Thursday, March 25, 2021

"25 Rules Of Disinformation, Propaganda, 'PSYOPS', Debunking Techniques"

"25 Rules Of Disinformation, Propaganda,
 'PSYOPS', Debunking Techniques"
By Kristan T. Harris

"1. Hear no evil, see no evil, speak no evil. Regardless of what you know, don’t discuss it - especially if you are a public figure, news anchor, etc. If it’s not reported, it didn’t happen, and you never have to deal with the issues.

2. Become incredulous and indignant. Avoid discussing key issues and instead focus on side issues which can be used show the topic as being critical of some otherwise sacrosanct group or theme. This is also known as the “How dare you!” gambit.

3. Create rumor mongers. Avoid discussing issues by describing all charges, regardless of venue or evidence, as mere rumors and wild accusations. Other derogatory terms mutually exclusive of truth may work as well. This method works especially well with a silent press, because the only way the public can learn of the facts are through such “arguable rumors.” If you can associate the material with the Internet, use this fact to certify it a “wild rumor” which can have no basis in fact.

4. Use a straw man. Find or create a seeming element of your opponent’s argument which you can easily knock down to make yourself look good and the opponent to look bad. Either make up an issue you may safely imply exists based on your interpretation of the opponent/opponent arguments/situation, or select the weakest aspect of the weakest charges. Amplify their significance and destroy them in a way which appears to debunk all the charges, real and fabricated alike, while actually avoiding discussion of the real issues.

5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants of that approach. Associate opponents with unpopular titles such as “kooks”, “right-wing”, “liberal”, “left-wing”, “terrorists”, “conspiracy buffs”, “radicals”, “militia”, “racists”, “religious fanatics”, “sexual deviants”, and so forth. This makes others shrink from support out of fear of gaining the same label, and you avoid dealing with issues.

6. Hit and Run. In any public forum, make a brief attack of your opponent or the opponent position and then scamper off before an answer can be fielded, or simply ignore any answer. This works extremely well in Internet and letters-to-the-editor environments where a steady stream of new identities can be called upon without having to explain critical reasoning — simply make an accusation or other attack, never discussing issues, and never answering any subsequent response, for that would dignify the opponent’s viewpoint.

7. Question motives. Twist or amplify any fact which could be taken to imply that the opponent operates out of a hidden personal agenda or other bias. This avoids discussing issues and forces the accuser on the defensive.

8. Invoke authority. Claim for yourself or associate yourself with authority and present your argument with enough “jargon” and “minutiae” to illustrate you are “one who knows,” and simply say it isn’t so without discussing issues or demonstrating concretely why or citing sources.

9. Play Dumb. No matter what evidence or logical argument is offered, avoid discussing issues with denial they have any credibility, make any sense, provide any proof, contain or make a point, have logic, or support a conclusion. Mix well for maximum effect.

10. Associate opponent charges with old news. A derivative of the straw man usually, in any large-scale matter of high visibility, someone will make charges early on which can be or were already easily dealt with. Where it can be foreseen, have your own side raise a straw man issue and have it dealt with early on as part of the initial contingency plans. Subsequent charges, regardless of validity or new ground uncovered, can usually then be associated with the original charge and dismissed as simply being a rehash without need to address current issues — so much the better where the opponent is or was involved with the original source.

11. Establish and rely upon fall-back positions. Using a minor matter or element of the facts, take the “high road” and “confess” with candor that some innocent mistake, in hindsight, was made — but that opponents have seized on the opportunity to blow it all out of proportion and imply greater criminality which, “just isn’t so.” Others can reinforce this on your behalf, later. Done properly, this can garner sympathy and respect for “coming clean” and “owning up” to your mistakes without addressing more serious issues.

12. Enigmas that have no solution. Drawing upon the overall umbrella of events surrounding the crime and the multitude of players and events, paint the entire affair as too complex to solve. This causes those otherwise following the matter to begin to lose interest more quickly without having to address the actual issues.

13. Alice in Wonderland Logic. Avoid discussion of the issues by reasoning backwards with an apparent deductive logic in a way that forbears any actual material fact.

