We will have a mirror site at http://nunezreport.wordpress.com in case we are censored, Please save the link

Monday, August 3, 2015

First Default By U.S. Commonwealth In History: Puerto Rico Fails To Make Required Debt Payment

Image result for Default By U.S.

Over the weekend Puerto Rico was supposed to make a modest principal and interest payment of some $58 million due on Public Finance Corp. bonds, which however few expected would be satisfied. As a reminder, on Friday, Victor Suarez, the chief of staff for Governor Alejandro Garcia Padilla, said during a press conference in San Juan that the government simply does not have the money.
Moments ago Melba Acosta, president of the Government Development Bank, confirmed as much, when he announced that only $628,000 of the $58 million payment, or just about 1%, had been paid. 
Below is the full statement from Acosta on the service of PFC Bonds:
Today, Government Development Bank for Puerto Rico ("GDR") President Melba Acosta Febo issued the following statement on the service of Public Finance Corporation (PFC) bonds:

Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today. This was a decision that reflects the serious concerns about the Commonwealth's liquidity in combination with the balance of obligations to our creditors and the equally important obligations to the people of Puerto Rico to ensure the essential services they deserve are maintained.

"PFC did make a partial payment of Interest in respect of its outstanding bonds. The partial payment was made from funds remaining from prior legislative appropriations in respect of the outstanding promissory notes securing the PFC bonds. In accordance with the terms of these bonds, which stipulate that these obligations are payable solely from funds specifically appropriated by the Legislature, PFC applied these funds—totaling approximately $628.000—to the August 1 payment."
WSJ adds that the payment to bondholders is the first skipped since Governor Alejandro Garcia Padilla in June said the island’s debts were unsustainable and urged negotiations with creditors in an effort to restructure about $72 billion. "Still, analysts said it isn’t likely to provoke an acute market wide reaction from investors, many of whom have been inching away for the commonwealth for years."
Except for those hedge funds who haven't, and have been BTFD in hopes of another bailout of course.
And confirming that making just 1% of the contractual payment is not the same as making 100% of it, moments ago Moody's confirmed what most had already known:
More via CNBC:
"Moody's views this event as a default," Emily Raimes, vice president at Moody's Investors Service, said in a statement, adding that payment of "debt service on these bonds is subject to appropriation, and the lack of appropriation means there is not a legal requirement to pay the debt, nor any legal recourse for bondholders.

"This event is consistent with our belief that Puerto Rico does not have the resources to make all of its forthcoming debt payments. This is a first in what we believe will be broad defaults on commonwealth debt," she added.
In other words, small or not, PR has failed a mandatory principal repayment and is now in default under the PFC bonds. Up next, as per Bloomberg's preview "the default promises to escalate the debt crisis racking the island, where officials are pushing for what may be the biggest restructuring ever in the municipal market."
“An event like this is significant enough that it could hurt prices for Puerto Rico bonds,” said Richard Larkin, director of credit analysis at Herbert J Sims & Co. in Boca Raton, Florida. “I can’t believe a default on debt with Puerto Rico’s name will go unnoticed.”
It is unclear if creditors will now threaten the commonwealth with a "temporary" expulsion from the dollarzone as part of their hardball negotiating tactics. Nor is it clear if Schauble is still willing to trade Puerto Rico for Greece.
What is clear is that the first default by a US commonwealth is now in the history books.

Credit to Zero Hedge

Erdogan says Putin may ‘give up’ on Assad

Image result for Putin may ‘give up’ on Assad

ISTANBUL, Turkey — Russian President Vladimir Putin is having a change of heart on the Kremlin’s wholehearted support for Syrian leader Bashar Assad and may “give up on him” in the future, Turkish President Recep Tayyip Erdogan was quoted as saying Monday.

When asked if Putin could be persuaded not to support Assad, Erdogan said he saw his counterpart as “more positive” during a face-to-face meeting in the Azerbaijani capital of Baku in June and in subsequent telephone talks.

“Putin’s current attitude toward Syria is more encouraging than before,” Erdogan told a group of journalists on his presidential jet as he returned from a trip to Asia.

“He is no longer of the opinion that Russia will support Assad to the end. I believe he can give up Assad,” he was quoted as saying by the Daily Sabah and Sabah dailies.

Turkey and Russia stand on opposing sides over the crisis in Syria, with Ankara one of the fiercest critics of Assad and Moscow one of his few remaining allies.

Putin and Erdogan last met in Baku on June 13 during talks on the sidelines of the European Games that were held in the Azerbaijani capital.

Relations between Turkey and Russia have become increasingly robust in recent months, with Russia’s relations with the West at a post-Cold War era low and Turkey’s bid to join the European Union at a standstill.

