Wednesday, July 7, 2021

"Preparing for a World That Will Never Exist"

"Preparing for a World That Will Never Exist"
by Bill Bonner

YOUGHAL, IRELAND – "Today, we’re still thinking about thinking, and how little of it the thinkers do. Later in the week, we’ll look at how they prevent others from coming to conclusions of their own.

The Financial Times, like The Economist and The Wall Street Journal, is a must-read for the economically literate elite. Princes and policymakers all over the planet have it on their desks. From it, they get much of their information and many of their opinions. Here in little Youghal, Ireland… the local gas station has a single copy of the FT, which it puts aside for us. The only other place in town that carries the paper is the card shop, where the lonely copy stays on the shelf. Many of the opinions in the FT show some real thinking, especially on matters of markets, investments, and personal finance. Our friend, Merryn Somerset Webb, for example, a regular columnist, is always a source of good advice and practical thinking.

Huge Reward: But when the “pink paper” turns to economic policy, the thinking stops. As we will see, people come to think what they need to think when they need to think it. And today’s elite must think that: 

a. They are doing the right thing, 
b. and many of today’s problems would go away if they were allowed to do more of it.

The reward for this kind of lite-thinking is huge. The most elite of the world’s elite are probably America’s top 400 families – less than 1% of 1% of 1% (0.00025%) of the U.S. population. Forty years ago, they had wealth equal to about 2% of GDP. Now, they have 10 times as much – nearly 20%, a gain of about $4 trillion.

But we don’t trust any statistics unless we make them up ourselves. And our own estimate is that the top 10% of the population – roughly, those who own most of the capital assets – gained about $30 trillion over the same four decades. We get the figure by comparing the value of household assets (stocks, bonds, real estate, savings) to GDP. Grosso modo, household assets were equal to about four times GDP… from the end of World War II to the beginning of the 1980s.

After that, assets shot upwards. Now, they total seven times GDP. That difference is about $60 trillion, of which more than half went to the top 10% – for a gain of at least $30 trillion.

Elite Manipulation: So, where did all that new wealth come from? Not from selling more goods and services to the common man. GDP just chugged along as usual. And during that period, guess how much the typical working man’s wages rose in real terms. Zero. His inflation-adjusted earnings are about the same today as they were when people were listening to Rod Stewart on the radio, singing “Do ya think I’m sexy?”

So, how come the rich today are so much richer than the rich then? That is the sort of question you’d think the thinkers ought to think about. Here at the Diary, we’ve answered it, at least to our own satisfaction: the Federal Reserve pushed up asset prices. The rich own assets. Ergo, the rich got richer. But that answer draws “a” (above) into question, leading people to wonder if there weren’t something underhanded about the fake money system. Instead, without ever really understanding the problem, the elite propose “b”… solutions that involve more manipulation by the elite themselves.

Past Is Past: More evidence of this phenomenon came last weekend, with a column by Rana Foroohar in the FT. Ms. Foroohar celebrates the latest move by the forward-looking Biden administration with this headline: "America (Finally) Gets An Industrial Strategy". "[An industrial policy] isn’t about picking winners but simply bringing a smidgen of strategic and long-term foresight to the way America’s economy is run. In a world in which we have to compete with state-run giants like in China, that think on 50-year time horizons, quarterly capitalism simply doesn’t cut it any more (not that it really ever did)."

Good thinking, right? Prepare, plan, plot for the future… even 50 years ahead. Improving life on Planet Earth seems like a worthy goal. But it depends on the most uncertain part of the time spectrum. There is nothing the improvers can do about the past. It has already happened. Wars… deadhead policies and programs… mass murders, government-enforced famines, deportations, ethnic cleansings, depressions (all of them caused by the elite)… all are history. Nothing can be done about them now. So let’s move on.

Future Planning: In our private lives, we are always planning for the future. We plant trees; we write wills; we buy insurance. The future is the only part of our lives we can do anything about. In private policy, planning for our own futures, we at least know what we want. We have a fair idea where we’re going and what means we have to get there. And if we end up somewhere else, it’s our own damned fault for not planning better.

But planning for others… for a nation of 330 million others? It’s a whole different thing. What does the unemployed steelworker want? What about his wife? What will they want in 50 years? And the immigrant from Bangladesh… what’s he after? And what will the price of oil be tomorrow? A year from now? Ten years from now? What about the birthrate? How many people will get COVID-19? COVID-20? How many will still use email? Will Amazon still exist? Will it deliver via drone? Who knows? Not Ms. Foroohar. Or anybody else who says this strategic planning will help “forward climate and equity goals.”

Elite Goals: But whose goals are those? What a surprise… they’re the goals of today’s elite! Thus does the bamboozle come into clearer focus. The planning has nothing to do with adapting to the future (the planners have no way of knowing what it will bring). Instead, it is intended to bend the future in their direction… to create the kind of world the planners want, now. Tomorrow… we’ll look at the sad world the elite of 50 years ago might have planned for us… had they thought about it."

Gregory Mannarino, AM/PM 7/7/21

Gregory Mannarino, AM 7/7/21:
"The US Economy Is Collapsing! Alert - 
The IMF Does A 180! Now Warns Of 'Sustained Inflation.'"
Gregory Mannarino, PM 7/7/21:
"The IMF Warns Again On Surging Inflation
 As The FED Continues To Buy It All"

Tuesday, July 6, 2021

Dan, IAllegedly, PM 7/6/21: "Entire Industries Will Be Eliminated - Employers are Getting Desperate"

Full screen recommended.
Dan, IAllegedly, PM 7/6/21:
"Entire Industries Will Be Eliminated - 
Employers are Getting Desperate"
"This is unbelievable. As the economy suffers you will see entire industries be eliminated because of the huge economic downturn. Employers are getting more and more creative to get people hired and it is coming across as completely desperate."

"Housing And Rent Prices Soared To The Highest Level In 30 Years: Prepare Your Self For Housing Crash"

Full screen recommended.
"Housing And Rent Prices Soared To The Highest 
Level In 30 Years: Prepare Your Self For Housing Crash"
by Epic Economist

"The housing market boom has officially hit the insanity stage. Fierce bidding wars, all-cash offers, homes selling for over $1 million over the asking price are now becoming common events. But the latest increase in home prices is showing the disastrous extent of the housing crisis. Of course, this uncontrolled euphoria isn't happening by accident - it's a direct result of our current monetary policies. Even though home prices keep rising at the fastest pace ever recorded, the Federal Reserve continues to allegedly "boost" the housing market by purchasing $40 billion of mortgage bonds each month.

And while the Fed has finally started to signal it could remove some of its financial support sooner than expected, several experts have been warning that the US central bank is only expanding the magnitude of the housing bubble while it deliberates. That's because the Fed's emergency measures are artificially suppressing mortgage rates and further inflating prices that are already way too high in many markets. In other words, "the Fed just continues to pour more gasoline on that fire," as said Peter Boockvar, the chief investment officer at Bleakley Advisory Group.

However, considering how fast the economy is bouncing back from the health-crisis-induced recession and also how unsustainably high inflation levels are getting, industry specialists are alerting that soon the Fed will have no other choice rather than start tapping the brakes - at least on its bond-buying program. At this point, the latest housing market data is already completely off the charts. The median sale price for a home reached a record $341,600 in April - the highest since the National Association of Realtors began tracking the data in 1999.

Although the housing price bubble is at dangerously high levels right now, policymakers probably won't act fast enough to avert the looming housing crash. For Jason Furman, a top economic adviser, it's clear that "everything in the housing sector is going up in price. House prices are exploding right now," and "it probably isn't the case that the Fed should be continuing to artificially hold mortgage rates down," he said in an interview with CNN.

According to Danielle DiMartino Booth, a former Fed official, the latest price gains make it obvious that the Fed needs to start removing stimulus on the mortgage front. "Ultra-low mortgage rates have helped feed a frenzy in housing," stressed Booth, who is now CEO and chief strategist at Quill Intelligence.

She explained that the central bank's support for an already-booming housing market is pushing millions of first-time homebuyers out of the market and that's a very negative consequence for the overall economy because owning a home is the main way many Americans start to build wealth. So how are Millennials supposed to ever purchase a home in this wildly competitive market? In real terms, how many of them are likely to have enough money saved to make all-cash offers? At the end of the day, as the chief global strategist at JPMorgan Funds David Kelly, recently highlighted, the Fed's support is "making inequality worse [because] you end up subsidizing the rich at the expense of the poor".

Home prices have been so out of touch with reality, that the only alternative left for most Americans is to rent. But on the other side of the economic rebound, the cost of rent is squeezing people still struggling to pay their bills. Several advocates are fearing a major uptick in homelessness as federal and state eviction moratoriums expire.

Already, many renters who have fallen behind in their rent payments have started to be pushed out in the streets. And while it's not clear how long home prices will soar before buyers shy away, or how many people will be displaced because they can’t afford rent, we can explicitly see that the current housing boom has divided those who can afford to stay housed and those who can't.

In fact, home prices are now so absurd that many prospective buyers are just walking away. In April, existing home sales dropped by roughly 3%, the third consecutive month of decline. Considering the scorching hot demand for housing, this indicates there aren't enough homes on the market, at least not affordable ones. "Double-digit price increases are running too hot, to the point that it's slowing things down," as said Boockvar, the Bleakley CIO.

Simply put, the Fed's policies to allegedly "support" housing are actually depressing activity in the market, which means they are doing exactly the opposite of what they are supposed to do. Today's house and rent prices are completely unsustainable and unacceptable. And the more the bubble grows, the highest are the risks. That's why it's safe to say that the next housing crash will hit even harder than the last - so you better be prepared."

