Trump Tariff Trauma Returns, Sends Stocks Reeling; BRIC Wrap up Summit in Brazil; Gold, Silver Continue to Tease Upside

With the 90-day negotiation window closing on President Trump's threatened tariffs on most of America's trading partners and news of letters going out to various countries, including South Korea and Japan, taking the lion's share of headlines, the administration figured it was the perfect time to close the Epstein case, trotting out representatives from the FBI and Justice Department early Monday morning.

Investigators, after months of tireless sleuthing and sifting through more than 500 gigabytes of data and volumes of documents, found that infamous pedophile and human-trafficker Jeffrey Epstein maintained no client list and definitely committed suicide while awaiting trial in a New York City prison. Therefore, there will be no further investigation, no charges brought against sitting or former politicians, judges, or other famous people and the case is closed, the files flushed down the rabbit hole.

This is the same FBI and Department of Justice which must months ago promised transparency and honesty in its dealing with the American public. Allegedly, Americans are supposed to believe in the existence of unicorns, leprechauns, the Easter Bunny, tooth fairy, and that JFK was killed by Cubans, Elvis Presley is still alive, two planes took down the Twin Towers in New York and another 47-story building on 9/11/2001, and that U.S. astronauts walked on the moon in 1969.

Every day it becomes more and more difficult to keep faith in Ameircan institutions and the people running the government in Washington, D.C. Levels of propaganda and gas-lighting have never been as high as under the current regime.

With another major scandal now discarded and swept under the rug, the uniparty, ensconced neatly in the District of Columbia that rules over the great expanse of the United States, has free reign over the governments finances and operations, including raising the debt ceiling by $5 trillion and other provisions in the big, beautiful continuing resolution passed by both houses of congress and signed into law by Presiident Trump on July 4.

The grifting and draining of the U.S. Treasury shall continue, non-stop.

Early Monday morning, President Trump announced that letters were being sent to heads of state of various countries with which the U.S. does business. Some of the proposed tariffs, set to take affect on August 1, are of 25% on Japan, South Korea, Malaysia, Kazakhstan, Tunisia, South Africa (30%), Laos (40%), Myanmar (40%), Bosnia and Herzegovina (30%), Indonesia (32%), Bangladesh (35%), Serbia (35%), Cambodia (36%), and Thailand (36%).

Trump also took aim at the BRICS, the organization wrapping up its annual summit in Rio de Janeiro, Brazil, on Monday. Posting on his social media platform, Truth Social, the president sent out the following:

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff There will be no exceptions to this policy. Thank you for your attention to this matter.”

While the administration was busy alienating 60% of the global economies, Wall Street was even busier, selling stocks with heightened alarm.

There's more detail on the Money Page of the July issue of idleguy.com.

Approaching Tuesday's opening bell, stock futures are mixed with Dow futures down around 58 points, S&P futures up 5, and NASDAQ futures ahead by 50.

Gold was smacked down Monday, but recovered throughout to day to finish positively. as of this writing, gold is trading at $3,338.00 on the COMEX with silver tickling $37 ($36.95) where all the short stops are located.

Enjoy the chains.

At the Close, Monday, July 7, 2025:
Dow: 44,406.36, -422.17 (-0.94%)
NASDAQ: 20,412.52, -188.59 (-0.92%)
S&P 500: 6,229.98, -49.37 (-0.79%)
NYSE Composite: 20,545.60, -180.19 (-0.87%)

WEEKEND WRAP: Post Independence Day, Peace, Prosperity, Tariffs, BRICS, Higher Stock Prices, Lower Oil and Gas Prices Are on the Agenda

The Shiiller PE closed out on July 3rd at 38.31, just 0.37 from the second-highest reading ever, 38.58, from October 2021, in the aftermath of the plandemic. Given the current momentum, it would surprise exactly nobody if it exceeded that level within weeks, if not days.

Thus, to say that stocks are overvalued would be an extreme understatement. Some of it is because of the dollar's recent decline, from a high on the Dollar Index of 109.96 on January 13, to the current 96.99, a drop of 11.80% in just six months - that's huge in terms of the world's reserve currency. Alternately, the other reserves in central bank coffers - euros and gold - are both appreciating.

