Against some recent data, there is a potential restructuring that is worthy of discussion. The epic failures of the DeSantis campaign and Never Back Down SuperPAC are well documented.

In essence, everything has backfired because the origin of almost everything was/is built upon a fraudulent premise. From the scheming and conniving going all the way back to the original 2018 campaign, to the proactive recruitment of the exact wrong influencers 18 months prior to the official launch, to the enlistment of the Cruz crew, to the covert national campaign under the faked auspices of a book tour, everything paid for by the Sea Island group has been a hot mess.

Now the clock is ticking faster.  Ken Cuccinelli and Jeff Roe are under pressure.  Javier Manjarres, a solid insider in Florida media, shares today that Pushaw is getting the loyal but firm campaign stiff arm:

The DC chattering class then release an article talking about Youngkin or Kemp as alternatives to DeSantis:

[…] A Republican strategist who keeps in regular contact with several Republican presidential campaigns predicted DeSantis will “retool” his super PAC in the next few weeks.  “They probably got another month to turn this thing around and if they don’t they’re going to have to bring someone and do a major retooling,” the source said. (read more)

They are not waiting a month; the retooling indications are already evident.

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At the heart of the IRS whistleblower statements, is a meeting that took place on October 7, 2022, where U.S. Attorney David Weiss told six witnesses that he was not able to pursue a full case against Hunter Biden due to Dept of Justice roadblocks.

Notes and a contemporaneous email in regard to the explosive meeting were taken by IRS whistleblower Gary Shapley, who then testified to Congress and delivered the evidence which contradicts the statements by Attorney General Merrick Garland and Deputy AG Lisa Monaco.  Shapley’s lawyers documented some of the participants from the meeting on behalf of their client, as they refute the claims of Main Justice (Garland & Monaco):

Today, buried 21 paragraphs deep in their own reporting, the New York Times now confirms the content of the meeting and the statement by USAO David Weiss.

[New York Times] – […] in mid-2022, Mr. Weiss reached out to the top federal prosecutor in Washington, Matthew Graves, to ask his office to pursue charges and was rebuffed, according to Mr. Shapley’s testimony.

A similar request to prosecutors in the Central District of California, which includes Los Angeles, was also rejected, Mr. Shapley testified. A second former I.R.S. official, who has not been identified, told House Republicans the same story. That episode was confirmed independently to The New York Times by a person with knowledge of the situation.

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Nothing shouts “complicity” quite like paying $290 million to make the issues disappear.  However, according to the Wall Street Journal, fortunately ““The U.S. Virgin Islands will continue to proceed with its enforcement action to ensure full accountability for JPMorgan’s violations of law,” said a spokeswoman for the U.S. Virgin Islands attorney general.”

In one of the biggest settlements within the banking industry relating to sexploitation, JPMorgan Chase has agreed to pay the victims of Jeffrey Epstein $290 million in damages in order to settle a class action lawsuit against the bank.   Epstein used JPMorgan and Deutsche Bank as the financial mechanisms to pay for the sex trafficking operation he ran.  There are other civil and legal cases still ongoing, but JPMorgan hopes to extricate themselves from the collateral damage of Epstein’s horrific exploits.

Wall Street Journal – JPMorgan Chase JPM -0.25%decrease; red down pointing triangle agreed to pay $290 million to settle a lawsuit over its ties to Jeffrey Epstein, said lawyers for Epstein accusers, shortly after top executives were questioned about the bank’s years of dealings with the convicted sex offender.

The lawsuit on behalf of women who accused Epstein of abuse helped expose details about the bank’s relationship with Epstein for years after his conviction, forced Chief Executive Jamie Dimon to answer questions under oath, and led the bank to turn around and sue a former top leader, Jes Staley.

Dimon said in his deposition last month that he had never discussed Epstein or his accounts. Staley was deposed over the weekend.

The lawsuit was brought by an unnamed accuser who claimed the bank ignored red flags about Epstein until 2013 because he was bringing wealthy clients to the bank. JPMorgan has denied any wrongdoing. The bank still faces a related lawsuit from the government of the U.S. Virgin Islands, where Epstein had a residence.

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House Speaker Kevin McCarthy appears with Maria Bartiromo to address criticism about details within his debt ceiling bill.  The criticism is very valid, and is being made by many people who are unhappy with the deal to raise the debt ceiling.  However, the primary defense point of McCarthy surrounds a return to regular budgetary order.

