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Is A Financial Crisis Coming To Canada?

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“The pending credit cycle in Canada will be one for the ages.”

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– Marc Cohodes, May 3rd, 2017

Lately, the word “bubble” has been used more often to describe the overheated housing markets in Canadian cities like Toronto and Vancouver. Even Bank of Montreal’s Chief Economist didn’t hold back when he wrote in a report, “Let’s drop the pretense. The Toronto housing market — and the many cities surrounding it — are in a housing bubble”(1).

In March, house prices in Toronto rose a record 33.2% year-over-year and the city was ranked number 1 in the world with the fastest-growing house prices; Vancouver came in third on the list after Sydney, Australia (2).  It’s getting to be such a problem that Ontario’s premier has met with the mayors of Toronto and surrounding areas to discuss housing affordability, while the Prime Minister has admitted that the federal government is monitoring the housing market closely.

But what might have been the clearest sign yet that the housing market is in a bubble was the 2017 Real Estate Expo in Toronto where real estate agencies, developers, and banks paid celebrities like Tony Robins and Pitbull to encourage people to join in on the real estate buying frenzy. Real Estate agents on a stage told prospective buyers things like: “Toronto has become one of the last safe havens in the world,” “Fear will kill you,” and, “Just jump in!” (3)

Clearly, this message is getting around as statistics show an increasing portion of the population owning more than one residential home. This housing bubble, like all other financial bubbles, is the consequence of historically low interest rates, which is the beginning phase of a credit cycle that inflates the bubble. But eventually interest rates rise, and when they do the bubble pops, the cycle reverses, and prices fall.

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The question is, what happens when the cycle turns? If we take a close look at the situation in Canada, we can see instability across the board whether it’s in the economy, in the banking system, or in government finances, and due to this instability, we can reasonably assume that when this cycle turns, it will be pretty ugly for Canadians.

Home Capital Group

Home Capital Group is Canada’s largest non-bank mortgage lender focused primarily on the subprime market — mortgage applicants rejected by the banks — through its subsidiary Home Trust Company. On April 26th, the stock of Home Capital plunged 65% when news came out that the company secured an emergency loan worth C$2 billion to provide liquidity for the company after an overwhelming number of depositors withdrew their money from the high interest savings accounts Home Trust offers — money Home Capital uses to provide mortgages at a higher interest rate, profiting from the spread.

From April 24th to May 1st, Home Capital saw its deposits shrink from C$1.4 billion to C$391 million (4). The problems for Home Capital began back in 2014 when the company cut ties with 45 brokers who were creating mortgages with fraudulent income information that amounted to 10% of Home Trust’s total mortgage originations. Fast forward three years and the Ontario Securities Commission has now submitted formal allegations against the company and the three former and current executives, alleging they knowingly misled investors when discussing the impact of the fraudulent mortgages.

Meanwhile, Home Capital has seen their CFO retire, its Chief Risk Officier leave unannounced, several board members resign, its founder Gerald Soloway step down as CEO and remove himself from the board, his replacement CEO fired, and a total of 33 employees leave in 2016 alone. Representing only 1% of the total mortgage market, it’s too early to know whether Home Capital’s problems will spread, but already investors are losing what matters most in a highly leveraged business: confidence.

On April 26th, the day Home Capital lost 65% of its value, Equitable Group, First National Financial, and Street Capital Group saw their stocks fall 32%, 11%, and 10%, respectively. In the week proceeding, Equitable Group, a mortgage lender that mirrors Home Capital, saw C$75 million worth of deposits withdrawn as their stock fell 39% (5). Canada’s finance minister Bill Morneau has said there is no link between Home Capital and risks in the housing market and Bank of Canada governor Stephen Poloz has said that Home Capital’s problems are “idiosyncratic,” believing they won’t trigger a contagion effect.

Are these statements akin to when the chairman of the United States’ central bank, Ben Bernanke, said in 2007 that “the problems in the subprime market seems likely to be contained”(6)? Already we’ve seen actions being taken to safeguard contagion from spreading. The C$2 billion emergency loan that kept the lights on at Home Capital was provided by the Health Care of Ontario Pension Plan with very stringent terms. The loans have an effective interest rate of 22.5% and are secured against two pools of mortgages from Home Capital’s loan book.

In pool A, Home Capital can borrow C$0.50 of every dollar pledged and in pool B C$0.26 for every dollar pledged. These terms tell us what the HOOPP thinks about the quality of these mortgages being put up for collateral and of Home Capital’s ability to repay the loan. Meanwhile, as investors were dumping Home Capital’s stock en masse, two asset managing companies provided a floor for the stock. CIBC Asset Management increased its position from 2.46 million shares to 9.69 million, while Turtle Creek Asset Management, Home Capital’s biggest investor, was also a buyer (7). It is important to note that these two asset managers were not investing their own money, but were making “investments” on behalf of other people.

