Turkey looking to Cut Taxes to Fight Inflation?


Since the beginning of the year, the Turkish currency has lost more than a third of its value against the dollar. As the currency declines, imports rise in cost since they are denominated in foreign currency.  This adds to the inflation problem domestically. Among other things, the sharp criticism of Erdoğan in the markets has cast doubt on the independence of the central bank. In September, it raised its key interest rate from 17.75 to 24 percent in the fight against inflation without success. This too adds to inflation.

There are people starting to look at tax cuts in selected areas to compensate for the crisis in hyperinflation. It is an interesting proposal but Erdoğan is worried about a real coup this time.

Real Estate – Taxes – Currency


COMMENT: Dear Martin,

I bought ‘The World Real Estate Report’ at the end of 2016. It stated that Australian real estate was going to fall after the first quarter (March) in 2016. The property prices in Melbourne (where I live) continued to rise in April 2016 so I sent an email to Socrates Support asking them when real estate should peak. I received the reply below, which stated that the peak was either in for global real estate or the latest by the end of the first quarter 2017.

Anyway, since I owned a tiny house in Melbourne, I was facing a difficult decision if I should sell or not since it would be impossible to buy back in if the prices continued to go up.

I have been reading your blog daily since 2012, and I have read all of your forecasts being correct (eg. the Dow continuing to go up, US Index going up, Brexit, Trump winning). I also bought your Gold report in 2014 and watched gold bottom (Dec 2015) correctly for the date and price on the first benchmark, truly an unbelievable forecast.

Based on your track record I decided to sell my property at the end of the first quarter (March 2017), for which I received a fantastic price.

I’m happy to inform you that prices have been falling since the 3rd quarter of 2017.

I just wanted to congratulate you on another correct forecast.

REPLY: We all need a place to live. Governments are attacking real estate thinking it is too high and they need to make it more affordable for others to buy. They fail to understand that when they do that, the wipe out the savings dor retirement for others. Raising taxes to support government pensions is morally wrong and economically a disaster. There really should be some qualification to be a politician who them plays with people’s lives

President Donald J Trump -vs- The Big Club…


Some call it ‘Globalism vs Nationalism’, at other times it is best described as “Wall Street -vs- Main Street”; however, the overarching bigger picture is a battle over economics and the financial power structures that oppose President Trump.

CTH has often said ‘everything is about the economics’, because it is. Ask the ‘why’ question five times to any issue and you will find the root issue is money.  Power, greed and control, it is all about the money and the economics.

Opposition to President Trump’s singularly unique and transformational reset of the U.S. economic system boils down to a battle against the ‘Big Club’.

Every political confrontation is a move within this dynamic. The structural battle is not based on party affiliation, it is based on control and ownership of economics.  This confrontation represents the biggest challenge; a brief example:

Hundreds of millions were spent on the 2018 election by owners within the ‘Big Club’; at a surface level those expenditures are discussed by punditry thus: “we were outspent” (insert Kevin McCarthy and/or Ronnda McDaniel here). But if you have followed the challenge more closely, over the course of years/decades, you have a more substantive understanding of the dynamic.

Billionaires on one side of the UniParty spend hundreds-of-millions in opposition to the MAGA agenda. That agenda, that economic agenda, is the existential threat to the Big Club’s grip on power.

Here’s the critical aspect: When it comes to the economics, there are no big spending billionaires on the nationalist side of the equation.  The interests of Wall Street Democrats and Wall Street Republicans are based on globalism; Wall Street not Main Street.

In the 2018 midterm election special interest groups representing the multinational (Wall St) financial interests of The Big Club spent massive amounts of money, through various PAC’s and funding mechanisms.  The objective was to undermine and reduce the ability of their adversary, President Trump.

In this fight there are no nationalist MAGA-donors to counterbalance that spending initiative other than you, the people.

Each of the lost congressional districts were targeted by the multinational Big Club.  Until the MAGA base gets a firm understanding of how this works opposition will continue to succeed. There is no MAGA-PAC or financial alliance system, funded by Wall Street billionaires who support the principles of economic nationalism, to counteract this dynamic.  It just doesn’t exist.

