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Stocks Resume Rise To New Records As US Prepares For First Annual Deflation Since 2009
Following a quiet overnight session in which the main event appears to be a statement by Chinese premier Li for more active fiscal policy, which has pushed the metals complex higher, although technically every other asset class as well, with US equity futures set to open in fresh record high territory, even as 10Y yields around the world continue to decline, attention today will fall on the CPI print due out shortly, because if consensus is correct, January will be the first month this decade when US inflation posts a negative print, mostly due to the delayed effect of sliding commodity prices.
As Deutsche recaps, the most important number today is the headline CPI where the headline YoY rate is predicted to be negative by the market (-0.1%) for the first time since 2009. Over this period the YoY rate stayed negative for 8 months. However before this we hadn't seen a full year decline since August 1955. So these continue to be unusual times and with very few predicting inflation successfully over the last few months or even years it is hard to say with certainty where the bottom will be and how steep a recovery we'll see. The Fed are amongst those who have not predicted inflation very well and the main issue with a rate rise this summer is that it appears based on faulty forecasts of a recovery in CPI-measured inflation. In other words, a few months before what may be the first US rate hike for a new generation of traders, the US is set to print its first annual deflation since Lehman, transitory or not.
European equities trade in positive territory with today’s session being particularly light in terms of macro newsflow. Nonetheless, on a sector specific basis, energy names initially led the way higher for Europe after WTI crude futures managed to hold above USD 50bbl after breaking above the handle yesterday. However, heading into the North American crossover, basic material names jumped to the top of the pile as precious metals managed to extend on their recent gains. In fixed income markets, Bunds saw an early bout of strength as European equity futures came off their best levels, with the Mar’15 future printing a fresh contract high in the wake of yesterday’s substantial gains. Elsewhere, Portugal was the latest nation to see their 10yr yield break below 2% for the first time with Italian, Dutch and Irish 10yr paper already printing record lows this week. Nonetheless, volumes for the Bund remain relatively light with participants awaiting key tier 1 data release from the US at 1330GMT.
Hang Seng (+0.5%) and Shanghai Comp (+2.1%) outperformed on speculation of further PBoC easing measures, after Chinese Premier Li called for more active economic policy. However, gains for the Hang Seng were trimmed after S&P lowered their 2015 Chinese GDP growth forecast to 6.9% from 7.1%. Nikkei 225 (+1.08%) posted fresh 15-yr highs underpinned by JPY weakness, of note S&P reduced Japan's 2015 GDP growth forecast to 0.7% from 1.3%.
Overnight, AUD was dragged lower after Q4 Australian Capex data (Q/Q -2.2% vs. Exp. -1.6% (Prev. 0.2%) saw a 2nd consecutive decline. This prompted markets to push ahead expectations for a 25bps RBA rate cut next week, with odds now at 53% vs. 38% before today's data. Nonetheless, AUD was granted some reprieve heading into the European open following the upside in metals markets, this also benefited CAD with USD/CAD slipping below 1.2400. Elsewhere, NZD was able to hold onto its gains following its surprise trade surplus, while the fall in US yields saw USD/JPY break below its 50DMA seen at 118.79.
In commodity markets, spot gold has risen throughout the session with the yellow metal breaking above its 100DMA at USD 1216.29/oz as USD continued to weaken in the wake of Fed Chair Yellen’s more dovish than expected 2-day testimony and calls by Chinese premier Li for more active fiscal policy. Subsequently copper traded higher overnight and is on track for its best month in nearly 2½ years, while Dalian iron ore futures were also supported in tandem with the gains seen across metals amid USD weakness. In the energy complex, both WTI and Brent crude futures trade relatively unchanged with WTI managing to hold above the key USD 50/bbl level following yesterday’s DoE inventory report which although showed a larger build than expected, the figure was relatively in-line with the latest API report.
In Summary: European shares are near their session high with the basic resources and chemical sectors outperforming and media, utilities underperforming. The Italian and Spanish markets are the best-performing larger bourses, Swiss the worst. The euro is little changed against the dollar. German 10yr bond yields fall; Spanish yields decline. Commodities gain, with WTI crude, natural gas underperforming and copper outperforming. U.S. jobless claims, continuing claims, Bloomberg consumer comfort, CPI, FHFA house price index, Kansas City Fed index, durable goods orders, capital goods orders due later.
In addition to the inflation data, we’ve got durable goods orders, capital goods order, jobless claims, FHFA house price index and the Kansas City Fed manufacturing activity print to keep us busy.
