BITCOIN CRACKS THROUGH US$ 30,000
As BOOM predicted some weeks ago, the price of Bitcoin dropped below $ 30,000 last week. On Tuesday, it traded at US$ 29,393 for a short time. It has rebounded since then as the True Believers see this as a buying opportunity. Others are not so sure. BOOM expects the $ 30,000 support level to be challenged again in the near future
ARMS NOT FOR DOLLARS
BOOM has previously written about the global trade in weapons in exchange for US Dollars.
On 18th November 2018 the BOOM Editorial said –“What traded goods are best suited as US exports? The answer is weapons. If you are a purchaser nation, then the weapons you buy are probably obsolete almost as soon as they are delivered, they can be easily destroyed (thus needing to be replaced), they have no real useful purpose (unless a war is engaged) and they do not contribute to your economy in any productive way. A purchaser nation must acquire US Dollars either in loans (US Dollar denominated debt) or in other trade settlements to build their reserve of US Dollars. Then they must ship those US Dollars over to the US manufacturers as payment. This is akin to being trapped in a spider’s web.”
According to the Russian news service, RT News, Russia is no longer accepting US Dollars as payment for its weapons exports. Russia’s state arms exporter Rosoboronexport signed 13 contracts totaling $1.2 billion in value last week at the MAKS 2021 international air show. Russia’s state defense conglomerate Rostec also signed 230 billion rubles ($3.1 billion) worth of contracts for the supply of 161 aircraft. But few US Dollars changed hands. The MAKS International Aviation and Space Salon is an international air show held in July every second year in Zhukovsky, southeast of Moscow. The show was first held in 1992. Over 63,000 people have attended already last week prior to the weekend crowd.
The list of Rosoboronexport deals includes orders for the Sukhoi Su-30 fighter jet, the Mi-35M and Mi-17B5 helicopters, Protivnik-GE radars, Verba surface-to-air missile (SAM) MANPADS and a variety of modern air defense weapons and armored vehicles.
The US dollar’s share in Russia’s military contracts with other countries is approaching zero, according to the country’s main defense contractor Rosoboronexport.
“Most of Rosoboronexport’s contracts are currently concluded in rubles or in the national currencies of partner countries. The share of dollars in our contracts is steadily approaching zero,” the company’s CEO Alexander Mikheyev said.
“Russia has been deliberately abandoning the dollar in payments for its export arms contracts, which, for the past few years, have brought the country about $15 billion annually in US dollar equivalent”.
This follows a broader trend towards de-dollarizing the Russian economy, with the country’s Central Bank and National Wealth Fund recently cutting use of the greenback in their transactions to zero.
Of course, a better world may be achievable if nations spent $ Billions on peace initiatives and cooperation efforts. But that is perhaps too radical a pathway for most politicians.
MASKS MAY LEAD TO ILLNESS AND EVEN DEATH
The staff at a major Pathology firm in BOOM’s city are being forced to wear an N95 mask for 8 hours a day while at work. This can lead to Hypercapnia, a condition where Carbon Dioxide in the blood rises to dangerous levels because the mask wearer is re-breathing. BOOM checked the mask box Warnings — the staff were shocked to read these. They had never thought to check the box for instructions.
N95 Mask — Healthcare Particulate Respirator
⦁ The mask does not eliminate the risk of contracting any disease or infection.
⦁ Improper use may lead to illness and even death.
⦁ Use this product immediately after the package is opened.
⦁ DO NOT sleep while wearing the mask.
⦁ Avoid hand contact within the interior part of the mask.
⦁ DO NOT use masks if they expired.
⦁ For one-time use only. Dispose the mask according to regulations.
⦁ DO NOT use if the package is damaged.
MEANWHILE IN ISRAEL
FULLY VACCINATED ARE CONTRACTING COVID 19 AND DYING
The Israeli Prime Minister, Naftali Bennett, said last week ““We do not know exactly to what degree the vaccine helps, but it is significantly less” .
At the moment, around 60% of the patients in serious condition with Covid 19 in Israel have been vaccinated. According to Hebrew University researchers, around 90% of newly infected people over the age of 50 are fully vaccinated.
So it looks like the vaccine is nowhere near as effective as has been promised in the mainstream media and by the politicians in almost every nation.
BOOM has seen Israeli data that shows 80 – 90 % of new Covid Cases in that nation are Fully Vaccinated. Other recent Israeli data reveal that 8 out of 10 deaths from Covid last week were also Fully Vaccinated.
To BOOM, none of this is a surprise as the clinical trials in late 2020 revealed clearly that the Absolute Risk Reduction generated by the vaccines was of the order 0.7 % – 1.0 % (not “95%”). That result is representative of very poor protection. So vacinees appear to be taking large risks of adverse events while receiving very little protective effect.
The “95% effective” pronouncement loved by politicians is a Relative Risk Reduction calculation, designed to mislead.
