ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jul 29 13:21

Bank for International Settlements (BIS) Chief Talks ‘Absolute Control’ of Money

Augustin Carstens recently gave a talk entitled “Cross Border Payment: A Vision for the Future” in which he outlined the problem as central planners see it, as well as their solution.

“We don’t know who’s using a $100 bill today and we don’t know who’s using a 1,000 peso bill today. The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.”

Carstens views CBDC, Central Bank Digital Currency, as a tool for eliminating privacy and for central bankers to force citizens to use currency exactly when, where, and how they are told.

Dozens of central banks around the world are working on CBDCs, including the Federal Reserve. The effort represents a major escalation in the War on Cash.

Jul 29 09:21

Pfizer Forecasts $33.5 Billion in Covid-19 Vaccine Sales

Pfizer Inc. PFE -0.82% expects sales for its Covid-19 vaccine this year to reach about $33.5 billion, up nearly 30% from its forecast three months ago, as the shot plays a growing role in global efforts to curb the spread of the coronavirus.

With concerns rising over the highly infectious Delta variant, Pfizer also said that booster shots would likely be needed to ensure protection against the virus.

U.S. officials haven’t authorized the use of booster shots, although they are studying the issue. Pfizer and partner BioNTech SE plan to seek regulatory approval in the U.S. for a booster shot in August. A clinical trial testing an updated version of its vaccine targeting the Delta variant is also set to start next month, the company said Wednesday when announcing second-quarter earnings.

Webmaster's Commentary: 

It's all about the Benjamins!

Jul 29 08:04

Landlord group sues federal government for rent lost under eviction moratorium

A landlord group is suing the federal government for back rent, claiming that the government's effort to keep people housed during the coronavirus pandemic has left property owners on the hook for tens of billions of dollars.

The National Apartment Association, a trade group whose members control about 10 million rental units, filed the suit late Tuesday in the United States Court of Federal Claims in Washington, D.C.

The NAA claims that the U.S. Centers for Disease Control and Prevention's eviction moratorium was unlawful and has left landlords "holding the bag on $26.6 billion in rental debt after operating under extreme conditions for 16 months," according to its announcement.

Jul 29 06:41

Newsom Creates Healthcare System For Illegals With Taxpayers Money

California has become the first state in the country to give taxpayer-funded health benefits to elderly illegal immigrants.

California’s governor, Democrat Gavin Newsom, signed AB 133 into law Tuesday which started the state's Medi-Cal rolls to illegal aliens 50 years and older in a move that the governor referred to as a "major milestone."

"We're investing California’s historic surplus to accomplish transformative changes we’ve long dreamed of – including this historic Medi-Cal expansion to ensure thousands of older undocumented Californians, many of whom have been serving on the front lines of the pandemic, can access critical health care services," Newsom stated. "I thank the Legislature for its steadfast partnership to bring California closer to universal health care coverage and advance comprehensive initiatives to ensure California’s communities come back from the pandemic stronger and healthier than before."

Jul 29 06:26

$2 Trln in Chinese Wall Street Listings Could Be Swept Away Amid Growing PRC, US Regulatory Pressure

Chinese companies began a careful foray into the US stock market in the early 2000s, tantalised by the prospects of picking easy cash from American investors eager to invest in the world’s new economic powerhouse.

Two loopholes which have enabled Chinese companies to thrive on Wall Street may soon be closed, threatening to deprive US markets of much of the $2+ trillion in market capitalisation accrued by the nearly 250 Chinese firms listed on US exchanges, Business Insider reports.

The first loophole is the Variable Interest Entity (VIE), a structure used by Chinese companies to get around strict regulations imposed by the Asian nation’s government on foreign ownership of strategic companies in sectors including telecoms, high tech and media.

Jul 29 05:53

Fed votes unanimously to keep ultra-low interest rates and STILL insists rising inflation is 'transitory': Jerome Powell warns coronavirus still poses economic risk and says it is too soon to end central bank's easy money policy

The Federal Reserve open market committee has voted unanimously to continue the central bank's easy money policies, again dismissing soaring inflation as 'transitory' and saying COVID-19 still poses risks to the economy.

