Monday, February 22, 2021

"Repentence"

"Repentence"
by Jim Kunstler

"You’d think that a wobbling civilization, plagued by failures of economy and politics, would have better things to do than submit to the crypto-religious ghost-dance of racial hysteria called “being Woke” that preoccupies its thinking class. Case in point: the vocational martyrdom at Smith College of a lowly staffer named Jodi Shaw, who objected publicly to the ritual indignities heaped on her by colleagues and students in the name of “social justice” — that is, the holy war against “whiteness.”

Her story: Ms. Shaw, a divorced mother with two children (and Smith alum, 1993) worked as a Student Support Coordinator in the Department of Residence Life (that is, a dorm counselor). She was asked to denounce herself in staff meetings about “systemic racism,” and complained about it through the proper channels, which only invited more hectoring abuse. In frustration, she finally posted a video on the web to expose the Stalinist bullying that was allowed to infect every corner of campus life at Smith. The admin offered her a cash settlement to shut up and get lost. Ms. Shaw turned it down but resigned anyway in a long letter to Smith President Kathleen McCartney that she made public about the college’s hostile workplace.

How does this happen? Because Wokery above all is about status, and the elite schools exist to confer status on the young people who can get into them, who then move on into an adult life of high-status (high-paying) employment facilitated by their old school connections. In prior times, the elite schools accomplished this by offering a superior education via superior faculty and superior curricula. Lately, the emphasis has shifted to promoting sham moral superiority, because it is a shortcut to gaining power over other people - and nowadays, elitism is no longer about excellence, but just raw power over others. As the Woke hysteria ramped up on campuses across the nation, and the various colleges and U’s started competing to out-do each other in moralistic fanaticism, Smith College vied with its sister schools and the other Ivies for Woke-est of all.

The moral black hole at the center of this vicious nonsense is the spectacular failure of authority of the people who run these institutions. Smith President Kathleen McCartney supported and encouraged the Woke inquisition on her campus. She gets paid the tidy sum of $515,461 a year. Maybe she didn’t want to give that up by taking a principled stand against bad behavior and bad ideas. Maybe she favors the rule of bad ideas and unprincipled behavior? Is she stupid or depraved? And, of course, what about her huge staff of vice-presidents and deans, not to mention the school’s board of trustees? To what degree are we seeing simple cowardice?

Ms. McCartney got stung in 2014 - the year of the Ferguson, Missouri, riots - when she sent out a campus-wide email, trying to mollify the inflamed student body, under the heading “All Lives Matter.” This was early in the Woke frenzy, and the phrase “all lives matter” was just then getting minted as a form of “hate speech,” so Ms. McCartney apparently made an innocent blunder - for which she was forced to pay with one of those abjectly disingenuous apologies that have become the standard dishonorable response to Woke coercion. Evidently, she learned a lesson with that: just go with the flow. The wonder is that not one other adult on that campus has the decency to speak out against the new Stalinesque fashion, or to support Jodi Shaw.

It must be self-evident to many of the people caught up in this mob madness that the Woke crusade is dishonest, stupid, cruel, and evil. All it really accomplishes is to generate more racial animosity while it paints people-of-color as not having the personal wherewithal to get on in their lives without extra-special assistance from people not of color. But having sacrificed their sense and their honor, how can people in authority repent? As author James Lindsay puts it on a podcast at his New Discourses website:

"They have been supporting this thing that they can see for themselves is complicit in evil, they intuit it… but psychologically they cannot let themselves see it, because to admit that what they see in front of their own eyes… to admit that it’s obviously as bad as it is, that the theory itself [systemic racism] is worse than bankrupt, it’s evil, requires going through the entire psychological process of admitting to yourself, and to others around you, that they got duped, and they carried water for that evil thing… There’s a high psychological cost to admitting that you were dumb and got tricked, and there is a high social cost for both of those things as well.”

Yeah, there should be a cost. I hope Jodi Shaw sues the living sh*t out of Smith College, its president, and its board of trustees. She has a Go-Fund-Me page. It contains the video she made. Send her some money so she can support her kids and hire a lawyer. There’s a desperate need to impose consequences for the failure of authority in this land. And to put this insane race hustle behind us so we can get on with the task of preserving civilized life in a society that is about to implode from further failures in economics and politics."

