“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Erik on Oligarchy”
The latest from Erik –
Bill’s Commentary:
“And you wonder if you live in a Nanny state?”
Come July, Keys Will Be De Facto Illegal In Minnesota
Come July, common keys for houses, cars, boats, and motorcycles will be illegal in Minnesota, save for uncertain intervention from the state Legislature.
That’s when the state’s ban on the manufacture, sale, or import of keys, toys, dishes, and other common items containing more than a tiny percentage of lead or cadmium goes into effect.
The purpose of that law was to remove dangerous heavy metals from products that come into contact with children. The trouble is that almost all keys sold today have more lead than the new law’s 0.09 percent limit on lead content.
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Bill’s Commentary:
“Re think? This is the foundation to the entire global financial system and ALL the options are bad ones!”
U.S. Treasury yield spike has investors rethinking the rest of the world
A U.S. Treasury selloff is prompting some market watchers to reassess their stance on fixed income allocation, after “relentless” action from yields on long-dated Treasurys saw those bonds surpass a key 5% threshold.
Yields on 20- and 30-year Treasurys were marginally higher on Thursday, trading at 5.136% and 5.128%, respectively. Both notes were up as much as 5 basis points earlier the session, before paring gains.
Newly declassified intelligence records have revealed that the Biden administration labeled Americans who opposed the COVID-19 vaccination and mask mandates as “Domestic Violent Extremists.”
The documents, which were declassified by DNI Tulsi Gabbard, show that they cutely abbreviated the term to ‘DVEs’.
“How is it possible the President of the United States goes from totally healthy as per the WH physician to stage 4 cancer in just a few months? Is this the new “turbo cancer” from the jab?”
🚨2015: Joe Biden jokes about faking prostate cancer to get out of the Obama administration:
“He’s president. He gets to make the decision, and unless there’s an overwhelming disagreement on principle — in which case I’d develop prostate cancer or something and leave." pic.twitter.com/v0W8J3fCvk
It’s Been A Wild Week In Global Markets, But Look At This…
May 23 (King World News) – Alasdair Macleod: It’s the best of times for gold; the worst of times for dollars. Led by long-dated JGBs, global government bond markets are wobbling. We can see where this is going…
This week saw moderately firmer prices for gold and silver following a near-four-week consolidation. In European trade this morning, gold was $3328, up $27 from last Friday’s close. And silver was $33.10, up 83 cents. Futures volumes on Comex remained low-to-moderate, though picking up slightly as the week progressed.
“Limited hangout” is intelligence jargon for a form of propaganda in which a selected portion of a scandal, criminal act, sensitive or classified information, etc. is revealed or leaked, without telling the whole story. The intention may be to establish credibility as a critic of something or somebody by engaging in criticism of them while in fact covering up for them by omitting many details; to distance oneself publicly from something using innocuous or vague criticism even when one’s own sympathies are privately with them; or to divert public attention away from a more heinous act by leaking information about something less heinous.
This is a common tactic used by political extremist groups on both ends of the political spectrum, as well as by government intelligence agencies caught in scandals.
The focus of this Substack is and has been 1) to warn of the specific danger to worldwide societal and market stability presented by the Bank of England’s creation of the leveraged gold and silver market in the City of London where claims for non-existent gold and silver have been sold to unwitting cash purchasers and 2) to call for the institution of stable sound money to avert the coming disruptions.
The suppression of gold and silver’s monetary policy inflation warning signals, coordinated through Bank for International Settlements (BIS), has compounded global currency and debt market disorder created by central bankers over decades.
This week, BIS member the European Central Bank (ECB) revealed that it appears to have gotten the memo in terms of the imminent danger posed by the leveraged claims in the world’s gold (and silver) markets.
However, the challenge for the ECB and other central banks is how do you now offload blame by warning of the imminent disintegration of this decades-old metals Ponzi scheme without implicating your own institution?
The Limited Hangout
In the its May 21, 2025 Financial Stability Review, the ECB gingerly begins the entire discussion on page 39 in a 5 page section titled “What does the record price of gold tell us about risk perceptions in financial markets?” by Maurizio Michael Habib, Oscar Schwartz Blicke, Emilio Siciliano and Jonas Wendelborn.