Musical Interlude: 2002, “Land of Forever”

2002, “Land of Forever”

"A Look to the Heavens"

"Do you see the horse's head? What you are seeing is not the famous Horsehead nebula toward Orion but rather a fainter nebula that only takes on a familiar form with deeper imaging. The main part of the here imaged molecular cloud complex is a reflection nebula cataloged as IC 4592. Reflection nebulas are actually made up of very fine dust that normally appears dark but can look quite blue when reflecting the visible light of energetic nearby stars. 
In this case, the source of much of the reflected light is a star at the eye of the horse. That star is part of Nu Scorpii, one of the brighter star systems toward the constellation of the Scorpion (Scorpius). A second reflection nebula dubbed IC 4601 is visible surrounding two stars to the right of the image center."

The Poet: Mary Oliver, "What I Have Learned So Far"

"What I Have Learned So Far"

"Meditation is old and honorable, so why should I
not sit, every morning of my life, on the hillside,
looking into the shining world? Because, properly
attended to, delight, as well as havoc, is suggestion.
Can one be passionate about the just, the
ideal, the sublime, and the holy, and yet commit
to no labor in its cause? I don't think so.

All summations have a beginning, all effect has a
story, all kindness begins with the sown seed.
Thought buds toward radiance. The gospel of
light is the crossroads of - indolence, or action.
Be ignited, or be gone."

~ Mary Oliver

"Homeowners In Danger, Foreclosures Inevitable; Dollar Collapse Imminent; Cost Of Living Skyrockets"

Jeremiah Babe, PM 7/6/21:
"Homeowners In Danger, Foreclosures Inevitable; 
Dollar Collapse Imminent; Cost Of Living Skyrockets"

Gerald Celente, "Trends in The News"

Full screen recommended.
Gerald Celente, "Trends in The News"

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

The Daily "Near You?"

Rancho Cordova, California, USA. Thanks for stopping by!

"Curveballs..."

"Just when we think we figured things out, the universe throws us a curveball. So, we have to improvise. We find happiness in unexpected places. We find ourselves back to the things that matter the most. The universe is funny that way. Sometimes it just has a way of making sure we wind up exactly where we belong."
- "Dr. Meredith Grey", "Grey's Anatomy"

"Survival..."

 

"Grotesque Shape of Things to Come"

"Grotesque Shape of Things to Come"
by Bill Bonner

YOUGHAL, IRELAND – "The Sunday papers raised the alarm about “Global Climate Change.” Apparently, people are sweltering almost everywhere – from Dubai to Canada. The newspapers showed frightening maps, with most of the Northern Hemisphere – like Hell itself – colored bright red. Some columnists claimed that large parts of the Earth could soon be uninhabitable if action weren’t taken. Others were confident that we could turn down the world’s thermostat, if we just put our minds to it; that is, if we got behind the elite’s program for climate regulation. “The Ecological and Solidarity Transition,” the French call it. “The Green New Deal,” is how they’re describing it in the U.S.

Liberation: But here in Ireland, it’s hard to get too worked up about the heat. July the 4th was much like every other summer day – with the temperature in the 60s and showers that made it seem even cooler. On the apocalypse maps, Ireland was light green.

Almost every family in Ireland has relatives – often very distant – in America. The 4th of July holiday is well known. Even our minister mentioned it in his sermon at mass on Sunday. “This is America’s Independence Day,” he began, “the day they celebrate their liberation from Britain. And, of course, we got the message on this side of the Atlantic, too, that we could liberate Ireland from Britain. It took another 146 years.

And yes, we can liberate ourselves from a government. We can change the people who rule us – either by force of arms or simply by voting for a different candidate. But we can’t change who we are… or the fundamental rules by which we live. Those rules were never voted on… and never fought over. You can deny them. You can ignore them. But you can’t liberate yourself from them. They are part of who we are… and what we are.”

You can ignore the laws of economics, he might have added. But you can’t ignore the consequences of ignoring them. You can “print” all the money you want, for example. You can manipulate prices. You can run trillion-dollar deficits. You can pay people for not working… and keep zombie businesses alive with “stimmy” money.

Elite Thinking: The elite of a society are supposed to think about these things. About the future. About consequences. About the lessons of the past. About the electric bill, when you leave the lights on… and about what happens when you give a trucker the finger or spend all your money on lottery tickets.

The proles may exercise their muscles… toting that barge and lifting that bale… But the 10% should use their brains. They should be rational… aware of history. They are supposed to lead, not follow. They are supposed to remember dangers and help the society avoid them. They should calm the mob… and throw cold water on irrational exuberance. They are supposed to do good, not just do well for themselves. They are supposed to think about consequences. What amazes us is how little real thinking the thinkers do.

In ancient Ireland, the Brehon Law established that there were five classes of people. The elites were kings and nobles, but included free people with property… and the thinkers. The “ollambh,” or ollave, were the highest class of thinkers… the “professors.” A “shanachie”’ was a professor of history. He was supposed to know consequences… and make sure the kings remembered them, too.

