The White House occupant visited Storrs, Connecticut, today for the dedication of the Dodd Center for Human Rights at the University of Connecticut.
However, during the rebranding/rededication ceremony a familiar angry and intemperate disposition erupted. A very inappropriate disposition familiar to anyone who has been around a dementia patient. WATCH:
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COMMENT: Marty; the Fed quietly published the banks it was funding in the Repo Crisis. I just wanted to say, you are always right. The press claimed it was tax time, but you said it was the crisis in European banks. Your sources are always spot on. Thanks for the light of truth.
PG
REPLY: Yes, that story that the liquidity crisis occurred because US corporations withdrew large amounts from the banks in order to make quarterly tax payments was the most absurd propaganda I ever heard. Why then do we not see the same liquidity crisis event during tax season?
The bulk of the loans covered foreign banks, as well as Goldman Sachs and JPMorgan Securities. It was all driven by the simple fact that Merkel said there would be no bailout for Deutsche Bank, which was the major derivatives counterparty problem involving Wall Street. Deutsche Bank had a major derivatives book, and if it failed, it would have taken down US banks. Deutsche Bank was in crisis and then it was too big to merge with Commerzbank. They had to lay off nearly 20,000 staff and a major effort was undertake to try to isolate its toxic assets.
That is why the Fed had to step in as the market maker to bail out Europe for US banks all backed off. I really do not know who makes up these stories to try to hide the truth. But they always do in hopes of preventing panics. This time, the game is up.
Inflation continued to surge, reaching 5.4% in September. Janet Yellen has never been right about anything and keeps calling this “transitory,” as if it will vanish in a few weeks. The Labor Department’s Consumer Price Index, which is supposed to measure a basket of goods and services as well as energy and food costs, came in at 5.4% in September from a year earlier, well beyond expectations. However, our model was projecting a rise in inflation into 2021 which is 13 years up from the November 2008 low. It is interesting how the COVID restrictions with lockdowns came in on target with our computer’s forecast. Curious how events seem to fulfill the forecast when it is done by a computer rather than human judgment.
Nevertheless, as you can see from the chart, inflation has bounced on a month/month basis, but it has not yet reached the Downtrend Line. The long-term forecast beyond a mere decade projects the historical high will be due in 2034, which should exceed all previous highs. A month/month number above 1.05% will signal that inflation is breaking out, and we will indeed make all-time record highs going into 2034.
The numbers are out — 4.3 million people in the US quit their jobs in August. This is the largest number since 2000. The leading sector is hotels and restaurants. I have a friend who has a daughter who had two jobs. She worked as a waitress/bartender at night and at a health food store during the day. She was very industrious, to say the least, and quite impressive. However, she quit the health food job because they demanded a vaccine. She said the bar owner was going to impose a vaccine rule and more than 50% of the staff said they would quit.
Meanwhile, New York’s bars and restaurants are hurting for business because of the vaccine mandates. Our most honorable leaders, who are most likely taking money from Pfizer lobbyists worldwide, are realizing that resistance is not futile. You can mandate vaccines and pretend they are 100% safe, but the truth always surfaces. The people can bring down the entire system if they simply refuse to participate.
Many journalists are too busy selling Biden’s propaganda about the vaccines. The FDA admits there are risks, but they, in their sole discretion, announced they “believe” the benefits outweigh the risk without any explanation of the analysis or a single word of caution (e.g., if you have certain conditions, you should not take the vaccine) despite doing so for other vaccines. So while the press and the Biden Administration are ignoring the facts and the trend, this only raises the question: How much has Pfizer and Moderna paid you?
I do not expect White House Spokesperson Jennifer Psaki to understand how her bosses policies are driving massive price increases; nor do I expect Psaki to understand economics and inflationary impacts. However, the scale of her false statements surrounding inflation are not just false, they are now dangerous.
Following the release of the consumer price index [SEE table 2], in her press briefing today, Jen Psaki outlined the White House perspective on inflation, and specifically the Fed claims surrounding “transitory inflation.”
In her statements today, Psaki referenced people comparing the prices of 2021 consumable goods to 2020 and 2019. [Video prompted below] Within the statements, the scale of falsity is off the charts. WATCH [Video at 19:00 to 22:42, prompted]
There is not one single thing about that three minute verbal exchange that is accurate. Fast turn consumable goods, groceries etc., did not drop in 2020 during the first year of the pandemic. Factually, all goods but especially consumable goods increased in price throughout the pandemic, because demand actually increased and the supply chains were unable to keep up.
