"The wicked encourage and give themselves a license
to commit all manner of transgressions, seeing that the fruit which
injustice yields is soon ripe, and offers itself easily to the
gatherer’s hand: Whereas punishment comes later, lagging long behind the
pleasure of enjoyment."
-Plutarch
THE BIGGEST RISK IS THE ONE THAT
WAS NOT PERCEIVED TO EXIST
The Gold Futures Bear Raid leads to ‘extraordinary’ demand for
Bullion contrary to the perpetrators’ expectations.
There
is a GIANT EXPANDING bubble waiting to implode brought to us by a
seemingly never ending supply of a monthly $85 billion flood of Fiat
money from the Federal Reserve. Once the bubble actually bursts, the
US economy will be left in ruins. When it bursts, there will be no
new round of bailouts like the ones that the banks got in 2008.
Instead, America will descend into an era of zero-sum austerity and
virulent political conflict, extinguishing even today’s feeble
remnants of economic growth.
The
world’s politicians can’t seem to get it through their thick heads
that liquidity cannot solve an insolvency problemsince each injection of
liquidity increases the insolvency by the exact same amount.
After reading Stockman’s recent article, I can’t help but wonder if
he is one of the one and a half a million people who read UNCOMMON
COMMON SENSE on a regular basis. As all my regular readers know,
even though I expected an explosive DJII push to the 15,500 to
16,000, I’ve not fully endorsed playing the rally except for
professional traders. Why? Chart wise, the rally looked like a slam
dunk, but fundamentally it would be playing a fool’s game as I could
not count on further massive printing of Fiat money since I have
been very skeptical about quantitative easing from its very
beginning. It may have been needed back in 2009, but history teaches
that it ends up causing much more harm than good and only succeeds
in prolonging and increasing the eventual agony.
The
financial system may have been on the verge of collapse, but pouring
gas on the fire certainly does not solve the problem and neither
does its ongoing $85 billion a month QE 3 and 4 which only served to
inflate both the bond and stock markets to unsustainable levels: It
also ballooned the deficit by another $7 trillion for a total of
over $17.5 trillion, which again only serves to exacerbate the
problems, not solve them.They
have also devalued the Dollar to such an extent that they have
completely distorted GDP, corporate earnings, P/E ratios, etc.
creating the biggest stock market bubble in history.
By
keeping interest rates artificially low and insuring multiple rounds
of quantitative easing in order to continuously suppress bond
yields, the Federal Reserve has killed fixed-income returns for
investors especially Seniors, 401K’s and pension funds and
completely destroyed the CD marketplace. Those who are taking part
in the junk bond and T bond market in a desperate search of higher
yields are now taking more risk than ever; now that the sure capital
gains generated by falling yields are no longer available. Once we
are at 0% yields, they only have capital and inflation losses, with
zero income to look forward to. What kind of save haven is that? And
who in their right mind wants to buy T BONDS?
WORST OF ALL:
They have severely damaged the workings of the “Free Price Operating
System” upon which Capitalism is based.
DEJA VU ALL OVER
AGAIN
Can
you believe it? Congress
is once again pushing for the banks to make the same kind of low
interest loans to people without a good credit history so that they
can get “no down payment” mortgages
that they still can’t afford to pay for. Which at the first sign of
trouble they will let slide since they will have no skin in the
game.
WILL
THEY NEVER LEARN?
In
2008, there were only $43 billion worth of high-yield corporate
bonds (“junk bonds”) issued. Fast-forward to 2012, and this number
increases by 665% to $329.2 billion.
The
FED’S easy monetary policy objectives were designed to encourage the
American consumer and businesses to spend, thus moving the US
economy toward economic prosperity (Keynesian Socialist philosophy
that has been proven time and again, never to have worked).
Keynesian Socialist Economists are persistent if nothing else.Meanwhile, the Congress
managed to “demonize” Apple, the single largest income tax payer ($3
billion) in the world because they are holding some $3 trillion
offshore, in the countries in which the money was earned and
subsequent taxes paid. (That will certainly encourage Apple to
repatriate its funds, so that a thieving Congress can get its grubby
hands on it.)
