Tag Archives: Student loan forgiveness

May 19 2024

Hearts of Oak: Mike Yardley – Navigating Censorship, Democracy, and the Future of Free Speech


Posted originally on Rumble By Bannons War Room on: May 18, 2024 at 02:00 pm EST

May 17 2024

Retail Sales Falling in the US – a Softer Tone


Posted originally on May 17, 2024 By Martin Armstrong 

Online Shopping

Retail sales in the US fell short of expectations this month, according to data compiled by the Commerce Department. Retail spending decreased 0.6% from April to March, undermining forecasts of a 0.4% decrease. Yet, Americans are spending MORE on the essentials such as groceries. How is this a shocking admittance to anyone?

Even online sales fell by 1.2% from March to April. Americans spent 1.6% less at clothing retailers, and 0.9% less at hobby stores on a monthly basis. Again, of no surprise, gasoline sales rose 3.1%.

The Fed is attempting to smooth over the data, using rhetorical language such as the economy is presenting a “softer tone.” Federal Reserve Bank of New York President John Williams, who believes monetary policy is “in a good place” albeit “restrictive.” Williams, like Chair Powell, said that there are no indicators stating a need to lower interest rates. “I don’t expect to get that greater confidence that we need to see on the inflation progress towards a 2% goal in the very near term.”

The Fed held rates loosely for so long that there was not much it could do, in addition to the utter disaster that is America’s fiscal policy. I explained in another post why the Fed simply cannot attain the 2% target.

People do not have the disposable income to spend on retail at this point, and those who do prefer to invest or save those funds as confidence has vanished, leading to a pullback in spending on nonessentials. Bad news for America’s consumer-based economy.

April’s CPI is up 3.4% YoY, slightly down from March’s 3.5% posting. I do not believe they are accurately calculating prices. No one believes them at this point. So, we should expect the Fed to maintain the 5.25% to 5.50% rates at the next FOMC meeting. Inflation is here to stay.

May 16 2024

Powell Pessimistic After Q1


Posted Originally on May 16, 2024 By Martin Armstrong 

Powell Rate Hike

Powell reiterated this week that he does not see any short-term need to lower interest rates. The Fed remains delicate in its speech to the public. They knew that inflation would continue rising due to various factors but had to say they were awaiting incoming data. The data is in for Q1 and nothing indicates that inflation is easing, therefore, expect rates to hold.

The Labor Department noted that the PPI rose to 0.5% in April from May, up 2.2% since the year prior. PCE, the Fed’s primary inflation indicator, rose 2.7% in Match from 2.5% in February. The US economy overall advanced 2.7% from October to December. We are looking at inflation beginning to rise faster than economic growth, which will lead to stagflation.

I have pointed out numerous times that the various measures provided to the public drastically downplay the dollar’s loss in purchasing power. Americans can feel it daily every time they make a purchase or check their bank accounts.

GDP Quarterly 1947 2021

I explained that we already began experiencing stagflation in 2021. Normally, the standard definition of “stagflation” has been explained as slow economic growth with relatively high unemployment/or economic stagnation that takes place with rising prices. Some have also defined it as a period of inflation combined with a decline in the gross domestic product (GDP).

Stagflation became a term that defined the 1970s because economic growth was still positive, but the rate of inflation was far greater due to the price shock of the OPEC embargo. The  Democrats are constantly pushing to raise taxes, and sent corporations fleeing offshore, and it was NOT merely because of the tax rate. Back then, I testified before the House Ways & Means Committee on taxation, and they wanted to know why NO American company got a contract from China to construct the Yellow River Dam. I explained that German companies were NOT taxed on worldwide income, and as such, they were already 40% less than an American company because Americans pay taxes on worldwide income, and the ONLY other country to that was Japan. Thus, American companies moved offshore, NOT because labor was cheaper, but so they could complete.

Now, we have additional regulations that are making it increasingly difficult for American businesses to prosper. The capital gains tax will be a nail in the coffin. The recent tariff slap on China will also cause the price of goods to rise and harm the supply chain.

