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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

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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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CDC Director: ‘Masks May Offer More Protection From COVID-19 Than The Vaccine’

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In Brief

  • The Facts:

    CDC director Robert Redfield said on Wednesday that wearing a mask might be "more guaranteed" to protect an individual from the coronavirus than a vaccine.

  • Reflect On:

    Why is there so much conflicting information out there? Why is it so difficult to arrive at any concrete truth? How does the politicization of science play a role?

What Happened: Centers For Disease Control (CDC) Director Robert Redfield recently stated that wearing a mask may be “more guaranteed” to protect an individual from the coronavirus than a vaccine. This calls into question the efficacy of the vaccine, which is set to make its way into the public domain at the end of this year, or shortly after that. We thought we’d cover this story to bring up the efficacy of vaccines in general, and the growing vaccine hesitancy that now exists within a number of people, scientists and physicians across the world.

“I’m not gonna comment directly about the president, but I am going to comment as the CDC director that face masks, these face masks, are the most important powerful public health tool we have.” – Redfield

Not long ago, many scientists presented facts about vaccines and vaccine safety at the recent Global Health Vaccine Safety summit hosted by the World Health Organization in Geneva, Switzerland. At the conference, Professor Heidi Larson, a Professor of Anthropology and the Risk and Decision Scientist Director at the Vaccine Confidence Project emphasized the issue of growing vaccine hesitancy.

The other thing that’s a trend, and an issue, is not just confidence in providers but confidence of health care providers, we have a very wobbly health professional frontline that is starting to question vaccines and the safety of vaccines. That’s a huge problem, because to this day any study I’ve seen… still, the most trusted person on any study I’ve seen globally is the health care provider…”

Redfield’s comments came after President Trump downplayed the effectiveness of wearing mask, and Trump also stated that Covid would probably go away without a vaccine, referring to the concept of ‘herd immunity’ as practiced in Sweden, but has also been quite outspoken about the fact that a vaccine may arrive by November.

When it comes to the COVID vaccine, multiple clinical trials for COVID-19 vaccines have shown severe reactions within 10 days after taking the vaccine. You can read more about that here.  The US government and Yale University also recently collaborated in a clinical trial to determine the best messaging to persuade Americans to take the COVID-19 vaccine. You can read more about that here.

Are Masks Effective?

Multiple studies have claimed to show definitively  that mask-wearing effectively prevents transmission of the coronavirus, especially recent ones. This seems to be the general consensus and the information that’s come from our federal health regulatory agencies. There are also multiple studies calling the efficacy of masks into question. For example, a fairly recent study published in the New England Medical Journal  by a group of Harvard doctors outlines how it’s already known that masks provide little to zero benefit when it comes to protection a public setting. According to them,

We know that wearing a mask outside health care facilities offers little, if any, protection from infection. Public health authorities define a significant exposure to Covid-19 as face-to-face contact within 6 feet with a patient with symptomatic Covid-19 that is sustained for at least a few minutes (and some say more than 10 minutes or even 30 minutes). The chance of catching Covid-19 from a passing interaction in a public space is therefore minimal. In many cases, the desire for widespread masking is a reflexive reaction to anxiety over the pandemic.

You can read more about that story here and find other complimenting studies.

When it comes to masks, there are multiple studies on both sides of the coin.

Then we have many experts around the world calling into question everything from masks to lockdown. For example, The Physicians For Informed Consent (PIC) recently published a report titled “Physicians for Informed Consent (PIC) Compares COVID-19 to Previous Seasonal and Pandemic Flu Periods.” According to them, the infection/fatality rate of COVID-19 is 0.26%.

They are one of many who have emphasized this point.

More than 500 German doctors & scientists have signed on as representatives of an organization called the “Corona Extra-Parliamentary Inquiry Committee” to investigate what’s happening on our planet with regards to COVID-19, and also make similar points. You can read more about that story here.

Again, there are many examples from all over the world from various academics, doctors and scientists in the field.

This is why there is so much confusion surrounding this pandemic, because there is so much conflicting information that opposes what we are hearing from our health authorities. Furthermore, a lot of information that opposes the official narrative has been censored from social media platforms, also raising suspicion among the general public.

How Effective Are Vaccines?

Vaccines have been long claimed to be a miracle, and the most important health intervention for the sake of disease prevention of our time. But as mentioned above, vaccine hesitancy is growing, and it’s growing fast.

According to a study published in the journal EbioMedicine,

Over the past two decades several vaccine controversies have emerged in various countries, including France, inducing worries about severe adverse effects and eroding confidence in health authorities, experts, and science. These two dimensions are at the core of the vaccine hesitancy (VH) observed in the general population. These two dimensions are at the core of the vaccine hesitancy (VH) observed in the general population. VH is defined as delay in acceptance of vaccination, or refusal, or even acceptance with doubts about its safety and benefits, with all these behaviors and attitudes varying according to context, vaccine, and personal profile, despite the availability of vaccine services. VH presents a challenge to physicians who must address their patients’ concerns about vaccines..

In the United States, the Vaccine Adverse Event Reporting System (VAERS) shows what vaccines have resulted in deaths, injury, permanent disabilities and hospitalizations. The National Childhood Vaccine Injury act has also paid out nearly $4 billion dollars to families of vaccine injured children.

According to a MedAlerts, the cumulative raw count of adverse events from measles, mumps, and rubella vaccines alone was: 93,929 adverse events, 1,810 disabilities, 6,902 hospitalizations, and 463 deaths. What is even more disturbing about these numbers is that VAERS is a voluntary and passive reporting system that has been found to only capture 1% of adverse events.

The measles vaccine has also been plagued with a lack of effectiveness, with constant measles outbreaks in heavily vaccinated population pointing towards a failing vaccine. You can read more about that in-depth and access more science on it here. In 2015, nearly 40 percent of measles cases analyzed in the US were a result of the vaccine.

It’s not just the MMR vaccine that shows a lack of effectiveness. For example, a new study published in The Royal Society of Medicine is one of multiple studies over the years that has emerged questioning the efficacy of the HPV vaccine. The researchers conducted an appraisal of published phase 2 and 3 efficacy trials in relation to the prevention of cervical cancer and their analysis showed “the trials themselves generated significant uncertainties undermining claims of efficacy” in the data they used. The researchers emphasized that “it is still uncertain whether human papillomavirus (HPV) vaccination prevents cervical cancer as trials were not designed to detect this outcome, which takes decades to develop.”  The researchers point out that the trials used to test the vaccine may have “overestimated” the efficacy of the vaccine.

It’s one of multiple studies to call into question the efficacy and safety of the HPV vaccine. It’s also been responsible for multiple deaths and permanent disabilities.

Another point to make regarding vaccine injury is that data was collected from June 2006 through October 2009 on 715,000 patients, and 1.4 million doses (of 45 different vaccines) were given to 376,452 individuals. Of these doses, 35,570 possible reactions (2.6 percent of vaccinations) were identified. This is an average of 890 possible events, an average of 1.3 events per clinician, per month. This data was presented at the 2009 AMIA conference. This data comes 2010 HHS pilot study by the Federal Agency for Health Care Research (AHCR) that found that 1 in every 39 vaccines causes injury, a shocking comparison to the claims from the CDC of 1 in every million. You can access that report and read more about it here.

The Takeaway: 

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Noam Chomsky Explains How Immoral & Unethical Extraditing Julian Assange Would Be

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In Brief

  • The Facts:

    Noam Chomsky explains that Julian Assange is locked up for spreading truth, and exposing information that the general public has the right to know.

  • Reflect On:

    Why do people like Julian Assange and Edward Snowden face such a harsh backlash from Governments? If governments and elite corporations aren't doing anything wrong, what do they have to hide? Why are the censoring so much information?

What Happened: Popular activist and academic Noam Chomsky recently sat down with RT for an interview regarding the attempted extradition of Julian Assange to the United States. He (Assange) is facing multiple life sentences for leaking classified information, but the reality is, as hundreds of academics, legal professionals, and what seems to be a staggering majority all over the world, feel what is happening to Julian Assange is a result of simply sharing information that that exposes immoral and unethical actions by various governments and big corporations. In fact, more than 150 politicians, lawyers, and legal academics, including 13 former presidents recently called on the UK to free Assange. You can access that letter here.  For this, not only has he been imprisoned, but tortured as well. Chomsky mentions this as well.

Of course, the opposition would argue that the information Assange shared threatened “national security” but in my opinion, national security has simply become an umbrella term to cover up these immoral actions by governments and corporations.

According to Chomsky, ‘Julian Assange committed the crime of letting the general population know things that they have a right to know and that powerful states don’t want them to know.’ You can watch the interview clip here.

Why This Is Important: I’ve written about Assange quite a bit, and a quite I like to use often comes from – Nils Melzer, Human Rights Chair of the Geneva Academy of Int Humanitarian Law and Human Rights, Prof of Int Law at the University of Glasgow, UN Rapporteur on Torture and Other Inhumane or Degrading Treatment or Punishment.

How far have we sunk if telling the truth becomes a crime? How far have we sunk if we prosecute people that expose war crimes for exposing war crimes? How far have we sunk when we no longer prosecute our own war criminals? Because we identify more with them, than we identify with the people that actually expose these crimes. What does that tell about us and about our governments? In a democracy, the power does not belong to the government, but to the people. But the people have to claim it. Secrecy disempowers the people because it prevents them from exercising democratic control, which is precisely why governments want secrecy.

For the latest updates on Julian Assange, we strongly recommend following them on Instagram. You can also check out their website as well. 

Related CE Articles:

Julian Assange’s Trial Has Begun: Judge Warns Him Not To Speak Again & Remain Silent

Media Dead Silent As Award-Winning Journalist Crumbles The Myths Surrounding Julian Assange

The Takeaway: In my opinion, politics has become a cesspool of corruption, and it’s now corporations and big banks that seem to dictate political policy. What we are presented with on our TV when it comes to geopolitical issues and war is far different from what’s happening in reality, and this is what Julian Assange made evident. Whether it’s the funding, arming and creation of  terrorist organizations like ISIS or Al-Qaeda by our governments, creating problems so they can propose the solutions, or documents showing the influence Big Pharma has on global health policy, obtaining this information and using it to inform the public is not a “threat” to the people, it’s a threat to to the people in power. These people in power are using “national “security as they always due to justify the locking Assange up for the rest of his life.

Do we really live on a planet right now where those who expose truth, expose corporate corruption, and those who want what’s best for the world and want to change the world, are locked away, murdered, silenced, censored, and thrown in jail? Furthermore, what time of ‘machine’ is required to justify his jailing in the minds of the masses? What kind of propaganda tools are used and how powerful are they if they have the ability to completely control human consciousness and perception in a way that best fits their interests?

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1 Million + People Download Study Showing Heavy Aluminum Deposits In Autistic Brains

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In Brief

  • The Facts:

    A landmark paper published in 2018 showing high amounts of aluminum in autistic brains has not been dowloaded more than 1 million times.

  • Reflect On:

    Why are federal health regulatory agencies ignoring the emerging science showing concerns with regards to injected aluminum? Why don't they address the concerns and conduct safety studies?

What Happened: In 2018, Professor of Bioinorganic Chemistry at Keele University, who is considered one of the world’s leading experts in aluminum toxicology, published a paper in the Journal of Trace Elements in Medicine & Biology showing very high amounts of aluminum in the brain tissue of people with autism. Exley has examined more than 100 brains, and the aluminum content in these people is some of the highest he has ever seen and raises new questions about the role of aluminum in the etiology of autism. Five people were used in the study, comprising of four males and one female, all between the ages of 14-50. Each of their brains contained what the authors considered unsafe and high amounts of aluminum compared to brain tissues of patients with other diseases where high brain aluminum content is common, like Alzheimer’s disease, for example.

It’s now been downloaded by more than 1 million people. The photo below was posted recently via his Instagram account.

Here is a summary of the study’s main findings:

-All five individuals had at least one brain tissue with a “pathologically significant” level of aluminum, defined as greater than or equal to 3.00 micrograms per gram of dry brain weight (μg/g dry wt). (Dr. Exley and colleagues developed categories to classify aluminum-related pathology after conducting other brain studies, wherein older adults who died healthy had less than 1 μg/g dry wt of brain aluminum.)

-Roughly two-thirds (67%) of all the tissue samples displayed a pathologically significant aluminum content.

-Aluminum levels were particularly high in the male brains, including in a 15-year-old boy with ASD who had the study’s single highest brain aluminum measurement (22.11 μg/g dry wt)—many times higher than the pathologically significant threshold and far greater than levels that might be considered as acceptable even for an aged adult.

-Some of the elevated aluminum levels rivaled the very high levels historically reported in victims of dialysis encephalopathy syndrome (a serious iatrogenic disorder resulting from aluminum-containing dialysis solutions).

-In males, most aluminum deposits were inside cells (80/129), whereas aluminum deposits in females were primarily extracellular (15/21). The majority of intracellular aluminum was inside non-neuronal cells (microglia and astrocytes).

-Aluminum was present in both grey matter (88 deposits) and white matter (62 deposits). (The brain’s grey matter serves to process information, while the white matter provides connectivity.)

-The researchers also identified aluminum-loaded lymphocytes in the meninges (the layers of protective tissue that surround the brain and spinal cord) and in similar inflammatory cells in the vasculature, furnishing evidence of aluminum’s entry into the brain “via immune cells circulating in the blood and lymph” and perhaps explaining how youth with ASD came to acquire such shockingly high levels of brain aluminum.

Following up this paper, Exely recently published recently published a paper titled “The role of aluminum adjuvants in vaccines raises issues that deserve independent, rigorous and honest science.” In their publication, they provide evidence for their position that “the safety of aluminium-based vaccine adjuvants, like that of any environmental factor presenting a risk of neurotoxicity and to which the young child is exposed, must be seriously evaluated without further delay, particularly at a time when the CDC is announcing a still increasing prevalence of autism spectrum disorders, of 1 child in 54 in the USA.”

In the interview below, Exley answers a lot of questions, but the part that caught my attention was:

We have looked at what happens to the aluminum adjuvant when it’s injected and we have shown that certain types of cells come to the injection site and take up the aluminum inside them. You know, these same cells we also see in the brain tissue in autism. So, for the first time we have a link that honestly I had never expected to find between aluminum as an adjuvant in vaccines and that same aluminum potentially could be carried by those same cells across the blood brain barrier into the brain tissue where it could deposit the aluminum and produce a disease, Encephalopathy (brain damage), it could produce the more severe and disabling form of autism. This is a really shocking finding for us.

The interview is quite informative with regards to aluminum toxicology in general, but if you’re interested in the quote above, you can fast forward to the twelve minutes and thirty seconds mark.

Why This Is Important: There are many concerns being raised about aluminum in vaccines, and where that aluminum goes when it’s injected into the body. Multiple animal studies have now shown that when you inject aluminum, it doesn’t exit the body but travels to distant organs and eventually ends up in the brain where it’s detectable 1-10 years after injection. When we take in aluminum from our food or whatever however, the body does a great job of getting rid of it.

When you inject aluminum, it goes into a different compartment of your body. It doesn’t come into that same mechanism of excretion. So, and of course it can’t because that’s the whole idea of aluminum adjuvants, aluminum adjuvants are meant to stick around and allow that antigen to be presented over and over and over again persistently, otherwise you wouldn’t put an adjuvant in in the first place. It can’t be inert, because if it were inert it couldn’t do the things it does. It can’t be excreted because again it couldn’t provide that prolonged exposure of the antigen to your immune system. – Dr Christopher Shaw, University of British Columbia. (source)

Furthermore, federal health regulatory agencies have not appropriately studied the aluminum adjuvants mechanisms of action after injection, it’s simply been presumed safe after more than 90 years of use in various vaccines.

It’s also important to note that A group of scientists and physicians known as The Physicians For Informed Consent (PIC) have discovered a crucial math error in a FDA paper regarding the safety of aluminum in vaccines.

If you want to access the science and studies about injected aluminum not exiting the body, and more information about aluminum in vaccines in general, you can refer to THIS article, and THIS article I recently published on the subject that goes into more detail and provides more sources, science and exampels. 

The Takeaway: When it comes to vaccine safety, why does mainstream media constantly point fingers and call those who have concerns “anti-vax conspiracy theorists?” Why don’t they ever address the science and concerns being raised that paint vaccines in a light that they’ve never been painted in? What’s going on here? Would more rigorous safety testing of our vaccines not be in the best interests of everybody? Who would ever oppose that and why?

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