Ripped From The Headlines, November 23, 2022 - With Special Narrative Breakdown
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EDITORS NOTE: No Ripped From The Headlines for tomorrow (11/24/2022). Happy Thanksgiving to our US subscribers.
We will be back on Friday, 11/25 unless news breaks.
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“Pentagon fails to pass new financial audit, unable to account for over $2 trillion in assets”
“The US Department of Defense has, for the fifth straight year, failed to pass a financial audit, with only seven out of the Pentagon’s 27 military agencies receiving a passing grade.
‘We failed to get an ‘A’, Mike McCord, the Pentagon’s comptroller and chief financial officer, told reporters last week, announcing the results of the Pentagon’s fifth-ever financial audit.
‘I would not say that we flunked,’ he added, despite his office acknowledging that the Pentagon only managed to account for 39 percent of its $3.5 trillion in assets.
With this failure, the Pentagon has kept its spot as the only US government agency to have never passed a comprehensive audit. It also highlights the US war department’s persistent lack of internal financial control, its poor budget estimations and rampant overspending.”
“Measles is now an imminent global threat, WHO and CDC say in a new report”
“There is now an imminent threat of measles spreading in various regions globally, as the Covid pandemic has led to a steady decline in vaccination coverage and weakened surveillance of the disease, the World Health Organization and the Centers for Disease Control and Prevention said Wednesday.
Measles is one of the most contagious human viruses and is almost entirely preventable through vaccination. However, it requires 95% vaccine coverage to prevent outbreaks among populations.”
“How Crypto’s Collapse May Have Done the Economy a Favor”
SPECIAL SHERLOC NARRATIVE BREAKDOWN BELOW
Normally, we provide you a direct quote from the headline, then provide things to ponder further down.
This entire article from the Wall Street Journal is so incredibly misleading that we are providing a SHERLOC analysis for clarity.
This piece from the Wall Street Journal is either a mandate by the government and/or the big banks, or one of the most misleading pieces of journalism in history.
Here’s why:
The article opens with this:
“This year’s crypto collapse has all the hallmarks of a classic banking crisis: runs, fire sales, contagion.
What it doesn’t have are banks.
Check out the bankruptcy filings of crypto platforms Voyager Digital Holdings Inc., Celsius Network LLC and FTX Trading Ltd. and hedge fund Three Arrows Capital, and you won’t find any banks listed among their largest creditors.
While bankruptcy filings aren’t entirely clear, they describe many of the largest creditors as customers or other crypto-related companies. Crypto companies, in other words, operate in a closed loop, deeply interconnected within that loop but with few apparent connections of significance to traditional finance. This explains how an asset class once worth roughly $3 trillion could lose 72% of its value, and prominent intermediaries could go bust, with no discernible spillovers to the financial system.
“Crypto space…is largely circular,” Yale University economist Gary Gorton and University of Michigan law professor Jeffery Zhang write in a forthcoming paper. “Once crypto banks obtain deposits from investors, these firms borrow, lend, and trade with themselves. They do not interact with firms connected to the real economy.”
Please note the following: A Yale University economist and a University of Michigan law professor make the statement that the “crypto space… is largely circular” and the author of the article says that this issue doesn’t involve banks or touch the larger economy.
Yet, the major creditors in the bankruptcy have their names redacted in the filing, as we shared yesterday.
So… how do we know that?
Answer: We don’t.
Then, later in the article, the author makes this statement:
“To be sure, some investors, from unsophisticated individuals to big venture-capital and pension funds, have sustained losses, some life-changing. But these are qualitatively different from the sorts of losses that threaten the solvency of lending institutions and the broader financial system.”
Um… this is absolute insanity.
Pension funds are the holy grail for any major investor - billions of dollars of retiree money free for the taking… and gambling… which is what hedge funds have done (and, in large part, are why most pension funds are insolvent).
Where do most “unsophisticated individuals” end up investing?
The stock market. (PS: You are not “unsophisticated individuals.” That’s a crap term from the SEC to say you need protection from your own common sense.)
These things are closely tied to the general economy and the ENTIRE FINANCIAL SYSTEM.
Don’t believe, for one single second, that the fallout from #FTX isn’t like a shotgun into the chest for the economy… or banks.
Know. Your. Foe.
What Does This Mean?
The government has no clue how to manage or account for your money…
You’re being told the only way to stop an age old contagion is with a vaccine… but it was supposed to already be stopped…
Major government and financial system f*!@k-ups incompetence are being covered up by major publications…
And… we’re on the brink of a national rail strike and a diesel shortage.
What does that all amount to?
Nothing good.
Why Should I Care?
Kirk Elliot, PhD, recently echoed our sentiments on the economic and financial position of the world, basically sharing that major economies are going to fail, massively, and aren’t going to save you…
You are going to save you.
You should care.
What Should I Do?
Given where we’re at, we want to share our recommendations of things to do:
Grab some precious metals at SherlocEZ.com.
Grab supplies at 4Patriots.
Get started on a food forest at Food Forest Abundance.
Share this newsletter with everyone you know. Steal the content. Repeat.
YOUR 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.
Plus a recap of the 50 things you should have handy to barter.
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Ripped From The Headlines is your daily digest of what’s happening in the world. We help you to understand what it means, why you should care, and what you should do.
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