Home Capital has also raised money by selling C$1.5 billion in mortgage renewals to MCAP Corp., one of Canada’s largest independent mortgage financing companies that originates, securitizes, trades and services residential and commercial mortgages (8). Equitable Group, Home Capital’s mirror image who suffered its own bout of eroding investor confidence, has been given a C$2 billion funding backstop by a syndicate made up of the 6 major Canadian banks to provide support in case the lender should need it (9). All in all, the fear of contagion is clearly evident and the question that needs to be answered is whether the fraudulent mortgages in Home Capital loan book are limited to 10% or is it a much higher number? And, how many of these mortgages are insured by the Canadian taxpayer through the CMHC?

CMHC

The Canadian Mortgage and Housing Corporation is a government institution that has been a leading contributor to the inflating of the Canadian housing bubble. The institution is the largest provider of mortgage-insurance for homeowners unable to make a 20% down-payment, protecting lenders from default thus enabling them to make more risky loans.

The CMHC is similar to America’s Fannie Mae and Freddie Mac, two government institutions that were largely responsible for the collapse of the U.S. housing market. Like Fannie Mae and Freddie Mac, CMHC also buys and sells mortgage-backed securities, mortgages that are pooled together into a bond that became the popular financial instrument that sank the global financial system in 2008. The CMHC buying mortgages leads to more lenient lending standards as banks know they can make loans that they can later sell to the CMHC and not have to keep on their books.

All of this is backed by the Canadian government and thus the Canadian taxpayer. What’s really egregious about the CMHC is that while they provide banks with full insurance against losses, it’s the homeowner who pays the insurance premium and that taxpayer who pays the deductible, the banks pay nothing. Currently, the CMHC has about 9% equity against its liabilities outstanding (10). If there is a housing correction, the CMHC would need a taxpayer bailout of epic proportions.

Banks

It wasn’t too long ago that the Canadian banking system was considered the darling of the financial world. Back in 2008, a survey by the World Economic Forum listed Canada’s banking system as the world’s safest (11), a title also given to the country by the rating agency Moody’s in 2012 (12). But today the sentiment is much different as Moody’s has recently cut the credit rating of the 6 Canadian chartered-banks stating: “Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past(13).

In March, the Bank of International Settlements (the Central Banks’ Central Bank) listed Canada as having the riskiest banking system of developed countries based on credit-to-GDP gap, property price gap, debt service ratio, and debt service ratio if interest rates rise (14). Residential mortgages make up about 52% of all Canadian bank loans so suffice it to say, the banking system is very vulnerable to a downturn in the housing market (15).

What makes matters worse are the leverage ratios of the Canadian banks. The leverage ratio is a capital adequacy figure that measures a bank’s ability to withstand negative shocks to its balance sheet. In a balance sheet, the difference between a company’s assets and liabilities is its equity so that if a company sells off its assets to pay its liabilities, the equity left over is returned to the owners. If a bank has $100 in assets and $90 in debt, then $10 is the difference and represents 10% equity or capital. The problem with assets is they can fall in value. If the capital ratio is at 10%, then that means assets can fall in value up to 10% before the bank is unable to pay its creditors. The leverage ratio is an international regulatory banking standard set up by the Basel Committee on Banking Supervision. The leverage ratio measures the core capital of a bank against its total assets.

As per their 2016 annual reports, the major Canadian banks leverage ratios are: RBC – 4.4%, TD – 4%, BMO – 4.2%, Scotia – 4.4%, CIBC – 4%, National Bank – 3.7% (16)(17)(18)(19)(20)(21). If the value of the assets of these banks fall in percentage more than these figures, then the banks become insolvent. And of course, in the banking industry, loans are considered assets and as stated earlier, 52% of the banks’ loan book is made up of residential mortgages. Compounding the situation is the report from credit agency Equifax that says they saw a 52% increase in suspicious mortgages between 2013 and 2016 (22).

This leads one to ask was Home Capital the only lender to partake in mortgage fraud? How secure are the uninsured mortgages on the banks’ loan book and what happens if these people lose their jobs and are unable to make mortgage payments? A recent survey suggests that over half of Canadians are $200 away from not being able to meet their financial obligations (23).

Canada’s Dependence on Housing

Since the decline of energy prices, Canada’s economy has become more reliant on the housing industry. In fact, without the growth in housing, Canada’s economy would be contracting. It is estimated that housing makes up 20% of Canada’s GDP with industries like real estate, construction, and financial services.

The number is significantly higher when you consider the indirect impact of a booming housing market. Lawyer fees, government revenues, and increased retail purchases due to the wealth effect of rising home equity values enabling households to spend more (24). Consumer spending as a share of GDP is around the highest since the 1960s (25).

Debt-to-disposable income was at a record high 167% in March (26), and while this ratio has little impact day-to-day as Canadians aren’t expected to pay off their debts tomorrow, it does highlight the vulnerability of Canadians to economic shocks. Another indicator, the debt-to-service ratio, which is the cost to carry debt relative to income, is at 14% and has remained there since 2008, but that’s because interest rates have been at historic lows since 2008. What happens if interest rates rise? A survey by Manulife Bank found that out of 2,098 people polled, 72% said they would have difficulty paying their mortgage if their payments rose by 10%. An increase of 10% in mortgage payments could take as little as a single percentage point increase in interest rates (27).

