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By John Vibes


Most of the government mind control programs that exist are kept secret, but over the years there is one that managed to draw the attention of the public. That program was a government project called “MK Ultra,” a CIA operation that involved extreme methods of mind control that were tested on US and Canadian citizens. The projects began in the 1940s and ran until the 1970s when the details of the experiments were exposed because victims began speaking out about the conditions that they were subjected to.


There were 150 “sub-projects” within the MKU program, many involved advanced brainwashing techniques using psychological drugs, sensory deprivation and electroshock therapy.


A new class-action lawsuit was filed by families and survivors of MK Ultra experiments in Canada this week, since the controversial mind control experiments were also conducted there, as well as in the United States. The experiments were overseen by Dr. Donald Ewen Cameron, the first Chairman of the World Psychiatric Association, and president of both American and Canadian psychiatric associations.


         



      

The plaintiffs in the lawsuit were all involved in experiments at the Allan Memorial Institute of McGill University, but similar experiments took place in dozens of other locations across the U.S. and Canada. In most cases, test subjects were unknowingly entered into these dangerous studies after they reported common psychological problems like depression, anxiety or addiction.


Marlene Levenson, the niece of a deceased MK Ultra survivor named Phyllis Goldberg, who was recently interviewed by CTV News about the pending lawsuit, said that her family’s life was torn apart by the experiments and that her aunt was never the same again after leaving that hospital.


“When she would be with us, on weekends and so on, she didn’t communicate. She laughed for no reason. Her gait was very different. She couldn’t dress herself—she couldn’t do anything for herself. When you went to pat her, just as a gesture, she would cringe. That bewildered me—not realizing, or understanding, she had electric shock equipment put on her head so many times that it [remained] in her subconscious,” Levenson explained.


“I could not believe this was allowed. These were innocent people who went in for mild depression—even if it was severe depression, post-partum, neurological things that happened—they came out completely ravaged, and their life was ruined,” she added.






Angela Bardosh, another family member involved in the lawsuit, says that the experiments gave her mother schizophrenia.


“It’s horrific to go back—for me, it took years to go back and read my mom’s medical records. Within six months with the treatments that Dr. Cameron did, it turned her into an acute schizophrenic. She suffered greatly through the mental health system,” Bardosh said.


In 1973, when the experiments began receiving public attention, CIA director and chief architect of MKU, Richard Helms, destroyed records of the project, but some papers were misfiled and overlooked, providing evidence that the program existed. Just a few years later those misfiled papers would come back to haunt the Pentagon as they would expose some of the harsh realities behind the MKU program. After this evidence surfaced, dozens of victims came forth claiming to be test subjects in MKU experiments and filed lawsuits against the CIA.




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The governments of both the U.S. and Canada have done their best to avoid responsibility for these experiments, and although there have been several rulings in favor of some victims, these families are usually left to fight it out individually in court. In 2009, veterans groups attempted to sue the CIA over trauma and suffering caused by the experiments, and they are still appealing their case today. According to a report from Wired:


The experiments allegedly included “the use of troops to test nerve gas, psychochemicals, and thousands of other toxic chemical or biological substances, and … the insertion of septal implants in the brains of subjects in … mind control experiments that went awry, leaving many civilian and military subjects with permanent disabilities.” Subjects were tested without their consent, the veterans say. And when the trials were over, the government failed to “provide health care or compensation.”


In 1992, nearly 70 MK Ultra victims were awarded $100,000 by the Canadian government as restitution for the experiments, but many of the victims—including those involved in this most recent lawsuit—were not eligible for compensation because the ruling allowed for a very small window of qualifications, leaving out a very large number of survivors.


The group filing the lawsuit is seeking a public apology from the government as well as compensation, although it was not specified how much they are seeking.


John Vibes is an author and researcher who organizes a number of large events including the Free Your Mind Conference. He also has a publishing company where he offers a censorship free platform for both fiction and non-fiction writers. You can contact him and stay connected to his work at his Facebook page. John just won a 3-year-long battle with cancer, and will be working to help others through his experience, if you wish to contribute to his treatments consider subscribing to his podcast to support . This article first appeared at The Free Thought Project.


