Saturday, March 18, 2023

Stockman On Washington's Panicked Bailout Of Bank Deposits... Here's What Comes Next

Stockman On Washington's Panicked Bailout Of Bank Deposits... Here's What Comes Next

Authored by David Stockman via,

Why would you throw-in the towel now? We are referring to the Fed’s belated battle against inflation, which evidences few signs of having been successful.

Yet that’s what the entitled herd on Wall Street is loudly demanding. As usual, they want the stock indexes to start going back up after an extended drought and are using the purported “financial crisis” among smaller banks as the pretext.

Well, no, there isn’t any preventable crisis in the small banking sector. As we have demonstrated with respect to SVB and Signature Bank, and these are only the tip of the iceberg, the reckless cowboys who were running these institutions put their uninsured depositors at risk, and both should now be getting their just deserts.

To wit, executive stock options in the sector have plunged or become worthless, and that’s exactly the way capitalism is supposed to work. Likewise, on an honest free market their negligent large depositors should be losing their shirts, too.

After all, who ever told the latter that they were guaranteed 100 cents on the dollar by Uncle Sam? So it was their job, not the responsibility of the state, to look out for the safety of their money.

If the American people actually wanted the big boys bailed out, the Congress has had decades since at least the savings and loan crisis back in the 1980s to legislate a safety net for all depositors. But it didn’t for the good reason that 100% deposit guarantees would be a sure-fire recipe for reckless speculation by bankers on the asset-side of their balance sheets; and also because there was no consensus to put taxpayers in harms’ way in behalf of the working cash of Fortune 500 companies, smaller businesses, hedge funds, affluent depositors and an assortment of Silicon Valley VCs, founders, start-ups and billionaires, among countless others of the undeserving.

And for crying out loud, forget this baloney about the bailouts aren’t costing taxpayers a dime because they are being paid for by the banks via insurance premium payments to the FDIC fund. Well, yes, when the Congress wants to disguise a tax they call it an “insurance premium”, as if its victims had the choice to elect coverage or not. But when $18 trillion of deposits are being assessed in order to bailout careless large depositors who paid no attention to what was happening to their money, then that’s an onerous tax by any other name.

Accordingly, Washington’s panicked bailout of $9 trillion of uninsured deposits held by big and small companies, hedge funds and affluent customers over the weekend was therefore nothing less than a gift to the undeserving. And now we find out the two banks that have been explicitly funded 100% by Uncle Sam—SVB and Signature Bank—were deep into woke investing and conduct. That makes the bailout by Janet Yellen & Co. especially galling.

For crying out loud, this is how the poison of wokeness and ESG spread like wild-fire among American businesses in the first place. The latter should have ordinarily been a bulwark of conservative values and common sense, but years of ultra-easy money from the Fed and the precedent of bailout-after-bailout since the 1980s allowed top executives to take their noses off the grindstone of safe and sustainable profitability in favor of a purely political agenda.

In any event, inflation is still raging and wage workers are still taking it on the chin. During February real wages dropped for the 23rd consecutive month. So the Fed needs to stay on its anti-inflation playbook, come hell or high water. That means it needs to keep raising rates until their after-inflation level is meaningfully positive, which is not yet remotely the case.

Indeed, unlike Tall Paul Volcker back in the late 1970s, who inherited 10-year Treasury yields at -2.0% and raised them to +10% over the next several years, real interest rates are still deeply underwater as we show below. The cries to stop the rate increases, therefore, are just damn nonsense.

In fact, in any sane world these are not even “increases”. They are long overdue normalization of interest rates that have been absurdly pinned to the zero bound for upwards of a decade.

And the Fed most certainly should not throw in the rate increase towel owing to a Wall Street proclaimed “crisis” in the small banking sector. That’s the long-standing wolf cry of the entitled class of speculators decamped in the digital canyons of Wall Street.

Yes, regional banks were playing fast and loose with depositor money, but even the biggest of these did not amount to a hill of beans in the great scheme of the nation’s $25 trillion GDP. As we showed a few days ago, both the recently departed SVB and Signature Bank each accounted for barely one-half of one percent of the nation’s $30 trillion of banking system assets.

If a few more local and regional banks need to be closed, therefore, so be it. Sooner or later the piper has to be paid.

Y/Y Change In Real Hourly Earnings, March 2021 to February 2023

For want of doubt, here is the pattern of the annual rate of change in the two-year stacked CPI. During the 18 months after January 2021 it soared from 1.9% to 7.1%. Yet notwithstanding the Fed’s purported anti-inflation campaign since March 2022, there has been no meaningful retreat from the June 2022 peak. That is, when you take the “base effects” out if the equation, it is clear that the CPI has been stranded at 40-year high levels at 7.0% ever since.

Annual Change, Two-Year Stacked CPI:

  • January 2021: 1.9%;

  • June 2021: 2.9%;

  • January 2022: 4.5%;

  • June 2022: 7.1%;

  • July 2022: 6.8%;

  • August 2022: 6.7%;

  • September 2022: 6.8%;

  • October 2022: 7.0%;

  • November 2022:7.0%;

  • December 2022: 6.8%;

  • January 2023: 7.0%;

  • February 2023: 7.0%

Nor is that the extent of the inflationary warning signs in the February CPI report. For example, plunging used car prices and the rollover of asking rents were supposed to be saving the day, bringing the headline CPI rate rapidly back toward the Fed’s 2.00% target.

But it’s not happening—-at least in the real world. On the matter of used vehicles there is nothing more authoritative than the Manheim used car auction index. But this real world index is going back up again, even as the green eyershades at the BLS insist that used vehicle prices are still going down.

