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“Experts” Clueless on America’s Economy

The February jobs report came in significantly below expectations. First quarter GDP estimates are way down. And we’re seeing other numbers that indicate a rotting economic foundation.

But nobody is worried.

In fact, most of the attention continues to be focused on the trade deal as if it is going to push the economy to new heights. In his most recent podcast, Peter dug into some of the numbers and came to the conclusion that most of the analysts and pundits are utterly clueless about what’s really going on.

Last week, the Dow Transports wrapped up 11 straight days of declines. That hasn’t happened since 1971. And the last time the transports fell 10 straight days was in 2009 – during the great recession. Of course, we also got a bad February jobs report with just 20,000 jobs added. And Q1 GDP estimates remain below 1%.  But by-and-large, pundits looked passed all of this bad news and continued to focus on the trade deal. As Peter pointed out, the trade deal seems to have become the economy’s white knight.

“Everybody is just ignoring these numbers because they are just blindly optimistic either they think it’s going to be this great trade deal or just because they’re so convinced. Everybody, Republicans, in particular, have convinced themselves that this is a great economy, this is a booming economy, and it’s their fault. It’s more wishful thinking.”

Peter said they are not looking at reality.

Speaking of reality, the February jobs report came in way below expectation. The estimate was for about 181,000 new jobs. It was the fewest job gains since September 2017 when major hurricanes temporarily curtailed employment.

Wage rates are up, but as Peter noted, there are two sides to that coin. From the employer’s perspective, this isn’t good news because it’s just another added cost. He pointed out that Whole Foods committed to paying all of its employees $15 per hour, but the company recently announced it was cutting hours. So, employees could actually end up taking home less pay despite the increase in their hourly wage.

Peter said he thinks the next step will be layoffs.

“Because as it becomes more expensive to keep your workers, well, then you fire your workers. I mean, employers will look for ways to reduce their overhead.”

Peter said this is a hint of stagflation. This is how it looks.

“Wages could be going up, but that doesn’t mean employment is going up. Employment can be going down as wages are going up, and so what good is a higher wage if you’re not earning it?”

Peter also talked about gold. The yellow metal has rallied after its recent correction. Peter said that it is going to go a lot higher.

“The reason it hasn’t already gone higher is because people still don’t understand the situation that we are in. In fact, I don’t think I’ve ever seen people more clueless, more oblivious to a problem than they are now.”

Just because we haven’t had a crisis yet doesn’t mean one isn’t on the horizon. Sometimes you can underestimate how long it’s going to take. Peter used a dam as an analogy. What if you think it’s going to break so you don’t want to build your house under it. People may make fun of you and say, “It’s fine. Stop worrying.” And then they start building there. The community grows. Years go by and nothing happens. Then, 15, 20 years later, the dam breaks and the community gets wiped out.

“It turns out I was right. I was just early. But if I built my house someplace else, I didn’t get wiped out. Maybe it seemed like I was wrong because for a while what I was warning about didn’t happen because I underestimated how long it would take the dam to break. But the fact of the matter is it broke.”

We need to look beneath the surface. We have to take into account sound economic theory.

“We had an orgy on debt. We have destroyed the economic foundations of this country. We have hollowed out our industrial base. There have been real problems that have been growing beneath the surface as a result of these budget deficits and trade deficits that everybody have been ignoring because they are focusing on the wrong thing.”


Paul Joseph Watson reveals that the Basilica of Saint-Denis was heavily damaged in Paris by vandals in one of the city’s suburban “no-go” zones where primarily Muslim migrants are held by the government.

Source: InfoWars

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Senior Chinese general jailed for life for graft

FILE PHOTO: Chief of the general staff of the Chinese People's Liberation Army Gen. Fang Fenghui attends a meeting with Joint Chiefs Chairman Gen. Joseph Dunford at the Bayi Building in Beijing
FILE PHOTO: Chief of the general staff of the Chinese People's Liberation Army Gen. Fang Fenghui attends a meeting with Joint Chiefs Chairman Gen. Joseph Dunford (not pictured) at the Bayi Building in Beijing, China August 15, 2017. REUTERS/Thomas Peter/File Photo

February 20, 2019

BEIJING (Reuters) – A Chinese military court sentenced a senior general who had been chief of a top defense department to life in prison on Wednesday after finding him guilt of corruption, state news agency Xinhua reported.