Patrick Weston Joyce’s "A Smaller Social History of Ancient Ireland", explains: "As a Shanachie or Historian, the ollave was understood to be specially learned in History, Chronology, Antiquities, and Genealogies of Ireland… He should know by heart 350 Historical and Romantic Stories. He was supposed to know the prerogatives, rights, duties, restrictions, tributes, etc. of the king of Ireland and of the provincial kings. As a learned man, he was expected to answer reasonable questions and explain difficulties. Once admitted to the coveted ranks, the guerdon was splendid; for he was highly honored, had many privileges and received princely rewards and presents."

Mr. Joyce then seems to have described the arc of life for all elites… But as might be expected, they often abused their position and privileges by unreasonable demands, so that many of them, while admired for their learning, came to be feared and hated for their arrogance.

Power Corrupts: What every group wants is more power… more status… and more wealth. An elite has power. Left unchecked, power corrupts it. It becomes arrogant. Then, it is very hard to resist using the government to get what it wants. That is the story, grosso modo, that we follow every day – in which America’s elite, funded by fake money, has become corrupt, incompetent, and self-serving. Instead of helping us remember the lessons of the past, it wants us to forget… and to believe that the ancient laws no longer apply. The elite has stopped thinking, in other words. More proof tomorrow…"

"How It Really Is"

 

"The Genesis Of Our American Collective Meltdown"

"The Genesis Of Our American Collective Meltdown"
by Victor Davis Hanson

"This Fourth of July holiday we might have paused for a moment from our festivities to ask how we collectively lost our minds over the last 15 months - and are we yet regaining any semblance of our sanity?

A pandemic caused by the leak of a Chinese-engineered virus and its coverup was cause enough for nationwide madness. But the spread of COVID–19 was followed by a nationalized and often politicized “flatten-the-curve” quarantine that soon ensured a stir-crazy nation. Tens of millions saw no people, and heard nothing human other than what was fed to them through television and computers. No wonder they grew paranoid, conspiratorial, and angry, and soon forgot the therapeutic nature of personal interaction and the shared humanity of being in the physical presence of others.

Our first self-induced recession came next and lasted over a year, destroying all the hard work of the prior three years. Next ensued the death of George Floyd and a subsequent 120 days of rioting, looting, and arson. The immediate costs were $2 billion in damage, over 25 deaths, 14,000 arrests, and a Lord of the Flies anarchy with no-go zones in our major cities. A McCarthyite frenzy followed, as remote-controlled America hunted down the supposed “racists” among us - while career agendas, personal grudges, and ideological hatred fueled the cancel culture.

All this was antecedent to our first election in which Election Day voting was incidental, not essential, to the outcome. This was also our first presidential campaign in which the incumbent was stricken by a pandemic virus. And his opponent, due to his age and infirmity, simply reverted to the 19th century style of staying home and outsourcing the electioneering to the Democratic-media complex. Biden’s basement became the equivalent of the “front-porch” of homebound candidates of a century and more ago.

The derangement was then capped off, first, by a buffoonish riot at the Capitol followed by a Reichstag-fire style militarization of Washington, D.C., in a “never let a crisis go to waste” psychodrama. Then came a novel second and unprecedented presidential impeachment, without a special prosecutor, witnesses, or cross examinations. It was based on the myth of a deadly “armed insurrection” fueled by President Trump, which purportedly led to the murder of a police officer. Later most of the writs of the House impeachment were proven fantasies, from the idea of “armed” and “well-organized” to “murderous” revolutionaries. The only mysteries were the identity of the unnamed officer who fatally shot an unarmed female protester and military veteran, and why the government has still not released thousands of hours of video detailing the riot.

That impeachment charade was followed by a trial in the Senate - without the chief justice presiding - of a president, who was no longer in office.

The finale was the promise of a “moderate” good ol’ Joe Biden from Scranton - the supposed correction to Trump. In reality, Biden’s first 150 days proved, as the cynics predicted, that he was mere cover and conveyance for the implementation of the most radical agenda since the 1930s.

So we can cut America some slack when we ponder why the entire country is now descending into a collective madness, given the amount of propaganda and media distortion pumped out during the quarantine, and since.

The Chaos of Daily Living: Within the space of about 6 months in 2021, the costs of the essentials of life have skyrocketed - food, gasoline, housing, appliances, cars and trucks, and building materials. Non-ending streams of stimulus money, huge deficits, and pent-up demand so far have ensured that Americans would pay such spiking prices. And soon radical inflation may trigger 1970s stagflation and then recession, as the “why-go-to-work?” checks and consumer zeal finally cease, but the government printing machine keeps going. What good is free government money if spiraling prices eat away the entitlement?

California is the worst run of our states. But it is also always a helpful bellwether of where we are descending. The state has plenty of oil and natural gas. There are still remnants of a once thriving nuclear and hydroelectric industry. But power outages are now commonplace - to the point that, like Third-Worlders, we merely shrug when the lights go out as if it were a green way of reducing carbon emissions.

Forty million people driving on roads and highways intended for 20 million people - 27 percent of them not born in America - becomes a “Road-Warrior”-like wildness intended to discourage the kind of driving to which we became accustomed in the 20th century. Any trip over 200 miles cannot be calibrated by traditional “arrival times.” Ad hoc repairs on ancient roads paralyzes traffic not already slowed by accidents. Speeding and traffic violations are commonplace. Either the population ignores or does not know the law, or a paranoid law enforcement is reluctant to enforce the laws, or there are simply too few patrol cars responsible for too many drivers.

Gas can range from $4.00 to over $5.00 a gallon; $100 fill-ups are common. To go to a California Home Depot or Lowes store is to be amazed at grades of plywood priced at nearly $90 a sheet.

Californians are leaving in droves, but housing costs are still soaring. Californians love nice houses. But those who have them don’t like to allow anyone to build new ones for others.

A horrendous drought has dried up reservoirs and dropped the water tables of most aquifers. Privately, Californians know that it was madness not to build reservoirs, all cancelled over 30 years ago, or to allow the California Water Project’s infrastructure to decay, or to continue to allow scarce fresh water to flow into the sea, or not to invest in new technologies of underground water savings and storage.

But they also know that as long as the Bay Area’s activists have sufficient supplies of water (from their own early 20th century, far-seeing politicians who created the huge Hetch Hetchy transference and won first-dibs allotments from the subsequent California Water Project), they will continue to push green agendas, the disastrous consequences of which the elite avoid, given their own wealth and power.

High-speed rail is a tragic joke. It is inert and unfinished. The ostentatious half-built overpasses stand like modern graffiti-stained versions of Stonehenge. Its only ostensible purpose seems to have been a green plan to siphon money from road repair and expansion.

Mention San Francisco to a Californian, and the same, monotonous warnings arise: don’t go there! And if you must, don’t park there - since smashing into a car and stealing its contents are viewed as understandable redistribution rather than criminal acts. Others advise to check constantly the soles of your shoes: human and animal excrement is ubiquitous as the city’s sanitation regresses to something resembling Old Cairo or medieval London.

I drive often to the central Sierra. For the last 4 years the talk there was “Why don’t they do something about the millions of trees that have died from drought and bug infestation?” The locals now say of the incinerated forests “Why don’t they do something about the millions of those charred black trees?” Such sincere questions assume people matter more than ideology. They don’t.

In a state where defecation on the sidewalks apparently hurts no one, drought and fires consuming a forest are also OK - as long as it is likewise deemed a function of nature. In California, logging an acre of timber is insurrectionary; 400,000 acres going up in smoke is “stuff happens.”

Policies and Politicians: The truth is that the necessities of life - safety, affordability of the essentials, transportation, power, and fuel - are now iffy. If 15 years ago, Americans more or less saw each other as fellow citizens rather than as members of rival tribes, now they are resegregating into Dark Age bands. In place of oral bards and mythic sagas, we have dry and racist “critical race theory.”

There is no media credibility left after assuring us for years that the Steele dossier was the gold standard, that Robert Mueller’s dream team would prove “collusion,” that Donald Trump sicced the federal police on demonstrators for a cheap photo-op stunt, that Hunter Biden’s laptop was Russian disinformation, and that only conspiracists could make a looney connection between COVID-19’s ground zero origins in Wuhan and a nearby level 4 virology lab, with ties to the Chinese military.

The current chaos of everyday life of course follows from national policy and politics. The streets are on a reverse trajectory into the 1970s, since crime is redefined as either tolerable collateral damage, “equity,” or a collective indictment of society rather than one of individual culpability. When mayors claim that burning a police precinct is a mere loss of “brick and mortar,” or taking over downtown Seattle is just part of a “summer of love,” or when the architect of the “1619 Project” claims looting is not violence, then crime is no longer crime.

The Left says it has not defunded the police because there are still police to be seen. But progressives have done something far more insidious: America has destroyed police deterrence by a year of anti-police venom, by prosecutors selectively and asymmetrically exempting the arrested, and by prompting police retirements, resignations or simple slowdowns. There is now in the minds of all big-city cops a constant cost-to-benefit calculation: going into the inner city has become a lose/lose/lose/lose/lose proposition in which a 911 call from the danger zone can get an officer killed, injured, fired, suspended, imprisoned, or rendered a fool, as the successfully arrested are summarily let go.

The country has gone mad with debt. Both parties are responsible for the massive spending. The Republican defense is that Democrats would spend even more - and, if they are lavishing entitlements to buy votes, why shouldn’t we? The Left’s excuse is not just the old idea of redistribution, but a new revolutionary myth that money and debt are really irrelevant constructs. A novel economic pseudoscience has revised or discarded the oppressive idea of having to pay back what was borrowed.

Traditionalists and conservatives always assumed that the military, the intelligence and investigatory agencies, and the prosecutorial industry were at least above politics, defenders of traditional and constitutional norms, and completely professional in their service.