Manheim Used Vehicle Index Change Versus CPI Used Vehicle Index

  • One Month (February): +4.3% vs. -2.8%;

  • Three Months: +7.8% vs. -5.3%;

  • Six Months: +2.0% vs. -11.0%

Eventually, of course, the BLS will make revisions and adjustments to catch-up with the real world, meaning that the purported anti-inflation impact of used car prices will soon turn into a booster shot.

Likewise, the CPI shelter index for February was up at a near record 0.8% on a M/M basis and 8.1% from last February. As is evident from the chart, this component—which accounts for 24% of the weight in the headline CPI and 40% of the core CPI—is still accelerating, not cooling.

Change In CPI Shelter Index, Month/Month (Purple) and Year/Year (Black), 2021 to 2023

As we have previously noted, the argument that “asking rents” fell sharply during the back half of 2022 and that the CPI is therefore mis-reporting rent increases doesn’t wash. That because “asking rents” on new contracts account for just 1/12 of the rental market at best, and the reported numbers from private real estate companies are not seasonally adjusted.

As is evident in the chart below, rental rates always go down during the fall, and then come roaring back in the spring and early summer. In fact, right on schedule the February report by the Apartment List was back in positive territory.

In any event, what the CPI shelter index captures is the rolling increase in the total rent roll, not just the new contracts executed during the current month. And that means for the balance of this year at least—even if the overall housing market continues to weaken– average rents will be significantly higher on a year-over-year basis.

Finally, there was one further component in the February report that makes a mockery of the claim that the CPI is fixing to cliff-dive and that the Fed can therefore take its foot off the neck of the Wall Street gamblers. To wit, upwards of 60% of the CPI is accounted for by services less energy services, and this component was up 7.3% on a Y/Y basis, marking the largest such gain in 41 years!

So the Fed needs to keep its nose to the anti-inflation grindstone. It is not yet even close to turning the tide.

Y/Y Change In CPI For Services Less Energy, 2000 to 2023

As to the matter of imprudently managed banks, isn’t it finally time that all parties concerned - including large depositors - are made to pay the price for their feckless and reckless indifference to financial risk?

As a reminder, the unfolding of financial markets during 2022 was a screaming wake-up call that mis-matched bank portfolios were a train wreck waiting to happen. After all, last year the 30–year UST tanked by 39.2%, marking the greatest one-year decline since, well, 1754!

Likewise, the 10–year UST fell by 17.8%, another record vaporization of value. That’s why, of course, unrealized bank portfolio losses went from $15 billion in Q4 2021 to a staggering $650 billion in Q4 2022. And no one was hiding the ball—every dime of these potential losses were reported in the quarterly SEC filings.

Yet, and yet, bank executives and uninsured depositors sat on their hands because these soaring risks were not running through the income statement and thereby causing bank stock prices to fall even further. The whole theory behind this greatest ever outbreak of benign neglect was that all of the impacted Treasury and Agency securities generating these potential losses would be held to maturity and repaid in full.

Alas, that predicate was valid only to the extent that uninsured depositors sat on their hands permanently, and that imprudent folks like Peter Thiel and Ken Griffin would never yell “fire in the theater”.

They did, of course, and then the even greater fools in Washington enacted a $9 trillion deposit guarantee during the course of panicked deliberations in the White House Sunday afternoon.

So now that $18 trillion worth of US bank deposits have been totally euthanized economically by the geniuses in Washington, how do you stop bank managements from running wild on the asset-side of their balance sheet?

After all, they have already been making ungodly sums of money by mismatching their balance sheets, and now its Katie-bar-the-door.

Indeed, the Signature Bank fiasco is a poster boy for the art of minting fake profits off dangerous balance sheets. Not far below the surface we find the same old bank failure culprit: Namely, dirt cheap deposits thanks to the Fed, mismatched with substantially higher yielding but problematic assets.

Thus, in 2022 Signature Bank earned an average of 3.11% on its $114.3 billion of earning assets, while its cost of funding was just 0.88% on its $103.4 billion of deposits. In dollar terms, the assets generated $3.56 billion of gross income, while the bank paid out just $0.913 billion on its deposits.

Alas, if this were the widget business the above figures would amount to a sterling gross margin of 74%. And the resulting $2.54 billion of net interest margin wasn’t eaten up by SG&A, either. Net operating expense/fee income amounted to just $700 million, making Signature Bank an apparent goldmine in 2022

Yet just like that it was gone!

The reason is that its income statement was way too good to be true. The bank primarily catered to business operations in law, real estate and other professional services. Accordingly, like the case of SVB, fully 90% of its deposits base was not FDIC insured mom and pop savings accounts, but consisted of the working cash balances of its client firms.

At the same time, $70.2 billion of its $114.3 billion of earning assets were in commercial loans, mortgages and leases, which accounted for $2.80 billion of its $3.56 billion in gross income, owing to an average 4.0% yield on this part of the portfolio.

So at the heart of the operation was a 4% asset yield matched with a 0.88% deposit cost. And also a highly illiquid, sticky asset book (e.g. taxi medallion loans and low income housing mortgages) matched with deposits which were potentially hot and mobile, should its uninsured depositors ever get nervous and take flight.

They did, and in a New York minute the Signature Bank profits machine vaporized. And that’s to say nothing of its fixed income book which was drastically underwater owing to last year’s fixed income market bloodbath.

The only thing missing from Signature Bank’s financial picture is that it was not one of the 30 too-big-to-fail SIFIs (systemically important financial institutions), which were given a backdoor guarantee of uninsured depositors by Dodd-Frank. Then, like JP Morgan, its deposit costs would have been even cheaper and its fake profits even more fulsome.

As of 6:15 Pm Sunday night, of course, every bank now has the 100% safety net for uninsured deposits. This means that the 5,000 still living banks will have every opportunity to ignore their depositors and play even more artificial and remunerative games by mismatching their assets and liabilities.