Israel is the most vaccinated sizable nation on Earth so these results are very concerning. The endless reliance on vaccine programs rather than early treatment regimes seems seriously mis-guided and perhaps deliberate. Could the aim be maximum damage? Is it more about political control than anything else?
AMERICA FRONTLINE DOCTORS LAUNCH LEGAL CASE
PLAINTIFFS MOTION FOR PRELIMINARY INJUNCTION
America’s Frontline Doctors, as Plaintives, have launched a legal challenge in the District Court of Northern Alabama against Xavier Becerra, the Secretary of the U.S. Department of Health and Human Services et al (the Defendants).
QUOTE: “Accordingly, and for all of the foregoing reasons, Plaintiffs move under Rule 65, Fed.R.Civ.P., for a preliminary injunction against Defendants enjoining them from continuing to authorize the emergency use of the so-called “Pfizer-BioNTech COVID-19 Vaccine,” “Moderna COVID-19 Vaccine” and the “Johnson & Johnson (Janssen) COVID-19 Vaccine” pursuant to their respective EUAs, and from granting full FDA approval of the Vaccines:
(i) for the under-18 age category;
(ii) for those, regardless of age, who have been infected with SARS-CoV-2 prior to vaccination; and
(iii) until such time as the Defendants have complied with their obligation to create and maintain the requisite “conditions of authorization” under Section 546 of the Food, Drugs and Cosmetics Act, 21 U.S.C. § 360bbb–
Case 2:21-cv-00702-CLM Document 15 Filed 07/19/21 Page 65 of 67 -66-
thereby enabling Vaccine candidates to give truly voluntary, informed consent.
Dated: July 19, 2021.” UNQUOTE
In economics, things work until they don’t. Until next week ………… Make your own conclusions, do your own research. BOOM does not offer investment advice.
CLICK HERE FOR PODCASTS: OUR BRAVE NEW ECONOMIC WORLD
HOW MOST MONEY IS CREATED
BANKS CREATE FRESH NEW MONEY OUT OF THIN AIR (but they always need a Borrower to do so)THERE IS NO SUCH THING AS A DEPOSIT
BANKS PURCHASE SECURITIES, THEY DON’T MAKE LOANS
BANKS DON’T TAKE DEPOSITS, THEY BORROW YOUR MONEY
Watch this short 15 minutes video and learn as Professor Richard Werner brilliantly explains how the banking system and financial sector really work.
How is Most New Money Created ?
LOANS CREATE DEPOSITS — that is how almost all new money is created in the economy (by commercial banks making loans).
From the Bank of England Quarterly Bulletin Q1 2014 —
“Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.“
“Most money in the modern economy is in the form of bank deposits, which are created by commercial banks themselves”.
Quarterly Bulletins Index
Most economists are unaware of this and even ignore the banking & finance sectors in their econometric models.
On 25th April 2017, the central bank of Germany, the Bundesbank, released a statement on this matter —
“In terms of volume, the majority of the money supply is made up of book money, which is created through transactions between banks and domestic customers. Sight deposits are an example of book money: sight deposits are created when a bank settles transactions with a customer, ie it grants a credit, say, or purchases an asset and credits the corresponding amount to the customer’s bank account in return. This means that banks can create book money just by making an accounting entry: according to the Bundesbank’s economists, “this refutes a popular misconception that banks act simply as intermediaries at the time of lending – i.e. that banks can only grant credit using funds placed with them previously as deposits by other customers”. By the same token, excess central bank reserves are not a necessary precondition for a bank to grant credit (and thus create money).”
The Reserve Bank of Australia (Australia’s central bank) has also contributed to the issue in a speech by Christopher Kent, the Assistant Governor on September 19th 2018.
“…… the vast bulk of broad money consists of bank deposits”
“Money can be created …….. when financial intermediaries make loans“
“In the first instance, the process of money creation requires a willing borrower.”
“It’s also worth emphasizing that the process of money creation is not the result of the actions of any single bank – rather, the banking system as a whole acts to create money.”
Disclaimer: All content is presented for educational and/or entertainment purposes only. Under no circumstances should it be mistaken for professional investment advice, nor is it at all intended to be taken as such. The commentary and other contents simply reflect the opinion of the authors alone on the current and future status of the markets and various economies. It is subject to error and change without notice.The presence of a link to a website does not indicate approval or endorsement of that web site or any services, products, or opinions that may be offered by them.
Neither the information nor any opinion expressed constitutes a solicitation to buy or sell any securities nor investments. Do NOT ever purchase any security or investment without doing your own and sufficient research. Neither BOOM Finance and Economics.com nor any of its principals or contributors are under any obligation to update or keep current the information contained herein. The principals and related parties may at times have positions in the securities or investments referred to and may make purchases or sales of these securities and investments while this site is live. The analysis contained is based on both technical and fundamental research.
Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.
Disclosure: We accept no advertising or compensation, and have no material connection to any products, brands, topics or companies mentioned anywhere on the site.
Fair Use Notice: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of issues of economic and social significance. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.