ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Feb 24 13:50

The Fed Is 'Down'

Update (1400ET): The Fed issued a brief statement:Update (1400ET): The Fed issued a brief statement:

“The Federal Reserve Bank staff is currently investigating a disruption to multiple services. We will continue to provide updates as soon as they are available."

Is this The Great Reset?

dear @federalreserve have you tried CTRL-ALT-DEL?
— zerohedge (@zerohedge) February 24, 2021

* * *

It appears that The Fed is "down" as all FRB Servcies are currently offline including ACH and FedWire...

Translation: the official establishment-sanctioned method of transferring money in America is currently offline!

Feb 24 12:33

SISYPHEAN PRINTING WILL KILL DOLLAR & BONDS

Feb 24 11:39

Raising the Minimum Wage

Feb 24 10:00

We’re All Keynesians Now

Feb 24 09:23

It Starts: The Cascading Financial Repercussions of the Texas Electricity Crisis

The financial repercussions of the winter-storm electricity crisis in Texas have entered the confession phase.

Just Energy Group, the Canada-based retailer of electricity and natural gas that is heavily involved in Texas, announced this morning in an SEC filing that it might have lost $250 million over the few days during the “Weather Event” in Texas, and that “the financial impact could change as additional information becomes available,” and that “once known,” the financial impact “could be materially adverse to the Company’s liquidity and its ability to continue as a going concern.”

This “going concern” warning is a standardized accounting term for the acknowledged possibility that the company might not be able to meet its obligations and might not be able to stay afloat.

Feb 24 08:08

The UN wants THESE 6 policies from The Great Reset executed ASAP

Feb 24 08:07

Some clear thinking on $50,000+ Bitcoin

Feb 24 07:35

Anatomy of a Bubble and Crash

Feb 23 20:34

Rick Wiles Floats 2024 Prez Campaign On Platform Of Seizing Big Tech Billionaires' Wealth & Giving It To The Poor

"Let's break up the tech companies. Let's take the billions. I want to take Bill Gates' billions and give it to the poor. I want to give it to the poor. I want to strip them, completely strip them, and give it to the poor. I want Jack Dorsey's money. I want [Mark] Zuckerberg's money. I want to give it to the poor."

Feb 23 16:21

Watch: How to Make Your Own Bank

Feb 23 16:12

If This Isn’t A Blow-Off Top …

Feb 23 15:33

Someone Please Tell Powell, Yellen And Biden That We Are Going To Need A Lot More “Weimar Money”…

This stock market bubble was originally created by unprecedented intervention by the Federal Reserve and by extremely wild borrowing and spending by the U.S. government, and in order to keep the bubble going we are going to need a lot more of the same. -- So someone needs to tell Federal Reserve Chair Jerome Powell that it is time to go “full Weimar” so that we can prop up this bubble for as long as humanly possible.

Feb 23 11:21

Airlines Slammed By Soaring Jet Fuel Prices

Feb 23 10:48

Stock Market Most Overvalued EVER

Feb 23 10:36

Justice Department asks Supreme Court to cancel argument in case on Trump's Medicaid work requirements

The Justice Department asked the U.S. Supreme Court Monday to cancel argument in a case testing the government's ability to approve state programs that impose a work requirement on recipients of Medicaid.

The Trump administration approved plans by two states, Arkansas and New Hampshire, to deny coverage to poor people unless they were working, volunteering, or training for a job. Medicaid recipients in those states sued, arguing that the plans would let states kick people off Medicaid for failing to get jobs that had become scarce during the economic downturn caused by the Covid-19 pandemic.

Lower courts agreed, ruling that the government did not have authority to approve such programs. The Trump administration appealed, and the case was scheduled for Supreme Court argument on March 29.

Feb 23 10:28

Texas Utility Mistakenly Alerts Customers They Owe $200K, Warns of Fake Bill Collectors

Amid freezing temperatures and power outages in Texas, a high natural gas bill is an added stress.

A Texas utility company has apologized for accidentally sending an email notification to customers that said they owed over $200,000 for natural gas. The company also warned customers about possible scammers posing as bill collectors.

