ECONOMY | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

ECONOMY

Oct 19 08:24

When a Train Wreck Is No Accident

Oct 19 07:33

'Brown recovery' wipes out hopes that pandemic stimulus would drive climate spending

Governments in rich countries pledged last year to spend trillions of dollars to rescue their economies from the trough of the pandemic — and to channel that gusher of cash in ways that would aid the fight against climate change.

The climate change strategy largely failed.

More than 18 months later, mounting evidence shows that the spending did little to alter the trajectory that has the planet on a path toward blowing through global emissions targets. In fact, much of the stimulus spending was directed toward a “brown” recovery that pumped money into polluting industries and energy sources like coal, oil and natural gas. Nations unleashed their spending in a way that was open to all sectors, helping their incumbent industries rather than funding the promised transformation to a clean economy.

Oct 19 07:00

Israel, Morocco seal agreement on hydrocarbon exploration in Dakhla

The Moroccan National Office of Hydrocarbons and Mines (ONHYM) and the Israeli Company Ratio Petroleum have just signed an agreement on the exploration of the Atlantic block of the occupied city of Dakhla, in violation of international law.

Oct 19 06:59

Dark Winter... Financial Crisis?

Oct 19 06:53

Conspiracy Or Incompetence? Why Fossil Fuels Are Flying

U.S. coal use is on track to jump 23 percent this year, for the first time since 2013. European utilities are switching from gas to coal because of the former’s soaring prices. And Brent crude just passed $84 per barrel.

At the helm in Washington is Joe Biden, a president who came into office with a pledge to reduce American energy dependence on fossil fuels. At the helm in the EU are people equally dedicated to phasing out oil, gas, and coal, and replace them with low-carbon alternatives. Yet, it seems fossil fuels have been the only winners from their energy transition efforts.

Oct 19 06:27

Important Turning Point in the Metals

Oct 19 06:20

Jesse Watters reveals what's really in Biden's massive spending plan

Oct 19 05:42

White House Still Pushing 'Free' Biden Agenda

President Biden is sticking by his claim that his Build Back Better agenda will cost the average American taxpayer absolutely nothing.

"The cost of the Build Back Better Agenda is $0," the White House tweeted Sunday.

"The President's plan won't add to our national deficit and no one making under $400,000 per year will see their taxes go up a single penny," the declaration read. "It's fully paid for by ensuring big corporations and the very wealthy pay their fair share."

Webmaster's Commentary: 

Oct 18 13:21

Goodbye Middle Class: 50 Percent Of All U.S. Workers Made $34,612.04 Or Less Last Year

If we keep going down this path, soon we won’t have much of a “middle class” at all.  When I first started writing about the economy many years ago, I often wrote about the tens of millions of “working poor” Americans that were enduring so many hardships.  But at this point most of the nation now falls into the “working poor” category.  That isn’t because wages haven’t been going up.  Little by little, wages have been incrementally rising year after year, but meanwhile the cost of living has been absolutely soaring.  Paychecks have not even come close to keeping up with inflation, and this has been eviscerating the middle class.  Today, the majority of the country is in constant “survival mode” financially, and that isn’t going to change any time soon.

Oct 18 13:12

They Insist Everything Will Be Fine As We Face Shortages Of Chicken, Coffee, Diapers, Fish Sticks, Frozen Meals, Carbonated Drinks, Etc.

Officials in Washington continue to assure us that we don’t have anything to be concerned about, but meanwhile the shelves just continue to get even emptier.  On Friday, #BareShelvesBiden was the number one trending topic on Twitter, and I am sure that the Biden administration must have been thrilled by that.  Biden insists that he and his team are on top of things, but so far nothing that they have done has worked.  In fact, this crisis just seems to keep getting worse and worse.  And because we are facing such a “hydra of bottlenecks”, there aren’t going to be any easy solutions…

Oct 18 11:54

Pandemonium Looms as “Everything Shortage” meets “Dark Winter”

By Dr. Mathew Maavak

A global supply chain crisis is brewing, leading to a full-spectrum shortage of essential items. This is the result of mass centralization, where policies are dictated and synchronized by the aristocrats of the New Normal. The coming years will be marked by extreme socioeconomic turbulence.

The world is reportedly facing an “everything shortage” where essential goods are getting harder, farther, and more time-consuming to find. These shortages affect the entire gamut of the social pyramid structure. The typical production to delivery cycle is repeatedly hammered by a macabre musical chair of woes in tune with Murphy’s Law: “Anything that can go wrong will go wrong.”...