Analysts say that Moscow and Ankara have managed to compartmentalize disputes over the Syria conflict and Russia’s annexation of Ukraine to work for wider ties.

Notably, Russia and Turkey have agreed to begin work on a new pipeline underneath the Black Sea. But reports in recent days have suggested the Turk Stream project has hit trouble due to a dispute over the price Turkey should pay for Russian gas.

Erdogan’s comments come as Ankara wages a two-pronged “anti-terror” offensive against jihadists in Syria and Kurdish militants based in northern Iraq after a wave of attacks inside Turkey.

Credit to Times of Israel

Greek stocks fall 23%

Image result for Greek stocks plunge 30 %

Greece's stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears that the country was about to be dumped from the euro zone.

Bank shares plummeted 30 percent before loss limits kicked in to stop investors selling any more. The main Athens stock index .ATG ended down 16.2 percent, recovering slightly after plunging nearly 23 percent at the open.

It was the worst daily performance since at least 1985 when modern records began, including a 15 percent fall when Wall Street crashed in 1987.

By contrast, the broad European FTSEurofirst 300 index was in positive territory for the day.FTEU3 [.EU]

"The market tanked, as expected," said Takis Zamanis, chief trader at Athens-based Beta Securities.

Banking shares, which make up about 20 percent of the Greece index, were particularly hard hit. The overall banking index .FTATBNK was down to its 30 percent daily limit.

All five shares comprising the index .FTATBNK - National Bank of Greece (NBGr.AT), Alpha Bank (ACBr.AT), Piraeus Bank (BOPr.AT), Attica Bank (BOAr.AT) and Eurobank (EURBr.AT) - were locked down for much of the session at the limit with no buyers.

Greece's banks have seen deposits severely depleted as Greeks pulled out their euros for fear they would be forcibly converted into a new drachma outside the euro zone. The banks have been propped up by emergency money from the European Central Bank.

Traders said they expected more bank-share losses in the next session.

"Bank shares look like they have more room to slide on Tuesday before bids emerge," said one fund manager who declined to be named. "It will take a few days for the market to balance out."

Credit to Reuters


Iran Confirms "Meteor Impact" Also Brail, Australia, Argentina, N. Carolina

Obama Nationalizes All Food and This Will Force Millions of Americans Into FEMA Camps

obama and eo 13603
Jade Helm is about putting the nation under the control of the globalists.
Jade Helm is about putting the nation under the control of the globalists.
We are living in a time of unprecedented craziness and life-threatening danger. Jade Helm Special Operations forces are practicing to extract political dissidents under the unconstitutional authority of the NDAA. Further, Jade Helm conventional military units are “practicing to put several communities under martial law. In addition, America is witnessing unprecedented troop and military equipment movements throughout the country.
Despite these serious nature of these events, there is a more insidious and dangerous threat that looms over the American people.

President Obama Has Nationalized All American Food and Food Production

Through Executive Order 13603, Obama has granted himself the authority control all food and now has the unique ability to starve America into submission as it relates to his handing the country off to the bankers in the name of perpetuating the New World Order and ridding the planet of the weak and those who will not willingly go along with the intentional destruction of America. Here are some of the key provisions of EO 13603 and its impact on the control of the American food supply.
With the stroke of his pen, Obama has total and absolute control over all food where his EO 13603 states:
  1. e)  “Food resources” means all commodities and products, (simple, mixed, or compound), or complements to such commodities or products, that are capable of being ingested by either human beings or animals, irrespective of other uses to which such commodities or products may be put, at all stages of processing from the raw commodity to the products thereof in vendible form for human or animal consumption.  “Food resources” also means potable water packaged in commercially marketable containers, all starches, sugars, vegetable and animal or marine fats and oils, seed, cotton, hemp, and flax fiber, but does not mean any such material after it loses its identity as an agricultural commodity or agricultural product.
(f)  “Food resource facilities” means plants, machinery, vehicles (including on farm), and other facilities required for the production, processing, distribution, and storage (including cold storage) of food resources, and for the domestic distribution of farm equipment and fertilizer…”
This unconstitutional EO is particularly disturbing in that it clearly states that the government has control over anything that is “capable of being ingested by either human beings or animals…”  If you thought that you and Fido were going to get through the coming food crisis by storing and consuming dog food, think again.
It is important to assess how devastating this Executive Order could prove to be to the American people though a brief assessment of America’s food vulnerability.