Example. A loaf of bread at $2.50 in 2019, climbed to $3.00 in 2020. That price jumped again to $3.75 this year (2021) and will likely continue rising as monetary policy driven inflation continues devaluing our currency.
Even if, as Psaki claims, inflation slows down (not likely) – “decelerating inflation” does not mean declining prices; it means a slower rate of price increase. Stuff still costs more, it just costs more at a slower rate. Consumable goods will cost more in 2022 than they do this year. The 2022 loaf of bread likely to climb to $4.00; it will never return to the 2019 price of $2.50 because the dollar is worth less.
♦ Ask the White House: Why did Joe Biden increase food assistance benefits by 25% if inflation was transitory?
[The Consumer Price Index was released today. The producer price index for Sept will be released tomorrow]
This massive inflation is a direct result of the multinational agenda of the Biden administration in combination with the spending spree. Inflation is a feature not a flaw, and it has nothing whatsoever to do with COVID. The first group to admit what was obvious were banks, specifically Bank of America, because the monetary policy is the primary cause.
You might remember, when President Trump initiated tariffs against China (steel, aluminum and more), Southeast Asia (product specific), Europe (steel, aluminum and direct products), Canada (steel, aluminum, lumber and dairy specifics), the financial pundits screamed at the top of their lungs that consumer prices were going to skyrocket. They didn’t. CTH knew they wouldn’t because essentially those trading partners responded in the exact same way the U.S. did decades ago when the import/export dynamic was reversed.
Trump’s massive, and in some instances targeted, import tariffs against China, SE Asia, Canada and the EU not only did not increase prices, the prices of the goods in the U.S. actually dropped. Trump’s policies led the largest deflation in consumer prices in decades. At the same time, Trump’s domestic economic policies drove employment and wages higher than any time in the past forty years.
With Donald Trump’s policies, we were in an era where job growth was strong, wages were rising and consumer prices were falling. The net result was more disposable income for the middle class, more demand for stuff, and ultimately that’s why the U.S. economy was so strong.
♦Going Deep – To retain their position, China and the EU responded to U.S. tariffs by devaluing their currency as an offset to higher prices. It started with China, because their economy is so dependent on exports to the U.S.
China first started subsidizing the targeted sectors hit by tariffs. However, as the Chinese economy was under pressure, they stopped purchasing industrial products from the EU, that slowed the EU economy and made the impact of U.S. tariffs, later targeted in the EU direction, more impactful.
When China (total communist control over their banking system) devalued their currency to avoid Tariff price increase, it had an unusual effect. The cost of all Chinese imports dropped, not just on the tariff goods.
Imported stuff from China dropped in price at the same time the U.S. dollar was strong. This meant it took less dollars to import the same amount of Chinese goods; and those goods were at a lower price. As a result, we were importing deflation…. the exact opposite of what the financial pundits claimed would happen.
In response to a lessening of overall economic activity, the EU then followed the same approach as China. The EU was already facing pressure from the exit of the U.K. from the EU system; so, when the EU central banks started pumping money into their economy and offsetting with subsidies, they essentially devalued the euro. The outcome for U.S.-EU importers was the same as the outcome for U.S.-China importers. We began importing deflation from the EU side.
In the middle of this, there was a downside for U.S. exporters. With China and the EU devaluing their currency, the value of the dollar increased. This made purchases from the U.S. more expensive. U.S. companies who relied on exports (lots of agricultural industries and raw materials) took a hit from higher export prices. However, and this part is really interesting, it only made those companies more dependent on domestic sales for income. With less being exported, there was more product available in the U.S for domestic purchase…. this dynamic led to another predictable outcome, even lower prices for U.S. consumers.
From 2017 through early 2020, U.S. consumer prices were dropping. We were in a rare place where actual deflation was happening. Combine lower prices with higher wages, and you can easily see the strength within the U.S. economy.
For the rest of the world this seemed unfair, and indeed they cried foul – especially Canada. However, this was America First in action. Middle-class Americans were benefiting from a Trump reversal of 40 years of economic policies like those that created the rust belt.
