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Paradigm shift. The end of the petrodollar approaches, can America withstand the disruption?

The petrodollar system is being undermined by exponential growth in technology and shifting geopolitics.

Alex Christoforou

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In 1974, the United States agreed to purchase oil from Saudi Arabia, provide weapons, guarantee the preservation of Saudi oil wells, and provide unconditional cover for the brutal dictatorship.

In return, the Saudi Arabia agreed to invest the dollar proceeds of its oil sales in U.S. Treasuries, financing America’s appetite for spending, and fueling America’s hegemony, and 20 trillion dollar debt.

Via Zerohedge

Still, the underlying concept of how Petrodollar recycling, or as some call it, petrocurrency mercantilism works, leaves some confusion. So in order to alleviate that, here courtesy of Cult State, is a quick and simple primer that should hopefully answer all questions. From CultState:

So what is petrocurrency mercantilism?

It’s when a national bank and an energy producer collude to generate artificial demand for a currency at the expense of the purchasing power of other currencies.

The flowchart below shows how it all works.

The Coming Renaissance of Macro Investing: via Barrons

In the summer of 1974, Treasury Secretary William Simon traveled to Saudi Arabia and secretly struck a momentous deal with the kingdom. The U.S. agreed to purchase oil from Saudi Arabia, provide weapons, and in essence guarantee the preservation of Saudi oil wells, the monarchy, and the sovereignty of the kingdom. In return, the kingdom agreed to invest the dollar proceeds of its oil sales in U.S. Treasuries, basically financing America’s future federal expenditures.

Soon, other members of the Organization of Petroleum Exporting Countries followed suit, and the U.S. dollar became the standard by which oil was to be traded internationally. For Saudi Arabia, the deal made perfect sense, not only by protecting the regime but also by providing a safe, liquid market in which to invest its enormous oil-sale proceeds, known as petrodollars. The U.S. benefited, as well, by neutralizing oil as an economic weapon. The agreement enabled the U.S. to print dollars with little adverse effect on interest rates, thereby facilitating consistent U.S. economic growth over the subsequent decades.

An important consequence was that oil-importing nations would be required to hold large amounts of U.S. dollars in reserve in order to purchase oil, underpinning dollar demand. This essentially guaranteed a strong dollar and low U.S. interest rates for a generation.

Given this backdrop, one can better understand many subsequent U.S. foreign-policy moves involving the Middle East and other oil-producing regions.

Recent developments in technology and geopolitics, however, have already ignited a process to bring an end to the financial system predicated on petrodollars, which will have a profound impact on global financial markets. The 40-year equilibrium of this system is being dismantled by the exponential growth of technology, which will have a bearish impact on both supply and demand of petroleum. Moreover, the system no longer is in the best interest of key participants in the global oil trade. These developments have begun to exert influence on financial markets and will only grow over time. The upheaval of the petrodollar recycling system will trigger a resurgence of volatility and new price trends, which will lead to a renaissance in macro investing.

Let’s examine these developments in more detail. First, technology is affecting the energy markets dramatically, and this impact is growing exponentially. The pattern-seeking human mind is built for an observable linear universe, but has cognitive difficulty recognizing and understanding the impact of exponential growth.

Paralleling Moore’s Law, the current growth rate of new technologies roughly doubles every two years. In the transportation sector, the global penetration rate of electric vehicles, or EVs, was 1% at the end of 2016 and is now probably about 1.5%. However, a doubling every two years of this level of usage should lead to an automobile market that primarily consists of EVs in approximately 12 years, reducing gasoline demand and international oil revenue to a degree that today would seem unfathomable to the linear-thinking mind. Yes, the world is changing—rapidly.

Alternative energy sources (solar power, wind, and such) also are well into their exponential growth curves, and are even ahead of EVs in this regard. Based on growth curves of other recent technologies, and due to similar growth rates in battery technology and pricing, it is likely that solar power will supplant petroleum in a vast portion of nontransportation sectors in about a decade. Albert Einstein is rumored to have described compound interest (another form of exponential growth) as the most powerful force in the universe. This is real change.

The growth of U.S. oil production due to new technologies such as hydraulic fracturing and horizontal drilling has both reduced the U.S. need for foreign sources of oil and led to lower global oil prices. With the U.S. economy more self-reliant for its oil consumption, reduced purchases of foreign oil have led to a drop in the revenues of oil-producing nations and by extension, lower international demand for Treasuries and U.S. dollars.

