Cold Steel Finn Hawk, by Pat Cascio

Sometimes, something old, can be new again, with minor improvements. The Finnish Puukko knife is one of those things that are old, but new again.

When I was just a young boy – maybe 11 years old, I used to travel to downtown Chicago, to haunt a couple Army/Navy surplus stores. I always had an affinity for anything military surplus. I still do, to a certain extent. Both of the Army/Navy surplus stores I used to haunt were within a block and a half of one another. However, the smaller of the two stores, had a much larger selection of knives and bayonets to choose from. One of the very first knives I purchased was a Finnish Army Puukko fixed blade knife – nothing fancy about it, but there was just “something” about it, that caught my attention – and I purchased it. I don’t recall the exact price, but I want to say it was around ten bucks.

Over the years, many different companies have manufactured their version of the Puukko knife – some were good copies, some pieces of junk. One thing I remember about my genuine Puukko military knife is how sharp it was – and it held the edge forever before it needed to be re-sharpened. Most of the use it received from me, was just sitting on the front stoop, whittling on a piece of wood. Kids today don’t do that – they are more interested in playing video games. They don’t know what they’re missing – spending a summer afternoon, just sitting there, making a big piece of wood into shavings – an entire afternoon could be “wasted” away shaving a piece of wood. Life was soooo much simpler back then, than it is today.

I had quite a knife and bayonet collection at one time. But I needed funds going through a divorce later in life, and I sold the entire collection. I now wish that I hadn’t. Hindsight is wonderful, and I’m sure many will agree with that. Regrets? I have a few…

If you do a web search, and type in “Puukko Knife”, you’ll come up with a lot of versions of this famed knife, some are quite different from the original version, some very similar, some priced right and some priced out of this world.

Cold Steel is no longer owned by long-time friend, Lynn C. Thompson. He sold it about a year ago. I was sad to see that happen. However, a check of their website shows that many of the knives he designed are still available. One is the Finn Hawk, that was co-designed by Thompson and famed custom knife maker Andrew Demko, and without a doubt, it is an improvement on the original Puukko knife, and priced oh-so-right.Continue reading“Cold Steel Finn Hawk, by Pat Cascio”

Recipe of the Week: Peanut Butter Nut Balls

The following recipe for Peanut Butter Nut Balls is from reader Cathy N.   She notes: “This is the recipe much as it was given to me. But I have added my own minor changes.”

Ingredients
  • 1 Box Powdered Sugar (1#)
  • 1-1/2 C Flaked Coconut
  • !-1/2 C Crushed Graham Crackers 
  • 1-1/2 C Chopped Pecans or Peanuts
  • 1C Melted butter
  • 12 oz Jar Crunchy Peanut Butter
  • 1 tsp Vanilla Extract
Directions
  1. Mix all together and form into 1” balls
  2. Melt 2 packages of semi-sweet chocolate morsels with 3 Tbsp shortening in a double boiler.
  3. Dip balls in chocolate, and then chill.
Chef’s Notes:

When chilling the balls grease a cookie sheet first for easier removal (spatula) I use the butter flavored shortening.  I chill directly in the freezer and when frozen I bag them in a zip bag until ready for giving.

Warm the peanut butter in the microwave for easier mixing.

I start with 2 Tbsp of butter-flavored shortening and add as needed for dipping.  

Substitute walnuts for pecans to save a little money, also if the nuts are chopped small it is easier to roll the balls since this is all done by hand.  Whichever is easier for you, they can even be mixed.

Getting the graham crackers that are already ground up, saves a lot of time and mess.  They should be in the baking section and are in a box.

The quantities of ingredients are not set in stone — a little more a little less of anything will be okay.

Order on the internet or go to a candy supply store and get a chocolate dipper, these are usually a little plastic or stainless steel thing that looks like a mini spoon with a semi-long handle and has a hole in the middle of the spoon part. They are inexpensive.  Other designs are also available.

Try white chocolate chips instead of semi-sweet or peanut butter chips can be good too, if you give these as gifts be prepared to multiply the recipe due to demand in the future.

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Do you have a favorite recipe that would be of interest to SurvivalBlog readers? In this weekly recipe column, we place emphasis on recipes that use long term storage foods, recipes for wild game, dutch oven and slow cooker recipes, and any that use home garden produce. If you have any favorite recipes, then please send them via e-mail. Thanks!

Economics & Investing For Preppers

Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. Most of these items are from the “tangibles heavy” contrarian perspective of SurvivalBlog’s Founder and Senior Editor, JWR. Today, more news on the Evergrande default. (See the Economy, Finance, & Taxes section.)

Precious Metals:

Gold has been ‘shockingly stable’: It’s a long-term play as U.S. dollar rolls over, says Jeffrey Gundlach.

o  o  o

U.S. Treasury Refuses to Answer Questions about Disposition of Its Own Gold. (Thanks to Randy for the link.)

Economy, Finance, & Taxes:

An update: Evergrande defaults on $1.2B in foreign bonds, Fitch says, as China intervenes in debt-ridden real estate sector.

Elsewhere, we read: Evergrande Has Finally Defaulted: Here’s What Happens Next.

JWR’s Comment:  Despite the claimed re-structuring, I expect to see lots of “Asian Contagion” headlines in the coming days and weeks.

o  o  o

Fitch: Normalization Expected for U.S. Banks in 2022.

o  o  o

Over at WND: Americans respond to states with high taxes – by leaving!

o  o  o

Still no personal income payroll tax, but… Washington Enacts New Capital Gains Tax for 2022 and Beyond.

o  o  o

New Minimum Wages for 2022.

Continue reading“Economics & Investing For Preppers”

The Editors’ Quote of the Day:

“Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice.” – Adam Smith

Preparedness Notes for Sunday — December 12, 2021

On December 12, 2019, the British General Election was won by Boris Johnson’s Conservative Party in a landslide win with an 80-seat majority. The Scottish National Party also won 48 of 59 seats in Scotland.

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Please pray for the folks that were in the path of destruction of the 22 tornados that just swept through Kentucky, taking more than 70 lives and causing untold millions in property damage.  Oh, by the way, can a SurvivalBlog reader in Kentucky recommend a reputable local charity that can get donations to truly deserving recipients?

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SurvivalBlog Writing Contest

Today we present another entry for Round 98 of the SurvivalBlog non-fiction writing contest. The prizes for this round include:

First Prize:

  1. The photovoltaic power specialists at Quantum Harvest LLC  are providing a store-wide 10% off coupon. Depending on the model chosen, this could be worth more than $2000.
  2. A Gunsite Academy Three Day Course Certificate. This can be used for any of their one, two, or three-day course (a $1,095 value),
  3. A course certificate from onPoint Tactical for the prize winner’s choice of three-day civilian courses, excluding those restricted for military or government teams. Three-day onPoint courses normally cost $795,
  4. Two cases of Mountain House freeze-dried assorted entrees in #10 cans, courtesy of Ready Made Resources (a $350 value),
  5. A $250 gift certificate good for any product from Sunflower Ammo,
  6. American Gunsmithing Institute (AGI) is providing a $300 certificate good towards any of their DVD training courses.
  7. Two sets of The Civil Defense Manual, (in two volumes) — a $193 value — kindly donated by the author, Jack Lawson.

Second Prize:

  1. A Front Sight Lifetime Diamond Membership, providing lifetime free training at any Front Sight Nevada course, with no limit on repeating classes. This prize is courtesy of a SurvivalBlog reader who prefers to be anonymous.
  2. A Glock form factor SIRT laser training pistol and a SIRT AR-15/M4 Laser Training Bolt, courtesy of Next Level Training, that have a combined retail value of $589,
  3. Two 1,000-foot spools of full mil-spec U.S.-made 750 paracord (in-stock colors only) from www.TOUGHGRID.com (a $240 value).
  4. A transferable $150 FRN purchase credit from Elk Creek Company, toward the purchase of any pre-1899 antique gun. There is no paperwork required for delivery of pre-1899 guns into most states, making them the last bastion of firearms purchasing privacy!

Third Prize:

  1. Three sets each of made-in-USA regular and wide-mouth reusable canning lids. (This is a total of 300 lids and 600 gaskets.) This prize is courtesy of Harvest Guard (a $270 value)
  2. A Royal Berkey water filter, courtesy of Directive 21 (a $275 value),
  3. Two Super Survival Pack seed collections, a $150 value, courtesy of Seed for Security, LLC,
  4. A transferable $100 FRN purchase credit from Elk Creek Company, toward the purchase of any pre-1899 antique gun.

—

More than $725,000 worth of prizes have been awarded since we started running this contest. Round 98 ends on January 31st, so get busy writing and e-mail us your entry. Remember that there is a 1,500-word minimum, and that articles on practical “how-to” skills for survival have an advantage in the judging.

My Rules To Live By, by Brad F.

Author’s Introductory Note: This was written for high school students that are attending the Alternate High School in the American Redoubt which the local Rotary Club has taken an interest to mentor and expose the students to various job possibilities and for a few, higher education opportunities. This was to be a handout and discussion on each topic as this was to be an opening to talk and expand each item as the students wanted. Then a presentation on being an entrepreneur either by buying or starting a business and how to finance such business. Of course, a person will be required to have knowledge of his/her business along with empirical working time in same business.

—

Because Covid-19 lockdowns, this has yet to be presented. Perhaps it will in the first quarter of 2022.

SurvivalBlog readers most likely will have this information, but some will have children, grandchildren, or friends that could benefit from some of this. I have found there are some adults that could use this as not everyone was taught how some of the world works in relationship to money. This is not intended to be the end-all about life and money, just the beginning.

Some rules to live by, some are for personal and some if you plan to have a business.

You are responsible for yourself. No one made you do it, if you study and get a great grade, you earned it, if you choose not to study and flunk the exam, you deserve it, and no one but you is responsible for all of your actions.

Females, don’t become pregnant before 25. Be married, have adequate income. The cost of having a child before a stable relationship and completed education will affect you your whole life. Raising a child before you can afford it will prevent you from an education and keep earnings below what you will have if this does not happen. If you do have a child, you are responsible.

Males, do not get a female pregnant before 25. If you do, you will have a legal financial reasonability to the child for 18 years. This will prevent you from completing an education and affect you your whole life and if you do, you are responsible.

Show up on time every time. An employer is paying you to be on time, put in a full day’s work for the money that is being paid to you. What you do on your own time should not interfere with your ability to full fill

Your obligation to your employer. Like staying up most of the night.

Pay your bills as they come due. The financial world is run on credit and to play the game correctly you must pay your bills when they are due. When you do this you will benefit greatly from the world of credit by having an excellent credit score. The credit score is what the banking system runs on. Having a great credit score will open up opportunities that will not be available to people that don’t have great scores.Continue reading“My Rules To Live By, by Brad F.”

The Editors’ Quote of the Day:

“Which of the prophets have not your fathers persecuted? and they have slain them which shewed before of the coming of the Just One; of whom ye have been now the betrayers and murderers:

Who have received the law by the disposition of angels, and have not kept it.

When they heard these things, they were cut to the heart, and they gnashed on him with their teeth.

But he, being full of the Holy Ghost, looked up stedfastly into heaven, and saw the glory of God, and Jesus standing on the right hand of God,

And said, Behold, I see the heavens opened, and the Son of man standing on the right hand of God.

Then they cried out with a loud voice, and stopped their ears, and ran upon him with one accord,

And cast him out of the city, and stoned him: and the witnesses laid down their clothes at a young man’s feet, whose name was Saul.

And they stoned Stephen, calling upon God, and saying, Lord Jesus, receive my spirit.

And he kneeled down, and cried with a loud voice, Lord, lay not this sin to their charge. And when he had said this, he fell asleep.” – Acts 7: 52-60 (KJV)

Preparedness Notes for Saturday — December 11, 2021

By popular demand, I have extended the month-long Patton’s Birthday Sale at Elk Creek Company. It will now end on Tuesday. Get your order in by 1700 hrs, Pacific Time on Tuesday, December 14th.  With our unique ordering system, you can choose between paying in Federal Reserve Notes (i.e. check or postal money order), or with pre-1965 U.S. silver coinage.  I should mention that about half of our customers now pay in silver. It seems that a lot of folks wisely bought silver when it was less than $15 per Troy ounce, so this makes buying guns with Pre-1965 coins a relative bargain. It is a great way to diversify from one tangible into others.

—

SurvivalBlog Writing Contest

Today we present another entry for Round 98 of the SurvivalBlog non-fiction writing contest. The prizes for this round include:

First Prize:

  1. The photovoltaic power specialists at Quantum Harvest LLC  are providing a store-wide 10% off coupon. Depending on the model chosen, this could be worth more than $2000.
  2. A Gunsite Academy Three Day Course Certificate. This can be used for any of their one, two, or three-day course (a $1,095 value),
  3. A course certificate from onPoint Tactical for the prize winner’s choice of three-day civilian courses, excluding those restricted for military or government teams. Three-day onPoint courses normally cost $795,
  4. Two cases of Mountain House freeze-dried assorted entrees in #10 cans, courtesy of Ready Made Resources (a $350 value),
  5. A $250 gift certificate good for any product from Sunflower Ammo,
  6. American Gunsmithing Institute (AGI) is providing a $300 certificate good towards any of their DVD training courses.
  7. Two sets of The Civil Defense Manual, (in two volumes) — a $193 value — kindly donated by the author, Jack Lawson.

Second Prize:

  1. A Front Sight Lifetime Diamond Membership, providing lifetime free training at any Front Sight Nevada course, with no limit on repeating classes. This prize is courtesy of a SurvivalBlog reader who prefers to be anonymous.
  2. A Glock form factor SIRT laser training pistol and a SIRT AR-15/M4 Laser Training Bolt, courtesy of Next Level Training, that have a combined retail value of $589,
  3. Two 1,000-foot spools of full mil-spec U.S.-made 750 paracord (in-stock colors only) from www.TOUGHGRID.com (a $240 value).
  4. A transferable $150 FRN purchase credit from Elk Creek Company, toward the purchase of any pre-1899 antique gun. There is no paperwork required for delivery of pre-1899 guns into most states, making them the last bastion of firearms purchasing privacy!

Third Prize:

  1. Three sets each of made-in-USA regular and wide-mouth reusable canning lids. (This is a total of 300 lids and 600 gaskets.) This prize is courtesy of Harvest Guard (a $270 value)
  2. A Royal Berkey water filter, courtesy of Directive 21 (a $275 value),
  3. Two Super Survival Pack seed collections, a $150 value, courtesy of Seed for Security, LLC,
  4. A transferable $100 FRN purchase credit from Elk Creek Company, toward the purchase of any pre-1899 antique gun.

—

More than $725,000 worth of prizes have been awarded since we started running this contest. Round 98 ends on January 31st, so get busy writing and e-mail us your entry. Remember that there is a 1,500-word minimum, and that articles on practical “how-to” skills for survival have an advantage in the judging.

Fulltime Living in a Wall Tent, by Tim S.

As we watch the waning of 2021, and witness another emergency (re: Omicron) that the media, tech and the left has deployed to further erode our personal rights and freedoms, my young family have also seen the anniversary of Year Two of living off grid, in tents.

It is getting colder. The firewood is stacked. Our root cellar is filled, the chickens properly housed, a bit of insulation thrown on top of the tent and … there is still a whole bunch to do.

BACKGROUND

When Covid hit we were (like many) Canadians, suddenly reno-victed from our apartment. In part, the growing Central Bank/Fiat currency inspired asset bubble has rendered even middle-to-upper middle class earnings in Canada incapable of allowing a man, women (or dual income) from putting a reliable roof over their family’s head without risking a massive mortgage or punitive rent. In my hick town in Central Ontario, small run-down houses in a run-down City were starting at close to $750,000, and a two-bedroom apartment in a bad neighbourhood is close to $2,500 per month.

The Government, by the way, considers this a success. Real estate being the ‘ladder to upward mobility’ and all that jazz…

Covid money printing accelerated this ‘success’ and so my family, despite my earning a solid middle-to-upper-middle class income, found ourselves homeless. Now, we weren’t technically hopelessly homeless- I could use up nearly half my take-home income to rent that cruddy two-bedroom apartment, stuff my three kids in a small bedroom, take up the other with my wife, while the pungent odor of ‘legal’ weed wafts through the air-vents and under the door. Drug deals. Thin walls…Continue reading“Fulltime Living in a Wall Tent, by Tim S.”

Editors’ Prepping Progress

To be prepared for a crisis, every Prepper must establish goals and make long-term and short-term plans. In this column, the SurvivalBlog editors review their week’s prep activities and planned prep activities for the coming week. These range from healthcare and gear purchases to gardening, ranch improvements, bug out bag fine-tuning, and food storage. This is something akin to our Retreat Owner Profiles, but written incrementally and in detail, throughout the year.  We always welcome you to share your own successes and wisdom in your e-mailed letters. We post many of those –or excerpts thereof — in this column, in the Odds ‘n Sods Column, and in the Snippets column. Let’s keep busy and be ready!

Jim Reports:

This past week, most of my ranch projects were put on the back burner, as I caught up on tax paperwork. (Uggghh!) I did get the snow plow re-mounted on our pickup, and I had to use it for the first time since last February. It is nice to be able to slow down a bit. I’ll finally have the chance to catch up on scheduling long-promised podcast and radio interviews. And there are still umpteen indoor repair and upgrade projects here at the ranch that need my attention.

Continue reading“Editors’ Prepping Progress”

The Editors’ Quote of the Day:

“And Moses reared up the tabernacle, and fastened his sockets, and set up the boards thereof, and put in the bars thereof, and reared up his pillars.

And he spread abroad the tent over the tabernacle, and put the covering of the tent above upon it; as the Lord commanded Moses.

And he took and put the testimony into the ark, and set the staves on the ark, and put the mercy seat above upon the ark:

And he brought the ark into the tabernacle, and set up the vail of the covering, and covered the ark of the testimony; as the Lord commanded Moses.

And he put the table in the tent of the congregation, upon the side of the tabernacle northward, without the vail.

And he set the bread in order upon it before the Lord; as the Lord had commanded Moses.

And he put the candlestick in the tent of the congregation, over against the table, on the side of the tabernacle southward.

And he lighted the lamps before the Lord; as the Lord commanded Moses.

And he put the golden altar in the tent of the congregation before the vail:

And he burnt sweet incense thereon; as the Lord commanded Moses.

And he set up the hanging at the door of the tabernacle.

And he put the altar of burnt offering by the door of the tabernacle of the tent of the congregation, and offered upon it the burnt offering and the meat offering; as the Lord commanded Moses.

And he set the laver between the tent of the congregation and the altar, and put water there, to wash withal.

And Moses and Aaron and his sons washed their hands and their feet thereat:

When they went into the tent of the congregation, and when they came near unto the altar, they washed; as the Lord commanded Moses.

And he reared up the court round about the tabernacle and the altar, and set up the hanging of the court gate. So Moses finished the work.

Then a cloud covered the tent of the congregation, and the glory of the Lord filled the tabernacle.

And Moses was not able to enter into the tent of the congregation, because the cloud abode thereon, and the glory of the Lord filled the tabernacle.

And when the cloud was taken up from over the tabernacle, the children of Israel went onward in all their journeys:

But if the cloud were not taken up, then they journeyed not till the day that it was taken up.

For the cloud of the Lord was upon the tabernacle by day, and fire was on it by night, in the sight of all the house of Israel, throughout all their journeys.“- Exodus 40: 18-38 (KJV)

Preparedness Notes for Friday — December 10, 2021

On this day in 1942, my great uncle Lt. Robert I. Kinsella was killed when his B-24 bomber (part of the 90th Bombardment Group, Heavy, 320th Bomber Squadron), flying from the Iron Range Airfield in Northern Queensland, Australia went down in the South Pacific.

—
And on December 10, 1520, Martin Luther publicly burned the papal edict demanding that he recant or face excommunication.

—

SurvivalBlog Writing Contest

Today we present another entry for Round 98 of the SurvivalBlog non-fiction writing contest. The prizes for this round include:

First Prize:

  1. The photovoltaic power specialists at Quantum Harvest LLC  are providing a store-wide 10% off coupon. Depending on the model chosen, this could be worth more than $2000.
  2. A Gunsite Academy Three Day Course Certificate. This can be used for any of their one, two, or three-day course (a $1,095 value),
  3. A course certificate from onPoint Tactical for the prize winner’s choice of three-day civilian courses, excluding those restricted for military or government teams. Three-day onPoint courses normally cost $795,
  4. Two cases of Mountain House freeze-dried assorted entrees in #10 cans, courtesy of Ready Made Resources (a $350 value),
  5. A $250 gift certificate good for any product from Sunflower Ammo,
  6. American Gunsmithing Institute (AGI) is providing a $300 certificate good towards any of their DVD training courses.
  7. Two sets of The Civil Defense Manual, (in two volumes) — a $193 value — kindly donated by the author, Jack Lawson.

Second Prize:

  1. A Front Sight Lifetime Diamond Membership, providing lifetime free training at any Front Sight Nevada course, with no limit on repeating classes. This prize is courtesy of a SurvivalBlog reader who prefers to be anonymous.
  2. A Glock form factor SIRT laser training pistol and a SIRT AR-15/M4 Laser Training Bolt, courtesy of Next Level Training, that have a combined retail value of $589,
  3. Two 1,000-foot spools of full mil-spec U.S.-made 750 paracord (in-stock colors only) from www.TOUGHGRID.com (a $240 value).
  4. A transferable $150 FRN purchase credit from Elk Creek Company, toward the purchase of any pre-1899 antique gun. There is no paperwork required for delivery of pre-1899 guns into most states, making them the last bastion of firearms purchasing privacy!

Third Prize:

  1. Three sets each of made-in-USA regular and wide-mouth reusable canning lids. (This is a total of 300 lids and 600 gaskets.) This prize is courtesy of Harvest Guard (a $270 value)
  2. A Royal Berkey water filter, courtesy of Directive 21 (a $275 value),
  3. Two Super Survival Pack seed collections, a $150 value, courtesy of Seed for Security, LLC,
  4. A transferable $100 FRN purchase credit from Elk Creek Company, toward the purchase of any pre-1899 antique gun.

—

More than $725,000 worth of prizes have been awarded since we started running this contest. Round 98 ends on January 31st, so get busy writing and e-mail us your entry. Remember that there is a 1,500-word minimum, and that articles on practical “how-to” skills for survival have an advantage in the judging.

Raising Meat Birds in a Garage, by SaraSue

I recently read that there are chicken shortages in the supply chain (specifically “chicken tenders”) and I’m not going to discuss why. I’m writing this because many people who read the blog do not have a homestead or even a large back yard and worry about supply chain shortages. I hope to give you some ideas on how you can raise your own meat birds in limited space or under restricted conditions. As I wrote this it occurred to me that I was recreating “factory farmed” chicken production. That made me sad, but desperate times call for desperate measures.

The Homeowners Association (HOA)

If you are in an HOA, read your documents carefully. If a limit on animals is not mentioned in the HOA documents, go to the city or county website and check the zoning laws for your area. Read them carefully and know your rights and restrictions. Some HOAs are very “loosey-goosey” and people do whatever they want within limits. Other HOAs are so strict that the board members walk around or drive around, patrolling the neighborhood with a notepad seeking whom they may write up for an infraction of the rules. Some have restrictions on the color, size, and placement of just about everything exterior (and interior) to the home. Your direct neighbors are your biggest threat since they have eyes and ears on your property – make an assessment of that threat. An angry neighbor can make your life miserable. You may or may not know that modern HOAs have the legal authority to foreclose on your property if you remain out of compliance. Tread forth carefully if you are in an HOA, as you will have no legal standing in court if you signed on to live in that HOA.

You may be able to raise chickens, even if you live in an HOA, but there may be a limit on the number of birds and definitely on roosters. For instance, I know a family whose HOA documents specified a limit of 3 chickens and no roosters. They had a small backyard. They ordered a coop kit and got a docile breed of chickens – Black Jersey Giants. They were faithful layers and fairly quiet. There are many docile breeds that don’t make a lot of noise, but do your own research.

As always, do your best to get out of HOA living. It is anathema to self-sufficient living. However, this is still America and if you feel that the risk is worth it, you can be creative and even raise many animals in the garage or in a portion of your home without raising suspicions or being a nuisance to others. Such animals may include rabbits, meat birds, and quail. All of which, provide protein on a plate for your family.Continue reading“Raising Meat Birds in a Garage, by SaraSue”

Economics & Investing For Preppers

Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. Most of these items are from the “tangibles heavy” contrarian perspective of SurvivalBlog’s Founder and Senior Editor, JWR. Today, JWR opines about the technical defaults of China’s Evergrande and Kaisa. (See the Economy & Finance section.)

Precious Metals:

Silver is the only precious metal likely to achieve persistent deficit over 2021-22 – Metals Focus.

o  o  o

Christopher Aaron: Silver Price Forecast: A Major Low Is Close.

o  o  o

Reported on Tuesday: Gold, silver gain as crude oil continues big rebound.

Economy & Finance:

For many years, western journalists have warned about China’s empty “ghost” cities. From the 1990s to present, millions of tons of concrete have been poured, building massive ghost cities in what is perhaps the largest malinvestment in world history. A large portion of that office and residential space still stands empty.

Back on November 11th, the editors of the Investment Watch blog asked: So did Evergrande default or not? U.S. media claims it didn’t yet, yet the narrative for the rest of the world is the complete opposite. In the same time frame, China’s Kaisa Group also missed some payments.

JWR’s Comments: Anyone attempting to sort all of this out has been met with lots of contradictory statements. Perhaps the financial press and even the credit reporting agencies are in a state of denial, because they recognize that the world’s financial system is teetering on the edge of a precipice. At least Fitch had the intestinal fortitude to downgrade Kaisa from “CCC” to “C”.

If this had been some small hedge fund headquartered in Duluth, then the financial press would not have hesitated to use the word default. But when they are talking about the technical default of two of China’s largest property developers with hundreds of billions at stake, the business journalists get very close-mouthed. What is really going on?  Methinks that there is the recognition that the Chinese Communist Party (CCP) is in fact the lender of last resort for Evergrande, Kaisa, and their smaller competitors. If need be, they will crank up the Yuan printing press, rather than see a declaration of default. On December 6th, it was reported that Evergrande and Kaisa would be “restructuring”. So… When is a default not called a default?  When it spells contagious doom for the global financial house of cards.

Update: I spotted this news, just last night: Evergrande has defaulted on its debt, Fitch Ratings says.

o  o  o

Biden Threatens to Cut Russia Off From SWIFT Payment ‘Aggression’ Against Ukraine.

o  o  o

Goodbye Liquidity: Clients Agree To Unprecedented, Multi-Year Lock Ups To Keep Money At Citadel, Millennium.

Continue reading“Economics & Investing For Preppers”