Posted originally on the conservative tree house on July 19, 2022
This guy popped up after the trip to Saudi Arabia and has been spouting hypocrisies ever since. In this first segment, White House senior energy adviser Amos Hochstein, in charge of U.S. energy security, says the administration cannot accept or approve any long-term oil and gas development that undermines the urgency of the crisis they are exploiting.
Instead, Hochstein says U.S. energy producers should invest in oil and gas development that turns an immediate profit. [Pro-tip, that doesn’t exist.] Keeping the oil and gas industry in a perpetual state of shortage, overcapacity and expense, allows the “transition” to windmills and solar to remain urgent. Put another way, the energy crisis is part of the plan. WATCH:
Mr. Hochstein also appeared on Fox News this afternoon to claim that coal is the worst of the worst and must never be used again. When asked about Germany going back to coal to replace Russian gas, Hochstein says that’s a terrible plan. However, Hochstein was never confronted over the stupid part of his anxiety.
Germany is being forced to use coal because Biden/Hochstein have triggered energy sanctions against Russia that stopped the flow of natural gas. Germany is being forced to use the horrible coal because Biden/Hochstein is forcing them to.
In order for ideologues to retain their insane ideological positions, they must pretend not to know things. Unfortunately, we do not have a media that is capable of calling them out on the hypocrisy and challenging the weakness of their positions. Thus, the great pretending continues….
Posted originally on the conservative tree house on July 19, 2022 | sundance
Kentucky republican House member Thomas Massie had some interesting statistics in hand when questioning Transportation Secretary Pete Buttigieg about the administration goal to make electric vehicles 50% of all cars, vans and trucks sold by 2030.
Essentially, it is a cart and horse scenario. An electric vehicle requires five times as much energy production as the standard home air conditioning cost. The U.S. electricity grid cannot support an increase in household energy use that is equivalent of adding five times as many houses using air conditioning. Math is math. WATCH:
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Comrades, the likely federal government solution is simple. Comrade citizens can have one electric car (mandated by regulatory compliance), or they can have their home air conditioned, but they cannot have both. [Assuming social credit scores are high enough]
See how easy that is?
...”the significant problems we face are only as challenging as the significance of the problem.”
Posted originally on the conservative tree house on July 19, 2022 | sundance
CTH cannot overestimate what is more likely than not, as the Biden administration is now reportedly going to declare a national climate emergency in order to take their Green New Deal policy to the next level via executive fiat. [The Hill Story Here]
Any possibility of the Biden administration creating an even deeper economic collapse under the auspices of climate change regulation, has essentially been stalled by congressional opposition to further Green New Deal (Build Back Better) spending and regulatory legislation.
Some, albeit not enough, congressional representatives, can see what lies at the end of this fundamental energy change, a significant collapse of the United States economy. However, the committed ideologues behind Joe Biden are not going to let the legislative branch interfere in their climate change agenda.
What we are about to see is most reasonably predictable against the backdrop of how Biden’s administration exploited the “national COVID emergency,” that backstopped and justified their eventual use of OSHA to mandate vaccinations, and regulatory control over the private sector, under the guise of a pandemic emergency. We predicted that administration approach in December of 2020, and that is exactly what they did {GO DEEP}.
When CTH shared that OSHA would be the institutional regulatory vector for forced vaccinations, many said we were conspiracy theorists. Ten months later that is exactly what the people behind Joe Biden did (link). Now we can expect that same health emergency approach (massive regulations) to repeat with the declaration of a national climate emergency.
Pause and think about the ramifications to all domestic economic and business interests if the federal government starts using all agencies to regulate a new climate emergency policy. Think about the regulations, the scale of potential regulations, from the dept of transportation, the dept of labor (including OSHA), the dept of the interior, the dept of energy, the dept of housing and urban development, the dept of education, the dept of health and human services, and many more.
Joe Biden is an avatar; a political pawn; a cognitively declining guy who has no idea what is happening around him.
The people behind the Biden campaign, those in real control of what this is about, have not hidden their goals and aspirations.
These are not stupid people.
They are scheming, conniving, ideological, ever-planning, ever-manipulating & Machiavellian types within the political system, lusting for power, influence and affluence.
