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The Fed is Now Officially in VERY Serious Trouble

Phoenix Capital Research's picture




 

The market action of the last 24 hours can be summated as thus:

 

The Fed didn’t raise rates, so the US Dollar fell and all risk rallied hard.

 

The fact the Fed didn’t raise rates is not important. Interest rates have not been at zero for six years. And the last real period of tightening ended in 2006, nearly a full decade ago.

 

In the simplest of terms, for the Fed not to be raising rates is not interesting. What IS interesting is WHY the Fed is not raising rates.

 

Of course there are many reasons why: the economy is not strong enough to handle it, the Fed missed its chance to raise rates in 2011-2012, etc.

 

However, there is only one REAL reason why rates remain so low:

 

Actually it’s $555 trillion reason: and they are derivatives based on interest rates.

 

That is not a typo. $555 trillion… as in an amount greater than 700% of global GDP.

 

The world tracks "risk" based on the yield of the 10-Yr US Treasury. This yield has generally been falling non-stop since 1983. So we've had well over 30 years of money getting cheaper.

 

 

It is not coincidence that as money got cheaper, Wall Street went nuts with leverage. And given that rates have generally been trending down for over 30 years, betting on cheap money became one of the easiest trades in the world.

 

And that is how you get to where we are today: with a global bond bubble with over $555 trillion in derivatives trading based on it.

 

This is the REAL issue with interest rates, NOT the economy. The Fed cannot and will not raise rates any significant amount without risking a Crisis that would make 2008 look like a picnic (the CDO market which caused 2008 was a mere $50-60 trillion in size by comparison).

 

This is why Ben Bernanke told a group of hedge fund managers behind closed doors “rates will not normalize in my lifetime.” Rates CANNOT normalize because this would instantly implode the financial system.

 

However, the Fed has backed itself into a corner. Globally the bond markets are already starting to plunge pushing rates higher. Spain, and Italy’s bond yields have already taken out their downtrends (meaning bonds are falling and yields are rising). Japan is fast approaching the critical point at which it does the same.

 

And even the US is about to have its bonds test resistance (a break above the trendline means it’s GAME OVER for the Fed).

 

 

 

In short: 2008 was a warm up. The REAL Crisis concerns the bond bubble which is exponentially larger in scope.

 

If you've yet to take action to prepare for this, we offer a FREE investment report called the Financial Crisis "Round Two" Survival Guide that outlines simple, easy to follow strategies you can use to not only protect your portfolio from it, but actually produce profits.

 

We made 1,000 copies available for FREE the general public.

 

As we write this, there are less than 50 left.

 

To pick up yours, swing by….

http://www.phoenixcapitalmarketing.com/roundtwo.html

 

Best Regards

 

Phoenix Capital Research

 

 

 

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Fri, 06/19/2015 - 10:34 | 6213835 frankly scarlet
frankly scarlet's picture

debt saturation with derivatives piled on top of that saturation. How much of that 555T cancels out with the counterparties and then we just let them fail and start over like Iceland.

Fri, 06/19/2015 - 10:25 | 6213794 frankly scarlet
frankly scarlet's picture

debt saturation with derivatives piled on top of that saturation. How much of that 555T cancels out with the counterparties and then we just let them fail and start over like Iceland.

Fri, 06/19/2015 - 01:45 | 6212889 JailBanksters
JailBanksters's picture

but those 555 trillion in derivitives are not even worth a bag of chips, they're worth is NET ZERO.

They're only worth something to somebody if an event happens. There's nothing to loose, but everything to gain. I could bet a GaZillion BaZillion dollars my neighbor will be hit by a herd of wild Mamoths on the 4th of July, it could happen, it might not, but it didn't cost me a GaZillion BaZillion dollars for the bet.

They are Gambling with money that doesn't exist hoping to validate that money by winning a bet against somebody else that also has no money to bet with.

 

 

 

Fri, 06/19/2015 - 05:11 | 6213076 CHX
CHX's picture

While the new normal lasts they are worth 555T, like it or not. But their intrinsic value IS zero. Actually it takes a lot of infrastructure to store digital zeros and ones, so the net is negative.

