Republican gubernatorial candidate Kari Lake discusses primary election day today in Arizona. {Direct Rumble Link} Most polls show Trump endorsed Kari Lake with a significant lead over the establishment candidate Karrin Taylor Robson; however, the GOPe apparatus (including Brett Baier) has been promoting push-polls that show a much closer race.
Ms. Lake appears on Steve Bannon’s war room podcast to discuss. WATCH:
The Bureau of Labor Statistics (BLS) produces a monthly report of available job openings. The Job Openings and Labor Turnover Summary (JOLTS report) shows the number of available jobs at a captured moment in time. This JOLTS report [DATA HERE] is a summary of the last day in June.
As you can see within modified Table-1, the number of available jobs dropped by 605,000 in this report.
Hires and separations were little changed, so too was the number of people who quit their jobs. The big change in this JOLTS survey was the removal of available jobs. Employers cancelling job openings.
BLS – “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).”
If we monitor the JOLTS report as an indicator of employment strength reflecting the general pattern of consumers, we can see a pullback in both the goods and service sector.
Retail job openings dropping 343,000 as consumer spending tightens even more due to inflation, and now we see the service side with leisure and hospitality dropping 91,000 openings.
There was a lot of back-and-forth hostility between the government of China and the administration of Joe Biden in advance of Nancy Pelosi’s trip to Taiwan. Some Chinese state media even suggested a possibility that Pelosi’s plane could be shot down. However, none of the threats materialized.
Yesterday it was obvious the White House was attempting to diffuse the aggressive grievances of Beijing when spokesperson John Kirby, technically the NSC Coordinator for Strategic Communications, made a specific statement:
“The world has seen the United States government be very clear that nothing has changed — nothing has changed — about our One China policy, which is of course guided by the Taiwan Relations Act, the Three Joint U.S.-PRC Communiqués, and the Six Assurances. We have said — and we have repeatedly said — that we oppose any unilateral changes to the status quo from either side. We have said that we do not support Taiwan independence. And we have said that we expect cross-Strait differences to be resolved by peaceful means.”
Those six words, “we do not support Taiwan independence,” was a very deliberate and public assurance to China. Essentially, the United States will not do anything to support the independence of Taiwan, do whatever you want. Joe Biden took a knee to Chairman Xi. As a result, Beijing dropped back their tone to traditional rhetoric saying in a statement Tuesday morning, the visit “seriously infringes upon China’s sovereignty and territorial integrity.”
Arriving late last night, Speaker Pelosi released the following statement: “Our visit is one of several Congressional delegations to Taiwan – and it in no way contradicts longstanding United States policy, guided by the Taiwan Relations Act of 1979, U.S.-China Joint Communiques and the Six Assurances. The United States continues to oppose unilateral efforts to change the status quo.”
The Biden administration then sought to overwhelm the media coverage of the Pelosi controversy by promoting the killing of al-Qaeda leader Ayman Al Zawahiri.
…And that’s the way that went.
The Congressional Budget Office warned that US federal debt is expected to rise 185% within the next 30 years. Total debt holdings could double the size of US GDP by 2051. No politician or spender of this debt cares as they have no intention of paying it off. The Congressional Budget Office is calling this an optimistic forecast, given the previous estimate of debt soaring to 202% of GDP by 2051. The fact of the matter is that no one can foresee how much money politicians will continue to spend. Servicing the debt will become more expensive over time, expected to reach 10% of GDP by 2051, 7.4% in 2042, and 5.1% in 2032.
Most do not realize that the national debt is already at monumental levels. US gross federal debt to GDP reached 100% by 2012. The ratio remained somewhat stagnant until capitalism became sick with COVID in 2020, and the GDP to debt ratio rose to 128.1%. The figure stood at 137.2% by December of 2021 and has continued to increase.
China no longer wants US debt and has begun to sell off its holdings. As other currencies decline relative to the dollar, US debt, and all government debt in general, no longer seems like a smart investment. We have reached a point where Congress can continue to pass bills and bribe voters with socialistic promises from their latest puppets because no one cares about the future of America. The US will be the last to fold but expect the inevitable as countries, city-states, and governments are all temporary in the eyes of father time.
COMMENT: Marty; I really do not think people give you enough credit whilst they all pretend to claim they called it correctly just a couple of months ago. I was at your 2011 WEC in Philadelphia. A friend bought the ticket and dragged me there. I have to say, aside from your prediction that war would turn up in 2014 which coincided with Ukraine, the underlying theme was that everything rested upon the confidence in the government. The more I have watched in horror how all our countries have fallen apart so rapidly, the more I understand your research.
My hat is off to you. I wish everyone would stop and acknowledge for once you are the source of fantastic information.
EH
REPLY: Thank you. But as they say, I have to die first before anyone really acknowledges this work. It was the fact that I bought my first Roman coin for $10 when I was about 13 years old, and I was amazed that one could even collect ancient coins. That truly opened a door for research I never knew was possible.
History has been confirmed from the coinage. Imperial Rome pretended that the emperor was still elected as consul every year as if the Republic still existed. Just as we think we live in a democracy but find out the president can issue an executive order that is never submitted to Congress, no less presented to the people for a vote. In that sense, we still live in a dictatorship, just like the Romans. That said, this allows the Roman coins to be dated to every year they were struck.
That established, I realized that the coinage would answer a vital question being a trader – How did Rome fall? Was it like a 747 coming for a landing? Or was it in some sort of panic meltdown? It turned out to be the latter.
I know of NO OTHER WAY that question could have been answered and how VITAL that is to our present-day events.
To everyone’s surprise, other than a trader, bull markets are long drawn out affairs, but bear markets accomplish 90% of the decline in just two to three years. You are witnessing history. The United States is being destroyed rapidly, and unfortunately, even a 100% Republican victory in November will not stop the decline. It will merely present a short-term bounce in confidence. What takes centuries to build vanishes from history faster.
In addition to the contraction in South Korean manufacturing announced last night, European manufacturing and factory activity is also contracting with less output, higher buildup of inventory and fewer orders for finished goods. The global recession is being measured fast and furious.
Every economic outcome is connected to a purposeful decision by the leaders of western industrialized nations to follow the Build Back Better climate change agenda. Higher energy costs, an outcome of the collective policy to stop new production of coal, oil and gas, which has transferred into higher food prices, farm prices, gasoline prices, heating and cooling prices as well as electricity rates, is forcing consumers to stop purchasing non-essential products.
The sale of durable goods collapsed in the first half of this year; however, no policymakers or bankers wanted to admit it and they kept saying there was an excess of demand. Now, with fewer customers for durable goods in the market, global manufacturing and factory outputs are dropping fast. Eventually the central planners are going to have to admit their pretended demand does not exist.
While there is a natural lag in the activity, the rate of factory contraction will be proportionate to rate of the drop in demand. Meaning we have only just begun to see the manufacturing decline that lags a few months behind consumer activity.
LONDON, Aug 1 (Reuters) – Manufacturing activity across the euro zone contracted last month with factories forced to stockpile unsold goods due to weak demand, a survey showed on Monday, adding to concerns the bloc could fall into a recession.
S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) fell to 49.8 in July from June’s 52.1, just ahead of a preliminary reading of 49.6 but its first time below the 50 mark separating growth from contraction since June 2020.
An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, sank to a more than two-year low of 46.3. In June it was 49.3.
“Euro zone manufacturing is sinking into an increasingly steep downturn, adding to the region’s recession risks. New orders are already falling at a pace which, excluding pandemic lockdown months, is the sharpest since the debt crisis in 2012, with worse likely to come,” said Chris Williamson, chief business economist at S&P Global. (read more)
The WEF directed politicians are trying to bring energy demand down to match the energy shortage they have created. The various western government leaders, Biden included, want/need a recession to drop energy demand. The central banks and federal reserve are supporting the policymakers by driving up interest rates into the recession.
The combined effort leads to a shrinking of the global economy.
By lowering the economic activity and forcing their western nations into a joint collaborative and intentional recession, the central planners hope to offset the inflation they created by blocking coal, oil and gas production. By intentionally collapsing demand, the prices of excess non-essential goods will drop; however, there will be no one to purchase those goods at any price because global employment in a global recession is tenuous at best. This is the spiral they are trying to manage.
TOKYO (Reuters) – Japan’s manufacturing activity expanded at the weakest rate in 10 months in July, as pressure from rising prices and supply disruptions hurt output and new orders, suggesting a solid post-pandemic economic recovery is still some way off.
The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) dipped to a seasonally adjusted 52.1 in July from the previous month’s 52.7 final.
That marked the slowest pace of growth since September last year, and was slightly lower than a 52.2 flash reading.
[…] Manufacturing activity suffered from contractions in output and overall new orders as well as a slower expansion in the backlog of work, the PMI survey showed.
[…] But a government official also warned downside risks for output remained as parts supply delays lingered. That is one of many reasons why the Bank of Japan remains resolutely committed to its ultra-low policies despite a global trend of rising interest rates to fight rampant inflation. (more)
It’s incredible how they various western leaders and bankers can still say there is too much demand, when every single economic indicator clearly shows that all consumer purchasing of non-essential goods and services has stopped.
We are seriously looking at a future employment scenario that might be as bad as it was during the economic lockdowns in the pandemic. This time all of the unemployment will have been created by intentional climate change policy.
These ideologues are seriously disconnected from the pain they are inflicting.
Cassidy Hutchinson provided a bombshell testimony against Trump that will surely put him in jail. Here’s how it went down…
There are slips of the tongue, but President Biden cannot speak freely without a teleprompter. Every time he goes off script, he embarrasses his country. The president of the free world has no idea what is going on, and his mental health continues to decline publicly. The American Rescue Plan sent a trivial amount of money to Americans making under $75,000 annually at the expense of taxpayers. The government had no way to pay for this $1.9 trillion plan but implemented $1,400 checks on two separate occasions to pacify the people. Joe Biden thinks he provided Americans with $8,000.
Biden believes the public should ignore inflation and feel grateful for the imaginary money. “There’s reason to be down but I started thinking about it … the first year, we were able with the rescue plan, we were able to send them a check for eight grand,” the president said. “I mean a check. Beyond that by the way, there was more than that.” Biden then chimed in about his middle-class experience, which occurred decades ago when the US economy was unrecognizable compared to today. “That’s a lot of money, and so it helped save a lot of people in terms of getting thrown out of their home and rental housing and a whole range of things,” he said. He used the example of someone earning $120,000 receiving the imaginary $8,000 check, despite anyone in that income bracket being ineligible for a stimulus check.
The president cannot remember basic facts about his own policies. Biden belongs in a home for the elderly and senile, not the White House.
COMMENT: Dear Marty,
I was trying to wire money from my bank account in Italy to the one in the UK, just to realise that I can no longer transfer more than 6,000EUR per month.
The Soviet EUSSR is in full capital controls mode. I am missing the beauty of Italy every day, but I am so glad to live in Brexit UK. Good luck to the old continent.
SB
REPLY: I warned that all my sources were confirming, three very high up, that Europe would quietly impose capital controls on June 30, 2020. That has now taken shape. Europeans and not allowed to send more than 6,000 euros per month to another account outside the EU. Capital has been pouring out of Europe, and they beat not just the war drums but also the Green drums that forewarn of a severe economic decline for Europe.
Even in the United States, we have capital controls in place for a different reason — taxation. You will find it limited to try to wire more than $3,000 to an individual outside the United States. As I reported before, a friend in Singapore found me a service apartment and put down the first month’s rent for me. I sent him a wire, but when I got there, he said he never got it. I called my bank to put a trace on it, and HSBC returned it, saying they would not credit it to that account because they could not verify it was not secretly for me. I had to write him a check. You can wire to a business without a problem, but not to an individual. The hunt for taxes lives.
People have argued with me that I am wrong and it is capitalism that is collapsing. Sorry – socialism has brought us to the very sad end. Politicians can only run bribing voters, saying they will rob the rich to hand it to them. They can no longer borrow endlessly with no intention of paying anything back. That said, they know they will have to default. The question has been HOW?
This is what Schwab’s entire WEF is about. His Great Reset is because socialism is collapsing. I did our Solution Conference in 2015 because I knew what he was advising to world governments. The problem was that his way is that they become dictators, and he is even ending your right to vote. While they call Putin authoritarian, the head of the EU also does not stand for election. They are appointed by EU member politicians. This is what they want — ZERO right of the people to vote. They intend to control what we buy, where we live, and what we are allowed to say. So you can see, in my Solution, we retained democracy, so they were not handed ultimate power. Capital controls are part of this plot to end our freedom.
West Virginia Senator Joe Manchin was on every Sunday talk show today (CNN, NBC, ABC, CBS and Fox) responding to his reversal of position on the Build Back Better legislative package (Green New Deal spending) that is part of the senate budget reconciliation bill. There is something very interesting in his justification. [Do not skim read this, all citations included]
Fox News Brett Bair does the best job challenging Manchin on his prior statements saying there would be no spending deal without first seeing the August inflation data. [LINK]. Manchin never answered that hypocrisy directly but says there are two components of the deal, two parts of a new future legislative bill, that brought him to the agreement on the $370 billion current spend.
The current Senate bill is a reconciliation bill, meaning it involves taxes and spending – AND ONLY taxes and spending, because the bill originated in the House.
The constitutional framework for taxes & spending requires the House to originate all spending bills. If a desired additional measure does not involve taxes and spending (a budgetary impact) it cannot be added to a reconciliation bill. The senate must originate a new bill and then send it to the House.
According to Manchin the deal between himself, Chuck Schumer, Nancy Pelosi and Joe Biden includes his support for the current green energy spending, in exchange for two new items in future legislation: 1) Streamlined energy permitting/regulation; and 2) Increased development of Oil, Coal, Gas. Both of these pieces of legislation have to be handled in a separate Senate bill.
According to Manchin, his agreement to the current spending bill was contingent upon a promise that: (A) Senate Majority Leader Chuck Schumer will generate a new bill for streamlined energy permitting and increased oil, gas and coal development; (B) House Speaker Nancy Pelosi will take up the Senate bill and whip enough of her House Democrat membership to join with Republicans in support of that Senate bill; and (C) Joe Biden will sign that increased energy production bill.
Here’s the important part. Senator Manchin claims he has leverage over Biden, Pelosi and Schumer to ensure a new bill with those priorities is created and advanced. Manchin further claims there are “consequences” for Biden, Pelosi and Schumer if they were to renege on the deal. He is quite emphatic about that point if you listen to the NBC interview.
Now ask yourself…. What leverage would Senator Manchin have over Biden, Schumer and Pelosi that would ensure they would not double-cross him?
There is only one Occam’s razor answer:
Joe Manchin threatened to switch political parties if any of them reneged on the deal.
The NBC interview with Chuck Todd questioning Joe Manchin is very interesting. It is actually the best interview of all five conducted, in part because it seems like Chuck Todd has full knowledge of the Manchin threat component.
Manchin was challenged in three of the five interviews about this promised future legislative component. In each of the interviews Manchin affirms and reaffirms there would be consequences if Schumer, Pelosi and Biden try to renege on the deal. However, it is the Meet the Press Chuck Todd interview that really gets in deeper and overlays some sunlight on this issue.
WATCH at 04:03 of the video below, Chuck Todd has knowledge of the “deal” in detail and pushes Manchin on his “consequences” statement. Then watch the very end of this interview (09:05) when Chuck Todd tries to pin Manchin down on the importance of Democrats holding the Senate. Chuck Todd knows the unspoken threat that Manchin outlines as consequences.
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Chuck Todd knows the “consequences”. He tried to pin Manchin down. Manchin obfuscated.
You put it all together and it starts making sense.
Senator Joe Manchin cut a deal for removal of regulatory roadblocks to current energy programs and expanded energy development. Schumer has to generate the legislation permitting faster investment in current oil, gas, coal. Nancy Pelosi has to pass it in the House. Joe Biden has to sign it and change EPA/Interior Dept policy. In exchange for that, Joe Manchin has agreed to the $370 billion green new deal energy spending programs.
If Schumer, Pelosi or Biden renege, then Manchin switches parties and the Senate flips into Republican control immediately. That’s his leverage.
Someone needs to ask Manchin: (A) what is the timeframe for the new legislative package; and (B) is this an accurate assessment of the “consequences” he outlined.
Here’s the other interviews:
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I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
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