WASHINGTON DC – The Biden administration is considering the declaration of a climate change emergency in response to congressional inaction on the issue.
It’s unclear when and if such an announcement will come, though the White House had been considering a move as early as Wednesday.
Two sources familiar with the discussion on Tuesday morning told The Hill that the announcement could come Wednesday — the same day that Biden is expected to discuss climate during a trip to Massachusetts.
A third source also told The Hill that a climate emergency was under White House consideration.
By Tuesday afternoon, one of The Hill’s sources said that while the White House had planned to declare the emergency as soon as Wednesday, it has since advised that it will not do so on that day.
The Associated Press separately reported Tuesday afternoon that the White House would hold off from a declaration on Wednesday.
The Washington Post first reported late Monday that the White House was considering declaring the emergency as soon as this week. The White House announced Tuesday that Biden will travel on Wednesday to Somerset, Mass., to deliver remarks on tackling climate change.
A White House official declined to directly comment on whether Biden will pursue a climate emergency declaration, saying only that many options are under consideration.
“The President made clear that if the Senate doesn’t act to tackle the climate crisis and strengthen our domestic clean energy industry, he will. We are considering all options and no decision has been made,” the official said in an email.
The move comes as hopes for climate action on Capitol Hill have stalled, as swing vote Sen. Joe Manchin (D-W.Va.) backed away from talks last week following months of negotiations. The potential climate legislation, as part of Biden’s broader economic agenda, was expected to include major investments in clean energy. (read more)
Think about those types of business and energy regulations applied on a national level, and then, as seen in prior Democrat administrations with IRS etc, think about those energy regulations also being enforced through the prism of political affiliation.
Think about how states that refuse to participate will be cut off from federal grants and funding for college tuition, Medicare and/or Medicaid reimbursement, etc. etc.
Think about what happens to Main Street USA?
Think about companies on the NASDAQ or national companies on the stock-market?
Think about how those USA-specific federal energy compliance regulations apply when considering U.S. business operations -vs- just taking operations overseas without those worries.
Think about who in Washington DC then takes control of what types of business interests are allowed to operation…. who determines the winning and losing?
Think about how Federal emergency climate regulations can be used to put the multinational corporate world back (the globalists) on their former financial pathways, even without TPP and TTIP trade deals. [Every domestic regulation weaponized against Main Street USA is a win for the Wall Street multinationals.]
Think about how much China and southeast Asia would benefit love to see our economy knee-capped in a Biden regulatory stranglehold; essentially achieving the same objectives as the Paris Climate Treaty.
Think long and hard about how far the tentacles of achieving the Green New Deal can extend under the auspices of federal emergency climate mitigation.
Remember, those who are working on this don’t care about the middle-class and they have not for decades. The visibility of the ‘rust belt’ is the reference. This is about government bureaucrats using their DC powerbase to control trillions in economic value and sell their ability to influence the winners and losers to the highest foreign bidder.
Look at what blue states have already done to seize power and control under the auspices of a national health emergency. Now think about that same manipulative intent spread throughout the entire country by weaponizing federal agencies with advanced regulation toward a national climate emergency. The entire country turned into a California style-controlled energy economy.
Now, think carefully about how that approach aligns with a political change in personnel at the White House. Joe Biden’s usefulness now exhausted.
Posted originally on the conservative tree house on July 17, 2022 | Sundance
Jason Furman is the former Chairman of the National Economic Council under Barack Obama; he is currently a professor at Harvard teaching economics. If you ever wondered why the economy under Obama included the weakest economic recovery in history, the advice of Furman might explain it.
In an interview with CBS this morning, Jason Furman says the best way to get inflation under control is to raise taxes and stop people from spending money. This approach will impact the demand side of the economy and as a result, with no one purchasing stuff, it will lower prices. Seriously, no joke, he said this. WATCH:
Jason Furm: …”Congress should be trying to do their part and helping out if they can cut the deficit, including raising taxes on high income households, that would reduce a bit of spending in the economy, it would cool the economy down a little bit, and actually take some pressure off the Fed.”…
Create a deeper recession to control inflation, brilliant!
Like I have been pointing out for months, these ideologues believe inflation is being driven by the demand side, by consumers purchasing too much. They pretend not to know it is the supply-side issue of energy policy that is driving the CORE inflation they seek to reduce.