China’s military, which is the world’s largest and is in the midst of a modernization campaign, has been an important focus of President Xi Jinping’s battle to stamp out corruption.

The senior general, Fang Fenghui, who had accompanied President Xi Jinping to his first meeting with U.S. President Donald Trump in 2017, was replaced as chief of the Joint Staff Department of the People’s Liberation Army later that year with no explanation.

The government later confirmed he was being investigated on suspicion of corruption.

Fang was subsequently replaced as a member of the Central Military Commission, headed by Xi and which controls the armed forces, at a five-yearly Communist Party congress in October 2017, as part of a sweeping military leadership reshuffle.

Xinhua said a court martial had found Fang guilty of bribery and having huge wealth that he had been unable to account for.

His illicit assets will be confiscated and given to the government, it added, without elaborating.

It was not possible to reach Fang for comment as he is in jail. It is unclear whether he was allowed to retain a lawyer or who that person may be.

Dozens of officers have been investigated and jailed, including Xu Caihou and Guo Boxiong, both former vice chairmen of the Central Military Commission. Guo was jailed for life in 2017. Xu died of cancer in 2015 before he could face trial.

Zhang Yang, who served on the commission alongside Fang, committed suicide in November 2017 while being investigated for corruption and over his links to Guo and Xu.

(Reporting by Ben Blanchard; Editing by Robert Birsel)

Source: OANN

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US trade deficit narrows to $49.4 billion in February

The U.S. trade deficit fell for the second straight month in February, and the politically sensitive deficit in the trade of goods with China narrowed.

The Commerce Department says the gap between the goods and services that the United States sells and what it buys from the rest of the world dropped 3.4% to $49.4 billion in February, the lowest since June. Exports climbed 1.1% to $209.7 billion. Imports rose 0.2% to $259.1 billion.

The goods deficit with China dropped 28.2% to $24.8 billion. Exports to China rose 18.2% to $8.4 billion. Imports from China fell 20.2% to $33.2 billion.

President Donald Trump has imposed tariffs on $250 billion in Chinese imports in a fight over U.S. allegations that China steals technology and forces foreign firms to turn over trade secrets.

Source: Fox News National

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AP Photos: Heartbroken New Zealanders mourn mass shooting

Heartbroken New Zealanders lit candles and placed flowers at makeshift memorials set up in the city of Christchurch in the wake of the deadliest mass shooting in the country's history.

Some mourners hugged their neighbors, while others stood in solemn silence at sites in the city center, not far from the two mosques where Muslims gathered for Friday prayers were mowed down by a racist gunman.

Prime Minister Jacinda Ardern said the shooter, an Australian native, had chosen to strike in New Zealand "because we represent diversity, kindness, compassion."

Source: Fox News World

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Grassley ‘Accepts’ Trump Might Remove Lee Francis Cissna

Sen. Chuck Grassley, R-Iowa, told CNN on Wednesday he has urged President Donald Trump to keep Lee Francis Cissna in his position as the top official at the U.S. Citizenship and Immigration Services, but would "accept" his decision not to.

"I know the president's goals on immigration are the same as mine, pretty much the same as mine I would say, and that the president's gotta have people in place who will do his job, and since his goals are the same as mine, I'm gonna have to accept it," Grassley said.

Trump's ousting of Homeland Security Secretary Kirstjen Nielsen over the weekend has some Republicans concerned about the direction of the department and illegal immigration in the U.S. as the number of immigrants crossing the border continues to rise.

Grassley on Tuesday told The Washington Post he was "very, very concerned" Cissna could be the next to go.

