So, we rise from the rubble...
Friday, April 30, 2021
"Economic Market Snapshot 4/30/21"
"Economic Market Snapshot 4/30/21"
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"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
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"Down the rabbit hole of psychopathic greed and insanity...
Only the consequences are real - to you!
Your guide:
Gregory Mannarino, AM 4/30/21:
"The Economy Continues To FREE-FALL.
Inflation Rising"
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"The more I see of the monied classes,
the better I understand the guillotine."
- George Bernard Shaw
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MarketWatch Market Summary, Live Updates
CNN Market Data:
CNN Fear And Greed Index:
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A comprehensive, essential daily read.
April 29th to May 3rd, Updated Daily
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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."
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Daily Job Cuts
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And now, the End Game...
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Oh yeah...
Thursday, April 29, 2021
Greg Hunter, "Weekly News Wrap-Up 4/30/21"
"Weekly News Wrap-Up 4/30/21"
by Greg Hunter’s USAWatchdog.com
"The Arizona 2020 Election audit in of 2.1 million ballots in Maricopa County, Arizona, is going to continue–for now. Is the Biden gangster DOJ or FBI going to shut down the audit before the results are totally revealed? Let’s hope not, but if it does continue, I think it’s going to reveal hundreds of thousands of fraudulent ballots and mistakes. This, alone, will not put Trump back in office as the rightful winner of the 2020 Election, but I think Dem Senator Mark Kelly is toast and will be recalled by the Arizona legislature.
Vice President Biden, the illegitimate winner of the 2020 Election, gave a speech to a joint session of Congress. Nancy Pelosi invited very few Republicans in what was billed as some sort of “unity” message for our deeply divided nation, where at least 51% (according to a recent poll) think Biden cheated to win the White House. His address was some sort of crazy left wing expensive wish list that he is going to have trouble selling to some Democrat Senators. He was also calling the Washington D.C. protests of the election fraud “the worst attack on democracy since the Civil War.” Biden, the drama king, is just stoking the continued attacks on Trump supporters and the GOP (not the RINO co-conspirators of the 2020 Election fraud). Don’t believe me? Just ask former Trump attorney Rudy Giuliani, who was just raided by the DOJ in some trumped up investigation concerning more phony Russian interference narrative.
There is a new report out warning about big food inflation causing civil unrest. Put that with the growing severe drought out west and you have the making of a full blown shortage and price spikes in food costs."
"Join Greg Hunter on Rumble as he talks about these
stories and more in the Weekly News Wrap-Up for 4/30/21."
Gerald Celente, "Billionaire Boom, Freedom Bust"
Gerald Celente,
"Billionaire Boom, Freedom Bust"
"The Trends Journal is a weekly magazine analyzing global current events forming future trends. Our mission is to present Facts and Truth over hype and propaganda to help subscribers prepare for What’s Next in the increasingly turbulent times ahead."
“2008 A Valuable Lesson; Financial Recklessness; Taxes Will Destroy The Middle Class”
Jeremiah Babe,
“2008 A Valuable Lesson; Financial Recklessness;
Taxes Will Destroy The Middle Class”
"Brace For Explosive Prices & Extensive Shortages As Supply Chain Crisis Gets Much Worse"
Full screen recommended.
"Brace For Explosive Prices & Extensive Shortages
As Supply Chain Crisis Gets Much Worse"
by Epic Economist
"The effects on ocean freight capacity are starting to get worse almost a month after the Ever Given ran aground in the Suez Canal. When the Suez was blocked, ships arrived late to critical ports of call. Transporters had to respond by canceling sailings that were scheduled on these late ships. Earlier this month that many of these sailings will likely be delayed for longer than forecasted, and the altered schedules have been forcing transporters to unload cargo at incorrect ports as they attempt to rapidly turn ships around and get shipping containers back to Asia, according to The Loadstar.
"Port congestion and delays at both origins and destinations are expected to make the container shortage in Asia worse over the next few weeks," Freightos said in a market update. Container ships' logjam at US ports isn't helping to ease that situation. Even though the number of container ships stuck at anchor off Los Angeles and Long Beach is down to around 20 per day, from 30 a few months ago, it doesn't mean the capacity crunch in the trans-Pacific market is improving. Nerijus Poskus, vice president of Global Ocean at freight forwarder Flexport, warned the supply chain problem is "not getting better. It’s only getting worse,” he told American Shipper in an interview on Monday. “What I’m seeing is unprecedented. We are seeing a tsunami of freight,” he reported.
Poskus highlights that there's probably a growing export backlog piling up each day in Asia, awaiting available shipping containers. If that backlog grows too much, he said, "I honestly don’t know what’s going to happen." As a consequence of the backlog and restocking demand, he believes "prices will remain high and shipping will probably remain difficult for the rest of this year”. The global trader said the situation today is the worst he has ever witnessed - and he thinks it’s about to get even more severe.
