The one thing the Biden administration does best is lie to our faces on a daily basis. From blaming Russia for our food shortages and gas prices to saying that “America is in a stronger economic position” than ever before, this administration can pretend America is doing fine, but we can all see the reality with our own two eyes.
Kremlin spokesman Dmitry Peskov is warning the US that they have become instigators in the Russia-Ukraine war. “We believe that the U.S. is deliberately pouring oil on the fire. The U.S. is obviously holding the line that it will fight Russia to the last Ukrainian,” Peskov recently told reporters, according to Reuters.
Peskov’s warning comes shortly after Russia deemed most “unfriendly” nations as “hostile,” and with good cause. In an interview with PBS, Peskov said that President Biden’s suggestion to remove Putin from power was taken as a personal insult as the people of Russia, not the president of a foreign nation, determine Russian leadership.
Peskov speaks clearly and confidently; he does not seem like a madman hell-bent on war. In fact, he stated that Russia never wanted war. For decades, Russia has told the West that they are “afraid of NATO” moving closer into their territory. “Please take care of it and do not push us into the corner,” the Kremlin spokesman explained. In Russia’s eyes, they are on the defensive. Putin strictly warned other nations not to interfere in Russia-Ukraine relations. Peskov now states that the West, not Ukraine, is “leading the war against us.”
As for the claim that Russia will launch nukes, Peskov made it clear that Russia has no plans to do so, but would under an existential threat. He clarified that the “existence of the state” and “special military operations in Ukraine” have nothing to do with one another. Ukraine certainly cannot back Russia in a corner to which it feels it must implode its way out, but the West does and is pushing that boundary daily.
Unfortunately for Biden, the Great Unwashed is not gullible enough to accept his explanation that Putin is to blame for inflation. A Convention of States Action/Trafalgar Group survey found that most respondents (59.9%) believe Biden’s policies are the “leading contributor” to rising prices. Around 87.9% of Republicans and 61.1% of Independents cited Biden as the leading culprit, while only 55.2% of Democrats were ready to admit that Biden is destroying the economy.
Biden insists the American Rescue Plan and vast overseas donations did not contribute to inflation. He insists preventing America from being energy independent did not contribute to inflation. Even his own Treasury Secretary Janet Yellen cannot stand by these lies. Yellen insisted in March 2021 that inflation posed a “small risk” for America. In May 2021, Yellen said inflation would not become a problem. Then the $1.9 trillion American Rescue Plan was signed into law. Biden eliminated oil permits and allowed ports to clog.
This Tuesday, Yellen finally admitted she and the Biden Administration were wrong about inflation. “As I mentioned, there have been unanticipated and large shocks to the economy that boosted energy and food prices, and supply bottlenecks, that have affected our economy badly that I, at the time, didn’t fully understand,” Yellen told CNN. “But we recognize that now.”
Although they recognize the issue, there is no plan in place to implement policies to ease inflation. Upon meeting with Fed Chair Powell, Biden simply said that it is the Fed’s place to solve the crisis he created. “My plan to address inflation starts with a simple proposition: Respect the Fed. Respect the Fed’s independence,” Biden said. Since the Fed is independent of the government, he has no choice but to “respect the Fed’s independence.”
Treasury Secretary Janet Yellen has more financial and analytical resources at her fingertips than thousand hedge funds combined. When Secretary Yellen claims today that she “got it wrong” about inflation, what she is doing is continuing the game of pretending; she’s positioning the administration as incompetent, not deliberate.
The illusion of incompetence plays into the scheme of hiding the fact the administration is working through a purposeful strategy. In the game of pretending; and under the current circumstances; it is better to be seen as incompetent than recognized as working with malicious intent. This is the illusion behind Joe Biden’s usefulness.
This is also the organized pretending game within DC that too few people will accept or admit. The Treasury Secretary and Federal Reserve Chairman are not making mistakes, they are working on a specific agenda and economic plan. Federal Reserve Chairman Jerome Powell was not late to raise interest rates, he waited on purpose. He waited for the political reason of waiting until the triggered 2021 inflation spike cycled through the full calendar year.
These are not monetary policy leaders making monetary policy mistakes. These are monetary policy political ideologues, carrying out a political agenda within the U.S. economy. This is part of what National Economic Council Chairman Brian Deese would call the “economic transition.” WATCH this through the correct prism:
After initially telling everyone, “We’re celebrating Pride Month at the Ramstein Library with Drag Queen Storytime! Be sure to wear your brightest and most colorful outfits!,” apparently, the chief of public affairs, Lt. Col. Will Powell, now says the event did not go through the vetting process prior to the announcement.