14. Demand complete solutions. Avoid the issues by requiring opponents to solve the crime at hand completely, a ploy which works best for items qualifying for rule 10.

15. Fit the facts to alternate conclusions. This requires creative thinking unless the crime was planned with contingency conclusions in place.

16. Vanishing evidence and witnesses. If it does not exist, it is not fact, and you won’t have to address the issue.

17. Change the subject. Usually in connection with one of the other ploys listed here, find a way to side-track the discussion with abrasive or controversial comments in hopes of turning attention to a new, more manageable topic. This works especially well with companions who can “argue” with you over the new topic and polarize the discussion arena in order to avoid discussing more key issues.

18. Emotionalize, antagonize, and goad opponents. If you can’t do anything else, chide and taunt your opponents and draw them into emotional responses which will tend to make them look foolish and overly motivated, and generally render their material somewhat less coherent. Not only will you avoid discussing the issues in the first instance, but even if their emotional response addresses the issue, you can further avoid the issues by then focusing on how “sensitive they are to criticism.”

19. Ignore proof presented, demand impossible proofs. This is perhaps a variant of the “play dumb” rule. Regardless of what material may be presented by an opponent in public forums, claim the material irrelevant and demand proof that is impossible for the opponent to come by (it may exist, but not be at his disposal, or it may be something which is known to be safely destroyed or withheld, such as a murder weapon). In order to completely avoid discussing issues may require you to categorically deny and be critical of media or books as valid sources, deny that witnesses are acceptable, or even deny that statements made by government or other authorities have any meaning or relevance.

20. False evidence. Whenever possible, introduce new facts or clues designed and manufactured to conflict with opponent presentations as useful tools to neutralize sensitive issues or impede resolution. This works best when the crime was designed with contingencies for the purpose, and the facts cannot be easily separated from the fabrications.

21. Call a Grand Jury, Special Prosecutor, or other empowered investigative body. Subvert the (process) to your benefit and effectively neutralize all sensitive issues without open discussion. Once convened, the evidence and testimony are required to be secret when properly handled. For instance, if you own the prosecuting attorney, it can ensure a Grand Jury hears no useful evidence and that the evidence is sealed an unavailable to subsequent investigators. Once a favorable verdict (usually, this technique is applied to find the guilty innocent, but it can also be used to obtain charges when seeking to frame a victim) is achieved, the matter can be considered officially closed.

22. Manufacture a new truth. Create your own expert(s), group(s), author(s), leader(s) or influence existing ones willing to forge new ground via scientific, investigative, or social research or testimony which concludes favorably. In this way, if you must actually address issues, you can do so authoritatively.

23. Create bigger distractions. If the above does not seem to be working to distract from sensitive issues, or to prevent unwanted media coverage of unstoppable events such as trials, create bigger news stories (or treat them as such) to distract the multitudes.

24. Silence critics. If the above methods do not prevail, consider removing opponents from circulation by some definitive solution so that the need to address issues is removed entirely. This can be by their death, arrest and detention, blackmail or destruction of their character by release of blackmail information, or merely by proper intimidation with blackmail or other threats.

25. Vanish. If you are a key holder of secrets or otherwise overly illuminated and you think the heat is getting too hot, to avoid the issues, vacate the kitchen.”
Related:

The Daily "Near You?"

Erskineville, New South Wales, Australia. Thanks for stopping by!

"Only When..."

 

"The Green Frog Skin"; "Stomp Dance"; "Power Drums, Spirit Pride"

"The Green Frog Skin"
by John (Fire) Lame Deer

"The Green Frog Skin – that’s what I call the dollar bill. In our attitude towards it lies the biggest difference between the Indians and the whites. My grandparents grew up in an Indian world without money. Just before the Custer battle the white soldiers had received their pay. Their pockets were full of green paper and they had no place to spend it. What were their last thoughts as an Indian bullet or arrow hit them? I guess they were thinking of all that money going to waste, of not having had a chance to enjoy it, of a bunch of dumb savages getting their paws on that hard-earned pay. That must have hurt them more than the arrow between their ribs.

