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Edited by Alfred Adask
Friday, June 24, AD 2016
Between Friday, June 17 AD 2016 and 
Friday, June 24, AD 2016,  the bid prices for:
Gold rose 1.3 % from $1,298.10 to $1,315.60
Silver rose 1.4 % from $17.47 to $17.72
Platinum rose 1.6 % from $968 to $984
Palladium rose 3.0 % from $532 to $548
Crude Oil fell1.5 % from $48.28 to $47.56

US Dollar Index rose 1.4 % from 94.16 to 95.44

DJIA fell 1.6 % from 17,675.16 to 17,399.86
NASDAQ fell 1.9 % from 4,800.34 to 4,707.98
NYSE fell 1.6 % from 10,347.90 to 10,183.50
S&P 500 fell 1.6 % from 2,071.22 to 2,037.30


"Only buy something that you'd be perfectly happy to hold
if the market shut down for 10 years." --Warren Buffett 

"If the markets shut down for 10 years, what investment would you dare to hold-- 
other than gold"? --Alfred Adask

Brexit:  What Happened?

by Alfred Adask
The European Union (EU) traces its origins back to the European Coal and Steel Community and the European Economic Community (EEC), formed by the Inner Six countries of Europse in 1951 and 1958, respectively.
The "Brexit" (Britain exit from the EU) is a political movement that's sputtered along ever since the United Kingdom joined the precursor of the European Union (EU) in 1973.
After 43 years without success, no one gave the Brexit movement much chance of winning the recent referendum.
Nevertheless, English and EU politicians warned of economic catastrophe if "Brexit" succeeded and even begged the English people to vote against Brexit.
Jo Cox, an MP (Member of England's Parliament),  fought against the Brexit movement and was assassinated by an apparent Brexit supporter.  English sympathy shifted from pro-Brexit towards anti-Brexit.
The odds-makers predicted that the Brexit movement would fail. 
The pollsters predicted that the Brexit movement would fail.
Cynics predicted that even if the Brexit won the referendum, the Powers That Be would steal the election.
They were all wrong.
On June 23 rd, much to everyone's surprise (including avid Brexit supporters like Nigel Farage) the Brexit referendum won by 52% to 48%.
Within hours, the British pound dropped 11% to a low of 1.33-a level not seen since A.D. 1985.
Oil fell 6%.
Gold Rallied 8%.
Stocks were slammed with the FTSE off 8% and the DAX down 6%. 
Here, in America, the Dow Jones dropped 600 points.
The sky had fallen.
*  The Washington Post ("Britain's decision to leave the E.U. is a warning to America") reported:
"Like everybody else in London, I woke up Friday morning, after not much sleep, to graphic depictions of the pound crashing, the stock exchange collapsing and markets all over the world in turmoil. I have no doubt that tomorrow, or the next day, the story will be different. Traders will take a step back and notice that nothing, actually, has happened yet. There will be cheap assets to pick up. Markets will stabilize."
In fact, the Brexit referendum only began the process of Britain's separation from the EU.  According to the terms of the EU charter, that separation process will require negotiations lasting for at least another two years.  That means that, if everybody plays by the rules, Britain won't really depart from the EU until at least A.D. 2018. 
So, we can wonder whether there's really any valid reason (other than psychological panic) for all "sturm und drang" that instantly followed the Brexit's referendum win.
Nevertheless , The Washington Post continued its "warning to America":
"The slow agony of the divorce proceedings will take up precious political time and energy in London and other European capitals, so Europe's leaders will not unite to cope with other crises. The U.K. will turn farther in on itself [and] will not be dedicated to pushing back against the Islamic State, resettling migrants, resisting Russia. The situation of the U.K. will be unstable and uncertain for a long time to come, so investments will not take place. Money will not be spent. Opportunities will not be created."
Is there anything about Brexit in Revelation.  Clearly (if we believe The Washington Post and other MSM Cassandra's)Brexit has triggered the end of the world.  (Of course, if you suspect that the Post's article is based more on hype than facts, maybe the world's end is not yet upon us).
"Other European countries may now face political instability as well. The British vote has, in just a few hours, energized the supporters of anti-European-and in some cases anti-democratic-parties . . . . Not just in the smaller European nations but in big countries- France, the Netherlands, Italy and possibly even Germany-the political scene may shift dramatically, particularly given the likelihood of slower economic growth.
