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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.


    Jackson Hole Summit 2015: What is It, Why is It Important and Who Will Be There?

    City AM | 12 August 2015
    Somewhat marred by…

    Agricultural Commodities Sink After USDA Report
    CNBC | 12 August 2015
    Numbers are stunningly…

    Is the Fed Behind the Stock Market and Commodity Crashes?
    GATA | 26 August 2015
    To prevent commodities from being…

    Flawed Fundamentals, Nasty Macro, Structural Industry Change: For Wall Street Banks It Really Is Different This Time
    Zero Hedge | 20 August 2015
    This time it’s structural not… and the next article relates

    Block Chain
    Classical Values | 27 August 2015
    Cut those costs tremendously…

    Canadian Mining Company Shifts from Iron-ore Exploration to Selling Eggs Amid Commodity Rout
    Financial Post | 20 August 2015
    Century’s balance sheet to start…


    Wednesday Report…Keep Your Eye On the Precious Metals Bear
    Rambus Chartology| 26 August 2015
    Keep your eye on…


    FBI ‘A-team’ Leading ‘Serious’ Clinton Server Probe, Focusing on Defense Info
    Fox News| 28 August 2015
    Rules do not make the “send” or “receive”…

    Europe in Free Fall
    The Saker | 27 August 2015
    Just a colony of…


    You Tube | 21 August 2015
    Secret Space Program link

    Why is EU Struggling with Migrants and Asylum?
    BBC | 19 August 2015
    Arrived on the Greek islands in July…

    Obama Says Sorry to Japan after WikiLeaks Claims of US Spying
    Hurriyet Daily News | 26 August 2015
    Risk jeopardizing…


    Many scientific studies can’t be replicated. That’s a problem.
    Washington Post | 27 August 2015
    May succumb to motivated…

    The Future of the Internet Is at Risk
    Financial Sense | 26 August 2015
    Mitigating risk: Data…

    Open Source Ecology – Interactive Video
    How can you collaborate with Open Source Ecology?

    You Tube | 26 August 2015
    How can you collaborate with Open…

    There Aren’t Enough Firefighters to Stop America’s West From Burning
    Bloomberg | 26 August 2015
    Expert on fire behavior, has never…

    Intel to Invest Heavily in Software That Enhances Cloud-Computing Capabilities
    NY Times | 24 August 2015
    Six companies that Cisco…


    10th Holistic Doctor Found Murdered In Her Home. Controversial Connections Are Surfacing
    Collective-Evolution | 25 April 2011
    Treating cancer in a holistic…

    Nazi-like Experiments on Children in US Planned by the EPA
    Brasscheck TV | 25 April 2011
    Not exposing them to…

    Recalls of Organic Food on the Rise, Report Says
    NY Times | 20 August 2015
    … up 11.3 percent from 2013…

    Universal Flu Vaccine Comes Closer, Scientists Say
    NY times | 24 August 2015
    Better flu vaccines for…

    Circle Medical Brings A Full Service Medical Practice To You
    Tech Crunch | 17 August 2015
    Visit normally costs…

    The Alex Jones Show: with Jon Rappoport (Start at 1 Hour:32 Minutes)


    Half a Million People Sign Petition Urging Francis to Reinforce Church Teaching on Marriage at Synod
    Catholic Herald | 25 August 2015
    To the Vatican on September 29, the feast of…

    ‘Dust lady’ of 9/11 Marcy Borders Dies of Cancer at 42
    BBC | 26 August 2015
    Suffered from severe…

    Cameron Russell: Looks Aren’t Everything. Believe Me, I’m a Model. (Video)
    TED | October 2012
    Image is powerful, but also, image is…


    The Extraordinary Ordinary
    Unknown Country | 08 October 2000
    Strange sights, discovering implants, remembering…

    Finra CARDS Data Breach Risk is Real
    Investment News | 04 May 2015

    Blast Hits Chemical Plant in Eastern China
    USA Today | 22 August 2015
    Adiponitrile is used in making…


    Riding the Energy Wave to the Future
    Mauldin Economics | 14 August 2015
    When energy changes…

    Woman Who Married Cuban Spy Suing JP Morgan for $57M
    NY Daily | 22 August 2015
    Fines for having handled…

    Stocks Plunge Sharply for a Second Day on Wall Street
    NY Times Deal Book | 22 August 2015
    As the selling accelerated…

    Private Equity and India’s Economic Development
    McKinsey | August 2015
    One clear impact…

    Markets No Longer Believe ‘It’ will Happen in September”
    Business Insider | 20 August 2015
    Minutes left markets slightly…

    For Most Seniors, Social Security Is Their Biggest Source of Income
    The Fiscal Times | 19 August 2015
    Battle lines…


    A Family in Public Housing Makes $498,000 a Year
    Washington Post | 17 August 2015
    Paid $300 for…


    Exclusive: Dozens of Clinton Emails were Classified from the Start, U.S. Rules Suggest
    Reuters | 21 August 2015
    Stamps indicate that some…

    First of its Kind Museum of Corruption to be Opened
    English News | 21 August 2015
    Not permit…

    Judge Presses State Department to Learn More about Clinton’s E-mail Server
    Washington Post | 20 August 2015
    Sullivan’s inquiries…

    The Saker interviews Omar Ma’arabouni
    The Saker | 19 August 2015
    Work hard on giving the war a sectarian…partition is not…

    Government Inquiry Into Clinton Emails Likely To Widen
    NPR | 19 August 2015
    Intent — matters a lot under…

    China to take over strategic US military base in Djibouti
    Press Tv | 18 August 2015
    Serves as one of the world’s largest…


    New Ford Car Automatically Obeys Speed Limit
    CNN | 25 March 2015
    Unveiled by For of…

    Hacker’s Ashley Madison Data Dump Threatens Marriages, Reputations
    Reuters | 19 August 2015
    Move to identify members of…

    First Almost Fully-formed Human Brain Grown in Lab, Researchers Claim
    The Guardian | 18 August 2015
    The ethical concerns were…

    An Executive’s Guide to the Internet of Things
    McKinsey | August 2015
    Core fact: business-to-…

    IRS Says Breach of Taxpayer Data Far More Widespread than It First Thought: 610,000 Taxpayers at Risk
    Washington Post | 17 August 2015
    Monday as they released new estimates that 610,000…

    Iran to Build Nuclear Complexes with China and Russia
    Tehran Times | 16 August 2015
    Arak reactor will also…


    CDC Science/MMR Fraud: The Thompson/Hooker Conversations Published
    Age of Autism | 18 August 2015
    Domination of the nation’s scholars by Federal…

    Medical Terrorism: KC Teen Isaiah Rider Will Remain in Illinois Custody After He Turns 18
    Health Impact News | 16 August 2015
    Speak out about the injustice…

    The Best Farm Stands In The U.S.
    Rodales Organic Life | 17 June 2015
    50 great places to get the freshest…

    Reversing Type 2 Diabetes Starts with Ignoring the Guidelines | Sarah Hallberg | TEDxPurdueU

    YouTube | 04 May 2015
    What happens when we eat…


    Banksy’s Dismaland: ‘Amusements and Anarchism’ in Artist’s Biggest Project Yet
    The Guardian | 20 August 2015
    In one tent would-be anarchists can…

    A Town in Michigan Pooled their Money to Send Every High School Graduate to College
    Daily Kos| 18 August 2015
    Change in the way the community talked about…

    CNN: Why Do You Think Walmart Attracts Such Criminal Elements?
    Free Beacon | 10 August 2015
    Attracts such criminal…

    Birds-of-Paradise Project

    YouTube | 03 December 2012
    Witness diverse strategies of…

    Mind Blowing Man Made Live Bridge at Cherrapunji, India (Article)
    ISK Conn News |31 January 2014
    Story of heritage…observation of…


    Analyst: Oil Prices Could Hit $15
    Manufacturing | 19 August 2015
    No evidence whatsoever to suggest…

    Break-away Boys…Clif High
    Blog Dog | 18 August 2015
    Until we do, collectively, we…

    The Handbook of Human Ownership – A Manual for New Tax Farmers

    You Tube | 11 June 2011
    Political power is very simple…


    The Worst of the Worst of the Worst: New Century and its Economics Shills
    New Economic Perspectives | 10 August 2015
    Second mortgage on the same property was…

    Why Aluminum Is a Big Headache for Top Commodity Traders
    Bloomberg | 13 August 2015
    Earnings target for…

    China is Putting the Fed in a Tough Spot
    CNN Money| 12 August 2015
    Will always be an excuse for…

    IEA Sees Oil Glut Persisting Despite Soaring Demand
    Reuters | 12 August 2015
    All-time high of…

    Citigroup: Something Big and Fundamental Has Changed in Markets
    Yahoo Finance | 12 August 2015
    Cannot be solely attributed to…

    Greek Bailout Terms to Give Eurozone Vast Powers Over Policymaking
    The Guardian | 12 August 2015
    No unilateral…by the [Greek] authorities…


    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


    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!


    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


    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.


    Related Reading:

    5 Tougher Questions to Ask Your Adviser


    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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