ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Aug 13 08:04

Chip Delivery Times Hit 20 Weeks as Semiconductor Shortage Continues

New reports from Bloomberg and conflicting reports on whether the AMD Radeon 6600 XT is available to buy on launch day paint a complicated picture of what’s going on in the semiconductor world right now. The ongoing chip shortage is not one crisis but several, and it has different characteristics depending on the kind of chips you need to buy.

For auto manufacturers and other companies that rely on large numbers of comparatively old microcontrollers, graphics drivers, and other types of silicon, things are not improving. Bloomberg reports that chip delivery times increased by eight days in July, up to 20.2 weeks. This means that chips ordered today won’t be delivered until January 2022 — and that’s the good news. If you drill down into microcontrollers, specifically, lead times have risen to 26.5 weeks. Chips ordered today in these segments may not be available until late February. In more positive news, lead times have decreased for power management chips, specifically.

Aug 13 07:35

Inflation’s Assault on the American Family

I moved aside and watched our twelve-year-old van pull into the driveway. My wife opened the door, smiled, and told me she got the job. Putting the basketball down, I hugged her and told her I was proud. The job was a part-time evening and weekend position at the local country health food store, a good fit considering my wife’s interests. But deep down, a sense of sadness and partial defeat rolled over me. The ten-year period leading up to this moment had found my wife solely focused on homemaking and homeschooling our three children, a responsibility so demanding that few ever attempt it—even fewer see it through. But there we stood, eleven years into our marriage, resigned to the fact my single income was starting to fall short. Not due to any pay decrease, change in spending habits, or some major unforeseen event, but the result of government lockdowns and central banking monetary policies. I wanted blood.

Aug 13 07:18

Beirut Goes Dark As Economic Tailspin Sees Dire Fuel & Electricity Shortages 

Starting Wednesday night Lebanon's Central Bank announced that fuel subsidies have been halted, already at a moment where there's been scarcity of both gas and electricity. Fuel prices are expected to at least quadruple, leading to a national scramble for fuel, exacerbating rolling blackouts akin to what's become the tragic "norm" of recent years in neighboring war-torn Syrian.

International reports are underscoring that the enduring economic crisis beginning in 2019 which sparked a year of mass protests and a currency crisis, and subsequent failed attempts to stave off total collapse amid a drastic "shock" change in government, are now coming to a head, sending already impoverished areas of the country of nearly seven million spiraling into steadily worsened conditions.

Aug 13 07:16

Plunging Crop Supplies Send Prices Soaring And Reignite Food Inflation Fears, WASDE Reports

The U.S. Department of Agriculture's World Agricultural Supply and Demand Estimates (WASDE) report was released Thursday afternoon and pointed to declining grain supplies that sent grain futures prices higher and will keep food inflation in focus.

The closely watched supply and demand report slashed estimates for corn yields and stockpiles. World inventories for wheat were reported near a five-year low.

Grain and oilseed futures soared to a near-decade high earlier this year but have been in a holding pattern for the last month, awaiting new reports on the outlook for upcoming U.S. harvests. A megadrought and back-to-back heat waves have plagued the corn belt and the U.S. West for much of the summer.

Webmaster's Commentary: 

Stock up while you can!

Aug 13 07:13

Gold's "Flash Crash" Explained: Charts, Fundamentals, & Familiar Manipulations

In this 23-minute MAMChat, Matterhorn principals Egon von Greyerz and Matthew Piepenburg address gold’s recent “flash crash” in the context of technicals, fundamentals, and good ol’ fashioned price manipulation from the bullion banks.

"...it was a black hole [at that time of day] of liquidity, no trader would ever sell into that if they wanted to get rid of gold in an orderly way..."

"...this we've seen many times before. Clearly, this is intervention, manipulation at the highest degree..."

Aug 13 07:11

"Winter Is Coming": Chipmakers In Longest Slide Since 2018 As Morgan Stanley Downgrades Semis

The semiconductor space has long been viewed as one of the best leading indicators of the modern technological economy (and capital markets), and with good reason: it was the first sector to bottom in March 2020 when it became apparent that China and various western central banks would inject trillions into the global economy, and had enjoyed a nearly relentless upward climb since then peaking just over a week ago on August 4, but then something snapped...

... and as shown in the next chart, the Semi Index is broadly lower again, having dropped for six consecutive sessions - the longest such streak since the October 2018 Fed "policy error" when stocks cracked after Powell threatened to tighten far more than markets expected, only to end his hiking cycle prematurely just two months later, resulting in the first bear market in a decade.