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Harvard Economics Professor Jason Furman reminds me of this:
Posted originally on the conservative tree house on July 17, 2022 | Sundance
CBS pretentious pretender Margaret Brennan interviews Joe Biden’s Energy Security Coordinator Amos Hochstein about the trip to the Gulf Arab States and subsequent energy policy developments. [CBS Transcript Here] Hochstein spins the non-existing benefits of the trip by attributing the pre-existing Saudi cease-fire in Yemen as an outcome of Biden talking to Crown Prince Mohammed bin Salman. Quite a stretch.
Hochstein still thinks there is going to be a way for ‘western governments‘ to place price caps on Russian oil exports by getting the entire planet to agree only to pay Russia a set price for oil. With Russia an OPEC+ member, and the members of OPEC not in ideological alignment with the Biden administration on a host of geopolitical issues, good luck with that. The producers (OPEC) have control over what prices the consumers (Non OPEC) pay; they are not going to give up that mechanism just to please the Biden administration.
On the domestic front, while there is little possibility of a global oil production increase from OPEC, Hochstein claims to have assurances from U.S. oil producers they will increase their production capacity by November. At the same time the institutions in charge of Biden energy policy are going to keep targeting the oil producers to destroy them. Quite a weird dynamic. Hochstein finishes by saying solar and windmills are the future of U.S. energy production and if we invest more, well, we can save the planet. WATCH:
It is worth remembering what MbS said about the meeting: “We agree on many things, but we differ on a few others. Every country has its own culture and circumstances. I respect yours, you respect mine. Do not impose your culture on us. Do not impose your beliefs on us.” … “We agree we need to do more for climate change, but you guys are doing it wrong by favoring certain energy sources over others. The world needs energy security. We need all energy sources including oil & gas. We are doing our part on both fronts: climate change & energy security.” … “The stage of a country’s economic & social development must be considered in climate change negotiations.” … “We are increasing our production capacity to 13 million barrels per day (from 12 mb/d), but that is it. We cannot do more.”
The message here is: You guys do your part and invest more if you want to avoid energy crises, recessions and unemployment. Do NOT blame us!
[Transcript] – MARGARET BRENNAN: Welcome back to Face The Nation. As President Biden met with Middle Eastern leaders last week, he was accompanied by Amos Hochstein, the Special Presidential Coordinator for International Energy Affairs. He’s with us now. Mr. Hochstein, Welcome to Face The Nation. Good to have you here in person.
PRESIDENTIAL COORDINATOR ON ENERGY SECURITY AMOS HOCHSTEIN: It’s great to be in person. Thank you.
MARGARET BRENNAN: So you were one of the few US officials in the room when President Biden met with Saudi leaders. Why was this trip worth the political risk? What did you get?
HOCHSTEIN: Well, I think this was a historic trip. First, it started just landing in Saudi Arabia in Jeddah, as the first-ever flight from for a president to fly from Israel, directly to Saudi Arabia, with the backdrop of Saudi Arabia, opening the announcing that they’re opening the skies for the first time for Israeli Aircraft, for all aircraft, including flights to and from Israel over its airspace, comes on the backdrop of a major achievement over the last few months of a ceasefire in Yemen, where 1000s of people have been killed. Over the last seven years, this has been the longest ceasefire we’ve had with a commitment from Saudi Arabia to work to extend the ceasefire even further; major announcements for food security and achieving contributions from the GCC from the Gulf countries on food security.
MARGARET BRENNAN: But none on oil, yet.
HOCHSTEIN: Well, we had a major announcement on cooperation on energy writ large. And if you recall, just before the President announced his trip just a few days before that OPEC+ made a- a major shift and its policies, recognizing that since Putin started amassing forces, the markets have been affected, and that there was a supply-demand issue and announced increases in supply over 50% for July and August. And I’m, based on what we heard, on the trip, I’m pretty confident that we’ll see a few more steps in the coming weeks.
MARGARET BRENNAN: So OPEC+ meets August 3. Saudi has some, very little spare capacity. So are you saying you got a wink and a nod that they’re going to pump more?