In what appears to be the ECB’s ‘limited hangout’, the ECB discusses gold and how physical gold delivery in the US against derivatives in the COMEX market highlight the risk gold delivery default destabilizing the Euro area where a notional value of $1 trillion (T) of gold derivatives are held.
Figure 1 – COMEX Gold Market Statistics and EU Gold Derivative Exposure; source: ECB May 21, 2025 Financial Stability Review
On pg. 42, the ECB report notes: “While gold prices are driven by many factors, investors showed high demand for gold as a safe-haven asset and, at the beginning of 2025, a notable preference for gold futures contracts to be settled physically. These dynamics hint at investors’ expectations that geopolitical risks and policy uncertainty could remain elevated or even intensify in the foreseeable future. Should extreme events materialise, there could be adverse effects on financial stability arising from gold markets. This could occur even though the aggregate exposure of the euro area financial sector appears limited compared with other asset classes, given that commodity markets exhibit a number of vulnerabilities.34 Such vulnerabilities have arisen because commodity markets tend to be concentrated among a few large firms, often involve leverage and have a high degree of opacity deriving from the use of OTC derivatives.Margin calls and the unwinding of leveraged positions could lead to liquidity stress among market participants, potentially propagating the shock through the wider financial system. Additionally, disruptions in the physical gold market could increase the risk of a squeeze. In this case, market participants could be subject to significant margin calls and/or have trouble sourcing and transporting appropriate physical gold for delivery in derivatives contracts, leaving themselves exposed to potentially large losses.”
We see in the quote above the ECB use key words “gold”, “vulnerability”, “concentrated”, “leverage”, “opacity” and, most importantly, “OTC derivatives” where OTC is Over-the-Counter (or private party-to-party) derivative contracts.
However, the report only obliquely mentions the London Gold Market despite the fact that London is the world’s largest gold and silver market, trades exclusively in OTC contracts, and is ‘ground zero’ for the global leveraged silver and gold price fixing scheme created by the Bank of England.
The London Bullion Market Association (LBMA) itself tells us that trading of derivatives is less than 10% of daily trading volume while the remainder is in the form of trading of unallocated (leveraged) cash/spot claims for immediate delivery of gold.
Standing claims for cash/spot gold in London are leveraged hundreds of times against physical gold available for immediate delivery with the Bank of England having to lease gold into the market to cover the nature of the leveraged market when physical delivery was demanded earlier this year.
The ECB does not mention this however, as that would highlight the problem that has been created by these central planners.
While the ECB’s May 2025 Financial Stability Review has very little value in identifying the central issue in the gold and silver markets that we face today, it does serve as an excellent example of a ‘limited hangout’.
Best regards,
David Jensen
This post is public so share it with your contacts.
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me…about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
How would you define a bank which had ~50bn$ of capital 2 years ago, lost 192bn$ from then till today, but still reports ~50bn$ of capital in its balance sheet when nobody injected 242bn$ of cash into it?
The bank I am describing is not a myth, but the US Federal Reserve
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me… about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!”
Massive Scandal Unfolds in Colorado Alleging Elections are Rigged, and the Cover Up is Real – Free Tina Peters Now
Former Mesa County Clerk and Gold Star Mother, Tina Peters, is sitting in prison right now for preserving her own election records following the 2020 election before Dominion Voting Systems and Colorado Secretary of State, Jenna Griswold, could come in and erase them. Peters was following state and federal law to preserve those records, while Dominion and SOS Griswold are more likely the criminals unlawfully erasing them. This persecution of the innocent and promotion of criminality was a hallmark of the Biden era.
Trump’s DOJ has filed a statement of interest in Peter’s case, and President Trump himself has called attention to the fact that the persecution of Tina Peters is nothing more than Democrats covering up their own election crimes:
“Interest rate shooting up all over the world threatens the biggest debt bubble (by any metric) the world has ever seen… Pooh pooh this at your own risk and lifetime peril!”