No longer. There is now a new military-industrial-intelligence-legal complex. Its hierarchy is politically weaponized, and amply renumerated. The careers of John Brennan, James Clapper, James Comey, Andrew McCabe, General Mark Milley and a score of retired 4-stars officers, Robert Mueller and his dream team, and the Department of Justice are characteristically determined and calibrated by politics rather than competence.

The usual consequences follow: half the country no longer trusts its once esteemed FBI, CIA, or military. And when these agencies veer from their assigned tasks, it is no wonder that they miss impending signs of terrorism in Boston, Fort Hood, and San Bernardino, had little clue that the “JVs” of ISIS were expanding in Iraq, and never really informed the American people about the costs, the benefits, the stakes and the likely future of the two-decade Afghan war. In the 1960s the Left sought to tarnish the reputation of what they saw as hated government institutions and failed; in the 2020s, the Left diminished the reputation of what they now saw as useful and malleable institutions and succeeded.

America does not quite know what will follow from the first months of the Biden Administration. Already, it has managed to destroy the idea of a border, with an anticipated 2 million entering the country illegally over a 12 month period. It demolished the idea of the police and prosecutorial deterrence curbing crime. It is ending the trajectory of America’s natural gas and oil renaissance that enriched the country, and freed it from Middle East entanglements. And it killed off the notion that government should seek to ensure that race is not how we collectively define the content of our individual characters.

Abroad: Meanwhile, our enemies and rivals - China, Iran, and Russia especially - are giddy at what America has become. The American Left, they believe, has done a much better job of denying Chinese culpability for a Chinese-engineered virus than had the Chinese communist media.

When billionaires, such as Michael Bloomberg, see China as essentially democratic (“The communist party wants to stay in power in China, and they listen to the public. Xi Jinping is not a dictator.”), when Charles Munger applauds their clampdown on outspoken capitalists like Jack Ma (“I don’t want the, all of the Chinese system, but I certainly would like to have the financial part of it in my own country, Communists did the right thing. They just called in Jack Ma and say, ‘You aren’t gonna do it, sonny.’””), and when Bill Gates believes that in the midst of the pandemic, a lying China had done “a lot of things right in the beginning,” we can conclude America’s richest are placing their bets on a Chinese-Communist controlled 21st century, and will adjust accordingly.

Our adversaries can’t quite believe their good fortune. Had they thought up ways to divide and impoverish America, to see its cities burned, and looted, to weaken its economy and currency, to erode the unity of its once feared military, and to entrench the most effective critics of America in America - not in Beijing, Moscow, Pyongyang, or Tehran, but in corporate boardrooms, campuses, newsrooms, Hollywood, Wall Street and the Pentagon - they could not have improved on what has happened in 2020-21, the era of our collective meltdown.”

"A Critique of mRNA Vaccines"

"A Critique of mRNA Vaccines"
by Martin Armstrong

"This is a reasonable 25-minute video on COVID-19 and the mRNA vaccine. Pathologist Dr. Ryan Cole discusses the virus & the vaccine including how it works & the spike protein impact. Also, he discusses the implications of vaccination for people who already have COVID-19 antibodies. The real question: why are governments mandating vaccines or pushing them? Have they just been bribed?

There is no independent review standing between the companies and the people. That is our greatest problem - TRUST. Meanwhile, Twitter bans anyone for even claiming a family member died from the vaccine. This is really getting out of hand. Twitter should be shut down as an agent of propaganda. How will we ever get the truth with all this political censorship?"
Hat tip to The Burning Platform

Please view this video on Rumble, 
since Google Blogger won't allow embedding.
Related, an absolute Must Read:

Gregory Mannarino, AM 7/6/21 "Crude Oil Surging. Out Of Control Inflation"

Gregory Mannarino, AM 7/6/21
"Crude Oil Surging. Out Of Control Inflation. 
OPEC And Central Banks Are Playing A Dangerous Game"

Monday, July 5, 2021

"California Begs For More Electricity As Shift To Renewable Power Leaves State In The Dark"

Full screen recommended.
"California Begs For More Electricity As Shift 
To Renewable Power Leaves State In The Dark"
by Epic Economist

"The state of California is currently facing the worst drought in 1,200 years and, as a consequence of such extreme weather conditions, water in key reservoirs is dropping to dangerously low levels, which is forcing the shutdown of major hydroelectric power plants and leaving the state in the dark amid one of the hottest summers ever recorded. The relentless drought and extreme heat, both worsened by climate change, are critically straining California's already-taxed electric grid, and pushing the water supply at Northern California's Lake Oroville to deplete rapidly. Early last month, the water level in Lake Oroville - the state's second-largest reservoir - was so low that hundreds of houseboats were hauled out because there wasn’t enough water to hold them. Today, however, state officials revealed the water level in the lake is even lower. In fact, water is at such "alarming levels" that the Edward Hyatt Power Plant is being forced to close for the first time since it opened in 1967, according to California Energy Commission spokesperson Lindsay Buckley.

