Wednesday, September 23, 2020

"The Fourth Turning: 'Dark Years Are Here'"

"The Fourth Turning: 'Dark Years Are Here'"
by Egon von Greyerz 

"In an ephemeral world, few things survive. I am not talking about species or human beings whose existence on earth is also transitory. Instead I am referring to social and financial systems which are now coming to an end. In July 2009 I wrote an article called The Dark Years Are Here. It was reprinted again in September 2018. Here is an extract from my original article:

“The Dark Years will be extremely severe for most countries both financially and socially. In many countries in the Western world there will be a severe depression and it will be the end of the welfare state. Most private and state pension schemes are also likely to collapse. It will be a worldwide depression but some countries may only have a deep recession. There will be famine, homelessness and misery resulting in social as well as political unrest. Different types of government leaders and regimes are likely to result from this.

How long will the Dark Years last? There is a book called ”The Fourth Turning” written by Neil Howe. He has identified a pattern that repeats itself every 80 years. The pattern has been extremely accurate in the Anglophile world. We have recently entered the Fourth Turning which is the final 20 years of the cycle. According to Howe we are in the early stages of a 20 year period of economic and institutional upheaval.

This is a period of Crisis when the fabric of society will change dramatically. Previous Fourth Turnings have been the American Revolution, Great Depression and World War II. According to Howe the Crisis will be substantially worse before it is over and it will last for another circa 20 years.

All of this is not good news and we hope that we and Howe are wrong regarding the severity and length of this crisis. But we fear that we are both right. We must stress again that never previously has the whole world entered a downturn simultaneously in such a fragile state both financially and economically which is why the Dark Years are likely to be so devastating and long lasting.”

The Inevitable Fall Of Society: Neil Howe’s book 'The Fourth Turning' had just been published when I wrote the article and it has since attained great fame. We are now in the final 8 years of his 20 year cycle and the most dramatic part of the cycle has just started which is the Fourth Turning.

In my 2009 article, I thought that the downturn was more imminent. But although I was slightly out on the timing, it doesn’t change the inevitable fall of the whole fabric of society in the next few years, be it commercial, financial or social.

Since 2009, global debt has doubled to $280 trillion and risk has increased exponentially. The final stage of the collapse started in August of 2019 with the central banks panicking and embarking on a massive money printing spree due to major problems in the financial system.

Cpronavirus – A Catalyst: As I have stated previously, Coronavirus which started in early 2020, is not the reason for the current downturn in the world economy. It was just a catalyst. For some reason, when cycles are about to accelerate hard down, the trigger seems to be the worst possible. Although I have often talked about disease as one potential catalyst, I did not expect it to come now and cause a total lockdown of parts of the economy and society in so many countries.

When you are approaching the end of a financial era or cycle, it is very difficult to predict exactly how it will all end. Very few people understand that we are now living on borrowed time. But there is absolutely no doubt that we are now at the end of the end and of a major cycle, whether that takes 8 years as Howe predicts or it all happens much faster, is totally irrelevant.

The Unprepared Could Lose Everything: The risk is here now and if you don’t prepare for this, you are not just likely to lose whatever wealth you have but also your job, pension or social security depending on your circumstances. And if you live in a city, you are also likely to be affected by social unrest and crime plus a breakdown of services like medical care, schooling, law and order etc.

Many people are today trying to get out of the cities as a result of Coronavirus and the shut down of offices and shops as well as increased crime rates. For the wealthy minority, this is not a big problem but for normal people, it is not self-evident to just move out. But it is very clear that home working will become much more prevalent and many cities will become ghost towns. Tax revenue will decline dramatically and the authorities will not be able to keep up even simple services such as water, sanitation or cleaning. Also, many retail outlets and restaurants as well as offices in cities will close due to lack of customers, crime and out of town or online shopping. This trend has of course already started in many cities. In the City in London (Financial District), there are now very few people working. Only some shops or restaurants are open and the ones that are, are hemorrhaging financially.

The Deluge Could Come Sooner: Coming back to Howe’s 8 remaining years of the Fourth Turning, it is of course an approximate number and not absolute. The way I see it is that it will take up to 8 years and maybe less for the artificial edifice that the world has created to collapse. But it could also happen a lot quicker.

What I mean by artificial edifice is firstly all the fake assets that have been created due to central banks deliberate profligacy. Since the creation of the Fed in 1913, the bankers have taken total control of the money system. From 1971 when Nixon closed the gold window, it became a total free for all for the (central) bankers. They could create unlimited amounts of money for their own benefit. Standing nearest the printing press is a major advantage when you print money. President Mugabe in Zimbabwe discovered this. By using the money from the printing press first, he could spend it quickly or buy dollars before the value of the printed money collapsed.

Printed Money Doesn't Reach Ordinary People: In the US, the Fed has since the latest crisis started in August 2019, printed $3.3 trillion, and most of it since March 2020. Very little of this money has reached ordinary people. If it had, it would have meant a contribution of $25,000 to every one of the 130 million households in the US. Although the printed is basically worthless, it might have had some short term beneficial effect on the broad economy.

But no, money printing is not for ordinary people. It is for the bankers and the wealthy and add more fuel or liquidity to already massively overvalued asset markets rather than reaching the people who really need it. This has caused the Nasdaq to go up by 62% since late March and the Dow by 52%.

DOW 50,000 – GOLD $50,000? In a recent article I discussed that we could see a liquidity fuelled meltup in stocks making the Dow double to say 50,000. Since I expect the Dow/Gold ratio to reach 1 to 1 or below (like in 1980 Dow 850 Gold $850), gold could at the same time reach $50,000 as inflation rises. As I consider stocks overbought and overvalued today, there is no fundamental or even technical reason for this to happen. Since markets today have nothing to do with fundamentals or sound valuation principles but are only liquidity driven, this kind of move is not impossible.

But investors must understand that I think it would be very high risk to stay fully invested in stocks currently. This is like buying the Nasdaq in 1999 to take part in the final rise but then to ride it all the way down to an 80% loss.