HELOCs = Home Equity Loans of Canadians

Government Debt

Moving on to the problems in the public sector, we’ve already seen the harm government can do with the CMHC distorting the housing market by guaranteeing mortgages and mortgage-backed securities, and blame should also be put on the central bank’s historic interest rate policy. But looking specifically at government finances, the debt held by provincial governments is alarming. Ontario has the largest debt held by any sub-sovereign in the world at over C$300 billion.

Quebec is at over C$180 billion in debt. Other provinces are currently running deficits with no end in sight. At the federal level, debt isn’t too bad at just over C$700 billion when you compare it to America’s $20 trillion, but that could change by the time the Trudeau administration is voted out of office. It is estimated that Canada could run deficits until 2050 (28) with the policies enacted by Prime Minister Trudeau and he’s on pace to break the all-time record for federal government spending per Canadian despite Canada not being in a recession or at war (29).

Excessive debt is future consumption denied while higher taxation ensured, both outcomes are destructive to an economy, as more of the country’s capital and resources are directed towards paying the interest on the debt rather than being used in the real economy. Moreover, as a country becomes addicted to government spending, it becomes more reliant on it and thus harder to cut. If the government is forced to cut spending, it will have negative ramifications throughout the country for many Canadians dependent on it.

Gold

A development that was largely ignored by the corporate media, but should concern Canadians, is that the Canadian government has almost no gold left in its reserves (30). Unlike America, Germany, Russia and China, countries with vast gold reserves, practically all of Canada’s reserves are pieces of paper. This is foolish and short-sighted as gold has proved to be the ultimate form of money that will retain its value during a crisis, while paper assets can easily evaporate in value during a crisis of confidence and a deterioration in confidence is exactly what could ignite a financial crisis in Canada.

The Loonie

The Canadian loonie has been under pressure in the wake of the Home Capital debacle, dipping below 0.73 to the U.S. dollar. In 5 years, the loonie has gone from being at par with the U.S. dollar to falling under 0.70 at the end of 2015, when oil prices were at its lowest. This weakness in the loonie creates price inflation for Canadians as prices are a reflection of the value of money. I believe this 0.70 mark is an important psychological level for the Bank of Canada because when the loonie falls below this level people start to feel it more at the grocery store and financial commentators start to make noise about it.

The bank has two means of supporting the loonie: raising interest rates or using their reserves to buy it in the currency markets. If we explore scenario one it’s not a pretty picture. The current rate at the Bank of Canada is 0.5% and people have been calling for them to begin raising it for a while, especially now that the U.S. central bank has begun raising its rates putting further pressure on the loonie/dollar exchange. A rise in interest rates will in all likelihood pop the housing bubble as debt becomes more expensive, decreasing demand for mortgages.

When house prices fall, reflecting the decrease in demand, that’s when delinquency rates rise as homeowners, especially in the subprime market, go underwater as their mortgages become more expensive than the value of the home. As delinquencies rise, houses are foreclosed and put on the market increasing supply, putting more downward pressure on prices. The CMHC (taxpayer) then needs to cover all the mortgages and securities it insured, while at the same time the value of their assets are falling. With only 9% equity, the CMHC would need a massive government bailout. If the banks’ assets fall below their leverage ratios, then they too become insolvent, needing either a bail-in or bailout. At this point, a full-blown crisis emerges, leading to further erosion of confidence in Canada and the loonie. Rising inflation is countered with higher interest rates, and the higher cost of debt cripples the economy as highly indebted individuals, businesses and governments all have to cut back on their spending leading to higher unemployment.

It’s clear why the Bank of Canada has been so reluctant to raise interest rates. Scenario two, using reserves to prop up the loonie, will likely be futile as the market is more powerful than governments. It may work at the beginning and buy time, but as the Bank of Canada bleeds through its reserves, this in itself will erode confidence leaving them in the same position they found themselves in at the beginning, only this time without any bullets left in the barrel. A third scenario is to just let the loonie crater and let price inflation run rampant. This might be feasible to start, but as consumer prices explode Canadians will be squeezed as their cost of living outpaces their income leading to lower living standards and social unrest.

Final Remarks

Using the 2008 financial crisis in America as a model, it wasn’t until September 2008 when the government nationalized Fannie Mae and Freddie Mac – which backed $6.2 trillion worth of mortgages – making it clear to everyone that a major crisis was unfolding, but there were many signs leading up to that moment that indicated something bad was brewing in the housing market, including in April 2007 when America’s largest subprime lender, New Century Financial, declared bankruptcy.

