Bidenomics – Amazon Announces 18,000 Layoffs, and They Are Not Alone – Imports and Exports Drop


Posted originally on the CTH on January 5, 2023 | Sundance 

That slow grinding creak you hear in the background; that’s the U.S. economic engine running without oil and beginning that slowdown phase just before it stutters and stalls completely.  Alas, the pretending continues…

As noted by the Wall Street Journal, an economic gaslighting institution with a central mission to maintain pretenses, “business surveys show U.S. factory activity declined in December, the Institute for Supply Management and S&P Global both said this week. Separately, S&P Global said Thursday that U.S. services-sector businesses reported a decline in output for the third month running in December.” This comes as “U.S. imports dropped more, by 6.4% on the month, as Americans cut back on holiday-related purchases, including items from other countries such as computers and autos.

Keep in mind, November retail sales—which included consumer spending at stores, online and at restaurants—fell 0.6% from the prior month for their biggest decline of 2022, according to the Commerce Department. Manufacturing output declined in November as well, the Fed reported, while U.S. home sales fell for a record 10th straight month.

Into this mix of economic metrics, driven by a collapse in disposable consumer income and high energy prices, now we begin to see the number one business expense being curtailed.

(Market Watch) […] Amazon.com Inc layoffs will affect more than 18,000 employees, the highest reduction tally revealed in the past year at a major technology company as the industry pares back amid economic uncertainty.

The Seattle-based company in November said that it was beginning layoffs among its corporate workforce, with cuts concentrated on its devices business, recruiting and retail operations. At the time, The Wall Street Journal reported the cuts would total about 10,000 people. Thousands of those cuts began last year. (more)

Amazon is not alone, “Vimeo said Wednesday that it will cut its workforce by 11% as part of a broader effort to reduce costs, citing deteriorating economic conditions” (link).  Additionally, Salesforce Inc. is laying off 10% of its workforce and reducing its office space in certain markets, extending a brutal period for tech job cuts into the new year.”

We can anticipate more reports like this from Reuters, “Samsung Electronics Co Ltd’s quarterly profit will likely plunge 58% to its lowest in six years as a global economic downturn saps demand for electronic devices and clouds the outlook for the memory chip industry.  With consumers and businesses reducing spending and investment in the face of high inflation and climbing interest rates, smartphone makers and other clients held back memory chip orders, while smartphones sold for less as demand suffered, analysts said.”

Electronics, cars, furniture, durable goods of all types and varieties are plummeting in sales.  Consumers are being squeezed by inflation, housing, energy and food costs, and spending priorities are being reevaluated yet again.  Compare the impact on ‘real wages’ -vs- the 2007/2008 economic crisis.

From a purely fraudulent accounting perspective, however, the drop in U.S. imports will help boost calculations of U.S. economic growth in the fourth quarter because trade deficits subtract from overall output, or gross domestic product.

U.S. consumers not purchasing imported goods makes the health of the U.S. economy look less bad; but it’s an illusion akin to smiles in the bread lines.

In other economic news, I did some real estate analysis over the past several days and it’s safe to say there is a steep downward trajectory in the data I use.   Again, home values are nuanced on a regional level, but my model is pretty close in averaging.

If buyers do not absorb the seller’s loss in equity (which no one should ever do), in my SWFL area a $450k home listing is going to sell around $380k at the high side (actual value based on economic indicators and buyer ability).   That rough estimate, while slightly offset due to general inflation, should trend nationally over the next 12 to 18 months.   That means macro home prices dropping around 15 to 20% nationally over the next 12 months.

If you are a home buyer, put your offers around 15 to 20% below current asking price without any emotional attachment to it.  Don’t flinch, remain ambivalent and walk away if refused.   The recovery to current price will take around a decade.  If you are a seller and get an offer within -10% of asking, consider yourself lucky and jump on it.

USVI Attorney General Who Filed Lawsuit Against JPMorgan Chase Over Epstein Crimes Has Been Terminated


Posted originally on the CTH on January 2, 2023 | Sundance 

After successfully settling a $105 million lawsuit against the estate of Jeffrey Epstein in early December, U.S. Virgin Islands Attorney General Denise N. George then filed a lawsuit against JPMorgan Chase saying the “bank knowingly provided and pulled the levers through which recruiters and victims were paid.”   

Attorney General Denise N George has just been fired.