Much better instead to own gold, which fundamentally and technically is still early in a long term uptrend, kindly fuelled daily by central bank money printing. If the 50,000 forecast for the Dow and Gold would materialize, the Dow would double and Gold would go up 25x which is clearly a much better risk.

The US Is Bankrupt: Let’s face it, the US is bankrupt. No country, company or individual could lose money every year for 90 years and still be standing. (see my article). Normally the currency of such a country should have faded into oblivion. Well the dollar almost has since it is down 98% in real terms or gold since 1971 and down 85% since 2000. The only reason the dollar hasn’t disappeared totally yet is due to the Petrodollar. A major part of dollar assets are kept outside of the US due to the dollar liquidity created by the petrodollar.

The Petrodollar was created in the early 1970s by Nixon and the then Secretary of State Henry Kissinger. They feared after the closing of the gold window that the dollar’s reserve currency role would diminish significantly. To save the dollar, Saudi Arabia was offered total military protection by the US on the condition that all oil trading would only be in dollars. Saudi Arabia would also buy substantial military equipment from the US.

The Imminent Demise Of The Dollar: This was a very clever arrangement and is the sole reason why the dollar is still standing. But the combination of a rapidly deteriorating US financial position and countries like China, Russia and Iran gradually trading in their own currencies, will soon precipitate the dollar’s demise.

Comparing currencies to each other is really a futile exercise since they are all going to ZERO. There is no prize for getting to the bottom first. Still in this exercise of relativity, it looks like the dollar will reach the bottom before the others. Having already lost 98% of its value in the last 50 years, the final 2% will not take that long. But remember that this 2% fall means a 100% loss of the dollar’s value from here.

Many people are very negative about the Euro due to the major problems in the EU. It is totally correct that the Euro is also a very weak and artificial currency. The Euro is virtually worth the same in dollars as on its launch on January 1st 1999. But right now, the Euro, in spite of its problems, technically looks stronger than the dollar.

So a crashing dollar over the next few years is virtually guaranteed and will act as a detonator which will blow up the US economy.

Also in the next 2-3 years we will see collapsing debt markets in the US and globally. Most debt in the world consists of printed money with no underlying real assets backing. Massively overvalued assets is backed by debt which will become totally worthless since it is only based on manufactured money issued by a printing press or a computer. When $10s of trillions are created with no labour, goods or service having been produced, that money clearly has ZERO value.

Interest Rates To Rise Strongly: We will not have permanent zero rates as the FED and Ray Dalio say. There are two virtual certainties coming before the imminent mega crisis is over. The first will be the collapse of the currency system as I discussed above. The second certainty is the collapse of credit markets including bonds. The manipulation of rates will totally fail. Central banks will try to keep short rates low but will lose control of the long rates. As insolvent governments and corporates start to default, investors, including sovereign, will dump bonds.

Bond prices will collapse and rates go to at least the levels in the 1970s to early 1980s of 15-20%. The combination of hyperinflation and defaulting borrowers will see many bonds going to zero and rates to infinity. As long rates rise, they will pull the short rates up regardless of central banks attempts to hold them down. This will lead to the demise of the bond market. Obviously, central banks will frenetically print trillions or even quadrillions as derivatives disappear into a black hole. But to no avail except for panic and hyperinflation.

Not The Time For Omphaloskepsis: So now is not the time for omphaloskepsis (navel gazing) or for investors to gloat about their stock market gains. Because the world is now entering a phase not seen for hundreds or maybe 2,000 years. Yes, stocks could meltup one final time before the total collapse but if they do, that will most likely be accompanied by a very weak dollar.

Don't Measure Your Wealth In Worthless Fiat Currencies: To measure your assets in a fiat currency, be it dollars, euros or pounds, is absolute madness. Why do you measure your wealth in something that in real terms has declined by 98% since 1971 and 85% since 2000. It might feel good for a moment but when you realise that these gains are just paper profits that are not only meaningless but will evaporate totally in the next few years as stocks and paper money implode together.

And don’t for a second believe that the assets you own whether they are stocks, bonds or property are really worth the thousands or millions that they are valued at in fake money. The imminent wealth destruction will soon reveal to investors that their assets are only worth a fraction of the imaginary value they have today.

Central banks will not save the world, they can’t. Because how can you solve a debt problem with more worthless debt or how can you create wealth by issuing more debt. That Ponzi scheme is now finished for a very long time. Physical gold (and silver) will in the next few years reveal the total delusion that the financial system has rested on. People who are not protected should take heed."

“The Bubbles Will Destroy US Economy; JP Morgan Guilty; Stock Market On Borrowed Time”

Jeremiah Babe,
“The Bubbles Will Destroy US Economy; 
JP Morgan Guilty; Stock Market On Borrowed Time”

Gregory Mannarino, "Alert! Silver Slammed, Gold And Crypto Fall, Stocks Drop"

Gregory Mannarino, 
"Alert! Silver Slammed, Gold And Crypto Fall, Stocks Drop"

Musical Interlude: Moby, "Love Of Strings"

Moby, "Love Of Strings" 

Beautiful! Full screen mode suggested!

"A Look to the Heavens"

“What created this unusual planetary nebula? NGC 7027 is one of the smallest, brightest, and most unusually shaped planetary nebulas known. Given its expansion rate, NGC 7027 first started expanding, as visible from Earth, about 600 years ago. For much of its history, the planetary nebula has been expelling shells, as seen in blue in the featured image. In modern times, though, for reasons unknown, it began ejecting gas and dust (seen in red) in specific directions that created a new pattern that seems to have four corners. These shells and patterns have been mapped in impressive detail by recent images from the Wide Field Camera 3 onboard the Hubble Space Telescope.
Click image for  larger size.
What lies at the nebula's center is unknown, with one hypothesis holding it to be a close binary star system where one star sheds gas onto an erratic disk orbiting the other star. NGC 7027, about 3,000 light years away, was first discovered in 1878 and can be seen with a standard backyard telescope toward the constellation of the Swan (Cygnus).”

“Tenderness and Silence”

“Tenderness and Silence”
by Chet Raymo

“It’s been a long, long time since I read “Justine”, the first volume in Lawrence Durrell’s “Alexandrian Quartet”, but one phrase sticks in my mind. As I recall, Justine, the woman with whom the narrator is having an affair, is questioning him as to why he doesn’t take seriously their friends’ philosophical conversations. You always sit there smiling, she chides, or something to that effect. He tells her that anyone who takes really seriously the inextricable tangle of human thought can only respond with “ironic tenderness and silence.”

What she took as condescension or disinterest was actually bemused detachment. The more passionately the friends debated politics, religion, human relationships, the meaning of it all, the more they became attached to fragments of the whole. The more they saw clarity, the more they missed nuance. The more they corralled truth into mutually exclusive categories, the more the oneness of things escaped their grasp.

I didn’t sufficiently appreciate this thought when I was a young man. Perhaps I still don’t. The fact that I am writing these posts is an offense against silence, but hopefully they embrace a certain ironic tenderness.”

Free Download: Antoine de Saint-Exupéry, "The Little Prince"

Free Download: 
Antoine de Saint-Exupéry, "The Little Prince"
by Kirstie Pursey

“‘The Little Prince’, by Antoine de Saint-Exupéry, is a children’s story with some very profound meanings and some quotes that will really make you think. I have to admit that I never read the ‘Little Prince’ as a child. I think I wouldn’t have known what to make of it if I did. Even reading it as an adult I didn’t know what to make of it!

However, it is clear that “The Little Prince” touches on some very deep themes about the nature of life, love, friendship and more. The following Little Prince quotes show just how many philosophical themes are discussed in this small, but profound work.

The story tells of a pilot who crashes into the Sahara desert. He is attempting to fix his damaged plane when a little boy appears as if from nowhere and demands that he draws him a sheep. Thus begins a strange, enigmatic friendship that is both heartwarming and heartbreaking. The Little Prince, it turns out, comes from a small asteroid where he is the only living being apart from a rather demanding rose bush. The Little Prince decides to leave his home and visit other planets to find knowledge. The story tells of these encounters with rulers of strange worlds and de Saint-Exupéry has opportunities to demonstrate some philosophical themes that will make readers think.

On earth, as well as meeting the pilot, The Little price meets a Fox and Snake. The fox helps him to truly understand the rose and the snake offers him a way to return to his home planet. But his return journey comes at a high price. The book’s bittersweet ending is both thought-provoking and emotional. I would definitely recommend that you read “The Little Prince” if you haven’t already.

It is one of the most beautiful and profound children’s books there are. If you have older children, then you might like to read it with them as it can be a little overwhelming for them to read alone. In the meantime, here are some of the best and most thought-provoking Little Prince quotes:

• “It is only with the heart that one can see rightly; what is essential is invisible to the eye.”

• “A rock pile ceases to be a rock pile the moment a single man contemplates it, bearing within him the image of a cathedral.”

• “All grown-ups were once children… but only a few of them remember it.”

• “Well, I must endure the presence of a few caterpillars if I wish to become acquainted with the butterflies.”

• “Grown-ups never understand anything by themselves, and it is tiresome for children to be always and forever explaining things to them.”

• “The most beautiful things in the world cannot be seen or touched, they are felt with the heart.”

• “It is much more difficult to judge oneself than to judge others. If you succeed in judging yourself rightly, then you are indeed a man of true wisdom.”

• “It is the time you have wasted for your rose that makes your rose so important.”

• “I am who I am and I have the need to be.”

• “No one is ever satisfied where he is.”

• “One day, I watched the sun setting forty-four times……You know…when one is so terribly sad, one loves sunsets.”

• “People where you live, the little prince said, grow five thousand roses in one garden… Yet they don’t find what they’re looking for… And yet what they’re looking for could be found in a single rose.”

• “But the conceited man did not hear him. Conceited people never hear anything but praise.”

• “What matters most are the simple pleasures so abundant that we can all enjoy them…Happiness doesn’t lie in the objects we gather around us. To find it, all we need to do is open our eyes.”

• “Where are the people?” resumed the little prince at last. “It’s a little lonely in the desert…” “It is lonely when you’re among people, too,” said the snake.”

• “What makes the desert beautiful,’ said the little prince, ‘is that somewhere it hides a well…”

• “For me, you are only a little boy just like a hundred thousand other little boys. And I have no need of you. And you have no need of me, either. For you, I’m only a fox like a hundred thousand other foxes. But if you tame me, we’ll need each other. You’ll be the only boy in the world for me and I’ll be the only fox in the world for you.”

• “To forget a friend is sad. Not everyone has had a friend.”

• “Only the children know what they are looking for.”

• “Sometimes, there is no harm in putting off a piece of work until another day.”

• “I should have judged her according to her actions, not her words.”

• “Nevertheless he is the only one of them all who does not seem to me ridiculous. Perhaps that is because he is thinking of something else besides himself.”

• “The one thing I love in life is to sleep.”

• “The machine does not isolate man from the great problems of nature but plunges him more deeply into them.”

• “And when your sorrow is comforted (time soothes all sorrows) you will be content that you have known me.”

Closing thoughts: I hope you have enjoyed these ‘Little Prince’ quotes. Admittedly, they are sometimes difficult to fathom at first. However, like many things in life, the more you think about them, the more they begin to make sense. This is not an easy book to read and the bittersweet ending may leave you feeling a little heartbroken. However, the book offers so many insights into the human condition that it is well worth the time spent thinking about the philosophical ideas contained between the covers.”

Freely download “The Little Prince”, by Antoine de Saint-Exupéry, here:

“Live Webcams Give Unique View Of Alaskan Bears Fishing For Salmon”

“Live Webcams Give Unique View Of Alaskan Bears Fishing For Salmon”
by Lee Rannals

“New webcams have been set up for the Internet public’s viewing, and this time they are capturing the iconic scene of bears snatching their lunch out of a river. Explore.org set up live HD video streams of giant brown bears in Alaska catching salmon in Katmai National Park. Anyone with an Internet connection can now watch these bears catching their dinner by typing “explore.org/bears” in their browser by clicking the links above.