All the Black Swans, bred specifically for the Great Reset, are coming home to roost...

Oct 18 11:06

Stagflation is Here

Oct 18 10:37

Jerome Powell Sold More Than a Million Dollars of Stock as the Market Was Tanking

Federal Reserve Chairman Jerome Powell sold between $1 million and $5 million worth of stock from his personal account on October 1, 2020, according to disclosure forms reviewed by the Prospect. Powell’s sale of shares from a Vanguard Total Stock Market Index Fund has not been previously reported. This sale occurred right before the Dow Jones Industrial Average suffered a significant drop.

A Fed media relations spokesperson was not available for comment. We will report on any Fed statement on Powell’s trades.

Three other senior Fed officials have faced serious criticism for making stock trades during the pandemic. Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren were compelled to take early retirements as a result of the disclosure of their trades. Fed Vice Chair Richard Clarida also came under fire for stock trading. The other trades are now the subject of investigations by the Fed’s own inspector general and the SEC.

Oct 18 10:33

Biden's Supply Chain Crisis Attacks From Both Coasts

With blockage at the Ports of Los Angeles and Long Beach causing massive backups, shippers have begun sending more freight to the East Coast instead, according to Supply Chain Dive. The major ports on the East Coast, such as New York/New Jersey, Virginia, Charleston, and Savannah, are reporting higher cargo volumes as other West Coast alternatives, such as Seattle and Vancouver, are also growing congested.

Oct 18 10:20

DeSantis Calls Inflation ‘An Invisible Tax On The American People’

On Friday, Florida Governor Ron DeSantis called inflation “an invisible tax on the American people.”

The governor made his remarks during a press conference in Naples, Florida.

Oct 18 09:51

US Coal "Roars Back" Under Biden Unlike Trump 

One of the biggest ironies to start this decade is the transition from fossil fuel generation to green energy has created a global energy crisis that is forcing the U.S., among many other countries, to restart coal-fired power plants monumentally ahead of the winter season in the Northern Hemisphere to prevent electricity shortages.

The virtue-signaling assault by the green lobby spearheaded by hapless puppet Greta Thunberg must beside herself as U.S. power plants are on course to burn 23% more coal this year, the first increase since 2013, despite President Biden's ambitious plan for a national grid to run on 100% clean energy by 2035.

Oct 18 09:40

Green Policies Return The World To Coal

There’s scarcely a place in the modern world that will not be feeling the high cost and discomfort of a shortage of energy supplies and their increasingly soaring prices. Lebanon already is. Due to a shortage of oil, the two power plants that supply 40% of that country’s electricity shut down. There is no electricity in Lebanon and will not be any for some days.

It’s an extreme case, but even the United Kingdom, the EU, the U.S., and China are running up against diminishing ability to obtain the necessary energy supplies to keep things running smoothly. Some of the shortages are due to accidents, like the cutting of an undersea cable to the UK, but most are due to green policies and stupid political choices, ironically shutting down oil and gas-fired power plants and fossil fuel exploitation and transport at the demand of the greens, who grossly overestimate both global warming and the ability of air, sun and water to take their place.

Oct 18 08:40

China Q3 GDP Growth Disappoints, Inflation Expected To Stay "High For Some Time"

Facing a “complex and severe domestic and overseas environment", China’s stats bureau spokesperson Fu Linghui admitted that economic indicators all weakened in Q3/September.

China 3Q GDP Grows 4.9% Y/Y; Est. 5% - MISS

China Sept. Industrial Output Rises 3.1% Y/Y; Est. 3.8% - MISS

China Jan.-Sept. Fixed Investment Rises 7.3% Y/Y; Est. 7.8% - MISS

China Sept. Retail Sales Rise 4.4% Y/Y; Est. 3.5% - BEAT

GDP growth was a mere 0.2% in the third quarter from the previous three months.

Oct 18 08:17

Trucking industry not confident in Biden's 24/7 port plan

Supply chain players on various fronts told CCJ that they have little confidence in President Joe Biden’s initiative to alleviate congestion at the nation’s busiest ports.

The White House announced Wednesday that the president’s Supply Chain Disruptions Task Force had paved the way for 24/7 operations at the Ports of Los Angeles and Long Beach. The White House reports that both ports “are the point of entry for 40% of containers to the U.S., and are on track to reach new highs in container traffic this year.”

Major companies that rely heavily on those ports – like FedEx, UPS, Walmart, Home Depot and Target – have pledged to step up afterhours operations, which comes as welcome news following a failed 24-hour pilot program at the Port of Long Beach last month.

Oct 18 08:17

A FARMERS WARNING!!! FOOD SHORTAGES WORSE THAN EXPECTED!!!

Oct 18 08:16

Sky-high rates turn intermodal challenges into opportunity

"For the more local work that Aboudi specializes in, the prospects of dealing daily with port terminal operations is an increasingly difficult ask for qualified operators. "We can't find drivers," Aboudi said. "Nobody wants to deal with the terminals. It's an abusive environment in terms of what you have to go through. They don't think of you as a human being. They count you as a truck. So they say, 'Oh, the truck has been here for five hours.' No, it's the driver that's been there for five hours and he's got, you know, bio functions that he's gotta do. He's gotta eat. It's hot and miserable. You know, they don't think of it that way."

Unlike Oakland Port Services Corporation small fleet owner Bill Aboudi in Oakland, owner-operator Buttermore hasn't seen many serious issues running out of Long Beach, his most common port of call. But he can certainly testify to the chaotic environment.

Oct 18 07:32

PBOC is disappointing markets here...

Oct 18 07:31

The Crash of 1929

Oct 18 07:06

Two Factors Point to Even More Inflation

Oct 18 07:00

What's Next For Washington: $2.5 Trillion In Spending, Higher Taxes And More

Full disclosure: This is NOT another tea leaf reading on exactly how and when Congress will manage to raise the debt ceiling, keep the government open, and pass a multitrillion-dollar package of spending offset by tax hikes. To be clear, we continue to think that it will do all of the above. But rather than focus on the palace intrigue, we’ll deal with DC’s policy choices in classic Morgan Stanley Research fashion…by focusing on tangible market impacts.

Oct 18 06:44

Alabama School District Says It Can't Feed Its Students Due To "Supply Chain Issues" With Food Vendors

How bad are the shortages across the country getting? One Alabama school district is literally running out of food.

Alexander City Schools have started asking parents to feed their children breakfast at home or to send them to school with snacks because the district hasn't received its normal food deliveries from vendors, according to AL.com.

"Alexander City Schools, like many schools across the nation, is experiencing supply chain issues with our food vendors," the district wrote on Facebook.

Oct 18 06:22

PEOPLE ARE TAKING OUT LOANS AGAINST THEIR NFTS – AND DEFAULTING

In the ongoing speedrun to turn everything into a non-fungible token, savvy traders and entrepreneurs have recently taken a few steps to squeeze more investment opportunities out of their JPEGs.

Case in point: it’s now a thing to take out a loan and offer up an NFT as collateral. Take NFTFi, a peer-to-peer lending platform described by Coindesk as a “pawn shop for NFTs.” The core premise is that you can mortgage your NFT in exchange for other crypto that can be sold for cash while keeping your NFT safe—if you can repay the loan.

Oct 17 11:00

4 Scary Charts Show How Fast the Federal Government is Heading Toward Fiscal Disaster

By Brad Polumbo

The national debt is rapidly closing in on $29 trillion. The federal government now owes an astounding $228,999 per taxpayer. All the while, politicians in Washington, DC are bickering over whether to spend $4.5 trillion more or “just” $1.5 trillion. Yet, almost entirely omitted from the debate over the so-called “infrastructure” spending bonanza is the fact that the federal government is already running off a fiscal cliff—as a new analysis makes plain.

The Manhattan Institute’s Brian Riedl recently released his 2021 Chart Book, and it paints a devastating picture of the federal government’s finances. Here are 4 charts that show just how fast it is approaching budgetary disaster...

Oct 17 08:05

Working-Poor Still Use Food Banks As Millions Had Their Savings Wiped Out During COVID  

Eighteen months since the virus pandemic began, hunger and food insecurity continue to plague millions of households across the country. Some of these folks have had their life savings drained with no financial safety net for the next crisis.

Compound food insecurity and deterioration of financial conditions of households, and it appears the working-poor have barely recovered from the pandemic downturn. What's likely to happen is the Biden administration will continue handing out free money to these folks to prevent social upheaval. An example of this was when Biden increased SNAP allowances by a quarter a few months ago.

Oct 17 08:05

We're Living In A Chaos Economy... Here's How To End It

There is clearly chaos in the economy, and hardly a day goes by when I don’t find unusual if not unprecedented situations in day-to-day economic life.

However, many people and economists are either oblivious to the problems or in denial. Things are normal for them. Politicians are mostly in this camp. For economists and investment promotors, inflation is “transitory.” They don’t know how the economy works and they expect near perfection from the economy and entrepreneurs. This view is wrong.

The chaos is all too real for most others.

Homemakers who spend household income are seeing their purchasing power shrink, their choices disappearing, and more of their time consumed stretching the family budgets. Christmas shopping will be worse than normal.

Oct 17 07:46

Pandora Papers Reveal Offshore Finances of the Global Elite Currying Influence in U.S.

A trove of 11.9 million records released last week exposed the offshore financial secrets of hundreds of politicians, billionaires, celebrities, royal family members and other wealthy individuals in more than 200 countries and territories across the globe.

The Pandora Papers records obtained by the International Consortium of Investigative Journalists shine a light on how the world’s wealthy elite use offshore shell companies to avoid disclosing their assets, and the firms that help them do it.

Many of the big names in the Pandora Papers have also sought to influence U.S. policy and public opinion in the U.S., an OpenSecrets analysis finds.

One law firm mentioned in more than 7,500 documents in the data leak is Baker McKenzie.

Although internal Baker McKenzie records are not included among the leaked files, the firm is mentioned more than any other big U.S. law firm.

Oct 16 10:22

9.5% yield on Euros. Definitely not a Ponzi.

Oct 16 08:44

Aluminum prices jump to 13-year high; extreme power requirements for manufacturing prompts China to halt production

Aluminum’s price climbed to $3,064 a ton, up 3.3 percent, at the London Metal Exchange on Oct. 11. – the highest recorded since July 2008. Prices for other base metals have also risen, with zinc up by 2.5 percent to $3,230 a ton and copper rising by 1.9 percent.

Industry insiders claim aluminum requires a lot of power to produce. Each ton of aluminum needs about 14 megawatt-hours to produce, which is enough to run a home in the U.K. for more than three years. The insiders add that the aluminum industry would be the fifth largest power consumer in the world if it was a country.

Oct 16 08:42

Extended energy supply shortage looms as prices for oil and natural gas soar

The prices of oil and natural gas have been on an extended climb, a trend that is warning America that energy supply shortages will soon become more commonplace.

On Monday, Oct. 11, the price of U.S. crude oil rose by 1.5 percent to $80.52 a barrel. This is the first time the price of crude oil closed above $80 since late 2014. This also represents a 125 percent increase in the price of oil since the end of October 2020.

Oct 16 08:41

Senior Federal Reserve official says “transitory” inflation is not actually transitory

The consumer price index (CPI) suggests that the “transitory” inflation floated by the government is not actually transitory.

According to a senior official at Federal Reserve, the biggest burst in U.S. inflation in three decades is likely to last longer than expected and it should no longer be considered transitory. Atlanta Federal Reserve President Raphael Bostic says that the sharp increase in prices in 2021 tied to the pandemic has now broadened beyond just a handful of major goods and will not wane anytime soon.

These comments by Bostic are in contrast to the statement by the U.S. central bank leadership.

Oct 16 08:40

Monopoly - Follow The Money

Monopoly: an overview of the Great Reset.

This informative video gives an overview of what is currently happening in the world in just 1 hour.

The video shows the modern global systems, and focusses on the situation in the Netherlands.

We believe though, that people from all over the world will recognise this situation.

Oct 16 08:09

Empty Christmas Stockings? Don't Blame COVID, Blame California

The conventional wisdom from the left is that COVID is the reason that shipping containers are in the waters off California with no stevedores or truckers available to take care of them.

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The implication, of course, is that if people would stop being selfish and take the vaccines, the whole problem would magically vanish.

That’s nonsense.

Oct 16 07:59

Column: Supply-chain surcharge? Sherwin-Williams is latest company to add a sneaky fee

Hugo Granadino recently stopped by the Sherwin-Williams paint store in Inglewood to pick up some rollers and brushes. He’s repainting the den of his South Los Angeles home.

After the purchase, Granadino, 40, took a look at his receipt and was surprised to see a 4% “supply chain charge.”

There’d been no advance warning that a surcharge was being imposed — it was just quietly tacked on at the checkout counter.

Granadino called the store to ask what’s up with that.