"One, those are good public servants," Grassley said. "Secondly, besides the personal connection I have with them and the qualifications they have, they are the intellectual basis for what the president wants to accomplish in immigration.

"The president has to have some stability and particularly with the number one issue that he's made for his campaign, throughout his two and a half years of presidency. He's pulling the rug out from the very people that are trying to help him accomplish his goal."

Source: NewsMax America

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Canada’s PM changes cabinet for third time in three months amid crisis

Canada's Prime Minister Justin Trudeau poses with Joyce Murray after she was sworn-in during a cabinet shuffle at Rideau Hall in Ottawa
Canada's Prime Minister Justin Trudeau poses with Joyce Murray after she was sworn-in as Canada's President of the Treasury Board and Minister of Digital Government during a cabinet shuffle at Rideau Hall in Ottawa, Ontario, Canada, March 18, 2019. REUTERS/Chris Wattie

March 18, 2019

OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau on Monday changed his cabinet for the third time in three months in response to a crisis caused by the resignation of a minister who later alleged inappropriate conduct by officials.

In a surprise move, Trudeau named backbench Liberal legislator Joyce Murray to the post of Treasury Board President, where she will be in overall charge of government spending.

It is the first federal cabinet post for Murray, 64, who had previously been a provincial government minister in British Columbia.

Murray replaces Jane Philpott, who quit on March 4 in protest over how the government was handling a corruption case involving SNC-Lavalin Group Inc, a major construction company.

Philpott expressed unhappiness over allegations that government officials pressured former Justice Minister Jody Wilson-Raybould last year to help Montreal-based SNC-Lavalin avoid a criminal trial.

Wilson-Raybould, who was demoted in January, resigned from Trudeau’s cabinet the next month. Trudeau’s closest personal aide quit shortly afterwards.

Polls show the crisis could derail the Trudeau government’s chances of being reelected in October.

Earlier this month, Trudeau denied he or his officials had interfered in Canada’s judicial system, and he offered no apology.

(Reporting by David Ljunggren; Editing by Paul Simao)

Source: OANN

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Exclusive: Renault alerts prosecutors over Oman dealer payments under Ghosn

FILE PHOTO: Former Nissan Motor Chairman Carlos Ghosn sits inside a car as he leaves his lawyer's office after being released on bail from Tokyo Detention House, in Tokyo
FILE PHOTO: Former Nissan Motor Chairman Carlos Ghosn sits inside a car as he leaves his lawyer's office after being released on bail from Tokyo Detention House, in Tokyo, Japan, March 6, 2019. REUTERS/Issei Kato/File Photo

April 1, 2019

By Laurence Frost and Gilles Guillaume

PARIS (Reuters) – Renault has alerted French prosecutors after uncovering suspect payments to a Renault-Nissan business partner in Oman under former Chief Executive Carlos Ghosn, two sources told Reuters on Monday.

The findings have emerged from an internal investigation launched by the French carmaker in the wake of Ghosn’s November arrest in Japan for suspected financial misconduct at alliance partner Nissan.

A Renault investigation has established the company paid out millions of euros described as dealer incentives to Omani distributor Suhail Bahwan Automobiles (SBA) over a five-year period starting around 2011, according to the sources, who were briefed on the probe in detail.

Nissan previously established its own regional subsidiary made questionable payments of more than $30 million to SBA, as first reported in January.

Evidence sent to French prosecutors late last week shows that much of the cash was subsequently channeled to a Lebanese company controlled by Ghosn associates, according to the two sources. The total sum paid out by Renault is in the double-digit millions, one said.

Renault had no immediate comment, spokesman Frederic Texier said. The French financial prosecutor’s office did not respond to requests for comment. SBA could not be reached for comment. Ghosn’s French lawyer and a U.S.-based spokesman did not immediately respond to requests for comment.