ANOTHER MAJOR SECULAR CHANGE that is under way in the oil market comes from the geopolitical arena. China, now the world’s largest importer of oil, is no longer comfortable purchasing oil in a currency over which it has no control, and has taken the following steps that allow it to circumvent the use of the U.S. dollar:

– China has agreed with Russia to purchase Russian oil and natural gas in yuan.

– As an example of China’s newfound power to influence oil exporters, China has persuaded Angola (the world’s second-largest oil exporter to China) to accept the yuan as legal tender, evidence of efforts made by Beijing to speed up internationalization of the yuan. The incredible growth rates of the Chinese economy and its thirst for oil have endowed it with tremendous negotiating strength that has led, and will lead, other countries to cater to China’s needs at the expense of their historical client, the U.S.

– China is set to launch an oil exchange by the end of the year that is to be settled in yuan. Note that in conjunction with the existing Shanghai Gold Exchange, also denominated in yuan, any country will now be able to trade and hedge oil, circumventing U.S. dollar transactions, with the flexibility to take payment in yuan or gold, or exchange gold into any global currency.

– As China further forges relationships through its One Belt, One Road initiative, it will surely pull other exporters into its orbit to secure a reliable flow of supplies from multiple sources, while pressuring the terms of the trade to exclude the U.S. dollar.

The world’s second-largest oil exporter, Russia, is currently under sanctions imposed by the U.S. and European Union, and has made clear moves toward circumventing the dollar in oil and international trade. In addition to agreeing to sell oil and natural gas to China in exchange for yuan, Russia recently announced that all financial transactions conducted in Russian seaports will now be made in rubles, replacing dollars, according to Russian state news outlet RT. Clearly, there is a concerted effort from the East to reset the economic world order.

ALL OF THESE DEVELOPMENTS leave global financial markets vulnerable to a paradigm shift that has recently begun. In meetings with fund managers, asset allocators, and analysts, I have found a virtually universal view that macro investing—investing based on global macroeconomic and political, not security-specific trends—is dead, fueled by investor money exiting the space due to poor returns and historically high fees in relation to performance. This is what traders refer to as capitulation. It occurs when most market participants can’t take advantage of a promising opportunity due to losses, lack of dry powder, or a psychological inability to proceed because of recency bias.

A current generational low in volatility across a wide spectrum of asset classes is another indicator that the market doesn’t see a paradigm shift coming. This suggests that current volatility is expressing a full discounting of stale fundamental inputs and not adequately pricing in the potential of likely disruptive events.

THE FEDERAL RESERVE is now in the beginning stages of a shift toward “normalization,” which will lead to diminished support for the U.S. Treasury market. The Fed’s total assets stand at approximately $4.5 trillion, or five times what they were prior to the financial crisis of 2008-09. The goal of the Fed is to “unwind” this enormous balance sheet with minimal market disruption. This is a high-wire act a thousand feet in the air without a safety net or prior practice. Additionally, at some not-so-distant future date, the U.S. will need to finance enormous and growing entitlement programs, and our historical international sources for that financing will no longer be willing to support us in that endeavor.

The market participants with whom I met theoretically could have the ability to accept cognitively the points made in this article. But the accumulation of many small losses in a low-volatility and generally trendless market has robbed them of confidence and the psychological balance to embrace any new paradigm proactively. They are frozen with fear that the lower- return profile of recent years is permanent—ironic in an industry that is paid to capture price changes in a cyclical world.

One market legend with whom I spoke suggested he wouldn’t have had the success he enjoyed in his career had he begun in the past decade. Whether or not this might be true, it doesn’t mean that recent lower returns are to be extrapolated into the future, especially when these subpar returns occurred during the quantitative-easing era, a period that is an anomaly.

I have been fortunate to ride substantial bets on big trends, earning high risk-adjusted returns using time-tested techniques for exploiting these trends. Additionally, I have had the luxury of not participating actively full-time in macro investing during this difficult period. Both factors might give me perspective. I regard this as an extraordinarily opportune moment for those able to shed timeworn, archaic assumptions of market behavior and boldly return to the roots of macro investing.