HOCHSTEIN: I think what we discussed, first of all, it’s not just about Saudi, it’s about we met with with the GCC and with Saudi Arabia. There is, I’m not going to go into how much spare capacity there is in Saudi Arabia and in UAE and Kuwait, etc. But there is additional spare capacity, there is room for increased production. As we’ve told producers in the United States, we’ve had conversations over the last several months and weeks, with OPEC. And I believe that there is still more room to-to see additional steps.
MARGARET BRENNAN: Saudi says it’s got like a million spare barrel capacity.
HOCHSTEIN: Again, it’s not just about Saudi, this is OPEC. So, there are other countries as well. So, we needed to see a little bit more. But let’s-let’s look at what has happened since the President announced his trip. Oil prices at that point were at about $120. Today, oil prices are around $100, $101. So that’s a $20 decline based on the steps–
MARGARET BRENNAN: –some of that economic concerns, though China, looking like it’s slowing and concerns here about consumption going down.
HOCHSTEIN: So there’s no doubt there’s never one reason why oil prices go up while goes down. As you know, in oil prices go up, they tend to say there’s only one reason; that’s the part of the political leadership. But if you think about it this way, over the last few months, the President has supplied the US market with a million barrels a day, which is a historic level from the strategic reserve. We’ve never done that before.
MARGARET BRENNAN: And that, what, ends in September?
HOCHSTEIN: No that-that will end towards the end of the year.
MARGARET BRENNAN: Will it end towards the end of the year? Can you afford to stop putting emergency supply on the market?
HOCHSTEIN: Well, look at what has happened. The private sector, as we talked to them, the United States said they can increase production in the United States by about a million barrels a day. But it’s going to take time to invest in it, it will come at the end of the year. So we stepped in, the president stepped in and said ‘I’ll fill that gap.’ So hopefully, my expectation is that the private sector in the US will have those increases coming, so we don’t need to have the emergency from the US government. In the meantime, we’ve seen the prices, both the oil price, but also the price of the pump has come down at the fastest rate that we have seen in over a decade. So, from over $5. And remember this just a few weeks ago–
MARGARET BRENNAN: –still pretty high, but it’s still pretty high. It may have come down a bit.
HOCHSTEIN It’s not $5 anymore, it’s now $4.55. And I expect it to come down more towards $4. And we already have many gas stations around the country that are below $4. So we’re this is the fastest decline rate that we’ve seen against a major increase in oil prices during a war in Europe, where one of the parties in the war is the third largest producer in the world. So these are extraordinary circumstances we’ve taken very tough measures to address them right away, both for the American consumer but really for global economy, too.
MARGARET BRENNAN: Well, we’ll watch to see if those gas prices continue to fall. I want to ask you about what the administration is pushing around the world which is this concept of putting a cap on the price of Russian oil that is sold, so that it’s not cutting back on the amount but rather the windfall profits Putin can profit off of it. What’s to stop Vladimir Putin from just saying, fine, I’m just going to stop pumping.
HOCHSTEIN: Well, I think that the wait, look the price cap is–
MARGARET BRENNAN: –Does that ruin your plan, if he does that?
HOCHSTEIN: Well, first, he could do that tomorrow, regardless of what we do on a price gap. You know, Putin has been an unreliable supplier, unfortunately. But I think what we’re doing is we’re designing the mechanisms so that he can still, he’d still would have revenues he needs those revenues to, that’s the only revenues he really has in his country. There’s nothing else in Russia except for oil and gas.
MARGARET BRENNAN: Well, JP Morgan says he’s got enough cash that he’s sitting on, that he could cut by 5 million barrels in that extreme example, that the price of oil would go up to over $300 a barrel, almost $400 dollars a barrel.
HOCHSTEIN: Well, what we want to be able to do is to mitigate where the price of oil on the world market doesn’t actually impact Russia at all, because we’re going to put a price cap, so that all they have is to get that price at no more than that.
MARGARET BRENNAN: Right.
HOCHSTEIN: We believe that that is the way to do it. So if prices go up, he still won’t get that price and we can reduce that price.
MARGARET BRENNAN: Why would India or China comply?