"Economic Market Snapshot AM 2/22/21"

"Economic Market Snapshot AM 2/22/21"
"Capitalism is the astounding belief that the most wickedest of men will
do the most wickedest of things for the greatest good of everyone."
- John Maynard Keynes
"Down the rabbit hole of psychopathic greed and insanity...
Only the consequences are real - to you!
Your guide:
Gregory Mannarino, AM 2/22/21

“Critical Updates Plus: Bond Yields, 

Stock Market, Bitcoin, Crypto, Metals

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

CNN Market Data:

CNN Fear And Greed Index:
A comprehensive, essential daily read.
Feb 22nd to 23rd, Updated Daily 
Financial Stress Index
"The OFR Financial Stress Index (OFR FSI) is a daily market-based snapshot of stress in global financial markets. It is constructed from 33 financial market variables, such as yield spreads, valuation measures, and interest rates. The OFR FSI is positive when stress levels are above average, and negative when stress levels are below average. The OFR FSI incorporates five categories of indicators: credit, equity valuation, funding, safe assets and volatility. The FSI shows stress contributions by three regions: United States, other advanced economies, and emerging markets."
Daily Job Cuts

Sunday, February 21, 2021

"Stock Market Crash Coming: Investors Fueled The Bubble, But The Fed Will Burst It"

Full screen recommended.
"Stock Market Crash Coming: 
Investors Fueled The Bubble, But The Fed Will Burst It"
by Epic Economist

"There's no doubt we're in a massive stock market bubble. The only question is, what will be the trigger event that will finally burst it? Several factors are at play and one wrong turn can lead to a crash. However, according to experts, there are two main determinants that are already setting up the stage for a major collapse. That's what we're going to expose in this video. 

Financial strategist and market expert, Lance Roberts has recently shared an analysis on the website Real Investment Advice, in which he outlined that the common belief that as long as the Federal Reserve is active there would be nothing investors should worry about may actually not be backed by tangible prospects anymore. In fact, the central bank might soon find itself trapped by its own policies, and ended up providing the two pins that will pop the stock market bubble. 

All market crashes, which resulted from the preliminary bubble, have actually occurred as a consequence of other factors unrelated to valuation levels. The primary catalysts have varied from liquidity troubles to political actions, reckless monetary policies, economic recessions, or inflationary spikes. Those determinants were the catalyst, or trigger, that led to the investors' “reversion in sentiment”, and therefore, the crash. Right now, amongst many other possible drives, there are two key factors that very likely to make markets implode. 

The first one is inflation. The Federal Reserve has persistently maintained that its monetary policy is a function of two essential components: full employment and price stability. So, on one hand, the Fed has signaled it is willing to let “inflation” run hot, but on the other hand, the central bank's biggest fear is to repeat the runaway inflation of the 70s. By contrast, the foundation of the entire current bull market is low rates. If historical patterns can still be used to reflect modern-day trends, it appears that very soon the Federal Reserve will start talking about tapering monetary policy, and hiking interest rates.

Consequently, the second key factor would be higher interest rates. As Roberts highlights, the problem with inflation is that if economists do get their wish for higher prices, such also corresponds historically with higher interest rates. However, every time interest rates have moved up correspondingly with inflation, that never remained the case for long. Although much of the media constantly suggests that interest rates are may surge higher due to economic growth and inflationary pressure, the expert disagrees with that notion. Instead, he sustains that economic growth is “governed” by the level of debt and deficits. And at this point, it isn’t just the heavily leveraged government - it is every single facet of the economy. Debt has exploded in pretty much every sector of the economy throughout the past few years.

"So, how did the Federal Reserve fall into this trap?" one may ask. As people often say, “a crisis happens slowly, then all at once.” Considering interest rates affect “payments,” rising rates are likely to have a negative impact on consumption, housing, and investment, which ultimately halts economic growth. That's why Roberts argues that "with expectations currently off the charts, literally, it will ultimately be the level of interest rates that triggers some “credit event” that starts the great unwinding. It has happened every time in history."

So now, the biggest concern for the market going forward is that the current prices are backed by the ambitious idea that the economy will experience a speedy recovery back to pre-recession norms, the health crisis will be swiftly controlled and the widespread distribution of a vaccine would put that chapter behind us. However, considering our real economic prospects, and the emergence of two new virus variants, and the slow speed of vaccination, it's very unlikely that things will go smoothly, so the Federal Reserve is going to have a huge problem. 

