Ripped From The Headlines, April 4, 2023
Jamie Dimon: Bank Crisis Not Over, Malaysia Moves Away From US Dollar, Labor Market Numbers Crater - Read, Share, & Subscribe - SherlocExposes.com
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“The U.S. banking crisis is ongoing and its impact will be felt for years, JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon wrote in a letter to shareholders on Tuesday.
‘The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,’ Dimon wrote in a 43-page annual message covering a range of topics from JPMorgan's performance to geopolitics and regulation.
Storm clouds are still threatening the economy as they did a year ago, said Dimon, chief executive of the largest U.S. lender. And the banking system is under renewed stress after the failure of Silicon Valley Bank and Credit Suisse's rescue by UBS last month.
‘The market's odds of a recession have increased,’ Dimon wrote. ‘And while this is nothing like 2008, it is not clear when this current crisis will end. It has provoked lots of jitters in the market and will clearly cause some tightening of financial conditions as banks and other lenders become more conservative.’"
“CHINA is open to talks with Malaysia on forming an Asian Monetary Fund, said Prime Minister Anwar Ibrahim, amid the world’s growing impatience with the King Dollar’s dominance.
Anwar said he proposed setting up the fund at the Boao forum in Hainan last week (Mar 28 to 31), stressing the need to reduce reliance on the US dollar or the International Monetary Fund.
‘When I had a meeting with President Xi Jinping, he immediately said, ‘I refer to Anwar’s proposal on the Asian Monetary Fund’, and he welcomed discussions,’ Anwar told the Malaysian parliament on Tuesday. Anwar was on a state visit to China last week to steer ties post-Covid.
‘There is no reason for Malaysia to continue depending on the dollar,’ he added. Malaysia’s central bank is already working on enabling the two nations to negotiate on trade matters using the ringgit and renminbi, said Anwar, who doubles as finance minister.
The Malaysian leader’s comments come just months after former officials in Singapore discussed what economies in the region should be doing to mitigate the risks of a still-strong dollar that has weakened local currencies and become a tool of economic statecraft.
“For months we have been warning that at a time when the US economy is careening into a hard-landing recession, the manipulated, seasonally-adjusted, and politically goal-seeked job openings data released as part of the DOL's JOLTS report is sheer rubbish (see "US Job Openings Far Lower Than Reported By Department Of Labor"; "Handle The JOLTS Data With Care", "Just Make it Up: Job Openings Unexpectedly Soar As Labor Department Now Guessing What The Number Is"). Today, the BLS finally got the memo.
With consensus already expecting a sizable drop in February job openings from 10.824 million to 10.5 million, what the BLS reported instead was a doozy: in February there were just 9.931 million job openings, the first sub-10 million print since May 2021. Worse, had the BLS not drastically slashed the January number, the drop would have been almost 1 million job openings; instead, the Jan job openings was cut to 10.563 million from 10.824 million originally reported. This means that the 2-month drop in job openings was 1.3 million, the second highest on record, surpassed just by the economic shutdown during the covid crash.
According to the BLS, the largest decreases in job openings were in professional and business services (-278,000); health care and social assistance (-150,000); and transportation, warehousing, and utilities (-145,000). The number of job openings increased in construction (+129,000) and in arts, entertainment, and recreation (+38,000).
The long overdue plunge in job openings means that there are now just 3.995 million more jobs than unemployed workers, down sharply from last month's 5.13 million preadjustments, which has now been adjusted to 4.869 million.”
You need to be prepared… there’s just too much crazy stuff happening.
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“It’s Only Tuesday!” Ripped From The Headlines. Things To Ponder:
“So Yes, The Economy Is Screwed… For A LONG Time… But We Waited To Tell You For Our Own Good…”
Did you catch that part where you’re always the last to find out about bad stuff?
It’s about time he came clean (mostly) and said the quiet part out loud…
The economy is screwed…
With lots of bad policy decisions made by people who have a vested interest in it being screwed, or are too stupid to do anything about it…
And it won’t get better anytime soon.
Dimon is right about one thing though…
This is nothing like 2008… it’s a thousand times worse.
Still not convinced?
Here’s Treasury Secretary Janet Yellen, saying Biden's "Inflation Reduction Act" is "about turning the climate crisis into an economic opportunity:"
Know. Your. Foe.
“Hey! We Don’t Need The US Dollar Either… See Ya!”
The Prime Minister of Malaysia doesn’t mince words…
It seems like we see a nation a day either discussing or taking action on, moving away from the US Dollar.
The last part of the article above is interesting:
“The Malaysian leader’s comments come just months after former officials in Singapore discussed what economies in the region should be doing to mitigate the risks of a still-strong dollar that has weakened local currencies and become a tool of economic statecraft.”
Economic Statecraft?
Yep. And we went hunting for a definition…
“Economic statecraft describes the various economic tools countries use—such as lending, foreign assistance, sanctions, and trade agreements—to advance their foreign policy priorities.
Certain tools are intended to influence other countries through coercion. Sanctions, for instance, seek to pressure or punish countries that violate international norms or threaten a government’s interests.”
So… THAT explains a lot, about a lot when it comes to how other nations look at US weakness, and why they would use a term like ‘economic statecraft’ as justification for killing the dollar…
Oh, and the BRICS Nations deal?
Mexico expressed interest in joining yesterday:
Keep your eyes on this.
“You Didn’t Actually Need Those Jobs, Did You?”
The US government never fails to disappoint…
Especially when it comes to reporting numbers.
Let’s put it like this:
You make $5000 per month and then pay your bills…
Then, two months later, you “revise” your income numbers to $3000 per month…
And go back to your creditors and ask for money back because you “revised your numbers…”
At best, they would hang up on you, or you’d get a visit from law enforcement.
But government agencies do this all the time, depending on what narrative needs to be pushed…
Instead of actually doing their jobs and reporting accurate numbers…
If they are lying about that, what else are they lying about?
Know. Your. Foe.
What Does This Mean?
The current economic structure of the world is bursting at the seams, and beginning to fall apart.
For the first time in modern history, the UNITED STATES is looking into the abyss economically, and losing its status as the world’s leading economic power.
Combine that with being technically bankrupt, banks all over the world being technically insolvent, and the real possibility of a worldwide economic depression, and you have the perfect storm for YOUR WEALTH to be wiped out, completely.
Should we remind you that Biden killed our oil export status, as well? So, essentially, our currency is backed by nothing and has the trust of no one.
Why Should I Care?
If you don’t believe everything we just shared to be true, then you shouldn’t care… everything will be fine, right?
“There’s no way the world works without the US dollar…”
“Everyone needs us!”
“My investments are fine!”
Great! Except, things aren’t fine.
Take a look for yourself:
You Should Care.
What Should I Do?
What should I do?
Study EVERYTHING you can find on parallel and alternative economies.
Prepare to implement it.
If you are blessed to have means, start thinking about what you, your family, and your community are going to need, and how commerce will happen in a super local economy.
Tell people about what’s happening. Don’t argue, SHARE. Let them see it for themselves, then get them to subscribe to this newsletter.
Now.
Your future, and their future, depends on it.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
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