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Peter Schiff: Nobody’s Going to Buy Fed’s BS Next Time Around

During its FOMC meeting last week, the Federal Reserve took 2019 rate cuts completely off the table. It said it will freeze bond sales from its $3.8 trillion balance sheet later this autumn. In other words, balance sheet normalization is pretty much a done deal.

Peter Schiff has predicted this would happen. He said from the beginning if and when the Fed tried to normalize rate, it would have to abort the process.

And here we are.

But as Peter explained in his most recent podcast, the Fed still isn’t being honest about why it’s done a monetary policy 180. It’s making excuses.

“As I predicted, they are not telling the truth. The markets can’t handle that. The Fed is not telling the markets, ‘We’re not raising rates because the economy is imploding because of all the debt that was accumulated when we kept rates so low. Now we can’t raise them. Or we can’t continue to shrink the balance sheet because the budget deficits are blowing out of control.’”

Indeed, the federal government spent itself into an all-time record deficit in February. Think about that. That means the government is running bigger deficits than it was during the Great Recession.

“If we are running these enormous budget deficits now – before the recession – imagine how much greater they’re going to be during the recession. The Fed can’t add fuel to the fire by competing with the Treasury. The Fed can’t keep unloading bonds at the same time that the Treasury is selling them like they’re going out of style.”

Peter said he thinks that by the time Trump leaves office, he will have set deficit records for every single month in the calendar year. He said the only good news – at least for Republicans politically – is that the next president will have to run even higher deficits.

“Which is why we’re going to have a sovereign debt crisis and a currency crisis.”

Given the enormity of these deficits and the ever-upward spiraling debt, the Fed has no choice but to call off the tightening. You can’t raise interest rates in an economy built on piles of debt. But the Fed can’t tell the markets that. They will have to figure it out on their own. So far, they seem pretty clueless. But eventually, they will and that’s when the bottom is really going to fall out of the dollar.

“When the Fed has to go back to zero, which it will be doing relatively soon, when the Fed has to go back to quantitative easing, nobody is going to believe that it is temporary again. Nobody is going to buy the Fed’s BS about how interest rates are going to stay low only temporarily and then we’re going to normalize them, and we’re going to shrink our balance sheet. We’re not monetizing the debt. After the recession is over we’re going to shrink our balance sheet back down to where it was before the recession. No one’s going to believe that. They couldn’t shrink a $4 trillion balance sheet. They won’t be able to shrink an $8 trillion balance sheet. If they couldn’t raise rates when the national debt was $22 trillion, they sure as hell can’t raise them when the national debt is $30 trillion.”

(Photo by Jericho / Wiki)

But at this point, the markets haven’t figured this out. Peter said they don’t really want to.

“They don’t want to admit I was right from the beginning – that the Fed checked us into a monetary roach motel and there’s no way to ever check out. But I do believe the markets are going to figure this out, whether the Fed admits it or not – during the next recession.”

Peter pointed out the inverted yield curve, widely seen as a warning sign for a recession. But he pointed out that the spread between 10-year Treasurys and 30-year Treasurys remains positive and is even widening. He goes on to explain why this next recession is actually going to feature stagflation. He also covers some of the recent economic data and touches on the Mueller report.


Officials in Rockland County, NY declared a countywide state of emergency Tuesday as medical martial law has made it’s debut by banning unvaccinated children from public spaces. Mike Adams joins Alex to break down this dystopian development.

Source: InfoWars

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Wife wields piece of firewood to end fight between brothers

Authorities say a wild squabble between two West Virginia brothers came to an abrupt end when one of their wives cracked her brother-in-law in the head with a log.

A criminal complaint filed Thursday by the Kanawha County Sheriff's Office says 48-year-old Edward Guy Cornish is facing multiple charges after a fight with his brother in Elkview.

The complaint says Cornish first pointed a rifle at his brother but the brother was able to wrestle the gun away. Deputies say Cornish then pulled out a large knife and tried to stab his brother.

That's when the brother's wife hit Cornish in the head with a piece of firewood, knocking him over.

Cornish left before authorities arrived but was arrested after returning to the scene.

He has requested a public defender but hasn't been assigned a lawyer yet.

Source: Fox News National

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Putin focuses on social issues in state-of-the-nation speech

President Vladimir Putin says in a state-of-the-nation address that Russia needs to focus on raising living standards.

Speaking on Wednesday before lawmakers and top officials, Putin said the government will increase social payments to support young families. He promised tax breaks, lower mortgage rates and housing subsidies for families with several children.

He said that the tax burden on developers will be eased to encourage them to expand housing construction.

Putin also emphasized the need to combat poverty, saying that 19 million of Russia's approximately 147 million people live below the official poverty line, currently the equivalent of around 160 dollars a month.

Source: Fox News World

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Stock futures rise on boost from upbeat healthcare, bank results

Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 16, 2019

By Amy Caren Daniel

(Reuters) – U.S. stock index futures inched higher on Tuesday, getting a lift from a clutch of upbeat quarterly reports from Bank of America, UnitedHealth and Johnson & Johnson.

