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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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Cory Booker says if elected president, he will bring fight against NRA like it 'has never seen'

The Democratic presidential hopeful who once likened himself to "Spartacus" is now vowing to battle the National Rifle Association.

Sen. Cory Booker, D-N.J., in a town hall event that aired on CNN Wednesday, made the declaration in response to a North Carolina’s woman’s question about what he would do to ensure the safety and freedoms of Americans who “have to live each day in fear of gun violence in schools, places of worship, concerts, and even from law enforcement.”

“I am tired of going to funerals where parents are burying their children and so I am gonna bring a fight – we are gonna bring a fight like the NRA has never seen if they’re going to defend corporate gun manufacturers more than represent us people,” Booker told the cheering crowd.

“We are going to bring that fight on every level necessary. I’m a guy that has taken on tough fights before and won them, and this is one that we are gonna win, together.”

CORY BOOKER DENIES HE'S A SOCIALIST, SAYS HE WOULDN'T PARDON TRUMP IF HE WERE PRESIDENT

Democratic presidential candidate Sen. Cory Booker speaks during a town hall meeting in Rock Hill, S.C., on Saturday.

Democratic presidential candidate Sen. Cory Booker speaks during a town hall meeting in Rock Hill, S.C., on Saturday.

Booker added that he thinks he is the “only person in this race that has had shootings on their block.”

“This is very personal to so many of us,” he said. “Me, because I’m a black man, and black males are six percent of the nation’s population. But they make up the majority of homicide victims in this country.”

Booker also accused the NRA of not representing its members and instead being more interested in loopholes that allow people of differing criminal backgrounds to purchase firearms.

CLICK HERE TO GET THE FOX NEWS APP

“I’m telling you right now, we and Americans on most of the core issues, on so many of them, we actually agree. Gun owners and non-gun owners agree that we need to have universal background checks and close so many of these loopholes,” he said. “And the NRA does not represent their membership. Because their membership actually agrees with closing those loopholes.”

Fox News has put in a request to the NRA for comment.

Source: Fox News Politics

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Kentucky woman arrested after allegedly faking cancer diagnosis, raising $10G in donations: report

A woman in Northern Kentucky is facing felony charges after she allegedly faked a cancer diagnosis and ultimately swindled thousands of dollars from coworkers and other sympathizers in donations.

Jessica Marie Krecskay, 25, was arrested on Feb. 14 on felony theft charges, the Cincinnati Enquirer reported. If convicted, she could face up to 10 years in jail.

OHIO NURSE WHO LIED ABOUT TERMINAL CANCER DIAGNOSIS GETS PRISON TIME

Between 2013 and 2017, Krecskay reportedly amassed roughly $10,000 in donations from coworkers and others after telling them she had ovarian cancer that had spread throughout her body, Fox 19 reported.

A former coworker told the news station that some of Krecskay’s colleagues would clean her house or give their vacation time to her when they believed she was ill.

“The other girls at work would clean her house for her, take her out to eat all the time," Jessica Lunsford said, adding the 25-year-old also shaved her head as a way to sell her story. "Gave their own sick time and vacation time hours to go towards her.”

Rob Sanders, the attorney for the 16th Judicial Circuit in Kenton County, told the Cincinnati Enquirer that police began investigating Krecskay after people called expressing concerns her cancer story was not true.

"Publicity from another fake cancer case prompted those same people to report their suspicions about this defendant to police," Sanders said, referring to when a Northern Kentucky University student in 2017 also allegedly faked a cancer diagnosis for money.

MASSACHUSETTS GIRL'S FLU-RELATED DEATH DEVASTATES DAD 

"Anytime someone uses a false claim of such a dreaded disease for fraudulent purposes, it evokes understandably angry and emotional responses from the many people who actually battle cancer or love someone battling cancer," Sanders added.

Krecskay was released from jail on $2,500 bond. Her arraignment in Kenton County Circuit Court is slated for March 4.

Source: Fox News National

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Spain’s Supreme Court upholds priest’s sex abuse conviction

Spain's Supreme Court has upheld the conviction of a priest for the sexual abuse of two 12-year-old boys and confirmed a lower court's sentence of 17 years and seven months in prison.

A Supreme Court statement issued Wednesday said the judges also rejected an appeal by the Romanian parents of one of the boys. They lived with the priest, Jose Fernandez, and were found guilty of consenting to his abuse of their son and sentenced to four years in prison.

The other victim was an altar boy at the priest's church in Badajoz, in southwestern Spain.

The Supreme Court said it was proven that Fernandez committed the crimes in 2013 and 2014. A Badajoz court found the defendants guilty, but they appealed to the higher court.

Source: Fox News World

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Pope carries Easter candle up aisle of darkened basilica

Pope Francis has carried a lit candle up the main aisle of a darkened St. Peter's Basilica in a dramatic Saturday Easter vigil ritual.

