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Guns, Gas, & "Selling Kidneys" - 'Off The Grid' Indicators Signal Slowing Economy

Tyler Durden's picture




 

Via ConvergEx's Nick Colas,

Our quarterly survey of “Off the Grid” economic indicators finds that the U.S. economy is still growing, but the pace seems to be slowing from Q3 2015.

 

On the plus side, used car prices remain robust and dealer inventories of new cars are in good shape.  Americans are driving more, with the growth rate for miles driven (and gas consumed) running at levels not seen in +10 years.  Lastly, workers are still quitting their jobs at a healthy clip.

 

As for the indicators that give us pause: food stamp program participation rates are within 6% of their peaks, and the population here still runs +45 million people (15% of the entire U.S. population), money is flowing out of mutual funds but into gold coins at equally furious rates, and FBI background checks for gun sales look set to reach a new record in 2015 at 21.6 million. Before the Financial Crisis, that count never even reached 9 million.

 

On a lighter note, our Bacon Cheeseburger Inflation index is still negative for the year. Good for lactose-tolerant carnivores, but perhaps bad news for the Fed.

A few of us were sitting around the Convergex trading desk this morning, thinking about what surprise events had defined the capital markets and the world as a whole in 2015. In no particular order, a few common responses:

  • The dramatic drop in oil prices globally, and the relatively muted effect these declines had on consumer spending.
  • The migrant crisis in Europe and growing fears across much of the developed world about the threat of both home-grown and imported terrorism.
  • The thematic dominance of technology companies as the epicenter of investing, in everything from S&P 500 stocks to the unicorns roaming Sand Hill Road.
  • The challenges faced by China in keeping its capital markets from a wholesale meltdown in August/September.
  • The rise of ISIS in the Middle East, Africa and south Asia. 
  • The increasing presence of Russia on the world’s political stage despite both a weak economy and increasing isolation from its actions in the Crimea.
  • Donald Trump’s persistent popularity in the face of almost universal scorn from the mass media and “Very smart people”.

We could go on, but the point is that all these “Surprises” were not hard to see 1-2 years ago but they certainly required some imagination to embrace as potential realities.  What comes along to bite markets and investors rarely saunters out of left field with no warning, but getting the timing right matters too. It is all well and good to have “Predicted” the fall of the Chinese market in early 2014; the problem is that your short from that time is only now back at breakeven.  The same hold true for calling tech stocks overvalued at the beginning of the year.  While many individual names have underperformed, the S&P Large Cap Tech Index is still up close to 4% on the year while the S&P 500 is down 1.0%.

“Think differently”, to put the old IBM slogan into proper English, is easier said than done and requires a differentiated process to gather and process information.  It’s not enough to the early bird to get the worm; it also helps to be pecking on an uninhabited bit of earth right after it rains. In the spirit of that sentiment we’ve spent several years collecting various underfollowed datasets that we think help shape a more complete picture of the U.S. economy.  I doubt any of them will ever end up in a Federal Reserve briefing book or Fortune 500 board presentation.  But if they help you think about the economic world around you in a slightly different light, I think they serve their purpose. 

Here’s what this quarter’s “Off the Grid” economic indicators have to say about the U.S. economy. 

On the plus side:

Pricing for used cars is holding very steady according to the Manheim (a large auto auction company) Used Vehicle Index.  Many auto analysts were looking for this to drop in 2015, hurting trade-in values and potentially limiting new car and truck sales.  No worries, though – the index is right where it was in 2011 and looks to start 2016 on a strong note.

 

New car and truck dealer inventories are in great shape heading into 2016, at 65 days sales.  Americans don’t order new cars and trucks from the factory and wait for delivery; they buy them off dealer lots. Sixty days supply is optimal, giving consumers enough choice while not so heavy as to demand incremental discounting from the auto companies to clear aging inventory.

 

 

Google autofills for “I want to buy” now feature an entry we haven’t seen in 5 years (the entire time we’ve been tracking this): “Timeshares”.  We noted in another recent report that Americans were finally Googling the term “Vacation” more, the first uptick since the Financial Crisis.  Now, interest in timeshares is so great that the search engine’s predictive software assumes you may just want a nice 2 bedroom condo in Boca to call your own 2 weeks a year.  