Local Houston news outlets reported that CenterPoint Energy customers were shocked to receive email notifications that they owed $202,102.16 in natural gas payments. A screenshot shared by Click 2 Houston displayed the notification. The image shows the aforementioned amount, as well as a March 4 due date, and tells customers: "Your CenterPoint Energy bill is ready to view, print and pay online."

Feb 23 10:27

Once He Steps Down From Amazon, Jeff Bezos Will be Able to Focus his Energy on Blue Origin

When it comes to the private aerospace sector (aka. NewSpace), some names stand out from the rest. The most obvious of these is SpaceX (the brainchild of Elon Musk and the leading source of innovation in commercial space) and the United Launch Alliance (ULA), a joint venture between Boeing and Lockheed Martin. But what of Blue Origin, the private aerospace company created by Jeff Bezos in 2000?

In recent years, Blue Origin has fallen behind the competition and missed out on several billion dollars worth of contracts. But with Bezos stepping down as CEO of Amazon, industry sources have indicated that this could change soon (according to Eric M. Johnson at Reuters). With all of the opportunities available for commercial space, Bezos is now in a position to take a more hands-on role as the company faces a most pivotal year.

Feb 23 10:26

Kansas Bill Would Make Gold And Silver Legal Tender In The State

A bill introduced in the Kansas House would recognize gold and silver specie as legal tender and repeal all taxes levied on it. The legislation would pave the way for Kansans to use gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.

The Federal Reserve is the engine that drives the most powerful government in the history of the world. Ron Paul popularized the slogan “End the Fed,” but Congress is nowhere near abolishing the central bank. It can’t even come up with the will to audit the Fed.

Feb 23 10:25

Another Boeing Jet Just Suffered Engine Issues, Dropped Metal Parts Across Dutch Town

A Longtail Aviation Boeing 747-400 freighter suffered an inflight engine failure shortly after taking off from Maastricht Airport, a regional airport in Beek in Limburg, Netherland, on Saturday.

The plane was powered by Pratt & Whitney PW4000 engines - the same engine that just exploded over Denver - when one of its engines suffered a failure.

Webmaster's Commentary: 

Okay, that's a confirmation. The problem is not the Boeing airframes, but the Pratt and Whitney PW4000 engine!

Feb 23 10:19

A Modest Proposal For Price Discovery In The Silver Market

We know that price discovery is impossible until the paper exchanges in NYC and London blow up. Or is it?

There’s plenty of above-ground silver around the world. Yes most of it is “spoken for” by the owners of that silver. Silver producers can’t produce enough silver to satisfy demand at the current price. Just ask the SLV sponsor, who quietly implemented provisions in the Prospectus which are harmful to SLV investors because it is unable to source enough silver to back the shares issue from recent demand.

Price discovery is the process by which a free market uses price to balance supply and demand. But price discovery has been absent from the gold and silver markets for decades. This is why a shortage in physical gold developed in March 2020 and why an even more severe shortage in silver has developed currently.

Feb 23 09:49

Bitcoin drops by more than 15%

The price of Bitcoin is dropping by 16.99% during the trading session to the level of $47,944, according to CoinDesk portal data as of 17:16 Moscow time.

Earlier, the Bitcoin price set a new all-time high record surpassing $58,000.

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without intermediaries.

Feb 23 09:39

Joann files for $100M IPO

Feb 23 08:53

Hedge Fund Manager: Investors No Longer Want Common Ground, They Want To Destroy

Anecdote
"Faith, cynicism, skepticism," said the CIO.

"The faithful believe in something, cynics believe in nothing, skeptics find the balance,” he continued.

“Western society was built on a foundation of healthy skepticism, and this is quite clearly being lost. It is easiest to observe in Washington which makes sense because the political costs of polarization in today’s world are declining,” he said.

"We increasingly see that as people are drawn toward the cynical and faithful wings of the distribution, the cynics develop their own faith, and the faithful develop their own cynicism. And these passions amplify the tribal conflicts that divide us," he said.

"This is beginning to manifest in markets, which we are taught should be immune, rational. Having capital at risk forces one to be sober when considering the possible future states of the world, probabilities, market prices, risk versus reward,” he explained.

Feb 23 08:47

PICTURED - The broken fan blade that caused the Denver air explosion: Engine piece snapped off mid-flight because of 'wear and tear', sparked fire and fell onto soccer field, investigators say

The mid-air engine fire that caused debris from a Boeing 777 to rain down over Denver on Saturday was caused by a damaged fan blade suffering from 'metal fatigue', officials have announced in preliminary findings.

National Transport Safety Board (NTSB) Chairman Robert Sumwalt said during a virtual press conference Monday there was a 'loud bang' and vibrations coming from the right engine of United Flight 328 about two minutes after take-off from Denver International Airport on Saturday.

With the plane at around 12,000 feet, Sumwalt said two blades of its Pratt & Whitney engine suddenly broke - with one fracturing at the base where it meets the hub, and the second snapping off mid-way.

Feb 23 08:31

World's Largest Hedge Fund Manager Warns Emerging Tech Stocks In "Extreme Bubble"

I’ve seen a lot of bubbles in my time and I have studied even more in history, so I know what I mean by a bubble and I systemized it into a “bubble indicator” that I monitor to help give me perspective on each market. We now use it to look at most markets we are in. I want to show you how it works and what it is now showing for US stocks.

What I mean by a bubble is an unsustainably high price, and how I measure it is with the following six measures.

How high are prices relative to traditional measures?

Are prices discounting unsustainable conditions?

How many new buyers (i.e., those who weren’t previously in the market) have entered the market?

How broadly bullish is sentiment?

Are purchases being financed by high leverage?

Have buyers made exceptionally extended forward purchases (e.g., built inventory, contracted forward purchases, etc.) to speculate or protect themselves against future price gains?

Feb 23 08:30

Dollars Are Flooding Into China At A Record Pace

The capital outflows from China that prompted the country to engage in a shock devaluation are a distant memory, at least according to Goldman's preferred gauge of FX flows.

Looking at the latest round of SAFE data, Goldman's Chinese economists find net inflows of around US$35BN in January, vs US$93BN in December last year, cumulatively the highest on record. Goods trade related FX inflows remained strong, while foreign buying of onshore bonds rose further in January (even though there were modest outflows through the stock connect program).

Feb 23 08:27

Food Inflation Is The Best Predictor Of Bond Yields

Food Inflation And Asset Markets

Food inflation globally has been remarkably low in recent decades. Food prices compare very favorably to other inflation indicators such as the gold price. The US provides good, long term food inflation data back to 1913. While the spike in gold prices in the 1970s foreshadowed rising food inflation, so far rising gold prices seen since 2000 have not presaged an increase in food prices.

However, while food prices inflation has remained benign in the US, this is not true in China, where African Swine Flu has forced pork prices to 4 times US prices. This is starting to create upward pressure on grain prices globally. US corn prices and pork prices tend to follow each other with a lag.

Feb 23 08:16

De Blasio Appoints NYC "Recovery Czar" 11 Months After Start Of Pandemic

11 months into NYC's COVID-19 outbreak, and with indoor-dining-capacity slowly expanding, NYC Mayor Bill de Blasio has finally appointed a so-called COVID "recovery czar" following months of criticism of his leadership of the city's public health resources.

The mayor's pick is Lorraine Grillo, who will lead a newly-constituted, weekly “war room” that spans across government leaders, agencies, business leaders and nonprofits in the city.

Input from all corners will reportedly be applied.

De Blasio made the announcement on Monday morning.

By way of an excuse for the delay, the mayor said the city had been overwhelmingly focused on “the emergency reality of turning this city around and the battle of Covid,” de Blasio said during a Monday press briefing.

“Now, to bring all these strands together, we decided a czar could really make this thing go into the next gear.”

Feb 22 23:20

Mastercard and Visa make a case for Bitcoin

Feb 22 09:17

Weapons Biz Bankrolls Experts Pushing to Extend Afghan War

Earlier this month, a study group established by Congress recommended that President Joe Biden extend the May 1 deadline for withdrawing troops from America’s longest war. It’s a strategy that many experts say runs the risk of abrogating the U.S.-Taliban agreement and potentially setting back the potential peace process in Afghanistan — or even dooming it to failure.

Perhaps unsurprisingly, there is a striking similarity in the backgrounds of the individuals involved in these critical recommendations, which are likely to influence whether Biden maintains a “conditions based” U.S. military footprint in Afghanistan. Two of the group’s three co-chairs and nine of the group’s 12 plenary members, comprised of what the group refers to as “members,” have current or recent financial ties to major defense contractors, an industry that soaks up more than half of the $740 billion defense budget, and stands to gain from protracted U.S. military involvement overseas.

Feb 22 08:46

Oligarch Bill Gates Attacks Bitcoin, Cryptocurrencies

Globalist oligarch Bill Gates impugned bitcoin on Wednesday, describing the decentralized currency as an innovation that the world could do without.

“The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that,” said Gates of Bitcoin in an interview published Thursday in the Wall Street Journal. Gates would go on to qualify his view. “I probably should have said bio weapons. That’s a really bad thing.”

The US dollar is used to facilitate criminal activities on a daily basis. Gates’ strawman argument ignores that bitcoin transactions are in many cases more transparent than those enacted by major financial institutions, which regularly facilitate criminal activities by Ponzi schemers, corrupt banks, and money launderers.

Feb 22 08:38

Food bank queues growing as pandemic exacerbates UK hunger crisis

The onslaught of the pandemic and the ensuing national lock-downs has lifted the lid off an ugly truth about the UK: 14 million Britons, a third of them children, now live below the breadline: a poverty crisis that is tarnishing the image of one of the most powerful economies on the planet.

This winter has seen food bank queues snaking around corners in the UK. Those down on their luck waiting up to five hours in the freezing cold, not knowing if there will be anything left for them. In places where poverty and hunger were already rife – it’s the tip of the iceberg.

Jaywick, a seaside village in southeast England, is named the country’s most deprived area for the past decade. Over the years local authorities have been grilled over worsening conditions here, to no avail.

Feb 22 08:10

REVEALED: UK Lockdown Policy Has Forced 70,000 Households Into Homelessness

As the UK approaches its one year anniversary of the government’s disastrous lockdown experiment, data from numerous reports is now filtering in, and the numbers paint a harrowing picture.

While Boris Johnson’s government and its loyal media cohort attempt to blame all of the economic and social catastrophes on “the virus,” the fact remains that it is the government’s unprecedented reaction to fears of a ‘global pandemic’ – its radical interventionist policy – which has destroyed the economy and society, doing far more damage than the supposed ‘novel coronavirus’ could ever do on its own.

The results are now clear to see: lockdown policies have failed the people of Britain on every level.

Feb 22 08:09

Michael Burry Warns Weimar Hyperinflation Is Coming

Update (1815 ET): one day after the Weimar tweetstorm below, and shortly after our article came out, Burry tweeted the following:

People say I didn't warn last time. I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof I warned.

Indeed he will.

* * *

One week ago, Bank of America hinted at the unthinkable: the tsunami of monetary and fiscal stimulus, coupled with the upcoming surge in monetary velocity as the world's economy emerges from lockdowns, would lead to unprecedented economic overheating... or rather precedented as BofA's CIO Michael Hartnett reflected back on the post-WW1 Germany which he said was the "most epic, extreme analog of surging velocity and inflation following end of war psychology, pent-up savings, lost confidence in currency & authorities" and specifically the Reichsbank’s monetization of debt, and extrapolated that this is similar to what is going on now.

Feb 22 08:00

Can OPEC+ Maintain Order As Oil Prices Rise?

After months of neglect from traders, oil became a hot commodity again this month as Brent surged over $65 a barrel and WTI topped $60 for the first time in a year. The rally cast a shadow over OPEC+’s resolve to keep cutting as much production as they are cutting now. Oil had been recovering steadily even before the United States lost some 40 percent of its oil production because of the Arctic cold wave that swept across the country. The Texas deep freeze certainly helped it, but its effect is already dwindling as traders take profits: Brent was down to less than $63 at the time of writing, and WTI had slipped below $60 a barrel. Yet a substantial upside potential remains that could increase internal tensions between OPEC+ members.

Feb 22 08:00

Former SEC Chair Jay Clayton Will Become Apollo's "Lead Independent Director"

As if the establishment ignoring Janet Yellen's clear ties to Citadel wasn't enough to help you lose faith in the Wall Street swamp this year, we'll do you one better. Former SEC Chair Jay Clayton has officially been hired by Apollo Global Management, just weeks after stepping down as SEC chair.

Apollo is, of course, the firm whose CEO, Leon Black, was found to have paid child sex offender Jeffrey Epstein $158 million.

Clayton was named the firm's lead independent director, a newly created role that is "intended to tighten corporate governance," according to Forbes.

Clayton is also expected to return to his role at Sullivan & Cromwell LLP, where he was a partner, according to the Wall Street Journal. He will be "senior policy adviser and of counsel," WSJ reports. He will also continue as an adjunct professor at the University of Pennsylvania Carey Law School.

Feb 22 07:59

Von Greyerz: How Will It All End?

Akhlys, the Greek goddess of Misery and Poison, is exerting a major influence on the world currently. And sadly the dosage of misery and poison will increase in coming months and years.

What is now crystal clear is that this excess dose of fake assets and fake liabilities will totally poison the financial system and the world economy.

As Paracelsus, the renowned 16th century Swiss physician said; “all things are poison, it is the dosage that makes it either a poison or a remedy.”

When a world already in trouble was hit by a severe financial crisis in September 2019, the dose of debt was already excessive. But as the Fed and the ECB opened the money spigots fully, they filled the world with poisoned or fake money. The BY team (Biden & Yellen) will now be certain to finish this process with their profligate spending plans.

Feb 22 07:48

Watch Out, Chinese Money May Start Trickling Away

China will ease restrictions on investing abroad, including raising the QDII quota for institutions and studying the feasibility of allowing individuals to buy foreign securities within their annual limit, a State Administration of Foreign Exchange official said Friday. Currently, Chinese residents are allowed to purchase up to $50,000 a year of foreign currencies, but the funds can only be used for purposes such as traveling and studying, not for buying overseas property, securities or life insurance.

The authorities have already taken a slew of steps since late last year to encourage outflows and temper inflows in a bid to slow the yuan rally. To underscore the appreciation pressure, Friday’s data showed China’s current account surplus surged to $130 billion in the fourth quarter, the most since 2008.

Feb 22 07:46

Coinbase Valued At $100 Billion, More Than CME, ICE, CBOE And Nasdaq

Bitcoin's explosive price surge in the past year which has pushed its market cap well over $1 trillion for the first time, has not only benefited the cryptocurrency and its peers, but has sent shockwaves across downstream sectors which cater to providing access to the soaring demand for crypto exposure around the world.

And few "conventional" companies have benefited more from bitcoin's ascent than Coinbase, which according to The Block Crypto was valued at a stunning $100 billion in its latest private round sale ahead of the crypto exchange's long-awaited direct listing.

Feb 22 07:41

US Electricity Markets 101: All You Need To Know How Electricity Prices Are Set In The US

In the United States, how electricity is bought and sold varies by region of the country. While many cities, including Austin, Texas, Los Angeles, California and Nashville, Tennessee are served by municipally owned utilities and some rural areas are served by customer-owned rural cooperatives, the majority of electricity customers in the use are served by utilities that are owned by investors. These investor-owned electric utilities can be either regulated and operate as vertically integrated monopolies with oversight from state public utility commissions, or they can operate in deregulated markets where electric energy prices are set by the market with some federal oversight of wholesale market operations. These regulatory constructs determine how retail and wholesale electricity prices are set and how power plants are procured.

Feb 22 07:40

Dem Rep. Ro Khanna: 'We Don't Want' Small Businesses That Can't Pay $15 Minimum Wage

Trying to live the American dream but can't pay $15 an hour minimum wage? Democratic Rep. Ro Khanna of California doesn't think your business should exist.

During a Sunday discussion on CNN's "Inside Politics," Khanna said that "low-wage businesses" who can't pay $15 an hour are "underpaying employees" and suggested that "If workers were actually getting paid for the value they were creating, it would be up to $23."

Feb 22 07:39

Striking Oil Is No Antidote for What Ails Cambodia’s COVID-hit Economy

In the final days of 2020, Cambodia extracted its first crude oil from the Apsara field, 110 nautical miles off the coast of Preah Sihanouk province in the Gulf of Thailand. After years of delays, Prime Minister Hun Sen hailed the start of production as “a blessing for Cambodia,” making it the eighth oil producer in the 10-member Association of Southeast Asian Nations (ASEAN). Yet striking oil comes amid a COVID-induced recession, which saw Cambodia’s economy contract by 2% last year after decades of sustained growth.

Feb 22 07:35

Texas Gov. Greg Abbott says power companies can NOT stick customers with huge bills after deadly winter storm... but will those who have paid up to $17K get their money back?

Texas utility regulators will temporarily ban power companies from billing customers or disconnecting them for non-payment, after the deadly winter storm that caused widespread blackouts, Governor Greg Abbott said on Sunday.

Abbott called an emergency meeting with state lawmakers on Saturday after reports of many customers receiving bills for thousands of dollars for just a few days of electricity service while Texas was gripped by frigid temperatures.

'Texans who have suffered through days of freezing cold without power should not be subjected to skyrocketing energy bills,' Abbott told reporters on Sunday in San Antonio.

Feb 22 07:25

Boeing calls for GLOBAL grounding of all 128 777s with same Pratt and Whitney engine that exploded mid-air over Denver: United Airlines says its 24 planes will not fly again until FAA inspection

Boeing has called for the grounding of all 128 planes of its Boeing 777-200's that use Pratt & Whitney PW4000 engines as US regulators investigate a United Airlines plane whose engine exploded and rained down debris over Denver.

United and Japan's two main airlines - Japan Airlines and All Nippon Airways - confirmed they have already suspended operations of 56 planes fitted with the same engine which disintegrated mid-flight over Colorado on Saturday. United acounts for 24 of those aircraft, while the Japanese operators have 32.

South Korea is the only other country using the same combination of a Boeing 777-200's with a Pratt & Whitney PW4000 engines - although operations have not been suspended there. A further 59 of the total 128 planes are not in service.

Webmaster's Commentary: 

It needs to be remembered that Boeing sells the airframe, and the purchaser chooses the engines to be installed. The problem may well be with Pratt and Whitney, not Boeing.

Feb 22 07:24

Cargo plane's engine catches fire, dropping debris that injures two people in a Dutch town

Two people were injured after pieces of a cargo plane broke off and fell onto a town in the Netherlands, according to authorities there.

Pieces of metal fell on the town of Meerssen after a Boeing 747 cargo plane experienced an engine fire shortly after taking off from Maastricht, according to the Veiligheidsregio (the Dutch regional safety inspector) and Maastricht Aachen Airport (MAA).

The Boeing 747-400 freighter plane was bound for JFK Airport in New York City, according to Longtail Aviation, the charter airline service that owns the plane.

Feb 22 07:16

Hedge Fund CIO: "This Is The Endgame - We Are Entering The Hyper Speculation Phase"

“Markets are not that complicated in these moments,” said the CIO. “This is the endgame - we are entering the hyper speculation phase."

These markets are intellectually uninteresting. “Being contrarian, subtle, nuanced, none of that makes money in these kinds of markets,” he said. “The more nuanced you are intellectually, the less money you’re making.” It is as irresistible as it is unstable.

“A healthy market has those who can see both sides of the trade, and they may differ in how they weigh the risks, but they acknowledge they exist.”

“Few people are equipped to trade these markets,” continued the same CIO. “Most believe that engineers prevail in finance, but there is a time in every cycle where you want your money managed by artists,” he said.

Feb 22 07:15

Demographics Is (Dark) Destiny

Some folks want to make economics seem complicated. It ain't. Any who, some charts depicting the US economy...through demographics.

First, 15 to 54 year old US population (blue line) and those employed among that population (green line). You may note the end of population growth among them in '07 and not only the end but a significant decline in employment among them since '07. This is the population segment that undertakes most of the credit (creating the new $'s via undertaking debt...vs. elderly who destroy $'s via deleveraging/paying off their loans), buys most the homes, spends the most, earns the most. The lack of growth among them is paramount in understanding what took place in '08 as potential new home buyers ceased to exist and banks gave credit to anyone to keep the party going...'08 (and what has come since) was an entirely predictable demographic caused crisis.

Feb 22 07:11

First Look Inside St. Louis' "Hooverville-Style" Tiny Home Village For Homeless 

A modern-day "Hooverville" has been constructed in St. Louis, Missouri, consists of dozens of people who have been left behind in the "K-shaped" recovery.

The tiny house village, a temporary housing program erected by the city, is located off Jefferson Avenue just north of downtown. The shanty village built during the pandemic depression is for the homeless.

The village was constructed with about $600k from the federal CARES Act and has a 29-month lease on the property.

"There are single and double homes. They have heating and AC, plus a bed and desk. The property offers showers, restrooms, laundry, three meals a day and 24-hour access to caseworkers. The heat is the biggest thing for many of the residents as the temperatures drop," said local news KMOV.

Webmaster's Commentary: 

When I worked on the Mississippi Queen I toured preserved slave shacks from the antebellum era that were larger than these!

Feb 21 17:13

Smoking Gun! Joe Biden’s Dept. of Energy Blocked Texas from Increasing Power Ahead of Killer Storm

An Emergency Order from the Biden administration’s Department of Energy shows Texas energy grid operator ERCOT was instructed to stay within green energy standards by purchasing energy from outside the state at a higher cost, throttling power output throughout the state ahead of a catastrophic polar vortex.

Feb 21 08:56

Next Up: Global Depression

Feb 21 08:43

“It’s criminal”: A Texas community left without aid in the cold

Gloria Vera-Bedolla, a Latina community organizer and mother of three, feels like her neighborhood near Austin, Texas, has been forgotten in a deep freeze that has plunged the state into a humanitarian crisis.

“We continue to be the victims of social injustice, food injustice, systemic racism — all of it,” she said. “And lots of people don’t speak up because they’re not used to being heard.”

Known as Forest Bluff, Vera-Bedolla’s neighborhood is on the east side of Interstate 35, where a vast share of the city’s Black and Hispanic populations reside. Her family moved there in 2017 after rising property taxes pushed them out of central Austin, drawn by cheaper real estate and more square footage.

Feb 21 08:23

Inflation scare justified?

Feb 21 08:15

Hurt by Lockdowns, California’s Small Businesses Push to Recall Governor

Alexandra and Daniela Del Gaudio had never been to a political rally before, let alone one to protest a coronavirus lockdown and recall Gov. Gavin Newsom. But things had changed in the sisters’ lives since they opened the Wild Plum, a yoga and wellness space, in 2018.

The Wild Plum, in California’s San Fernando Valley, closed in March when Mr. Newsom issued pandemic stay-at-home orders for the state. By the time the Wild Plum reopened last month, when Mr. Newsom relaxed the latest lockdown restrictions, the sisters had amassed $70,000 in debt. So there they were at a recent anti-Newsom rally in a restaurant parking lot in the Sherman Oaks neighborhood of Los Angeles, along with dozens of other business owners.

“Everyone says to walk away, but we put everything we have into this,” Daniela Del Gaudio, 33, said. “We’re banging our heads trying to figure out what to do.”

Feb 21 08:03

‘People turn off their power because they can’t afford it,’ Texas woman slapped with $11,000 electricity bill tells RT

Texas' infrastructure wasn’t ready for the winter storm that paralyzed the state this week, and it’s unfair that the working people are now forced to pay the price, a local woman who received a shocking power bill told RT.

The pipes in her home burst, and the water was out for four days, but it turned out that it wasn’t the worst thing that happened to Akilah Scott-Amos during the Texan cold snap. While she was lucky enough to suffer only a brief power outage, the $11,000 electricity bill that she received exceeded all her wildest expectations.

The woman was charged that much because she is serviced by a wholesale retailer of electricity. Such an arrangement is attractive when the market is stable – Scott-Amos usually paid around $40 or $50 during this period – but turned out to be disastrous in a time of crisis, for which the state and her electricity company “weren’t prepared.”

Feb 21 07:10

"It's Raining Metal" - Boeing 777 Experiences Mid-Flight Engine Explosion Over Denver Suburbs

The Federal Aviation Administration (FAA) issued a statement around 1700 ET about the incident concerning a Boeing 777-200 operated by United Airlines. The FAA says it's "aware of reports of debris in the vicinity of the airplane's flight path. Please contact local officials and the airline for further information about the passengers. The FAA and National Transportation Safety Board will investigate."

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