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

ECONOMY

Oct 02 19:24

Will Price Inflation Prick The Stock Bubble?

Oct 02 08:38

Inflation Hits 30-Year High According to This Key Metric

By Brad Polumbo

Left-leaning media coverage has in recent weeks pushed the narrative that inflation is fading. But shocking new inflation numbers released today blow that media spin to smithereens.

The Labor Department just released the latest Personal Consumption Expenditures index (PCE), which is the Federal Reserve’s preferred metric for monitoring inflation. It shows a 4.3 percent rise in consumer prices from August 2020 to August 2021, with prices rising 0.4 percent last month alone. That’s the biggest annual surge recorded since January 1991—roughly three decades ago.

Even when factoring out volatile food and energy prices, the PCE still shows a 0.3 percent monthly rise in consumer prices and a 3.6 percent year-over-year increase. That’s the highest on that metric since May 1991!...

Oct 02 07:19

The Problem with the Current Economic System

Oct 02 06:53

Jim Rickards: The Next “Lehman Moment”

Oct 02 06:47

A New Water Source That Could Make Drought a Thing of the Past

Lack of fresh water is now a global crisis. Water shortages mean food shortages, with hunger creating death tolls substantially exceeding those of the current Covid-19 crisis. According to the United Nations, some 800 million people are without clean water, and 40% of the world’s population is impacted by drought. By one measure, almost 100 percent of the Western United States is currently in drought, setting an all-time 122-year record. Meanwhile, local “water wars” rage, with states, cities and whole countries battling each other for scarce water resources.

The ideal solution would be new water flows to add to the hydrologic cycle, and promising new scientific discoveries and technologies are holding out that possibility.

Oct 02 06:39

Amazing: Segerblom says $3 billion tax increase would be ‘meaningless’ for average individual

Are you concerned about rising gas prices? Sen. Tick Segerblom doesn't appear to be — in fact, he wants to substantially increase Nevada's gas tax. And he thinks that tax increase would be "meaningless" for the average consumer.

Meaningless? Does he know any average or poor consumers?

The Las Vegas Democrat (Segerblom) said the timetable (for Project Neon) can be cut in half if his Senate Bill 377 becomes law. The bill would impose a 2 cent-per-gallon gasoline tax increase per year for 10 years. The tax, now 52.2 cents per gallon, would rise to 72.2 cents by the end of the decade. …

Segerblom said the new tax was “meaningless” for the average consumer and would bring in $3 billion over 10 years.

Segerblom doesn't just want to increase the gas tax by 2 cents a gallon. He wants to increase the gas tax by 2 cents per gallon each year for 10 years, a 20-cent increase in total.

Oct 02 06:31

4 Creative Ways Venezuelans Survived the Economic Collapse

How will you survive when the economy comes crashing down? Perhaps you can find some inspiration in the creative ways these Venezuelans survived their own economic collapse.

Oct 02 06:30

We're F*ked: The Next Economic Scapegoat

Oct 02 05:57

Ingraham: This is 'moronic in the short and long term'

Oct 02 03:34

Shipping workers warn of imminent global transport systems collapse

A global transport systems collapse looms due to the lingering impacts of the Wuhan coronavirus (COVID-19) pandemic. In an open letter, a coalition of unions that represent shipping workers across the globe warns of the imminent collapse as fragmented and inconsistent pandemic restrictions around the world toss international shipping into chaos. -- The shipping workers write: “We are witnessing unprecedented disruptions and global delays and shortages on essential goods including electronics, food, fuel and medical supplies.

Oct 01 20:31

Brooklyn Grange: World’s Largest Rooftop Farm

By Neenah Payne

Brooklyn Grange in New York City is the largest rooftop farm in the world. The 2016 book "The Farm on the Roof: What Brooklyn Grange Taught Us About Entrepreneurship, Community, and Growing a Sustainable Business" tells the story of its founding and operation.

It is a commercial-scale urban farming business, which has expanded to 2.5 acres spanning two roofs and has now begun a new project at the Jacob Javits Center...