   
            


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2

       

      

By John Vibes


The Pentagon reportedly plans to spend more than $1 billion over the next few years developing advanced robots for military applications that are expected to complement soldiers on the battlefield, and potentially even replace some of them. As the US government uses $1,000,000,000 of your tax dollars to build killer robots, a new report just showed that forty percent of adults in America would have had to borrow money or sell something to pay an emergency expense of just $400.


The government’s war spending has reached epic proportions and all Americans have to show for it is poverty, less freedom, and now, a potential Terminator-esque future in which to look forward.


Army Project Manager Bryan McVeigh told Bloomberg that over 800 robots have already entered the ranks in the past two years.


         



      

“Within five years, I have no doubt there will be robots in every Army formation. We’re going from talking about robots to actually building and fielding programs. This is an exciting time to be working on robots with the Army,” McVeigh said.


McVeigh and other military agents celebrate the addition of robots into their ranks as a cost-saver and tool to aid them on difficult missions, but humanitarians fear that this could desensitize powerful nations from the consequences of war even more than they already are with the use of drones or far-reaching missiles.


There are currently no public reports of autonomous killing machines, as the military insists that all of these weapons will be operated by humans, but many experts are concerned that it is only a matter of time until the technology is taken to that level.



“It seems inevitable that technology is taking us to a point where countries will face the question of whether to delegate lethal decision-making to machines,” said Paul Scharre of the Center for a New American Security.


Last year, more than 100 tech experts, including Elon Musk, sent a letter to the UN urging the ban of autonomous robotic weapons.


“Once developed, lethal autonomous weapons will permit armed conflict to be fought at a scale greater than ever, and at timescales faster than humans can comprehend. These can be weapons of terror, weapons that despots and terrorists use against innocent populations, and weapons hacked to behave in undesirable ways,” the letter warned.






At least 26 countries have made similar calls for a ban on fully autonomous weapons, according to the Campaign to Stop Killer Robots.



“If you buy into the notion that it’s a moral and humanitarian issue—that you have machines making life-and-death decisions on the battlefield—then it’s a very simple issue. People have a sense of revulsion over this,” said Steve Goose, director of Human Rights Watch’s arms division and a co-founder of the campaign.


Goose also pointed out how this could make it easier for members of the military to kill people, entirely removing them from the consequences of war.


“There’s a value of someone being able to appreciate the human consequences of war. A world without that could be potentially more harmful. If we went to war and no one slept uneasy at night, what does that say about us?” he said.


It is likely that we are in the early days of a military robotics arms race. This week it was also reported that India is building a formidable artificial intelligence division in their military as well, even openly admitting the development of autonomous robots.




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Ajay Kumar, the secretary of the Defense Production Department in the Indian Defense Ministry, told the Times of India that his agency was “developing intelligent, autonomous robotic systems.”


“The world is moving towards AI-driven warfare. India is also taking necessary steps to prepare our armed forces because AI has the potential to have a transformative impact on national security. The government has set up the AI task force to prepare the roadmap for it,” he said.


India expects that they will have AI integrated into their military within the next two years, and despite the fact that the U.S. military claims that they are not working on autonomous weapons, it is not like them to allow anyone else to get the upper hand in an arms race.



John Vibes is an author and researcher who organizes a number of large events including the Free Your Mind Conference. He also has a publishing company where he offers a censorship free platform for both fiction and non-fiction writers. You can contact him and stay connected to his work at his Facebook page. John just won a 3-year-long battle with cancer, and will be working to help others through his experience, if you wish to contribute to his treatments consider subscribing to his podcast to support . This article first appeared at The Free Thought Project.


Image credit: Anthony Freda Art


   
            


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3

       

      

By The Dollar Vigilante


Jeff Berwick covers the latest trend in cryptocurrency that is seeing corporations attempting to regain control over blockchain technology through patents. Jeff breaks down how this is likely to play out, and what the real purpose of patents should be in the era of decentralization.



