Category: Uncategorized

Posted on

Senate agrees on bill to avoid govt shutdown -Schumer

  • The House on Wednesday passed a bill that would suspend the U.S. debt ceiling.
  • Republicans will reject the legislation in the Senate as they say they will not support a debt limit increase or suspension.
  • Democrats are trying to prevent two potential crises this week: a possible government shutdown and a first-ever U.S. default.

The House on Wednesday passed a bill to suspend the U.S. debt ceiling as the country barrels toward a first-ever default with no clear solution in sight. Republicans will sink the plan in the Senate. The GOP has opposed any effort to raise the borrowing limit and appears intent on making Democrats address it as part of their sprawling investment in social programs and climate policy. Treasury Secretary Janet Yellen has told lawmakers the U.S. will run out of ways to pay its bills around Oct. 18. If Congress fails to suspend or raise the debt limit before the deadline, lawmakers risk a default that could cost millions of jobs, jeopardize government benefits and crash the financial markets. The House passed the debt ceiling suspension in a 219-212 vote. All Democrats except Reps. Jared Golden of Maine and Kurt Schrader of Oregon supported it. Every Republican but Rep. Adam Kinzinger of Illinois opposed it. Earlier, House Speaker Nancy Pelosi, D-Calif., wrote that the chamber would “move forward to honor its responsibility to protect the American economy and American families from the catastrophe of a default by passing legislation to suspend the debt limit.” But as the bill is set to fail in the Senate, it is unclear how Democrats will proceed to avoid default. The party aims to head off two separate crises this week. First comes the midnight Thursday deadline to pass a funding bill before the government shuts down. The Senate could vote on a short-term appropriations plan Thursday that would fund the government until early December. It would then move to the House for approval where it is expected to pass. That still leaves Congress grappling with the debt ceiling. Republicans have shot down two other Democratic efforts to address the issue. GOP senators on Monday blocked a bill that would have funded the government into December because it also suspended the borrowing ceiling until December 2022. Republicans insist Democrats should raise the limit on their own, leading Senate Majority Leader Chuck Schumer, D-N.Y., to introduce a motion that would allow the Senate to hike the ceiling with a simple majority. It needed unanimous consent, and Minority Leader Mitch McConnell, R-Ky., blocked it on Tuesday. Republicans want to tie the debt ceiling increase to Democrats’ massive legislation as they make their counterparts’ taxing and spending proposals a central plank of their 2022 midterm election strategy. The GOP banks on Democrats holding the blame if the U.S. defaults because they control the White House and Congress. Raising the debt ceiling, however, does not authorize future spending. The U.S. would be unable to pay its current obligations if it does not increase or suspend the limit. Congress has raised or suspended the ceiling 78 times since 1960, according to the Treasury. It most recently did so in 2019. Avoiding default usually comes with little drama, though a 2011 fight over the debt limit and budget deficits contributed to Standard & Poor’s downgrading the U.S. credit rating for the first time ever. McConnell has repeatedly said Republicans would support a government funding bill that does not include a suspension of the borrowing limit. Schumer has so far insisted he will not include a debt ceiling suspension in Democrats’ social spending bill, which they plan to pass with a simple majority through budget reconciliation. On Wednesday, he said the party would have to amend its already passed budget resolution — the first step in reconciliation — to do so. Reconciliation allows Democrats to pass certain bills without Republican votes. Restarting the process could leave the borrowing limit proposal bogged down in procedural delays while the U.S. moves closer to a default, Schumer said. “It is very risky and could well lead us to default even if only one senator wanted that to happen. So you can’t do it through this route,” he said.