The 11-member committee voted on Wednesday to keep the federal funds rate near zero and continue flooding the market with money through massive bond purchases 'until substantial further progress' is made on boosting employment.

It comes after the 12-month inflation rate hit 5.4 percent in June, the highest level in 13 years, leading to calls to tighten monetary policy and prevent prices from spinning out of control.

Jul 29 05:21

Biden will reimpose strict car mileage standards under Obama and urge 40% of drivers to use electric vehicles in 10 years in a bid to cut greenhouse emissions in half by 2030

In a major step against climate change, President Joe Biden is proposing a return to aggressive Obama-era vehicle mileage standards over five years, according to industry and government officials briefed on the plan.

He's then aiming for even tougher anti-pollution rules after that to forcefully reduce greenhouse gas emissions and nudge 40% of U.S. drivers into electric vehicles by decade's end.

The proposed rules from the Environmental Protection Agency and the Department of Transportation reflect Biden's pledge to attack climate change but also balance concerns of the auto industry, which is urging a slower transition to zero-emission electric vehicles.

Webmaster's Commentary: 

So when you are going to start building all those new power plants needed to charge those electric cars, and what will those power plants run on? Oil?

Jul 29 04:56

Hank Paulson's TPG Climate Fund Raises $5.4 Billion

The revolving door between private sector Wall Street jobs and the Treasury and/or Fed continues...

Today's installment is brought to you by former Treasury Secretary Hank Paulson, who is now officially executive chairman of The TPG Rise Climate fund.

Just 6 months after Hank Paulson began his personal roadshow to try and drum up investor capital, TPG's inaugural fund, focused on its "climate investing strategy", has raised $5.4 billion from high profile investors like Allstate and Hartford Financial, Reuters reported this week. The fund's investor base also includes the Ontario Teachers' Pension Plan Board, Saudi Arabia's Public Investment Fund and France's AXA, the report notes.

TPG says the fund is "designed to expand the scope of commercially viable climate technologies".

Jul 29 04:48

"Follow The Money" - Striking Coal Miners Rally Outside BlackRock's NYC Offices

Hundreds of coal miners from Alabama and West Virginia who are embroiled in a labor dispute with their employer gathered outside BlackRock's headquarters in NYC on Wednesday to gave Larry Fink a piece of their mind.

About 120 supporters descended on BlackRock's midtown offices carrying signs that read "we are one" and chanting together. They spoke out against their treatment by their employer, Warrior Met Coal. Union members are striking for better wages and benefits. During the rally, they were joined by other union workers, including truckers and garbagemen.

Jul 29 04:48

Facebook Tumbles On Disappointing DAUs, Warning Revenue Growth Will "Decelerate Significantly"

After yesterday's tech bonanza which saw Google surge, Apple fall and Microsoft swing when the 3 gigacaps reported more than $57 billion in net income, we now get the 4th FAAMG - Facebook - before Amazon closes the books on the 5 companies that account for more than 20% of the S&P's market cap.

A quick look at sellside reports reveals that consensus expectations are for revenue of $27.86 billion for the quarter, which would be 49% growth (last year during this quarter, sales jumped just 11% given the advertising pullback surrounding the pandemic so there will be a sizable base effect). Analysts also expect user growth of around 7%, anticipating just under 2.9 billion monthly users for Facebook's core social network. Facebook also reports a “Family” metric that encompasses users for all of its services. On that front, analysts expect 3.49 billion monthly users.

Webmaster's Commentary: 

Good!

Jul 28 23:05

More Cowbell! Federal Reserve Officials Decide That More Inflation Is The Answer

Every time a new crisis erupts, their “solution” will be to create, borrow and spend even more money.

This “More Cowbell” approach to managing the economy is literally insane, but there will be no turning back now.

