Friday, September 2, 2022

"A Long March Through The Night..."

"The life of Man is a long march through the night, surrounded by invisible foes, tortured by weariness and pain, towards a goal that few can hope to reach, and where none may tarry long. One by one, as they march, our comrades vanish from our sight, seized by the silent orders of omnipotent Death. Very brief is the time in which we can help them, in which their happiness or misery is decided. Be it ours to shed sunshine on their path, to lighten their sorrows by the balm of sympathy, to give them the pure joy of a never-tiring affection, to strengthen failing courage, to instill faith in times of despair."
- Bertrand Russell
This always suggested the March of Mankind through the ages, 
and, incredibly, despite ourselves, we march on...
Vangelis, "Alpha"

Bill Bonner, "Bonds, Lame Bonds"

"Bonds, Lame Bonds"
Welcome to the first bear market in bonds in a generation.
by Bill Bonner

Poitou, France - "The most important story in finance was hardly mentioned in the popular press. But Bloomberg is on the case: "Global Bonds Tumble Into Their First Bear Market in a Generation." "Under pressure from central bankers determined to quash inflation even at the cost of a recession, global bonds slumped into their first bear market in a generation. The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% below its 2021 peak, the biggest drawdown since its 1990 inception…

Soaring inflation and the steep interest-rate hikes deployed by policy makers in response have brought to an end a four-decade bull market in bonds. That’s creating a particularly difficult environment for investors this year, with bonds and stocks sinking in tandem…Bloomberg’s bond gauge is down 16% in 2022, while MSCI Inc.’s index of global stocks has seen a larger decline.

Dear Readers are reminded that we play the long game, here at Bonner Private Research. We have no idea what stocks will do tomorrow… nor can our guesses about tomorrow’s inflation be relied upon. Instead, we just try to ‘connect the dots’ in order to understand what is going on. We look for the Primary Trend… the deep tide beneath the waves… the one that will raise our boats for many years – or sink them.

Here is what we see: The stock market topped out in December, 2021, with the Dow over 36,000. The bond market topped out in the summer of 2020, with the yield on the 10-year Treasury well below 1%. This is not just a pause in the Bull Market of the last 4 decades; it marks a new Primary Trend.

A 700 Year Drop: Bonds – and the interest rates they reveal – tell us which way the strong undercurrents are running. They measure (indirectly) how much capital is available and (directly) how much it costs. A place like Switzerland, with abundant savings and reliable borrowers, typically enjoys low interest rates. A West Baltimore, ‘payday loan’ joint or a poor country such as Haiti or Burkina Faso will have much higher rates, because there is less capital available… and borrowers might not pay it back. And generally, as the world grew richer, interest rates went down. Paul Schmelzing, at the Bank of England, showed them falling for the last 700 years.

But the Fed got up to mischief 20 years ago – dropping its key rate from above 6% to below 1%. Was the country suddenly richer? Were savings more abundant? Of course not. The Fed was giving out a lie. What is important about interest rates is not that they are high or low, but that they are honest. And the Fed was manipulating credit prices in order to give the impression that we were richer than we really were. The idea was to boost stock prices, increase spending and stimulate the economy. Then in 2008, it repeated the scam, this time pushing rates down to ‘effectively zero.’ In real terms, adjusted for inflation, the Fed Funds rate stayed below zero for more than a decade – where it remains still.

No wonder speculators acted as though money had no value – bidding up prices of meme stocks and cryptos to preposterous levels. No wonder businesses borrowed to buy back their overpriced shares. And no wonder the US government spent trillions on unwinnable wars abroad and jackass boondoggles at home.

And no wonder, the country now has $90 trillion of debt – public and private… so much that the pain of reducing inflation will now be likely more than the elite can stand. In order to stop inflation, the Fed must raise interest rates. And every 1% increase – if applied to the whole debt load – would add $900 billion in extra expense annually.

Dow Below 20,000? Alert readers will wonder: where does the money go? If debtors pay out an additional $900 billion, creditors must take in an additional $900 billion. The economy has lost not a single penny, right?

Not exactly. As interest rates rise, fewer people borrow and more existing credits are canceled or go bad. Our monetary system is based on credit; a decline in the amount of credit outstanding is the same as a contraction in the money supply…so, a decline in the bond market tells us that the tide of credit, on which the whole economy – real and fake – floats, is going out.

Already, the Dow boats are down 15%. The 10-year Treasury bond yield has more than quadrupled from its 2020 low. And mortgage rates have doubled. But these are, so far, just mild corrections. If this is the Primary Trend we think it is, it may take us all the way down to where the last one began – in 1980. If so…

The Dow will keep dropping… down below 20,000.

Bonds will be crushed. Low coupon bonds will once again be regarded as “certificates of guaranteed confiscation” as they were in the ‘70s.

Mortgage rates will shoot up over 18%.

And America – economically and politically – will turn into a quivering jello of confusion and despair.

We remind readers too of a Bonner dictum: the force of a correction is equal and opposite to the claptrap that preceded it. By that alone, the developing Primary Trend should be one for the record books."
Related:
"What’s frightening is the amount of leverage and debt 
we have now compared to 2007. This unwind will be biblical."

The Daily "Near You?"

Georgetown, Maine, USA. Thanks for stopping by!

"The Western-System is More Fragile Than Ever... Here's What Comes Next"

"The Western-System is More Fragile Than Ever...
 Here's What Comes Next"
by Chris MacIntosh

"Two things I want to point out. One is that John Locke was right. "Government has no other end than the preservation of property. Tyranny is the exercise of power beyond right… there is only one thing which gathers people into seditious commotion, and that is oppression." -John Locke If ever there was a catalyst to galvanize and accelerate an alternate system or systems to provide relief from the tsunami of oppression coming at us, then surely this is it.

And secondly… the galvanizing of current existing alternative systems, which, if I’m even half right, will morph during the course of the decade resulting in something that will be unrecognizable from its current state. While the Western "democratic" world focuses on ensuring the gender confused have tampons in the boys' loos, dramatic changes are afoot in that world outside of the narrow Western dominated MSM scope.

