Steve Mnuchin is Not Pretending, States U.S. Economy is Already in Recession


Posted originally on the conservative tree house on October 26, 2022 | Sundance

A lot of people didn’t like Steven Mnuchin as Treasury Secretary, I did.  Secretary Mnuchin was an inside player, a billionaire himself, who worked for the outside team.  He already had a full bank account and carried ‘f**k-off’ money.   That, combined with Wilbur Ross having the same ability, was exactly what we needed to execute the America-First MAGAnomic resurgence.

The U.S. middle-class saw and felt the benefits.  Economic security is national security, at a nationwide and even individual level.  Mnuchin, Ross and Lighthizer constructed that economic outcome guided by the larger strategy of President Donald J Trump.

RIYADH, Oct 26 (Reuters) – Former U.S. treasury secretary Steve Mnuchin said on Wednesday he believed the United States was in a recession and said this would continue.

Speaking at Riyadh’s flagship investment conference FII, he said: “I think we’ll probably see a peak of 4.5% 10-year rates.”

“I think you are going to see inflation in the U.S. begin to come under control, it will probably be a two-year period,” he added.

He said the U.S. and China must learn to co-exist. He added that the Middle East’s economic issues need to be dealt with regionally. (link)

Alberta Premier Danielle Smith Fighting Back Against WEF


Armstrong Economics Blog/Canada Re-Posted Oct 26, 2022 by Martin Armstrong

This is big news. Alberta’s new Premier Danielle Smith is the first government leader to apologize for vaccine mandates. Taking it a step further, she directly criticizes the World Economic Forum (WEF) and Schwab; she has “no interest in being involved with them.” During her first day in office, Smith immediately apologized for the vaccine mandates. She is offering to rehire any government worker who lost their job due to their vaccine status.

“We are not QR codes,” Smith once said, adding that she wants to “purge” Canada’s QR database. She called out Alberta Health Services (AHS) for creating problems by colluding with the WEF. “They signed some kind of partnership with the World Economic Forum right in the middle of the pandemic; we’ve gotta [sic] address that. Why in the world do we have anything to do with the World Economic Forum? That’s got to end,” Smith said. Great question, Danielle.

She plans to look into amnesty for outstanding COVID-related fines. “The system, my friends, is broken,” she said. “Most of those managing AHS today are holdovers from the NDP years. They have had their chance to fix this bloated system and they have largely failed on almost all accounts. Failure is no longer an option.”

Remember when Schwab boasted about infiltrating world governments with various Young Global Leaders, such as Trudeau? She publicly said that it is “distasteful” and “offensive” when billionaires brag about how much control they have over governments. Yes, this is a direct shot at Schwab. She is the first government leader to openly question why we have allowed the WEF to infiltrate governments and control policies. We need more leaders like Danielle Smith who are willing to acknowledge the growing power that Schwab and his minions have in shaping the global society. Better yet, we should question why they were handed power in the first place.

The Pennsylvania Senate Debate Between John Fetterman and Mehmet Oz


Posted originally on the conservative tree house on October 25, 2022 | Sundance

The media owe an apology to the NBC journalist they attacked for saying John Fetterman struggles to understand issues, questions and communication during conversation.  The awkward and often cringeworthy responses by Fetterman during the Pennsylvania Senate debate with Mehmet Oz, proved there are some serious mental issues with the former stroke victim, John Fetterman.

In this representative exchange over the topic of fracking, you get a feel for just how incapable Fetterman is to articulate a position.  The entire debate was filled with moments like this.  To his credit Oz handled the debate with seriousness and did not highlight his opponents’ issues.  He didn’t need to. The impairment was visible to everyone. WATCH:

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I’m sorry, but just no.  I’m not even comfortable criticizing the substance of the debate.  What kind of family would let someone they care about put themselves through this and not intervene.  John Fetterman should be in therapeutic rehab, not under the stress of a senate campaign.  It’s beyond awkward; it’s sad and horrible to watch.

