morning all
KEMP84 US Navy E-6B Mercury north of the Keys from MacDill AFB with 169326 US Navy P-8 Poseiden just ne from Jax
Jack Kemp's Gold Standard Act of 1984 Shows Us How It's Done
A few years ago, I was involved in a project to introduce a bill into Congress to require the Federal Reserve to return to the monetary principle that made America great – a dollar linked to gold. One of the difficulties we ran into was the actual details of the bill itself. In practical terms, what would such a thing look like?
In 1984, the extraordinary congressman Jack Kemp introduced the Gold Standard Act of 1984. It had seven co-sponsors, including Newt Gingrich (R-GA).
moar
https://www.forbes.com/sites/nathanlewis/2016/12/01/jack-kemps-gold-standard-act-of-1984-shows-us-how-its-done/?sh=7cd8cd7638e6
dat me this morn…
Melvin Capital ends month with over $8 billion in assets after investors added cash
Melvin Capital, the hedge fund at the center of the GameStop drama, lost 53% in January but received commitments for fresh cash from investors in the last days of the month, a source familiar with the fund said on Sunday. Melvin ended January with more than $8 billion in assets after having started the year with roughly $12.5 billion in assets, the source said.
The firm, founded in 2014 by Gabe Plotkin, had bet that ailing video game retailer GameStop’s stock, which traded at less than $5 five months ago, would fall. But a wave of retail investors, comparing notes on social media platform Reddit and using online trading app Robinhood, took the other side of Plotkin’s trade to send the stock up 1,625% this month to close at $325 on Friday. Hedge funds Point72 Asset Management and Citadel gave a $2.75 billion capital infusion to Melvin Capital earlier in the week, enabling it to close out that position with a large loss.
“The fund’s portfolio liquidity is strong. Use of leverage is at the lowest level since Melvin Capital’s inception in 2014,” the source said.
Citadel lost less than 1% on its Melvin position in its flagship fund in January, a person familiar with the matter said on Sunday.
As news of losses at many hedge funds spread in recent days, speculation mounted about which firms might be forced to shut their doors. Several investors and fund managers said clients have been more patient with certain firms that have a long and strong track record, likely allowing them to survive this month’s deep losses.
https://www.reuters.com/article/retail-trading-melvin/update-1-melvin-capital-ends-month-with-over-8-bln-in-assets-after-investors-added-cash-source-idUSL1N2K60CV
OPEC+ Sees Almost Full Compliance With January Oil-Supply Cuts
OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in January, according to a delegate who asked not to be named.
The 23-nation alliance known as OPEC+ aimed to withhold 7.2 million barrels a day of crude from the market this month – about 7% of global supplies. They agreed to increase production by 500,000 barrels from December as part of a plan to ease the cuts. The compliance data is preliminary and will be reviewed on Tuesday by the group’s Joint Technical Committee.
OPEC+ agreed to unprecedented supply restrictions last April after the coronavirus pandemic grounded planes, shut down economies and caused oil prices to crash. Benchmark Brent crude has almost tripled since its trough that month to $56 a barrel, though it’s still below what most OPEC+ nations need to balance their budgets. Implementation in January was at 103% among members of the Organization of Petroleum Exporting Countries, and 93% for their non-OPEC partners, a group that includes Russia and Kazakhstan.
The JTC will present its assessment to the Joint Ministerial Monitoring Committee, which meets on Wednesday to discuss the alliance’s strategy. The JMMC is unlikely to recommend any policy changes, according to delegates who declined to be identified. Following the modest increase in January production, OPEC+ has decided to keep output unchanged in February and March. However, Saudi Arabia, the group’s most influential member, pledged a unilateral cut of 1 million barrels each day over that period.
Iraq, the biggest producer in OPEC+ after Saudi Arabia and Russia, said it would reduce its daily output to 3.6 million barrels in January and February to make up for breaching its quota last year. That would be a reduction of roughly 250,000 barrels a day from December.