Remember, inflation was only 1.4% when Joe Biden took office – far beneath the Fed’s target. Inflation has risen as a direct result of fiscal policies under Bidenomics. The government has completely ignored the Fed’s warning that it must curtail spending. We are sacrificing our economy for the interests of the globalists.

May 15 2024

Scott Bessent Unpacks the Latest Bidenflation Numbers: Americans Are In Crisis


Posted originally on Rumble By Charlie Kirk show on: May 14, 2024 at 5:30 pm EST

May 15 2024

US Implements High Tariffs on Chinese Goods


Posted originally on May 15, 2024 By Martin Armstrong 

Trade War 2

Worsening relations with China, the United States just hit China with a new wave of extremely high tariffs. Around $18 billion worth of Chinese goods will be affected, but the White House deems the tariffs necessary to help American industry.

Washington wants everyone to drive an electric vehicle, so long as it is not produced in China. The current 25% tariff on Chinese EVs will rise to 100%, utterly eliminating any EV trade with China. US Trade Representative Katherine Tai said that tariffs on lithium-ion batteries, essential for EVs, will triple in 2025 – the same time that Washington expects the masses to curtail their fossil fuel use.

Semiconductors, a long-debated product in short supply, will double from 25% to 50%. A recent report by McKinsey consultants shows that US companies are struggling to hire and retain staff in this delicate sector. The $52 billion in subsidies provided by Washington under the CHIPS Act has not made a meaningful impact. Still, they expect production in the US to grow simply because we are making it difficult for China to import their goods in a competitive landscape. They fail to consider the impact of shortages on the overall market.

Treasury Secretary Janet Yellen has praised the new round of tariffs, claiming that free trade with America’s top partner is bad for American businesses. “China’s overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world,” Yellen misspoke. America does not operate on the mercantilism model; we are a consumer economy. All of these tariffs will cause prices to rise for the already struggling consumer.

Biden insists that consumers will see “no increases on costs” and repeatedly stated that these tariffs will not impact inflation. Do you recall the semiconductor shortage of lately when people could not purchase new phones without weeks or months of waiting, as one small example? Then they are pushing everyone to go electric while eliminating foreign competition. China WILL retaliate and mark up American goods, but worse, they will continue offloading their purchases of US Treasuries.

This is yet another example of disastrous fiscal policies that will invariably harm the American consumer and economy as a whole.

May 15 2024

Panama to Curb Migration Through the Darien Gap


Posted May 15, 2024 By Martin Armstrong 

Red Cross Panama

President-elect Jose Raul Mulino of Panama is taking on the migrant crisis as one of his first pieces of legislation. “Panama and our Darien [Gap] are not a transit route. It is our border,” Mulino said, referring to the notorious Darien Gap between Panama and Colombia that has become a favored travel route for migrants en route to America. The number of crossings multiplies each year, with an estimated 500,000 people passing through last year alone.

Mulino is reversing the policies of the previous government who aided migrants in their voyage to America. His new plan involves illegally deporting anyone found in Panama. “Because when we start to deport people here in an immediate deportation plan, the interest for sneaking through Panama will decrease,” Mulino said of the plan, according to Voice of America. “I assure you they are going to say that going through Panama is not attractive because they are deporting you.”

Some question whether Panama has the ability to conduct mass deportations. You have the Biden Administration openly flying migrants into America. Panama and other Southern American nations are paying the price for America’s open border policy. In all actuality, we cannot expect a foreign nation to secure our borders when leadership is openly inviting foreigners to come to America.

Panama has its own issues to focus on. The International Monetary Fund believes GDP will drastically slow from 7.3% in 2023 to 2.5% in 2024. Fitch downgraded Panama’s credit rating, stamping the nation with a junk status for “fiscal and governance challenges.” The Panama Canal’s capacity has been reduced due to droughts, and some regions are facing water shortages. The next president of the United Stated will see Panama’s efforts to curb migration as an olive branch or an obstacle, and any trade or aid will depend on November’s outcome.