Stated differently, banks have been way the hell too profitable thanks to the Fed’s insane financial repression and the rampant moral hazard of the bank regulatory and deposit insurance schemes. The top half dozen or so SIFI banks have actually booked more than $1 trillion of net income in the last eight years exactly because the geniuses in Washington have back-stopped and drastically cheapened their deposit carry costs.

The stock answer to all this from Washington and Wall Street alike is not to worry because new powers to the bank regulators will keep the cowboys from gestating more SVBs and Signature Banks.

Well, here is what Michael Barr, the top bank regulator on the Federal Reserve Board, had to say last Thursday morning when the fire at SVB was already raging:

 “The banks we regulate, in contrast, are well protected from bank runs through a robust array of supervisory requirements.”

Or, as Elon Musk might have said, funding secured!

So at the end of the day there is no preventable financial crisis. What there is amounts to a systematic financial travesty that goes back to the hideously low money market regime that the Fed maintained since the eve of the financial crisis back in 2008, coupled with the evil of deposit insurance, both de jure and de facto.

The implicit policy of the Federal Reserve, as measured by the inflation-adjusted level of its target Fed funds rate, has been to blow-up the banking system by flooding it with dirt cheap deposit costs.

In fact, during the 180 months since Lehman there have been only seven months when the real rate was positive; and even then it was positive by just a hair as depicted by the blue bars peeking above the zero line in the chart below during early 2019.

Inflation-Adjusted Federal Funds Rate, 2008-2023

Likewise, it should be evident by now that deposit insurance has nothing to do with either sound money or a prudent banking industry.

It has remained in place for decades because it is a social policy-–protection of the little guy—parading as a financial stabilization measure.

But it doesn’t stabilize—it inherently and egregiously de-stabilizes, as has been implicit in every financial crisis during the last half century.

So if they want “social policy” for the little guy and the blue-haired ladies, give these folks access to a $250,000 government savings account paying 50 basis points of interest as far as the eye can see. For every one else, let them be the watch-dogs of their own money in the commercial banking system.

That’s the very predicate of a stable banking system and sustainable free market prosperity.

*  *  *

The truth is, we’re on the cusp of an economic crisis that could eclipse anything we’ve seen before. And most people won’t be prepared for what’s coming. That’s exactly why bestselling author Doug Casey and his team just released a free report with all the details on how to survive an economic collapse. Click here to download the PDF now.

Tyler Durden Sat, 03/18/2023 - 19:00


Friday, March 17, 2023

What Happens When the Government Breaks Its Own Laws?, by Judge Andrew P. Napolitano

Five members of the Proud Boys are currently on trial for sedition in federal court in Washington, D.C. Sedition is a conspiracy to overthrow the federal government by the use of force. This case stems from the events of Jan. 6, 2021 at the U.S. Capitol.


UNBELIEVABLE - Desperate Propaganda by NYT and Atlantic


New fake "evidence" allegedly proving yet again that the pandemic originated at the Huanan Seafood Market in Wuhan just dropped

The Atlantic has published an extremely dumb article by Katherine J. Wu purporting to provide The Strongest Evidence Yet That an Animal Started the Pandemic.


Vindication: 3 years ago, I was lambasted for this... I was right

3 years ago, today, I published an analysis on data from the ILINet (monitoring system for respiratory and influenza illnesses) which seemed to indicate that something was going on in 2019 - well before the "official" start of Covid infection in the United States.


Why is Pfizer Terrified of this Woman?

Brook Jackson is an experienced director of FDA clinical trials who reported dozens of the FDA violations she personally observed while working at Ventavia. Ventavia was one of the clinical trial research organizations contracted by Pfizer to conduct their Phase-3 mRNA vaccine trials.


Wednesday, March 15, 2023

A Bailout Most Crooked, Part 1 [Google blocked posting multiple times]

Oh, c’mon! They have done it again, and in a way that makes a flaming mockery of both honest market economics and the so-called rule of law.

"As predicted, CDC and FDA call Surgeon General of Florida, Dr. Ladapo, a "misinformation spreader"." [Google blocked posting multiple times]

A couple of weeks ago I predicted this would happen. It was not hard to predict as this exact thing happened over and over again for the past 2 years, only this time we had a high ranking public health official asking the same question and getting the same response. Which is notable.

Keith Olbermann calls Jordan Peterson a fu*kface on Twitter because Peterson RIGHTLY questions the motives & utility of the INSANE moronic tyrannical bureaucrats seeking to rule us ex cathedra by FIAT [Google blocked posting multiple times]

This really is about controlling you. Getting our data, invading our privacy for data and information is POWER. Power over you! Information is power so you give them NONE! Make it impossible and lie to them, lie to them. If they ask A, tell them B. Screw them up, screw it up!

Study: More Infant Vaccines Lead to Higher Infant Mortality [Google blocked posting multiple times]

March 14, 2023 at 07:37AM Study: More Infant Vaccines Lead to Higher Infant Mortality Via Mercola Story at-a-glance In 2011, Neil Miller, Ph.D., and Gary Goldman, Ph.D. 0 - pc, 0 - platoscave

Home Depot Co-Founder Bernie Marcus Slams Woke Banks: More Concerned About Global Warming Than Shareholder Returns (VIDEO) [Google blocked posting multiple times]

One of the possible reasons why Silicon Valley Bank folded is that instead of paying attention to risk managment, their leaders were pushing woke nonsense. You can bet similar things are happening at other banks, and it should concern you.

‘Aims’: the software for hire that can control 30,000 fake online profiles [Google blocked posting multiple times]

At first glance, the Twitter user “Canaelan” looks ordinary enough. He has tweeted on everything from basketball to Taylor Swift, Tottenham Hotspur football club to the price of a KitKat.

