ECONOMY | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

ECONOMY

Oct 23 09:09

Investing STILL Wont Make You Rich (Probably)

Oct 23 09:09

Hash-Tag US_BananaRepublic

Oct 23 08:03

Inflation is permanent

Oct 23 05:36

Free State Of Florida Expected To Save Broken Economy With This

A Florida port authority invites steamships waiting to dock in California to divert through the Panama Canal to the sunshine state, where there are no backlogs.

The Jacksonville Port Authority announced it's the solution to an unprecedented logjam at The Ports of Los Angeles and Long Beach, where weeks-long lines are slowing commerce before the year's busiest shopping season.

It's a sharp contrast from the scene in Jacksonville, which officials announced has maintained terminal fluidity – and fixed a new container volume record - despite market disorders.

Oct 22 16:33

West Virginia Gov. Jim Justice Backs Maryland Counties' Secession Plans

West Virginia Gov Jim Justice on Friday threw his support behind three conservative Maryland counties working to secede from Democrat tyranny and join Best Virginia.

Oct 22 11:06

New Study Reveals Higher Expenses and Other Disadvantages to Owning an Electric Vehicle

By B.N. Frank

Numerous issues have already been widely reported about Electric Vehicles (EVs) including

Battery fires
Battery recycling obstacles
Rapid battery degradation
Fires that are difficult to extinguish
Higher costs
High levels of harmful electromagnetic radiation emissions
Mechanical and operational problems

Someday all of these issues may be resolved. In the meantime, though, the U.S. government continues to strongly support EV ownership and another study has revealed significant drawbacks with that...

Oct 22 09:16

UK Energy Suppliers Face "Massacre" Amid Soaring Gas Prices

Another 20 energy providers in the UK could go bust in what looks like a “massacre” in the coming months unless the government reviews the energy price cap, the chief executive of one of the largest providers said on Thursday.

More than a dozen power suppliers in the UK have exited the retail energy market in recent weeks, and more are likely to do so, as wholesale gas prices rally.

Europe’s tight gas market, low wind speeds, abnormally low gas inventories, and record carbon prices have combined in recent weeks to send benchmark gas prices and power prices in the largest economies to record highs.

The UK has a so-called Energy Price Cap in place, which protects households from too high bills by capping the price that providers can pass on to them, but which additionally burdens energy providers.

Oct 22 09:03

America Is Now A Kleptocrapocracy

I've coined a new portmanteau word to describe America's descent: kleptocrapocracy, a union of kleptocracy (a nation ruled by kleptocrats) and crapocracy, a nation drowning in a moral sewer of rampant self-interest in which the focus is cloaking all the skims, scams, rackets and bezzles in some virtuous-sounding garb, a nation choking on low-quality junk ceaselessly hawked by robocalls, spam, phishing and Big Tech manipulation.

It's little wonder trust has collapsed in America: the only thing we can trust is whatever's being pitched is deceptively packaged to mask the self-interest and profiteering of the perps.

Oct 22 09:01

$250 Billion Fund CIO Blasts Washington's 'Soviet-Style' Central Planning: "Disassociating Demand From Supply In Fundamental Ways"

The inefficiencies of that ultimate state planned economy – the former Soviet Union – were eminently lampoonable. One of former President Reagan’s went this way:

A man walks into a Moscow car dealership and hands over his rubles to the car salesman. The beaming salesman exclaims, “Congratulations on buying your new car. I am scheduling it for delivery exactly ten years from today.”

The buyer, suddenly distraught, quizzically probes: “Ten Years?! – well…is that going to be in the morning or the afternoon?”

The salesman, now perplexed, replies: “Comrade – this is ten years from now – what difference does it make if the car is delivered in the morning or the afternoon?”

The buyer raises his voice and shouts, “Well, I have the plumber coming in the morning!”

Oct 22 08:59

Under Biden, We’ve Gone From ‘Make America Great’ To ‘Lower Your Expectations’

As the economy falters in the wake of rising inflation, chronic worker shortages, and a deepening supply chain crisis, the rhetoric from the Biden administration and its defenders has shifted from “we’ve got this” to “stop your whining.” Is this what Americans bargained for when they ditched Mr. Mean Tweets for Joe “Nexnelsrent” Biden?