As noted by McCarthy, the 12 house appropriations bill that form the traditional federal budget, are due in Aug/Sept for fiscal year 2025 which begins October 1st.  That is where substantive spending will be reduced, well below current spending levels.  However, Bartiromo confronts that outlook by asking ‘what if’ the Senate doesn’t take up the federal budget bill, preferring instead to use the funding mechanism provided within the debt ceiling bill.  {Direct Rumble Link}

The budget debate may sound somewhat parliamentarian, because the nuance of federal budgets is exactly that.  The mechanism to force congress to create a regular order budget is the debt ceiling. Essentially the national credit limit. If you take away the mechanism to force the budget, there is no force mechanism to require the budget.  WATCH:

The amount of debt carried in your own household budget is only a problem if you have a limit on your credit. If you have unlimited credit, meaning you can borrow endless amounts of money, then you can spend as much as you want. This willy-nilly raising of the national debt ceiling is the issue at the core of why federal budgets are not passed.

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There is a strong divergence within the May jobs report as released by the Bureau of Labor and Statistics (BLS) [DATA HERE].  Payrolls increased 339,000 in May from April and previous months were revised up by 93,000. That is good news.  However, the household survey, from which the unemployment rate is derived, showed employment down 310,000 jobs and the unemployment rate increased to 3.7%.

One of the aspects driving higher payroll starts are the number of people taking on additional part-time jobs.  This aspect is noted in a decline for the number of hours in the average workweek. As more PT jobs are added, the number of hours in a workweek declines. As noted in the BLS data, “the average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in May.”

There were 161.0 million people working in April.  There are 160.7 million people working in May.

There were 5.7 million people unemployed in April.  There are 6.1 million unemployed people in May.

The unemployment rate increased from 3.4% to 3.7%.

There are 310,000 fewer people working in May than were working in April.  However, payrolls increased by 339,000 over the same timeframe. See graph above for where those jobs were gained.

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People have been gobsmacked by a seemingly 180° change in the ideological outlook of Twitter owner Elon Musk.  The hiring of Diversity Equity and Inclusion (DEI) czar Linda Yaccarino as CEO caught everyone by surprise. {link} A Day later he conceded a free speech position to the government of Turkey, agreeing to silence the political opposition of Recep Erdogan. {link}  Perhaps some clarity can be found in a recent Bloomberg article:

Pay attention to DATES:

(Bloomberg) Elon Musk was issued a subpoena by the US Virgin Islands in its lawsuit accusing JPMorgan Chase & Co. of knowingly benefiting from Jeffrey Epstein’s sex-trafficking.

The US territory said in court papers it had reason to believe Epstein may have referred or attempted to refer Musk to JPMorgan as a client. Several other billionaires, including the Google co-founders Larry Page and Sergey Brin, have also been issued subpoenas by the USVI.

The USVI on Monday asked the judge overseeing the case to authorize alternative means of serving the April 28 subpoena on Musk. The territory said it made good-faith efforts to obtain an address for Musk, including hiring private investigators, but had been unable to locate one. 

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According to those who relish the Cloward-Piven strategy, things are proceeding swimmingly.

…”As long as the decisionmakers continue doing the things that are creating the crisis, the crisis will continue.”

Federal Reserve Chairman Jerome Powell said yesterday the “U.S banking system is sound and resilient,” insert uncomfortable snicker here.  However, uncertainty is continuing to pummel the banking industry, despite assurances from the Fed, Treasury, FDIC financial regulators and bankers such as Jamie Dimon who are all saying there is no crisis in the banking industry.

If you want to know the big picture source of the uncertainty, it’s the great pretending.  The average person can sense something is wrong, and the person who pays attention has the experience of institutional lying over the past several years.  The last ten years of lying and pretending has created the biggest collapse in institutional trust in U.S. history.

Russians interfered with the election – trust us. Stick this needle in your arm, it’s safe – trust us.  The FBI are the good guys – trust us. Biden won more votes – trust us. This inflation is merely transitory – trust us.

See the problem?

So, when the same voices shout, “the banking industry is sound, trust us,” well,… yeah, that suspicious cat sense that’s on high alert isn’t buying the chorus.

Reasonably intelligent people who accept things as they are, not as they would have us pretend them to be, can see the core connection to the World Economic Forum, Central Banks, and western globalist policy to change the entire dynamic of economics and finance around the “Climate Change” agenda, or Build Back Better, or Green New Deal.