In Canada, already the Toronto developer Urbancorp has filed for bankruptcy and Home Capital would have done the same if not for the rescue loan and it’s still highly probable that Home Capital will file for bankruptcy in the weeks or months to come. Are we in the early innings of a financial crisis in Canada? What will happen to the loonie if the markets and its speculators lose confidence in Canada? And how will the Bank of Canada respond to a falling loonie? So far in 2017, the loonie has been the worst-performing major currency in the world. I’m not predicting that a major storm is a certainty, but there’s no denying that there are dark clouds forming above Canada.

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UFOs Spotted Off The Irish Coast By Airline Pilots – Here Are The Details

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In Brief

  • The Facts:

    Multiple pilots recently reported a fast travelling UFO that seemed to have taken corrective measured and made maneuvers at very high speeds.

  • Reflect On:

    There thousands of reports of radar trackings which exist, and multiple events that've occurred involving commercial pilots. What is going on in our skies?

A pilot flying from Montreal, Canada to Heathrow airport in the UK spotted “a very bright light” that had come up along the left side of their aircraft before it “rapidly veered to the north.” This is a common characteristic of UFOs that have been spotted by both airline and military pilots since the dawn of human aviation. The older our civilization gets, the more time we spend in the air and the higher we climb, the more reports of strange objects seem to arise.

She wondered what it could be, but said it did not seem to be heading for a collision. When I read this, I thought of Ex-Canadian Defense Minister Paul Hellyer’s comments stating that these objects often performed evasive maneuvers when in the vicinity of our aircraft.  Unfortunately, he stated that as the jets scrambled to look closer at the UFOs, they were ordered to “shoot first, and ask questions later.” Add that to Apollo 14 astronaut Edgar Mitchell’s statement that, “yes, there has been crashed craft, and bodies recovered,” and we can deduce that the protocol, in the military at least, is to try and shoot these things down. That doesn’t seem like a very intelligent approach.

This topic goes far beyond witness testimony from some very credible people; there is electrooptical data and physical evidence that has been associated with this phenomenon as well. These objects are not only seen by pilots, they’re also tracked on radar.

Glowing Orbs Over Ireland

At least three pilots were involved in witnessing glowing orbs that were spotted near Shannon, Ireland at “astronomical” speeds,  according to the Guardian:

Other aircraft flying in the area reported the same thing. A pilot, flying a Virgin Airlines plane from Orlando to Manchester described the sight as a “meteor or another object making some kind of re-entry,” adding it seemed to be “multiple objects following the same sort of trajectory – very bright from where we were.” Another pilot also weighed in, saying: “Glad I’m not the only one.” A spokesman for the Irish Aviation Authority told the Irish Times it was investigating the incident and would file a report. “This report will be investigated under the normal confidential occurrence investigation process.”

There were multiple objects reports here, and meteors do not veer off at astronomical speeds. The pilots reported seeing one object become multiple objects, which is common in UFO lore. I’ve been studying the subject for more than a decade, so it didn’t surprise me. Identifying this as a ‘meteor’ may comfort some people reading about this incident in the mainstream, because it fits within their current perception. But more and more people are having to face the fact that these incidents clearly do not fit within the mainstream paradigm of reality, and we really need to go through the discomfort of breaking this paradigm in our own minds if we hope to arrive at the truth of what is going on.

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Other Incidents

There are many corroborating incidents out there of even more ‘jaw-dropping’ proportions, from the perspective of the pilots involved. With regards to commercial aviation, perhaps the most well-documented incident is the one that took place at O’Hare international airport. It caused a shutdown of the entire airport, similar to an incident that took place in China a few years ago.

Here’s a quote from December 16th, 1978, issued by the Chilean Air Force with regards to a UFO encounter, similar to what the Pentagon released. Again, keep in mind, this is something that’s happened thousands of times over the past few decades, and perhaps thousands of times every single year:

“Two pilots on a training mission, each flying an F5 fighter aircraft, tracked the object on their airborne radar. It gave a return equal to ten or more aircraft carriers-except this object was in the air, not floating on the water. Each pilot assumed his radar equipment was faulty until he learned that the other pilot was also getting the same return. Not only this, but ground radar from a nearby airport also picked up the object and confirmed its huge size. The pilots also saw the object with their own eyes. One pilot later said that at a distance of twenty miles, it looked “like a plantain banana swathed in smoke.” The pilots were frightened, having no missiles or weapons. As they approached the massive object, which had been motionless all this while, it took off at an unimaginable speed. All at once, it vanished from the three radar screens.”(1)(2)

This document from the CIA, relays several pieces of information, with the part about these UFOs highlighted in brackets, which suggests special attention was being paid to it. It goes to show just how interested they were in it, and how important this topic is within the intelligence community:

“ANTARCTIC FLYING SAUCERS” – A group of red, green, and yellow flying saucers has been seen flying over Deception Island for two hours by Argentine, Chilean and British bases (military) in Antarctica. The flying saucers were also seen flying in formation over the South Orkney islands in quick circles.”

We’ve written a number of articles about numerous UFO sightings. The point is, it’s happening, but for decades we’ve been brushing a lot of these sightings off as natural phenomena, if we even hear about them. There are millions of pages of documents and thousands of examples like the ones above. They’ve been studying it for years under the guise of “national security,” a term now used to classify everything, but more and more we are learning that this is done to protect the interests of the global elite as well as allow them to basically do whatever they please, with justification.