The pontiff, prelates and other faithful also clutching candles appeared as slow-moving points of light in darkness, part of a procession symbolizing Christians' belief that Jesus triumphed over death by resurrection following crucifixion.

At the chant in Latin for "light of Christ, the basilica's lights were suddenly switched on. Francis then reached the central altar to celebrate Easter Vigil Mass.

Among those attending the service were eight people who prepared to be baptized by the pope. The Vatican said these new faithful are from Italy, Albania, Ecuador, Indonesia and Peru.

On Sunday, Francis celebrates Easter Mass in St. Peter's Square and gives a speech from the basilica balcony.

Source: Fox News World

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Panel OKs WH Subpoenas on Census Citizenship Question

A Democratic-controlled House panel voted Tuesday to subpoena documents and a witness related to the Trump administration's decision to add a citizenship question to the 2020 census.

The vote was 23-14, with Rep. Justin Amash of Michigan being the only Republican to join with Democratic lawmakers in the vote.

Democrats say they want specific documents that will determine why Commerce Secretary Wilbur Ross decided to add the question. They say the Trump administration has declined to provide those documents despite repeated requests. The vote is the latest example of the ways Democratic lawmakers are using their majority to aggressively investigate the inner workings of President Donald Trump's administration.

Ross said the decision in March 2018 to add the question was based on a Justice Department request to help it enforce the Voting Rights Act.

In response to Tuesday's vote, he said his department "has been nothing but cooperative with the committee's expansive and detailed requests for records."

Ross said the department has turned over 11,500 pages of documents and noted that he testified at a recent hearing. But Democrats countered that many of the pages were so heavily redacted that they provided little or no useful information.

"We don't want thousands of pieces of paper. We want the specific priority documents we asked for — unredacted and in full," said Rep. Elijah Cummings of Maryland, the panel's Democratic chairman.

Democratic lawmakers said Ross considered adding the citizenship question from his first days in the administration. They fear it will reduce census participation in immigrant-heavy communities, harming representation and access to federal dollars. They want more information about the back-and-forth between administration officials before the decision was made.

Trump recently tweeted the census will "be meaningless" without the citizenship question.

Republicans said the census investigation is an example of "partisan oversight of the Trump administration."

"Why don't Democrats want to know whether you are a citizen or not?" asked Ohio Rep. Jim Jordan, the top Republican on the panel.

Two federal judges have already ruled against the question and the Supreme Court is expected to rule on the issue before survey forms are printed.

It would be the first time since 1950 that the full, once-a-decade census asked people about their citizenship.

Source: NewsMax Politics

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Mueller report: Democrats 'lost on collusion,' Gowdy says

Former South Carolina Republican Rep. Trey Gowdy said now that Special Counsel Robert Mueller’s report found no evidence of collusion between the Trump campaign and Russian operatives during the 2016 presidential election, Democrats are going to have to go searching for some other avenue to criticize President Trump.

"They lost on collusion,” Gowdy said on Fox News on Sunday. “They’re going to have to pivot to something else.”

Gowdy, who spent Sunday playing golf with the president in Florida, made his comments shortly after Attorney General William Barr released a letter summarizing the Mueller’s findings from the lengthy investigation. In a four-page letter, Barr wrote that Mueller's investigation did not find evidence that President Trump's campaign "conspired or coordinated" with Russia to influence the 2016 presidential election.

READ THE FULL LETTER

The letter to Congress also said Mueller's report "does not exonerate" the president on obstruction and instead "sets out evidence on both sides of the question." Barr said there was not sufficient evidence to determine an obstruction of justice offense against Trump.

Despite the findings in the report that were stated in Barr’s letter, Democrats have vowed to press on with their own investigations.

Rep. Jerry Nadler, D-N.Y., the House Judiciary Committee chairman, tweeted that Barr's letter to Congress says that while Trump may have acted to obstruct justice, the government would need to prove that "beyond a reasonable doubt."

Nadler tweeted Congress must hear from Barr about his decision making and see "all the underlying evidence for the American people to know all the facts."

CLICK TO GET THE FOX NEWS APP

Earlier in the day, Nadler said Congress and the public deserve to see the underlying evidence, not just a summary of conclusions, to make their own judgments on the Mueller report

Asked how long Democrats will be willing to wait before considering subpoenas, Nadler said, "It won't be months."

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: The Huawei logo is pictured outside its Huawei's factory campus in Dongguan, Guangdong province
FILE PHOTO: The Huawei logo is pictured outside its Huawei’s factory campus in Dongguan, Guangdong province, China, March 25, 2019. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Ben Blanchard

BEIJING (Reuters) – Britain must get to the bottom of the leak of confidential discussions during a top-level security meeting about the role of China’s Huawei Technologies in 5G network supply chains, British finance minister Philip Hammond said on Friday.

News that Britain’s National Security Council, attended by senior ministers and spy chiefs, had agreed on Tuesday to bar Huawei from all core parts of the country’s 5G network and restrict its access to non-core elements was leaked to a national newspaper.

The leak of secret discussions has sparked anger in parliament and amongst Britain’s intelligence community. Britain’s most senior civil servant Mark Sedwill has launched an inquiry and written to ministers who were at the meeting.

“My understanding from London (is) that an investigation has been announced into apparent leaks from the NSC meeting earlier this week,” said Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing.

“To my knowledge there has never been a leak from a National Security Council meeting before and therefore I think it is very important that we get to the bottom of what happened here,” he told Reuters in a pooled interview.

British culture minister Jeremy Wright said on Thursday he could not rule out a criminal investigation. The majority of the ministers at the NSC meeting have said they were not involved, according to media reports.

Hammond said he was unaware of any previous leak from a meeting of the NSC.

“It’s not about the substance of what was apparently leaked. It’s not earth-shattering information. But it is important that we protect the principle that nothing that goes on in national security council meetings must ever be repeated outside the room.”

Allowing Huawei a reduced role in building its 5G network puts Britain at odds with the United States which has told allies not to use its technology at all because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

There have been concerns that the NSC’s conclusion, which sources confirmed to Reuters, could upset other allies in the world’s leading intelligence-sharing network – the Five Eyes alliance of the United States, Britain, Australia, Canada and New Zealand.

However, British ministers and intelligence officials have said any final decision on 5G would not put critical national infrastructure at risk. Ciaran Martin, head of the cyber center of Britain’s main eavesdropping agency, GCHQ, played down any threat of a rift in the Five Eyes alliance.

(Writing by Michael Holden; Editing by Mark Heinrich)

Source: OANN

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Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon
Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon, South Korea, April 26, 2019. REUTERS/Kim Hong-Ji

April 26, 2019

SEOUL (Reuters) – K-pop and drama star Park Yu-chun was arrested on Friday on charges of buying and using illegal drugs, a court said, the latest in a series of scandals to hit the South Korean entertainment business.

Suwon District Court approved the arrest warrant for Park, 32, due to concerns over possible destruction of evidence and flight risk, a court spokesman told Reuters.

Park is suspected of having bought about 1.5 grams of methamphetamine with his former girlfriend earlier this year and using the drug around five times, an official at the Gyeonggi Nambu Provincial Police Agency said.

Park has denied wrongdoing, saying he had never taken drugs, and he again denied the charges in court, Yonhap news agency said.

Park’s contract with his management agency had been canceled and he would leave the entertainment industry, Park’s management agency, C-JeS Entertainment, said on Wednesday.

Park was a member of boyband TVXQ between 2003 and 2009 before leaving the group with two other members, forming the group JYJ.

A scandal involving sex tapes, prostitutes and secret chat about rape led at least four other K-pop stars to quit the industry earlier this year.

The cases sparked a nationwide drugs bust and investigations into tax evasion and police collusion at night clubs and other nightlife spots.

(Reporting by Joyce Lee; Additional reporting by Heekyong Yang; Editing by Nick Macfie)

Source: OANN

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FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight taxis after landing at Reagan National Airport in Washington
FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight from Los Angeles taxis after landing at Reagan National Airport shortly after an announcement was made by the FAA that the planes were being grounded by the United States over safety issues in Washington, U.S. March 13, 2019. REUTERS/Joshua Roberts/File Photo

April 26, 2019

(Reuters) – American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a $350 million hit from the grounding of Boeing’s 737 MAX planes after cancelling 1,200 flights in the first quarter.

The company said it now expects its 2019 adjusted profit to be between $4.00 per share and $6.00 per share.

Analysts on average had expected 2019 earnings of $5.63 per share, according to Refinitiv data.

The No. 1 U.S. airline by passenger traffic said net income rose to $185 million, or 41 cents per share, in the first quarter ended March 31, from $159 million, or 34 cents per share, a year earlier.

Total operating revenue rose 2 percent to $10.58 billion.

(Reporting by Sanjana Shivdas in Bengaluru)

Source: OANN

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2020 Democratic presidential candidate Pete Buttigieg speaks at a campaign event in Des Moines, Iowa
2020 Democratic presidential candidate Pete Buttigieg speaks at a campaign event in Des Moines, Iowa, U.S., April 16, 2019. REUTERS/Elijah Nouvelage

April 26, 2019

By James Oliphant

MARSHALLTOWN, Iowa (Reuters) – Four years ago, Donald Trump campaigned in small towns like Marshalltown, Iowa, vowing to restore economic prosperity to the U.S. heartland.

In his bid to replace Trump in the White House, Pete Buttigieg is taking a similar tack. The difference, he says, is that he can point to a model of success: South Bend, Indiana, the revitalized city where he has been mayor since 2012.