At the recently convened St Petersburg International Economic Forum Vladimir Putin put it like this: "To reiterate, these changes are fundamental, groundbreaking and rigorous. It would be a mistake to assume that at a time of turbulent change, one can simply sit it out or wait it out until everything gets back on track and becomes what it was before. It will not."

Now think what you will of Vlad but to discount his views is foolish. If nothing else his grasp of history, economics and realpolitik is vastly superior to any of the podium donuts in literally any western country today.

Differing ideologies, differing economic, political and social systems: As the central planners at the WEF, NATO, EU, UK, Canada, New Zealand, Australia and US administration press ahead with what can only be described as a tyrannical evil agenda, this creates a greater synergy and connectivity for those systems which are in disagreement, even if only marginally so.

"The enemy of my enemy is my friend": Remember… The Allies joined with Stalin in World War II in order to defeat Hitler. Go back to what we’ve seen taking place over the last, 40 odd years. The Western-led system has been de-industrializing, shifting manufacturing to Eurasia (China in particular), India, South East Asia and Latam (Mexico in particular).

Raw material production, especially in energy, has been shifted… largely to Russia from the Western Europeans, and from North America to the Middle East. The latter being both a reduction in North American energy production as well as leaving a power vacuum in the Mid-East, now rapidly being filled by China, Iran and Russia. This has now formed a system whereby the Eurasian leadership now controls vast amounts of the marginal manufacturing, energy and raw materials supplies.

A look at "our" system. That of the liberal West: Here, infrastructure is largely privatized and forms a natural monopoly, extracting rent from citizens directly while the taxes paid, ostensibly for said services, remains high. It is a double taxation system which has eroded the middle class, together with the de-industrialization mentioned which eroded the working class, offshoring their jobs while increasing the profits of the 1%.

The situation we find ourselves in now is one where the West finds itself burdened with an over indebted economy, where the middle-class rely on credit to finance their living standards, and the government relies on debt issuance to finance these living standards. I can’t think of a more fragile system than credit being used for consumption rather than production.

The result in the West is an extraordinarily high-cost system where housing, education, and everyday consumption is debt financed. The costs to businesses, (minimum wage, taxes, red tape, insurance, legal etc.), especially industrial production, are simply too high - and hence the "offshoring" of this work. Keeping this unsustainable system going, has led to the US ensuring - or more accurately, attempting to ensure - that other major economic blocs don’t seek better terms with the Eurasian bloc. Those economic blocs that are now under this system and collapsing with it are principally Western Europe, the UK and Japan.

Towards a Global Conflict: And for those who say "meh… look at Russia. Stupid, ignorant Ruskies. Their GDP is the same as Italy (3rd largest in Eurozone) and then look at the US. They’re massive." What these academics entirely miss is how GDP is measured. The GDP of the US in particular is based on companies such as Apple, Tesla, Facebook and Twitter, sprinkled with a healthy dose of mortgage backed securities, and an alphabet soup of "credit instruments".

Fine, but let me know how your Tesla drives when you can’t source the copper, lithium or various petrochemicals to manufacture it, let alone the electricity to power it. How great is that iPhone with Facebook and Twitter when food can’t get to your door because the fact is all this stuff just doesn’t work without oil, gas, petrochemicals and metals… all the things that Russia has.

The Western world is rapidly finding out where stuff actually comes from, and while that’s a painful experience, it is nothing compared to the grand picture here and how these competing systems are leading us towards a global conflict."
And so...finding out where stuff actually comes from...

Coming consequences will be a "painful experience" indeed...

Must Watch! Greg Hunter, "Weekly News Wrap-Up 9/2/22"

"Weekly News Wrap-Up 9/2/22"
Fraud, Lies, Psyops, Cheating For Midterms,
 More Vax Dead, More War
by Greg Hunter’s USAWatchdog.com

"The amount of psyops for the Deep State Dems to win in November is kicking into high gear. They are way behind in the real polls, but that does not stop them from lying to make you think otherwise in the phony polls. (As I have said in the past, the real approval rating for Biden is 11% to 12%.) This is why the Democrat strategy must include fraud, lies, psyops, cheating and rigging for Midterms come November. They sure as heck do not have any policy to make the lives of ordinary Americans better, unless you think killing your unborn baby or paying much more at the gas pump and grocery store will enrich your life. Don’t fall for the psyops. You are not hearing any good ideas from Democrats because they don’t have any.

Another week and more young healthy people die from “unknown causes.” When are we all going to say enough and call this what it is - people are being murdered from the bioweapon injections they passed off as a “vaccine.”

The War in Ukraine could have been stopped in April, but the UK and the West halted any hint of peace to stop the bloodshed. Meanwhile, Germany’s economy is about to totally shut down and destroy the lives of its citizens all in an effort to support Ukraine. Now, natural gas from Russia has been cut to zero as the Russians say the Nord #1 pipeline is down for repairs. When it reopens (and who knows when that will happen), it will be running at 20% of capacity, just like before. Germans are trying to find coal to burn so they don’t have to burn their furniture to stay warm this winter. If the economy shuts down anymore, can the banks also suffer from this? Deutsche Bank (DB) is in Germany, and the IMF has been calling it “the most systemically dangerous bank in the world” for the past few years. Is the German economic shutdown over this stupid war going to help or hurt DB?" There is much more in the 45-minute newscast.

Join Greg Hunter on Rumble as he talks about these 
stories and more in the Weekly News Wrap-Up for 9/2/22.:

Jim Kunstler, "Soul Man"

"Soul Man"
by Jim Kunstler

"I knew we were in for the business with that “soul of the nation” build-up ballyhoo, but I didn’t exactly expect Independence Hall to be decorated in blood red and sepulchral black à la the-mouth-of-hell for a sermon by the Lord of the Flies himself. Somehow his staff managed to get the Old Trickster to the fiery podium on-time, where, in his trademark inside-out and upside-down mode of argument, he inveighed wrathfully against the “grave threat to democracy” posed by an opposition laboring to undermine “our personal rights…the pursuit of justice [and] the rule of law.” Roger that, Kemosabe.