Jul 28 14:00

Shrinkflation, Inflation’s Sneaky Cousin, Is On The Rise

By Klajdi Bregu

Inflation has been on the rise for the past year and in the last few months it has accelerated. In June 2021, inflation, measured by the Consumer Price Index (CPI), hit the highest level since 2008. By inflation, economists refer to the increase in the general level of prices, which means that prices on average are increasing. The Bureau of Labor and Statistics (BLS) has a basket of goods and services that it tracks and uses to create a measure of the CPI. While inflation is the topic of the day in the news media and everyday conversations, many have not heard about its sneaky cousin, shrinkflation.

The term shrinkflation, is credited to British economist Pippa Malmgren, and refers to the shrinking weight of the products while the price for the package remains the same...

Jul 28 13:54

COMEX Option Expiration Price Control

Jul 28 12:57

Family Farm Action Alliance Releases Report to “Counter Big Ag’s Deception”

By Kenny Stancil

In an effort to inform policymakers, advocates, and the public about the impacts of agrifood corporations on the U.S. food system and build support for transforming the nation’s agricultural practices, the Family Farm Action Alliance released a new report on Wednesday that details how Big Ag’s survival depends on externalizing costs and perpetuating myths about the supposed lack of more just and sustainable alternatives.

“Time and time again family farmers, rural communities, and good food movement advocates have pushed to shift government support away from industrial agriculture and toward a more resilient and equitable system,” Joe Maxwell, president of Family Farm Action Alliance, said in a statement. “Time and time again, we have failed—because Big Ag controls the narrative. Our report offers a playbook to counter Big Ag’s deception and finally break their stranglehold on our food system.”...

Jul 28 12:34

Disabled Mother Wins Legal Fight to Keep Family Home From Property Tax Collectors

By Olivia Rondeau

After Mary Ann Dupere had a stroke in 2010, her daughter, Tina, became her caretaker in the family’s Dartmouth, Massachusetts home of 42 years. But, because of an outstanding property tax debt of only 0.7% of the home’s total worth, they faced eviction.

The house was originally purchased in 1979 by Mary Ann’s parents, who transferred ownership to Mary Ann herself in 1986. Mary Ann holds the title, as well as life estate interest in the home, and Tina holds the remainder of the interest in the property. This means that Mary Ann should own her property until she passes away, at which point the title may be transferred to her daughter. However, their family home was recently foreclosed upon despite them owning equity in the property. She and Tina paid all property taxes on the home from 1986 until they began financially struggling in 2013...

Jul 28 11:37

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.

Senate Majority Leader Chuck Schumer (D-N.Y.) said Wednesday that the Senate could vote as early as Wednesday night to advance the proposal, the second time they will vote on this procedural measure.

Schumer also insists he's prepared to keep the Senate in session over the weekend to finish the bipartisan infrastructure bill: "It’s time for everyone to get to yes,” he announced on the floor on Monday.

Jul 28 11:37

Just How Transitory is Inflation?

Jul 28 10:22

Housing Market – This Time it is Different

Jul 28 10:10

Meanwhile in "transitory" land....

Jul 28 09:47

Why the Middle Class Should Start Paying Attention to the Death Tax

By Daniel Kowalski

There are more millionaires now in American history than there were in 1910. Unfortunately, this isn’t a totally good thing.

It’s true that the average American is more prosperous than they were 110 years ago with a higher standard of living, but the purchasing power of the dollar has dramatically decreased during that time as well. Thanks to inflation, more than 20 million Americans have a net worth of one million dollars or more, but to be wealthy like the millionaires of the past one would need about $30 million today.

Jul 28 09:28

Housing Prices Fall as Housing Sales Slide

Jul 28 09:22

Unilever CEO Pledges Full Commitment to Israel in Groveling Letter to ADL Head Jonathan Greenblatt

Unilever CEO Alan Jope, the head of one of the biggest multinational corporations in the world, wrote a letter on Tuesday to Anti-Defamation League CEO Jonathan Greenblatt begging for forgiveness over Ben and Jerry's independent decision to end sales in the Occupied Palestinian Territory and pledging his full commitment to Israel.