A perfect example of this shift is an op-ed by a contributing columnist to the Washington Post – Micheline Maynard – who says that the real problem we face today isn’t skyrocketing prices, bottlenecks at the ports, and empty shelves. It is us spoiled brats.

“American consumers, their expectations pampered and catered to for decades, are not accustomed to inconvenience,” she writes. “Time for some new, more realistic expectations.”

Maynard’s op-ed, and the Washington Post, took plenty of flak for blaming the victim. But the truth is that it is increasingly the way the White House is talking as well.

Oct 22 08:58

Biden's child tax credit, community college and paid family leave plans may be cut

Like basically every presidential candidate in the last 50 years, Joe Biden talked a big game about boosting the middle class during his campaign. But many of the programs his administration has proposed to give the extra help that most Americans need to survive or thrive are the ones centrist Democrats have forced onto the chopping block.

The problem

Unequal wage growth has left the average worker’s paycheck today with the same purchasing power as the average worker 40 years ago, even as the price of everything has gone up. Meanwhile, attending college is almost three times as expensive — even as more jobs require some form of secondary education. Housing prices continue to rise, but potential buyers struggle to find places they can afford. And the U.S. remains the only country in the industrialized world to offer zero guaranteed paid time off to workers for medical or parental leave.

The promise

Oct 22 07:45

Tucker exposes the hidden impact of green energy

Oct 22 07:43

Dr. Anthony Fauci Received Big Pay Increase To Prevent Pandemics

In a January article published at Forbes, our auditors at OpenTheBooks.com found that Dr. Anthony Fauci was the highest paid federal employee, earning $417,608 (2019).

Dr. Fauci is still the top-paid federal employee earning $434,312 in 2020. Fauci is the Director of the National Institutes of Health’s (NIH) National Institute of Allergy and Infectious Diseases (NIAID) and current Chief Medical Advisor to the President.

Fauci out-earned the U.S. president ($400,000); four-star generals in the military ($282,000); and roughly 4.3 million other federal employees.

Now, new documents released via our Freedom of Information Act (FOIA) requests from the NIH tell us a lot more. Dr. Fauci received a big pay hike for his biodefense research activities. In other words, Fauci was paid to prevent future pandemics.

Oct 22 07:42

THAT SHIPPING AND SUPPLY CHAIN THING: A HIGH OCTANE PHONE CALL

A few days ago I had a long telephone conversation with a friend (K.M.) and as we always do we were batting around various scenarios about various things. Then, suddenly, my friend advanced a scenario about why all those cargo ships are stacked up in Long Beach, California waiting to be unloaded. When I heard the scenario, I was dumbfounded, because I thought I might be the only other one who had entertained the same idea. It was one of those odd synchronicities when you discover someone else is thinking the exact same thing that you are.

Oct 22 07:42

FLASHBACK - Vatican charges cardinal and 9 others with financial crimes

The Vatican charged 10 persons with financial crimes on Saturday, including an Italian cardinal. The charges follow an inquiry by the Vatican Gendarmerie.

The charges center around the Vatican Secretariat of State’s investment in Raffaele Mincione’s Athena Capital Global Opportunities Fund. Mincione, who allegedly used fund money for personal investments, received charges of “embezzlement, fraud, abuse of office, embezzlement and self-laundering.”

Mincione’s fund operated between June of 2013 and February of 2014. The Secretariat of State borrowed $200 million to invest in the fund. €18 million had been lost by September of 2018. According to the Vatican, the fund manager had a conflict of interest because he risked others’ capital to further his personal interests.

Oct 22 07:17

GAS HITS $7.59 IN CA TOWN

Oct 22 06:53

The Fed Is Subsidizing the Money Market Funds Operated by Larry Fink’s BlackRock as BlackRock Manages a Big Part of Jerome Powell’s Wealth

Last year, during the financial crisis, Fed Chairman Jerome Powell held five confidential phone calls with BlackRock’s Chairman and CEO Larry Fink. The first call on March 19 lasted 30 minutes; there were two calls in April, one on April 3 and one on April 9, both lasting 15 minutes. A phone call between Powell and Fink on May 13 lasted 30 minutes; and one on November 20 lasted 10 minutes.