The Brooks Falls cam is located on the banks of a five foot high waterfall, where as many as thirty bears have been spotted at a time catching salmon trying to make their way upstream to spawn. Another camera is located at the mouth of Brooks River and the entrance of Naknek Lake, where nearly 100 bears in the area utilize the lower river to feast on salmon and raise their young before hibernation.

Explore.org said that it will be unleashing additional cameras in the area, one of which will feature an area showing off a part of the river with safe water currents and levels where mothers and their cubs come to take advantage of the salmon-rich area. A Dumpling Mountain camera is also being set up to provide a bird’s eye view of the area, in addition to 10,000 Smokes, which is the site of the largest volcanic eruption of the 20th century.

“A trip to Katmai National Park is a once in a lifetime event for most people and for nature and bear lovers and children everywhere, it is an impractical proposition,” Roy Wood, Chief of Interpretation at Katmai National Park, who spearheaded the initiative with explore.org, said in a press release. “By installing live cams we are giving people the chance to experience the bears, learn from their behaviors and develop the same strong emotional connection almost everyone who comes here has.”

The cameras are the latest edition to explore.org’s Pearls of the Planet initiative, which is a portfolio of video feeds installed throughout the world to show off animals in their natural habitats. This concept is driven by the idea of trying to educate people and deepen their connection to fall in love with nature again. “To me Alaska is one of the last great natural cathedrals on the planet–and the bears and salmon are the high priests in a scared place,” Charles Annenberg, founder of explore.org and VP of the Annenberg Foundation, said in a press release. “We hope people turn to this for inspiration and when they do, they will see lessons these creatures have for us- about cohabitation, instinct hand beauty.”

The Daily "Near You?"

  

Bessemer, Alabama, USA. Thanks for stopping by!

"The Culture War"

"The Culture War"
by Doug Casey

"Culture" is composed of the customs, traditions, and beliefs of a group of people. It’s a way of seeing the world and interpreting reality. It determines what’s right and wrong and good and evil. Culture is what ties people together or divides them. It’s a composite of religion, politics, economics, philosophy, and language - but the composite is more important than any one component.

Culture is what ties groups and countries together. When a cultural split develops - such as the one we now have in the US - a country cannot, and, more importantly, should not stay together. It’s poisonous to keep different cultures together in the same political unit. Politics is all about deciding who decides who gets what, how, and at whose expense. It can be fairly cordial if everybody shares the same culture. If they don’t, it’s a formula for disaster.

In the US, politics has become a contest of who gets to impose their will on the rest of the country. When that’s the case, a country is best off dividing. It shouldn’t be held together artificially or by force, but voluntarily. Freedom of association is necessary for a civil society. People generally prefer to associate with those with whom they share a culture. Birds of a feather do, in fact, flock together.

The alternative is chaos or even civil war. I suspect what we’ve seen in the last few months is only an overture to what’s coming. The US is no longer a country that is united by language, ideas, ethnicity, or anything else. It has become a multicultural domestic empire. The essence of an empire is coercion. The divide between the components of the US is growing and solidifying.

Politicians talk about "bringing us together." But that’s nonsense. Politics only brings people together by force - the way a pressure cooker brings things together. It may look like it’s succeeding for a while, but when the pressure builds enough, there’s an explosion. Cultures develop organically; political coercion can’t make disparate people like each other.

Apart from that, I’d argue the US has become too large, too complex, and too diverse to be governable. It’s very different from what it was at its founding—or even fifty years ago. For one thing, its central government is already totally bankrupt. Productive parts of the country will increasingly resent a corrupt Washington that supports itself, its cronies, and hordes of welfare recipients at their expense.

Perhaps the US should break up peacefully before the situation gets completely out of control. But how? The last time the US tried to divide, the result was the (incorrectly named) Civil War. The unpleasantness of 1861–1865 was not, in fact, a civil war, but a war of secession. The South simply wanted to go its own way, much as the colonies did in 1776. A civil war, by contrast, is one in which two or more parties try to take over the same government. That’s very different from wanting to part company.

The South should have been allowed to break off, in much the same way that Slovakia and the Czech Republic separated or the way that Yugoslavia divided into six republics - or, for that matter, the way that the Soviet Union broke up into 15 republics.

Abraham Lincoln created the poisonous meme that the states should be held together by force. Most people now think it’s some type of crime to even intimate that the US could - or should - break up. Interestingly, there are groups in California, Oregon, and Washington that are talking about it, not to mention millions of Hispanics that see the Southwest as the object of a Reconquista.

The coming election is certainly going to be the most important one since that of 1860, which installed Lincoln and after which Lincoln precipitated the War Between the States. Americans in blue counties and red counties have come to dislike one another on a visceral level. At this point, families can’t even get together for a Thanksgiving or Christmas without acrimony. The situation is quite serious, and the hysteria over COVID-19 combined with a collapsing economy has made it much worse. As outrageous as it sounds, the US should divide into at least two smaller units. Americans can then peacefully choose which version of America suits them.

As it stands, the election will be contested no matter which side wins, simply because the country has become totally polarized. No matter who wins, the other side is going to be terminally unhappy with the result. Last week, I spelled out the six reasons Biden (or at least the Democrats) are likely to win. No matter who wins, however, about half the country is going to be very unhappy. There’s likely to be some serious violence as the winning side tries to impose its values on the losing side.

We know the Republican candidate will be Mr. Trump. But it doesn’t make much difference who the Democratic candidate is at this point. The fact that Biden is borderline senile is irrelevant. They could probably run a chimpanzee in Biden’s place and expect the same result because this election is about cultural values in general, and hating Trump in particular. It has little to do with what Trump does or doesn’t believe; he has no philosophical center, no real core beliefs. But he’s a traditionalist, a cultural conservative. And he is very outspoken. That’s why he serves as an excellent lightning rod for the building storm.

Unfortunately, he’s also an authoritarian and a jingoist at heart. His supporters equate that with strength. Unfortunately, Americans from both parties will want an authoritarian to keep some semblance of order as things get wild and woolly. I still think the Dems will win for the reasons I spelled out last week, despite their probably having overplayed their hand with their support of Black Lives Matter and even Antifa - things which could still tip the balance in Trump’s favor. When it comes to a choice between order and ideology, the average guy prefers order.

The election is still close to an even odds bet for that reason, even though the polls (and my own reasoning, for what it’s worth) say the Democrats will win. But after the election, we’re going to see some major fireworks.

Next week, I’ll discuss what things will be like under both the Harris Regency and the Trump Regime. Either way, what’s going on signals a new era. It’s a catalyst, dividing "before" and "after," much the way the Kennedy assassination drew a line between the conservative 50s and the radical 60s."

"Language and Thought"

"Language and Thought"
by Walter E. Williams

"Seventeenth-century poet and intellect John Milton predicted, “When language in common use in any country becomes irregular and depraved, it is followed by their ruin and degradation.” Gore Vidal, his 20th-century intellectual successor, elaborated saying: “As societies grow decadent, the language grows decadent, too. Words are used to disguise, not to illuminate.” Sloppy language permits people to get away with speaking and doing all manner of destructive nonsense without being challenged.

Let’s look at the concept of “white privilege,” the notion that white people have benefited in American history relative to, and at the expense of, “people of color.” It appears to be utter nonsense to suggest that poor and destitute Appalachian whites have white privilege. How can one tell if a person has white privilege? One imagines that the academic elite, who coined the term, refer to whites of a certain socioeconomic status such as living in the suburbs with the privilege of high-income amenities.

But here is a question: Do Nigerians in the U.S. have white privilege? As reported by the New York Post this summer, 17% of all Nigerians in this country hold master’s degrees, 4% hold a doctorate and 37% hold a bachelor’s degree, according to the U.S. Census Bureau’s 2006 American Community Survey. By contrast, 19% of whites have a bachelor’s degree, 8% have master’s degrees and 1% have doctorates.

What about slavery? Colleges teach our young people that the U.S. became rich on the backs of free black labor. That is utter nonsense. Slavery does not have a very good record of producing wealth. Think about it. Slavery was all over the South and outlawed in most of the North. I doubt that anyone would claim that the antebellum South was rich, and the slave-starved North was poor. The truth is just the opposite. In fact, the poorest states and regions of our country were places where slavery flourished: Mississippi, Alabama and Georgia, while the richest states and regions were those where slavery was outlawed: Pennsylvania, New York, New Jersey and Massachusetts.

Speaking of holding people accountable for slavery, there is no way that Europeans could have captured millions of Africans. They had African and Arab help. There would not have been much black slavery in the U.S., and the western hemisphere in general, without Africans exchanging other Africans to European slave traders at the coast for guns, mirrors, cloths, foreign alcoholic beverages and gold dust.

Congressional Democratic lawmakers have called for a commission to study reparations, but I have not heard calls to hold the true perpetrators of American slavery accountable. Should we demand that congressional Democrats haul representatives of Ghana, Ivory Coast, Nigeria and Muslim states before Congress to condemn them for their role in American slavery and demand they pay reparations?

Some of the greatest language mischief is related to terms such as racial “disparities,” “gaps” and “disproportionality.” These terms are taken as signs of injustice that must be corrected. The median income of women is less than that of men. Black and Hispanic students are suspended and expelled at higher rates than white students. There are other race disparities and gaps all over the place. For example, blacks are 13% of the population but 80% of professional basketball players and 66% of professional football players, and on top of that, they’re some of the most highly paid players.

To be consistent with leftist ideology, those numbers seem to suggest that there is some kind of injustice toward Asian, white and Hispanic basketball and football players. But before we run off thinking that everything is hunky-dory for black players in football, how many times have you seen a black player kick an extra point in professional football?

What should be done to address these and other gross disparities? How can we make basketball, football, dressage and ice hockey, classical music concert attendance, not to mention incarceration, look more like America? In general, we should ignore disproportionality. There is no evidence, anywhere in the world, suggesting that people sort out in any activity according to their numbers in the general population.

The best thing that we can do is clean up our language. That will have the added benefit of straightening out our thinking so that we do not permit leftists to get away with making us feel guilty and believing in utter nonsense."
Walter E. Williams is a professor of economics at George Mason University.
"The corrupt establishment will do anything to suppress sites like the Burning Platform from revealing the truth. The corporate media does this by demonetizing sites like mine by blackballing the site from advertising revenue. If you get value from this site, please keep it running with a donation. [Jim Quinn - PO Box 1520 Kulpsville, PA 19443] or Paypal on the website.

"Is It A Bad Sign?"

 

It's true, too... lol

"Thought..."

"Men fear thought as they fear nothing else on earth, more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habit. Thought looks into the pit of hell and is not afraid. Thought is great and swift and free, the light of the world, and the chief glory of man."
- Bertrand Russell

"Five percent of the people think; 
ten percent of the people think they think; 
and the other eighty-five percent would rather die than think."
 - Thomas A. Edison.

"Poisoning the U.S. Dollar"

"Poisoning the U.S. Dollar"
By Bill Bonner

SAN MARTIN, ARGENTINA – "A friend wrote to caution us. It is way too soon to write an obituary for the U.S. dollar, he said. He is right, of course. We are now headed into a period of depression, political and social instability, and claptrap financial policies on a scale never before attempted.  The blowout inflation will come. But not right away. And in the short run, the dollar is likely to strengthen, not weaken. But while it is much too early to hang the black crepe, this is still a good time to visit nursing homes and perhaps pick out a burial plot.

Decline and Fall: No pure-paper money has ever lasted for an entire credit cycle. The dollar will not be the first to rest among the shades. In the meantime, we will watch its inevitable decline and fall – probably the biggest financial story of the next 10 years. Because down with the dollar comes the whole U.S. capital structure – stocks, bonds, debt, credit, pensions, insurance payouts, Social Security, Medicare, the empire… the whole shebang.

But we are not at the end of this story. We are only at the beginning of the end. Between the coronavirus pandemic, the debt, the Federal Reserve’s falsification of interest rates, the fake dollar, and the giveaways, the U.S. economy may already be in a perpetual recession. And the feds are determined to fight it with printing-press money.

Quack Medicine: In the first 20 years of this century, total U.S. debt, public and private, rose from $30 trillion to $80 trillion, while GDP only doubled. During this same time, the Fed “stimulated” the economy by increasing its balance sheet from only $609 billion to $7 trillion. And it also reduced its key interest rate from over 6% down to zero, keeping it below the level of consumer price inflation for over half of the two-decade period.

That should alert any sensible person: “Stimulus” theory is voodoo. You can drive up stock prices (making the rich richer) by giving Wall Street money. But you can’t make the real, Main Street economy work better by handing out money on street corners. No matter. The feds only have one quack medicine – printing-press money. And they’re going to stick with it, whether it works or not.

Hoarding Cash: At first, the extra money has little effect. Fearful of layoffs and bankruptcies, people hoard cash. That is what is happening now. People are not spending their money, they’re hoarding it. The president told them they didn’t have to pay their rents. Restaurants, retail, and travel are unappealing. So they stay home.

Savings rates quadrupled between January and April. CNBC elaborates: In fact, consumer credit tumbled at a post-World War II record 6.6% annual pace thanks in large part to a decline in credit card balances to $953.8 billion from $1.02 trillion. Student loan debt was little changed at $1.68 trillion, while auto loans edged higher to just shy of $1.2 trillion. That came as the federal government and businesses continued to ratchet up debt. In all, domestic nonfinancial debt totaled $59.3 trillion.

More Medicine: This is what happens in the first stage of the last stage. The velocity of money (the readiness of people to spend it quickly) goes down. Inflation rates may decline, not rise. In its second-quarter review, Hoisington Investment Management explains: "Considering the depth of the decline in global GDP, the massive debt accumulation by all countries, the collapse in world trade and the synchronous nature of the contracting world economies the task of closing this output gap will be extremely difficult and time consuming. This situation could easily cause aggregate prices to fall, thus putting persistent downward pressure on inflation which will be reflected in declining long dated U.S. government bond yields."

Meanwhile, Chicago Federal Reserve president and CEO Charles Evans says the economy is recovering nicely, but warned: "Every week and every month that we go without renewing additional fiscal support that we saw strongly sent out in the spring and summer, we risk a longer period of slow growth if not outright recessionary dynamics." If it is recovering so nicely, why the need for more medicine? You’d think that the economy needed regular doses, or it would naturally fall back into recession.

Large Doses: For the first 189 years of the Republic, the economy grew strongly, with not even a hint of the magic elixir (setting aside the War Between the States, when both sides did print money… and subsequently fell into recession). As recently as the late 20th century, growth remained healthy… with scarcely any money-printing. It wasn’t until 1999 – more than 200 years after the dollar was introduced – that the Fed began administering large doses of fake money. And then, it added $6.4 trillion to its balance sheet… as growth rates fell.

Slow Death: Fake money is the poison that will eventually put the dollar in its grave. But there’s no need to panic. No need to call the undertaker. It will take years for the toxin to do its work. Just remember, you don’t want to be holding your wealth in dollars when the organ music starts and the smell of lilies fills the funeral parlor."

"How It Really Is"

 

"We are in the process of creating what deserves to be called the idiot culture. Not an idiot sub-culture, which every society has bubbling beneath the surface and which can provide harmless fun; but the culture itself. For the first time, the weird and the stupid and the coarse are becoming our cultural norm, even our cultural ideal."
- Carl Bernstein


Quite intentionally done...

Gregory Mannarino, "Important Updates: Stock Market, Gold, Silver, Bitcoin, Crypto, More!"

Gregory Mannarino,
"Important Updates: Stock Market, Gold, Silver, Bitcoin, Crypto, More!"

"Market Fantasy Updates 9/23/20"

"Market Fantasy Updates 9/23/20" 
Down the rabbit hole of psychopathic greed and insanity...
Only the consequences are real - to you!
"The more I see of the monied classes, 
the better I understand the guillotine."
George Bernard Shaw
Highly Recommended:

"I Want Better."

“People ask me to predict the future, when all I want to do is prevent it. Better yet, build it. Predicting the future is much too easy, anyway. You look at the people around you, the street you stand on, the visible air you breathe, and predict more of the same. To hell with more. I want better.”
- Ray Bradbury

"Covid-19 Pandemic Updates 9/23/20"

By David Leonhardt

SEP 23, 2020 8:16 AM ET:
 Coronavirus Map: Tracking the Global Outbreak 
The coronavirus pandemic has sickened more than 31,632,900 
people, according to official counts, including 6,917,928 Americans.

      SEP 23, 2020 8:16 AM ET: 
Coronavirus in the U.S.: Latest Map and Case Count
Updated 9/23/20, 5:23 AM ET
Click image for larger size.

Tuesday, September 22, 2020

Must Watch! “California Economy Smashed; Hotel Industry Decimated; Leisure/Hospitality Vaporized - Unemployed”

Jeremiah Babe,
“California Economy Smashed; Hotel Industry Decimated; 
Leisure/Hospitality Vaporized - Unemployed”

Full screen mode suggested.

"The Feds’ Next Scam: Digital Money"

"The Feds’ Next Scam: Digital Money"
By Bill Bonner

SAN MARTIN, ARGENTINA – "For half a century, America’s greatest export has been the dollar. So much so that there are now more physical dollars outside the U.S. than in it. Overseas, people use dollars as an alternative to their own money. Foreigners are more familiar with Ben Franklin than Americans. In many places, people cling to U.S. dollars like a drowning man to driftwood. Here in Argentina, for example, inflation is already running at about 50% per year. People think it will get a lot worse. So they prepare by trading their pesos for dollars – now at a rate of 150-to-1.

Sinking Dollar: But what happens when the dollar sinks? The question is premature. Almost naïve. For the present, the dollar is as buoyant as an empty plastic bottle. The velocity of money – a key component of consumer price inflation – is actually going down.

Americans are happy to get dollars from the government. And foreigners are happy to get them any way they can. But soon, everyone will see that the U.S. feds are acting like the people who run sh*thole countries. They stifle the economy with laws and regulations – shutdowns, moratoria on evictions, $1,200 checks for everyone – and try to finance it with printing-press money.