Every time excessive bullish optimism takes over the stock market it is eventually met with disappointment. In short, the monumental amounts of liquidity, the strong appetite for speculative risk, and a fear of missing out have all merged to fuel asset bubbles especially in the tech sector, cryptocurrencies, and many other speculative startups in favored market segments. Investors may have created and fuelled the bubble, but policymakers are the ones that will make it all explode. As margin debt keeps spiking and continues to contribute to the speculative frenzy, stock prices will remain trading at record-highs even though our bleak economic outlook won't sustain all of that optimism. All signs point to a coming market crash and the bursting of the tech bubble. At this stage, there's no more escape."

Musical Interlude: 2002, "The Voyage Home"

2002, "The Voyage Home"

"A Look to the Heavens"

 “Separated by about 14 degrees (28 Full Moons) in planet Earth's sky, spiral galaxies M31 at left, and M33 are both large members of the Local Group, along with our own Milky Way galaxy. This narrow- and wide-angle, multi-camera composite finds details of spiral structure in both, while the massive neighboring galaxies seem to be balanced in starry fields either side of bright Mirach, beta star in the constellation Andromeda. Mirach is just 200 light-years from the Sun. But M31, the Andromeda Galaxy, is really 2.5 million light-years distant and M33, the Triangulum Galaxy, is also about 3 million light years away. 

Although they look far apart, M31 and M33 are engaged in a gravitational struggle. In fact, radio astronomers have found indications of a bridge of neutral hydrogen gas that could connect the two, evidence of a closer encounter in the past. Based on measurements, gravitational simulations currently predict that the Milky Way, M31, and M33 will all undergo mutual close encounters and potentially mergers, billions of years in the future.”
"Everything passes away- suffering, pain, blood, hunger, pestilence. The sword will pass away too, but the stars will still remain when the shadows of our presence and our deeds have vanished from the earth. There is no man who does not know that. Why, then, will we not turn our eyes towards the stars? Why?"
- Mikhail Bulgakov, "The White Guard"

Chet Raymo, “The Still Small Voice”

“The Still Small Voice”
by Chet Raymo

"There is a power in nature, restless and terrible- storm, wildfire, earthquake, tidal wave. There is a delicacy too, to which we attend with a more perceptive eye and ear- the woolly bear caterpillar in the grass, the red-tailed hawk circling high and silent above the meadow, the six-dotted shadow of the water strider on the bottom of the pond. I think of lines from a poem of Grace Schulman, a poem called “In Place of Belief”:

“...I would eavesdrop, spy,
and keep watch on the chance, however slight,
that the unseen might dazzle into sight.”

Listening. Watching. Waiting admidst the clamor of strident certainity for the still small voice. Waiting for the unseen to dazzle into sight. Karl Popper, the eminent philosopher of science, once wrote, "It is imperative that we give up the idea of ultimate sources of knowledge, and admit that all knowledge is human; that it is mixed with our errors, our prejudices, our dreams, and our hopes; that all we can do is to grope for truth even though it is beyond our reach." Reaching. Groping. Evavesdroping. Four centuries after Galileo, the world is still beset by those who claim access to ultimate sources of knowledge- divine revelation through tradition, holy books, or prophets. If there is a fundamental way to divide people in the world today it is into those who know and those who grope.

In the southern hemisphere summer of 1848, at age twenty-three, Thomas Huxley was sailing Australian waters as Assistant Surgeon on HMS Rattlesnake. He was head-over-heels in love with a remarkable young women he had met Down Under, and drifting into the skepticism about matters of religion he would later dub "agnosticism." Other than young Henrietta "Nettie" Heathorn, the main thing on his mind was jellyfish, of which he had netted hundreds. As the ship sailed up the Australian coast he worked at sorting out the relationships between his many specimens, and between the jellyfish and other marine organisms. Huxley's biographer Adrian Desmond writes: "Nettie, a sensible girl who liked Schiller and penned love poems, must have asked 'Why jellyfish?' And he must have led her self-importantly from these pulsing 'nastinesses' to the great problem of existence, contrasting the tiny truths of creation with the great sandcastle sophistries for which men were willing to die. The tiny truths were real bricks which would build a palatial foundation to Truth. They were stanzas of Nature's great poem; and only by reciting the ultimate sonnet could we gain a rational set of mores and a real meaning to life."