Industries were investing in the U.S., and that provided leverage for Trump’s trade policies to have stronger influence. If you wanted access to this expanding market, those foreign companies needed to put their investment money into the U.S. and create even more U.S. jobs. This was an expanding economic spiral where Trump was creating more and more economic pies. Every sector of the U.S. economy was benefiting more, but the blue-collar working class was gaining the most benefit of all.
♦ REVERSE THIS… and you now understand where we are with inflation.
The JoeBama economic policies are exactly the reverse. The monetary policy that pumps money into into the U.S. economy, via COVID bailouts and ever-increasing federal spending, drops the value of the dollar and makes the dependency state worse.
With the FED pumping money into the U.S. system, the dollar value plummets. Now the value of the Chinese and EU currency increases. This means it costs more to import products, and that is the primary driver of price increases in consumer goods.
Simultaneously, a lower dollar value means cheaper exports for the massive multinational conglomerates who now control our farms and farming resources (Big AG and raw materials). China, SE Asia and even the EU purchase U.S. food and raw material at a lower price. That means less food and raw material in the U.S. which drives up prices for U.S. consumers.
It is a perfect storm. Higher costs for imported goods (durable goods) and higher costs for domestic consumable goods (food). Combine this dynamic with massive increases in energy costs from ideological Green New Deal policy, and that’s fuel on a fire of inflation.
Annualized inflation is now around 8 percent, and it will likely keep increasing in the short term. This is terrible for wage earners in the U.S. who are now seeing no wage growth and higher prices. Real wages are decreasing by the fastest rate in decades. We are now in a downward spiral where your paycheck buys less. As a result, consumer middle-class spending contracts. Eventually, this means household purchasing of durable goods drop because people have less disposable income.
Gasoline costs more (+50%), food costs more (+10% at a minimum) and as a result, real wages drop; disposable income is lost. Ultimately this is the cause of Stagflation. A stagnant economy and inflation. None of this is caused by COVID-19. All of this is caused by economic policy and monetary policy sold under the guise of COVID-19.
This inflationary period will not stall out until the U.S. economy can recover from the massive amount of federal spending.
If the spending continues, the Fed keeps printing money. The dollar continues to be weakened. As a result the inflationary period continues. It is a spiral that can only be stopped if the policies are reversed…. and the only way to stop these insane policies is to get rid of the Wall Street democrats and republicans who are constructing them.
Tucker Carlson hit this point very well last night:
COMMENT: All these increased demands for my product is great, but it comes with quite a wholesale flower prices have also increased significantly making the cost of the arrangements much higher. Wholesale rose prices have jumped 56%. Last year I could buy a pack of 25 roses for $18, where today they cost $28. I have to pass these costs onto my customers, but even with the increased cost people are still buying more flowers this year than the same time last year.
SH
REPLY: Thank you for this info. It is hard to find any industry that is not suffering from a shortage of supply.
The Bureau of Labor Statistics (BLS) released the job openings and labor report for August today [DATA HERE]. The data shows that 4.3 million U.S. workers voluntarily quit their jobs in the month of August. This is a significant jump from prior.
The “Quits” section [Table 4 breakdown] shows quits increased in August to 4.3 million (+242,000). The quits rate increased to a series high of 2.9 percent. Quits increased in accommodation and food services (+157,000); wholesale trade (+26,000); and state and local government education (+25,000). Quits decreased in real estate and rental and leasing (-23,000). The number of quits increased in the South and Midwest regions:
While this data is interesting and significant, it is only one data point within the larger U.S. main street economy. Rather than me extrapolating on this data, I would like to hear your perspective based on your own local feeling about what is going on in your area.
Key points of reference would include:
I am interested to read your opinions on what could potentially be the largest contributing factor based on your town, city or neighborhood.
Ignore the financial pundits. The question is: what do you make of this?
Jennifer Psaki was asked about this quit jump and she was poorly briefed in order to answer the question. She is clueless.
A group of transportation workers led by airline pilots speak out about the danger of forced medical procedures represented by the the vaccine mandate. This video from US Freedom Flyers might help explain the current airline industry issues that have recently been in the news. From their website:
“We are a group of transportation professionals representing the air, rail, and trucking industries who are spearheading efforts to protect medical health freedom. Our goal is to push back against the US government’s threats of vaccine mandates for private businesses. We know this effort is not simply a matter of employees versus companies, but citizens opposing illegal and tyranical mandates by the US government.” (link)
“US Freedom Flyers is a group of transportation industry employees who have come together to fight federal and state mandates which aim to strip Citizens of their right to medical freedom. Together, in partnership with Health Freedom Defense Fund and The Davillier Law Group, we lead to preserve Informed Consent and defend Constitutional rights.” (read more)
The co-founder of US Freedom Flyers, Joshua Yoder, appeared on Fox News with Tucker Carlson earlier this evening to discuss:
As we previously outlined, this is not about vaccines per se’, this is more about a slippery slope of having the government dictate how you can live your life and earn a living.
If they can force you to have a medical procedure, and then carry documentation of that procedure in order to work… why can’t they force you to get a small electronic implant of your identification, which would coincidentally include your medical authorizations for work?
It’s just a metal detector…. it’s just taking off your shoes… it’s just wearing a mask…. it’s just a vaccination….. it’s just a COVID passport… it’s always, “just”.
Factually I do not believe a federal mandate for a vaccine is even possible or legal. It appears to me that all of Biden’s threats in this regard are simply that, threats.
The purpose of the threat is to push people to take the vaccine without actually attempting a legal federal mandate; and that approach so far has been successful. However, now they are going to encounter the more hard-core groups who will not concede liberty or freedom to a federal mandate.
It is obvious Anthony Fauci also knows a federal mandate will lose in court when challenged. The fact that Fauci brings up state vaccination requirements for education, as examples of historically forced vaccinations is both a strawman argument and structurally false. There has never been a FEDERAL mandate for any vaccination. All the vaccinations Fauci discusses (ex. his kids) were state mandates. Each state also has a different set of standards and laws for children and vaccines. There is nothing federal.
The federal government is attempting to set up a federal work authorization standard for private businesses. Non compliance means you cannot work, or you lose your existing job if your employer goes along with the government demand. THAT alone should alarm everyone.
An anonymous worker from the West Coast Port of Los Angeles came forward on “The Stew Peters Show” to discuss the claimed issues around the cargo ship backlogs. {Direct Rumble Link} As the port worker noted, based on his 18-years working there, there is no supply disruption on the unloading end of the supply chain; though they are a little backed-up, but the port is offloading at a high capacity.
The interview is interesting because the ground report contradicts the popular narrative about COVID impacts on the current supply chain. There are ample goods flowing into the supply chain from the ports, yet there are claims of shortages at the warehouse and distribution level. WATCH
Stew Peters accurately reminds his audience that no nation generates and exports as much raw material foodstuff as the United States. This is a key point seemingly overlooked by most media. The U.S. exports around $73 billion in food products annually. The next closest food export nation Germany isn’t even close at $34 billion.
In very general terms, about one-third of U.S. food exports are North/Central America (Canada, Mexico, etc) exports; approximately one-third go west (Asia) and about one-third go east (Europe). There have been no reported issues with those shipments departing the U.S.
However, one point worth noting, by the LA dock worker, is the influence of predictive orders or automated-purchases based on historic norms and patterns. I think that overheard note by the worker was somewhat misconstrued, and a correct interpretation could explain part of the backlog of container vessels offshore.
It is technically correct that large multinational importers use AI (artificial intelligence) to predict orders. However, it’s not something weird or as complex as it sounds. As supply chains have optimized computer assisted ordering has become the norm, you might have heard it referenced as ‘automated replenishment’.
Essentially, decades of manufacturer, retail or consumer scan data for all kinds of goods create a historic reference point for inventory needs. Large retailers use automated ordering to restock their warehouses with raw materials, interim assembly products (parts), and also finished goods. Prior sales data helps to determine or predict future ordering needs.
The advent of technology tracking has thinned the supply chain to a process of ‘just-in-time’ replenishment. This is JIT inventory management and now how most companies operate. The goal for Just In Time (JIT) inventory is for the new stuff to arrive just as the last of the old stuff is distributed or sold. This means you don’t have to carry excess inventory or tie up money in material waiting for consumer sales or manufacturing use.
AI automated purchasing is just a larger scale version of JIT. People involved in the supply chains and logistics simply facilitate and tweek the arrival/departure times by coordinating with suppliers and distribution on a frequency schedule. You watch the supply chain and make requests for slight modifications as you take daily use or sales information into account.
It’s not totally or fully automated; it’s more akin to computer assisted depending on the type of product being managed. However, it does become more automated every year, and there are less and less people who remember the olden ways of making predictive purchases/orders with human brain power instead of computer assistance.
That said….. Think about the economy suddenly grinding to a halt. Which, we will remind people, CTH said happened quietly at the end of May of this year.
April and May of this year was when the first batch of stunningly fast inflation prices on food, energy and gasoline hit the checkbook of working-class Americans like a thundershock. At the end of May and beginning of June the data was clear. We were seeing our first double digit inflation months in recent memory.
So, think about the impact of that massive first round of Biden inflation hitting the wages of 70% of American workers all at once. Spending priorities immediately change. Disposable income immediately shrinks. Consumer purchasing patterns immediately shift.
The consumer impact is sudden. However, the supply chain impact is more akin to slowing down a freight train with thousands of boxcars. It takes time.
What I would say, based on my experience in overlay with the conversation with the dock worker (Stew Peter interview), is that many of those off shore container vessels are full of goods that have already slowed at the consumption end. People have stopped buying some stuff, some types of goods, and those ships are carrying cargo that is no longer needed within the supply chain…. at least not at the rate within the automated replenishment system.
Part of the reason for the excessive container ships could simply be a reflection of a U.S. economy that has slowed so drastically that inbound durable goods are not needed by those on the destination side. As a consequence, there’s no rush for the importing corporation to take immediate control of the inventory.
This outlook would also explain why the worker was saying some of the delivery containers are just being stored full of goods without being distributed; and why the executives within the LA port were leasing additional storage space to house containers that were in no hurry to get picked up.
Back when import wholesalers were more important because they distributed to a larger population of smaller retailers, when this type of a scenario unfolded the importers then begin prioritizing durable good cargo that was needed more urgently, and they delayed the off-loading of durable good cargo that was less urgent. In modern days, there are less ‘wholesalers’ because small retailers have been replaced by massive multinational corporations and giant box stores. Those big corporations have their own in-house purchasing, supply chain and inventory management specialists.
[Note: Perishable cargo and fuel oil always get a priority offload regardless when they arrive in the port system.]
I can make a few calls and trace this down, but I suspect that’s essentially what is driving a significant portion of this backlog of cargo container ships that are not in a hurry to offload. Keep in mind, with Joe Biden inflation going bananas, that durable good inventory is going up in value even as it sits there idle. So unlike times when purchasing agents desperately need to turn the merchandise to get their profit, an increasing static inventory valuation simply becomes another reason for a multinational to be okay with any port delay.
If my suspicions are correct, that also means the U.S. economy is in much worse shape than financial media are reporting… another reason for the media to avoid telling the story of cargo vessels and instead deflect the story to imaginary COVID-19 supply chain disruptions. So there’s that.
The Washington Examiner dug a little deeper into the background of the Kamala Harris cringe video. Apparently, team Harris hired child actors to help create the illusion for her rebranding effort. There are many details in the report that represent just how artificial and fake the Biden administration is.
WASHINGTON – […] Trevor Bernardino, a 13-year-old actor from Carmel, California, and one of five teenagers featured in the video, was asked to submit a monologue discussing something he is passionate about and three questions for a world leader, according to an interview with KSBW TV. Trevor then interviewed with the production director. “And then after that, like a week later, my agent called me, and he’s like, ‘Hey Trevor, you booked it,’” Trevor said.
Bernardino was joined by Derrick Brooks II, another child actor , Emily Kim, likewise a child actor , Zhoriel Tapo, a child actor and aspiring journalist who has interviewed former first lady Michelle Obama , and Sydney Schmooke.
[…] “I am so so so excited this project is out!” wrote Emily Keller, a YouTube executive overseeing progressive civics content partnerships, according to her LinkedIn . She was the Democratic National Committee’s social media director until June.
[…] Last month, the vice president’s office hired two messaging gurus to help finesse her communications efforts. One of Harris’s new advisers, Lorraine Voles, has a portfolio including “crisis management” and “marketing and rebranding.” (read more)
A fake stage set for Joe Biden to pretend he’s giving discussions from the White House. A group of kids hired by the White House to play the role of kids for a Kamala Harris propaganda effort. Well, it doesn’t take a rocket scientist to see just how fake this entire effort is as constructed.
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