The close hand-to-hand fighting, with a thousand horses gally-hooting all over the place, had covered the battlefield with an enormous cloud of dust, and in it the green frog skins of the soldiers were whirling around like snowflakes in a blizzard. Now, what did the Indians do with all that money? They gave it to their children to play with, to fold those strange bits of coloured paper into all kinds of shapes, making into toy buffalo and horses. Somebody was enjoying that money after all.

The books tell of one soldier who survived. He got away, but he went crazy and some women watched him from a distance as he killed himself. The writers always say that he must have been afraid of being captured and tortured, but that’s all wrong. Can’t you see it? There he is, bellied down in a gully, watching what is going on. He sees the kids playing with the money, tearing it up, the women using it to fire up some dried buffalo chips to cook on, the men lighting their pipes with green frog skins, but mostly all those beautiful dollar bills floating away with the dust and the wind. It’s this sight that drove the poor soldier crazy. He’s clutching his head, hollering, ‘Goddam, Jesus Christ Almighty, look at them dumb, stupid, red sons of bitches wasting all that dough!’ He watches till he can’t stand it any longer, and then he blows his brains out with a six-shooter. It would make a great scene in a movie, but it would take an Indian mind to get the point."
- John (Fire) Lame Deer, "Seeker of Visions"
“Before our white brothers arrived to make us civilized men, we didn't have any kind of prison. Because of this, we didn't have any delinquents. Without a prison, there can be no delinquents. We had no locks nor keys therefore among us there were no thieves. When someone was so poor that he couldn't afford a horse, a tent or a blanket, he would, in that case, receive it all as a gift. We were too uncivilized to give great importance to private property. We didn't know any kind of money and consequently, the value of a human being was not determined by his wealth. We had no written laws laid down, no lawyers, no politicians, therefore we were not able to cheat and swindle one another. We were really in bad shape before the white man arrived and I don't know how to explain how we were able to manage without these fundamental things that (so they tell us) are so necessary for a civilized society.”
- John (Fire) Lame Deer
Full screen!
Native American, "Power Drums, Spirit Pride"
Brule, "Stomp Dance"

"The Only Final Sin..."

"In a closed society where everybody’s guilty, the only crime is 
getting caught. In a world of thieves, the only final sin is stupidity."
- Hunter S. Thompson

"Moonstruck"

"Moonstruck"
By Bill Bonner

YOUGHAL, IRELAND – "The moon is in its “Waxing Gibbous” phase… bright and bold, last night. And the lunatics are howling. At the macro level… the situation could scarcely be any zanier. The feds have spent $5 trillion, supposedly to cure an $800 billion loss in GDP caused by the COVID-19 panic and shutdowns. They destroyed millions of careers, jobs, and small businesses. They added $4 trillion of debt in 12 months. And now, they’re cueing up another $3 trillion spending lollapalooza.

What is really going on is that the politicians are using The Plague as cover for boondoggles, giveaways, pet projects, and bailouts – intended to enrich their friends and supporters, at others’ expense. And now, they’ve gone too far, stayed too long, and can’t get back.

The boondoggles – the “stimmy” checks, grants, loans, and giveaways – are the income and “savings” that sustain the economy. Any attempt to reduce them will bring sad headlines about how “sales are falling” and “jobs are being lost.” Yes, Dear Reader, the boats have been burned. We have no way to get home. Forward! Into the Katastrophenhausse!

Big Joke: Meanwhile, just as the phony money addles the macro picture… so does the moonshine make a joke of the micro world. That is where people have to make real decisions about their own money. What to buy? What to sell? What will go up? What will go down?

Remember all that hullabaloo around GameStop a couple of months ago? The kids got onto it… decided that they could ride it to the moon… and also squeeze the pros. It was the No. 1 finance story for a few days, as hedge funds were forced into bankruptcy by the amateurs – who seemed to regard honest stock analysis as a loser’s game.

This left the winners in a bad spot, however, because they were holding a lot of stock for which they had paid far too much. It was then that we announced, with a knowing, arrogant sorta smile, that the stock was probably doomed to go back whence it came – about $15 a share. Which is not what happened. The kids kept at it, apparently convinced that they saw some future that the pros and the old-timers couldn’t see. They bid the shares back up so that, as of Tuesday, it was still about 1,000% above our price target. Oops!