In the ‘globalist’ multinational, Wall Street dynamic, the Big Club DNC donor base and the Big Club RNC donor base have mutual self interests.  Within this interest, President Trump is their unified opposition.

The only defeating mechanism that can structurally override this dynamic is an independent Billionaire and a massive amount of tax-paying small donors, ordinary middle-Americans, who can supplement the financial arsenal.   Think back to 2015/2016, and you will see the single-successful-reference for this reality at work.

Everything is about the economics.

The Big Club opposition to President Trump is based on financial best-interest.  That opposition is not bound to a political party ideology.  It is an ideology based on economics.  In essence, this is a structural economic battle that is being waged politically.

Another intensely visible example of his dynamic is the Big Club donor-base within the GOP supporting Kevin McCarthy, and ADDING Rep. Liz Cheney (Wyo.) who was chosen yesterday to serve as House Republican conference chair, the #3 GOP spot in the House.

In the economic battle the successful defeat and diminishment of a House republican political body is more about creating a vulnerability, and creating a bigger opportunity to remove the existential threat President Trump’s economic policies represent.

Decades of financial policy were intentionally structured to the benefit of the BIG CLUB and the multinational Wall Street alliance represented by U.S. Chamber of Commerce President Tom Donohue.  This is not a Republican -vs- Democrat issue; this is a larger confrontation between those who hold financial power and a singular person, President Donald Trump, who is determined to remove that grip.

In headlines today:  Big Club board member Alan Greenspan declares that President Trump’s tariff policies are “insane” [link].  This expression by Greenspan is directly representative everything noted above.

However, conversely, the outcome of those MAGA tariff policies are EXACTLY what we said they would be.  The BLS released information yesterday quantifying inflation across all sectors (emphasis mine).

Food – The food index declined 0.1 percent in October as the index for food at home fell 0.2 percent and the index for food away from home rose 0.1 percent. Three of the six major grocery store food group indexes declined in October. The fruits and vegetables index fell 0.7 percent in October, its third consecutive decline.

The index for fresh fruits fell 1.8 percent, while the fresh vegetables index increased 0.3 percent. The index for cereals and bakery products fell 0.6 percent, and the index for dairy and related products declined 0.4 percent. (link)

Notice how the prices for food are dropping as the MAGAnomic trade policies of President Trump are being carried out.

Notice how the timing of the decline is directly related to the tariff actions, and the counter-actions, by the targeted countries.

President Trump is fracturing the multinational corporate ‘controlled market’, and his trade policies are beginning to reconstitute supply and demand pricing in a nationalist market.

This inflation data, specifically within the fastest sector to show indicators (most perishable = fastest turnover) highlights what we have been explaining for years:

[…] The biggest lie in modern economics, willingly spread and maintained by corporate media, is that a system of global markets still exists.

It doesn’t.

Every element of global economic trade is controlled and exploited by massive institutions, multinational banks and multinational corporations. Institutions like the World Trade Organization (WTO) and World Bank control trillions of dollars in economic activity. Underneath that economic activity there are people who hold the reigns of power over the outcomes. These individuals and groups are the stakeholders in direct opposition to principles of national economics. (cont.)

The process of charging the U.S. consumer more for a product, that under normal national market conditions would cost less, is a process called exfiltration of wealth.

It is never discussed.

To control the market price some contracted product may even be secured and shipped with the intent to allow it to sit idle (or rot). It’s all about controlling the price and maximizing the profit equation. To gain the same $1 profit a widget multinational might have to sell 20 widgets in El-Salvador (.25¢ each), or two widgets in the U.S. ($2.50/each).

Think of the process like the historic reference of OPEC (Oil Producing Economic Countries). Only in the modern era massive corporations are playing the role of OPEC and it’s not oil being controlled, it’s almost everything, including food.

Yes, President Trump, the man and his policy team, is an existential threat to the elitist hierarchy of things well beyond the borders of the DC Swamp. In the era of explaining the complex it’s a planetary economic reset almost too massive and consequential to encapsulate in words.

There are massive international corporate and financial interests who are inherently at risk from President Trump’s “America-First” economic and trade platform. Believe it or not, President Trump is up against an entire world economic establishment.

…AND, as a result of Trump’s success, the Fed is now having to modify its baseline assumptions to re-evaluate the shifting new economy.  Keep watching…

TheLastRefuge @TheLastRefuge2

Reuters Top News

@Reuters
Fed plans review of how it pursues inflation, employment goals https://reut.rs/2DGYHlM 

Senator Lindsey Graham Discusses His Meeting With AAG Matt Whitaker…


Senator Lindsey Graham (U-DC) met with Acting Attorney General Matt Whitaker earlier today and pauses to discuss with interested media.  Graham confirms Whitaker is intent on allowing the Mueller investigation to come to its natural conclusion.

Additionally, Graham discusses a potential for he and Whitaker to work together next year on issues vitally important to the institution.  [ie. do not expect any ‘spygate’ stuff being discussed at any time over the next several weeks.]

.

Additionally today, the Office of Inspector General, Michael Horowitz outlined departmental priorities for the DOJ in 2019. [READ HERE] Which leans heavily toward the possibility the next DOJ-IG report will be a white-wash over the FISA abuse. Notably absent from the challenge priorities is any direct interest in eliminating corruption.

(Source Link)

I’ll ask again: How can the DOJ-IG write a report outlining political FISA abuse when the same DOJ-IG just completed a report claiming there was/is no political bias within the institution?

Think about it

ink about it.

Rep. Jim Jordan

Florida Orders First Ever State-Wide Hand Ballot Recount…


Following a five-day machine recount of the more than 8.3 million votes cast in the Nov. 6 elections, Secretary of State Ken Detzner now orders a hand recount for two of the three recount races: U.S. Senate and State AG Commissioner.

The Ron DeSantis v Andrew Gillum ballot count ended outside the margin for a hand recount; and Republican DeSantis is now the Governor-elect.

FLORIDA – An unprecedented statewide hand recount is now under way in the Sunshine State, further extending a high-stakes, partisan battle over every last vote in Florida’s crucial U.S. Senate race.

Following a five-day machine recount of the more than 8.3 million votes cast in the Nov. 6 elections, Secretary of State Ken Detzner ordered hand recounts Thursday afternoon in the race between U.S. Sen Bill Nelson and Gov. Rick Scott, and also the race for agriculture commissioner between Nicole “Nikki” Fried and Matt Caldwell.

The order gives canvassing boards in the state’s 67 counties three days to pore over thousands of ballots that were rejected by machines because of “overvotes” — a voter appears to have chosen more than one candidate in a race — or “undervotes,” in which a voter appears to have skipped a race altogether. With the help of state guidelines, the canvassing boards, which are allowed to enlist the help of volunteers, will try to determine how these voters intended to vote.

It’s not entirely clear how many such overvotes and undervotes exist in the U. S. Senate race. A Times/Herald analysis of state and county data shows the number could be between 35,000 and 118,000 But the determination on how those ballots were cast — and the ability of the state’s elections supervisors to get through all the ballots — could go a long way toward deciding whether Nelson is reelected or Scott ascends from governor to U.S. Senator. (read more)

 

President Trump and First Lady Melania Visit Marine Barracks Washington…


Today, the 45th President of the United States Donald J. Trump and the First Lady, Mrs. Melania Trump, visited Marines at Marine Barracks Washington. The Commander in Chief and First Lady personally thanked Marines for their actions in supporting Washington D.C. first responders during the recent fire at the Arthur Capper Senior Center.

Additionally, the visit served as an opportunity to personally thank the Marines for their continued service to the nation, and provide desserts in honor of the upcoming Thanksgiving holiday.