OPEC+ will hold a full ministerial meeting in early March to decide its next steps.
https://www.bnnbloomberg.ca/opec-sees-almost-full-compliance-with-january-oil-supply-cuts-1.1556939
#237
Notabroooos ,not endorsements
>>51267 Useful TELEGRAM links
>>51258 Newfoundland Tech Company To Be Acquired For $2.75-Billion- Verafin bought by NASDAQ Nov 19th 2020
>>51257 Australian Lawmakers ‘Will Not Be Intimidated’ – Reject Big Tech Pleas for Leniency
>>51249, >>51251 The Lincoln Project release a statement regards exposed child sex predator John Weaver
>>51239 OPEC+ Sees Almost Full Compliance With January Oil-Supply Cuts
>>51238 Melvin Capital ends month with over $8 billion in assets after investors added cash
>>51229 Veritas - Leaked Facebook Tapes LaunchingTomorrow
>>51220, >>51221, >>51222, >>51226 21 Men Accuse Lincoln Project Co-Founder of Online Harassment
>>51218, >>51223, >>51231, >>51234, >>51240, >>51244, >>51245, >>51246, >>51262 pf reports
>>51216 Malaysia: Investors Attempt to Drive Up Price of Glove-Maker Stocks, Inspired by GameStop
>>51215 @Rasmussen_Poll Note to Self-Appointed Elites:Almost half of ALL VOTERS are concerned about US election integrity:
>>51203, >>51204 Supplemental Digg Call-Printing Systems
>>51196 COVID hospitalizations continue to plunge, reach near-two-month low
>>51188 Globalist Macron embraces Great Reset at Davos
>>51187 The Circuit of Success interview with Former Delta Force Operator, Tom Satterly (vid)
>>51186 Psaki is a satirist's delight: For the keks from @reversemocking1
>>51185 @Niels_Holst - would be a shame if you shared this video of Biden calling troops 'stupid bastards'
>>51184 The woman who detonated a bomb in the Senate trying to kill Repubs in 1983 was pardoned by Clinton & is now a BLM leader
>>51181 MCBOS will not choose the election auditors - Arizona Senate will
>>51179 TechnoFog on Judge Boasberg's sentencing of Kevin Clinesmith
>>51177, >>51178 NarrativeReframes on narrative warfare (recommended by Lin W)
>>51176, >>51198 Continued digg on Jeffery Delongchamp and Election Source
>>51175 Sidney Powell: We have an important Case in Michigan begun by Matt Deperno
>>51171, >>51172, >>51173 What is Censorship? (and how to beat it)
>>51170 LW forward: NarrativeReframes re narrative warfare (v. positive on "Q psyOp")
#237
take, leave or ?
back in a few hours
Silver Spikes at the Week’s Open as Reddit Hordes Pile In Again
Silver surged at the week’s open, with futures topping $29 an ounce, as the the Reddit-inspired frenzy that roiled stock markets last week spills over into commodities. The spike came after retail sites were overwhelmed with demand for bars and coins on Sunday. Outlets including Apmex, the Walmart of precious metals products in North America, said they were unable to process orders until Asian markets open because of unprecedented consumption.
Silver futures ended almost 6% higher last week following a jump on Thursday and Friday amid Reddit-style enthusiasm from hordes of retail investors. Unlike the beaten-up stocks targeted in the stock market including GameStop Corp., silver’s performed well over the past year, rallying more than 50% as the dollar fell and on expectations for a global recovery from the pandemic.
Silver futures gained as much as 8.1% to $29.095 an ounce on the Comex, and traded at $28.685 at 7:02 a.m. in Singapore. Gold futures also climbed. Comments on silver began appearing on the Reddit forum r/wallstreetbets last week. People started egging each other on to pile into the iShares Silver Trust, the metal’s largest exchange-traded product, saying banks have been keeping silver prices artificially low, masking an actual shortfall of supplies.
Some of the biggest Wall Street banks have been positive on silver’s outlook in recent months amid a broad upswing in raw materials. Goldman Sachs Group Inc. described it as the “preferred precious metal,” according to a Jan. 27 note that had a price target of $30 an ounce.
https://www.bnnbloomberg.ca/silver-spikes-at-the-week-s-open-as-reddit-hordes-pile-in-again-1.1556977
https://www.kitco.com/charts/livesilver.html
JPMorgan inherited 'spoof' method from Bear Stearns and refined it, indictment says
When JPMorgan Chase & Co. took over Bear Stearns more than a decade ago, it got two traders with a new trick.
Their strategy: Use multiple fake orders to manipulate the prices of precious metals futures. The maneuver, adopted by the traders' new colleagues at JPMorgan, became part of a spoofing and rigging campaign so expansive that federal authorities have now likened it to a criminal enterprise operating inside the U.S.' biggest bank.In a criminal indictment unsealed today https://www.justice.gov/opa/press-release/file/1202466/download U.S. prosecutors accused three JPMorgan traders of rigging futures trades in precious metals for nearly a decade, making millions of dollars for the bank at the expense of counterparties that included the bank's own clients. The charges were the latest turn in a years-long investigation that has previously yielded guilty pleas from traders at several banks, including two from JPMorgan. Prosecutors said more than a dozen JPMorgan employees ultimately helped make manipulative "spoof" trades for the bank, in part by using the strategy their new colleagues brought in May 2008.
That pair, Gregg Smith and Christiaan Trunz, showed their new JPMorgan colleagues "a new style of layering multiple deceptive orders at different prices in rapid succession," prosecutors wrote. The strategy made their market spoofing more difficult to execute and detect, prosecutors wrote in the indictment of Smith and two others. Trunz pleaded guilty last month and is cooperating with authorities.
The strategy was adopted by Michael Nowak, who was JPMorgan's global head of precious metals trading when he was put on leave last month. The Commodity Futures Trading Commission also filed a lawsuit against Nowak and Smith today and settled a suit against Trunz.
JPMorgan bought Bear Stearns in a marriage arranged by the U.S. Federal Reserve during the height of the financial crisis in 2008. Already, people inside JPMorgan were using deceptive trading methods, prosecutors said. Their new colleagues brought new ones. In May, the same month the deal was completed, Smith executed the deceptive-layering technique, the indictment said.
http://gata.org/node/19452
May 31, 2008
JPMorgan completes takeover of Bear Stearns
JPMorgan Chase & Co said on Saturday it completed its $1.4 billion Bear Stearns Cos takeover, capping the demise of a Wall Street firm that survived the Depression and numerous slumps in its 85 years but could not navigate the mortgage crisis. Weakened by its massive exposure to mortgage markets and the embarrassing blow-up of two of its hedge funds, Bear was driven to the brink of bankruptcy in March by traders who
drained about $17 billion of the firm’s cash in a matter of days.
blaming traders-no how about over-levered tub 'o shit'
Federal officials, worried a Bear bankruptcy would drag the rest of the markets down with it, strong-armed the bank to accept JPMorgan’s $2-a-share offer, backed by a Federal Reserve bailout of $30 billion in Bear assets. A week later JPMorgan raised its offer five-fold to 0.21753 of a share for each Bear share. Based on JPMorgan’s current market price of $43, that bid valued Bear at $9.35 a share, well below the $57 those shares fetched before traders began their run on Bear.
In exchange for the higher price, Bear had to sell a 39.9 percent stake to JPMorgan. Combined with other purchases, JPMorgan amassed a controlling 49.5 percent stake and effectively locked up Bear for good.
https://www.reuters.com/article/us-bearstearns-jpmorgan-idUSN3143823420080531
Bear Stearns CEO
The rise and fall of Jimmy Cayne
https://archive.fortune.com/2008/07/31/magazines/fortune/rise_and_fall_Cayne_cohan.fortune/index.htm
99-6143 USAFSOC C-32B departed Grand Junction Colo after a ground stop and returning to the day's starting point of Eglin
PEARL49 USAF KC-135 tanker east from s china sea
Not out there alone