Posted on

Evergrande misses bond payment for second time

SHANGHAI/BEIJING/HONG KONG (Reuters) -China Evergrande Group missed paying bond interest due on Wednesday, two bondholders said, its second unpaid offshore debt obligation in a week, although the cash-strapped company on Thursday made a partial payment to some of its onshore investors. The company, reeling under a debt pile of $305 billion, was due on Wednesday to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond, after having missed $83.5 million in coupon payments last Thursday.  With liabilities equal to 2% of China’s GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world, though worries have eased somewhat after the central bank vowed to protect homebuyers’ interests. The central bank on Wednesday urged financial institutions to cooperate with relevant departments and local governments to maintain the “stable and healthy” development of the real estate market and safeguard housing consumers’ interests. Evergrande’s silence on its offshore payment obligations has, however, has left global investors wondering if they will have to swallow large losses when 30-day grace periods end for coupons that were due on Sept. 23 and Sept. 29. Some offshore Evergrande bondholders had neither received interest payments nor any communication by the end of Wednesday New York time, said the people familiar with the matter, who declined to be identified due to sensitivity of the issue. A spokesperson for Evergrande did not have any immediate comment. Reuters was unable to determine whether Evergrande has told bondholders what it plans to do regarding the coupon payment due on Wednesday.  The developer’s treatment of offshore investors, however, contrasts with the way the company is managing its onshore liabilities. Evergrande said on Thursday that its wealth management unit has made a 10% repayment of wealth management products (WMPs), which are largely owned by onshore retail investors, that are due by Sept. 30. The payment was made on Thursday and relevant funds have been issued to investors’ accounts, Evergrande said in a notice posted on its website. It did not specify how much money was paid. The two missed offshore payments come as the company, which has nearly $20 billion in offshore debt, faces deadlines on dollar bond coupon payments totalling $162.38 million in the next month.  Once China’s top-selling developer, Evergrande is now expected to be one of the largest-ever restructurings in the country. It has been prioritising its onshore liabilities amid concerns that its troubles could trigger social unrest. “I can’t see there being much willingness to give a fairer outcome to offshore bondholders rather than onshore banks, let alone house buyers and people who have lent onshore through the personal loan structures,” said Alexander Aitken, a partner at Herbert Smith Freehills in Hong Kong. “Of course legally there is also structural subordination from being offshore, which means lenders to Evergrande’s onshore subsidiaries get paid before lenders to the parent company or any offshore debt issuer.” Beijing is unlikely to intervene directly to resolve Evergrande’s crisis in the form of a bailout, but analysts say it is wary of a messy collapse that could fuel unrest. Authorities have in recent days prodded government-owned firms and state-backed property developers to purchase some Evergrande assets to reduce such risks. Evergrande said on Wednesday that it would sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company. The bank, one of Evergrande’s main lenders, demanded all net proceeds from the sale go towards settling the developer’s debts with Shengjing, which had 7 billion yuan in loans to Evergrande as of the first half last year. Separately, Evergrande’s Pearl River Delta business said in a WeChat post on Tuesday that construction had resumed on nearly 20 developments in the area. The post showed photos of various sites, and said that work resumption had accelerated since Evergrande vowed at the beginning of the month to deliver homes to buyers. Its main onshore unit Hengda Real Estate Group announced a resolution of an onshore bond coupon payment on Sept. 23 through “private negotiations”. Evergrande’s shares opened sharply higher on Thursday, rising as much as 5.21% before reversing course to slump as much as 7.17%. The stock ended down 4%. “Regardless of how the debt is restructured, Evergrande shareholders and investors in offshore, USD-denominated corporate bonds will suffer large losses,” said Jing Sima, chief China strategist at BCA Research in a note. NN: China has a big problem… Its restless citizens. They have to consonantly appease them. The thing the Commies that rule China are most worried about is a mass uprising. That is why they are hell bent to spy on their citizens and control social media just like they are starting to do in the US.  The restless you in China have to be appeased with jobs and housing. Evergrande will not be allowed to wipe out the Chinese masses promised apartments. As far as US investment banks and retirement funds…. well let me put it this way everyone knows this would end in disaster. They were fools chasing yields that  Evergrande promised of 8% to 10% that will never be paid

Posted on

YouTube blocks all anti-vaccine content… that in their soul discretion deem untrue…..