Lions an' tigers an' bears, ohh my!
If we believe The Washington Post, Brexit released a Pandora's box full of "political instability," anti-European (isn't that racist?) and "anti-democratic" political parties (isn't that some kind of blasphemy?!), and even caused " slower economic growth" ( Ahhhh-that's terroristic!).
 O.  M.  G.
Or-maybe whatever Pandora released, it's all mostly hype.
From my perspective, it appears that Hillary Clinton and Rahm Emanuel aren't the only ones who believe that "A crisis is a terrible thing to waste".  So do the editors of most mainstream media. 
*  Britain's exit from the EU reminds me of the rampant, political instability among modern Middle East "nations".
 A major reason for that instability is that after World War I, the Western world carved out alleged "nations" in the Middle East.   These "nations" included arbitrary political borders that ignored historic, cultural and political realities of the people of the Middle East.  Western indifference resulted in "artificial nations" like Iraq composed of Sunni and Shiite Muslims who hate each other even more than they hate Jews and Christians. 
Artificial nations like Iraq can't be joined into a single "national entity" except by the brute force of dictatorships like that of Saddam Hussein.
The EU is similar to the Middle East in that it's attempted to join 28 separate nation-states with separate languages, cultures and interests, into a single, artificial European Union.  It's at least debatable whether the 28 nations of the EU will ever be much more "united" than Iraq.    The only way that EU can suppress the ancient cultural and political rivalries (that resist unification and push the EU towards disintegration) will be by deceit, false promises of economic prosperity, and ultimately by force and dictatorship. 
Those who really want the EU, must also be prepared to welcome Big Brother.
*  As Europeans realize that the final glue holding the EU together is political force rather than "free lunches," other European nations will also seek to leave the EU and seek their independence, freedom and prosperity elsewhere.
England just broke loose from the EU.  Scotland and Northern Ireland may soon break loose from England.   Some fear that nations like France, the Netherlands, Italy and Germany, might also want to break free from the EU or at least agree to less binding rules of membership.   We live in an age of political disintegration.
One lesson in this disintegration is that the New World Order (N.W.O.) can only deceive and exploit people for so long before the people revolt.   The world's people can only be contained within the artificial "states" created by the N.W.O. by increasingly brutal dictatorships and police states.
 Eventually, all plans for world domination-like those of the 3 rd Reich, Communism, Middle East nation-building, Unification of all European nations, the North American Union, the New World Order and global government-crash on the rocks of national, cultural differences that are centuries old and won't be easily erased.  Globalist plans to erase those cultural differences will stir local resentment.  Inevitably, globalist plans will foment local resistance and revolution.
The British people have taken pride in "being British" for over 500 years.  The EU can't overcome that pride in national identity with promises of "access" to European markets. 
Brexit was a reaffirmation of people's pride in their nation rather than their economy.
*  In Britain's recent referendum, we've seen evidence of one nation's resistance to globalists and the would-be "masters of the universe".  The Brexit is a strike against globalist oppression and a victory for national independence and freedom.  That victory is inspiring because virtually everyone assumed the Powers That Be would, by hook or by crook, subject the Brexit movement to defeat. 
But, much to everyone's surprise, the "Powers" failed.  So far.
The globalist emperors were shown to be nude. 
The People, believe it or not, prevailed.
How amazing. 
We'd assumed that the gangsters running most western governments couldn't be defeated.  We'd assumed that the People could no longer control their governments. 
We were wrong. 
As the English people demonstrated, We the People are still the "800-pound gorillas"-if we ever decide to turn off the TV, get up off the couch and take action.
The Washington Post:
"This referendum campaign was not fought on the issues that are normally central to British elections. Identity politics trumped economics; arguments about "independence" and "sovereignty" defeated arguments about British influence and importance. The advice of once-trusted institutions was ignored.  Elected leaders were swept aside.  If that kind of transformation can take place in the U.K., then it can happen in the United States, too. We have been warned."
Gee, The Washington Post almost makes national identity, independence and sovereignty sound like bad things.
We've been "warned" about what?  The dangers of freedom and independence?  The dangers of trying to survive without the guidance and control of "big government"?
I disagree with The Washington Post's contention that Brexit should serve as America's "warning". 