Oct 01 10:59

Santa's sleigh is looking emptier. Fewer toys, higher prices loom for holiday season

If Santa is reading this, his sleigh and reindeer are urgently needed for help.

Toy-makers are warning of emptier shelves and pricier toys this holiday season. Their supplies are ensnarled in an unprecedented shipping crisis — floating traffic jams of container ships wallowing near key U.S. ports.

When Curtis McGill helped launch a small Texas toy company, he did not picture himself in this boat: up all night bidding eye-popping sums of money for space on a trans-Pacific ship.

Most American toys come from China, and usually that trip lasts about a month. Now it's taking two, three, even four months. That means fewer trips, and with a time crunch for the holidays, containers for shipping have become both expensive and elusive.

Webmaster's Commentary: 

I will mention this to Santa when I see him! :)

Oct 01 10:12

London’s Blueprint For Technocracy

By Matt

Last week we covered Telosa, a technocratic metropolis slated to be home to 5 million people by 2060. Previously, we’ve investigated plans to turn Nevada into a hub of technocracy. These stories need telling but if we only look into the future we can miss sight of the fact that the technocratic city is already here.

For better or worse, London has long been considered one of the world’s great cities. It has produced many of the world’s great artists, writers, and thinkers. Many of the world’s most renowned museums are here, housing priceless historical artifacts and works of art. London’s palaces, parks, gardens, and squares make it an architect’s playground.

Oct 01 08:29

Consequences of America outsourcing its manufacturing base to China manifest as Beijing cuts off electricity to production factories

What would happen if the country where most of America’s manufacturing base was outsourced back in the days of Ronald Reagan and Bill Clinton were to shut off the industrial power supply? The world is about to find out.

China, reports indicate, has slashed the electricity supply to 16 of its 31 provincial jurisdictions in recent days. Many of these jurisdictions are factory-heavy, meaning everything that has a “Made in China” label slapped on it is now at risk of seeing shortages.

Beijing has suddenly decided that the energy it has been using for decades to power all of the world’s outsourced manufacturing is “unclean” and must be limited. This has created waves of rolling blackouts that are interfering with production at a time when the supply chain is already suffering due to Wuhan coronavirus (Covid-19) restrictions.

Oct 01 08:15

United Airlines to fire nearly 600 workers for refusing to get COVID-19 jabs

United was the first American carrier to institute a vaccine mandate for all of its domestic employees. They were given a deadline of September 27 to upload proof of their inoculation or face termination by October 2, while those who refuse to get it were terminated outright.

Although airline executives have said that more than 99 percent of their domestic employees did get vaccinated, the rest will be parting ways with the company. Staff who did not comply with the mandate span various roles, including pilots, mechanics and flight attendants.

A memo sent to employees this week stated: “For the less than 1 [percent] of people who decided to not get vaccinated, we’ll unfortunately begin the process of separation from the airline per our policy.”

Oct 01 07:29

Raising the debt ceiling again.

Oct 01 07:04

How Can Houses Be Unaffordable AND Booming?

Oct 01 06:20

The Recent Oil Price Rally Can’t Be Justified

After a fairytale run that saw Brent temporarily cross the magical $80/bbl mark for the first time in three years, the crude rally has taken a breather thanks to a surprise build in crude inventories. On Tuesday, the American Petroleum Institute (API) reported a build in crude oil inventories of 4.127 million barrels for the week ending September 24, contrary to analysts’ consensus of a loss of 2.33 million barrels. API had reported a draw in oil inventories of 6.108 million barrels in the previous week, well above expectations of a draw of 2.40 million barrels.

Nevertheless, Brent settled at USD 78.17/bbl on 30th September for a w/w gain of USD 4.25/bbl, while WTI for November delivery rose USD 4.11/bbl w/w to USD 74.25/bbl.

