Baltic Dry Index. 1424 +97 Brent Crude 82.78
Spot Gold 1868 U S 2 Year Yield 4.60 -0.30
“What
me worry?”
Mad Magazine.
After
a decade or more of central bankster ZIRP or in Europe NIRP on fiat money, and
entering year three of Magic Money Tree free money after the discovery of the
Magic Money Tree forests in March 2020, our central bankster frauds and our
bent politicians have managed to lead us into yet another inflation led bankster
crisis.
Is
life on the Great Nixonian Error of fiat money great or what?
Coming
up next, the death of cryptoland or a cryptoland bailout by central banksters.
But why bailout criminals and fraudsters with no product of any possible value
to the rest of honest society?
Not
to worry though, the US bond market is already betting on a cryptocurrency
bailout from Chairman Powell’s Fed.
Inflation
to infinity and beyond.
Payrolls rose 311,000 in February, more than expected,
showing solid growth
Job creation decelerated in February but was still
stronger than expected despite the Federal Reserve’s efforts to slow the
economy and bring down inflation.
Nonfarm payrolls rose by 311,000 for the month, the
Labor Department reported Friday. That was above the 225,000 Dow Jones estimate
and a sign that the employment market is still hot.
The unemployment rate rose to 3.6%, above the expectation for
3.4%, amid a tick higher in the labor force participation rate to 62.5%, its
highest level since March 2020.
The survey of households, which the Bureau of Labor
Statistics uses to compute the unemployment rate, showed a smaller 177,000
increase. A more encompassing unemployment measure that includes discouraged
workers and those holding part-time jobs for economic reasons rose to 6.8%, an
increase of 0.2 percentage point.
There also was some good news on the inflation
side, as average hourly earnings climbed 4.6% from a year ago, below the
estimate for 4.8%. The monthly increase of 0.2% also was below the 0.4% estimate.
Though the jobs number was stronger than
expectations, February’s growth represented a deceleration from an unusually
strong January. The year opened with a nonfarm payrolls gain of 504,000, a
total that was revised down only slightly from the initially reported 517,000.
December’s total also was taken down slightly, to 239,000, a decrease of 21,000
from the previous estimate.
Stocks
were mixed after the release, while Treasury yields were mostly
lower.
“Mixed is an apt descriptor.
There’s something for everybody in there,” said Liz Ann Sonders, chief
investment strategist at Charles Schwab. “We’re still in a recession for
certain parts of the economy.”
The jobs report likely keeps the
Fed on track on raise interest rates when it meets again March 21-22. But
traders priced in less of a chance that the central bank will accelerate to a
0.5 percentage point increase, dropping the likelihood to 48.4%, or about a coin
flip, according to a CME Group estimate.
----The jobs report comes at a critical time for
the U.S. economy, and consequently for Fed policymakers.
Over the past year, the central bank has raised its
benchmark interest rate eight times, taking the federal funds rate to a range
of 4.5%-4.75%.
As inflation data appeared to cool toward the end
of 2022, markets expected the Fed in turn to slow the pace of its rate hikes.
That happened in February, when the Federal Open Market Committee approved a
0.25 percentage point increase and indicated that smaller hikes would be the
case going forward.
However, Fed Chairman Jerome Powell this week told
Congress that recent metrics show inflation is back on the rise, and if that
continues to be the case, he expects rates to increase to a higher level than
previously expected. Powell specifically noted the “extremely tight” labor
market as a reason why rates are likely to continue rising and stay elevated.
More
Jobs
report February 2023: Payrolls rose 311,000, more than expected (cnbc.com)
Finally,
yet more bad news from fast disappearing cryptoland. On the premise of never do
yourself what others can do far better, sadly for me that’s most things, this weekend the usually brilliant Joe Bloggs covers the shady fast disappearing sector.
Approx. 27 minutes.
Note,
this was made before Silly Con Valley Bank collapsed. That collapse just made
everything in cryptoland very much worse.
CRYPTO
Contagion Accelerating - Silvergate Bank Liquidation, SBF Bribes Charges &
Binance Concerns
Silicon Valley Bank fails to find buyer as run on bank
outpaced sale process
SVB
Financial,
parent of Silicon Valley Bank, was unable to find a buyer before a bank run caused
regulators to shut it down.
Sources told CNBC’s David Faber
earlier that deposit outflows were outpacing the sale process, making it very
difficult for a realistic assessment of the bank by potential buyers to take
place.
SVB was trying to find a buyer and hired advisors to do so after
attempts by the bank to raise capital failed, the sources told Faber.
Shares of the bank fell 60% on Thursday after SVB announced a plan
Wednesday evening to raise more than $2 billion in capital. The stock fell
another 60% in premarket trading Friday before being halted. The shares never
reopened for trading Friday.
More
Silicon Valley Bank fails to find buyer as run on bank outpaced sale process (cnbc.com)
Tucker
Carlson: This is the largest bank failure since 2008
Tucker
Carlson: This is the largest bank failure since 2008 - YouTube
More than $70 billion wiped off crypto market in 24
hours as bitcoin drops below $20,000
Bitcoin briefly
fell 8% to below $20,000 on Friday, hitting a near-two-month low, after a stock
market sell-off in the U.S. and the collapse of a crypto-focused lender.
The cryptocurrency market saw more
than $70 billion wiped off its value over the course of the 24 hours.
Bitcoin was last trading lower by
just 2.7% at $19,944.66, according to Coin Metrics. Ether was
last down 2.6% at $1,414.21.
The crypto sell-off has been prompted by a number of factors. The movement of cryptocurrency prices is quite closely correlated to U.S. stock markets, in particular the tech-heavy Nasdaq
----“There is just little reason to buy bitcoin now as the
market is saturated with negative developments, not just specifically for the
crypto industry, but also for the wider financial market as well,” Yuya
Hasegawa, an analyst at Japanese crypto firm Bitbank, told CNBC via email.
Another major factor weighing on crypto prices is
the collapse of Silvergate Capital, a major lender to the crytpo industry.
Silvergate said Wednesday it is winding
down operations and liquidating its bank.
Silvergate’s fall is another example how the
collapse of major cryptocurrency exchange FTX continues to have an impact on
the industry. FTX was a big customer of Silvergate.
Separately, on
Friday morning the Federal Deposit Insurance Corporation closed
Silicon Valley Bank and took control of its deposits, making it
the largest U.S. bank failure since the global financial crisis. The bank’s
parent company, SVB Financial, said
late Wednesday that it sold off $21 billion worth of its
holdings at a $1.8 billion loss. SVB was a major bank in the technology
start-up space.
The sale of assets comes as SVB grapples with a
weaker technology funding environment as VCs remain cautious amid a weaker
macroeconomic situation and rising interest rates.
Both Silvergate and SVB put their money into U.S.
Treasurys which have lost value as the Fed has raised rates. These banks have
been forced to sell these bonds at a loss to shore up their capital position.
More
Bitcoin falls below $20,000; $70 billion wiped off crypto market (cnbc.com)
Global
Inflation/Stagflation/Recession Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its
own.
Europe's lenders sucked into
global banks rout
March
10, 2023 9:12 AM GMT
LONDON/FRANKFURT, March 10 (Reuters) -
A dramatic sell-off in U.S. bank stocks spilled over into Europe on Friday, as
some of the region's biggest banks saw their shares tumble in their largest
decline in nine months.
Europe's STOXX banking index (.SX7P) fell more than 4% and was set for its biggest one-day slide since early June, with declines for most major lenders, including HSBC (HSBA.L), down 4.5%, and Deutsche Bank (DBKGn.DE), down 7.9%.
Shares in Italy's
UniCredit (CRDI.MI) and Intesa Sanpaolo (ISP.MI) also
fell sharply.
The global rout in
bank stocks was prompted by Silicon
Valley Bank, a major banking partner for the U.S. tech sector, being forced
to raise fresh capital after losing $1.8 billion selling a package of
bonds to meet depositor demands for cash.
Neil Wilson, Chief Market Analyst at
Markets.com, said that the episode could be the "straw that breaks the
camel's back" for banks after worries about ever higher interest rates and
a fragile U.S. economy.
The episode underscored the vulnerability of banks, many of which were
propped up by taxpayers' cash following the global financial crisis more than a
decade ago. That crash and the economic fallout from the pandemic led central
banks and governments to print trillions to support the economy but they are
now seeking to rein that in.
Investors in SVB's stock had fretted over whether the capital raise
would be sufficient given the deteriorating fortunes of many technology
startups that the bank serves.
SVB's CEO Gregory Becker had been calling clients to assure them their
money with the bank is safe, according to two people familiar with the matter.
But some startups have been advising their founders to pull out their
money from SVB as a precautionary measure, the sources added.
Europe's lenders sucked into global banks rout | Reuters
Below,
why a “green energy” economy may not be possible, and if it is, it won’t be
quick and it will be very inflationary, setting off a new long-term commodity
Supercycle. Probably the largest seen so far.
The
“New Energy Economy”: An Exercise in Magical Thinking
https://media4.manhattan-institute.org/sites/default/files/R-0319-MM.pdf
Mines,
Minerals, and "Green" Energy: A Reality Check
https://www.manhattan-institute.org/mines-minerals-and-green-energy-reality-check
"An
Environmental Disaster": An EV Battery Metals Crunch Is On The Horizon As
The Industry Races To Recycle
by Tyler Durden Monday, Aug 02, 2021 - 08:40 PM
Covid-19
Corner
This
section will continue until it becomes unneeded.
Hmm. Is
this wise?
Deaths Can Be Counted as COVID-19 Years After
Infection: CDC
March 9, 2023 Updated: March 9, 2023
So-called long COVID can be
listed as a cause of death even if a deceased person had not tested positive
for COVID-19 for months or even years, the U.S. Centers for Disease Control and
Prevention (CDC) said in a new update.
“When completing the death
certificate, certifiers should carefully review and consider the decedent’s
medical history and records, laboratory test results, and autopsy report, if
one is available. For decedents who had a previous SARS-CoV-2 infection and
were diagnosed with a post-COVID-19 condition, the certifier may consider the possibility
that the death was due to long-term complications of COVID-19, even if the
original infection occurred months or years before death,” the CDC said
in updated guidance for certifying deaths due to COVID-19.
“Long COVID,” or post-acute
sequelae of COVID-19, refers to long-term problems believed to stem from
COVID-19.
Emerging evidence suggests that
SARS-CoV-2, the virus that causes COVID-19, “can have lasting effects on nearly
every organ and organ system of the body weeks, months, and potentially years
after infection,” the CDC says in its update.
The agency pointed to several
papers. One, published in its quasi-journal, found that
some people reported problems two months after testing positive for
COVID-19. Two others were
round-ups of existing literature on “long COVID.” The CDC also referenced a
U.S. National Institutes of Health webpage on
the subject.
In one of four hypothetical
scenarios presented by the agency, a healthy 48-year-old suffered respiratory
problems, fatigue, and brain fog after COVID-19. The man gradually improved,
but some symptoms persisted, and imaging revealed heart inflammation.
Several
months later, the man died in the hospital after heart failure.
The
certificate listed heart failure; cardiomyopathy, a heart muscle disease;
myocarditis, the heart inflammation; and post-acute sequelae of COVID-19.
The chain of events started with the latter.
More
Deaths Can Be Counted as COVID-19 Years After Infection: CDC (theepochtimes.com)
World
Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY
Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Regulatory
Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some more useful Covid links.
Johns Hopkins Coronavirus
resource centre
https://coronavirus.jhu.edu/map.html
The Spectator
Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
Technology Update.
With events happening fast in the
development of solar power and graphene, I’ve added this section.
Exclusive: Tesla taps Asian partners
to address 4680 battery concerns
March
10, 2023 10:59 AM GMT
March
10 (Reuters) - It's crunch time at Tesla Inc (TSLA.O), where
Elon Musk is looking to crack the code for making better, cheaper batteries.
The
electric-vehicle maker is recruiting Chinese and Korean materials suppliers to
help lower the cost and boost the energy of its newest battery cells, even as
the company struggles with battery-related performance and production issues
that have helped delay the launch of its futuristic Cybertruck, according to people
familiar with the plans.
Tesla
has tapped China's Ningbo Ronbay New Energy (688005.SS) and
Suzhou Dongshan Precision Manufacturing (002384.SZ) to
help trim materials costs as it ramps up production of 4680 battery cells in
the United States, according to the sources, who asked not to be named.
The details of
these arrangements have not previously been reported.
If the Austin,
Texas-based EV maker is able to work out the performance and process kinks and
meet its ambitious production targets, the 4680 ultimately could be the
linchpin - rather than choke point - in CEO Musk's dream of building 20 million
vehicles annually by 2030.
More
Exclusive: Tesla
taps Asian partners to address 4680 battery concerns | Reuters
This weekend’s music diversion. Herr Fasch again. My advice is to ignore the strange
conductor, as most of the musicians seem to be doing. Approx. 7 minutes.
FASCH
- Ouverture for 2 orchestras – Kossenko
FASCH
- Ouverture for 2 orchestras - Kossenko - YouTube
This
weekend’s chess update. Approx. 11 minutes.
Chess
Queen vs Chess King || Kosteniuk Faces Carlsen
Chess
Queen vs Chess King || Kosteniuk Faces Carlsen - YouTube
This
weekend math’s update. Approx. 11
minutes
The
fabulous Fibonacci flower formula
The
fabulous Fibonacci flower formula - YouTube
"It's strange that men should take up crime when there are
so many legal ways to be dishonest. “
Al
Capone.
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