Aug 13 06:39

The savers are going to get a shave...

Aug 13 05:30

Court partially blocks New York eviction moratorium

A divided Supreme Court on Thursday night granted a request from a group of New York landlords to lift part of a state moratorium on residential evictions put in place at the beginning of the COVID-19 pandemic. The ruling in Chrysafis v. Marks came three days after a federal district judge in Washington, D.C., heard oral argument in a challenge to the Biden administration’s newly enacted federal moratorium on evictions in most of the country.

The state moratorium allows tenants in New York to avoid eviction by declaring that they have suffered “financial hardship” as a result of the pandemic. New York enacted the moratorium in 2020 and has extended it through Aug. 31, 2021.

Webmaster's Commentary: 

At this point, the only workable solution may be total debt forgiveness. Just declare the renters and mortgagees are up-to-date, as well as the landlords and home sellers.

Since the US money is totally fake fairy-tale paper to start with, nothing real would be lost.

Anyone got a better idea?

Aug 13 05:27

Schumer's 'Infrastructure' Bill Loaded With Anti-White Discrimination

If you thought white people might get generous amounts of welfare and affirmative action now that they've become minorities in most major cities across America, you'd be wrong.

Instead, they're going to be discriminated against even further at every turn -- all with the GOP's full support.

Aug 13 05:16

Inflation Has Ruined 30 Years Of Economic Growth

A key measure of inflation remained stable in July from its June level, spurring fears that price rises will continue to hit Americans in the wallet.

Federal data published on Wednesday revealed that for the 12 months through July, the consumer price index increased 5.4 percent, unchanged from June and at the highest level since the Great Recession in 2008.

On a monthly basis, consumer prices jumped 0.5 percent from June to July, down from the previous monthly increase of 0.9 percent.

Aug 13 04:46

China’s COVID-19 Outbreak Hits Ningbo, Shuttering World’s Largest Cargo Terminal

In the rush to find better immune protections against the Delta variant of COVID-19, China’s medical products regulator has signed off on trials combining the country’s indigenous SinoVac vaccine with a new vaccine by the US-based company Inovio. SinoVac has also reported trials on a third shot show substantial immune benefits.

Ningbo-Zhoushan, the world’s busiest port facility in terms of throughput, ground to a halt on Thursday after a port worker tested positive for the Delta variant. Faced with its largest outbreak in a year, China has implemented sweeping controls to ensure the virus isn’t allowed to reach the point of uncontrolled spread.

Aug 12 11:21

Laid-off Keystone worker: 'Something totally wrong with this admin'

Aug 12 11:13

Ford Broncos by the thousands caught on camera parked at Michigan plant

If you've been waiting for that 2021 Ford Bronco you ordered, now at least you know where it is — it's parked in Wayne, Michigan. Bronco6G forum member Mike Webb took video of likely thousands of the SUVs parked in lots at Ford's Michigan Assembly Plant, where the Bronco is built.

You'll have to check the video out over at the forum. As Webb pans the scene, Broncos are parked at seemingly all points of the compass, with some of them far off in the distance.

Motor1 asked Ford what was up and was told the Broncos were awaiting quality checks before being shipped. If that's the extent of the explanation, this would seem to be quite the inventory throughput problem. A chokepoint. How many trains would it take to deliver what's queued up here?

Webmaster's Commentary: 

Maybe they are waiting for chips?

Aug 12 11:12

Social Security cost of living adjustment could be largest in nearly 4 decades

Social Security beneficiaries might be in for the highest cost of living adjustment (COLA) in nearly four decades, according to new projections.

The latest estimate from nonpartisan senior advocacy group the Senior Citizens League puts the 2022 COLA, which will be announced in October, around 6.2%.

"The estimate is significant because the COLA is based on the average of the July, August and September CPI data," Mary Johnson, a Social Security policy analyst for The Senior Citizens League, said in a statement. "With one-third of the data needed to calculate the COLA already in, it increasingly appears that the COLA for 2022 will be the highest paid since 1983 when it was 7.4%."

Cost of living adjustments, which began in 1975, are implemented in order to counteract the effects of inflation.

Aug 12 10:08

Dear Fed: Are You Insane?

