Another Conspiracy Confirmed: How the Plunge Protection Team Rigs the Markets
As I pointed out in this week’s #PropagandaWatch video, the stock market is often portrayed in the financial media as a magical crystal ball that can predict the future and see into the hearts and minds of men. We are routinely told that it shows us the resilience of consumers, for example, or that it can predict the next economic cataclysm or that we can pore over it like an X-ray to reveal the true health of the economy.
And as I also pointed out in that video (and in much of my other work over the past several years), this perception of the market is a bunch of hooey. As we all know (or should know by now) this central bank-created phony baloney reality inversion bubble that the markets are “revealing” to us is just that: a bubble. More precisely, it’s a bubble that has been 93% filled with hopium and paper promises from the Federal Reserve.
But what if I were to tell you that there is yet another mechanism by which the markets are manipulated? A mechanism wielded by a cabal of four men? One that is admittedly and on the record empowered by the POTUS to prop up the markets whenever they start flagging?
Does that sound like “conspiracy theory?” Well, it’s not. Just another humdrum conspiracy fact. This cabal of four is known colloquially as the “Plunge Protection Team,” and it’s been on the books since 1988.
Find out all about the shadowy Working Group on Financial Markets and its miraculous market manipulations in this week’s edition of The Corbett Report Subscriber. And don’t miss this month’s subscriber non-exclusive video c/o the MediaMonarchy kingdom. For full access to the subscriber newsletter and to support this website, please become a member.
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Fun video in the subscriber video slot.
Cheers!
I love my morning coffee, sometimes afternoon coffee.
And an occasional beer…typically a European beer.
And once in a blue moon after coffee, a beer breakfast.
This article, “Another Conspiracy Confirmed: How the Plunge Protection Team Rigs the Markets”, by James Corbett really should be a must read for anyone in the world.
Like James points out, the article throws away the false idea that the stock market is a freely run marketplace and a stable vehicle for Mom and Pop to invest in corporate America.
The entire world is affected by the Plunge Protection Team, what they do and what they do not do.
Eventually, something has got to give.
Occasionally on a financial podcast, video or article, some pundit will mention the Plunge Protection Team. But I never knew the gritty details and history as Corbett explained in this article.
And Corbett is great at explaining things in layman terms.
The markets are of course where the corporate entourage to the financial over lords hang. This is another place where wealth among the elites is redistributed at the expense of the many. If Musk’s operations are currently in vogue money flows in that direction at the cost to say GM take place. The PPT is really just another larger phase operation of stock promotion which in itself is as crooked as a dog’s hind leg. Or why do I have the distinct feeling that supply and demand resulting in price discovery on a market wide basis has long been replaced with computer programming, strong AI and digital money injected where and as needed. If Ford Motors was going broke and needed 4 billion this quarter to remain viable the call could be made and the money typed into Ford’s corporate account and no one beside the principals would know. The light bills and suppliers would be paid. wages and salaries meet and cars and trucks fed into the market. Simply repeat on a market wide basis with various stocks moving up and down giving the appearance of trading but in reality being the operation of a computer generated reality operating in the interests of that reality’s controllers. Know they are coming for the pensions and any other large pools of public wealth. They don’t need or even care about the money, money being immaterial when you can conjure any amount needed into existence as needed. (the Obamas just signed a 65 million book deal as a number pulled out of a hat as example) The control gained by impoverishing the people gives much easy control over their lives and this my friends is the holy grail.It is easier to impoverish a million people than to kill them….
THE GREAT PENSION FUND HOAX – Corporation Nation 2
https://www.youtube.com/watch?v=fhkWueEjewM&feature=youtu.be
The above video is well worth at least a quick skim, because it underscores in neon-yellow highlighter the magnitude of the Ponzi scheme.
A big hat tip to Corbett Report member, Camille, who mentions the Pension Fund video in the comment thread of Corbett’s recent Summer Classic Episode 359 – The Secrets of Silicon Valley: What Big Tech Doesn’t Want You to Know.
Strongly related to Pension Funds are Index Funds (e.g. Mutual Funds, S&P 500 Fund, ETFs, etc.)
The Problems With Index Funds and a BIG BUBBLE
Jason Burack has the following video “The Passive Investing (Index Fund) Bubble” which contains a list of articles in the show notes.