US Special Operations To Use Deepfakes For Propaganda PSYOPs [Google blocked posting multiple times]

"In recent news, it has been reported that the United States Special Operations Command (SOCOM) is seeking to use deepfakes as part of their psychological operations, or "PSYOPs." Deepfakes are computer-generated images, videos, or audio files that are designed to look and sound like real people."

Hundreds of Masked Stanford Students Protest Dean For Apologizing to Judge


The Gateway Pundit reported that Stanford officials allowed law students to berate and shout down a federal judge who was invited to speak at the university.

Students shouted at Judge Kyle Duncan, a Trump appointee, and made it impossible for him to speak.

It is disturbing to think these students will some day be prosecutors, judges and part of the DOJ.

Marxist @Stanford official and allied student leftists intimidate, berate and shout down federal judge. Who is running this school? Should anti-free speech woke universities receive any federal taxpayer funds?

— Tom Fitton (@TomFitton) March 11, 2023

The far-left students were reportedly upset about Judge Duncan’s refusal to use a transgender sex offender’s “preferred pronouns” in a 2020 opinion, the Free Beacon reported.

When Judge Duncan asked for an administrator to quell the chaos, Tirien Steinbach, Associate Dean of “diversity and equity, instead berated Judge Duncan for almost 10 minutes. 

Following the disgusting display, Stanford University President Tessier-Lavigne and Stanford Law Dean Jenny Martinez offered Judge Duncan issued an apology in a letter.

Angry with the apology, hundreds of masked students stormed Dean Martinez ‘s classroom to protest, vandalizing the room with signs.

Image: @espinsegall/Twitter


The New York Post reports:

“Counter-speech is free speech,” argued many of the fliers — a claim that was printed on most of the students’ masks, the outlet said.

“We have free speech rights too,” read another, while a third demanded an apology.

At the end of her class, all but a handful of Martinez’s class of 60 stood and stared at her silently to suggest they were also being silenced, students said.

Hundreds more then formed a human corridor from Martinez’s classroom to the building’s exit — with those not joining in complaining that they were shunned, according to the report.

They gave us weird looks if we didn’t wear black” and join, first-year student Luke Schumacher told the Free Beacon.

“It didn’t feel like the inclusive, belonging atmosphere that the DEI office claims to be creating.”

Another student, who was not identified to avoid retaliation, called it “eerie.”

“The protesters were silent, staring from behind their masks at everyone who chose not to protest, including the dean,” the student said — suggesting a similar silent show of objection would have been fitting for Duncan, who was instead stopped from speaking.

The post Hundreds of Masked Stanford Students Protest Dean For Apologizing to Judge appeared first on The Gateway Pundit.


American Capitalism ‘Breaking Down Before Our Eyes,’ US Billionaire Warns



<?xml version="1.0" encoding="UTF-8"?>

As Russian revolutionary Vladimir Lenin once observed, “there are decades where nothing happens; and there are weeks where decades happen.”

The bailout package for Silicon Valley Bank (SVB) introduced by US authorities shows that capitalism in America is “breaking down before our eyes,” billionaire hedge fund manager Ken Griffin has reportedly stated.

“The US is supposed to be a capitalist economy, and that’s breaking down before our eyes,” Griffin told a major British business journal during an interview on Monday.

The statement came just one day after American regulators promised that all SVB customers — including those who had invested more than the $250,000 limit guaranteed by the Federal Deposit Insurance Corporation (FDIC) — will be reimbursed in light of the bank’s collapse.

Warning that there’s “been a loss of financial discipline with the government bailing out depositors in full,” Griffin put the blame on regulators, who he said were “the definition of being asleep at the wheel.”

If the Biden administration had simply let the banks fail and only backstopped federally-insured accounts, it would have been “a great lesson in moral hazard,” according to the billionaire.

Griffin is far from the only influential investor to blast the decision to bail out bankers who decided to bet the farm on the prospect that low interest rates would last for years.

“What effectively happened over the weekend is that [Biden] nationalized the American banking system,” Canadian businessman and Shark Tank host Kevin O’Leary told a mainstream US outlet on Monday.

“It’s no longer a risk, it’s no longer private in any sense. It is now backstopped by the government, ultimately, the taxpayer. So, it doesn’t matter how bad you are as a bank manager.”

O’Leary had previously blasted SVB’s “negligent board of directors” and “idiot management” for the financial fiasco, asking on social media on Sunday, “why should taxpayers bail them out?”

A senior Treasury spokesperson insisted Sunday that average Americans wouldn’t end up footing the bill for the bailout:

“For the banks that were put into receivership, the FDIC will use funds from the Deposit Insurance Fund to ensure that all of its depositors are made whole. … The Deposit Insurance Fund is bearing the risk. … This is not funds from the taxpayer.”

But according to conservative American commentator Liz Wheeler, that’s simply not the case.

“The FDIC bailout IS a bailout,” she wrote on Twitter Monday. “It’s not directly from taxpayers. But FDIC is composed of banks. Those banks will foot the bailout bill. Then they’ll pass that cost to consumers. That’s you.”

Federal Reserve rate hikes are killing regional banks and the housing market.


HUGE: “THEY LIED ABOUT EVERYTHING” – 96-Page DC Police Report UNCOVERED – Shows Govt Knew MAGA Was Coming on Jan 6 and Entrapped Them ALL


Pictured above: what appears to be Antifa breaking into the Capitol first before any Trump supporters arrive on Jan 6.

The Metropolitan Police released a report recently on the DC protests on January 6, 2021.