Gains in the stock market are proxies for the debasement of the backing currency. All said and done, equity investors are still losing. The Dow is up 5.37%; NASDAQ, up 6.68%; S&P, up 6.76% year-to-date, so, more dip-buying, adding to winning positions, and staking out speculative positions within the framework of buybacks and a declining dollar remains the near term outlook.

Signed by President Trump on Independence Day, passage of the big, beautiful continuing resolution assures inflation will remain unleashed until something breaks, ostensibly, that being the U.S. consumer.

Stocks

Higher. Longer. On the shortened week which ended with a half session Thursday the Dow closed within spitting distance of its all-time high (45,014.04, Dec. 4, 2024). There is a nearly 100% certainty that it will exceed that number in the week ahead.

The Dow and other majors put in reasonable gains for the week, though the best performance was on the Transportation Average, up 3.56%.

The week ahead will feature a few early second quarter earnings reports, the most impactful possibly being Delta Airlines (DAL) which will be releasing on Thursday before the opening bell. Also that morning, Helen of Troy (HELE) and agricultural giant Conagra (CAG) report. After the close on Thursday, WD-40 (WDFC) and Levi's (LEVI) release.

There won't be much to ponder on the data front, with the week ahead focused on two somewhat parallel events: the BRICS Summit in Brasil Monday and Tuesday (July 5, 6) and the expiration of the 90-day grace period on Trump's tariffs on Wednesday, the 7th.

What develops in both scenarios will likely go a long way towards determining the future of international trade and finance.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/30/2025	4.33	4.35	4.35	4.36	4.39	4.36	4.11
06/06/2025	4.28	4.31	4.35	4.43	4.38	4.31	4.14
06/13/2025	4.23	4.32	4.48	4.45	4.40	4.30	4.09
06/20/2025	4.20	4.38	4.55	4.39	4.40	4.29	4.07
06/27/2025	4.19	4.43	4.49	4.39	4.36	4.26	3.97
07/03/2025	4.35	4.43	4.50	4.42	4.41	4.34	4.07

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/30/2025	3.89	3.87	3.96	4.18	4.41	4.93	4.92
06/06/2025	4.04	4.02	4.13	4.31	4.51	4.99	4.97
06/13/2025	3.96	3.90	4.02	4.20	4.41	4.93	4.90
06/20/2025	3.90	3.86	3.96	4.16	4.38	4.90	4.89
06/27/2025	3.73	3.72	3.83	4.03	4.29	4.85	4.85
07/03/2025	3.88	3.84	3.94	4.12	4.35	4.87	4.86

Yields were elevated at the low end of the curve through the middle, tapering with the longer maturities (10-year note, +6 basis points; 30-year bond, +1 basis point).

The indication is higher rates at the low end, especially after the June non-farm payroll report exceeded estimates, with 147,000 new jobs gained during the month. The effect of the solid jobs data pushed 1-month yields to their highest in more than a month, suggesting that the Fed will be unable to justify any cut to the federal funds rate at the July 29-30 FOMC meeting.

Spreads were spanked down, with 2s-10s dropped nine basis points to +47 and full spectrum at +51, both down substantially, which, as opposed to the most recent condition, is optimistic. There is a growing perception in fixed income markets that some stability and possible agreement between the fiscal and monetary sides of the U.S. economy may be emergent. The combination of passage of the latest continuing resolution (the big, beautiful one) and Thursday's positive jobs report favors expansion and a backing off from near-crisis conditions in the banking sector.

Spreads:

2s-10s
9/15/2023: -69
9/22/2023: -66
9/29/2023: -44
10/06/2023: -30
10/13/2023: -41
10/20/2023: -14
10/27/2023: -15
11/03/2023: -26
11/10/2023: -43
11/17/2023: -44
11/24/2023: -45
12/01/2023: -34
12/08/2023: -48
12/15/2023: -53
12/22/2023: -41
12/29/2023: -35
1/5/2024: -35
1/12/2024: -18
1/19/2024: -24
1/26/2024: -19
2/2/2024: -33
2/9: -31
2/16: -34
2/23: -41
3/1: -35
3/8: -39
3/15: -41
3/22: -37
3/28: -39
4/5: -34
4/12: -38
4/19: -35
4/26: -29
5/3: -31
5/10: -37
5/17: -39
5/24: -47
5/31: -38
6/7: -44
6/14: -47
6/21: -45
6/28: -35
7/5: -32
7/12: -27
7/19: -24
7/26: -16
8/2: -08
8/9: -11
8/16: -17
8/23: -09
8/30: 00
9/6: +06
9/13: +09
9/20: +18
9/27: +20
10/4: +5
10/11: +13
10/18: +13
10/25: +14
11/1: +16
11/8: +5
11/15: +12
11/22: +4
11/29: +5
12/6: +5
12/13: +15
12/20: +22
12/27: +31
1/3: +32
1/10: +37
1/17: +34
1/24: +36
1/31: +36
2/7: +20
2/14: +21
2/21: +23
2/28: +25
3/7: +33
3/14: +29
3/21: +31
3/28: +38
4/4: +33
4/11: +52
4/17: +53
4/25: +55
5/2: +50
5/9: +49
5/16: +45
5/23: +51
5/30: +52
6/6: +48
6/13: +45
6/20: +48
6/27: +56
7/3: +47

Full Spectrum (30-days - 30-years)
9/15/2023: -109
9/22/2023: -99
9/29/2023: -82
10/06/2023: -64
10/13/2023: -82
10/20/2023: -47
10/27/2023: -54
11/03/2023: -76
11/10/2023: -80
11/17/2023: -93
11/24/2023: -95
12/01/2023: -105
12/08/2023: -123
12/15/2023: -154
12/22/2023: -149
12/29/2023: -157
1/5/2024: -133
1/12/2024: -135
1/19/2024: -118
1/26/2024: -116
2/2/2024: -127
2/9: -117
2/16: -103
2/23: -112
3/1: -121
3/8: -125
3/15: -109
3/22: -112
3/28: -115
4/5: -93
4/12: -87
4/19: -77
4/26: -70
5/3: -85
5/10: -87
5/17: -94
5/24: -99
5/31: -83
6/7: -92
6/14: -113
6/21: -103
6/28: -96
7/5: -101
7/12: -108
7/19: -103
7/26: -104
8/2: -143
8/9: -131
8/16: -138
8/23: -141
8/30: -121
9/6: -125
9/13: -117
9/20: -80
9/27: -80
10/4: -75
10/11: -58
10/18: -54
10/25: -38
11/1: -18
11/8: -23
11/15: -10
11/22: -12
11/29: -40
12/6: -23
12/13: +18
12/20: +29
12/27: +38
1/3: +38
1/10: +54
1/17: +41
1/24: +40
1/31: +36
2/7: +32
2/14: +32
2/21: +31
2/28: +13
3/7: +24
3/14: +25
3/21: +23
3/28: +26
4/4: +5
4/11: +38
4/17: +44
4/25: +40
5/2: +41
5/9: +46
5/16: +52
5/23: +68
5/30: +59
6/6: +69
6/13: +67
6/20: +69
6/27: +66
7/3: +51

Oil/Gas

Edward Dowd of Phinance Technologies believes WTI crude could go as low as $30/barrel within the context of a deep recession in the near to medium term (6-12 months), which he also believes is of high probability.

Whether or not Mr. Dowd is eventually proven correct over time, WTI crude oil closed out the week at $65.15, just pennies ahead of last week's (6/27) close of $65.07 and a far cry from the $74.04 two weeks past (6/20). Price erosion is possible depending on global affairs and the stability of various developed economies. No doubt, the temporary peace between Israel and Iran will contribute to keeping oil prices deflated.

Gas prices have followed oil's path.

Gasbuddy.com is reporting the national average for a gallon of unleaded regular gas at the pump at $3.11, a six-cent drop from last week, and that over a busy three-day weekend.

The highest prices in the country remained in California, at $4.54, down three cents on the week.

Prices at the traditional low end are dropping quickly, led by Oklahoma ($2.64), Texas ($2.66) and Mississippi ($2.67). Other states in the Southeast were also down over the course of the week. Tennessee ($2.72), Louisiana and South Carolina ($2.73), Alabama and Arkansas ($2.74) are all down by at least five cents from last week. Georgia dropped from $2.91 to $2.87, though Florida punched back up to $3.06. North Carolina dropped nine cents to $2.83.