The opportunity is reminiscent of the story told by Stanley Druckenmiller, who was promoted early in his investment career to head equity research at a time when his co-workers had vastly more experience than he did. His director of investments informed him that his promotion owed to the same reason they send 18-year-olds to war; they are too dumb to know not to charge. The “winners” under the paradigm now unfolding will be market participants able to disregard stale, anomalous concepts, and charge.

RELATEDLY, THERE IS a running debate as to whether trend-following is a dying strategy. There is plenty of anecdotal evidence that short-term and mean-reversion trading is more in vogue in today’s markets (think quant funds and “prop” shops). Additionally, the popularity of passive investing signals an unwillingness to invest in “idea generation,” or alpha. These developments represent a full capitulation of trend following and macro trading.

Ironically, many market players who wrongly anticipated a turn in recent years to a more positive environment for macro and trend-following are throwing in the towel. The key difference is that now there is a clear catalyst to trigger the start of the pendulum swinging back to a fertile macro/trend-following trading environment.

As my mentor, Bruce Kovner [the founder of Caxton Associates] used to say, “Nobody rings a bell at key turning points.” The ability to properly anticipate change is predicated upon detached analysis of fundamental information, applying that information to imagine a plausible world different from today’s, understanding how new data points fit (or don’t fit) into that world, and adjusting accordingly. Ideally, this process leads to an “aha!” moment, and the idea crystallizes into a clear vision. The thesis proposed here is one such vision.

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The social media ‘DEPLATFORM’ end game: Self-censorship (Video)

The Duran – News in Review – Episode 82.

Alex Christoforou

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Alex Jones’ account was put in “read only” mode and will be blocked from posting on Twitter for seven days because of an offending tweet. Twitter declined to comment on the content that violated its policies.

A Twitter spokesperson told CNN the content which prompted the suspension was a video published Tuesday in which Jones linked to within his tweet saying, “now is time to act on the enemy before they do a false flag”.

Twitter CEO Jack Dorsey last week defended Twitter’s decision to not suspend Infowars and Alex Jones from the platform, claiming they had not violated Twitter policies.

Dorsey refused to take down Alex Jones and his popular Infowars account, even as his Silicon Valley buddies over at Apple, Facebook, YouTube and Spotify were colluding to remove any sign of Jones or Infowars from their platforms…

“We’re going to hold Jones to the same standard we hold to every account, not taking one-off actions to make us feel good in the short term, and adding fuel to new conspiracy theories,” Dorsey said in a tweet last week. He later added that it was critical that journalists “document, validate and refute” accounts like those of Mr. Jones, which “can often sensationalize issues and spread unsubstantiated rumors.”

According to Zerohedge, still after a CNN report identifying numerous past tweets from Infowars and Jones that did violate Twitter’s rules, those posts were deleted. Tweets by Infowars and Jones deleted last week included posts attacking transgender and Muslim people; a claim that the 2012 shooting massacre at Sandy Hook Elementary School was a hoax perpetrated by “crisis actors”; and a video calling David Hogg, a survivor of the Parkland, Fla., high-school shooting, a Nazi.

Dorsey finally caved overnight, with a “temporary suspension”, which will likely become permanent upon Jones’ next violation.

Twitter’s crackdown came more than a week after technology companies, including Apple, YouTube and Facebook removed content from Jones and his site, Infowars. As the WSJ notes, the actions against Infowars intensified a growing debate over what role tech companies play in policing controversial content on their platforms while they simultaneously support the principle of free speech.

RT CrossTalk host Peter Lavelle and The Duran’s Alex Christoforou examine the aggressive purge of conservative right, libertarian, and progressive accounts from Silicon Valley social media platforms, and how Alex Jones’ was the first step towards driving so much fear into the population, that self censorship takes over and authoritarian rule over the Internet takes hold.

Remember to Please Subscribe to The Duran’s YouTube Channel.

Via Zerohedge

In the latest media pit stop, Twitter CEO Jack Dorsey sat down with NBC News Lester Holt, where he defended the company’s decision to put Infowars’ Alex Jones under a seven-day timeout over an offensive tweet linking to a video in which Jones encourages his audience to “act on the enemy before they do a false flag,” and to get “battle rifles” ready.

Dorsey said that despite calls to ban Jones last week amid a seemingly coordinated multi-platform blacklisting, he resisted until now.

“We can’t build a service that is subjective just to the whims of what we personally believe,” Dorsey told Holt, while saying he believes a suspension can be an effect deterrent which can change user behaviors.