The full debate is below:

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Bidenomics – Home Values Continue Dropping Quickly, Especially on West Coast – Meanwhile Rents Continue Increasing


Posted originally on the conservative tree house on October 25, 2022 | Sundance 

As inflation bites the working-class hard, U.S. household savings rates continue dropping fast.  When combined with drops in home values the loss in home equity compounds the issue.  American families are getting poorer much more quickly under Joe Biden’s economic policies.

According to the Wall Street Journal home values dropped in August at their highest monthly rate of decrease since 2011 {link}.  In part this is driven by higher mortgage rates which are pricing home buyers out of the market.  However, the regional impact is worse on the west coast than east or southeast.

[…] The housing market has slowed abruptly this year due to a rapid increase in mortgage rates, which has raised borrowing costs for home buyers and pushed many prospective buyers out of the market. Existing-home sales fell for eight straight months through September. (link)

As noted in The Daily Mail review of a similar analysis: “It’s Northern California that leads the way, with San Jose experiencing a drop of 10.8 percent since September, followed by San Francisco at 8.5 percent, then it’s Seattle at 8.2 percent, Denver at 5.8 percent, San Diego 5.2 percent, Portland 5.1 percent, Las Vegas 4.8 percent and Phoenix at 4.4 percent.” (link)

What we are seeing is a confluence of events, generally brought about by the outcomes of larger Biden administration policy.  Massive increases in energy costs are the result of energy policy; those increases are fueling inflation from the supply side on food, fuel, electricity, home heating etc.  Simultaneously, Fed monetary policy is driving consumer demand down.  The recession debate continues amid the economic think-tanks while Main Street outcomes show we have been in a recessionary period all year.

The majority of consumers have stopped purchasing nonessential goods and services. As a result, the only thing holding the economy together is employment.  Sooner or later, as the natural lags in the economy bite down, the lack of consumer spending (noted in increased inventories) is going to result in lay-offs and unemployment.  It’s almost a guarantee at this point once the boxcar impact of the prior supply chain shortages straightens out.

The third wave of food price increases is now here, and we are all likely starting to see those price increases in retail food stores.  Depending on how much higher energy prices go this winter (gasoline, natural gas, home heating oil etc.) the middle class will again be making tough checkbook decisions on spending.

On a MACRO level (nationwide averages) I would not be surprised to see home prices drop to where they were in the beginning of the second quarter of 2021.  Home sales have dropped quickly, and home inventories are now climbing.  Home buyers are now in the position to negotiate for much lower prices as fewer home buyers are in the market.

If you did not purchase a home in the past year, you likely have stable equity.  Depending on region, those who did purchase a home this year will have to wait quite a while before the price level returns.  Meanwhile rents continue increasing as middle-class workers are stuck between diminishing real wages (Biden inflation) and higher home borrowing costs (Biden monetary policy).

Sweden Will Not Meet Agenda 2030


Armstrong Economics Blog/Climate Re-Posted Oct 24, 2022 by Martin Armstrong

New Prime Minister Ulf Kristersson is not heeding to the Green agenda. He promptly eliminated the entire Ministry of Climate and Environment, marking the first time in 35 years that Sweden does not have a specific climate ministry. People are crying that the world will crumble without funding bureaucrats who pretend they have the ability to alter the weather cycle with enough funding.

Klaus Schwab’s plans for Agenda 2030 are in jeopardy. “Environmental issues are going to be given a disadvantage at the same time when we have a huge challenge in Sweden when it comes to biodiversity and forestry,” stated Stockholm University professor Karin Bäckstrand. “We won’t meet the Agenda 2030 goals on biodiversity.”

Democratic leader Ebba Busch will serve as the new Minister for Energy, and 26-year-old Liberal Romina Pourmokhtari will serve as the Minister of Climate and Environment, The Nationalist Sweden Democrats do not support the goal of achieving net zero emissions.

Instead, the new government is prioritizing nuclear power initiatives that will make it increasingly difficult to shut down existing plants while using €36 billion to build new nuclear power stations. The new government is also considering reopening two nuclear power plants that discontinued operations in recent years. Yet another example of how Agenda 2030 and Schwab’s plan to alter the world will fail.