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Edited by Alfred Adask
Friday, June 3, AD 2016
Between Friday, May 27AD 2016 and 
Friday, June 3, AD 2016, the bid prices for:

Gold rose  2.5 % from $1,212.80 to $1,243.50
Silver rose  1.2 % from $16.20 to $16.39
Platinum rose  1.0 % from $976 to $986
Palladium rose  3.0 % from $536 to $552
Crude Oil fell  1.5 % from $49.56 to $48.80

US Dollar Index fell  1.8 % from 95.70 to 93.93

DJIA fell  0.4 % from 17,873.22 to 17,807.06
NASDAQ rose  0.2 % from 4,933.51 to 4,942.52
NYSE rose  0.2 % from 10,469.50 to 10,487.90
S&P 500 rose  0.0 % from 2,099.06 to 2099.13


"Only buy something that you'd be perfectly happy to hold
if the market shut down for 10 years." --Warren Buffett 

"If the markets shut down for 10 years, what investment would you dare to hold-- 
other than gold"? --Alfred Adask

Venezuela:  Too Broke To Print More Fiat Currency

by Alfred Adask
Zero Hedge recently wrote:
"Back in February, we commented on the
unprecedented hyperinflation about to be unleashed in the Venezuela whose president had just announced that he would expand the "weekend" for public workers to 5 days.
"About the same time, the
WSJ announced that, 'millions of pounds of provisions, stuffed into three-dozen
747 cargo planes, arrived in Venezuela from countries around the world to service Venezuela's crippled economy.  But, instead of food and medicine, the planes carried another resource that often runs scarce there:
bills of Venezuela's currency, the bolivar.'"
"The 747 cargo shipments were part of the import of at least
five billion bank notes as the government
boosts the supply of the country's increasingly
worthless currency."
"More planes were coming: in December, the Venezuelan central bank began secret negotiations to order
10 billion more bills which would effectively
double the amount of cash in circulation[and thereby also reduce the real value (purchasing power) of Venezuela's national debt by 50%]. That order alone is well above the
eight billion notes the U.S. Federal Reserve and the European Central Bank each print annually-dollars and euros that, unlike bolivars, are
used world-wide. 
Yes, it's true that the U.S. dollar and the EU's euro are different from the Venezuelan bolivar in that dollars and euros are "world reserve currencies" that are recognized and "used world-wide".  The bolivar, on the other hand, is primarily a "local" currency used and recognized almost exclusively within Venezuela. 
However, it's also true that dollars and euros are also virtually
identical to Venezuela's bolivar in that
all three currencies are
debt-based and
intrinsically worthless.  That equivalence is nothing to sneer at.
Why?  Because dollars and euros might do better than bolivars today, but that won't always be so.  Venezuela is giving the world yet another lesson on the inevitable fate of fiat currencies:  hyperinflation and national ruin.
Zero Hedge:
"Where things got even more ridiculous for the Venezuelan government is how much physical currency was needed, and the
cost to print it:
"The high cost of the printing binge is an especially heavy burden as Venezuela reels from the oil-price collapse and 17 years of
free-spending socialist rule that have left state finances in shambles.
"Most countries around the world have
outsourced bank-note printing to
private companies that can provide sophisticated
anti-counterfeiting technologies."
What's so bad about counterfeiting? 
If government really wants to print more fiat bolivars to cause more inflation, why pay some foreign printer to produce the additional, intrinsically-worthless notes?  Why not simply allow the Venezuelan people to print their own intrinsically-worthless 100-bolivar bills on their home computers and spare government the cost of printing more fiat currency? 
Why is an intrinsically-worthless bolivar printed by a foreign printer more valuable than an intrinsically-worthless bolivar printed on some Venezuelan's home computer?
*  Here, in the U.S., rather than rely on the Federal Reserve to print hundreds of billions of intrinsically-worthless, fiat dollars to stimulate the economy-why not repeal the anti-counterfeiting laws and allow private Americans to print our own $100 bills on our own computers?  It would save government the cost of ink and paper and also eliminate the costs of distributing "helicopter money" to Americans
Why should intrinsically-worthless paper dollars printed on my computer be disdained while virtually-indentical intrinsically-worthless paper dollars printed by the Federal Reserve be admired?  Couldn't my intrinsically-worthless "counterfeit" dollars be held in the same high regard as the Fed's intrinsically-worthless "real money"? 
Conversely, shouldn't the Fed's intrinsically-worthless "real money" be viewed with the same disdain as my intrinsically-worthless, counterfeit fiat dollars?