The “Anchorage” Incident is a well known UFO event involving a veteran Japanese airline pilot who saw three UFOs following his 747 aircraft carrier for over 400 miles. One of the objects was much larger than the 747, while the other two were smaller. The crewmen of JAL Flight 1628 reported seeing flashing lights trailing their jet to the Federal Aviation Administration (FAA). FAA officials confirmed the conclusions drawn from the controller who handled Flight 1628 on his radar. His conclusion was that the aircraft were unidentified. Air Force officials at the Alaska Air Command also said their radar picked up something near the JAL plane. The United States Air Force scrambled a jet to get a closer look at the object. This incident occurred in 1986.

Below is an interview with retired FA Senior Division Chief, John Callahan. Check out his testimony below given to Dr. Steven Greer. He was directly involved with this incident, it is amazing to hear his story and the events that transpired because of it.

The Takeaway

The disclosure of the existence of UFOs has been confirmed around the world by multiple nations. Secrecy dominates our world, and important information about the nature of our reality is being kept from us. Not only that, but our own money is being taken from us to finance this continued secrecy. I recently wrote an article about a Michigan State University economist who headed up a group that found trillions of unaccounted-for dollars missing from housing & D.O.D. that were funnelled into black budget projects. You can read that here.

The implications of these revelations are huge and would result in huge changes in all areas of humanity. But one reason why secrecy has been so rampant is that powerful controlling forces don’t want us to look closer and think critically about the nature of our reality, and about who we really are. The extraterrestrial hypothesis provides a valid explanation for some of the questions we are now asking, and it’s getting more difficult to ignore the evidence for intelligent visitation like we used to. The sooner we are able to handle and process the evidence coming before us and its implications, the sooner we will live from a deeper understanding of ourselves and the nature of our universe.

Sources not linked within the article:

(1) Huneeus, J, Antonio, “A Chilean Overview,” MUFON UFO Journal, 6/86; Huneeus, J. Antonio, “A Historical Survey of UFO Cases in Chilie,” MUFON 1987 International Symposium Proceedings (MUFON, 1987.)

(2) Department of Defense JCS Message Center, Subject: B6/BAF Has a Close Encounter of the First Kind. Date: 20 May 86. Subject: Numerous Unidentified Objects Were Cited in the Skies over Brazil. But BAF Fighters Were Unable to Intercept Them. Berliner, Don, The UFO Briefing Document, p. 121-127. Huneeus, J. Antonio, “UFO Alert in Brazil,” MUFON UFO Journal, 11/86. Andrus, Walt, “UFOs Over Brazil,” MUFON UFO Journal, 9/86. Smith, Dr Willy, “The Brazillian Incident,” International UFO Reporter, 7-8/86. Smith, Dr. Willy, “More on Brazilian OVNIs,” MUFON UFO Journal, 9/86.

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Serious Errors Found In Widely Cited Global Warming Study

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In Brief

  • The Facts:

    A study claiming that the Earth’s oceans have retained 60% more heat than previously thought over the last 25 years, suggesting global warming was much worse than previously believed, has turned out to be false.

  • Reflect On:

    Many scientists within the field have been quite outspoken about the politicization of climate science, and how it's a serious problem. We see it in all fields, like the medical field, for example. Ridicule has been used to suppress discussion.

There is a troubling trend among internet readers, and that’s the fact that billions of people area reading titles of an article and having a bad reaction before reading the actual article and examining the sources. The bad reaction usually comes when evidence is presented which strongly goes against the widely accepted belief held by the majority of people. This type of evidence is often ridiculed by the mainstream media, which is why the majority of people believe what they do in the first place.

We have been subjected to massive amounts of ‘mind-persuasion’ on various topics. Today, when evidence goes against the grain, especially when it threatens many political and financial interests, false evidence is manufactured in order to counter the actual evidence. This has happened in all areas that touch humanity. I refer to it as the politicization of science, in this case, climate science. We’ve seen this everywhere, especially with medical science.

“The case against science is straightforward: much of the scientific literature, perhaps half, may simply be untrue. . . . Science has taken a turn towards darkness.” – Dr. Richard Horton, Editor in Chief of The Lancet (source)

Now, just to be clear, this article is NOT debating climate change. Drastic and unexpected climate change and natural disasters are rampant right now on our planet, for multiple reasons. It’s clearly a problem that needs to be fixed and could have been fixed/mitigated decades ago, yet we still seem stuck. Revolutionary technologies have been in existence for a long time, from solar, to wind, to vortex-induced vibrations and over-unity energy technology. Many of them have been subjected to patent suppression and secrecy, for “natural security” purposes. Meanwhile, it’s this national security apparatus that have created a breakaway civilization, one that’s become highly technologically advanced. They use these technologies, not for the benefit of humanity, but it seems more so, for their own purposes and the enslavement of humanity.

All that being said, climate change is, in my opinion, the result of multiple factors that go beyond human beings. These include natural cycles Earth has gone through before in it’s past, the activity of our sun, etc…

Again, I am not denying climate change, I am not even denying anthropomorphic climate change. I’m simply pointing towards the politicization of science. Something fishy is happening.

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In fact, approximately more than thirty thousand scientists have all signed a petition regarding the political agenda of global warming. The scientific consensus, which includes over 9,000 scientists with Ph.D.s, is the real scientific consensus. There is no real source for the “97” percent of scientists agreeing, that’s false information.

Warmer Oceans?

Princeton scientist Laure Resplandy (pictured above) and researchers at the Scripps Institution of Oceanography recently published a study claiming that the Earth’s oceans have retained 60% more heat than previously thought over the last 25 years, suggesting global warming was much worse than previously believed. The reported was beamed out by multiple establishment mouthpieces, including the Washington Post, New York Times, BBC, Reuters and others.

Independent scientist Nic Lewis found the study had “apparently serious (but surely inadvertent) errors in the underlying calculations.” Lewis’ findings were quickly corroborated by another researcher. The post appeared on the website of Judith A. Curry, an American climatologist and former chair of the School of Earth and Atmospheric Sciences at the Georgia Institute of Technology. She has been one of the many outspoken scientists in the field the “tribal nature” of parts of the climate-science community, and what she sees as stonewalling over the release of data and its analysis for independent review.

Lewis corrected the math area, and found that the paper’s rate of ocean warming “is about average compared with other estimates they showed, and below the average for 1993-2016.” Roger Pike Jr., a Professor at the University of Colorado, tweet his work and replicated the data. Key phrase: “It’s a big error at the core of the paper’s findings.”

It seems that the majority of climate scientists all support this type of fraudulent data, and the problem of political interests taking over what the science is actually saying.

Lewis found the study’s authors, led by Princeton University scientist Laure Resplandy, erred in calculating the linear trend of estimated ocean warming between 1991 and 2016. Lewis has also criticized climate model predictions, which generally over-predict warming. Resplandy and her colleagues estimated ocean heat by measuring the volume of carbon dioxide and oxygen in the atmosphere. The results: the oceans took up 60 percent more heat than previously thought. The study only sent alarm bells ringing, especially in the wake of the United Nations’ latest climate 

Laure Resplandy, the author of the widely distributed and cited study, has recently replied, acknowledging the error. Although the reply comes from an establishment mouthpiece, one that ridicules any questioning of anthropomorphic climate change via carbon output.

Below is a brief interview with Curry.

The Politicization Of Climate Science

Again, we need to be looking at deforestation, the lack of disclosure of new energy technologies, and the lack of implementation of new ones. We need to be looking at the destruction of our Earth and the poisoning of our water and soil, more so than we do our carbon output. But carbon is very heavily focused on.

The politicization of climate science is something that’s vouched for by the majority of actual climate scientists.

It’s hard to talk about because I am a proponent of clean energy technologies, and they are a must. Our industries and our usage of pollution services, like the automobile industry, is a toxic and environmental health hazard. But the global elite are very smart, they are using climate change, and global warming, to basically cause climate hysteria for political and financial gains.

The “97 percent” tagline is often used to demonize those who question anthropogenic induced climate change, and the mainstream media will do their best to make those who question it, no matter their background, credentials, or credibility, look foolish.

Ivar Giaever, a Norwegian-American physicist who shared the Nobel Prize in Physics in 1973, compares current climate science to pseudoscience.

Dr. Richard Lindzen, among many others, refers to this type of narrative as hysteria and argues that climate scientists raising this issue have been demonized. He’s one of the world’s top experts in the field and lead author of “Physical Climate Processes and Feedbacks,” Chapter 7 of the Intergovernmental Panel on Climate Change’s Third Assessment Report on climate change.

He is a  dynamical meteorologist with interests in the broad topics of climate, planetary waves, monsoon meteorology, planetary atmospheres, and hydrodynamic instability. He has made major contributions to the development of the current theory for the Hadley Circulation and pioneered the study of how ozone photochemistry, radiative transfer, and dynamics interact with each other. He is also the Emeritus Sloan Professor of Meteorology at Massachusetts Institute of Technology.

A slide from one of his lectures below states:

Global warming is about politics and power rather than science. In science, there is an attempt to clarify; in global warming, language is misused in order to confuse and mislead the public. The misuse of language extends to the misuse of models. For advocated of policies allegedly addressing global warming, the role of models is not to predict but rather to justify the claim that catastrophe is possible. As they understand, proving something to be impossible is itself almost impossible.

I am using him as one of many examples. pointed out how policymakers were heavily involved with the IPCC and their publications. He is one of many to do so. Here’s a video in which he did try to bring awareness to what climate scientists REALLY believe. It’s quite contrary to the climate hysteria we see that’s constantly beamed. Right now it’s happening with forests fires, which have been happening for hundreds of millions of years.

Why No Mention of Climate Engineering?

What about climate engineering? Geoengineering is the manipulation of the atmosphere through artificial means.

The US Air Force has the capability to manipulate climate either for testing purposes or for outright military-intelligence use.  These capabilities extend to the triggering of floods, hurricanes, droughts, and earthquakes.

Weather modification will become a part of domestic and international security and could be done unilaterally… It could have offensive and defensive applications and even be used for deterrence  purposes. The ability to generate precipitation, fog, and storms on earth or to modify space weather, … and the production of artificial weather all are a part of an integrated set of technologies which can provide substantial increase in US, or degraded capability in an adversary, to achieve global awareness, reach, and power. (Air University of the US Air Force, AF 2025 Final Report, http://www.au.af.mil/au/2025/ . Emphasis added)

We’ve covered this topic in depth in multiple articles, and right now, geoengineering is being proposed as a solution to climate change, or what scientists above mentioned as ‘climate hysteria.’ The weather today is largely manufactured and owned, it’s changed and manipulated for various reasons. It’s hard to tell what’s actually going on. Here’s a clip of Ex-Cia director voicing his support for geoengineering…

Climate hysteria can be created, as much as terrorism can in order to create the war on terrorism…

The Takeaway

You could literally write a book on how the majority of reputable scientists within the field of Climate Science, and the ones actually involved with the IPCC, are all concerned about these things. As many of these scientists have pointed out, at a certain point, the final drafts and publications are taken over and written by politicians and policymakers.

There is a big problem here, and the elite who seem to be behind this type of thing, have been using their tools for years (mass media, education, etc..) to drill this idea in the people’s heads. Climate initiatives are being supported like war was with mass propaganda, our hearts and care for Mother Earth are being taken advantage of and capitalized on. Those who question the official narrative of global climate change are often the ones who care about Earth the most. This is one of the reasons it is so important for the awakening community to strive for the truth, and then to bring out that truth widely. The future of our planet hangs in the balance.

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CNN Takes Trump To Court: Is He Winning The War Against Fake News?

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In Brief

  • The Facts:

    A heated exchange between Donald Trump and CNN reporter Jim Acosta at a White House Press Briefing has led to Acosta losing his press pass, accusations of video doctoring, and a lawsuit claiming White House violations of the 1st and 5th amendments.

  • Reflect On:

    Does this battle represent a flashpoint in the larger battle between the Alliance and the Deep State? If so, what is our role in this?

Once a model of journalistic integrity and governmental decorum, the White House press conference seems to have devolved into a verbal street brawl of mutual disrespect between President Donald Trump and Mainstream Media. But at a deeper level, it has become Ground Zero for the battle for our collective perception of reality.

The notion that Mainstream Media is in the business of ‘framing’ a perception of events to suit a particular agenda is something that the public is beginning to awaken to in larger numbers. Now this is not to say that the President does not frame a perception of events as well. We have long known that all politicians do this. The difference is that President Trump does it to look good, be popular, and ultimately to be able to do what he believes are positive things for American citizens. The agenda behind the Mainstream Media is the destruction of American sovereignty and the implementation of a global power structure of enslavement. If we look at the ‘Acosta Incident’ through this lens, then an understanding of exactly why this is happening at this time comes into focus.

The Acosta Incident

The ‘Acosta Incident’ essentially involves CNN Journalist Jim Acosta asking questions to President Trump, being told by the President that he is done with Acosta and is moving on to the next reporter, and Acosta resisting attempts on the part of a young White House intern to take the microphone from him, actually using his arm to physically impede her arm from reaching over to take the microphone. Here is a full video of the incident:

As we can see in the video, the journalists (not only Acosta but the subsequent one) are spending most of their airtime building a narrative, finishing their statements with a slanted yes/no question which they already know the answer to. They try to characterize a given situation (i.e. Acosta saying that the ‘caravan’ is not an ‘invasion’) and basically trying to refute the President’s characterization. There is no real attempt here to inquire, to get new information, to listen to what the President has to say. And of course the President also replies with his own narrative-building.

In a way, this has long been the dynamic in White House press conferences, but never in history have journalists tried to single-mindedly frame a narrative in such a combative way. No doubt one could look at Donald Trump’s direct assault on Mainstream news as ‘Fake News,’ it has added much fuel to the fire. Objectively speaking, though, it would be hard to argue that Jim Acosta has not crossed a line of propriety in physically restraining a young woman from taking the microphone from him at the President’s request.

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Sarah Sanders’ Tweet

It cannot come as a shock to the objective observer that the White House believes it had grounds to revoke Jim Acosta’s press pass. In this CNN article, which denies any wrongdoing on the part of CNN or any apology for Jim Acosta, we see the narrative-building verbiage in full regalia:

CNN said in a statement that Acosta has the network’s full support. The revocation of his pass “was done in retaliation for his challenging questions at today’s press conference,” the statement said. “In an explanation, Press Secretary Sarah Sanders lied. She provided fraudulent accusations and cited an incident that never happened. This unprecedented decision is a threat to our democracy and the country deserves better.”