Some interesting info in those articles.
https://www.youtube.com/watch?v=a7yrKQp0kIY
Quiet recent news…
What does the recent news about the Saudi Arabia Purge 2.0 have to do with this Corbett article: “Another Conspiracy Confirmed: How the Plunge Protection Team Rigs the Markets”?
In a way, it all is connected. Dynamically so, just like the weaves on fabric.
Read the short news story about the Saudia Arabia 2.0 purge here…
https://www.corbettreport.com/summer-open-thread/#comment-65863
But see the “reply” which mentions Episode 323 – The Saudi Purge is a Global Crisis
Whatever you do,
be sure to watch “The Saudi Purge is a Global Crisis” Video TO THE END.
Must watch
” The developed world is on the brink of a financial, economic, social and political crisis”
not from some doom porn blogger, this is from someone managing £583 billion on behalf of clients in 80 countries.
https://www.youtube.com/watch?time_continue=1&v=3WclYu5l4G0
Very clear, not technical and very informative.
Thanks Ukdavec. Good presentation.
This highlights how “The Plunge Protection Team” may not hold off a cascading collapse.
I have been doing a lot recent reading and video watching about the world’s financial situations. Some aspects are like reading Greek because the terms are above my pay grade.
Bonds and Negative Yielding Debt
Ukdavec, your cited video discusses this precarious issue.
I have been ranting about this for awhile on the comment boards. Even corporate debt is at extremes, including negative yields.
Just today, ZeroHedge had several related articles (e.g. BofA: “According To This Chart, Something Big Is About To Happen” and US Private Debt Funds Prepare For Economic Downturn.
DERIVATIVES ON BONDS – The insanity get worse.
GRAPHIC IMAGE of “Interest Rate Derivatives”
http://swapsinfo.org/derivatives-notional-outstanding/
(I snagged the image after listening to Jason Burack discuss the lunacy in “Too Many People Betting On More NIRP In the EU?” ).
The pundit in your video mentions emerging markets as a “go to” alternative. On the “Real Vision Finance” YouTube Channel, Kiril Sokoloff in an interview also mentions emerging markets as a possible alternative. Kiril also talks about the dire world situation, as does Raoul Pal.
CHINA
The pundit in your video mentions China’s economy/currency as somewhat healthy by comparative standards.
I have strong doubts.
I think China is over extended.
I think that they are in trouble fiscally. Deep trouble.
I don’t put much credence on the mentioned video below…
At the “Real Vision Finance” YouTube Channel is a very interesting interview by Kyle Bass with infamous Chinese billionaire Guo Wengui, also known as known as “Miles Kwokâ€.
Miles Kwok really disses to the extreme China’s fiscal handling and cites all kinds of leadership corruption. It sounds almost like the U.S. modus operandi.
The video was filmed at an airport hangar (likely in the Dallas – Ft Worth, Texas area) on October 5th, 2018.
On the same day, Steve Bannon and Kyle Bass discuss “The Rise of China’s Totalitarian Regime”.
So, these guys have an agenda to bash China.
I have to look at their information with keen skepticism.
CHINA’s ECONOMY
If Broc West gets a wild hair and happens to be piddling around Ho Chi Minh City, I would love to see him set up an interview with Libertarian Professor Christopher Balding at Fulbright University Vietnam.
I would love to see Chris interviewed by Corbett or by Broc. I would love to pick that guy’s brain about China’s economy.
Christopher Balding spent nine years at the HSBC Business School of Peking University Graduate School in Shenzhen, China. He got out of the country, likely because the official government perspective wasn’t quite in line with Chris’s perspective, or vice versa.
Published on Aug 10, 2019
Here is an interview with China expert and economist Christopher Balding who says the US has a larger plan for China, and it goes way beyond the trade war.
#40 The Secret Plan Behind the Trade War | Christopher Balding | China Unscripted by “China Unscripted”
(48 minutes)
https://www.youtube.com/watch?v=m7mGGI2KzoQ
You are justified in having doubts re China, but…….