“I feel any suspension, whether it be a permanent or a temporary one, makes someone think about their actions and their behaviors,” Dorsey added – though he admitted he has no idea if Jones’ timeout will result in any changes in behavior.

Dorsey stated: “Whether it works within this case to change some of those behaviors and change some of those actions, I don’t know. But this is consistent with how we enforce.”

Jones was banned or restricted from using the services of at least 10 tech companies this month, including Facebook and YouTube. Twitter had been the most high-profile holdout, until it announced on Tuesday that Jones was suspended from posting for seven days.

Dorsey later clarified on Twitter that he was “speaking broadly about our range of enforcement actions” with regards to the company’s use of timeouts.

in a follow-up question on weighing the importance of Twitter’s rules versus its moral obligation, Dorsey said the company has “to put the safety of individuals first in every single thing that we do, and we need to enforce our rules and also evolve our rules around that.” –NBC News

Jack Dorsey said on Twitter.

“I don’t assume everyone will change their actions. Enforcement gets tougher with further reported violations.”

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The Discarded Wisdom of America’s Founders

The great rule of conduct for us in regard to foreign nations is in extending our commercial relations, to have with them as little political connection as possible.

Eric Zuesse

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A good example of the discarded wisdom of America’s Founders is George Washington’s Farewell Address to the nation, delivered by him not orally but instead solely in printed form, published in Philadelphia by David C. Claypoole’s American Daily Advertiser, on 19 September 1796, and distributed to the nation. The following extended excerpt from it is the most famous part of it, and is being blatantly raped by today’s U.S. Government, and therefore it might indicate the necessity for a second American Revolution, this one to disown and throw out not Britain’s Aristocracy, but America’s aristocracy. America’s Founders had done all they knew how to do to conquer Britain’s aristocracy, and they embodied in our Constitution all that they knew in order to prevent any aristocracy ever from arising in this nation; but the Founders clearly had failed in this their dearest hope, because a domestic U.S. aristocracy has arisen here and destroyed American democracy, as this nation’s Founders had feared, and as Washington in this document effectively affirms — and, by these words, proves — to have happened (they’ve taken over this country, in and by both of its Parties, and so we have here a profound and scathing, blistering, criticism of today’s American Government):

Observe good faith and justice towards all nations; cultivate peace and harmony with all. Religion and morality enjoin this conduct; and can it be, that good policy does not equally enjoin it? It will be worthy of a free, enlightened, and at no distant period, a great nation, to give to mankind the magnanimous and too novel example of a people always guided by an exalted justice and benevolence. Who can doubt that, in the course of time and things, the fruits of such a plan would richly repay any temporary advantages which might be lost by a steady adherence to it ? Can it be that Providence has not connected the permanent felicity of a nation with its virtue? The experiment, at least, is recommended by every sentiment which ennobles human nature. Alas! is it rendered impossible by its vices?

In the execution of such a plan, nothing is more essential than that permanent, inveterate antipathies against particular nations, and passionate attachments for others, should be excluded; and that, in place of them, just and amicable feelings towards all should be cultivated. The nation which indulges towards another a habitual hatred or a habitual fondness is in some degree a slave. It is a slave to its animosity or to its affection, either of which is sufficient to lead it astray from its duty and its interest. Antipathy in one nation against another disposes each more readily to offer insult and injury, to lay hold of slight causes of umbrage, and to be haughty and intractable, when accidental or trifling occasions of dispute occur. Hence, frequent collisions, obstinate, envenomed, and bloody contests. The nation, prompted by ill-will and resentment, sometimes impels to war the government, contrary to the best calculations of policy. The government sometimes participates in the national propensity, and adopts through passion what reason would reject; at other times it makes the animosity of the nation subservient to projects of hostility instigated by pride, ambition, and other sinister and pernicious motives. The peace often, sometimes perhaps the liberty, of nations, has been the victim.

So likewise, a passionate attachment of one nation for another produces a variety of evils. Sympathy for the favorite nation, facilitating the illusion of an imaginary common interest in cases where no real common interest exists, and infusing into one the enmities of the other, betrays the former into a participation in the quarrels and wars of the latter without adequate inducement or justification. It leads also to concessions to the favorite nation of privileges denied to others which is apt doubly to injure the nation making the concessions; by unnecessarily parting with what ought to have been retained, and by exciting jealousy, ill-will, and a disposition to retaliate, in the parties from whom equal privileges are withheld. And it gives to ambitious, corrupted, or deluded citizens (who devote themselves to the favorite nation), facility to betray or sacrifice the interests of their own country, without odium, sometimes even with popularity; gilding, with the appearances of a virtuous sense of obligation, a commendable deference for public opinion, or a laudable zeal for public good, the base or foolish compliances of ambition, corruption, or infatuation.

As avenues to foreign influence in innumerable ways, such attachments are particularly alarming to the truly enlightened and independent patriot. How many opportunities do they afford to tamper with domestic factions, to practice the arts of seduction, to mislead public opinion, to influence or awe the public councils? Such an attachment of a small or weak towards a great and powerful nation dooms the former to be the satellite of the latter.

Against the insidious wiles of foreign influence (I conjure you to believe me, fellow-citizens) the jealousy of a free people ought to be constantly awake, since history and experience prove that foreign influence is one of the most baneful foes of republican government. But that jealousy to be useful must be impartial; else it becomes the instrument of the very influence to be avoided, instead of a defense against it. Excessive partiality for one foreign nation and excessive dislike of another cause those whom they actuate to see danger only on one side, and serve to veil and even second the arts of influence on the other. Real patriots who may resist the intrigues of the favorite are liable to become suspected and odious, while its tools and dupes usurp the applause and confidence of the people, to surrender their interests.

The great rule of conduct for us in regard to foreign nations is in extending our commercial relations, to have with them as little political connection as possible. So far as we have already formed engagements, let them be fulfilled with perfect good faith. Here let us stop. Europe has a set of primary interests which to us have none; or a very remote relation. Hence she must be engaged in frequent controversies, the causes of which are essentially foreign to our concerns. Hence, therefore, it must be unwise in us to implicate ourselves by artificial ties in the ordinary vicissitudes of her politics, or the ordinary combinations and collisions of her friendships or enmities.

Our detached and distant situation invites and enables us to pursue a different course. If we remain one people under an efficient government, the period is not far off when we may defy material injury from external annoyance; when we may take such an attitude as will cause the neutrality we may at any time resolve upon to be scrupulously respected; when belligerent nations, under the impossibility of making acquisitions upon us, will not lightly hazard the giving us provocation; when we may choose peace or war, as our interest, guided by justice, shall counsel.

Why forego the advantages of so peculiar a situation? Why quit our own to stand upon foreign ground? Why, by interweaving our destiny with that of any part of Europe, entangle our peace and prosperity in the toils of European ambition, rivalship, interest, humor or caprice?

It is our true policy to steer clear of permanent alliances with any portion of the foreign world; so far, I mean, as we are now at liberty to do it; for let me not be understood as capable of patronizing infidelity to existing engagements. I hold the maxim no less applicable to public than to private affairs, that honesty is always the best policy. I repeat it, therefore, let those engagements be observed in their genuine sense. But, in my opinion, it is unnecessary and would be unwise to extend them.

Taking care always to keep ourselves by suitable establishments on a respectable defensive posture, we may safely trust to temporary alliances for extraordinary emergencies.

Harmony, liberal intercourse with all nations, are recommended by policy, humanity, and interest. But even our commercial policy should hold an equal and impartial hand; neither seeking nor granting exclusive favors or preferences; consulting the natural course of things; diffusing and diversifying by gentle means the streams of commerce, but forcing nothing; establishing (with powers so disposed, in order to give trade a stable course, to define the rights of our merchants, and to enable the government to support them) conventional rules of intercourse, the best that present circumstances and mutual opinion will permit, but temporary, and liable to be from time to time abandoned or varied, as experience and circumstances shall dictate; constantly keeping in view that it is folly in one nation to look for disinterested favors from another; that it must pay with a portion of its independence for whatever it may accept under that character; that, by such acceptance, it may place itself in the condition of having given equivalents for nominal favors, and yet of being reproached with ingratitude for not giving more. There can be no greater error than to expect or calculate upon real favors from nation to nation. It is an illusion, which experience must cure, which a just pride ought to discard.

—————

Investigative historian Eric Zuesse is the author, most recently, of  They’re Not Even Close: The Democratic vs. Republican Economic Records, 1910-2010, and of  CHRIST’S VENTRILOQUISTS: The Event that Created Christianity.

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Bruce Ohr Texts, Emails Reveal Steele’s Deep Ties to Obama DOJ, FBI

There are indications that the FBI knew that Steele was in contact with the media before the bureau submitted the first FISA application.

The Duran

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Authored by Sara Carter via SaraCarter.com:


A trove of emails and handwritten notes from Department of Justice official Bruce Ohr exposes the continuous contact and communication between the DOJ attorney and anti-Trump dossier author Christopher Steele, according to notes and documents obtained by SaraACarter.com. The emails and notes were written between 2016 and 2017.

The notes and emails also reveal that Ohr was in communication with Glenn Simpson, the founder of the embattled research firm Fusion GPS, which was paid by the Hillary Clinton campaign and DNC to hire Steele.

In one of Ohr’s handwritten notes listed as “Law enforcement Sensitive” from May 10, 2017, he writes “Call with Chris,” referencing Steele. He notes that Steele is “very concerned about Comey’s firing, afraid they will be exposed.” This call occurred months after FBI Director James Comey testified before the House Intelligence Committee and revealed for the first time that the FBI had an open counterintelligence investigation into President Donald Trump’s campaign and alleged collusion with Russia.

Steele is also extremely concerned about a letter sent from the Senate Judiciary Committee asking Comey for information on his involvement with Steele. Grassley sent 12 questions to Comey regarding the bureau and Steele’s relationship and wanted all information on any agreements they had during the investigation into alleged Russia-Trump collusion. Grassley also wanted to know if the FBI ever verified any of the information in Steele’s reports.

In Ohr’s notes from May 10, 2017, he goes onto write that Steele is concerned about a letter from the Senate Intelligence Committee, writing:

“Asked them 3 questions:

  1. What info (information) did you give to the U.S. govt (government)?
  2. What was the scope of yr (your) investigation?
  3. Do you have any other info that would assist in our question?”

SaraACarter.com first reported this week text messages between Steele and Ohr, revealing that Steele was anxious about Comey’s testimony and was hoping that “important firewalls will hold” when Comey testified.

Those text messages in March 2017 were shared only two days before Comey testified to lawmakers.

The House Intelligence Committee revealed in their Russia report earlier this year that Steele–who was working for the FBI as a Confidential Human Source (CHS)–had shopped his dossier to numerous news outlets in the summer of 2016.  According to the report, the FBI terminated Steele after discovering that he was leaking to news outlets, breaking a cardinal rule by the bureau to not reveal ongoing investigations and information to the media.

However, there is growing concern that the FBI was well aware that Steele was in contact with media outlets about his dossier before the FBI applied to the Foreign Intelligence Surveillance Court for its first warrant in the fall of 2016 to conduct surveillance on former Trump campaign volunteer advisor, Carter Page.

There are indications that the FBI knew that Steele was in contact with the media before the bureau submitted the first FISA application…

“There are indications that the FBI knew that Steele was in contact with the media before the bureau submitted the first FISA application and that question needs to be resolved,” said a congressional official with knowledge of the investigation.

The documents from March 2017, reveal how concerned Steele is with Grassley’s committee and the letter from the senator’s office seeking answers from Steele on the dossier.

In June 2017, Steele tells Ohr,  “We are frustrated with how long this reengagement with the Bureau and Mueller is taking.  Anything you can do to accelerate the process would be much appreciated.  There are some new, perishable, operational opportunities which we do not want to miss out on.”

In October 2017, Steele notes that he is concerned about the stories in the media about the bureau delivering information to Congress “about my work and relationship with them.  Very concerned about this.  People’s lives may be endangered.”

And in November 2017, Steele, who is trying to engage with Robert Mueller’s Special Counsel, writes to Ohr saying, “we were wondering if there was any response to the questions I raised last week.”

Ohr responds by saying, “I have passed on the questions (apparently to the special counsel) but haven’t gotten an answer yet.”

Steele then says,  “I am presuming you’ve heard nothing back from your SC (special counsel) colleagues on the issues you kindly put to them from me.  We have heard nothing from them either.  To say this is disappointing would be an understatement!  Certain people have been willing to risk everything to engage with them in an effort to help them reach the truth.  Also, we remain in the dark as to what work has been briefed to Congress about us, our assets and previous work.”

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