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4

       

      

By B.N. Frank


New book, The Confidence Code for Girls and its authors are receiving well-deserved media attention.  This week they were on Good Morning America.


From the book’s website:


But (confidence) does require a choice: less worrying about people-pleasing and perfection and more action, risk taking, and fast failure.


We have all benefited from digital and wireless technology.  Anyone with car trouble can testify that having a cell phone can be a lifesaver.


         



      

However, this technology was originally created to be used by the military in emergency situations for communication, surveillance, and war.  Decades of research proved many years ago that it is biologically and environmental harmful to use it more than that.  It’s especially hard on children and others that are vulnerable including pets, nature, and wildlife.


Men have always dominated the business world, medicine, science and politics.  Women have made strides but are still not equally represented considering we’re actually more than 50% of the population.


Corporations and elected officials are making money by completely and deliberately ignoring The Precautionary Principle in regard to new technology.  This has been going on for 20+ years already.  That’s why many refer to The Telecom Industry as “Big Wireless” and are comparing them to “Big Tobacco.”


Efforts to incorporate and install more harmful technology are increasing every day.  Mother Nature is suffering from this in addition to other widely recognized harmful pollutants.  Many of us are already suffering as well.


There are people from various backgrounds and educational levels who have already been speaking out against this.  Celebrities are using their platforms as well.  But slick marketing campaigns, paid scientists, outdated legislation and safety guidelines are continuing to be used to discount decades of research that have proven that cell phone and wireless WiFi radiation aren’t harmless.


Those who are speaking out against all of this don’t question the research that proves harm.  Many of us are trying to stop this out of love for the world and everything and everyone in it – even the stinkers.  We are sometimes bold with our love.  Jimi Hendrix wrote a song about being bold as love.  It’s as powerful now as it was 41 years ago and has been covered by many artists since.


Jimi wrote many songs about love during his 27 years on the planet.  But you don’t need to be a rock star or a celebrity to be bold as love.  You don’t even need to be a doctor or scientist to state what has become painfully obvious about harm caused by new technology.  However, you will need to stop worrying about “people pleasing” and make a choice to take action.


For more information, contact:



Center For Safer Wireless
Center For Electrosmog Prevention
Citizens for Safe Technology
Clear Light Ventures
Dr. Sam Milham
Electricsense
Environmental Health Trust
Generation Zapped
In Power Movement
National Association for Children and Safe Technology
Parents for Safe Technology
SaferEMR
Scientists for Wired Tech
StopSmartMeters.org
We Are The Evidence
Whatis5G.Info

   
5
Huffington Post General Discussion / Remy: The Longest Time (TSA Version)
« Last post by administrator on May 26, 2018, 07:28:08 PM »

       

      

By ReasonTV


Remy prepares summer travelers for groping season. “The Longest Time” parody written and performed by Remy. Background vocals and Mastering by Ben Karlstrom. Video produced and edited by Austin Bragg.



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Image credit: The Anti-Media


   
6

       

      

By Jack Burns


The Arizona State Supreme Court ruled this week that college students who are medical marijuana users will no longer have to live in fear of being arrested and labeled as felony drug users if they are caught on campus with their medicine. The ruling also has national implications in states where cannabis is legal for medicinal use but possession on campus is not.


The fight for justice in Arizona was led by Arizona State University (ASU) student Andre Maestas. His dorm room was raided in March 2015, and .6 grams of cannabis and paraphernalia were found. Despite having an MMJ card, Maestas was charged with felony possession of marijuana.


After medical marijuana was made legal in 2010, state lawmakers decided to expand the referendum’s prohibitions in 2012 to include K-12 campuses, city buses, correctional facilities and college campuses. Maestas and his lawyer, Thomas Dean, fought the felony charges all the way to the AZ Supreme Court, which sided with the student saying that the wishes of the people of Arizona must be respected and any modification to the original medical marijuana referendum must not further prohibit citizens from access to legal weed.