I’m sorry–is there anybody reading this article that is buying the claim that the revocation of his pass “was done in retaliation for his challenging questions at today’s press conference.”? Wow, not even a MENTION of Acosta’s physical contact with the intern. A tweet by White House Press Press Secretary Sarah Huckabee Sanders, without audio, makes graphically clear what the White House, and, it must be said, any objective observer, would highlight as the reason his pass was revoked:

Now as we will see, the ‘source’ of her video, which shows 4 consecutive close-ups to drive the point home, is notable. According to this Wired article,

The video posted by Sanders appears identical to a video shared two hours earlier by Paul Joseph Watson, an editor-at-large at the right-wing media site InfoWars. Both videos were edited in the same way and had no sound. While the White House hasn’t responded to inquiries about the source of the video posted by Sanders, it seems reasonable to say that the chance the two videos were created independently is extraordinarily low.

Claims The Video Was ‘Doctored’

Not long after the tweet, claims that the White House was using a ‘doctored’ video, or that they had ‘doctored’ it themselves, began to pop up widely across Mainstream Media. Video experts were being called on to explain a frame-dropping or frame-pausing technique that was said to have made Acosta’s wrist restraining the intern’s arm look more like a ‘karate chop.’ Here is one of many videos up now explaining this:

And here is Infowars’ Paul Joseph Watson’s reaction to the claims that he doctored the video:

Even as a video editor myself, I don’t know whether this video was doctored or not. Either one of the arguments above seem to have some logic, and it would take me a lot more time and effort to get to the bottom of it, time and effort I certainly don’t want to spend. Why? Because it really doesn’t matter.

While it would be possible that Watson would go through the trouble of doctoring a video to have a slight, barely perceptible effect of seeming more aggressive, the fact of the matter is, as Watson points out in his video,

‘The media invented a giant conspiracy theory to distract from a real controversy…Sarah Sanders was right. Jim Acosta put his hands on a woman. He used his strength to overpower her, and that’s clearly seen in the video. Does that mean he assaulted her? No. It doesn’t. But he clearly used his hand, his wrist, and his arm to push her away…don’t take my word for it, go and watch the footage yourself and come to your own conclusions.’

CNN continues to reference Sanders’ tweet as ‘a distorted video clip of the press conference that didn’t show the complete back-and-forth. The same video had been posted by an InfoWars personality two hours earlier.’ To persuade those people who don’t investigate all the facts and rely on the validity of the narrative, these kinds of phrases and talking points are essential.

CNN Sues The White House

Now, it looks like the battle of narratives is headed for court. CNN has filed a lawsuit against the President and top aides for banning Acosta, believing his 1st and 5th amendment rights are being violated.

In an interview on Tuesday morning, [attorney Ted] Boutrous said CNN tried to resolve the matter privately, but the White House was not responsive so “we really had no choice but to sue.” “We didn’t want to have to go to court. We wanted to just report the news,” he said. “Mr. Acosta wants to report the news. CNN wants to report the news.”

If the full clip of Jim Acosta’s tactics and line of questioning are those of a journalist who ‘just wants to report the news,’ I must be missing something. Of course it should come as no surprise that CNN is using all of its rhetorical devices to characterize itself as the victim here. But more and more, those speaking on behalf of the Alliance are also firing up their rhetoric to continue to pound away at the ‘fake news’ characterization of mainstream media, trying to reveal to the public the hidden agenda behind machinations like those of Acosta. Here is the response of Sarah Sanders and the White House to the lawsuit:

“We have been advised that CNN has filed a complaint challenging the suspension of Jim Acosta’s hard pass. This is just more grandstanding from CNN, and we will vigorously defend against this lawsuit.
CNN, who has nearly 50 additional hard pass holders, and Mr. Acosta is no more or less special than any other media outlet or reporter with respect to the First Amendment. After Mr. Acosta asked the President two questions—each of which the President answered—he physically refused to surrender a White House microphone to an intern, so that other reporters might ask their questions. This was not the first time this reporter has inappropriately refused to yield to other reporters.
The White House cannot run an orderly and fair press conference when a reporter acts this way, which is neither appropriate nor professional. The First Amendment is not served when a single reporter, of more than 150 present, attempts to monopolize the floor. If there is no check on this type of behavior it impedes the ability of the President, the White House staff, and members of the media to conduct business.”

This is an interesting fight in that it seems like a flash point whose outcome might indicate the relative strength of the two heavyweights, the Alliance fronted by Donald Trump, and the Deep State as mouthpieced by Mainstream Media. It’s hard to know who is more up for this battle, to be honest. It will be interesting to see how this particular battle plays out.

The Takeaway

As usual, our discernment is required for sifting through these battles of conflicting narratives. The more we are able to find where the truth lies, and the more people that gain this power of discernment, the less we will have to live through the drama that is playing out in front of us. Living our lives in truth is our ultimate destination.

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