The Daily Dose Recap is our way of providing to you an overview of all the news that was covered during the show. Here you will have easy access to everything that was talked about that day.
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Presidential Records Act v. Espionage Act: The Presidential Records Act of 1978 (PRA), 44 U.S.C. §§ 2201 through 2209, generally controls the handling of the President's records. Generally, records created or received by the President or this White House staff are presidential records. This includes classified records sent to advise the President or his White House staff. Before the Presidential Records Act, Presidents owned their presidential records. Congress changed the law after Nixon won a legal fight on this issue. After the Presidential Records Act, the U.S. government owns Presidents' presidential records. Per the 2012 Obama judge ruling in the Clinton sock-drawer case, where President Clinton stuffed 8 years of highly classified audio recordings of his presidency in his sock drawer (see picture 1 below), the President solely decides what are: - "personal" (belong to him) v. - "presidential records" (belong to government). And if the President doesn't designate them as presidential records and then takes them when he leaves office, they are deemed personal records. (Read news story and linked opinion here: https://justthenews.com/politics-policy/all-things-trump/old-case-over-audio-tapes-bill-clintons-sock-drawer-could-impact) But even if people think this 2012 Obama judge ruling protecting Clinton is incorrect or Trump (somehow) shouldn't have the benefit of this ruling (because they hate and fear Trump): "[T]he Presidential records of a former President shall be available to such former President or the former President's designated representative." 44 U.S.C. § 2205(3) (see picture 2 below). Former Presidents do not have the right to have any classified record they want. But they have the absolute statutory right to have (not own) their presidential records, classified or not. There is no criminal component to the Presidential Records Act. Disputes are settled with negotiations and civil lawsuits. Not unprecedented and unlawful raid and indictments. How can Trump violate the Espionage Act for retaining his presidential records he is allowed to have (not own) under the Presidential Records Act? Garland must allege and prove more than mere retention, in order to charge a former president for espionage for having his presidential records he's allowed to have (not own) under the Presidential Records Act. One way a court may attempt to harmonize the Presidential Records Act with the Espionage Act is requiring the government to allege and prove the former President intended to cause "injury to the United States or aid to a foreign nation result from the disclosures." United States v. Rosen, 520 F. Supp. 2d 786, 793 (E.D. Va. 2007). There is zero evidence--not even an allegation--Trump intended to harm America by retaining his presidential records. It is not a crime to be a jerk. It is not "espionage" to fight with librarians and other bureaucrats. We do not send former presidents, who happen to be your boss's chief political enemy, to die in prison over presidential-records disputes. This is one key reason Garland's indictment of Trump is fatally flawed as a matter of law.
-Mike Davis
US stocks gained and yields climbed as markets digested US CPI data ahead of the FOMC - Newsquawk Asia-Pac Market Open
US stocks were firmer after the latest US CPI data including softer-than-expected headline inflation and in-line core figures all but confirmed an unchanged Fed rate for Wednesday, but with upside capped as front-end yields climbed further and broke to new post-SVB peaks with WSJ's Timiraos warning that the Fed could ramp its Dot Plot.
USD softened after the US CPI data which showed headline inflation cooled by more than expected to support expectations for the Fed to refrain from raising rates on Wednesday although core measures were in line with estimates and the overall level remained elevated, while WSJ's Timiraos noted the data did little to change the very near-term outlook and officials could use their SEPs to signal another rate rise is now the base case. Nonetheless, the dollar is off worse levels with some support from the upside in yields heading into the FOMC.
Looking ahead, highlights include New Zealand Current Account, South Korean Unemployment Change, US PPI & FOMC.
US TRADE
US stocks were firmer after the latest US CPI data including softer-than-expected headline inflation and in-line core figures all but confirmed an unchanged Fed rate for Wednesday, but with upside capped as front-end yields climbed further and broke to new post-SVB peaks with WSJ's Timiraos warning that the Fed could ramp its Dot Plot.
SPX +0.69% at 4,369, NDX +0.79% at 14,900, DJIA +0.43% at 34,212, RUT +1.23% at 1,896.
Click here for a detailed summary.
NOTABLE HEADLINES
WSJ's Timiraos tweeted the Fed is expected to hold rates steady on Wednesday and the May CPI report did little to change the very near-term outlook, while officials could use quarterly projections to signal another rate rise is now the base case.
US President Biden said the inflation data is good news for working families and there is more work to do.
US Treasury Secretary Yellen said the US banking system is still well capitalised and said they will be careful to watch for impacts and market disruption as they build their balance. Yellen also stated they should expect a slow decline in the dollar as the reserve currency and it is important for the dollar to be the world's reserve currency.
White House Economic Adviser Ramamurti said macroeconomic trends are reducing US inflation overall.
US Treasury increased its 4- and 8-week bills to USD 65bln and 55bln, respectively, from 60bln and 50bln for June 15th and maintained 17-week bills unchanged at USD 46bln for June 14th, which will settle on June 20th.
DATA RECAP
US CPI MM SA (May) 0.1% vs Exp. 0.2% (Prev. 0.4%)
US CPI YY NSA (May) 4.0% vs Exp. 4.1% (Prev. 4.9%)
US Core CPI MM SA (May) 0.4% vs Exp. 0.4% (Prev. 0.4%)
US Core CPI YY NSA (May) 5.3% vs Exp. 5.3% (Prev. 5.5%)
US Cleveland Fed CPI (May) 0.4% (Prev. 0.4%)
FIXED INCOME
US Treasuries bear-flattened as yields rose to post-SVB peaks after stubborn CPI kept a higher Dot Plot in play for Wednesday.
-Zerohedge
U.S. announces a further $2.1 billion in military assistance for Ukraine, bringing overall total to $40 billion
The Pentagon has announced that it will be sending a further $2.1 billion in aid to help Ukraine defend itself as fighting rages on. The new package is largely aimed at helping Ukraine bolster its air defenses and ammunition stockpiles as it ramps up a counteroffensive against Russia.
Ukraine is expected to face a significant challenge, with a recent report indicating that Russia has built up the most extensive defenses in Europe since World War II in an attempt to thwart a Ukrainian counteroffensive. According to the Center for Strategic and International Studies, Russia has been busy setting up mine fields, digging trenches and setting up “dragon’s teeth.” These concrete pyramid barriers are designed to keep tanks from passing.
The report noted: “Russia’s goals in building these defenses are to solidify its territorial gains in Ukraine and to prevent Ukrainian forces from liberating additional territory.”
Missiles for the Patriot air defense system will form a large part of the military aid. This is one of the most sophisticated air defense systems the Pentagon can offer and has already been credited with shooting down barrages of Russian missiles over Ukrainian cities. The package will also include laser-guided rockets and rounds of artillery, along with shorter-range HAWK missiles. The U.S. will also be sending Ukraine small AeroVironment drones that are launchable by hand.
In a Pentagon briefing, Department of Defense Press Secretary Air Force Brig. Gen. Pat Ryder stated: “It’s very clear that on a daily basis, there are Russian forces attempting to kill innocent Ukrainians. And we — the United States government — are going to work with the international community to do everything we can to help them defend their country and take back sovereign territory.”
Ukraine has spent the last few months planning its counteroffensive and rounding out its arsenal with more armored personnel carriers and Western tanks. Some Ukrainian soldiers have been undergoing training in Germany as part of their preparation for the counteroffensive.
The U.S. has already supplied Ukraine with almost $40 billion worth of military assistance since the country was invaded by Russia in February of 2022. Much of this aid was made available through presidential drawdown authority taken from existing Pentagon stocks.
The current package will be funded by the Ukraine Security Assistance Initiative, which the Biden administration can use to purchase weapons from industry instead of taking it from American stocks.
The Department of Defense said in a statement that the new aid “illustrates the continued commitment to both Ukraine’s critical near-term capabilities as well as the enduring capacity of Ukraine’s Armed Forces to defend its territory and deter Russian aggression over the long term.”
Ukraine’s heavily anticipated counterattack now appears to be underway, with heavy fighting in southern Ukraine and reports of German and U.S. tank and armored vehicle sightings. They have long been expected to carry out a strong effort to take back the territory that Russia has already seized. However, they have yet to make a formal announcement and are not expected to publicly reveal details about their plans.
The Institute for the Study of War believes that the counteroffensive will not be one specific major operation. Instead, their assessment predicted: “It will likely consist of many undertakings at numerous locations of varying size and intensity over many weeks.”