I confess, I was hoping to see MAGA superhero Homey D. Clown materialize in a puff of rainbow-colored smoke right up there beside the sulfurous incarnation of “Joe Biden.” “MAGA Republicans have made their choice,” the hypothetical president shouted. “They embrace anger… they live, not in the light of truth, but in the shadow of lies.” “I don’t think so,” Homey would have surely retorted. Upon which, Homey whaps the Party of Chaos’s front-man upside his hair-plugged noggin with a sock full of Milk Duds. “Homey don’t play that.” So much for reveries of true righteousness….

And thus went this watershed moment in our floundering nation’s politics du jour. Did you catch an odor of desperation in that marvelous spectacle? A politician does not declare war on half the country in a spirit of comity. Something’s up in this land and it don’t feel all comfy-cozy as we turn the corner on our election season. A lot of things are up, in fact, all of them kind of sketchy and dark.

“Joe Biden’s” guardian of the rule of law, the DOJ under Merrick Garland, is on a rampage, not just seeking long prison sentences on J-6 misdemeanor defendants, but now going after their very attorneys, officers of the court, for daring to represent them. There is the recent Mar-a-Lago caper, of course, in which the FBI snatched a bale of documentary evidence Donald Trump had collected detailing these agencies’ four-year campaign to overthrow him. And, having gotten their mitts on it, the AG declared all the material part of a bogus “ongoing investigation” in order to prevent the docs being introduced in Mr. Trump’s just-opened defamation and racketeering lawsuit against HRC, her posse of Lawfare ninjas, and most of the people who worked in leadership of the FBI and DOJ circa 2016-2021. In short, the FBI stole evidence of their own prior crimes to evade prosecution. Something tells me that’s not going to work out so well for AG Mr. Garland and Chris Wray of the FBI.

You realize, don’t you, that all of “Joe Biden’s” scripted maundering about “democracy” and “justice” and “the rule of law” is a smokescreen sent up to hide the many crimes committed by his shadowy managers just now breaking into disclosure, and they are running out of dodges and distractions to divert the pliable center of the voting public from seeing it all.

Following Mark Zuckerberg’s epic mistake telling Joe Rogan that the government used his company, Facebook, and Jack Dorsey’s Twitter, to squash the first amendment, the wheels came off any pretense that this was not direct interference in the 2020 election by activists in government. For a whole year, the FBI sat on evidence that candidate “Joe Biden’s” family was running an international grifting operation fronted by his son Hunter, and when news reports about the notorious laptop began to leak out, the agency used its considerable powers of intimidation to make the news disappear. Now the FBI fears the next step: who exactly in the agency managed that operation along with supervisory agent Timothy Thibault - hustled into retirement days ago after lawyering up - and who, in that exceedingly hierarchical org, approved of it? It’s all coming out now.

Thursday night, “Joe Biden” heralded a US economy firing on a gazillion cylinders. “American manufacturing has come alive across the heartland, and the future will be made in America, no matter what the white supremacists and the extremists say,” he declared. Is that so? Of course not. The country is verging on an economic catastrophe more consequential than the Great Depression of the 1930s, and the harbinger of it, a financial market crash, is sure to occur before November 8th. Everybody and his uncle on Wall Street knows that. The shadow regime behind “JB” knows that. He didn’t dare mention the word inflation, as if no one has noticed it. (Anyway, white supremacists did that.)

The regime is backpeddling so hard on its Covid-19 bullshit that it has burst clean through the looking-glass it rode into in 2021, when, in the name of “choice,” it mandated that millions of Americans submit to forced shots of unsafe and ineffective pharmaceuticals. They know we are entering another flu season with those millions of people tragically left with wrecked immune systems courtesy of the vaxxes. They see the numbers of mystery deaths happening right now in this country and the rest of western civ and they’re working furtively to attempt to change the story. Guess what? It’s not working. Too many people have seen the damage first-hand. We know exactly who is responsible for all that, and it’s not white supremacists.

The war in Ukraine instigated by “JB” and Company hasn’t panned out so well on any grounds - as a distraction from problems at home, as a geopolitical gambit against Russia, or as anything remotely beneficial to Ukraine itself. The endgame on all that approaches as Germany and the rest of NATO are forced to the negotiating table, with or without the USA’s cooperation, or else face a rapid return to the thirteenth century. The terms will end up being more embarrassing than the exit fiasco a year ago from Afghanistan. The voters will notice it had nothing to do with white supremacists. Yes, they will.

“I give you my word as a Biden, I’ve never been more optimistic about America’s future,” the old faker intoned last night. His word as a Biden? So sayeth the Soul Man."
Let's go Brandon!

Gregory Mannarino, "Important Updates"

Gregory Mannarino, 9/2/22:
"Important Updates"
Comments here:

"Strange Prices At Target! This Is Crazy! What's Coming?"

Full screen recommended.
Adventures with Danno, 9/2/22:
"Strange Prices At Target! This Is Crazy! What's Coming?"
"In today's vlog we are at Target, and are noticing massive price increases! We are here to check out skyrocketing prices, and a lot of empty shelves! It's getting rough out here as stores seem to be struggling with getting products!"
Comments here:

Musical Interlude: Jason Mraz, "I Won't Give Up"

Full screen recommended.
Jason Mraz, "I Won't Give Up"
"If I were dropped out of a plane into the ocean and told
the nearest land was a thousand miles away, I'd still swim.
And I'd despise the one who gave up."
- Abraham Maslow

And don't you ever give up, never ever...

"Incredible: The Complete Destruction Of America’s Institutions Accelerates"

"Incredible: The Complete Destruction Of 
America’s Institutions Accelerates"
by Jim Kunstler

"We’re witnessing the destruction of every institution in the land and nobody knows how to stop it… The CDC seems to think nobody will notice its crimes, and the crimes of its sister agencies, FDA, NIAID, NIH, (and the White House Task Force) if it strolls jauntily into the fall season whistling a happy a tune: Nevermind Covid anymore, la la la… Did I say crimes? Yes, I did. As in gross violations of the law and the basic social contract.

They lied about their roles in the nefarious origins of SARS CoV-2. They conjured up - already had waiting, actually - dangerous genetic treatments masquerading as “vaccines” and then they faked the safety trials to rush them into use. They denied people proper, effective treatments with inexpensive drugs and killed them with ventilators and remdesivir - solely to maintain a fraudulent emergency use authorization (EUA) that shielded “vaccine” companies from lawsuits.