The Northeast is still led on the high side by Pennsylvania ($3.31), down seven cents. All other New England and East coast states remained above $3,00, though New Hampshire and Rhode Island came in at $3.01. Maryland follows Pennsylvania on the high side, at $3.18.

Midwest states are topped by Illinois ($3.41), though the price is down seven cents. Kentucky ($2.82) is the lowest in the region, followed by Ohio ($2.84), Missouri ($2.87), Kansas ($2.88) Nebraska and North Dakota ($2.89), leaving just Illinois, Indiana ($3.11), and Michigan ($3.12) above $3.00.

Along with California, Washington ($4.40) are the only ones above $4, as Oregon checks in at an even $4.00. Nevada ($3.72) dropped three cents. Arizona ($3.21) is still priced at a premium to neighboring New Mexico, a relative bargain, at $2.81. Idaho ($3.39), and Utah ($3.27) each saw prices drop.

Sub-$3.00 gas can be found in two more states this week than last, with now 22 making the grade. If the Middle East situation remains relatively peaceful and there's no significant turmoil from BRICS or the end of Trump's 90-day tariff grace period, prices should continue to come down through summer into fall.

Bitcoin

This week: $108,808.00
Last week: $108,168.60
2 weeks ago: $102,703.00
6 months ago: $101,731.00
One year ago: $58,088.72
Five years ago: $9,710.92

All of crypto is a massive fraud. With the U.S. and Europe (Western powers) increasingly leaning toward crypto assets like stablecoins and CBDCs, people around the world may soon be faced with a currency crisis in which they will be largely forced to choose between crypto and gold-backed currencies. Ought to be a no-brainer, but, the world being led largely by sociopaths who push their narratives through a highly-propagandized media, the choices will be presented as difficult.

Precious Metals

Gold:Silver Ratio: 90.13; last week: 90.85

Per COMEX continuous contracts:

Gold price 6/6: $3,331.00
Gold price 6/13: $3,452.60
Gold price 6/20: $3,384.40
Gold price 6/27: $3,286.10
Gold price 7/3: $3,346.50

Silver price 6/6: $36.13
Silver price 6/13: $36.37
Silver price 6/20: $35.95
Silver price 6/27: $36.17
Silver price 7/3: $37.13

Silver's close above $37/ounce was the first since late 2011, and, at that time, the price was going down. This time actually IS different.

The Financial Times reports that China has made at least 10 mining acquisitions in 2024, underpinning the country's need for raw materials, in addition to its voracious appetite for gold and silver. China has been actively seeking foreign partnerships for a chain of gold vaults throughout the Global South. Details of this ongoing development can be found on the money page of the July issue of idleguy.com, along with additional speculation over the developing multi-polar economic storm.

It's becoming quite clear that gold will play a role in the future of global finance and economics. July 1 marked the adoption of gold as a Tier 1 Asset for American banks, which have shifted their positions in favor of precious metals after decades of being willing participants in various gold suppression schemes, especially on the COMEX and through mechanisms such as the U.S. Exchange Stabilization Fund.

As U.S. hegemony continues to wane, true money - gold - is replacing U.S. Treasury bills, notes, and bonds as the preferred reserve asset at most central banks. The era of price suppression is coming to an abrupt end. The gold price may appreciate at a more rapid pace shortly, though that is still largely dependent on geo-politics and the intentions of the global banking cartel. A severe clash between the West and BRICS-aligned nations could result in an expansion of the developing economic war into a kinetic, military confrontation.

Cooler heads may eventually prevail. Insight can be gained from developments in the Middle East and Ukraine. If those conflicts are soon resolved, there is a chance that President Trump's wish to be remembered as a "peace president" may be fulfilled. Naturally, resistance will come from neocons and the MIC in Europe and the United States.