On top of that, California energy grid officials are urging residents to reduce power consumption, particularly during the evenings when electricity demand is at its peak. If consumers don't reduce their electricity use during the peak time of the day, the state's grid might experience widespread power outages and suffer from damaged power lines. In essence, this situation highlights this is going to be a long, hot summer of higher electricity bills, periodic rationing, and blackouts for millions of households and businesses. Needless to say, those increased energy costs will also add to the inflationary pressures plaguing the U.S. economy.

To make matters even worse, Lake Oroville isn't the only one with dwindling water levels. A similar situation is occurring at the Hoover Dam - which forms Lake Mead, the largest reservoir in the entire country, and produces enough electricity for approximately 8 million Americans. Now, the worsening drought is resulting in record-low water levels, and seriously compromising the efficiency of hydropower generation at Hoover Dam, as water is used to spin turbines to produce electricity. According to the latest data released, energy capacity at the dam already fell by roughly 25 percent. In short, Californians are not only facing the devastating effects of extreme heat but also the combination of a critical water crisis and a disastrous energy crisis that is adding chaos to what should be a joyful summer.

In addition to calling out for power-saving measures, state officials have been asking California residents to also reduce their water consumption as much as possible during the hot summer months. They are even requesting consumers to take shorter showers, fix leaks at home, plant drought-tolerant trees, and reduce watering home landscapes. But some officials have taken more "draconian" approaches and declared a water shortage emergency also issuing mandatory water restrictions that are punishable by fines in case consumers do not comply.

With meteorologists anticipating even hotter temperatures in the coming months, the state’s increasing reliance on gas-fired plants is going against its goal of transitioning to carbon-free electricity. “Our systems and infrastructure were designed and built in previous decades, to work in our old climate,” Diffenbaugh said. “As the Earth gets warmer, triggering extreme conditions, those systems are getting stretched - unfortunately beyond their capacity.” At this point, the crisis is getting so alarming that state energy officials have asked the California Independent System Operator, which runs most of the grid, to contract for additional power capacity for July and August, otherwise, it won't be able to meet demand during the evening when solar production decreases, according to a joint statement released last week from the grid, utility, and energy agencies.

In the meantime, the government continues to take a number of steps that already epically failed in the past. And knowing the state's measures aren't enough to avoid catastrophic outages just as seen in 2020, the state's grid operator is begging for more electricity. Notably, even Bloomberg, which doesn't hesitate when it comes to criticizing non-green sources of power, is admitting that California's problem is the state’s aggressive push to cut its carbon emissions by recklessly shifting to renewable energy without properly planning or coming up with a plan B considering seasonal weather changes. In other words, while Californians are learning the hard way that the state's grid has become extremely vulnerable to critical disruptions, politicians simply cannot deny that California's "green" push has been a complete disaster because now, millions of people will be left in the dark during hot summer days, while countless other tragedies and casualties continue to emerge on the horizon."

"A Patriotism of the Heart"

"A Patriotism of the Heart"
by Brian Maher

"Since yesterday was July 4th, it is a fine time to reflect on patriotism - what we believe it is - and what we believe it is not. So today we republish our musings on the distinction between patriotism and nationalism.

Here is the trouble with America’s jingos, warhawks, drum-beaters, glory hounds, world-improvers and idealists: They are not patriotic. A jolting, nearly scandalous claim, it is true. Do these Americans not cry tears red, white and blue? Do they not yell about American “greatness”... American “exceptionalism”... the “shining city” atop the hill?

That and more they do, yes. Yet they are not patriotic. That is the curious case we haul before the jury today. Yes, we are stepping away from our normal beat of manna and markets… and reflecting upon the virtue of patriotism. This, at a time when fists furl in the direction of Iran, China, Russia and other hellcats that menace the happiness of the United States. (We first doff our cap to the late writer Joseph Sobran, upon whose insights we rely today).

Country or Empire: Famed English writer G.K. Chesterton once denounced Rudyard Kipling’s “lack of patriotism.” The fellow’s lack of patriotism? What does Chesterton mean Kipling was chief rah-rah man for the British Empire, its loudest bugler. English civilization overtopped all rival powers, he bellowed — as Everest overtops all rival peaks. And as was proper… Great Britain gave the law in all four corners of Earth.

From Kipling’s story Regulus, citing Virgil’s Aeneid: “Roman! let this be your care, this your art; to rule over the nations and impose the ways of peace…” Substitute Britain for Rome and you have Kipling. Why then did Chesterton deny his patriotism? The reason is subtle. Subtle… yet critical.

“He Admires England, but He Does Not Love Her”: Chesterton argued that Kipling admired England because she was powerful. He did not love her because she was England: He admires England, but he does not love her; for we admire things with reasons, but love them without reasons. He admires England because she is strong, not because she is English.

Now Chesterton. He loved England as England — its customs, its eccentricities, its people. Even, if you can believe it, its “food.” A man loves his mother. It is a wordless love, wide and deep. He requires no reason. He requires no justification. And as he loves his mother, so he loves his country.