That’s a total of 100 minutes that the Chairman of the central bank of the United States spent on the phone with the man who heads the company that is also managing a large portion of Powell’s wealth through its iShares Exchange Traded Funds. The dates and times of the phone calls come from Powell’s publicly-released daily calendars.

Oct 22 06:46

A Forensic Look at Jerome Powell’s “Pants on Fire” Explanation for His $1 Million to $5 Million Stock Sale

On Monday, October 18, the fearless Robert Kuttner at the American Prospect, broke the news that Fed Chairman Jerome Powell had sold between $1 million and $5 million of the Vanguard Total Stock Market Index Fund on October 1, 2020, the same day that Powell had been on four phone calls with Treasury Secretary Steve Mnuchin, who was coordinating the White House response to the financial crisis resulting from the pandemic.

The story went viral and forced the Federal Reserve to offer a preposterously lame excuse for what was obviously a desire by Powell to reduce his exposure to the stock market, despite his having access to more insider information than any other human on the planet.

The same day that Kuttner’s story ran, Mike Derby, a reporter for the Wall Street Journal, wrote that a Fed representative had characterized the large Vanguard sale as “for family expenses.”

Oct 22 06:32

Think rocketing inflation is bad now? We’re facing a catastrophe that will make the Great Depression look like a walk in the park

Western politicians and central bankers are quick to offer explanations for rapidly rising prices – from bottlenecks in supply chains to their favorite bogeyman, Vladimir Putin. They don't dare mention the real cause: themselves.

“Inflation is always and everywhere a purely monetary phenomenon” – Milton Friedman.

Prices in Western economies continue to skyrocket – whether in real estate, stock markets, cryptocurrencies, food, consumer goods, or energy. We are consistently seeing massive price increases that far outpace wage growth. In recent months, the situation has been getting increasingly worse, and we have heard nothing but excuses from the political establishment: from bottlenecks in supply chains to allegations that Russian President Vladimir Putin is personally manipulating the supply of natural gas. Of course, the Western establishment would never consider putting the blame where it belongs – on itself.

Oct 22 06:26

Biden REPEATS his debunked claim that his multi-trillion dollar spending plan costs nothing and says people don't understand what's in it

Joe Biden repeated his questionable claim Thursday night that his multi-trillion spending plan will not cost anything, which some experts have called 'delusional.'

The president made the remark at the top of his town hall meeting on CNN, saying: 'By the way, all this paid for. Every single penny. It's not going to raise one single cent.'

Biden also acknowledged that his congressional agenda is hard to understand. He has two pieces of legislation he's pushing: his infrastructure plan that funds traditional projects like roads, bridges and airports and he has a second plan that focuses on social programs. That second plan has been called a budget package, a reconcilitation bill, and his Build Back Better bill.

Oct 22 05:55

750 General Electric employees walk off job site…Video

The companywide mandate at GE falls in line with the Biden administration’s executive order that requires all federal contractors to be vaccinated. “There’s going to be people out here who are vaccinated. It’s just, we feel like the government has no business coming into our place of work, threatening our employment, threatening our employer,” said Neil Slater, an employee who was protesting.

Oct 22 05:54

Fact Check: Biden Claims He Brought Country Back from Brink of Financial Collapse

CLAIM: “Under my Administration, we’ve gone from the brink of financial collapse to historic job growth. We have a lot of work to do still – but this is progress,” President Joe Biden tweeted Thursday.

Verdict: False.

Jobless claims remain well above their expected long-term average of 270,000 and never once during Biden’s administration did they fall below 300,000 prior to this month. Total employment remains below its prepandemic level and the prime-age employment to population ratio is still depressed.

Oct 22 05:48

Amazon Faces New Union Organizing Push In US

Workers at an Amazon warehouse in New York are seeking to unionize, the organizing group said Thursday, six months after a similar attempt in Alabama failed.

Laborers vying to form the first union at the e-commerce colossus in the United States will file with US officials on Monday with the goal of holding an election.

Amazon Labor Union (ALU), the organizing group, said the company is fighting the effort.

"Since the campaign has launched, Amazon has not wasted any time union busting," the ALU said in a statement.

