Earlier today, angry Joe was channeling his inner thug as he harkened back to the good old days when labor unions were cracking skulls on behalf of the communists and socialists. Giving the pretense of connection to the working class is a performance technique Biden has used throughout his career, but it holds absolutely no basis in reality.
Appearing at the AFL-CIO convention today, Biden began yelling at the brotherhood. In his mind anger, violence and conflict is what he believes organized labor is all about, so his performance is designed to convey that connection. It’s more than a little weird, it’s creepy. WATCH:
The various handouts and moratoriums during the pandemic drove the personal savings rate down to World War II levels. Everything was closed – there weren’t many opportunities to spend. US consumers paid off a record $83 billion in credit card debt during the pandemic, but that has all come crashing down.
The Federal Reserve reported that revolving credit card debt in April reached $1.103 trillion, surpassing pre-pandemic levels and spiking 20% from the year prior. Credit card balances reached an alarming $841 billion in the first three months of this year alone, and the Fed expects that figure to continue rising due to the unsustainable price of living. In addition, household debt is now close to $16 trillion after consumer debt spiked 1.7% in Q1.
Unfortunately for those already behind, the rising interest rates will only cause them to carry a higher balance of debt. Once the prime rate rises, credit card companies will follow. The APR on credit cards is already 16.61%, nearing the high of 17.87%, on average, but is expected to rise. Debt can easily become a vicious cycle from which there is little escape for the average person. Those who budgeted in the belief that Biden would actually cancel their student debt were misled if not gullible. As housing, food, gas, and other necessities rise, those who are already void of liquid assets will find themselves in a dire situation.
QUESTION: Marty, Socrates is worth its weight in something far more valuable than gold. I want to congratulate you for you are the ONLY adviser who nailed not just the cryptocurrency bloodbath, but that the dollar would rise when everyone else kept predicting it would crumble to dust. Then you warned that emerging markets would move into crisis defaulting on their debt. You said even China was in the same crisis because many borrowed in dollars since the interest rates were cheaper.
Is the dollar behind the banking crisis in China and with all the AI systems claiming a new world order, why are they failing when Socrates succeeds?
I am so grateful. I cannot tell you how much.
BME
ANSWER: I will answer the AI issue tomorrow. The dollar crisis is emerging because people do not understand capital flow analysis. They keep harping on the quantity theory of money. They assert that the more money the Fed creates, the more the dollar bust decline, and typically gold must rise. They do not understand that capital flows like water. It will always move to the lowest risk.
Milton Friedman came to listen to my lecture on foreign exchange in Chicago. We became friends and he explained to me that I was doing what he had only dreamed about. Yes, it was Milton who had advised Nixon on shutting down Bretton Woods and adopting a floating exchange rate system.
While many criticize Milton, they did not really understand what he saw. In 1953, he saw that a floating exchange rates system would provide a natural check and balance against the government policies. That is why he came to listen to me. I had developed capital flow analysis which was what he envisioned would happen under a floating exchange rates system. He theorized that in 1953.
I have been called in on so many FX crises it is amazing. They were selling Swiss loans to Australians in the 1980s to save on interest rates. They never considered what would happen if the exchange rate changed and the Swiss franc rose against the A$.
Just look at these two charts. The A$ was crashing and the Swiss franc rose. The default rate on mortgages exploded and small businesses who listen to bankers pitching Swiss loans to save money lost a fortune. The same crisis took place following the Swiss/Euro Peg when that broke.
Once again, the bankers were selling mortgages in the Swiss franc in Europe to lower interest rates. I cannot tell you how many times were have been called in on major financial crises around the world all for the very same reason. People make a loan in a foreign currency to save money on the interest rate. They have NO CONCEPT that the currency can swing even 40% in a short period of time.
The Chinese Central Bank warned its provinces and corporations NOT to borrow in dollars. They understood our model and understood what happens under such a currency crisis. Nevertheless, provinces and private corporations did not listen. They succumbed to the lure of the cheap interest rate.
I had even spoken with a major company and warned them the dollar would rise and there was a serious risk in emerging markets. They were new and as you say, they listened to the majority of opinions that took the opposite forecast. Now we see bank runs in China and serious problems in emerging markets.
Posted originally on the conservative tree house on June 13, 2022
There is one big problem for the people inside the Biden administration executing the Green New Deal energy policy, the massive increases in energy cost including gasoline.
You see, everything is an academic estimate until the actual Green New Deal is transferred from theoretical policy into a set of actions that creates a major disruption in the economy. As things in society start to collapse; and as people begin to really feel the inflationary consequences of the Biden energy policy in action; suddenly all of those ‘talking points’ about shutting down the fossil fuel industry take on a new meaning. People didn’t realize the Green New Deal was going to mean $10/doz eggs, $15/gal milk, $20 happy meals at McDonalds, or $150/tank of gasoline…. Now they are paying attention.
