"The first panacea of a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permeant ruin. But both are the refuge of political and economic opportunists." -- Ernest Hemingway
A superficial take of today's jobs report would note that both jobs and earnings "blew past expectations, flying in the face of Fed rate hikes", and while that is accurate at the headline level, it couldn't be further from the truth if one actually digs a little deeper in today's jobs numbers.
Recall that back in August, September, and October we showed that a stark divergence had opened between the Household and Establishment surveys that comprise the monthly jobs report, and since March the former has been stagnant while the latter has been rising every single month. In addition to that, full-time jobs were plunging while part-time jobs were surging and the number of multiple-jobholders soared.
Fast forward to today when the inconsistencies not only continue to grow, but have become downright grotesque.
There’s an idea rooted among some libertarians that the Federal Reserve was originally a sound institution but has grown corrupt. As a bankers’ bank, it was fine, they believe, but not as the monster it has grown to be. If we could only go back to the Fed’s founding charter, all would be well.
I’m thinking of two well-known financial analysts who are unsurpassed in their analytical brilliance and knowledge of markets and who rightly regard the bureaucratic Federal Open Market Committee (FOMC) as the father of bubbles, busts, stagnation, and market privilege. In their articles, Peter Schiff and David Stockman hammer the Fed relentlessly and rightfully for its cluelessness, corruption, and threat to our material and spiritual well-being. They have authored engaging bestsellers on the state of the economy and place blame where it belongs, on the monetary policies of the Federal Reserve.
Yet, strangely, their recommendations stop short of eradicating the cancer altogether. They want the Fed reformed, not abolished. In each case they believe the Fed in its infancy was an institution compatible with free markets. Peter Schiff writes:
The role of a central bank is limited: to control the currency so as to keep prices and interest rates fairly stable. . . . This sort of central bank is one I could have supported. But the Federal Reserve Bank of the United States never functioned this way, and it probably was never meant to. . . . We never should have trusted the Fed to respect its boundaries.
The ultimate destroyer of the U.S. dollar was the Federal Reserve System, which was supposed to be the guardian of the currency. As I discussed in chapter 2, the original idea of the Fed was a good one: providing a uniform currency backed by gold.
The move came after overcoming a last-minute push by Poland to lower the cap, for which the European Commission had originally proposed between $65 and $70 per barrel. In short, the EU came down to Poland's price, which had become a point of contention for more than a week..
The cap - designed to punish Russia financially for invading Ukraine, while still allowing enough oil into the market, is significantly below benchmark Brent prices, which traded around $86 a barrel Friday morning, but bear in mind that Urals crude trades basically around these levels...
The United States Department of Health and Human Services has expressed support for using taxpayer funds to cover the cost of body mutilating "gender transition" surgeries for minors.
In written responses to Rep. Mary Miller, R-Ill., U.S. Secretary of Health and Human Services Xavier Becerra said that the Biden administration supports using taxpayer dollars to cover the costs of elective body-deforming surgeries on youth, such as mastectomies and vaginoplasties. His responses were submitted Tuesday to the U.S. House Committee on Education and Labor Tuesday.
Becerra responded to a series of questions inquiring as to whether the administration believes “taxpayers should pay for chemical castration and sex-change operations” and if “doctors should be forced to perform sex change operations on minor children without their parents’ consent.” He responded, “The Department follows the law, and is working to ensure that all patients, everywhere can access care free from discrimination, stigma and barriers.”
Reverse Mortgage Funding has filed for bankruptcy. The voluntary petition was registered with the U.S. Bankruptcy Court for the District of Delaware earlier this week. The Starwood Capital-backed company listed assets and liabilities of approximately $10 billion each in the Chapter 11 filing. The bankruptcy classification will allow the firm to continue operating while they work on a plan to repay creditors.