“Buckle up. The month of May will be the worst people have ever seen,” he maintained. As several shippers will have to wait in line behind the ever-growing backlog in Asia, he predicts “what’s going to happen soon is that some importers won’t even be able to get on the boat. For them, it will almost feel like trade is coming to a halt.” He also noted that the Even Given accident resulted in a disastrous shortage of container equipment from the global market, and it will take another four to six weeks to come back to normal.
In case you're wondering how this freight crisis might affect you, it's essential to consider that all companies that need to ship or receive shipments of products have to rent what is known as an intermodal container for that purpose. And knowing that's not an easy task at the moment, logistic disruptions will further delay the delivery of a wide range of products to grocery shelves and several US industries.
So as the container shipping shortage aggravates, the cost of rent and shipment keeps skyrocketing. Before 2020, transporting a standard 40-foot container on a ship sailing from a Chinese port cost about $1,000. Today, considering prices are being negotiated on the spot, companies are being forced to pay roughly $10,000 per container. And, of course, the problems brought on by this crisis are not limited to ports, since the delays also impact other parts of the economy.
Products will continue to face major difficulties getting to their destinations around the world because this crisis on the high seas has completely distressed global commerce. And a wide range of things, including cars, clothing, food, furniture, electronics, and raw materials, usually shipped in those containers, are likely to face shortages even more acute than previously predicted, leaving global traders panicked as high consumer demand is still adding pressure on the issue.
Higher shipping costs will directly affect consumer prices, and analysts have been warning that the supply chain disruption could last a year or longer even if Americans rush in to manufacture missing or delayed products right here at home.
Shortages, higher costs for imports, and a lower variety of products is what is coming next for US consumers. So brace yourselves for a general rise in inflationary pressures over the course of 2021, as global supply chains continue to struggle and the impacts of supply and demand imbalances and the shipping container crunch are forcing prices up - and such significant increases will finally make it to your wallets."
Gregory Mannarino, PM 4/29/21: "The US Dollar Is Being Weaponized Against You!"
Gregory Mannarino, PM 4/29/21:
"The US Dollar Is Being Weaponized Against You!"
"A Look to the Heavens"
“The dark Horsehead Nebula and the glowing Orion Nebula are contrasting cosmic vistas. Adrift 1,500 light-years away in one of the night sky's most recognizable constellations, they appear in opposite corners of the below stunning mosaic.
The familiar Horsehead nebula appears as a dark cloud, a small silhouette notched against the long red glow at the lower left. Alnitak is the easternmost star in Orion's belt and is seen as the brightest star to the left of the Horsehead. Below Alnitak is the Flame Nebula, with clouds of bright emission and dramatic dark dust lanes. The magnificent emission region, the Orion Nebula (aka M42), lies at the upper right. Immediately to its left is a prominent bluish reflection nebula sometimes called the Running Man. Pervasive tendrils of glowing hydrogen gas are easily traced throughout the region.”
Chet Raymo, “Non-overlapping?”
“Non-overlapping?”
by Chet Raymo
“Let me posit a difference between religion and science:
Religion: Future>Present>Past
Science: Past>Present>Future.
Let me explain. Religion, as it has traditionally been understood in its institutional guise, begins with the dream of a comforting future. An escape from the apparently inescapable reality of death. Which impacts our daily lives in the present. Determines, for example, codes of morality, inspires great deeds of goodness or mayhem. Mandates rites and rituals. Appease the gods and live forever. Which requires a story to satisfy the human need for context. So we look to past reports of foundational miracles. Christ rising from the dead. Muhammad's night flight to Jerusalem. Joseph Smith's encounter with the angel Moroni.
Science, on the other hand, begins with the past. With sequences of events that appear to be causally related. The causal connection is affirmed or refuted by experiment. If such-and-such occurred in certain circumstances in the past, does it also occur in the present? We devise quantitative "laws of nature" that express our consistent experience with the past. Which can be extrapolated to predict probable futures.
Stephen Jay Gould called religion and science "non-overlapping magisteria." But they run in opposite directions in our minds. The a priori future of religion is not the same as the a posteriori future predicted by science. Nor is the a posteriori past promulgated by religion susceptible to the a priori examination of science. The opposing intellectual streams of religion and science may be non-overlapping, but the "real" worlds they hypothesize are sharply divergent. Some folks manage to hold both worlds in their minds simultaneously. To me this smacks of cognitive dissonance. For those who can pull it off, more power to them - as long as they don't restrict my freedom to dissent.”
"You Can Never Tell..."
"You can never tell what people have inside them
until you start taking it away, one hope at a time."
- Gregory David Roberts
"You Get What You Pay For"
"You Get What You Pay For"
by Bill Bonner
YOUGHAL, IRELAND – "The president spoke to the nation last night. The gist of his speech: Team Biden proposes to tax the rich to create a workers’ paradise. Here’s The Hill: "The American Families Plan calls for a $200 billion program offering universal pre-kindergarten for all three- and four-year-olds; $109 billion for tuition-free community college for any American who wants it; $85 billion to increase Pell Grants to benefit low-income and minority students; and more than $4 billion in funding for larger scholarships, certification and support programs for teachers.
The plan would build upon provisions of the American Rescue Plan by extending the Affordable Care Act premiums tax credits indefinitely and make the earned income tax credit expansion for childless workers permanent. It would permanently make the child tax credit fully available to the lowest-income families, while extending other aspects of the expansion of the credit, such as the increase in the credit amount, through 2025.
The proposal also calls for the creation of a national paid family and medical leave program. The $225 billion investment would provide workers up to $4,000 a month if they require leave to care for a new child, care for a seriously ill loved one, deal with an illness or another serious reason."
“You get what you pay for,” economist Milton Friedman used to say. And if these measures pass, there will be a lot more sick people.
Spend, Spend, Spend: Economically, the whole lot of Democratic programs continue in the direction set by Bush, Obama, and Trump. That is, spend, spend, spend… borrow, borrow, borrow… print, print, print – until you go broke.
This “Families” scheme comes less than a month after the “Infrastructure” proposal was announced. Together, the two programs amount to a kind of fiscal genocide… with more than $4 trillion in new and unnecessary spending. And these come on the heels of Donald Trump’s $2.2 trillion CARES Act, December’s $900 billion stimulus package, Biden’s $1.9 trillion American RESCUE Plan. Altogether, that brings the total for the last 13 months to more than $9 trillion – an amount that should annihilate any residual solvency the U.S. has left.
Big Switch: But, there’s more to the story… as always. Match the Families spending up with Biden’s infrastructure proposals, and the hidden political agenda comes into focus. It is designed to reshape U.S. party alignments, giving the Democrats a more permanent grip on power.
Since the days of George Wallace, the Democrats have been losing their working class base. The “cultural” messages of progressive Democrats – racism, LBGT?, secularism, Me Too – have left much of the middle and lower-middle classes puzzled and cold. Hillary Clinton made one of the most tone-deaf political blunders in history by referring to these people as “deplorables.” Over the years, those deplorables have drifted towards the Republicans, who seem to have a better ear for their kind of tune. In that respect, at least, Donald Trump was a prodigy. His policies and proposals made little sense from a “conservative” perspective… But when it came to the cultural notes, he seemed to have perfect pitch.
Yes, Dear Reader, we have seen that since the 1990s, the two parties have switched. Republicans now represent the working class and the hustling, small-business-owning petite bourgeoisie. The Democrats are now the party of the Grand Bourgeoisie – big business, the rich, the elite, the media, the universities, and the government itself (including the Pentagon).
Pack the Court: The trouble with this realignment, from the Democrat’s perspective, is that there are relatively more deplorable voters than elite voters. In a democracy, where each vote is counted equally, this is a recipe for failure. So far, the Democrats have attacked this problem with two initiatives.
First, they sought to tilt the balance of power by “packing” the Supreme Court. From Politico: "The idea of expanding the Supreme Court became a liberal cause celebré [sic] after Republicans confirmed three Supreme Court justices during former President Donald Trump’s term. Markey’s proposal, introduced with Reps. Jerry Nadler (D-N.Y.), Hank Johnson (D-Ga.) and Mondaire Jones (D-N.Y.), would increase the number of justices to 13 from 9." Fortunately, that idea seems to be going nowhere, with several Democratic senators – facing reelection – afraid to touch it.
New State: The other idea was to pack Congress itself, by giving the District of Columbia, aka Washington, statehood. Fox5 has the details: "The House has passed legislation that would grant statehood to Washington, D.C. The 216 to 208 vote followed strict party lines with all Republicans rejecting the statehood bill, known as H.R. 51. The legislation would create the new state of Washington, Douglass Commonwealth, and would give the District one representative and two senators."
Government is the main industry of the District of Columbia. The three new hacks would be reliable shills for the Deep State, guaranteed votes for its expansion in all directions. This effort, too, is unlikely to pass.
Buying Votes: So… the campaign has moved to the fiscal front. These spending proposals aim to win back working class votes by handing out good-paying jobs in the “infrastructure” boondoggle… along with free schooling and other giveaways in the “families” program. Thus, do they hope to bribe into being a more-or-less permanent electoral majority of “people of color,” reclaimed white, working-class Democrats, and the elite itself. And it might work.
But wait… Are the rich really going to pay for all these giveaways? Aren’t the Democrats now the party of the rich? What gives? More to come…"
"What Can We Know?"
"What can we know? What are we all?
Poor silly half-brained things peering out at the infinite,
with the aspirations of angels and the instincts of beasts."
- Sir Arthur Conan Doyle
“The Myth of Human Progress”
Full screen!
“The Myth of Human Progress”
By Chris Hedges
“Clive Hamilton in his “Requiem for a Species: Why We Resist the Truth About Climate Change” describes a dark relief that comes from accepting that “catastrophic climate change is virtually certain.” This obliteration of “false hopes,” he says, requires an intellectual knowledge and an emotional knowledge. The first is attainable. The second, because it means that those we love, including our children, are almost certainly doomed to insecurity, misery and suffering within a few decades, if not a few years, is much harder to acquire. To emotionally accept impending disaster, to attain the gut-level understanding that the power elite will not respond rationally to the devastation of the ecosystem, is as difficult to accept as our own mortality. The most daunting existential struggle of our time is to ingest this awful truth – intellectually and emotionally – and continue to resist the forces that are destroying us.
The human species, led by white Europeans and Euro-Americans, has been on a 500-year-long planetwide rampage of conquering, plundering, looting, exploiting and polluting the Earth – as well as killing the indigenous communities that stood in the way. But the game is up. The technical and scientific forces that created a life of unparalleled luxury – as well as unrivaled military and economic power – for the industrial elites are the forces that now doom us. The mania for ceaseless economic expansion and exploitation has become a curse, a death sentence. But even as our economic and environmental systems unravel, we lack the emotional and intellectual creativity to shut down the engine of global capitalism. We have bound ourselves to a doomsday machine that grinds forward, as the draft report of the National Climate Assessment and Development Advisory Committee illustrates.
Complex civilizations have a bad habit of destroying themselves. Anthropologists including Joseph Tainter in “The Collapse of Complex Societies,” Charles L. Redman in “Human Impact on Ancient Environments” and Ronald Wright in “A Short History of Progress” have laid out the familiar patterns that lead to systems breakdown. The difference this time is that when we go down the whole planet will go with us. There will, with this final collapse, be no new lands left to exploit, no new civilizations to conquer, no new peoples to subjugate. The long struggle between the human species and the Earth will conclude with the remnants of the human species learning a painful lesson about unrestrained greed and self-worship.
“There is a pattern in the past of civilization after civilization wearing out its welcome from nature, overexploiting its environment, overexpanding, overpopulating,” Wright said when I reached him by phone at his home in British Columbia, Canada.
“They tend to collapse quite soon after they reach their period of greatest magnificence and prosperity. That pattern holds good for a lot of societies, among them the Romans, the ancient Maya and the Sumerians of what is now southern Iraq. There are many other examples, including smaller-scale societies such as Easter Island. The very things that cause societies to prosper in the short run, especially new ways to exploit the environment such as the invention of irrigation, lead to disaster in the long run because of unforeseen complications. This is what I called in ‘A Short History of Progress’ the ‘progress trap.’ We have set in motion an industrial machine of such complexity and such dependence on expansion that we do not know how to make do with less or move to a steady state in terms of our demands on nature. We have failed to control human numbers. They have tripled in my lifetime. And the problem is made much worse by the widening gap between rich and poor, the upward concentration of wealth, which ensures there can never be enough to go around. The number of people in dire poverty today – about 2 billion – is greater than the world’s entire population in the early 1900s. That’s not progress.
If we continue to refuse to deal with things in an orderly and rational way, we will head into some sort of major catastrophe, sooner or later. If we are lucky it will be big enough to wake us up worldwide but not big enough to wipe us out. That is the best we can hope for. We must transcend our evolutionary history. We’re Ice Age hunters with a shave and a suit. We are not good long-term thinkers. We would much rather gorge ourselves on dead mammoths by driving a herd over a cliff than figure out how to conserve the herd so it can feed us and our children forever. That is the transition our civilization has to make. And we’re not doing that.”
Wright, who in his dystopian novel “A Scientific Romance” paints a picture of a future world devastated by human stupidity, cites “entrenched political and economic interests” and a failure of the human imagination as the two biggest impediments to radical change. And all of us who use fossil fuels, who sustain ourselves through the formal economy, he says, are at fault.
Modern capitalist societies, Wright argues in his book “What Is America?: A Short History of the New World Order,” derive from European invaders’ plundering of the indigenous cultures in the Americas from the 16th to the 19th centuries, coupled with the use of African slaves as a workforce to replace the natives. The numbers of those natives fell by more than 90 percent because of smallpox and other plagues they hadn’t had before. The Spaniards did not conquer any of the major societies until smallpox had crippled them; in fact the Aztecs beat them the first time around. If Europe had not been able to seize the gold of the Aztec and Inca civilizations, if it had not been able to occupy the land and adopt highly productive New World crops for use on European farms, the growth of industrial society in Europe would have been much slower. Karl Marx and Adam Smith both pointed to the influx of wealth from the Americas as having made possible the Industrial Revolution and the start of modern capitalism. It was the rape of the Americas, Wright points out, that triggered the orgy of European expansion. The Industrial Revolution also equipped the Europeans with technologically advanced weapons systems, making further subjugation, plundering and expansion possible.
Wright explained this further on our call. “The experience of a relatively easy 500 years of expansion and colonization, the constant taking over of new lands, led to the modern capitalist myth that you can expand forever. It is an absurd myth. We live on this planet. We can’t leave it and go somewhere else. We have to bring our economies and demands on nature within natural limits, but we have had a 500-year run where Europeans, Euro-Americans and other colonists have overrun the world and taken it over. This 500-year run made it not only seem easy but normal. We believe things will always get bigger and better. We have to understand that this long period of expansion and prosperity was an anomaly. It has rarely happened in history and will never happen again. We have to readjust our entire civilization to live in a finite world. But we are not doing it, because we are carrying far too much baggage, too many mythical versions of deliberately distorted history and a deeply ingrained feeling that what being modern is all about is having more. This is what anthropologists call an ideological pathology, a self-destructive belief that causes societies to crash and burn. These societies go on doing things that are really stupid because they can’t change their way of thinking. And that is where we are.
And as the collapse becomes palpable, if human history is any guide, we like past societies in distress will retreat into what anthropologists call “crisis cults.” The powerlessness we will feel in the face of ecological and economic chaos will unleash further collective delusions, such as fundamentalist belief in a god or gods who will come back to earth and save us.”
As Wright told me: “Societies in collapse often fall prey to the belief that if certain rituals are performed all the bad stuff will go away. There are many examples of that throughout history. In the past these crisis cults took hold among people who had been colonized, attacked and slaughtered by outsiders, who had lost control of their lives. They see in these rituals the ability to bring back the past world, which they look at as a kind of paradise. They seek to return to the way things were. Crisis cults spread rapidly among Native American societies in the 19th century, when the buffalo and the Indians were being slaughtered by repeating rifles and finally machine guns. People came to believe, as happened in the Ghost Dance, that if they did the right things the modern world that was intolerable – the barbed wire, the railways, the white man, the machine gun – would disappear.
We all have the same, basic psychological hard wiring. It makes us quite bad at long-range planning and leads us to cling to irrational delusions when faced with a serious threat. Look at the extreme right’s belief that if government got out of the way, the lost paradise of the 1950s would return. Look at the way we let oil and gas exploration rip when we knew that expanding the carbon economy was suicidal for our children and grandchildren. The results can already be felt. When it gets to the point where large parts of the Earth experience crop failure at the same time then we will have mass starvation and a breakdown in order. That is what lies ahead if we do not deal with climate change.
If we fail in this great experiment, this experiment of apes becoming intelligent enough to take charge of their own destiny, nature will shrug and say it was fun for a while to let the apes run the laboratory, but in the end it was a bad idea.”
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Related:
"Are We Headed Into Another Ice Age?" (Excerpt)
by Martin Armstrong
"Our model has projected we are entering another “grand-minimum,” which will overtake the sun beginning in 2020 and will last through the 2050s, resulting in diminished magnetism, infrequent sunspot production, and less ultraviolet (UV) radiation reaching Earth. This all means we are facing a global cooling period in the planet that may span 31 to 43 years. The last grand-minimum event produced the mini-Ice Age in the mid-17th century. Known as the Maunder Minimum, it occurred between 1645 and 1715, during a longer span of time when parts of the world became so cold that the period was called the Little Ice Age, which lasted from about 1300 to 1850."
Please view this complete article here:
Source:
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"America Is Exceptionally...Kleptocratic: Wealth/Power Inequality and the Slide Into Disorder"
"America Is Exceptionally...Kleptocratic:
Wealth/Power Inequality and the Slide Into Disorder"
by Charles Hugh Smith
"The U.S. Constitution doesn't address a small elite owning most of the nation's private wealth and using a sliver of that wealth to influence the federal government so their wealth and political power increase in a self-reinforcing feedback: as a result of their campaign contributions and lobbying, the elites' wealth continues expanding, enhancing their political power to further expand their wealth, and so on.
This financial and political dominance is thus perfectly legal. As Bastiat's famous quote puts it: "When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it." This legalized looting has now reached such absurd extremes that kleptocracy no longer does justice as a descriptor of the U.S. Consider this excerpt from "Monopoly Versus Democracy" (Foreign Affairs):
"Like their forebears in the early twentieth century, today's Americans have experienced decades of growing inequality and increasing concentrations of wealth and power. The last decade alone witnessed nearly 500,000 corporate mergers worldwide. Ten percent of Americans now control 97 percent of all capital income in the country. Nearly half of the new income generated since the global financial crisis of 2008 has gone to the wealthiest one percent of U.S. citizens. The richest three Americans collectively have more wealth than the poorest 160 million Americans. (emphasis added.)"
If you read that three kleptocrats held more wealth than half the residents of Lower Slobovia, that the top 0.1% own more wealth than the bottom 80% and that a near-zero 3% of all income flowing from capital trickled down to the bottom 90%, what would you think about wealth/power asymmetry in Lower Slobovia?
We now know what American Exceptionalism really means: exceptionally kleptocratic. Even as private wealth soared to unprecedented heights in the past decade of Federal Reserve largesse (endless trillions for financiers and too-big-to-jail speculators), the percentage of stocks owned by the fortunate class of the 90% to 99% fell from 39% to 35% and the percentage owned by the bottom 50% slipped to 0.6%. (Data from the Federal Reserve's FRED database)
Now there are rumblings in Washington D.C. about closing tax loopholes for corporations, which scoop 15% of the nation's GDP as profits. This is certainly very pretty political theater, but please let me know when you and I can rent a post office box in Ireland and pay no federal income taxes, while corporations are paying the total federal tax rates we pay (40+%) with 15.3% self-employment tax, 3.9% supplemental Medicare tax, etc.
The sheer weight of this outlandish asymmetry of wealth and power is pulling the nation into disorder. There are no legal or political limits on private wealth and political power, and the politicians that depend on the wealthy to fund their re-election campaigns have demonstrably little interest in harming the geese that lay their golden eggs.
The super-wealthy and Corporate America reckon that they can suppress any resistance to their dominance with virtue-signaling and political suppression, but they must have flunked history: when the bottom 90% own effectively zero income-producing capital and no political voice, and even the top 9.9% don't really have any real political power, then disorder of the uncontrollable variety arises to rebalance the extreme asymmetry."
Click images for larger size:
"How It Really Is"
Because the Universe needed an insane asylum...
“My own view is that this planet is used as a penal colony, lunatic asylum and
dumping ground by a superior civilization, to get rid of the undesirable and unfit.
I can't prove it, but you can't disprove it either.”
- Christopher Hitchens
“California Is Going To Hell”
Full screen recommended.
“California Is Going To Hell”
by The InfoRealm
"Californians’ net worth totals over $6 trillion or about $160,000 per resident. The state holds 17 percent of national net worth, while making up only 12 percent of the U.S. population. But with all that wealth, the United Nations compared the tent encampments of San Francisco to the slums of New Delhi and Mexico City.
Nearly 5,000 people live in the half square mile of Los Angeles’ Skid Row. And while the problem is most acute in California’s urban centers, homelessness is now a common fixture in many of the state’s suburbs and rural towns. While State and local officials have pledged billions in recent years to help, frustrations abound amongst residents due to lack of visible progress. So how did the golden state get so filthy?"
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Related:
Gregory Mannarino, AM 4/29/21: "The Middle Class Is Being Wiped Out, And The MSM Is Loving It"
Gregory Mannarino, AM 4/29/21:
"The Middle Class Is Being Wiped Out,
And The MSM Is Loving It"
“Update: Fourth Stimulus Multiple Monthly Checks Starting July!”
Early Mornings LALATE 4/29/21:
“Update: Fourth Stimulus Multiple Monthly Checks Starting July!”
Wednesday, April 28, 2021
"The Great Relocation Continues: Mass Exodus Is Driving Home Prices To Insane Levels"
Full screen recommended.
"The Great Relocation Continues:
Mass Exodus Is Driving Home Prices To Insane Levels"
by Epic Economist
"The Great Relocation continues in 2021, with a large number of people moving away from the West Coast and major urban centers to find safety and comfort in smaller areas. The mass exodus that started a decade ago, has significantly intensified during the peak of the health crisis and even more so during recent months. As large swaths of the population have been migrating to more desirable regions, that, in turn, has resulted in the hottest real estate market ever. But supply can't keep up with the extraordinary demand, consequently making home prices reach new record-highs.
The real estate price bubble is at insane levels across several cities of the country. According to the Wall Street Journal, the picturesque city of Coeur d’Alene, in Idaho, has the most splendid housing bubble of all. The median home price in the region has skyrocketed 47% in the past 12 months, to a whopping $476,900.
Bidding wars are being registered all across the nation. For instance, in Denver, a new survey by a local expert reported that the overwhelming majority of more than 100 listed homes in the metro area were sold for above the asking price. "In one extreme case, a home put on the market at just over $400,000 closed at more than $500,000," said Jim Smith of Golden Real Estate, who argued that as supply continues to shrink, things are about to get a lot more intense in the coming months.
The National Association of Realtors informed that properties across the country have been typically sold in a record low time of 18 days last month, and 80% of all homes sold in March were on the market for less than a month. Many people have been leaving California and fleeing to Texas. In fact, Real estate executive Rogers Healy, who is based in Dallas, recently told in an interview that “70% of the people moving in are from California”.
The executive argues that most Americans from regions like California are motivated to move due to the state's high state taxes. But the Texas housing price bubble isn't any smaller. The median price of a home in the Lone Star State is currently at the highest level in history, at around $353,000 - a 17% increase from a year ago. Overall, U.S. home prices are incredibly more inflated today than they were last year. According to NAR, the median sale price of an existing home reached $329,100 last month, whereas the housing inventory of homes available for sale plunged by almost 50%.
Inflated prices aren't exclusive to the housing market. Also due to a supply and demand crisis, used car prices have climbed over the past year. The Manheim U.S. Used Vehicle Value Index has continued to soar through the month of April, to a new record, going up by 6.8% in the first 15 days of the month, Bloomberg noted. But the index went up a staggering 52% from the same time last year to 191.4.
Gasoline prices just keep on rising as well, jumping more than 9% in the past month, without any expectations to slow down anytime soon, according to the US Bureau of Labor Statistics’ Consumer Price Index. Even though there are numerous signs that inflation is already creating major price bubbles in several sectors of the economy, the Federal Reserve continues to argue that inflation levels are actually low and are "not a concern" for the time being. If we circle back to the housing market and consider that the price of lumber has shot up a shocking 232 percent since the start of the health crisis, we can definitely realize that inflation should be a top concern right now.
If nothing is done to reverse the damages of runaway inflation, experts are warning that we might see a housing market crash sooner rather than later. The senior economist at Fastmarkets RISI, Dustin Jalbert, alerted that "the market is in trouble and it could spiral out of control in the next few months," asserting that the real estate industry is at risk of overheating, and supply and demand imbalances may add immense pressure on the price bubble, possibly triggering a major market implosion and collapsing property values in the process.
These insane levels of inflation are already leading to dangerous cracks in the foundations of multiple markets and segments of our economy. And now, events are playing out much faster than experts anticipated. So we should keep paying close attention to the troubles that will emerge in the months ahead, and considering that our leaders keep flooding the system with more money, it seems that we're getting critically close to the point of no return."
“Broke Americans Flood Las Vegas; Horrific Financial Crisis Being Ignored; The Paper Will Get Paid”
Jeremiah Babe,
“Broke Americans Flood Las Vegas; Horrific Financial Crisis Being Ignored;
The Paper Will Get Paid”
Musical Interlude: Moby, "Why Does My Heart Feels So Bad" (Ben E-dit)
Full screen recommended.
Moby, "Why Does My Heart Feels So Bad" (Ben E-dit)
"A Look to the Heavens"
“A now famous picture from the Hubble Space Telescope featured Pillars of Creation, star forming columns of cold gas and dust light-years long inside M16, the Eagle Nebula. This false-color composite image views the nearby stellar nursery using data from the Herschel Space Observatory's panoramic exploration of interstellar clouds along the plane of our Milky Way galaxy. Herschel's far infrared detectors record the emission from the region's cold dust directly.
The famous pillars are included near the center of the scene. While the central group of hot young stars is not apparent at these infrared wavelengths, the stars' radiation and winds carve the shapes within the interstellar clouds. Scattered white spots are denser knots of gas and dust, clumps of material collapsing to form new stars. The Eagle Nebula is some 6,500 light-years distant, an easy target for binoculars or small telescopes in a nebula rich part of the sky toward the split constellation Serpens Cauda (the tail of the snake).”
The Universe
"Life is not what you see, but what you've projected.
It's not what you've felt, but what you've decided.
It's not what you've experienced, but how you've remembered it.
It's not what you've forged, but what you've allowed.
And it's not who's appeared, but who you've summoned.
And this should serve you well until you find what you already have."
- The Universe
"I Wish..."
"I had an experience... I can't prove it, I can't even explain it, but everything that I know as a human being, everything that I am tells me that it was real! I was given something wonderful, something that changed me forever... A vision of the universe that tells us, undeniably, how tiny, and insignificant and how... rare, and precious we all are! A vision that tells us that we belong to something that is greater than ourselves, that we are not - that none of us - are alone! I wish I could share that. I wish, that everyone, if only for one moment, could feel that awe, and humility, and hope. But... that continues to be my wish."
- "Ellie Arroway", "Contact" by Carl Sagan
Gregory Mannarino, PM 4/28/21: "Massive Inflation: The Fed. Is BUYING IT ALL! And Goldman Is 'ALL IN' On Crude Oil"
Gregory Mannarino, PM 4/28/21:
"Massive Inflation: The Fed. Is BUYING IT ALL!
And Goldman Is 'ALL IN' On Crude Oil"
"Regulated Into the Ground"
"Regulated Into the Ground"
by Brian Maher
"How much wealthier - or poorer - would you be today absent 50 years of government economic regulation? That is, how much wealthier or poorer would you be... had the United States government stood paws off these past 50 years? Your choices are these:
A): 3.0 times wealthier
B): 1.86 times wealthier
C): 3.8 times poorer
D): 4.2 times poorer
Perhaps you would be identically rich or identically poor, despite the federal government’s chronic nosiness. Regulation counts neither plus nor minus. Let us then add a further selection:
E): No richer or poorer
Have you selected your letter? The correct answer shortly. First, a brief glance at today’s goings- on…
Business as Usual: The Federal Reserve concluded its FOMC confabulation this afternoon. As expected - widely - it sat upon its hands. No rate hikes. No foreseeable halt to quantitative easing. Mr. Jerome Powell babbled his usual mummeries… with winks and nods to Wall Street: "[The recovery is] uneven and far from complete… It will take some time before we see substantial further progress… Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses… The ongoing public health crisis continues to weigh on the economy, and risks to the economic outlook remain."
All inflationary bubblings, added Mr. Powell, are “transitory.” The stock market already guessed that rates would hold steady and that liquidity would keep pouring. Hence it met this afternoon’s announcement with shrugs. The Dow Jones lost 164 points on the day. The S&P took a 3-point trim… while the Nasdaq gave back 39 points of its own. Yields on the bellwether 10-year Treasury note advanced to 1.62%. Gold, meantime, worked a modest $2.80 gain.
But to return to our question: How much wealthier or poorer would you be today... absent 50 years of government economic regulation?
The Answer: Your choices, again, are these:
A): 3.0 times wealthier
B): 1.86 times wealthier
C): 3.8 times poorer
D): 4.2 times poorer
E): No richer or poorer
Here is the answer: A. That is, you would be thrice as wealthy absent 50 years of economic regulation. This we have on the grand authority of the Adam Smith Institute: "Federal regulations added over the past fifty years have reduced real output growth by about two percentage points on average...It's worth thinking about that for a moment. Each individual American, the society as a whole, would be three times richer than they are if there had not been that explosion of regulation of the economy since WWII."
Assume the calculations have accuracy… Every $1 in your wallet would be $3. Every $100 would be $300. Every $1,000 would be $3,000. If your account presently runs to $100,000… you would have $300,000 on your hands. And so on. And so on. And so on.
Maybe Some Regulations Are Worth the Cost? Are certain regulations worth their cost? Our minions have yet to complete their comprehensive cost/benefit analysis. But perhaps some are. For example: Industry may put a toxic chemical into the air - chemical X, hereforward. A less malign chemical substitute - chemical Y - may cost industry more money to implement. Yet government orders X’s replacement. The cost of business increases as Y comes in. Industry pushes these added costs onto its customers, who must reach deeper into their pockets for the identical product.
Is society poorer? No, it is not necessarily poorer. Society might have itself a good hard bargain... The higher price of widgets may be nothing against the future medical expenses to treat the cancers and other ailments resulting from the cheap - but toxic - chemical X. How much would society gain by substituting X for Y? None can say. All is guesswork. But the savings might be handsome. Here is the danger nonetheless…
The Camel’s Nose Under the Tent: The government is like the desert camel. Once the camel gets its nose under the tent, the body soon follows. It has the occupants in siege. And once the government noses its way into the economy through “sensible” regulation… it eventually has the economy in siege. ‘If this regulation, then why not this regulation? And why not the next?’
That is, why not more government? And as Monsieur Pierre-Joseph Proudhon once observed: "To be governed is to be watched, inspected, spied upon, directed, law-driven, numbered, regulated, enrolled, indoctrinated, preached at, controlled, checked, estimated, valued, censured, commanded, by creatures who have neither the right nor the wisdom nor the virtue to do so. To be governed is to be at every operation, at every transaction noted, registered, counted, taxed, stamped, measured, numbered, assessed, licensed, authorized, admonished, prevented, forbidden, reformed, corrected, punished. It is, under pretext of public utility, and in the name of the general interest, to be [placed] under contribution, drilled, fleeced, exploited, monopolized, extorted from, squeezed, hoaxed, robbed; then, at the slightest resistance, the first word of complaint, to be repressed, fined, vilified, harassed, hunted down, abused, clubbed, disarmed, bound, choked, imprisoned, judged, condemned, shot, deported, sacrificed, sold, betrayed; and to crown all, mocked, ridiculed, derided, outraged, dishonored. That is government; that is its justice; that is its morality."
Government’s justice, yes; government’s morality, yes. But actual justice, actual morality?
Pettifoggers, Finger-Waggers and Junior Caesars: Over 70 federal regulatory agencies employ hundreds of thousands of pettifoggers, finger-waggers and junior caesars who hobble, harass and hagride enterprise. That is, over 70 federal regulatory agencies employ hundreds of thousands of pecksniffs, finger-waggers and junior caesars... to govern. Each year they put out some 3,500 fresh rules and regulations. The Federal Register bulges to an obscene 87,351 pages.
The St. James bible - meantime - runs to 1,281. Was God Almighty too lenient?
No hammer falls, no building rises, no plane, train or automobile budges without government say-so. Many of its edicts are idiotic. And idiocy is costly…
Regulation Costs $4 Trillion a Year: One study - coming by way of economists Dustin Chambers, Courtney Collins and Alan Krause - reveals this statistic:
A 10% increase in regulation raises overall prices 1%. Moreover, this trio concludes that the poor spend more on the goods and services most vulnerable to these price increases. Separate research indicates regulation subtracts some $4 trillion from the gross domestic product each year. The mathematics reduces $4 trillion to $13,000 for each man, woman, and child stabled happily within the United States.
Who Really Benefits? But if you believe all business withers under torrents of regulation, have a second guess. They sob about this or that rule. They moan about its added costs. But many cry the tears of the crocodile. The wealthiest businesses can absorb the added burden. Their lesser competitors cannot. Does an Amazon plump for the $15 minimum wage because it is hot to increase its labor costs - or to saddle competitors who cannot afford it? They must cut back somewhere else… or shutter their doors entirely. Either way, they are lesser than what they were. Competition, innovation slacken. Who wins? Not the people whom regulation is intended to benefit. And so regulation assists Goliath to butcher David.
The Seen vs. The Unseen: To judge a regulation’s visible benefits, we must investigate its hidden costs. As always, it is useful to seek the counsel of the late Henry Hazlitt. From "Economics in One Lesson:" "This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups…"
The bad economist sees only what immediately strikes the eye; the good economist also looks beyond… The bad economist sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups. To which we would add: The bad economist cannot see the $3 in your wallet... that 50 years of regulation have reduced to $1. The good economist can see the $3 in your wallet. Alas, you never will..."
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