Aug 12 09:45

CONSUMER PRICE INDEX – JULY 2021

Aug 12 07:43

Where There’s Fire There’s Smoke

Aug 12 06:06

Homeless Take Over Elementary School: Parents Terrified After Death Threats, People Robbed at Gunpoint

A squalid homeless encampment attached to a Seattle grade school is a petri dish of bacterial pathogens, thanks to the scores of vagrants who are urinating, defecating, sleeping, doing drugs and having sex just steps from where kindergartners are set to begin school next week.

Despite outcries from worried parents and frustrated residents, local politicians and the city’s left-wing school board do not want the filthy shantytown to be dismantled, claiming that would be “inhumane,” according to Jason Rantz of KTTH-AM in Seattle.

A flimsy, see-through fence separates Broadview-Thomson K-8 School from the homeless camp.

Aug 12 06:02

FRANCE DINING AREAS ALMOST EMPTY AFTER COVID PASSPORTS ENFORCED

Aug 12 05:46

The DeFi hacker who stole $600 million in crypto is... giving it back?

Well that was unexpected.

The hacker responsible for one of the largest cryptocurrency thefts in history made waves Wednesday by returning (at least some of) the stolen funds. That's according to Poly Network, the decentralized finance (DeFi) platform that announced the $600 million heist the day before.

Late Wednesday morning, Poly Network confirmed that $260 million of the stolen funds had been transferred back to wallets it controls.

Aug 11 18:17

Southwest Airlines, American Airlines And Delta Will Not Require Employees Get Vaxxed

Southwest Airlines, American Airlines And Delta have all said they will not be mandating their workers take Big Pharma's experimental shots.

Aug 11 10:48

Brace For "Nasty" Debt Ceiling Fight As GOP Goes Full "Scorched Earth Mode" On Democrats

After Senate Republicans handed Democrats enough votes to pass their $1.2 trillion infrastructure package on Tuesday, they're digging in and planning to go into 'scorched earth mode' over the debt ceiling, according to RBC strategist Blake Gwinn, who says that a "nasty standoff" is all but guaranteed.

"I get that they would prefer a suspension of the limit vs. a numerical increase, but I can’t see any way Democrats are going to get 10 Republican votes for a debt ceiling deal in regular order, short of some extremely painful concessions," Gwinn said according to Bloomberg, adding "I expect GOP will be in scorched Earth mode this fall."

Aug 11 09:14

[Video] The Corbett Report - Fight the Banksters with Cash Friday - #SolutionsWatch

While you were distracted by the scamdemic, the banksters have been working on the greatest wealth transfer in the history of the world. It's called the Going Direct Reset, and it's going to fundamentally transform the monetary system as we know it. Today Catherine Austin Fitts of Solari.com joins us to talk about this transformation and what we can do about it.

Aug 11 08:17

Biden Official Pushing Higher Debt Ceiling Despite Inflation

Treasury Secretary Janet Yellen on Monday prompted Congress to raise the debt ceiling through "regular order," the same day Democrats intend to reveal their multi-trillion budget resolution which will possibly include instructions for raising the debt limit.

“In recent years Congress has addressed the debt limit through regular order, with broad bipartisan support. In fact, during the last administration, Democrats and Republicans came together to do their duty three times. Congress should do so again now by increasing or suspending the debt limit on a bipartisan basis,” Yellen announced in a statement.

Webmaster's Commentary: 

Aug 11 08:08

Trump SLAMS The Infrastructure Bill As A Leftist Hack

Former President Donald Trump warned against the bipartisan infrastructure deal Sunday, describing it as the “beginning of the Green New Deal.”

The bill is currently in the Senate and is supposed to pass this week after lawmakers promoted the bill Saturday, setting it up for final passage.

Aug 11 07:52

Coal Prices Jump To Near Decade High In Europe On Supply Crunch

Coal prices in Europe have soared to a nine-year high due to a combination of increasing demand and supply constraints.

Prices for front-year coal futures on ICE Futures Europe breached the $101 per ton mark, hitting levels not seen since 2012, according to Bloomberg.

This summer, demand for coal power generation has surged amid record heat waves across Europe and natural gas prices surging. Coal has become a much cheaper form of power generation since Russia has tighten gas markets and caused a supply storage crunch.

Aug 11 07:47

Frost Bites Brazilian Sugar Crop As Prices Zoom Higher 

Brazil's top producing regions for coffee, oranges, and sugar have been devastated by the worst weather in decades and could leave a lasting impact on prices, according to Bloomberg.

The South American country is one of the world's leading coffee, sugar, and orange producers experienced a cold snap and drought this growing season in the Center-South area that has significantly damaged crops.

We have focused on coffee and orange markets and how prices are sloping higher after harvest output will likely come in well below average.

Now we're setting our eyes on the sugar market, where losses in production, exacerbated by an already tight global supply, is fueling higher prices that may be sticking around for the next 18 months.

Aug 11 07:46

Canadian Farmers Cull 130,000 Pigs After Pork Plant Strike Closes Processor

Bloomberg reports a labor strike at a Quebec pork-processing plant may have resulted in more than 130,000 culled pigs in eastern Canada.

A dangerous backlog of pigs ready for slaughter has built up after Olymel's processing facility in Vallee-Jonction, Quebec, experienced a labor strike and the resulting closure of the plant since April 28.

The company slaughters on average 36,000 hogs each week. But since the plant closed, backlogs are increasing, and pigs are being diverted to other U.S. and western Canada processors. About 15,000 pigs each week are being left behind, according to David Duval, the president of the Eleveurs de porcs du Quebec, which represents the province's farmers.

"Animals struggle through heat waves like this. If on top of that they're crammed, it's becoming extremely difficult," Duval said. "I heard several producers who told me 'I don't know where to put them next week."

Aug 11 07:32

WHAT WOULD OUR ECONOMY LOOK LIKE IN THE SHADOW OF VACCINE PASSPORTS?

Yes, it’s an official concern now. The mainstream media and the Biden Administration have gone from suggesting that Covid vaccinations would “not be mandated” to saying they “should be mandated.” This means several very uncomfortable consequences are on the way for our economy and the nation as a whole. Remember, the federal government already decided it’s legal for companies to require coronavirus vaccines. The most obvious next step: A mandatory “vaccine passport” certifying its holder has gotten the recommended injections.

The assertion by the establishment is that life would simply go back to normal as long as you comply and get your shots like a good citizen. But from what I have seen even some people who have taken the vaccines voluntarily do not want a passport system in place, and for good reason. Should a mandatory vaccine passport system be implemented, life will never be normal again.

Vaccine passports are not a panacea

Aug 11 07:15

Senate Republicans Greenlight Outsourcing of U.S. Manufacturing Jobs with Infrastructure Bill Passage

A group of 19 Senate Republicans helped greenlight outsourcing of American manufacturing jobs with the passage of the so-called bipartisan infrastructure bill that provides giant carve-outs for industries to bypass “Buy American” rules.

On Tuesday, 19 Senate Republicans joined Senate Democrats in a 69-30 vote to pass the Infrastructure Investment and Jobs Act. Those Senate Republicans include:

Dan Sullivan (R-AK), Shelley Moore Capito (R-WV), Mike Crapo (R-ID), Roy Blunt (R-MO), Richard Burr (R-NC), Deb Fischer (R-NE), Lindsey Graham (R-SC), Rob Portman (R-OH), Thom Tillis (R-NC), Lisa Murkowski (R-AK), Jim Risch (R-ID), Chuck Grassley (R-IA), Bill Cassidy (R-LA), Kevin Cramer (R-ND), Roger Wicker (R-MS), Mitch McConnell (R-KY), John Hoeven (R-ND), Susan Collins (R-ME), and Mitt Romney (R-UT)

Webmaster's Commentary: 

Okay, so let's see if I have this right. This spending bill is going to raise taxes, but at the same time send US jobs to other countries so that unemployed US workers won't be paying taxes. Does this sound like sound management to you?

Me neither!

Aug 11 07:09

Mitch McConnell Strategy: Force Democrats to ‘Finance’ $3.5 Trillion ‘Infrastructure’ Plan

Senate Minority Leader Mitch McConnell stated Monday his strategy to stop the Trojan horse reconciliation package is to force Democrats to “finance” the $3.5 trillion plan.

“Democrats have all the existing tools they need to raise the debt limit on a partisan basis. If they want 50 lock-step Democratic votes to spend trillions and trillions more, they can find 50 Democratic votes to finance it,” McConnell said from the Senate floor.

“If they don’t want Republicans’ input, they don’t need our help,” he continued.

A Republican shutout would force Democrats to own the massive spending at a time when inflation is reaching historic highs, hurting consumers, and punishing those who have saved cash.

But Democrats could take the gamble, passing both the infrastructure bill and the reconciliation package by sticking to their guns and funding the measures without Republican support.

Aug 11 07:08

Major Landlords Sue L.A. for $100 Million over Eviction Moratorium

GHP Management Corp. and several other companies owned by developer Geoffrey Palmer are suing the City of Los Angeles for $100 million over its eviction moratorium, saying the policy has resulted in massive losses to the firm.

The suit further alleges that the plaintiffs cannot find help from banks, who will not refinance mortgages on properties that fall under the city’s eviction moratorium.

The Biden administration and Democrats in state and local governments have cast such moratoria as measures to protect the poor, but they could hurt the poor in the long run by making it less likely that developers will build housing in Democrat-run cities, or that they will invest in low-income housing at all.

Los Angeles Times — which took care to note that Palmer is a Republican donor and Trump supporter — reports:

Aug 11 06:57

In blistering drought, California farmers rip up precious almond trees

Crushed by a devastating drought and new water restrictions, Daniel Hartwig had no choice but to pull thousands of precious, fragrant almond trees from his California farm.

"It breaks your heart," he sighed as he surveyed the once vibrant landscape before him—curled, yellowed leaves covering the shrunken husks that would have been this year's crop of almonds, had the water arrived.

Their exposed roots are already starting to turn powdery with rot, and the temperature of almost 104 degrees Fahrenheit (40 degrees Celsius) on this summer morning speeds their decomposition.

Aug 11 06:56

Dems Set Stage for Trillions in Tax Hikes, 87,000 IRS Agents, Woke Spending

Senate Budget Committee Chairman Bernie Sanders (I-Vt.) and Senate Majority Leader Chuck Schumer (D-N.Y.) have introduced the Democrat Fiscal Year 2022 budget resolution. This budget includes instructions for the Democrats to fast-track their reckless $3.5 trillion ($3,500,000,000,000) tax and spending spree later this year.

ATR urges Senators to vote no on this resolution. If signed into law, it will tee off passage of the following proposals:

Trillions in new tax increases on working families and small businesses. This budget resolution will be the first step toward the Biden plan to raise taxes by $3 trillion over the next decade. Some of these tax increases include:

Webmaster's Commentary: 

Aug 11 05:58

Biden’s America doesn’t want to work…

Webmaster addition: Biden's America doesn’t want to work… for wages that can't cover the rising cost of living!

Aug 11 05:28

Win For Biden As Senate Passes Massive Infrastructure Bill

US President Joe Biden hailed the Senate passage Tuesday of a "historic" $1.2 trillion infrastructure package, celebrating a major bipartisan win on a plan he vowed would "transform America."

By funding work on roads, bridges and ports, as well as clean water and high-speed internet, Biden said the bill -- which still needs House approval -- would create thousands of high-paying jobs for people without college degrees.

"This historic investment infrastructure is what I believe you, the American people, want," Biden said in a White House address.

Aug 11 05:19

Doug Casey on Why Almost Nothing is Cheap

Aug 10 19:40

"It Is A Tool Of Enslavement!"

Aug 10 14:15

Domestic energy prices are about to soar

Aug 10 13:19

Las Vegas landlord fatally shoots 2 women, injures man in rent dispute: Police

A landlord argued with his live-in tenants over unpaid rent before opening fire with a handgun at a small house near downtown Las Vegas early Tuesday, killing two women and wounding a man who suffered nine gunshot wounds, police said.

The suspect, a man in his late 70s, surrendered after a standoff with police who arrived about 12:30 a.m. to find one woman dead outside the pink one-story home and the wounded man coming out the door, police Lt. Ray Spencer said.

Police SWAT officers found the second woman dead inside the house, Spencer said.

The names of the dead women and the wounded man, all in their 50s, were not immediately made public.

The man was hospitalized in critical condition and was expected to survive, Spencer said.

Aug 10 11:28

Study Outlines The Damage to Democracy and Human Rights Under Lockdowns

By Ethan Yang

In February of 2021, the former British judge Lord Sumption wrote an article proclaiming that liberal democracy might be the greatest fatality of the Covid-19 pandemic. He correctly noted the disturbing use of government power that was unleashed onto every aspect of society in a manner never before seen. If such powers are not correctly repackaged and locked away, liberal democracies worldwide would be in a much darker place and the grand experiment of a free and open society would fall victim to a demise of its own design. His sentiments are echoed by the latest addition of a comprehensive study published by the V-Dem Institute at the University of Gothenburg...