The tiny truths of creation! Huxley was convinced that we have something to learn about the creation and ourselves by studying the lowliest blobs of protoplasm afloat in the sea. The great truths, if they are to be found, will be discovered in the Book of Nature, as a patient accumulation of individually minute observations. For Huxley, the only knowledge worth having was secular, not theological, and "was not to be delegated by episcopal patrons, but seized by plebeian hands." His jellyfish represented common knowledge- groping, partial, tentative- the still small voice, by and for the common man.”

The Poet: Galway Kinnell, "Another Night in the Ruins"

"Another Night in the Ruins"

"How many nights must it take
one such as me to learn
that we aren't, after all, made
from that bird that flies out of its ashes,
that for us
as we go up in flames,
our one work is
to open ourselves,
to be the flames?"

~ Galway Kinnell

"Three Things..."

“To me, there are three things we all should do every day. We should do this every day of our lives. Number one is laugh. You should laugh every day. Number two is think. You should spend some time in thought. And number three is, you should have your emotions moved to tears, could be happiness or joy. But think about it. If you laugh, you think, and you cry, that’s a full day. That’s a heck of a day. You do that seven days a week, you’re going to have something special. I just got one last thing... I urge all of you, all of you, to enjoy your life, the precious moments you have.”
- Jim Valvano

The Daily "Near You?"

Branson, Missouri, USA. Thanks for stopping by!

"How It Really Is"

 

"What's He To Do Then?"

"You've seed how things goes in the world o' men. You've knowed men to be low-down and mean. You've seed ol' Death at his tricks... Ever' man wants life to be a fine thing, and a easy. 'Tis fine, boy, powerful fine, but 'tain't easy. Life knocks a man down and he gits up and it knocks him down agin. I've been uneasy all my life... I've wanted life to be easy for you. Easier'n 'twas for me. A man's heart aches, seein' his young uns face the world. Knowin' they got to get their guts tore out, the way his was tore. I wanted to spare you, long as I could. I wanted you to frolic with your yearlin'. I knowed the lonesomeness he eased for you. But ever' man's lonesome. What's he to do then? What's he to do when he gits knocked down? Why, take it for his share and go on." 
- "Penny Baxter", Marjorie Kinnan Rawlings

The Poet: Wendell Berry, “The Peace of Wild Things”

“The Peace of Wild Things”

“When despair grows in me
and I wake in the middle of the night at the least sound
in fear of what my life and my children’s lives may be,
I go and lie down where the wood drake
rests in his beauty on the water, and the great heron feeds.
I come into the peace of wild things
who do not tax their lives with forethought
of grief. I come into the presence of still water.
And I feel above me the day-blind stars
waiting for their light. For a time
I rest in the grace of the world, and am free.”

- Wendell Berry

"The Fierce Urgency Of Now..."

 

"All Of The Available Data..."

“All of the available data show that the typical American citizen has about 
as much interest in the life of the mind as does your average armadillo.”
- Morris Berman

Apologies to armadillos for the comparison...

"Covid-19 Pandemic Updates 2/21/21"

"Covid-19 Pandemic Updates 2/21/21"
 Feb 21, 2021 12:11 AM ET: 
The coronavirus pandemic has sickened more than 111,068,900 
people, according to official counts, including 28,092,661 Americans.
Globally at least 2,460,000 have died.

"The COVID Tracking Project"
Every day, our volunteers compile the latest numbers on tests, cases, 
hospitalizations, and patient outcomes from every US state and territory.
https://covidtracking.com/
Feb. 20, 2021, 8:54 AM ET
Where I Live:
2/20/2021: "Cases are very high but have decreased over the past two weeks. The numbers of hospitalized Covid patients and deaths in the Pinal County area have also fallen. The test positivity rate in Pinal County is very high, suggesting that cases are being significantly undercounted. We’ve recommended additional precautions below."
My luck ran out Thursday, after dodging this monster for a year. No idea 
how this plays out, will do my best to maintain the blog. Please folks, stay safe!
- CP

Saturday, February 20, 2021

Must Watch! "Doubling Down On The Markets; You Can't Fight Reality With Printing Money; Central Bankers Troubles"