(Reporting by Laurence Frost and Gilles Guillaume; Additional reporting by Emmanuel Jarry, Alexander Cornwell and Tuqa Khalid; Editing by Mark Potter)

Source: OANN

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South Africa's 400m Olympic gold medallist and world record holder Wayde van Niekerk looks on as he attends South African Championships in Germiston
South Africa’s 400m Olympic gold medallist and world record holder Wayde van Niekerk looks on as he attends South African Championships in Germiston, South Africa, April 25, 2019. REUTERS/Siphiwe Sibeko

April 26, 2019

GERMISTON, South Africa (Reuters) – Olympic 400 meters champion Wayde van Niekerk has backed South African compatriot Caster Semenya in her battle with the International Association of Athletics Federations (IAAF), which now appears to have taken a new twist.

Semenya, a double 800 meters Olympic gold medalist, is waiting for the outcome of her appeal to the Court of Arbitration for Sport (CAS) to halt the introduction of new regulations by governing body IAAF that would require her to take medicine to limit her natural levels of testosterone.

The IAAF wants female athletes with differences of sexual development who run in events from 400 meters to a mile, to reduce their blood testosterone level to below five (5) nmol/L for a period of six months before they can compete, saying they have an unfair advantage.

“She’s fighting for something beyond just track and field, she’s fighting for woman in sports, in society and I respect her for that,” Van Niekerk told reporters.

“I will support her and with the hard work and talent that she’s been putting into the sport. With what she believes in and what she’s dreaming for, I’ve got a lot of respect for her.

“I really hope and pray that everything just goes from strength to strength for her.”

Semenya has sprung a surprise at the on-going South African Athletics Championships though, ditching the 800 meters and instead competing over 1,500 and 5,000-metres – the latter one would not require her to medically lower her testosterone level.

She stormed to victory in the 5,000-metres final in a modest time of 16:05.97, but looked to have lots left in the tank as she passed the finish line.

Semenya beat fellow Olympian and defending national 5,000m champion Dominique Scott in Thursday’s final but the latter admitted she is unsure whether the 800m specialist could be a serious Olympic contender over the longer distance.

“Honestly‚ I have no idea‚” Scott said. “Before today I probably would have said no. It’s hard to compare a 5,000 at altitude to a 5,000 at sea level.

“But I think she’s an amazing runner and I don’t think there’s any limit or ceiling on what she can do.”

Van Niekerk, the 400m world record holder, had to abort his comeback from a knee injury, that had sidelined him for 18 months, following a combination of cold weather and a wet track.

“We are trying to take the correct decisions now early in the year so as not to put myself in any harm,” he said.

“It was a bit chilly this entire week prepping and coming through here as well it was quite cold and it caused bit of tightness in my leg. We decided to not risk it.

“My recovery is going well and I would like to be back in competition this year, but will only do so if I can deliver a good performance.

“I am a competitor and respect my opponents, so I need to be at my best when I return.”

(Reporting by Nick Said, additional reporting by Siyabonga Sishi; editing by Sudipto Ganguly)

Source: OANN

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The suspected leader of the Easter Sunday bombings in Sri Lanka died in the Shangri-La hotel, one of six hotels and churches targeted in the attacks that killed at least 250 people, authorities said.

Police said Mohamed Zahran, leader of the National Towheed Jamaat militant group, had been killed in one of the bombings. The group’s second in command was also arrested, police said.

Zahran amassed an online following for his hate-filled sermons. Some were delivered before a banner depicting the Twin Towers.

Sri Lankan authorities said Friday that Islamic cleric Mohammed Zahran died in the blast at the Shangri-La hotel during the Easter Sunday atatcks that killed at least 250 people. 

Sri Lankan authorities said Friday that Islamic cleric Mohammed Zahran died in the blast at the Shangri-La hotel during the Easter Sunday atatcks that killed at least 250 people.  (YouTube)

Australian Prime Minister Scott Morrison said Friday that the attackers responsible for the bombings were supported by the Islamic State group. Around 140 people in Sri Lanka had connections to ISIS, Sri Lankan President Maithripala Sirisena said.

“We will completely control this and create a free and peaceful environment for people to live,” he said.

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Investigators determined the attackers received military training from someone called “Army Mohideen.” They also received weapons training overseas and at some locations in Sri Lanka, according to authorities.

