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Double Eagle Headlines: November 23, 2022

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Crypto lender BlockFi pauses customer withdrawals as it considers bankruptcy and layoffs following FTX implosion
Crypto lender BlockFi has put customer withdrawals on hold as it explores its options for reducing its “significant exposure” in the fallout of cryptocurrency exchange FTX’s bankruptcy.

This summer, BlockFi obtained a $250 million loan from FTX to help them stay afloat as crypto financial institutions such as Three Arrows Capital struggled during the market meltdown. The firm also has corporate assets held with FTX and is currently owed debts from Alameda Research, a crypto trading firm that is also owned by embattled FTX ex-CEO Sam Bankman-Fried.

This close relationship is having a negative impact on BlockFi’s financial stability… (Continue to full article)

Biden Is Cutting Medicare Benefits Thru Inflation Reduction Act
President Biden has accused Republicans of scheming to cut Medicare. In fact it is his signature legislation, the Inflation Reduction Act, that will lead to benefit cuts and premium increases for seniors. Medicare’s popular drug-coverage program is headed for a painful amputation.

The private plans participating in Medicare’s prescription-drug program, known as Part D, currently draw on three sources of revenue to finance prescriptions: out-of-pocket payments from patients, premium payments made by plan members, and subsidies from the federal government.

In 2025, under the Inflation Reduction Act, both government subsidies and out-of-pocket payments by patients are scheduled to be cut sharply… (Continue to full article)

Coin depicting ‘villain’ who persecuted Jews in the Hanukkah story is FOUND: Artifact minted more than A coin depicting the ancient Greek king Antiochus IV, a villain in the Jewish Hanukkah story, has been discovered among a trove of artifacts stolen from a sacred site in Israel.

The piece, minted between 169 and 164 BC, commemorates the ancient king’s victories in Egypt. However, Antiochus is more well-known for persecuting Jews and defiling their Temple in Jerusalem more than 1,850 years ago.

While the coin’s discovery is exciting and happened just weeks before the first day of Hanukkah, officials are concerned about the man who broke the law – he looted several other coins and ancient artifacts from a protected area of Kiryat Shmona…. (Continue to full article)

60% of U.S. Consumers Living Paycheck to Paycheck
A new employee report said on Friday that as many as 60% of U.S. consumers are living paycheck to paycheck.

The report, a collaboration between data analysis PYMNTS and LendingClub, said 55% of nearly 3,500 people surveyed said they have limited spending capacity, and 49% are shifting their shopping preferences.

The report said that 66% of those living paycheck to paycheck have slashed spending… (Continue to full article)

Biden Crime Wave: Target Reports $400 Million in Looting Losses
One of America’s largest retailers said Wednesday that the surge in crime is inflicting deep losses.

Target said its stores are getting looted at a massive scale. The damage to the bottom line has amounted to $400 million so far this year, the company said on a call with reporters on Wednesday.

The company is not the only retailer to point to a rise in theft recently. A spokesman for CVS said earlier this year that it has experienced a 300 percent increase in theft. Rite Aid said in October it suffered $5 million in losses due to theft in NYC in the most recent quarter alone. Home Depot said it has been locking up more products during the past 12 months in an attempt to stem theft… (Continue to full article)

Gold Jesus coin that is 1,000 years old that was bought for £450 in 1992 sells in London auction for £54,000
A 1,000-year-old gold coin commemorating Jesus Christ’s ‘Crown of Thorns’ that was bought for £420 in 1992 has sold at auction for £54,000.

The extremely rare ‘Royal d’or’ coin was one of six recovered from a treasure hoard found at Deauville, in Normandy, France, during new town planning in 1861.

The set of coins were a gift from the Emperor of Constantinople to King Louis IX of France in 1239… (Continue to full article)

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The End of World Dollar Hegemony: Turning the USA into Weimar Germany

In a recent essay, I explained how over time the US abused its responsibility to control the supply of dollars, the world’s premier reserve currency for settling international trade accounts among nations. This abrogation of its duties is leading to the likely adoption of a new reserve currency, commodity based and controlled not by one nation but by members, all watchful that the currency is not inflated. Continue reading

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Here we go again…

Just when I’ve begun to get myself together… ~ Dolly Parton

The Commerce Department on Wednesday said that consumer spending grew by 1.3 percent compared with September, when spending was unchanged with the prior month. Compared with a year ago, retail sales were up 8.9 percent. Total sales for the August through October period were up 8.9 percent compared with the three-month span a year ago.

