President Trump was greeted with a red carpet on his arrival in China (Obama was required to exit Air Force One through the rear door). Donald and Melania Trump were granted a rare dinner at the Forbidden City, an honor not bestowed on a foreign leader since the founding of the People’s Republic of China 68 years ago.
Two dozen business leaders accompanied the President on the visit—in which Trump emphasized bilateral trade—and signed 37 major deals between U.S. and Chinese companies. Then in a speech at the Asia Pacific Economic Cooperation summit in Da Nang City, Viet Nam, he renewed Chinese criticism by drawing the line on unfair competition, including government subsidies and theft of intellectual property. And then went on to confirm his mutual friendship with Philippine President Duterte.
Facebook co-founder Sean Parker said that from its creation, Facebook was all about “How do we consume as much of your time and conscious attention as possible? The program deliberately “exploits a vulnerability in human psychology… God only knows what it’s doing to kids’ brains.”
Globalists’ extreme anxiety about Roy Moore’s potential election to Congress became evident in Washington Post-led allegations about his morals (and in calls to step out by neocons including Romney, McCain and Flake). Interesting that ABC’s Alabama affiliate seeking voter reactions out on the street was unable to find a single individual who believed the MSM story. And a claim spreading on social media indicates that a reporter was apparently taped offering a woman $1000 to accuse Moore.
ACA relief? The Trump administration has prepared an executive order that would unravel Obamacare’s individual mandate, but put it on hold for possible incorporation in the Republican tax bill. One way or another, we should see its release by year-end. The order will end the penalty for non-participating individuals.
U.S. wars waged under Bush and Obama in Iraq, Afghanistan and Syria since 2001 have cost nearly $6 trillion ($23,386 per American taxpayer), according to a Brown University analysis. They also resulted in the death of 7,000 Americans and injury of 52,500 more. And accomplished what?
Pedophiles going down? An unprecedented 400 sealed indictments have been filed in Federal Courts nationwide, with the vast majority of them appearing to be directed against pedophiles, elites and politicians.
Are you still here?
MARKETS – for the week ending November 10
Real money eased higher: gold closed up $5 to $1274/ounce and silver finished 4-cents higher at $16.87/oz.
US stocks tumbled, on news of tax reform delay, to their first weekly loss in two months: the Dow and S&P closed down 0.5% and 0.2% to 23422 and 2582, respectively. Global stocks and bonds also fell.
Billionaire real estate scion Sam Zell thinks Amazon is precariously overvalued, unless it is going to be worth 25% of the U.S. economy in 5 years. Zell says MUCH more in the interview, including his take on real estate and where he’s investing.
Mining stocks (the XAU Index) continued falling, down 1.0% to 80.60.
Crude oil (the WTIC Index) closed 10-cents higher at $55.74/barrel. OPEC released its World Oil Outlook, which expressed an expectation that U.S. shale production will continue growing until about 2025.
Commodities (GCC Index) rose 1.1% to 19.36.
Currencies. The Federal Reserve Note (= dollar, via USD Index) slid 0.6% lower to 94.28.
Cryptocurrencies. Bitcoin soared $2700 last week to $7400. When Bitcoin’s planned SegWit fork was called off, investors began moving from BTC to Bitcoin Cash (BCH), which shot 50+% higher, while BTC fell over $2000/coin.
We will be publishing the last of our free weekly cryptocurrency reports on November 8. Send an email to [email protected] to get your free copy.
US Treasury bonds dropped: 10-year and 30-year yields each rose 6 basis points, to 2.40% and 2.88%.
About the Author
Wayne Peterson is Manager of Wayne Framework 2, LLC, author of “But What If I’m Right?” and publisher of the Transformation Watch newsletter and weekly Crypto Analyst Newsletter. For free weekly receipt of these financial blogs, subscribe here.