A copper factory operator arrested in connection with the bombings helped Mohideen make improvised explosive devices, police said. The bombings have led to increased security throughout the island nation as authorities warned of another attack.

Source: Fox News World

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A Malaysian mountain climber was being treated in a hospital in Nepal’s capital Friday after being stranded nearly two days alone near the summit of Annapurna.

A helicopter crew searching for the missing climber on Thursday spotted Wui Kin Chin waving his hands at them, and rescuers brought him down to a lower camp.

At the time of his rescue, Chin had been without an oxygen bottle, food and water for over 40 hours, said Mingma Sherpa, the head of Seven Summit Treks, which arranged his expedition.

Chin was flown to the capital, Kathmandu, on Friday and taken to a hospital, where his wife joined him.

Chin is an anesthesiologist and accomplished climber, and Sherpa credited Chin’s medical knowledge and familiarity with mountains for keeping him alive.

“It’s a big thing to stay alive in that altitude without food, water, and oxygen,” Sherpa said. He described Chin on Thursday as fine but not in condition to walk.

Chin was a part of a 13-member expedition led by a French climber and was separated from the others during the descent.

The 8,091-meter (26,545-foot) Mount Annapurna is the ninth tallest mountain in Nepal and the 10th tallest in the world. It’s considered an especially treacherous mountain due to its difficult terrain and weather conditions.

Source: Fox News World

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Spain’s prime minister says he’s open to a coalition with an anti-austerity party, hinting for the first time at a possible center-left governing alliance after Sunday’s national election.

In an interview published Friday by El Pais newspaper, Socialist leader Pedro Sánchez says “it isn’t a problem” for the far-left United We Can to become part of his Cabinet if he wins the tight race.

With Spain’s electoral law banning polls during the last week of campaigning, it’s unclear if the two parties will emerge strong enough in the lower house of parliament or whether a right-wing alliance could assemble a majority.

Sánchez is calling on Spaniards to cast a “useful vote” and has warned that the rise of the far right in polls could be underestimated given the large pool of undecided voters.

Source: Fox News World

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FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam
FILE PHOTO: KPN logo is seen at its headquarters in Rotterdam, Netherlands, January 30, 2019. REUTERS/Piroschka van de Wouw

April 26, 2019

By Bart H. Meijer and Toby Sterling

AMSTERDAM (Reuters) – Dutch telecom firm Royal KPN NV said on Friday it would select a Western supplier to build its core 5G mobile network, making it one of the first European operators to make clear it would not pick China’s Huawei for such work.

The United States has been seeking to discourage its allies from using equipment made by Huawei because of concerns that it could eventually be used for Chinese government spying. Huawei says such worries are baseless and U.S. policy is driven by economic interests.

The Hague-based KPN, the Netherlands’ largest telecom firm, said its decision took into account “the evolving assessment on the protection of vital infrastructure and the influence this may have on future Dutch policy.”

The Dutch government has not taken a decision on the issue.

KPN, which also reported on Friday slightly worse than expected first quarter core earnings of 563 million euros ($627 million), said it would still use equipment made by Huawei in some capacities.

In addition, the company announced a preliminary deal with Huawei to upgrade existing mobile telecommunications gear to make it safer. Huawei has been a key supplier to KPN in the past decade.

The Dutch government set up a task force with KPN and other major operators in the Netherlands this month to analyze the “vulnerability of 5G telecommunications networks to misuse by technology vendors … and measures needed to manage risks.”

KPN said it would use equipment made by Huawei, which it described as a world leader in radio and antenna technology, to improve security on its existing network.

“This preliminary agreement can be adjusted or reversed to align it with future Dutch government policy,” it added.

Sources told Reuters on Wednesday that Britain’s National Security Council (NSC) had decided to bar Huawei from core parts of the country’s 5G network and restrict its access to non-core areas.

(Reporting by Bart Meijer; Editing by Kirsten Donovan and Edmund Blair)

Source: OANN

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