Thu, 06/18/2015 - 22:20 | 6212461 Flying Wombat
Flying Wombat's picture

In an undererported piece of news, the Federal Reserve took the first step towards raising the federal funds rate

TND Guest Contributor:  Paul-Martin Foss 

http://thenewsdoctors.com/?p=470983

Thu, 06/18/2015 - 22:06 | 6212413 gregga777
gregga777's picture

The FED is UNCONSTITUTIONAL!

It is an ILLEGAL ENTITY to which the feckless House, Senate and President ILLEGALLY transferred their CONSTITUTIONALLY mandated duties.

The only US legal currency is COINAGE The LEGAL US Dollar is 371-1/2 grains of pure silver. Were it not for COUNTERFEIT Federal Reserve Notes Washington could not run endless deficits or pile up a mountain of debt.

Money is a proxy for labor. Every FEDERAL RESERVE NOTE represents direct felonious theft from every working man and woman in the United States and an unearned gift to parasitical elites.

Down with the FED's counterfeit money that enables political sociopaths and psychopaths to engage in engage in pre-emptive wars, spying on those they most fear—all Americans, the usurpations of liberties, stealing from the poor and middle class in order to enrich the elites and corporate oligarchies, and a multitude of other high crimes and misdemeanors and treasonous acts.

Fri, 06/19/2015 - 09:10 | 6213484 Hope Copy
Hope Copy's picture

The FED is designed to be able to fail.  It is a system of contract barter, a contract to which the bank can issue script if it has the underlying coinage.  Well that coinage in gold ceased to exist as of 1933 (with the exception of a few coins) and in 1977 (the 40% silver Kennedies) when the US Mint declared that all further minting would be considered bullion, thus decoupling the 'real' dollar coinage from the 'float' fiat dollar.  Notable is that in the US Mint, the nickle is now produced at more that twice it calue and has almost a 90% in nickle alone in the coin and that in 1983 the penny was changed into a clad and that penny is still worth 170%+ of the face value. [Coinflation.com]  Most disturbing is the separation of gold value to silver value that has no real basis as production cost where considered abut equal at a 16:1 mining rate.

So wher does this all go?  The Fed, as defined by law can fail and as defined bu the Frank Dodd amendmebnt of 23008 to the Farm Act, all Gold, Silver and Patnium that is in defined bullion form can in a time of need, be demanded for that rediculious fiat currency called the Federal Reserve Dollar and then under distress, even the circulated mintage (the pre-1933 gold and the silver dollars, half dollars, etc) can be demanded for the rediculious illegal fiat paper or electronic currency issued by the FED... but they have to find it (presently the law for declaration is around a quarter of a million in terms of bullion and as a good lawyer would agrue, also in terms of the value as of when the 'law' was enacted ($576.54 oz gold). Word of caution, if you bury quanities of gold, you had better know about electronic countermeasures to electromagnectic detection of your gold) or some other form of dissasion.  This is all to point out that the FED does not cease to exist until marshall law is enacted and the 'confiscation' is in full force and the reality sets in that there isn't enought gold, silver and other prescious metals in it's realm to pay back the debt that it has incurred, it's self or in conjuction with the US Treasury.

My proposal is for the US mint to manufacture a bimetal coin out of radioactive waste that acts like a battery.  I will have value for a long time and slowly deminish (like inflation) and will be easily detected, transfer well monitored and have to be safely stored and will be the 'must have' for all those super rich that are finacially ruining the fiat system of barter that are also 'preppers'. 

 

LoL


Thu, 06/18/2015 - 21:20 | 6212255 CitizenPete
CitizenPete's picture

Harmonize bitches.

http://www.assetservicingtimes.com/assetservicesnews/article.php?article...

DTCC issues proposal for global data harmonisation
New York | 17 June 2015

The Depository Trust & Clearing Coporation (DTCC) has issued its recommendations on global data harmonisation to the Committee on Payments and Market Infrastructure (CPMI) and International Organization of Securities Commissions (IOSCO) harmonization working group.

It details a proposed path towards a global data harmonisation, with credit derivatives identified as the first step.

The approach involves harmonising approximately 30 data fields across global trade repository providers, these fields are viewed as critical to financial stability and systemic risk analysis.

It is in alignment with International Swaps and Derivatives Association’s perspectives on data quality, and DTCC believes this approach provides a path forward to promote more active dialogue between CPMI IOSCO and the industry in order to address the existing reporting challenges that have emerged due to the jurisdictional implantation of reporting rules.