 

Americans are driving more – a lot more. The DOT data of miles driven shows an average of close to 4% more in the back half of 2015 versus 2014. That growth rate hasn’t been this high since the Asia Crisis in the late 1990s cut the cost of filling up a Chevy Suburban to $20.

 

Workers are still quitting their jobs at near-record rates according to the BLS’ JOLTS data.  Some 57% of all workforce “Separations” are the employee’s idea, not the employer.  That shows some confidence in the economy and presumably a decent labor market.  This statistic has only been higher during the tail end of the last expansion, and only for a short period of time.

On the downside:

Food stamp (now called the Supplemental Nutrition Assistance Program, or SNAP) participation totals are still +45 million Americans.  This means-tested assistance program peaked in terms of total enrollment at 48 million in late 2012/early 2013, but at current levels is still within 6% of that high water mark. This is 15% of all Americans, and 20% of all households.

 

 

Mutual Fund money flows are negative, but gold sales in dollar terms are back to levels more commonly associated with the Financial Crisis and its aftermath.  In fairness, mutual fund flows are likely as much demographic as sentiment-based.  After all, the original cohort of retail mutual fund investors started saving money in the 1980s, during the industry’s first boom phase.  They are beginning to retire and shifting their risk preferences.  The U.S. Mint gold coin sale data is, however, more surprising.  Falling prices haven’t dented demand for the yellow metal – as a matter of fact the Mint is averaging over $100 million in monthly sales, on average, at the moment.  That level is more consistent with demand in 2009 – 2012 and early 2013, both volatile periods in the global economy.

 

Large pickup truck sales have stalled out.  Despite the drop in gasoline prices, sales of Chevy Silverados, Ford F-Series, Dodge Rams, Toyota Tundras and Nissan Titans are now unchanged year over year.  These vehicles are the workhorses of the small business economy.  If demand is stagnating, that’s not a good sign.

 

 

Our Bacon Cheeseburger Index is still down year over year, signaling deflation fears.  Based on the notion that consumer inflation expectations are grounded in real-world experiences, we look at the cost of ground beef, bacon and cheese.  Mostly because we like bacon cheeseburgers, but also because these are commonly and frequently purchased consumer food items.  Turns out that this mini-basket of food products is down 1.9% year over year, and the negative month comps go back to May 2015. That is 7 months of negative comps, and the last time we had that much “Greasy spoon deflation” was 2009.

Head scratchers, or data points that make me go “Hmmmm”.

Firearm sales, as measured by the FBI’s record of instant background checks, are set to make a new record in 2015. At current rates, the U.S. government will process 21.6 million background checks this year, more than the 21.0 million in 2014 or the 21.1 million in 2013. Since the Financial Crisis in 2008, the FBI has processed 139 million firearm background checks, and if each one resulted in a sale that would amount to a similar number of completed transactions.  Perhaps 10% are related to the renewal of carry permits, but there’s also the point that you can buy two firearms by completing one background check.

 

 

Now, on the one hand firearms are expensive so this demand is a sign that consumers have money to spend.  On the other, 139 million firearms sold is a lot of guns. Take the populations of California, New York, Florida, and Texas and you only get to 105 million. Moreover, Google search volumes for the term “Buy a gun” are once again near record levels.

 

Gallup surveys of personal out of pocket spending have been flat for 2 years at an average of $92/day. They were as high as $100/day in early 2008.

 

For reasons we’ve never been able to figure out, people insist on Googling how to sell their kidneys.  Go type “I want to sell my” into Google and it will suggest autofills of “Car”, “house” and “kidney”.  Further down the list is “Eggs” (legal) and “hair” (also legal).  Just to be clear: selling your kidney is not legal in the U.S.

 

To sum up this disparate data set, consider three conclusions.

  • First, the economic growth seen in the U.S. over the last several years has not reached the nation’s less fortunate citizens (Food stamp participation).
  • Second, the broad middle has seen some improvement (car sales, used car prices, willingness to make large purchases, quit their jobs) but remains worried about their personal safety (firearm sales) and economic security (gold coin sales).
  • Lastly, deflation is more prevalent (Bacon Cheeseburger Index) on Main Street than Constitution Avenue (where the Fed is based). 

Somewhere in our list of Off The Grid indicators sits at least one “Surprise” for 2016. Will it be the resilience of the U.S. consumer? Or will inherent social brittleness and angst – a legacy of the Financial Crisis – play the lead roles?   We hope for the former.