Oct 01 06:18

Dallas Fed President Kaplan Was Making Bold, Market-Moving Statements to Media During 2020 Crisis; the Same Year He Traded Tens of Millions of Dollars in Stocks and S&P 500 Futures

Last year, during the worst health crisis in more than a hundred years in the United States, Dallas Fed President Robert Kaplan was frequently throwing gasoline on the fire in broadcast and print media interviews. Also in 2020, Kaplan was trading in and out of S&P 500 futures, a sophisticated instrument used by hedge funds to time the market and/or short the market. The Dallas Fed will not say if Kaplan engaged in shorting the market during a national health crisis. (Shorting means to place a bearish bet that the market or a security will fall in value.)

Kaplan gave a total of 68 interviews with the press in 2020, an eyebrow raising number for a man also trading S&P 500 futures.

Twice in the span of six days in May of 2020, Kaplan predicted that unemployment was going to surge to 20 percent. That’s a very bold and very bearish call. According to the Congressional Research Service, the maximum unemployment rate in 2020 topped out at 14.8 percent in April.

Oct 01 05:11

Biden Has Big Plans That Involve YOUR Bank

Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her backing of a Biden proposal to ask banks to hand over transaction data over $600 on individual bank accounts.

'Banks do not work for the IRS,' Lummis announced. 'This is an invasion of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'

Oct 01 04:48

Is Defaulting on the Debt the Moral Thing to Do?

The US is in the midst of yet another “debate” over the debt ceiling. In the twenty-first century, this is a ritual that Washington politicos and journalists go through every few years when the prospect of default and government shutdown is used as a way to hold Americans hostage until they cave to demands for more debt and deficit spending. I won’t bore you with the details of which politicians are voting against a higher debt ceiling this time around. Outside a tiny handful of principled eccentrics of the Ron Paul variety, virtually everyone in Washington favors more deficit spending. The fact that the leadership from one of the parties currently pretends to oppose higher debt levels tells us nothing about what the regime really wants.

Oct 01 04:43

Congress Passes Bill to Avert Shutdown in Bipartisan Vote

Senate Republicans joined with Democrats on Sept. 30 to pass stopgap legislation to fund the government through December, averting a government shutdown set to begin in the early hours of Oct. 1. The House later aligned with the Senate, voting 254–175 to avert a government shutdown.

However, the measure fails to address the debt ceiling, which Republicans have said they won’t vote to raise.

On Sept. 27, Republicans showed solidarity against a bill that would have raised the debt ceiling, voting 50–49 to block debate on the bill.

Oct 01 04:41

Biden Meets With Democrat Holdouts To Secure Votes For $3.5 Trillion 'Human Infrastructure' Bill

President Joe Biden has scheduled meetings Tuesday with two Senate holdouts within his own party as part of a last-minute bid to secure support for a $3.5 trillion social spending plan.

Sens. Joe Manchin, D-W.Va., and Kyrsten Sinema, D-Ariz., are openly opposed to the package out of concern for its hefty price tag and questions about how it will be paid for.

Biden will hold separate talks with the senators to try and assuage their concerns about the package. Their votes are especially critical in the evenly divided Senate where the president cannot afford any "No" votes from his party if it hopes to pass the bill by means of budget reconciliation.

A CNN correspondent tweeted that Sinema did not take questions after leaving the White House. Manchin will meet with Biden in the afternoon, according to a Washington Post report.

Sep 30 19:53

How US Techno-nationalism Spawned a Global Electronic Kraken

By Mathew Maavak

We may have enjoyed a more equitable and decentralized international system today if not for US intervention on behalf of Microsoft. Big Tech thereafter ushered in a series of techno-social function creeps at the expense of fundamental freedoms.

It was the 1980s. A resurgent Japan was colonizing one civilian market after another through sheer diligence and ingenuity. In terms of quantity and quality, Japanese manufacturers were bankrupting a variety of industrial strongholds, ranging from Swiss watchmakers to US auto giants to Indian textile plants. Whether they be school stationeries, household appliances or nylon saris, quality-with-affordability could only be Made in Japan. America was particularly in deep trouble...

Sep 30 13:37

$54,000 Bill for COVID Test Didn’t Include E.R. Facility Fee

By B.N. Frank

Some businesses have used COVID-19 to their advantage. This includes labs and medical facilities. Crazy-high COVID test related bills have been reported since last year. This one may be the craziest one so far...