Rising gasoline prices boosted sales at gas stations 17.8 percent from October 2021. Compared with a month ago, gas station sales were up 4.1 percent. Those figures almost exactly match the change in prices of gasoline. The consumer price index for gasoline was up 17.5 percent from a year earlier and 4.0 percent for the month, according to a separate Labor Department release published last week. Continue reading

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November 16, 2022: Do you understand – YET?

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We do extend our apologies for a lengthy period where we we have not kept our posts up to date. We have much going on in our lives (and my continued visits to the ER), that they become our sorry excuses. ~ Editor

Your Thanksgiving dinner with ALL the trimmings will cost 20% more than last year
New data shows the average meal will set Americans back $64.05 – as 10 out of 11 main ingredients all shoot up in price.

In 2021, Americans paid an average of $53.31 on the holiday dinner, but now the meal, with all the fixings included, will cost up to $64.05, according to the latest survey from the American Farm Bureau Federation (AFBF).

The increase comes as the price of stuffing, sweet potatoes, veggies, pumpkin pies and nearly all the usual Thanksgiving treats soar as inflation remains stubbornly high at 7.7 percent.

Gobble, Gobble, Gobbleing up YOUR money… (Continue to full article)

What Will The Fed Do When Oil Hits $300?
Imagine that OPEC pulled back on their production and sent oil to $300. Given how tight the oil market currently is, it wouldn’t even be that hard for them to achieve this. Given how annoyed they are with Biden and Powell, it’s easy to see how they’d want to do this and prove a point. Meanwhile, the rapid spike in oil prices would dramatically increase OPEC’s revenue, even with fewer barrels sold—making you wonder why they haven’t already done this.

At $300 oil, the US economy would collapse… (Continue to full article)

Stocks Sink As Yield Curve Tumbles To Biggest Inversion In 40 Years
“Somewhere between 4.75 and 5.25 seems a reasonable place to think about as we go into the next meeting,” Daly said in a Wednesday interview on CNBC. “And so that does put it in the line of sight that we would get to a point where we would raise and hold.”

“Pausing is off the table right now, it’s not even part of the discussion,” she said. “Right now the discussion is, rightly, in slowing the pace.”

Daly also warned the ‘peak inflationistas’:

“One month of data does not a victory make.”

Fed Governor Michael Barr warned that The Fed is “paying attention to loan losses that are ticking up… (Continue to full article)

What I Learned from my Grandfather about Money
The peace dollar, like the Morgan dollar that preceded it, was not a popular coin (except perhaps with my grandfather and me), and millions of such coins sat in bank vaults across the country. Its size and weight made it inconvenient for use as a general medium of exchange. Most people preferred, instead, to carry paper money, which they could fold and slip inside their wallets. I didn’t have a wallet back then, and I Iiked the sound and feel of a silver dollar jingling in my pocket.

But despite their unpopularity, silver (and gold) coins played an important role in our nation’s monetary history until America finally abandoned both, first gold for domestic transactions in 1933, then silver in 1962, and finally gold for international transactions in 1971. America, like the rest of the world, had abandoned both the gold and silver monetary standards and resorted to the printing of fiat currency—money by government edict, having no intrinsic value… (Continue to full article)

Inflation Is Not Price Increases. Inflation CAUSES Price Increases
Why is inflation regarded as bad news? What kind of damage does it do? Popular commentators maintain that inflation causes speculative buying, which generates waste. Inflation, it is maintained, also erodes the real incomes of pensioners and low-income earners and causes a misallocation of resources.

Despite all these assertions regarding the side effects of inflation, the popular way of thinking cannot tell us what causes all these bad effects. Why should a general rise in prices hurt some groups of people and not others? Why should a general rise in prices weaken real economic growth? Or how does inflation lead to the misallocation of resources? Moreover, if inflation is just a rise in prices, surely it is possible to offset its effects by adjusting everybody’s incomes in the economy in accordance with this general price increase

Despite its popularity, the idea of a consumer price index (CPI) is flawed4… (Continue to full article)

U.S. Consumers Are Doing EXACTLY What They Did Just Prior To The Crash Of 2008
We never seem to learn from our mistakes. Just before the financial markets crashed and the economy plunged into a horrifying recession in 2008, U.S. consumers went on a debt binge of epic proportions.

Mortgage debt, auto loan debt and credit card debt all skyrocketed, and so when the economy finally crashed all of a sudden there were millions of Americans drowning in bills that they were unable to pay.

Well, now it is happening again. According to the Federal Reserve Bank of New York, during the third quarter of 2022 household debt increased at the fastest pace that we have seen since the first quarter of 2008… (Continue to full article)

The Eve of Destruction

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The *hit hits the fan…

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In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
Once known for its stable and investment-friendly banking system, Lebanon has plunged into chaos as hyperinflation grips the country and banks force huge haircuts on dollar withdrawals.

“The situation hasn’t really changed since 2019. Banks limited withdrawals, and those deposits became IOUs. You could have taken out your money with a 15% haircut, then 35%, and today, we’re at 85%,” continued Hindi, who was born and raised in Lebanon before leaving at the age of 19.

“Still, people look at their bank statements and believe that they’re going to be made whole at some point,… (Continue to full article)

Cryptocurrencies tumble after near-collapse of one of the world’s biggest exchanges
FTX is hit by $6BILLION in withdrawals over 72 hours amid panic over its financial health as it strikes bailout deal with arch-rivals Binance

Cryptocurrencies have tumbled in a wild 72-hour market panic over the near-collapse of one of the world’s biggest digital assets exchanges and a hostile takeover by its larger competitor sparked by a public squabble between rival billionaires.

After initially rising on the news, crypto prices tumbled, with FTT losing more than 70% of its value in a week. It lost 72% yesterday, then recovered slightly before suffering a further 22% tumble at a two-year low of $4.25. Bitcoin, the biggest cryptocurrency by market value, was down 5.3% on the day at $17,559 at 11.07am, after a 10% plunge yesterday that marked its worst day since mid-August. Ether, the next largest, extended losses today to hit its lowest since July.

Experts called the shock another ‘alarm warning’ for the battered cryptocurrency market and said investors should be cautious for a while…. (Continue to full article)

A slap in the Pface
Pfizer chief boasts to investors that Covid will continue to be a ‘multi-billion dollar franchise for many years to come’ — as firm prepares to stick 10,000% markup on its vaccine.

Pfizer’s chief financial officer has described the Covid pandemic as a ‘multi-billion dollar franchise’ — and expects profit to continue.

David Denton told investors in an earnings call last week his company’s vaccine and antiviral would still be ‘relevant for many years to come’.

The CFO said he expects the Covid virus to be ‘somewhat like a flu… but more deadly’ — meaning therapeutics will still have a massive role in controlling the virus… (Continue to full article)

Kids bear brunt of ‘tripledemic’
Almost 100% of pediatric beds in Rhode Island, Washington DC and Arizona are full — with medics forced to treat patients in hospital corridors.

Pediatric hospitals in Arizona, Rhode Island and Washington DC are being overwhelmed by a recent surge is respiratory illnesses as this winter’s ‘tripledemic’ slams the nation — and officials call for a state of emergency.

The country is being hit by a ferocious flu outbreak — the worst in 10 years — and an unseasonably early and aggressive wave of respiratory syncytial virus (RSV), which is mild for most adults but can be severe in minors, while Covid is expected to make a comeback in the coming months… (Continue to full article)

This is what the Fed’s interest rate hike means for you
Average mortgage payments will spike by more than $200 and buying a car or carrying a credit card balance will also hit you in the pocket – but savings accounts could offer returns of 2.4%.

Americans are going to see yet another blow to their wallets after the Federal Reserve raised interest rates by 0.75 percentage points for the fourth-time in a row on Wednesday.

The central bank has acted aggressively in bumping interest rates this year after leaving them at near zero through the pandemic, with the Fed hoping the rate hikes will quell inflation, which remains high at 8.6 percent.

The Fed’s main tool to fight inflation is by setting the short-term borrowing rate for commercial banks, which then pass that rate on to consumers and businesses, thus cooling the economy and easing the cost of living… (Continue to full article)

‘They’re using inflation, COVID and the supply chain crisis to nickel and dime buyers’
Leading firms are accused of driving up prices to boost profits as chips hit $6.05 per bag, eggs rise to $2.90 and soda reaches $2.17 a bottle.

Average food prices in the US increased by 11.2 percent from September 2021 to September 2022.

Cereals and bakery products are up 16.2% in that time; meat, poultry, fish and eggs are 9% more expensive; and dairy is 10.4% pricier4… (Continue to full article)

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Where Does Money Come From? The Giant Federal Reserve Scam That Most Americans Do Not Understand

June 26, 2012 ~ How is money created? If you ask average people on the street this question, most of them have absolutely no idea. This is rather odd, because we all use money constantly. You would think that it would only be natural for all of us to know where it comes from. So where does money come from? A lot of people assume that the federal government creates our money, but that is not the case. If the federal government could just print and spend more money whenever it wanted to, our national debt would be zero. But instead, our national debt is now nearly 16 trillion dollars. So why does our government (or any sovereign government for that matter) have to borrow money from anybody? That is a very good question. The truth is that in theory the U.S. government does not have to borrow a single penny from anyone. But under the Federal Reserve system, the U.S. government has purposely allowed itself to be subjugated to a financial system in which it will be constantly borrowing larger and larger amounts of money. In fact, this is how it works in the vast majority of the countries on the planet at this point. As you will see, this kind of system is not sustainable and the structural problems caused by such a system are at the very heart of our debt problems today.

So where does money come from? In the United States, it comes from the Federal Reserve. Continue reading

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Who’s ZOOMIN’ Who?

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Half of Americans say the cost-of-living SQUEEZE is taking a toll on their health as millions turn to booze, junk food, and smoking as worries mount over rising energy bills this winter
Research at Toluna, a consumer insights firm, found that 50 percent of those surveyed were feeling their health suffer as a result of the cost-of-living crisis, with inflation currently running above 8 percent according to the consumer price index

Among them, 37 percent said they were feeling more stressed, 21 percent said they were eating less healthily, 16 percent said they were smoking more, and 13 percent were boozing more often

A survey this month found that while inflation was a national problem, it is being felt more acutely in some areas — and residents of Phoenix, Arizona, feel the pain of rising prices worst of all… (Continue to full article)

New York and New England start RATIONING heating oil before winter
Stockpiles slump by 70% and fears rise that families will be left in the cold

Concerns are rising that supply shortages and soaring prices will leave families in the cold this winter, particularly in New England, which is more reliant on heating oil than other parts of the country.

Chris Herb, president of the Connecticut Energy Marketers Association, told Bloomberg recently that heating oil wholesalers are beginning to limit allocations for retail suppliers… (Continue to full article)

12 Reasons Why It Is Impossible For Any Rational Person To Be Optimistic About The U.S. Economy At This Point
Things haven’t looked this bad for the U.S. economy since 2008. We are in the midst of the worst inflation crisis in decades, the housing market has started to collapse, some of the largest companies in America have begun laying off workers, and economic activity is slowing down all around us.

Of course Joe Biden is telling us that our economy is “strong as hell”, but that is just because he wants his party to do well in the upcoming elections. Ultimately, anyone that takes a truly objective view of things is forced to admit that the outlook for the months ahead is incredibly bleak… (Continue to full article)

America’s housing prices are facing a stunning downfall
…with the West Coast facing the fastest drops of up to 10% in cities like San Jose and San Francisco: Experts say the trend will soon spread to the Northeast

The housing market in the United States has reached a stunning downfall from highs seen in the immediate aftermath of the Covid-19 pandemic.

According to a study from the American Enterprise Institute that was published by Fortune Magazine, the West Coast is experiencing rapid housing price drops in cities including San Francisco and Portland, Oregon.

The United States economy has not strengthened in the period of enormous fiscal and monetary stimuli, as the latest data shows. It needs increasing units of debt to generate a new unit of gross domestic product (GDP), productivity is extremely poor and leading indicators are negative… (Continue to full article)

More than 90% of Americans are worried about inflation
Staggering polls shows 70% believe America is heading in the wrong direction and majority think economy will get worse in another dire sign for Democrats.

With just three weeks left until the midterm elections, 90 percent of Americans expressed concern about the state of the U.S. economy – and 80 percent say inflation will play a role in the way they cast their ballots in November.

Nearly 10 percent more respondents say they trust Republicans more than Democrats to handle inflation at the congressional level in a 46-37 percent margin, according to a Politico/Morning Consult poll

The 2,005 Americans polled aren’t optimistic, with 53 percent claiming they think the economy will only get worse in the next year… (Continue to full article)

It’s strategic petroleum reserve, not the political petroleum reserve
Republicans tear into Biden’s ‘absurd’ plan to take out 15 million oil barrels – and urge him to tap into domestic energy

Republican lawmakers have been criticizing President Joe Biden on Wednesday over his plan to release 15 million oil barrels from the strategic petroleum reserve.

The GOP also renewed its calls for Biden to tap further into sources of domestic energy production, as gas prices continue to fluctuate after reaching an all-time high average price per gallon in June.

‘It’s strategic petroleum reserve, not the political petroleum reserve’… (Continue to full article)

US bonds wreak havoc on global markets as prospect of more rate hikes drives another wild day
US government borrowing costs have clocked up their longest run of increases since 1984 as the prospect of more rate hikes drove another wild day on global markets.

Yields on the ten-year bonds – which move inversely to their prices – have climbed for 12 weeks in a row as US central bank, the Federal Reserve, battles to bring down rampant inflation.

The milestone came despite a reversal late in yesterday’s session as bond yields slipped back on a hint that the Fed may soon be ready to take their foot off the gas… (Continue to full article)

“Spend Now, and Deal with the Consequences Later” Is the Worst Policy
Rate hikes may help reduce inflation, but permanent deficit spending will continue to erode the purchasing power of wages and…

Quantitative easing was designed as a tool to provide time for governments to implement structural reforms, boost growth, and strengthen the economy. However, it has become a tool to increase the size of government and take increasingly riskier levels of debt.

The United States economy has not strengthened in the period of enormous fiscal and monetary stimuli, as the latest data shows. It needs increasing units of debt to generate a new unit of gross domestic product (GDP), productivity is extremely poor and leading indicators are negative… (Continue to full article)

The Food Crisis Of 2023 Will Be Far Worse Than Most People Would Dare To Imagine
I am trying to sound the alarm about this as loudly as I can. The global food crisis just continues to intensify, and things are going to get really bad in 2023. As you will see below, two-thirds of European fertilizer production has already been shut down, currency problems are causing massive headaches for poor nations that need to import food, global weather patterns continue to be completely crazy, and the bird flu is killing millions upon millions of chickens and turkeys all over the planet

There will be billions of people that don’t have enough to eat…… (Continue to full article)

The Middle Class Is Dying! 50% Of All American Workers Made Less Than $3,133 A Month Last Year
Inflation is systematically destroying our standard of living, and the middle class is shrinking a little bit more with each passing day. The Social Security Administration just released wage statistics for 2021, and the numbers that they have given us are quite stunning.

As you will see below, half of all American workers made less than $3,133 a month last year. Once upon a time, you could live a very comfortable middle class lifestyle on $3,133 a month. But thanks to inflation, such a wage now puts you just barely above the poverty level. The decisions that our leaders have been making are absolutely eviscerating the middle class, and that should deeply trouble all of us… (Continue to full article)

Who’s Zoomin’ WHO?

Social Security’s Cost of Living Increase Means Benefits May Run Out Sooner
Changes are necessary in coming years, but likely won’t make anyone happy.

The biggest increase to Social Security checks since 1981 was good news for retirees. But it also served as a stark reminder that the program is expensive, with cuts to the benefits looming unless it is retooled in coming years.

Alongside news of the benefit increase last week was a tax hike for many Americans, with the wages subject to the Social Security payroll tax set to rise almost 9% next year… (Continue to full article)

More HOT News from the Bullshit Brigade!
Biden Unveils Cunning Plan To Lower Gas Prices Into Midterms

…a plan so cunning you could pin a tail on it and call it a fox… Biden is set to deliver his much-leaked and barely-anticipated address explaining his “Additional Actions To Strengthen Energy Security and Lower Costs”:

His cunning new plan, we hear you ask?

Well, as we explained last night, it’s simple – more of the same: blame big oil (gouging and profiteering), blame little oil (greedy local gas station owners), blame the Saudis (who are now Putin puppets)… and drain more of the Strategic Petroleum Reserve… “You’ll wonder where the Yellow went, when you trust this effing President!” (Continue to full article)

Bank Makes A KILLING Leasing 350,000,000 Ounces Of SILVER To Rig Price Lower!
“…was able to dump the silver on the market lowering the price and then…”

Crime pays BIG TIME for Silver Riggers!! After “Leasing” 350M ounces of physical silver from JPMorgan in Q3 last year BofA was able to dump the silver on the market lowering the price and then get out of the lease by paying “Fair Market Value” as an end of lease option!… (Continue to full article)

IRS releases new federal tax brackets and standard deductions. Here’s how they will impact your tax bill
Inflation pushes the Internal Revenue Agency to release new tax rates and deductions for next year.

America’s high inflation rate will produce a 7% increase in the size of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Internal Revenue Service.

It’s also going to pump up tax brackets by 7% as well, according to the annual inflation adjustments…. (Continue to full article)

Premiums for gold and silver bullion aren’t dropping any time soon
Retail investors can expect to continue to pay high premiums for physical gold and silver bullion as the precious metals markets deal with global supply issues and unprecedented demand, according to speakers at the London Bullion Market Association Global Precious Metals Conference.

Unprecedented physical demand for gold and silver continued to dominate discussion at the LBMA’s annual conference, with panelists expecting global uncertainty to dominate bullion purchases through 2023 and into the first half of 2024… (Continue to full article)

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