Thought for the day

"Silence in the face of evil is itself evil; God will not hold us guiltless. Not to speak is to speak. Not to act is to act." -- Dietrich Bonhoeffer

  • 0
  • 1
  • 2



“What will it take for the Fed to pause?” I asked, early morning, screens aglow, the smell of impending policy-maker panic drifting across our trading floor like freshly brewed coffee. We were discussing relentless dollar strength, what it means, where it leads. “It’s harder to answer in this cycle, because I don’t really think that dollar strength is specifically because of the Fed, at least not completely,” said Lindsay Politi, our inflation-strategies portfolio-manager, brilliant. “It’s the logical consequence of the QE bubble bursting. Fed tightening is part of it, sure, but it’s not like when the Fed pauses all the root cause of the problems will go away.”

“One thing I’ve learned about market collapses is that what gets you into them won’t get you out of them, and the people who rode the wave on the way up will not be the ones stepping in to buy the bottom,” continued Lindsay. “That’s why, this time, I wouldn’t be looking to central banks to save us,” she said. “Some of this is also because, in a high debt, inflationary world, the US is just a better credit. In this crisis, markets are going to go after sovereign credits. And remember, pricing default risk is about combining default probability and recovery rate.”

Posted on: Oct 03 07:28

Ironically, the push toward carbon-rationing and CBDCs is based on the same insight by sound money advocates: Fiat is worthless.

Let me tell you a parable about value. It’s about how the “thing” that everybody assumes has value can change over time, and by the time it changes, people have completely lost touch with the original measure of value.

In the early 00’s, easyDNS was getting ready to move our servers out of our physical office and into an actual data colocation center in downtown Toronto.

When we got our first cabinet, we were billed in terms of how much rackspace we were using, and what our bandwidth consumption was. In those days, the servers were trying to pack themselves into smaller enclosures and compress the data payloads to reduce bandwidth. There were 2U boxes, the bleeding edge stuff coming out was 1U, and if you were a dinosaur from late-90’s, you might have some legacy 4U servers, which were costing you a fortune to rack.

What was missing from that equation?

Posted on: Oct 03 07:28

First it was 500Kb/d, then 1 million. Now, according to both Bloomberg and the WSJ, OPEC+ will likely announce that it is slashing output by more than a million barrels per day when it meets this Wednesday in Vienna.

With the amicable days of fistbumps long gone...

... the larger-than-expected reduction will reflect the scale of concern that central banks are rushing to spark a global recession, which in turn is crippling oil demand and demanding a supply response. The dollar, which has hit record highs pretty much every day in Q3, has also weighed on prices.

That said, a final decision on the size of the cuts won’t be made until ministers meet, Bloomberg's sources said while the WSJ noted that because the ultimate decision will be hotly debated, the group decided to meet in person in Vienna on Wednesday for the first time since the start of the pandemic. Other options being considered include a smaller reduction of 500,000 barrels a day or as much as 1.5 million barrels a day.

The Journal's Summer Said noted that the option to cut more than 1 million barrels a day is backed by Russia, the group’s biggest non-OPEC partner. But the cartel’s biggest exporter, Saudi Arabia, has some reservations on the size of the cut, the delegates said.

Posted on: Oct 03 07:26

Turkish President Recep Tayyip Erdogan reiterated on Saturday that Ankara could block Sweden and Finland from joining NATO if the two countries don’t fulfill a deal they signed with Turkey on joining the alliance.

Sweden and Finland have signed their ascension protocols to join NATO, which sent their prospective memberships to each alliance member’s parliamentary bodies. So far, 28 out of 30 members ratified their memberships, with only Hungary and Turkey remaining.

“Until the promises made to our country are kept, we will maintain our principled position,” Erdogan told Turkey’s parliament. “We are closely following whether the promises made by Sweden and Finland are kept or not, and of course, the final decision will be up to our great parliament.”