Sep 30 12:34

Costco limiting consumer purchases of essential items like toilet paper as supply line collapse accelerates

Membership-only retail chain Costco said on Thursday that it was bringing back limits on purchasing key items such as toilet paper, bath tissues, bottled water and cleaning supplies to prevent hoarding amid another surge of Wuhan coronavirus (COVID-19) cases.

Sep 30 10:45

America's Economic Recovery Gets A Punch In The Gut

A group of business economists' trust in the U.S. economy is fading, a drop inspired by the possibility of a new, vaccine-resistant COVID-19 variant.

A survey published Monday by the National Association for Business Economics shows that its members assume the economy to grow 5.6% this year – down distinctly from their previous estimate of 6.5%. The respondents projected the economy will grow by 3.5% in 2022.

"NABE Outlook survey panelists have moderated their expectations about the prospects for economic growth in 2021 since May," said David Altig, president-elect of the NABE and the director of research at the Federal Reserve Bank of Atlanta.

Sep 30 10:44

UK Wants China Out Of Nuclear Power Project

The UK is ousting China's CGN from the Sizewell C nuclear power plant project, the Financial Times reported, adding that the options for the 20-percent stake that the Chinese company holds in the project will be sold to institutional investors or floated on the stock market.

Reports of the UK government's intention to remove the Chinese state-owned company from the nuclear power project first emerged in July, also by the Financial Times, which at the time wrote that the plan was to cut off CGN from all nuclear power projects in the UK amid a cooling off between the two countries that also saw the UK force China's Huawei out of its 5G network.

The growing animosity of the UK towards China came amid China's quashing of dissenters in Hong Kong, allegations of repressions against Muslim minorities such as the Uyghurs, and a growing concern—not only in the UK—that reliance on Chinese technology threatens the security of other countries' supply chains and critical infrastructure.

Sep 30 10:43

Rapid Demand Recovery Hints At Even Higher Oil Prices

Brent prices hit a three-year high at $80 a barrel early on Tuesday, driven by recovering demand and a global energy supply crisis pushing up the use of oil and prices of fossil fuel commodities. The rally to $80—the first time Brent Crude prices have exceeded this mark since September 2018—may have legs for further upsides, analysts say.

Oil demand globally is recovering from the summer Delta variant spike faster than some observers had expected. Soaring prices of natural gas and coal in Europe and Asia are forcing more gas-to-oil switching at power generating units globally, further pushing up demand for oil.

Sep 30 10:24

Pelosi blasted for repeating Biden talking point that $3.5 trillion bill will cost 'zero'

Speaker Nancy Pelosi, D-Calif., became the latest prominent Democrat on Wednesday to declare the $3.5-trillion spending plan pushed by the Biden White House would cost "zero" dollars.

"It's not about a dollar amount," she told reporters. "The dollar amount, as the president said, is zero. This bill will be paid for."

Republicans have ripped Build Back Better, a $3.5 trillion reconciliation package, as a massive social policy bill that "ultimately provides benefits to wealthy liberal elites at the expense of working-class families." Moderate Democrats, like Sens. Kyrsten Sinema, D-Ariz., and Joe Manchin, D-W.Va., and Rep. Stephanie Murphy, D-Fla., have also raised concerns about the reconciliation package.

Sep 30 10:15

Evergrande: Chinese property giant 'misses another payment deadline'

The hugely indebted Chinese property giant Evergrande has missed interest payments to overseas investors for the second time in a week, reports say.

Evergrande was due to pay foreign bond holders $47.5m (£35m) by Wednesday.

But bondholders told Reuters news agency and Bloomberg that they were yet to receive any payment.

Evergrande has not commented publicly on the issue. Once China's top-selling developer, the company is now facing debts of more than $300bn.

It has been prioritising its liabilities within China, amid concerns of social unrest.

Last week, Evergrande missed an $83.5m interest payment on an overseas bond, but struck an agreement with domestic investors over a $35.9m payment which was also due.