Trouble is, the bulls are trapped. They’ve pumped up a stock. Now, they own billions of dollars’ worth of it. Like the feds’ dilemma, any normalization will mean big losses. What can they do, but buy more… and hope the company eventually becomes worth the price?

Alas, you can’t lose weight by eating more. And mistakes can’t be undone by making more of them. And on Tuesday evening, the company announced its latest results. Oops. It “missed” consensus earnings targets. Yahoo! Finance has the story: "Shares of GameStop Corp. tanked 15.3% in Tuesday’s extended trading session after the electronics retail company reported fiscal 4Q results (ended Jan. 30) that came in below analysts’ expectations."

Putting that into perspective… In the previous full fiscal year, the company earned MINUS $471 million. For the most recent quarter, net income was $80.5 million. So any positive number is an improvement. But over at Bloomberg, Matt Levine offers more detail: "Bloomberg’s EEO screen tells me that consensus analyst estimates for adjusted earnings per share are negative $2.10 in 2021, negative $0.62 in 2022, positive $0.24 in 2023 and positive $1.25 in 2024. The stock closed yesterday at $181.75 per share, or 145 times four-years-ahead earnings."

The stock continued to fall. At yesterday’s close, it was down to $120. How much is GameStop really worth? Nobody knows. Our $15 is still as good a guess as any.

Lunacy: There’s more micro madness going on in Cathie Wood’s shop – ARK Invest – too. She’s put a price target on Elon Musk’s electric carmaker Tesla (TSLA) that deserves some kind of lunatic award. That is, she says the price should hit $3,000 by 2025, which would make the company worth almost $3 trillion. And yes, of course, anything could happen. Especially now that Musk will take bitcoin in payment for its autos. But the stock is still quoted in dollars, not cryptocurrency. And this is an “expected value” forecast… presumed to be coming from someone who is still sane – if any sane person is left. And presumably, this is something sane investors should take seriously and make their investment decisions based on it. It seems crazy. But this is La Bubble Epoch… and no impossibility is so impossible as to not become federal policy… or scare away investors…

Impossible Math: We’ve done this math before, but we will return to it. Imagine that there are 100 million automobiles sold in 2025. And imagine that automakers could make $2,000 on each one. That gives us a TOTAL POSSIBLE earnings base of $200 billion.

So to make sense of Cathie Wood’s price target of $3 trillion, at a reasonable price-to-earnings (P/E) ratio of 15, we also have to imagine that Volkswagen, Toyota, Audi… all 14 of the major automakers… somehow disappear, along with their 60 popular brands, leaving Tesla with 100% of the auto market, rather than just the 1% it has now. How likely is that? About as likely as Treasury Secretary Janet Yellen and Federal Reserve chief Jerome Powell creating a genuine, sustainable boom."

Musical Interlude: Walter Murphy, "A Fifth of Beethoven"

Walter Murphy, "A Fifth of Beethoven"
Walter Murphy, "A Fifth Of Beethoven", Full Album (1976) 

"How It Really Is"

"Economic Market Snapshot AM 3/25/21"

"Economic Market Snapshot AM 3/25/21"
"Capitalism is the astounding belief that the most wickedest of men will
do the most wickedest of things for the greatest good of everyone."
- John Maynard Keynes
"Down the rabbit hole of psychopathic greed and insanity...
Only the consequences are real - to you!
Your guide:
Gregory Mannarino, AM 3/25/21:

"Markets Set For A Pan-Sell Off, 

This Is What You Need To Know"

"The more I see of the monied classes, 
the better I understand the guillotine."
- George Bernard Shaw
MarketWatch Market Summary, Live Updates

CNN Market Data:

CNN Fear And Greed Index:
A comprehensive, essential daily read.
March 24th to 25th, Updated Daily 
Financial Stress Index
"The OFR Financial Stress Index (OFR FSI) is a daily market-based snapshot of stress in global financial markets. It is constructed from 33 financial market variables, such as yield spreads, valuation measures, and interest rates. The OFR FSI is positive when stress levels are above average, and negative when stress levels are below average. The OFR FSI incorporates five categories of indicators: credit, equity valuation, funding, safe assets and volatility. The FSI shows stress contributions by three regions: United States, other advanced economies, and emerging markets."
Daily Job Cuts

"Are We Staring At A Coming Systemic Breakdown And The End Of Capitalism?"