Posted on: Oct 03 07:26

Washington Must Learn to Bargain with a Nuclear North Korea: Kim Jong-Un’s statement in early September that North Korea will never give up its nuclear weapons should be the last nail in the coffin of Washington’s strategy toward that country. Since Pyongyang has officially declared that it is now a nuclear-weapons power, the United States and its allies must move on from the quixotic goal of getting Pyongyang to abandon its nuclear ambitions. For nearly 3 decades, Washington has led an international effort to isolate the Democratic People’s Republic of Korea (DPRK) until it agrees to a complete, verifiable, and irreversible end to its nuclear program. Pyongyang’s refusal to comply with that demand has led to ever-tightening economic sanctions, but it is now indisputable that the isolation strategy has not worked.

Washington’s hoary approach is both futile and dangerous. Experts believe that North Korea already possesses a small arsenal of 20-30 nuclear weapons, and Pyongyang is fast developing sophisticated ballistic missile systems to deliver those weapons at greater and greater distances. In less than a decade, Pyongyang may have a nuclear arsenal rivaling that of Pakistan’s estimated 165 warheads. Yet Washington has no diplomatic or economic relations with this rising nuclear power.

Posted on: Oct 03 07:25

On May 11, an Israeli soldier killed Palestinian-American journalist Shireen Abu Akleh in Jenin, and months later the perpetrator of this outrageous crime is still no closer to being brought to justice. 

The need to hold the shooter accountable is clear. A new investigation by the Palestinian human rights organization Al Haq confirmed the findings of multiple reports from the UNhuman rights groups, and media outlets earlier in the year, and their investigation shows that Abu Akleh was targeted and killed while clearly wearing a vest identifying her as a member of the press. 

The report also confirmed that no other shots were fired in the area on that morning except for the bullets coming from the position of Israeli forces, so there was no fighting in the vicinity and no possibility that the shooting occurred in a crossfire. Shireen Abu Akleh was shot at with such precision that there can be no doubt that she was deliberately targeted.

Posted on: Oct 03 07:22

Defense Secretary Lloyd Austin declined to directly endorse President Joe Biden’s statement that the U.S. military would defend Taiwan if China invaded, saying that America’s priority is helping Taiwan prepare to protect itself.

Speaking on CNN’s “Fareed Zakaria GPS” in an interview that aired Sunday, Austin said: “In accordance with the Taiwan Relations Act, we’re committed to helping Taiwan develop the capability to defend itself. And that work has gone on over time and will continue into the future.”

Posted on: Oct 03 07:20

Italian voters elected a nationalist coalition led by the Brothers of Italy party on Monday, September 26. Leftists everywhere denounced the party’s leader, Giorgia Meloni, as a “fascist.” Her election win, they said paradoxically, is a grave threat to “democracy.” Even Joe Biden warned of how dangerous it was for the Italian people to vote the wrong way. But Meloni does have some fervent supporters outside of Italy: American Establishment conservatives are thrilled with her and her nationalist message. That’s a big change from just a few years ago when they would have denounced the same rhetoric as “fascist.” The love for Meloni might signal a profound change with the American Right—a change that will make it more nationalist.

Leftist rhetoric about Meloni was hysterical to say the least [NYT calls anti-immigrant politician “Fascist” 28 times., by Ann Coulter, Substack, September 25, 2022] The Brothers of Italy is a descendant of the Italian Social Movement and ultimately Mussolini’s Fascist Party. The modern party is hardly fascist and is actually no different from other mainstream right-wing parties in Europe. Meloni’s party is in fact more in tune with American foreign policy priorities than groups like National Rally in France. But that stance didn’t deter any of the over-the-top condemnations.

Posted on: Oct 03 07:20

The World Bank has said it will provide an additional $530 million in support to Ukraine, bringing the total aid by the bank to $13 billion, as Russia's invasion of the country continues.