Speaking about the mortgage firm's bankruptcy filing, a representative for Starwood said the decision to file for Chapter 11 protection is necessary and appropriate for RMIT given the adverse trends in the mortgage industry. "We will continue to work closely with management, our advisors, and the company's stakeholders on the best path forward for our investors, consistent with our fiduciary responsibilities," the person said via Yahoo! Finance.
The New Georgia Project had $11 million in its investment account in August when it set out to pay $2.45 million in cash for a sprawling Atlanta compound. Less than two months later, the organization dismissed half its leadership staff, citing a lack of funds.
A series of internal documents and correspondences obtained by the Washington Free Beacon reveals the bizarre circumstances surrounding the real estate deal, which several parties close to the matter say are indicative of a leadership crisis within the Stacey Abrams-founded group. The deal was spearheaded by Erin Ferguson, a junior New Georgia Project staffer who in a group text urged senior leadership in late August to sign a letter of intent to purchase the two adjacent properties and swiftly pay a $30,000 non-refundable deposit.
But a former New Georgia Project senior executive told the Free Beacon that the rush to purchase the properties was strange, noting that the buildings needed at least $288,000 in repairs to be compliant with the Americans with Disabilities Act. The group was already locked into a $15,000-per-month lease at its current office through 2025, the former senior executive said.
Senator Rand Paul: There is no public figure or public health figure who has made a greater error in judgment than Dr. Fauci. The error in judgment was to fund gain of function rsearch in a totalitarian country. Fund research that allowed them to create super viruses that accidentally leaked into the public and caused 7 million people to die. Think about it. This is right up there with decisions, some of them malevolent or military to kill millions of people. This accidental goes to judgment. Talk about errors? You think he might apologize to the world for funding research that allowed super viruses to be created in a lab, a lab that was not properly outfitted for safety that people were already reporting was dangerous, to support that type of research and then looking away and saying “nothing to see here!”
In April 2022, engineer Chris Gleason began working on his first data project involving elections. The project was tied to the 2022 midterm election. This was unique for Chris because he had been involved in tech and data for the majority of his adult career although he never used his expertise on a political project.
The goal was to determine who was most likely to vote for which candidate and how likely they were to support particular candidates and causes.
What he and a small group of others determined was that Washington State had a massive network of campaign finance mules. They identified massive numbers of registered voters in Washington State who were making thousands of donations to Democrat party candidates nationwide and progressive PACs. The individual donation amounts were not large. These donations were small and had been intentionally set up to avoid throwing up reg flags.
The Chagos Islands may be little more than specks in the middle of the Indian Ocean, but they are at the center of a looming diplomatic row over a key American military base and the rise of Chinese power.
Lawmakers on both sides of the Atlantic have raised fears that the British government's decision to begin negotiations to hand over the islands to Mauritius could allow China the chance to build its own military facility on the archipelago — right under the nose of American forces at Diego Garcia.
The issue is one of the most important strategic locations in the Indian Ocean, from where U.S. B1 and B52 bombers can reach maritime chokepoints, vital sea lanes and even potential Chinese bases everywhere from Djibouti to Pakistan.
During the Tribal Nations Summit, Joe Biden tells a “story” of his wife, Jill, staying with the various Native American Tribes. Trying to get some chuckles, Biden says sometimes he “doesn’t know” if she will come back from those tribal visits.
Hollywood isn’t exactly having a happy holiday season, at least not based on their box office results.
They are looking at some of the worst box office results since 1994 (disregarding 2020 as a COVID year), according to reporting by the Daily Wire.
The results were tabulated over the Thanksgiving holiday weekend, which is typically a busy weekend for people going to the movies. However, Hollywood did not see the results it might have hoped to see over this long weekend.
IndieWire reported that the total from the long weekend came out to about $95 million. In the two years before the COVID pandemic, the totals were $216 million (2018) and $181 million (2019).
AV Club mentioned the following when it comes to the numbers that Hollywood has put out recently:
“A weekend garnering under $100 million is rare in and of itself; in 2019, only four weekends wore the heavy crown.”
Disney’s most woke movie out for the weekend, “Strange World,” with an openly gay animated character,
generated just $11.9 million at the box office. That is dismal, and it might go to show the true backlash from many Americans against the woke direction that the company has taken in recent years. Leadership at Disney should think hard before they continue to push their woke agenda as aggressively as they have been lately.
That’s the recent daily count in Chicago in October as motor vehicle thefts spiked dramatically in the last three months. Compare that to the first half of the year when Chicago was averaging “just” 35 thefts a day.
It’s just one part of the Great Unraveling of Chicago’s justice system that stems from emboldened criminals, a demoralized police force and a leadership class obsessed with soft-on-crime legislation like the SAFE-T Act.Late amendments to the Act under consideration today in the final day of the fall veto session could lessen the damage somewhat but key flaws and a lawsuit challenging the Act will remain.
As will the onslaught of car thefts in Chicago so outlaws can perpetrate serious crimes. The sheer volume of vehicle thefts now in the city is striking. According to the city’s data portal, Chicago is on track to suffer 20,234 by year’s end. That would be 91 percent more than last year, more than double the last pre-Covid pre-George Floyd year of 2019, and far greater than any year since 2006.
Republicans in the Senate have threatened to block the National Defense Authorization Act unless a vote is held on the current COVID vaccine mandate for military personnel.
The effort is being headed up by Florida Senator Rick Scott and Kentucky Senator Rand Paul, along with 11 other senators, including Ted Cruz and Mike Lee.
As a veteran & member of @SASCGOP, I fully support our military & have fought hard for big nat'l security wins in the NDAA. But, before this bill moves forward, we must stand with our military members & reverse the @DeptofDefense's COVID vax mandate. U.S. readiness depends on it. pic.twitter.com/DoRgn5cJZh
Scott told Fox News “I think on the NDAA one thing that’s going to be important is that we don’t give cloture unless they agree that we’re not going to keep kicking people out of the service for their – if they’re unvaccinated,” adding “I think that we’ve got to start standing up for people.”
Seattle’s City Council approved their 2023-2024 budget Tuesday permanently removing 80 unfilled Seattle Police Department positions, according to The Seattle Times, despite crime continuing to ravage the city.
President Joe Biden said he has “no plans” to meet with Russian President Vladimir Putin, but would be willing to sit down for talks “if there is an interest in him looking for a way to end the war” in Ukraine.
Global energy prices could rebound to previous highs after the European Union (EU) rolls out a total ban on Russian oil imports, which could further constrict the world’s oil supply, CNBC reported Thursday.
The Department of Homeland Security (DHS) on Nov. 30 issued a warning about a “heightened threat environment” ahead of the holiday season in the United States.
“Our homeland continues to face a heightened threat environment—as we have seen, tragically, in recent acts of targeted violence—and is driven by violent extremists seeking to further a political or social goal or act on a grievance,” DHS Secretary Alejandro Mayorkas said in a statement.
Faith-based institutions, government buildings, U.S. infrastructure, schools, and public gatherings could be targeted by groups of people or lone actors who might have “a range of ideological beliefs” and “personal grievances” in the coming weeks and months, the DHS’s National Terrorism Advisory System stated in a Nov. 30 bulletin.
The bulletin is the seventh of its kind since January 2021 after President Joe Biden took over, and it’s set to run through May 24, 2023.
The bulletin made reference to the Nov. 19 mass shooting targeting a gay bar in Colorado Springs, Colorado. Officials haven’t established a motive in the shooting, and the suspect, 22-year-old Anderson Aldrich, later identified himself as “nonbinary” and used “they/them pronouns,” according to lawyers.
“Perceptions of government overreach continue to drive individuals to attempt to commit violence targeting government officials and law enforcement officers. Some domestic violent extremists have expressed grievances based on perceptions that the government is overstepping its Constitutional authorities or failing to perform its duties,” the DHS added.