The Democratic presidential contender has vaulted to the congested field’s top tier in recent weeks, drawing media and donor attention for his youth, history-making status as the first openly gay major presidential candidate and a resume that includes military service in Afghanistan.

But Buttigieg’s main argument for his candidacy is that he is a turnaround artist in the mold of Trump, although the Democrat does not expressly invoke the comparison with the Republican president.

“I’m not going around saying we’ve fixed every problem we’ve got,” Buttigieg, 37, said after a house party with voters in Marshalltown. “But I’m proud of what we have done together, and I think it’s a very powerful story.”

Critics argue improving the fortunes of a Midwestern city of 100,000 people does not qualify Buttigieg, who has never held national office, for the presidency of a country of 330 million. Others say South Bend still has pockets of despair and that minorities, in particular, have failed to benefit from its growth.

Buttigieg has told crowds in Iowa and elsewhere that his experience in reviving a struggling Rust Belt community allows him to make a case to voters that other Democratic candidates cannot. That may give him the means to win back some of the disaffected Democratic voters who turned their backs on Hillary Clinton in 2016 to vote for Trump.

Watching Buttigieg at a union hall in Des Moines last week, Rick Ryan, 45, a member of the United Steelworkers, lamented how many of his fellow union workers voted for Trump. The president turned in the best performance by a Republican among union households since Ronald Reagan in 1984.

Ryan said he hoped someone like Buttigieg could return them to the Democratic fold.

“He’s aware of the decline in the labor force in America, not just in Indiana or Des Moines or anywhere else,” Ryan said. “Jobs are going overseas. We need a find to way to bring that back.”

Randy Tucker, 56, of Pleasant Hill, Iowa, a member of the International Brotherhood of Electrical Workers, said Trump appealed to union members “desperate for somebody to reach out to them, to help them, to listen to their voice.”

Buttigieg could do the same, he said. “In my heart right now, he’s No. 1.”

PAST VS. FUTURE

Buttigieg stresses a key difference in his and Trump’s approaches.

Trump, he tells crowds, is mired in the past, promising to rebuild the 20th century industrial economy. Buttigieg argues the pledge is misleading and unrealistic.

Buttigieg says his focus is on the future, and he often talks about what the country might look like decades from now.

“The only way that we can cultivate what makes America great is to look to the future and not be afraid of it,” Buttigieg said in Marshalltown.

Buttigieg knows his sexual preference may be a barrier to winning some blue-collar voters. But he notes that after he came out as gay in 2015, he won a second term as mayor with 80 percent of the vote in conservative Indiana.

Earlier this month, he announced his presidential bid at the hulking plant in South Bend that stopped making Studebaker autos more than 50 years ago. After lying dormant for decades, the building is being transformed into a high-tech hub after Buttigieg and other city leaders realized it would never again attract a large-scale industrial company.

“That building sat as a powerful reminder. We hoped we would get back that major employer that would fix our economy,” said Jeff Rea, president of the regional Chamber of Commerce.

Buttigieg is praised locally for spurring more than $100 million in downtown investment. During his two terms, unemployment has fallen to 4.1 percent from 11.8 percent.

But a study released in 2017 by the nonprofit group Prosperity Now said not all of the city’s residents had shared in its rebound. The median income for African-Americans remained half that of whites, while the unemployment rate for blacks was double.

Regina Williams-Preston, a city councilor running to replace Buttigieg as mayor, credits him for the revitalized downtown. But she said he had a “blind spot” when it came to focusing on troubled neighborhoods like the one she represents and only grew more engaged after community pressure.

“He understands it now,” she said. “The next step is figuring out how to open the doors of opportunity for everyone.”

‘ONE OF US’

Trump touts the fact that the United States added almost 300,000 manufacturing jobs last year as evidence he made good on his promise to restore the industrial sector. But that growth still left the country with fewer manufacturing jobs than in 2008.

The robust U.S. economy is likely the president’s greatest asset in his re-election bid, particularly in states he carried in 2016 such as Iowa, Wisconsin, Michigan and Pennsylvania. He won Buttigieg’s home state by 19 points over Clinton in 2016.

Sean Bagniewski, chairman of the Democratic Party in Polk County, Iowa, said Buttigieg would be well positioned to compete with Trump in the Midwest.

“People love the fact that he’s a mayor,” said Bagniewski, who has not endorsed a candidate in the nominating contest. “If you can talk about a positive future, and if you actually have experience that can do it, that’s a compelling vision in Iowa.”

Nan Whaley, the mayor of Dayton, Ohio, which faces many of the same challenges as South Bend, agreed.

“He’s one of us,” Whaley said. “That helps.”

(Reporting by James Oliphant; Editing by Colleen Jenkins and Peter Cooney)

Source: OANN

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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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