ECONOMY | WHAT REALLY HAPPENED

ECONOMY

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: 

Aug 08 09:27

BIS gold swaps fall in June

Aug 08 07:15

The Postal Service Presses Forward With Unpopular Plan To Slow Some Mail Delivery

Two of the newly confirmed members of the U.S. Postal Service's Board of Governors spoke out Friday against Postmaster General Louis DeJoy's plan to slow delivery of first-class mail.

But the board took no steps to stop or even modify the 10-year plan despite the concerns expressed by the board members and regulators.

Ronald Stroman, one of three new governors named by President Biden, said that intentionally slowing first-class mail and package delivery by changing service standards is "strategically ill-conceived, creates dangerous risks that are not justified by the relatively low financial return, and doesn't meet our responsibility as an essential part of America's critical infrastructure."

Aug 08 06:20

The War on Poverty Wasn't A Failure -- It Was A Catastrophe

Has the War on Poverty been a failure? Well, of course it has. If you devote 50 years and $21.5 trillion (in 4Q2013 dollars) to anything, and people are arguing about whether it was a success or a failure, then you can be sure that it was a failure.

Have you noticed that, 50+ years from its inception, no one is suggesting that the Apollo program was a failure? The Apollo program was an unchallenged success because it accomplished its stated goal: “…to land a man on the moon, and to return him safely to the earth.”

The stated goal of the War on Poverty, as enunciated by Lyndon Johnson on January 8, 1964, was, “…not only to relieve the symptom of poverty, but to cure it and, above all, to prevent it.” Measured against this objective, the War on Poverty has not just been a failure, it has been a catastrophe. It was supposed to help America’s poor become self-sufficient, and it has made them dependent and dysfunctional.

Aug 07 14:08

You Were Warned: Automakers Team Up With Biden To Force Electric Cars On Consumers

With a wave of his pen, Biden ordered that 50% of new cars and trucks sold by 2030 are to be electric. Since the auto companies already have their 2022 model year cars in production, that means they have less than eight years to figure out how to comply with the most massive, disruptive, and anti-consumer mandate ever to come out of Washington.

Aug 07 13:03

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.

Aug 07 06:28

SHIPPING PRICES GO UP BOND YIELDS RISE

Aug 07 06:21

Lake Oroville Hydro Power Plant Shut Down For First Time Due To Megadrought

One of California's most important hydroelectric plants has ceased operations due to falling water levels, according to the Department of Water Resources (DWR).

On Wednesday, Lake Oroville fell to a record low of 642-feet above mean sea level. By Thursday, the lake stood at 641-feet above mean sea level. Readers may recall in mid-June, we said if the "640 feet is breached, then officials will likely be forced to close the Edward Hyatt Power Plant for the first time since it opened in 1967."

Aug 07 06:19

The Eviction Moratorium Will Soon Come To A Screeching Halt, Who's To Blame?

In a 5-4 vote in June, the Supreme Court allowed an eviction moratorium to remain in place but only through the end of July.

Justice Brett Kavanaugh wrote the majority opinion stating stating that action by Congress would be required to extend it further.

“In my view, clear and specific congressional authorization (via new legislation) would be necessary for the CDC to extend the moratorium past July 31,” wrote Kavanaugh.

This was a huge warning shot to House Speaker Nancy Pelosi and the Biden Administration to get their act together. Neither took heed.

Aug 07 06:03

Portland Man Finds Out Just How Bad Homeless Crisis Is

In a region that’s not used to soaring temperatures, heat soaring above 115 degrees was making a lot of people mighty uncomfortable and Morlock wanted to do his part.

This kind young man bought one of those above-ground swimming pools; he then invited homeless folks in his east side Portland community to show up and take a dip.

His reward?

Morlock was viciously stabbed to death on July 1 by someone using the pool.

Aug 07 06:02

Republican Rep tells GOP leadership to consider IMPEACHING Biden over his eviction moratorium and failure to handle the border crisis

A Republican lawmaker from Ohio wants to potentially boot Joe Biden out of office after the president extended the nationwide eviction moratorium and amid a record surge of migrants at the southern border.

In a letter sent to fellow House Republicans Friday, Rep. Bob Gibbs accused Biden of taking actions that 'skirt the United States Constitution' and claimed he 'continues to disregard his constitutional duties and boundaries.'

'I believe conducting a sober, evidence-based discussion regarding impeachment is warranted,' Gibbs wrote. 'I urge you all to remember our duty to the Constitution and American people to hold this administration accountable.'