Jeremiah Babe,
"Doubling Down On The Markets; You Can't Fight Reality 
With Printing Money; Central Bankers Troubles"

Musical Interlude: Adiemus, "Adiemus"

Full screen recommended.
Adiemus, "Adiemus"

"A Look to the Heavens"

 “The Tarantula Nebula is more than a thousand light-years in diameter, a giant star forming region within nearby satellite galaxy the Large Magellanic Cloud, about 180 thousand light-years away. The largest, most violent star forming region known in the whole Local Group of galaxies, the cosmic arachnid sprawls across this spectacular composite view constructed with space- and ground-based image data.

Within the Tarantula (NGC 2070), intense radiation, stellar winds and supernova shocks from the central young cluster of massive stars, cataloged as R136, energize the nebular glow and shape the spidery filaments. Around the Tarantula are other star forming regions with young star clusters, filaments, and blown-out bubble-shaped clouds In fact, the frame includes the site of the closest supernova in modern times, SN 1987A, at the lower right. The rich field of view spans about 1 degree or 2 full moons, in the southern constellation Dorado. But were the Tarantula Nebula closer, say 1,500 light-years distant like the local star forming Orion Nebula, it would take up half the sky."

Theodore Roethke, “The Return”

“The Return”

“Suddenly the window will open
and Mother will call,
it's time to come in.
The wall will part,
I will enter heaven in muddy shoes.
I will come to the table
and answer questions rudely.
I am all right, leave me
alone. Head in hand I
sit and sit. How can I tell them
about that long
and tangled way?
Here in heaven mothers
knit green scarves;
flies buzz.
Father dozes by the stove
after six days' labor.
No - surely I can't tell them
that people are at each
other's throats.”

- Theodore Roethke

Chet Raymo, “Angling For Happiness”

“Angling For Happiness”
by Chet Raymo

“There is a concept in physics called angle of repose. Set an object, a book say, on a plank. Now slowly tip up one end of the plank until the moment when the book just starts to slide. The angle between the plank and the horizontal is the angle of repose, where the component of the gravitational force down the plank becomes greater than the maximum friction force holding the book at rest. Or, in more evocative terms - as I write I am lying on the couch with the laptop in my lap, in perfect repose. If you started tipping up the couch, at some point I'd go sliding into a heap at the bottom. That's the angle of repose, or perhaps it would be more accurate to call it the angle of the end of repose.

This comes to mind because I just spent fifteen minutes on my knees in the yard watching ants excavate a nest in the ground. One by one they scurry out of the hole carrying a tiny grain of sand, which they dump in a ring around the hole. A circular pile. Now if the ants just dumped their burdens at the mouth of the hole, pretty soon the pile would get so steep that the sand grains would slide back into the hole. Instead, the circular ring gets higher and wider, with a slope that never exceeds the angle at which the grains will slip - the angle of repose. Now here's the thing: the ants almost invariably carry their grain to just beyond the top of the pile. If the grain slips, it will slide away from the hole. These tiny ants, hardly bigger than sand grains themselves, understand a little physics in their mysterious instinctive way.

Wallace Stegner has a novel titled "Angle of Repose." It is indeed an evocative phrase. In a job, in a relationship, in life itself, many of us instinctively seek that maximum degree of individual gratification that will satisfy emotional needs without doing violence to our essential repose, and that of those around us - the art of walking close to the edge, the thrill without the spill. Every day in the news we hear of folks - politicians or celebrities - who tipped the plank too far, whose lives went sliding into self-destruction, who failed to grasp, metaphorically speaking, something that a tiny ant instinctively understands.”

The Daily "Near You?"

Griffith, Indiana, USA. Thanks for stopping by!