Oct 16 06:54

Prices of Nearly Everything Now Surging

Oct 16 06:50

Charting the Continued Rise of Remote Jobs

Oct 16 06:47

Pete Buttigieg finally comes out of the woodwork on supply chain mess -- to complain about Tucker Carlson

Transportation Secretary Pete Buttigieg, who it turns out has been away on family leave these past months as America's supply chain has collapsed, has finally come out of the woodwork.

Did he come out to announce how he's making the situation better?

Nope, what brought him out was some harsh, criticism by Fox News host Tucker Carlson, who asked if Missing Pete on family leave was trying to learn how to breast-feed. Yes, it was tasteless, but that's hardly a burning issue to anyone else but Pete, given his larger and more important point.

Oct 16 06:45

Are Our Systems Failing?

Who is John Galt? In the classic novel Atlas Shrugged, Ayn Rand described a future world in which proliferating regulations and restrictions progressively rob the world's most productive people of the fruits of their labor. One such person (John Galt), offended that he was denied the rewards of his work, swears that he will "stop the engine of the world." And he does — by disappearing and taking the world's best producers with him. Without society's most productive members, world systems begin to fail. Utilities, transportation, and manufacturing become unreliable.

"Who is John Galt?" is a question becoming relevant for us. Our systems are slowly failing before our very eyes.

Oct 16 06:38

Is a Democratic Wipeout Inevitable?

It’s common now for Democrats to argue that the agenda they are struggling to implement on Capitol Hill represents the party’s most ambitious since the “Great Society” Congress convened in 1965. That’s a reasonable assessment—but one that the party today should consider as much a warning as an inspiration. Under the relentless prodding of President Lyndon B. Johnson, the Democratic-controlled House and Senate passed landmark legislation at a dizzying pace during that legendary 1965–66 legislative session.

Oct 16 06:23

US Treasury deputy sec warns unvaxxed Americans that shortages will continue until EVERYONE is jabbed

The deputy secretary at the US Treasury has put Americans on notice that the only way to end the plague of empty shelves around the country is for every resident to be vaccinated. The frank warning came off as a threat to many.

Wally Adeyemo, the Biden administration’s second-highest official in the Treasury Department, appeared to publicly blackmail the still-sizable portion of Americans who have not been vaccinated against Covid-19 during a Thursday ABC interview, seemingly blaming them for the ongoing shortages of consumer goods that have led many to mock the president as ‘Empty Shelves Joe’.

Despite viral photos depicting thousands of cargo ships lined up at the Port of Los Angeles ready to unload their goods, Adeyemo claimed that the supply chain issues plaguing so many US retailers are an international issue and will only let up when a sufficient percentage of the country has been vaccinated.

Webmaster's Commentary: 

Either the deputy secretary at the US Treasury needs a refresher course in logic, or he just admitted the shortages are being engineered as part of the plan to coerce people into obedience to the government.

Oct 16 05:55

Gold’s Trajectory To $6,200 As Forecasted

Oct 15 14:53

We Are On The Verge Of Seeing Widespread Institutional Breakdowns Throughout Our Society On A Massive Scale

The politicians that are responsible for these mandates are beyond evil, and history will not treat them kindly.

Oct 15 14:44

Beef Will Now Be A “Luxury Product”, And Cheap Chicken Dinners “Are Coming To An End”

The “reset economy” is coming, and it isn’t going to be very pleasant.  Rather than viewing the economic chaos caused by the pandemic as a negative thing, many among the worldwide elite consider it to be a golden opportunity to fundamentally transform the global economy according to their values.  As they radically reshape our economic system, one of their primary goals will be to make any products that are “bad for the environment” cost a lot more.  In other words, behaviors that produce a lot of carbon emissions must be punished.  That is particularly bad news for those that love to eat a lot of meat, because the production of meat is considered to be particularly “harmful” for the environment.

Oct 15 13:49

DO YOU BELIEVE INFLATION IS 5.4%?

Oct 15 12:55

Dollar Tree Loses its 35-Year War with Inflation

By Peter Jacobsen

Inflation has ruined one of my go-to examples for my macroeconomics students. Whenever I discuss inflation with my students, I test their understanding of economics by highlighting the puzzle of Dollar Tree, an American retail chain that sells goods at discount prices. Between the year the Dollar Tree was founded (1985) and today, the price of goods and services have risen 2.63% on average every year.

However, in spite of unpredictable swings in the economy and prices, one store has remained consistent throughout it all. Dollar Tree has long been known for being the last true “dollar store” which spans the whole US. For the last 35 years, when you walked into Dollar Tree, you knew you wouldn’t spend more than one dollar per product.

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