Aug 10 10:23

How the new mileage tax will get your old car off the road

"Joe Biden and the Republicans – without whom Joe Biden could not have done it – may have just outlawed cars that can’t be tracked without actually outlawing them, per se. Instead, they will be regulated away – the new trick in government’s dirty bag thereof.

It might have caused a ruckus to propose a law outlawing older vehicle without Onboard Diagnostic (OBD II) electronic data collection ports, GPS transponders or some other, similar means by which a vehicle can be externally tracked – using the pretext of keeping track of its mileage that way, so as to tax its owner that way. This being bad enough all by itself, being invasive enough all by itself. Instead of paying gas taxes anonymously at the pump whenever you fill up – possibly with cash – the federal government will tax automatically and electronically you by the mile, wherever you drive.

Aug 10 08:12

The End of Global Tourism?

Aug 10 07:57

Drought and Grasshoppers Ravage Fields in Northwest, Some Producers Bale 10% of Normal Hay Crop

Grasshoppers are invading pastures and fields. The corn is so short farmers are forced to chop with a draper head. Ranchers continue to cull cows. The drought in the West is producing many firsts, as farmers and ranchers grapple with dire decisions as the latest U.S. Drought Monitor shows 98% of the West is covered in drought.

“It’s so widespread that I’m afraid it’s going to be pretty devastating to the industry,” says Bob Skinner, a rancher in southeast Oregon. “Hay in our country is going to be really hard to find. Prices are going up every day.”

Conditions are so dire, Skinner had to pull his cattle off federal BLM land more than a month early. The BLM land is a vital summer grazing resource in the Northwest, but this year, the drought took its toll on conditions and he was left with no choice.

Webmaster's Commentary: 

Yeah, we were due for locusts.

Aug 10 07:40

Democrats Risk Showdown by Omitting Debt Ceiling Raise in $3.5 Trillion Trojan Horse Package

Congressional Democrats omitted instructions for raising the debt ceiling in the $3.5 trillion infrastructure package, risking a showdown with Republicans over the debt limit in September.

“The budget blueprint is expected to be voted on this week in the Senate soon after final passage of the Biden’s bipartisan $550 billion infrastructure package,” Bloomberg reported Monday. “It allows Democrats to bypass Republicans to expand the social safety net and raise taxes on the wealthy and corporations.”

The text of the bill was released after Treasury Secretary Janet Yellen told congressional Democrats on Monday the debt limit ceiling should not be lifted in the reconciliation package.

Yellen told Congress to increase the debt ceiling via “regular order”:

Aug 10 07:39

Bad credit shouldn't affect car insurance, experts say. States are listening.

Pedro Montenegro has an immaculate driving record.

But even though Montenegro said he has never been in a car accident, nor been issued a ticket for a moving violation, he has never in his adult life qualified for affordable car insurance. That's something that Montenegro, 30, who earns a "good living" as a public relations staffer in Washington, D.C., says is inextricably tied to his poor credit score, which is in the low 500s.

He most recently received multiple monthly premium quotes of around $350 for minimal coverage for one modest, used car — a figure he can't afford.

Aug 10 07:31

Brazil Faces 10 Million Bag Loss Of Coffee: Preliminary Assessment

A wicked cold snap and massive drought in July have devastated Brazil's coffee belt. According to Bloomberg, preliminary reports show the South American country may lose millions of bags of arabica coffee.

A formal damage report of Brazil's coffee belt is due in the coming weeks. The government report is set to show up to ten million bags (each bag weighing 132 pounds) of arabica coffee, or one-third of annual purchases by the U.S. may have been damaged.

Aug 10 07:25

Why there aren’t riots in the streets...

Aug 10 07:24

Dems Unveil Plan for Unilaterally Passing $3.5 Trln Infrastructure Bill Without Raising Debt Ceiling

Earlier, the Democrats, with the backing of several Republican senators, managed to advance another part of Biden's infrastructure reform – a $1 trillion bill that is now practically set to be adopted by the upper chamber.

Democrat senators have unveiled a budget resolution which paves the way for the party to pass its $3.5 trillion infrastructure bill by the middle of September. The document instructs Senate Democrats in 12 committees to launch a lengthy negotiating process to determine which budget proposals will make it into the final document.

Webmaster's Commentary: 

Shut down the military industrial complex?

Nah... never happen.

Aug 10 07:18

Costly and Counterproductive

The order will have geopolitical consequences. The United States has achieved energy security by becoming a net exporter of oil and natural gas; mandating sales of electric vehicles would weaken that security. What’s more, the requirement could increase production of electric-vehicle batteries in China, which already dominates the market. The order seeks to encourage the production of batteries in the United States, but it is hard to see how America can produce them at lower cost.

Aug 10 07:06

SLAVERY STILL EXISTS IN THE US, BUT THESE CA ORGANIZERS ARE WORKING TO END IT

The 13th Amendment outlaws slavery except as punishment for a crime. That means that Black and Brown people in prisons all over the country are forced to work for low or no wages, while others profit. In this episode of Rattling the Bars, Eddie Conway speaks with California organizers Jeronimo Aguilar and John Cannon about why we must fight to eradicate the last vestiges of slavery and how they are using legislation and other methods to get the job done. Jeronimo Aguilar is an Elder Freeman Policy Fellow at Legal Services for Prisoners with Children, where he is working on local and statewide legislative efforts including the Vision Act and Oakland Rejects Slavery. John Cannon is a Policy Fellow at Legal Services for Prisoners with Children and an organizer with All of Us or None, a grassroots civil and human rights organization fighting for the rights of formerly-and currently-incarcerated people and our families.

Webmaster's Commentary: 

The Nazis used slave labor to make equipment for their military.

Aug 10 06:14

"Things Are Just Getting Worse": Global Demand Isn't Booming, So Why Are Shipping Rates This High

There is no COVID-era surge in global cargo demand. There’s a lengthy albeit temporary spike in congestion compounded by a localized, stimulus-and-savings-driven demand boom in America.

That explanation for skyrocketing rates gained more traction Friday when liner giant Maersk released details of its quarterly performance.

Maersk — which pre-reported record Q2 2021 results on Monday — estimated that global container shipping demand was up only 2.7% in the second quarter versus the same period two years ago, prior to the pandemic. And yet, Maersk’s average freight rate (including both contract and spot business) was $3,038 per forty-foot equivalent unit, up 63% from $1,868 per FEU in Q2 2019. The Drewry World Container Index of spot rates rose to $9,371 per FEU this week, 6.7 times what it was two years ago.

Aug 10 06:10

Savings Are the Foundation of Economic Growth

Aug 09 11:49

Emerging Markets Are Flashing A Signal

Aug 09 05:34

Democrats’ infrastructure bill includes per-mile fee, making driving too costly for many Americans

A provision in the Biden administration-backed $1.2 trillion infrastructure bill currently under debate in the U.S. Senate has sparked controversy for an initiative tucked into the legislation that would explore charging Americans a fee for every mile they drive.

If undertaken, the program would make driving considerably more expensive for Americans, a result the Western Journal’s Taylor Penney suggested is “intentional,” and “another way to cripple our existing ways of life.”

The pilot program to research charging Americans a per-mile fee to drive their personal vehicles is described in section 13002 of the bill, nestled into pages 508 to 519 of the massive 2,702-page infrastructure package.

Webmaster's Commentary: 

Drivers already pay mileage-based taxes via gas and tire taxes.

Aug 09 05:30

Conflicts of Interest: Biden’s Endless War Games and Sanctions Set the US on a Path to War

On COI #145 Connor Freeman, writer at The Libertarian Institute, returns to the show to discuss recent attacks on ships near the Persian Gulf. The first attack saw two drones hit a cargo ship, killing two. The US, UK, and Israel have pointed the finger at Iran, claiming to have evidence. However, the governments have yet to present any, and Iran is denying the charges.

The second attack was alleged to be an attempted hijacking. Again, Iran was blamed with no evidence yet presented. The attack was thwarted after the crew disabled the ship. The timing of the incident raises suspicions of a possible false flag to fuel tensions between Washington and Tehran. Kyle and Connor break down the motives of the possible actors, including Israel and Iran.

Aug 09 04:59

Gold Flash Crashes By Almost $100 As $4 Billion In Sell Orders Hit

In the liquidity void that follows the resumption of futures trading, and which saw US futures trade modestly lower, a sudden burst of selling in the gold futures contract sent Gold pries plunging to as low as $1,677.0 or almost $100 lower from the Friday close of $1,761.50.

Together with Friday's post-payroll plunge, this has been the biggest 2-day drop in gold (in dollar terms) since the March 2020 crash.

Webmaster's Commentary: 

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