Jul 28 08:51

Let’s Compare The U.S. Economy Before The Pandemic To The U.S. Economy Today

In my opinion, we should be very thankful that economic conditions have been relatively stable in recent months, because the long-term outlook for our economy is not good at all. -- Our leaders are literally in the process of committing national financial suicide, and the whole world will be affected since we produce the reserve currency that the entire planet depends upon. -- So enjoy these relatively good times while you still can, because eventually they will be gone for good.

Jul 28 07:38

Is Gold About To Rip Higher?

Jul 28 07:35

Capitalism Will Leave US At This Rate

Rep. Kevin Brady, who performed a key part in enacting the sweeping Republican 2017 tax cuts, said companies will move abroad if the Biden administration succeeds in implementing its tax proposals.

Brady, the top Republican on the powerful Ways and Means Committee, told the Washington Examiner during an expansive interview that the Democratic tax agenda would have appalling consequences for the country. He said that it would flag a return to the “old days” of the tax code when corporate inversions were making headlines.

Jul 28 06:12

A PLANSCAMDEMIC GOLD HEIST?

It amazes me that so few people connect the planscamdemic to high financial shenanigans, and the somewhat panicked reaction of Mr. Globaloney to cover his financial tracks by diverting attention to a basic non-event (covid) that has been exploded to be a "crisis" similar to the bubonic and black plagues (which it isn't), and the rush to get everyone quackcinated. But then, every now and then, there's some sanity injected into the mix, and that's what this lengthy article shared by E.G. and V.T. states. It's quite a tall and longer drink of water, but it rewards close reading, and there's a few paragraphs that positively leap from the page:

Connecting the Dots: The Making of a Gold Heist, Part 1

Jul 28 05:51

Inflation Shock: Are You Ready To Start Paying "$40 Or $50" For A Hamburger?

After decades of living in a relatively low inflation environment, it is hard for most Americans to believe that things have gotten so bad so quickly. In fact, even though I write about this stuff almost every day, it is hard for me to believe it. We are watching prices spiral out of control all over the nation, and we know precisely who is to blame. During the pandemic, our politicians in Washington have been borrowing and spending money at an unprecedented rate, and this has pushed our national debt up to 28 trillion dollars. Meanwhile, the Federal Reserve has been pumping trillions of fresh dollars into our financial system, and this has resulted in the Fed balance sheet nearly doubling over the course of this pandemic. I have used the term “economic malpractice” to describe what our leaders are doing, but it is actually far worse than that.

Jul 28 05:34

Can Turkmenistan Become A Serious Gas Player In Europe?

The Caspian Sea is one of the world’s largest and oldest oil and gas producing regions.

During the Cold War, the hydrocarbon-rich area was Soviet-controlled as the vast majority of the reserves were located in the Soviet Union. Since the breakup of the communist state, international companies have flocked to the newly independent countries such as Azerbaijan and Kazakhstan. Of the littoral states, Turkmenistan has by far the largest reserves when it comes to natural gas. Geographic isolation and animosity with Azerbaijan long prevented the export of gas to customers in Europe.

Jul 28 05:26

Orange Juice Futures Soar Amid 'Frost Threats' In Brazil

Brazil's top growing regions for coffee, sugar, and oranges are expected to see another round of frost later this week. A cold snap last week sent coffee futures to a seven-year high. Now orange juice futures are skyrocketing.

Brazil is the world's leading orange juice producer. There are concerns about widespread frost Friday and Saturday in the southernmost regions of south Minas Gerais state could damage citrus trees.

Drew Lerner, president of World Weather Inc, told Bloomberg that frost later this week "would damage some trees" in the Minas Gerais state. Below are Friday morning forecast temperatures hovering around freezing.