May 15 2024

Joe Biden Announces Tariffs on Non-Existent Products from Non-Existent Origination Country – Here’s Why


Posted originally on the CTH on May 14, 2024 | Sundance

BlackRock investment firm writes the regulatory and economic policy for Joe Biden’s administration. That’s the quid-pro-quo that maintains the Biden political financial operation. All of DC know it. No one does not know. The one’s who claim they do not know about it are all pretending. Republicans take the background BlackRock bribes and pretend.

BlackRock positioned massive investment assets inside Chinese auto manufacturers, MG, BYD, and Chery. The three Chinese companies are in the process of moving North American auto manufacturing to Mexico, specifically to make EV’s. The Chinese EV’s made in Mexico will come into the U.S market tariff free under the USMCA trade agreement. China and BlackRock will make billions.

Today Joe Biden announced a series of tariffs against China in the EV industry. [SEE HERE] The Chinese EV’s are not being made in China. The tariff regime is a farce a total joke.

Biden might as well be announcing tariffs on Chinese swimming pools flown into the USA via hot air balloon.  There will be more Chinese swimming pools delivered from China than Chinese EV’s.  The Chinese EV’s come from Mexico.  The tariff is fake.

WHITE HOUSE […] To further encourage China to eliminate the acts, policies, and practices at issue, and to counteract the burden or restriction of these acts, policies, and practices, the Trade Representative shall modify the two actions to increase section 301 ad valorem rates of duty for the following products from China:

  • Battery parts (non-lithium-ion batteries):  Increase rate to 25 percent in 2024;
  • Electric vehicles:  Increase rate to 100 percent in 2024;
  • Lithium-ion electrical vehicle batteries:  Increase rate to 25 percent in 2024;
  • Lithium-ion non-electrical vehicle batteries:  Increase rate to 25 percent in 2026;
  • Natural graphite:  Increase rate to 25 percent in 2026;
  • Other critical minerals:  Increase rate to 25 percent in 2024; (read more)

.

None of this stuff is coming from China.  It is all coming from Mexico via transnational shipping and Chinese manufacturing in Mexico. [Check Date]

On the EV issue, this tariff approach is politically duplicitous by Biden against the backdrop of massive investment in Mexico by the three largest Chinese EV automakers. Last December the three Chinese auto manufacturers, MG, BYD, and Chery, announced they were going to spend billions building new EV manufacturing plants in Mexico.  Each Chinese auto manufacturer was going to spend between $1.5 to $2.0 billion.

Those Mexican built Chinese EV’s would pass into the USA market under current USMCA trade rules and regulations, as long as they technically meet the material origination rules.  This can make tariffs against the Chinese imported EVs a moot point, because China will be making them in Mexico (North American trade agreement).

One of the reasons President Trump said the U.S. auto industry would suffer a “bloodbath,” is specifically because the current Chinese auto companies are targeting these EV’s in the $10,000 or less range.  If you want to see what it looks like when cheap Chinese EV’s start to flood a consumer market, visit Russia – the western sanctions have only increased this flow.  I can see it clear as day.

China plans to pump out thousands of cheap, what I would consider semi-disposable, electric cars into the USA market. That’s why they have invested so heavily in Mexico.  Keep in mind, Blackrock (a Biden benefactor investment firm) is enmeshed with this Chinese move.

This tariff claim by the Biden administration on “import Chinese EV’s” is optics only for political benefit.  Whereas the 100% tariffs proposed by Donald Trump specifically target Chinese EV’s made in Mexico.

Stand back and elevate your thinking on this Chinese EV issue; the substance of it is a consequence of a much larger dynamic.  It is somewhat of a self-fulfilling prophecy.

There is a cleaving underway, a dedollarization that continues in global trade.  Nations are no longer relying (dependent) on dollars as the baseline for trade parity; they are determining their own nation to nation trade valuations outside the use of the dollar as a benchmark.

The result of this dedollarization taking place is massive inflation inside the USA that continues as the dollar (yellow zone) is weakened against the increasingly non-dollar-aligned world (grey zone).  The frequency of dollar use is lessening as alternatives are being used.

Trade into the yellow zone still requires a benchmark of dollars, but bilateral trade within the grey zone increasingly does not.  This is the root of the global financial and economic cleaving.  Mexico is not stupid.

China is trying to position their transportation sector (auto, planes, trains and mass transit manufacturing) as Apple manufacturing is to cell phone use.  Some of these disposable Chinese electric vehicles are actually impressive, which makes sense when you consider that China steals the engineering and design elements from knuckleheaded western corporations who use China for industrial manufacturing (see Tesla etc).

May 14 2024

Ashley Biden’s Journal Confirmed to be Factual Yet Again


Posted originally on May 14, 2024 By Martin Armstrong 

Snopes.AshleyBidenDiary

The mainstream media continues to sweep this information under the rug, but if it were not (D)ifferent), this would be one of the biggest presidential scandals in modern history. Joe Biden’s daughter, Ashley Biden, left a diary a rehabilitation facility for sex-related trauma. The diary was shrouded in mystery and Biden’s PR team vehemently denied that the diary ever belonged to Ashley Biden. Snopes, a fact-checking website used by the left to promote propaganda, quietly revealed that the diary does indeed belong to Joe Biden’s daughter, Ashley.

“I will forever have to deal with the fact that my personal journal can be viewed online,” Ashley Biden wrote in a letter on April 8, 2024, to a New York judge who sentenced the woman who attempted to sell the diary to time behind bars. In the letter, Ashley claims she was a private citizen whose father just so happened to be running for president. Ashley also demanded that the judge sentence the woman who found the diary to the fullest extent of the law. “I worry that a non-incarceratory sentence will send a message- -to her and to others like her that it is okay to violate and exploit others for your own personal gain, regardless of the humiliation and pain it causes,” Biden’s daughter asked the judge.

AshleyBidenDiary

An excerpt from the diary stating that Joe Biden inappropriately showered with his young daughter:

"But I have always been boy crazy. I remember pulling up my skirt in 2nd grade and showing the boys my underpants. Hypersexualized @ a young age. What is this due to? Was I molested. I think so - I can't remember specifics but I do remember trauma - I remember not liking the Woolzacks house, I remember somewhat being sexualized with Caroline; I remember having sex with friends @ a young age; showers with my dad (probably not appropriate); Being turned on when I wasn't supposed to be.”

The public was banned from having access to this information, and therefore Joe’s true character, ahead of the last election. Similar to the Hunter Biden laptop scandal, the FBI and all three-letter agencies confiscated and destroyed all evidence prior to the election. The MSM regurgitated lies that both the diary and the laptop were FAKE NEWS to protect Joe Biden’s image.

They would hold a public execution for Donald Trump if this information were revealed about his daughter. Clearly, this nation operates on a two-tiered justice system. It is extremely disturbing that the intelligence agencies collaborated to hide this information from voters. Then internet search engines and social media platforms were also eager to bury this information in order to sway public perception. The Department of Justice has become a branch of the Democrat’s personal Gestapo or Stasi.

One must understand how deeply embedded Joe Biden is in the establishment – Joe Biden is the embodiment and puppet of the entire establishment who holds the most powerful front-facing office in the world. The establishment needs Joe Biden to win and will go to any lengths to ensure that he sees a victory. We no longer have the right to vote for our elected leaders in fair elections and this nation no longer represents the ideals that it was founded on.

May 13 2024

Episode 3604: Wasteful Spending To Just Buy Votes


Posted originally on Rumble By Bannons War Room on: May 11, 2024 at 06:40 pm EST

May 12 2024

Ep 3351a – Trump Was Right Tariffs Work, Biden Fakes It, Gold & Crypto Adoption Is Spreading


Posted originally on Rumble By X 22 Report on: May 11, 2024 at 12:51 pm EST