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Dear Mr. President, Be Careful What You Wish for: Higher Interest Rates Will Kill the Recovery

Albeit a bit sophisticated, this article clearly illustrates the predictable, and in fact inevitable results inherent in a monetary system co-managed by the conflicting interests of Federal Government and not-federal-except-in-name Federal Reserve (Central Bank).

Federal ReserveHigher interest rates will triple the interest on the federal debt to $830 billion annually by 2026, will hurt workers and young voters, and could bankrupt over 20% of US corporations, according to the IMF. The move is not necessary to counteract inflation and shows that the Fed is operating from the wrong model.

Responding to earlier presidential pressure, the Federal Reserve is expected to raise interest rates this week for the third time since November, from a fed funds target of 1% to 1.25%.  But as noted in The Guardian in a March 2017 article titled “Trump Is Set to Win the Battle on Interest Rates, but US Economy Will Pay the Price”:

An increase in the base rate, however small, will tighten the screw on younger voters and some of the poorest communities who voted for him and rely on credit to get by.

More importantly for his economic programme, higher interest rates in the US will act like a honeypot for foreign investors . . . . [S]ucking in foreign cash has a price and that is an expensive dollar and worsening trade balance. . . . It might undermine his call for the repatriation of factories to the rust-belt states if goods cost 10% or 20% more to export.

In its Global Financial Stability report in April, the International Monetary Fund issued another dire warning: projected interest rises could throw 22% of US corporations into default. As noted on Zero Hedge the same month, “perhaps it was this that Gary Cohn explained to Donald Trump ahead of the president’s recent interview with the WSJ in which he admitted that he suddenly prefers lower interest costs.”

But the Fed was undeterred and is going full steam ahead. Besides raising the fed funds rate to a target of 3.5% by 2020, it is planning to unwind its massive federal securities holdings beginning as early as September. Raising interest rates benefits financial institutions, due to a rise in interest on their excess reserves and net interest margins (the difference between what they charge and what they pay to depositors). But borrowing costs for everyone else will go up (rates on student loans are being raised in July), and the hardest hit will be the federal government itself. According to a report by Deloitte University Press republished in the Wall Street Journal in September 2016, the government’s interest bill is expected to triple, from $255 billion in 2016 to $830 billion in 2026.

The Fed returns the interest it receives to the Treasury after deducting its costs. That means that if, rather than dumping its federal securities onto the market, it were to use its quantitative easing tool to move the whole federal debt onto its own balance sheet, the government could save $830 billion in interest annually – nearly enough to fund the president’s trillion dollar infrastructure plan every year, without raising taxes or privatizing public assets.

That is not a pie-in-the-sky idea. Japan is actually doing it, without triggering inflation. As noted by fund manager Eric Lonergan in a February 2017 article, “The Bank of Japan is in the process of owning most of the outstanding government debt of Japan (it currently owns around 40%).” Forty percent of the US national debt would be $8 trillion, three times the amount of federal securities the Fed holds now as a result of quantitative easing. Yet the Bank of Japan, which is actually trying to generate some inflation, cannot get the CPI above 0.2 percent.

The Hazards of Operating on the Wrong Model

President interestThe Deloitte report asks:

Since the anticipated impact of higher interest rates is slower growth, the question becomes: why would the Fed purposely act to slow the economy? We see at least two reasons. First, the Fed needs to raise rates so that it has room to lower them when the next recession occurs. And second, by acting early, the Fed likely hopes to choke off inflationary pressure before it starts to build.

Rates need to be raised so that the recession this policy will trigger can be corrected by lowering them again – really? And what inflation? The Consumer Price Index has not even hit the Fed’s 2% target rate. Historically, when interest rates have been raised in periods of tepid growth, the result has been to trigger a recession. So why raise them? As observed in a June 2 editorial in The Financial Times titled “The Needless Urge for Higher Borrowing Costs”:

In this context, the apparent determination of the Fed in particular to press on with interest rate rises looks a little peculiar. Having created expectations that it was likely to tighten policy with three quarter-point increases over the course of 2017, the Fed is acting more like a party to a contract that feels the need to honour its terms, than a central bank that takes the data as it finds them. [Emphasis added.]