A Snapshot of America’s Food Vulnerability

cbs reports on hunger in america
starvation in modern americastarvation please helpAlmost beyond belief, a full 79 percent of the people that use food banks purchase typically buy cheap, unhealthy food and still just have enough to feed their children.  The price of food continues to quickly out-pace the paychecks of most middle class families.  For example, the average price of ground beef has just hit a brand new all-time record high of $3.88 per pound! There are nearly 50 million Americans that are dealing with food insecurity in various degrees of distress. Just over one out of seven Americans rely on obtaining food from various banks at one point or another and these food banks are beginning to experience record shortages.
In a case of “defend the nation and starve”, military families are feeling even more stress  from not being able to obtain sufficient quantities of food as 25% of America military families require outside assistance in getting enough to eat. What does this say about an administration which uses our soldiers to defend the nation and then kicks them to the curb by denying their VA  health benefits as the government also starves their families because they cannot survive on what we pay our soldiers? This is disgraceful, but it is the Obama fundamental transformation of American way!

 America Has No Way to Keep Up with Food Inflation

In calculating the overall inflation rate, the government does not count the price of food. However, there are several reliable food inflation figures and the food inflation rate is estimated to be between 19% to 22%.

food inflation
In the article, “Food Price Inflation Scares the Fed” the commodity food costs were exploding on the upside. Calculation of the food inflation rate, given the lag in commodity costs impacting prices on grocery store shelves, we find that the annual U.S. food inflation rate is now running at a staggering +22% and the rate is increasing with no end in sight to the escalation.

The real and specific cause for food inflation is the low-end $940 billion of additional monetary stimulus from the United States Federal Reserve’s quantitative (bail out) easing over the last 18 months. No economy can sustain the value of its money, when currency floods the market like it has during the present administration. The net effect is that the value of your money has been seriously eroded thanks to such misguided practices as the bail-outs.

adams homeless foodstarvation child hungerAccording to the New York Times, the typical American family is now worth 36% less than it was worth only 10 years ago!

Shockingly, one out of every six men, ranging in ages from 25 to 54, are not employed. Median family income in the United States is 7% lower than it was in 2000. The United States is now in 19th place in the world and falling. There is no way that the majority of American families can keep pace with food inflation as the wages of Americans are now inversely correlated with the rising food prices. This is a prescription for disaster. The most vulnerable to starvation within the present economic climate are the children as an amazing twenty six percent of all children are living below the poverty level. And we certainly cannot ignore the fact that 50 million Americans are on some form of Federal Food Stamps. With these kind of distressing statistics, a significant number of Americans are vulnerable to politically motivated “food blackmail” in these  times of economic distress.
Just how many Americans are vulnerable to “blackmail by starvation”? Nobody can be totally accurate in this estimation, however, the numbers listed in the above paragraphs provide a good starting point from which to estimate the risk. Given the numbers listed above (i.e. number of people on food stamps, food inflation coupled with the dismal condition of the economy), it is a conservative estimate to state that between 150-175 million Americans would be at risk for starvation, in less than one week, if food were not publicly available for any reason. By the way, FEMA states that the average American family only has 3 days of food on hand.
kissinger useless eaters

The Feds Have Been Preparing for the Coming Food Shortages Since 2008

As far back as 2008, I can find evidence that the government was attempting to stockpile as much survival food as possible. These events prompted prominent brokers and key media members to advise the public to begin storing food as long as six years ago in anticipation of what is about ready to happen.
In 2011, FEMA issued a “Request for information” (RFI), in which they inquired about the availability for 140 million emergency meal kits with a shelf life of 36 months along with blankets.


Under what conditions would you surrender yourself to an illegitimate authority that did not have your best interest at heart? Would you cross that line and willingly walk into a FEMA cam? Before the chorus of macho men answer with a sense of false bravado, please realize that you and anyone else would do whatever it took to prevent you and your family from starvation. Obama knows that and this is why we now have EO 13603 on the books.
Please keep in mind that Stalin used food to kill an estimated 20 million people in the Ukraine because the people demanded freedom. Executive Order 13603 promises to surpass these numbers when, not if, EO 13603 goes live.
FEMA Camps are spreading like a bad cold.  However, the FEMA camp facilities are only capable of housing about 800,000 detainees. Therefore, the conversion of existing structures into makeshift FEMA Camps is needed.
FEMA Camps are spreading like a bad cold. However, the FEMA camp facilities are only capable of housing about 800,000 detainees. Therefore, the conversion of existing structures into makeshift FEMA Camps is needed.
Beginning in April of 2015, I have written over a dozen articles detailing how this administration plans to deal with the population. We are witnessing the wholesale conversion of stadiums, arenas, schools, closed malls and strip centers into FEMA camps. In many instances, the conversions have been rehearsed by groups like the National Football League.
The conditioning of the sheep.
The conditioning of the sheep at NFL games.