Investors are looking to the ongoing first-quarter earnings season to help sustain Wall Street’s rally this year from a selloff in late-2018. The benchmark S&P index is now within a percent of its closing record high hit in September.

UnitedHealth Group Inc rose 1.2% in premarket trading after the largest U.S. health insurer beat quarterly profit estimates and raised its adjusted earnings target for the year.

Johnson & Johnson gained 1.0% after the U.S. healthcare conglomerate beat quarterly profit estimates and raised its adjusted sales growth forecast for the year.

Bank of America Corp reported a better-than-expected rise in quarterly profit, helped by a growing loan book and cost cuts. Shares were marginally higher.

Bank results have been mixed so far. JPMorgan Chase & Co kicked off earnings for the group on a strong note on Friday, but Goldman Sachs Group Inc and Citigroup Inc disappointed on Monday with revenue misses.

Among big names reporting after markets close include Netflix Inc and International Business Machines Corp.

Analysts now expect S&P 500 companies to post a 2.1% year-on-year decline in profits, which would mark their first annual decline in earnings since 2016.

At 6:54 a.m. ET, Dow e-minis were up 122 points, or 0.46%. S&P 500 e-minis were up 9.5 points, or 0.33% and Nasdaq 100 e-minis were up 33 points, or 0.43%.

J.B. Hunt Transport Services Inc fell 4.6% after the transport and logistics provider’s first-quarter profit and revenue fell short of estimates.

On the macro front, industrial production is expected to rise 0.2 percent in March following a 0.1% rise in February. The data is due at 9:15 a.m. ET.

(Reporting by Amy Caren Daniel in Bengaluru; Editing by Sriraj Kalluvila)

Source: OANN

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Report: Ingraham’s Show Has More Viewers, Less Advertisers

A year after Fox News’ Laura Ingraham infuriated gun control advocates when she mocked a school shooting survivor for being rejected by a handful of colleges, the prime-time host's show, "The Ingraham Angle," has yet to regain major ad dollars despite a slight increase in viewership, The Wrap reports.  

Ingraham has only recovered about 60 percent of the number of advertisers she lost since last March, when a series of activist-led boycotts scared off many national brands.

She has averaged 2.565 million viewers overall over the last year, according to Nielsen data, up from 2.456 million for Oct. 17-April 1, 2018.

Ingraham's 10 p.m. ET show was down at least $16 million in ad revenue in 2018, according to analysis provided to The Wrap by Standard Media Index. The cable giant also took a hit for boycotts of Tucker Carlson's show after he said immigrants make the United States "poorer and dirtier," comments that let to 17 major advertisers bailing on his nightly program.

In 2018, though, Fox News took in a record $1.9 billion in ad revenue, an increase of 7.2 percent over the previous year.

Still, Fox News executives are still pushing for advertisers to back Ingraham and Carlson.

"'The Ingraham Angle' has seen a steady increase in advertisers and as predicted, we are nearing a full commercial load," Marianne Gambelli, president of advertising sales for Fox News, told TheWrap. "The program's loyal audience and stellar ratings speak for themselves and we continue to welcome more advertisers to the show."

Source: NewsMax America

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Texas’ John Cornyn to face Air Force vet MJ Hegar in 2020 Senate race

With the memory of Republican Sen. Ted Cruz’s tough re-election campaign against former congressman – and current 2020 Democratic presidential candidate – Beto O’Rourke still fresh in the minds of many Texans, voters in the Longhorn state are readying themselves for another senatorial race pitting a longtime GOP stalwart against an up-and-coming Democrat.

Sen. John Cornyn, R-Texas, will face a re-election battle next year against Democrat Mary Jennings “MJ” Hegar, after the former Air Force helicopter pilot Tuesday declared her intent to run for one of Texas’ Senate seats.

“Washington still has a lot of listening to do, and I’m gonna make sure they hear us,” Hegar said in a video announcing her campaign. “Texans deserve a senator who represents our values: strength, courage, independence, putting Texas first.”

TED CRUZ WARNS CLOSING BORDER 'WOULD BE DEVASTATING TO TEXAS' 

Hegar - who lives in Round Rock, just north of Austin, with her husband and two children – served three tours in Afghanistan between 2004 and 2009, when she flew combat search-and-rescue and medevac missions. In 2009, she was shot down and wounded during a mission, earning a Purple Heart and a Distinguished Flying Cross with Valor Device for her actions to save her crew and patients.

In 2012, Hegar filed a lawsuit against the Secretary of Defense that was part of the movement that ultimately led to the Combat Exclusion Policy, banning women from certain military positions, being deemed unconstitutional.

In her campaign announcement, Hegar accused Cornyn of aligning himself too closely with Republican Party leaders and not looking after the interests of Texans.

“He calls himself Big John, but he shrinks out of the way while Mitch McConnell gets in the way of anything actually getting done in our government,” she said. “And now John Cornyn’s shrinking out of the way again while they try to take away protections for those of us with pre-existing health conditions. Weakness, partisanship, gridlock - those are not Texas values, John. But maybe you’ve been in Washington so long that you’ve forgotten that.”