Donald J. Trump

Raab Resigns from BREXIT negotiations – May is tottering on Losing the PM Post


The British pound has dropped 1% today and is trading in the mid 127 level. The rumor running around the City (the financial sector in London) is that Prime Minister May has called an emergency press conference and she will resign handing power to Michael Grove. However, it may be more likely that  Grove has been offered the job of Brexit secretary in the wake of Dominic Raab’s resignation. Theresa May clearly does not know how to negotiate. Perhaps she should ask Donald Trump to represent Britain in BREXIT negotiations. Thacertainlyin would liven things up and it certainly would end up with a much better deal for Britain.

The pro-BREXIT supporters are demanding a shift in the government’s negotiating strategy first.

BREXIT Nothing Like What the People Voted For


 

The draft deal of Prime Minister May smells really bad. It is clear that politicians are clueless about trade and the U.K. remaining within the (EU) customs union forever is really going to economically tie Britain to the EU without a right to even vote. What they do not get is that trade in the EU is not negotiated with a single government. Every member gets to veto a trade deal which prevents the entire 28 member states from acting in their own self-interest. So Britain cannot cut a trade deal with the USA or China without EU approval. Then the speculation goes that they will have to pay dues with no vote.

If Britain does approve the deal precisely on November 21st, 2018, then out long-term projections for the British pound are most likely going to be right on point. So let’s just hold our breath. Why should this not be absolutely just crazy? That is what we elect politicians with no experience in trading or economics to make major decisions in areas they are unfamiliar with

DOJ Office of Legal Counsel: Matthew Whitaker Can Legally Serve as Acting Attorney General…


In a move that supports President Trump, the U.S. Justice Department, Office of Legal Counsel (OLC), has released a lengthy memo [pdf available here] outlining the legal support for the interim appointment of Matthew Whitaker as Acting Attorney General.

(Via Wall Street Journal) […] The Justice Department’s opinion is aimed at critics who say Mr. Whitaker’s installation is an invalid run around the Constitution’s requirement that the Senate provide “advice and consent” for senior executive-branch nominations. It comes a day after the state of Maryland asked a federal judge to block Mr. Whitaker from serving, arguing that job should fall to Deputy Attorney General Rod Rosenstein.

A judge Wednesday set a hearing on that argument for Dec. 19.

The Justice Department’s opinion is likely to further the debate that has surrounded Mr. Whitaker since President Trump named him to replace Jeff Sessions, whom the president ousted last week. Even before Mr. Sessions’ resignation, the department’s Office of Legal Counsel had advised the White House that Mr. Trump could lawfully name Mr. Whitaker as his successor, a senior department official said Wednesday.

“It is no doubt true that presidents often choose acting principal officers from among Senate-confirmed officers. But the Constitution doesn’t mandate that choice,” the head of the office, Steven A. Engel, wrote in Wednesday’s opinion, addressed to White House layer Emmet Flood. “Consistent with our prior opinion and with centuries of historical practice and precedents, we advised that the president’s designation of Mr. Whitaker as acting attorney general on a temporary basis” didn’t warrant Senate confirmation. (link to WSJ)

The larger, seemingly overlooked question, is why?  Why did President Trump choose to follow the advice of his White House lawyers, and appoint Matthew Whitaker as Acting Attorney General, instead of allowing Deputy AG Rod Rosenstein to elevate to the position of AG in the interim period?

There is speculation Matthew Whitaker is the preferred acting AG because he is more likely to support a pre-planned objective cleaning out a set of corrupt internal officials within the DOJ and FBI; this would be the “cleaner” supposition.

Hopefully this is the case; there are reasonable signs of evidence pointing in this direction. However, given the history of how Machievellian the administrative state has been in defending corrupt institutions – it would be naive to think the career embeds within the DOJ and FBI, and their external alliance (Lawfare), don’t have a counter-punch in their scheming arsenal.

We live in an era of consequential, and unfortunately unnerving, times.  Those within the previous administration who shredded the constitution in favor of weaponized power for political purposes, are emboldened amid a landscape where the majority media support their usurpation.

“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself.”

“For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear.”

~ Marcus Tullius Cicero