In the six months since President Trump was elected, the Fed has pressed on with two rate hikes and is proceeding with a third, evidently just because it said it would.  Impatient bond investors are complaining that it has found one excuse after another to postpone the “normalization” it promised when market conditions “stabilized;” and in his presidential campaign, Donald Trump attacked Janet Yellen personally for keeping rates low, putting her career in jeopardy. She has now gotten with the program, evidently to restore the Fed’s waning credibility and save her job. But the question is, why did the Fed promise these normalization measures in the first place? As then-Chairman Ben Bernanke explained its “exit strategy” in 2009:

At some point, . . . as economic recovery takes hold, we will need to tighten monetary policy to prevent the emergence of an inflation problem down the road. . . . [B]anks currently hold large amounts of excess reserves at the Federal Reserve. As the economy recovers, banks could find it profitable to be more aggressive in lending out their reserves, which in turn would produce faster growth in broader money and credit measures and, ultimately, lead to inflation pressures.

The Fed evidently believes that the central bank needs to tighten monetary policy (raise interest rates and sell its bond holdings back into the market) because the massive “excess reserves” held by the banks (currently ringing in at $2.2 trillion) will otherwise be lent into the economy, expanding the money supply and triggering hyperinflation. Which, as David Stockman puts it, shows just how clueless even the world’s most powerful central bankers can be in matters of banking and finance . . . .

Banks Don’t Lend Their Reserves

There need be no fear that banks will dump their excess reserves into the market and create “inflation pressures,” because banks don’t lend their reserves to their commercial borrowers. They don’t because they can’t. The only thing that can be done with money in a bank’s reserve account is to clear checks or lend reserves to another bank. Reserves never leave the reserve system, which is simply a clearing mechanism set up by the central bank to facilitate trade among banks. Technically, dollars leave the system when a depositor pulls money out of the bank in cash; but as soon the money is spent and redeposited, these Federal Reserve Notes go back into the banking system and again become reserves.

Not only do banks not lend their reserves commercially, but they do not lend their deposits. Banks create deposits when they make loans. As researchers at the Bank of England have acknowledged, 97 percent of the UK money supply is created in this way; and US figures are similar. Banks do not need reserves or deposits to make loans; and since they are now flooded with reserves, they have little incentive to pay interest on the deposits of “savers.” If they do not have sufficient incoming deposits at the end of the business day to balance their outgoing checks, they can borrow overnight in the fed funds market, where banks lend reserves to each other.

At least they used to do this. But since the Fed began paying Interest on Excess Reserves (IOER) in 2008, they have largely quit lending their reserves to each other. They are just pocketing the IOER. If they need funds, they can borrow more cheaply from the shadow banking system – the Federal Home Loan Banks (which are not eligible for IOER) or the repo market.

So why is the Fed paying interest on excess reserves? Because with the system awash in $2.2 trillion in reserves, it can no longer manipulate its target fed funds rate by making reserves more scarce, pushing up their price. So now the Fed raises the fed funds rate by raising the interest it pays on reserves, setting a floor on the rate at which banks are willing to lend to each other – since why lend for less when you can get 1.25% from the Fed?

That is the theory, but the practical effect has been to kill the fed funds market. The Fed has therefore implemented a new policy tool: it is “selling” (actually lending) its securities short-term in the “reverse repo” market. The effect is to drive up the banks’ cost of borrowing in that market; and when this cost is passed on to commercial borrowers, market rates are driven up.

Meanwhile,  the Fed is paying 1% (soon to be 1.25%) on $2.2 trillion in excess reserves. At 1%, that works out to $22 billion annually. At 1.25%, it’s $27.5 billion; and at 3.5% by 2020, it will be $77 billion, most of it going to Wall Street megabanks. This tab is ultimately picked up by the taxpayers, since the Fed returns its profits to the government after deducting its costs, and IOER is included in its costs. Among other possibilities, an extra $22 billion annually accruing to the federal government would be enough to end homelessness in the United States. Instead, it has become welfare for those Wall Street banks that largely own the New York Fed, the largest and most powerful of the twelve branches of the Federal Reserve.

Paying IOER is totally unnecessary to prevent inflation, as evidenced again by the case of Japan, where the Bank of Japan is actually trying to fan inflation and is now charging banks 0.1% rather than paying them on their excess reserves. Yet the inflation rate refuses to rise above 0.2%.  

Banks cannot lend their reserves commercially and do not need to be induced not to lend them. The Fed’s decision to raise rates by increasing IOER just increases public and private sector borrowing costs, slows the economy, threatens to bankrupt businesses and consumers, and gives another massive subsidy to Wall Street.

____________________

Ellen Brown is an attorney, founder of the Public Banking Institute, a Senior Fellow of the Democracy Collaborative, and author of twelve books including Web of Debt and The Public Bank Solution. She co-hosts a radio program on PRN.FM called “It’s Our Money.” Her 300+ blog articles are posted at EllenBrown.com.

Exposed: the Nazi roots of the European Union, an Intelligence Briefing by Jon Rappoport

Nazi EU

Jun7

Exposed: the Nazi roots of the European Union

World War 2 continued by other means

by Jon Rappoport

June 7, 2017

This is an intelligence briefing. Here I present the bare bones of what has been happening before our eyes…if we would see it.

Once upon a time, there was an industrial combine in Nazi Germany called IG Farben. It was the largest chemical/pharmaceutical octopus in the world. It owned companies, and it had favorable business agreements with companies from England to Central America to Japan.

The author of The Devil’s Chemists, Josiah DuBois, traveled to Guatemala, on a fact-finding mission, in the early days of World War 2, and returned with the comment that, as far as he could tell, Guatemala was “a wholly owned subsidiary of Farben.”

The pharmaceutical empire was and is one of the major forces behind the European Union (EU). It is no accident that these drug corporations wield such power. They aren’t only involved in controlling the medical cartel; they are political planners.

This is how and why Big Pharma fits so closely with what is loosely referred to as the New World Order. The aim of enrolling every human in a cradle-to-grave system of disease diagnosis and toxic drug treatment has a larger purpose: to debilitate, to weaken populations.

This is a political goal. It facilitates control.

IG Farben’s main component companies, at the outbreak of World War 2, were Bayer, BASF, and Hoechst. They were chemical and drug companies. Farben put Hitler over the top in Germany as head of State, and the war was designed to lead to a united Europe that would be dominated by the Farben nexus.

The loss of the war didn’t derail that plan. It was shifted into an economic blueprint, which became, eventually, the European Union.

The European Commission’s first president was Walter Hallstein, the Nazi lawyer who, during the war, had been in charge of post-war legal planning for the new Europe.

As the Rath Foundation reports: In 1939, on the brink of the war, Hallstein had stated, “The creation of the New Law [of the Nazis] is ONLY the task of the law-makers!”

In 1957, with his reputation sanitized, Hallstein spoke the words in this manner: “The European Commission has full and unlimited power for all decisions related to the architecture of this European community.”

Post-war, IG Farben was broken up into separate companies, but those companies (Bayer, Hoechst, and BASF) came roaring back, attaining new profit highs.

I refer you to the explosive book, The Nazi Roots of the Brussels EU, by Paul Anthony Taylor, Aleksandra Niedzwiecki, Dr. Matthias Rath, and August Kowalczyk. You can also read it at relay-of-life.com. It is a dagger in the heart of the EU.