According to the Washington Examiner: “The controversial event comes amid a growing ideological divide among liberals and conservatives about how and who should be teaching children about sexuality.
Conservatives have argued that these lessons should be left up to the parents, while some liberals in educational settings have begun teaching children about these topics according to their own views, at times without parental consent.” (more)
However, comrade binaries, all is not lost. The United States Marines and the United States Airforce are putting their best boots forward and promoting inclusive wokeism as part of a new military outlook under the new leadership of a more progressive -and sensitive- commander in chief.
With additional military forward deployment and support for Ukraine President Volodymyr Zelenskyy, a male pronoun comfortable in stilettos, the enlightened coalition will soon arrive in the rainbow fields of Ukraine to combat the horribly patriarchal Russian advancement.
The U.S. Marines are well positioned in the cultural battlespace as noted by their announcement earlier today:
The pesky Russians don’t stand a chance against a well choreographed advance reconnaissance team. The few and very proud, with a well trained twerking division of soldiers ready to bare it all in defense of our allies, are practicing their line-dance formations as we speak.
Joint Chiefs’ Chair Mark Milley has assured Defense Secretary Austin that our fabulous troops will be well protected. The angels on their shoulders have triggered rainbow air support.
Dear leader has yet to announce who will be bringing up the rear; however, we suspect the U.S. army will rise to the occasion.
For the third time, President Joe Biden has attempted to drag the United States into a war. Biden first made remarks about the Middle East and then claimed Putin needed to be removed from power. The White House brushed off those remarks, but this time he has angered America’s top trading partner. Biden, speaking for the entirety of the US, said that WE would defend Taiwan against military invasion.
A reporter asked, “You didn’t want to get involved in the Ukraine conflict militarily for obvious reasons. Are you willing to get involved militarily to defend Taiwan if it comes to that?” Since there was no teleprompter script for him to read, Biden simply replied, “Yes!”
“We agree with the One China policy. We signed on to it, and all the attendant agreements made from there, but the idea that it can be taken by force, just taken by force, is (just not) appropriate,” the president said. Basically, this statement is contradictory since Biden admittedly agreed to the One China policy. A White House officially quickly corrected his statement, “As the President said, our policy has not changed. He reiterated our One China policy and our commitment to peace and stability across the Taiwan Strait. He also reiterated our commitment under the Taiwan Relations Act to provide Taiwan with the military means to defend itself,” the official said.
China expressed extreme anger at the president’s statements. Similar to the situation in Ukraine, China is worried that Biden’s obvious support will encourage separatist forces to move toward independence. “On issues concerning China’s sovereignty and territorial integrity and other core interests, there is no room for compromise,” said Wang Wenbin, a spokesman for the Chinese Foreign Ministry. “We urged the US side to earnestly follow the One China principle … be cautious in words and deeds on the Taiwan issue, and not send any wrong signal to pro-Taiwan independence and separatist forces — so it won’t cause serious damage to the situation across the Taiwan Strait and China-US relations.”
Before the White House corrected Joe, he doubled down on his statements and said China should look to Russian sanctions as a warning not to attack. “[W]hat signal does that send to China about the cost of attempting, attempting to take Taiwan by force?” the confused president said before claiming China was “flirting with danger.” These careless remarks threaten national security and have seriously harmed diplomatic relations. Biden is willing to show all his cards, even when he does not understand the game he is playing.
Re posted from the The Rubin Report Published on Rumble on May 20, 2022
Dave Rubin of “The Rubin Report” talks to Tucker Carlson, Lewis Howes, Larry King, and the Babylon Bee about why the Democratic party is turning so many liberals into conservatives in this special “best of” episode. Was Dave Rubin ahead of the curve for leaving the left? As identity politics and the oppression olympics destroy the Democratic party, many more Democrats are being turned towards conservatism and classical liberalism. Whether it’s trainings about intersectionality in the workplace or talk of reparations for slavery no one can run away from woke politics any more. Dave discusses what he learned about systemic racism from Larry Elder, and why collective guilt and victimhood culture are pushing many on a similar political journey.
Zero Hedge published a good article yesterday with some solid internal data showing a strong likelihood that national gasoline prices are likely to rise another 40% from current levels by mid-late summer. That would put the national average for a gallon of gasoline around $6.20 by August.
The data behind the prediction is solid and essentially boils down to the U.S. refineries not having the expanded capacity needed to keep up with an increased summer demand, particularly as they need to keep generating high volumes of diesel fuel due to current critical shortages.
The issues are created by the Biden administration and the regulatory stranglehold they put on the oil and gas industry last year. Obviously, all of this is a feature of the administration plan, not a flaw. The Green New Deal agenda necessarily requires that gasoline rise in price to $7/gal this year in order to force the change in profit dynamic for alternative fueled transportation.
Unfortunately, we the consumers will be the ones punished as the progressive, communist and far-left policy makers chase their climate change agenda. Cheap and cost-effective energy has to be made ‘not cheap’ and ‘not cost-effective’ in order to create the energy crisis their agenda requires.
Massive increases in gasoline prices are a feature, not a flaw.
Remember, Biden is disposable. The people behind Biden purposefully selected him in order to generate a kamikaze ‘fundamental change’ mission within a single 4-year presidential term. Getting crushed on the political outcomes is irrelevant, they just need to push the agenda fast enough, far enough, and destructive enough, so that all energy policies become irreversible.
The people behind the Biden administration energy program are trying to make the infrastructure needed to return to cheap and abundant energy independence, cost prohibitive.
(Via Zero Hedge) – […] According to JPM, a major driver in these counter-seasonal draws in gasoline is higher-than-normal exports. Preliminary EIA data suggest that gasoline exports, mostly to Mexico and the rest of Latin America, are averaging about 0.9 mbd since March, about 100 kbd above seasonal norms and nearly 300 kbd above summer rates.
The punchline: if exports persist at this elevated pace and refinery runs, already near the top of the range for reasonable utilization rates, fall within JPM’s expectations, gasoline inventories could continue to draw to levels well below 2008 lows and retail gasoline prices could climb to $6/gal or even higher, according to JPMorgan.
Some more details from the JPM forecast, starting with assumptions:
♦ The bank expects US refinery runs to peak at 16.8 mbd in August, which, with an average gasoline yield of 49%, means that US refiners will produce about 8.2 mbd of gasoline. Assuming gasoline imports of 0.7 mbd and 10% ethanol blending, the bank expects total finished motor gasoline supply to average 9.9 mbd. If exports continue just below current levels—about 0.8 mbd—that leaves the US with just 9.1 mbd of gasoline supply available for consumption at peak demand this summer.
♦ Because US gasoline demand is expected to average 9.7 mbd in August, the result is an average draw of 0.6 mbd from gasoline inventories in August, about 200 kbd tighter than normal.
♦ Holding those assumptions on refinery yields and flows for gasoline from today through August, total US gasoline inventories could fall below 160 mb by the end of August, the lowest inventory level since the 1950s.
A regression analysis on the relationship between gasoline inventory changes and NYMEX gasoline prices “suggests that a drop of about 60 mb in gasoline stocks between now and August would result in a 37% increase in prices which translates to a $6.20/gal average US retail price”, according to Kaneva. (read more)
I reported that Canada has begun a eugenics program, yet again, to remove the undesirables from society legally. The Medical Aid in Dying (MAID) program was initially intended to provide legal euthanasia for people suffering from terminal illnesses. It was presented as a humane alternative for those who were in extreme pain and slowly awaiting death. The Canadian government expanded the program to cover psychiatric conditions, all psychiatric conditions, and “any other medical affliction.”
Bill C-7, “the euthanasia law,” has made suicide an option for those the government deems are a burden on society. Trudeau’s socialistic dreams under Schwab’s guidance will call for universal healthcare and income, and people who require lifelong assistance present a problem for the government. At first, the measure was intended for the terminally ill, then the mentally ill, and now it encourages death for those “too poor to continue living with dignity.”
Instead of helping the poor, trust fund baby Trudeau, who never experienced financial hardship, suggests the lower class simply kills themselves, and Canadian taxpayers will fund their suicides. This evil legislation is encouraging the most vulnerable among the population to end their lives. Perhaps a mother is desperate and unable to find her baby formula, or a man lost his livelihood and business during lockdown restrictions. Are they too undignified to live? As the economy continues to turn down, there will be more home evictions, job losses, and the overall standard of living will decline as the current level of inflation is unsustainable and the supply chain crisis is nowhere near under control. Government mismanagement caused the current economic downturn, and now they are asking the victims of their incompetence to leave this world behind. Unbelievable.
