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INTRO:

• The House Judiciary Committee, chaired by Jim Jordan, subpoenas Bank of America’s records pertaining to the mega-bank’s decision to voluntarily fork over your private data to the FBI. Have the big banks become a de facto arm of the federal government? Jim Jordan wants to find out.
• For the sixth straight year, the Pentagon has failed its annual audit.
• Can AI handle most routine healthcare in the U.S.? We’re about to find out as a start-up company promises to bring CarePods to malls across the country.
• Economist Martin Armstrong reports that crime in America is completely out of control and leading to the death of brick-and-mortar stores.
• And Congress is considering a bill that would limit your purchases of ammunition while requiring all of your ammo purchases to be registered with the government. We’ll name the bill’s backers.

All these stories and more when the Worldview Report begins, right now!

XXX

Welcome to the Worldview Financial Report.

Congressman Jim Jordan, Republican of Ohio and chairman of the House Judiciary Committee, has issued a subpoena to Bank of America seeking all information related to the bank’s decision to share private customer information with the FBI in the aftermath of the January 6th protests.

As Just The News reports, the committee issued a statement accompanying the subpoena, revealing that the FBI attempted to use this information to scrutinize many financial transactions by Bank of America customers who were in the area of Washington, D.C. before, during, and after January 6th, including the random purchases made of any firearms during that time.

Jordan’s committee stated in a press release:

“In 2021, BoA provided the FBI—voluntarily and without any legal process—with a list of individuals who made transactions in the Washington, D.C., metropolitan area using a BoA credit or debit card between January 5 and January 7, 2021. When that information was brought to the attention of Steven Jensen, the FBI’s then-Section Chief of the Domestic Terrorism Operations Section, he acted to ‘pull’ the BoA information from FBI systems because ‘the leads lacked allegations of federal criminal conduct.’”

An investigation had previously been launched in May into Bank of America’s decision to voluntarily hand over the information. Jordan at the time asked for Bank of America CEO Brian Moynihan to turn over all information relating to the compilation of customer data that the bank had given to the FBI.

Jordan wrote in a November 16th letter to Moynihan:

“The Committee has received 223 pages of documents responsive to our original requests. However, to date, BoA has refused to provide the Committee and Select Subcommittee with the filing it turned over to the FBI. Accordingly, and in light of your lack of compliance with our earlier voluntary request, please find attached a subpoena from the Committee on the Judiciary to compel the production of the requested documents.” 

XXX

Defense News reports that for the sixth year in a row, the Pentagon failed its annual audit.

The Department of Defense’s assets are vast and decentralized, amounting to $3.8 trillion alongside $4 trillion in liabilities. These assets are located in all 50 states and more than 4,500 sites around the world.

Since the Pentagon began auditing itself in 2018 — the last department to do so after Congress required the practice across the government in 1990 — it’s solved some of its easiest accounting problems. But it’s done hardly anything to fix the most egregious problems of wasteful overspending.

Auditors this year found only seven of the nearly 30 sub-audits were rated as clean.

One other was rated as “qualified,” the next step down in accounting jargon. Three more audits are still ongoing. The remaining 18 were given failing grades.

Pentagon officials have tried to reassure the public there is progress, despite the same failed rating. Speaking to reporters this week, Comptroller Mike McCord pointed to three areas that he says showed marginal improvement.

Smaller successes aside, audits are still pass-fail tests and the Pentagon continues to fail, McCord acknowledged.

A full half of the Defense Department’s assets still don’t meet auditing standards. The Pentagon resolved around 500 Notifications of Findings and Recommendations, or specific problems found in last year’s audit, McCord said. At the same time, he said, there were 2,500 more NFRs identified this year, a total that includes new and recurring issues.

Sounds like one step forward, followed by five steps backward.

XXX

Forward, a digital health startup company based in San Francisco, is looking to launch a number of telehealth kiosks powered by artificial intelligence. They’re calling them “CarePods,” and they will be located at malls across the U.S., eliminating the need to go to the doctor’s office and, they say, providing a “more inclusive and convenient approach to getting basic treatment.”

Take a look at the company’s promotional video.

WATCH VIDEO

https://www.youtube.com/watch?v=l8-HnDpnmqc

It sounds so wonderful, right? Until you need an actual human doctor to talk to and visually inspect your condition. How many people are going to trust their health to an AI bot? Probably more than we think.

Forbes reported yesterday that Adrian Aoun, founder of Forward, received $100 million in new funding to deliver 25 of these company doctor’s office to malls across the country.

Forbes noted that the company charges people $149 per month to get virtual and in-person primary care for their in-person clinics separate from their CarePods. Unlimited access to just the pods will cost $99 per month, and does not accept insurance.

XXX

Economist Martin Armstrong reports that crime in America is completely out of control and killing the brick-and-mortar stores.

Since looting is legal in Soros-backed blue cities, countless stores and businesses are fleeing. This is also occurring with the most basic stores, such as pharmacies and grocers. Countless stores have begun locking up their inventory, and shoppers must flag down an associate to purchase low-cost items. They do not even do this in third-world countries as the issue here is psychological. Crime will be the end of brick-and-mortar stores.

One pharmacy in Washington, DC, has resorted to arranging pictures of products on their shelves. One social media user showed that even the toilet paper is missing from the shelves, replaced with a framed picture of the product. The workers at these locations cannot personally shop for each customer, and people are refraining from in-person shopping in general.

Around 70% of the US population shops online, spending an average of $3,428 per year. This figure will likely rise as it is simply not possible to shop in physical stores amid this intense crime wave. Online shopping in the U.S. has increased by 16.2% since 2020, and global online sales are expected to reach $7 trillion in 2024. 

In Asia, the shift toward online shopping is due to convenience. It is simply faster and more time-efficient for many to shop online. In the U.S., however, Armstrong says the trend toward online shopping is being fueled by CRIME.

Armstrong writes:

“But brick-and-mortar stores have served a purpose in our society. If I buy a new suit, I want to feel the material and try the clothing on. I do not want to return and reorder items as that eliminates the convenience factor. The troubling thing here is that Americans living in high-crime cities no longer have access to the basic necessities.”

Armstrong predicts that we will see a surge of government-run stores that are guarded and managed by the public sector. 

“The globalists will have an easier time turning American cities into 15-minute cities since the city government will already have control over the food supply, and those receiving government aid will be required to shop there.”

XXX

A mob of 40 people looted a FedEx truck while it was stopped at a red light in Memphis, Tennessee, around 8:30 pm last Saturday, when a 53-foot trailer was ransacked while it sat in traffic at the intersection of Riverport Road and West Mallory Avenue. 

After the driver reported the theft, the Memphis police arrived and saw vehicles speeding away recklessly along with a number of boxes thrown across the road. 

The truck driver told the police that cars blocked the intersection just before a group of men broke open the sealed back door and looted the trailer. 

Here’s a report from local news outlet Fox 13.

WATCH VIDEO

https://www.youtube.com/watch?v=YQzM0ZoNvgM

This is the type of lawlessness that Martin Armstrong was talking about. There is no more living safely and quietly in America. 

Three men have since been detained after the group caused nearly $10,000 in damages—and stole numerous items such as speakers and cable boxes.

XXX

And that’s not all we have to report on the out-of-control crime wave sweeping America.

Police in Philadelphia are looking for five men who stole meat from a refrigerated truck early Wednesday morning in the south quadrant of the city.

The heist happened around 12:30 a.m. on the 700 block of Pattison Avenue.

The tractor-trailer was parked overnight at the Jetro Restaurant supply warehouse lot, across from the sports complex.

The driver was in the cab at the time of the heist.

The driver told detectives that one thief told him “We're only taking a little” then pointed to his hip, possibly gesturing to a weapon.

Fifteen boxes of beef were stolen with an estimated value of $7,660.

Some slabs of beef spilled out and were left behind as the suspects fled in a Ford Explorer.

XXX

Is Tesla rolling back its plans for a Cybertruck vehicle? It sure looks that way.

The electric vehicle manufacturer moved last week to enact a “no resale” clause on all contracts to sell the electric truck, according to Business Insider.

SHOW TWEET

https://x.com/niccruzpatane/status/1723485651280986572?s=20

A clause included in the terms and conditions of the sale states:

“You agree that you will not sell or otherwise attempt to sell the Vehicle within the first year following your Vehicle’s delivery date.”

Tesla reserved the right to buy back vehicles listed for resale under the term, or impose financial penalties on those selling them.

Critics of the policy questioned its legality.

SHOW TWEET

https://x.com/jeffreyatucker/status/1723722475932905507?s=20

Jeffrey Tucker of the Brownstone Institute chimed in with a post to X, stating “What possibly could this mean that you buy something and cannot sell it? How does this make sense? Tesla has banned the resale of the Cybertruck for a year. What threatens violators?”

XXX

ZeroHedge reports that Democrat Senator Elizabeth Warren and California Congressman Robert Garcia have recently introduced a bill called the Ammunition Modernization and Monitoring Oversight (AMMO) Act.  If passed, the bill would restrict bulk sales of ammunition, would require businesses who sell ammunition to obtain the same federal license as gun dealers, and would require businesses to conduct a background check on buyers.

Additionally, it would also apply the same prohibition on straw purchases for ammunition that currently exists for firearms. It would make it illegal for individuals to purchase ammunition and then give that ammo to others, and it would require data-sharing on ammunition sales.

Robert Garcia argues:

“The bottom line is no individual should be buying bulk amounts of ammunition without a federal background check from places like gas stations, pharmacies, and convenience stores – especially without any sort of regulation and no record of the sale. If we’re ever going to really take on the gun violence epidemic in this country, we need to regulate ammo accessibility. This bill aims to protect the American public from the devastating violence that occurs when individuals have access to unlimited amounts of weaponry.”

The bill prohibits bulk sales of ammunition based on the type of ammo. It specifically limits individuals to 100 rounds for .50 caliber ammo, and 1000 rounds for all other ammunition within a 5-day period.  

Records of sales would be required and the data must be held by vendors for at least two years, while anyone buying ammo and transferring it to others without record could be punished with heavy fines and up to five years jail time.

The AMMO Act essentially places ammunition under the same ATF category as firearms while opening the door to subjective ATF rulings on ammo sales. Anti-gun lawmakers have long sought to undermine 2nd Amendment rights through the backdoor of ammo purchases. Some past attempts have included “micro-stamping” as not just a way to track each round back to a buyer, but also to make the production process so expensive for manufacturers that ammo prices rise exponentially.

XXX

Frontline News reports that U.S. banks are reporting their customers to authorities as “suspicious” at an alarming rate, citing a recent New York Times report.

In 2022, banks filled out 1.8 million suspicious activity reports (SARs) and are on track this year to again reach nearly 2 million, a 50% increase from 2021. SARs are submitted to the Financial Crime Enforcement Network (FinCen), which then distributes the data among government and law enforcement authorities. 

Banks submit SARs for a number of reasons, such as high transaction amounts or wire transactions from high-risk countries, according to Frontline News. Often the concern is about the source of funds or a “transaction with no apparent economic, business or lawful purpose.” 

Other transactions that can trigger a SAR include large cash withdrawals. Since the federal government requires customers to complete a form if they want to withdraw $10,000 or more in cash, banks report customers as suspicious if they withdraw just under that amount.

Frontline reported, again citing the New York Times:

“But most of the time, customers are not notified that a SAR was filed against them — often they simply receive a notice that their account is being closed. Even if they contact the bank to find out why, representatives will not disclose that a SAR has been filed, as banks are not legally required to reveal that information. This has led to an increasing number of families and small businesses unable to pay rent, make payroll, or pay vendors.”

The New York Times failed to mention that another main reason banks close accounts is because they disapprove of their customers’ political views.

In May, 19 Republican attorneys general sent a letter to JPMorgan Chase demanding the institution stop discriminating against “conservatives and religious groups” by “de-banking” their accounts. 

The AGs cited an incident from May 2022 when Chase abruptly closed the account belonging to the National Committee for Religious Freedom (NCRF), a nonprofit aimed at safeguarding freedom for all religions. No transactions had raised any red flags. NCRF made some calls and discovered the decision had come from the corporate office and that a note in their file forbade staff from providing any clarity as to why their account was closed.

Chase eventually told NCRF that it would restore the organization’s account, but only if it divulged its donors, the political candidates it planned to support, and other unnecessary information.

XXX

Citibank, the second largest U.S. bank by number of employees and third largest in terms of assets, began massive layoffs last week in a corporate overhaul as the company seeks to trim its operating expenses to levels more in line with its competitors, according to CNBC.

Citigroup began cutting employees last week, with new terminations continuing to be announced, affecting some chiefs of staff, managing directors and lower-level employees, according to CNBC. Following the initial round of layoffs, more employees in less senior positions are expected to be dismissed in February, with the layoffs being expected to be fully completed by March 2024.

“We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day,” Citigroup said in a statement to the Daily Caller News Foundation.

Jane Fraser, CEO of Citigroup as of March 2021, began the shuffle on Sept. 13 after a memo resulted in the dismissal of a number of senior executives while consolidating to just five division heads that report directly to her, according to CNBC. At least 10% of employees at the bank are expected to be dismissed, but the full amount has yet to be determined, with laid-off employees being able to apply for other positions across the company.

America’s largest megabanks have been posting large profits since the sector was shaken by a banking crisis earlier this year after several insolvent regional banks shut down. JPMorgan, which acquired the failed First Republic, reported that its net income was up 35% in the third quarter of 2023.

That does it for this edition of the Worldview Financial Report.

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