(US Virgin Islands) – Attorney General Denise George was terminated on Saturday after serving four years with the Bryan administration, the Consortium can confirm.

The decision by Governor Albert Bryan to fire the A.G. came just days after Bloomberg News revealed that Ms. George in her capacity as V.I. attorney general had filed a lawsuit against JPMorgan Chase — the largest bank in the United States and the world’s largest bank by market capitalization — without first informing Governor Bryan of such a major action, said a person with knowledge of the matter.

The lawsuit claims JPMorgan Chase facilitated convicted felon Jeffrey Epstein’s abuse of women and girls, alleging that the bank should have known about Epstein’s illegal activity and as part of its anti-money laundering procedures, should have reported their client to authorities.

George accused the bank of turning a blind eye to the sex trafficking operations that went on on Epstein’s private island in the USVI, Little St. James. (read more)

AG George is fired from her position as USVI AG after filing a lawsuit against JPMorgan.  Where did Joe Biden go on vacation?  The U.S. Virgin Islands.

BACKSTORY:  It would appear the Attorney General for the U.S. Virgin Islands, Denise N. George, has a strategic map to target those institutions and entities associated with Jeffrey Epstein.  AG George appears to be following the money, building her cases, and sequentially targeting the system that enabled Epstein.

Earlier this month USVI AG Denise George announced a $105 million settlement with the estate of Jeffrey Epstein [link].  The USVI case against Epstein was based on anti-criminal enterprise, sex trafficking, child exploitation and fraud laws of the Virgin Islands.  We can assume AG George gained a lot of information in the discovery phase deep inside the Epstein finances that ultimately led to the settlement.

Following the settlement with the estate of Epstein, Attorney General George now announces a lawsuit against JPMorgan Chase for “knowingly” enabling the sex trafficking operation of Jeffrey Epstein.  AG George is specifically saying JPMorgan Chase was fully aware of what Epstein was doing.

NEW YORK – The U.S. Virgin Islands on Tuesday filed a lawsuit against banking giant JPMorgan Chase, accusing the Wall Street corporation of turning a “blind eye” toward the conduct of the late disgraced financier Jeffrey Epstein.

Virgin Islands Attorney General Denise George said in a complaint filed in a Manhattan District Court that JPMorgan Chase facilitated the trafficking of minors for sexual abuse at the hands of Epstein.

The bank knowingly “provided and pulled the levers through which recruiters and victims were paid,” George wrote.

George further alleged in the complaint that the banking giant ignored red flags for years as it provided banking services to Epstein and his affiliated companies and entities, often benefiting from deposits into accounts.

The attorney general said JPMorgan Chase was “indispensable to the operation and concealment of the Epstein trafficking enterprise.”

“Upon information and belief, JP Morgan turned a blind eye to evidence of human trafficking over more than a decade because of Epstein’s own financial footprint,” George alleged, “and because of the deals and clients that Epstein brought and promised to bring to the bank.”

The attorney general’s office filed three counts against the banking firm, including a charge of participating in sex trafficking, and is asking for a jury trial. (read more)

Very interesting approach being taken….  Following the money.

AG Denise George also seems uniquely qualified:

...”Attorney George served as an Assistant Attorney General and trial attorney in the criminal, civil, family, juvenile, White Collar and public corruption divisions of the Virgin Islands Department of Justice for a period of over 18 years.  During her tenure, she successfully prosecuted a full spectrum of violent crimes, including murder, manslaughter, rape, domestic violence, sexual assault, and child abuse.  As a member of the Child Abuse Task Force, she co-authored the Virgin Islands’ first criminal child abuse and neglect statute.  In the Civil Division, she represented the V.I. government in civil lawsuits filed against and on behalf of the government.

Attorney George also served for several years as the Director of the White Collar Crime and Public Corruption Division.  During that time, she managed the division and successfully prosecuted complex white collar crimes of embezzlement, forgery, fraud, racketeering and public corruption.” (more)

… And, they fired her !

Something is Looming Geopolitically, and We Better Start Taking It Seriously


Posted originally on the conservative tree house on August 18, 2022 | Sundance 

As a result of western governments’ taking collective action under the auspices of a ‘climate change’ agenda, we are on the cusp of something happening with ramifications that no one has ever seen before.

Western governments’, specifically western Europe, North America (U.S-Canada) and Australia/New Zealand, are intentionally trying to lower economic activity to meet the intentional drop in energy production.