Once the “vaccines’ were widely distributed - and forced upon many people with mandates - they confabulated and hid information about adverse reactions and deaths. They destroyed countless small businesses, livelihoods, households, and hindered children’s development with lockdowns. And they used both social and news media to censor their critics in direct violation of the first amendment. That’s all.

Oh, one more thing: they destroyed modern medicine. They will probably assist in the destruction of law, too, because the legal system will never be able to handle the volume of lawsuits against all parties involved in the Covid “vaccine” mass slaughter - including the corporations that forced their employees to get vaxxed and the pharma companies themselves, who will lose their EUA protections once their fraud is proven. And they will hasten the death of an already ailing financial system that can’t bear the wealth transfers implied in the foregoing (on top of the worst debt crisis in human history).

You think I exaggerate? We’re sailing into the flu season with millions of people whose immune systems are wrecked by multiple shots of mRNA novelty drugs. They are also susceptible to many viruses and bacteria which normally lurk in everybody’s bodily ecosystem, but would be controlled by otherwise healthy immune systems. Likewise, their hacked immune systems are no longer able to suppress cancers - many forms of which are already way up above normal statistical levels. Not to mention damage done to cardiovascular systems by spike proteins, which linger in human bodies for more than a year after “vaccine” shots, as well as neurological and brain damage.

Former Wall Street analyst Edward Dowd said on August 18 that a Society of Actuaries report just made public shows that a 20 percent uptick in excess deaths among working age people, which began with vaxx mandates in the fall of 2021, continued into the second quarter of 2022. Actuaries are the people who compile and analyze statistics for insurance companies.

So, the last few weeks the CDC has been walking-back one “guidance” after another. No more compulsory testing, no more contact-tracing, no more social distancing, no more treating the unvaxxed differently than the vaxxed (though the “Joe Biden” regime still won’t allow unvaxxed travelers into the USA), no more vaxx mandates (except, apparently, the US military). Oh, and they’ve conceded that their “vaccines” do not remain in the deltoid muscle, but actually leak all over the body. Note: whatever else the public health agencies are saying or doing right now, they are still promoting the mRNA vaccines, and lying about their safety and effectiveness - because if they told the truth, they would be completely discredited and surely subject to criminal prosecution. And they are still suppressing cheap and effective treatment protocols while promoting remdesivir and the useless (plus expensive) Paxlovid.

The CDC capped the walk-back campaign by announcing a major overhaul of how the agency works. (The FDA and other public health entities made no such promises.) CDC Director Rochelle Walensky, fronting for other little-known federal bigwigs actually called in to clean-up after her, made the hilarious statement: “I look forward to working with the incredible people at CDC and our partners to realize the agency’s fullest potential to benefit the health and well-being of all Americans.” What a dim bulb. Does she know the definition of the word incredible? (Here it is: impossible to believe.)

Of course, the more sobering picture is that virtually all American institutions are now incredible, impossible to believe, starting from the top: “Joe Biden” as president. The executive branch of the government is being run by Barack Obama and a claque around him and is being run into the ground either on-purpose or out of astounding incompetence. Attorney General Merrick Garland flamboyantly disgraces the very idea of justice with Stalinesque political prosecutions. FBI Director Christopher Wray flouts every attempt to extract the truth about his agency’s operations, and at least half the country believes he’s turned it into a secret police operation like the Gestapo.

The college presidents and deans have dishonored the idea of truth-seeking with their cowardly submission to Jacobin-Marxist maniacs and their program of anti-knowledge. And who, in America really trusts his doctor? (Not me. Mine is the “chief medical officer” of my network and he’s still pushing “vaccines.”)

We allowed this to happen. We tolerated this exorbitant abuse by runaway authorities-gone-criminal. We let them get away with their bullshit about “defending our democracy” when they are actively and visibly destroying it. Serious people must be seriously asking themselves: what will it take to stop them now?"
Hat tip to The Burning Platform for this material.

"How It Really Is, And Will Be For A Long, Long time"

 

Thursday, September 1, 2022

Greg Hunter, "Era of Fake Money is Gone – Egon von Greyerz"

"Era of Fake Money is Gone – Egon von Greyerz"
By Greg Hunter’s USAWatchdog.com

"Financial and precious metals expert Egon von Greyerz (EvG) stores gold for clients at the biggest private gold vault in the world buried deep in the Swiss Alps. EvG is a former Swiss banker and financial expert that says massive money printing and huge amounts of unpayable debt will lead to a monster financial meltdown soon. EvG says, “I did forecast that the stock market is going to fall at this particular point. The 1,000-point drop on the DOW last Friday came right on cue. Fundamentally, the markets should have crashed a long time ago. It appears clear to me we are going to see a 30% or so fall in the markets in the next one to two months. That’s the first fall, but that’s just the beginning. Markets will fall, in real terms, by 90% to 95% in the coming years. That’s not going to happen overnight, but if it does happen overnight, then all bets are off and there will be a total disaster. The world is going to shut down. Then there will be some extra money printing and people will be optimistic for a while. 

There is no money anymore because the money that is printed will make zero difference. There will be nothing that will drive the world forward. All the decisions on top of the with energy, climate change, sanctions, etcetera, will mean it all will crash a lot faster. The world is going to see a collapse that it has never seen before in history, and there is absolutely no remedy for that. They are not going to be able to do anything. Everybody who is not in power is going to promise something that they can’t deliver. When they get into power, they will be thrown out because they couldn’t deliver. So, the era of Shangri-la and money printing and saving the world by fake money - that era is totally gone.”

EvG goes on to say, “I am not a prophet of doom and gloom, but it may sound like it. I am just someone who just looks at risk. This is why I got into gold 20 years ago. Gold was the best solution to a risk situation in the financial world. We almost had a collapse in 2008, and it was patched up temporarily. This time they won’t succeed. We have a situation nobody can solve. Initially, there will be money printing, but adding new debt to pay old debt is not a great solution to the problem. 