Russia has condemned providing Ukraine with foreign military aid, insisting that it will only prolong fighting and will not stop them from pressing forward with their objectives. Nevertheless, the U.S. is currently leading an alliance of 54 nations, including NATO member states, in rallying behind Ukraine via the Ukraine Defense Contact Group, who are expected to meet this week in Brussels.
-Cassie B., Natural News
Automaker group urges US EPA to 'ease up' on vehicle emissions rules
WASHINGTON (Reuters) -The head of a trade group representing nearly all major automakers urged the U.S. Environmental Protection Agency to "ease up" on its aggressive proposal to sharply cut vehicle emissions through 2032, saying it could benefit China.
Alliance for Automotive Innovation CEO John Bozzella said Monday in a blog post the "EPA should ease up and reassess this rule before it helps cement China’s place in the U.S. auto market." He predicted that if the EPA regulations are too tough, China will gain "a stronger foothold in America’s electric vehicle battery supply chain and eventually our automotive market."
The EPA, which declined to comment, proposed in April cutting vehicle emissions by 56% over 2026 levels. EPA estimates would result in 60% of new vehicles by 2030 being electric and 67% by 2032.
The trade group - which represents General Motors Co (NYSE:GM), Toyota Motor (NYSE:TM) Corp, Honda Motor, Volkswagen (ETR:VOWG_p), Hyundai MotorCo Ltd , Ford Motor (NYSE:F) Co, Stellantis NV and other major automakers - warned in May that automakers will struggle to meet those targets because of problems with the supply chain for EV batteries, motors and chargers as well as consumer resistance.
Chinese automakers sell few vehicles in the United States, and only a small number of Chinese-made vehicles are imported by major automakers for sale in the U.S.
Bozzella said Europe offers a warning of what could happen in the United States. "With a 2035 ban on fossil fuel vehicles looming, Chinese manufacturers gained a foothold and entered the European market at a budget price point," he said. "They achieved a 5% share of Europe's EV market in the first nine months of 2022 and are on a steady march to hit 20% by 2025."
Last month, Ford CEO Jim Farley said Chinese electric vehicle makers are its main rivals in the sector, but the company has hurdles competing on cost at a smaller scale.
"I think we see the Chinese as the main competitor, not GM or Toyota," Farley said. "The Chinese are going to be the powerhouse."
Environmentalists are pressing the Biden administration not to soften the proposal. Some say the EPA should have proposed tougher rules.
-David Shepardson, Investing News
Home Depot CEO Warns 'Organized' Theft Tsunami Is "A Big Problem"
Like many other retailers, Home Depot has been forced to lock high-value items behind cages to counter rampant theft as Democrat officials in major cities fail to enforce law and order, which has only emboldened criminals.
Home Depot CEO Ted Decker spoke with CNBC's Becky Quick about retail theft and other inventory loss -- known as "shrink" -- ravaging the home improvement stores nationwide.
Quick pointed out Home Depot was very early in warning about America's retail theft crime wave several years ago. She asked Decker what items were currently being locked up at stores.
Decker responded, "It's (shrink) is a big problem for retail. And it goes across retail," adding, "This isn't the random shoplifter anymore."
The CEO is likely referring to criminal organized gangs stealing merchandise and reselling on online marketplaces.
Many of these thefts occur in Democrat-controlled metro areas where progressive city leaderships have relaxed theft rules, which has only backfired and sparked a shoplifting epidemic.
He said Home Depot is working with state and local officials nationwide to inform officials about the theft wave. And he championed a new law requiring those selling items on online consumer marketplaces to be vetted, a move that might prevent stolen items from being resold.
Decker continued, "We hate doing it ... but have had to lock up a lot of high-value items ... and they're not all big like power tools and generators ... some are as small as circuit breakers."
Quick asks the CEO if there's going to be a point if stores will have to close because of out-of-control theft. Decker said,
"A certain number of retailers had to shut down stores in a number of tough cities, but we're fortunate we have not." He added,
"We are increasingly concerned about the life safety of our associates and our customer base."
Quick noted that two Home Depot employees were recently killed over trying to stop thieves. She asked the CEO, "How big of a problem is it (shrink)? -- can you quantify it?"
Decker said, "We know what our number is, and we don't talk about it, but it has been pressure on our gross margin."
