There’s not much happening in markets right now.
The US is in the midst of quarterly reporting. So far, it’s gone according to script. That is, most companies have massaged expectations well enough that they have ‘beat’ them when the actual results are released.
But the reality is that quarterly earnings growth is expected to be around 1%, with a big rise coming through later in the year.
If that earnings increase doesn’t come through, the Fed will have a lot of heavy lifting to do to keep the market from plunging.
With a 25 basis point rate cut locked in when the Fed meets next week, and earnings reports in line with expectations, the Dow was flat, while the S&P 500 rose 0.3%. The NASDAQ outperformed, rising 0.7%.
While markets are a bit of a snooze fest in the US, there is a fair bit happening under the hood here in Australia. I’m recording a new Rum Rebellion video update later today, where I’ll have plenty of charts showing you where all the action is.
If you’re a subscriber to that channel, it will come through on your feed. If not, I’ll provide a link for you in tomorrow’s Rum Rebellion.
Today though, I want to provide an update on President Trump’s swamp draining activities. First though, some context…
The Rum Rebellion is a libertarian voice. To most people, ‘libertarian’ means free speech, low taxes and small government. That’s all true.
But another aspect of libertarianism is that it is the enemy of centralisation. When anything is centralised (think banking, money, media, government etc) it concentrates power away from the many into the hands of the few.
To be a libertarian is to champion the rights of the individual. In a system of centralised information and power, the rights of the individual are eroded.
That’s why Trump’s battle against the deep state is so fascinating. The deep state is one of the most concentrated forms of covert power in history. Its chief ally is the mainstream media, which explains why the animus against Trump is so extreme.
The deep state refers to the layers of hidden government power that really drives the political and economic agenda. I’m talking about the FBI and the CIA, as well as various other intelligence agencies. They drive the agenda by leaking news to their media allies, namely The New York Times and the Washington Post.
But there are many layers of media involved. For example, the ‘Steele dossier’, a fake document paid for by Hillary Clinton, was first peddled through the media (Yahoo news and Buzzfeed) in order to legitimise it. It was then branded as fact to pin Russian collusion on team Trump.
And then there are the jobs in the media that await after a career in the intelligence agencies. For example, disgraced former National Intelligence Director James Clapper joined CNN in 2017. At the time, CNN host Chris Cuomo welcomed Clapper by saying he was ‘part of the family’.
Anyway, the point is that the mainstream media is not interested in reporting the truth. Its aim is to mislead you and prolong the status quo, of which it is an integral part.
The next step in this campaign to control the narrative is to have Robert Mueller testify before Congress on Wednesday, US time. Muller investigated team Trump and potential Russian collusion for two years, and could only claim a few victims on unrelated crimes.
At the same time, he failed to investigate the dodgy claims made in the Steele dossier, or the spying (FISA) abuses levelled against Trump team associates Carter Page and George Papadopoulos.
Mueller is pure swamp, so it’s no surprise that the Democrat pairing of Adam Schiff and Jerry Nadler have asked him to testify.
They hope to squeeze out a claim that the president ‘did something’ but that Mueller couldn’t charge him, and had to leave it to Attorney General Barr, Trump’s ‘hand-picked’ lawyer. (All AG’s are hand-picked by the president).
The media will then duly report this latest outrage.
The reality, however, is that Barr has all the declassified information relating to the investigation into Trump. When it comes time to release that, let’s see what the mainstream media report on.
In addition, Inspector General Michael Horowitz has been investigating surveillance abuses by the Department of Justice and the FBI, and that report is due out in the next few months. It’s likely to reveal criminal behaviour by the Obama era intelligence agencies, and could well implicate Obama himself.
Finally, the recent arrest of paedophile Jeffery Epstein is a fascinating part of the story. Epstein looks to have been running a long standing blackmail operation. This is a classic deep state play. It’s believed Epstein has dirt on many, many of the elites who run the world.
Who was he working for?
Alexander Acosta, who resigned under pressure from the Trump Administration last week, was instrumental in getting Epstein off lightly in a paedophile charge filed in 2008. Acosta suggested his leniency at the time related to Epstein being tied ‘to intelligence’.
My guess is that refers to the CIA. Although there are some claims he was working for Israel’s Mossad.
Instead of investigating the real story, the mainstream media has made much of the fact that Trump has ties to Epstein. Epstein has evaded the law for decades. If he had dirt on Trump, he certainly wouldn’t have been arrested a few weeks ago.
But now, he’s in a maximum security prison, as much for his own safety as the wider public’s. As I said, he has dirt on a lot of powerful people. With the blackmail game now up, his value just plummeted.
It’s just another front in the war on the deep state and the decentralisation of elite power structures. I’ll be following it intently.
Editor, The Rum Rebellion
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