Well, first, at the G7, a couple of weeks ago, the G7 endorsed this idea as a good idea. We’re now starting to have the conversations with the major consumers. And I would ask the question the other way around, doesn’t every buyer try to get a lower price? So, I think every buyer is incentivized to pay less. And I’ll go a step further. Right now, regardless of what you see as the global oil price. That’s not what Putin’s getting. So these headlines about Putin getting some kind of a math between how much is he selling times the price of oil in the world, that’s not his revenue, because he’s already agreed to major discounts–
MARGARET BRENNAN: –He’s still taking in money and he’s still funding this war. So–
HOCHSTEIN: That’s what we’re trying to stop.
MARGARET BRENNAN: Right. But in the meantime, I want to ask you quickly about the president’s climate change efforts, this bill, and his proposal is completely stalled right now. The president says he’s going to take executive action, what is the plan? What are you going to actually do here in the United States?
HOCHSTEIN: Well, I think we’ve tried to get a plan where we can incentivize, great incentives for US investors–
MARGARET BRENNAN: –But you can’t block new oil and gas drilling, right? You can’t do some of those things, because they would counter your efforts.
HOCHSTEIN: Well, I think what we want to do in this in this bill that we’ve proposed, and we are hopeful that we still hope that that’s what Congress does, is to give it the kind of incentive assurances that we can have additional American investment in climate, renewable energy electric vehicles. Why wouldn’t we want to do that? Why would we want to make-to create an environment in which China is ahead of us? The rest of the world is making the investments and we’re not. We want to be able to put the kind of incentives that will be additional investment in the infrastructure for renewable energy, for solar, for wind, and for electric vehicles and for our nuclear fleet in this country. That’s how we get to climate. We didn’t get that today. The President is determined to take some action that he can through executive orders, and through other actions. We’ll see what we can do this weekend in the coming weeks. But again, I think that the responsibility here is to be able to invest into our future, whether we like it or not this those-some don’t like it. This is the future of energy markets in the United States and around the world. We got to decide do we want the US to lead, or do we want the Chinese to lead this?
MARGARET BRENNAN: You got to convince Senator Joe Manchin, we’ll be talking about that ahead in the segment, thank you very much for coming in. [LINK]
…”And then he said, Texas has no wind for the windmills. Yes, Texas!”
Posted originally on the conservative tree house on July 13, 2022 | Sundance
Officials in the state of Texas are worried the emergency measures taken Wednesday to avoid blackouts may not be enough. The utility operators urgently need the wind to start operating the windmills or things might get worse. Reuters News has more:
(Reuters) – Texas’s power grid operator on Wednesday took emergency measures to avoid rolling blackouts as soaring electricity demand threatened to outpace available supplies amid a stifling heatwave.
The Electric Reliability Council of Texas (ERCOT), which operates the grid that serves more than 26 million customers, initiated a rarely used emergency program that is triggered when supplies fall below a critical safety margin.
Earlier, ERCOT had urged residents to cut power use during the hottest hours of the day and warned of a risk for rolling blackouts. Residents were asked to turn up thermostats, defer the use of high-power appliances and turn off swimming pool pumps.
The emergency notice came after ERCOT began paying suppliers an average of $5,000 per magawatt hour to keep generators running. That price is the highest the grid operator pays. “They were pulling a lot of levers to avoid going into emergency operations and rolling blackouts,” said Doug Lewin, president of consultants Stoic Energy LLC. (read more)
Call me Captain Obvious, but in addition to the population migration, it looks like Texas imported California’s energy policies. The sustainable energy isn’t sustainable. However, on a positive note, their state ESG score is improving.
Posted originally on the conservative tree house on July 13, 2022 | Sundance
Gasoline in Mexico is $3.12/gal. Gasoline in the United States is $4.78/gal
The media did not give this much attention; however, Mexican President Andres Manuel Lopez-Obrador thoroughly, albeit diplomatically, dressed down Joe Biden over his economic and energy policy during a Tuesday visit to the White House.
You might remember that together with a host of south and central American leaders, Mexican President Lopez-Obrador refused to attend Joe Biden’s Latin-America summit last month {Go Deep}. With that in mind Obrador’s media remarks in the oval office are quite remarkable in their pointedness.