YouTube on Wednesday announced it is banning “harmful vaccine content” from the platform, a long-awaited shift that vastly expands its existing policy on medical misinformation. The new rules explicitly ban content that makes false claims about any “currently administered vaccines that are approved and confirmed to be safe and effective” by local health authorities and the World Health Organization.

Previously, similar rules applied only to misinformation about COVID-19 vaccines, as well as videos that uncritically presented unproven COVID treatments like hydroxychloroquine and ivermectin. In an emailed statement to HuffPost, Matt Halprin, YouTube’s vice president of global trust and safety, said the company didn’t implement the new rules sooner because it was focused on COVID. Its work countering coronavirus falsehoods is now informing its efforts at identifying and removing all anti-vaccine content. “We dedicated a lot of resources to COVID-19 vaccine misinformation, and learned important lessons about developing and enforcing this type of policy at scale,” Halprin said. “Developing robust policies takes time, as does preparing for enforcement in many different languages, and we wanted to launch a policy that is comprehensive, enforceable with consistency, and adequately addresses the challenge.” In addition to claims about specific, routine immunizations like for measles or hepatitis B, broad claims about vaccines in general are also off limits. Per YouTube, that includes:

– Content that falsely alleges that approved vaccines are dangerous and cause chronic health effects

– Claims that vaccines do not reduce transmission or contraction of disease, or contains misinformation on the substances contained in vaccines […]

– Content that falsely says that approved vaccines cause autism, cancer or infertility, or that substances in vaccines can track those who receive them.

The company didn’t respond to questions about how offending content will be identified and removed. While artificial intelligence can filter and screen out specific keywords, it tends to be imprecise and can be easily circumvented.Targeting the most prolific spreaders of false claims may go a long way toward curtailing the content. In March, a study by the Center for Countering Digital Hate found just that 12 people are responsible for 65% of the anti-vaccine content on Facebook, Instagram and Twitter. Among the so-called “Disinformation Dozen” are Joseph Mercola, who sells dietary supplements, and Robert F. Kennedy Jr., the son of the late Sen. Robert F. Kennedy and chairman of Children’s Health Defense, an anti-vaccine group. YouTube told HuffPost it’s banned both of their channels, in addition to a number of other high-profile anti-vaccine channels. Notably, both Mercola and Kennedy still have massive presences on Facebook. Despite Facebook’s repeated claims to have curtailed anti-vaccine content, medical misinformation there continues to run rampant NN: Free speech is not necessary true speech does not have to be….. Lies are protected even hate speech is protected speech…… Who made YouTube and  Facebook the arbitrator of truth. Reality is in a democracy among free people free speech is the grantor of freedom…. ALL SPEECH is allowed. Yes you can yell fire, fire in a crowded theater if its on fire….. Will  YouTube or Facebook from on high at 1 Hacker Way in Menlo Park, CA  decide if their is a fire before one is allowed to speak ( or post videoes). These people have seized to much power. Control free speech and its not free, and they have the power to turn you into a slave… Forced to believe their truth. Who says they have the wisdom to decern truth?  Their are vaccines that have been proven deadly. And  great controversy surrounded them. It was the free press that busted open the truth. Their revelations were first meet with skepticism. The numbers of people involved in these failed vaccines were small. The free press exposed these what would have to be described as scandals. Under the current social media standards of “truth” they would have censored these stories. The YouTube stated policy of censorship would have blocked publication of these disasters. To be clear the covid19 RNA vaccines are incredible effective with minimal side effects. But we must be ever dilligent and follow all claims of problems, And give them the proper airing. The free press fake news and all truly are the guardians of our freedoms, health and weath. These mass media companies like Google, Facebook, Youtube, Instagram and the rest are public sources of news and information and they should not be allowed to censor content. They are most people sources of news and information

past vaccine failures…. surprisingly few

Their is the the 1955 Cutter Incident, some batches of polio vaccine given to the public contained live poliovirus—even though they had passed the required safety testing. More than 250 cases of polio were attributed to vaccines produced by one company, Cutter Laboratories. The story of the vaccine being the cause of infections was first reported by the free press. The mistake esulted in many cases of paralysis, and the vaccine was recalled as soon as new cases of polio were detected.