This is the core consequence of the Build Back Better agenda as promoted by the World Economic Forum.

Anyone who says there is a reference point to determine both the short-term and long-term consequences is lying. There is no precedent for nations’ collectively and intentionally trying to reduce economic activity.

Hiding behind the false justification that current inflation is driven by too much demand, central banks in Europe, the Bank of England, Bank of Canada and U.S. federal reserve are raising interest rates.  The outcome we are currently feeling is an intentional economic contraction and global recession.

The Build Back Better monetary policy is successfully shrinking western economic activity; however, the impacted nations that produce goods for markets in North America and Europe, specifically southeast Asia, Japan and China, are not raising interest rates in an effort to try and offset the drop in demand.  China has announced they are dropping their central bank rates in a desperate effort to lower costs and keep their export dependent economy working.

Underneath all of this, is a drop in energy production in the same nations trying to lower economic activity.  The political policymakers are attempting to manage this process without informing the citizens of the unspoken goal.   Shortages of oil, coal and natural gas are self-inflicted problems, all part of the BBB agenda.

Beyond the massive increases in energy costs, which is the true source of inflation and a direct/intentional outcome of the BBB effort, Europe is now facing a looming winter without the energy resources to heat homes and sustain people.  Things are going to be very uncomfortable in Europe this winter as roaming brownouts are now predicted.

As the collective west attempts to, using their words, “manage the transition,” they do not have mechanisms to control an outcome of this magnitude.  It is simply too big a situation to manage.  Where the rubber meets the road, the think-tanks and high-minded climate change ideologues do not have the ability to manage a transition and still meet the needs of people.  Beyond the esoteric thinking, there are real consequences from these actions.

Many people have discussed the potential for longer-term food shortages and recently, shorter-term winter heating.  However, beyond that, the downstream geopolitical consequences are seemingly being ignored.  Instead, what we see is an effort to keep pretending the climate change ends will justify the means (disruption of energy production).

In this connected world, when the western nations stop buying things, we find ourselves domestically with economic trouble.  Businesses fail, unemployment rises, financial stress ripples throughout the economy, dependency on government subsidy increases and real pain is felt.  However, beyond the domestic issues the supplier nations run into even bigger problems.

Unemployment in Malaysia, Vietnam, South Korea, Japan, Taiwan and even China, creates an entirely different set of regional stability issues on a geopolitical level.

There is no precedent for this.  Never before in the history of industrialized nations has any government intentionally tried to lower its economic activity.  It has never been done with intent before because within the contraction nations get more poor, people suffer.

Not only has no single nation ever tried to intentionally shrink its wealth, but there is no precedent whatsoever for an alliance of nations to join together with the same purpose. While this might seem like an academic economic modeling exercise, unfortunately it is very real.  What I am describing is happening right now, and we had better start talking about it before the unforeseen consequences start to become a crisis.

In North America (U.S-Canada), Europe and Australia, there will continue to be massive increases in food prices as a result of the collapse in energy production.  Beyond the western nations there will be food shortages as a result of lowered harvest yields and less industrial food production.  This is not controversial.

It is also not controversial that regions with harsh winter climates are going to be paying much more for scarce heating resources.

That being accepted, what happens geopolitically, even militarily, when the entire global economy starts to feel the impacts from western nation economic contraction on a scale -created by collective action- that has never been seen before.

I have no idea what that big picture consequence looks like, but whatever “that” is, will be happening at the same time as people everywhere will be more desperate as an outcome of their economic position.  I don’t have the answers, but I sure as hell can see the problem coming.

Political leadership in the aforementioned western nations are seemingly, perhaps intentionally, keeping people distracted with domestic shiny things to occupy time.  However, someone needs to start talking about, and seriously challenging, the big picture consequence of this Build Back Better future, before it’s too late.

When Corruption is Rewarded


Armstrong Economics Blog/Civilization R3-Posted Aug 14, 2022 by Martin Armstrong

Labor Report, 528,000 Jobs Gained in July, Large Gains in Restaurants and Services, Unemployment Rate 3.5%


Posted originally on the conservative tree house on August 5, 2022 | Sundance 

A few days ago, we were discussing the disconnect within the economy as it relates to corporate valuations.  The Bureau of Labor Statistics report today [DATA HERE] highlights another economic disconnect, this time with labor.  According to the BLS survey 528,000 jobs were added to the economy in July, the unemployment rate drops to 3.5%.