At this point, Canada is actively encouraging people to choose death as the government wants to eliminate those who Adolf Hitler once deemed “useless eaters” who did not contribute to his ideal version of society. People are outraged by Roe v. Wade in America, but no one is talking about how the Canadian government is PAYING for their citizens to commit suicide. At what level is someone “too poor to continue living with dignity?”
QUESTION: Marty, You were named hedge fund manager of the year in 1998 for producing the highest return during the Long Term Capital Management collapse over the Russian bond crisis. At the WEC in Orlando, you said in 2019 that we were facing a liquidity crisis that would be similar to that event. Well, the Federal Reserve has now warned of deteriorating liquidity conditions across key financial markets amid rising risks from the war in Ukraine, monetary tightening, and high inflation in their semi-annual report. It appears that the forecast of a liquidity crisis distinguishing this crisis from 2007 to 2009 is unfolding. Would you elaborate on this current crisis headed into 2023?
JF
PS, a short interim virtual WEC may be warranted. Just mentioning. People take what you say, call it their own, and pretend you never existed.
ANSWER: What distinguished that ’98 Liquidity Crisis was that the “Club” of bankers and hedge fund guys were all on the same trade as they always did. The capital flows began to sift in 1994 as SE Asia peaked. The bear market that unfolded went largely unnoticed until the Asian Currency Crisis where the “club” then attacked the currency pegs. But the capital had begun to move back in anticipation of the coming Euro.
The 99.9% of fund managers lost their shirts on that capital shift because they were too busy bribing politicians and people in the IMF to look at the markets. They completely misjudged the world economy thinking like Marx and Keynes that they could control it. The shift in capital and attacking the SE Asian currencies led to the idea that all emerging markets were risky. With the Euro coming, the herd of little investors shifts their capital away from the funds heavily trading emerging markets. They were not “traders” but people who were engaged in trying to rig the game.
What they failed to understand was that the world economy is a financial sea of capital. When there is a high tide and capital is flowing in, they expect it will never end. The tide changes and you then move to low tide and the capital retreats outward. This was the first part of the liquidity crisis that would look at Russia as they did SE Asia emerging markets.
Consequently, when it is low tide, capital is retreating on a global level and that is when the liquidity crisis emerges. Thus, were the serious investors and pension funds behind to lose money in SE Asia, and they began unloading emerging markets elsewhere as well. Because all the hedge funds and bankers who try to rig the markets because they are not traders because they were all on the same trade of Russian debt when they tried to sell, there was NO BID. They began selling every position elsewhere which included the Japanese yen. It was a LIQUIDITY CRISIS so they needed to raise money to cover their losses and if Russian bonds were unsalable, all they could do was sell everything else. Thus, a LIQUIDITY crisis defies fundamentals because they are selling this ONLY because they need the money elsewhere. So the fundamental analysis provides no security for everything is connected in the global see of capital.
Edmon Safra of Republic National Bank put on a fancy dinner for the IMF. I was invited and it was all about trying to convince me that they had the IMF in their pocket and that would rescue the day. The pitch was Russia had all these nukes so no way would the IMF allow Russia to just collapse. This created a serious yet difficult situation for the Russian government. What was going on was that Russia had been running a huge budget deficit to pay for public services. They had borrowed $40 billion by issuing three-month ruble Treasury bills. This is what the “club” was bought for they were paying 30% interest to attract buyers. Bribing the IMF to prevent a default, they were all on this trade expecting free money. I refused to join and warned them that my computer projected this was going to collapse. They did not want to hear that. They were CONVINCED paying bribes would create that GUARANTEED TRADE.
The liquidity crisis this time is COMPLICATED. This time we do not have the traditional speculative boom which has produced inflation. This time we have shortages and there is NO WAY a central bank can prevent this type of inflation by raising interest rates. If anything, it will only propel the shortages so we have the ironic situation that economic decline is unfolding into 2023, but the shortages will get worse causing even higher inflation ahead.
Hence, capital is retreating out of confusion creating a period of low tide. But the standard impact is DEFLATION but that means demand is declining relative to supply. Now we have a decline in supply because of the regulations and war. Consequently, prices will rise even in a recession because it is a shortage of supply, not a decline in demand. It is this lack of understanding that is creating the liquity crisis.
As far as people taking my explanations, it is impossible to reach such conclusions unless you lived there and participated in those events.
I have created this site to help people have fun in the kitchen. I write about enjoying life both in and out of my kitchen. Life is short! Make the most of it and enjoy!
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