1. They have been accumulating Gold like a bandit
2. This is from a blogger but is a long but worthwhile read. It may change minds regarding China
Why the CCP Pump & Dump will Eventually Break the Dollar
https://deep-throat-ipo.blogspot.com/2019/02/dalios-big-debt-crisisthe-fsb-report.html
Apologies for multi posting – but this popped in my twitter feed and supports the China bear theory – follow the link for good pdf
https://twitter.com/DTAPCAP/status/1168352157751488513
I decided not to do the Microsoft one drive link.
But I catch the drift.
Occasionally, I will watch a video with Raoul Pal.
In the comments, Jackie mentions 4 failed banks in China.
Not long ago, I had posted a comment about the third China bank failure. I guess another bit the dust.
Ukdavec,
The deep-throat blogspot has some great insights.
I appreciate how he highlights in blue and red script some important take-aways.
The photos add to the reality of the situation.
Thanks!
More CHINA…
On August 31, 2019, Zero Hedge had this article…
The Real “Helicopter Money”: Since 2009, China Has Created $21 Trillion Of New Money, More Than Double The US
https://www.zerohedge.com/markets/real-helicopter-money-2009-china-has-created-21-trillion-new-money-more-then-double-us
The article is an interesting read.
“…in an Op-Ed in the Financial Times, Arthur Budaghyan, chief EM strategist at BCA Research writes about this all important topic of China’s “helicopter” money (which far more than the Fed, ECB and BOJ)…”
But what REALLY CAUGHT MY EYE is where Arthur Budaghyan writes:
“…Many economists justify China’s credit and money bubble and continuing stimulus by pointing to the nation’s high savings rate.
But this narrative is false.
At its root is the idea that banks are channelling or intermediating deposits into loans.
This is not how banks operate.
When a bank expands its balance sheet, it simultaneously creates an asset (say, a loan) and a liability (a deposit, or money supply). No one needs to save for this loan and money to be originated.
The bank does not transfer someone else’s deposits to the borrower; it creates a new deposit when it lends.
In all economies, neither the amount of deposits nor the money supply hinge on national or household savings…
…Banks also create deposits/money out of thin air when they buy securities from non-banks….”
If anyone is playing 3d chess it is more likely to be China.
Re Kwok, he may not be what he seems
https://www.zerohedge.com/news/2019-07-22/chinese-dissident-tycoon-hiding-ritzy-nyc-hotel-accused-spying-beijing
More CHINA… intriguing anecdotes from Dinny McMahon
Dinny is the author of the book (2018) China’s Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle.
(3 Paragraphs below clipped from Amazon)
Over the course of a decade spent reporting on the ground in China as a financial journalist, Dinny McMahon gradually came to the conclusion that the widely held belief in China’s inevitable economic ascent is dangerously wrong.
In this unprecedented deep dive, McMahon shows how, lurking behind the illusion of prosperity, China’s economic growth has been built on a staggering mountain of debt. While stories of newly built but empty cities, white elephant state projects, and a byzantine shadow banking system, have all become a regular fixture in the press in recent years, McMahon goes beyond the headlines to explain how such waste has been allowed to flourish, and why one of the most powerful governments in the world has been at a loss to stop it.
Through the stories of ordinary Chinese citizens, McMahon tries to make sense of the unique—and often bizarre—mechanics of the Chinese economy, whether it be the state’s addiction to appropriating land from poor farmers; or why a Chinese entrepreneur decided it was cheaper to move his yarn factory to South Carolina; or why ambitious Chinese mayors build ghost cities; or why the Chinese bureaucracy was able to stare down Beijing’s attempts to break up the state’s pointless monopoly over the distribution of table salt.
Jul 25, 2019
Fascinating interview with Dinny McMahon by Jason Burack
(70 minutes – audio podcast)
https://www.youtube.com/watch?v=TE1vMcatF1E
More China…and WAR?!?
September 18, 2019 at the CFR meeting…
Business Insider via Yahoo
Navy SEAL who oversaw the bin Laden raid says China’s massive military buildup is a ‘holy s—‘ moment
https://www.yahoo.com/news/navy-seal-oversaw-bin-laden-160142342.html
EXCERPTS
…The legendary former Navy SEAL Adm. William McRaven said at an event on Wednesday that China’s technical and defense capabilities were quickly approaching — and sometimes surpassing — those of the US, representing what he called a “holy s—” moment for the US.