The main question regarding global politics may come down to a "Who's the Boss?" condition between militants and economists, mostly of the Austrian kind.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (numismatics excluded, free shipping):

Item/Price	Low	High	Average	Median
1 oz silver coin:	38.11	49.00	42.31	42.53
1 oz silver bar:	39.00	49.99	44.52	44.88
1 oz gold coin:	3,445.53	3,570.48	3,502.54	3,494.40
1 oz gold bar:	3,464.93	3,553.61	3,501.08	3,496.62

The Single Ounce Silver Market Price Benchmark (SOSMPB) fell marginally this week, to $43.56, a decline of 14 cents from the June 29 price of $43.70 per troy ounce.

WEEKEND WRAP

Well, next year will make the grand 250th anniversary of the founding of the United States of America. While it is likely to be a stick image of what the original Fouding Fathers had envisioned, there's still a very good chance that it will still rank as one of the more prosperous and free countries in the world.

We shall see.

At the Close, Thursday, July 3, 2025:
Dow: 44,828.53, +344.11 (+0.77%)
NASDAQ: 20,601.10, +208.00 (+1.02%)
S&P 500: 6,279.35, +51.93 (+0.83%)
NYSE Composite: 20,725.79, +128.89 (+0.63%)

For the Week:
Dow: +1009.26 (+2.30%)
NASDAQ: +327.64 (+1.62%)
S&P 500: +106.28 (+1.72%)
NYSE Composite: +387.38 (+1.90%)
Dow Transports: +552.29 (+3.56%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2025, Downtown Magazine Inc., all rights reserved.

BLS Says Job Gains Were +147,000 in June; House Appears Ready to Advance Big, Beautiful Bill for President's Signature

With anxious investors awaiting June's Non-farm Payroll data prior to getting away for the three-day 4th of July weekend, the BLS settled everybody’s nerves by announcing job gains of 147,000 for the month.

From the press release:

Total non-farm payroll employment increased by 147,000 in June, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in state government and health care. Federal government continued to lose jobs.

Both the unemployment rate, at 4.1 percent, and the number of unemployed people, at 7.0 million, changed little in June. The unemployment rate has remained in a narrow range of 4.0 percent to 4.2 percent since May 2024.

The BLS figures ran counter to Wednesday's ADP report of -33,000 jobs in the private sector during June. As usual, Wall Street celebrated, sending futures shooting higher immediately upon the release.

Just after 8:30 am, Dow futures were up 95 points, S&P futures gained 15, and NASDAQ futures were up 75.

Also, in response to the employment numbers, the criminals at the COMEX managed to send gold lower by nearly $40, to $3,322.10, as if a normal U.S. job report equated to negativity towards gold.

Meanwhile, in the nation's capital, the House of Representatives was in a lather, feverishly arranging votes on the big, beautiful continuing resolution which cleared the Senate on Tuesday.

"We have the votes," speaker Mike Johnson told reporters at about 3:00 am ET.

The House voted 219-213 a few minutes later to begin formal debate on the measure with only one Republican - Brian Fitzpatrick of Pennsylvania - voting no. Speaker Johnson managed to secure votes from the Freedom Caucus, members of which had voiced concerns over various parts of the bill. There were also some holdouts in moderate camps, but they seem to have been convinced to pass the bill and move on, as all Democrats are expected to vote against the measure.

It now appears that Wall Street will get all its Christmas in July wishes fulfilled and send stocks to more record highs ahead of Independence Day. MAGA, everybody, MAGA.

Happy 4th of July.

At the Close, Wednesday, July 2, 2025:
Dow: 44,484.42, -10.52 (-0.02%)
NASDAQ: 20,393.13, +190.24 (+0.94%)
S&P 500: 6,227.42, +29.41 (+0.47%)
NYSE Composite: 20,596.93, +55.56 (+0.27%)

Big, Beautiful Bill Clears Senate, Heads to House; Passage Certain; ADP Reports (oh, no!) 33,000 Jobs Lost in June (where did they go?)

The Dow Jones Industrials tacked on 400 points on Tuesday because, as anyone following U.S. stocks knows, all major indices MUST make new all-time highs on a regular basis. It's written into the algorithms and assisted by AI, so it's not even debatable.

45,014.04 is the Dow's all-time high, accomplished on December 4, 2024, leaving just more than a one percent gap between Tuesday's close and another record. With the S&P, NASDAQ, and NYSE Composite already making new ATHs, the Dow needs to catch up, but there seems to be a disturbance in the Wall Street farce, a fly in the stock grease ointment, sand in the gears of commerce.

Maybe it's anxiety over the big, beautiful bill the Senate passed on Tuesday and is now headed back to the House for final consideration and reconciliation, or it might be this morning's ADP National Employment Report that posted a -33,000 jobs for June.

The nerve of those private economists and number-fumblers! The U.S. can't be losing jobs. We are strong. We are growing. We are, well, AI bots are replacing human job-holders at an alarming rate. Sooner or later, there won't be many jobs for humans, though, with illegals being deported at a quickening pace, the non-farm payrolls due out tomorrow (Thursday) may want to start checking on those farms, because there are openings galore for cherry-pickers, cotton-pickers, hayseeds, slaughterhouse hands and anything other position that requires human bending, stooping, using hands - things AI bots cannot do.

One solution to this problem of the loss of human jobs would be to start counting the jobs filled by robots and bots. Those numbers should be awesome for the foreseeable future, assuring that the fudgers over at the Bureau of Labor Statistics (BLS) can keep the human jobs for a while longer. That is, until they are replaced by AI.

No matter what, tomorrow's NFP report is likely to be a real stinker, though, given the assembled brain power of the Wall Street trading elite, there is likely to be a way to report that as a positive development, which, essentially would be that the loss of human jobs at such a breakneck pace should encourage Fed Chairman Powell and his cadre of FOMC voters to lower interest rates, at least by 25 basis points. In case the jobs number is deeply negative, like a million jobs lost (we know the BLS is capable of that degree of dissembling), the Fed may just take the extraordinary step of doing an emergency cut, maybe a full percent, or even more.

It's this kind of disaster management that keeps U.S. stocks elevated. Wall Street's interpretation of economic data is second to none when it comes to turning negatives into positives. There should be a massive rally prepared for the day before the 4th of July celebration so that all those folks with 401k accounts loaded with tech stocks, blue chips and assorted high-leverage penny stocks can enjoy the three-day weekend, secure in the knowledge that, no matter how bad things may look on the surface, Wall Street and the Fed has a response ready to counter any ill will.

That, at least, is how it appears to be going. The House should just get on with reconciliation, pass the big and the beautiful (there's a soap opera plot in there somewhere) and head home for the holiday.

Big, Beautiful, Zero jobs. Christmas in July! What could go wrong?

At the Close, Tuesday, July 1, 2025:
Dow: 44,494.94, +400.17 (+0.91%)
NASDAQ: 20,202.89, -166.85 (-0.82%)
S&P 500: 6,198.01, -6.94 (-0.11%)
NYSE Composite: 20,541.37, +111.82 (+0.55%)

Scam 2nd Quarter Ends With Healthy Gains for Stocks; Big Game Commences into 3rd

There's a growing body of evidence that suggests complete control by the deep state with all members of congress, the Supreme Court, and even President Trump compromised and forced to do the bidding of the Federal Reserve, neocon-led intelligence faction that has - very likely - been in control of the government since the assassination of President Kennedy back in November of 1963.

Stocks made impressive gains over the quarter. Those with either the foresight or inside information to have sold near the end of the first quarter (late March) and bought back in after the Trump Tariff Trauma™ on April 2nd, handily beat these second quarter numbers:

Dow: +4.98%
NASDAQ: +17.75%
S&P 500: +10.57%
NYSE Composite: +5.33%

It's not as though there wasn't advance warning or plausible deniability for those Senators and House members who made a killing. The president was talking up the tariffs well prior to the big reveal the day after April Fool's Day.

Ironically, April 2nd was the greater fool's day, the tariff announcement a complete clown show at the White House Rose Garden, with extremely punishing numbers presented by the administration, designed to "level the playing field" with U.S. trading partners. As it turns out, it was more fiction than fact, because, just a week later, President Trump announced a 90-day hold-off on imposition of the tariffs, ostensibly giving the nations that export to the United States time to negotiate more reasonable deals.

Those 90 days are nearly up. Whatever tariffs have been negotiated should begin being implemented early next week. However, like clockwork, just as the second quarter begins, this morning has Trump reconsidering the tariffs again, opting for "mini-deals" as opposed to big, beautiful ones. Clown show, part deux, mon ami.