"Are We Staring At A Coming Systemic Breakdown
 And The End Of Capitalism?"
by Adam Taggart

"For any problems they face, governments all over the world are now conditioned to simply deficit spend or issue new $trillions in ‘thin air’ currency. So how 'in danger' are we of that recklessness leading to a breakdown of the entire system? Respected financial analyst Michael Every suspects we’re closer than most realize.

As governments continue to flood the world with debt-funded stimulus, they not only fan the flames under the social powderkeg of wealth inequality, but they are destroying their own powers in the process.

Up until the Great Financial Crisis, a dollar in new federal debt issued resulted in more than $1 in incremental GDP. But no longer:
That indicates the government is now at the ‘pushing on a string’ phase: it can’t grow out of its problems. Issuing new debt only digs the insolvency hole deeper at this point..."

LALATE, Early AM 3/25/21: "NO Direct Deposit 3rd Stimulus Payment?"

LALATE,
Early AM 3/25/21: "NO Direct Deposit 3rd Stimulus Payment?"

"Covid-19 Pandemic Updates 3/25/21"

"Covid-19 Pandemic Updates 3/25/21"

March 25, 2021 7:41 AM ET:
The coronavirus pandemic has sickened more than 124,873,000
people, according to official counts, including 30,034,270 Americans.
Globally at least 2,744,900 have died.

March 25, 2021 7:41 AM ET:
"The COVID Tracking Project"
Every day, our volunteers compile the latest numbers on tests, cases, 
hospitalizations, and patient outcomes from every US state and territory.
March 25, 2021 7:14 AM ET
Where I Live:
3/25/2021, 7:41 AM: "Pinal County is at a very high risk level.The test positivity rate in Pinal County is very high, suggesting that cases are being significantly undercounted. "

"Freedom Saves Lives Too"

"Freedom Saves Lives Too"
by Simon Black

"On the evening of December 12, 1799, George Washington, who at that time was 67 years old and happily retired from public life, came down with a minor cold and sore throat. The next day he lost his voice and began having trouble breathing. On the morning of December 14, his wife Martha sent word to several doctors asking them to come to the Washington’s estate at Mount Vernon. Three different doctors arrived, and each of them performed a ‘bloodletting’ to treat George Washington. Bloodletting was a popular treatment at the time in which a physician attempted to ‘drain’ sickness from the body by deliberately bleeding the patient.

But when Washington’s condition failed to improve, the doctors doubled down on the bloodletting. They were certain that their approach was the correct one. Modern historians estimate that doctors removed FORTY PERCENT of Washington’s total blood supply that day. In addition, one doctor also gave Washington an enema, and another gave Washington a potent mixture to induce vomiting. So not only did Washington lose an incredible amount of blood, he was also extremely dehydrated. Big shocker - his condition worsened further, and finally that evening - December 14, 1799 - George Washington passed away.

We’ll never know what might have happened if Washington had just laid in bed and drank tea. But it’s hard to imagine that removing 40% of his blood and completely dehydrating him helped the situation. To the doctors, it seemed like doing something was better than nothing. And even when the results showed that their methodology was deeply flawed, they continued to believe that they were right.

Now, a year into a global pandemic, politicians and public health officials have tried just about everything they could think of to stop the spread of Covid-19. They forced people to wear masks in public; locked up healthy people in their homes devoid of sunlight or exercise; isolated everyone from friends and loved ones; and destroyed countless jobs and businesses. Conversely, a small handful of places took a relatively light-handed approach to addressing the pandemic. Finally we have the data to compare the two strategies . And one of the biggest contrasts is between California and Florida.