McRaven, who was the head of Joint Special Operations Command during the 2011 operation on the Al Qaeda leader Osama bin Laden’s Pakistan compound, said at the Council on Foreign Relations event that “we need to make sure that the American public knows that now is the time to do something” about China’s rapid developments in research and technology that threaten US national security.
China is emerging as the most significant rival to the US, as outlined in a report by the Council on Foreign Relations released Wednesday. From hacking and intellectual-property theft to incursions in the South China Sea, China is asserting its dominance in the Pacific and its intention to compete militarily with the US.
But McRaven said that particularly in terms of technology and innovation, “as we talk about the rise of China, the gap” between American and Chinese innovation “is narrowing.”…
…China’s growing economy and investment in technical innovation has been a growing threat to the US’s national security for years, but now is the US’s “Sputnik moment,” McRaven said, referring to US competition with Russia in the Cold War.
“If not now, when?” he said. “And oh, by the way, it’s just going to get harder as we get further into the future.”
Graham Allison coined the phrase Thucydides’s Trap to refer to the situation that when a rising power causes fear in an established power, it escalates toward war.
Thucydides wrote: “What made war inevitable was the growth of Athenian power and the fear which this caused in Sparta.”
Graham Allison, professor of government at the Harvard Kennedy School, discusses China and potential War scenarios, along with other aspects regarding China and the U.S.
This is a September 17, 2018 interview conducted by “anti-China” and financial analyst Kyle Bass.
QUEUED VIDEO at 33:09 – Kinetic Warfare is discussed around 41 minutes.
Is the U.S. Destined For War with China?
https://www.youtube.com/watch?v=C8GfShiu72k&feature=youtu.be&t=33m9s
more China…internal debt & business
I found the following video refreshing in the sense that it gave me some insight as to China’s internal financial system, and how things work culturally with debt, companies and finance.
After listening to this video, if I had to sum up my take-away on the Chinese internal economy, I would probably say that it is so complex; intermingled with government and independent innovative drive, that no audit could ever untangle the web. In short, it seems that “folks figure out a way”.
Video date December 2016.
Author and independent analyst on China, Fraser Howie has spent 25 years working in the financial sector in Asia, examining how financial markets work and how the Chinese government approaches imbalances in the system.
(40 minutes)
How Chinese Debt & Business in China Have Evolved (w/ Fraser Howie)
https://www.youtube.com/watch?v=Js-xDyxPS1A
When nations or people are under financial stresses, conflicts can easily arise.
I don’t see the acceleration of financial stresses improving anytime soon, if at all.
Will people and nations be the fodder for a new global currency?
I keep thinking of Corbett’s Episode 320 – Echoes of WWI: China, the US, and the Next “Great†War.
And the Interview with James at the Open Mind Conference 2017
18 minutes
https://www.youtube.com/watch?v=EjeyKhCACvc
September 2, 2019 – morning U.S. time.
DXY hits 99
https://tradingeconomics.com/united-states/currency
The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies. The Index goes up when the U.S. dollar gains “strength” (value) when compared to other currencies.
I’m thinking out loud…
Is the Trump vs China Trade War a head fake?
We see all this media making a big deal about the trade war negotiations. Headlines daily…Trade War! Stocks fly up or down on a Trump Tweet. The media screams about it.
But in reality, at this time, not much has yet changed on tariffs and their passed on costs to the end consumer. In fact, countries have always had tariffs and manipulated their exported priced goods.
I’m speculating here…but I don’t see that these supposed tariffs in themselves will effect the American economy nor the Chinese economy.
I tend to think that all this screaming about tariffs masks some other international financial problems.
The Central Banks around the world have gone nuts with their negative and zero interest rates.
The ‘supposed’ primary reason that Central Banks drop rates is to stimulate the economy. (I say ‘supposed’, because something nefarious might be afoot, such as plans towards a world currency.)
Regardless, dropping rates is often seen as a way to stimulate a nation’s economy. It implies that the economy is hurting.
Perhaps this trade war stuff is a cover story and future justification for when the world’s economy bites the dust hard.
Anyway, at this time, I don’t see the proposed tariffs as a major threat to national economies.
But, I do think national economies and their currencies are deep, deep trouble.
September 3, 2019 Zero Hedge
Emerging Market Central Banks Panic With Most Rate Cuts Since Financial Crisis
https://www.zerohedge.com/news/2019-09-03/emerging-market-central-banks-panic-most-rate-cuts-financial-crisis
Homey; Im trying to learn some, about plays in a market and regulators rigging the market.
Are not tariffs a way of bankrupting nationals investing at home and adding cover to the internationals who are hedged against the damage caused by tariffs by being owners of the targeted industries.
Throw in zero % money that must be matched by some high risk capitol in an uncertain domestic market should the international money begin the shooting some how. Seems like Bear trap baiting. Domestic assets will be up for sale at below bargain rates. Is that the reality when the State Dept. is owned and infiltrated by what Norman Dodd outlined in the late 50s. Im seeing Red through all this craziness. How much has been secreted away while we partied away the last 40 yrs.
Related notes to past economic manipulation by oligarchies. By Webster Tarpley
https://youtu.be/9MlZYWjfvAI
The History of US Gov Hurricane Experiments
https://www.youtube.com/watch?v=p3gsMS8VmSI
A great article/video by the Huston mayor runner up on weather weaponization.
Mkey; another unusual report by The HAARP Report on Dorian storm.
https://youtu.be/gcyK0OhcsC4
And on futures contracts.
https://youtu.be/bJB1h5j1teI
Solid article, but on a less pointful note, I really think the picture for the article should have incorporated a toilet plunger 🙂
😉
As you eat your beans and rice in your homeless make-shift shanty, have you ever wondered “When is a recession official?”.
Well, push your shopping cart of junk supplies out of the way.
Here is what authorities and financial gurus write…
September 6, 2019 Yahoo Finance
There’s no doubting recessions: Morning Brief
https://finance.yahoo.com/news/theres-no-doubting-recessions-morning-brief-102606191.html
This should be mentioned…
October 1st, 2016, James Corbett writes a subscriber newsletter entitled:
SDR World Order
https://www.corbettreport.com/sdr-world-order/
Any Corbett Report Member who follows the videos and articles will recall that on occasions, James will speculate that perhaps a global monetary reset (GMR) might include an SDR style currency.
With James Corbett’s recent article (Aug 24) about the super cool dude in Thailand, he had in his “Recommended Reading†the following ZeroHedge article which better describes Mark Carney’s statements regarding a new world currency.
“In Unprecedented, Shocking Proposal, BOE’s Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency”
October 1st, 2016 – China – Jim Rickards – Global Monetary Reset – The Coming Recession – 9/11 Trading & CIA – Artificial Intelligence
This is an interesting interview with Jim Rickards which occurred on July 12, 2018. It is dated, because you will notice that The Federal Reserve has reversed its position about interest rates.
Note “October 1st, 2016”.
QUEUED VIDEO (4 MINUTES)
Why The Next Financial Crisis Will Be Bigger Than 2008 (w/ Jim Rickards)
https://www.youtube.com/watch?v=U9QcQw343-8&feature=youtu.be&t=31m33s
9/11 and MONEY and ARTIFICIAL INTELLIGENCE and CIA
Prior to the 12 minute mark of the video, Jim Rickards gives a backdrop to artificial intelligence. Following the 12 minute mark, he discusses 9/11.
(By the way, the Summer 2019 “Open Thread” has links to the Corbett Zero Hedge article mentioned above, along with some current financial events.)
Related to the last 4 minutes of the above mentioned video.
September 8, 2019 – Bloomberg News via Yahoo Finance
China Has Added Nearly 100 Tons of Gold to Its Reserves
GRAPH embedded in article
https://finance.yahoo.com/news/china-added-nearly-100-tons-024956100.html
EXCERPT
…China has added almost 100 tons of gold to its reserves since it resumed buying in December, with the consistent run of accumulation coming amid a rally in prices and the drag of the trade war with Washington.
The People’s Bank of China raised bullion holdings to 62.45 million ounces in August from 62.26 million a month earlier, according to data on its website at the weekend. In tonnage terms, August’s inflow was 5.91 tons, following the addition of about 94 tons in the previous eight months….
I know. I know. Sometimes Financial/Economic talk seems dry, hard to understand, and boring.
But…
I want to mention that James Corbett has often talked about the SDR and IMF, and also the potential for a new World Currency possibly as part of the SDR.