According to attorney Joe McBride who uncovered the report, the government knew MAGA was coming to DC and so they entrapped them.

It was all a setup.

The report is included in the first tweet below from Jan 6 attorney Joe McBride.

They knew MAGA Republicans were coming to protest, so they entrapped them.

— Joseph D. McBride, Esq. (@McBrideLawNYC) March 11, 2023

McBride notes that the report covered First Amendment protests.

— Joseph D. McBride, Esq. (@McBrideLawNYC) March 11, 2023

The DC Police were told not to fire projectiles into the crowd – but they did anyway and two Trump supporters likely had heart attacks and died when flash bombs unexpectedly blew up in their face.

— Joseph D. McBride, Esq. (@McBrideLawNYC) March 11, 2023

McBride notes that the police knew Antifa was coming.


Expected Protests Overview:
A number of individuals and groups are calling for their supporters to travel to Washington, DC, on or before January 6, 2021, to show support for POT US and for overturning the election results. The protests/rallies are expected to be similar to the previous Million MAGA March rallies in November and December 2020, which drew tens of thousands of participants. It is also expected that members of the Proud Boys (who intend to wear plainclothes and not their traditional yellow and black clothing)l3, white supremacist groups,14 Antifa, and other extremist groups will rally on January 6, 2021. Multiple arrests were made as a result of clashes between pro-Trump and opposing groups during each of the November and December rallies. Charges included assault with a dangerous weapon, assault on police, simple assault, weapons violations, riotous acts, and destruction of property, disorderly conduct, resisting arrest, and crossing a police line. A number of law enforcement officers were injured in the skinnishes . Many of the confrontations occurred after the rallies ended.


Expected Protests Overview:
A number of individuals and groups are calling for their supporters to travel to Washington, DC, on or before January 6, 2021, to show support for POT US and for overturning the election results. The protests/rallies are…

— Joseph D. McBride, Esq. (@McBrideLawNYC) March 12, 2023

Julie Kelly discussed this report on the War Room (see below).

She said the report had been “designated highly sensitive government information just like all the surveillance video”.

But again it’s more evidence that undercuts the idea that law enforcement was completely unprepared – They had no idea what was going to happen that day.

There were at least two anti-Trump rallies in Washington on the same day including an Antifa rally scheduled at about the same time that the joint session was scheduled to convene.  TGP reported on this previously.

CAUGHT ON VIDEO: Antifa Protester John Sullivan Brags About Posing As Trump Supporter, Breaking Window At US Capitol Building During Riots

The government knew this was happening.  It was a setup.  

See the interview with Julie Kelly below.

The post HUGE: “THEY LIED ABOUT EVERYTHING” – 96-Page DC Police Report UNCOVERED – Shows Govt Knew MAGA Was Coming on Jan 6 and Entrapped Them ALL appeared first on The Gateway Pundit.


Rough Time for Fake News: Trust in Media in the Sewer – Majority of Americans Now Believe Media Intends to “Mislead, Misinform or Persuade the Public”


It’s a rough time for fake news.
Trust in the media is in the sewer.

a new study has found.

In a survey of 5,593 adults, Gallup and the Knight Foundation — which have been publishing reports on trust in news media since 2017 — found only 26% of Americans view news media favorably overall. A full 50% of respondents disagreed with the statement that most national news orgs “do not intend to mislead, misinform, or persuade the public.”

Americans lead the international outcry against fake news.

The US ranks DEAD LAST among 46 countries in a recent study on trust in media.

The US ranks dead last in trust in media. Americans are wising up to the fake news movement in America today.
Poynter reported:

The United States ranks last in media trust — at 29% — among 92,000 news consumers surveyed in 46 countries, a report released Wednesday found. That’s worse than Poland, worse than the Philippines, worse than Peru. (Finland leads at 65%.)

The annual digital news report from the Reuters Institute for the Study of Journalism at Oxford also found some improvement in trust in nearly all the countries surveyed — probably thanks to COVID-19 coverage — but not in the U.S. where the low rating was flat year to year.

One explanation, though not necessarily the only one, is the extreme political polarization in the U.S. This study, like many others, found extremely high levels of distrust — 75% of those who identify as being on the right thought coverage of their views is unfair.

Local news, both print and broadcast, fared better than national news. However, the findings for struggling local print outlets were not all good.

Interest in local news and willingness to pay for it was not strong. Only 21% in the U.S. said that they pay for news online. Of those who do, 31% said they pay for The New York Times, 24% for The Washington Post and only 23% for the site of a local or regional paper.

The post Rough Time for Fake News: Trust in Media in the Sewer – Majority of Americans Now Believe Media Intends to “Mislead, Misinform or Persuade the Public” appeared first on The Gateway Pundit.


A 10 month-old Baby Could Have FOUR Covid Shots for “Best Protection”

FDA Approves FOURTH Covid Shot For Babies

Originally Published on Igor’s Newsletter

The FDA approved the FOURTH COVID shot for infants.

Pfizer’s submission explains:

What does it mean? Based on the current CDC recommendations, a baby could have COVID shots on the following timeline. (my addition is in RED)

This vaccination sequence could be completed within four months after starting at six months. Therefore, a 10-month-old infant could have four mRNA Covid vaccine doses.

If you think that four doses of Covid vaccine are a bit too much for a 10-month-old, consider this: any mother crazy enough to subject her infant to Covid vaccines would also receive Covid vaccines while pregnant and while breastfeeding.

I hope my math is not off, but it is conceivable that such a mother could receive three Covid vaccines while pregnant, exposing her unborn child, and one more booster dose when breastfeeding her newborn.

As Covid vaccines are shed via breast milk, a 10-month-old baby could have EIGHT COVID vaccine exposures in their entire lifespan, including pre-birth.

There is more weirdness. The clinical trial of 60 small kids Pfizer referred to had no published results. It was, however, mentioned to the FDA during the Jan 26 meeting.

The slide about small kids had the strangest count of participants:

Before the 4th shot, there were 21 babies. But after the shot, there were 23 babies. How is that even possible? And why did no one present at the FDA meeting ask questions?

I am a little tired of this “Covid vaccine for infants” quackery, and I have long run out of acceptable adjectives. I feel sorry for the babies. I am also sorry for the moms subjecting their kids to reckless experiments. Nevertheless, I hope that as a taxpayer, I will not be on the hook financially to care for their damaged health, not at least before Pfizer runs out of compensation funds.

Link to the above article.


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We are shattering expectations, but we need your continued support to push truth up the algorithm, which is not just good for the book and the project but also for the conversation, forcing the criminals to be confronted. We already have the blueprint for prosecution; we just need enough people aware of the crime that has occurred — demanding accountability:

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Also available on our website.

The post A 10 month-old Baby Could Have FOUR Covid Shots for “Best Protection” appeared first on DailyClout.


Financial "death spiral" ensues as SVB, First Republic, Pac West, Signature Bank all COLLAPSE... contagion continues

Contagion is already spreading as Americans are waking up to the fact that the American financial system is a fraudulent Ponzi scheme that will result in financial ruin for many – especially those whose lives and livelihoods depend on it the most.


Every Country Uses Propaganda - Here's Why

Set Your Pulse: Take a breath. Release the tension in your body. Place attention on your physical heart. Breathe slowly into the area for 60 seconds, focusing on feeling a sense of ease. Click here to learn why we suggest this. In high school I learned about the propaganda used during wars.


The J6 Committee’s Obstruction of Justice

We are all familiar with the fact that members of Congress are constitutionally immune from prosecution over what they say during the time they are debating in the House or Senate (Article 1, §6, clause 1).


Massive Abuses of Government Power: Urgent Reform Needed of Data Privacy and Collection

Recently the U.S. House of Representatives created the new Select Subcommittee on the Weaponization of the Federal Government, chaired by Congressman Jim Jordan, a Republican from Ohio. There are at least three areas where this Subcommittee needs to do extensive research.


Tuesday, March 14, 2023

Twitter Files BOMBSHELL: Taxpayers unknowingly fund “vast censorship enterprise” hiding truth about vaccine injuries, deaths

(Natural News) Another major Twitter Files bombshell has dropped showing how a foreign dark money group called the Center for Countering Digital Hate (CCDH) oversees a “vast censorship enterprise” that, among other things, works behind the scenes to hide the deadly truth about vaccines from the


FBI's Wray admits that his agency bought geolocator data on Americans in large scale unconstitutional spying campaign

chris-wray.jpg (Natural News) Once again, the FBI’s highest-ranking official has admitted to essentially breaking the law and violating the Constitution, and absolutely nothing is going to happen to him. On Wednesday, privacy advocates argued that the testimony given by FBI Director Christopher Wray during a hearing of the U.S. Senate Select Intelligence Committee provides new proof...


Monday, March 13, 2023

Jan 6: The End of the Rule of Law [Google blocked posting multiple times]

January 6, 2021, was a disaster for the American Right.

Brainwashing Versus Critical Thinking in Japan [Google blocked posting multiple times]

In March 2012, while participating in a conference in Prague, I visited the Museum of Communism there. They sold one type of souvenir created from old propaganda posters with the wording replaced by an ironic comment about the reality of life under communism.

Deregulation Killed Silicon Valley Bank [Google blocked posting multiple times]

Let’s be clear. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed.

The doctor indicted for not killing his patients [Google blocked posting multiple times]

Lex iniusta non est lex: An unjust law is no law at all. Seventy-five years ago, it was established at the Nuremberg trial for doctors that never again would we allow medical experimentation upon human beings without their consent. Well, here we are, 5.

California's new "misinformation" law to punish free speech while fueling spread of state-sponsored falsehoods

Gavin-Newsom-Visits-School.jpg (Natural News) For more than a century, manufactured consent has ruled American life. What this means is that, despite that pesky Constitution, those with power and means basically control what people think and do through their media propaganda machines, which is how the Wuhan coronavirus (Covid-19) was able to reach center stage in the war...


3rd FDIC-Insured Bank Fails in 5 Days but Feds Avoid Black Monday by Bailing Out Depositors [Google blocked posting multiple times]

Sunday morning U.S. Treasury Secretary Janet Yellen appeared on Sunday talk shows to announce that the Fed was NOT bailing out Silicon Valley Bank or any other banks, as they did in 2008.

HPV Injection Kills 19yo Student in Austria While Media Pushes the Jabs by Association with HIV/AIDS [Google blocked posting multiple times]

Note that this is a very long exposé—please read it online or in the app. It’s the time of year—again—when authorities, politicians, and legacy media are pushing yet another pharmaceutical intervention. This time, we’re not talking about Covid injections but HPV jabs.

Repocalypse [Google blocked posting multiple times]

Only those who are unfamiliar with the wondrous adventures of GloboCap can delude themselves into thinking that the system chose to shut down out of compassion. Let us be clear from the start: the big predators of oil, arms, and vaccines could not care less about humanity. - Fabio Vighi

Italy 2020: Inside Covid’s Ground Zero [Google blocked posting multiple times]

Allen is an investigative journalist doing work that virtually nobody else can or wants to do. I’m grateful for his efforts and for sending his work to me to share with a wider audience.

You are right to feel that something is not right. You are right to feel that you are being manipulated. [Google blocked posting multiple times]

It is not our role to provide a counter narrative. That is for each individual to determine through their own journey and the use of active questioning, consideration and evaluation.