The household data [Table A] shows the number of eligible workers unemployed dropped 242,000; however, the number of eligible workers no longer in the workforce increased by 239,000.  The total labor force is shrinking as unemployment drops.

Keep in mind the previous BLS survey of job openings (JOLTS report) showed available jobs dropped 605,000 in July.  “On the last business day of June, the number and rate of job openings decreased to 10.7 million (-605,000) and 6.6 percent, respectively. The largest decreases in job openings were in retail trade (-343,000), wholesale trade (-82,000), and in state and local government education (-62,000).” [JOLTS survey]

Going back to today’s release, 303,000 part-time jobs were added in July; these are workers working part-time for economic reasons.  The Household Data shows that within the leisure and hospitality sector [Table B-1] restaurants and bars added 74,000 jobs.

If we combine both BLS surveys two days apart is: 605,000 job openings cancelled, and 528,000 new jobs gained.

Of the 528,000 new jobs gained, 303,000 were part time jobs with the largest growth in the jobs in restaurants and bars.

Again, blending data from both reports and focusing on retail.  The retail sector cancelled 343,000 job openings in July, and the retail sector added 21,600 jobs in July.  Within the retail sector (table B-1), jobs at automotive dealers, furniture stores and clothing/apparel stores dropped by a combined 7,200 jobs.

BIG PICTURE:  ♦Energy prices are squeezing consumers and paychecks. ♦Energy driven inflation is high.  ♦Rising housing costs, food costs, gasoline costs and energy costs have hit the consumer hard.  ♦Credit card balances have jumped (highest increase since ’02).  ♦Consumer sales on non-essential items have dropped.  ♦Factory activity around the world (Asia and Eurozone) is slowing or has stopped.  ♦Durable goods inventories have climbed everywhere.  ♦Shippers of durable goods are not shipping. ♦Employment in auto sales, furniture and clothing have all declined.  All of these datapoints align.

Everything in that “big picture” is fact based on current data, and it all makes sense.  However, there is still a disconnect in the big picture.

How does an economy add over 4 million jobs this year, while simultaneously shrinking?

The value of those jobs has to diminish in proportion to the economic contraction.  The disconnect only reconciles if the wages which lead to eventual spending.  With wage growth at 5.2% and the cost of everything up 9.1% (inflation), the difference between the two is how the economy shrinks even with more jobs added.

Think of all the activity (buying stuff, eating out, ordering food etc) as units. All of the unit activity costs more money, but the earnings of the workers is only keeping pace with half of the increase in price.  Therefore, less units are being engaged made, sold and purchased.

The GDP, which measures the value of everything created in the economy (minus imports) dropped 1.6% in the first quarter and 0.9% in the second.  The unit economy is contracting.

As I have said before, “an intentionally managed decline of western economic activity should have a direct impact on the private corporations within those economies.  If the politicians are collectively going to stop energy development, raise energy prices (inflation), then use monetary policy to shrink the economy down to the level of energy available, we would normally think corporations were going to make less money.

However, in our current scenario, as long as price increases (energy inflation) can be passed along and wage gains can remain low, the profitability remains strong.  Here’s the worst part of this dynamic.  The people investing in the profit get richer, the workers creating the profit get poorer.

Our Joe Biden economy, and the economy of the western nations that are following this same climate change agenda, is getting smaller.  Within the smaller economy, the rich are getting richer and the workers within the Joe Biden economy are getting poorer.

Waking Up From a Coma in 2022


Awaken With JP Published originally on Rumble on July 30, 2022

Imagine you woke up from a 19 year coma and it’s the year 2022…

COVID Vaccine Lawsuits Begin


Armstrong Economics Blog/Disease Re-Posted Aug 5, 2022 by Martin Armstrong

NorthShore University HealthSystem in Chicago was sued by a nonprofit religious organization called Liberty Counsel. The group claims that NorthShore violated workers’ religious autonomy by dismissing religious exemptions and forcing all workers to receive the COVID-19 vaccine. NorthShore was in the wrong and decided to settle for $10,337,500.

Over 500 current and past employees will receive a payout, and the group will notify others of the lawsuits and give them the option to submit a claim. “NorthShore will also change its unlawful ‘no religious accommodations’ policy to make it consistent with the law, and to provide religious accommodations in every position across its numerous facilities,” Liberty Counsel stated.