Meanwhile,
digital
Gold
provider, The Bullion Vault, has reported their “strongest period
for new customers ever.” They reported that they saw record volumes
of Gold and Silver transactions “beating the previous peak of
September 2011.” In terms of transactions, Gold buyers outnumbered
sellers by a ratio of nearly five to one for the past few weeks and
in terms of volume, gold buyers outnumbered sellers by a ratio of
nearly nine to one as buyers were placing larger orders than those
selling and this trend has been continuing.
Premiums are also rising both in Europe and the US and especially in
Asia: There are delays of up to a few weeks on some smaller coins
and bars highlighting the ever increasing demand.
JAPAN’S ECONOMIC LESSONS (Is
anybody watching and learning)?
Japan is still struggling after multiple rounds of quantitative easing and
a multiyear extended period of low interest rates. (Japan’s
debt-to-GDP ratio has surpassed 200 %.) And
all it got them was 20 years of Recession, so their solution now,
like that of the US, is to double up? Maybe Depression will work
better than Recession? Do they not realize that all their solutions
carry with them a double edged sword?
Depression is the other edge of
that inflation sword.
EVERY PROFESSIONAL GAMBLER KNOWS THAT
DOUBLING DOWN IS A LOOSING PROPOSITION.
The
US economy has fundamental problems that can’t be fixed by throwing
money at them. Quantitative easing and low interest rates are both
speculative (non-proven)short-term fixes with
long-term evil tails as they are more likely to create bubbles and
take us down the path of Depression rather than the path towards
economic growth.
ELEMENTARY
ECONOMICS, MY DEAR WATSON
Currency
wars and the threats posed to the US Dollar as the only global
reserve currency of the world, make owning physical Gold essential
to all who wish to preserve their wealth in the coming years.
Increasing
global demand for physical Gold and Silver is very clearly seen in
rising premiums especially internationally. The drop in prices
ignited a flood of buying in Gold coins
and bars, sending premiums to multi-year highs throughout Asia as
demand intensified. Exactly the opposite of what you would have
expected to happen. The slowing global economy will take a heavy
toll on an already struggling US economy. Why? Because a significant
number of US companies operate globally: If there is an economic
slowdown in the global economy, then these global companies will see
their profitability shrink. And yet analysts are completely ignoring
the rapidly slowing world economy and are not even considering that
fact in their earnings and growth projections, which are now slowly
hitting these blind dummies between their eyes! What’s happening in
the rest of the world leaves the US economy vulnerable. We haven’t
seen any real economic growth since the financial crisis began. Now,
with threats from the global economy emerging, the growth outlook
appears even more dismal.
Today’s
rising stock markets are being justified by manufactured profits(i.e. stock buybacks and reduced investment and delayed
replacements along with government falsified economic statistics.
8
reasons why I believe the stock market is close to a Blow off top:
1.
Corporate insiders are dumping stock in historically record
amounts.
2.
Bullishness amongst Wall Street & Media stock advisors
is at all time highs.
3. Companies are propping up earnings with record stock buyback
while cutting back on new investment programs (does not bode well
for future growth).
4. Corporate earnings growth will probably be negative again in
the first quarter.
5. The global economy is slowing. Certain countries in the
Eurozone (Spain, Portugal, Ireland, Greece, Cyprus and probably
France and Italy) as well are all in Recession come Depression. The
US economy is definitely contracting.
6. The percentage of assets that mutual funds have invested in
the stock market is at record all time highs (little buying power
left).
7. The underemployment rate (which is the unemployment rate
taking into consideration people who have stopped looking for work
and people who have part-time jobs but want full-time jobs) is over
15% - 18%—it really hasn’t changed much in almost 2 years.
8. The American consumer is in trouble. Real disposable income
is lower today than it was in 2008. The personal savings rate has
fallen more than 70% since 1980. Average hourly earnings of
production and non-supervisory employees have crashed 50% since
2008. (Source for all data is from the Federal Reserve Bank of St.
Louis.)
What
do we really have? We have a stock market bubble created by the
“easy” money policies of the Federal Reserve—policies of multiyear,
artificially low interest rates and $2.5 trillion in newly created
(printed) money. Europe now has a current account surplus, which is
supposedly a positive until you realize that the economy is
contracting. Europe is now in Recession and heading VERY QUICKLY
towards Depression. This will have a severe impact on the corporate
profits of U.S. corporations as well because 40% of S&P earnings
come from abroad, the bulk of which comes from Europe and not the
emerging countries.
