Posted originally on the conservative tee house on June 17, 2022 | Sundance
Apparently, the U.K. courts were sympathetic to the claims by Julian Assange lawyers that U.S. government assassins would kill him. However, after the DOJ assured the Brits that Assange would be imprisoned in Australia, not the U.S. after trial, the U.K. are ok with extraditing him. However, Assange still has six appeals and three courts left who will hear his appeals, so don’t expect anything to actually happen soon.
LONDON, June 17 (Reuters) – The wife of Julian Assange vowed to fight using every possible legal avenue after British Home Secretary Priti Patel on Friday approved the WikiLeaks’ founder’s extradition to the United States to face criminal charges.
Assange is wanted by U.S. authorities on 18 counts, including a spying charge, relating to WikiLeaks’ release of vast troves of confidential U.S. military records and diplomatic cables which Washington said had put lives in danger.
His wife Stella said Assange would appeal after the Home Office said his extradition had been approved as British courts had concluded it would not be unjust or an abuse of process.
[…] Originally, a British judge ruled Assange, 50, should not be deported, saying his mental health meant he would be at risk of suicide if convicted and held in a maximum security prison.
But this was overturned on an appeal after the United States gave a package of assurances, including a pledge he could be transferred to Australia to serve any sentence. (read more)
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)
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)
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.
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.
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.
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.”
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.
The European Central Bank has announced that it plans to create a new tool to tackle the risk of eurozone fragmentation, which is the new term for divergence among member states. They are adopting this tactic out of fears of a new European debt crisis that is inevitable. From the very beginning when the EU Commission was charged with designing the Euro can to our conference in London in 1997, I warned that the promises that everyone would be paying the same rate of interest merely because they were creating a single currency was a complete fantasy. I further warned that this would lead to the collapse of the Euro if not the entire EU.
I explained that they were comparing the Euro to the Federal Debt of the US when the failure to consolidate the debts of the EU meant that the real outcome would be like the USA at the state level. A single currency did not mean that every state paid the same interest rates in the USA and that would be the ultimate reaction of the free markets. We are now in the 24th years of the Euro and its survival because deb stable post-2024.
The ECB’s decision has come as a surprise following an emergency meeting to address higher borrowing costs for many European governments on an uneven playing field. The ECB made a statement:
“Since the gradual process of policy normalization was initiated in December 2021, the Governing Council has pledged to act against resurgent fragmentation risks.”
“The pandemic has left lasting vulnerabilities in the euro area economy which are indeed contributing to the uneven transmission of the normalization of our monetary policy across jurisdictions,”
The comments are trying to explain the recent surge in bond yields over the past week or so as capital is starting to smell a rat. ECB has implied a more aggressive policy tightening is coming but it still failed to deliver any new measures that would support the growing unrestrained debt load. With Green governments seizing power, and the absurd sanctions on Russia, it is hard to see where there is any understanding of fiscal management on the horizon.
European capital is now very concerned about financial “fragmentation” meaning the disparity among member states in interest rates. There is clearly a rise in rates in Southern Europe compared to northern. The ECB is now saying that it will “reinvest redemptions” from its emergency bond-purchasing program. So in other words, it will NOT reduce its balance sheet concerning bonds that are under pressure for that will force greater disparity ahead – i.e. fragmentation.
The ECB claimed that its commitment to the euro is its anti-fragmentation policy. They have said that this commitment “has no limits.” Previously, Southern EU states faced materially higher borrowing costs in the wake of the sovereign debt crisis back in 2011. This is a complete disaster for the failure to have consolidated the debt meant that their idea of one monetary policy for 19 different fiscal positions cannot possibly work. I tried to explain to them from the beginning that the 12 original branches of the Fed were independent and they would raise or lower rates depending upon the regional impact. It was Roosevelt who usurped that authority and created one rate for all in 1935 creating the new head branch in Washington.
The yield on the Italian bonds traded over 4% and has broken through the Downtrend Line. While people hope that the ECB’s announcement in this unscheduled emergency meeting means they will be in control, this is more like the 5-time-divorced soul getting married again for the sixth time confirming that hope can triumph over experience. The broader long-term is that borrowing costs will have nowhere to go but higher.
The ECB’s decision to reinvestment what it previously bought merely confirms that there is a serious sovereign debt crisis unfolding.
Posted originally on the conservative tree house on June 15, 2022 | Sundance
A contracted mercenary has no legal recognition or protection as a prisoner of war. Two American mercenary soldiers have been captured by Russian forces and now present a rather unique issue for the Biden administration. The traditional end result for captured mercenaries is execution; however, Russian President Vladimir Putin may not want to hang these two State Dept. conscripts.
(Via Telegraph) – Two former US servicemen have been captured during fighting with Russian forces in Ukraine, The Telegraph has been told. The pair were taken prisoner during a fierce battle outside the north-east city of Kharkiv last week, according to comrades who were fighting alongside them.
Alexander Drueke, 39, and Andy Huynh, 27, had been serving as volunteers with a regular Ukrainian army unit. They are believed to be the first US servicemen to end up as Russian prisoners of war. They join a growing number of Western military volunteers captured by Russian forces, including at least two Britons.
Aiden Aslin and Shaun Pinner have already been told they face the death penalty as “mercenaries”. The capture of the two Americans will be diplomatically sensitive as the Kremlin may seek to use it as proof that America is becoming directly involved in the war. Vladimir Putin, the Russian president, is likely to demand significant concessions to release them. (read more)
Two Americans fighting alongside Ukrainian forces north of Kharkiv have been missing for nearly a week and there are fears that they may have been captured by Russian forces, according to their families and a fellow fighter https://t.co/eLbuXUr9pF
The West thought they’d cripple Russia’s economy when they stopped buying Russian oil. Gas prices in the West are on the rise and at unsustainable levels. Meanwhile, Putin is having the last laugh as he is now selling more oil at a higher price point.
In April, Russian oil exports rose by 620,000 b/d to 8.1 million b/d. India (+730,000 b/d) and Turkey (+180,000 b/d) helped to offset the international embargo, while the EU remained the largest importer despite a sharp reduction in shipments. The IEA reported that Russian oil exports rose over 50% YoY during the first four months of the year.
Oil jumped in price last week from $92 per barrel to $122. Gas in the US was $2.10 under Trump. Biden took office and prices rose to $2.37 within the first two months due to a series of decisions that prevented America from remaining energy independent. Before Russia even invaded, gas reached $3.51 per gallon, and now the national average is surpassing $5.00. The boycott has completely backfired on the West and has helped strengthen the Russian economy.
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