Shrink is a $100 billion problem for US retailers. It's becoming such a problem that execs that mentioned "shrink" on recent earnings calls surged to the highest level ever in data compiled by Bloomberg from 2013.
Weeks ago, David Johnston, vice president of asset protection and retail operations for the National Retail Federation, told FOX Business that retailers are expected to lose $100 billion this year due to theft.
"Based on what we're hearing already from many of these CEOs and based on what we're experiencing daily in retailers across the nation… I do foresee us to have a much higher loss in 2023," Johnston said.
As a result, retailers are shutting down stores in certain Democrat-controlled cities (read: here & here) as these areas are being transformed into crime-ridden hellholes due to failed policies.
-Tyler Durden, Zerohedge
Silver Is Significantly Underpriced Given The Looming Supply Shortage
Authored by Michael Maharrey via SchiffGold.com,
Given the current macroeconomic environment and the supply and demand dynamics, silver is significantly undervalued at $24 to $25 an ounce.
The bullish case for silver in the mainstream typically revolves around price inflation. There are certainly reasons to think inflation is stickier than the powers that be want to admit and that the Federal Reserve isn’t going to be able to win the inflation fight. That is bullish for both silver and gold.
In fact, the growing demand for silver in the solar power industry will likely put a significant squeeze on supply in the coming years, and the current price of silver does not reflect the likely shortages.
While the mainstream hasn’t talked much about this, people in the industry are aware of what’s going on. In an article published by Seeking Alpha, Silver Bullion Pte Ltd. CEO Gregor Gregersen mentioned that he “was intrigued by unofficial chatter about upcoming silver scarcities due to rapidly growing photovoltaic demands” during the Asia Pacific Precious Metals Conference.
We’re already seeing a squeeze on the supply of silver. While silver demand set records in every category in 2022, supply was flat with mine output falling by 0.6%. This resulted in a 237.7 million ounce market deficit in 2022.
It was the second consecutive annual deficit in a row. The Silver Institute called it “possibly the most significant deficit on record.” It also noted that “the combined shortfalls of the previous two years comfortably offset the cumulative surpluses of the last 11 years.”
This trend is not expected to reverse. As Gregersen noted, silver mine production has fallen due to a lack of investment.
Production cannot be materially increased over the short term as it can take over 10 years to commence new mining operations. Therefore, increased silver prices will not lead to increased mine production for a long time.”
Meanwhile, the demand for solar power is rising rapidly and that is going to drive the demand for silver significantly higher.
The International Energy Association (IEA) predicts that in 2023, investment in the solar power industry will exceed the amount of money flowing into oil production.
Due to its outstanding electrical conductivity, silver is an important element in the production of solar panels. It is used to conduct electrical charges out of the solar cell and into the system. Each solar panel only uses a small amount of silver, but with the demand for solar panels growing exponentially every year, those small amounts of silver add up.
According to a research paper by scientists at the University of New South Wales, solar manufacturers will likely require over 20% of the current annual silver supply by 2027. And by 2050, solar panel production will use approximately 85–98% of the current global silver reserves.
A few years ago, analysts projected that the amount of silver used in solar panels would fall. After all, silver is expensive and there is a strong incentive to find alternatives. In fact, the amount of silver used in the production of solar panels has been reduced by about 80%. But that trend is expected to reverse. The Australian paper noted that more efficient ‘N-type’ technologies now being developed require even more silver than current ‘PERC’ cells that make up more than 80%of the current market. TOPCon and SHJ panels require 30 to 80% more silver than the older technology.
Some argue demand for silver in solar energy production will eventually flatten as the industry develops cheaper alternatives to the white metal. But according to the paper, even if the industry reduces the use of silver, demand will still increase.
-Tyler Durden, Zerohedge
ANALYSIS: Just How Deceptive Is the SPLC’s ‘Hate Map’?
Is America a dangerous place for women and minorities? If so, why? A prominent leftist organization long has trumpeted the threat of “hate groups” with a scary red-and-black map pinpointing KKK chapters, militia groups, and scores of organizations you’ve never heard of.
Who better to trust on the matter than that leftist group, the Southern Poverty Law Center? After all, it bankrupted the Klan and has monitored “hate groups” for decades. If the SPLC says you have haters in your neighborhood, maybe you should pay attention.
Not so fast. Not only has the SPLC used its map to target mainstream conservative and Christian groups, but it also has featured organizations that barely exist.
Don’t just take it from me. A former SPLC employee said he had been “part of the con,” a “highly profitable scam” to scare donors into ponying up cash. A terrorist even used the organization’s “hate map” to target a pro-family group in Washington, D.C., but the SPLC has kept that group on the map for 10 years since then.
I’ve been following the SPLC for years, and I even wrote the book on why the “hate map” can’t be trusted. So when the SPLC released its updated “hate map” for 2022, I decided I’d go through the data and crunch the numbers.
The SPLC exaggerates hate in three key ways, according to The Daily Signal’s analysis. It lists “chapters” of organizations as separate “hate groups” or “antigovernment extremist groups,” no matter how small they are. It tars political and ideological opponents by branding them “hate groups” even if they don’t have anything to do with hate. Finally, the SPLC includes other organizations that barely exist at all.
The Southern Poverty Law Center’s “hate map” for 2022—released last week—plots 1,225 “hate groups” and “antigovernment extremist groups.” Yet a quick perusal of the SPLC’s data reveals something curious: Many organizations are listed far more than just once.
Moms for Liberty, for instance, appears on the list no fewer than 220 times, once for each chapter the SPLC recorded. Eagle Forum, a conservative group founded by Phyllis Schlafly to oppose the Equal Rights Amendment, appears 16 times, to account for multiple chapters.
Thirty-one chapters of the Constitution Party appear on the map, as do 77 chapters of the Proud Boys. Patriot Front has 48 entries on the SPLC’s list.
Some Eagle Forum chapters consist of one or two staff members, and it remains unclear just how active a chapter needs to be in order for the SPLC to place the chapter on its list.
Brigitte Gabriel, who is Lebanese-American, founded ACT for America to warn about the threat of radical Islam that overran her birth country. ACT for America has appeared on the SPLC list for years, but it never appears merely as one “hate group.”
Although ACT for America’s executive director told PJ Media that the group “scrapped” its “chapter model entirely” in 2020, the SPLC “hate map” has plotted dozens of ACT for America chapters in the years since. The 2022 list includes 13 ACT for America chapters.
Although the SPLC often includes the city or town in which an organization exists, many organizations are listed as “statewide.” The SPLC claims that it uses this designation because groups “have not designated a specific location as their headquarters.”
Yet the “statewide” listing also suggests that the chapters may be loosely organized, if they even truly exist…
-Tyler O’ Neil, The Daily Signal
This was not a liberal meltdown, but instead it appears that some of the CNN reporters may be changing their minds about Donald Trump.
Conservative Congressman Sends Trump Supporters Headed to Miami an Ominous Warning: 'Don't Fall for the Trap'
Congressman Clay Higgins of Louisiana issued a statement on Sunday warning Trump supporters headed to Miami against “falling for the trap the DOJ/FBI has set.”
In the statement, Higgins said that the recent persecution of President Trump by the DOJ is more than just the weaponization of our DOJ and FBI against a conservative American leader; it is “an example of the now SOP entrapment-staging that the FBI conducts.”
“My fellow conservatives, the DOJ/FBI doesn’t expect to imprison Trump, they expect to imprison you,” Higgins wrote. “They want J6 again.”
Higgins warned conservatives that the DOJ and FBI were hoping to provoke them and that reacting to this perimeter probe would set them up for targeted persecution and further entrapment.
“They’re doing this because they want you to let your anger overwhelm your strategic judgment, and they expect you to step willingly into their trap. Don’t do it,” he cautioned.
“Don’t fall for the trap,” he wrote. “Maintain your family. Live your life. Live free and pay close attention and make your voice heard, yes … but don’t become an incarcerated pawn in the agenda driven DOJ/FBI strategy to oppress conservatives across America.”
Higgins’ warning is a good one.
Jan. 6 was the “well, what about …” moment the Democrats had been waiting for for a long time, a response they could now throw in conservatives’ faces every time they were confronted with the violence that is so much a part of their side of the aisle.
Since that fateful day at the Capitol, every time there are riots in the street, every time a church is firebombed, every time stores are looted and cities destroyed or children shot in cold blood in the streets of Democratic cities, they turn around and say, “Well, what about Jan. 6?”