At the Rath Foundation, you can also read Joseph Borkin’s classic, “The Crime and Punishment of IG Farben.”

In 1992, I was deeply engaged in researching the specific devastating effects of medical drugs. Eventually, I concluded that, at the highest levels of power, these drugs weren’t destructive by accident. They were intended to cause harm. This was covert chemical warfare against the population of the planet. The Rockefeller-Standard Oil-Farben connection was a primary piece of the puzzle.

It was, of course, Rockefeller (and Carnegie) power that had forced the birth of pharmaceutical medicine in America, with the publication of the 1910 Flexner Report. The Report was used to excoriate and marginalize Chiropractic, Homeopathy, Naturopathy, and other forms of traditional natural practice, in favor of what would become the modern juggernaut of drug-based treatment.

In an article about the FDA, “Medical Murder in the Matrix,” I point out the fact that this federal agency has permitted at least 100,000 deaths of Americans, per year, from the direct effects of drugs it, the FDA, has certified as safe. (See, for example, JAMA, July 26, 2000, ‘Is US Health Really the Best in the World,’ Dr. Barbara Starfield.)

The FDA knows these death figures. “Unintended” and “accidental” can no longer be applied to this ongoing holocaust.

The pharmaceutical industry itself also knows those death figures.

To understand the dimensions and history of the ongoing chemical warfare against the population, in the form of medical drugs (and of course pesticides), one must factor in the original octopus, IG Farben.

World War 2 never ended. It simply shifted its strategies.

In any fascist system, the bulk of the people working inside the system, including scientists, refuse to believe the evidence of what is happening before their own eyes. They insist they are doing good. They believe they are on the right side. They see greater top-down control as necessary and correct. They adduce “reasonable” explanations for inflicted harm and death.

World War 2 is still underway. The battleground has been changed, and the means are far cleverer.

Sun Tzu wrote: “Hence to fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy’s resistance without fighting… The best victory is when the opponent surrenders of its own accord before there are any actual hostilities…It is best to win without fighting.”

This is what has been happening: invisible warfare.

https://jonrappoport.wordpress.com/2017/06/07/exposed-the-nazi-roots-of-the-european-union-2/

Image result for Nazi EU


Trump Announces New FBI Director

Trump FBI Director

Trump Announces New FBI Director

He nominated Christopher Wray to replace James Comey, a position needing Senate confirmation.

He’s a former assistant attorney general in charge of the Criminal Division under Bush/Cheney from 2003 – 2005.

In May 2001, he served as deputy attorney general Larry Thompson’s aide, later promoted to his post. Post-9/11, he was heavily involved in Bush/Cheney’s war on Islam.

Ignoring the mother of all false flags, during his 2003 Senate confirmation hearing, he said

“(w)e have never…experienced anything as savage and cowardly as the (9/11 attack), and we must do everything within our power, within the Constitution and the law, to make sure it never happens again.”

During his tenure as assistant attorney general in charge of the Criminal Division, he was involved in witch-hunt plots, persecution and entrapment of targeted Muslims – for their faith, ethnicity, and at times prominence and charity.

They were ruthlessly vilified and exploited as war on terror scapegoats for political advantage, due process and judicial fairness consistently denied.

Numerous Muslims on Wray’s watch were hunted down, rounded up, held in detention, kept in isolation, denied bail, restricted in their right to counsel, tried on secret evidence, convicted on bogus charges, given long sentences, then incarcerated as political prisoners.

The FBI employs thousands of undercover agents, many times involved in sting operations, designed to entrap law-abiding people, Muslim targets of choice – victimized to claim victories in the phony war on terrorism.

Virtually all post-9/11 homeland terrorist plots were invented ones, innocent Muslims imprisoned to create the illusion of keeping America safe.

From inception, the FBI was a rogue agency, along with DHS America’s Gestapo, harming ordinary people to protect privilege – instruments of powerful interests, operating extrajudicially.

Post-9/1l police state laws unleashed the power of the state against constitutional protections – on the phony pretext of national security, the FBI, CIA, DHS and NSA playing leading roles.

If confirmed as FBI director, Wray will be in charge of the agency’s war OF terror on Muslims and other designated enemies of the state.

Inventing reasons to bash Russia, China and Iran will be part of his mandate.

Stephen Lendman lives in Chicago. He can be reached at .

His new book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.”

http://www.claritypress.com/LendmanIII.html

Visit his blog site at sjlendman.blogspot.com.

https://www.globalresearch.ca/trump-announces-new-fbi-director/5594083

No Longer a Conspiracy Theory: Elite Openly Paying to Ingest the Blood of the Young

What was once talk of conspiracy theorists is now hitting the mainstream as the country’s elite line up to pay thousands of dollars to ingest the blood of the young. They have no problem admitting it either.

Matt Agorist, The Free Thought Project
Waking Times Media

Once the talk of conspiracy theorists — the rich ingesting the blood of the young to foster longevity — is now a reality and an actual business in the United States. Not only is it a business but billionaires are actually admitting their interest in it.

“I’m looking into parabiosis stuff, which I think is really interesting. This is where they did the young blood into older mice and they found that had a massive rejuvenating effect,” Peter Thiel, the billionaire co-founder of PayPal and adviser to Donald Trump told Inc. magazine. “I think there are a lot of these things that have been strangely under-explored.”

But it’s no longer an experiment with just mice. The startup company by Jesse Karmazin, Ambrosia, is doing this with humans, and the rich are lining up to get the blood of the young.

As Vanity Fair reports, Ambrosia, which buys its blood from blood banks, now has about 100 paying customers. Some are Silicon Valley technologists, like Thiel, though Karmazin stressed that tech types aren’t Ambrosia’s only clients and that anyone over 35 is eligible for its transfusions.


As The Free Thought Project reported in January, a study published in Science and Nature Medicine revealed that transfusing young mouse blood into old mice can actually prevent the symptoms of aging. This groundbreaking discovery could lead to medical breakthroughs and the development of new medicines. However, a report from the Vice health news outlet “Tonic” has pointed out far more sinister applications for this knowledge.

 

It was suggested in the report that aging elites are using the blood of young people as a type of youth serum. Now, we know that they actually are using it.

A similar claim was made by journalist Jeff Bercovici last year, after he conducted several interviews with Silicon Valley aristocrats including Peter Thiel, and learned about this transfusion procedure called “parabiosis,” where the blood of young people is used to prevent aging.

“There are widespread rumors in Silicon Valley, where life-extension science is a popular obsession, that various wealthy individuals from the tech world have already begun practicing parabiosis, spending tens of thousands of dollars for the procedures and young-person-blood, and repeating the exercise several times a year,” Bercovici reported.

In his article, Bercovici also expressed concerns about a developing black market for young people’s blood.

While there is certainly nothing wrong with willing young adults selling their blood to the elite, the underlying theme of this practice has strong roots in the occult.

In most modern cultures, mass murder and human sacrifice still takes place out in the open under the cover of warfare, while many argue that cannibalism also still takes place but behind closed doors.

It is only in the past few hundred years that the practice of cannibalism among royals has not been publicized. In Europe, around the time of the American Revolution “corpse medicine” was very popular among the ruling class, Charles II even brewed his own.

Dr Richard Sugg of Durham University has conducted extensive research into the practice of corpse medicine among the royalty.

“The human body has been widely used as a therapeutic agent with the most popular treatments involving flesh, bone or blood. Cannibalism was found not only in the New World, as often believed, but also in Europe,” Sugg said.

“One thing we are rarely taught at school yet is evidenced in literary and historic texts of the time is this: James I refused corpse medicine; Charles II made his own corpse medicine; and Charles I was made into corpse medicine. Along with Charles II, eminent users or prescribers included Francis I, Elizabeth I’s surgeon John Banister, Elizabeth Grey, Countess of Kent, Robert Boyle, Thomas Willis, William III, and Queen Mary,” he added.