Instead, I'd say that Americans have been inspired by Brexit to believe that we, too, can escape big government.  The Washington Post implied that Brexit should be viewed as a warning to the American people to resist any impulse to reject our "big" and increasingly oppressive government.  The Washington Post implied that Brexit is a "warning" to all who despise big government and the New World Order.  The Washington Post implied that you and I are too ignorant and incompetent to survive without "big brother" to provide for us.  The Post implies that We the People can't make it on our own-we'll starve without big government to spoon feed us.
I see Brexit as reason to hope that global government might not take place.  I see Brexit as reason to believe that freedom might still be possible.  I don't see Brexit as a "warning".  I see Brexit as reason to say, "Thank God!".
Writing in "Brexit Shows a Global Desire to Throw the Bums Out," Time magazine reported that,
"The 52% of the British electorate who voted the U.K. out of the E.U. yesterday have signaled clearly that they want to " take back control." They want to be governed by British leaders , observe British laws and control British borders . They've listened to dire predictions from pro-European British politicians, European politicians, economists, bankers, academics, think tank wonks, movie stars, athletes, members of the clergy, Barack Obama and Donald Trump. And it's pretty clear that a majority of British voters don't trust any of them. This was a vote against the entire political class. The bums have been tossed."
Not exactly.  The "bums" may have had their wrists slapped, but they haven't yet been "tossed" out.   As you'll read, the Brexit movement is the result of a force, a sentiment, that's far more ancient and powerful than the urge to "throw the bums out". 
Time continued:
"There's nothing unique to Britain about this sentiment. Populist political parties in France, Germany, Italy, Spain, Portugal, Greece, the Netherlands, Sweden, Denmark, Austria, Poland and Hungary are banging this same drum with gusto. Listen to Trump and Bernie Sanders.
"British voters have taken firm action-and they will now face the consequences [including] . . . political and legal uncertainties . . . serious economic pain. Immigration into Britain will slow, because that's what happens when recession takes hold.
"Expect a series of emergency meetings among E.U. leaders in coming days. Their message for Britain: If you're leaving, go quickly. We don't need the uncertainty. In particular, France and Germany face national elections next year. They will want to make clear to voters in their own countries that exit comes with a heavy cost."
Time implies that instead of slowly boiling British bullfrogs over the next two years of negotiations, the EU's administrators will instead force Britain to leave the EU quickly and with maximum heat.  Time implies that, rather than simply letting Britain exit with the least possible fuss, the British people will be made to suffer a high price for daring to reject the EU market's dictatorship of the consumers.  
I'm not convinced.  I doubt that Britain will be subjected to unnecessary trauma.
But I could be wrong.  It's certainly conceivable that England might be made to suffer unnecessary economic damage in the next few months.  This damage could be justified as a deterrent to other EU nations that might also dare to leave the EU and the almighty New World Order.
Nevertheless, I can't see how the EU can openly "punish" Britain without admitting that, at bottom, the EU is (or plans to become) a thuggish dictatorship.  I doubt that the EU wants to risk making that revelation.  The more the EU punishes Britain, the more other nations will see the EU as a brute and seek to escape their EU "master".  
Therefore, I'd bet that the EU will let Britain exit with as little trouble as possible.
*  If the Powers behind the EU and the New World Order could still generate a roaring-hot economy able to produce piles of "free lunches," their warning to other dissident nations might work. 
Unfortunately, our seemingly "free" lunches are an illusion that can only be provided by going deeper into debt.  Yes, we may not have to pay for today's "free" lunch right now.  But that's only because the lunch was purchased with credit.  Sooner or later that "free" lunch will have to be paid for by ourselves, our children or our grandkids. 
The EU, U.S. and global economies are already so deeply indebted that they can't go much deeper.  Without more debt, it follows that the big governments and the N.W.O. won't be able to provide many more "free" lunches.  If the Globalists can't provide more "free" lunches, who needs 'em? 
Debt in the EU, U.S. and world economies has just about maxed out.  As I've said for at least five years, the debt is already so enormous that at least 80% (probably 90%) of it can't and therefore won't ever be repaid.  Debt has grown too large to support the illusion of more "free lunches" that so inspire public confidence and allegiance.  No one is inclined to follow the leadership of any man or institution that can't provide anything more than a recession.  What have we had for the past eight years if not persistent recession?
Big government and the New World Order are being destroyed by debt limits and governments' consequent inability to provide more free lunches.
Brexit is evidence of that destruction.
*  For thousands of years, a "nation" has been defined as a group of people of one race, one language, one religion, and one culture occupying a limited and distinct territory. 