The following video reaffirms so many aspects which Corbett has mentioned over the years.
I strongly recommend watching at least 20 minutes.
QUOTE: “Who’s going to bail out the Central Banks?”
Currency Wars with Jim Rickards, the IMF, SDR, and the New World Currency
https://www.youtube.com/watch?v=XC0vXY9elMY
I strongly encourage folks to read Corbett’s ‘Recommended Reading’ article “The Three Big Issues and the 1930s Analogue” by Ray Dalio.
It may be dry and written in Greek for some. But just grab any non-mind-straining take-aways you can easily grasp.
Bloomberg ranked Ray Dalio as the world’s 58th wealthiest person, and he runs one of the world’s largest hedge funds. So, he has some qualifications.
A FEW EXCERPTS (Note: Some parts correlate very well with aspects which James Corbett has pointed out over the years.)
…The most important forces that now exist are:
1) The End of the Long-Term Debt Cycle (When Central Banks Are No Longer Effective)
2) The Large Wealth Gap and Political Polarity
3) A Rising World Power Challenging an Existing World Power…
…In other words now 1) central banks have limited ability to stimulate,
2) there is large wealth and political polarity and
3) there is a conflict between China as a rising power and the U.S. as an existing world power.
If/when there is an economic downturn, that will produce serious problems in ways that are analogous to the ways that the confluence of those three influences produced serious problems in the late 1930s…
…a) we are approaching the ends of both the short-term and long-term debt cycles in the world’s three major reserve currencies,
while
b) the debt and non-debt obligations (e.g., healthcare and pensions) that are coming at us are larger than the incomes that are required to fund them,
c) large wealth and political gaps are producing political conflicts within countries that are characterized by larger and more extreme levels of internal conflicts between the rich and the poor and between capitalists and socialists,
d) external politics is driven by the rising of an emerging power (China) to challenge the existing world power (the U.S.), which is leading to a more extreme external conflict and will eventually lead to a change in the world order,
and
e) the excess expected returns of bonds is compressing relative to the returns on the cash rates central banks are providing….
This video, which was linked in the article, is 30 minutes well spent.
It gives an interesting, simplifying perspective of the complexity of the world economy.
– Economic Principles –
How the Economic Machine Works
https://economicprinciples.org/
I agree, (video before article),
great recap and basis for trying to interpret current events and ponder their future outcomes…
I wonder, for example, how institutionalized cryptos (stable coins et al) will (or not) impact the very tight financial situation the world seems to be in…?
got it! Rickie for a Denier!
https://www.youtube.com/watch?v=9JkT3p6H4Ws
…You can’t break the rules until you know how to play the game
But if you just want to have a little fun….
LYRICS – from Rickie Lee Jones
https://www.rickieleejones.com/lyrics/dannysallstarjoin.html
mbp, You made my day.
Well ok! If’I really did then,
😎
it’s great we’re in CorbettLand!
Regarding the 30 minute Ray Dalio video, – Economic Principles –
How the Economic Machine Works…
Investopedia Sept 13, 2019 updated
The $250 Trillion Debt Problem Could be Catastrophic
https://www.investopedia.com/the-usd250-trillion-debt-problem-could-be-catastrophic-4769881?utm_campaign=rss_stock_analysis&utm_source=rss&utm_medium=referral
The following interview directly is in tune with this Corbett article
Another Conspiracy Confirmed: How the Plunge Protection Team Rigs the Markets.
September 18, 2019 – Corbett Report
Interview 1479 – Catherine Austin Fitts Explains the Financial Coup D’état
https://www.corbettreport.com/interview-1479-catherine-austin-fitts-explains-the-financial-coup-detat/
Hong Kong currency peg to the Dollar – Will it change after October 1st?
The bossman at the Hong Kong Central Bank is retiring October 1st. I am curious if the new boss will “de-peg” from the U.S. dollar.
South China Morning Post – July 2019
Hong Kong promotes Eddie Yue to lead monetary authority, taking no chances on its choice amid turbulent economic times
https://www.scmp.com/business/banking-finance/article/3020111/hong-kong-promotes-eddie-yue-lead-monetary-authority
In light of this information does anyone invest for dividends and/or retirement? Does anyone recommend a good place to invest?