In California, kids have still not gone back to school, masks are still required even when you’re outside, and indoor activities are strictly limited. Californians are still only supposed to leave home for “necessary” government-approved reasons.

Meanwhile in Florida, the Governor never issued a statewide mask mandate. Bars and restaurants have been back at full capacity since September. Florida schools have been open all school year. Families gathered for the holidays. And the state hosted the Super Bowl.

In 2020, Florida’s beaches stayed open for Spring Break, while California closed most beaches.

Disney World in Florida has been open since July, while Disney Land in California remains closed.

But Florida has the disadvantage of an older population— 20.9% of Floridans are above the age of 65, versus 14.8% of Californians, according to US Census data. And since people over 65 account for the preponderance of Covid deaths, Florida has a much higher percentage of at-risk population.

We’ve also been hearing from our media overlords for months about how wonderful and effective the harsh lockdowns in California are, and how dangerous things are in Florida. So it would be easy to think that Covid case rates and death rates in Flordia would be dramatically higher than in California. But that’s not the reality.

CDC statistics show that the Covid-19 case rates and death rates since the beginning of the pandemic are nearly identical in both states. (Unsurprisingly, Florida’s death rate is a whopping 40% lower than in the State of New York, along with dozens of other states.) Yet despite California and Florida having nearly identical public health outcomes, their diverging strategies have had an enormous economic impact:

• In January 2020, California’s unemployment rate was 3.9%. Today, it is 9.3%.

• In January 2020, Florida’s unemployment rate was 3.3%. Today it is 5.1%.

• The national average unemployment rate is 6.7%, so Florida’s labor market is much healthier.

• Leisure and hospitality jobs fell by 30% in California, and only 15% in Florida.

• Twice as many people have started businesses in Florida, compared to California in the last year.

• Comparing the third quarter of 2019 vs. 2020, California’s economic decline was 33% worse than Florida’s, according to the Bureau of Economic Analysis.

The data is quite clear: California disregarded civil liberties, violated the Constitution, locked people in their homes, destroyed businesses, and ravaged the economy. But it turns out their harsh methods didn’t make a bit of difference. And it cost an unknown number of lives to suicide, substance abuse, increased poverty, and a more sedentary lifestyle. Florida’s freedom, on the other hand, resulted in nearly the same number of Covid deaths as California, yet dramatically improved the economic outcome.

You’d think that the lockdown states would change their ways and realize they’ve bled their patients too much. But that’s not happening. Instead, they keep insisting that their harsh approach is right. It’s no wonder Florida’s housing market is on fire. This isn’t the 12th century; people aren’t feudal serfs tied to the land. And because of the shift to working from home, tens of millions of people can pick up and move now.

Keep in mind that in many places, the strict Covid rules were on a local basis. You might find freedom and economic opportunity one town over. Or maybe you have to move to another state or province in order to find the lifestyle you’re looking for.

But the same logic also applies if you want to move overseas. There is no point in limiting your options if opportunity lies outside of your homeland. For some people, that might be a big leap. But there are options to ease into an expat life and try it out. For example, over a dozen countries around the world currently offer visas to digital nomads, freelancers, and self employed people to live and work there for a full year. And that might just be the escape you need."

Musical Interlude: Blue Jays, "I Dreamed Last Night"

Blue Jays, "I Dreamed Last Night"

Wednesday, March 24, 2021

"Chinese Banks Bracing For A Catastrophic Collapse As 40 Trillion Debt Bubble Is Out Of Control"

Full screen recommended.
"Chinese Banks Bracing For A Catastrophic Collapse 
As 40 Trillion Debt Bubble Is Out Of Control"
- Epic Economist

"Chinese officials have been urging local governments to tighten their belts because the 46 trillion yuan debt bubble is spiraling out of control. But as authorities started scrutinizing states' balance sheets to perform budget cuts, they found over 14 trillion yuan of hidden debt, and credit firms say the real figure may be in the range of an astounding 40 trillion. In an attempt to fight the devastating effects of the health crisis, the Chinese government requested local governments to increase infrastructure investments to shore up growth, but they weren't expecting states to get massive off-budget borrowings to do so, and now Beijing was forced to sound the alarm for a potential credit crunch, warning regional banks to brace for a tidal wave of bad debt. This could put China's financial stability at risk, as the debt has been bought by all kinds of financial institutions, including banks, brokerages, and trust funds. Thus, the country's $50 trillion financial system may soon find itself facing fiscal disaster. That's what we're going to investigate in this video.

In 2020, the Chinese government debt totaled 46.55 trillion yuan. The staggering debt load accounts for 45.8 percent of last year’s gross domestic product, and experts say, that since implicit liabilities are often hidden in the records of state firms or public-private partnerships, the real risks posed by the colossal debt bubble are definitely much bigger than the official figures can describe. Throughout the whole year of 2020, authorities alerted the Chinese government that the monetary policies enacted would cause major financial imbalances. The finance minister Lou Jiwei harshly criticized Chinese financial regulators late last year, affirming they were ignoring dangerous systemic risks. During a State Council meeting, the government cabinet specifically demanded a reduction in the government’s debt level. “Governments at all levels must tighten their belts,” the statement says. Moreover, Beijing has also ordered "all levels of government across China to lower their debt levels."

A major investigation into local government’s implicit debt has started after officials began scrutinizing states' balance sheets to detail local assets and liabilities and perform budget cuts in anticipation of the government’s debt-reduction campaign. They have found massive amounts of off-budget loan guarantees and other commitments and reported that, all together, local governments had 14.8 trillion yuan of hidden debt last year alone, and the figure is expected to rise even further as control agencies dig deeper to find buried liabilities. Tianfeng Securities estimated in a study that the actual size of local government hidden debt could be way over 40 trillion yuan.

The main driver of the huge implicit spending was the pressure placed upon local governments to make infrastructure investments and boost economic growth during the health-crisis-induced recession. However, the central government wasn't expecting states to resort to off-budget borrowing to achieve their goals. According to Liu Lei, a senior researcher at the National Institution for Finance and Development, state officials will continue to find ways to "increase hidden debt because they are still under pressure to expand investment”.

That is to say, the many decades relying on fiscal spending have increased overall debt risks. Even when attempting to curb the debt load, the government is bound to engage in extra spending to meet its economic plans. In view of the size of this uncontrollable bubble, Beijing was forced to sound the alarm for a potential credit crunch and warned regional banks to brace for a tidal wave of bad debt. Regional banks are worried that the coming wave of nonperforming debt will undermine the financial health of the vulnerable lenders. Even more concerningly, the imminent credit crunch can jeopardize the stability of China’s financial system, as the debt has been bought by all kinds of financial institutions, including bank, brokerages and trust funds. In other words, this could set the stage for a dramatic collapse on the country's $50 trillion financial system.

And given that China is still dealing with lots of headwinds, uncertainties brought on by the sanitary outbreak, and global economic issues that are spilling over into the nation's economy, if authorities take a wrong turn when addressing this matter, we may soon find ourselves in the middle of another brutal global financial crisis. Only this time, the two biggest economic forces of the planet will be simultaneously collapsing, and they won't be there to bail out the rest of the world."

Musical Interlude: Celine Dion & Josh Groban, "Live, "The Prayer"

Full screen!
Celine Dion & Josh Groban, "Live, "The Prayer"

"A Look to the Heavens"

"These are galaxies of the Hercules Cluster, an archipelago of island universes a mere 500 million light-years away. Also known as Abell 2151, this cluster is loaded with gas and dust rich, star-forming spiral galaxies but has relatively few elliptical galaxies, which lack gas and dust and the associated newborn stars. The colors in this remarkably deep composite image clearly show the star forming galaxies with a blue tint and galaxies with older stellar populations with a yellowish cast.
The sharp picture spans about 3/4 degree across the cluster center, corresponding to over 6 million light-years at the cluster's estimated distance. Diffraction spikes around brighter foreground stars in our own Milky Way galaxy are produced by the imaging telescope's mirror support vanes. In the cosmic vista many galaxies seem to be colliding or merging while others seem distorted - clear evidence that cluster galaxies commonly interact. In fact, the Hercules Cluster itself may be seen as the result of ongoing mergers of smaller galaxy clusters and is thought to be similar to young galaxy clusters in the much more distant, early Universe.”

"A Realistic Attitude..."

"It was the essence of life to disbelieve in death for one's self, to act as if life would continue forever. And life had to act also as if little issues were big ones. To take a realistic attitude toward life and death meant that one lapsed into unreality. Into insanity. It was ironic that the only way to keep one's sanity was to ignore that one was in an insane world or to act as if the world were sane."
- Philip José Farmer

"It May Be Necessary..."

"You may encounter many defeats, but you must 
not be defeated. In fact, it may be necessary to
 encounter the defeats, so you can know who you are, 
what you can rise from, how you can still come out of it."
- Maya Angelou

The Poet: Rainer Maria Rilke, "I Want A Lot"

"I Want A Lot"

"You see, I want a lot.
Perhaps I want everything:
the darkness that comes with every infinite fall
and the shivering blaze of every step up.

So many live on and want nothing
and are raised to the rank of prince
by the slippery ease of their light judgments.
But what you love to see are faces
that so work and feel thirst...

You have not grown old, and it is not too late
to dive into your increasing depths
where life calmly gives out its own secret."

- Rainer Maria Rilke

Blind to Billionaire, PM 3/24/21: "New Update! $1,400 Stimulus Check"

Blind to Billionaire, PM 3/24/21:
"New Update! $1,400 Stimulus Check"
"This is an update on the third stimulus check otherwise known as the $1400 stimulus check for Social Security, SSDI, SSI, VA and direct express." IRS never received authorization forms from Social Security! 70 million possibly affected. FUBAR, indeed...

Gregory Mannarino, PM 3/24/21: "Updates; No! It Is NOT MY FAULT That They Blocked The Suez Canal"

Gregory Mannarino, PM 3/24/21:
"Updates; No! It Is NOT MY FAULT That They Blocked The Suez Canal"
This was not an "accident"...
"Ever Given, the Giant Ship Blocking Suez Canal, 
Paralyzes Trade for Second Day"

"Tugs and diggers have so far failed to dislodge a massive container ship stuck in the Suez Canal on Wednesday, increasing the chances of prolonged delays in what is arguably the world’s most important waterway. Work to re-float the ship was suspended until Thursday morning in Egypt, shipping agent Inchcape said, citing the Suez Canal Authority. Dredgers are still trying to loosen the vessel before any attempt to pull it out, the ship’s manager said.

It’s taxing to even grasp how big this ship is. About a quarter mile long (400 meters) and weighing in at 200,000 metric tons, its sheer size is overwhelming the efforts to dig it out. A huge yellow excavator, itself about twice as tall as its driver, looked like child’s toy parked next to the ship’s bulking bow.

The situation has gotten so desperate that an elite salvage squad is due to arrive Thursday to work on prising the Ever Given from the bank of the canal, where it’s blocking oceangoing carriers that haul everything from oil to consumer goods.

About 12% of global trade goes through the canal, making it so strategic that world powers have fought over the waterway since it was completed in 1869. For now, all that traffic is backed up with the Ever Given aground in the southern part of the canal, creating another setback for global supply chains already strained by the e-commerce boom linked to the pandemic.

“The Suez Canal blockage comes at a particularly unhelpful time,” said Greg Knowler, European editor at JOC Group, which is part of IHS Markit Ltd. “Even a two-day delay would further add to the supply chain disruption slowing the delivery of cargo to businesses across the U.K. and Europe.”

The incident began on Tuesday when strong winds blasted through the region and kicked up sands along the banks of the 120-mile-long canal, which connects the Mediterranean in the north with the Red Sea in the south. The waterway is narrow - less than 675 feet wide (205 meters) in some places - and can be difficult to navigate when there’s poor visibility.

But Ever Given stayed its course through the canal, on its way to Rotterdam from China. As gusts that reached as high as 46 miles an hour swept up dust around it, the crew lost control of ship and it careened sideways into a sandy embankment, blocking nearly the entirety of the channel."