Overlay that commonsense and pragmatic outlook with the logical consequences of the activity, and this banking collapse issue is a self-fulfilling prophecy.  As long as the decision makers continue doing the things that are creating the crisis, the crisis will continue.

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Everything about the process of cutting down energy exploitation, then driving supply side inflation, then raising interest rates to shrink demand (stem inflation) created by a desire to lower economic activity to the scale of diminished energy production, is a game of pretending.

The collateral damage from the rate hikes has been the banking destabilization, which shows the priority of the government officials and central banks to support the climate change agenda.  Into the game of pretending comes the second unavoidable consequence with inflation continuing as a result of the energy policy.

They simply cannot cut energy demand enough to meet the diminished scale of production.  There is no alternative ‘green’ energy system in place to make up the difference. That is the reality.  Now, the fed is scheduled to raise rates again, then begin to debate the collateral damage as they continue the pretending game.

(Via Wall Street Journal) – […] Another quarter-percentage point increase would lift the benchmark federal-funds rate to a 16-year high. The Fed began raising rates from near zero in March 2022.

Fed officials increased rates by a quarter point on March 22 to a range between 4.75% and 5%. That increase occurred with officials just beginning to grapple with the potential fallout of two midsize bank failures in March.

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The topline story from the announcement by JPMorgan Chase [SEE HERE] there are no banking rules/laws in the Biden Fed/Treasury system.

The Dodd-Frank laws are still on the books, but the FDIC decision to insure all deposits, regardless of size, now means those laws, rules and regulations are not required to be followed.  Additionally, as a result of JPMorgan gaining another $100+/- billion in deposit assets, the law(s) surrounding the 10% U.S. deposit maximum, within too big to fail banks, no longer exists. Noted in the announcement, “JPMorgan Chase is assuming all deposits – insured and uninsured.”

JPMorgan is also assuming assets consisting of $173 billion in loans and approximately $30 billion in securities.  The FDIC is going to assume risk (with a risk sharing agreement) for current First Republic Bank mortgage and commercial loans acquired by JPMorgan, guaranteeing JPMorgan a 5-year fed fixed rate on $50 billion in mortgage bonds.

The Federal Deposit Insurance Corporation (FDIC) rule requiring the holding of 1.5% of deposits for all depositors up to $250k in all institutions is now essentially moot.  If the FDIC is guaranteeing all deposits, there’s no way for the insurance corporation to capture or hold $1.5% of all banking deposits.  The law is in conflict with the outcome action of the Fed/Treasury and ultimately the FDIC, ergo the law is nulled by the ignoring of it.

Mohamed El-Erian gives his take below, but seemingly missed the part of the announcement where JPMorgan states, “no systemic risk exception was required” in the deal.  This means the FDIC is completely free-range with the agreement, they are not even trying to justify why they would make a too big to fail bank even bigger. WATCH:

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Gary Cohn is connected to the banking and finance industry, well connected.  In this interview with Face The Nation earlier today, Cohn is discussing the current status of First Republic Bank, another big player in the California banking system that is about to collapse.  Cohn notes something at the 1:15 mark that just seems obvious yet is undiscussed in most outlines of the FRB discussion.

Six weeks ago, in an effort organized by the FDIC, $30 billion was pushed into FRB by eleven larger banks to stabilize it.  However, the only thing that infusion of capital did was allow institutional depositors time and ability to withdraw their funds. A complete racket.  Once the at-risk group exits, suddenly the collapse is back on the tee.  WATCH:

[Transcript] – MARGARET BRENNAN: We want to turn now to Gary Cohn, who is the vice chairman of IBM, former Goldman Sachs president and a former Trump administration top economic adviser. Good morning to you. Lots of titles, Gary, Lots of experience. That’s why we like having you here. I want to ask you about what’s happening with First Republic. It’s been under pressure. We know they’ve been looking for a buyer, the FDIC, the government is looking to arrange, moving it into government control and then maybe selling it. What are you hearing about how this would roll out?

GARY COHN: Margaret, thanks for having me. I think you’re portraying the situation as we find ourselves again on a weekend. As we closed business of Friday, the FDIC was in a process of looking for acquirers or bidders for the assets over the course of the weekend. I think the FDIC has asked potentially three banks for their final bids for the entire bank. The FDIC would prefer to sell the bank in its entirety than the pieces. What will most likely happen is the FDIC will seize control and then simultaneously resell the asset to the successful bidder. I think that will happen sometime later this afternoon before the markets open in Asia this evening.

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