The video and audio are tenuous, and the delay for interpretation makes following the flow of AMLO’s comments a little challenging. However, if you read the transcript you can clearly see how AMLO is diplomatically undressing Biden over the economic issue of U.S. energy policy. It would appear that AMLO is not part of the great western reset and has no intention on inflicting the pain that is deliberately being created by other western leaders. [Video at 23:30, Transcript Below] WATCH:
Now keep in mind that socially AMLO is a soft-socialist (immigration). However, he is also a strong economic nationalist who has previously expressed a strong dislike for the influence of multinational corporations in Mexico. AMLO is not a World Economic Forum acolyte. AMLO is on team BRICS.
In these remarks, AMLO is very pointedly telling Joe Biden that his U.S. energy policy is seriously flawed. It is really quite remarkable.
AMLO tells Biden that Mexico will continue investing in expanded refining of gasoline, and he is willing to sell that gasoline to American companies because Joe Biden will not issue permits to expand gasoline refining capacity in the United States. Additionally, AMLO affirms his position on further oil development in Mexico and then, here comes the kicker,…. offers to expand electricity sales to the United States, including supplying Texas with electricity because both the Biden administration and Texas are not developing their own energy resources.
AMLO is telling Biden that Mexico will increase energy subsidies to the United States if Biden asks him to. Think about that.
[Transcript] – PRESIDENT LÓPEZ OBRADOR: (As interpreted.) Yes, I fully coincide with what you have proposed, President Biden. And I could summarize everything we’ve been saying in five basic items of cooperation.
Number one, since the energy crisis started, Mexico has used 72 percent of its crude and fuel oil exports to United States refineries — 800,000 barrels a day.
Therefore, we decided that while we’re waiting for prices of gasoline to go down in the United States — and I hope that Congress approves or passes your proposal, Mr. President —
PRESIDENT BIDEN: It has gone down for 30 days in a row. (Laughs.)
PRESIDENT LÓPEZ OBRADOR: (As interpreted.) — of lowering — lowering prices, yes. That’s it.
In the meantime, while we’re waiting for prices to go down, we have decided that it was necessary for us to allow Americans who live close to the borderline so that they could go and get their gasoline on the Mexican side at lower prices.
And right now, a lot of the drivers — a lot of the Americans — are going to Mexico, to the Mexican border, to get their gasoline.
However, we could increase our inventories immediately. We are committed to guaranteeing twice as much supply of fuel. That would be considerable support.
Right now, a gallon of regular costs $4.78 average on this side of the border. And in our territory, $3.12.
Let me clarify something, and I also want to take advantage of this opportunity to thank you, Mr. President. Most of this gasoline, we are producing it in the Pemex refinery that you allowed us to buy in Deer Park, Texas.
Two, we are putting at the disposal — or sending at the disposal of your administration over 1,000 kilometers of gas pipelines throughout the southern border with Mexico to transport gas from Texas to New Mexico, Arizona, and California for a volume that can generate up to 750 megawatts of electric energy and supply about 3 million people.
Three, even though the USMCA has made progress for the elimination of tariffs, there are still some others that could be immediately suspended. And we could do the same with some regulations, regulatory measures, and tedious procedures or red tape in terms of trade related to foodstuffs and other products so that we can lower prices for consumers in both our countries, always being very careful in the protection of health and the environment.
Four, starting a private-public investment plan between our two countries to produce all those goods that will be strengthening our markets so that we can avoid having importations from other regions or continents.
In our country, we shall continue producing oil throughout the energy transition. With the U.S. investors, we are going to be establishing gas-liquefying plants, fertilizer plants, and we shall continue promoting the creation of solar energy parks in the state of Sonora and other border states as well.
And we’re going to accomplish this with the support of thermal electric plants and also through transmission lines to produce energy in the domestic market, as well as for exports, to neighboring states in the American union, as for instance, Texas, New Mexico, Arizona, and California.
It’s also important to mention that, two months ago, we took the sovereign decision of nationalizing lithium in Mexico. This is a fundamental mineral, a fundamental input to advance in our purpose not to depend on fossil fuels. And this will be available for the technological modernization of the automotive industry among our great countries — the countries of the USMCA.
Five, orderly migration flow and allowing arrival in the United States of workers, technicians, and professionals of different disciplines. I’m talking about Mexicans and Central Americans with temporary work visas to ensure not paralyzing the economy because of the lack of labor force.
The purpose of this plan would be to support and to have the right labor force that will be demanded by the plan you proposed and that was passed by Congress of using $1 trillion for the construction of infrastructure works. (read more)
Mexican President Lopez-Obrador is offering to bail out the United States energy crisis.
Posted originally on the Conservative tree House on July 13, 2022 | Sundance
Folks, the Build Back Better western alliance are fully vested in the pretending game. It is just one big insufferable game of pretending, and the citizens of the western government powers, You and Me, are the victims.
Seriously, it’s stunning, yet oddly not surprising, that the same multinational forces who created the global inflation crisis as a result of following the World Economic Forum spending agenda, are now claiming the global economy is simply too hot, too successful, there is just too much demand, and that justifies their raising of interest rates:
OTTAWA, July 13 (Reuters)– The Bank of Canada surprised on Wednesday with a full-percentage-point increase to its policy rate, a super-sized hike last seen in 1998, citing “higher and more persistent” inflation and the increased risk of those price gains becoming entrenched.
The central bank, in a regular rate decision, raised its policy rate to 2.5% from 1.5%, and said more hikes would be needed. The move was more forceful than the 75-basis point increase economists and money markets had forecast.
….”With the economy clearly in excess demand, inflation high and broadening, and more businesses and consumers expecting high inflation to persist for longer, the Governing Council decided to front-load the path to higher interest rates,” the bank said. [LINK]
This is the actual justification from the Bank of Canada.
Read it carefully: “With the economy clearly in excess demand.”
Yes folks, I have always said that in order to retain their ideological positions, the leftists in control of policy have to pretend not to know things. That right there is the Bank of Canada pretending not to know the Canadian economy is contracting. Exactly the same as Treasury Secretary Yellen and Fed Chairman Powell pretending not to know the U.S. economy is contracting.
Do you see what happened, and what they are doing?
The Build Back Better energy policy of the collective western governments’ is driving supply side inflation. It’s the new climate change energy policy, all being implemented by the same institutional elements, that is creating the massive increases in overall prices.
It’s the energy policy driving inflation, NOT consumer DEMAND.
The western multinationals, government and multinational/central banks, all carry the same ideological mindset. All of them are collectively supporting the Build Back Better agenda from execution of infrastructure shifts to their direct control over ESG investment in only “sustainable energy” projects.
The fascist assembly of western government and western banks working together to create this great international game of pretending. All of it so they do not have to admit their ideological climate agenda is destroying economies. Thus, to keep up the pretense, they raise interest rates into a contracting economy. This is why I keep saying the pretense is what’s going to end up starving people, creating desperation and ultimately killing people.
Energy demand is no different today than it was pre-pandemic 2018 and 2019. It’s the energy supply, and all of the downstream industrial energy processes that are being blocked, that has created the supply-side issue.
The post-pandemic Build Back Better agenda has shifted the entire energy sector and created all of these inflationary outcomes.
The World Economic Forum, the Bank of Canada, central banks in Europe and Secretary Janet Yellen and Chairman Jerome Powell are all pretending not to know these issues are outcomes of energy policy. The collective western nations all took the same path. All of the outcomes are identical, and now all of their denials and pretenses are being maintained in a collective justification filled with bullshit.
Posted originally on the conservative tree house on July 13, 2022 | Sundance
The Bureau of Labor Statistics (BLS) has released the June Consumer Price Index (CPI) [DATA HERE] showing yet another “surprising” increase in overall inflation. For the month of June overall inflation increased 1.3% bringing the annual rate of inflation to 9.1% as calculated.
Economists and financial pundits are “shocked”, “surprised” and the proverbial “unexpected” is running amok again amid the typeset. The reality of Joe Biden energy policy being the origin of our current inflation crisis is being avoided at all costs by the pretenders. The federal reserve raising interest rates can only impact the demand side, but it’s the supply side (total energy policy) creating the problem. Table-A shows the overview.
(CNBC) – […] The consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981.
[…] “U.S. inflation is above 9%, but it is the breadth of the price pressures that is really concerning for the Federal Reserve.” said James Knightley, ING’s chief international economist. “With supply conditions showing little sign of improvement the onus is the on the Fed to hit the brakes via higher rates to allow demand to better match supply conditions. The recession threat is rising.” (read more)
If you dig into the details, the inflation picture shows just how deep the energy policy is hitting. Everything is impacted by Joe Biden’s radical energy policy. Table-1 breaks down the data a bit more specifically. However, even this data is skewed by the BLS putting a weighting factor on the importance.
♦ The rate of annualized inflation for natural gas is now running at almost 100%. Meaning if things continue, the current price will double again by this time next year.
♦ The rate of annualized inflation for gasoline is running at 134%.
♦ The annualized rate of energy inflation overall is running at 90%.
These are the results of the people behind Joe Biden implementing the Green New Deal program by executive fiat.
Also, keep in mind the current increases in farming costs at the field have yet to reach wholesale and retail. The fertilizer, oil, diesel, packaging, transportation and energy costs at the field will not arrive to the fork until later this fall. That is when food inflation will surpass energy inflation.
Current cattlemen and ranchers are finding it more cost-effective, due to drought and high feed costs, to take their cattle to slaughter. There is a temporary drop in beef prices for the next several weeks before the supply roller coaster sets up a scenario for massive increases in beef costs this winter. Consider buying and freezing now for use later this year and into the winter. Try to buy directly from cattle ranchers.
Later this year the next wave (#3) of food inflation will surpass the last two waves. Things will get ugly because there are also predictably shortages of food coming. Higher farm costs and global food supply shortages equals much, much higher U.S. prices. Prepare.
Posted originally on the conservative tree house on July 12, 2022 | Sundance
A slowdown in the housing market is being identified as the primary cause of a significant increase in cancelled homebuyer contracts in the month of June. Bloomberg Report Here and Redfin Report Here. It would appear the inflated housing bubble has popped.
According to the data 60,000 home sales were cancelled while under contract in June, that represents 14.9% of all contracts cancelled by the buyer before the transaction closed. If you take out the forced cancellations due to the pandemic, a 15% cancellation rate equals the highest monthly cancellation rate ever recorded.
The economy is contracting, economic activity and consumer purchases have stopped, and the contraction is now fast and sudden.
(Redfin) – Nationwide, roughly 60,000 home-purchase agreements fell through in June, equal to 14.9% of homes that went under contract that month. That’s the highest percentage on record with the exception of March and April 2020, when the housing market all but ground to a halt due to the onset of the coronavirus pandemic. It compares with 12.7% a month earlier and 11.2% a year earlier.
This is according to a Redfin analysis of MLS data going back through 2017. Please note that homes that fell out of contract during a given month didn’t necessarily go under contract the same month. For example, a home that fell out of contract in June could have gone under contract in May.
“The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals,” said Redfin Deputy Chief Economist Taylor Marr. “Buyers are increasingly keeping rather than waiving inspection and appraisal contingencies. That gives them the flexibility to call the deal off if issues arise during the homebuying process.”
Marr continued: “Rising mortgage rates are also forcing some buyers to cancel home purchases. If rates were at 5% when you made an offer, but reached 5.8% by the time the deal was set to close, you may no longer be able to afford that home or you may no longer qualify for a loan.” (read more)
Now, keep in mind that contract cancellations can also be attributed to a hot housing market, where purchasing hysteria and bidding wars end up being factors in the contracts. Some anxious buyers make out-of-town offers without even seeing the house, then use contract exits -contingencies- to cancel the purchase if the home is ultimately not up to their standard.
In my opinion the spike in cancellations is a blend of the two aspects which indicate the apex of home purchasing is behind us. The bubble popped.
Home values are now declining as more available inventory starts to fill up the real estate market. Again, everything is local and regional depending on a myriad of issues; however, if we are looking at it from a macro level, the booming housing market is now over.
City and county tax rates will now benefit from the overinflated real estate sales data. Real estate tax bills (a backward-looking metric) will go up as the curve on home valuation actually starts to drop and drop quickly.
If you did not purchase a home this year, you have not lost money. If you did purchase a home this year, the dropping market will erase tangible wealth.
Redfin also has the top metro-markets for cancellations:
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