Other groups will follow suit. They may have granted the pharmaceutical companies immunity, but there was a grey area for employers. Countless people lost their jobs due to the vaccine mandate, which likely was a violation of the Constitution.

Lawsuits may begin with large corporations, but if the Republicans regain control, health agencies and government officials may be investigated as well. This lawsuit is a major win for medical autonomy as companies will be less likely to comply with government mandates as they now know they could risk legal retaliation.

Coordination Between J6 Committee and Politically Motivated DOJ is Intended to Break Attorney-Client Firewalls in Trump Targeting Effort


Posted originally on the conservative tree house on August 4, 2022 | Sundance 

The long-term motives and plans of the J6 committee and their coordination with the DOJ are starting to come into increased clarity as the mid-term elections draw near.

A key indicator of the strategy from within the J6/DOJ effort surfaced when the quasi-constitutional “committee” sent a subpoena to former President Trump legal counsel Pat Cipollone, then leaked the subpoena, then leaked the testimony, then shaped, edited and broadcast the testimony during their prime-time broadcast.   After the J6 broadcast, attorney Cipollene was then subpoenaed by the DOJ and recent reports indicate he is being called to testify before a grand jury.

The legal strategy, hereafter called by what it is, a Lawfare strategy, is now clear.

The legislative branch, specifically the J6 committee, is attempting to use their self-created legislative legal authorities, to fracture long established attorney-client privileges, and then send the results to the DOJ for use against the client of the attorney.  This explains the importance of former White House attorney Lisa Monaco taking up her position as Deputy Asst Attorney General.

The DOJ would be shut down by any ordinary court of jurisdiction, even in the heavily political Washington DC system, if they attempted to get a lawyer to give testimony about his legal advice to a client.  It is one of the most basic tenets and legal privileges in our system.

Attorneys cannot be compelled to give testimony against their clients, it is a standard long accepted in our legal system.  Any attorney who would break the confidence of the attorney-client privilege would lose their license.

Additionally, as the president, other privileges exist for President Trump, specifically the executive privilege to receive counsel or advice -from any person- on any issue that would pertain toward the administration of the executive office.  The president needs to be able to receive information in confidence, and the people giving advice and counsel need to be able to speak freely without fear the content of the conversation would later be used by another entity not involved in the issue at hand.

By compelling testimony to a non-court of manufactured quasi-legal jurisdiction, such as the J6 committee demanding testimony from Cipollone, it now appears the resulting information is being transferred to the DOJ for use against Cipollone’s client, President Trump.

This is an example of lawfare at its worst.

The J6 committee demands testimony and asserts the testimony must be offered without conflict because the J6 committee itself has no criminal authority.

As the issue is argued, the witness cannot be criminally charged by the committee, therefore no criminal liabilities exist for the witness, therefore the testimony can be compelled by the committee (the legislative branch).  However, what we are seeing is the committee being used as a legal shield and enforcement tool by/for the DOJ who could never -on their own- force the same testimony.

The result is President Trump legal counsel Pat Cipollone being compelled to testify before a criminal grand jury, and within that questioning he will be asked about about his prior testimony before the J6 committee.  Essentially, this is one big Lawfare workaround; and likely a legal and constitutional issue that will end up at an appellate court level or higher.

Political elements within the legislative branch (J6) are colluding with political elements within the executive branch (DOJ), to fracture the constitutional protections that exist not only for presidents’ (exec privilege), but also for all Americans (attorney/client privilege).

In ordinary times, this approach would be a jaw-dropping controversy that would come under rebuke from everyone involved in the media and justice system.

What is being described, well, actually what is happening, is what happens in third-world banana republics when presidents of various political regimes take office and then target their opposition using the state police or military.  What is being done under the auspices of the J6 committee and DOJ is an identical scenario using a longer approach that works around the foundation of the U.S. political and legal system.

More alarmingly, there is no one doing anything or saying anything to stop this process.  The republican politicians in Washington DC are as willfully blind to the unconstitutional lawfare scheme as they are to the victims of the J6 FBI and DOJ targeting operation who are languishing in DC prisons.

No doubt former President Obama and his crew are laughing as they watch this play out, while the media cheer.  After all, these are all former Obama officials who are carrying out the targeting operation. [ SEE WHY HERE ]  The Republicans and Democrats created the Fourth Branch of Government as a political targeting mechanism.  Both parties are now protecting themselves from discovery of its intent.

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