The answer to these seemingly ridiculous questions is simple:  If government allowed Americans to print and use their own "homemade" dollars as if they were every bit as valuable as the "official" fiat dollars printed by the Federal Reserve, the public would soon see that the Fed-printed dollars are just as worthless as those printed with home computers. 
Counterfeiting laws exist to
deceive people into believing that "officially-printed" fiat dollars are somehow more valuable than "unofficially-printed" fiat dollars.  
The truth is that the fiat dollars printed by the Fed are no more intrinsically valuable than the "counterfeit" fiat dollars that could be printed on home computers.  If people understood that truth, their confidence in the "officially-printed" fiat dollars would fall-perhaps enough to kill the fiat dollar.  If that were to happen, Americans would find themselves in circumstances virtually identical to the current circumstances in Venezuela.
Zero Hedge punch line:
"The Venezuelan central bank's own printing presses
don't have enough security paper and metal to print more than a small portion of the country's bills."
Here in the US, it costs about 5 cents to print a new $100 bill.  Such a deal, hmm?  For about a nickel's worth of paper, ink and labor, you can produce a $100 bill.  It's like having a proverbial money tree.  Unless we run out of nickels, we can produce an infinite and endless pile of fiat dollars.
Well,  Venezuela is so broke that it can't come up enough "nickels" to print more 100-bolivar notes.  This is as laughable and tragic as a check forger who's starving to death because can't find a pen to forge someone else's signature on a stolen check to pay for his food.
In a sense, Venezuelans are
starving for lack of enough paper and ink to print more intrinsically-worthless bolivars.
But this is not a uniquely Venezuelan problem.  This is a problem that's inherent in all fiat currencies-including the euro and U.S. dollar.
If you stop long enough to really look at our current monetary system, you'll see that the whole thing is crazy and/or wicked.
Why?  Because every fiat monetary system inevitably leads to chaos and death.
  Zero Hedge:
"Venezuela's difficulties stem from the same
dollar shortages that have plagued Venezuela's centralized economy, as the Maduro administration struggles to pay for imports of
everything, including cancer medication, toilet paper and insect repellent to battle the mosquito-borne Zika virus." 
Venezuela depended on fiat dollars to pay its bills for imported goods and services because, while foreign producers would accept fiat dollars as "payment" for their goods and service, they would not accept Venezuelan bolivars.  Even though Venezuelan bolivars are just as intrinsically worthless as U.S. fiat dollars, the world has been
deceived into using fiat dollars to pay for their imports.  Why?  Because, since WWII, foreign sellers have been
conditioned to accept fiat dollars
as if they were "good as gold".  The primary reason the world accepts dollars as "payments" is
habit.  That's it.  Habit, based on the dollar's
former value.  But today's habitual acceptance of fiat dollars has virtually nothing to do with the dollar's
current value.  
Venezuela thereby became
dependent on selling its crude oil to the US and other foreign countries for
US dollars.  As long as Venezuela had a continuous influx of US dollars paying for Venezuelan crude oil, Venezuela had enough US dollars to purchase whatever they wanted to import.
*  But note that Venezuela relied primarily on selling
natural resources (crude oil) rather than on its people's hard work and industry to trade for fiat dollars and/or for imports. 
Result?   Venezuela became over-populated with leftists, socialists and communists who really believed that there was
no need for them to work because they were
entitled to simply pump wealth out of the the ground as crude oil.
Surprise, surprise!  Venezuela's communist government kept contending with the US government until the US government and/or the global crude oil supply glut started to restrict the sale of Venezuelan crude into the US markets. 
Result?  Less fiat dollars for the Venezuelans to spend on products imported from foreign countries rather than made in Venezuela by the Venezuelan people.  Insofar as the Venezuelan people didn't need to work and be productive (they could import their needs from foreign countries and pay for those imports with exported Venezuelan oil), they lost much of their capacity to work and produce. 
Relying on food and goods produced in foreign countries, they lost their capacity to grow their own food and produce their own products.  Now, unable to sell Venezuelan crude for fiat dollars and therefore unable to purchase foreign-grown food, Venezuelans have begun to starve.   Some of them are already hunting and eating dogs, cats, pigeons and rats.  Soon, some Venezuelans will be secretly hunting and eating other Venezuelans.   This is the ultimate fate of every collectivist government that teaches its people that they're "entitled" to eat without having to work to grow and produce food.  
Plus.  The US started fracking and pumping its own oil again and thereby
increased the global supply and
cut the price of crude oil-which also reduced Venezuela's access to fiat dollars.