These are portable FEMA detention centers.
These are portable FEMA detention centers.
From the air, the guard towers stick out like a sore thumb. The Twin Peaks Marana mall. The only thing missing is customers.
From the air, the guard towers stick out like a sore thumb. The Twin Peaks Marana mall located in the middle of nowhere. The only thing missing is customers.
Why would anyone send their child to school in this detention facility?
Why would anyone send their child to school in this detention facility? This is a school in New York. 

Prison fencing and a guard tower at this Denver Public School.
Prison fencing and a guard tower at this Denver Public School.
 It has been done once before during Hurricane Katrina.
It has been done once before during Hurricane Katrina.
I would suggest that the readers review what I have written on the subject of FEMA camp conversions. Then I would advise all to make the needed preparations to survive what is coming and then find a way to protect your assets.
Credit to Common Sense

What Is Going To Happen In September 2015? Why Are So Many People Storing Food And Supplies?

Time September 2015 - Public DomainHave you noticed that there is a tremendous amount of Internet buzz about the month of September 2015?  Never before have I seen so much speculation about what would happen in one particular month.  Some people believe that we will see an economic collapse next month, others believe that there will be some sort of historic natural disaster, and others are convinced that the judgment of God is coming.  So right now, large numbers of Americans are stocking up on emergency food and supplies like crazy.  Personally, I have never been more concerned about any period of time as I am about the last six months of 2015.  Several weeks ago, I expressed my belief that chaos will begin once the summer ends.  These are the last days of “normal life” in America, and just about everything that we currently take for granted is about to be shaken.
A lot of people that I know have been storing up food and supplies like never before, but I didn’t realize how widespread this phenomenon was until I came across the following Natural News report
As reported by AllNewsPipeline.com (ANP), correspondents for the news site began visiting a number of survival food websites in July, with the goal of ordering some essential bulk food items that included potatoes, carrots, mangoes, peaches, powdered eggs and powdered milk, among other items. But the more they shopped, the more they found notices on the survival food sites stating that supplies were either low or temporarily out of stock.
Only, the warnings did not say that stocks would be immediately replenished; rather, the site reported, some food items would take weeks to restock.
Upon returning to those sites a few days later, the situation had become even more dire: Many sites weren’t even certain when stocks of some items would be replaced.
While both Preparewise and Buy Emergency Foods EXPECT these items to be back in stock in 3 to 4 weeks, the fact that both of these websites are experiencing overwhelming demand and currently COMPLETELY out of some of the most basic food groups should tell everybody a few things,” ANP reported. “Americans are buying up these products in HUGE numbers as more and more Americans have come to expect a reason to need these items at some point in the future.”
The mainstream media likes to mock “preppers”, but nobody is going to be mocking them when things really start falling apart in this country.
When there is a severe lack of food, ordinary people can start acting like wild animals.  Just consider what is happening in Venezuela right now.  In this video and this video you can watch average Venezuelans go into panic mode over just a little bit of food.
Will we eventually see similar scenes in this country?
Many Americans are also feverishly stocking up on physical gold and silver.  In fact, sales of gold eagles are up 50 percent compared to last year…
Gold Eagle sales for the first seven months of the year, increased a staggering 50% from 296,000 oz in 2014 to 443,000 oz in 2015. Most of the Gold Eagle buying took place in July with total sales for the month at 170,000 oz. Thus, Gold Eagle sales in July account for nearly 40% of total sales for the year.
So why is this happening?
Why are people so freaked out?
Well, more than anything else people are pointing to the month of September.  The following comes from a recent piece authored by Lisa Haven
It seems a lot of people lately are having a gut feeling that something “Big” is about to unfold, but no one knows exactly what it is. Maybe people are feeling that way because of the events that are taking place around them. From signs in the heavens, to military stockpiling, to politically disturbing events. There seems to be a confluence of activity both in the political and spiritual realm culminating in 2015 causing peoples alarms to go off. Could it be that people are feeling this way because of the eerie events that are culminating in September??
Like many others, I also have a feeling that something “big” is about to happen.
A recent YouTube video that was produced by Infowars examined some of the specific reasons why so many people are concerned about what is going to happen next month…
Pretty ominous, eh?
In the article that I quoted from above, Lisa Haven put together her own list of key events.  Some of these events have already happened, some are about to happen, and some will happen during the month of September itself…
1. NORAD reopens Cheyenne Mountain after years of closure due to worries about an EMP attack
2. US Supreme Court legalizes gay marriage in all 50 states
3. Star of Bethlehem appears on June 30th
6. The Temple Institute announces their plan to farm raise Red Heifer’s a precursor to the Building of the Temple.
8. Jade Helm begins July 15th
10. Jubilee year
11. Blood moon Tetrad Concludes September 28th
12. UN hosts their Agenda 21 Meeting Sustainable Development for the Entire Planet (September 25-27) Pope Will Travel to New York and address Congress & attend the meeting
A pretty impressive list.  But before I continue, I do want to note one thing.  I do not believe that the Jubilee year begins in 2015.  In my research, I have come to the conclusion that Jubilee years begin in our calendar years that end in 29 and 79.  In other words, the last two Jubilee years began in 1929 and 1979, and the next one will begin in 2029.  Some time soon I hope to write an entire article about this.
But without a doubt, there is a very impressive confluence of events that all come together in September.  The following is an extended excerpt from one of my previous articles
September 13th – This is Elul 29 on the Biblical calendar – the last day of the Shemitah year.  Many are concerned about this date because we have seen giant stock market crashes on the last day of the previous two Shemitah cycles.
On September 17th, 2001 (which was Elul 29 on the Biblical calendar), we witnessed the greatest one day stock market crash in U.S. history up until that time.  The Dow plummeted 684 points, and it was a record that held for exactly seven years until the end of the next Shemitah cycle.
On September 29th, 2008 (which was also Elul 29 on the Biblical calendar), the Dow fell by an astounding 777 points, which still today remains the greatest one day stock market crash of all time.
Now we are approaching the end of another Shemitah year.  So will the stock market crash on September 13th, 2015?  Well, no, because that day is a Sunday.  So I guarantee that the stock market will not crash on that particular day.  But as Jonathan Cahn has pointed out in his book on the Shemitah, sometimes stock market crashes happen just before the end of the Shemitah year and sometimes they happen within just a few weeks after the end of the Shemitah.  So we are not just looking at one particular date.
September 15th – The 70th session of the UN General Assembly begins on this date.  It is being reported that France plans to introduce a resolution which would give formal UN Security Council recognition to a Palestinian state.  Up until now, the United States has always been the one blocking such a resolution, but Barack Obama is indicating that things may be much different this time around.
September 25th to September 27th – The United Nations is going to launch a brand new sustainable development agenda for the entire planet.  Some have called this “Agenda 21 on steroids”.  But this new agenda is not just about the environment.  It also includes provisions regarding economics, agriculture, education and gender equality.  On September 25th, the Pope will travel to New York to give a major speech kicking off the UN conference where this new agenda will be unveiled.
September 28th – This is the date for the last of the four blood moonsthat fall on Biblical festival dates during 2014 and 2015.  This blood moon falls on the very first day of the Feast of Tabernacles, it will be a “supermoon”, and it will actually be visible in the city of Jerusalem.  There are many that dismiss the blood moon phenomenon, but we have seen similar patterns before.  For example, a similar pattern of eclipses happened just before and just after the destruction of the Jewish temple by the Romans in 70 AD.
So what is going to happen this September?
Whatever it is, we don’t have very long until we find out.
Recently, there have been a few people that have come to my websites and have suggested that getting wrapped up in these things is wrong and that instead we should just “seize the day” and focus on enjoying our lives as much as we can.
Of course the truth is that it doesn’t do any good in the long-term to stick our heads in the sand.  If we willingly ignore the ominous clouds on the horizon, we do so at our own peril.
I think that all of us should consider these words that were recently penned by Larry Tomczak
Suppose you were born in the late 1930s. Reports are drifting your way about rumblings concerning Japan and its saber-rattling toward America. In Germany there is a firebrand on the horizon stirring the people to reclaim Germany’s glory. Rumors are circulating about a possible invasion of Poland. Winston Churchill is upbraiding his Prime Minister for declaring “peace in our time” after an ill-advised “deal” with Adolf Hitler. Economic storm warnings are increasing and rumors persist about possible rationing if war was to break out. A fascist dictator is coming to prominence in Italy named Benito Mussolini. Catch the drift of where I’m headed?
I am persuaded that we live in a similar period of history. A perfect storm is developing and this is not some surreal conspiracy theory. It is no exaggeration to say America is at a crossroads … in a meltdown … at a tipping point … experiencing unprecedented changes … observing our president act like a one-man wrecking crew to bring about his “fundamental transformation of America.”
Like Tomczak, I believe that we have reached “a tipping point” and that we are entering a “perfect storm”.
I believe that the months ahead are going to dramatically change life in America and that we are entering difficult times unlike anything that any of us have ever experienced.
So what do you think the month of September and the rest of the year will bring?
Credit to End Of the American Dream