The National Republican Senatorial Committee retorted by calling Hegar Senate Minority leader Chuck Schumer’s “chosen candidate” and labeling the Air Force vet as “Hollywood Hegar” for her support from celebrities like Broadway star Lin Manuel Miranda.

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“New York liberal Chuck Schumer found his chosen candidate in MJ Hegar,” NRSC Communications Director Jesse Hunt said in a statement. “Hollywood Hegar’s support for late-term abortion and government-run health care will play better with progressive Hollywood celebrities than with mainstream Texans.”

This is not Hegar’s first foray into politics.

Last fall, Hegar lost a close race for Texas’ 31st Congressional District against incumbent Rep. John Carter, who is now serving his ninth term on Capitol Hill. Carter earned 50.8 percent of the vote, with Hegar pulling in 47.5 percent and Libertarian Jason Hope about 1.6 percent of the overall vote.

Source: Fox News Politics

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Powerful! Alex Jones Breaks Down Trump’s Incredible Michigan Rally, Russian Troops Massing In Venezuela & Much More

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A man looks out at a flooded residential area in Gatineau
A man looks out at a flooded residential area in Gatineau, Quebec, Canada, April 24, 2019. REUTERS/Chris Wattie

April 26, 2019

MONTREAL/OTTAWA (Reuters) – Rising waters were prompting further evacuations in central Canada on Thursday, with the mayor of the country’s capital, Ottawa, declaring a state of emergency and Quebec authorities warning that a hydroelectric dam was at risk of breaking.

Ottawa Mayor Jim Watson declared the emergency in response to rising water levels along the Ottawa River and weather forecasts that called for significant rainfall on Friday.

In a statement on Twitter, Watson asked for help from the Ontario provincial government and the country’s military.

He warned that “flood levels are currently forecasted to exceed the levels that caused significant damage to numerous properties in the city of Ottawa in 2017.”

Spring flooding had killed one person and forced more than 900 people from their homes in Canada’s Quebec province as of 1 p.m. on Thursday, according to a government website.

Ottawa has received 80 requests for service related to potential flooding such as sandbagging, a city spokeswoman said.

The prospect of more rain over the next 24 to 48 hours triggered concerns on Thursday that the hydroelectric dam at Bell Falls in the western part of Quebec could be at risk of failing because of rising water levels.

Quebec’s provincial police said 250 people were protectively removed from homes in the area as of late afternoon in case the dam on the Rouge River breaks.

The dam is now at its full flow capacity of 980 cubic meters per second of water, said Francis Labbé, a spokesman for the province’s state-owned utility, Hydro Quebec. He said Hydro Quebec expected the flow could rise to 1,200 cubic meters per second of water over the next two days.

“We have to take the worst-case scenario into consideration, since we`re already at the maximum capacity,” Labbé said by phone.

The dam is part of a power station that no longer produces electricity, but is regularly inspected by Hydro Quebec, he said.

(Reporting by Allison Lampert in Montreal and David Ljunggren and Julie Gordon in Ottawa; Editing by James Dalgleish and Peter Cooney)

Source: OANN

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FILE PHOTO: Funeral of journalist Lyra McKee in Belfast
FILE PHOTO: Pallbearers carry the coffin of journalist Lyra McKee at her funeral at St. Anne’s Cathedral in Belfast, Northern Ireland, April 24, 2019. REUTERS/Clodagh Kilcoyne/File Photo

April 26, 2019

BELFAST (Reuters) – Detectives investigating the murder of journalist Lyra McKee in Northern Ireland last week suspect the gunman who shot her dead is in his late teens as they made a further appeal to the local community who they believe know his identity.

McKee’s killing by an Irish nationalist militant during a riot in Londonderry has sparked outrage in the province where a 1998 peace deal mostly ended three decades of sectarian violence that cost the lives of some 3,600 people.

The New IRA, one of a small number of groups that oppose the peace accord, has said one of its members shot the 29-year-old reporter dead in the Creggan area of the city on Thursday when opening fire on police during a riot McKee was watching.

The killing, which followed a large car bomb in Londonderry in January that police also blamed on the New IRA, has raised fears that small marginalized militant groups are exploiting a political vacuum in the province and tensions caused by Britain’s decision to leave the European Union.

Police released footage on Friday of immediately before and after the shooting showing three men who were involved in the rioting and identified one as the gunman who they believe is in his late teens. 

“I believe that the information that can help us to bring those responsible for her murder to justice lies within the community. I need the public to tell me who he is,” Detective Superintendent Jason Murphy told reporters.

Murphy said those involved in the disorder on the night were teenagers or in their early 20s, and that about 100 people were on the ground watching the trouble as it unfolded.

He added that police believed the gun used in the attack was of a similar caliber to those used before in paramilitary type attacks in Creggan. 

“I recognize that people living in Creagan may find it’s difficult to come forward to speak to police. Today, I want to provide a personal reassurance that we are able to deal with those issues sensitively,” Murphy said, echoing similar appeals in recent days.

(Reporting by Amanda Ferguson, editing by Padraic Halpin and Toby Chopra)

Source: OANN

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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