We have no superpowers here at the Diary. We cannot climb walls, fly through the air, or see through concrete walls. So we cannot tell you when or how the dollar fails. But today, we will explore the question of what you should do about it.

Good Money: Money is only “good” if it can be used to claim goods and services from others. So, when the inflation rate increases, typically, people rush to claim whatever goods and services they can before their currency loses more value. The poor buy food… tools… household supplies… and televisions. The middle classes buy houses and cars. The rich buy land, commercial property, art, collectibles, and jewels. Rich or poor, the goal is the same – not to end up holding the Old Maid money.

Here in Argentina, it is almost impossible to get a mortgage. The economy is shrinking. The money is being inflated away. The economy is shut down. And yet, people are buying apartments and houses – and paying in cash – as a way to protect themselves from the government’s money. (Apartments in Buenos Aires are being advertised for just $37,000.)

Best Defense: Traditionally, gold is the best defense. It has been a “last resort” money for at least 3,000 years. For example, a cache of gold coins and objects, buried in England in the 8th century, was discovered a few years ago. In the time between its burial and its discovery, England suffered civil wars, religious wars, Viking invasions, the Norman Conquest, plagues (in which a third of the population died), bankruptcy, bombing, external wars, and the decline of the empire. But not only were the coins still valuable – they were much more valuable when they came up out of the dirt than when they went in.

Our guess is that gold will continue to do its work – especially in the first phase of the coming crisis. People will become more and more concerned about the dollar, the economy, and the stability of the country. They will buy gold as protection, even as they are unsure what they are protecting themselves against. And if the election results are contested, for example, the price of gold will probably spike as soon as six weeks from today.

Much Tougher: Classic consumer price inflation may not come quickly. Instead, we could be in for a longish period of depression first. Even so, gold – like a refuge against heat as well as cold – will probably rise. But a depression would just encourage the feds to step up their money-printing. So, one way or another, sooner or later, we should expect consumer prices to rise – perhaps at 5% per year… maybe 50%. Then, things will become much tougher. And gold is no panacea. Desperate governments will call people who try to escape the currency crisis “parasites,” “profiteers,” or “class enemies.” Gold may be banned… taxed… or even confiscated.

In 1933, by Executive Order 6102, President Roosevelt made private ownership of gold illegal – subject to a $10,000 fine (which was a lot of money back then…) and 10 years in jail. Contracts stipulating payment in gold were nullified. This ban was enforced for the next 40 years. Just last week, the Argentines put a tax of 35% on exchanging pesos for dollars… that was on top of the 30% tax already in place. And you are limited to just $200 a month in exchanges. It wouldn’t be hard to imagine similar taxes restricting Americans’ use of gold.

Alternatives: In the long run, productive farmland may be a surer form of wealth than gold. It is less likely to be confiscated or heavily taxed. On the other hand, it is very illiquid. Here in the Calchaquí Valley, for example, there are now no buyers for farmland… or anything else. When Argentina emerges from its current crisis, landowners will probably still have their land. And they probably won’t starve. But in the meantime, they may have no “money” at all.

Today, people have another alternative – cryptocurrencies. Theoretically, bitcoin is superior to gold… in that it is easier to exchange it and hide it. No need to lug bags of gold coins around… or to pay someone to store them for you. And unlike farmland, it doesn’t need to be managed… and may not sit, inert and useless, for years while you wait for the crisis to end. With a few clicks on a keyboard, you can use your bitcoin to buy a pair of blue jeans… a pizza… or a new house. In theory, bitcoin may be harder to tax, too, as long as it remains in the ether crypto world. But try to use it to buy something… and it becomes vulnerable.

Will bitcoin prove to be a good alternative to land, the peso, the dollar, and gold? We wish we had the superpower to tell you. But gold is a work of nature. Bitcoin is a work of man. And so far, man’s works have proven transitory. Bitcoin was surely a clever innovation. But there are millions of clever people… Who knows which of them will find a better bitcoin?

Making Plans: Crypto/digital money might turn out to be the money of choice for governments more so than for their citizens. It is no secret to us that current levels of debt growth and money-printing are leading to trouble. By 2030, the feds will probably owe about $40 trillion, not counting their unfunded obligations under Social Security, Medicare, etc. That debt is only sustainable as long as the dollar floats. When it sinks, the whole ship goes down with it. The feds know this as well as we do. And they, like we, are already making plans. No, they are not making plans to right the ship by balancing the budget, cutting the deficit, or reducing the Federal Reserve’s balance sheet. They know that is politically impossible.

New Dollar: More likely, they’re planning to abandon ship. Who would benefit most from the collapse of the dollar? The world’s biggest debtor, of course – the U.S. government. At 50% inflation (the current rate in Argentina), half of the feds’ debt disappears in a single year. In three years, it is almost all gone. Then, they can introduce a new dollar. Our colleagues at Tradesmith report: "The Bank of International Settlements, or BIS for short, is known as the central bank for other central banks. In January 2020, the BIS published a new research paper – not its first one – on central bank digital currencies (CBDCs).

Eight months ago, the BIS found that 80% of all the central banks they surveyed were investigating CBDCs, and 40% had moved from the research stage to the concept and design stage. Meanwhile the U.S. Federal Reserve and European Central Bank (ECB) have expressed interest in digital currency and research, and the People’s Bank of China (PBOC) is potentially years ahead of the competition in rolling out an e-yuan, with mass trials underway involving real-world commercial use."

So you see, Dear Reader, there is no reason for despair. The feds will get to start the scam all over again!"

"Why Is The Mainstream Media Signaling That A Much Larger Stock Market Crash Is Coming?"

"Why Is The Mainstream Media Signaling That 
A Much Larger Stock Market Crash Is Coming?"
by Epic Economist

"In recent weeks, the mainstream media has been overly indicating that a stock market crash is about to happen. There are many ongoing discussions about a potential dramatic fall in stock prices that will likely come by the end of the month. And even though a market crash can happen at any time, especially with such a massive overvaluation in prices, it is uncommon to see corporate-led media telling us what to expect about the next developments in the stock market, hinting to where it is headed next. For that reason, today, we rounded up some of the mainstream media statements that point to the imminent financial market downfall to investigate what is laying behind the curtains. Is this a new smokescreen? Or a widespread meltdown is much closer than we thought? That's what we are going to find out, so keep with us, and don't forget to give this video a thumbs up, share it with your friends, and subscribe to our channel not to miss out on the unfoldings of the economic collapse.