Jul 27 19:04

A Catalog of Crop Failures

By Cap Allon

Extreme weather is slamming crops across the globe, bringing with it the threat of further food inflation at a time when costs are already hovering near the highest in a decade and when hunger is on the rise…

Jul 27 16:45

The Markets Next “Minsky Moment”

Jul 27 13:14

World Bank Funded Digital Identity Scheme in Nigeria Leads 60m to Link National ID to SIM Cards

(Biometric Update) – Nigeria’s federal government says well over 59 million people have now been biometrically enrolled for the National Identification Number (NIN) as deadline for the linkage of the IDs to SIM cards has been extended yet again. The new deadline is now October 31, 2021.

The decision for mobile phone users in Nigeria to link their digital ID numbers to their SIM cards went effective in December and there have been at least six deadline extensions since then...

Jul 27 12:25

Hamilton, The Musical, Will Be Getting At Least $30 Million in Federal Aid. Hamilton, The Man, Is Partly to Blame.

The past year and a half has been a trying time for the theater industry. Though auditoriums around the country used to host music, dancing, and laughter, they have now grown accustomed to silence, and perhaps even a bit of dust. Productions that were not killed outright have been on life support, clinging to desperate hopes that the pandemic will be over sooner rather than later.

One of the most famous shows caught up in this mess is the musical Hamilton. Though it has been wildly successful since its 2015 opening, the pandemic and ensuing lockdowns have forced it to go into hibernation like nearly every other show. However, as the New York Times recently reported, the musical is set to receive $30 million in federal aid, and could receive up to $50 million in total.

Jul 27 09:03

Chinese Massacre Spreads To Bonds, FX Amid Rumors Of Foreign Liquidations

The rout in Chinese shares, which has demolished the country's tech giants following Beijing’s regulatory crackdown on various sectors, extended into the bond and currency markets Tuesday amid unverified rumors swirled that U.S. funds are offloading China and Hong Kong assets.

The speculation, first reported by Bloomberg, included talk that the U.S. may restrict investments in China and Hong Kong, circulated among traders in late afternoon in Asia, spurring a renewed bout of selling which sent Hong Kong's Hang Seng Tech Index, a gauge of many Hong Kong-listed Chinese stocks, crashing as much as 10% to its lowest level since inception...

Jul 27 06:31

And Now The Hangover: Goldman Sees Sharp Deceleration In US Economic Growth In 2022

t was good while it lasted, but the party is finally ending.

One day after we reported that unemployed households which no longer receive emergency benefits are suddenly spending far less, and on the same day we read about an "unprecedented spike" in evictions as foreclosure moratoriums end, the only thing missing was a sellside downgrade to the US economy. Well, we got just that early this morning, when Goldman - which last year was the first bank to unveil materially above consensus GDP projections - cut its 2021 second half consumption growth forecast, resulting in 1% downgrade to its GDP growth forecasts for Q3 and Q4 to +8.5% and +5.0%, respectively, "as it is becoming apparent that the service sector recovery in the US is unlikely to be as robust as the bank had expected. Which is odd considering the trillions in monetary and fiscal stimulus that have entered into the economy. One wonder how many more trillions would be needed for Goldman to be happy.

Jul 27 06:28

David Einhorn Lays Out The Blindingly Simple Reason Why Soaring Inflation Can Not Be Transitory

For much of the past year, it looked like it would finally be David Einhorn's year: his Greenlight, heavy invested in the reflation trade while still shorting the infamous "bubble basket" which notably includes Tesla, was rising by single-digits every month and seeking to put an end to the fund's dismal performance in recent years. And then everything reversed when during the second quarter, value stocks stumbled and growth/tech names surged amid a broad-based backup in the reflation trade, hammering the fund's P&L so much so that in his latest letter to client, David Einhorn writes that his fund dropped 2.9% in Q2 (vs 8.5% for the S&P), as "longs contributed 5.3% in the quarter while shorts detracted 4.6% and macro detracted 3.3%."

So what happened, and does Einhorn agree with the prevailing central banker consensus that inflation is transitory?

Jul 27 06:27

Peter Schiff: The Mainstream Pundits Are the Real Stopped Clocks

Mainstream pundits sometimes accuse Peter Schiff of being a “stopped clock.” They admit he’s right occasionally, but only by virtue of sticking to the same narrative, talking about the malinvestments and misallocations in the economy and warning about an impending crisis. In this clip from his podcast, Peter said it’s the mainstream regulars on financial networks like CNBC who are the real stopped clocks.

Peter said you can never count on mainstream “financial experts” to warn you about an impending crisis.

It is never going to happen. That is impossible. They do not understand the problems that underlie the economy. They don’t understand the damage that is being done by Fed policy. In fact, these guys believe everything the Fed says.”

Jul 27 06:27

Millions Of Renters Face 'Unprecedented Spike' In Evictions As Moratorium Expires

Millions of renters across the country face eviction as a federal moratorium set to expire at the end of July is unlikely to be extended, according to Bloomberg.

Protesters call for stronger eviction protections in January in Sacramento, Calif
The federal ban on evictions, which has been in place through most of the pandemic, is one of a raft of emergency programs set to end despite officials sounding the (perpetual) alarm over the Delta variant.

While some states, including California and New York, have their own eviction bans, the expiration of the Centers for Disease Control and Prevention’s moratorium has housing advocates worried about a surge in landlords forcing out tenants who have fallen behind on rent.

Congress has allocated nearly $47 billion in assistance but so far states and local jurisdictions have been slow to distribute the funds. -Bloomberg

Jul 27 06:24

Big Tech Forms Terror Database For Right-Wing 'Extremists'; PayPal And ADL Team Up To 'Fight Hate'

Our ruling oligarchs are one hundred percent committed to labeling all their political opposition as "domestic terrorists," deplatforming them en masse, closing their bank accounts and putting them on various "terrorism watch lists" and the "no fly list" to strip them of their rights with no due process.

This is the greatest assault on our civil liberties in the history of America but our bought and paid for GOP "leaders" are focused solely on punishing Ben and Jerry's for slighting Israel, "Free Britney" and "Free Cuba."

Jul 27 06:01

John Rubino: Did The Housing Bubble Pop?

Jul 27 06:01

Federal Reserve Folly

Jul 27 05:51

Miami Mayor Francis Suarez Opens His City to Chinese BTC Miners

Francis Suarez, the mayor of Miami, says he is now looking to open his city to all the Chinese bitcoin miners that are getting kicked out of their country.

China has recently stated that it will be banning all crypto mining operations. Beijing has given these companies approximately two months to leave, and many are looking for a new home to set up their mining equipment. While some analysts have said that Texas will be the most likely area, Miami Mayor Suarez wants them to come to his city, citing the cheap energy the region has to offer.

Jul 27 05:43

Mark Meadows Slams Partisan Infrastructure Bill

Democrats in Washington, D.C., are struggling for a $1.2 trillion infrastructure contract that will apparently be directed only for Democrat-run cities in America, former White House chief of staff Mark Meadows warns on Newsmax.

"When we start to look at it, no one's against roads and bridges working for them, but what they are against is the Washington, D.C., establishment actually spending their dollars on their behalf, but not necessarily their priorities," Meadows told Saturday's "America Right Now."

Jul 27 05:38

U.S. sanctions hand China opportunity to be chip kingpins

The recent announcement by German car manufacturing behemoth Volkswagen AG, that they will have to significantly reduce their production over the next coming months, due to the global chip shortage is just another illustration of the impact the crisis is having on multiple industries worldwide.

The beginning of the global chip shortage can be traced back to the heavy-handed tactics pursued by the U.S. government in its treatment of Chinese ICT vendors.

The United States placed some Chinese technology companies on trade blacklists, but that decision has caused a series of economic ramifications that U.S. legislators in Washington did not foresee when they engaged in a trade war with Beijing.

Jul 27 05:38

US-China tech war: Beijing's secret chipmaking champions

Once a month, senior executives of Yangtze Memory Technologies Co. fly to Beijing for a flurry of meetings with China's top economic management bodies. They focus on the company's efforts to build some of the world's most advanced computer memory chips -- and its progress on weaning itself off American technology.