DTCC operates the Global Trade Repository, and as a trade repository it plays a role in bringing new levels of transparency to the OTC derivatives marketplace. However, in the absence of harmonised global data standards across jurisdictions and repository providers, data gathered to date has not been able to be leveraged to its full extent due to inconsistencies and quality.

Larry Thompson, vice chairman and general counsel of DTCC and chairman of the board of DTCC Deriv/SERV LLC, commented: “In order to be able to fully capitalise on all of the benefits of this data, greater data standardisation across repositories is required.

“We welcome feedback from the CPMI IOSCO harmonization working group and look forward to continuing to work with regulators and the industry on this important initiative.”

Author: Becky Butcher

http://www.assetservicingtimes.com/assetservicesnews/article.php?article...

Thu, 06/18/2015 - 20:15 | 6212051 JR
JR's picture

Ben Bernanke told a group of hedge fund managers behind closed doors “rates will not normalize in my lifetime.”

Ben Bernanke is a liar. The Fed monetary system is in the throes of collapse. The big banks, all lashed together through derivatives to hold the system together, are linked together in risk from a derivatives breakdown. At the same time, “legitimate buyers of USTBonds have largely vanished….”

It’s a Ponzi scheme that has played out. Jim Willie explains:

“In recent months, six nations have been carrying the load of maintaining USTreasury yields at ZIRP. Those nations are Japan and the BLICS: Belgium, Luxembourg, Ireland, Cayman Islands, and Switzerland.”

Says Willie :“The self-dealing using nations to buy USTBonds with free money has come to the fore, in another desperate attempt to save the system. It cannot be saved. It is cratering. It is rotting from the inside. It is fracturing. It will fail. The fiat paper currency system and its many attendant systems are seizing up, being rejected, and are failing in what has begun to be the grandest financial event in modern history.”

Willie continues in Meet the BLICS – New Source for Phony Dollar Support (May 28, 2015):

“All  Western markets are rigged…. The end of the free markets occurred long ago. ...

“From June 2011 to January 2015, the USFed has bought $825bn in USTreasurys, while the BLICS have quietly bought $818bn in USTreasurys during the same timespan. These are small nations without huge trade surpluses. The source of data is the Treasury International Capital (TIC) Report provided by the Federal Reserve itself. The only remaining offices for purchasing USTreasury debt securities comes down to just Japan and BLICS nations. The USGovt and USFed have conspired as a Ponzi Scheme, using digital counterfeit to purchase perhaps all net new USTreasury debt since July 2011. QE has been exported in a den of thieves and a nest of lies. ...

“Bond market bailout is constant, control universal, using derivative props, a true disappearance of free markets. The USTreasury Bond market has been effectively destroyed, the convulsion phase having begun. The QE is not stimulus, but instead more like an overdose of potassium to the heart. The USTreasury Bond market is dying a horrible death. It is ruined by USFed monetary policy, in parallel to the wrecked economies from capital destruction. QE is fast killing the USTBond market, whose dead features are easily identified. The systemic risk is rising quickly. A solution is urgently required, rooted in Gold.

“USTreasury Bond market volume is down markedly to danger levels.
“USFed is the principal buyer, lapping up all paper sold.”

Says Willie, it is a financial system in transition:
“The Western financial system is collapsing. Experts know it but remain silent. Time is running out on both the USEconomy and the US nation. The USDollar is soon to fade into oblivion. The hidden dismantle of the Petro-Dollar mechanism has been full of intrigue. It has been followed by the seizure of the sovereign bond markets amidst grotesque blemishes like negative rates and perverted money market funds. Given the massive USTreasury Bond dumping soon to arrive, the facilities are in place to soak up the volume, even while deceiving on the limits imposed on the USFed itself. Be sure to know that true QE volume in total is possibly over $1 trillion per quarter. It is a backdoor bailout of Wall Street banks, given a phony label of stimulus. Arsenic and hemlock are stimulus also, if one considers convulsions as activity. The Gold Standard will return, but through the trade window.”

Willie has warned since 2005 “that China will move from outsourced producer to trade partner, then to trade rival, finally to opponent in trade war. They are moving to executioner of the King Dollar.”

https://www.perpetualassets.com/news/2015/05/28/meet-the-blics-new-source-for-phony-dollar-support

Thu, 06/18/2015 - 20:12 | 6211997 VooDoo6Actual
VooDoo6Actual's picture

The Fed / IMF / UN / BIS / WB can continue to print all the money they want to while they deliberately run America into the ground via False Flags for gun control Capitol Controls, velocity of money, immigration polticies while they continually pass laws to get the Turd World Shithole they want which is a a Neo-Fuedalism Dictatorship of total Information Awareness & Control.