An economy, on the other hand, is a relatively recent invention composed of a mongrel mix of people of any or all races, languages, religions, and cultures, without regard for national boundaries, who are bound together in a common determination to consume and, if necessary, sometimes even produce, commodities goods and services. 
The EU is an economy managed by some purported "geniuses" who act on the premise that "It's the economy, stupid!"   People are presumed to be naturally more interested in the goods and services (especially the "free" ones) produced by an "economy" than they are in ancient notions of national identity and independence.
Brexit is evidence that the EU's fundamental premise is wrong.  The 28 nation-states of Europe will not be replaced and erased by the homogeneity of the EU's "economy".
Brexit was based, only secondarily, on the impulse to "throw the bums out" of political office.  Brexit's fundamental motive was to restore and preserve the ancient concept of the nation-state in general, and that of England, in particular.
*  What's the real cause of the EU's failure to entice England into surrendering its nationality? 
The people of Europe and the world will follow the proposals of any leader or aristocracy, no matter how hare-brained or treasonous, so long as those "leaders(s)" can provide an unlimited supply of free lunches (and circuses).  If you can build a better economic theory that provides people with more free lunches, the world will beat a path to your doorstep. 
Unfortunately, when the world finds out that:
1)  Free lunches aren't really free;
2)  Free lunches can only be made to appear to be free by going into debt; and,
3) That debt won't be imposed on some distant, future generation but will be imposed instead on the current generation; then,
4)  The current generation will abandon the idiotic economic theory that promised "free lunches for all!," kick its proponents to the curb and perhaps even hang the treasonous S.O.B.s.  If our would-be leaders can't provide more free lunches, the world will beat a path from their doorstep.
In essence, Brexit served notice on the globalist Powers behind the EU, the North American Union, and the New World Order that, when it comes to power able to motivate the people, "It's not the economy, stupid-it's the nation."
When it came down to choosing between possibly being more prosperous in the EU economy or definitely remaining "British" in the nation of Great Britain, the British people chose to be "British".
Good for them.

Saturday, June 25, 2016
Weekly Commentary: Majority Mad as Hell
Doug Noland
"In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today."
I found myself this week thinking deeply about the now classic (1998) "Against the Gods: The Remarkable Story of Risk." The notion that new sophisticated approaches to risk management had diminished overall system risk was integral to the 1990's U.S. boom period. Repeated policymaker resuscitation ensured that over time this already phenomenal Bubble morphed into a global Bubble of epic proportions. And right up until the Lehman Brothers collapse the consensus view held that policymakers had things well under control. Recall that the VIX sank just weeks prior to the so-called "worst financial crisis since the Great Depression."
It's no coincidence that near systemic financial collapse was preceded by manic devotion to the wonders of contemporary risk management. Today, I see parallels between the Lehman failure and the UK people's decision to leave the European Union. Until the Lehman collapse, the strong consensus view held firm that policymakers would not tolerate financial crisis or severe economic downturn. By late in the cycle, this momentous market misperception had been embedded in prices for Trillions of securities, certainly including MBS, ABS and GSE debt. Importantly, as excesses turned increasingly outrageous (i.e. 2006's $1TN of subprime CDOs) unwavering faith in the power of policy measures ensured ongoing rapid Credit expansion.
Moreover, unabated Credit growth (and attendant economic expansion and asset inflation) coupled with confidence in policymaker control ensured that inexpensive market risk "insurance" remained readily available. Going back to initial CBBs, I took exception with the powerful interplay of securities-based finance, "activist" monetary management and booming derivatives and market risk "insurance." The Fed's interest-rate and liquidity backstops underpinned securities-based finance, ensuring resilient markets and economic momentum. This safeguarded the supply of cheap market risk "insurance" - protection that was fundamental to ongoing risk-taking throughout the markets and real economy.
An increasingly systemic Bubble was built on an unsound foundation of misperceptions, including confidence that policy measures were readily available to ameliorate financial and economic instability. Panic ensued when the Lehman collapse illuminated the reality that there were powerful forces operating outside of policymaker command and control.
I believed at the time that the 2008 crisis marked a momentous inflection point for "contemporary finance." Serious flaws and misperceptions having been fully exposed, I expected a fundamental re-pricing of risk throughout the markets. I thought the days of cheap risk "insurance" were over. Going forward, if market participants desired to reduce risk they would have to liquidate holdings. And considering all the associated havoc, I expected the Federal Reserve and other regulators to adopt an aggressive oversight approach to derivatives generally.