Based in the central riverside city of Wuhan, Yangtze Memory is considered at the vanguard of the country's efforts to create a domestic semiconductor industry, already mass-producing state-of-the-art 64-layer and 128-layer NAND flash memory chips, used in most electronics from smartphones to servers to connected cars.

These marvels of nanoengineering stack tiny memory cells in ever-greater densities, rivaling industry leaders such as U.S.-based Micron Technology and South Korea's Samsung Electronics.

Jul 27 05:37

US blamed for global chip shortage and rising electronics prices

Huawei Technologies blamed the U.S. for a chip shortage that shook the global industry, saying Washington’s sanctions against Chinese companies sparked panic purchases of semiconductors and other materials.

Due to the US sanctions against Huawei, we have witnessed a panic build-up of stocks among global companies, especially Chinese ones. In the past, companies had little to no stockpiling, but now they are stockpiling for three or six months. This caused the entire system to malfunction.

Chairman of the Board Eric Xu

The US has placed Huawei and other Chinese tech companies on trade blacklists that restrict their access to US technology, citing national security risks.

Jul 27 05:33

Most Americans Have No Idea How Close They are to Poverty, Starvation, and Death

There are few people left alive today that remember the last time a severe drought that destroyed crops combined with a collapse of the financial system left millions of Americans hungry and homeless, back in the 1930s.

Most of us alive today were taught in school that in the 1930s the nation suffered during “The Great Depression” as well as “The Dust Bowl.”

And whether or not these were natural or man-made catastrophes back then is really not all that important when we consider that we are facing such potential dire circumstances for the immediate future, or even worse, here in 2021.

Corn and wheat crops in the U.S. are in big trouble right now as we approach the end of July.

Jul 27 05:04

Nordstream 2's Hard Lesson In Reality For Everyone

For more than six years everyone who is anyone in a politically sensitive position in Europe and the U.S. has wrung their hands over the Nordstream 2 pipeline. From the moment it was announced the howls of pain could be heard all around the world.

Those screams were the screams of people who had grown fat and rich on the status quo realizing their gravy train was over.

Jul 27 05:02

59 Million Americans Prohibited From Buying High-End Dell Gaming PCs

Approximately 59 million Americans spanning five states can't buy Dell's high-end Alienware brand desktop PCs "due to power consumption regulations."

When one goes to the Dell Alienware online configurator to buy an Aurora R12 gaming desktop, a special notice appears which reads:

This product cannot be shipped to the states of California, Colorado, Hawaii, Oregon, Vermont or Washington due to power consumption regulations adopted by those states. Any orders placed that are bound for those states will be canceled.

Jul 27 04:56

Here's Why the New COVID Relief Program Will Turn The Working Class Into Serfs...

Everything is now political.

ESG, climate change, racism, gender, vaccines. Ask yourself why is it that all of these things are non-negotiable? Why can’t they be discussed? Why is there no room for dissent, questioning, and discourse?

Something is amiss. Think about it.

The pointy shoes at the IMF tell us that the pandemic will cost the world $28 trillion by 2025, which means it’ll be much, much more.

The truth is the pandemic isn’t the cause. The lockdowns, however, are.

Understanding what exactly this “pandemic” is, is really critical to understanding everything taking place globally and in financial markets both now and in the future.

This virus is statistically as dangerous to the population as a bad flu. “No, not possible, Chris. Look at the response by governments. Surely that’s disproportionate.” Yes, it is, but there is a reason.

Jul 27 04:54

America Is A Moral Cesspool, And Student Loans Prove It

Predators thrive on Americans' short memories. Student loans in their present scale did not exist prior to 1994. According to the Federal Reserve FRED database, the student loan balance was zero in 1993.

From zero in 1993 to $1.728 trillion in 2021: this is the predatory financialization of higher education which has enriched lenders, Wall Street and the Higher Education Cartel. As I've noted before, such parasitic rapaciousness would have been criminal a few generations ago; now it's cheered as a reliable source of profits by Wall Street and treated as business as usual by the corporate-owned media.

Jul 27 04:49

Housing boom is over as new home sales fall to pandemic low

Sales of newly built homes dropped in June to the lowest level since the early days of the coronavirus pandemic in April 2020, according to data released by the U.S. Census Bureau on Monday.

Sales of new single family homes fell to an annualized rate of 676,000, 6.6% below May’s rate of 724,000 and 19.4% below the June 2020 level of 839,000. Analysts were expecting new home sales to increase by 3.4% in June.

After a year of frenzied buying and price gains in the double digits, newly built homes are now out of reach for much of the demand that remains in the market.

Jul 27 04:43

American Airlines urges pilots to conserve fuel amid shortage that could lead to more stops and fewer seats on flights

American Airlines is asking pilots to conserve fuel whenever possible as the US sees a surge in summer travel.

The air carrier released a memo to pilots Monday warning about a nationwide supply crunch and urging them to do everything possible to save fuel.

'Use all available fuel savings strategies when possible,' Managing Director of Flight Operations John Dudley said in the memo. 'Every gallon of jet fuel saved is helpful.'

Jul 27 04:40

Leveling Down To Utopia

Decades ago, F. A. Hayek warned that socialism was the Road to Serfdom. He explained not only why central planning was impossible but how the attempt destroys morality: planning leads to misery and increasing control, then totalitarianism, the corruption of truth, and finally even the ability to articulate it.

Today we are heading down a similar path, recast as the freeway toward “equity” and “justice.” No student should be forced to repay loans, no retiree should be deprived of free hearing aids, and no Asian-Americans should have an advantage in college admissions based on outstanding records.

This is not, we are reassured by Democratic Socialists, the route mapped by the old, mean authoritarians, but a new way toward equal outcomes planned by the Enlightened and the Majority.

Jul 27 04:39

"Sky Has Fallen" - Chinese Farmers Reel After Floodwaters Devastate Pig Herds

A week later, after heavy rains hammered Henan province in central China, hog farmers in the pork-producing region are reeling over their herds drowning in floodwaters. There's also a risk of the deadly pig disease African swine fever returning.

Small to medium-sized farmers have been severely impacted by floodwaters.

Reuters spoke with Chinese farmers who expressed despair after their pig herds drowned.

Jul 27 04:37

The Net-Zero Narrative Is Riddled With Holes

Russia said the IEA’s plan could push oil to $200 per barrel. Even the IEA itself said the targets in the roadmap were going to be challenging. And yet, the people who will foot the bill for the energy transition are being told nothing about challenges. Bjorn Lomborg, environmentalist and president of the Copenhagen Consensus, recently addressed this discrepancy between the public narrative and the realities of the energy transition in this article for the Financial Post. In it, Lomborg noted the paradoxical claims that, on the one hand, net-zero will be the most challenging thing humankind has ever had to do (per IEA) and, on the other, “No one is being asked for a sacrifice” (per John Kerry, President Biden’s climate envoy).

Jul 27 04:16

PayPal to research transactions that fund hate groups, extremists

PayPal Holdings Inc is partnering with non-profit organisation the Anti-Defamation League (ADL) to investigate how extremist and hate movements in the United States take advantage of financial platforms to fund their criminal activities.

The initiative will be led through ADL's Center on Extremism, and will focus on uncovering and disrupting the financial flows supporting white supremacist and anti-government organizations.

It will also look at networks spreading and profiting from antisemitism, Islamophobia, racism, anti-immigrant, anti-Black, anti-Hispanic and anti-Asian bigotry.

The information collected through the initiatives will be shared with other firms in the financial industry, law enforcement and policymakers, PayPal said.

Jul 26 18:35

Federal Appeals Court Reverses CDC Order Regarding Cruise Industry “No-Sail” Order

(NWO Report) – A federal appeals court, which previously sided with the Centers for Disease Control and Prevention (CDC) amid Gov. Ron DeSantis’s (R-FL) battle against the federal health agency over the vaccination rules it is imposing on the cruise industry, reversed its decision, ultimately siding with the state over the CDC’s No-Sail Orders.

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