If you can see through the illusion then you are part of the solution.

Thu, 06/18/2015 - 18:30 | 6211696 ThrowAwayYourTV
ThrowAwayYourTV's picture

The Fed can never raise interest rates. The intererest free addicts, including myself will never except interest from someone who is getting their drug absolutely free. I will either go without or find another way.

 

Thu, 06/18/2015 - 16:23 | 6211229 kaiserhoff
kaiserhoff's picture

If the writer cannot be bothered to proof read a 200 word piece,

why would the rest of his stuff be anything but crap?

But since no one reads the articles anyway, what difference does it make?

Thu, 06/18/2015 - 16:16 | 6211205 MrBoompi
MrBoompi's picture

I agree, the Fed is NOT in trouble.  They have a printing press and they are owned by the wealthiest people on the planet.  The rest of us?  Well, we will continue to fight for the scraps as they trickle down.

Thu, 06/18/2015 - 21:35 | 6212304 dumdum
dumdum's picture

 

 

I am a firm believer of the cyclical wealth creation, wealth destruction phenomenon. We a currently at the top of the wealth creation phase. The vast majority of this "wealth" in fact is worthless paper. We are on the cusp of one of the greatest wealth destruction phases ever. In the not to distant future, these paper based billionaires will be beggging in the streets along side the not so fortunate in our society.

I'll give you an example.

Andrew "Twiggy" Forest of Fortesque Metals was worth approximately 12 Billion dollars in 2008. As of today, he is worth approximately 1.5 Billion dollars. and the shit hasn't even hit the fan yet.

Fri, 06/19/2015 - 01:22 | 6212857 BringOnTheAsteroid
BringOnTheAsteroid's picture

The dick head borrowed too much.

Iron ore prices collapsed.

Fortsecue in trouble.

These guys aren't as smart as what everyone thinks.

They just have the gumption to borrow a shit load of money and just luck in with the timing.

You didn't see him anticipating lower iron opre prices.

These guys just aren't that smart.

Fri, 06/19/2015 - 07:42 | 6213247 dumdum
dumdum's picture
My point exactly, all paper wealth. By the way, he isn't the only one that borrowed to much. 
Fri, 06/19/2015 - 02:04 | 6212916 BringOnTheAsteroid
BringOnTheAsteroid's picture

One down arrow - sorry Twiggy, didn't realise you read ZH.

Thu, 06/18/2015 - 16:05 | 6211156 large_wooden_badger
large_wooden_badger's picture

All I see is clickbait. Clickbait everywhere!

Thu, 06/18/2015 - 17:24 | 6211468 JenkinsLane
JenkinsLane's picture

Graham is now so desperate for clicks he's HAD TO START PUTTING WORDS IN CAPITAL LETTERS.

Thu, 06/18/2015 - 15:25 | 6210981 mt paul
mt paul's picture

Fed not in trouble

 

people who believe in Fed in trouble

Thu, 06/18/2015 - 14:16 | 6210518 HughBriss
HughBriss's picture

Die, FED.  DIE!!!!!

Thu, 06/18/2015 - 13:43 | 6210373 gmak
gmak's picture

Calling this:  "This is why Ben Bernanke told a group of hedge fund managers behind closed doors “rates will not normalize in my lifetime.” Rates CANNOT normalize because this would instantly implode the financial system."

 

What's your source? 

Thu, 06/18/2015 - 13:47 | 6210388 Loucleve
Loucleve's picture

ITS OUT THERE.  Google it.

All this crap started when the big investment banks went public.

when they were owned by the partners, these risks would never have been taken.  now, the public can bail them out.

Thu, 06/18/2015 - 16:17 | 6211211 sgt_doom
sgt_doom's picture

They didn't go PUBLIC --- you just don't understand who their owners are.

Goldman Sachs is 40% owned by their partners, but 60% owned by whom . . . ?

Ditto the others as far as majority owners are private institutionalized investors.

Thu, 06/18/2015 - 17:47 | 6211540 Comte d'herblay
Comte d'herblay's picture

Right.  They grabbed some fast cash by distributing, widely, shares that would not be assembled to out vote them. 

 

Good catch.

Thu, 06/18/2015 - 13:07 | 6210172 Consuelo
Consuelo's picture

Many/most of the online outfits for storable food still have inventory...

 

 

Thu, 06/18/2015 - 13:03 | 6210117 dontgoforit
dontgoforit's picture

This is a Russian roulette of bonds vs. equity.  There is not enough equity in the world to stop the avalanche that will happen when this monster turns on its masters.

Thu, 06/18/2015 - 16:06 | 6211141 Hope Copy
Hope Copy's picture

They, those that levered, have to loose and the law defines all 'options' that investors take in all commodities as illegal unless there is a vested business interest.  extend this to stocks and the ponzi skeme falls on the investors and anyone that has dealt with those loosing investors..  in otherwords, it will turn the economy into a communist system, one giant recievership controlled by a court appointed trustee(s).  The banks are lining up again... even though they essentially will be government owned.

Thu, 06/18/2015 - 16:18 | 6211214 sgt_doom
sgt_doom's picture

"They, those that levered, have to loose . . ."

Sure didn't happen the last time . . .

Thu, 06/18/2015 - 13:03 | 6210104 Boris Alatovkrap
Boris Alatovkrap's picture

Two point of analysis...

1) Duration mismatch or what is Boris like call keep foot in cold water too long. When financial crisis, aka "credit freeze" is first present, central bank is lower short term lending rate for primary bank and dealer, effective ZIRP. This is re-establish liquidity in credit market. But Central Bank kabal is cannot resist temptation of free money (borrow at ZIRP is same as free money if sufficient velocity). Now all money is borrow short at ZIRP, but primary asset class of house and real estate is lend long. What is can bank do if borrow short, lend long? Short term borrow rate must be less than is long term lend rate, but money is already lend out! If treasury rate is rise, retail rate is must also rise. Soon deposit is chase treasury rate and captial reserve is deteriorate. Bank is collapse as borrow cost is exceed lending income. Point is central bank is leave interest rate too low for too long and cannot fix.

2) Money is someday move from soft asset (derivative of $550T is soft asset) to hard asset (gold bullion, commodity, real estate, and physical currency). If $550T is 700% of global GDP..., well you can guess what is rate of inflation as conversion is taking place... 700%.

... but what is Boris knowing!?

Thu, 06/18/2015 - 16:09 | 6211177 Hope Copy
Hope Copy's picture

the soviets.. er.. Russians have 'played' this game, thanks to the IMF and now they are three steps ahead of the capitalist system..  (Russia stayed communist mainly due to its retirement system).

Thu, 06/18/2015 - 16:19 | 6211221 sgt_doom
sgt_doom's picture

Six richest dudes in the UK are . . . . .Russian!

Fri, 06/19/2015 - 06:10 | 6213126 Welder
Welder's picture

No. They're jews kicked out by Putin.

Thu, 06/18/2015 - 17:49 | 6211543 Comte d'herblay
Comte d'herblay's picture

Russian JEWS.

Thu, 06/18/2015 - 16:58 | 6211371 bluskyes
bluskyes's picture

Until Charlie takes the throne.

Thu, 06/18/2015 - 16:04 | 6211153 blindman
blindman's picture

boris is too funny smart russian,
can come over to west for having drink
with blindman paying?

Thu, 06/18/2015 - 15:28 | 6210993 Commodore Decker
Commodore Decker's picture

This is why the Fed needs to sell-off it's longer-dated assets to get long-term yields higher FIRST. But the Fed can't because the housing market is tenuous at best and they will risk causing a recession if long-term rates rise. So, they have to wait and do nothing until the next recession, caused by whatever, inevitably happens. The only thing the Fed will be able to do then is print. Print, PRINT, PRINT!!!!

Thu, 06/18/2015 - 14:37 | 6210689 the grateful un...
the grateful unemployed's picture

fannie and Feddie big enough to handle all toxic mortgage paper left since 2008. hedge funds and chinese buy homes NOW with cash. where do they get cash? do not ask this question unless you really want answer. hedge funds carry water for Feddie, all toxic, all like japanese zombie banks. world never ends, can never tired of being kicked. derivatives written against (liabilities) illiquid (deferred) assets, line of credit on assets in zombie banks extended for corporate buy backs. pension funds peg the index make lots of money for their retirees. banks freeze putin. russia sells gold to buy a loaf of bread. hyperinflation in moscow. financial alchemy defeats dialectic materialism. chinese communists head for the hills.

Thu, 06/18/2015 - 16:21 | 6211225 sgt_doom
sgt_doom's picture

What was the last online report?

Belgium and France froze Russian assets?

Thu, 06/18/2015 - 13:25 | 6210273 walküre
walküre's picture

Boris has probably lived through it and knows exactly what will happen when central banks and governments cheat, steal and lie from the people. How much faith did Boris have in Ruble before Glasnost and Perestrojka? Bankers and politicians always play tricks on people. Only way to survive their tricks is to stay below radar and keep money out of banks.

700% on gold and silver sounds about right when SHTF. Bread, milk, eggs will be currency as well.

Thu, 06/18/2015 - 15:05 | 6210877 mtl4
mtl4's picture

Good point, when the real SHTF you can't eat PM's, its food that's really the valuable commodity.

Fri, 06/19/2015 - 09:33 | 6213580 Max UK
Max UK's picture

what does SHTF mean, Mad Max? Does the nineties collapse in Russia not equal SHTF? Because things still functioned, there was still currency.

Can you eat dollar bills?

And to the other canard, that you can't pay for your groceries with silver, well hey, try paying for your grocery bill with Euro or Yen, GB pounds or Aussie Dollars. Oh you can't? Are they not money then?

Thu, 06/18/2015 - 18:01 | 6211591 Citxmech
Citxmech's picture

Water.  

No food without water.

Thu, 06/18/2015 - 12:42 | 6209999 PrimalScream
PrimalScream's picture

Your point on interest rates is well taken.

BUT ALSO ... the Fed and the market regulators could have done many things to stop the explosion in risky derivatives ...

1.  Introduce new changes to derivatives markets that REDUCE leverage.  Therefore traders must pay more to execute a BUY, or they must reduce the volume of their trades.

2.  Demand that people put up more solid collateral backing up trades. 

These are such OBVIOUS changes to make, that it is "unthinkable" that they were NOT done.  But why?  Well obviously ... this might slow down the gambling circus, and we wouldn't want the traders to stop having fun - would we? 

IF YOU COMPROMISE YOUR PRINCIPLES - you get a bad result.  And this is what we have today, in spades. 

I repeat my assertion - there is NOT a single responsible person in the Global Banking System today.

Thu, 06/18/2015 - 16:26 | 6211257 sgt_doom
sgt_doom's picture

Of course they are all super-crooks, and of course this is the endgame (along with the passage of the TPP, etc.).

We are observing Radical Evil, the logical and predictable outcome of the system of capitalism.

Recommended Reading:

Why We Can't Afford the Rich, by R. Andrew Sayer

The New Prophets of Capital, by Nicole Aachoff

The Invention of Capitalism, by Michael Perelman

Open Secret, by Erin Arvedlund

Treasure Islands, by Nicholas Shaxson

Fri, 06/19/2015 - 06:08 | 6213121 Farqued Up
Farqued Up's picture

No way, capitalism isn't passing laws and regulatiions that tilt the playing field. Small businessman are jailed for matching international bribes, but the big boys are having the State Dept. give bribes of F-16s for their advantage. Capitalism isn't Monopoly money by crooked bankers and their fiat world. The fiat ism is the root of all evil.

Thu, 06/18/2015 - 12:40 | 6209998 f16hoser
f16hoser's picture

So explain to me why it can't continue for another 5 years? They certainly have Gold/Silver Range bound. They do seem desperate to start another world war. One I suspect will be over quickly. They do want 6 Billion people wiped off the map.

Fri, 06/19/2015 - 11:39 | 6214082 Trucker Glock
Trucker Glock's picture

"They do want 6 Billion people wiped off the map."

Are there really 6 billion people they aren't fleecing?  They have to keep some muppets around.

Thu, 06/18/2015 - 16:28 | 6211262 sgt_doom
sgt_doom's picture

One or more sides have EMP devices and end up wiping the slate clean?

Thu, 06/18/2015 - 16:18 | 6211215 Hope Copy
Hope Copy's picture

That was clearly published last year about this time by a British 'think tank'.. [135-137 Station Road, London E4 6AG, UK]

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