         



      

According to a report from AZ Capitol Times, the unanimous ruling “paves the way for any of the state’s other more than 160,000 medical marijuana patients to have their drugs on campuses without fear of arrest and prosecution under state law.” The court acknowledged universities still have the right to refer illegal drug users for prosecution but said MMJ users (who are AZ state-issued MMJ card holders) should not be “guaranteed” to be prosecuted if found in possession of legal weed.


The Arizona ruling has national implications as well as it sets a precedent for states who may also have legal marijuana programs in place but also fear the loss of federal funding because the federal government stubbornly maintains Cannabis as a Schedule I Narcotic as classified by the Drug Enforcement Agency. According to the ruling from the Arizona Supreme Court:


“A university does not have to guarantee prosecution for violations of its program. And it can refer violations of its program to the federal prosecutor,” the opinion states. “The State has not shown that a university would lose (or has lost) federal funding if a state prosecutor did not prosecute violations.


Arizona State University, Northern Arizona University and The University of Arizona have all indicated that they will continue to enforce board policy and applicable federal laws.


Following the Supreme Court’s ruling, The AZ Board of Regents issued the following statement, which indicates it will continue to respect federal laws, even though it is a state institution. The statement reads:


While the Arizona Supreme Court today has ruled that medical marijuana patients are not subject to criminal arrest if they have their drug on college and university campuses, the universities and the board may enforce administrative policies prohibiting drugs on campus.


The statement seems to indicate that medical cannabis users may still be kicked out of the conglomerate of universities. Such actions will also likely be challenged in court. For now, medical cannabis users may still want to medicate discreetly, being fully aware that the universities still have not resolved the details following the ruling.






Hitting the bong, firing up a joint, or using a vape pen may be legally allowed in someone’s dorm room, but Dean warned that students with MMJ cards should not immediately assume they can get away with it. Students may still be subjected to school discipline or even expulsion from the dorms if someone such as a Resident Assistant writes them up. They simply cannot be criminally charged with felonies even if the students choose do so.


“Bottom line—it’s not a crime to possess marijuana on university campuses. It’s not a crime to consume marijuana in a dorm room… The argument is very strong that vaping is not ‘smoking’ and may, in fact, be used on the college campus. The Supreme Court struck down the statute which criminalized MMJ on university campuses, for everybody, visitors, university professors and students alike,” Dean concluded, adding that a university professor could even vape MMJ in front of the class and not be charged with a felony.


Dean told The Free Thought Project that he is hopeful an initiative will put recreational marijuana on the ballot in November, but that he lacks funding to secure all of the signatures necessary for full adult-use legalization.


Phoenix’s Maricopa County District Attorney Bill Montgomery has yet to make any public comments on the ruling. Montgomery, whose office is estimated to receive up to $2 million per year from TASC, a private drug-treatment company, has been accused of being incentivized to charge anyone and everyone found in possession of marijuana with felonies—even if it is just residue.


The blatant conflict of interest does not seem to faze the DA who has publicly voiced his objections to medical marijuana, even though legal weed helps far more people than it harms.


Maestas rejected the drug diversion program offered by the DA and run by TASC, fought the charges, was found guilty, appealed to the AZ Supreme Court, and won. Now Arizona university students who are medical cannabis users no longer have to fear prosecution, but they also cannot light up a joint and smoke wherever they wish. Universities still must iron out those important details to answer the question of how, when and where they can legally take their medicine.




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Even though Arizonans have voted to make MMJ legal, possession of cannabis is still considered a serious felony. Arizona is the only state in the United States where possession of cannabis in any amount, even residue, is still considered a felony. We repeat: It’s the only state. Every other state has decriminalized possession to a misdemeanor.


It is high time—pun intended—for the Arizona State Legislature to end the practice of making criminals out of its citizens for possession of small amounts of cannabis. Even MMJ users get caught up in TASC, forcing them to be subjected to legalized extortion of their financial resources all in an effort to avoid felony convictions on their arrest records. How can a state have a legal weed program and continue to charge everyone else with felonies? It just does not make any sense—unless, of course, it is all about the money.


Dean said he wants five things from future Arizona cannabis legislation: immunity from DUI charges for having metabolites in one’s blood, protection from having one’s children taken away for being a cannabis consumer, expungement of criminal records for prior marijuana offenses, marijuana crimes no longer being defined as “felonies” in the state, and home-growing as a legal option for marijuana consumers.


Dean told TFTP that he hopes other states refer to the Arizona decision for guidance. At any rate, history has been made in the state.


“We’ve been fighting the marijuana prohibition for 48 years—it’s a combination of the prison-industrial complex and Reefer Madness,” Dean said. “Medical marijuana has shown us the sky is not going to fall if people smoke marijuana legally. We’ve been lied to about this drug. It’s not true what they’ve told us about cannabis. The government has done the public a disservice when they lied to us about marijuana and they now run the risk of never being believed.”


Jack Burns is an educator, journalist, investigative reporter, and advocate of natural medicine. This article first appeared at The Free Thought Project.


   
            


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7

       

      

By John Vibes


Billionaire entrepreneur Elon Musk, the founder of Tesla, Space-X, and PayPal, recently posted a series of Tweets pointing out how media organizations have an obvious incentive to give bad press to electric cars and alternative energy in general.


Musk was unforgiving towards the mainstream media in his epic Twitter rant, calling them hypocrites and saying that the public no longer trusts them. He said that he doesn’t advertise for Tesla, his electric car company, which means that he contributes no money to the media, who depend on advertising dollars to stay in business.


On the other hand, the traditional auto industry and fossil fuel companies are among the world’s largest advertisers, meaning that they are one of the primary industries keeping the mainstream media in business. When it comes time to cover a story that involves these industries, journalists, and media organizations have an obvious bias and conflict of interest that will influence their coverage of the story even if they were not given explicit orders to create propaganda.


         



      

“The holier-than-thou hypocrisy of big media companies who lay claim to the truth, but publish only enough to sugarcoat the lie, is why the public no longer respects them. Problem is journos are under constant pressure to get max clicks & earn advertising dollars or get fired. Tricky situation, as Tesla doesn’t advertise, but fossil fuel companies & gas/diesel car companies are among world’s biggest advertisers,” Musk said.










One of the dark secrets of the advertising industry is the fact that commercials are not always intended to sell something, but are sometimes an undercover bribe, which corporations use to control the narrative on the sponsored news sources. An obvious example of this is how military arms suppliers like Boeing or Lockheed Martin will advertise on major networks despite the fact that their products are not available for sale to the people watching the advertisements.


It is no coincidence that international stories are covered with a pro-war slant on every major media platform when the arms dealers are advertising on each one—in fact, that is the very reason they advertise. The same goes for recruitment ads for the military, these serve the double purpose of recruiting and also controlling the narrative of the media outlet by becoming their sponsor.


Next, Musk announced that he was planning on creating his own media ranking website that would rate the credibility of journalists by crowdsourcing reviews from readers. He also put up a poll asking his followers if it would be a good idea, or gave the sarcastic option of “no, media are awesome.”



8

       

      

By B.N. Frank


On May 22, 2018, NPR featured another program about the April 2018 article by The Nation about how “Big Wireless” has made us think cell phones are safe.



A new Nation magazine investigation explores how big wireless companies used the same playbook as big oil and big tobacco to deceive the public and create the appearance of scientific uncertainty, while making people think that cell phones are safer than independent science suggests.


Decades ago, the wireless industry’s own scientists privately warned there were “serious questions” about wireless radiation’s links to cancer and genetic damage.  What does the science say?



         



      

When I first read The Nation article and the way they described how “big wireless companies used the same playbook as big oil and big tobacco to deceive the public…” I couldn’t help but think of the 2005 film, Thank You For Smoking and Big Tobacco Lobbyist character, Nick Naylor.


Former FCC Chairman, Tom Wheeler is a high profile lobbyist for “Big Wireless.”  He talks like Nick Naylor except he’s not sexy like Nick.


Featured guests on the May 22, 2018 NPR program were Dr. Devra Davis, epidemiologist, founder of the non-profit Environmental Health Trust, and author of Disconnect: The Truth about Cell Phone Radiation and The Secret History of the War on Cancer and Mark Hertsgaard, independent journalist and co-writer of the recent Nation article.


Many comments were made about this NPR program and they are all worth reading – even the ones by the “Doubting Thomases.” There will always be “Doubting Thomases” regardless of how much research is provided.  There are people who still don’t believe cigarettes are harmful.  Whatever.


Many U.S. news stations are also covering cell phone and wireless radiation concerns.


More references to research and the article by The Nation may be found at the following links and websites:


Big Wireless” Uses Big Tobacco Tactics To Divide And Confuse Us On Cell Phone Safety. 2005 Film, “Thank You For Smoking” Demonstrates The Process


Whose Research Is It Anyway? Meet One Scientist Who Gets Paid to Defend Both Tobacco and Wireless Products


Can You Handle The Truth? Lab Testing Can Determine When Health Woes Are Related to Cell Phone Radiation, WiFi, and Electrical Pollution (Electrosmog). 


Warning:  Cell Phone Radiation May Be Hazardous to Your Health






Leaky Gut Syndrome” Is For Intestines — “Leaky Brain Syndrome” Could Be For The Blood-Brain Barrier Exposed To Cell Phone and Wireless (WiFi) Radiation


Give Love Not Tech: No “Safe” Level of Cell Phone or Wireless (WiFi) Radiation Has Been Scientifically Determined for Children or Pregnant Women


Research Results Don’t Change Fact That Silicon Valley Parents Have Already Limited Their Own Children’s Exposure to Wireless Radiation Tech


Newsweek Is The Latest to Warn about Cell Phone Radiation, WiFi, and 5G Technology Causing Harm


CBSNews.com #6 Dumb Thing to Boost Possible Cancer Risk: Talking More Than a Few Minutes on a Cell Phone


CBSNews.com: #2 Dumb Thing to Boost Possible Cancer Risk is Carrying Cell Phone Too Close to Body




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In 2011, The National Institutes of Health (NIH) Acknowledged Cell Phone Radiation Affects Brain But Wasn’t Sure It Mattered Even Though Earlier Research Said It Did. 


How Your Cell Phone Can Make You Unattractive and Ruin Your Relationships: Acne, Impotence, Premature Aging, Reduced Impulse Control, and More 


Do You Love Your Kitty Enough to Trade Your Smart Phone for a Flip Phone? New Study on Big Cats Explains Why You Should


Your Pets May Be Affected by WiFi and Electronic Devices Even if You Aren’t.”


Bill Maher on How Every Generation Could Be Called the “What Were You Thinking?” Generation. Cell Phones in Pockets Included In Current List of Senseless Behavior. 


If Wireless Radiation Exposure Is No Big Deal, Why Do Manuals for Cell Phones, iPads, Wi-Fi Routers, Etc. Include Guidelines and Warnings?


For more information, visit the following websites:



Center For Safer Wireless
Center For Electrosmog Prevention
Citizens for Safe Technology
Clear Light Ventures
Dr. Sam Milham
Electricsense
Environmental Health Trust
Generation Zapped
In Power Movement
National Association for Children and Safe Technology
Parents for Safe Technology
SaferEMR
Scientists for Wired Tech
StopSmartMeters.org
We Are The Evidence
Whatis5G.Info

Image credit: The Anti-Media


   
            


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9

       

      

By Jason Ditz


In a 351-66 vote, the House of Representatives has passed their version of the 2019 military spending bill, the National Defense Authorization Act. The NDAA intends to spend $717 billion in the next fiscal year on the military, wars, and nuclear arms.


This is another substantial increase in military spending, broadly supported within both parties. Only 7 Republicans voted against the bill, while Democrats were a bit more split on the matter. Either way, amendments intended to limit nuclear weapons spending or the like were roundly defeated.


One amendment that did manage to make its way into the NDAA was from Reps. Ro Khanna (D-CA) and Barbara Lee (D-CA), which demands the Department of Defense investigate if US allies in Yemen were torturing detainees.


         



      

The UN had already confirmed that UAE forces were responsible for acts of torture in Yemen, and the investigation is intended to find out if US troops in the country have, in violation of US law, been participating in Emirati torture sessions.


The NDAA bill passed today still has to be reconciled with the Senate version, which was passed by committee in a closed session. Once the two are reconciled, there will be final votes, though there appears so far to be little momentum to resist the ever growing expenses.


By Jason Ditz / Republished with permission / ANTIWAR.COM / Report a typo


   
10

       

      

By Dave Kranzler


Rising energy prices and collapsing emerging currencies are two developments that are not receiving much attention in the mainstream propaganda narrative. But either development which could end up “pulling the rug” out from underneath the markets.


I pieced together the graphic below from an article on Zerohedge about the developing currency and debt crisis in emerging markets and, specifically, Latin America. This topic is not receiving much attention from the mainstream financial media. I guess facts that undermine the “strong economy” narrative go unreported. If it’s not reported, it doesn’t exist, right?


         



      


The top chart shows the abrupt plunge in an index of emerging market currencies. But most of that decline is attributable to the plunging currencies in Latin America. Currently the Brazilian real is in free-fall, followed closely by the Mexican peso.


The bottom chart shows an index of emerging market debt prices. The index has plunged over 6 points, or nearly 7% since mid-April. In terms of bond prices, that’s a mini-crash. And that’s an index. Individual bond issues are getting massacred.


I was trading junk bonds in 1994 when the emerging market debt crisis hit hard in late January. Prior to that, emerging market debt issuance had just been through a mini-bubble. The money pumped into the system by Greenspan to “save the markets” from the collapse of Drexel Burnham and the related S&L collapse, plus to save the markets from the blow-back from the collapse of Russia, precipitated a mini-boom in high yield and emerging market debt.


The crisis started with a loss of confidence in the Mexican banking system and quickly spread like the flu throughout Latin America. The effects soon spilled-over into the U.S. markets. Between January and the end of March 1994, the Dow plunged 10.6%. The credit markets were a mess, especially the junk bond market. A friend of mine on the EM desk at BT was worried about losing his job.






It’s impossible to know the extent to which central banks are working to prevent the current EM crisis from spreading, but at some point there will be a spillover effect in our markets.


As everyone knows, Deutsche Bank has resumed the collapse that started in 2008 before the Fed, ECB and Bundesbank combined to keep DB from collapsing. Why was DB saved? Because DB’s balance sheet likely represents the largest systemic risk to the global financial system. It has been burning furniture for years and now the bank is unloading more than 10% of its workforce as well as dismantling its North American and Investment Banking operation. 25% of the equity sales and trading personnel are being eliminated.


No one outside of DB has any possibility of understanding DB’s OTC derivatives book. It’s highly probably that DB insiders do not understand the scale of counter-party risk exposure. When DB acquired Bankers Trust, Anshu Jain took the emerging market derivatives business and injected it with steroids. Why? Because the fees were enormous.




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On top of this, DB has enormous exposure via credit default swaps to the risky southern European financial systems. A good friend of mine has reason to believe that if Italy goes into a tail-spin, it could take DB down with it.


In truth, we don’t know how bad the situation is inside DB because the financial reporting requirements imposed on banks have been substantially rolled-back over the last several years. However, really bad news began to leak out on DB about the time the LIBOR-OIS spread began to rise and the dollar began to rise quickly. The misdirection propaganda attributed this to corporate dollar repatriation connected to the Trump tax cuts. Now the cost to buy credit protection on DB debt is starting to soar. Credit default swaps have become the financial’s new “smoke alarm.”



DB’s stock is down nearly 39% since December 18, 2018. Since mid-January 2014, DB stock is down 78%. Not sure why this fact doesn’t get coverage from the mainstream financial media other than the fact that it throws a wet blanket on the warm and fuzzy “synchronized global recovery” fairytale.


You can read more from Dave Kranzler at his site Investment Research Dynamics.


   
            


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