 

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Sat, 12/26/2015 - 16:37 | 6965662 Fester
Fester's picture

Still growing?

Oh, like growing cause debt is growing.

 

GOT IT.

 

Sat, 12/26/2015 - 16:47 | 6965673 Lumberjack
Lumberjack's picture

That growth is high interest rates on missed car payments/mortgages and student loans.

Sat, 12/26/2015 - 17:13 | 6965709 El Vaquero
El Vaquero's picture

I'll be doing my part with regards to getting the background check numbers up there.  I have an AR-10 stripped upper and bolt carrier group on order.  I'm waiting for a local gun store to order some more stripped lowers.  I hope to have the thing done built in 3-4 months.  I'm going to go with 260 Remington on this one.  I want the ability to really reach out there. 

Sat, 12/26/2015 - 18:17 | 6965801 God
God's picture

If only Trump wasn't a jew he would have captured the whole country for at least 8 years. He's speaking fucking yiddish now WTF!?

Donny you spend way too much time in jew york city. Get out and enjoy the world. Enlighten yourself.

Sat, 12/26/2015 - 19:05 | 6965912 NidStyles
NidStyles's picture

I think he's actually trolling the Yids, because the Yids were bitching about the improper use of the word. Yids usually don't speak out to non-Yids/Jews unless there is something they hate. 

Sat, 12/26/2015 - 20:14 | 6966049 Peak Finance
Peak Finance's picture

EVERYONE in Southern New York in and around the city knows Jewish words and sometimes use those words. The place is thick with Jews. We call it "Israel on the hudson" 

Sun, 12/27/2015 - 11:06 | 6966906 White Mountains
White Mountains's picture

Get ammo, ammo, and more ammo.  Did I mention ammo?  The reason being most people have or purchase a firearm but many have a couple boxes of ammo, maybe a thousand rounds tops - which is virtually nothing, you should be using at least a thousand rounds per year just in keeping your skills up to date.

Should certain events occur, your access to fresh ammo supply could be Zero.  If you do have plenty of ammo, you will be in demand.

Ammo IS gold, better than gold, the greatest investment a Free Man can make for himself and generations to come.  Pass it on.  Ammo is the currency of Free Men.

Sun, 12/27/2015 - 11:26 | 6966949 TruthHunter
TruthHunter's picture

So it's illegal for the average Joe to make a few bucks selling his kideny, but not for the medical

profession to pull down a few hundred grand for the same caper.

Sun, 12/27/2015 - 12:19 | 6967054 Sledge750
Sledge750's picture

The kidney is "free".

 

The "installation" is the expensive part :)

Sat, 12/26/2015 - 18:33 | 6965850 debtor of last ...
debtor of last resort's picture

Nick Colas sons name is Refill. Get it?

Sat, 12/26/2015 - 16:38 | 6965663 Hongcha
Hongcha's picture

Instant background check = instant addition to DOJ, ATF, FBI and local databases.  I am confident they will keep them all coordinated and updated so no one alphabet bureau busts in your door with a flashbang grenade volley and tasers a confession out of you for a gun you sold five years ago, just because their list is outdated.  Nightmare alley, coming soon.  And totally unnecessary.  In fact history especially 20th century history is replete with examples of government causing unnecessary suffering to "its people".  

Sat, 12/26/2015 - 17:14 | 6965713 El Vaquero
El Vaquero's picture

If they want to go that route, they are going to get wrecked.  Us gun nuts aren't going to take anymore bullshit. 

Sat, 12/26/2015 - 18:12 | 6965796 Bemused Observer
Bemused Observer's picture

I believe you are right...I don't think the gun-grabbers will be able to implement their ideas nearly as easily as they seem to think. It's a lot easier to mess with indistinct ideas like "privacy" and "freedom" than it is to actually TAKE something physically out of someone else's hands. Especially if that something can be aimed and fired at you.

The gun-grabbers would do well to learn a bit about psychology. People seeking to do harm will ALWAYS be able to weaponize whatever happens to be around, and guns are hardly the most horrific kinds of weapons around. It might surprise and shock them to find out just how creative their fellow man can be. They complain about the effects of gun violence on society...how would that society react to a wave of acid-throwing attacks, or machete-wielders, or chemical gassings? All of the necessary 'ingredients' are easily purchased, and more widely available than the damned guns and ammo. The psychological impact of say, acid-attacks, would be far more devastating to us than another "active shooter" story, by far.

I'd rather the criminals just keep their guns, and the law-abiding keep theirs, and we let that work itself out, which it will. It's the devil we know, as opposed to God-knows-what. The last thing we need is an informal arms race among the criminal elements, because just about EVERYTHING out there can be modified to hurt me in some way, and I'd rather not have to learn about all those ways as good old-fashioned human ingenuity is put to work on the problem...*sigh*

Sun, 12/27/2015 - 11:00 | 6966370 DanDaley
DanDaley's picture

Just remember that governments, no matter their stripe, almost NEVER back down...they will come at you and come at you...just ask the Comanches, the Lakota, the Cherokee, or a thousand other tribes. 

Sat, 12/26/2015 - 19:35 | 6965976 T-NUTZ
T-NUTZ's picture

"Three millions of people, armed in the holy cause of Liberty, and in such a country as that which we possess, are invincible by any force which our enemy can send against us."  -Patrick Henry

Sat, 12/26/2015 - 16:49 | 6965675 MrNosey
MrNosey's picture

Unfortunately, some people will sell everything including their sole, before facing up the fact that they are f****d!

The agenda is clear......

http://beforeitsnews.com/conspiracy-theories/2015/12/as-events-spiral-ou...

Sat, 12/26/2015 - 17:00 | 6965684 Billy the Poet
Billy the Poet's picture

How's a fisherman going to make a living if he doesn't sell his sole?

Sat, 12/26/2015 - 17:47 | 6965757 MrNosey
MrNosey's picture

Yes it did fail and I my friends, also failed. So there is only one thing for it and that is to end it all!

Farewell cruel world.....I bare thee my 'soul'!

Sat, 12/26/2015 - 19:19 | 6965942 Hugh G. Rection
Hugh G. Rection's picture

Just keep your hands off my humuhumunukunukuapua'a

 

Sat, 12/26/2015 - 18:22 | 6965689 SILVERGEDDON
SILVERGEDDON's picture

All your investments better be outside of the banking industry, and out of Wall Street's clutches if you know what's good for you.

Sat, 12/26/2015 - 17:10 | 6965690 SILVERGEDDON
SILVERGEDDON's picture

How is a bankster gonna make a living if he is on fire or hanging from a lamp post ?

Pretty unlikely scenario, but possible.

Same fate for politicians, and all the nasties at the FED.

Watching your six ain't gonna help you all out of the mess you fuckers have created this time.

Sat, 12/26/2015 - 18:20 | 6965813 knotjammin2
knotjammin2's picture

That scenario is way more than likely in my neck of the woods.  It will aply to politicians too.  Folks around here going "Long" on rope.

 

Sat, 12/26/2015 - 17:04 | 6965693 Sudden Debt
Sudden Debt's picture

Anybody who is now staying in the stockmarket for those last few points of possible gains is a fool.

When the market crashes now, it will take a shitlong time for it to recover.

Sat, 12/26/2015 - 17:34 | 6965740 FreeShitter
FreeShitter's picture

When it reopens, the sdr(s) will have been installed, The haircut people are going to receive will be monumental.

Sat, 12/26/2015 - 21:20 | 6966207 coast
coast's picture

I dont know when, but I totally agree...altho I do take note that I am actually agreeing with a person that calls themselves "freeshitter".....lol

Sat, 12/26/2015 - 17:05 | 6965694 Dr. Spin
Dr. Spin's picture

The numbers for the "middle class" won't look so good if you take out all the people sucking directly or indirectly from the public coffers. 

Pubic servants, schools, public defenders, business that cater primarily to govt spending etc. etc. ad nauseam...

Just sayin'

Spoctor Din

Sat, 12/26/2015 - 17:11 | 6965705 OldPhart
OldPhart's picture

I must be pretty tame.

I goggle "I want to sell my " and all I get, in order, is car, house, junk car and furniture.

I must not be desperate enough.

Sat, 12/26/2015 - 22:07 | 6966287 tarabel
tarabel's picture

 

 

All results are now localized, so you must be living in a higher class ghetto than some others.

Sat, 12/26/2015 - 17:22 | 6965729 I am Jobe
I am Jobe's picture

STD's on the rise must mean more women are trying to make ends meet by being hookers. 

Sat, 12/26/2015 - 17:36 | 6965744 FreeShitter
FreeShitter's picture

True but most give it up for free these days.

Sat, 12/26/2015 - 19:23 | 6965950 Normalcy Bias
Normalcy Bias's picture

Gas, Ass, or Kidneys - Noboby Rides For Free

Sat, 12/26/2015 - 17:47 | 6965759 DCFusor
DCFusor's picture

Given the title, I sort of expected something else, but since I'm here - and as off the grid as most ever get (internet is my one bill - solar power, own home, own water, own farm and even drive a solar charged electric car, universally detested around ZH) - I should report some data, I suppose.

The gray/black market is doing as well as I've ever seen it here, and it's been big for a long time, since well before the crash, since around here people are allergic to lists, taxes, government in general (I live in what might nicely be described as bumfuck-nowhere).  It's always been a high-cash-only world here, lots of barter and trading, to stay off the radar.

It's only gotten more like that, often times just pure barter with no cash at all changing hands - and fer sure not plastic or wire transfers that are easily tracked.  Most general stores will even take an IOU or "I'll catch you next time" if you forget your money - whip out plastic and you're instantly a furriner.

 People hate that O-Care tax especially, and to the extent possible reduce their reportable income to avoid it.  That doesn't necessarily mean a reduced standard of living if you're in the right group of friends (I'd use the word tribe but that has other connotations around ZH that simply wouldn't apply where I live).  And it's not even mostly all-red or even particularly partisan here...lots of alternative types around, the sort we used to call granola crunchers.  We're post-partisan and know how fake all that is, almost from birth.

Whether it's furnture, appliances, foodstuff, labor, tools, guns, drugs (not the kind mother gives you, usually) - it's invisible to whoever makes up these numbers we read, but it's happening big-time.

Just so you know.  I doubt it's bullish, but many are about as "ready" as it gets in these parts, probably even the majority.  We're doing what we can to ignore (eg starve) the beast.  It's really more a question of keeping and enjoying what you've earned than hating them for their stupidity and waste - just getting by in good shape is more important to most of us.

 

Sat, 12/26/2015 - 18:29 | 6965837 bamawatson
Sat, 12/26/2015 - 19:48 | 6966002 coast
coast's picture

Word of caution DC...first of all, bragging is not a good trait, because many do not have the money to do what you did and for all we know you inherited the money...that being said, I also have property and a few solar panels, and a small river that comes from springs so plenty of water...some 25 year food etc. property is 37 acres and paid for, $130 a year in taxes...etc.  But our 17 year old daughter passed away, and none of this really means anything to me. I am glad I have it, but I find my spiritual life is much more important than bragging about all I have...And I find, that no matter how well set up you are, we live in a world of all kinds of surprises..so brag all you want, but if I were you, I would humble yourself, because you are not safe anywhere, no matter what you do.  They might bomb your location etc..get right with your spirituality, and things that are above this world....just a suggestion.

Its obvoius you have not found your spirituality or you would not be bragging about all you have or inherited.

Sat, 12/26/2015 - 20:36 | 6966108 DCFusor
DCFusor's picture

Certainly didn't mean it to come off as bragging - if anything it's luck, as a result of becoming burned out in a high pressure job in DC (yuck) - and "bugging out" some 35 years ago, but more of a report about the neighborhood, and the readiness of the group in general.  While we as a group mostly earned what we have, we kind of lucked into all living with other like-minded sorts - seems like a lucky accident, and no one organized it or set it up that I know of.  An example of what others might want to be looking for.

By myself, I'm neither nothing nor everything - just a guy.  It's the multi-talented group that makes this so cool.  We help each other out of genuine love.  It's easier in a less dense situation than when people are crowed like rats in a cage in the city.

In re spirituality, I don't think you know who you're talking to here.  I'll leave it at that.

I think you missed what I meant to be my main point - that "off the record" economy, the one no one, including ZH, reports on - is expanding and thriving, which of course means the on-record economic numbers don't count it and are perhaps pessimistic compared to reality.  An unpopular sentiment here...except it's truth, which should count for something.

I know damn well my abilities as for example, a shooter have no effect on me being bulletproof.  On the other hand, this bullseye does shoot back.

My neigbors would likely pick off any incoming zombies and phone/radio me for warning and more ammo too...Not that any of us think that's actually how it'll go down.

Sat, 12/26/2015 - 20:59 | 6966164 coast
coast's picture

Sorry DC...you are fine...just sharing thoughts... maybe I am a bit jealous :-)   maybe I need to work on my own spirituality before casting first stone etc....thanks for your reply...maybe we both learned something.

Sat, 12/26/2015 - 19:12 | 6965929 Solio
Solio's picture

For the hell of it.

https://www.youtube.com/watch?v=mjfhsLuOEWI

He plays a mean bass.

Sat, 12/26/2015 - 19:37 | 6965982 coast
coast's picture

selling my kidney would be like trying to sell a 1970 Pinto that was in katrina during the hurricane :-)

Sat, 12/26/2015 - 19:55 | 6966013 Kprime
Kprime's picture

I'll give you a 20 spot.

Sat, 12/26/2015 - 20:15 | 6966050 Ms No
Ms No's picture

I've got 21.50.  I'll pay shipping, no need for ice, just throw it in a pickle jar.  I've always wanted a kidney and a pet monkey.

Sat, 12/26/2015 - 20:26 | 6966071 coast
coast's picture

21.50 wouldnt even cover the alcohol content...anyone who took my kidney would wake with a major buzz :-)  A warning lable comes with my kidney....do not drive etc.  And if I had a million dollars I would buy you a monkey..I know you have always wanted a monkey..:-)

Sat, 12/26/2015 - 23:36 | 6966405 Cornfedbloodstool
Cornfedbloodstool's picture

after you sell it you cant drink? fts.

Sun, 12/27/2015 - 11:58 | 6967026 BustainMovealota
BustainMovealota's picture

no, thats your liver.

Sat, 12/26/2015 - 19:40 | 6965983 Kirk2NCC1701
Kirk2NCC1701's picture

I traded some of my PM for G&A, which I expect to do a much better job as a "Store of Value".

Not to mention its sensory pleasure and greater utility.  Adding to off-grid capability (whether voluntary or involuntary due to storms), like having a backup generator and solar panels tied to the power main, and a wood stove and gas fireplace, are of far, far greater utility and peace of mind, than going overboard on PM.

Perspective. Balance. Asset Allocation. Versatility. Value. Preparedness. Larder. Supplies. Tools. OTG (off-the-grid) Resilience. Getting your oil changed regularly. Peace of Mind.

Sat, 12/26/2015 - 19:45 | 6965994 JD59
JD59's picture

FYI...

There is no NIC check for "renewal of carry permits". The FBI NIC check numbers are for firearm purchases only. 

The FBI is used by Sheriff departments for background checks for state ccw permits, but it is not counted in the number listed on their website for firearm purchases.

 

Sat, 12/26/2015 - 20:06 | 6966033 Ms No
Ms No's picture

I would be surprised if US kidneys were worth anything being that GMO and the pesticide it's grown in damage the kidneys. American kidneys should be of lower value, right next to the kidneys from the people of Fukushima and ebola hot zones.

Sat, 12/26/2015 - 22:12 | 6966295 Ms No
Ms No's picture

For downvoter:  Seralini's research has just been republished and he won his court case.  The industry will sick all of their paid dogs on him again but for now it stands.

Results

"Biochemical analyses confirmed very significant chronic kidney deficiencies, for all treatments and both sexes; 76% of the altered parameters were kidney-related. In treated males, liver congestions and necrosis were 2.5 to 5.5 times higher. Marked and severe nephropathies were also generally 1.3 to 2.3 times greater. In females, all treatment groups showed a two- to threefold increase in mortality, and deaths were earlier. This difference was also evident in three male groups fed with GM maize. All results were hormone- and sex-dependent, and the pathological profiles were comparable. Females developed large mammary tumors more frequently and before controls; the pituitary was the second most disabled organ; the sex hormonal balance was modified by consumption of GM maize and Roundup treatments. Males presented up to four times more large palpable tumors starting 600 days earlier than in the control group, in which only one tumor was noted. These results may be explained by not only the non-linear endocrine-disrupting effects of Roundup but also by the overexpression of the EPSPS transgene or other mutational effects in the GM maize and their metabolic consequences."

http://www.enveurope.com/content/26/1/14

http://www.gmoseralini.org/seralinis-team-wins-defamation-and-forgery-court-cases-on-gmo-and-pesticide-research/

 

 

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