Aug 06 11:04

Biden Regime's $1T 'Infrastructure' Bill Mandates DUI Breathalyzer-Type Ignition Systems in All New Cars

The Biden regime's equity-focused "infrastructure" bill has a provision buried in it to mandate all new cars have some type of DUI prevention system to keep people from starting their own cars.

Aug 06 10:25

MILLERS, BAKERS FRET AS DROUGHT WITHERS NORTH AMERICA’S SPRING WHEAT

Millers and bakers are draining wheat reserves and paying more for spring wheat used in baking, as drought shrivels crops across the Canadian Prairies and northern U.S. Plains that produce more than half of the world’s supply.

U.S. and Canadian farmers are bracing for a sharply smaller spring wheat harvest due to the driest conditions in decades, as severe weather damages crops across the hemisphere, from heat scorching cherries in the U.S. Pacific Northwest to frost chilling sugarcane in Brazil.

While overall global wheat stocks are large, the drought affects mainly the high-protein spring wheat crop that millers such as Archer Daniels Midland Co and bakers including Grupo Bimbo rely on to produce the texture and moistness in baked goods that consumers expect.

Aug 06 10:24

FOOD SHORTAGE COMING SOON | Grocery Stores Prepare for Fall

Aug 06 10:23

Ultrawealthy Americans are ditching their US citizenship in droves

More of America's wealthiest citizens don't want to be American anymore, according to new data compiled by Axios.

In 2020, according to IRS data, 6,707 Americans gave up their citizenships - a 237% increase from the prior year. It's particularly pronounced among some of the wealthiest, who have been leaving at more elevated rates since 2016 (with a noticeable dip in 2019).

Aug 06 09:05

Judge Fines Amish Farmer $250K and Threatens Jail Time for Providing Club Members Food They Want

By Brian Shilavy

Providing healthy and ethical food apart from the Big Food Wall Street Billionaires who control the world’s commodity food system is no easy task...

Unfortunately, a judge has ruled against the farmer and the food clubs, and if he cannot raise a quarter of a million dollars, he will go out of business and possibly spend time in jail.

Again, this is NOT due to any complaint from his customers: those who pay him to raise the food. This is about protecting Wall Street and Big Food, and taking away any choices consumers have over how their food is produced, and who they can buy it from...

Aug 06 06:42

No sign of a bubble anywhere....

Aug 06 06:15

Currency Emergency: When the Debt Comes Due

Aug 06 06:04

Tucker: It's hard to overstate what a momentous change this is

Tucker Carlson Tonight' host calls out Biden's unconstitutional eviction moratorium. #FoxNews #Tucker

Aug 06 05:51

EVs Cost 1.6 To 2.3 Times More To Service Than Internal Combustion Vehicles, New Study Shows

The reality of owning an EV continues to sink in across the country.

For example, days ago we pointed out a report that dove into the unique risks of placing lithium ion batteries all over the world (including in electric vehicles).

And just over the last two months, we've written not only about how much driving needs to be done in EVs to make them better for the environment than internal combustion engine vehicles, but we've also noted that EV carbon footprints aren't necessarily as better than ICE vehicles as many people think.

Now, the hits keep on coming: we're finding out that EVs cost more to service than internal combustion engine vehicles. Like the reduction in environmental harm that we noted last month, however, the gap narrows over time.

Aug 06 05:34

"We Haven't Seen This In More Than 30 Years" - Shipping Rates From China To US Hit Record $20,000 With No Drop In Sight

Those looking for signs of transitory inflation are advised to not look at the latest container data, which contrary to many commodities tracked by Wall Street, resolutely refuses to turn lower.

Of course, regular readers are well aware of the hyperinflation in shipping rates as we have extensively covered this move in the past few months, as well as some more unique cases such as this one "More Container Ships Score "Astronomical" $100,000/Day Rates" but today Reuters readers are also learning that shipping rates from China to the United States have scaled fresh highs above $20,000 per 40-foot box as rising retailer orders ahead of the peak U.S. shopping season, adding strain to global supply chains.

Aug 06 05:21

3 Things That Happened Just Before The Crisis Of 2008 That Are Happening Again Right Now

Real estate, oil and the employment numbers are all telling us the same thing, and that is really bad news for the U.S. economy. It really does appear that economic activity is starting to slow down significantly, but just like in 2008 those that are running things don’t want to admit the reality of what we are facing. Back then, Fed Chair Ben Bernanke insisted that the U.S. economy was not heading into a recession, and we later learned that a recession had already begun when he made that statement. And as you will see at the end of this article, current Fed Chair Jerome Powell says that he is “very happy” with how the U.S. economy is performing, but he shouldn’t be so thrilled. Signs of trouble are everywhere, and we just got several more pieces of troubling news.

Aug 05 13:12

Op-Ed Authors Propose Financial Penalties for Refusing the COVID Vaccine

By B.N. Frank

Vaccine side effects, injuries, deaths have been reported for decades. They continue to be reported about the COVID vaccines as well. According to one attorney, this will eventually lead to a “tidal wave of lawsuits”. Nevertheless, some vaccine proponents have recommended that health insurers financially threaten their unvaccinated clients for refusing to take the jab...

Aug 05 12:52

16 Civil Society Organizations Call on Congress to Fix the Cryptocurrency Provision of the Infrastructure Bill

By Rainey Reitman and Hayley Tsukayama

The Electronic Frontier Foundation, Fight for the Future, Defending Rights and Dissent and 13 other organizations sent a letter to Senators Charles Schumer (D-NY), Mitch McConnell (R-KY), and other members of Congress asking them to act swiftly to amend the vague and dangerous digital currency provision of Biden’s infrastructure bill.

Aug 05 11:14

Meet Your New Feudal Overlords

For Father’s Day a few years back, my wife and kids surprised me with a trip to Medieval Times, an immersive dinner theater featuring staged Arthurian-styled games, such as sword-fighting and jousting. Anyone can enjoy the forgotten age of kings and queens for a reasonable price, at least for an evening.

For the next several hours, we sank into the fantasy world of wealthy lords and ladies. As we watched knights battle each other on horseback, the wait staff, dressed as lowly serfs, served overflowing plates of food and poured wine into our faux-jewel-encrusted goblets on demand. As much fun as the outing was, the similarities between the feudalism of the Middle Ages and present-day American capitalism are just a little too on the nose.

Aug 05 10:45

VERIFY: Yes, if you are fired for not getting a required vaccine, you can be denied unemployment benefits

Major corporations like Disney and Walmart say they will require COVID-19 vaccines for some employees. In general, those fired for refusing can't get unemployment.

Aug 05 10:11

Beyond a casino....

Aug 05 09:19

Our Corporate Overlords and Their Politics

People maybe didn’t really understand the gravity of PayPal saying that it is going to begin sharing all of its records with the Anti-Defamation League. We’re so used to all of these tech companies asking “how high?” when the Jews say “jump” that we’ve become jaded. Too jaded to grasp the gravity of that announcement.

What they said was that all the records of PayPal’s users would be turned over to the ADL to help them “research” “hate.” That means that basically, records of the donations to any “far right” organization or outlet through PayPal will be an open book for the ADL. They will begin make lists of real names (PayPal uses real names), and tracking everyone who they identify as a supporter of “hate” – which basically includes anyone to the right of Chuck Schumer.

Eventually, people are going to be rounded up and put in camps, frankly. Though that will not happen until after they are starved out by being banned from everything.

Aug 05 07:37

Waters Pushed For The CDC To Ignore Supreme Court Verdict

After the CDC could not find a legal basis to extend a moratorium on evictions that began early in the coronavirus pandemic, Rep. Maxine Waters, D-Calif., is urging the CDC to do it anyway.

President Biden announced Thursday that he was not going to work to continue the moratorium, calling on Congress to take action instead. Waters, who unsuccessfully tried to pass a bill, showed skepticism that the CDC could not stretch the moratorium as they had made in the past.

"I don't buy that the CDC can't extend the eviction moratorium - something it has already done in the past!" Waters tweeted. "Who is going to stop them? Who is going to penalize them? There is no official ruling saying that they cannot extend this moratorium. C'mon CDC - have a heart! Just do it!"

Aug 05 07:11

"They're In A Difficult Position" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates

The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson: don't put all your eggs in one basket.

Employees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call, exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours (for more on how Archegos built up its massively leveraged position, click here).

Aug 05 06:37

Psaki has tense exchange with reporters over constitutionality of evictions: "I didn't say that."

Aug 05 06:25

RIP to the middle class...

Aug 05 06:20

Wall St is eating the world....

Aug 05 06:01

What's Behind the Inflation Hall of Mirrors?

Aug 05 05:46

Investors Parse President Xi's Speeches For Clues About China's Next Target

Investors have been distracted Wednesday by the wild ride in Robinhood shares, but that doesn't mean thousands of investors are trying to anticipate any potential targets for China's next crackdown. Yesterday, it was video games, but other targets have included education, Big Tech, crypto, payments, ride-sharing etc. Just yesterday, Tencent, the worst-hit US-traded ADR, shed another 10% in early trade as an economic publication slammed video games as "spiritual opium" - before the article was withdrawn and edited to be much less aggressive.

Alibaba and Tencent, two of China's biggest companies and among the most visible to international investors, have taken major hits. China has become one of the most controversial topics of the summer, yet it still has plenty of defenders: billionaire Bridgewater Founder Ray Dalio praised the opportunities to be seized by investing in China.

Aug 04 15:08

The Great Reset: The Global Elite's Plan to Radically Remake Our Economic and Social Lives

The Great Reset is upon us…or at least the powers that be are trying to bring it out. What was once a fringe “conspiracy theory” is now on display plain as day for everyone to see. The economic, political, academic, and media elites around the world are leveraging the chaos, confusion, and restrictions on liberty from the COVID-19 lockdowns and using them to radically alter society around the world.

What will this change look like? The global elites want to create a society of renters who own nothing, while also pushing a social agenda that would be unpopular with the unwashed masses and difficult to implement in a society with a broad, ownership-based middle class. What this means is that you would rent not just your home, but also your phone, computer, car (though you probably will “carshare,” the term for renting a car when you need one for an extended period and summoning one when you need it for a ride), and even the pots and pans you cook with.

Aug 04 14:07

Why are bond yields falling again?

Aug 04 14:02

AMC Foolishness Comes At A Dear Cost

Aug 04 11:48

'I Am Not Becoming The F---ing Vax Police': NYC Small Biz Owner Says He Will Not Enforce Vaccine Passport

"It's not my job as a f---ing laptop repair shop owner to decline [customers'] business based on their medical decisions!"

Aug 04 09:44

Senate infrastructure bill includes pilot program to test mileage tax on motorists

Earlier this year, the Biden administration floated the idea of taxing motorists based on the number of miles they travel each year. Now, senators who crafted the $1.2 trillion bipartisan infrastructure bill are moving that idea one step closer to reality.

A pilot program to create a system for taxing drivers based on their vehicle mileage was slipped into Section 13002 of the legislation entitled, "National motor vehicle per-mile user fee pilot." Senators could change the language as they try to get a final version of the bill that can secure enough votes for passage.

Earlier this year, Transportation Secretary Pete Buttigieg floated the creation of such a system during his confirmation process as a way to fund an infrastructure bill. The idea was later abandoned by the Biden administration.

Webmaster's Commentary: 

Aug 04 09:40

Rabo: What The CDC Did Is Blatantly Unconstitutional

If markets are saying we are heading for the New Normal at full speed, then we are doing absolutely no Build Back Better at all. In which case, watch out for the icebergs of social unrest and populism. If you want an example of that from the last 24 hours, consider that the US Centre for Disease Control has just announced an extended eviction moratorium. While that may allay some immediate economic pressures, it is also blatantly unconstitutional - which is why it had not been done until now. The Supreme Court already stated this is an issue only Congress can act on: and yet the House of Representatives is now already in recess until 13 September.

Aug 04 07:28

Cars, funerals and home improvements: EU to crack down on large cash payments

Cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years.

The EU legislation is being considered in an attempt to clamp down on cross-border money laundering on a wider European basis.

Aug 04 07:20

Market Melt-Down Ahead?

Aug 04 07:06

The Economy is Imploding - BRACE FOR IMPACT!

Aug 04 07:05

Biden administration issues new targeted moratorium on evictions for areas hit hardest by COVID-19

President Joe Biden's administration Tuesday issued a targeted moratorium on evictions in areas hardest hit by COVID-19, replacing a nationwide evictions freeze that expired Saturday despite legal concerns about doing so unilaterally.

The new action, in effect for 60 days, bans evictions in counties with high rates of COVID-19 transmission, reflecting where the Centers for Disease Control and Prevention recommends vaccinated residents mask indoors and in public settings.

CDC Director Rochelle Walensky signed the order Tuesday evening after Biden confirmed the move earlier in the day. The president said he sought input from constitutional scholars to determine whether the CDC had the legal authority to issue a new evictions action but it was unclear whether it could pass constitutional muster.

"There are several key scholars who think that it may, and it's worth the effort," Biden said.

Aug 04 07:02

Fed Pushing on a String...

Aug 04 06:54

Holding period of stocks in years...

Aug 04 06:09

'Biden Took An Oath To Uphold The Constitution, Not Violate It': Turley Opines On CDC's Revised Eviction Moratorium

Update (1905ET): Weighing in on the CDC's moratorium extension is constitutional scholar Jonathan Turley, who says "President Biden took an oath to uphold the Constitution, not to violate it when he can use the delay in any final order to get the money out the door."

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