) about  Big Food, Big Agri, and the food safety sell-outs at the FDA and USDA, you will clearly see that we are alone in our fight for healthy, nutritious foods.

  7. Take control of your health.  It is imperative that you not blindly trust in the medical establishment.  Many members of this establishment are merely prostitutes for their pimp, Big Pharma.  Millions of children are given powerful psychotropic drugs to help them fit into the neat little classroom boxes, and the numbers are growing every day.  Americans spent HALF A TRILLION DOLLARS on psychiatric drugs in 2013 and the booming industry is only getting bigger. (source)  You have the right to weigh the risks and benefits of a suggested medical treatment and seek second and third opinions before making a medical decision.

  8. Refuse to comply.  If you know your natural rights, which are guaranteed under the Constitution and its Amendments, then it makes it much harder for “authorities” to bully you.  You don’t have to let them search your home without a warrant, you don’t have to answer questions, and you don’t have to comply with laws that are in conflict with the Constitution.

  9. Don’t overlook the little things.  Governments like to chip away at rights a tiny bit at a time until one day you wake up and realize that all of those little things add up to a really big deal.  Today, the bulk purchase of ammo might be limited. Tomorrow, you might not be able to buy it at all. Today, home births might be subject to a set of rules. Tomorrow, those rules might be expanded to the point that the birth of your child is totally legislated.

  10. Embrace your right to bear arms.  Be responsible for your own safety and security.

  11. Don’t be in debt.  No one can be free if they are in debt. If you are in debt, you are forced to work in whatever conditions are present, for whatever amount is offered, complying with whatever criteria is necessary to keep your job in order to either pay your debt or face penalties. As well, the high-interest rates that you pay only serve to make the bankers more wealthy.  Instead of borrowing, save until you can afford something or realize that if you could actually afford it, you wouldn’t need to borrow money to have it.

  12. Be prepared for disaster.  Have enough food, water, and supplies to take care of your family in the event of a natural disaster. Don’t expect FEMA to take care of you.

  13. Be involved in your children’s education.  For some, this means homeschooling or unschooling, and for others, this means being on top of what they are learning in a formal school setting. Join the PTA and actively volunteer if your child goes to school.  Be an advocate for your child and insist that the teachers teach. If your child goes to school, supplement this at home with discourse about current events and outings that help them learn about the world around them.

  14. Be the squeaky wheel. If you see something wrong, don’t just ignore it. Say something about it, and keep saying something until it changes.  Whether this is some process that infringes on your privacy, a job requirement that impedes your health, or another injustice, pursue it relentlessly. Ask questions publically, write letters, and use social media to bring pressure to encourage a change.

  15. Buy locally.  Support local small businesses to help others who are fighting for independence from the system. You might pay a little bit more than you would at your big box store, but the only people benefiting from your purchases made at the corporate stores are those with the 7 figure annual bonuses.

  16. Develop multiple streams of income.  Don’t put all your eggs in one basket.  Figure out several ways to bring in income. You are less entangled in the system and not subject to corporate whims.  If one business fails or becomes subject to regulations that make it no longer worthwhile, you are not forced to comply just to keep a roof over your head. (Learn more HERE)

  17. Say thanks, but no thanks.  There is no such thing as a benevolent hand out.  Nearly anything offered for free (particularly by a government entity) has strings attached.  Maybe there is a handy-dandy registration form that you need to fill out. You might be influenced to vote a certain way just to keep the freebies coming. You might have to pee in a cup every two weeks. Perhaps one day you’ll need to have a microchip embedded in your hand.  Either way, by accepting handouts from those in “authority”, you become beholden to them or you need them, and someone who is free is neither beholden nor needy.

  18. Collect water. Either harvest it with rain barrels, store it in a cistern, or create a source for it on your property (digging a well, for example.)  Water is life.

  19. Don’t take the easy road.  Power hungry entities like to seduce people with simplicity.  “If you just sign this paper, it will be much easier,” they say.  “This chip is for your convenience,” they tell you.  “By giving up this, it lets us take care of you and you will be much safer.”  The easy road only gets you to Slave Street a whole lot faster.  Take the difficult road and be responsible for yourself.  Don’t take shortcuts that compromise your beliefs. Go to court to fight a ticket, read the laws and defend yourself.

  20. Know that anything you give up, you will never get back.

The way you lead your life every single day can be a personal Declaration of Independence.

We don’t have to bow our heads in submission. We don’t have to live like wage slaves and bury ourselves ever deeper in debt. We don’t have to hate our neighbors and fight on the internet with people whom we’ve never met. We don’t have to be like “everyone else.”

We can be different than today’s norm.  We can be kinder. We can be independent. And maybe, just maybe, we can teach others by our example.

By refusing to concede your natural rights, quietly and resolutely, you are performing an act of revolution.

This only requires one thing: your consistent determination not to be infringed upon.

Make that decision today and you will really have something to celebrate on Independence Day.

Go ahead. Be free.

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Residents Of New York’s “Billionaires’ Row” Suing To Block Homeless Shelter From Opening

New York Billionaires – who love to brag about their philanthropy, are suing to block a homeless shelter from being built in their backyard on “Billionaires’ Row.” 

A Monday lawsuit filed with the New York City Supreme Court by the “West 58th Street Coalition” claims that the 150-person homeless shelter is “unsafe” and would pose risks to both its residents and neighbors. 

The building on West 48th St – formerly the Park Savoy Hotel, backs up against the city’s most expensive apartment building – One57 – in which a penthouse sold in 2015 for a record-breaking $100.5 million.

Residents are also concerned that the shelter will attract crime to the wealthy up-market Manhattan neighborhood. 

“Not only is the building unsafe, but crime and loitering” attracted by the project will cause “irreparable injuries that have been found to warrant emergency injunctive relief to block the opening of a homeless shelter,” the lawsuit reads. 

Mayor Bill de Blasio announced plans to start “turning the tide on homelessness,” announced at the beginning of 2018 – an ambitious plan which will eventually see 90 shelters open in all five boroughs if New York – as well as an end to the costly practice of housing homeless in hotels. 

Some are also concerned that the Democrat mayor is playing politics by choosing to locate a homeless shelter on the wealthy street, where retail estate prices are higher than average, to show that social services sites are being spread across neighbourhoods equally. 

Mr De Blasio promised to tackle the unprecedented homelessness crisis when he was re-elected Mayor in 2017, but since he came into office, the number of people in sheltered accommodation has increased by 17 per cent. This is despite doubling the Department of Homeless services’ budget in three years. –Telegraph

New York’s Department of Homeless Services has disputed residents’ previous claims over the high cost of the midtown site – insisting that the average cost to house the homeless in traditional shelters is around $54,000 per years. 

“High-quality transitional housing is far more than just a room to sleep in or a roof over one’s head, and cost covers far more than just rent—security, staffing, and essential social services, like case management, housing placement assistance, and employment programming, which are key to helping New Yorkers in need get back on their feet, are all included,” said Isaac McGinn, a DHS spokesman to the New York Post

McGinn added that the Park Savoy project would be critical in helping “give employed and employable men from Manhattan experiencing homelessness the opportunity to get back on their feet.”

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James Comey Interview: More Gun Control For The Peasants

Authored by Mac Slavo via SHTFplan.com,

During a recent interview, fired FBI director James Comey called for more gun control against the peasants, but not for the ruling class he was a part of for so long.  Comey also said the NRA propagates “lies” in order to keep Americans armed against their rulers.

“Surely there are things we can agree upon that relate to who’s able to buy a weapon, what kind of weapon and at what age, what the capabilities of the weapon are, how many rounds does it hold, and things like that, that in no way threaten the rights under the US constitution of people to keep and bear arms,” Comey said during an interview with the UK’s iNews. 

Except, based on the very working of the second amendment, all gun laws are “unconstitutional,” of course, the ruling class doesn’t care what they do to those underneath them.

iNews quoted Comey indicating he is not for an all-out ban on private on gun ownership, but he does support making some rather strict changes to the current law, including an increase in the legal age for gun purchases.

According to The Hill, Comey also harshly criticized the NRA as standing in the way of securing these controls, saying,

“One of the worst things that goes on in the U.S. is the current voice of the National Rifle Association because it sells fear in the wake of any incident.”

He specifically mentioned the NRA’s opposition to the gun controls which were pushed in the wake of the December 14, 2012, attack on Sandy Hook Elementary School.

Sells fear? Unlike the government who literally sells fear of gun rights to the left and then demands Americans simply disarm to be at the whims of those who claim the right to rule over them? The irony of that could cure the world of anemia.

While the visit to a local gun shop by an FBI Counterterrorism agent is no surprise, it should serve as a stark reminder that the U.S. government is vastly concerned about a well-armed populace. Gun rights have been gradually eroded in the United States for decades. –Activist Post

Comey added:

“I own guns. And yet I, like I hope all thoughtful gun owners, recognize that on the one hand it’s a right guaranteed in the US constitution, but like all rights in the constitution, it’s appropriately subject to reasonable regulation and restriction.

Comey, a government agent owns guns? That’s not a big surprise.  But notice he didn’t say he would be willing to give up any of his guns or restrict himself or the militarized police. Following the law is for those who are deemed less worthy of self-defense – especially against the government which is seeking to expand their power over everyone else.

What the government, James Comey included, hope people never figure out, is that everyone has the natural or God-given right to defend themselves against aggression. The Constitution doesn’t grant anyone rights, it merely lists them as a way to keep the government from abusing those people who they claim the right rule over. 

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Trump 2020 Reelection ‘In Jeopardy’ As Michael Avenatti Pledges To Take On The Don

In what surely isn’t a continuation of a longstanding publicity stunt, Michael Avenetti – the “creepy porn lawyer” representing Stormy Daniels, said on Tuesday that he will run for President if Donald Trump seeks reelection in 2020.

Responding to a tweet by “Resistance” icon Brian Krassenstein (who was raided by the feds in 2016), Avenatti wrote “IF (big) he seeks re-election, I will run, but only if I think that there is no other candidate in the race that has a REAL chance at beating him.”

Not only that – Avenatti is already talking about his platform! 

When asked if he would work well with Canadians, Avenatti thinks he and Prime Minister Trudeau would get along “just fine.”  

We also note that Avenatti recently began using the hashtag #FightClub in addition to his trademark #Basta

No word on how Avenatti plans to explain away the recent $10 million judgement against his law firm for stiffing an employee, or the $120,000 his company, Tully’s Coffee, was ordered to pay a pregnant woman they unlawfully terminated. 

Perhaps Avenatti can bring his estranged wife on the campaign trail to deny comments she made under oath that Michael is “emotionally abusive and lacking control over his anger,” or that he didn’t threaten to “burn” all their money on the divorce – and isn’t “angry and vindictive, and has no regard for emotional harm caused to his son, his daughter or to Lisa.” Both Avenatti and his estranged wife now deny what she swore in court. 

As far as bread and circuses go, Avenatti is sure getting some mileage out of his “lion tamer with chair” act.

We suspect it may not go so well for Avenatti if he actually runs for office…

Though if he does beat Trump – how about Avenatti’s cabinet picks?

We imagine something like Avenatti-Biden vs. Trump-Pence in 2020 would undoubtedly be the most entertaining election in the history of the United States. 

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The Only Stock Buyers In The First Half Were Buybacks: BofA

While it is well known that stock buybacks have been among the primary contributors for the solid stock performance in the US in 2018, largely thanks to Trump’s tax reform which allowed companies to use repatriated cash to repurchase stock, the following “chart of the week” from Bank of America one week ago shows just how pervasive the buyback wave had been so far in 2018, as the bank’s clients deployed record amounts of cash to repurchase their own stock.

One week later, BofA’s Client Flow monitor provides an update and finds that ahead of the earnings season blackout, buybacks by corporate clients have slowed down modestly to a six-month – in line with seasonal patterns – but YTD still remain +101% YoY and continue to suggest a record year for buybacks.

But while corporate buybacks may be fading into earnings, it is total buyback activity throughout the first half of 2018 that reveals a surprising picture. As shown in the most recent “Chart of the week” from BofA, which lays out first half sector flows, corporate clients’ buybacks were the largest buyers within Financials ($10.6bn), Tech ($10.5bn), Health Care ($6.5bn), Consumer Discretionary, and Industrials.

In fact, in a dramatic display of just who has been buying tech stocks, BofA reveals that “net buying of Tech in the 1H was entirely buyback-driven.”

So much for speculation that hedge funds and institutions have been chasing after tech performance: it was just tech companies – at least the subset which operates via Bank of America’s buyback desk – repurchasing their own stock. And not just tech companies but financials, industrials and discretionary. Meanwhile, single stocks have been uniformly sold across all sectors with the sole exception of industrials, which is the one sector with 1H flows into single stocks by both corporate and non-corporate clients along with sector ETFs.

So if BofA’s corporate clients were the overwhelming buyers of stock in the first half, that would mean that all other clients were selling.  And sure enough, as BofA writes, while private clients – or ultra high net worth individuals  – were the sole net buyers of US equities in a token amount (in addition to corporates) in the 1H, institutional clients were the biggest sellers, while hedge funds were also net sellers for the duration of the quarter.

To summarize:

This means that as many have suspected without buybacks, there will be little buying pressure on stocks. Which is a problem because with just days left until buyback blackout period, the buyer of last resort for US stocks is about to go on a month-long vacation, just as the trade war between the US and China begins.

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