 I don’t think there will be any orderly reset at all. At some point, there will be an implosion of the system. There has to be. You have to remember when the debt collapses, all the assets that were supported by this debt will collapse. You will have an implosion of values, I expect 90% plus. Stocks crashed in 1929 to 1932 by 90%. The risk back then and the magnitude of the problems then were nothing compared to what we have today. Remember, today it’s global, and it’s every single country in the world. It’s everywhere, and no one can escape what’s coming.”

In closing, EvG says, “Gold never goes up in price. Gold maintains stable purchasing power, and that’s why it is such a wonderful commodity and asset.” EvG likes silver, too, but he says be careful because it will be more volatile than gold." There is much more in the 37-minute interview.

Join Greg Hunter on Rumble as he goes One-on-One with Egon von Greyerz
 of Matterhorn Asset Management, which can be found on GoldSwitzerland.com.

"20 Things The Middle Class Can't Afford Anymore"

Full screen recommended.
"20 Things The Middle Class Can't Afford Anymore"
by Epic Economist

"The U.S. middle class is losing ground financially, and in today's video, we're going to expose a list of things middle-income workers can no longer afford. We're living through the most severe cost of living crisis in history, and Americans are seeing their purchasing power evaporate at a breathtaking speed. Even those who used to have some sense of financial security are now having to make some difficult choices and opt between putting food on their tables, paying utility bills, or seeking medical care. Today, middle-earners do not have the same economic stability their parents had back in the day. They continue to struggle with rising costs of education, entertainment, energy, groceries, and everyday necessities while real wage growth stagnates. With each passing month, living conditions continue to worsen for this group.

Right now, millions of Americans are still struggling to afford a basic middle-class life. Nearly 51 million households don't earn enough to afford a monthly budget that includes housing, food, child care, health care, transportation, and a cell phone, according to a study released Thursday by the United Way ALICE Project. The share of middle-income Americans who say their incomes aren't keeping up with their cost of living has jumped 16 percentage points since December 2020, rising to 75% in June 2022, Primerica found. With tight budgets, middle-class families are having to cut back on their spending on name-brand items. In July alone, retail sales data shows a 28% decline in the purchase of brand name items as middle-income shoppers scramble to afford simple luxuries of life.

The middle-class debt load is growing much faster than their incomes, leaving workers struggling to make ends meet each month. According to a Money-Zine analysis, "back in 1980, the consumer debt per person was $1,540, which was 7.3% of the average household income of $21,100. In 2022, consumer debt climbed to $58,604 per person, which was almost 60% of the average household income of $97,026. This means debt increased nearly 500% faster than income from 1980 through 2022."

 Having a financial cushion to fall back on is essential to ensure economic security, but as the cost of living soars, fewer middle-class workers can afford to put some money aside for emergencies. A Bankrate poll found that only one in seven middle-class households have at least six months of emergency savings. Over 25% of them have no emergency savings at all, and the remaining households have a small to moderate amount of savings, but not enough to cover six months of expenses.

In theory, middle-class earners differ from low-income earners because they don’t live paycheck to paycheck. But in reality, over 60% of the U.S. population, or approximately, 157 million adults, are currently living in a hand-to-mouth situation. In other words, middle-class Americans are just as financially burdened as low-income Americans, with around two-thirds, or 67%, unable to cover an unexpected $400 expense. New estimates suggest that around one-quarter of the U.S. population is already spending more than ten percent of their net income on energy. People from households that exceed this ten-per cent threshold are considered to be in the "energy poor" group, experts note. Last year, less than 10% of the population faced energy poverty. But over the past 12 months, the proportion of energy poor has risen by more than fifteen percentage points. Economists observe that high energy prices no longer only burden households with low incomes. This is going to be a very bitter winter for many middle-class families out there. Large swathes of our society are already facing massive amounts of financial pain. But as global events accelerate, it's safe to say that the worst is yet to come."

Canadian Prepper, "State Of Emergency, Grid Down"

Canadian Prepper, 9/1/22:
"State Of Emergency, Grid Down"
"Get ready to feel the burn this weekend!"
Comments here:

"In Memoriam"

"In Memoriam"
by Brian Maher

"We learn that former Soviet premier Mikhail Gorbachev has gone over the rainbow. When a man of historical note clears out, a fellow tends to reflect upon his deeds… and of days past. Today is one such occasion.

Mr. Gorbachev was of course the final premier of the Soviet Union. He did not tear down that wall - as the American president, Reagan, had exhorted him to do in 1987. Yet he did not prevent the walled-in from tearing it down in 1989. At least partly due to Mr. Gorbachev’s passivity, the Cold War closed out with the figurative whimper rather than the literal bang.

Heady days, those were. It was the very end of history, argued Harvard man Francis Fukuyama. Liberal democracy had buried communism… the precise negation of Mr. Khrushchev’s forecast decades prior. Jefferson would displace Lenin. Smith would displace Marx. Warful swords would go beating into peaceful and productive plowshares.

Do you remember it? The first McDonald’s restaurant opened in Moscow as 1990 closed. Hundreds and hundreds stood waiting in line. Was there a grander symbol of communist vanquishment and defeat? Thus the Russian people would discover at last the high glories of political and economic freedom.

Now scroll 30 years ahead to the present day…Russia is an oligarchy annually voted the most corrupt - or second-most corrupt - nation in Europe. (Would you care to hazard its competition for first place?) It is kinged by a 21st-century czar labeled variously as “thug,” “dictator” or “terrorist.” There are other terms less flattering yet.

Russian aircraft and submarines once again menace American territorial borders while American aircraft and submarines menace Russian territorial borders… as during the long twilight Cold War struggle. Russia has invaded the sovereign nation of Ukraine while the United States delivers lethal aid to force Russia out. Direct confrontation between the United States and Russia remains a lingering possibility. To heap Pelion upon Ossa… McDonald’s has vacated Russia entirely.

We may conclude that the United States won the war — but not the peace. Who would have forecast it three decades prior? A cynical yet historically minded few perhaps. They understood well that history has no end. They understood that history is not a roadway terminating in a democratic and capitalistic El Dorado… or any El Dorado at all. It is more a ceaseless clashing of power, interest and commonly - arms.

The question of course… is what went wrong? We are sophisticated enough to recognize the complexity of events, the vast interplay of whirling dynamics. Yet we are simple enough to cling to one grand theory. In our simplistic view the United States should have quit the NATO alliance once its rival alliance disbanded. Yet the United States expanded the NATO alliance eastward - despite pledges to Russia that it would not.