Market Wrap
- S&P 500 futures up 0.2% to 2114.2
- Stoxx 600 up 0.4% to 388.2
- US 10Yr yield down 2bps to 1.94%
- German 10Yr yield down 4bps to 0.29%
- MSCI Asia Pacific up 0.5% to 146.9
- Gold spot up 1% to $1217.1/oz
- Asian stocks rise with the Shanghai Composite outperforming and the Sensex underperforming.
- MSCI Asia Pacific up 0.5% to 146.9
- Nikkei 225 up 1.1%, Hang Seng up 0.5%, Kospi up 0.1%, Shanghai Composite up 2.2%, ASX down 0.6%, Sensex down 0.9%
- Euro down 0.02% to $1.1359
- Dollar Index down 0.01% to 94.21
- Italian 10Yr yield down 11bps to 1.35%
- Spanish 10Yr yield down 12bps to 1.26%
- French 10Yr yield down 5bps to 0.56%
Bulletin Headline Summary from Bloomberg and RanSquawk
- A rise in metal prices has provided a boost to European equities in what has been a session relatively void of macro newsflow so far
- The move higher in metal prices has seen AUD pare overnight losses, with CAD also benefiting, dragging USD/CAD below 1.2400
- Looking ahead, the main focus for today’s session will come at 1330GMT/0730CST with the release of US CPI, Durables, Weekly Jobs and Canadian CPI
US Event Calendar
- Initial Claims 290k; range 280k to 315k (49 estimates)
- Cont. Claims 2394k; range 2330k to 2420k (10 estimates)
- CPI m/m -0.6%; range -1% to -0.3% (87 estimates)
- Core CPI m/m 0.1%; range -0.2% to 0.2% (83 estimates)
- CPI y/y -0.1%; range -0.5% to 0.2% (50 estimates)
- CORE CPI y/y 1.6%; range 1.4% to 1.7% (49 estimates)
- Durables 1.6%; range -4.5% to 4% (82 estimates)
- Durables Ex-Trans 0.5%; range -1.4% to 1.5% (57 estimates)
- Cap Gds Nondef Ex Air 0.4%; range -1.9% to 3.5% (20 estimates)
- Cap Gds Ship Nondef Ex Air 0.2%; range -1% to 3% (7 estimates)
- FHFA HPI m/m 0.5%; range 0.1% to 1% (20 estimates)
- KC Fed 3; range 2 to 5 (6 estimates)
DB's Jim Reid concludes the overnight recap:
Just when you thought it was safe to look at other things, the Greece saga continues to generate interesting headlines. An area that we highlighted earlier in the week that continues to simmer is the tension within the current government itself following the accepted reform proposals. Yesterday we heard in the UK Telegraph that the economy minister Stathakis plans to block a potential privatisation of strategic assets. Specifically Stathakis was quoted as saying ‘we will cancel the privatisation the Piraeus Port’ and that ‘it will remain permanently under state majority holding’. Meanwhile the energy minister, Lafazanis, was quoted as saying that ‘there will be no energy privatisations’. The same article also noted that during a 12-hour closed-door crisis meeting for the government yesterday, the group’s left platform were said to have voiced their anger over the weekend’s news with an MP quoted as saying that ‘a lot of SYRIZA MP’s are very troubled by the deal and they are being pretty open about it’. The ongoing state of the relationship between members will clearly be an important issue to keep an eye on given the need for the refined reform proposals to pass through Greek parliament
Quickly turning to trading in Asia this morning, bourses are largely trading firmer as we go to print. The Nikkei (+0.75%), Hang Seng (+0.76%) and Shanghai Composite (+1.39%) are all higher. The Kospi (-0.08%) is a touch lower. Just on China, our China economist Zhiwei Zhang yesterday previewed the upcoming annual meeting of the National People’s Congress (NPC) which is due to start March 5th. Zhiwei believes that the government will likely cut the growth rate for China to ‘around 7%’ from ‘around 7.5%’. At the same time he sees the government as possibly increasing the fiscal budgetary target and cutting the M2 growth target. Zhiwei believes that the policy tone will not be a huge surprise and these targets have been discussed since late 2014. Rather the tone is to allow slower growth and to broadly maintain the current policy stance. He does believe however that policy and growth targets are inconsistent and that the downward pressure on growth is at its highest since 2008. Zhiwei reiterates his view that there are rising risks of a mini-hardlanding in 2015 and that the economy continues to face a fiscal shock. Our colleagues believe that their 7% GDP forecast faces downside risks as a result of policy easing happening too late and growth remaining weak in the second half of this year.
Back to markets yesterday, it was fairly subdued on the whole with the US in particular appearing to be in a holding pattern between Yellen’s talks and today’s inflation data. In terms of price action, the S&P fell from its all-time highs to close -0.08% although in reality it traded in a narrow range for much of the day. There were similar subdued moves in Treasuries with the 10y benchmark yield finishing 1.1bp lower at 1.969%. The Dollar meanwhile closed weaker with the DXY finishing 0.30% lower. Oil markets did however give a boost to equity markets as the energy component finished +0.42%. Both WTI (+3.47%) and Brent (+5.06%) took a sharp leg higher after recent weakness following reports on Bloomberg that the Saudi Arabian oil minister commented that demand is still growing.
Closer to home, bourses in Europe were generally softer although like US equities, they also traded in a fairly subdued manner. The Stoxx 600 (-0.13%) and CAC (-0.09%) finished lower although the DAX (+0.04%) closed a touch higher. Bonds markets were firmer however with 10y yields in both Germany (-4.9bps) and France (-3.9bps) closing lower. Amazingly we also saw yesterday that Germany issued 5y Bunds at a negative yield for the first time on record. According to the FT, Germany managed to issue €3bn of the bonds at a yield of -0.08%. If you came down from Mars you wouldn't believe this was possible the day after we at DB raised our 2015 German GDP forecast from 1.4% to 2%. In fact the German yield curve is now trading in negative territory until the 7y maturity mark – which itself is also close to dipping below 0%.
Away from the obvious focus on the CPI print in the US this afternoon, focus this morning in Europe will likely be on consumer confidence and employment data in Germany. As well as this, we’ve also got money supply data due in the Euro-area and retail sales out of Italy. Over in the UK, the preliminary Q4 GDP will keep us busy and at the same time we’ll receive various confidence indicators for the Euro-area. It’s no less busy in the US this afternoon. As well as inflation data, we’ve got durable goods orders, capital goods order, jobless claims, FHFA house price index and the Kansas City Fed manufacturing activity print to keep us busy.
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Seems about right....
The last talk I heard about fundamentals was around 2008.....ish.
"Don't hit me with those negative waves so early in the morning"
https://www.youtube.com/watch?v=ncbEucjsNFU
Deflation huh, fed will have their excuse soon.
http://debtcrash.blogspot.com/2015/02/history-and-introduction.html
Funny, I don't remember prices going down at the grocery store lately . . .
I'm gonna say that stawks will finish off the lows today.
Negative CPI bullish, right?
DavidC
I'm all in..... SNORT!
Good luck.....we're all pulling for you!
Stawks.....so easy a Caveman could do it.
Thanks for not making her ask.
"Deflation" Fantastic...This is what the un-fed dreams about, they love deflation, right?
This better than expected news will propel the stawk market to awesome new highs!
Please in a world with 7+ billion people all competing for a higher standard of living and all the finite resources that make that possible, "deflation" is a fucking myth. So long as the population is growing and competing for a higher standard of living (most do not enjoy a decent standard) then there is plenty of demand.
Absolutely they love it. They are sittin on $T's of bonds. As the dollar strengthens, those Bonds are worth more. Thats when the Phd lightbulbs start to go off. Print more money and sell more bonds!!!!
sell your tips and buy the dips
It's painful to watch Joe and the other idiots on CNBC. As an engineer, when someone starts out their argument with the word potential, I stop listening.
I agree they are true knucklers, but who's to say that you being on the wrong side of nature isn't just as knucklish.
As soon as I see Joe Kiernan's face I change the channel. The man is a NWO clown.
It's painful to watch Joe and the other idiots on CNBC. As an engineer, when someone starts out their argument with the word potential, I stop listening.
So painful I had to post twice
Thanks for watching for me......I really appreciate it.....and I'll bet they do to.
Try the button on the side marked Power, it may also look like a circle with a line.
Is anyone else able to see their own or others' lists of comments at http://www.zerohedge.com/search/user_comments?name=INSERT+USERNAME, or are you folks also getting:
403 Forbiddennginx/0.8.55
Maybe the FCC voted early...
Nah, they're neutral!? WTF?
So neutral.....they refuse to talk to Congress.
Congress <--- who do those guys think they are?
getzeegold, I should have put the sarc tag on, sorry
same problem here, yesterday it worked
Yep.
Hoping they also fix the fact that usernames aren't getting injected into the query string from the user profile page. Annoying to have to re-enter it.
"Is anyone else able to see their own or others' lists of comments"
Maybe they're busy sterilizing the Mein Kampf thread.
SPX@2114 what a joke! But a joke backed by central banks.
Janet Yellen approves this message.
Deflation with 0% interest rates!!!? If this doesn't signal the global economic collapse, I dont know what does. Forget about raising interest rates, not going to happen this year. More likely tol see negative interest rates
Deflation. The hidden menace. You can dress a zombie in haute coture, and it still likes to eat raw human brains. Velocity is at a crawl. No-one is buying gas, even at half price. The debt-deleveraging avalanche has just brken loose- the first few yards of snow has slumped down off the cornice, and far below at the lodge, all the day-traders and gold-stackers have donned their apre-ski outfits and are drinking cognac by the fire...
Deflation...is that Janet's biggest enemy?
Paging Printer Lead to the white courtesy phone!
Fire them up baby, we need to print a couple of trillion today!!!
Marvelous
Yet PM's are on the rise currently (though wait til NY market open for the monkies w/ hammers to come out).
Something smells fishy. Perhaps the inflation stats?
Central banks are the cause and the effect of this whole mess.
Audit the shit out of them and post the results viral, we need to start gettin 12 year olds talking about it before anything will start to get done about bringing the criminals to justice.
the illusion that it's central banks, plural, is one of the causes and effects of this whole mess
there is only one global reserve currency on this world, and it's issued by one central bank only
which is private. most central banks belong to their governments (yes, even the Bank of England)
which is not audited. most central banks are audited (yes even the ECB. it's the EU org that is badly audited)
but don't let facts go against the flow of rants
CBs are all in collusion....esp the big players like the FED, ECB, BOE, BOJ.....similar policies, Fed passes the baton to Europe and Japan to pave the way for the next move up, which will lead to our next crisis. Have we been here before?
CBs... like the Russian and the Chinese ones? as I said before, as long as there is no clear, critical thinking, the FED will reign supreme
you dear cousins have a wish and a need to simplify the rest of the world to the max. I wonder how many understand the concept of Currency War
The problem is not just the Fed dude, its the mechanism underlying money creation in all CBs/fractional reserve systems. "Modern money mechanics" is what I'm talking about.
Its unethical to charge interest on a principal created out of thin air at no effort and no opportunity cost. Interest should only be charged by entities who actually have a real opportunity cost for lending out their limited funds...i.e. those without the magic of the money printer.
Debt based "growth" is delusional and fatal in very high doses, esp on a national and international level. If you are on a 50K income and borrowed a million dollars and spend it, people would have the illusion that you are rich and wealthy, until you start paying it back...with more debt. Then the game is up. Greece was allowed to do this in the EU, thanks to JPM and the willful ignorance of zee Germans, now the margin calls are coming in and the poor planning of the one way club is starting to bite.
+1, not on all, but on most. but fractional banking is not the same as central banking. You could have full-reserve banking system and still have a national bank, and reasons for that abound
Hey, can I sign up at Wyotech for that Modern Money Mechanics deal? I think that's the future....
Define "audited", all governments and societies have off balance sheet activities and dark pools doing God knows what you statist fuck.
nope. your "all" is wrong, and your "statist fuck" is, in my view, a sign of the weakness of your argument
the ECB, interestingly, is expressly forbidden to use any off balance sheet "vehicles" for reasons that would be clear if you would think for a short moment about who is member of the ECB, i.e. national banks that are naturally very distrustful of each others, and have an inkling of what can be done, there
you know what? even the quality of the comments of long time users like you is decreasing
perhaps it's time I leave this place. too big hats, too little search for facts
Whenever I hear this word "audited", the first thing that pops into my head were the bank 'STRESS TESTS' that they made a big show about a few years back. What a joke that was.
As for the 'quality of comments'... All I can say is that when the entire world has reached the present 'FARCE-O-METER' readings, there's not much anything interesting anyone can say.
We might as well all be sitting around doing technical analysis thesis on betting which crow is gonna fly off the fence next.
I clearly see no solution from 16 country's who all have there own form of unsustainable denial, and then they ask where did it all go wrong? But the list goes on and on. A return to the gold standard and responsibility is one thing they will refuse to do, go to war over their beliefs is another thing they are sure to do, if they were given the chance, but they are in too deep, and time is running out for them, it's called consequences bitches! The blind type.
which are the countries that don't wish for a return of gold? in other terms, who was shocked by Nixon, 1971? you are barking up the wrong tree, imho
Ghordius; Don't leave you seem smarter than me.
The thing is power & who has the power & who should be listened to... it is as old as the Roman-Chatholic Empire. This is what happens in a room with USSA Representatives and in the EU maybe.
Here is a guide (LT US Treasury Holdings) to who is listened too in the EU or by the USA:
I think this represents not only who has power to be a player at the table with the USA, US Hegemony over the world, but a concerted Strategy to implement a world Government based on Fealty to the State as ultimate authority through corporatism & finance, military protection for world trade, Open Border Treaties, Free Trade Treaties, and the Financial power of the USA & European Allies... which will merge into alliances with Asia, South America, and Australia.
Remember to add China and Hong Kong together for China Total.
http://www.treasury.gov/ticdata/Publish/shl2002r.pdf
http://www.treasury.gov/ticdata/Publish/shla2013r.pdf
(http://www.treasury.gov/ticdata/Publish/mfh.txt)
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm
Last Data is from December 2014.
Belgium 2002 = $10.8 B, then 2013 = $163 B, Today $335 B
Bermuda 2002 = $14 B, then 2013 = $94 B, Today ??
Cayman Islands 2002 = $10.7 B, then 2013 = $66 B, Today ??
Canada 2002 = $8.4 B, then 2013 = $46.6 B, Today $69 B
China 2002 = $95 B, then 2013 = $1,272 B, Today $1244 B
France 2002 = $11 B, then 2013 = $42.4 B, Today $79.2 B
Germany 2002 = $38 B, then 2013 = $54 B, Today $72.7 B
Hong Kong 2002 = $37 B, then 2013 = $89 B, Today $172.6 B
India 2002 = $5.2 B, then 2013 = $56.6 B, Today $83 B
Ireland 2002 = $6 B, then 2013 = $91 B, Today $138.6 B
Japan 2002 = $260 B, then 2013 = $1,023 B, Today $1231 B
Luxemburg 2002 = $20.2 B, then 2013 = $107 B, Today $172 B
Mexico 2002 = $16.7 B, then 2013 = $52.7 B, Today $84.8 B
Norway 2002 = $5 B, then 2013 = $74 B, Today $81.6 B
Philippines 2002 = $3 B, then 2013 = $36 B, Today $40.6 B
Poland 2002 = $7 B, then 2013 = $31 B, Today $27 B
Russia 2002 = $3 B, then 2013 = $138 B, Today $86 B
Singapore 2002 = 19.4 B, then 2013 = $82 B, Today $110 B
Switzerland 2002 = $28 B, then 2013 = $157 B, Today $190 B
Taiwan 2002 = $0 B, then 2013 = $183 B, Today $175 B
Turkey 2002 = $2 B, then 2013 = $18 B, Today $77 B
United Kingdom = $45.7 B, then 2013 = $130.6 B, Today $189 B
It may not be a great guide for your purposes, but even Russia, China, Oil Producing Nations, and Offshore Banking Nations have a place here since they want a seat at the table.
+1, and thanks
re "statist fuck", since you and Remus seem be convinced I'm a "statist apologist": why don't you disclose the coordinates of your state-free territory, so that I can visit and make myself an opinion?
I presume anyway you pay taxes to a state that has plenty of military bases around the world. but go on, who cares about hypocrisy
Implementation of any law, action, tracking, monitoring, accounting, transparency, FOIA, response to citizen requests, response to Junior congressman request,... then adequate funding levels, adequate staffing, adequate authorization for staffing, adequate power & authority for auditors & Inspectors... and on and on.
The game is to appear frustrated with all the requests from auditors & the expense of auditors...
"we don't have time for your education young man, so since you are in adequate we must move on."
Yeah, inquiries don't always work without checks and balances and power for the auditors & inspectors.
Central Banks are Self Regulating.
That is the Problem.
People don't think of it that way.
-------------------------------
--- Teeth's US Dream Anthem --
-------------------------------
- It is 1 Minute to Midnight: Neo-Feudal Debt Slavery & nuke war
- Problem is Bankers, Politicians, Lawyers & Judges
- Failure of Self Regulation of Bankers, Politicians, Lawyers & Judges
- US Constitution is Usurped, Gone are Budget Powers, Legislative Powers, War Powers
- Money has taken over the Government, Banking, Universities, Science
- American Dream is over, Corruption is the same in all Countries now
- Old American Dream may serve as basis for new Country someday
-------------------------------
--- Teeth's US Dream Anthem --
-------------------------------
$1214 an Oz & $16.76 an Oz?
Not sure I'd call that a Rally.
this is the best market that fed printing can buy
In old capitalist USA, you buy printer.
In new socialist USSA, printer buys you!
How can gold hyperinflate in a deflation?
Perhaps it will track the price of food....that's not going down.
Don't believe me....visit a Walmart.
If you want to know the "answer", just ask a gold middleman. He will be happy to show you the light. If you are asking an Emperor's clothes question, then you already know the answer- it can't. Gold holds its value, despite the fluctuations of a fiat money supply... well, that is what we are told in an inflation, where gold is a store of value against a devaluating fiat currency. But in a deflation, if gold "holds its value", that value decreases in relation to a fiat currency, as that scarce fiat currency grows in buying power. Damn! Why does it have to work both ways?
How much gold does it take to buy a crust of bread? Well, it depends on how much bread-crust is available, doesn't it?
Wait! Who are you? I thought that gold was magic, and that if i just stacked, somehow i would be able to confound all fundamental laws of economics and become fabulously rich without even trying! Damn you! I thought I had taken the red pill, but it was just a gold-plated blue pill! Damn you to HELL!
Yeah, ironically in deflation FRN-TP gets more expensive.
I have full faith someone will turn on the printers before that travesty happens.
Channeling Hunter Thompson Perhaps?
Because in a deflation, the debt gets bigger and bigger, and then the only way to escape is to devalue the currency or default. In either case, faith in the currency is destroyed.
So equities don't count when it comes to inflation/deflation.
Simply more confirmation that there is no "market"...
Apparently neither does food, or education, healthcare, rent, or home prices.
Did I miss anything?
dont forget vehicles, clothes, utilities, household stuff (homedepot) and Taxes.
"In other words, a few months before what may be the first US rate hike for a new generation of traders, the US is set to print its first annual deflation since Lehman, transitory or not."
Almost like Bankers are in control of the Global Economy ala Henry Kissinger Relationships and they planned to crash oil prices too... and even though oil supplies have been up since 2009 we knew since Ronald Reagan that oil prices were fixed all along.
Well duh, they are unregulated in that Financial Institutions can do what they want regarding auditing, Accounting Practices, Creating New Financial Schemes, Creating New Financial Instruments, and making Banking, Finance, and Insurance so complicated that Municipals, Pension Funds, Retirement Funds, Trust Funds are all Confused.
Where as on the other hand banks are in control and making things as complicated as the Federal Government, lobbying for ever more pages of regulations... the guy on Main Street is overwhelmed just as community banks are.
Notice the Decline, Steep Decline of Commercial Banks??
SO the Average guy on Main Street is forced into sobrity to deal with millions of Regulations from the Federal Government. Is that Right?? No.
- Some work night shift
- Some work multiple part time jobs
- Some communte a long way to work & back
- Some are always on travel, like Long Haul Truckers or Business people
- Some take medications that make them drowsy or sleep
- some take SSRIs
- Some drink alcohol
- Some party downtown or in clubs at night
- some chill out with pot apparently
But they all have to deal with 77K pages of tax info & Million pages of Regulations??
So the Big Parents in the Sky, the Patriarchs, say we must stay sober, study all our lives, compete to stay out of jail, continue to stay sober to realize if we break laws or regulations at all times, be vigilant against Federal Government & LEOs. Sounds like Permanent War or Permanent Terrorism by Federal Government.
-------------------------------
--- Teeth's US Dream Anthem --
-------------------------------
- It is 1 Minute to Midnight: Neo-Feudal Debt Slavery & nuke war
- Problem is Bankers, Politicians, Lawyers & Judges
- Failure of Self Regulation of Bankers, Politicians, Lawyers & Judges
- US Constitution is Usurped, Gone are Budget Powers, Legislative Powers, War Powers
- Money has taken over the Government, Banking, Universities, Science
- American Dream is over, Corruption is the same in all Countries now
- Old American Dream may serve as basis for new Country someday
-------------------------------
--- Teeth's US Dream Anthem --
-------------------------------
Next up Inherited Debt from your grand parents or parents... and Seizure of your Assets for inactivity at the bank.
- Its called undue burden, unreasonable burden, in the court system.