"The Story of Man"

“The sands of time blew into a storm of images... images in sequence to tell the truth! Glorious legends of revolutionaries, bound only by a desire to be true to themselves, and to hope! Parables of colliding worlds, of forbidden love, of enemies healing the wounds of circumstance! Projected myth of persecution through greed and selfishness... and the will to survive! The Will to survive! And to survive in the face of those who claim credit for your very existence! We survive not as pawns, but as agents of hope. Sometimes misunderstood, but always true to our story. The story of Man."
- Scott Morse
“Do you believe," said Candide, "that men have always massacred each other as they do to-day, that they have always been liars, cheats, traitors, ingrates, brigands, idiots, thieves, scoundrels, gluttons, drunkards, misers, envious, ambitious, bloody-minded, calumniators, debauchees, fanatics, hypocrites, and fools?" "Do you believe," said Martin, "that hawks have always eaten pigeons when they have found them?" "Yes, without doubt," said Candide. "Well, then," said Martin, "if hawks have always had the same character why should you imagine that men may have changed theirs?”
Voltaire, "Candide"
“What a chimaera then is man, what a novelty, what a monster, what chaos, what a subject of contradiction, what a prodigy! Judge of all things, yet an imbecile earthworm; depository of truth, yet a sewer of uncertainty and error; pride and refuse of the universe. Who shall resolve this tangle?”
- Blaise Pascal
And so it is...
Vangelis, "Alpha"
This song always suggested the March of Mankind through the ages...
In spite of ourselves, always... we go on.

"Our Descent Into Collective Madness"

"Our Descent Into Collective Madness"
by Victor Davis Hanson 

"These are crazy times. A pandemic led to national quarantine; to self-induced recession; to riot, arson, and looting; to a contested election; and to a riot at the U.S. Capitol. In response, are we focusing solely on upping the daily vaccination rate? Getting the country back to work? Opening the schools as the virus attenuates? Ensuring safety in the streets? Or are we descending into a sort of madness?

It might have been understandable that trillions of dollars had to be borrowed to keep a suffocating economy breathing. But it makes little sense to keep borrowing $2 trillion a year to prime an economy now set to roar back with herd-like immunity on the horizon. Trillions of dollars in stimulus are already priming the economy. Cabin-feverish Americans are poised to get out of their homes to travel, eat out and socialize as never before.

Meanwhile, the United States will have to start paying down nearly $30 trillion in debt. But we seem more fixated on raising rather than reducing that astronomical obligation. We are told man-made, worldwide climate change - as in the now-discarded term “global warming” - can best be addressed by massive dislocations in the U.S. economy.

The Biden administration plans to shut down coal plants. It will halt even nearly completed new gas and oil pipelines. It will cut back on fracking to embrace the multitrillion-dollar “Green New Deal.”

Americans should pause and examine the utter disaster that unfolded recently in Texas and its environs. Parts of the American Southwest were covered in ice and snow for days. Nighttime temperatures crashed to near zero in some places. The state, under pressure, had been transitioning from its near-limitless and cheap reservoirs of natural gas and other fossil fuels to generating power through wind and solar. But what happens to millions of Texans when wind turbines freeze up while storm clouds extinguish solar power? We are witnessing the answer in oil- and gas-rich but energy-poor Texas that is all but shut down.

Millions are shivering without electricity and affordable heating. Some may die or become ill by this self-induced disaster - one fueled by man-made ideological rigidity. Texas’ use of natural gas in power generation has helped the United States curb carbon emissions. Ignoring it for unreliable wind and solar alternatives was bound to have catastrophic consequences whenever a politically incorrect nature did not follow the global warming script.

In 2019, a special counsel wrapped up a 22-month, $35 million investigation into then-President Donald Trump’s alleged “collusion” with Russia in the 2016 election. Robert Mueller and his team searched long and hard for a crime and came up empty. Then, Trump was impeached in December 2019 and acquitted in the Senate in early 2020. His purported crime was warning the Ukrainians about the Biden family’s quid pro quo racketeering.

After the revelations concerning Hunter Biden’s shenanigans not only in Ukraine but also in Kazakhstan and China, Trump’s admonitions now seem prescient rather than impeachable. Trump had been threatened with removal from office under the 25th Amendment. He was accused of violating the Logan Act and the Constitution’s emoluments clause. His executive orders were often declared unconstitutional if not seditious. All these oppositional measures predictably failed to receive either public or congressional support.

Finally, an exasperated left decided to flog the presidential corpse of now private citizen Trump. It did so without a Supreme Court chief justice to oversee an impeachment trial in the Senate. The targeted president was no longer president. There was no special prosecutor, little debate and even less cross-examination. In the end, the second impeachment was sillier than the first. But, like the first, the show trial wasted precious time and resources in the midst of a pandemic.

