Thought for the day
"An error becomes a mistake only if we refuse to correct it." -- John F. Kennedy
For the old timers in here, it seems like just yesterday that the US national debt was "only" pushing $6 trillion. Then, between the 'war on terror' and QE which made a mockery of moral hazard, America has now reached a grim financial milestone - as the national debt tops $31 trillion for the first time, according to a new Treasury Department report.
The record-high debt comes as historically low interest rates have turned into higher borrowing costs, as the Fed attempts to tame the inflation they, the banks, and the 'blank check' dinosaurs leading the country - have caused.
South Korea’s Joint Chiefs of Staff and Japan Coast Guard report that North Korea fired two short-range ballistic missiles towards the sea off the east coast of the Korean peninsula this evening.
The two missiles launched Thurs. fell outside Japan’s EEZ, NHK reports citing an unidentified government official.
This launch comes just two days after they fired a longer-range missile over Japan.
As Statista's infographic shows below, North Korean missile tests have intensified in 2022 and were already at a record high by June. As the data from the Nuclear Threat Initiative shows, posturing from North Korea has been on the rise again after a test-less 2018. In 2018 and early 2019, two summits between North Korean leader Kim Jong-un and U.S. President Trump brought tests to a halt, but eventually rendered no concrete results as rhetoric between the two nations grew heated again quickly.
Last week, alongside the release of the last revision to Q2 GDP, the Bureau of Economic Analysis also released revisions to national accounts going back several years. They had profound implications for the perceived state of the US economy, and contained some good and some terrible news.
First, the good news: the revision helped to resolve a data conundrum that had been bothering economists - namely the historically large gap between GDP and GDI. As BofA's Michael Gapen explains, GDP was revised modestly higher coming out of the pandemic, while growth in GDI was revised sharply lower. In the debate over whether growth in economic activity slowed markedly in the first half of the year (the prior signal from GDP) or grew modestly (the prior signal from GDI), the latest revisions point in the direction of GDP sending the more accurate signal in real time (yes, it was slowing, contrary to what the Biden admin says).
While that in itself will not resolve the debate whether the US economy was in recession in 1H 22 (it was, but the determination is super political and won't happen ahead of the midterms), it does confirm that momentum slowed appreciably, despite re-opening forces and the rotation of household spending toward services. Bottom line: after revisions, real GDI rose by only 0.8% and 0.1% q/q saar, respectively, in the first and second quarter this year.
What goes up must come down. With financial conditions going from super tight to rather easy...
... in literally 48 hours as markets soared after pricing in a Fed pivot (again), in the process making a Fed pivot unlikely, even as "Buy-to-Cover" flows have been "absolutely staggering" (in the parlance of Nomura's Charlie McElligott), it appears that 'ammunition' for a squeeze has run dry.
“Be afraid, be actually afraid.”
Those words from former Politico Magazine editor Garrett M. Graff captures the hyperventilation in the media week. No it is not Vladimir Putin’s threat of unleashing a nuclear war or the word that our national debt has reached a staggering $31 trillion. No, it is the news that Elon Musk may go forward with the purchase of Twitter and . . . [triggering warning] . . . free speech protections might be restored on the platform. The pearl-clutching of various media and academic figures show how engrained the censorship culture has become in the United States.
On the First of May in the year 1716, a swashbuckling Scottish entrepreneur was making this pitch of his lifetime to the head of the French government in Paris.
The entrepreneur’s name was John Law. By all accounts he was incredibly charismatic and had a flamboyant, larger than life personality. He was something like Adam Neumann, formerly of WeWork… the kind of person who could talk anyone into anything.
Nigeria is on alert over an ebola outbreak that began in Uganda. The likelihood of Ebola traveling to Nigeria is said to be very high.
“The likelihood of importation to Nigeria is high due to the increased air travel between Nigeria and Uganda, especially through Kenya’s Nairobi airport, a regional transport hub, and other neighboring countries that share a direct border with Uganda,” the statement released by the Nigeria Center for Disease Control (NCDC) said according to a report by RT.
If Ebola is imported into Nigeria, it may spread domestically through mass gatherings, political rallies, religious ceremonies, or festivals, the organization warned. The national system for detecting Ebola infections is now “in alert mode,” it announced. While the risk posed by the virus is high, Nigeria has the technology, trained medics, and testing capacities to “respond effectively in the event of an outbreak,” the NCDC explained, citing the country’s experience in dealing with an outbreak in 2014.
In a move that has many folks scratching their heads, the U.S. Department of Agriculture (USDA) has renewed its push for the People’s Garden Initiative which now includes registering vegetable gardens nationwide. According to the USDA, the move is to foster a “more diverse and resilient local food system to empower communities to address issues like nutrition access and climate change.” But those who have been following the USDA closely for years know that they couldn’t care less about your health and nutrition.
