The U.S. military did what it does best. Allowed to operate by a hands-off President, U.S. forces routed ISIS—which now occupies just 3% of Iraq and 5% of Syria. U.S. forces will remain “as long as ISIS wants to fight,” while Russia is withdrawing their forces in advance of a UN-implemented political settlement.
After decades of waste and overpayments, and trillions of missing or improperly accounted for dollars (most recently losing track of 44,000 U.S. soldiers), the Pentagon is about to undergo its first audit in history. 2,400 auditors from independent public accounting firms will conduct reviews across the Army, Navy, Air Force and more – followed by annual audits going forward. Should be interesting!
The economy created 228,000 jobs in November, topping expectations and pointing to a continued economic recovery. Here’s where the jobs were:
Another can kick. Who, us surprised? Despite a laundry list of demands from Democrats and Republicans who appeared ready to cut off government funding, a House majority approved a two-week extension of the process of attempting to agree on how much and for what government will spend money this fiscal year—and pushed the day of reckoning from Dec. 8 to Dec. 22. Our fearless leaders all smiled, so they must have considered successfully deferring the deadline to be an accomplishment? Well, at least the GOP may get enough time to pass tax reform.
Janet’s swan song. The Federal Reserve is expected to announce its final 2017 25 basis point hike in its discount rate on Wednesday—to a range of 1.25%-1.50%.
California fires. Dane Wigington is a one-man geoengineering band. Watch this short video of Dane pointing a very sharp finger for California’s destructive weather at a high pressure dome created by climate engineers using the U.S.’ HAARP installation in Alaska. This is REAL stuff folks, and your government at work! California is a climate target. Ever pay attention to chemtrails stretched across our skies? Same perpetrator! “All of us are needed in this all-important battle to reach a critical mass of awareness… Make your voice heard!” Anyone have Trump’s ear?
Christmas spirit catching on. One of LeAnn Boudwine’s sons told her that not everyone serving in the military gets care packages, so she enlisted volunteers and delivered 10,000 packages to U.S. military forces stationed abroad, in time for Christmas… A “layaway angel” walked into a Poteau, OK, Walmart and used $5,000 to payoff the layaway balances of 40 Americans… And a man identified only as Charlie K. paid off 60 layaway orders in a New Jersey toy store with $10,000 and then bought another $2,000 in toys for the Toys for Tots program.
MARKETS – for the week ending December 8
Real money was pounded: PM holders were among those fleeing to Bitcoin, which enjoyed its best week since 2013. Gold dropped $34 to $1248/ounce and silver fell 57-cents to $15.82/oz. The gold-to-silver ratio spiked to 79, potentially indicating an approaching (final) bottom.
US stocks kept climbing: the Dow and S&P closed up 0.4% each to 24329 and 2652.
Mining stocks (the XAU Index) fell 3.4% to 76.93.
Crude oil (the WTIC Index) eased back a dollar to $57.36/barrel.
Commodities (GCC Index) dropped 3.0% to 18.57.
Currencies. The Federal Reserve Note (= dollar, via USD Index) gained 0.8% to 93.77.
Cryptocurrencies. Bitcoin rocketed 47% higher, closing the U.S. workweek at $15,825/coin.
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US Treasury bonds were flat: 10-year and 30-year yields remained at 2.37% and 2.76%.
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.