The Democrats have turned Jan. 6 into a bludgeon, destroying lives and branding the words “domestic terrorist” into the foreheads of innocent Americans protesting or standing up for their children at school board meetings.
More than 950 people were charged as a result of Jan. 6, with more than 3,860 counts of criminal activity brought against 934 defendants through December 2022, per USA Today.
People lost their jobs just for being there.
Higgins is right to call for peace because trap or not, it is undeniable that the provably biased FBI and DOJ would relish the opportunity to add more “well what about” questions to their worn-out Jan. 6 mantra.
-Rachel Emmanuel, The Western Journal
Watch here:
Top FBI Deep Stater Who Played Key Role in Mar-a-Lago Raid FLIPS — Admits To Congress FBI Illegally Searched Trump Resort
A senior FBI official who played a role in executing the bureau’s unprecedented raid of Mar-a-Lago has come forward to Congress claiming the FBI violated protocols in multiple ways to search former President Donald Trump’s resort last August.
The official in question is Steven D’Antuono, a particularly notable whistleblower given the integral role he played in the kidnapping entrapment plot of Gov. Gretchen Whitmer (D-Mich.), which earned him a promotion as Assistant Director in Charge of the FBI Washington Field Office (WFO) in 2020.
D’Antuono’s office subsequently quarterbacked the mass arrests and prosecutions of hundreds of Trump supporters following the January 6 protests.
In a letter sent to Attorney General Merrick Garland on Thursday, Rep. Jim Jordan (R-Ohio) claimed D’Antuono voluntarily came forward to the House Judiciary Committee to reveal his objections with how the bureau executed the raid of Mar-a-Lago.
“On June 7, 2023—days before the reported indictment of former President Trump—the Committee conducted a transcribed interview of Steven D’Antuono,” Jordan wrote.
“Mr. D’Antuono served as the former Assistant Director in Charge of the FBI’s Washington Field Office (WFO) and one of the most senior FBI officials in charge of effectuating the unprecedented raid of President Trump’s residence at Mar-a-Lago. During his testimony, Mr. D’Antuono expressed strong concerns with the Department’s pursuit of the raid and noted several unusual features in the Department’s handling of the case.”
Jordan highlighted 4 major ways the FBI deviated from standard operating procedure in pursuing its investigation into Trump:
The Miami Field Office did not conduct the search
Mr. D’Antuono testified that FBI headquarters made the decision to assign the execution of the search warrant to the Washington Field Office (WFO) despite the location of the search occurring in the territory of the FBI’s Miami Field Office. Mr. D’Antuono stated that he had “absolutely no idea” why this decision was made and questioned why the Miami Field Office was not taking the lead on this matter.
The Department did not assign a U.S. Attorney’s Office to the matter
According to Mr. D’Antuono, it was unusual to not have a U.S. Attorney assigned to an investigative matter, especially a matter of this magnitude. He explained that he “didn’t understand why there wasn’t a US Attorney assigned” and “raised this concern a lot with” Department officials because this was out of the ordinary.
The FBI did not first seek consent to effectuate the search
Mr. D’Antuono recounted a meeting between FBI and Department officials during which the Department assertively pushed for the FBI to promptly execute the search warrant. Based upon his over-20-year tenure at the FBI, Mr. D’Antuono testified that he believed that the FBI, prior to resorting to a search warrant, should have sought consent to search the premises.
The FBI refused to wait for President Trump’s attorney to be present before executing the search
Mr. D’Antuono testified that the FBI sought to exclude President Trump’s attorney from the search, a move with which Mr. D’Antuono disagreed. Mr. D’Antuono believed that the FBI should have worked with the attorney to get consent to search the residence prior to seeking a warrant for the search.
Jordan then demanded Garland turn over “all documents and communications” related to the execution of the FBI’s Mar-a-Lago raid, including meetings by DOJ officials prior to the search and correspondence between Washington Field Office employees and the U.S. Secret Service.
After just two years as Assistant Director in Charge of the WFO, D’Antuono suddenly retired in November 2022, leading many to speculate he wanted to get ahead of impending House Republican investigations.
-Jaime White, Info Wars
President Trump gave a speech at the Trump National Golf Club in Bedminister, NJ after his arraignment that had taken place earlier in the day. You can watch that speech here: