Tag Archives: Bill Gates

Jun 18 2022

SpaceX Fires Woke Worker Activists Who Attacked SpaceX Boss, Elon Musk


Posted originally on the conservative tree house onJune 17, 2022 | Sundance

A bunch of SpaceX workers previously penned the open letter criticizing CEO Elon Musk and the company while identify themselves as “employees across the spectra of gender, ethnicity, seniority, and technical roles.”

SpaceX fired them, lol.

New York Post – […] SpaceX president and Musk ally Gwynne Shotwell said in a memo that the firm had “terminated a number of employees involved” in crafting the letter – noting the workers in question had “upset many” with an “unsolicited request” to add their signatures.

“The letter, solicitations and general process made employees feel uncomfortable, intimidated and bullied, and/or angry because the letter pressured them to sign onto something that did not reflect their views,” Shotwell said in the memo, which was obtained by The Verge.

Shotwell referred to the open letter campaign within the company as “unacceptable” and said the workers were fired after an investigation into their actions. The number of employees terminated wasn’t immediately clear.  “We have too much critical work to accomplish and no need for this kind of overreaching activism,” Shotwell added. (read more)

We need more of this.

Jun 18 2022

White House Solution to Gas Prices, Send Taxpayer Funded Gas Cards to Taxpayers Who Cannot Afford Gas


Posted originally on the conservative tree house June 17, 2022 | Sundance

Y’all saw this coming months ago.  The Biden administration is now considering sending taxpayer funded “gas cards” to taxpayers who cannot afford the gasoline prices created by the Biden administration energy policy.  Yes, murica’ it’s a circle of stupid.

WASHINGTON – […] Biden officials are taking a second look at whether the federal government could send rebate cards out to millions of American drivers to help them pay at gas stations — an idea they examined months ago before ruling it out. Aides had found that shortages in the U.S. chip industry would make it hard to produce enough rebate cards, two people familiar with the matter said. White House officials also fear there would be no way to prevent consumers from using them for purchases other than gasoline, according to another person familiar with the discussions.

[…] Biden aides have also looked in recent days at invoking the Defense Production Act to move diesel and other refined products should localized shortages materialize, two people familiar with the matter said.

[…] The revived brainstorming reflects how higher fuel costs have emerged as one of the Biden administration’s chief political threats and a serious hurdle for the economy overall. (read more)

Jun 18 2022

Speeding Ticket – Just Blame Putin


Armstrong Economics Blog/Rule of Law Re-Posted Jun 16, 2022 by Martin Armstrong

Man Blames Putin for Speeding Ticket

Jun 17 2022

The Federal Reserve Cannot Combat Inflation Alone


Armstrong Economics Blog/Inflation Re-Posted Jun 17, 2022 by Martin Armstrong

Fed Chair Jerome Powell was notably frustrated when pressured about the Fed’s role in inflation. During his Q&A session this Wednesday, Powell plainly stated that the Federal Reserve alone could not combat inflation. It is far more complex than simply raising rates and hoping for the best. The Federal Reserve cannot increase the supply to meet demand. They have no say over clogged ports and closed factories. The Federal Reserve cannot reverse Biden’s policies that have made America energy-dependent, nor can it reserve sanctions against countries that hold essential supplies. As an independent entity, the Federal Reserve has no control over tariffs or diplomatic relations with regard to trade. Notably, the Federal Reserve cannot combat excessive government spending.

The US just sent another billion to Ukraine and plans to continue funding another endless war that does not support any domestic policy objectives. Jerome Powell has no control over the promises politicians make on the campaign trail to distribute free money to the public in exchange for votes. At any moment, lawmakers can implement policies that completely throw the entire economy off track. They had no say in the lockdowns or restrictions that crippled the economy in 2020.

The Federal Reserve miscalculated the situation by artificially lowering rates for a long time. They failed to look at other clear examples, such as Japan, and realize what has and has not worked historically. Powell admitted long ago that he misjudged the severity of inflation and was wrong to call it “transitory.” Unfortunately, when people in power make mistakes, the repercussions cause global shockwaves. Although separate entities, the White House needs to help the Federal Reserve tame inflation by re-evaluating its policies that are directly causing prices to rise.

Jun 17 2022

Putin: They Even Named Inflation After Me


Armstrong Economics Blog/World Trade Re-Posted Jun 17, 2022 by Martin Armstrong

Vladimir Putin is not suffering from sanctions. The West has shot itself in the foot by banning essential Russian imports without an alternative in place. “They even named inflation after me,” he joked, hinting at the “Putin price hike” western politicians have been declaring.

The difference now, according to Putin, is that the West attempted to shun Russia. “In the Soviet times when we cut ourselves off, created the so-called Iron Curtain, we created it with our own hands,” he admitted. Putin admitted the Iron Curtain was a mistake that he has learned from. Anyone claiming Putin is pro-Communist or eager to bring back Cold War-era policies is sadly mistaken.

As I have mentioned, Russia has created a new G8. They have alliances with Brazil, Indonesia, China, Mexico, Iran, and Turkey. They claim that this new G8 will not partake in sanction wars and noted that they are already 24.4% ahead of the former G8 in terms of GDP per capita. They are welcoming new alliances as well. Countries previously begged to join Western coalitions, but they are now failing due to a flawed design from the outset. All of this is part of what our computer has been indicating – the financial capital of the world is beginning to drift from West to East.

Jun 17 2022

Russia Gas to Europe to Stop


Armstrong Economics Blog/Energy Re-Posted Jun 16, 2022 by Martin Armstrong

The Russian EU Ambassador has informed the EU that gas will stop through Nordstream because a turbine that was needed was stuck in Canada because of the sanctions. Then the biggest gas field in Siberia is now on fire. That can also provide an excuse to reduce gas delivery to Europe. This will also add to the reduction in gas supply to Europe This is making things very interesting. If Gas bottoms next week, we could be looking at much higher volatility thereafter. For now, a June closing above 625 will keep the market in a broader-term support position but a real breakout would require a close for June above 795.

Jun 17 2022

Pope Francis Believes Russia Was Provoked


Armstrong Economics Blog/War Re-Posted Jun 16, 2022 by Martin Armstrong

Pope Francis has been advocating for peace between Ukraine and Russia. He has condemned Russia’s “brutality” and said he believes Putin miscalculated the duration of the war. “They encountered a brave people, a people who are struggling to survive and who have a history of struggle,” he said. Yet the Pope is now coming under pressure for suggesting that the war could have been avoided. No one has more “behind the curtain” information than the Vatican.

Before Russia invaded Ukraine on February 24, there were signs that NATO and Ukraine were “barking at the gates of Russia.” Even the Pope has admitted the West was eager for war profits and that the conflict was “either provoked or not prevented.”

The head of the Catholic Church stated: “But the danger is that we only see this, which is monstrous, and we do not see the whole drama unfolding behind this war, which was perhaps somehow either provoked or not prevented. And note the interest in testing and selling weapons. It is very sad, but at the end of the day that is what is at stake,” he added. This is not a matter of “good and bad” as the “roots and interests [are] very complex.”

Furthermore, Pope Francis met with an unnamed Russian head of state shortly before the war began. He noted, as I have reported, that Russia was fearful of an imminent attack. “Yet here the situation is even more complex due to the direct intervention of a ‘superpower’ aimed at imposing its own will in violation of the principle of the self-determination of peoples,” he explained. This war is far more complex than Russia v Ukraine. It has become a proxy war instigated by NATO.

Jun 17 2022

Tucker Carlson Interviews American Rancher about Extreme Kansas Heat Causing Cattle Loss


Posted originally on the conservative tree house on June 16, 2022 | Sundance

There have been several videos on social media about a significant loss of cattle in Kansas due to extreme heat.  During a segment on his broadcast tonight, Tucker Carlson interviews cattleman Steve Stratford about the circumstances and the potential impact to the U.S. beef supply.  WATCH:

Jun 17 2022

Elon Musk Talks With Twitter Staff During All Hands Meeting, Video


Posted originally on the conservative tree house on June 16, 2022 | Sundance 

Project Veritas has published another recording of an internal Twitter all hands meeting wherein Elon Musk addressed thousands of employees for the first time since news broke of his plans to acquire the company. On the call, Musk described his affinity for Twitter and said the platform was best for “getting a message out” but noted that he was concerned about the platform as it currently stands, reiterating previous statements he’s made about bots, spam, and censorship.

“I think it’s essential to have free speech,” Musk said in response to a question about his highly publicized goal to bring free speech to the platform. When pressed about what that might mean in the context of animal abuse, sexual content and offensive tweets, Musk maintained his stance. “I think there’s also, there’s freedom of speech and freedom of breach, so I think people should be allowed to say … pretty outrageous things that are within the balance, the law, but, but then they don’t, you know, get amplified,” Musk added.  WATCH:

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Jun 17 2022

There it is, Samsung Signal Flare, Demand Side Contraction, Inventories Too High, Request Suppliers Stall Shipments


Posted originally on the conservative tree house June 16, 2022 | Sundance 

We have been waiting for the non-essential durable goods side of the manufacturing sector to start showing evidence of demand side contraction in consumer purchases.  There have been subtle sector-by-sector indicators of consumer spending shifts for several months; however, today we get the direct evidence from Samsung.

Samsung is one of the leading manufacturers of consumer electronics and products that require chips.  For three months the electronics sector has shown background signals that inventory was not moving.  One of the more recent indicators of a demand side contraction was the lack of upward price pressure inside the electronics sector.  Essentially, consumers are not purchasing the current inventory, so prices are actually dropping in this segment.  [SEE TABLE 2, CPI Chart]:

Despite overall inflation of 8.6% within the CPI, deep inside the category indexes you will note that electronic prices are actually dropping.  Televisions -9.5%, Video equipment -4.3%, etc.  Video and audio products overall dropped in price 1.4% for May, and dropped 5.2% year-over-year.

The supply chain in this sector is lengthy. Meaning inventory builds slowly as consumers stop purchasing in the USA.  Retail store inventory turns slow, store inventory climbs, then warehouses inventories climb as stores do not need product. The negative boxcar effect travels back to the manufacturer overseas over the course of several purchase cycles.  Eventually, everyone within the sector is telling the supplier we do not need product.  Then the manufacturer has to quickly slowdown raw material.

Due to lengthy supply chains, including trans-pacific shipments, the process to stop deliveries in this electronic goods sector is around 90-days before the drop in retail sales reaches the manufacturer to stop production.  Here is the announcement from Samsung:

TAIPEI/ SEOUL — Samsung Electronics is temporarily halting new procurement orders and asking multiple suppliers to delay or reduce shipments of components and parts for several weeks due to swelling inventories and global inflation concerns, sources have told Nikkei Asia.

The notification by the South Korean tech titan applies to components for multiple key product lines, including TVs, home appliances and smartphones, four people familiar with the situation said, and the postponement of orders involves a wide range of components across chips, electronics parts and final product packages.

The move by Samsung, the world’s No. 1 smartphone and TV maker and one of the leading home appliance providers, is the latest sign that electronics makers are pessimistic about the economic outlook amid global inflation risks.

Samsung told suppliers that the company needs to closely review its inventory levels of both components and final products to ensure stock on hand is manageable, according to the sources. Two people said the move will last until the end of July. One of the people said shipments from that source’s company have not been completely halted but the volume of the company’s planned shipment to Samsung for July has been slashed by 50%.

Samsung’s inventory assets reached 47.6 trillion won ($36.9 billion) at the end of March, up from 41.4 trillion won in December, according to its first quarter earnings report. The ratio of inventory assets to total assets also jumped to 10.8% from 9.7% during the same period. (read more)

Various Wall Street economists and MSM pundits have stated, erroneously – and many intentionally, there has been no evidence of a demand side contraction.  However, CTH reviews of the data have shown exactly the opposite.  There are multiple indicators of demand side contraction, including drops in retail sales units that goes all the way back to last holiday season.

Yesterday the U.S. Dept of Commerce released the May retail sales [pdf DATA HERE], showing a 0.3% drop in retail sales for the month.

Retail sales -as measured in units purchased- have been in a contracting position since June of 2021.  When the current data shows a drop of -0.3% in May, the actual drop in retail sales is much, much greater.  The dept of commerce calculates retail sales in dollars.  When prices are 20% higher and sales are low, retailers are selling less stuff (fewer units) at higher prices.  This has been the reality of our economy for several months.  This is also why productivity has been declining for more than a year.

If you take the 8.6% inflation rate (far understated) and an aggregate drop in sales of 0.3% (again, far understated as a measure of inflation), that means consumers are spending limited incomes on critical or essential purchases like housing, food, fuel and energy.  Consumers are not purchasing durable goods; people are hunkering down.

Yearly retail sales (May ’21 compared to May ’22) are +8.1%.  However, yearly retail inflation for the same period is +8.6%.  Again, reflecting that less stuff is being purchased inside the economy at higher prices.  If the commerce dept was measuring actual units being purchased, we would be seeing massive drops in sales.

Samsung is reacting to a demand side contraction.