To register your garden with the USDA, one must meet several easily obtainable standards.
School gardens, community gardens, urban farms, and small-scale agriculture projects in rural, suburban and urban areas can be recognized as a “People’s Garden” if they register on the USDA website and meet criteria including benefitting the community, working collaboratively, incorporating conservation practices and educating the public.
Webmaster addition: So the government will know who to raid to seize food supplies when it all falls apart!
The current monetary paradigm is ending, and we will enter a new one as the elites attempt to “reset” the system. The endgame is complete control over every single human being living on this globe, and in order to do that, a central bank digital currency (CBDC) is necessary.
We’ve often called the CBDC the “endgame.” Compliance with it will permanently end your chance at ever living freely and sovereign. Others will have total control and a higher claim over your life and property than you. It will be the dystopia to end all other dystopias.
Once this current system collapses, here’s what to expect:
- A supranational digital currency replace the US dollar
- The end of paper currency
- The birth of an Orwellian surveillance system that monitors and controls every penny you earn, save, and spend
In its annual analysis of crime in America, the FBI said their were about 22,900 murders in 2021, up from the 22,000 in 2020, which saw homicides soar by nearly 30 percent.
The FBI also saw 107,500 rape reports, nearly a 4 percent increase, but overall crime was reportedly down 1 percent since robberies fell by 8.2 percent and aggravated assaults remained at about the same level as the previous year.
The producer of a new gay rom-com movie called “Bros,” Billy Eichner, is disappointed that people are not showing up to see his film.
In fact, instead of taking responsibility for the film’s performance, Eichner has been all too happy to blame the public for not coming to see what he has created. He has blamed homophobia for the lackluster performance of the movie.
Billy Eichner is best known for starring in a show called “Billy on the Street,” a comedy show aired on truTV and other networks. However, his latest movie here has not reached the audience size he had hoped it would.
UK-based investors pulled a record 2.4 billion pounds ($2.74 billion) from equity funds in September, funds network Calastone said on Wednesday.
The net outflows make September the worst month in what is already the worst year on record for equity funds, Calastone said.
Funds focused on UK equities were the worst hit, Calastone added, with 694 million pounds' worth of selling making for the sixteenth consecutive month of outflows. U.S. equity funds also saw their biggest outflows on record.
The outflows underline investors' lack of confidence in Britain this year, a trend exacerbated in recent weeks by the UK's "mini-budget" on Sept. 23 which included hefty unfunded tax costs that sent government bond yields soaring and the pound plunging.
The Satanic Temple filed lawsuits in federal court against Idaho and Indiana last month over near-total abortion bans in both states, citing a list of accusations surrounding religious rights blocking a woman’s right to engage in the “Satanic Abortion Ritual.”
The large migrant migration has exhausted the resources at border towns, and border patrol has been working overtime. However, now migrants have found a more effective way to enter the country illegally.
According to The Blaze, “The Texas Department of Safety reported a spike in human smuggling attempts by charter planes. The planes are landing in small, private airports in the Rio Grande Valley over the last 30 days.”
It’s difficult, if not impossible, to watch every airport in the area. The Blaze reports, “They’re not using the larger airports where there’s TSA,” said
As Russian President Vladimir Putin signed his annexation laws Wednesday, the Russian ambassador to the U.S. made direct accusations against America for its role in the Russia-Ukraine war.
Democrats targeting children is bad enough.
Now, they’ve taken it a step further. California is now a trans-refugee state because it offers assistance and sanctuary to trans children. The governor even advocates for trans children and has signed a trans refugee bill into law.
According to the Daily Signal, “State Sen. Scott Wiener, a Democrat from San Francisco, introduced the “trans refuge bill” (Senate Bill 107) last year, and it cleared the California State Legislature a month ago.”
President Joe Biden (D) praised top political rival Ron DeSantis (R) during remarks that he made Wednesday while visiting Florida to survey the damage caused by Hurricane Ian last week.
After only reaching 75% of its recruiting goal in fiscal 2022, the Army ended the period with nearly 20,000 empty seats, according to the service’s top general.
In a Monday phone interview with Army Times, Chief of Staff Gen. James McConville explained that the exact number of troops the Army ended September with isn’t yet finalized, but the service landed close to an estimate it provided to a panel of lawmakers in July.
Webmaster addition: I feel a draft!
Police in Texas booked a furry bandit into custody for allegedly causing two citywide power outages in the span of three days.
The Federal Reserve recently ordered another “super-sized interest hike” — the fifth rate hike this year — in what appears to be a hopeless effort to contain runaway inflation. Additional rate hikes are also anticipated. Some fear the Federal Reserve may be pushing us too hard, which could bring us from recession into deflation
Data from the Bureau of Labor statistics report the highest annual increase in food prices since the 1970s, with the cost of food rising 10.9% in the last 12 months. Overall, energy prices have seen the highest increases, rising by 41.6% between June 2021 and June 2022. For comparison, the Federal Reserve’s annual inflation target is 2%
As bad as the economic trend appears, that’s not all we have to contend with. Financial crisis historian Adam Tooze predicts several crises may converge over the next six to 18 months, including food crises, energy crises, pandemic outbreaks, stagflation, a Eurozone sovereign debt crisis and potential nuclear war
The legal argument used by Washington and NATO to invade Afghanistan was that the September 11 attacks constituted an undeclared “armed attack” “from abroad” by an unnamed foreign power, and that consequently “the laws of war” apply, allowing the nation under attack, to strike back in the name of “self-defense”.
Both the media and the US government, in chorus, continue to point to the 9/11 attacks and the role of Al Qaeda, allegedly supported by Afghanistan, when in fact (amply documented) Al Qaeda was an intelligence asset created by the CIA.
Lest we forget, Osama bin Laden had been recruited by National Security Advisor Zbigniew Brzezinski during the so-called Soviet-Afghan war.
The bombing and invasion of Afghanistan in October 2001 was described as a “campaign” against “Islamic terrorists”, rather than a war.
To this date, however, there is no proof that Al Qaeda was behind the 9/11 attacks.
Even if one accepts the official 9/11 narrative, there is no evidence that Afghanistan as a Nation State was behind or in any way complicit in the 9/11 attacks.
The Afghan government in the weeks following 9/11, offered on two occasions through diplomatic channels to deliver Osama bin Laden to US Justice, if there were preliminary evidence of his involvement in the 9/11 attacks. These offers were casually refused by Washington.
Germany is the number one pussy ass bitch country. Everyone understands that they are a broken people, having been blamed for a fake genocide, but wow. This thing with the pipes is beyond comprehension.
The media and government can say whatever they want. Okay. But everyone knows the US bombed those gas pipes. Everyone knows that, other than American fat-brains and stupid women. Saying that Putin bombed his own pipes is like the tranny thing – you pledge allegiance to the ZOG regime by saying something you know for a fact is false.
Russia will abide without their pipes. But Germany is completely doomed. Germany put their entire industry, their entire economy, on the promise of cheap Russian gas, and now it’s gone forever. Those pipes can’t be fixed. Salty water is going in the pipes and the inside is going to rust.
Germany’s entire industry is going to shut down, while the population is forced into poverty. That is going to happen. You can’t run an industrial country without energy. Russia was supplying 55% of Germany’s total energy. They’re just not going to be able to produce anything at all.
Could it be any more clear? They are coming for your wealth, in the name of racial equality. If you are white, obviously you procured your assets on the back of innocent black bodies and the ghost of equity of is coming to haunt you. Dickens nailed it… the ghost of racial equity past, present, and future is coming for white people’s wealth…
Webmaster addition: Sounds like communism to me!
According to Bloomberg News, the incompetent US military failed to blow up one of the lines of the Nord Stream 2 pipeline. Germany now has an opportunity to escape the energy deprivation the government has placed on Germany by ceasing to comply with US Russian sanctions and signing off on the opening of the Nord Stream 2 pipeline.
The only question is whether the German officials are paid enough by Washington to sacrifice the German economy for their own self-enrichment.
Of course, the US might return to the scene of its crime and finish off the line it missed, but this might finally provoke some retaliatory action from the Goody Two Shoes in the Kremlin.
On September 30, in the tailwind of Russia’s announcement that Donetsk, Luhansk, Kherson, and Zaporizhzhia would be annexed by Russia, Ukrainian President Volodymyr Zelensky issued a renewed plea for Ukrainian membership in NATO.
The Ukrainian president made his case for membership by pointing out that “de facto, we have already made our way to NATO.” With that statement, he lifted up Russia’s claim that it is “now in a direct war with the U.S.” or, as Putin said on September 21, that Russia is fighting “the entire Western military machine.”
In other words, Zelensky’s request has further fed into Russian fears that Ukraine has already become a Western vassal. For Ukraine and its allies, it also highlighted, once again, that Kyiv is not a member of NATO. And, judging by the muted response from NATO leaders, that’s not going to change anytime soon.
President Joe Biden (D) said on a hot mic in Fort Myers, Florida, on Wednesday that “no one f***s with a Biden,” a remark that came hours after Russia and Saudi Arabia effectively did just that.