If this wasn’t strange enough, the current royal family of England claims to be direct descendants of Prince Vlad III Dracula of Wallachia (modern Romania). This was the sick and depraved ruler, Vlad the Impaler, who was known as a butcher and who eventually became the inspiration for the most famous vampire stories in history.

Aside from the gruesome historical and occult background of such practices, there is a lack of data that suggests the process even works. Despite Karmazin’s claims that “young blood is causing changes that appear to make the aging process reverse,” scientists have yet to identify a link between blood transfusions from the young and any tangible health benefits.

“There‘s just no clinical evidence [that the treatment will be beneficial], and you‘re basically abusing people‘s trust and the public excitement around this,” Stanford University neuroscientist Tony Wyss-Coray, who conducted a 2014 study of young blood plasma in mice, told Science magazine last summer, as reported by Vanity Fair.


This article (No Longer a Conspiracy Theory: Elite Openly Paying to Ingest the Blood of the Young) was originally created and published by The Free Thought Project and is re-posted here with permission

Shanghai Cooperation Organisation Superpower And Army Headed By Russia And China “Rapidly Forming”: Wake Up West!

SCO WORLD SUPERPOWER & ARMY RAPIDLY FORMING, WHILE WESTERN NATIONS HAVE GOT THEIR HEAD IN THE SAND STRUCK WITH SPIRITUAL BLINDNESS
Rssia China Alliance
VIDEO LINK BELOW:
After this weekend, Russia and China will head an organization (Shanghai Cooperation Organization) that now  controls over 40% of the world population and over 20% of global GDP.
Yet not one word on the mainstream news other than the score at the local football game!
J.
Image result for russia and china alliance

The scenario that must concern American defense planners above and beyond all others is that dark, yet still rarely discussed possibility that China and Russia could somehow become engaged in simultaneous armed conflict against the United States. While neither Moscow nor Beijing are strong enough by themselves to go toe-to-toe with Washington, DC in a high intensity long-duration war, a well-coordinated tandem effort could undoubtedly pose major problems to the long-time superpower. Such a scenario has rightly been seen as extremely remote, in part because a major lesson of the Cold War seems to have been the fallacy of viewing the communist bloc as monolithic, when in fact it was deeply fractured. Arguably, the tragic Vietnam War would never have been fought if such fractures had been better understood in Washington.

But this is a new world and evidence is everywhere apparent that Moscow and Beijing are growing closer by the day……

Read More:

https://nationalinterest.org/feature/china-russia-alliance-20333

Trump calls UK Prime Minister May after election upset

President Trump called U.K. Prime Minister Theresa May on Friday following a surprising vote in which her party lost their majority.

Trump offered “his warm support regarding the election,” according to a White House statement. “Trump emphasized his commitment to the United States-United Kingdom special relationship and underscored that he looks forward to working with the prime minister on shared goals and interests in the years to come.”

Trump calls UK Prime Minister May after election upset© Provided by The Hill Trump calls UK Prime Minister May after election upset The statement is the first official White House comment on the election outside of Trump calling the result “surprising” when prompted by a reporter earlier Friday. The Labour Party, led by Jeremy Corbyn, surged in the election.

May called the snap election in April with the intention of solidifying her party’s majority in parliament and obtaining a stronger mandate for Brexit. Instead, her party on Friday worked to form a unity government with the ultra-conservative Democratic Unionist Party (DUP) after losing the Conservative majority.

John Bowden
Trump and May

RISE OF RUSSIA (WITH CHINA AND THEIR ALLIES) AS A GIANT SUPERPOWER.

PUTIN  SPEAKS AT THE SHANGHAI COOPERATION ORGANISATION (SCO) MEETING IN KAZAKHSTAN TODAY
Putin Shanghai
Funny how ALL OF THESE MAJOR WORLD EVENTS LIKE THIS ARE BEING ALMOST TOTALLY CENSORED BY OUR MAINSTREAM NEWS MEDIA PROSTITUTES AND REPLACED WITH MEANINGLESS TRIVIALITIES TO DUMB EVERYBODY DOWN!
Jack.

 

The President’s Attorney Responds: ‘Today Comey Admitted’ to Being a Leaker of ‘Privileged’ and ‘Classified’ Information

The_Real_Fly's picture

 

Content originally published at iBankCoin.com

 

The big story out of today’s testimony had nothing to do with Trump collusion or obstruction of justice, but the revelation that Comey had, in fact, willingly leaked both privileged and classified information to a friend of his, who is suspected to be Professor Daniel Richman, the details of his communications with the President, to the media, in order to prompt a special counsel.

These retaliatory actions can only be viewed through one prism: he was out to get the President.

During today’s hearings, Comey said he took notes of every single meeting with the President, something he had never done with Bush or Obama, because he had a ‘gut feeling’ he’d need them, afraid that the President would lie. If this doesn’t give insight into the bias Comey harbored against Trump, nothing will.

Back on the topic of leaks, President Trump’s presidency has been beguiled by them since the day he was sworn in. The fact that Comey just admitted to being willing and able to become a source to a low-life degenerate NY Times or Washpo hack brings forth a very important question.

What else has Comey leaked? Moreover, was it legal for him to leak this information to the media, considering the conversations with the President were both privileged and classified?

Rubio pressed Comey on the fact that just about everything had been leaked from the White House, with exception to the fact that he was NOT under investigation — inferring that forces within deep state had withheld leaking info that might be viewed as a positive for the President.

The President’s attorney, Marc Kasowitz, laid into the former FBI director today — highlighting the fact that Comey had leaked to his friends and the media both privileged and classified information to the media. More to that point, Comey had stated that he leaked the info AFTER Trump made a tweet regarding having tapes of their conversation. However, and as Kasowitz points out, the NY Times ran a story, based upon the contents of these leaks, the day before Trump tweeted, which means Comey had lied under oath.

 

The President also never told Mr. Comey, “I need loyalty, I expect loyalty” in form or substance. Of course, the Office of the President is entitled to expect loyalty from those who are serving in an administration, and, from before this President took office to this day, it is overwhelmingly clear that there have been and continue to be those in government who are actively attempting to undermine this administration with selective and illegal leaks of classified information and privileged communications. Mr. Comey has now admitted that he is one of these leakers.

Today, Mr. Comey admitted that he unilaterally and surreptitiously made unauthorized disclosures to the press of privileged communications with the President. The leaks of this privileged information began no later than March 2017 when friends of Mr. Comey have stated he disclosed to them the conversations he had with the President during their January 27, 2017 dinner and February 14, 2017 White House meeting. Today, Mr. Comey admitted that he leaked to friends his purported memos of these privileged conversations, one of which he testified was classified. He also testified that immediately after he was terminated he authorized his friends to leak the contents of these memos to the press in order to “prompt the appointment of a special counsel.” Although Mr. Comey testified he only leaked the memos in response to a tweet, the public record reveals that the New York Times was quoting from these memos the day before the referenced tweet, which belies Mr. Comey’s excuse for this unauthorized disclosure of privileged information and appears to entirely retaliatory. We will leave it the appropriate authorities to determine whether this leaks should be investigated along with all those others being investigated.

In sum, it is now established that the President was not being investigated for colluding with the Russians or attempting to obstruct that investigation. As the Committee pointed out today, these important facts for the country to know are virtually the only facts that have not leaked during the long course of these events.
Here is his full statement.

https://www.zerohedge.com/news/2017-06-08/presidents-attorney-responds-today-comey-admitted-being-leaker-privileged-and-classi