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    The online book version of the 2nd Quarter Wrap Up – Infrastructure: Conquest or Creation? is now available for subscribers!


    Non-subscribers can purchase a subscription here.

    From the Book:

    The architects who constructed the great buildings of Europe understood that if you built a great cathedral, it would inspire. These architectural feats lifted the minds of men out of the mud. Over the centuries, this inspiration would also lift real estate values and tax yields as it attracted talent, tradesmen, new construction and open markets.

    A society’s physical infrastructure is of utmost importance. Through the ages, it has been one of the critical determinants of who lived or died, of which nations flourished or failed. While a nation’s geography is very important, leveraging geography and natural resources with infrastructure makes an enormous difference.

    (more...)


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    By Catherine Austin Fitts

    I keep talking about the continued plunge in commodities prices. I thought a performance chart for commodity futures year to date from Finviz.com might give you clear picture. Commodity producers are not having a good year – particularly if they have a lot of debt to service.

    Related Reading

    VIX – CBOE Volatility Index

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    Invest in Your Health

    “Natural forces within us are the true healers of disease.”
    ~ Hippocrates

    By Catherine Austin Fitts

    Autumn is approaching and I am concerned that this fall is going to be particularly intense. Check out my description in What’s Up This Fall 2015?

    With just a few weeks of summer remaining, it is critical that we plan ahead and reserve time on our fall calendars to 1) reduce stress and 2) protect our health. We are entering a period where paying close attention to wellness could make an important difference.

    To help me explore this subject, I have asked Dr. Laura Thompson to join me on the Solari Report this week.  Dr. Thompson is the CEO and founder of the Southern California Institute of Clinical Nutrition based in Carlsbad, California. She received her Ph.D. in Nutrition and Human Behavior from Ryokan College in Los Angeles, studied naturopathy and iridology with Dr. Bernard Jensen, and culinary arts at the Paris American Academy in Paris, France.

    We will focus on the steps you can take to reduce stress, build your immune system and reduce toxicity.  I will be drawing on our previous Solari Reports with Dr. Thompson:

    This is the last week of August, so we will not have a Money & Markets segment in this report.

    If you’re not a subscriber yet, you can become one here.

    Talk to you Thursday!

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    Keep Calm and Do the Math

    By Catherine Austin Fitts

    At last I can stop saying “the US markets are significantly overdue for a 10-25% correction.”

    The correction is here. The S&P 500 is down 9.3% for the year and down 12.8% from its 2015 (and all time) high.

    The corporate media has joined the alternative media chorus promoting emotion, anger and fear. Don’t join in. Financial market prices and volumes go up and down – that’s how it is.

    Some of the dynamics at work:

    Commodity prices continue to plunge:  Painful for companies and countries that depend on commodity sales for revenue, lower commodity prices are a windfall for consumers and companies that are users – particularly in the developed markets.  One of the surprises this year was how many so-called “insiders” were caught off guard by the significance of the continued price drops. Part of the plunge is over supply of oil and gas. However, the long term trend in the cost of energy from a variety of sources is down. Over time that is bullish for equity markets.

    Central bank exhaustion: Quantitative easing has about run its course. Not to say that monetary and fiscal stimulus is over – the latest China stimulus is proof in point. However, fundamental supply and demand are limiting the multiplier through the economy as government and central bank largesse is withdrawn or where engineering centralized takeover and squeezing out the margins is complete. To paraphrase Bill King, intervention is losing its mojo.

    Global slow down:  Global economic activity is slowing down. In some instances it is being made to slow down as the United States whacks Russia and China when they try to grow independently – and they whack back.  China has gotten double-binded over the SDR, the Asian Infrastructure Bank and over the strength (now gone) of their stock market this year.  It will be interesting to hear the dialogue when Obama, Putin and Xi Jinping come together in New York on September 28th at the United Nations in New York.

    Fed Tightening: If the Fed raises interest rates on September 16-17th, years of cheap dollars will come to an end.  To some extent, this began last summer when the dollar index began to rise.  A higher cost of capital is a double-whammy for commodity producers and nations with high dollar debt loads – add derivatives on top of that.  That translates into serious problems in the emerging markets.  The pressure to raise interest rates is significant. Pension funds and insurance companies and savers in general are paying a heavy price for subsidizing government and large corporation cost of capital.

    Bonds are not what they used to be: As described in our 1st quarter wrap up, Planet Debt, the long term bull market in bonds is drawing to a close.  The central banks have quite a challenge – to make sure that too much money does not leave the bond market too fast.  It is hard to imagine that this will be an orderly transition.

    Equity markets are converging:  As described in our annual wrap up, Planet Equity, the global economy is rebalancing. That means global equity markets are growing and they are becoming ever more connected. It would not surprise me if the G-7 tried to pull the plug on the China markets and wound up this week inadvertently pulling the plug on global markets. We are connected – for richer and for poorer, in good times and in bad. To understand our interdependencies with China, read Stephen Roach’s excellent book Unbalanced.

    Conquest or creation?: We are spending several trillion a year officially on military and more on black budgets.  We could stand to start shifting investment to infrastructure ( See our 2nd quarter wrap up, Infrastructure: Conquest or Creation) and to more cooperation and less bullying.

    What’s ahead? Keep your eye on the areas of long term economic strength and growth for opportunities in the US and developed markets.

    The emerging markets may be headed into more than just a correction. If that is the case, the question is whether the divergence of recent years between the US and global equity markets can continue or whether the rebalancing of the global economy has brought us to a place where price will extract a hideous penalty for centralized control and intervention and the resulting lack of cooperation and trust.

    For Subscribers:

    We post charts on US and global markets each Sunday evening based on the weekly close. Most recent is here: Money & Markets – August 21, 2015

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    By Catherine Austin Fitts

    In The Paris Architect by Charles Belfoure, Lucien Bernard is an architect struggling to make his way in Nazi-occupied Paris. A wealthy industrialist offers him a large sum of money and significant commissions to devise secret hiding places for Jews. By day Lucien builds factories to produce German weapons and by night he risks his life to save Jews.

    This is the story of a man who tries to stay in the middle of the road and is forced by events and his association with the courageous to choose sides. While written about a time long ago, The Paris Architect has lessons for us all.

    • First, our passion and ambition to pursue a profession can hook us into working for the wrong people and supporting a system that is doing harm. We want to be in the flow – even when the flow is doing harm.
    • Second, when governments use violence, divide and conquer tactics and force to get their way, betrayal and risk flow into our most intimate relationships and human trust breaks down.
    • Third, wisdom and bravery are infectious. It pays to hang out with the courageous.


    If you want a fictional primer on managing life in a centrally controlled state where psychopaths reign, here it is.

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    5 Tougher Questions to Ask Your Adviser

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    By Catherine Austin Fitts

    In the last week, I have gotten several questions on leadership – in particular on women and leadership.  I promised to republish a link to my recent series, Promoting Women.

    For those watching the various candidate meltdowns, I recommend it.

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