Sep 30 10:13

Central Banks- Bringing in More Transparency?

Well well well, score one for the good guys! Last week’s post “Central Banking is a Joke, And You Are the Punchline” was about how central banking is a joke played by the rich against regular people.

We really took Fed employees Kaplan and Rosengren to task for trading and owning securities whose markets are actively influenced by the Fed.

To reiterate, central bankers have extraordinary inside information on the matters of interest rates and money printing done in furtherance of propping up the equity market, so why should they be allowed to trade equities?

Two Out of Three are Bad

We cannot be sure that Fed Chair Jerome Powell read our post, but neither are we sure he did not. What is important is that four days after we posted, both Rosengren and Kaplan have announced their impending retirements from employment at the Fed!

These two investors will not likely be as successful away from the corridors of power as when they walked the halls.

Sep 30 08:47

Here comes $90 oil

The V-shaped recovery in the oil patch continues to take even the biggest bulls on Wall Street by surprise.

Goldman Sachs ramped up its already optimistic forecast on Sunday, calling for Brent crude to hit $90 a barrel by the end of the year. That's up from its previous call for $80.
The Wall Street bank expects US crude to hit $87 a barrel, up from $77 previously.
"While we have long held a bullish oil view," Goldman Sachs strategists wrote in a note to clients, "the current global oil supply-demand deficit is larger than we expected."

Sep 30 08:46

The workers who keep global supply chains moving are warning of a 'system collapse'

Seafarers, truck drivers and airline workers have endured quarantines, travel restrictions and complex Covid-19 vaccination and testing requirements to keep stretched supply chains moving during the pandemic.

But many are now reaching their breaking point, posing yet another threat to the badly tangled network of ports, container vessels and trucking companies that moves goods around the world.

In an open letter Wednesday to heads of state attending the United Nations General Assembly, the International Chamber of Shipping (ICS) and other industry groups warned of a "global transport system collapse" if governments do not restore freedom of movement to transport workers and give them priority to receive vaccines recognized by the World Health Organization.

Sep 30 08:41

Eviction "Tsunami" Didn't Happen

Eviction filings have fallen or remained flat in many areas after the federal eviction moratorium was struck down.

Sep 30 08:31

Margin estimates seem unrealistic...

Sep 30 08:27

Dimon says JPMorgan preparing for 'potentially catastrophic' US credit default

PMorgan Chase CEO Jamie Dimon said that the multinational investment bank has started to prepare for a "potentially catastrophic" situation in which the United States could default on the national debt.

Dimon said in a Tuesday interview with Reuters that while the country’s largest lender has previously planned for such a scenario, and “every single time this comes up, it gets fixed,” he argued that the country “should never even get this close.”

“I just think this whole thing is mistaken and one day we should just have a bipartisan bill and get rid of the debt ceiling,” he added. “It's all politics.”

Dimon told Reuters, “This is like the third time we've had to do this,” adding, “It is a potentially catastrophic event.”

Sep 30 08:17

Manchin Slams Dem Spending Plan As "Definition Of Fiscal Insanity", Will Not "Reengineer Social Fabric" With 'Vengeful' Taxation

Moderate Democrat Sen. Joe Manchin of West Virginia has issued a statement over his refusal to back his party's $3.5 trillion spending plan, calling "trillions more on new and expanded government programs" the "definition of fiscal insanity" when we "can't even pay for the essential social programs, like Social Security."

Sep 30 08:06

Biden Breaks The Buck: Dollar Tree Forced To Hike Prices Amid Soaring Inflation

Dollar Tree Inc. has based its entire brand on every item priced for a dollar or less across its nearly 16,000 retail stores across 48 states and five Canadian provinces. But with logistical costs soaring, persistent labor shortages, and the cost of everything rising, the company announced it would begin selling items for more than $1 in its Dollar Tree Plus and Dollar Tree stores. Some things could cost as much as $5.

"Our brand promise is that customers get great value for what they spend at Dollar Tree. We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50," CEO Michael Witynski said.