Our debt will continue to be added to until it
implodes. This debt has done nothing but build a false
alternative
reality. We’ve borrowed monies from the future to live a
better life now; only it has not been better and the bills will
shortly be coming due.
GOLD: HAS THE LOW BEEN REACHED?
One
of theways
to look for a Bear Market to signal that a bottom has been reached
is to look for an extended downtrend followed by panic selling,
culminating in a capitulation day immediately followed by a huge
bounce. $50 in 2 days could be just the signal we were all waiting
and looking for.
I
am still waiting for a new buy signal for precious metals and mining
stocks. The HUI PPI did generate a buy on April 25th, but the
stochastic indicator has not. Gold, Silver and Mining Stocks are
putting the finishing touches on a long term correction that has
been underway for almost two years. They are setting up for a mega
rally. That rally should start by mid-2013. The Weekly Full
Stochastics are at levels that in the past have identified major
bottoms – PATIENCE. Accumulate into SELLOFFS.
We see what’s going on in Cyprus, what’s going on
in Europe: When it comes here to the US, and we’ve already seen
cracks in the debt bubble, it’s going to make all that look like a
garden party. The US is going to be devastated. The
middle class is being systematically destroyed by the Federal
Reserve and the Obama Administration.
A pan global collapse is
inevitable (including China as they too must succumb to the same
Natural Laws of Economics). It’s coming and there’s no way out of it.Whether it happens next week, next month, or next year, it
is coming. And governments are going to become more and more
desperate. This is going to sweep the Eurozone and Cyprus is just a
precursor of what will spread to the rest of the world and
especially to here in the GOOD OLE USA. We borrowed monies to get
elected and to live a better life now…but “The Piper” must always
eventually be paid.
Have
you ever wondered how the big banks make such enormous mountains of
money? Well, the truth is that much of it is made by gambling
recklessly. If they win on their bets, they become fabulously
wealthy. If they lose on their bets (putting up no
collateral), they know that the government will come in and arrange
for the banks to be bailed out because they are “too big to
fail”. Either they will be bailed out by the government using
our tax dollars, or as we just witnessed in Cyprus, they will
be allowed to “recapitalize” themselves by stealing money directly
from our bank accounts. Its already happened twice this year
alone. So if they win, they win big. If they lose, someone
else will come in and clean up the mess. This creates a
tremendous incentive for the bankers to “take enormous risk”,
because there is simply not enough pain in this equation for those
that are doing the gambling. If the big Wall Street banks had been
allowed to collapse back in 2008 that would have caused a massive
change of behavior on Wall Street. But instead, the big banks
are still recklessly gambling with our money as if the last financial
crisis never happened. In the end, the reckless behavior of
these big banks is going to cause the entire global financial system
to Implode.
WATCH OUT FOR THOSE DEADLY
DERIVITIVES!
I
have been warning about them since 2005. But all my warnings have
fallen on DEAF EARS. Now that they total in the quadrillions; a
failure of one (i.e. Lehman Bros.) could be that BLACK SWAN that
brings the whole system crashing down.
Have
you noticed how most news reports about Cyprus don’t even get into
the reasons why the big banks in Cyprus were about to collapse?
Well, the truth is that they were making incredibly risky bets with
the money that had been entrusted to them. In a recent
article, Ron Paul explained how the situation played out
once the bets started to go bad…The dramatic events in Cyprus have
highlighted the fundamental weakness in the European banking system
and the extreme fragility of fractional reserve banking. Cypriot
banks invested heavily in Greek sovereign debt at the urging of
Draghi, and last summer’s Greek debt restructuring resulted in
losses equivalent to more than 25% of Cyprus’ GDP. These banks then
took their bad investments to the government, demanding a bailout
from an already beleaguered Cypriot Treasury. The government of
Cyprus then turned to the European Union (EU) for a bailout.
If
those bets had turned out to be profitable, the bankers would have
kept all of the profits. But those bets turned out to be big
losers, and private bank accounts in Cyprus are now being raided to
pay the bill.
The
elites in the EU and IMF failed to learn their lesson from the
popular backlash to these tax proposals, and have openly talked
about using Cyprus as a template for future bank bailouts. This
raises the prospect of raids on bank accounts, pension funds, and
any investments the government can get its hands on. In other words,
no one’s money is safe in any financial institution in Europe. Bank
runs are now a certainty in future crises,
as the people realize that they do not really own the money in their
accounts. A run on all European Banks is eminent. How long before
bureaucrats and bankers try that same crap here?
Unfortunately,
all of this is the predictable result of a Fiat paper money system
combined with fractional reserve banking. When governments and banks
collude to monopolize the monetary system so that they can create
money out of thin air, the result is a business cycle that wreaks
havoc on the economy. Pyramiding more and more loans on top of a
tiny base of hard assets creates an economic house of cards just
waiting to collapse. The situation in Cyprus should be both a lesson
and a warning to the USA. This is an example of what can happen when
the dominoes start to fall. The banks of Cyprus failed because
Greek debt defaulted. And the Greeks were
using derivatives to try to cover up the true scope of
their debt problems.
The
following is what Jim Sinclair recently told King World News…
“When people say that the Cypriot banks lost because of being in Greek
debt, what was one of the Greeks’ greatest sins? They used
over-the-counter derivatives in order to hide the real condition
of their balance sheet.”
Depositor
money, brokerage money, and clearing house money have been tangled
up in the mountain of derivatives as the banks have used this cash
to speculate in an attempt to make huge bonuses for bank executives.As I have written about so
many times, the global quadrillion dollar derivatives
bubble is one of the greatest threats that the global financial
system has ever faced. As Sinclair explained to King World
News, when this derivatives bubble bursts and the losses start
soaring, the big banks are going to want to raid private bank
accounts just like the banks in Cyprus were able to. What is even
worse is when the government can no longer pay its debts, what
happens then?
PROTECT YOURSELF WHILE YOU STILL CAN
What
do you think happens when Buffett (the world’s biggest crony
Capitalist) reports that he made $10 billion in derivatives?
Somebody else lost $10 billion and it was most likely one financial
institution. There is no question that what we are seeing right now
is not isolated to Cyprus. It has happened everywhere, but it has
been camouflaged by making the depositors and the banks whole. What
Cyprus will reveal is that losses donot stopwith the bank’s capital. Losses roar right through bank’s
capital and take depositors’ money and other financial institutions
money as well (i.e. AIG).
Essentially,
if there was a cleansing run on the wholesale funding market in the
canyons of Wall Street. It would have worked its will, just like JP
Morgan allowed it to happen in 1907 when we did not have the Fed
getting in the way. Because they stopped it in its tracks after the
AIG bailout and then all the alphabet soup of different lines that
the Fed threw out, and then the enactment of TARP, the last two
investment banks standing were rescued, Goldman and Morgan
[Stanley], and they should not have been.
As
a result of being rescued and having the cleansing liquidation of
rotten balance sheets stopped, within a few weeks and certainly
months they were back to the same old games,
such that Goldman Sachs got $10 billion for the fiscal year that
started three months later after that check went out, which was
October 2008. For the fiscal 2009 year, Goldman Sachs (NYSE:GS)
generated what I call a $29 billion surplus – $13 billion of net income after tax, and on top of that $16
billion of salaries
and bonuses, 95% of which was bonuses (15%
income tax).
Therefore,
the idea that they were on death’s door does not stack up. Even if
they had been, it would not make any difference to the health of
the financial system. These
firms are supposed to come and go, and if people make really bad
bets, then they
ought to get their just reward, because it would create lessons,
it would create discipline. All the new
firms that would have been formed out of the remnants of Goldman
Sachs where everybody lost their stock values –– when they formed a
new firm, I doubt whether they would have gone back to the same old
game. What happened was the Fed stopped everything in its tracks,
kept, the reckless Goldman Sachs and the reckless Morgan Stanley
intact - everyone quickly recovered their stock value and the game
continued. This
is
one of the evils that comes from this kind of deep government
intervention in the capital and money markets.
It destroys the Free Market pricing system and encourages Crony
Capitalism.
The
lessons that we were supposed to learn from the crisis of 2008 have
not been learned.Instead,
the lure of huge returns and big bonuses has caused a return to the
exact same behavior that caused the crisis of 2008 in the first
place. The following is one example of this phenomenon from a
recent article by Wolf Richter…
“The craziness on Wall Street, the reckless for-the-moment-only behavior
that led to the Financial Crisis, is back.”
This
time it’s Citigroup (NYSE:C)
that is once again concocting “synthetic” securities, like those
that has wreaked havoc five years ago. And once again, it’s using
them to sluff off risks through the filters of Wall Street to people
who might never know. What bubbled to the surface is that
Citigroup is selling synthetic securities that yield 13% to 15%
annually—synthetic because
they’re
based on credit derivatives. Apparently, Citi has a bunch of
shipping loans on its books, and it’s trying to protect itself
against default. In return for succulent interest payments,
investors will take on the majority of the risks of these loans.
Yes,
the Industrial Average hit another new all-time high. But the
derivatives bubble that hangs over the global economy like a sword
of Damocles could burst at literally any moment. When it does,
the damage is going to be incalculable.
$212,525,587,000,000 -
According
to the US Government, this is the notional value of the derivatives
that are being held by the top 25 banks in the US. But those
banks only have total assets of about $8.9 trillion combined.
In other words, the exposure of our largest banks to derivatives
outweighs their total assets by a ratio of about 24 to 1. When the
derivatives bubble finally bursts, where are we going to get the
trillions upon trillions of dollars that will be needed to “fix”
things this time? And sadly, the reality is that we are quickly
running out of time.
It
is important to keep watching Europe. The European banking
system as a whole is leveraged at estimated 26 to 1 at
this point. When Lehman Brothers finally collapsed, it was
leveraged about 30 to 1. And the economic crisis over in Europe just
continues to get worse. It was announced on Tuesday that the
unemployment rate in the Eurozone is at an all-time record high of
12% and the latest manufacturing numbers show that
manufacturing activity over in Europe is in the process of
collapsing. So don’t be fooled by the fact that the Dow keeps
setting new all-time record highs. It is nothing NEW - it has
happened in the early 1970’s, which quickly led to the 1972-74
crash. It was believed that investing in hard assets (corporate
stock) was a protection against inflation. This modern day bubble of
false hope will be very short-lived.
There
is strictly nothing happening now on the Gold and Silver markets
that would be related to fundamentals. This
crash, just like the markets breakout to all time highs, is
orchestrated, and it doesn’t reflect the extremely tense situation
on the physical Gold and Silver markets or of the economy.
Here
is how some of the significant elements are to be taken into
account. I have put them in three different categories:
1)The
Global
Context
2)The
Situation
in the Paper Gold Market
3)The
Situation
on the Real Physical Gold Market
1) The Global
Context : Price manipulation has but one goal: Protecting the value
of the Dollar in order to keep the Fed in control of interest rates
and, thus, in control of US Treasury Bonds and derivatives, largely
held by the big banks and the government pension funds. If the Fed
loses control of the Dollar, which is bound to happen inevitably,
since it’s printing billions of dollars every month, interest rates
are going to go up radically, the value of US bonds will crash, the
credit derivatives bubble will explode, taking with it the whole
banking system.Manipulating
the price of Gold serves the purpose of destroying the signal that
would reflect the upcoming crash of the Dollar and, by way of
contagion, of the whole financial system.
Below
is an excellent article by Paul Craig Roberts that explains in
detail how this recent manipulation took place and to whom it
profits:
1)
The Global Context
-
The Fed continues to print $85 billion each month. Japan announced
the most ambitious quantitative easing plan of its history with an
injection of $1.4 trillion within two years: All this with no signs
of any limitations on QE-type inflationary monetary policies.
-
Holland’s Prime Minister has confirmed, as has a report from the
FDIC, that deposits confiscations in Europe will be applied in
future bailout plans, like in Cyprus. Trust in the European banking
system is now at its lowest ever.
-
Since 2007, the S&P has progressed by a mere 1% and, even after
the current correction, Gold has still out performed being up over
100% since 2007.
-
This year, the Gold spot price tumbled less than Apple shares, which
lost 39% since its peak.
2) The Situation
on the Paper Gold Market
- Between
Friday,
April 12 and Monday, April 15, 1 million short contracts have been
sold on the COMEX (i.e.
12% more than the world’s annual Gold production).
- 150
tons
of paper Gold were sold within an hour on that last Friday.This
sale was realized on the COMEX by a single entity and it triggered a
cascade of forced liquidation by investors totaling 500 tons of
Gold. One could ask the following question: Who has the financial
power to realize such an operation? No trader ever sells such a
position in one block at once.
Paul
Craig Roberts: Who
has the capacity to sell the equivalent of 500 tons of gold on
the markets for an amount of $24.8 Billion (or 16,000,000 ounces
of gold, about 15% of world global production)? Who would own so
much gold, enough to cover eventual delivery requests on those
naked shorts without putting up any COLLATERAL? Also,
nobody sells this much gold all at once; such a sale is done
progressively so as not to crash the price and, thus, limit the
losses. As a matter of fact, this massive sale
entailed a $1.168 trillion in losses. Who
can afford to lose such an amount? Only a government who can
print as much as it wants. They can do it but they cannot afford
it. Watch what the near term results will be.
The
CFTC, supposedly in charge of regulating derivatives, including
those on gold and silver, was not doing their job. They authorized
enormous concentrated short positions (far above legal position
limits) destroying the normal free price determination mechanism.
There could not be any manipulation of Gold or Silver if the CFTC
were doing its job of regulating markets and the FED was doing
their job of regulation the derivatives.
The
COMEX
and the LBMA must have been close to defaulting.The
COMEX functions on a fractional basis. There is not enough physical
Gold and Silver in the COMEX inventories to guarantee the
convertibility of all contracts.Kyle Bass, one of the most important hedge fund managers in the
US, who had correctly anticipated the bursting of the subprime
bubble, confirms that the COMEX does operate on a fractional basis.
He decided, a few years ago, to ask for delivery of his Gold held
via his fund because he didn’t have faith in the COMEX capacity to
make good on future delivery requests. It would only take about 5%
of contract holders asking for delivery to cause the COMEX to
default.
Will There Be A Re-surgence In Gold?
I mentioned in previous letters over the last few months that is was
likely toosoon to give
up on Gold. The articles were written after the price of Gold
had fallen off a cliff. I felt that Gold was too important of
a safe-haven investment to stay depressed for any great length of
time. And,
it
looks like I was right on. Gold has already
gained back half of what it had lost during the recent
slaughter. The price of SPDR
Gold Shares (GLD) is currently just under
$141. That’s well under the 52-week high of $174.07, but a
solid 8% off the 52-week low from earlier this month of $130.51.So
what’s behind the revival in the yellow metal?
First off, central banks hold a huge amount of Gold. In fact,
these banks are hanging on to 19% of all precious metal. And,
they have no intention to sell anytime soon. As such, there’s going
to be a limit to how much Gold can drop. Plus, several key
investors, including billionaire John Paulson, and George Soros, are
still bullish on Gold. Paulson is the largest investor in GLD.
What’s more, many Gold bulls including banks and more importantly
central banks (like China, Russia Brazil South Korea) used this
recent price pullback as a reason to go out and load up on bullion
and coins. Mints across the globe are reporting a shortage of
Gold coins as demand has soared. Despite the (supposed) lack of
inflation and the overall improvement in the global economy, we’re
not out of the woods yet. The world still has a ways to go to
get back to full growth, especially in Europe.Gold
is going to persist as the single most important safe-haven for
investors. Who is today willing to trust all their money to
either domestic or international banks and/or Fiat currency? Are
you?
WHERE
TO
NOW?
Since
we can’t trust the Fundamentals, let’s examine the Technical’s:
Gold, Silver and Mining Stocks are putting the finishing touches on
a three wave correction that has been underway for almost two years.
They are setting up for a mega rally. That rally should start by
mid-2013 or as early as tomorrow. Looking
at the long term chart, Gold has completed a perfect 10 year Elliott
3 wave Bull Market and a subsequent 38% 2 year correction and is now
set to start this Bull Market’s 5th and most explosive
wave up. The Weekly Full Stochastics are at levels that in the past,
almost universally, have identified major bottoms. Start SCALING
into Gold, Silver and their securities into any further selloffs. I
am still standing by my long term projection for Gold being $6,250
in 2017.
HOW
NOW DOW
The
world’s stock and bond markets are living in a FOOL’S PARADISE. I am
not smart enough to pick the highs, especially in a manipulated
market with unlimited money (at least for the time being). While
Wall Street could still possibly push the DJII another 500 to 700
points higher but maybe not since all eyes are now upon them: So
start scaling into DBT TZA, FAZ, BGZ (check out their charts).If you think 2008/09 was
bad, you ain’t seen nothin’ yet.
