Trump announced his support for an amnesty bill drafted by Sen Chuck Grassley, which contains “four pillars of a White House Framework:” a lasting DACA solution; an end to chain migration; terminating the visa lottery; and securing the border by building a wall and closing legal loopholes.
But with Democrats non-cooperative, resolution doesn’t seem likely before November. Until then, dreamers will not face deportation but will not receive citizenship either.
Ron Paul: “How to tackle the real immigration problem? Eliminate incentives for those who would come here to live off the rest of us and make it easier and more rational for those who wish to come here legally to contribute to our economy. No walls, no government databases, no biometric national ID cards. But not a penny in welfare for immigrants. It’s really that simple.”
Bring them home! Senator Rand Paul made the very cogent point that instead of our military budget being too small, perhaps our military mission is too large. U.S. military spending exceeds that of the eight next-largest military-spending countries combined. We have troops in over 50 of the 54 African countries. The cost of wars in Iraq and Afghanistan now exceeds a trillion dollars. While roads, bridges and schools get built in Afghanistan, “bridges, roads and schools crumble here while we persist in nation-building abroad… Is it worth one more American life to try to build a nation for people unwilling to fight for their own country?”
A Washington Post article (while attempting to smear the president) revealed that Trump is leaning on Mattis and McMaster to explain why we can’t just pull U.S. troops from places like Afghanistan and Somalia.
Market concerns. Investing legend Jim Rogers told Bloomberg that “the next bear market in stocks will be more catastrophic” than any other market downturn he’s lived through. Rogers cited the current level of debt, and said he expects the current correction to continue—though not necessarily becoming the rout he’s concerned about. Martin Armstrong is in agreement that this correction isn’t over, and the bull market has a lot further to run.
Food stamp solution. The U.S. Department of Agriculture prepared a proposed replacement for food stamps. All households receiving $90 per month or more in benefits would receive instead the USDA America Harvest Box—a package of nutritious, 100% U.S. grown and produced food. No booze, drugs or cigarettes. 16.4 million households would be impacted by the proposal, and taxpayers would save $129 billion over 10 years—and more if some of the recipients decided to improve their situations and leave the program.
The “La Jolla playbook,” a group of global warming conspirators, have filed lawsuits against least 30 individuals and organizations, including EXXON—which is fighting back. The group’s objective is to force a U.S. shutdown of the oil industry. It’s using falsified data and corrupt scientists and offering no energy alternative to fossil fuels.
MARKETS – for the week ending February 16
Real money advanced: Gold rose $40 to $1356/ounce and silver gained 57-cents to $16.71/oz.
U.S. stocks rebounded, with the Dow closing up 4.2% at 25219, and the S&P up 4.3% at 2732.
Mining stocks (the XAU Index) climbed 6.2% to 83.23.
Crude oil (the WTIC Index) bubbled $2.35 higher to $61.55/barrel.
Commodities (GCC Index) gained 1.4% to 19.25.
U.S. Treasury bonds. The Treasury yield curve tightened, as the 10-year yield rose four basis points to 2.87% while the 30-year yield dropped 1 bp to 3.13%.
A whopping $14 billion was pulled from debt funds, with $11 billion alone coming out of high-yield bonds.
Currencies. The Federal Reserve Note (= dollar, via USD Index) plunged 1.5% to 89.01.
Cryptocurrencies. Bitcoin continued its recovery, closing up $1617 to $10055/coin.
About the Author
Wayne Peterson is President 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.