For former EPA Administrator Gina McCarthy, the current senior climate and energy policy advisor within the White House, all of these ‘in your face‘ surfacing Green New Deal consequences have become problematic for the Biden administration. Her proposed solution, however, is rather remarkable.
In this interview discussing the skyrocketing inflation and consequences created by the Green New Deal policies, Gina McCarthy urgently begs all of the social media companies to start removing the content from American people who are giving real world examples of the pain and economic hardship they are feeling. McCarthy says that if social media do not start to help Joe Biden hide the pain, the climate change agenda might be at risk. WATCH [11:00 prompted]:
Sebastian gives his take on the Democrats’ “primetime” January 6th hearing, with special guests Julie Kelly, Boris Epshteyn, Jim Carafano, and Michael Knowles.
The 117th Congress is the oldest in American history. Former President Trump attempted to enact term limits. However, he failed to gain the two-thirds majority in either chamber needed to amend the Constitution. Joe Biden is the oldest president in history and will be 82 by the time his first, hopefully only, term ends in 2024. Biden and many other career politicians have spent the majority of their lives in power. Yet, they have made no improvements to our society. There are countless examples showing Biden’s cognitive decline due to age or possible dementia that can no longer be ignored.
The Silent Generation (1928-1945) represents 12.4% of Congress. The vast majority falls in the Boomer generation (1946-1964), representing 56.3% of Congress. In comparison, the Boomer generation represents only 23.7% of the US population. Nancy Pelosi, third in line for the presidency, is already at the ripe age of 82. She was born during World War II and grew up in a completely different version of America.
As a reminder, the average age of retirement in the US is 62. Once these politicians taste power, they will never relinquish it willingly. There are no checks and balances to ensure that these lawmakers stay up to date with the current trends or concerns of the people. I would not be surprised if numerous members of Congress were unable to use a computer.
These lawmakers do not represent the people. They are of a different generation and world, and their outdated policies reflect this well. They are making decisions for the future of a nation that they will not live to see.
Posted originally on the conservative tree house on June 12, 2022 | Sundance
Democrats and Republicans in the Senate have announced their agreement for new laws which will restrict gun ownership. The measures include a new federal firearm registry (known colloquially as “enhanced background checks”), and new laws for the federal government to define the standard of mental health that will allow gun ownership (known colloquially as “red flag laws”).
If approved, the structure looks somewhat similar to current discussion. Continued or new firearm ownership will be permitted if the cross functional DHS/FBI social media and cognitive stability panel (the moderators inside Govt, Facebook, Twitter, Instagram, Google, Microsoft) approve the mental outlook of the firearm applicant.
The NSA database containing all privacy information on individuals will likely be accessed by a much larger audience of stakeholders (teachers, employers, social workers, bureaucrats) who will conduct ongoing stability reviews for firearm owners and flag any concerning content.
According to ABC – […] The 20 lawmakers — double the initial bipartisan group who restarted negotiations late last month — are Sens. Richard Blumenthal of Connecticut, Roy Blunt of Missouri, Cory Booker of New Jersey, Richard Burr of North Carolina, Bill Cassidy of Louisiana, Susan Collins of Maine, Chris Coons of Delaware, John Cornyn of Texas, Chris Murphy of Connecticut, Lindsey Graham of South Carolina, Martin Heinrich of New Mexico, Mark Kelly of Arizona, Angus King of Maine, Joe Manchin of West Virginia, Rob Portman of Ohio, Mitt Romney of Utah, Kyrsten Sinema of Arizona, Debbie Stabenow of Michigan, Thom Tillis of North Carolina and Pat Toomey of Pennsylvania.
[…] Among other things, the agreement would provide funding for mental health (including behavioral health centers) and incentives for the creation of so-called “red flag” laws to remove firearms from people who are a danger to themselves or others; increase money for school safety; and strengthen the federal background check system as it relates to convicted domestic violence abusers or those with restraining orders.
[…] Potential gun owners under 21 would also be subject to “an investigative period to review juvenile and mental health records, including checks with state databases and local law enforcement,” the bipartisan group said Sunday. The deal, in the works for weeks, has the support of at least 10 Republicans in the Senate, which is the number needed to avoid a filibuster. (read more)
Posted originally on the conservative tree house on June 10, 2022 | Sundance
Despite every single media outlet, broadcast and cable, promoting the J6 committee hearings which aired on every channel during prime-time viewership, the total Neilsen audience was around 20 million. According to media tracker Joe Concha that’s about half an ordinary viewership for the regular broadcast networks.
Given the amount of attention the corporate media pushed in advance, the results are a major failure for the J6 effort. As noted by Just The News, the ratings were “dismal.”
Tucker Carlson opened his show tonight talking about the media fiasco, and Tucker is also the only broadcast to cover the new Biden ethanol mandate. WATCH:
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This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
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