‘Worse than Greece’: The debt crisis threatening to blow up the global economy
When Lisa Nandy attends the World Expo in Osaka on Thursday, she will launch an initiative aimed at increasing ties between Britain and Japan.
However, there is a potential link between the two countries that the Culture Secretary and her ministerial colleagues will be much less keen on.
A dramatic lurch in the Japanese bond market has heightened fears that debt-heavy Western governments such as the UK and even the US could be in line for a budget-busting financial crunch.
A Third Of Russell 3000 Energy Companies Trade Below Book Value
Looking at Berkshire’s mindblowing $350 billion cash stash… one would think that there is nothing in the market that a value investor would find attractive. One would be wrong: almost half of all mid- and small-cap oil and gas stocks in the US are now trading below their book values. That’s the highest level since the pandemic. And according to Bloomberg, it’s a gift for value investors worshiping the gospel of Warren Buffett and his mentor Ben Graham, who referred to these kinds of opportunities as “cigar butts.”
“We’re going to take advantage of a lot of suckers,” said Cole Smead, CEO of Smead Capital Management, who has been buying additional oil and gas stocks that are trading well below book.
“Please refresh my memory? What is the penalty for lying to the FBI? Whether you hate Trump or not, these deep state assholes ALL need to go to jail! If they do not… then you know the current administration is the same as the old ones. Don’t be fooled by the chants of left right left right left…”
Comey Peddles UNBELIEVABLE Excuse For His ‘8647’ Sea Shell Post…
Disgraced former FBI Director James Comey is playing dumb and innocent after essentially calling for President Trump to be assassinated last week, claiming he had no idea his post would be so controversial.
After Comey posted an image of shells on a beach he arranged to read ‘8647’, meaning get rid of Trump, The Secret Service questioned him, but then let him go without any charges.
Now, in an interview with MSNBC he claims he’s just a silly old fella who wears baggy jeans and sweaters and had no idea what he was doing.
“I just interviewed with my good friend and business partner Andy Schectman. He thought it would be a neat idea to interview me… about me. I agreed as I have truly been blessed and have had a life of wild adventures both good and bad. We plan to do another interview in the near future as we really did not even touch on the last 10-15 years. I hope you enjoy this!” (Also posted under Interviews)
Bill’s Commentary:
“God blessed the USA… before we broke every promise we ever made?”
Playing with Fire: Money, Banking, and the Federal Reserve
The Fed has been the source of booms, busts, and the ongoing impoverishment of Americans since the Fed’s founding.
This is why a new, critical look at the Federal Reserve is needed, and why the Mises Institute is now happy to bring you this new documentary on the Fed.
FBI Honcho Dan Bongino Shoots Down Epstein Conspiracy Theory in Fox Interview
FBI Deputy Director Dan Bongino and Director Kash Patel dismissed conspiracy theories about the death of sexual predator and human trafficker Jeffrey Epstein during a joint interview Sunday on Fox News.
Bongino stated clearly that Epstein’s 2019 death at the Metropolitan Correctional Center in New York City was a suicide and nothing more.
Speaking on Sunday Morning Futures with host Maria Bartiromo, Bongino and Patel were pressed on widespread skepticism surrounding Epstein’s death, which has fueled years of speculation.
Rep. James Comer Says STAFFERS Behind Biden’s Autopen Scandal When He was “Clearly in Mental Decline” Have Been IDENTIFIED — Warns Subpoenas Are Coming (VIDEO)
The autopen scandal just erupted into a full-blown constitutional crisis.
House Oversight Chairman James Comer (R-KY) revealed in a bombshell interview with Jason Chaffetz that his committee has identified the shadowy White House staffers responsible for wielding President Joe Biden’s infamous autopen during a period when Biden was “clearly in mental decline.”
The autopen scandal first erupted in March when President Trump, in a fiery late-night Truth Social post, declared Joe Biden’s autopen pardons “VOID, VACANT, AND OF NO FURTHER FORCE OR EFFECT.
“‘Dark forces’ have existed since the beginning of time…”
The Dark Forces in Control of the Anglo-American-Zionist Empire Are the Source of the World Crisis. Richard C. Cook
Today’s spreading world crisis dates in its current phase from over 500 years ago, when the small island nation of England, having renounced Catholicism over King Henry VIII’s marital woes, embarked under his daughter Elizabeth I on an occult project of world conquest.[i]
This goal was to be accomplished through worldwide mercantile colonization, including heavy involvement in the international slave and drug trades, and war against a succession of leading European continental powers: Spain, France, Holland, Germany, Austria-Hungary, the Ottomans, and Russia. The rival that could not be immediately suppressed was the U.S., which declared independence in 1776. So recapture of the U.S. also became a priority.
“Unthinkable? Michael Oliver was Jim’s favorite analyst to follow, disbelieve him at your own peril…”
Bill’s Commentary:
“What he doesn’t say is this; US Treasuries are the “FOUNDATION” for the entire global financial system! Gold is rebar and cement, Treasuries as you will soon see are quicksand…”
Ray Dalio says the risk to U.S. Treasurys is even greater than what Moody’s is saying
Bridgewater Associates founder and billionaire Ray Dalio warned Monday that Moody’s downgrade of the U.S. sovereign credit rating understates the threat to U.S. Treasurys, saying the credit agency isn’t taking into account the risk of the federal government simply printing money to pay its debt.
“You should know that credit ratings understate credit risks because they only rate the risk of the government not paying its debt,” Dalio said in a post on social media platform X.
“Student loans are THE BIGGEST ASSET on the US balance sheet, and the credit quality is collapsing!”
“I Don’t Know What To Do!”: Borrowers Report Credit-Score Carnage As Student Loans Hit Reports
Last week we noted new report from the New York Federal Reserve, which showed that while Americans’ credit card debt is falling, credit scores are starting to decline due to an uptick in student loan delinquencies.
The NY Fed’s Center for Macroeconomic Data’s quarterly report reveals that overall household debt rose by $167 billion – with credit card debt declining by $29 billion. Yet, the delinquency rate for student loans surged from below 1%to nearly 7.7% after a pandemic-era pause on student loan payments was lifted in September 2023.
While the payments were resumed, policymakers extended a one-year ramp-up period that shielded borrowers’ missed payments from being reported to credit bureaus. This extension expired in October 2024, with delinquencies starting to hit the first quarter of 2025.
“A long and growing list… and there are real reasons for “why”!”
De-Dollarization: Full List of Countries Dropping the US Dollar & Key Reasons
Countries around the world are actively seeking alternatives to the US dollar for international trade and reserves. This trend has dramatically increased in 2025 as numerous countries are adopting different approaches to wean themselves off the American currency, reflecting a vital change in the world’s financial system since World War II.
As of writing, major economies from Asia, Africa, South America, and even some parts of Europe are following their own footsteps in leaving the dollar hegemony behind. This movement is fundamentally altering global trade patterns and also putting into question the international monetary arrangement which has been around for almost eight decades.
“You’re going to force me to put my child in medication they don’t need or you’ll call CPS on me?”
Mother is furious as Doctor denies her a 2nd opinion & threatens to get child protection services to take her child if she doesn’t comply. pic.twitter.com/V2RtYWanNW
— Concerned Citizen (@BGatesIsaPyscho) May 16, 2025
Bill’s latest interview with Jon Dowling (Also posted under Interviews)
Bill’s Commentary:
“Few people even have a clue that paper money is/was a derivative of actual gold and silver held on deposit.”
It’s good to remember fundamentals and watch for the warning signs where today’s deviation from the basics will wipe out “companies” like “Bank of America”
Shanghai Silver vaults hit the lowest level in 11-month
down 47 Tons this week to 887 Tons or 28.5 m ounces
Global silver mine production is approximately 830 million ounces annually.
To replenish 28.5 million ounces (Shanghai’s vault decline):
Daily production: ~2.27 million ounces (830M ÷ 365 days)
Days required: ~12.5 days (28.5M ÷ 2.27M/day)
end of segment
Gold and silver have been used as money for thousands of years, valued for their scarcity and durability. Historically, paper money began as receipts for gold and silver held in vaults, representing real, tangible wealth stored safely for the bearer.
Look how far we have deviated from this simple concept.
Bank of America’s massive unrealized bond losses-estimated at $111–$112 billion as of early 2025-pose a severe risk to its stability, representing 57% of its tangible common equity. These losses stem from pandemic-era investments in low-yield bonds (1–2%) that plummeted in value as interest rates surged to 4.89% on 10-year Treasuries. With the U.S. Treasury needing to refinance $9.2 trillion in debt in 2025 and issue $28 trillion over four years, rising yields could further erode bond prices, amplifying losses across the banking sector.
The FDIC estimates $500 billion in unrealized losses industrywide, with Bank of America accounting for roughly 20% of this total. While the bank claims its balance sheet remains strong, its strategy of holding depreciated bonds mirrors Silicon Valley Bank’s 2023 collapse, where similar interest-rate risks triggered insolvency. If yields climb to 7–10%, as some fear, Bank of America’s equity could be wiped out, potentially sparking liquidity concerns or depositor panic.
Compounding these risks, the Federal Reserve’s limited control over long-term yields and the Treasury’s reliance on volatile debt markets create a precarious feedback loop. Failed auctions or forced Fed intervention (e.g., quantitative easing) might ignite inflation, further destabilizing the financial system. While a 1932-style collapse isn’t certain, the convergence of soaring refinancing needs, banking-sector fragility, and evaporating investor confidence underscores a systemic vulnerability with few painless exits
Gold and Silver: The Only True Money? Unmasking the Centuries-Old Confidence Game
“Gold is money. Everything else is credit.” The words of J.P. Morgan, uttered in the early 20th century, echo like a warning shot through the centuries. But how did we arrive at a world where this truth is not just ignored, but actively inverted-where money is conjured from promises, and the bedrock of civilization is replaced by shifting sands of credit and confidence? To answer that, we must follow the bucket brigade of history, passing the torch from temple vaults to Venetian bankers, from Medici ledgers to the shadowy halls of the Federal Reserve.
Was there ever a time when money was truly money-tangible, immutable, and universally trusted? In the ancient markets of Mesopotamia and Egypt, gold and silver were not just symbols of wealth, but the very substance of commerce. Their durability, scarcity, and universal appeal made them ideal stores of value, and the first standardized coins-struck in Lydia, Persia, and Rome-became the arteries through which the lifeblood of trade flowed.
But as kingdoms grew and wars multiplied, a new breed of financier emerged. What happens when the guardians of gold become its gatekeepers? In medieval Venice, the state, desperate to fund its endless wars, locked away citizens’ gold and silver and issued “prestiti”-state bonds-turning private wealth into public debt. Spain called its war bonds “juros,” France “rentes,” and soon, the entire continent was addicted to the alchemy of paper promises backed by vaults of precious metal. But what was really in those vaults, and who controlled the keys?
Did the villagers know that their crisp notes were just claims on a treasure they would never see? For centuries, paper money was little more than a receipt-a draft or bill, a promise to pay in “real” money, meaning gold or silver. But as the paper multiplied, the metal backing it thinned. In France, John Law’s Banque Royale issued so many notes that the first great paper money inflation ended in ruin, a lesson quickly forgotten as assignats and later francs flooded the land.
Who benefits when the promise becomes the product? The Medici of Florence, the Rothschilds of Frankfurt, the Bank of England’s founders-each new generation of bankers refined the art of control. In 1694, when King William III needed funds to fight France, forty businessmen pooled their resources to create the Bank of England, with the explicit right to issue currency and, more importantly, to control it6. The king got his navy, the bankers got the kingdom’s purse strings.
At what point does money lose its anchor to reality? The 19th century saw the rise of central banks and the gradual replacement of silver and gold with banknotes and token coinage, their value “guaranteed” by reserves held in secretive vaults. But the final break came with the advent of fractional reserve banking, a system where only a small fraction of deposits are actually backed by anything tangible. The rest? Pure credit-faith, hope, and, as history shows, eventual betrayal.
Why did the world’s greatest democracy hand its money supply to a private cartel in 1913? The Federal Reserve Act, signed by Woodrow Wilson, was sold as a cure for banking panics. But as Wilson himself later lamented, “A great industrial nation is controlled by its system of credit… a Government by the opinion and duress of a small group of dominant men”. The Fed, a quasi-public, quasi-private institution, now creates money “out of thin air,” buying government bonds, setting interest rates, and expanding the money supply at will. The villagers’ gold is long gone; in its place, a web of debt and promises, managed by unelected technocrats.
Does anyone remember that the temple of Solomon was once the world’s central bank-its vaults the repository of both spiritual and material wealth? Today, the temples are glass towers, the priests wear pinstripes, and the rituals are conducted in the language of derivatives and quantitative easing. The global financial system, like the temple before it, is built on confidence, perception, and carefully managed narratives. But what happens when the story unravels?
Will the next crisis remind us that only gold and silver are money, and everything else is credit? Or will we double down on the illusion, trusting that the hand that gives is still above the hand that takes? The answer, as history suggests, depends on how long the villagers are willing to believe that the emperor’s notes are worth more than the gold and silver they once represented.
Bill’s Commentary:
“America’s balance sheet… is a mess! But not to worry with all those student loans sitting there as the largest asset…”
America Inc.’s Balance Sheet
Even the smallest business understands the importance of the balance sheet: what it owns vs. what it owes. The inspiring news is that Republicans are refocusing the federal government on the black-ink side of its ledger.
Credit Interior Secretary Doug Burgum, a businessman himself, who is pitching Washington and voters on a better way to look at the country’s financial picture, via “America’s balance sheet.” Federal scribes minutely document everything the country owes—in entitlements, debt payments, employee pensions and tax credits. Everyone knows that the liability side includes $36.5 trillion in national debt.
But what about the value of what we own: enormous stores of oil, coal, minerals, timber, and geothermal power, all held within a vast property portfolio.
Moody’s downgrades United States credit rating, citing growth in government debt
Moody’s Ratings cut the United States’ sovereign credit rating down one notch toAa1 from Aaa, the highest possible, citing the growing burden of financing the federal government’s budget deficit and the rising cost of rolling over existing debt amid high interest rates.
“This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,” the rating agency said in a statement.
Coinbase says hackers bribed staff to steal customer data and are demanding $20 million ransom
Coinbase on Thursday reported that cybercriminals bribed overseas support agents to steal customer data to use in social engineering attacks. The incident may cost Coinbase up to $400 million to fix, the company estimated.
The crypto exchange operator received an email on May 11 from someone claiming they obtained information about certain Coinbase customer accounts as well as other internal Coinbase documentation, including materials relating to customer service and account management systems, Coinbase reported in a Securities and Exchange Commission filing.
The company’s shares were down more than 6% in morning trading.
“Once convicted, maybe her punishment should be 10 years housing and feeding one ILLEGAL family per month prior to their deportment? Actually, she should offer this on her own as she is one of the “kind” people with shit for brains?”
Federal Grand Jury Indicts Wisconsin Judge Accused of Helping Illegal Immigrant Evade ICE
Milwaukee County Circuit Judge Hannah Dugan was indicted by a federal grand jury on May 13, after being arrested and accused of helping an illegal immigrant evade Immigration and Customs Enforcement (ICE) last month.
Her indictment comes after she was arrested by the FBI on April 25 and subsequently suspended from her duties as a judge by the Wisconsin Supreme Court.
“Unfortunately, they will come for all of us before it’s over…”
The latest from Erik –
Bill’s Commentary:
“You are what you eat…”
Gene-edited pork: The CRISPR pigs now heading to your dinner plate
(NaturalHealth365) The world’s first gene-edited pigs designed for human consumption just received FDA approval. While supporters hail this as a breakthrough in agriculture, critics worry about the long-term consequences of permanently altering our food supply.
This approval signals a new era in biotechnology that could transform farming forever or create unforeseen problems we’re unprepared to handle. Although these CRISPR-modified animals are immune to a costly disease, what does this mean for consumers who may unknowingly eat them next year?
BillHolter.com 