The Bernanke Fed instead pulled out all stops to resuscitate "contemporary finance." Zero rates and Trillions of QE were adopted with the specific objective of spurring financial market inflation. Indeed, rising securities market prices became the centerpiece of extraordinary measures to reflate the U.S. (and global) economy. Over time it became a case of "whatever it takes" to overcome bouts of market instability and sustain an increasingly unwieldy global Bubble.
Risk premiums and pricing for market "insurance" collapsed. Instead of lingering fear from the near-catastrophic 2008/2009 experience, greed reemerged emboldened more than ever. Clearly, it was assumed, policymakers learned from 2008 and would not tolerate another crisis. Especially after 2012, "Whatever it takes" on a global basis ensured policymakers retained the capacity to control developments like never before. "Risk on" finale.
Markets were obviously over-confident going to Thursday's UK referendum. It's all understandable. As booming securities markets over the years turned increasingly powerful and dominating, markets held sway over central bankers, politicians and electorates alike. Who's been willing to mess with bull markets and economic recovery? Of course, the average British citizen was disgusted with so many aspects of European integration. But once in the voting booth he/she certainly wouldn't risk a faltering currency, sinking stock market and attendant economic uncertainty. That would be nuts. Markets - including risk insurance - were priced as if it was largely business as usual: markets dictating government policies, while central bank measures dictate the markets. Yet for voters it was anything but business as usual. For the Majority, Mad as Hell...
(Inflationist) Theory held that central banks could effortlessly print "money" that would inflate both the markets and the general price level. Such a reflation would help grow out of previous debt problems, while spurring wealth creation and renewed prosperity. Yet predictable consequences include latent financial fragilities, economic maladjustment and destabilizing wealth redistributions and disparities. Responding to obvious shortcomings, central bankers were compelled to only ratchet up monetary inflation. The past few years of "whatever it takes" have been reckless, and it's coming home to roost. It's increasingly apparent that popular discontent has reached critical mass, and critical development are not under central bank control.
Sure, central bankers are as committed as ever to crisis management. Global liquidity swap lines will be wide open. There will market interventions and ongoing liquidity backstops. More QE is on the horizon. But the process has turned dysfunctional and the consequences of aggressive monetary inflation extraordinarily unpredictable. Economies have fragmented. Markets have fragmented. Societies have fragmented. Political unions are fragmenting. It's that old dilemma that central bankers can create liquidity but it's difficult - these days impossible? - to dictate where the "money" flows in such a fragmented world.
It's a popular argument that banks are healthier (better capitalized) these days than back in 2008. As I've chronicled for awhile now, global stock prices support the view that banks today confront extraordinary risks. I would add that I believe global securities market vulnerabilities greatly exceed those of 2008. A hedge fund industry and ETF complex that have each swelled to $3.0 TN are on the list of market risks that have inflated significantly since 2008. From a more real economy perspective, risks unfolding in Europe, China, Asia and EM, more generally, greatly exceed those from 2008. Actually, one has to be a real optimist to see a bright future for European, Asian or EM banking systems.
Brexit comes at a terrible time for European banks and Europe's securities markets. To be sure, Friday trading put an exclamation mark on what was already bear market trading action. European bank stocks were down 14.5% Friday, increasing y-t-d losses to a nauseating 29%. UK banks were under intense selling pressure. Royal Bank of Scotland sank 27% in Friday's chaotic session, while Barclays and Lloyds fell 20% and 23%. Elsewhere, Credit Suisse sank 16% during the session, with Deutsche Bank down 17% (down 35% y-t-d). Friday trading also saw Banco Santander fall 20%.
UK stocks opened Friday down about 8% but closed the session with losses of 3.2%. Spanish stocks sank 12.4% in wild trading, increasing y-t-d losses to 18.4%. Stocks in France fell 8.0%, pushing 2016 losses to 11.4%. Friday trading saw equities sink 5.7% in the Netherlands, 6.4% in Belgium, 7.0% in Portugal, 13.4% in Greece and 7.0% in Austria.
Recalling the tumultuous 2011/12 period, Italy is again becoming a market concern. Ominously, Italian bank stocks sank 22.1% Friday, a crash that pushed 2016 declines to 52%. Friday trading saw the Italian stock market (MIB) sink 14.5%, increasing y-t-d declines to 34%. And with Italian 10-year bond yields up seven bps to a four-month high 1.62%, the spread to bund yields surged 14 bps this week to a two-year high 167 bps.