Be it China, be it Russia, be it Chile, be it Romania… it is all one. Sobran: "Of course Chesterton was right. You love your country as you love your mother - simply because it is yours, not because of its superiority to others, particularly superiority of power."

A Spacious Patriotism: Does the other fellow believe his own mother towers 900 feet over all others? Well, friends, maybe he does believe it. But that in no way irritates, annoys or threatens the other fellow. No harm flows from it. After all...

Adults allow children to cherish the fiction that reindeer fly and round men descend chimneys... A husband allows his wife to cherish the fiction that she is a superior cook or automobile operator… as a wife allows her husband to cherish the fiction that he is a skillful and formidable lover... or that his bald head is ennobling.

These are benevolent fictions conducive to the domestic peace and happiness. In that spirit, the patriot’s attitude toward the foreigner is relaxed. It is accommodative. It is spacious. He understands this fellow’s affection for his country is essentially the affection for his mother. But a Kipling does not love his country as a man loves his mother. His country must show all others its dust. It must outrace them all… else he feels diminished.

The Patriot Loves His Country Regardless: The United States of America stables many such gentlemen. They are dizzied, wobbled, staggered by a higher American vision. Their eyes roll perpetually heavenward. To these fellows, America must always be up to something big in this world. She must be forever charging up San Juan Hill, going over the top, storming Omaha beach, bearing any burden, paying any price... She must be beating the Russians to the moon, beating the world at basketball, beating democracy into someone’s head.

Tall deeds, some of these, and fantastic attainments. But would the patriot love America less if she fell short of the glory… if her history was a page mostly blank? He would not. It is - after all - his country. And he loves her as he loves his mother.

But to that certain species of American, America must dazzle and glitter upon the world’s stage. She must be the “indispensable nation.” If not indispensable… then dispensableIf dispensable, then unworthy of his love. Hence his lack of patriotism. He is Kipling.

The Difference Between the Patriot and the Nationalist: Sobran takes their measure: "Many Americans admire America for being strong, not for being American. For them America has to be “the greatest country on Earth” in order to be worthy of their devotion. If it were only the second greatest, or the 19th greatest, or, heaven forbid, “a third-rate power,” it would be virtually worthless… Maybe the poor Finns or Peruvians love their countries too, but heaven knows why - they have so little to be proud of, so few “reasons.”

And so Sobran trains his cannons on the nationalist ideologue: "The nationalist, who identifies America with abstractions like freedom and democracy, may think it’s precisely America’s mission to spread those abstractions around the world - to impose them by force, if necessary. In his mind, those abstractions are universal ideals... the world must be made “safe for democracy” by “a war to end all wars”... Any country that refuses to Americanize is “anti-American” - or a “rogue nation.” For the nationalist, war is a welcome opportunity to change the world."

We might list some names in point... but our legal counsel is wagging his finger and shaking his head. The patriot and the nationalist babble the same American tongue. The one is therefore mistaken for the other. Yet lean in. Listen closer. You will find they speak alien languages: Because the patriot and the nationalist often use the same words, they may not realize that they use those words in very different senses. The American patriot assumes that the nationalist loves this country with an affection like his own, failing to perceive that what the nationalist really loves is an abstraction - “national greatness,” or something like that. The American nationalist, on the other hand, is apt to be suspicious of the patriot, accusing him of insufficient zeal, or even “anti-Americanism.”

A Patriotism of the Heart: The patriotism Sobran hymns is a relaxed, natural, healthful patriotism. It is a patriotism of the heart. This patriotism flies no ideological flag, hauls no missionary cargo, steers by no heavenly star. It is the patriotism of the prairie, of the plain, of the lonely jackrabbit crossroad, of the greasy spoon, of the truckstop, of the front porch, of the pool hall... of Main Street.

And his fellow countrymen? The patriot takes them as he finds them. Might they sometimes neglect to wash behind the ears? Might they mistake the salad fork for the dinner fork? Well, sometimes they may. But they are his countrymen… and it does not matter to him. The patriot allows himself to laugh — not at his fellow Americans — but with them.

The nationalist, meantime, does not laugh. He hectors. He preaches. He scolds.

“Patriotism Is Relaxed. Nationalism Is Rigid.” “Patriotism is relaxed,” as Sobran concludes. “Nationalism is rigid.” We in turn conclude, paraphrasing Chesterton: "The relaxed patriot, the average American, the American who tends to his own business and sweeps his own stoop, the American who loves his country as he loves his mother - this fellow is all right. But the rigid American, the uber American, the zealous American, the American nationalist hot to put the world to rights - the American who admires America for her strength - but fails to love her as herself? This fellow... he’s all wrong."

"Two Thirds of All Restaurants Will Close"

Full screen recommended.
Dan, IAllegedly, 
"Two Thirds of All Restaurants Will Close"
"As Problems continue to mount for Restaurants you will see over 2/3 of them close. I am upping my prediction from 1/2. This is because of the high prices and the desperate owners. They are resorting to things that will inevitably drive customers away."