This twist in the narrative stems from an article in the Financial Times (behind a paywall, of course), the slashing left arm of the banking cartel.

The tariff turbulence is only one of the various signals being sent out of Washington, D.C. suggesting that most of what gets passed off as news or truth is really little more than further pushing the desired narrative.

The first inkling of things gone amiss was likely the Trump meme coins - $TRUMP and $MELANIA - that popped up on the crypto radar just before the inauguration. The vapid public snatched them up at ridiculous prices as Trump took the oath, then watched them evaporate, like so many crypto scams before them. Those who bought in the 20s and 30s are pure rubes. $TRUMP traded as high as $44. Today it's eight bucks. Suckers.

While it's entirely possible that the president made a small fortune on this particular scam, there were no screams about the emoluments clause from the usual suspects. Elizabeth Warren and Chuck Schumer said nothing. They were probably memoed in on the deal.

Other signs that what you see on TV and read on the internet include the recent bombing of Iran's nuclear facilities, over which the president has taken victory laps over their complete destruction while various other reports - including from the intelligence community - have made claims that the Iranians moved their stockpiles of enriched Uranium before the strikes and that the facilities were only superficially damaged. Other reports suggest that Israel suffered tremendous blows from Iran's missile assaults, their "Iron Dome" failing badly against the Persian hypersonics. Little mention is made of Israel's damage in the mainstream.

Finally, there's the issue of the U.S. Treasury, the GENIUS Act, and the stablecoin Tether, which all combines to facilitate a deep fake in the world's largest market. Treasury Secretary Scott Bessent recently (June 3) bought back $10 billion worth of bonds from various note-holders of nearly $23 billion offered.

The idea is that by buying these issues back prior to maturity, the Treasury would save money on interest, which is true, and all well and good, but it also amounts to a somewhat backhanded way of monetizing the $37 trillion debt pile the U.S. has built up over the years. Enter congress and the GENIUS act, which purports to offer "guardrails" for stablecoins like Tether, which now boasts owning over $100 billion worth of treasuries.

Stablecoins get their name because they are valued at the same price as the item they represent. In Tether's case, that is the U.S. dollar, so one Tether ($UST) equals one dollar ($USD) and is backed by dollars, or, as they purport, U.S. Treasuries. Tether now holds more U.S. Treasuries than Germany or Spain and congress has just passed legislation that will allow them even more access, claiming that the GENIUS Act will make provide the U.S. Treasury market with more liquidity, via stablecoins.

In effect, the worthless paper issued by the U.S. Treasury will be increasingly bought by a shell company (with just 13 employees) and turned into tokens. It's bizarre, and a strong sign that the U.S. hegemonic treasury complex is being ravaged by de-dollarization by BRICS and countries in the Global South who no longer wish to do business with the United States or at least conduct trade in U.S. dollars.

Add in the failure to release the Epstein files, which have been, according to AG Pam Bondi, "on her desk", for months, the quiet about auditing the gold in Fort Knox, the Trump-Musk feud, all of Europe (except Spain) happily agreeing to spend 5% of their budgets on defense, and there should be ample suspicion over the reality being presented to the general public by an overbearing federal government.

Some may disagree, saying that stocks are up, so there's been no screwing of the public. In response, the deep state just nods, because they could care less if the "little people" make money in stocks, real estate, business or just about anything other than gold or silver, because, at the end of the day, the U.S. government is a tax and spend and spend and spend skimming operation. The more money you make, the more money they take.

It's as simple as that, so, play along if you like, but the end result is likely to be a completely gutted financial system, led by a corrupt congress and Wall Street boosters, operating in the shadows to the benefit of an elite uber-class of billionaires (and, even deeper, trillionaires).

The third quarter starts today. Let the games begin.

At the Close, Monday, June 30, 2025:
Dow: 44,094.77, +275.50 (+0.63%)
NASDAQ: 20,369.73, +96.28 (+0.47%)
S&P 500: 6,204.95, +31.88 (+0.52%)
NYSE Composite: 20,429.55, +91.14 (+0.45%)