European periphery spreads widened significantly Friday. Spanish 10-year bond spreads (to bunds) widened 30 bps Friday to a one-year high, with Italian spreads 29 bps wider. Portuguese spreads widened 39 bps and Greek spreads surged 91 bps.
Panic buying saw 10-year U.S. Treasury yields drop 19 bps Friday to 1.56%, the "largest single-day drop in 5½ years." UK yields sank 29 bps to a record low 1.08%. German yields dropped another 14 bps Friday to a record low negative 0.05%. Swiss bond yields fell 13 bps to a record low negative 0.56%. After trading almost $100 higher overnight, bullion finished Friday's session up $59 (4.7%) to a two-year high.
In Asia, the Japanese equities bear market gathered further momentum. With Friday losses of almost 8.0%, Japan's Nikkei 225 sank another 4.2% this week to an eight-month low (increasing y-t-d losses to 21.4%). Japanese banks (TOPIX) were clobbered 8.0% during Friday's session, boosting 2016 losses to 37%. The Shanghai Composite's 1.1% decline increased y-t-d losses to 19.4%.
US stocks this week again outperformed most developed markets. The S&P500's 3.6% Friday drop put the week's decline at 1.6%. Not so bullishly, Friday trading saw the banks (BKX) drop 7.3% (down 13.1%) and the broker/dealers (XBD) sink 7.9% (down 16%).
Currency trading has turned wildly unstable. Friday trading saw the Swedish krona drop 3.7% versus the dollar. Norway and Demark currencies lost more than 2%, though these were modest declines compared to some key Eastern European EM currencies. Poland's zloty sank 4.3% Friday, the Hungarian forint fell 3.5% and Czech koruna declined 2.4%. Friday trading saw the South African rand sink 4.6%. The Russian ruble fell 2.3% and the Turkish lira dropped 2.6%. Unsettled Friday action saw the Mexican peso trade to a record low, before ending the session down 3.8%. What's unfolding south of the border?
Yet the real action was with the British pound and Japanese yen. The pound traded overnight at 1.324 to the dollar, a 30-year low - before cutting Friday's losses to 8.1% at 1.3679. And with the yen surging an alarmingly quick 5% versus the dollar, the pound was at one point down about 15% versus the yen.
Currency markets badly dislocated overnight. And discontinuous markets are a major problem for those dynamically hedging derivative exposures as well as players that are leveraged. The pound's abrupt fall was understandable considering the amount of hedging going into the referendum. But in the yen's discontinuity I discern important confirmation of the thesis that there remains enormous amounts of leverage in short yen "carry trades" (short/borrow in yen to finance trades in higher-yielding currencies).
The impairment of the leveraged speculating community remains an important facet of the bursting Bubble thesis. There are surely casualties from Thursday night and Friday's trading fiasco. And as hedge fund losses mount, the potential for major redemptions appears increasingly likely. We should expect de-risking/de-leveraging to intensify. And while central banks will continue to abundantly supply a liquidity backstop, I don't believe such measures at this point will tame problematic volatility. Market correlations have run amuck. Hedging strategies have been problematic. So risk exposures have to get smaller. Uncertainties have become too great.
June 24 - UK Daily Express (Jonathan Owen): "Five European countries may seek to follow Britain's lead in leaving the EU in a Brexit domino effect, Germany has warned... Tensions are rising across the EU, with Denmark, France, Italy, the Netherlands, and Sweden all facing demands for referendums over Europe. In a statement, German Chancellor Angela Merkel said: 'There is no point beating about the bush: today is a watershed for Europe, it is a watershed for the European unification process.'"
European integration is again under existential threat. And while disintegration will likely unfold over the coming years, a crisis of confidence in the markets could erupt at any point. Confidence in Europe's banks is faltering badly. I believe faith in the ECB's capacity to hold the banks and securities markets together is waning. How much leverage has accumulated throughout European periphery bond markets? And it is a harsh reality of Europe's financial structure that de-risking/de-leveraging dynamics tend to see rising yields/widening spreads intensify market fears of bank impairment. Then bank worries further negatively impact sentiment in the markets and business community in a problematic vicious spiral.
The ECB could boost QE, but it recently did that. It could buy corporate debt, but it has started doing this already as well. Negative rates only worsen the banks' predicament. And bankers facing such extraordinary uncertainties will extend Credit cautiously - in Europe, throughout EM and in securities finance. When the world worries about Europe's financial structure and economic prospects, fears can quickly spread globally. I find myself worrying more about China. U.S. markets have remained resilient. On the one hand, our markets win by default. On the other, best I can tell there is no market in the world that remains so oblivious to a bevy of unfolding financial, market, economic and geopolitical risks. Central banks are losing control and I fear "contemporary finance" is again in the crosshairs.
Doug Noland is not a financial advisor nor is he providing investment services. This blog does not provide investment advice and Doug Noland's comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. The Credit Bubble Bulletins are copyrighted. Doug's writings can be reproduced and retransmitted so long as a link to his blog is provided.

There seems to be a shift in the wind and more Veterinarians are standing up against the very powerful American Veterinary Medical Association (AVMA). I have actually seen the painful truth bubble up in the face of vets when they are asked if the prescribed treatment will have any harmful effects. They want to do right by pets but if they do they risk their license. Some vets are opening complementary-type clinics offering traditional and natural vet care. Pet owners have to be careful what qualifies as a natural vet care because some clinics are strictly practicing traditional vet care while selling some holistic products such as calendula ointment. Let's take a look at what vets are saying about their profession and how we can better protect our pets.  
Honest vets will tell you it is the vaccines and the commercial pet foods causing pet illness. Any pet owner who is concerned about the health of their pet should make their own pet food. Long-time veterinarian for 25-years, Dr. Patricia Jordan, walked away in 2008 from the AVMA. She watched as this organization pushed for more vaccine onto the pet vaccine schedule and more pets became deathly ill. Dr. Patricia Jordan has published books and research papers on the secrets of veterinary care. When interviewed on Dr. Rebecca Carley's radio show, Dr. Jordan reported that she was once asked to leave a successful vet practice after completing her research on the mortality affects of pet vaccines. The research shed light on some very disturbing results. The establishment was expecting to read a report that vaccines are crucial for pet health. However, the results showed the opposite. Dr. Jordan found that vaccines encourage illnesses and shorten the lives of pets by an average of five years.
"It takes courage to stand for the truth, especially when it is against the grain for such a well-lobbied professional association as the AVMA. Why is truth censored? .... it would simply cost the profession too much." Dana Scott Editor Dogs Naturally Magazine
According to veterinarian Dr. Ronald Schultz who studied veterinary vaccine medicine for 40-years, he reports that in veterinary school there is a glut of knowledge and students do not learn anything about the vaccines and receive limited knowledge on the animal immune system. He says thirty years has past and they still teach the same stuff. Due to his vast research, he states that vet schools and vets have no business recommending vaccines at all. His opinion is based on their lack of knowledge and training on the subject. He goes on to say that in the field of veterinary medicine, the vets rely on drug reps for guidance. He says the commercial pet food industry is no better.
"The use of vaccines in veterinary medicine is really marketing disguised as science." Ronald Schultz, PhD
When you really peek under the dirty little petticoat of veterinary medicine you see it is funded by the drug companies. They sponsor the scholarships, provide free product samples, sponsor the professor's lab and research, they hold the pizza drives to pay for the medical textbooks, which are written by ghostwriters paid by this corporate complex. Vet care is really a marketing plan designed to sell products and treatments. You can't sell enough product or treatments if the pets are healthy. And where do you suppose the veterinary profession (AVMA) got such a business model? That's right, the AMA. The white coats for pets are like the white coats for humans and part of the corporate pharmaceutical machinery. The only area of benefit of these two professions is in trauma. This proves that corporations have brought science and therefore, there is no real science - it is marketing in the worst deceptive way. The cold truth is; profits are put before patients. It is with grief we say good professional people decided to cave to the seduction of a bribe instead of letting truthful research speak. You know it is really bad in the field of veterinarian medicine when there is a movement to establish the Veterinary Vaccination Injury Compensation Act. Just think about that for a moment; an Act of Congress to protect vaccine-damaged pets. Remember the AMA model? If such a program is passed, all it will do is put a tax on each dose of pet vaccine to be put into the slush fund for the damages upon successfully proving the case in court.
"Injecting pets with vaccines creates an increase in adverse events and it could kill them."  Ronald Schultz, PhD
The problem we face with science-driven medicine (whether human or animal) is that unethical practices are no illegal. All ethics have gone out the window with big corporate profits. Scientists, doctors and vets are drunk on the money they make. Dr. Jordan said the animal clinic she worked at made over a $1 million dollars annually just on giving vaccines. What professional wants to walk away from that? Plus the vaccines create another market of new diseases for the vets called vaccinosis (which means health damage caused by a vaccine). Vets know that the vaccines are giving the pet deadly diseases and pet owners who can't afford the tens of thousands of dollars to treat conditions like cancer, have no choice but to euthanize their pet. The vets have allowed themselves to become part of this problem. Education starts with them if they have ears to hear and eyes to see.
"Veterinary medicine has lost its sole." Dr. Ron Silvers
According to Pets Naturally Magazine, pet owners who faithfully follow the vets vaccine schedule could see a bill for a bone marrow transplant $12,000 or if leukemia, a blood transfusion treatment for $10,000. The reason is that the vaccines cause what is called "chronic antigenic stimulus of the B-cells. The vaccines don't protect from disease, they create it. For instance, Dr. Schultz reports that the Bordetella vaccine gives the pet lymphoma. The Bordetella vaccine is required if you need to board your pet. Vets in practice for 25-years realize the damage that is being done compared to the newbie in practice. Vaccines are truly a deadly betrayal to health. On average, a pet clinic will generate more than 65% of their net income on treating the conditions the vaccines create. This is why farmers and country people don't take their pets to the vet except for trauma (if that). Their pets are the picture of health even into their senior years.
Pet owners need to be educated and diligent with regards to pet care. Take the time to look into all the treatments recommended to you and when in doubt do not rush into treatment. The field of holistic pet care is growing. As an herbalist, I have found that pets tolerate herbal medicines well and can benefit from them. There is no reason why pets would not respond to medicinal plants if humans do. I personally do not use any commercial pet foods and make my own for my lab. I like to add some herbs to the food for more vitamins and minerals. He licks every morsel out of the bowl. I am often complemented on how good my dog looks; shinny coat, sharp eyes and not overweight. As you can probably guess, I stay away from vets. My dog was instrumental in educating me about snake bites when he decided to protect me from a copperhead. Using the herbs that now make up my Snake Bite Kit, we removed infection, neutralized the venom and rebuilt tissue in less than a few days. Within two weeks there was no sign of a bite, no scaring and all his fur had grown back in. If you don't know what happens to pets when they encounter snake venom you should. Their tissue at the bite site dies, turns black and falls off. Similar to how human tissue reacts to a brown recluse spider bite. It you seek vet care for your pet's snake bite; you will be given antibiotics and narcotics to treat infection and pain. You will be informed that debridement and wound care protocols are necessary (this requires an animal hospital stay of $900.00 per day). If the pet was bitten on the limb, you will be informed that if infection is an issue, amputation is a possibility. The best case scenario vets tell pet owners is that the pet will need skin-graphs. Don't let any of this fear-tactic persuade you to keep your pet in their hands. I've seen it over and over again, the herbs can heal the bite much faster, without pain or scaring (or the need for graphs) and without the exorbitant fees.   
According to Dr. Joseph Mercola, the vet vaccine schedule for dogs consists of ten vaccines and for cats 5 vaccines. The only vaccines that is required by law is the rabies vaccine. There are two kinds of rabies vaccine; the 1-year and the 3-year. Holistic vets offer a rabies vaccine detoxer product called Lyssin. Three is also a 1-year rabies vaccine that seems to be less immune reactive called Purevax. The rabies vaccine should not be give to pets younger than four months and preferably after 6 months, to avoid reactions. Dr. Jordan also suggests that if vets want to give the rabies vaccine routinely every year that pet owners should have a blood test called IFA done to check for rabies antibody titers. If there are enough titers, the pet does not medically need a booster. Also, pets that live primarily indoors do not require annual vaccines for rabies. The herb thuja has also been used by holistic vets to detox pets from vaccines.
Apothecary Herbs has several pet products that will help keep your pet healthy. They have non-toxic flea and tick collars, shampoo, vitamin food mix (Power Greens for Pets), Immune Booster, Separation Anxiety formula, Snake Bite Kit, Kennel Cough kit and much more.  Give them a call to order or for a free product catalog 866-229-3663, International 704-885-0277 , where your healthcare options just became endless. 

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Dogs Naturally Magazine July 2016

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