Plus.  Saudi Arabia started a global price war which slashed the price of crude from over over $100/barrel to $26/barrel. 
Result?  In a classic tribute to leftist politicians everywhere and to all people who think they're "entitled" to survive without working, the idiotic/Satanic Venezuelans who thought they didn't need to work have seen their nation torn apart and ruined.
Plus.  Insofar as Venezuelans have become ingrained with the idea that they can live off their "entitlements" rather than their productivity, many Venezuelans no longer know
how to work.  If Venezuela wants to become prosperous, it won't be enough to send them financial aid.  Somebody's going to have to teach the Venezuelan people how to work and why to work. 
That means they'll be forced to abandon their leftist philosophy.  That means there's a revolution coming to Venezuela.  The same fate could befall any other nation that relies on fiat currencies.
*  Like Greece and France, a majority of Venezuelans subscribe to the leftist notion that they can "have it all" without having to work.  They're insane.  
Being leftists and
evolutionists, they're about to be very surprised when they learn that the forces of
natural selection are still in full force and effect.  As a result, many of the Venezuelans who believed in collectivism and "entitlements" (free lunches) are about to be "selected out" for being stupid, delusional and parasitical.
Venezuelans (and U.S. citizens) will regain their sanity and prosperity when they re-learn and grudgingly respect a universal truth:  none of us are "entitled" to one damn dime that we haven't personally
*  Zero Hedge:
"Reportedly, the Venezuelan central bank's latest orders have been exclusively limited to only 100- and 50-bolivar notes
because 20s, 10s, 5s and 2s are worth less than the production cost." 
Sounds hilarious, no? 
The poor, misguided Venezuelan peasants have supported a communist regime that's produced a paper currency that's so worthless, that they can't even afford to print the smaller denominations.  If the Venezuelan people are dumb enough to keep their communist government in power, it's only a question of time before the leftists are forced to print trillion-bolivar notes that are every bit as worthless as Zimbabwe's trillion-Zimbabwean-dollar notes of the recent past.
 Similarly, insofar as Americans continue to support the US government that gave us a fiat currency, Americans will also soon follow the same hyperinflationary trajectory that's pushed Zimbabwe and now Venezuela into chaos and possible national destruction.
*  Zero Hedge
"In late December, President Maduro changed a law to give himself full control over the central bank, stripping congressional oversight just as his political opponents took control of the National Assembly for the first time in 17 years."
Sadly, that did nothing for the imploding economy and country, whose
morgues are now overflowing due to rampant social violence." 
Sadly . . . morgues are now overflowing"? 
There's nothing "sad" about it.
Of course, any death is arguably "sad," but in this case, use of the word "sad" does not clearly apply.  They should've written, "
Predictably, . . . morgues are now overflowing," or "
Inevitably, . . . morgues are now overflowing." 
There's nothing "sad" about dead bodies piling up in Venezuelan morgues.  Those deaths (and more to come) were
predicable and
guaranteed on the day Venezuelan's voted to become a leftist, collectivist society.
Remember what I wrote previously about "natural selection"?   The stupid, suicidal leftists are killing each other in Venezuela in a gross act of natural selection.  They're filling their morgues with the victims or natural selection.  Natural selection is what you see when you stop working.  Nature not only abhors vacuums, it also abhors parasites and/or those who voluntarily serve as parasites' hosts.  If you can't produce, your odds of dying an early death rise dramatically.
Want a good job in the last years of any communist/collectivist society? 
Become a mortician, undertaker, coffin maker, body disposal expert or grave digger.  The work's not glamorous, but it's steady.  So long as leftists rule, you won't be unemployed.  Collectivism inevitably ends in wide-spread, violent, self-destruction. 
Get in on the ground floor now! Learn to become a grave digger!
Build a better (cheaper) coffin and the leftist world will beat a path to your doorstep!
Why do leftists governments lead to national suicide?  Because leftists
don't know how to work and are therefore incapable of the
productivity that fuels and supports any viable nation.  The leftist mantra ("From each according to his ability; to each according to his need.") explains the problem.  In a leftist world, the able are robbed of productive efforts by the parasites who feel "entitled" by their mere needs.  If you don't want to be robbed, don't be productive.  If you want to prosper, focus on your needs rather than your abilities.   The result of that mantra is an inevitably unproductive and impoverished nation.
Because the take rather than produce, leftists ultimately have only one option when facing unemployment and starvation:  theft, robbery, and if necessary, murder.  They're too ignorant, unintelligent or lazy to work their way out of their problems with productive effort.  Unable to produce, they'll steal or die.
*  Much the same thing happened to the former Soviet Union when it collapsed circa A.D. 1991.  The communist people, no longer knowing how to work productively and relying on "Big Brother" for their support, resorted to violence and criminality on a national scale as they tried to steal (rather than produce) whatever they needed or wanted. 
We see something similar in the U.S. where many blacks (who, thanks to welfare and the notion of "entitlements," no longer know how to work) have only two ways of surviving:  government hand-outs or violence. 
Soon, we'll see the same thing among white welfare recipients who, when deprived of government hand-outs, will be forced to steal or die. 
If you want to survive in this world; If you want to prosper-you'd better learn now how to work and work
hard and work
smart to
produce something tangible that other people freely want and value.
Just as Venezuela's morgues are overflowing due to national poverty and violence, at some future date, American morgues will also overflow with government dependents who don't know how to work.
As I wrote previously, the bodies clogging Venezuelan morgues aren't "sad".   Why?  Because those bodies are
predictable.  They're
inevitable.  Venezuela sealed its fate when if voted for a collectivist government.  They're just
getting what they voted for-including a central bank that doesn't have enough paper and ink to print fiat 100-bolivar bills. 
What's so "sad" about people getting exactly what they voted for? 
What have Americans voted for since WWII?  Productivity or entitlements? 
What are you going to vote for next November?  Increased productivity or more entitlements?
Which way you voting?  Left or Right?

Weekly Commentary: Monkey with Money at Your Own Peril
Doug Noland is not a financial advisor nor is he providing investment services. This blog (Credit Bubble Bulletin) does not provide investment advice and Doug Noland's comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time.
With markets on the rather quiet side, I awoke Friday anticipating a more theoretical focus for this week's CBB. But then May's surprisingly dismal jobs report - 38,000 seasonally-adjusted jobs versus consensus expectations of 158,000 - threw the markets for a loop. Bond yields sank - at home and abroad. Currency markets went haywire, with the Japanese yen surging 2% versus the dollar. The U.S. dollar index ended Friday's session down 1.75%, its biggest one-day decline since December.
June 3 - Bloomberg (Liz McCormick): "Bond traders have a message for the Federal Reserve: Don't even think about raising interest rates this month. The world's biggest debt market soared Friday, driving yields lower, after government data showed U.S. employers added the fewest workers in almost six years last month. For traders, the figures drove the final nail in the coffin as far as bets that the central bank would lift rates when it meets June 14-15. The probability of a June hike plunged to 4%, from about 22% before the report's release. It was 30% a week ago..."
Two-year Treasury yields dropped 11 bps on Friday ("largest daily fall in 8 months") - and were down 14 bps on the week ("largest weekly decline since October 2014"). Yet it wasn't just Treasury yields on the decline. Friday trading saw German 10-year bund yields decline five bps to a record low 0.068%. Ten year U.K. gilt yields sank 16 bps this week to close at a record low 1.27%.
June 3 - Bloomberg (Jonathan Levin and Ye Xie): "Bond bears were licking their wounds after a weaker-than-forecast May jobs report sent Treasuries surging. Data released later Friday suggest the pain was widespread. Hedge funds and other speculative investors were net short Treasury two-year note futures in the week ended May 31 by the most since before the financial crisis, according to U.S. Commodity Futures Trading Commission data. Two-year notes surged Friday by the most since September..."
Global markets have not been cooperating with the leveraged sect. Just as market operators were becoming comfortably positioned for higher U.S. rates and a stronger dollar, the payroll data turned weak and previous growth was revised lower. Basically, job creation has been on a steady downtrend for the past six months. Perceptions had of late swung in the direction that a general firming of U.S. economic data (and relatively stable global markets) provided a window for the Fed to bump rates a bit higher. The markets rather abruptly Friday morning shifted to the view that the Fed might have once again missed its timing for a rate rise. One and done.
So the yen currency short - a seemingly enticing trade with Japan in disarray and the Fed about to hike rates - suddenly turned into a wretched bear trap. The yen surged 3.4% this week, charging back to near 18-month highs. The commodity currencies, ostensibly tantalizing shorts with the dollar rally gaining momentum, rather abruptly ripped traders' faces off. For the week, the South African rand surged 4.0% and the New Zealand dollar rose 3.8%. The Australian dollar rallied 2.6% this week. And speaking of "rip your face off" rallies, gold stocks (HUI) surged 13.9% this week. Again, with the dollar rallying and bullion under pressure, the gold equities short trade was attracting attention again. So many speculative macro trades bludgeoned this week.
Global financial stocks have turned hyper volatile. U.S. Banks (BKX) dropped 2.25% during Friday's session, and the Broker/Dealers (XBD) fell 2.20%. It was quite a reversal from last week, when the banks gained 3.2% and the broker/dealers surged 4.5%. Yet the really big moves were, ominously enough, in Europe.
Europe's STOXX 600 Banks Index sank 5.4% this week (down 2.17% Friday), increasing 2016 losses to 19.6%. Italian bank stocks were clobbered 8.4% (down 2.84% Friday), ending the week just off early April's three-year lows. Italy's banks closed the week down 39% y-t-d. The Italian stock market (MIB) was down 3.8% this week, increasing y-t-d losses to 18.3%. Spanish stocks (IBEX) dropped 3.4%, increasing 2016 declines to 7.8%. Germany's DAX fell 1.9% this week and France's CAC 40 dropped 2.1%. European equities are quickly giving back what had been an unimpressive rally.
European bond markets have been confirming that all is not well. It was a week of record low German bund yields and widening periphery spreads. Portuguese 10-year bond spreads widened 20 bps this week, with Greek spreads 13 bps wider. Spanish and Italian 10-year spreads were five wider.
Analysts have been quick to note U.S. equity market resiliency. The S&P500 ended the week almost exactly unchanged, outperforming most developed markets. Below the surface there is ample volatility. While the financials were under heavy selling press, the Utilities jumped 2.4%. The small cap rally continued, with the Russell 2000 gaining 1.2%. The squeeze in the biotechs persevered, with the BTK up 2.7% this week. The bottom line is that market dynamics continue to be extraordinarily challenging.
It's now been more than seven years since I first warned of a new "global government finance Bubble." I had no idea that by 2016 the Fed's balance sheet would have inflated to almost $4.5 TN. The thought that the BOJ and ECB would each be expanding their balance sheets by about $1.0 TN annually never came to mind. I did not at the time contemplate that the ETF and hedge fund industries would both balloon to $3.0 TN. I would have argued against the possibility for negative interest-rates and $10.0 TN of negative-yielding global debt securities. I expected a Bubble in China, but a $35 TN Chinese banking system and $8.0 TN of so-called "shadow banking" were inconceivable back in 2009. And clearly I expected this "Granddaddy of all Bubbles" to have succumbed before now.
I didn't argue for a likely hyperinflation scenario. What was clear in my mind was that once the inflation of Central bank and sovereign Credit commenced it was going to be extremely difficult to control. Monkey with Money at Your Own Peril. I've always believed that using central bank Credit to inflate securities markets was both a trap and a monumental mistake. After the disastrous consequences of employing mortgage Credit for system reflation purposes, there was little possibility that inflating the securities markets would end any better. Yet after a few months of relative global market calm, the backdrop again has the appearance of being sustainable. I'll continue to chronicle why I believe it's late in the game.
It's become increasingly obvious that Japan's QE and negative rate endeavor is floundering. A similar prognosis for ECB reflationary measures is at this point only somewhat less evident. Historic bond Bubbles proliferate. Meanwhile confidence in economic fundamentals, the course of policymaking and general banking system soundness wavers. There is little to indicate that either the BOJ or ECB will be capable of extricating themselves from flawed policies.
With the Federal Reserve having concluded QE (for now), many present the U.S. as evidence that exit strategies are achievable and easily managed. It's definitely not that straightforward. I would contend that ending QE was only possible because of the massive "money" printing operations being orchestrated in Tokyo and Frankfurt. I believe enormous amounts of finance have made their way into U.S. securities markets and the real economy, either directly or indirectly related to BOJ and ECB policymaking. Combined with historic Chinese "Terminal Phase" Credit excess, there was more than ample Credit and liquidity to propel the "global government finance Bubble" finale.
Yet there are today serious issues with BOJ and ECB policy measures as well as the Chinese Credit boom. I would argue that BOJ and ECB reflationary policies maintained the appearance of success only so long as the yen and euro were being devalued. For one, currency devaluation worked somewhat to mitigate domestic deflationary pressures. And, importantly, aggressive BOJ and ECB (QE and interest-rate) policies created extraordinary speculative opportunities for shorting the yen and euro. "Carry trades" and myriad leveraged strategies proliferated in order to profit from unusually conspicuous policy-orchestrated devaluations, in the process boosting securities market liquidity throughout global markets.
I tend to view yen and euro devaluations as part of last gasps in both policy experimentation and leveraged speculation. For a couple years, devaluation provided extraordinary speculative opportunities, in the process helping to mask the general deteriorating backdrop for leveraged speculation. Now, the yen is near 18-month highs against the dollar and the euro not far from one-year highs. Currency markets generally have turned volatile and uncertain. Slam dunk trades are a thing of the past. The backdrop is no longer conducive to leverage.
Integral to my bursting global Bubble thesis, I believe a monumental de-risking/de-leveraging cycle has commenced. This fledgling "risk off" backdrop helps to explain why BOJ and ECB QE measures have of late had such muted impact on global risk markets. At the same time, ongoing liquidity operations continue to bolster market sentiment in the face of a disconcerting fundamental global backdrop. Clearly, relative stability in China in concert with BOJ and ECB policy measures has been key to containing "risk off" over recent months.
China, commodities and EM have been the global markets' weak links. The view has been that dollar weakness helps to ameliorate these fragilities. At the same time, there is the issue of how much speculative finance flowed into the U.S. in pursuit of king dollar returns. One more Crowded Trade to unravel? And there's another issue worth pondering: confidence in QE has waned considerably over recent months. There's increasing talk of "helicopter money" and central bank forgiveness of government debt obligations. Both would create serious issues in terms of the true underlying value of central bank Credit. And who holds the vast majority of central bank Credit? The major global commercial banks have accumulated Trillions of central bank obligations, as assets backing deposit liabilities. Perhaps waning confidence in central banking helps explain why the big global bank stocks trade as if something very serious is unfolding. It would also explain the seemingly insatiable appetite for safe haven assets.
June 2 - Bloomberg (Tracy Alloway): "Which fixed-income asset class is growing fast, outperforms similar debt issues, and rarely defaults? Emerging market 'quasi-sovereign' bonds, of course! At some $600 billion, debt sold by state-supported companies in emerging markets ranging from China to Oman has surpassed the amount of emerging market government debt outstanding, according to... Bank of America Merrill Lynch. Such quasi-sovereign debt issuance has helped propel the stunning growth of the overall bond market, with EM issuance accounting for 47% of the growth in global debt between 2007-14, compared to 22% in the previous seven years, according to S&P Global Ratings. But the surge in 'quasi' bonds is making some feel, well, queasy. 'Quasi-sovereigns are effectively a 'contingent liability' for a country,' write the BofAML analysts, led by Kay Hope. They note that quasi-sovereign issuance now makes up half of the $1.6 - 1.8 trillion euro- and dollar-denominated corporate bond market for emerging markets..."
May 31 - Wall Street Journal (Timothy J. Martin): "What it means to be a successful investor in 2016 can be summed up in four words: bigger gambles, lower returns. Thanks to rock-bottom interest rates in the U.S., negative rates in other parts of the world, and lackluster growth, investors are becoming increasingly creative-and embracing increasing risk-to bolster their performances. To even come close these days to what is considered a reasonably strong return of 7.5%, pension funds and other large endowments are reaching ever further into riskier investments: adding big dollops of global stocks, real estate and private-equity investments to the once-standard investment of high-grade bonds. Two decades ago, it was possible to make that kind of return just by buying and holding investment-grade bonds, according to new research."
Again, Monkey with Money at Your Own Peril.
The Credit Bubble Bulletins are copyrighted. Doug's writings can be reproduced and retransmitted so long as a link to his blog is provided.

Just a little bit here and a little bit there...What does it matter anyway
What do we see when peering into the 'wanna be god looking glass? Here we have Bill Clinton, the sleep around, moral garbage can former President. He still gives his overpriced speeches and loves the attention he gets while 'humping' (my bad) I meant stumping for Hillary. You know, - 'Boys will be boys.'
As I glance onward into the 'god glass' there is the famous Hillary Clinton - "It doesn't really matter anyway" Former Secretary of State. She has wanted to be the first female President, thus hopefully rendering her behavior and actions untouchable. If you dare point out her chronic lies, disservice and UN American views, you will find yourself torched by the classic and fossil like persecution mantras that Obama and Hillary love to use. If you go after Hillary, you are a sexist and hate women and their need for equal rights. If you go after Obama, you hate all blacks and are a racist. 'Shut up while we rape and pillage America, we have 'special' status and you don't.
What does it matter anyway
How can we ever forget the famous treasonous and insensitive words of Hillary regarding the investigation of Benghazi - ' and the avoidable murders of Ambassador Stevens and his brave crew ' It doesn't really matter anyway.' For years now, from what we do know, desperate military calls for help were denied during the quickly escalating Islamic terror attack at the Ambassadors compound. They were told again and again to stand down on Hillary and Obama's watch. As the investigation continues seemingly forever, we now know of all the cover up treachery about arms shipments flying through there that we were supplying to all the wrong Islamic people.
Cover up; Cover up, murders and more cover-ups. Hillary, Obama and their lying mouth pieces all blamed this exploding Benghazi nightmare on a small video on Islam that caused it all. Now, the whole world knows that was a bogus, planned out and a treacherous lie. Hillary's usual playbook is to say 'I don't recall' or make sure she was traveling somewhere else in the world looking very busy to avoid Congress and their probes on this. ' It doesn't really matter anyway.'
Now, we see and hear the building criminal investigation over Hillary lying yet again, then hiding and forgetting everything she can...the famous unsecured email server and emails flying everywhere, being hacked and exposing America most likely to danger and threat due to her gross negligence. Once again, her playbook screams out the 'minimization card' Condoleezza and Other Secretary's of State did the same thing as I did. Rules changed over time and if I had to do it again I would do it differently but it was no different than my predecessors...on and on.
With this latest email scandal, she loves to play the persecuted female card again and again. Everyone is making a big deal out of nothing so they must just hate women, especially Trump and the GOP.
...But it does matter this time to Americans Hillary.
Let us follow the bouncing ball legacy so far
* Lies, cover-ups, criminal and dangerous fund raising and donations to her 'mystery' foundation
* Dangerous and exposed emails, lack of leadership that lead to murders in Benghazi
*Terror, threats, intimidation and set ups against all the women Bill raped or had affairs with
*Drug money and cover ups going clear back to White Water, disappearing bodies and many ending up dead or missing.
The real legacy emerging all over Hillary is to grab up power and keep it at all costs.
Hillary as the first 'wanna be female president' represents me about as much as ice cube factories are in hell.
I am a woman and I love my rights. Hillary simply represents none of them.
"Hillary, your eminent exposure and demise as a politician is unfolding in front of us all. It really doesn't matter anyway."

More people are becoming aware that there is something amiss regarding vaccine treatments in medicine. The movie Vaxxed: From Cover-Up to Catastrophe has had an impact. More reports are surfacing on the adverse reactions patients of all ages are encountering after being inoculated with various vaccines. According to Health Impact News, nurses are warning people that if they are admitted to the hospital the new documents include giving blanket-permission for doctors or nurses to treat you with biologic [biogenic] therapies. The documents do not actually list the type of biologic treatment or the names of any medications. The biologics are in a category of treatment that can entail some very dangerous and harmful substances. Biological weapons fall into this category. However, few would want to think that hospital doctors or nurses would administer to them anything harmful. They would if they thought it was a beneficial treatment. I would remind you that there was once a time in legal physician healthcare that bloodletting was thought to be beneficial. Let's see what is happening within hospital care and how we can protect ourselves.
If you find yourself being admitted to the hospital the admission documents the patient (or the legal representative for the patient) is told to sign and give permission to be given biologic treatments which include vaccinations. Patients are verbally asked by admission staff if they are up to date on the vaccines including the influenza vaccine. If they say they are not, an immediate order is entered into the computer system to generate an order for treatment. Patients are told the vaccines are not optional but mandatory. Why you are going to the hospital admission is not important; whether you are there for trauma, scheduled surgery, to give birth, tests or donate an organ. Once you've given the hospital the consent to treat you with biologics, such as vaccines, the hospital is not obligated to inform you if they've given you a vaccine or which vaccine. Your waiver seems to have removed the medical hospitals' responsibility of informed consent on the treatment. You may need to request copies of the medical record to see what was given.
"Since the ACA, nurses are required to ask every patient upon admission if they have had a flu vaccine and pneumococcal vaccine. If the patient says no, an order is entered into the computer for staff to give the vaccinations. A physician's signature on the order is waived due to hospital policy via the Health Department and ACA." Michelle Rowton, RN
Another disturbing trend is according to Michelle Rowton, RN, hospitals are following the CDC's vaccine schedules and vaccinating premature babies in the neonatal intensive care unit. She reports the vaccines cause life threatening adverse reactions for the infants. What is extremely disturbing is that Rowton reports that the medical professionals know the treatment is harmful but has become an inside joke to staff.
Some medical professionals are admitting that patients and parents are not given informed consent on the vaccines being used. In Pennsylvania a group of medical professionals have created a health chapter called Talk About Curing Autism and they meet monthly to share information. The nurses in this group use a phone app called Periscope to keep up to date on where forced flu vaccines are being used in US hospitals. This dedicated chapter is active in developing solutions and to make more people aware they have been targeted by those in the pro-vaccine agenda movement.
The nurses pushing back against this biologic treatment in hospitals are advising the public that they need to read the admission documents carefully and if they do not want to be vaccinated they need to write on the document "no vaccines" and make this known to the medical staff not just the admission employees. I would also draw a line through the sentences that mention "biologic treatments" and next to it write the word "strike" and then initial it. Also get a copy for your records.
In the category of biologics other than bioweapons and vaccines you will also find experimental drugs and synthetic drugs. Biologic treatments are normally complex mixtures which are not easily identified. Biochemical engineer Dr. Brian Hooker of Redding University, California and gastrointestinal surgeon Dr. Andrew Wakefiled have filed documents of scientific fraud regarding the CDC cover-up of the research proving mercury in vaccines cause neurologic damage and autism. Apparently, there seems to be evidence that suggests the CDC knew mercury was detrimental to the human brain but proceeded anyway. Dr. Hooker and Wakefiled along with two Congressmen sent documents to the CDC demanding the covered-up documents. The information they obtained showed the CDC received an internal report showing 400,000 infants between 1991 and 1997 proved the mercury caused autistic condition and was confirmed by epidemiologist Dr. Thomas Verstraeten (Ver-stra-ten). A report from 1999 titled, Increased Risk of Developmental Neurologic Impairment after High Exposure to Thimerosal Containing Vaccine in first Month of Life was made available to CDC officials, yet the public was repeatedly reassured that thimerosal mercury in vaccines did not present neurological adverse reactions. Check this statement out in the Congressional Record of May 1, 2003 regarding vaccines and mercury:
"...we are not ever going to come down that autism is a true side effect..." Dr. Marie McCormick, Director and Chair of the CDC National Institute of Health, Congressional Record 5/1/2003
Note: Dr. Marie McCormick is the former Director of the CDC and is now the President of Merck's Vaccine Division in which the CDC purchases $4 billion in vaccines annually.
When scientists, such as Dr. Paul King, are factual they report that the influenza vaccine alone contains 51,000 ppb worth of mercury, which is 25,000 times the EPA's limit for mercury in drinking water. We typically find 2 ppb of mercury in drinking water, 250 ppb maximum mercury in tuna and 500 ppb in contaminated fish. Additionally, you will be inform that thimerosal-derived ethylmercury used in vaccines is a scientifically well known mitochondrial toxin to human brain cells. There is also list other damages from the mercury after it leaves the brain and travels to the digestive track to cause damage there and the immune system. When people decide to educate themselves they find that the mercury in vaccines is "inorganic" and therefore causes long-term damage to the system as it lodges in tissue. What is difficult to accept is that medical professionals professing to protect life have willfully destroyed lives and they did it for prestige, power and money. The people in charge of the government-sponsored health organizations and the pharmaceutical companies have conspired in this regard. They can be described as a Judas; betraying humanity with the kiss called healthcare. Armed with this knowledge, why would anyone let the health department, doctors or nurses near them with a vaccine? More importantly, why are hospitals mandating more vaccines be given to staff and patients? The more that is uncovered on vaccines the more we question if scientific medicine isn't more quackery than science. CDC epidemiologist Thomas Verstraeten, MD, proved in 2000 that there is a very high risk of autism, sleep disorders and speech disorders associated with Thimerosal exposure in vaccinations. Toddlers are waking up repeatedly in the night as if they were newborns and having difficulty learning to speak understandable words. Doctors will tell parents that it is completely normal and children obtain normal sleep patterns and speech at different ages and not to be alarmed if the child is exhibiting these behaviors past the age of five. Check out this chart:
We live in a time where there is a lot of deception and you have to do your homework on just about everything recommended to you. Doctors are recommending treatments they read about in the medical journals, which are bought and paid for by the pharmaceutical industry. Editors of these journals have admitted it but if they didn't go along with the game they'd have nothing to print. It is therefore more critical than ever to exercise wisdom and discernment on health matters. I personally rely on powerful herbs for protection. Scientific medicine has known for nearly five years that Gentian root has a natural Ebola inhibitor. There are herbs that can strengthen your immune system to eradicate pandemic disease. How much of the pandemic diseases are naturally developed Vs manmade is a question. Either way, I go with the herbs. Apothecary Herbs has an herbal Pandemic Kit (reverse vaccines), Pneumonia Kit and a line of immune boosting and toxin removing formulas (including heavy metals) to help protect yourself.  Call Apothecary Herbs to order or for a free product catalog 866-229-3663, International 704-885-0277, where your healthcare options just became endless. Money saving coupons on their website.    

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