Earlier this year, when the health crisis started to spread on American grounds, corporate media started to release one report after the other about an incoming crash in stock prices. Now, they're doing it again. This time around, the difference is that many media outlets are reasoning the same mantra: the downfall is near. They seem to have a virtual certainty that price evaluations won't be sustained for any longer and by the end of next week, the financial scenery can turn upside down. Not long ago, the news was focusing on praising the market rebound after the huge tech stock sell-off, and then suddenly, it decided to shift its focus, leaving us wondering why would the mainstream media want all of us to believe that a financial crash is at the door? It goes without saying that prices are dramatically overvalued. For the past three weeks stock prices either flatlined or taken the downward direction, and all of the major stock indexes have recorded sharp declines for three weeks in a row, and it seems this week will make it four. Up-to-date, the Dow Jones Industrial Average went down 4.5 percent this month, the S&P 500 went down over 6 percent, and the Nasdaq declined about 8.5 percent. Essentially, the market is experiencing the worst September in 18 years, but the corporate-led media is signaling that things are going to get even worse.

Additionally, it reported that Deutsche Bank economists consider that a policy shift may arrive sooner than we thought, explaining that "financial crises have often been touched off in the past under such conditions by the inevitable shift from policy ease to policy tightening, which is likely still at least several years away, but could surprise sooner". Once again, we definitely agree that a global financial crisis could emerge at any time, but we don't typically see a corporate-controlled news outlet alerting for a "looming" stock market collapse. 

All things considered, and with signals coming from many different sources, the financial abyss seems to be at the corner. As the remaining 90% are struggling to stay afloat and barely having conditions to properly evaluate the situation, they're probably going to be pushed to the edge without even noticing. In the meantime, the wealthy 1% has already managed to secure themselves and dump whatever stocks they don't feel confident about, leaving the consequences of the volatility of such stocks to be taken care of by the unsuspecting others. 

The next stock price drop will be followed by a quick rebound to add some heat in the political narrative and then a sharp drop once again. So, during this whole process, the beaten economy will face yet another downturn. It's a never-ending cycle of inflating and bursting the debt bubble. How long will the system be able to sustain it? It's anyone's guess. But we can't say we haven't been warned."

Musical Interlude: Prelude, "After the Goldrush"

Prelude, "After the Goldrush", A Cappella
Live: Prelude, "After the Goldrush"

"A Look to the Heavens"

"Some spiral galaxies are seen nearly sideways. Most bright stars in spiral galaxies swirl around the center in a disk, and seen from the side, this disk can appear quite thin. Some spiral galaxies appear even thinner than NGC 3717, which is actually seen tilted just a bit. Spiral galaxies form disks because the original gas collided with itself and cooled as it fell inward. Planets may orbit in disks for similar reasons. 
Click image for larger size.
The featured image by the Hubble Space Telescope shows a light-colored central bulge composed of older stars beyond filaments of orbiting dark brown dust. NGC 3717 spans about 100,000 light years and lies about 60 million light years away toward the constellation of the Water Snake (Hydra)."

"Sometimes..."

“Sometimes fate is like a small sandstorm that keeps changing directions. You change direction but the sandstorm chases you. You turn again, but the storm adjusts. Over and over you play this out, like some ominous dance with death just before dawn. Why? Because this storm isn’t something that has nothing to do with you, this storm is you. Something inside you. So all you can do is give in to it, step right inside the storm, closing your eyes and plugging up your ears so the sand doesn’t get in, and walk through it, step by step. There’s no sun there, no moon, no direction, no sense of time. Just fine white sand swirling up the sky like pulverized bones.

You have to look! That’s another one of the rules. Closing your eyes isn’t going to change anything. Nothing’s going to disappear just because you can’t see what going on. In fact, things will be even worse the next time you open your eyes. That’s the kind of world we live in. Keep your eyes wide open. Only a coward closes his eyes. Closing your eyes and plugging up your ears won’t make time stand still.”
- Haruki Murakami

“Closing your eyes won’t make the awfulness go away. It may be that nothing will. But dwelling on it, dreading the evil, playing out the misery in your head – doesn’t this feed the monster? You can’t close your eyes to life, but you can choose where your gaze lingers.”
- Richelle E. Goodrich

Chet Raymo, “Strange”

“Strange”
by Chet Raymo

“In a review in the “New York Times” Book Review, Daniel Handler writes: “And strange? Well, let’s get this straight: All great books are strange. Every lasting work of literature since the very weird “Beowulf” has been strange, not only because it grapples with the strangeness around us, but also because the effect of originality is startling, making even the oldest books feel like brand new stories.”

Strange: Out-of-the-ordinary, unusual, curious. “The strangeness around us,” says Handler. There is a paradox here. What could be less strange than the world around us? It is the same world that was here yesterday, and the day before that. More to the point: It is a world ruled by law. Inviolable causal bonds. That’s what makes science possible.

And yet, and yet. I walk wary. Strangeness lurks on ever side. Strangeness leaps out of every pebble in the path, every wildflower, every spider web flung between weedy stalks. In the midst of the utterly ordinary the extraordinary abounds. Nothing is so commonplace as to be common. The strangeness of the world, as in literature, has its source in the head, in the convoluted interaction of mind with world. Strange, that we should be here, strangers in a strange land, pilgrims on our own yellow brick roads where nothing is ordinary because everything is perceived through the filter of a unique consciousness.

And strange? Well, let’s get this straight. I hope never to lose the capacity to see the strangeness in the familiar, the curious in the everyday, the exception in the unexceptional. 

“I do not expect a miracle, 
or an accident, 
to set the sight on fire...” 

wrote Silvia Plath. Just being here is enough. Just being here is surpassing strange.”

The Daily "Near You?"

 
Harrisonburg, Virginia, USA. Thanks for stopping by!