"Powell Is Now Helpless": Even A Modest Market Wobble Threatens To Devastate The Real Economy

“We’re not even thinking about thinking of raising rates,” declared America’s Fed Chairman, all but eliminating uncertainty about the Fed policy path through 2022. The S&P 500 had completed a historic recovery from the pandemic lows to trade higher on the year, its price utterly disconnected from today’s economic devastation.

But markets never discount today, they discount tomorrow. And no sooner had they taken a little peek at what prices looked like back on January 1st then they began to plunge.

Some blamed signs of a viral resurgence, though that had swirled for days. Others blamed Millennials whose day-trading resembles the dot.com mania. And a few blamed General Milley, America’s top-ranking general, who apologized for joining the President on his ill-fated march to St. John’s Church. You see, the generals have turned their backs on Trump over his response to demonstrators. The NFL has too; its commissioner apologized for having opposed taking a knee. Even NASCAR banned the Confederate Flag. And as Trump’s re-election prospects tanked, expectations for a dramatic restructuring of America’s economy soared.

Efforts to rebalance the division of profits between capital and labor is demanded by a riotous Main Street. But this terrifies Wall Street, which has worked for years with Republicans, Democrats, CEOs and the Fed to extract an ever-increasing share of national prosperity for those who control capital.

This imbalance is central to today’s tumult. “If we held back because we think asset prices are too high - what would happen to those people who we are legally supposed to be serving?” asked Powell rhetorically, unsuccessfully defending himself from a rising chorus of critics who see the Federal Reserve as amplifying inequality.

For decades, the central bank accommodated the financialization of the world’s largest economy.

Now that the process is largely complete, even a modest market wobble threatens to devastate the real economy. And Powell is now helpless, caught in a trap of the Fed’s making.

https://www.zerohedge.com/markets/powell-now-helpless-even-modest-market-wobble-threatens-devastate-real-economy

‘Biggest Rally Signup of All Time by 10X’ – More Than 800,000 People Sign Up For Trump’s MAGA Rally in Tulsa, Oklahoma

President Trump’s mega MAGA rally in Tulsa, Oklahoma is the hottest ticket ever!

By Sunday, more than 800,000 people signed up for tickets to attend Trump’s first rally after the COVID-19 lockdowns.

The mega MAGA rally was originally scheduled for June 19 (Juneteenth), however, President Trump moved the rally to Saturday, June 20th.

“Biggest data haul and rally signup of all time by 10x.”

Brad Parscale said they are looking at a 2nd event in town to get more people to be with President Trump.

Mega MAGA rallies are also being planned in Florida, Arizona and North Carolina.

The Democrat-media complex is already going crazy and attacking President Trump for holding rallies ‘during a pandemic.’

That’s because the Democrat front runner old senile Joe Biden is still hiding in his Delaware basement and he couldn’t even fill a high school gym with supporters if he paid them

https://www.thegatewaypundit.com/2020/06/biggest-rally-signup-time-10x-800000-people-sign-trumps-maga-rally-tulsa-oklahoma/

SILENT MAJORITY

Turkey Launches New Offensive Against Kurdish Militants in Iraq's North, Defence Ministry Says

Turkish armed forces have launched Operation Claw-Eagle in northern Iraq against forces of the Kurdistan Workers' Party and the Kurdish People's Protection Units, referred jointly as PKK/YPG and designated as terrorists by Ankara, Turkish media reported on Monday, citing the country's Ministry of Defence.

"The Claw-Eagle Operation has started. Our planes are bringing the caves down on the terrorists' heads", the Turkish Ministry of National Defence tweeted on late Sunday.

According to TRT Haber, F-16 fighter jets from different provinces took part in the offensive.

The PKK/YPG seek to establish a Kurdish autonomous state, including in parts of Turkey, an aspiration that expectedly has met a strong confrontation in Ankara and prompted anti-PKK raids by the Turkish security forces. The Turkish military also attack Kurdish forces in northern Iraq and it was the fight against the Kurdish terrorists that Ankara said was the reason for its military operation in northern Syria.

https://sputniknews.com/middleeast/202006141079613043-turkey-launches-new-offensive-against-kurdish-militants-in-iraqs-north-defence-ministry-says/

The Fed Has Monetized All Treasury Issuance In 2020

“We are ruined if we do not overrule the principles that the more we owe, the more prosperous we shall be” - Thomas Jefferson

There is no more subversive entity in the US, more destructive, more inflammatory yet out of the spotlight of public outrage, than the Federal Reserve: it is the Fed's actions over the past 108 years - and especially over the past decade - that have spawned much of the anger, resentment and hatred that has permeated US society to its very core as a result of the Fed's monetary policies.

Yet because much of the public fails to grasp the insidious implications of endless money-printing which makes owners of assets exorbitantly rich at the expense of regular workers, popular anger at the Fed remains virtually non-existent, despite clear warnings from Thomas Jefferson, and countless others over the decades, about the dangers posed by central banking.

And so, taking advantage of the general public's general gullibility, the Fed continues to lie and dissemble at every opportunity, of which the most recent example was last week when Powell said that "inequality has been with us for increasingly for four decades" and arguing that monetary policy is not a cause for that. What he forgot to mention is that four decades ago is when the Nixon closed the gold window….

More

https://www.zerohedge.com/markets/fed-has-monetized-all-treasury-issuance-2020