[Book review] Official Stories: Counter-Arguments for a Culture in Need, by Liam Scheff [Google blocked posting multiple times]

Many of you have read my 100,000-word findings on the causes and costs of autism. But I also wrote 25,000 words on both evidence-based medicine and genetics that I have never published (perhaps I will do that at some point in the future on my Substack).

Ex-CNN President Jeff Zucker Ordered Staff To Ignore Lab-Leak Theory, Claimed Was ‘Trump Talking Point’ [Google blocked posting multiple times]

Former CNN president Jeff Zucker ordered network employees not to investigate the Covid-19 lab leak theory because he considered it a “Trump talking point,” a “well-placed” CNN insider told Fox News Digital on Monday.

MUST WATCH: Jimmy Kimmel Calls Aaron Rodgers a ‘Tin Foil’ Conspiracy Theorist for Wanting Jeffrey Epstein Client Names [Google blocked posting multiple times]

Late night talk show host Jimmy Kimmel called Green Bay Packers quarterback Aaron Rodgers a conspiracy theorist for wanting to know the names from Jeffrey Epstein’s client list.

Colleges That Never Mandated COVID-19 Vaccines [Google blocked posting multiple times]

DailyClout Opinion This DailyClout article is the writer’s opinion. One of our country’s most important freedoms is that of free speech. Agree with this essay? Disagree? Join the debate by writing to DailyClout HERE.

20 Lies - PANDA [Google blocked original posting]

Reality: The virus is closely related to widely circulating betacoronaviruses, sharing 65-70% common genetic material. Reality: Pre-existing or cross-immunity is widespread, and moreover children almost universally enjoy robust innate immunity.

Sunday, March 12, 2023

The Federal Reserve Just Made An Emergency Decision Which Will Fundamentally Change Banking In America Forever


Did you think that the Federal Reserve was just going to stand by and watch the U.S. banking system completely collapse?  In response to the stunning failures of Silicon Valley Bank and Signature Bank, the Federal Reserve announced a rescue plan on Sunday evening that is going to radically change banking in America forever.  All deposits at Silicon Valley Bank and Signature Bank will be fully guaranteed and will be available on Monday.  Of course the Federal Reserve can’t just make an exception for these two banks.  If they are going to do this for them, that means that they are going to have to do it for everyone else too.  So what this means is that from this point forward the Federal Reserve is essentially promising to guarantee every bank account in America.  Considering the fact that more than 19 trillion dollars is deposited with U.S. banks, that is quite a promise to make.

I want to show you that I am not exaggerating one bit.  The following is the announcement about this new plan that was just posted on the official website of the Federal Reserve

To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

The Federal Reserve is prepared to address any liquidity pressures that may arise.

The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.

With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.

After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protects all depositors, both insured and uninsured. These actions will reduce stress across the financial system, support financial stability and minimize any impact on businesses, households, taxpayers, and the broader economy.

The Board is carefully monitoring developments in financial markets. The capital and liquidity positions of the U.S. banking system are strong and the U.S. financial system is resilient.

Depository institutions may obtain liquidity against a wide range of collateral through the discount window, which remains open and available. In addition, the discount window will apply the same margins used for the securities eligible for the BTFP, further increasing lendable value at the window.

The Board is closely monitoring conditions across the financial system and is prepared to use its full range of tools to support households and businesses, and will take additional steps as appropriate.

Please don’t just skim those paragraphs.

Take the time to read them in detail, because what the Fed just did literally changes everything.

From now on, nobody will have to worry that their bank will fail, and the Fed has decided to completely end the war against inflation.

If the technical language confuses you, here is Zero Hedge’s translation

Translation: the Fed’s hiking cycle is dead and buried, and here comes the next round of massive liquidity injections. It also means that the Fed, Treasury and FDIC have just experienced the most devastating humiliation in recent history – just 4 days ago Powell was telling Congress he could hike 50bps and here we are now using taxpayer funds to bail out banks that have collapsed because they couldn’t even handle 4.75% and somehow the Fed has no idea!

That analysis is right on the money.

I warned that our system could not handle higher interest rates, and higher rates were directly related to the collapse of Silicon Valley Bank.

So there won’t be any more rate hikes.

In fact, I wouldn’t be surprised at all if the Fed started cutting rates very soon.

In addition, all of the fresh money that the Fed will be injecting into the financial system now will be highly inflationary.

We are being told that the Fed’s plan won’t cost taxpayers a dime, but the truth is that inflation is a tax on all of us.

So the financial community may be praising this “extraordinary intervention” by the Fed, but there will inevitably be a very high price to pay for spraying money around so recklessly.

The extraordinary intervention:

— Travoltage (@Travoltage1) March 12, 2023

But what other choice did the Fed have?

As I have repeatedly warned my readers, our fundamentally flawed system simply cannot survive without artificial support.

And as Bill Ackman has noted, if the Fed had just stood by and done nothing we would have been facing a nightmare scenario as early as next week…

The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or…

— Bill Ackman (@BillAckman) March 11, 2023

Over the past several days, we really did come to the brink of the abyss.

But now the Federal Reserve has come charging to the rescue and so everything is okay, right?

I wish that was actually true.

As a result of the Fed’s reckless rate hiking strategy, U.S. banks are now sitting on 620 billion dollars of unrealized losses.

That is “billion” with a “b”, and that is a ticking time bomb that is not going to go away any time soon.

Meanwhile, the housing bubble is imploding, we are heading into the worst commercial real estate crisis in all of U.S. history, and now faith in the U.S. banking system has been greatly shaken.

This crisis is not even close to over.

And every time there is a new eruption somewhere, the Fed will try to put the flames out with generous injections of fresh liquidity.

Virtually everyone applauds when the Fed starts spraying money around, but by now all of us should realize that this story is not going to have a happy ending.

***It is finally here! Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael and my brand new book entitled “End Times” is now available on  In addition to my new book I have written six other books that are available on including “7 Year Apocalypse”“Lost Prophecies Of The Future Of America”“The Beginning Of The End”, and “Living A Life That Really Matters”. (#CommissionsEarned)  When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending copies as gifts to family and friends.  Time is short, and I need help getting these warnings into the hands of as many people as possible.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is definitely a great help.  These are such troubled times, and people need hope.  John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”  If you have not already done so, I strongly urge you to invite Jesus Christ to be your Lord and Savior today.

The post The Federal Reserve Just Made An Emergency Decision Which Will Fundamentally Change Banking In America Forever appeared first on The Most Important News.


FDA and CDC Assertions in Doubling Down on COVID-19 Vaccination

By Peter A. McCullough, MD, MPH In a March 10, 2023 letter from FDA Commissioner Robert Califf, MD, and CDC Director Rochelle Walensky, MD, MPH, to Florida Surgeon General Joseph Ladapo, MD, PhD, the agencies give their rationale.


Biden administration tries to stave off financial crisis as second bank fails

The Biden administration rushed Sunday to stave off an epic financial crisis as regulators seized control of a newly failed bank in New York while assuring account holders at the shuttered Silicon Valley Bank in California their money will be protected and made available soon.


"It's As Bad As We Thought": CCP Money Flowed To Biden Family According Bank Records, Documents Obtained By House GOP

"It's As Bad As We Thought": CCP Money Flowed To Biden Family According Bank Records, Documents Obtained By House GOP

Republicans on the House Oversight Committee have been working with four witnesses with close ties to the Bidens, who have provided documents and other evidence tying the Bidens to the Chinese Communist Party.

"It’s as bad as we thought… Since we’ve last spoken we have bank records in hand.  We have individuals who are working with our committee," Committee chair James Comer (R-KY) told Fox News' Maria Bartiromo on "Sunday Morning Futures."

"In the last two weeks we’ve met with either these individuals personally or with their attorneys.  And that would be four individuals who had ties in with the Biden family in their various schemes around the world. So now we have in hand documents  We have in hand documents in hand that show just how the Biden family was getting money from the Chinese Communist Party."


Biden family members attempted to sell access & influence around the world.@GOPoversight has communicated with multiple witnesses & continues to follow the Biden money trail.

We will be transparent & provide the facts for the American people. @MariaBartiromo @SundayFutures

— Rep. James Comer (@RepJamesComer) March 12, 2023


Hunter Biden Said He'd Be "Happy" To Introduce Business Partners To Top Chinese Official: Emails

Hunter Biden Business Partner Flips, Now 'Cooperating' With GOP Investigators

Hunter Biden Lived In Classified Doc House While Raking In Millions Through Chinese Intelligence Ties

Over 150 Suspicious Hunter Or James Biden Financial Transactions Flagged By Banks

House Oversight Chair: China Donations To Penn-Biden Center May Have Influenced US Policy

Biden Family Worked To Sell American Gas To China, GOP Lawmaker Says Citing Whistleblower

Tyler Durden Sun, 03/12/2023 - 14:45


Climate Engineering Must Stop or Humanity is Finished – Dane Wigington


Submitted by mark

By Greg Hunter’s (Saturday Night Post)

Climate engineering researcher Dane Wigington says the extreme drought conditions that have plagued the Western U.S. are being turned around by more climate engineering.  California has been in the bullseye.  It’s not good news because it’s from one destructive extreme to another.  Wigington explains, “We know the technology exists and is being used to steer upper-level wind currents and, thus, steer moisture currents, and they are directing moisture into where they have engineered back-to-back snow storms.  There is no question that it is being engineered. . . . People act like this is some sort of fringe theory, and it’s hard science.

We can test the snow and find the same things in climate engineering patents.  We find aluminum, barium, manganese, polymer fibers, graphene and surfactants as well.  All of these are found in our snow. . . . The directing of this moisture flow without chemical nucleation on top of this chemically frozen nucleated material is creating flooding right now as we speak.  This is not debatable. . . . Whatever a person’s perspective is, can there be any legitimate discussion about the climate without addressing climate engineering first and foremost?  The answer is patently NO.”

Wigington goes on to warn, “We have to stop climate engineering statistically and mathematically or we are done in the very near term.  Stopping these operations are weather warfare.  They only serve the masters by masking the true severity of damage done to the climate while using weather as a weapon at the same time. . . . By itself, climate engineering is the largest single factor, and it’s not just destroying the planet’s life support system, agricultural production, the Ozone layer, it’s also, and this is key and critically important, it’s contaminating every single breath we take. . . . There is likely 60 to 70 million tons being dispersed in our skies annually of these particulates.  It’s not even factored into the dire warnings of how toxic the air we are breathing.  It’s an incredible lethal brew we are breathing in.  Nobody is looking for these nanoparticles even though they are the most harmful of all.”

Wigington says, “. . .Ecosystem collapse is happening all over the globe.  At, our mission is to expose this biggest hole in the bottom of the boat. . . . Critical mass of awareness is the only way out. . . .Climate engineering is pounding nails into all of our collective coffins.  We have to plant the seed of awareness. . . . When you arm yourself with credible data and you wake those people around you, they begin to wake others.  Now, they realize they do have power if they focus what is in their power. . . . they can move this fight forward.”

There is much more in the 35-minute interview.

Join Greg Hunter of as he goes One-on-One with climate researcher Dane Wigington, founder of, with an update to the ongoing global drought to flood calamity for 3.11.23.

(To Donate to Click Here)


While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.