In 2017, the Philippines stopped a school-based dengue fever vaccination program after NEWS reports of complications and several deaths linked to the product called Dengvaxia. The French manufacturer, Sanofi Pasteur, later stated that the vaccine posed a risk to those without prior infection from one of the disease’s four stereotypes. The result was that it actually increased the risk that a child would contract a more severe form of the disease.

The widespread vaccination against the childhood disease measles. In the early 1960s, thousands of children received a particular inactivated vaccine, so if they were exposed to the actual measles virus, they developed atypical measles. The side effect was characterized by high fever, severe abdominal pain and lung inflammation and in some cases required hospitalization. That particular vaccine was eventually withdrawn. The vaccination campaign saved millions of lives in spite of the side effects. I was one of the kids vaccinated at the time and got really ill in bed for a week

Posted on

Spike in prices won’t lead to new inflation regime – Powell

© Bloomberg. Jerome Powell during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., on Sept. 28 said.
The current bout of elevated inflation in the U.S. is tied to the reopening of the economy as it recovers from the pandemic and won’t lead to a new regime of higher inflation going forward, Federal Reserve Chair Jerome Powell said. “For some time, we and others have been forecasting that the current inflation spike will not lead to a new inflation regime in which inflation remains high year after year,” Powell said Wednesday while participating in a virtual panel event at a conference hosted by the European Central Bank. “The current inflation spike is really a consequence of supply constraints meeting very strong demand, and that is all associated with the reopening of the economy — which is a process that will have a beginning, a middle and an end,” he said.
“It’s very difficult to say how big the effects will be in the meantime, or how long they will last, but we do expect that we’ll get back, we’ll get through that.”
Powell appeared on the panel alongside his counterparts at the European Central Bank, Bank of Japan and Bank of England, who sounded similar notes of cautious optimism that the supply-side disruptions plaguing the global economy and leading to elevated inflationary pressures would ultimately prove temporary. NN: This is called a spin job… They wish this infation will just go away. Unfortunately that’s not how things work.
Posted on

Schumer: Won’t lift debt limit through reconciliation…… Schumer Will ‘Surrender,’ Put Debt Ceiling in Reconciliation: Cruz

The Senate Democrats “cannot and will not” raise the federal debt ceiling as a part of the Biden administration’s $3.5 trillion reconciliation bill, Majority Leader Chuck Schumer (pictured) said on Wednesday. “To do this through reconciliation requires ping-ponging separate bills back from the Senate and the House,” the senior Democrat asserted, noting that process sought by Republicans is “drawn-out” and “unpredictable.” Earlier, the GOP blocked a House-approved bill to suspend the debt limit through 2022.

Schumer Will ‘Surrender,’ Put Debt Ceiling in Reconciliation: Cruz

On Monday evening, unified Senate Republicans shot down debate on a resolution to fund the government through December. Now, Democrats are scrambling to find a new way to push a debt ceiling increase through the Senate with at least some Republican support. But according to Sen. Ted Cruz (R-Texas), Senate Majority Leader Chuck Schumer (D-N.Y.) will not find that support, and will be forced to “surrender.” The Monday vote was the culmination of months of posturing by Senate Republicans, who have insisted since August that they would not vote to increase the debt limit. According to these Republicans, who explained their reasoning in a petition drafted by Sen. Ron Johnson (R-Wis.), Democrats were on an “unprecedented deficit spending spree.” These Republicans said that they refused to enable such spending through raising the debt ceiling. Instead, Republicans have insisted that Democrats use the reconciliation process if they want to raise the debt limit. The reconciliation process is one that allows certain bills related to federal revenues and spending to bypass the 60-vote threshold usually required to begin debate on a bill in the Senate. Currently, Democrats are using the process to push through their controversial budget, which has a top line price of $3.5 trillion. In his petition, Johnson argued that Democrats “have the power to … unilaterally raise the debt ceiling [through reconciliation], and they should not be allowed to pretend otherwise.” Still, Democrats have been hesitant to take this route, as some polls have shown raising the debt ceiling to be an unpopular move among American voters. Speaking to reporters on Tuesday, Cruz insisted that Democrats will have no choice but to raise the debt ceiling on their own. Cruz commented that Democrats “have complete and total ability to raise the debt ceiling.” Through reconciliation, he said, “they could have done so last week, they could have done so a week before, they could have done so a month ago, two months ago, three months ago.” Schumer has not done this, Cruz suggested, because “he’s trying to hide from responsibility for the trillions in debt that Democrats are irresponsibly trying to load onto the backs of our children and grandchildren.” Cruz posited that Schumer was “trying to find an outcome where 10 Republicans vote with him so he can blame those Republicans for Democrats’ irresponsible debt. It’s a game. It won’t work.” He added, “Schumer knows it won’t work.” Monday’s vote demonstrated continued Republican resilience against raising the debt ceiling, even after many Democratic leaders insisted that the party was bluffing. President Joe Biden said of the Republican threat in August: “Nope. They’re not going to let us default. $8 billion—$8 trillion of that is on the Republican’s watch.” Around the same time, Schumer said simply, “I can’t believe Republicans will let the nation default.” Now, with the failure of their original continuing resolution, Speaker of the House Nancy Pelosi (D-Calif.) announced a new “clean” resolution, stripped of the billions in new spending contained in the original bill, in the hope that Senate Republicans will accept it. While Senate Minority Leader Mitch McConnell (R-Ky.) suggested that Republicans may be open to such a resolution on Monday, Cruz said that this new move will fail as well. “When this fails, I fully expect Schumer is gonna surrender,” Cruz commented, “And he’s gonna do what he could have done weeks or months ago, which is [to raise] the debt ceiling using Democratic votes.” He added, “Accordingly, Democrats will bear responsibility for the trillions in debt that they’re saddling on the country.” “He knows the outcome,” Cruz added. “If he wants to play games, he is the majority leader by the slimmest of margins but he is the majority leader. If he wants to play games on the Senate floor, that’s unfortunately his prerogative.” At a press conference Tuesday, Schumer rejected this course of action. “Going through reconciliation is risky to the country and is a non-starter,” the senator said, adding that using reconciliation to raise the debt limit is “very, very risky,” and said “We’re not pursuing that.”  NN: The yearly Washington chicken fest. The politicians are playing with fire here. We all know they will extend the debt ceiling. But why chance a near death experience. If something fucks up and their is a default you have destroyed the greatest money making machine the world has ever seen. The US treasury market… and its all about confidence….. Why even chance it. Sooner or later these fools will fuck things up real good. The US government has the ability to raise more money at the lowest rates of any government or bank or corporation in history…….

Posted on

Fed’s Bullard says tapering will start ‘very soon’

(Reuters) -The Federal Reserve may soon start to reduce the pace of its asset purchases if the economy continues to improve as expected, New York Federal Reserve Bank President John Williams said on Monday. It is clear there has been “substantial further progress” toward the Fed’s goal for inflation and there has also been “very good progress” toward maximum employment, Williams said in remarks delivered during a virtual event organized by the Economic Club of New York. He was referring to the threshold policymakers set for reducing the central bank’s bond purchases from the current pace of $120 billion a month. “Assuming the economy continues to improve as I anticipate, a moderation in the pace of asset purchases may soon be warranted,” Williams said, echoing the policy statement central bank officials issued after last week’s meeting.

While some policymakers, including Cleveland Fed Bank President Loretta Mester and Kansas City Fed President Esther George, say the standard for tapering bond purchases has been met, some officials have said they would like to see continued jobs growth.

Fed Chair Jerome Powell said after the conclusion of last week’s meeting that the economy is one “decent” monthly jobs report short of meeting the threshold for tapering and the Fed will likely begin to do so in November. Williams said he projects the economy will grow by between 5.5% to 6% this year and for inflation to come back down to 2% next year. He expects the U.S. labor market to see strong growth over the next year or so. While the benefits of fiscal aid may fade as those programs end, Williams said savings that some households accumulated during the pandemic may help to support consumer spending going into next year. He said it will be some time before the U.S. economy meets the requirements necessary for the central bank to lift interest rates from near zero levels, pointing to uncertainty in the outlook and the need for continued jobs growth. “There is still a long way to go before reaching maximum employment,” Williams said. “And over time it should become clearer whether we have reached 2% inflation on a sustained basis.” NN: The FED know that its got a great big problem and they could topple the debt house of cards they created. They are HOPING and PRAYING they can pull this off without a wipe out… THEY CAN’T! Like every other time they raised rates markets will crash. Credit and debt is the life blood of the stock market, bonds and real estate. They are hoping they can save the system…… THEY CAN’T!! They are trying to kinda of slowly ease rates higher and get out of the endless stimulus business. THEY CAN’T!  So they are dead meat. They cannot make rates any lower and they can’t stimulate the economy our of this. The only choice is to shut her down and hope they can pick up the pieces… THEY CAN’T!!!!!!!

Posted on

Europe mostly higher premarket with economy in focus….US higher in premarket with economy in focus

 

Shares in Europe traded mostly higher in the premarket on Wednesday ahead of several updates that will indicate the current economic outlook amid the coronavirus pandemic. European Central Bank President Christine Lagarde is set to give a speech later in the day. Earlier, German Finance Minister Olav Scholz and his French counterpart Bruno Le Maire both expressed optimism about the first half of 2021. Meanwhile, the European Union will see its results in industrial production in November. The DAX stood flat at 7:20 am CET. At the same time, the FTSE 100 increased by 0.12%, and the CAC 40 advanced by 0.20%. The euro went up by 0.09% against the dollar, selling for $1.22170 at 7:27 am CET. A minute later, the pound sterling rose by 0.10% against the greenback to change hands for $1.36788.

US higher in premarket with economy in focus

Equities in the United States traded higher in the premarket on Wednesday ahead of Federal Reserve Chair Jerome Powell’s newest speech on the current state of the economy, heavily influenced by the COVID-19 pandemic. The country will also post its latest results in pending home sales. Earlier, Fed Bank of St. Louis President James Bullard said the institution will start tapering its bond-buying “very soon.” Meanwhile, the country’s crude stockpiles reportedly went up by 4.12 million barrels in the week ending September 24. The Dow Jones Industrial Average gained 0.51% or 173 points at 4:30 am ET. At the same time, the Nasdaq 100 rose by 0.92%. The S&P 500 expanded by 0.67%. The euro lost 0.14% to the dollar at 4:27 am ET to sell for $1.16674. NN: at the present time this does not look like the wipeout i know will come for sure. Our greatest trade ever. It is imperative we keep our powder dry.

Posted on

Evergrande jumps 12% after selling bank stake

HONG KONG (Reuters) – Cash-strapped China Evergrande Group left its offshore bondholders guessing whether it would pay interest on a bond coupon due Wednesday despite agreeing to settle debt with a Chinese bank in a $1.5 billion stake divestment deal. With liabilities of $305 billion, Evergrande has sparked concerns its woes could spread through China’s financial system and reverberate around the world – a worry that has eased with the Chinese central bank vowing to protect homebuyer interest. Evergrande said in an exchange filing that it would sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company. The bank, one of Evergrande’s main lenders, demanded all net proceeds from the sale go towards settling the developer’s debts with Shengjing. As of the first half last year, the bank had 7 billion yuan in loans to Evergrande, according to a report by brokerage CCB International, citing news reports.

The move underscores how Evergrande, once China’s top-selling developer and now expected to be one of the largest-ever restructurings in the country, is prioritising domestic creditors over offshore bondholders. It also highlights the role state-owned enterprises may play in Evergrande’s denouement. NB: China is more concerned that the masses will rise up then protest to credit rating agencies and by powerless foreign creditors to do anything…….

The company is due on Wednesday to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond. The company missed a payment deadline on a dollar bond last week, a day after its main property business in China said it had privately negotiated with onshore bondholders to settle a separate coupon payment on a yuan-denominated bond. Evergrande’s silence on its offshore payment obligations has left global investors wondering if they will have to swallow large losses when 30-day grace periods end for coupon payments due on Sept. 23 and Sept. 29. A spokesperson for Evergrande did not immediately respond to Reuters request for comment. “We are in the wait-and-see phase at the moment. The creditors are organising themselves and people are trying to figure out how this falling knife might be caught,” said an advisor hired by one of the offshore Evergrande bondholders. “They failed to pay last week, I think they will probably fail to pay this one. That doesn’t mean necessarily they’re not going to pay … they’ve got the 30-day grace period,” said the advisor declining to be named due to sensitivity of the issue. Once the face of China’s frenzied building boom, Evergrande has now become the face of a crackdown on developers’ debts that has spurred volatility in global markets and left large and small investors sweating their exposure. Evergrande’s troubles slammed global stock markets earlier this month. In the weeks since, some global investors have shifted their focus to political wrangling in Washington over the U.S. debt ceiling and a rise in Treasury yields that has pressured stocks. Beijing is prodding government-owned firms and state-backed property developers such as China Vanke Co Ltd to purchase some of Evergrande’s assets, people with knowledge of the matter told Reuters. Authorities are hoping that asset purchases will ward off or at least mitigate any social unrest that could occur if Evergrande were to suffer a messy collapse, they said, declining to be identified due to the sensitivity of the matter.  On Monday, China’s central bank vowed to protect consumers exposed to the housing market, without mentioning Evergrande in a statement posted to its website, and injected more cash into the banking system. Those moves have boosted investor sentiment towards Chinese property stocks in the last couple of days, with Evergrande stock rising as much as 17% on Wednesday. The stock was up around 11% in the afternoon trade. NN: Evergrande is old news. China has decided it will be a controlled wind down. US bankruptcies are also handled in house to mitigate spread…… Remember everone is trying to keep the house of cards the international debt orgy alive for another day…..

Posted on

Wall Street stumbles on rising Treasury yields, inflation worries

NEW YORK (Reuters) – Wall Street stocks ended sharply lower on Tuesday in a broad sell-off driven by rising U.S. Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington. All three major U.S. stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks weighing heaviest as investors lost their risk appetite. The S&P 500 index and the Nasdaq Composite index were on track for their largest monthly declines since September 2020. “The big picture is the sudden surge in the past week of yields, which has led to a ‘sell first, ask questions later’ mentality,” Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. Factors weighing on sentiment today,” Detrick added. “The back-and-forth in Washington with the debt ceiling and the spending bill and potential higher taxes have weighed on overall investor psyche and has led to a pretty good sized sell-off.” The benchmark index was also setting a course for its weakest quarterly performance since the COVID pandemic brought the global economy to its knees. Weakness pervaded across most asset classes, including gold, suggesting widespread risk-off sentiment. NN: I want you understand two things. Its over, we have the greatest bubbles EVER. And we are about to see the biggest crash ever in stocks, bonds and real estate. The powers that run the show know this. Not to be confused with the talking heads you see om public media. But the real power brokers. All they are doing is buying time and positioning themselves to survive the coming chaos. The global plague threw them a curve ball they were not expecting. Remember China wants to be a player to and is a competitor. They are All  afraid of one things. The masses rising up in open rebellion… that’s why they got to keep them SCARED and sleeping…. And blaming the plague for what is coming is in their play book. That is why they are fesding the antivaccers full of shit… These folks insure the plague stays among us and keeps mutating.

Posted on

US in touch with OPEC over energy prices – Psaki

White House spokeswoman Jen Psaki stated on Tuesday that the United States government is engaged with OPEC members over increasing energy prices and is looking at every means to address the cost of oil products. “We continue to speak to international partners, including OPEC, on the importance of competitive markets and setting prices and doing more to support the recovery,” Psaki stated. She also added that the White House is closely monitoring the developments on energy markets and has already asked the Federal Trade Commission to use all of its tools to address any illegal activity related to gas price increases.