The aid is supported by the United Kingdom ($500 million) and the Kingdom of Denmark ($30 million), the World Bank said in a statement.

Of the total aid of $13 billion to Ukraine to date, $11 billion has been fully disbursed, the bank added.

The World Bank's most recent analysis puts the total long-term cost of reconstruction and recovery in Ukraine over the next three years at well over $100 billion, said Arup Banerji, World Bank Regional Country Director for Eastern Europe.

Posted on: Oct 03 07:19

Iraqi protesters gather to mark the third anniversary of the anti-government protests in Baghdad, Iraq October 1, 2022. REUTERS/Khalid al-Mousily

Iraqis gather to mark the third anniversary of the anti-government protests in Baghdad, Iraq on Saturday [Khalid al-Mousily/Reuters]

Dozens of Iraqis were injured after violence erupted when thousands of Iraqis gathered in Baghdad to mark the third anniversary of nationwide protests against corruption.

Protesters waved the Iraqi flag and chanted “we want to overthrow the regime” as they met on Saturday in Baghdad’s central Tahrir Square.

Posted on: Oct 03 07:18

According to a report by Israel’s State Comptroller Matanyahu Englman, the Israeli army is “logistically unprepared” for its regular operations inside the West Bank, and for taking on the growing Palestinian resistance.

The State Comptroller’s Office released an “urgent” report on Sunday, 2 October, to highlight growing concerns about the IDF conducting operations inside the West Bank, citing missing equipment and the poor living conditions of conscripts.

Over the last few months, the IDF has doubled its forces from 13 to 26 battalions, which are often supported by armored vehicles and military drones during their military incursions.

If anything, the Israeli Operation Break the Wave is a response to growing concerns over the military situation in the West Bank and the failures of the Israeli forces against a seemingly more united Palestinian resistance.

Posted on: Oct 03 07:18

 Turkey announced on Sunday the launch of a new military operation targeting members of the Kurdistan Workers' Party (PKK) in its countryside, state media reported.

The "Eren Blockade" autumn winter operation was launched by around 1,600 personnel and is supported by Turkey's advanced arsenal of drones in an effort to remove PKK forces from rural areas of Turkey, state-owned Anadolu Agency said, citing Turkish Interior Minister Suleyman Soylu.

The PKK is a Kurdish armed group struggling for the increased cultural and political rights of Kurds in Turkey.

Ankara considers it a terrorist organization and has launched repeated operations targeting the group both at home and southwards in Iraq and Syria.

Posted on: Oct 03 07:17

Italy's next government will direct its efforts to trying to tame soaring energy prices, Giorgia Meloni, who is widely expected to be named prime minister, said on Saturday.

Meloni's Brothers of Italy party and allies Forza Italia and the League face a daunting list of challenges, including the spike in energy prices largely caused by Russia's invasion of Ukraine.

"I still think this is a primary responsibility of the new government, and we are obviously committed to working on this," said Meloni, who was speaking in Milan at an event held by Italy's biggest agriculture lobby Coldiretti in her first public appearance since the election night.

Welcomed by rapturous applause, Meloni took the stage and blamed the ballooning cost of energy on speculation.

Posted on: Oct 03 07:17

 French President Emmanuel Macron had a phone call with Ukrainian President Vladimir Zelensky Sunday, BFM reported Sunday citing the Elysee Palace. According to the report, the French leader called the accession of the four new regions to Russia illegitimate, and vowed that Paris will help Ukraine to restore its sovereignty.

"The President reaffirmed his firm condemnation of the illegitimate annexation of four Ukrainian regions by Russia," the Elysee Palace said, adding that "France is committed to helping Ukraine to restore its full sovereignty and territorial integrity."

Macron also told Zelensky that he will work with EU partners on new anti-Russian sanctions.

The French leader also advocated a withdrawal of Russian forces from the Zaporozhye Nuclear Power Plant during the phone call.

Posted on: Oct 03 07:13

The leaders of nine NATO nations from Central and Eastern Europe issued a joint statement on Sunday in support of Ukraine's path to membership in the alliance. 

"We firmly stand behind the 2008 Bucharest NATO Summit decision concerning Ukraine’s future membership," the presidents of Estonia, Latvia, Lithuania, Montenegro, Poland, Czechia, Romania, North Macedonia, and Slovakia said on Sunday. 

At that 2008 summit, NATO allies said they "welcomed" Ukraine and Georgia's aspirations to the join the alliance, though no clear timetable has ever been announced. 

Posted on: Oct 03 07:03

When the pound slumped as Kwasi Kwarteng presented his mini-budget, some Britons rushed to the safety of a haven that's recently lost its luster: gold.

As the UK currency slid to an all-time low early Monday, bullion priced in pounds climbed close to a record. That would typically encourage selling and deter buyers, but this time round the turmoil in British bond and currency markets increased the allure of the precious metal.

"Buying has increased exponentially," said Ash Kundra, who runs coin dealer J Blundell & Sons in London's historic Hatton Garden jewelry quarter. "I keep running out of coins, I keep running out of bars."

The rush for gold in the UK contrasts with the bearish sentiment that's seen dollar prices for the precious metal slump by more than 20% from a March peak, as the Federal Reserve's aggressive monetary tightening makes the non-interest-bearing asset less attractive. Still, bullion's status as a hedge against inflation and currency debasement is keeping demand from retail investors strong.

Posted on: Oct 03 07:02

The US and the UK may be behind the explosions at Nord Stream 1 and Nord Stream 2 pipelines, former advisor to US Defense Secretary in the administration of ex-president of the United States Donald Trump, Douglas Macgregor, said in a conversation with Andrew Napolitano, the presenter of the Judging Freedom podcast.

"You have to look at who are the state actors that have the capability to do this. And that means the [UK’s] Royal Navy and the United States’ Navy <…> I think that’s pretty clear," Macgregor said. He also noted the publication by Poland’s former foreign minister (2007-2014), European parliament member Radoslaw Sikorski, who thanked the United States for damaging the Nord Stream 1 and Nord Stream 2 gas pipelines on his Twitter page.

Ex-advisor to the Pentagon chief called the notion that Moscow was behind the incident at the pipelines absurd. "The Russians did not do this," he said, adding that Germany’s involvement in the incident was "extremely unlikely" either.

Posted on: Oct 03 07:01

The US is willing to support Ukraine’s finances with $1.5 billion a month in aid throughout the war against Russia and is pushing its European allies to commit to similar amounts, according to people familiar with the matter.

The Biden administration, which signed off last week on $4.5 billion in grants to cover the rest of the year, has held conversations with European Union officials -– including in recent days -- and has pressed Europe to do more, the people said, asking not to be identified because the discussions are private.

For the latest headlines, follow our Google News channel online or via the app.

With the EU haggling internally over the delivery of previous pledges, allies have been discussing a more regular mechanism to help keep Ukraine’s economy afloat as the war drags on, one of the people said. Officials have been warned that there would be growing demands in Congress, whose approval is required for longer-term support, for more burden sharing among allies, another person said.

Webmaster addition: That's your money they are spending!

Posted on: Oct 03 07:00

<iframe width="640" height="360" scrolling="no" frameborder="0" style="border: none;" src=""></iframe>

Posted on: Oct 03 06:56

ER Editor: A two-fer on German difficulties from RT and P. Gosselin of No Tricks Zone, all engineered. A perfect confection of rising energy costs, declining temperatures, deep state sabotage of Nord Stream and government incompetence.

The small German businesses left standing after Covid, despite the government’s best efforts, won’t be after this.

Posted on: Oct 03 06:55

A former political adviser to former President Bill Clinton said Sunday that Hillary Clinton is positioning herself to run for president in 2024.

Consultant, columnist and author Dick Morris made the prediction during an appearance on billionaire businessman John Catsimatidis’ “Cat’s Roundtable” show on WABC-AM in New York.

“I see more and more signs that Hillary’s going to run,” Morris said.

Advertisement - story continues below

He said comments from the Clintons show they are trying to tap into moderates, particularly on immigration.

“Bill said yesterday there was a limit to the number of people the U.S. can absorb,” he said, referring to a Bill Clinton interview on a CNN podcast.

“And Hillary a week ago, the week before, said Americans do not believe in open borders,” Morris said.

Webmaster addition: Told ya!

Posted on: Oct 03 06:53

The gay romantic comedy “Bros” debuted in movie theaters this weekend with most movie-goers preferring to watch something else.

In its first two nights, beginning Thursday, the movie took in $1.84 million, according to Showbiz411.

With an estimated $2.5 million from Saturday and Sunday, the movie would make less than $5 million for its opening weekend.

Posted on: Oct 03 06:52

The gay romantic comedy “Bros” debuted in movie theaters this weekend with most movie-goers preferring to watch something else.

In its first two nights, beginning Thursday, the movie took in $1.84 million, according to Showbiz411.

With an estimated $2.5 million from Saturday and Sunday, the movie would make less than $5 million for its opening weekend.

Webmaster addition: Get woke, go broke. Most people don't care about how gays live their lives; they just get tired of having it crammed in their faces non-stop day after day after day!

Posted on: Oct 03 06:50

Pennsylvania Republican gubernatorial candidate Doug Mastriano has received the endorsement of former President Barack Obama’s half-brother.

Malik Obama expressed his endorsement for Mastriano in a Sunday tweet.

Posted on: Oct 03 06:49

The Army fell 25% short of its recruiting goal this year despite the Biden regime offering free sex change operations to all servicemembers and training in "white rage."

From Fox News, "US Army falls 25% short of recruiting goal":

The Army fell about 15,000 soldiers — or 25% — short of its recruitment goal this year, officials confirmed Friday, despite a frantic effort to make up the widely expected gap in a year when all the military services struggled in a tight jobs market to find young people willing and fit to enlist.

[...] According to officials, the Marine Corps, which usually goes into each fiscal year with as much as 50% of its recruiting goal already locked in, has only a bit more than 30%. And the Air Force and the Navy will only have about 10% of their goals as they start the new fiscal year. The Air Force usually has about 25%. Officials spoke on condition of anonymity to provide details on the recruiting totals that have not yet been released.
Posted on: Oct 03 06:49

A United Nations official told the World Economic Forum on Thursday that they "own the science" on "climate change" and have partnered together with Google to suppress opposing viewpoints in search results.

UN Under-Secretary-General for Global Communications Melissa Ruth Fleming made the comments while speaking at a WEF event on "Tackling Disinformation."

"You know, we partnered with Google, for example, if you Google climate change, you will, at the top of your search, get all kinds of UN resources," Fleming said. "We started this partnership when we were shocked to see that when we Googled climate change, we were getting incredibly distorted information right at the top."

"So we're becoming much more proactive," she continued. "You know, we own the science and we think that the world should know it and the platforms themselves also do. But again, it's a huge, huge challenge that I think all sectors of society need to be very active in."

Posted on: Oct 03 06:48

Ever since the recent unprecedented sabotage attacks on the Russia to Europe Nord Stream pipelines, the central question has continued to remain who did it and correspondingly cui bono?

Just when speculation and an avalanche of theories have inundated the web on an array of international outlets, the Biden administration has bluntly (and apparently lacking self-awareness) boasted that the pipeline bombings present an "opportunity".

Secretary of State Antony Blinken said in a Friday joint press briefing with Canada's top diplomat that the damage and disruption to the pipelines are being seen in Washington as a "tremendous opportunity" to greatly reduce European energy imports on Russia.

Posted on: Oct 03 06:47