"We have endured the same strategies used in Bessemer, Alabama, from signs in the bathrooms and breaks, to the same union-busting firms and consultants being brought in to walk around the workplace and divide the workers."

Oct 21 18:58

10 Robots for Each Human at Amazon’s Biggest Newest Warehouse

By B.N. Frank

Businesses started replacing human jobs with Artificial Intelligence (A.I.) and robotics years ago. This trend seems to be increasing including at Amazon.

From GovTech:
In Amazon’s Newest Warehouse, 10 Robots for Each Human

Amazon’s newest warehouse, with more robots than ever, brings America closer to an automated future when machines do all the work of moving everything from groceries to laptops from makers to users. And do it faster...

Oct 21 12:49

Meat tax on the table in move to encourage sustainable eating

British shoppers should be hit with higher prices on meat to help the environment, according to suggestions for a tax on “high-carbon foods” drawn up for the Government.

Oct 21 11:51

Is A Volatility Storm Coming?

Oct 21 11:49

Bill Gates and the Uncertain Future of Food Security

By Dustin Broadbery

As we approach a winter of discontent and global food systems go from bad to worse, there’s trouble in paradise.

At the root of these problems, government responses to COVID-19 have contributed to a six-fold increase in famine-like conditions as global supply chains collapse, and field trials for gene-edited crops and farm animals begin in the UK.

Against this perfect storm, the UN’s World Food Systems Summit convened last month, with Member States joining the private sector, civil society groups and researchers, to bring about “tangible, positive changes” to the world’s food systems, and as the story goes, “drive recovery from COVID-19.”

Oct 21 11:40

In 'Deep Ship'? Biden Weighs National Guard To Address Record Number Of Vessels Off Los Angeles

It's becoming impossible to ignore just how unprepared the Biden administration is in tackling the current shipping crisis and its impact on domestic supply chains and state economies. A significant backlog of container ships continues to pile up at Los Angeles and Long Beach ports, even though President Biden issued a directive last week to keep both ports, which account for 40% of all shipping containers entering the U.S., operating on a 24/7 basis. Now the administration is so desperate that they're weighing the use of the National Guard to alleviate stretched supply chains so that Americans will hopefully get their consumer goods before the holidays, according to AP News.

Oct 21 11:24

Crypto Slide The Result Of A "87%-Off" Binance Fat Finger

At exactly 7:34am ET, with Ethereum trading in record territory at Bitcoin not too far from its own all-time high hit just hours earlier, the crypto space was slammed with what appeared to be a liquidation order, one which immediately halted the upward momentum and sent cryptos sharply lower (perhaps just as intended).

As Bloomberg notes, either someone (like an enterprising short who was deeply underwater and desperate for any trick to push momentum lower) was in a huge hurry to dump bitcoin (even if it meant taking a big loss on the trade), or we had a legitimate fat finger trade because at precisely 7:34am ET the price of Bitcoin appeared to plunge about 87% on Binance’s U.S. exchange, sinking to as low as $8,200 from around $65,000.

The price, which quickly snapped back to where it had been and which was not repeated on other venue, was however enough to immediately crush momentum and send ETH from an all time high above $4,350 to as low as $4,000 a few hours later.

Oct 21 11:00

"Act of 1871" Knowledge is Power

Oct 21 10:04

Take Your Money and Run from Banks!!

Oct 21 09:07

You Think Prices Are High Now? Watch This.

Oct 21 08:43

The 2021 Oil Price Rally Is Far From Over

Oct 21 07:05

PIMCO CIO Says Bond Giant Plans To Buy More Crypto As Bitcoin Surges To Record High

As bitcoin prices surge to new record highs while inflows into the new bitcoin ETF (which holds exactly zero actual bitcoin) are going absolutely gangbusters, more institutional players are revealing plans to get involved in crypto trading.

Speaking to a CNBC reporter Wednesday during the TV Channel's "Seeking Alpha" conference, PIMCO CIO Daniel Ivascyn announced that his firm, which has already "dabbled" in crypto, plans to gradually invest more in the nascent asset class, starting with its quant-based and "trend-following" strategies, before moving on to more long-term strategies.

"Now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side," Ivascyn said in an interview with CNBC’s Leslie Picker for Delivering Alpha.

Oct 21 07:04

OUR EPIC SUPPLY CHAIN CRISIS JUST HIT ANOTHER LEVEL, AND BIDEN IS CONSIDERING CALLING IN THE NATIONAL GUARD TO HELP

It is the month of October, and right now many Americans are more scared by the state of our national supply chains than by anything else. Some of the things that I am going to share with you in this article are truly frightening, and I would very much encourage you to take them seriously.

Our economic infrastructure is failing on a massive scale, and officials are openly admitting that things will get even worse in the months ahead. We are in uncharted territory because none of us has ever seen anything like this before. If our leaders cannot get this fixed, 2022 is going to be a truly nightmarish year.

Of course just last week Joe Biden gave a big speech in which he assured all of us that he was implementing measures that would soon turn things around.

Oct 21 07:03

Why Do Central Banks Want Higher Inflation?

Why do Central Banks want higher inflation?

The debt ceiling debate in U.S. Congress and related political nonsense brings even more to light the exponential growth in US federal government debt. US government debt has doubled in the 10 years since the last major debacle Congress created over raising the debt ceiling back 2011. The debate and Congress’s unwillingness to increase the limit back in August 2011 resulted in declining equity markets. It also resulted in Standard and Poor’s downgrading U.S. debt to AA+ from AAA!

The Political Standoff

The political standoff over raising this arbitrary restriction of how much debt the US can issue has become just another political lever in the dysfunctional Congress. As Secretary Yellen points out…

Oct 21 07:00

On the Labor Shortage Issue

Oct 21 06:37

Welcome to Clown-World Economics

Oct 21 06:00

Watch: Biden And Dems Continue Hopeless Spending Bill Pitch

Democratic members of Congress trooped to the White House Tuesday in the latest attempt to hammer out an agreement on a multi-trillion dollar social spending bill they are attempting to enact without Republican backing.

Nine members of the far-left House Progressive Caucus emerged from an almost two-hour meeting with President Biden, Vice President Kamala Harris, and Treasury Secretary Janet Yellen speaking hopefully of progress though had few details to point to.

Oct 21 05:51

America's Finest Are Getting Purged While The Worst Of The Worst Are Being Promoted

The vax mandates are nothing more than a way for the regime to purge all remaining "recalcitrants" and complete its transition into an occupation force.

Oct 21 05:29

The Secret Finances of the Vatican Economy

Because the Vatican has published very little over the centuries about its finances and investments, most people don't know how it makes money as a sovereign city-state with its own economy. The Vatican is located within the city of Rome, encompassing 110 acres with a population of under 1,000, which makes it the world’s smallest country.1? While the Vatican may be small in size, it has a large impact in the financial world with its far-reaching investments that include banking, real estate, and private enterprises.

Webmaster's Commentary: 

See The Vatican and pharmaceutical industry and you will understand why the Pope is screaming about censoring Covid "misinformation."

Oct 21 05:21

Is the market ready to tumble?

Oct 21 05:05

Tucker: You're being instructed not to notice this

'Tucker Carlson Tonight' host describes how the country's quality of life in on the decline

Oct 21 05:01

Democrats Cut Spending Package To $1.9 Trillion, Drop Free Community College

President Joe Biden and Democrats continue to negotiate the final price tag of their spending package where both sides believe an agreement can be reached between $1.75 trillion and $1.9 trillion, after removing free community college and curtailing the child tax credit.

The slimmed package will still include priorities such as universal pre-K and an expansion of Medicare. Billions will be allocated to address climate change, but parts of the climate agenda will be scaled back. Paid leave will be cut from 12 weeks to four, and less money will be allocated toward affordable housing than initially envisioned, while eldercare and insurance tax credits remain on the table. The child tax credit would only be extended for one additional year, according to reports.

Oct 21 04:59

This company owns the world (and it's our fault) - BlackRock

Oct 20 11:51

A Global Economic Collapse Scenario

Oct 20 11:24

The UK remains mired in an inflationary burst

Oct 20 10:50

Five U.S. Senators Tell Zuckerberg that Facebook Can’t Be Trusted and to Back Off His Crypto Plans

Today, five Democratic Senators, including the Chair of the Senate Banking Committee, Sherrod Brown, sent a scorching letter to Mark Zuckerberg, Chairman and CEO of Facebook, telling him that Facebook “cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.” The letter demanded that Zuckerberg back off plans to launch a cryptocurrency and digital wallet.

The letter was authored by Senators Brian Schatz (D-Hawaii), Sherrod Brown (D-Ohio), Richard Blumenthal (D-Connecticut), Elizabeth Warren (D-Massachusetts), and Tina Smith (D-Minnesota).

Oct 20 10:49

The Wall Street Journal and New York Times Censor Yet Another Major News Story on the Fed and the Mega Banks It Supervises

On October 13, Wall Street On Parade broke the story that the Federal Reserve had quietly released the names of the mega banks that had grabbed tens of billions of dollars of repo loans under the Fed’s emergency repo loan operations that began on September 17, 2019 – months before there was a COVID-19 case in the United States or anywhere else in the world.

Oct 20 09:10

Bitcoin Surges To Record High, Dollar Dives As US Economic Outlook Plummets

Today was all about two things - what went up (crypto) and what went down (US economic growth forecasts).

The much-anticipated launch of a Bitcoin (Futures) ETF sent the cryptocurrency to a record closing high (yes we know BTC doesn't "close")...

Oct 20 09:09

Atlanta Fed Says US Economy Suddenly On Verge Of Contraction

At a time when the Wall Street banks are scratching their heads for credible explanations why they are keeping (or raising) their year-end S&P targets at a time when economic growth is in freefall and inflation is soaring (read: stagflation), an unexpected source of honesty has emerged - the Atlanta Fed, which now sees the US on the verge of contraction.

In its latest GDPNow forecast published moments ago, the Atlanta Fed slashed its estimate for real GDP growth in the third quarter of 2021 to just 0.5%, down from 1.2% on October 15, from 6% about two months ago, and down from 14% back in May.

Remarkably, the GDPNow tracker is about to turn negative even as the average "blue chip" Wall Street baank has a Q3 GDP forecast of just below 4%.

Oct 20 09:09

Gold Stocks: Massive Buy Signals In Play

Oct 20 09:09

They Insist Everything Will Be Fine As We Face Shortages Of Chicken, Coffee, Diapers, Fish Sticks, Frozen Meals, Carbonated Drinks...

Officials in Washington continue to assure us that we don’t have anything to be concerned about, but meanwhile the shelves just continue to get even emptier.

On Friday, #BareShelvesBiden was the number one trending topic on Twitter, and I am sure that the Biden administration must have been thrilled by that. Biden insists that he and his team are on top of things, but so far nothing that they have done has worked. In fact, this crisis just seems to keep getting worse and worse. And because we are facing such a “hydra of bottlenecks”, there aren’t going to be any easy solutions…

Oct 20 08:08

Biden Caves to Unions Again, Sabotaging Consumers

From Christmas toys to clothing and auto parts, shortages of imported products are forcing factories to idle, store shelves to sit empty and consumers to panic. What else is in short supply? The truth about what's causing this economic crisis.

President Joe Biden, who brags about running "the most pro-union administration in history," won't admit that longshoremen's unions are holding the nation hostage, refusing to allow the use of automated equipment to unload container ships and get the goods onto trucks faster.

The U.S. is the world's largest importer, but its major ports at Los Angeles and Long Beach, California, rank a dismal 328 and 333, respectively, in the World Bank's Container Port Performance Index. That means nightmare inefficiency worse than most developing countries. Not one U.S. port made it into the top 50 for speed and efficiency. In contrast, Japan's Yokohama port ranks No. 1.

Oct 20 08:08

Labor Activists Hail ‘Striketober’ as Over 100,000 Union Workers Across US Prepare Work Stoppages

A new wave of strikes is unfolding across the United States as many of the socioeconomic trends of the last 18 months come to a head.

Close to 100,000 workers across several industries in the US are either on strike or preparing to go on strike this month, leading to the coining of a new labor hashtag: #striketober. Many are so-called “essential workers,” whose work was deemed necessary during pandemic lockdowns intended to keep the rest of the population safe from COVID-19. Having faced some of the highest death rates and worsening working conditions, many are now fed up and demanding better working conditions.

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