But the height of our collective madness is the current cancel culture. Its subtexts are “unearned white privilege” and “white supremacy.” In the name of those abominations, mobs tear down statues, destroy careers, censor speech, require veritable oaths and conduct reeducation training. Stranger still, those alleging “white privilege” are usually themselves quite wealthy, liberal - and white. These elites count on their incestuous networking, silver-spoon upbringings and tony degrees to leverage status, influence and money in a way undreamed of by the white working class.

Affluent and privileged minorities likewise join the chorus to call for everything from reparations to “reprogramming” Trump voters. The most elite in America are the most likely to damn the privilege of those who lack it. Perhaps this illogic squares the psychological circle of feeling guilty about things they never have any intention of giving up.

If blaming those without advantages does not satisfy the unhappy liberal elite, then there is always warring against the mute dead: changing their eponymous names, destroying their statues, slandering their memories and denying their achievements. The common denominator with all these absurdities? An ungracious and neurotic elite whose judgment is bankrupt and whose privilege is paid for by those who don’t have it."

"Next Up: Global Depression"

"Next Up: Global Depression"
by Charles Hugh Smith

A few days after the Covid pandemic was officially announced last year on 1/23/20, I prepared a chart projecting the course of the pandemic. In my view it still stands, with two updates: "vaccines months away" has been updated to "mass vaccinations months away" and "Wave 2" has been updated to "Wave 4." (see chart below)

The end-point--global depression - is up next. Very few are prepared for this eventuality because they put their faith in 1) central banks pursuing an insane folly and 2) a fragile, brittle global economy that was already teetering on the edge of destabilization before the pandemic.

Here's the central banks' insane folly in a nutshell: to create new enterprises and jobs, we'll blow the world's greatest speculative bubble into an even greater speculative bubble. So in other words, we'll further enrich the top layer of the Financial Aristocracy who own the vast majority of the assets we're pushing to the moon, and by some inexplicable magic, adding trillions of dollars, yuan, yen and euros to the wealth of this elite will somehow launch a thousand new thriving enterprises which will magically hire 500,000 new workers every month.
Can we be honest for a split second and admit that the Tooth Fairy and Santa Claus look plausible compared to this insane proposition? Since there's a tiny window of honesty open, let's also admit that adding a booster rocket to the wealth-income inequality that is undermining democracy, society and the economy is exactly what we'd choose to do if our goal was destroying America. Yet this is precisely what the entire Federal Reserve policy sets out to do: boost wealth-income inequality to new extremes. "What Poisoned America?" (2/18/21)

Meanwhile, global supply chains that were optimized for Globalization Heaven are incredibly brittle and fragile as a result of the optimization. Optimizing for maximizing profit means getting rid of redundancies, buffers, quality control and ramping dependence on offshore suppliers to 100%.

If you set out to design a global supply system that would fail catastrophically, creating self-reinforcing shortages of essentials and key components, you'd choose the system now teetering on the edge of implosion. Optimization is wonderful for boosting profits when everything is priced to perfection and functioning to perfection, but when reality intrudes, you find you've stripped out all those costly, unnecessary bits that enabled the supply chain to deal with a spot of bother.

Unfortunately for the central bankers, their policy of giving trillions in free money for financiers and speculators is suffering from diminishing returns: where $100 billion once had a significant effect on financial markets, now $1 trillion no longer has any effect at all, and so the only dose that causes the patient's eyelids to flicker briefly is $3 trillion--no wait a minute, make that $5 trillion, nope, not enough, make it $10 trillion, yikes, still not enough, pump in $20 trillion!

I prepared a chart (below) which depicts how diminishing returns on inflating speculative asset bubbles leads the global financial system to a cliff from which there is no return.
Though few seem to be aware of it, we're tottering on that cliff edge. The final manifestation of central bankers' insane folly is the promise that endless wealth can be yours if only you join the speculative extremes racing over the cliff. Maybe the immense herd of speculators will all magically grow wings once they're in free-fall; that's no more insane than counting on speculative asset bubbles to magically create real enterprises and jobs.

This madness is now global, so next up: global depression. The story of the past year hasn't changed: blowing an even bigger speculative asset bubble is the sure cure; the latest "fix" to the pandemic will make it go away forever and ever, and everything that was broken before the pandemic will magically be restored by the magic of ever larger and more precarious speculative asset bubbles."

"How It Really Is"