Here is “isolationist” Patrick Buchanan, writing in 1999: "If the United States has one overriding national security interest in the new century, it is to avoid collisions with great nuclear powers like Russia. By moving NATO onto Russia’s front porch, we have scheduled a 21st-century confrontation. Europe’s sick man of today is going to get well. When Russia does, it will proclaim its own Monroe Doctrine.

And when that day comes, America will face a hellish dilemma: Risk confrontation with a nuclear-armed Russia determined to re-create its old sphere of influence, or renege on solemn commitments and see NATO collapse." Mr. Buchanan gazed into a crystal ball far clearer than most. And so here we are.

"For of all sad words of tongue or pen,” lamented 19th-century poet John Greenleaf Whittier… “The saddest are these: 'It might have been!'" And so today we reflect upon Mr. Gorbachev’s legacy and the newly formed Cold War ice that had melted decades ago. “Peace and friendship,” we say: “It might have been!”...

Below, Jeffrey Tucker reflects upon the “good old days of the Cold War,” and what went wrong. Read on."

"The Good Old Days of the Cold War"
By Jeffrey Tucker

"The death of Mikhail Gorbachev unleashed a wave of nostalgia for simpler and better times. That’s odd, isn’t it? Not so much. The freedom revolution did not turn out as planned. The world never became normal and peaceful as promised. And today, we can only look back on the 1980s with affection for better times.

Back in the day, in the midst of the Cold War, we had an overwhelming sense of the world being held hostage and on the verge of a global nuclear war that could wipe out humanity as we knew it. One wrong move, one bad piece of intelligence, and boom the world would go up in fire and smoke. The stakes were so high! It was not just about stopping the end of life on the planet. It was about an epic struggle between freedom (the U.S.) and tyrannical communism (the Soviet Union).

In our political landscape, much of American politics turned on whether it was wise to risk peace alongside a Soviet victory or go for a full vanquishing of evil from the planet. The battle over communism defined the lives of many generations. Everything seemed so clear in those days. We were the good guys and they were the bad guys. We had to spy, fight, build up the military, fund the freedom fighters and generally be strong in the face of godless evil.

Ronald Reagan was just the champion that freedom needed in those days. He called the Soviet Union an “evil empire.” It drove the left nuts and cheered the base. Then one odd day in 1987, he and Gorbachev met and decided that they would together rid the world of nuclear weapons. They were giddy about the idea and the whole world went into shock and amazement.

Gorbachev gained a victory at home – he ruled a poor and restless population sick of the nonsense – that encouraged him to seek more reforms, which only fed the appetite for more reform. Reagan served two terms and left office. Then dramatic change hit the world from 1989–90. The Soviet Empire fell apart, gradually at first and then all at once. Gorbachev became the country’s last leader as Soviet communism became plain-old Russian autocracy over time. The world could now be free!

During this period I met Israeli historian Martin van Creveld. He was a scholar on war and terrorism. He held a usual view. He believed that the end of the Cold War was a disaster. He said the world would never be as peaceful as it was when two superpowers faced off with nuclear arsenals. He described it as the perfect game for peace and prosperity. Neither would ever risk using the weapons but the prospect alone made states more cautious than they otherwise would be. In fact, in his view, this nuclear standoff made the world as good as it could be given the circumstances. He dreaded what might happen once one of the two powers disappeared.

I simply could not accept that position. That’s because I bought all the propaganda that this was really about a victory for peace and freedom. With the Soviet Union gone, the U.S. could now safely return to its natural and constitutional status as a peaceful commercial republic, friendship with all and entangling alliances with none. I was all in on the idea that we had finally reached the end of history: We would have freedom and democracy forever now that we knew that those systems were the best systems.

In those days, many on the left and right in American politics were screaming for normalcy. But there was a huge problem. The U.S. had built up a massive intelligence/military/industrial machinery that had no intention of just closing up shop. It needed a new rationale. It needed a new enemy. It needed some new scary thing.

If the U.S. could not find an enemy, it needed to make one. China in those days wasn’t quite right for enemization, so the U.S. looked to old allies that could be betrayed and demonized. George H.W. Bush decided that Manuel Noriega was a bad money launderer and drug dealer and had to go. The U.S. military made it happen.

Good show! What else? In the Middle East, Iraq was becoming annoying. So George H.W. Bush seized on a border dispute between Iraq and Kuwait, portraying the tiny country as a victim of the big oppressor next door. He would have to intervene militarily.

Now, to be sure, this was not about the U.S. going on some wild new imperial crusade. No no. It was really about punishing aggression just this one time so that the entire world would learn forevermore never to disturb borders again. It was a brief war for peace. It was two weeks to flatten the curve… wait, wrong war. It was two weeks to make the world safe for democracy.

Thus began what became a 25-year occupation. Just two days ago, the palace in Baghdad was ransacked yet again. This once civilized country that attracted the best and brightest students from the whole region is in utter shambles. This is what the U.S. did.

And that was just the start. The U.S., incredibly, replicated Soviet-style occupation in Afghanistan and ended up staying even longer. This was following the 9/11 attacks carried out as a retaliation against U.S. actions in Iraq and the disputed borders of Israel. The Department of Homeland Security came into being and Americans lost vast freedoms.

As for NATO itself, it never went away following the end of the Cold War but rather became another tool of provocation that the U.S. could use to poke its enemies. It was too much for Russia, which decided to settle scores in Ukraine, thus provoking U.S. and European sanctions that are driving the price of energy up for everyone but Russia.

The U.S. victory in the Cold War was massively and tragically misspent. Instead of doing a victory lap for freedom and constitutional government - that’s what we believe was the whole damn point - the U.S. went on a global crusade. Whole peoples suffered but we hardly felt it at all here at home. Life was good. The carnage abroad was all abstract.

With lockdowns and the current political and economic chaos, the global empire has come home to oppress us all in the most personal possible way. We now read tales of life in the Soviet Union and we recognize it all too well. We read 1984 by George Orwell and recognize it in our own experience. Ah for the days of a smiling Reagan and Gorby! Together they decided to end the hell of the Cold War. We had no idea just how good we had it."

"Get Ready, Everything Will Collapse; Middle Class Going Homeless; Fake Money Won't Save Markets"

Jeremiah Babe, 9/1/22:
"Get Ready, Everything Will Collapse; 
Middle Class Going Homeless; Fake Money Won't Save Markets"
Comments here:

Gregory Mannarino, "A Warning: Be Ready For The World As We Know It To Change Dramatically"

Gregory Mannarino, PM 9/1/22:
"A Warning: Be Ready For The World 
As We Know It To Change Dramatically"
Comments here:

Musical Interlude: 2002, “Courting the Moon”

Full screen recommended.
2002, “Courting the Moon”

"A Look to the Heavens"

“What will become of these galaxies? Spiral galaxies NGC 5426 and NGC 5427 are passing dangerously close to each other, but each is likely to survive this collision. Typically when galaxies collide, a large galaxy eats a much smaller galaxy. In this case, however, the two galaxies are quite similar, each being a sprawling spiral with expansive arms and a compact core. As the galaxies advance over the next tens of millions of years, their component stars are unlikely to collide, although new stars will form in the bunching of gas caused by gravitational tides.
Close inspection of the above image taken by the 8-meter Gemini-South Telescope in Chile shows a bridge of material momentarily connecting the two giants. Known collectively as Arp 271, the interacting pair spans about 130,000 light years and lies about 90 million light-years away toward the constellation of Virgo. Recent predictions hold that our Milky Way Galaxy will undergo a similar collision with the neighboring Andromeda Galaxy in a few billion years.”

Free Download: Mark Twain, 'Letters From the Earth'"

"Mark Twain's 'Letters From the Earth'"
by Wikipedia

“Letters from the Earth” is one of Mark Twain's posthumously published works. The essays were written during a difficult time in Twain's life; he was deep in debt and had lost his wife and one of his daughters. Initially, his daughter, Clara Clemens, objected to its publication in March 1939, probably because of its controversial and iconoclastic views on religion, claiming it presented a "distorted" view of her father. Henry Nash Smith helped change her position in 1960. Clara explained her change of heart in 1962 saying that "Mark Twain belonged to the world" and that public opinion had become more tolerant. She was also influenced to release the papers due to her annoyance with Soviet propaganda charges that her father's ideas were being suppressed in the United States. The papers were edited in 1939 by Bernard DeVoto. The book consists of a series of short stories, many of which deal with God and Christianity. The title story consists of eleven letters written by the archangel Satan to archangels, Gabriel and Michael, about his observations on the curious proceedings of earthly life and the nature of man's religions. Other short stories in the book include a bedtime story about a family of cats Twain wrote for his daughters, and an essay explaining why an anaconda is morally superior to Man.

Textual references make clear that sections, at least, of “Letters from the Earth” were written shortly before his death in April 1910. (For instance, Letter VII, in discussing the ravages of hookworm, refers to the $1,000,000 gift of John D. Rockefeller Jr. to help eradicate the disease – a gift that was announced on October 28, 1909, less than six months before Twain's death.)"
Excerpt: "Letters From the Earth"
by Mark Twain

"This is a strange place, an extraordinary place, and interesting. There is nothing resembling it at home. The people are all insane, the other animals are all insane, the earth is insane, Nature itself is insane. Man is a marvelous curiosity. When he is at his very very best he is a sort of low grade nickel-plated angel; at is worst he is unspeakable, unimaginable; and first and last and all the time he is a sarcasm. Yet he blandly and in all sincerity calls himself the "noblest work of God." This is the truth I am telling you. And this is not a new idea with him, he has talked it through all the ages, and believed it. Believed it, and found nobody among all his race to laugh at it.

Moreover - if I may put another strain upon you - he thinks he is the Creator's pet. He believes the Creator is proud of him; he even believes the Creator loves him; has a passion for him; sits up nights to admire him; yes, and watch over him and keep him out of trouble. He prays to Him, and thinks He listens. Isn't it a quaint idea? Fills his prayers with crude and bald and florid flatteries of Him, and thinks He sits and purrs over these extravagancies and enjoys them. He prays for help, and favor, and protection, every day; and does it with hopefulness and confidence, too, although no prayer of his has ever been answered. The daily affront, the daily defeat, do not discourage him, he goes on praying just the same. There is something almost fine about this perseverance. I must put one more strain upon you: he thinks he is going to heaven!"
Freely download "Letters From the Earth", by Mark Twain, here: 

"Our Planet..."

"We do not have to visit a madhouse to find disordered minds;
our planet is the mental institution of the universe.”
- Johann Wolfgang von Goethe

"Someone Once Told Me..."

"Someone once told me that time is a predator that stalked us all our lives. But I rather believe that time is a companion who goes with us on the journey, that reminds us to cherish every moment because they'll never come again. What we leave behind is not as important as how we live it. After all, Number One, we're only mortal."
- Captain Jean-Luc Picard

Gerald Celente, "Roundtable: The Case For Peace In Ukraine"

Full screen recommended.
Gerald Celente, 9/1/22:
"Roundtable: The Case For Peace In Ukraine"
"Gerald Celente, the publisher of The Trends Journal and founder of Occupy Peace, held a ‘Peace & Freedom Rally’ in Kingston, N.Y., with some of the finest minds in the peace movement.

Prior to the rally, Celente held a roundtable discussion that gives an intimate and privileged perspective into the argument for peace that is banned in the mainstream media. Celente was joined by Judge Andrew Napolitano, the former chief legal analyst for Fox News; Phil Giraldi, the former CIA operative; Gary Null, the host at Progressive Radio Network; and Scott Ritter, an ex-weapons inspector for the UN.

The Trends Journal is a weekly magazine analyzing global current events forming future trends. Our mission is to present Facts and Truth over fear and propaganda to help subscribers prepare for What’s Next in these increasingly turbulent times."

The Poet: Charles Bukowski, "Darkness Falls"

"Darkness Falls"

"Darkness falls upon Humanity
and faces become terrible things
that wanted more than there was.

All our days are marked with
unexpected affronts - 
some disastrous, others less so,
but the process is
wearing and continuous.

Attrition rules.
Most give way,
leaving empty spaces
where people should be.
And now,
as we ready to self-destruct,
there is very little left to kill,
which makes the tragedy
less and more,
much, much more."

- Charles Bukowski

The Daily "Near You?"

Valley Center, Kansas, USA. Thanks for stopping by!

Must View! "You Have to Buy an Electric Car That You Can’t Charge", And Much More

Full screen recommended.
Dan, iAllegedly, 9/1/22:
"You Have to Buy an Electric Car That You Can’t Charge"
"The global energy crisis is taking its toll on everyone. Restaurants cannot afford to pay the electric bill. We are seeing warnings from around the world that this is going to get much worse before it gets better."
Comments here:

"The Life You Have Left..."

“The life you have left is a gift. Cherish it.
Enjoy it now, to the fullest. Do what matters, now.”
~ Leo Babauta
“This is your life, and it's ending one minute at a time.
Every breath is a choice.
Every minute is a choice.
To be or not to be.
Every time you don't throw yourself down the stairs, that's a choice.
Every time you don't crash your car, you re-enlist.
If death meant just leaving the stage long enough to change costume
and come back as a new character...Would you slow down? Or speed up?"
- Chuck Palahniuk
"If you were going to die soon and had only one phone call you could make,
who would you call and what would you say? And why are you waiting?"
- Stephen Levine

"What Would You Do If You Had To Go Through The Economic Horrors Of 2008 Again?

"What Would You Do If You Had To Go 
Through The Economic Horrors Of 2008 Again?" 
(Spoiler Alert: The Next Economic Crisis Has Already Begun)
by Michael Snyder

"If you knew for certain that we were about to plunge into another massive economic downturn like we experienced during the “Great Recession”, how would you respond? The events of the second half of 2008 took almost everyone by surprise, and the vast majority of the population was completely unprepared for what happened next. Millions of Americans lost their jobs, and that meant that they were suddenly unable to pay their bills. Countless households got behind on their mortgages and rent payments, and we witnessed a dramatic spike in foreclosures and evictions. I wish that we would never have to see such suffering again, but unfortunately it is already starting to happen right in front of our eyes.

The Biden administration keeps insisting that the U.S. economy is in good condition, but if that is the case why are so many large companies now laying off workers? On Wednesday, we learned that Snap Inc. will be laying off approximately 20 percent of their entire global workforce…"Snap Inc., the parent company of the popular app Snapchat, announced plans to lay off some 20% of its more than 6,400 global employees. The news will impact the jobs of more than 1,200 staffers at the tech giant, and comes as broader economic conditions have deteriorated in recent months amid rising inflation and the Federal Reserve’s interest rates hikes. The recent market downturn has especially pummeled the tech sector, where news of hiring freezes, layoffs, and other cost-cutting measures have dominated headlines for months."

Of course it isn’t just the tech industry that is getting monkey-hammered these days. It was also just announced that Bed Bath & Beyond will be permanently closing 150 stores and will be getting rid of about 20 percent of their corporate employees…"Bed Bath & Beyond is in deep turmoil. The company is trying to rescue itself and stay out of bankruptcy by shrinking. The chain said Wednesday that it will lay off approximately 20% of corporate employees, close around 150 stores and slash several of its in-house home goods’ brands. Crucially, the company also said it secured more than $500 million in financing to shore up its ailing financial straits."

Normally, retailers wait until after the lucrative holiday season before announcing store closings. So this move seems highly unusual. Sadly, this is all part of a “layoff tsunami” that has now started. As I discussed the other day, approximately half of all U.S. companies anticipate that they will be eliminating jobs over the next 12 months. Needless to say, a “tsunami of layoffs” is only going to accelerate the new housing crash that we are now witnessing.

Last week, total mortgage application volume was 63 percent lower than it was during the same week in 2021…"After falling back earlier this month, mortgage rates began rising sharply again to the highest level since mid-July. That caused mortgage demand to pull back even further. Total mortgage application volume fell 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 63% lower than the same week one year ago."

63 percent! What a catastrophe. And many other recent numbers confirm the fact that we are now past the peak of the housing bubble and are now on the way down…"Sales volume of existing homes plunged by 20% from a year ago across the US, and by 31% in California, and by 41% in San Diego. Median prices in the West have begun to drop, and in the San Francisco Bay Area fell below year-ago-levels, including by 8% in San Francisco. Sales of new houses plunged by nearly 30% year-over-year across the US, and in the West by 50%, as the supply of new houses has exploded to 11 months, the highest since the peak of Housing Bust 1. And big institutional buyers have started to pull out of this market because they don’t want to overpay. This has been going on for months."

Home prices have only just begun to drop. They could potentially go down a lot further, because soaring mortgage rates have put home ownership out of reach for a huge chunk of the population at this point. What we really need is for the Federal Reserve to stop hiking interest rates. But Fed officials have already told us that they aren’t going to do that. So the housing crash that we are currently experiencing is only going to get worse.

Meanwhile, an increasing number of renters are getting behind on their rent payments. In fact, it is being reported that 3.8 million renters believe that it is likely that they will be evicted within the next two months…"For the first time ever, the median rent in the U.S. topped $2,000 a month in June - and the increases show no sign of stopping. Those rising rents mean that households representing a total of 8.5 million people were behind on their rent at the end of August, according to Census Bureau figures. And 3.8 million of those renters say they’re somewhat or very likely to be evicted in the next two months."

If things are this bad already, what will conditions look like once millions more Americans have lost their jobs? Just like we saw in 2008, huge numbers of evictions and foreclosures are on the horizon, and the middle class is going to be absolutely eviscerated by this crisis.

Last time around, the Fed was able to reduce the severity of the crisis by pushing interest rates to the floor and by pumping trillions of fresh dollars into the financial system. This time around they are unlikely to implement such measures because they are deathly afraid of causing even more inflation. So the stage is set for an economic meltdown of absolutely epic proportions, and there is no hero that is going to come riding to the rescue.

We are about to experience the consequences of literally decades of exceedingly foolish decisions. Enjoy the rest of the summer while you still can, because the U.S. economy is only going to go downhill from here."
Horror indeed...
Check the current list of recent user layoff related 
comments, questions, rumors and messages here: