It’s hard to say how far ramifications from Friday’s release of the so-called FISA memo will extend. After all the hype, the memo itself seemed a bit underwhelming. However, Rep. Nunes and others note that it contains “clear evidence of Russian collusion” – paid for by the Democratic Party and the Hillary Clinton campaign … and the Mueller investigation wouldn’t have been authorized without it. Breitbart wrote that it contained 16 bombshells.
Martin Armstrong noted that the fact that the dossier was funded by the Democrats was not disclosed to the FISA court amounts to a FRAUD UPON THE COURT—one of the most serious violations that can occur in a court of law—and voids the entire case. GOP reps say they are going to seek criminal indictments on James Comey, Andrew McCabe, Sally Yates and Rod Rosenstein. The revelation that our investigative and justice departments are not impartial should not be “news” to anyone. The memo itself is linked at the bottom of this article.
Fixing healthcare? Amazon, Berkshire Hathaway and JPMorgan are joining forces to redesign healthcare for their combined 1 million U.S. employees. Their objective is to improve benefits while reducing costs. Technology will play a big role in their solution and traditional insurance providers will most likely be cut out. If successful, wider adoption is an obvious next step.
Globalists going wild. As an indication of how far big brother can push, individuals in Rotterdam can now be stopped by police and forced to prove they can afford expensive clothing they may be wearing! If they cannot, the clothing is taken away. European socialism is ahead of developments here, but unless our President gets help from all of us (the FISA case being a good example)—globalists may have their way with us as well.
California expanded its war on guns in January, banning the possession of bullets purchased out-of-state. In 2019, anyone buying ammo in CA will be required to undergo a background check like those currently required for firearm sales.
With confiscation of firearms unconstitutional, would-be tyrannical state and local governments are increasing rules, regulations, restrictions and fees to make owning firearms impractical for citizens (but not for criminals).
Illinois is planning a desperate attempt to sell a record $107 billion in bonds to bolster its insolvent pensions—which contain just 37% of the money that’s supposed to be there. Unmanageable debt, on top of rising taxes and a staggering outbreak of crime in Chicago, has prompted a mass exodus from the state, with one resident leaving every 4.3 minutes. Tip: don’t buy these bonds, regardless of the yield – and if you’re in a bond fund that adds the issue, drop it like a hot potato!
Hats off to New Jersey teenager Oliver Crane, who rowed the Atlantic alone – in 44 days!
MARKETS – for the week ending February 2
Real money eased lower: Gold closed at $1337/ounce and silver at $16.71/oz. Huckster Harry Dent is out of his cage again, advising gold holders to unload at prices just $25-$50 above the current price. Over two decades, Harry has proven to be an excellent contrarian indicator, and he’s confirming our belief that we’re very close to its next launch point—from which gold should make its way up to at least $5000/oz.
US stocks tumbled, with the Dow and S&P closing at 25521 and 2762. Mainstream media attributed the drop to rising interest rates, but Martin Armstrong commented that “it was just time.” Armstrong says a close below 24741 is needed to create major damage and added that “This is a Panic Cycle Year, so get used to the craziness.” Major support remains at 25470.
Mining stocks (the XAU Index) closed at 83.88. Billionaire Eric Sprott just massively increased his stake in Excellon Resources (EXLLF).
Crude oil (the WTIC Index) closed at $65.45/barrel. Texas is heading for another oil boom, with 2018 production expected to hit a record high. The rig count is rising and U.S. production is close to overtaking Saudi Arabia.
Commodities (GCC Index) closed at 19.41.
US Treasury bonds rise accelerated: 10-year and 30-year yields closed at 2.84% and 3.08%.
Currencies. The Federal Reserve Note (= dollar, via USD Index) closed at 89.04.
Cryptocurrencies. Bitcoin closed the U.S. workweek at $8600/coin.
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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.