By year-end, at least 500 Dollar Tree Plus stores will be offering an assortment of items priced at $1, $3, and $5. The goal is to bring widespread price increases to thousands of stores across North America from 2022 through 2024.

Sep 30 08:01

Fact-Checkers Replaced By Unicorns After Biden Tweets "My Build Back Better Agenda Costs Zero Dollars"

The opening sentence of Biden's Tweet, is of course idiotic.

For those who think it is a typo, and Biden meant something else, Biden made the same statement at a press conference last week.

“Every time I hear this is going to cost A, B, C, or D—the truth is, based on the commitment that I made, it’s going to cost nothing,” said Biden.

Fact Checkers Missing in Action
Where are the Democratic fact checkers when you need them?

Even if you grant Biden allowances that he really meant "My package will be fully paid for by tax hikes," it's still a lie.

Sep 30 07:57

Democrats Suggest Giving President, Treasury Power To Raise Debt Limit

After a Tuesday meeting of the Democratic caucus, Speaker of the House Nancy Pelosi (D-Calif.) spent much of the press conference discussing the debt ceiling. As Republicans continue to block Democratic efforts to raise the debt limit, Pelosi indicated that members of her caucus are already looking for ways to avoid the challenge in the future—specifically, by giving the president-appointed secretary of the Treasury the power to raise the debt limit on their own.

The caucus meeting came after the Senate rejected debate on the Democrat-authored continuing resolution to fund the government Monday evening in a roughly party-line vote. The vote was the culmination of months of posturing by Senate Republicans, who have insisted since August that they would not vote to increase the debt limit.

Sep 30 07:08

The Market is in Serious Trouble

Sep 30 07:05

Debtpocalypse Now: Here’s What Will Happen if US Defaults on Its Mountain of Debt

“No one would be spared,” Maya MacGuineas, president of the Committee for a Responsible Budget, a Washington-based profit, recently told CNN. “It would be such a self-imposed disaster that we wouldn’t recover from, all at a time when our role in the world is already being questioned.”

Sep 30 06:58

Beginning of the Global Meltdown

Sep 30 06:47

MLB Ships Jobs to China To Build Closer Relationship With CCP

Major League Baseball is expanding its partnership with the Chinese Communist Party, coming at the expense of U.S. jobs and growing Chinese influence over America's pastime.

The country's leading propaganda outlet China Daily on Aug. 20 touted the MLB’s attempts to build a "baseball ecosystem" within the country. The league has grown its network to more than 100 Chinese baseball teams in 20 cities, with a growing fanbase of millions. The league's operations in cahoots with Beijing are not just limited to play—quality U.S. jobs are also at stake. Miken Sports, a baseball equipment brand that provides business to the league, folded a Minnesota production plant and moved its nearly 70 jobs to China.

Sep 30 06:45

Russian Missile Tech has Made America's Trillion Dollar Navy Obsolete

For the past 500 years European nations—Portugal, the Netherlands, Spain, Britain, France and, briefly, Germany—were able to plunder much of the planet by projecting their naval power overseas. Since much of the world’s population lives along the coasts, and much of it trades over water, armed ships that arrived suddenly out of nowhere were able to put local populations at their mercy.

The armadas could plunder, impose tribute, punish the disobedient, and then use that plunder and tribute to build more ships, enlarging the scope of their naval empires. This allowed a small region with few natural resources and few native advantages beyond extreme orneriness and a wealth of communicable diseases to dominate the globe for half a millennium.

Sep 30 06:44

Let inmates fill staffing shortages: New Justice Secretary Dominic Raab wants firms who are short of workers to hire PRISONERS let out of jail for the day to plug the gaps

Prisoners should be hired by companies which are suffering from severe staff shortages, the new Justice Secretary has suggested.

Dominic Raab said that some of the record one million job vacancies across the UK could be filled by offenders who are allowed out on day release or have just finished their jail sentences.

He claimed that the radical move could help society as well as the economy – and aid the new employees in turning their backs on a life of crime.

Sep 30 06:38

The Debt Ceiling And Reverse Repo Market

Sep 30 06:37

'It Just Makes You Wonder': Matt Gaetz Brings Up Pelosi's Husband Multi-Million Dollar Stock Sale

Sep 30 06:37

'You Stand Guilty Of Financial Treason, Madam Speaker': Madison Cawthorn Slams Dem Spending

Sep 30 06:36

'Nature Abhors A Moron!': John Kennedy Blasts Schumer Over Funding Measure

Sep 30 06:31

Brazil’s Bolsonaro: UK PM has asked for ‘emergency’ food deal

Brazilian President Jair Bolsonaro says British Prime Minister Boris Johnson has requested Brazil for an “emergency” trade deal to provide some food products lacking in the UK, amid concerns about further supply shortages in the market.

“He wants an emergency agreement with us to import some kind of food that is lacking in England,” the Brazilian president said on his weekly webcast to supporters on Friday.

Bolsonaro said he had passed the British premier’s request to Agriculture Minister Tereza Cristina, but did not name any particular product.

Sep 30 06:27

ShortageWatch: "Sorry - No French Fries With Any Order, We Have No Potatoes"

Welcome to BIG, a newsletter about the politics of monopoly. If you’d like to sign up, you can do so here. Or just read on…

Today I’m going to follow up on last week’s issue on shortages. I got a TON of feedback, and the topic even came up at last week’s Federal Trade Commission meeting. The good news is that shortages are now on the political radar, with one FTC Commissioner talking about the rise of “Too Big to Fail” industrial firms causing shortages across the economy.

And now…

In the last BIG issue, I asked you for help identifying shortages in your neck of the woods. Hundreds of you responded, so I’ll talk about some of the shortage stories you are sharing, as well as how this problem is resonating among policymakers.

Sep 30 06:07

Was Boston Fed President Rosengren Trading with Citigroup’s Money?

The culture of Wall Street has now completely engulfed the Fed: it’s legal if you can get away with it.

For more than five years the President of the Dallas Fed, Robert Kaplan, was trading like a hedge fund kingpin in “over $1 million” transactions in S&P 500 futures while refusing to follow the requirements of the Fed’s financial disclosure form and list the specific dates of his purchases and sells so that the transactions could be examined for whether he had inside information from the Fed at the time. That information is now as much as five years overdue to the American people and we have asked the Dallas Fed to provide it promptly.

The Dallas Fed further hampered the free press in America from doing its job by refusing to answer our simple question as to whether Kaplan was shorting stocks or S&P 500 futures during the pandemic crisis in 2020.

Sep 30 05:48

Even The Liberal Media Is Warning Of A “System Collapse” Due To The Failure Of Global Supply Chains

From the very top to the very bottom, our entire economic system is being shaken. -- If you are expecting our national leaders to come in with some sort of a quick fix to this crisis, you are going to be waiting a really, really long time. -- The blind are leading the blind, and the months ahead are going to be very challenging.

Sep 30 05:30

Everything about to get pricier...

Sep 29 13:27

Does Biden’s $1.2 Trillion Infrastructure Bill Include a Mileage Tax?

By Brad Polumbo

Here’s a dismaying prospect: Paying 6, 8, or 10 cents in new taxes for every mile you drive. It may sound small, but at an 8 cent rate, that would be $1,144 in new annual taxes for the average American, who drives about 14,300 miles a year. Yikes!

Some on social media are claiming that this punitive tax scheme has been slipped into President Biden’s $1.2 trillion infrastructure spending legislation—which, after all, is nearly 3,000 pages and is chock full of unrelated waste and partisan pet projects. But are they right to be concerned about a mileage tax soon becoming reality?...

Sep 29 12:53

Tesla Sued by 5 Police Officers Badly Injured by Vehicle Operating in Autopilot

By B.N. Frank

Various dangerous and deadly issues and incidents have been reported about Tesla vehicles. In fact, last month the U.S. announced it is investigating problems associated with the autopilot feature. A situation in Texas is likely part of that investigation...

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA