GOV/MIL Main "Great Reset" Thread

marsh

On TB every waking moment

Second-Largest U.S. Aluminum Mill Idles Due to ‘Untenable’ Energy Prices, Laying Off 600 American Workers

JOHN BINDER10 Aug 20222,555

The second largest aluminum mill in the United States has idled operations, laying off about 600 American workers, due to “untenable” electricity and energy prices.

In June, Century Aluminum Co. executives announced that they would idle the Hawesville, Kentucky aluminum mill for about 9 to 12 months as a result of skyrocketing prices to merely keep the plant’s lights on.

Similarly, executives with two steel mills are suspending operations because they cannot afford the costs of energy to keep the plants open. This comes after executives warned federal regulators about debilitating energy prices months ago.

Bloomberg reported:

On June 22, 600 workers at the second-largest aluminum mill in America, accounting for 20% of US supply, learned they were losing their jobs because the plant can’t afford an electricity tab that’s tripled in a matter of months. Century Aluminum Co. says it’ll idle the Hawesville, Kentucky, mill for as long as a year, taking out the biggest of its three US sites. A shutdown like this can take a month as workers carefully swirl the molten metal into storage so it doesn’t solidify in pipes and vessels and turn the entire facility into a useless brick.

Restarting takes another six to nine months. For this reason, owners don’t halt operations unless they’ve exhausted all other options.


At least two steel mills have begun suspending some operations to cut energy costs, according to one industry executive, who asked not to be identified because the information isn’t public. In May, a group of factories across the US Midwest warned federal energy regulators that some were on the verge of closing for the summer or longer because of what they described as “unjust and unreasonable” electricity costs. They asked to be wholly absolved of some power fees—a request that, if granted, would be unprecedented. [Emphasis added]

During an earnings call this week, Century Aluminum Co. CEO Jesse Gary said the temporary closure of Hawesville — which resulted in the layoffs of about 600 American workers — was a result of “untenable” energy prices.

“Elevated energy prices also resulted in an unfortunate decision to curtail our Hawesville operations,” Gary said:

While this decision was difficult, it was necessary given relatively high energy consumption of the Hawesville smelting technology and lack of value-added casthouses, which made the financial economics of continuing to run the smelter untenable at these energy prices. The curtailment was conducted in a manner that will allow for the restart of the smelter, if and when market conditions return to more normal accommodating levels. [Emphasis added]

Similarly, the Alcoa Corporation announced in July “that it will begin the process to immediately curtail one of three operating smelting lines” at its Warrick, Indiana, plant.

This comes after Alcoa shuttered the Warrick Operations smelter in 2016 under the Obama administration as a result of cheap, subsidized Chinese aluminum flooding into the U.S. market. Those operations later reopened in 2017 under the Trump administration.

The energy industry is also headed for major layoffs and plant closures.

At least six coal-fired plants in Wisconsin, Indiana, Nebraska, and New Mexico are expected to shut down operations by 2026. Some are planning to close as early as 2024, leaving thousands of Americans laid off and out of work.

Radical environmentalists at the Sierra Group have long celebrated the closure of coal-fired plants and Americans losing their jobs. According to the organization, almost 360 coal-fired plants have shuttered or are in the process of shuttering in the last few years, while just about 170 remain operating.

(COMMENT: I can't help but think of all the metal, plastic, glass, paper involved in packaging our food supply and how availability of basic stock will effect cans, crates, boxes, bottles we rely on.)
 
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marsh

On TB every waking moment

WH’s Deese: We Can Ease ‘Some’ Wage Pressure on Inflation Fed Is Worried about Without Workers Bearing ‘the Brunt’

IAN HANCHETT10 Aug 20229

View: https://youtu.be/V4WmAV1v9h8
44:15 min

On Wednesday’s broadcast of Bloomberg’s “The Open,” White House National Economic Council Director Brian Deese responded to concerns by the Federal Reserve about growing wages putting pressure on inflation and Fed officials saying that unemployment needs to rise by stating that “we’re living through an unprecedented moment. And so, there isn’t an exact historic analog to the moment that we’re in.” And due to the number of job openings, “there are ways in which this transition can ease some of the labor market pressure in a way that doesn’t have to mean that working people have to bear the brunt of that impact.”

Host Lisa Abramowicz asked, “Real wages are still deeply negative, and even though they’re less negative than they were in the prior month, still, -3.6%, a historic figure. How much do you want to see the employee have pricing power at a time when so many people are worried about a wage spiral?”

Deese responded, “Well, we did see real wage growth month-over-month this month. I think you have to step back and answer that question in the broader perspective. We have seen one of the strongest labor market recoveries ever in American history and we’re seeing that labor market strength continue. That means that, with jobs plentiful, people have opportunities to move into better-paying jobs and better-paying opportunities. That’s a positive thing for the American economy. And what we’re trying to do here is to take the steps that we need to take to bring prices down without giving up all of those labor market gains. That’s absolutely our objective, and over the longer term, we think that we are well on our way to moving toward an economy that actually works better for typical working people and where they do have more job opportunities and more leverage in the workplace. We think that’s a positive thing and we can get to that kind of sustainable wage growth, sustainable job growth through this transition. So, we have to make the right policy choices. And obviously, there are serious global uncertainties, but I think that the data points that we’re seeing at least are hopeful data points that we’re moving in that direction.”

Abramowicz then asked, “But Brian, even the Federal Reserve has cited wage growth as a possible negative when it comes to combatting inflation, and we’ve seen this as, especially Fed officials say that even they would like to see — not like to see, but that they need to see the unemployment rate increase and the labor market tighten significantly, taking away power from the employees. How do you deal with that, given that your view very much is trying to give people a living wage and bring up the individual employee?”

Deese answered, “Look, we’re living through an unprecedented moment. And so, there isn’t an exact historic analog to the moment that we’re in. So, you have to go back more than 50 years to find a moment where the Fed began a tightening cycle when unemployment was as low as it is. And we’ve never had a situation with as many job openings in the economy during this cycle. So, there are ways in which this transition can ease some of the labor market pressure in a way that doesn’t have to mean that working people have to bear the brunt of that impact.

And, again, if you step back from a broader perspective, President Biden’s view is that we had economic challenges that were putting working families in a negative position long before this pandemic happened and that we are committed to building the foundations of an economy that will work better for working people going forward, even as we navigate through this transition. So, that’s why you see, on the legislative front, even as we’re working to provide some immediate cost relief for families, we’re trying to do things like reform the way that prescription drugs are negotiated here in the United States. We haven’t done that for decades. If we do that, over time, that’s going to provide sustained relief to families. That’s the kind of longer-term reform we’re working on even as we address immediate challenges.”
 

marsh

On TB every waking moment

Joe Biden Boasts ‘Zero Inflation’ in July but Cost of Food and Rent Still Rising

CHARLIE SPIERING10 Aug 20221,061

President Joe Biden boasted Wednesday that the United States economy experienced zero inflation in the month of July, even though costs of goods and services are still up 8.5 percent from the previous year.

“I just want to say a number. Zero. Today we received news that our economy had zero inflation in the month of July,” Biden boasted during a speech at the White House.

Inflation of all consumer prices in July was flat from the previous month, thanks to a drop in the price of gasoline from June’s record highs and a sharp decrease in the cost of airfare.

“Zero percent,” Biden repeated proudly. “Zero inflation last month.”

But inflation at the grocery store continues to rise. Prices were up 1.3 percent compared with a month earlier and 13.1 percent compared with a year ago.

The cost of rent also increased by 0.7 percent from the previous month; 6.3 percent from the previous year.

He admitted the price of some items was up but that core inflation was down and pointed to the news of jobs created in the month of July as more proof the economy was improving.

“It underscores the kind of economy we’ve been building,” he said.

Biden cautiously said that inflation “may be beginning to moderate” but warned that global challenges like the war in Ukraine and more pandemic shutdowns could still hurt the economy.

But his overall assessment of the economy was positive — even as more than two-thirds of Americans view the economy as getting worse.

“The economic plan is working,” he concluded.
 

marsh

On TB every waking moment
Michael Yon @MichaelYon
Aug 10, 2022 at 7:05pm
The Beast: Dutch Farmers Under Attack
11 August 2022
Holland

The war marches on. Everyone reading this will be impacted no matter where in the world.


Three reasons why the land should be taken from the Dutch farmers

August 10, 2022

There are several reasons for decreasing the land from Dutch farmers. Here's what American writer and photographer Michael Yon says in the Zelenko Report.

The first goal: to gain control over food production and distribution. This puts our fate in the hands of the globalists and “the beast” , says Yon in an interview with Ann Vandersteel.

The second goal: to shake Dutch culture to its foundations. In many countries, farmers are the foundation of the culture, he said. “That is certainly the case in the Netherlands, where farmers own about 62 percent of the land.”

The third goal: the globalists want to use the land to build Tristate City. They want to turn most of the Netherlands, Belgium and Germany into a Tristate City, which will become a “smart city”, according to Yon.

Earlier he called Prime Minister Rutte a lap dog of Klaus Schwab, even worse than Trudeau. “It's not easy to achieve that,” he says.

Yon points out that the bureaucrats in Brussels rule by decree. “It has nothing to do with nitrogen, it has nothing to do with ammonia,” he says, referring to the Dutch government's expropriation plans.

It's Not Climate Change: Why Lies Behind the Dutch Government's Efforts to Single Out Farmers? .59 min
 

marsh

On TB every waking moment
Michael Yon @MichaelYon
Aug 10, 2022 at 7:17pm
Significant Impacts: Europe Needs Water
11 August 2022
Holland

The droughts across Europe bring a complex array off issues. For instance, Rhine River is running so low that it can have severe impact on factories such as BASF who depend on the river Rhine. Within just a few days, most barge travel may end for now. All amidst other highly significant issues such as Nord Stream 1 being throttled.

There will be severe impacts from so many additive pressures. One of those impacts will be exacerbation of the worst famines in human history. These famines and the wars and pandemic they bring will change the world in 2023-24. I have no idea what 2025 will look like other than very differrent.

^^^

Drought threatens 60% of EU and U.K. as Europe faces "critical situation"

Rebecca Falconer
Andrew Freedman

1660191996151.png
A map of drought-hit countries across the EU
Photo: European Drought Observatory

Drought conditions are affecting about 60% of the EU and the U.K., exacerbated by climate-change driven record heat across Europe this summer, according to new research from the European Drought Observatory.

Why it matters: France, Spain, Italy and the Netherlands are facing water shortages and riverbeds are drying out across Europe. Dry conditions are severely affecting energy production, agriculture and river transportation.

There is an "increased fire danger due to the lack of rain and the resulting dry vegetation, combined with high temperatures," the European Union's Copernicus Climate Change Service notes — as wildfires continue to burn across Europe.
In southwest France, a blaze burning in Gironde since July roared back to life, forcing the evacuation of nearly 6,000 people on Wednesday, per France 24.

Meanwhile, many European countries are expected to see continued dry conditions in August and September, adding "to the already very critical situation," noted the European Commission's European Drought Observatory in July.

This would "exacerbate drought severity and the impacts on agriculture, energy and water supply," the Observatory said.

The big picture: The European Drought Observatory examined data over a 10-day period toward the end of July and discovered that 45% of the EU's territory was under drought warning conditions by the middle of the month, while 15% was on "red alert" and in severe water deficiency.

In the United Kingdom, where Met Office data shows the English regions of East Anglia, the southeast and the south faced their driest ever July as a historic heat wave struck, the U.K. Center for Ecology and Hydrology warned drought conditions were likely to remain until October.

What they're saying: "Droughts have become our summer reality," tweeted Virginijus Sinkevičius, the European Commission's commissioner for environment, oceans and fisheries, on Tuesday.

100 municipalities in France have no running water, the Rhine River's levels in Germany and France are so low the transportation of goods is under threat, and the Netherlands "faces an official water shortage," Sinkevičius noted.

"Restoring Nature is the best solution to change this," he added.
What to watch: Another searing heat wave was forecast to hit parts of western and central Europe this week into next week.

The Met Office has issued an amber heat warning for much of southern England and parts of Wales for Thursday through Sunday, on the heels of its first ever extreme heat warning last month. Heat alerts are also in effect across France.

London is forecast to see temperatures of 90°F (33°C) or above for four straight days starting Thursday, and temperatures will soar above 100°F in Spain, Portugal and parts of France through the end of the week.

The extreme heat will worsen the drought by drying out soils further.
Climate change raised the odds of and increased the severity of the previous European heat wave, and is likely a key driver of this event, which is the region's fourth this summer.

In photos: Drought devastates European landscapes
See website for photos
 

marsh

On TB every waking moment

Democratic Party Playbook Exposed: The Cloward-Piven Strategy

Via EconomicNoise.com,

Cloward and Piven is the Playbook of the Democrat Party. It is the second part of this two-pronged approach:

When you don’t have logic or reason on your side, use power.

If you don’t have enough power, flood the system to acquire more.

1660192450945.png

Cloward and Piven
Flooding the system was the Cloward and Piven strategy to bring down this country. Create real or phony problems that “require” government actions that begin the process of shifting freedoms from individuals to the State. (For a more layman’s insight, see here.)

Rahm Emmanuel, President Obama’s Chief of Staff, said that “no good crisis should ever go to waste.” That implied an opening for more government, a Cloward and Piven (CP) opportunity. (To visualize one asserted implementation of this, involving Acorn, see here.)

The strategy is not a Democrat monopoly. Republicans use it also, although do not brag about it or depend upon it almost exclusively.

The process is like rust eroding liberty, slowly and steadily. It replaces freedom with dependency and controls.

There are two problems with the strategy:

It must be slow and steady (boil the frog beginning with unheated water, slowly increasing the temperature [a wonderful metaphor but physically erroneous] so that the frog doesn’t notice until it is too late).

It must be stealth, that is citizen “frogs” must not realize what is happening.

The CP strategy was developed in and for a world very different from today. The Internet changed this world. Conventional media was all that needed to be controlled in the CP world. By controlling this source, government created its own “Pravda.”

Controlling the media was possible because it was owned by corporations. It consisted of known and immovable assets, which are easy targets for government. The message was simple: Obey or we will put you out of business!

Legal action against government is a “fool’s errand.” They own the courts and have unlimited funds to fight. If threatened, you will comply or they will bankrupt you! Tax issues and anti-trust cases are the bludgeoning weapons of choice. Fighting charges, regardless of how false, is akin to a minor suing his parents. That is why media, other companies and wealthy individuals generally settle government claims for enormous sums of money, but without the admission of guilt. There is no better job than that of blackmailer when you are also the sheriff or the Department of Justice!

Why are Things Different
Then came the internet! While it didn’t stop extortion of corporations, it exposed the media as “captured” propagandists. Bloggers began telling different “truths.” The first reaction was to shut them down. Unfortunately for government, this group is so diverse geographically and otherwise, that traditional threats of “putting you out of business” were meaningless. Asset confiscation threats are meaningless when there are no physical assets. To be a blogger only requires electricity and the internet (and perhaps some intellectual capital to enhance success).

The only way to shut these sources down is to control the Internet and its content. The first was impossible. The second was tried. Unfortunately for government, silencing free speech is frowned upon in free countries, especially those where Free Speech is the First Amendment in the Bill of Rights.

Definitions of speech that didn’t qualify for protection were tried (“hate speech,” “lies,” “dangerous rhetoric,” “racism,” “inciting danger,” etc.) in an effort to obviate the First Amendment. Threats of imprisonment were tried, but the First Amendment was too broad and too sacred for these efforts to succeed. Government then went after the platforms (Twitter, Facebook, etc.). It was the same corrupt strategy employed against traditional media — You impose our “bans” (censorship) or we will put you out of business!

But, “muscling” these corporate platforms only caused new competitors to sprout. Most were smaller and not asset-heavy. Suppressed views and voices began to move to these venues where free speech was allowed.

Censorship works, but only where government can exert leverage via harm. It was easy to cow Facebook and Twitter. Ditto for established institutions like public schools, colleges and corporations. These entities had to decide whether they wanted the hassle and threats of being “un-woke.” Most submitted, presumably determining that losing some customers would be less costly than getting into a legal or other battle with Leviathan. Some probably thought this “new inclusiveness” would gain them additional customers.

The Wrong War
Generals are always prepared to fight the next war in the same manner they fought the last one. They are rarely prepared to fight the next one if it requires different strategies and tactics. So it appears to be here! Government believed prior tactics and strategies would suffice.

The prior war was against traditional media with fixed positions and assets. The Internet changed “warfare.” It created media guerrilla war! This new enemy moves quickly and has no assets to threaten or destroy. Take away a bloggers website address and he easily gets a new one.

Government wins against corporate internet players but loses against the “guerrillas.” Vietnam and Afghanistan showed US military weaknesses in non-conventional wars. Traditional bloggers or start-up sharing sites are guerrillas. Conventional war strategies do not win guerrilla battles!

Arguably the demented Joe Biden and his Obama staff are to thank for ultimately saving this country. Someone inside that Administration realized the “slow boil” strategy was not convincing the American public fast enough and had to be sped up. They put Cloward and Piven into overdrive! Time was likely not on their side, but escalating the war was a fatal mistake! Marty Bent summarized it nicely:

They tried to do too much too quickly and people have started to develop pattern recognition on the go that allows them to recognize when the unproductive class is attempting to manipulate their minds. This pattern recognition is accelerated and enhanced by our ability to communicate directly with each other in real time over the internet.

Instant communications were not possible when Cloward and Piven designed their strategy. Nor was there a means to present an opposing view. That all changed with the Internet. Now you see why governments around the world want to control the Internet. They can’t and they must not be allowed to change that!

For all its negatives, the Internet has at least one positive — it obsoleted traditional and controllable sources of information. The fragmentation of the internet makes it impossible to control (unless you wish to go full Communist Korea or China). This country is not ready for that step, at least not yet.

Thank God for the private sector, technology and the Internet. Together they voided the Cloward and Piven strategy, censorship and a complete government take-over of society.

So long as the Internet exists in its present form (warts and all), freedom cannot be extinguished. Big guns do not silence big truths! Only big censorship can do that and we must not allow that to happen!
 

marsh

On TB every waking moment

Northern Mexico Runs Out Of Water, May Impact Beer Production

WEDNESDAY, AUG 10, 2022 - 07:00 PM

Extreme drought in northern Mexico has sparked a water crisis. President Andres Manuel Lopez Obrador addressed the beer industry in the region to shift production elsewhere because of sustainability factors, reported Bloomberg.

The water crisis is particularly critical in Monterrey, one of Mexico's most important economic hubs and home to some of the largest beermakers in the world, such as Heineken NV.

Some neighborhoods in Monterrey have been without water for nearly three months, and Heineken's facility has suffered as waterways dry up. Residents have protested commercial districts due to their oversized demand for local water.

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Lopez Obrador said the government would support a transition of the beer industry from the northern part of the country to the south or southeast, where water supplies are more abundant.

"This is not to say we won't produce any more beer, it's to say that we won't produce beer in the north -- that's over," the president said Monday at a daily press conference. "If they want to keep producing beer, increasing production, then all the support for the south or southeast."

Lopez Obrador said Constellation Brands is the perfect example of how his administration directed the brewer to halt the construction of a beer plant in the border city of Mexicali because of water shortages. He said the company had planned a new brewery in the southeastern state of Veracruz, though local news outlet El Financiero said construction permits are still pending.

Constellation is a top brewer in Mexico and has a portfolio that includes Corona Extra, Corona Light, Modelo Especial, Modelo Negra, and Pacifico, among others.

The water crisis in Monterrey is so severe that Heineken offered 20% of its water rights to the drought-stricken town and even offered to donate a well to support the municipality. Lopez Obrador called on beermaking companies to assist cities with water shortages.

There have yet to be significant reports of beer production disruptions. It's essential to note Mexico is responsible for 76% of all the beer imported by the US last year, according to Commerce Department figures cited by the Beer Institute. If production upsets emerge, American beer drinkers could be in for a surprise of soaring prices, tight supplies, and an even worst-case scenario: A beer shortage.

"You can't give permits in places where there's no water," said the president. "So, we're going to intervene and that's what the state is for."

Besides Heineken and Constellation, Grupo Modelo, owned by Ab InBev, is another larger brewer in the northern part of the country.

While Lopez Obrador has only encouraged beermakers to shift production south, what could come next are water restrictions that would limit production and could create a beer shortage in the US.
 

marsh

On TB every waking moment
BlackRock CEO Larry Fink attends a session at the World Economic Forum annual meeting in Davos on Jan. 23, 2020. (Fabrice Coffrini/AFP via Getty Images)

Texas Joins 18 States to Oppose Blackrock’s Woke Agenda

By Darlene McCormick Sanchez
August 10, 2022 Updated: August 10, 2022

Texas joined a group of Republican-led states accusing BlackRock Inc. of putting woke investment criteria above shareholder profits in state pension funds.

In a letter to BlackRock CEO Larry Fink, 19 attorneys general, mainly from conservative states, challenged his company’s reliance on environmental, social, and governance criteria at the expense of investor returns.

Texas Attorney General Ken Paxton said in an Aug. 8 news release that ESG climate goals harm Texas’s oil and gas economy and state pension fund performance. The release said that BlackRock’s actions might also violate state and federal law.

BlackRock, the world’s largest asset manager, recently sent a letter to several states, claiming it has joined climate organizations merely for “dialogue” and is focused solely on its fiduciary duty.

Attorney General Ken Paxton speaks at the Conservative Political Action Conference in Dallas at the Hilton Anatole on August 5, 2022. (Bobby Sanchez for The Epoch Times)

Arizona Attorney General Mark Brnovich led the charge in responding to the investment firm by pointing out inconsistencies and conflicts between BlackRock’s letter (pdf) and its public statements and commitments.

According to a news release from Brnovich’s office, BlackRock’s focus goes beyond “dialogue.” The descriptions on the company’s website include ensuring the world’s largest greenhouse gas emitters take necessary action on climate change and support the Paris Agreement.

Anyone purchasing a BlackRock fund is forced to support ESG, whether they like it or not, Brnovich alleged.

Brnovich’s Aug. 4 letter said BlackRock’s actions raise anti-trust concerns and appear to intentionally restrain and harm the energy markets’ competitiveness.

“Our states will not idly stand for our pensioners’ retirements to be sacrificed for BlackRock’s climate agenda. The time has come for BlackRock to come clean on whether it actually values our states’ most valuable stakeholders, our current and future retirees, or risk losses even more significant than those caused by BlackRock’s quixotic climate agenda,” the letter states.

Attorney General Patrick Morrisey, representing the coal-producing state of West Virginia, accused the company of coercion.

“Again, this is an example of a company pushing their climate agenda, using investments to force companies and people to abide by their ideology,” Morrisey said in a statement.

BlackRock has denied wrongdoing, saying it offers a wide range of products and strategies.

Across the country, conservative and fossil-fuel-producing states have taken aim at financial firms for what is perceived as an attack on U.S. energy.

Texas Comptroller Glenn Hegar sent letters to 19 major financial companies that may be boycotting the fossil fuel industry. He is seeking to clarify their fossil fuel investment policies to satisfy a Texas law that prohibits state agencies from investing in financial companies that boycott energy companies.

Likewise, West Virginia State Treasurer Riley Moore recently announced that BlackRock Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co. are ineligible for state banking contracts.

While states are starting to fight back, it may prove to be an uphill battle against some of the most influential firms in the world pushing ESG.

Critics of ESG say corporations have allied with socialists to weaken capitalist countries such as the United States. The critics argue that woke corporations are attacking the West’s fossil fuel use and traditional values while ignoring pollution and human rights abuses in China and other countries.

Some critics believe that by promoting green energy, progressive companies make the world more reliant on communist China, which dominates the production of solar panels and electric vehicle batteries.

Vivek Ramaswamy, the author of Woke Inc., told an audience at the Conservative Political Action Conference in Dallas last week that he launched an Ohio-based financial firm called Strive as an alternative to woke investment firms.

Ramaswamy told the audience that ESG is also called stakeholder capitalism, which produces less profit for its shareholders. But worse than that, the rise of ESG “drains the lifeblood” out of our democracy, he said.

“What this represents is a new vehicle for the party in power to do through the backdoor what the government couldn’t get done through the front door under the Constitution,” Ramaswamy said.

The advent of ESG credit suggests that controversial issues such as climate change and “systemic racism” have moved from the political arena into the corporate boardroom.

The three largest asset managers in the world—BlackRock, State Street, and Vanguard—control $22 trillion, which is more than the Gross Domestic Product of the United States. He said they are using investor dollars to advocate for political and social agendas in corporate America that most investors disagree with.

“It is the defining scam of the 21st century,” Ramaswamy said, adding it represents a breach of corporate fiduciary duty.

He said that stakeholder capitalism started around the 2008 financial crisis, right around the beginning of the progressive movement. While large corporations couldn’t get on board with the Occupy Wall Street movement that wanted economic equality, they could get on board with social justice.

Ramaswamy proposes that progressives gave corporate America a way to keep their power by taking on social causes. In exchange, progressives looked the other way and didn’t press the companies to change their corporate structure.

“Together, they birthed woke capitalism,” Ramaswamy said.
 

marsh

On TB every waking moment

A Taste of Armageddon
Why there is no chance of civil war or revolution in the developed world.

Sherman McCoy
Aug 28, 2021

Introduction
Many in the US political sphere seem convinced that we are on the verge of an apocalyptic moment.

On the left, outlets like Jacobin like to point out that income inequality is at the highest it’s been since 1917 — the implication, of course, being that 1917 was the year when the Bolsheviks overthrew Nicholas’s Russia and founded the Soviet Union1. On both the left and right, outlets like the Vice2 and The Federalist3 wonder if the highly polarized political environment will boil over into a second civil war.

Both the left and right have their own narratives about what will lead to the conflict. Those on the socialist left who adhere to the theories of historical materialism believe we must be in the “late stage” of capitalism, and that the transition to socialism is inevitable. There are those on the right who think the culture war will eventually turn violent.

Both of these narratives are completely wrong. The risk of sustained, multi-year civil conflict with occupied territory and frontlines in the US, or any similar country, is nil.

Portrait of the American Normie
If you’re reading this, you probably care about politics. You probably voted in your country’s previous election. If you’re an American, you probably not only voted in the 2020 presidential election, but also voted in the 2018 midterms, and plan to vote in the 2022 midterms. You also probably check the news every day, talk about politics on Twitter, and watch cable news every now and then.

If you’ve done all of these things, that makes you, and I, very weird people.

Most people are not politically engaged. The median voter turnout for the past few American presidential elections is 55%. The talk of Red America versus Blue America misses the third, and largest, group: Did Not Vote America.

Even among the half of Americans who do vote, only a minority of them are truly politically engaged. Fox News likes to boast that it is the number one cable news network. Democratic politicians and pundits bemoan how Fox News is poisoning the minds of malleable voters. But being the number one cable network is like being a small fish in a big lake. There seem to be 60M reliable Republican voters in the United States. Fox News’s average ratings for 2021 appear to be somewhere around 1.25M4, roughly equal to CNN and MSNBC combined.

Ratings for Fox News tend to spike whenever there is an election or inauguration, and were through the roof throughout the coronavirus pandemic and 2020 election. But before Biden, 1.5 million seems to be the average viewership for Fox, and since Biden, the number seems closer to 1.25 million.
On a normal day, the entire market for American cable news is 2.5M people. For comparison, three million people watched the eleventh season premiere to the beleaguered zombie show The Walking Dead5.

It’s worth noting that Fox News’s and CNN’s viewers probably vary throughout the week. Anderson Cooper might get half a million viewers on Monday and Tuesday, but the intersection of the Venn diagram for those viewers could be quite narrow. 38% of Americans say they watch cable news “some of the time” according to Pew. But the number of people who watch Fox or CNN consistently is probably quite low6.

For those Americans who do vote, following politics typically comes not from watching Tucker Carlson or Rachel Maddow, but rather the five-minute segment about what’s happening in Washington during their local evening news, before the coverage of the weather and high school sports.7 71% of Americans watch their local news, and spend less time watching the local news than dedicated cable news junkies spend watching their networks.

The average American “normie” does not care about politics because they’re too busy. They don’t watch Tucker Carlson because they’re helping their son with math homework. They don’t talk about corporate tax rates on Twitter because they have to make sure Sally gets to ballet class on time. Why would a civil war or revolution be on their minds?

The Average Would-Be Revolutionary
Throughout history, people leading revolutionary movements fit a certain profile:

They were born to an upper-class, or middle-class household.

They are well-educated. They’ve certainly gone to college, and there’s a good chance they’re a lawyer.

They’re typically young when the revolutionary fervor begins, usually between the ages of 21-39.

This profile could fit America’s Thomas Jefferson, France’s Maximilien Robespierre, Russia’s Leon Trotsky, or Ireland’s Michael Collins. It also fits the leaders of 20th-century terrorist factions well, including the Weather Underground’s Bill Ayers and the Irish Republican Army’s Gerry Adams and Martin McGuinness.

None of these people are the normies we’ve discussed earlier. Since more than half of US adults do not have a college degree and since about half are over the age of forty, being a young college-educated person actually makes you somewhat weird.

Both the French Jacobins of the 1790s and American Weather Underground of the 1970s styled themselves as freedom fighters. But the French Jacobins were able to raise an army of peasants, and membership of the Weather Underground is estimated to have peaked at around 600 mostly college-educated people. Why did one group succeed in convincing normies to take up arms, and the other fail?

The answer is simple: living standards. Before the French Revolution, France was in a terrible recession as it tried to recover the costs of supporting the American Revolution in its quest to undermine its rival, Great Britain. But Britain’s government debt was even worse than France’s.

Why did France revolt, and not Britain? France just had a terrible famine, while everyone in Britain was well-fed. Robespierre’s talk of “liberty, equality, brotherhood” to his army of normies mostly went over their heads — they really wanted food in their empty stomachs. This is why the USA, after the tense decade of the 1960s, ultimately did not erupt in a civil war: living standards were too high.

We now live in a world of material abundance. At the turn of the twentieth century, the cultural understanding of wealth was the “fat cat” — an old man in a suit who was fat because he could eat whenever he wanted. The opposite is true today. The poorer you are, the more likely you are to be obese. Today, the rich don’t use their wealth to eat more — they use their wealth to buy Pelotons and yoga classes to burn off their excess calories they accumulate at their foodie brunches. This would have been unthinkable a hundred years ago.

For this reason, I rate the odds of a sustained civil war or revolution in the USA as being effectively zero.

Domesticated Humans
In an article for the Washington Post, Richard Hanania observed that rich countries typically don’t have civil wars8. I agree, and would actually take the proposition further: the violence of civil unrest is inversely proportional to how wealthy the country is. The more materially comfortable people are, the less violent they become. I do not have enough statistics to rigorously prove this claim, but I do have some data points:

Syria currently has a GDP per capita of around $3,000, and is in the midst of a real, shooting civil war.

In Ukraine, with a GDP per capita of $10,000, there is currently a shooting war in the Donbas region. But strangely enough, not everyone seems to care about it. Life goes on as normal there.9

When the US experienced left-wing terrorist bombings in the 1970s, the country had an inflation-adjusted GDP per capita of around $35,000.

At the near-midpoint of the Troubles (1990), the Republic of Ireland had an inflation-adjusted GDP per capita of $30,000, very similar to that of the USA in the seventies. The violence in Ireland was also quite similar to that in the USA in the seventies: irregular, random bombings.

The present-day GDP per capita of the United States is $65,000. Now that we are twice as rich as we were in the seventies, what form will civil unrest take?

In 2020, the USA saw the most significant nationwide violence since 1968. Entire cities went up in flames. The White House went dark as they rushed the President into the bunker. If you’re my age, the 2020 riots were unlike anything you’ve seen before. But the 2020 riots, believe it or not, were less violent than the 1968 riots10. At least 85 people were killed in 1968. The consensus for 2020 appears to be nineteen11. Some say a biased press could be undercounting deaths from 2020’s civil unrest, but for it to be worse than 1968, it would have to be off by a factor of six: 4 for the deaths themselves times 1.5 because the US has 50% more people in it today.

A year later, you would expect there to be large protests, and perhaps riots, on the anniversary of George Floyd’s death. And yet, there was no looting in 2021. What changed between 2020 and 2021? In the summer of 2020, America was in the midst of a government-mandated economic depression. Bored and unemployed young people are a poor predictor of social stability. When the lockdowns ended after the vaccine was released, people stopped being bored and unemployed, and thus were not susceptible to violence.

Bread and Circuses
As long as people have written about politics, people have observed that governments can use “bread and circuses” to distract and pacify the population. Today, we have bread and circuses down to a science.

In the 1970s, television was the American public’s favorite toy. But there were only four channels: NBC, ABC, CBS, and PBS — and maybe a fifth channel in some markets. Because the window for content distribution was so “narrow”, networks had no choice other than to tailor all of their programming for the median viewer. No such limits exist today. There is a practically unlimited amount of content on the Internet, all personally tailored to you by advanced algorithms.

Our modern understanding of biology, chemistry, and neurology allows us to design bread and circuses like never before. Beverage companies have found chemicals that taste like sugar but with none of the calories. Tech companies design their apps to give their users dopamine hits the more they use them. Cannabis will inevitably be legal for recreational use in the whole USA, and already is in Canada.

As I write this, I am thinking of a TikTok I saw recently featuring an androgynous couple, where one person would randomly feed her (?) boyfriend (?) snacks. Each time she randomly and without warning handed him a snack, he would stop his video game and consume the snack with almost euphoric enthusiasm. This is an effective visual representation of our economy — geared to produce an endless stream of consumer products scientifically designed to release pleasing chemicals in our brains.

A Taste of Armageddon
Every now and then, you’ll see a headline saying something like “the US is as divided as it was in the 1860s. Are we headed for another civil war?” Yes, the US is heavily divided right now. Americans are geographically sorting themselves by party like never before. Many report that they have no friends of the opposite political persuasion. But as long as the population has hot showers and three meals a day, there will be no frontlines or occupied territory in the USA like there is in Syria.

It is my belief, that I cannot prove, that would-be Weathermen bombers of today are exhausting their political fervor through heated internet arguments on social media. In other words, the Second Civil War is happening, but happening entirely online. If the US was as (un-)developed as it was in 1776 or 1860, it’s possible this political situation could have boiled over into a real, shooting war in 2020. But since the US is so rich and comfortable, the average citizen will not want to mess that up.

Unlike real wars, where one side capitulates after suffering death and destruction, there is no real damage caused by online flame wars, and therefore, no incentive for the “war” to end. Ergo, I do not believe that the current political fault lines of the USA will ever be resolved, through either violence because it’s unlikely, or through the political process, since neither side is going away anytime soon. Even as far into the future as 2100, political factions resembling today’s Republicans and Democrats could be yelling about very similar culture war issues.

As an aside, this is why the Afghanistan War was able to last for twenty years — because it was less violent than previous wars. Twenty thousand Americans were killed in the Battle of Normandy alone, but seven thousand US servicemen and military contractors were killed in the whole Afghanistan War12. The advent of the drone means fewer US soldiers and pilots are put in harm’s way. Of those soldiers who are deployed to the frontlines, better medical technology turns would-be KIAs into living Purple Hearts. We wind up seeing fewer coffins covered in the Stars and Stripes than we did in Korea or Vietnam, and this is what the US electorate finds least attractive about going to war. This is why I expect future US wars to resemble Afghanistan in both length and character — and I say this as someone who leans towards anti-interventionism.

Concluding Thoughts
There’s another trend working against the specter of political violence in the developed world. Recall that most would-be revolutionaries are young people. Most people who commit violent crime are also young people. Older people with skin in the game, who have families and own homes, typically do not want to take on the risk of toppling the government unless there is a total collapse of living standards.

The average age in the developed world is increasing, and shows no sign of stopping. In 1970, the median American was 28 years old. Today, the median American is 38 years old13. The fewer young people there are, the less would-be revolutionaries there are too.

My personal opinion — I think the impossibility of a second civil war or revolution is a good thing. Anyone who thinks we are headed towards a civil war is delusional. Anyone who wants a civil war to happen in a country with nuclear weapons is insane.
 

marsh

On TB every waking moment
1660199988281.png


72% of farmers say crop yield will plummet under Trudeau’s emissions scheme

By
Cosmin Dzsurdzsa
August 9, 2022
https://tnc.news/2022/08/09/farmers-emissions/#


In a recent poll, 72% of farmers said that crop yields and food production will plummet should the Trudeau government’s 30% fertilizer emission targets be implemented.

Canadian Federation of Independent Business (CFIB) policy analyst Taylor Brown has called Nitrogen an “essential element” for the success of Canada’s agricultural sector.

“While the government of Canada’s objective is to set a national target to reduce emissions, the primary method to achieve this is not to establish a mandatory reduction in fertilizer use,” said Brown.

“Coupled with rising costs and labour shortages, they are wondering how they’re going to continue saving the world.”

Canadian farmers have also had to deal with the pressure of increasing yields to offset the supply chain issues caused by Russia’s invasion of Ukraine.
Fertilizer Canada has warned that such an emission reduction will cost farmers $48 billion in income.

As exclusively reported by True North, farmer groups have warned that similar protests as those in the Netherlands could arrive in Canada should the government move forward by targeting the agriculture industry.

“We have talked to other producer groups, we’re very concerned about exactly that same scenario. And will we go to these lengths like what’s happening in the Netherlands? I don’t know,” President of the Western Canadian Wheat Growers Gunter Jochum told True North.

“But, you know, all I can say is, if you push farmers back right up against the wall where their livelihood is at stake and it’s a direct result of government overreach and non science based policies, then, who knows what could happen?”

In April, Agriculture Canada put out a report labeling Canadian farmers as being among the worst emissions offenders in the world.

The report accused cereal farmers of having “one of the highest levels of emissions intensity” among exporting countries.

Jochum and other farmers groups have challenged the government on their claims, saying that Canadian farmers have some of the best practices when it comes to fertilizer use.
 

marsh

On TB every waking moment

From Davos Without Love – True Detective Or True Conspiracy

WEDNESDAY, AUG 10, 2022 - 11:00 PM
Authored by Tom Luongo via Gold, Goats, 'n Guns blog,

From the point of ignition
To the final drive
The point of the journey
Is not to arrive
Anything can happen

— RUSH, PRIME MOVER

Sometimes I wake up in the morning and feel like I’ve got the cheat codes to the world, that, like Neo in The Matrix, I can see the code behind the world they parade in front of us.

But, I know, in my heart that this is, itself, just another illusion. It’s just another layer of false reality that forms the core of the conflict in Philip K. Dick’s seminal work that The Matrix borrows heavily from, UBIK.

I also know that sometimes I come off as some insufferable (and vulgar) know-it-all, but that’s all just part of the quest to sift through the mal-information and get something vaguely resembling but not quite unlike The Truth(tm).

Mark Wauck is a guy who writes about what I write about a lot. He’s on his own truth journey. It’s a laudable mission. He’s got a great Substack in general called Meaning In History that I recommend.

He recently posted a two-part review of a recent interview I gave with YouTube channel Not the BBC, which is linked below, called “Tom Luongo’s Theory of Everything.” (Links: Part I and Part II). Seb is also a person on that same journey.

Mark literally transcribes some of my tracing of recent history, in effect, translating my somewhat chaotic ramblings into a coherent vision of what’s in my head.

And all I could think of was this moment from Bruce Timm’s excellent Justice League Unlimited where someone finally did my man, The Question, proper justice at DC instead of trying to turn him into something woke and broken.

View: https://youtu.be/uazcxDYiufY
2:40 min

Funny story about this ‘cartoon.’ I first ran across it in the before time, when I still had DirecTV doing its predictive programming thing on my household. Mostly I had it to watch the NHL, because, at the time that was my side hustle, writing for AOL’s Fan House and blogging about my eternally frustrating Buffalo Sabres.

I was working away from home at the time, visiting my life on the weekends. In hindsight it was brutal. And it did nearly irreparable damage to my relationship with my daughter. Thankfully, she forgave me for not being there for the first five years of her life.

After putting my wife and daughter to bed one night I was flipping through the channels when I came across Mr. No Face spouting Ayn Rand and Aristotle at Lex Luthor and had to suppress not only a fan boy squee but the desire to rush in and wake my wife and have her corroborate what I was seeing.

The Question is the primal detective, more so than Batman or even Sherlock Holmes. He is the man seeing the world for what it is but steadfastly refuses to be sucked into the moral relativism of modernity.

His creator, Steve Ditko, was a staunch Randian Objectivist, much to his professional and, from what I’ve read, personal detriment. For anyone interested in one of the most controversial figures in comics’, and therefore 20th century pop art’s, history, I recommend highly David Currie’s excellent book, Ditko Shrugged: The Uncompromising Life of the Artist Behind Spiderman and the Rise of Marvel Comics.

The Question was Ditko’s first attempt to embody these ideas. They got progressively more didactic and less interesting.

Part of what makes my work what it is is the balance between believing enough in one’s ability to parse information while constantly remaining humble in the face of an overwhelming amount of it trying to distract you and lead you down dead ends and dark alleys.

And I don’t want to sound like some hopeless egoist here, because I’m not. If I’m wrong I’m wrong.

I’ve been a real functioning scientist testing failed hypothesis after failed hypothesis in my life. Humility doesn’t come easy, but the Universe is nothing if not consistent in its application of lessons.

I’m as aware of the potential for my own confirmation bias as I call it out in others.

If you don’t like it, fight me, Bro!

I found the titles of Mark’s posts simultaneously amusing, flattering, and burdensome — not necessarily in that order. We all crave some amount of approval for what we do in this life. It’s part of the ‘uneconomic’ return on our time investment that Marxists like to tell themselves doesn’t exist in others to justify their envy-driven evil.

But it’s not all that drives us. There is a burning need, an obsession if you will, to find a path out of the dark world we live in today. The stories are all around us. The anxiety we all feel is written in them. It’s why the cultural touchstones are so important. The zeitgeist tells us both what we are feeling and what we want.

That’s what keeps me on target and the give and take from those I’ve inspired inspire me to stay the course, even when it would be so much easier to let up, have a drink and coast. But, there is no coasting in this journey, only recharging.

In the end, I don’t think there is just one big conspiracy. This isn’t my Geopolitical Unified Field Theory.

But there is a dominant one that has been in operation for a long time. When opportunities arise thanks to shifts in circumstance, that’s when you see the various players make their moves to regain some of what was previously lost.

Until a group is categorically taken out, they will always be there lurking for the next opportunity to validate some long-form narrative of their supposed potency.

As Hippolyta said so eloquently in Zack Snyder’s Justice League, “Evil does not sleep. It waits.”

I want to thank Seb for structuring the talk in such a way as to lead me to laying everything out in a kind of coherent order for the listener to parse.

View: https://youtu.be/PWGXdusj0Ig
1:29:30 min
 

marsh

On TB every waking moment
(UK)


"A Tragedy:" Brits Face Worsening Cost-Of-Living Crisis As Power Bills Expected To Top $5,000

WEDNESDAY, AUG 10, 2022 - 11:45 PM
As power bills are expected to jump to record highs this winter, UK households will struggle with a worsening cost-of-living crisis.

A new report via energy market intelligence firm Cornwall Insight Ltd. said the power bill price cap is set to rise to £4,266 ($5,168) per year in 1Q23, pilling even more financial pressures on consumers trying to survive the worst inflation storm in decades.

Cornwall Insight's forecast comes as the price cap would breach the £4,000 for the first time, though the good news is energy costs in 2H23 should ease. Cornwall expects the price cap to remain over £3,700 through next year.

1660214157875.png
Source: Bloomberg

"While our price cap forecasts have been steadily rising since the Summer 2022 cap was set in April, an increase of over £650 in the January predictions comes as a fresh shock," said Craig Lowrey, principal consultant at Cornwall Insight.

"The cost-of-living crisis was already top of the news agenda as more and more people face fuel poverty, this will only compound the concerns," Lowrey added.

1660214202916.png

UK's cost-of-living crisis was described by Nigel Wilson, the chief executive of asset management company Legal & General Group Plc, in a CNBC interview on Wednesday morning. He said high energy inflation is "a tragedy for many people."

People are "finding life really difficult with energy prices going up, food prices going up, and a horrible background for many people as they struggle to pay their bills," Wilson said.

End Fuel Poverty Coalition warned rising power prices could result in 9.2 million UK households (28.4%) being thrown into fuel poverty by Oct. 1, adding the figure could increase to 10.5 million (32.6%) by January.

"A tsunami of fuel poverty will hit the country this winter and these latest estimates further demonstrate that the level of support already promised by the government is just a drop in the ocean," said Simon Francis, co-ordinator of the End Fuel Poverty Coalition.

The pain of soaring energy inflation has led to a massive movement of nearly 100,000 people who have pledged not to pay their electricity bill this winter. We reported last weekend that "Don't Pay UK," a strike encouraging people to cancel power bill payments, was gaining moment as the anonymous group hopes to have more than a million Brits boycott paying their power bill by fall.

On top of high inflation and households experiencing the most misery in three decades, the Bank of England warned last week that the UK is expected to enter a recession. All of this is setting the stage for what could be protests in the streets.
 

marsh

On TB every waking moment

Visualizing 10 Years Of Global EV Sales By Country

THURSDAY, AUG 11, 2022 - 01:15 AM

In 2011, around 55,000 electric vehicles (EVs) were sold around the world. 10 years later in 2021, that figure had grown close to 7 million vehicles.

With many countries getting plugged into electrification, the global EV market has seen exponential growth over the last decade. Using data from the International Energy Agency (IEA), Visual Capitalist's Govind Bhutada shows in the infographic below, the explosion in global EV sales since 2011, highlighting the countries that have grown into the biggest EV markets.

1660214467768.png

The Early EV Days
From 2011 to 2015, global EV sales grew at an average annual rate of 89%, with roughly one-third of global sales occurring in the U.S. alone.



In 2014, the U.S. was the largest EV market followed by China, the Netherlands, Norway, and France. But things changed in 2015, when China’s EV sales grew by 238% relative to 2014, propelling it to the top spot.

China’s growth had been years in the making, with the government offering generous subsidies for electrified cars, in addition to incentives and policies that encouraged production. In 2016, Chinese consumers bought more EVs than the rest of the world combined—and the country hasn’t looked back, accounting for over half of global sales in 2021.

EV Sales by Country in 2021
After remaining fairly flat in 2019, global EV sales grew by 38% in 2020, and then more than doubled in 2021. China was the driver of the growth—the country sold more EVs in 2021 than the rest of the world combined in 2020.



China has nearly 300 EV models available for purchase, more than any other country, and it’s also home to four of the world’s 10 largest battery manufacturers. Moreover, the median price of electric cars in China is just 10% more than conventional cars, compared to 45-50% on average in other major markets.

Germany, Europe’s biggest auto market, sold nearly 700,000 EVs in 2021, up 72% from 2020. The country hosts some of the biggest EV factories in Europe, with Tesla, Volkswagen, and Chinese battery giant CATL either planning or operating ‘gigafactories’ there. Overall, sales in Europe increased by 65% in 2021, as evidenced by the seven European countries in the above list.

The U.S. also made a comeback after a two-year drop, with EV sales more than doubling in 2021. The growth was supported by a 24% increase in EV model availability, and also by an increase in production of Tesla models, which accounted for half of U.S. EV sales.

Tesla’s Dominance in the U.S.
Tesla is the world’s most renowned electric car company and its dominance in the U.S. is unmatched.

Between 2011 and 2019, Tesla accounted for 40% of all EVs sold in the United States. Furthermore, Tesla cars have been the top-selling EV models in the U.S. in every year since 2015.


*Estimates
Share of total sales calculated using total U.S. EV sales of 631,152 units, based on data from the IEA. Source: Cleantechnica


Tesla accounted for over 50% of EV sales in the U.S. in 2021 with the Model Y—launched in 2019—taking the top spot. Furthermore, the Model Y remained the bestselling EV in the first quarter of 2022, with Tesla taking up a massive 75% of the EV market share.

Despite Tesla’s popularity, it could face a challenge as other automakers roll out new models and expand EV production. For example, General Motors aims to make 20 EV models available by 2025, and Ford expects to produce at least 2 million EVs annually by 2026. This increase in competition from incumbents and new entrants could eat away at Tesla’s market share in the coming years.
 

marsh

On TB every waking moment
Michael Yon @MichaelYon
Aug 11, 2022 at 6:38am
EPA of The Beast — Not Going After Farmers: Going after Eaters
11 August 2022
Holland

The target is Eaters. Genocides are underway. The table is being set for famine, and then control over the Remnant. Sovereign countries like Taiwan and Israel are extremely vulnerable and can be destroyed during this time.

^^^
View: https://youtu.be/RaejVFnHik8
2:53 min

American farmers should be on edge about this: Mandy Gunasekara

Aug 11, 2022

Fox Business

Former EPA chief of staff Mandy Gunasekara discusses how farmers are facing rising labor, supply and fuel costs on ‘Fox Business Tonight.’
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=njC7nxIHD2c
.56 min

Vivek Ramaswamy on Fighting BlackRock’s ESG Socialist Agenda | Teaser (paywall)
Premiered 6 hours ago


Crossroads with JOSHUA PHILIPP


Totalitarian government has found a way to violate the Constitution and the basic rights of citizens by using private business to carry out its agendas. A key part of this system is the push for environmental, social, and corporate governance (ESG) investment, being led by companies such as BlackRock. Yet, this agenda could soon face a major contender. Vivek Ramaswamy, author of “Woke, Inc,” is creating a new investment firm free from woke politics. The goal is to allow businesses to operate freely, without threats from investors to carry out an anti-capitalist and pro-woke agenda. We speak with Vivek Ramaswamy about the socialist agenda behind ESGs, and how he plans to use the free market to wage a new war on “wokeism.”
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=fZNM5Iiu0EU
9:55 min

Trump raid details hint it’s ‘NOT LOOKING GOOD’ for the FBI


Glenn Beck


New, alleged details about the raid of Donald Trump's home at Mar-a-Lago hint it's 'not looking good for the FBI,' Glenn says. For example, did agents truly refuse to give Trump's lawyer a copy of the warrant upon arriving at the home? Did they have the proper authority to break into the former president's safe? And where exactly does US Attorney General Merrick Garland stand on it all? While SEVERAL questions remain, one thing is certain: There doesn't seem to be another person in American history who has gone through THIS many investigations — that result in no charges — than Donald Trump...
 

marsh

On TB every waking moment

$80 Billion in IRS Funding Will Not be Used to Audit Middle Class Americans

The IRS will have to recruit and train thousands of employees who have the necessary skills to audit high-income taxpayers and corporations, as well as those who are able to upgrade the agency’s technology.
(Farm Journal)

By JIM WIESEMEYER August 11, 2022
Treasury Secretary Janet Yellen directed the Internal Revenue Service (IRS) not to use any of the new funding allocated in the Democrats' new health care and climate bill to increase the number of audits of Americans making less than $400,000 a year.

"Specifically, I direct that any additional resources—including any new personnel or auditors that are hired—shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels," wrote Yellen in the letter. "This means that, contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited.”

The letter to IRS Commissioner Charles Rettig comes amid attacks from Republicans that the around $80 billion the Inflation Reduction Act would give to the IRS over the next 10 years would result in more middle-class Americans and small businesses getting audited.

The Biden administration has repeatedly said the IRS would focus on increased enforcement activity on high-wealth taxpayers and large corporations.

SO, WHAT'S REALLY IN THE PACKAGE FOR IRS?
According to a report by the nonpartisan Congressional Budget Office, the package proposes:

Around $80 billion boost to IRS funding to be phased in over 10 years

$45.6 billion allocated towards beefing up enforcement

Expected to bring in $203.7 billion over about a decade

Republicans have raised concerns that beefing up the agency could lead to audits that negatively target lower- and middle-income earners, which the Biden administration has repeatedly denied.

WHERE THE IRS STANDS NOW
Currently, the IRS has just over 78,000 total full-time employees doing all of the business of the Agency. According to John Koskinen, who served as IRS commissioner from 2013 to 2017, that’s down from around 100,000 when he first started.

A Treasury Department report from May 2021 estimated that such an investment would enable the agency to hire roughly 87,000 employees by 2031. But most of those hires would not be Internal Revenue agents and wouldn’t be new positions.

According to a Treasury Department official, the funds would cover a wide range of positions including IT technicians and taxpayer services support staff, as well as experienced auditors who would be largely tasked with cracking down on corporate and high-income tax evaders.

“It is wholly inaccurate to describe any of these resources as being about increasing audit scrutiny of the middle class or small businesses,” Natasha Sarin, a counselor for tax policy and implementation at the Treasury Department, told Time magazine.

The IRS will have to recruit and train thousands of employees who have the necessary skills to audit high-income taxpayers and corporations, as well as those who are able to upgrade the agency’s technology.

More than half of the agency’s current employees are eligible for retirement and are expected to leave the agency within the next five years. “There’s a big wave of attrition that’s coming and a lot of these resources are just about filling those positions,” says Sarin, an economist who has studied tax avoidance extensively and who was tapped by the Biden administration to beef up the IRS’s auditing power.

In all, the IRS might net roughly 20,000 to 30,000 more employees from the new funding, enough to restore the tax-collecting agency’s staff to where it was roughly a decade ago, according to a Time account.

SENATE WEIGHS IN
Senate GOP members could still stymie some of the IRS funding. Congress revisits the appropriations for the IRS at least once a year through the Financial Services and General Government appropriations bill.

This appropriation bill is often passed as part of a Continuing Resolution (CR) or by an Omnibus bill each of which lumps multiple spending bills together. To pass a CR or Omnibus bill doesn’t require 51 votes, but instead needs the 60 votes to overcome a filibuster in the Senate, meaning that 41 GOP Senators can simply just say no to the dramatic expansion of the IRS by refusing to fund it.
 

marsh

On TB every waking moment

The Real Reason for FBI Raid Emerges: Trump Had 'Damning and Dangerous' Docs at Mar-A-Lago
"There was something damning and dangerous at Mar-A-Lago. And the FBI's raid reeks of a cover-up."

Kyle Becker

The FBI's nine-hour raid of Mar-A-Lago on Monday appears at first glance to have been a desperate fishing expedition. But there was something hidden at the former president's estate that so disturbed the Feds that they felt compelled to take drastic action.

The unprecedented raid at the former president's estate was carried out without warning. It was allegedly prompted by two 'inside sources' who fed the federal agents a tip.

"Two senior government officials, who requested to stay anonymous but had information about the search, told Newsweek that one individual guided authorities to documents at Mar-a-Lago and that the raid was set to occur when Trump was out of town to avoid a galvanizing photo-op," Marco Margaritoff reports. "The Wall Street Journal corroborated those claims, speaking with anonymous sources who said the informant knew the location of these classified documents and that Trump stored many more at Mar-a-Lago than the 15 boxes retrieved in February."

Federal agents, according to Eric Trump, had instructed the Trump team's lawyers to turn off all of the security cameras while it cased the estate. Eric Trump told the Daily Mail that his father's lawyer Christina Bobb was forced to stand at the end of the Mar-a-Lago driveway throughout the raid.

"There's 30 agents there," Eric Trump said. 'They told our lawyer… you have to leave the property right now. Turn off all security cameras."

"They would not give her the search warrant," he added. "So they showed it to her from about 10 feet away. They would not give her a copy of the search warrant."

The FBI raid was ostensibly launched at the behest of a 'liberal librarian' named David Ferriero. Who is David Ferriero? He is the former National Archivist of the United States who had served from Obama's administration to Biden's administration as of late April.

The leftist librarian's harassment of former President Donald Trump for 'classified records' had begun with the delayed return of 15 boxes of documents the National Archives had requested in the wake of his presidency.

The FBI believed that Donald Trump, who had the authority as president to declassify any documents he pleased, was holding out on them. So it conducted an invasive raid of his Palm Beach estate conveniently while Donald Trump was fending off litigation from hyper-partisan New York Attorney General Letitia James.

David Ferriero, curiously, had served as National Archivist under an Obama presidency that was rife with questions about the improper handling of classified materials. First and foremost, Hillary Clinton's tenure as Secretary of State set a new double standard for illegal retention and transmission of classified materials via an illicit homebrew server culminating in her destruction of evidence after it was subpoenaed — the infamous 'BleachBit' fiasco.

But not only did Ferriero fail to act on the egregious violations of U.S. code pertaining to the handling of classified information, he was party to a lawsuit in the U.S. District Court of Columbia in 2015 showing he resisted taking action against Hillary Clinton.

"This is an action under the Federal Records Act... and the Administrative Procedure Act... to compel Defendants John F. Kerry and David S. Ferriero, in their official capacity as Secretary of State of the United States and Archivist of the United States, respectively, to comply with their statutory duty to initiate legal action through the Attorney General, and to notify Congress of such action, for recovery of federal records unlawfully removed from the custody of the Department of State (“State Department”) and stored on a personal computer server in the exclusive control and custody of former Secretary of State Hillary Rodham Clinton," the Cause of Action Institute's lawsuit states. "At all times relevant, the Federal Records Act prohibited the unlawful removal or destruction of government records."

The Clinton legal team ultimately turned over approximately 55,000 emails. However, missing were 33,000 emails that Clinton had destroyed, including 15 emails from adviser Sidney Blumenthal regarding the disastrous Benghazi attack.
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Then there is the egregious case of former President Barack Obama himself. The New York Post's James Bovard recently chronicled the numerous flagrant violations of the Public Records Act by the Obama administration, including now-president Joe Biden himself.
Obama White House lawyers repeatedly invoked the Presidential Records Act to “delay the release of thousands of pages of records from President Bill Clinton’s White House,” Politico reported. At the end of his presidency, Barack Obama trucked 30 million pages of his administration’s records to Chicago, promising to digitize them and eventually put them online — a move that outraged historians.
More than five years after Obama’s presidency ended, the National Archives webpage reveals that zero pages have been digitized and disclosed. People can file requests via the Freedom of Information Act (a law Obama helped wreck) to access Obama records, but responses from presidential libraries can be delayed for years, even more than a decade, if the information is classified.

Similarly, President Joe Biden double-crossed Americans on disclosing records from his 36-year Senate career. In 2011, Biden donated 1,875 boxes of documents from his Senate days to the University of Delaware, which received federal subsidies to curate the collection while it was locked up. Biden and the university library promised to unseal the records “two years after Biden retires from public office.”
But the library announced just before Biden launched his presidential campaign that secrecy would continue until two years after Biden “retires from public life.”
Thus, it was known that former President Obama, former Secretary of State Hillary Clinton, and current President Biden had retained records and materials in violation of the Public Records Act. However, when it comes to Donald Trump, the case is not-so-clear.

It simply does not add up that the FBI would launch such a politically charged raid based on such a flimsy legal pretense. Even CNN's legal analyst Paul Callan conceded that an alleged PRA violation was not enough to warrant a federal raid on Trump's estate.

"This is a daring and dangerous move by the Department of Justice to serve a warrant on a former president and to raid his personal residence," Callan said.

One red thread that has arisen is speculation that former Chief of Staff Mark Meadow's invocation of the Privacy Act regarding documents pertaining to the FBI's Crossfire Hurricane operation was the actual trigger for the raid. The FBI would thus have a 'personal stake' in conducting a cover-up raid on Donald Trump's residence. Thus, according to this conjecture, the FBI raid all boils down to Spygate.

The Meadows memo is posted for viewing below:



Investigative journalist Paul Sperry, who was suspended on Twitter after (correctly) naming the second Trump impeachment 'whistleblower' as Eric Ciaremella, was again suspended for noting the Spygate connection.

1660254900346.png
https://twitter.com/nedryun/status/1557105658142539780
It is uncertain precisely what the FBI was seeking out when it raided Donald Trump's estate. But whatever it was, it wasn't your run-of-the-mill presidential records. There was something damning and dangerous at Mar-A-Lago. And the FBI's raid reeks of a cover-up.
 

marsh

On TB every waking moment

Epic Collapse Is Upon Us

THURSDAY, AUG 11, 2022 - 10:45 AM
Submitted by the Daily Reckoning

What’s wrong with the world? Let me count the ways…

The Western gambit against Ukraine is a bust, a foolish miscalculation that was obvious from the start. All it accomplished was to reveal the pitiful dependence of our European allies on Russian oil and gas, leaving their economies good and truly scuppered without them.

The Russians will likely end up with control of the Black Sea and probably the Ukraine breadbasket as well. So now Europe will starve and freeze.

Did they really want to commit suicide like that? Do the populations of Germany, France, Italy, the Netherlands, Spain and the rest just aim to roll into oblivion? Probably not. Rather, we are entering the season of upended governments.

Europe is suddenly a magnificent mess with governments falling like duckpins, industry shuttered from lack of fuel and citizens rising up against insane World Economic Forum (WEF) diktats to drastically reduce livestock and shut down farming — in effect declaring food production an unacceptable environmental hazard.

Cutting Your Own Throat
This, of course, after the governments of Euroland cut their own throats by self-sanctioning themselves out of Russian oil and natgas.

It’s especially bizarre in Germany, the largest economy of the region, which had just this year conclusively realized and admitted that its “green energy” policy was a complete bust, forcing them to shut down major wind turbine installations and resort to producing electricity with coal.

Nice job, greenies. Your idiotic policies are forcing economies to turn to coal, the dirtiest fossil fuel. Of course, the governments of Merkel, and then Olaf Scholz, have revealed themselves as the sheerest hypocritical idiots.

The globalist stooges implanted everywhere will probably be overthrown. I can envision a scenario where NATO and the Euro Union will dissolve in impotent ignominy, and the various countries involved will have to renegotiate their destinies, forgoing U.S. advice and coercion.

They might even become adversaries of the USA, not allies. Did you forget we fought two wars against Germany not so long ago? And all those countries have been fighting each other since the Bronze Age, too.

History’s a Prankster
It may seem unbelievable, but history never stops reminding us what a prankster it is. A strange and terrible inversion has occurred in this Fourth Turning.

Somehow, Mr. Putin’s Russia will be left to represent what remains of international rule-of-law while the Western democracies sink deeper into a morass of deranged despotism. Anyway, they are too busy conducting war against their own people to even pretend to assist their Ukrainian proxies.

We can’t forget that “Joe Biden” crammed nearly $60 billion into the Ukraine money-laundering machine since February, which will just spew hallucinated capital back out into increasingly disordered financial markets.

Look: The indexes are up worldwide this morning. Why? Because global business is so good? I don’t think so.

Meanwhile, there are reports of huge amounts of Western-supplied weapons turning up on the black market. Apparently, some Ukrainians are even selling these weapons to the Russians!

“An Epic Crackup Is Upon Us”
An epic crackup is upon us. Every place in the world is primed for meltdown, and a few lands in the periphery are already sinking. Sri Lanka is broke and out of gas after being set up as a WEF low-carbon ecostate experiment.

Panama is in revolt over extreme government corruption, food scarcity and the aftereffects of an especially severe two-year-long COVID lockdown that the rest of the world hardly heard about — perhaps because China has operational control over the vital Panama Canal and the CCP has operational control over the World Health Organization, which set up Panama as a lockdown lab project.

In the U.S., moving toward autumn, what we have to look forward to is the blatant desperation of the claque behind “Joe Biden.” Their propaganda machine will probably go all out on climate change and renewed COVID hysteria.

There are always heat waves in midsummer. CNN acts shocked that it’s over 100 degrees in Texas. Really? Never seen that before?

Meanwhile, behind the news about emerging Omicron subvariants, the vaccine injuries and deaths mount and the CDC pretends not to notice. They are just lying as usual. You’re used to it. You pretend it’s to be expected. You’ve forgotten that it wasn’t always so. Soon, it will matter.

Help Is on the Way — A Few Years From Now
Meanwhile, the November midterm elections are only a few months away. Democrats are panicking they’re going to get smoked at the polls. Well, here’s a prediction: A new pandemic is declared in early October, complete with lockdowns, while Google partners with Facebook to roll out a new vote-by-phone app. They’ll say it’s all necessary “to save our democracy.”

By some miracle, then, the Democrats add 30 more seats to their house majority and five in the Senate. Then we enter the new frontier of the Green New Deal and Build Back Better. In other words, the USA heads towards complete collapse.

Speaking of “Joe Biden,” whose idea was it to send the wind-up doll president to Saudi Arabia? I can just imagine what went on in the chamber in private with “JB” and MBS (Crown Prince Mohammed bin Salman), virtual autocrat of the oil-soaked desert land. And wasn’t that fist pump just priceless?

What concessions did “Joe Biden” win from the Saudis? Saudi Arabia graciously agreed to bump up its oil production somewhere in the 2025–2027 time frame — a real triumph for U.S. diplomacy. Nice. Doesn’t really do much for us in the short term, does it?

People, Get Ready
And now the ground is even shifting under the Chinese Communist Party (CCP) as China’s extravagant matrix of city-building, mortgage debt and banking fraud rattles its financial system. What a surprise!

Potent as it has been in bribing politicians around the world, infiltrating governments and cultural institutions in every land and getting the news media to do their bidding, the CCP is apparently losing its grip on the Chinese people, who are sick of being locked down, tracked and swindled.

The tanks are out. This is not the same movie as Tiananmen Square, 1989. This is the CCP bankruptcy, an epic event that will thunder through “the global south,” sending Africa into famine and chaos and South America into yet another rotation of elites.

Pretty soon, it’s going to be every country for itself in this main event of the fourth turning (aka the long emergency). Global unity is a mirage, along with all the preposterous narratives of a world government.

And in every country for itself, it’s going to be every community, every family, every person for itself until, emergently and painfully, everyday life can be reorganized from the ground up.

People, get ready.
 

marsh

On TB every waking moment

The US Labor Market Is A House Of Cards – Here Are The Reasons Why

THURSDAY, AUG 11, 2022 - 11:05 AM
In typical Orwellian fashion, the Biden Administration and the corporate media have attempted to rewrite history and even the definitions of words in recent weeks by changing the standards of what constitutes a “Recession.” A recession is two consecutive negative GDP prints signaling an overall decline of a nation's economy. This IS what a recession is, and no president or puppet media economist is going to change that fact. The US is, by definition, in the middle of a recession.

At no point ever in the history of economics has a recession required an explosion in unemployment. This is not a factor that matters because unemployment is not a leading indicator, it is a lagging indicator. Job losses usually happen at the END of an economic breakdown, not at the beginning, because governments and corporations will do everything in their power to artificially prop up the jobs market and hide instability until the system becomes so broken that they can no longer pull the wool over the public's eyes.

Jobs and stock market tickers tell us nothing ahead of time.

If you really want to know where the economy is headed, you look at inflation vs. deflation, rising prices vs. stagnant wages, rising or falling interest rates, national and consumer debt levels, bankruptcy and small business health, supply chain stability, currency devaluation, bond market stability, and yes, even GDP. There are a hundred indicators a person could look at to gauge a financial downturn – Stocks and jobs are at the bottom of the list.

GDP is also questionable, but for different reasons. GDP numbers are essentially an inflated fantasy designed by governments to misrepresent economic health, and this is largely due to how they are calculated to include government spending. Governments produce no wealth and no value; they only create waste, and they have to steal wealth from the population to then waste that money elsewhere. That, or they print the money from thin air. But this is not wealth creation, it's wealth destruction.

A large part of US GDP includes vast sums of government spending that pumps up the numbers and makes our economy look healthier than it really is. In 2020, government expenditures rose to between 31%-44% of US GDP depending on which calculations you look at. Without this fake wealth creation our GDP would plunge exponentially.

We have to take this fact into account and realize that when our GDP actually does print negative (as it just did), the situation is far worse than many people are led to believe. That is to say, if GDP goes negative even while it's being artificially propped up by government spending, then economic activity is suffering a substantial decline.

By extension, GDP is also propped up by inflation in prices. The higher the prices on everything the more people have to spend, and thus the more retail sales appear to climb and the higher GDP prints. The government reports both Real GDP and Nominal GDP; Real GDP is supposed to account for inflation, but it is adjusted according to rigged inflation calculations. Official GDP is 9.2%, but REAL inflation calculated according to the same standards used in the 1970s and 1980s is closer to 17%. After the stagflationary crisis of the 70s and 80s the government simply shifted how the numbers are collated rather than learning from the overall disaster.

But what does this have to do with jobs numbers?

The White House and a host of dishonest mainstream economists have sought to dismiss the recession by calling GDP numbers “irrelevant.” They claim the old standards don't matter because job numbers are so high in the US. But this is a form of fraud and misdirection, as well.

In 2020, GDP took a nose dive due to half the country shutting down in the name of “flattening the curve.” Then, it skyrocketed in late 2020 and remained stable into 2021. How? Because the Federal Reserve and the government instituted a $6 trillion+ stimulus package that dumped fiat dollars directly into the system. That's $6 trillion of money creation in less than a year, and Biden has been trying to keep the money train going with his "Build Back Better" schemes.

Where did that money go? It caused a tidal wave of retail spending and business spending. And, with the government offering covid checks, PPP loans, a federal rent moratorium and other benefits on top of normal unemployment benefits, the jobs market shot to the moon while most companies found it impossible to meet worker quotas. The government and the Fed conjured up perhaps the largest employment bubble in history, and it's about to burst.

How much time does $6 trillion of Fed fiat combined with welfare, unemployment benefits and not paying rent buy the country in terms of the US jobs market? Not very long, apparently.

Massive inflation has ensued ever since, causing prices to double on most retail goods, food, gasoline, etc. In the meantime, Biden brags about “the greatest economy ever” while the majority of Americans say they are more worried about the economy than any other issue in circulation today. The public doesn't care about covid anymore, they care about price inflation and recession. We have entered a classic stagflationary scenario; all that's left is for job losses to catch up, and they will in the near term.

And what about that incredible jobs print from the Bureau of Labor Statistics this past month? Isn't that a signal that the economy is still in great shape? Not really. Think about it this way – Millions upon millions of Americans were happy to sit at home and do nothing for almost two years while collecting government payouts and living rent free. Some have even tried to start an anti-work movement, demanding even more money and more respect for no-skill labor.

We had a labor shortage from 2020 onward, but now, suddenly, 528,000 people are jumping into the jobs market again? Is this a sign of a healthy economy? Or, is this a sign that the covid money finally ran out, the public is broke and people are being forced to get jobs once again? Everyone has to eat, after all, and you can you can only be an activist so long as your belly is full.

GDP numbers are telling us what is about to happen. Spending is in steep decline. Economic activity propped up by government projects is still falling, and the effect of trillions in covid stimulus is fading. As spending drops the need for workers will reverse course. All those jobs that were magically fabricated because of the covid stimulus buying spree in 2020 will now magically disappear as the money dries up. It is only a matter of time; mass job losses will most likely be triggered by early 2023. The Biden Admin, the Fed and some media economists know this event is coming, but they are pretending as if all is well.
 

marsh

On TB every waking moment

Grocery Inflation Hits Highest Level In 43 Years Despite Biden's "Zero" Inflation Messaging

THURSDAY, AUG 11, 2022 - 01:20 PM
Authored by Tom Ozimek via The Epoch Times,

While the annual pace of inflation in the United States eased slightly in July, a deeper dive into the numbers reveals that some of the categories that hit everyday Americans especially hard in the pocketbook have soared, with the price of groceries jumping to the highest level since 1979.

The Bureau of Labor Statistics (BLS) reported on Aug. 10 that the headline pace of inflation, as reflected in the Consumer Price Index (CPI) ticked down from a recent peak of 9.1 percent in June to 8.5 percent in July.

The month-over-month CPI inflation figure came in at 0 percent, meaning the overall pace of price growth stayed flat between June and July, prompting President Joe Biden to take a victory lap saying that the “economy had zero percent inflation in the month of July.”

Republicans and some economists objected to the White House messaging on “zero” inflation by arguing that Biden was cherry picking the data by focusing on the 0 percent month-over-month pace of growth, while overlooking that the year-over-year rate of inflation—which tends to be the more commonly reported figure—remained at an eye-watering 8.5 percent.

“It’s a bogus math trick. This is the overall one-month index change. Overall that means that the big drop in fuel oil and gas (following previous massive monthly increases) swamped the huge increases everywhere else,” wrote Jeffrey Tucker, president of the Brownstone Institute think tank and columnist for The Epoch Times.

But while the annual 8.5 percent pace of inflation was, indeed, a slowdown from the prior month, several categories the BLS uses to calculate the price index soared, with one key gauge hitting a multi-decade high.

The food-at-home index, which represents food purchased in places like grocery stores for consumption at home, jumped by an annual 13.1 percent, which is the fastest pace since March 1979.

“Consumers are getting a break at the gas pump, but not at the grocery store,” Bankrate Chief Financial Analyst Greg McBride told The Epoch Times in an emailed statement. “Food prices, and especially costs for food at home, continue to soar, rising at the fastest pace in more than 43 years.”

In Monthly or Annual Terms, Food Inflation Soars
Some of the sharpest year-over-year jumps in food purchased for consumption at home include flour (+22.7 percent), chicken (+17.6 percent), milk (+15.6 percent), bread (+13.7 percent), and eggs (+38 percent).

And even though the overall month-over-month CPI index growth came in at 0.0 percent, the vast majority of food-at-home items that make up the index also saw month-over-month increases, including potatoes (+4.6 percent), coffee (+2.7 percent), peanut butter (+3.5 percent), chicken (+1.4 percent), and eggs (+4.3 percent).

The cost of shelter also rose in both annual and monthly terms, climbing 5.7 percent over the year and 0.6 percent over the month.

Experts say that the lagging nature of the shelter component of the price index means inflationary pressures are likely to stay high for at least several more months.

“Shelter costs are still rising at a knee-buckling pace, and accounted for 40 percent of the increase in the core CPI,” McBride said. “Change in rent prices, in particular, tend to lag increases in home prices so we can expect to see continued moves higher for months to come in what is the biggest component of the inflation index.”

The so-called “core” CPI inflation measure, which excludes food and energy and is viewed as a better gauge of underlying price pressures, remained unchanged in July at 5.9 percent in annual terms, and up 0.3 percent in monthly terms.

The fact that core CPI rose over the month suggests inflation could stick around for longer and maintain pressure on the Fed to keep hiking rates aggressively, despite stocks and other risk assets rallying following Wednesday’s relatively soft inflation print.

‘Not Near Done Yet’
Commenting on Wednesday’s inflation print was San Francisco Fed President Mary Daly, who sought to temper market expectations that the Fed might soon pivot away from tighter monetary policies.

“There’s good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal,” Daly told the Financial Times, joining other Fed officials who made public statements pushing back against market optimism on fewer or smaller rate hikes going forward.

Daly addressed the uptick in the core price reading, led by a rise in services inflation, which she said showed little signs of easing.

“This is why we don’t want to declare victory on inflation coming down,” she told the outlet.

“We’re not near done yet.”

Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday that he thinks the Fed will raise its benchmark rate another 1.5 percentage points this year and more in 2023, telling the Aspen Ideas Conference that the central bank is determined to crush inflation even if it causes a recession.

The Fed is “far, far away from declaring victory” on inflation, Kashkari told conference attendees, despite the “welcome” news in the CPI report that inflation may have cooled somewhat.

Kashkari acknowledged that the Fed’s sharp rate hikes might push the economy into a recession, but that’s a risk worth taking to get prices down, he said.

While the U.S. economy has contracted for two consecutive quarters and met the informal rule-of-thumb definition for a recession, the downturn hasn’t yet been formally declared as a recession by the committee of economists at the National Bureau of Economic Research, who serve as the official arbiters in recession calls.
 

marsh

On TB every waking moment

Electric Vehicles May Present Major Problem During Natural Disaster Evacuations: Experts

THURSDAY, AUG 11, 2022 - 02:00 PM
Authored by Katie Spence via The Epoch Times,

The push to transition the national road fleet to electric vehicles (EVs) is on and while increasingly popular with buyers, experts in the transportation space are examining potential problems with mass EV adoption.

One such issue involves EVs and evacuations during natural disasters.

A report from Transportation Research published in ScienceDirect headlined “Can we evacuate from hurricanes with electric vehicles?” found that Florida—which often bears the force of hurricanes—may not have enough power to cope during an evacuation.

“If the majority of the evacuating vehicles were EVs, Florida would face a serious challenge in power supply,” the report said.

It added that could affect six out of the nine main power authorities, especially those in mid-Florida, and “could induce cascading failure of the entire power network” throughout the state.

In California, the two main natural disasters are earthquakes and wildfires.
Both are short-notice events that have the potential to knock out the power grid with no warning, making it especially difficult, if not impossible, to charge a Battery Electric Vehicle (BEV),” a case study from California Polytechnic State University found.

In 2020, sales of electric vehicles (EVs) reached a record 3 million, according to the International Energy Agency (IEA). And, EV sales could increase to 23 million by 2030, thanks partly to the Biden administration’s stated goal of half of all new vehicles sold in 2030 being zero-emissions vehicles.

The increase in EV adoption makes the issue of natural disaster evacuations more pressing.

However, according to a panel of experts at the 2022 National Conference of State Legislatures (NCSL), the problem has yet to be solved.

Posing the Question
“What happens when people … run out of battery on the side of the road [during an emergency evacuation]?” an NCSL conference attendee asked.

“Early adoption is less than one percent. But when its 2035 or 2040 and we’re at 15–20 percent, it’s a whole new level of problem to deal with.

“What’s your vehicle evacuation plan at that point?”

State Sen. Jeff Brandes (R-Fla.), one of the panelists for “The Promise and Challenges of Electric Vehicles” at NCSL, acknowledged the problem and said Florida was examining the issue. It did not yet have a solution.

State Sen. Faith Winter (D-Colo.) said a “really creative company” in Colorado was examining the feasibility of putting chargers in crates and deploying them “like we deploy water, like we deploy firefighters.” Winter said Colorado is aware of this issue and is looking for a solution.

Alex Schroeder, interim executive lead for the Joint Office of Energy and Transportation, didn’t attempt to answer the question.

During a Hurricane
In 2020, Dr Kairui Feng, a researcher at the Department of Civil and Environmental Engineering at Princeton University, along with her colleagues Dr Ning Lin and Dr Siyuan Xian, released a report with Dr Mikhail Chester, the director of the Metis Center for Infrastructure and Sustainable Engineering at Arizona State University, on the problem of evacuating from hurricanes with EVs.
The team used Hurricane Irma (2017) for its evacuation model,
“Hurricane Irma created the largest-scale evacuation in U.S. history, involving about 6.5 million people in Florida on mandatory evacuation orders and, consequently, 4 million evacuating vehicles.

“Severe travel delays happened throughout the state due to traffic jams; some highways [with a 75 mph speed limit] were experiencing a 15 mph peak traffic speed under a tripled traffic volume, compared to the usual conditions.”


Evacuations from major cities could prove problematic during major natural disasters. (Chip Somodevilla/Getty Images)

Assuming the movement of the cars would be the same, researchers examined the electricity demands if the evacuating vehicles were EVs and compared that to the power providers in Florida.

The simulation result found that in some areas “the power demand would significantly exceed the capacity,” but others areas would hold up better in the short-term due to drivers charging at home.

As batteries drained and needed to recharge, however, the simulation showed concerning results.
“When the exodus reached inland Florida and batteries are depleted, the power service companies there would face enormous electricity pressure, and the EV power demand would rapidly exceed their safety margins.”
Indeed, the report found that some power companies would experience a power shortage of 400 megawatts to 1000MW, meaning between 35 to 45 percent of vehicles would receive power, and 55 to 65 percent wouldn’t.

Further, while power companies in cities such as Tallahassee and Gainesville would initially be capable of supplying power, once demand on other grids surpassed supply, there would be a “larger-scale cascading failure in the power network” lasting up to three days.

The report’s abstract states, “The increasing usage of electrical vehicles might not meet the safety requirement of massive hurricane evacuations, which may happen more frequently in the future climate.
“Policymakers need to consider the evacuation problem as EVs are increasingly adopted in disaster-prone regions. Potential solutions include developing centralized charging strategies, improving battery technology, and adopting hybrid vehicles in addition to EVs.”
In response to the critique of EVs not being suitable for evacuations during hurricanes, the EV advocacy site EV Resource wrote, “While power outages are a problem during and after hurricanes, there aren’t electricity shortages before the storm.”

In EV Resource’s opinion, people can charge before a storm, and that charge should be sufficient to reach safety.
“EVs don’t sit and burn fuel. The horror stories of people being stuck in traffic for 12 hours and running out of gas simply aren’t a problem for EVs and hybrids. Even for long stays in traffic, EVs can run for a long time by shutting off non-essentials like air conditioning.”
Neither the Electrification Coalition nor the Eclectic Vehicle Association returned The Epoch Times’ request for comment on evacuation solutions.

Fires or Earthquakes
EV Resource didn’t provide data to back up the above assertions on their site. Moreover, while hurricanes usually have advanced warnings, fires and earthquakes often don’t, as pointed out in “The Use of Electric Cars in Short-Notice Evacuations: A Case Study of California’s Natural Disasters.”

Further, the case studies’ authors—Roxanne Peterson and Mohamed Awwad of the Industrial and Manufacturing Engineering Department at California Polytechnic State University—point out, “Short-notice evacuations, such as those caused by wildfires and earthquakes, may lead to stall-outs, resulting in increased traffic and accidents.”


Traffic is diverted off of the 71 freeway during the Blue Ridge Fire in Chino Hills, Calif., on Oct. 27, 2020. (David McNew/Getty Images)

According to the case study, EVs have a range of 100 to 200 miles, and full recharging can take anywhere from three to 12 hours. Fast charging is quicker, but still takes up to 30 minutes.

In the case of an emergency evacuation charging delays “can create serious problems in evacuations” leading to increased traffic and traveling delays as EVs potentially block lanes.

The report said, “California’s two main natural disasters are earthquakes and wildfires.

“Both are short-notice events that have the potential to knock out the power grid with no warning, making it especially difficult, if not impossible, to charge a Battery Electric Vehicle (BEV).

“More than 2 million properties in California are at extreme risk from wildfires, making up about half of all properties at extreme risk from wildfires.”
 

Cacheman

Ultra MAGA!

Grocery Inflation Hits Highest Level In 43 Years Despite Biden's "Zero" Inflation Messaging

THURSDAY, AUG 11, 2022 - 01:20 PM
Authored by Tom Ozimek via The Epoch Times,

While the annual pace of inflation in the United States eased slightly in July, a deeper dive into the numbers reveals that some of the categories that hit everyday Americans especially hard in the pocketbook have soared, with the price of groceries jumping to the highest level since 1979.

The Bureau of Labor Statistics (BLS) reported on Aug. 10 that the headline pace of inflation, as reflected in the Consumer Price Index (CPI) ticked down from a recent peak of 9.1 percent in June to 8.5 percent in July.

The month-over-month CPI inflation figure came in at 0 percent, meaning the overall pace of price growth stayed flat between June and July, prompting President Joe Biden to take a victory lap saying that the “economy had zero percent inflation in the month of July.”

Republicans and some economists objected to the White House messaging on “zero” inflation by arguing that Biden was cherry picking the data by focusing on the 0 percent month-over-month pace of growth, while overlooking that the year-over-year rate of inflation—which tends to be the more commonly reported figure—remained at an eye-watering 8.5 percent.

“It’s a bogus math trick. This is the overall one-month index change. Overall that means that the big drop in fuel oil and gas (following previous massive monthly increases) swamped the huge increases everywhere else,” wrote Jeffrey Tucker, president of the Brownstone Institute think tank and columnist for The Epoch Times.

But while the annual 8.5 percent pace of inflation was, indeed, a slowdown from the prior month, several categories the BLS uses to calculate the price index soared, with one key gauge hitting a multi-decade high.

The food-at-home index, which represents food purchased in places like grocery stores for consumption at home, jumped by an annual 13.1 percent, which is the fastest pace since March 1979.

“Consumers are getting a break at the gas pump, but not at the grocery store,” Bankrate Chief Financial Analyst Greg McBride told The Epoch Times in an emailed statement. “Food prices, and especially costs for food at home, continue to soar, rising at the fastest pace in more than 43 years.”

In Monthly or Annual Terms, Food Inflation Soars
Some of the sharpest year-over-year jumps in food purchased for consumption at home include flour (+22.7 percent), chicken (+17.6 percent), milk (+15.6 percent), bread (+13.7 percent), and eggs (+38 percent).

And even though the overall month-over-month CPI index growth came in at 0.0 percent, the vast majority of food-at-home items that make up the index also saw month-over-month increases, including potatoes (+4.6 percent), coffee (+2.7 percent), peanut butter (+3.5 percent), chicken (+1.4 percent), and eggs (+4.3 percent).

The cost of shelter also rose in both annual and monthly terms, climbing 5.7 percent over the year and 0.6 percent over the month.

Experts say that the lagging nature of the shelter component of the price index means inflationary pressures are likely to stay high for at least several more months.

“Shelter costs are still rising at a knee-buckling pace, and accounted for 40 percent of the increase in the core CPI,” McBride said. “Change in rent prices, in particular, tend to lag increases in home prices so we can expect to see continued moves higher for months to come in what is the biggest component of the inflation index.”

The so-called “core” CPI inflation measure, which excludes food and energy and is viewed as a better gauge of underlying price pressures, remained unchanged in July at 5.9 percent in annual terms, and up 0.3 percent in monthly terms.

The fact that core CPI rose over the month suggests inflation could stick around for longer and maintain pressure on the Fed to keep hiking rates aggressively, despite stocks and other risk assets rallying following Wednesday’s relatively soft inflation print.

‘Not Near Done Yet’
Commenting on Wednesday’s inflation print was San Francisco Fed President Mary Daly, who sought to temper market expectations that the Fed might soon pivot away from tighter monetary policies.

“There’s good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal,” Daly told the Financial Times, joining other Fed officials who made public statements pushing back against market optimism on fewer or smaller rate hikes going forward.

Daly addressed the uptick in the core price reading, led by a rise in services inflation, which she said showed little signs of easing.

“This is why we don’t want to declare victory on inflation coming down,” she told the outlet.

“We’re not near done yet.”

Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday that he thinks the Fed will raise its benchmark rate another 1.5 percentage points this year and more in 2023, telling the Aspen Ideas Conference that the central bank is determined to crush inflation even if it causes a recession.

The Fed is “far, far away from declaring victory” on inflation, Kashkari told conference attendees, despite the “welcome” news in the CPI report that inflation may have cooled somewhat.

Kashkari acknowledged that the Fed’s sharp rate hikes might push the economy into a recession, but that’s a risk worth taking to get prices down, he said.

While the U.S. economy has contracted for two consecutive quarters and met the informal rule-of-thumb definition for a recession, the downturn hasn’t yet been formally declared as a recession by the committee of economists at the National Bureau of Economic Research, who serve as the official arbiters in recession calls.
The real food inflation won't be here until after October and it will be explosive.
 

marsh

On TB every waking moment

Garland Says He 'Personally Approved' Trump Search Warrant

THURSDAY, AUG 11, 2022 - 12:09 PM

Attorney General Merrick Garland revealed during a brief Thursday speech that he personally approved the search warrant at Mar-a-Lago, and that the DOJ has asked a federal court to unseal the document.

View: https://twitter.com/i/status/1557806475015331840
.17 min

"Just now, the Justice Department has filed a motion in the Southern District of Florida to unseal a search warrant and property receipt relating to a court approved search that the FBI conducted earlier this week," Garland said.

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Trump allies have suggested that the warrant was politically motivated, while Trump himself said on Truth Social on Wednesday that the FBI may have planted evidence.

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The search is connected to an investigation on whether Trump unlawfully retained presidential records - including classified materials, following his departure from office in January 2021.

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Jay I. Bratt, the Justice Department’s chief for Counterintelligence and Export Control Section National Security Division, co-signed the document.

According to the four-page motion, a judge signed and approved of the search warrant on Aug. 5, the Friday before the search was executed. The Justice Department also seeks to reveal the property receipt listing the seized items and filed today with the court.

Shortly after the government’s filing, U.S. Magistrate Judge Bruce Reinhart set a speedy pace to determine whether Trump opposes unsealing. -Law & Crime

"On or before 3:00 p.m. Eastern time on August 12, 2022, the United States shall file a certificate of conferral advising whether former President Trump opposes the Government’s motion to unseal," Reinhart wrote.

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* * *

US Attorney General Merrick Garland will make a statement to the media at 2:30 pm ET on Thursday, following the FBI's Monday raid on Mar-a-Lago.

Garland has found himself in the crosshairs of conservatives, who claim that the establishment has once again 'weaponized' the DOJ against Donald Trump.

Watch live:
View: https://youtu.be/D6juFdjaCko
1:05:19 min

Sen. Rand Paul and other conservatives have called for an investigation.

"And if it warrants it, there’s going to have to be a look at whether or not the attorney general has misused his office for political purposes. Have they gone after a political opponent? I mean, this is beyond the pale," he told Fox News on Wednesady. "No one would have ever imagined before that we would be using or one political party would be using the FBI to attack their political opponents."
 

marsh

On TB every waking moment

Billionaires Fund Treasure Hunt In Greenland For Rare Earths To Power Green Reset

THURSDAY, AUG 11, 2022 - 01:40 PM
The world is ill-prepared for the EV revolution as there are only finite rare earth metals and minerals used for battery making. Billionaires who push decarbonization agendas know this uncomfortable truth and fund a commodity treasure hunt with helicopters, drones, and transmitters on the west coast of Greenland.

CNN reported billionaires, including Bill Gates, Jeff Bezos, and Michael Bloomberg, among others, are funding search efforts for a trove of minerals capable of powering the green energy transition that could be buried in Greenland's Disko Island and Nuussuaq Peninsula.

"We are looking for a deposit that will be the first- or second-largest most significant nickel and cobalt deposit in the world," Kurt House, CEO of Kobold Metals, said. The California-based mineral exploration startup is backed by Gates, Bezos, and Bloomberg -- these billionaires are the usual suspects pushing climate change narratives.

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Surveyors use drones and helicopters with high-tech sensors to measure the subsurface's electromagnetic field to map rock layers. They're using artificial intelligence to review the data to determine the best areas to drill rock core samples in 2H23.

Bluejay Mining CEO Bo Moller Stensgaard said the warmer climate has made "exploration and mining in Greenland easier and more accessible." He said ice-free seas allow vessels to deliver mining equipment to remote areas.

"As these trends continue well into the future, there is no question more land will become accessible, and some of this land may carry the potential for mineral development," Mike Sfraga, the chair of the United States Arctic Research Commission, said.

Geological Survey of Denmark and Greenland said the island country east of Canada could be the world's next hot spot for copper, gold, rare-earth elements, and zinc.

The potential discovery of vast mineral deposits could be why former President Trump expressed interest in buying the island in 2019. Greenland's government responded to Trump by saying the island is "open for business, but we're not for sale."

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We noted last year the trio of billionaires and other elites have had their eyes on Greenland.

All of which leaves us with several simple questions - what does this group of billionaire elites know? Is this them front-running the possible shakeup of China and Russia's control of the global rare earth supply chain? Or do they know the world desperately needs more rare earth metals, or the energy revolution could derail by 2025?
 

marsh

On TB every waking moment

Let Them Eat Bugs

THURSDAY, AUG 11, 2022 - 09:25 AM
Authored by Jeffrey Tucker via DailyReckoning.com,

A study earlier this year from four prestigious institutions proclaimed that you should eat bugs and spiders.

And not only that. The study — conducted by BI Norwegian Business School (BI), Chuo University, Miyagi University and Oxford University — also said that the way to convince people to do this is to have celebrities do it on YouTube videos.

Like clockwork, they are suddenly everywhere. You are welcome to look them up. I personally find them revolting. As in they make me want to revolt.

These are the same folks who pushed for lockdowns, masking, jabs and a war with Russia. Now they say we have to get used to eating bugs because all the other policies they pushed have dramatically increased world hunger. Indeed, it is reaching a crisis point.

For many people, bug eating will soon be the only answer.

One Step Before Cannibalism
I’m going to take it as a given that the evolution of society selected against bug eating. It is not something people prefer over, for example, eating chicken, fish, beef and vegetables. I would further postulate that most people, in general, would not eat bugs unless they had to.

I’m sure there are many venerable bureaucrats at the UN who would dispute the above, but I don’t care.

There is a name for bug eating: entomophagy. Sounds fancy, but ultimately it means living as if there is a famine going on. It is one step before cannibalism and finally eating tree bark.

Sometimes it happens. We call those periods of history deeply tragic. It’s not what we want. The difference this time is that entomophagy is being pushed by top Hollywood influencers.

When it arrives, the famine will be celebrated on social media.

Food Is Already Scarce
Already you have probably observed the changes that are happening. Restaurants are worried about their profit margins and figuring out ways to work around the squeeze. They are serving mounds of bread and pasta and ever less meat. Even vegetable portions are getting skimpy.

They can’t raise prices the way gas stations can. This is because they have a regular clientele that watches menu prices very carefully. Even a 50-cent increase can prompt consumer protest. Then customers end up tipping less, which is a huge disaster for the server staff that make far less than the minimum wage. Then the server staff quits at a time of huge shortage.

As a result, many are trying to find other ways.

In addition, we are hip-deep into the substitution phase of the great inflation. The pricier items at the store are selling much less while the cheaper stuff is selling well. Out with steaks and in with ground beef. Chicken is the going thing and not the best cuts but the cheap ones.

Another trend: home gardening. People very naively imagine that they will beat inflation by growing their own food. What they discover is that this takes more time than one might expect, and it costs too: the tools, fertilizer, water, nets to keep the bugs off and so on. It all adds up.

And yes, there are moments of great delight but it hardly makes a dent in the grocery bill.

A Hungry World
Meanwhile, people in the First World forget how lucky they really are. Many parts of the world today are facing true food and health crises combined.

The world’s largest and most established humanitarian organization to deliver food has sounded the alarm: The world faces a global hunger crisis of unprecedented proportions.

In just two years, the number of people facing, or at risk of, acute food insecurity increased from 135 million in 53 countries pre-pandemic to 345 million in 82 countries today…

We are at a critical crossroads. We need to rise to the challenge of meeting people’s immediate food needs at scale, while at the same time supporting programs that build long-term resilience at scale.

The alternative is hunger on a catastrophic scale.

We’ll Be Paying the Price for Years
Of course, the elites want to blame climate change and war but the real culprit traces to lockdowns and the supply chains that were shattered as a result of government actions. What a disaster. We’ll be paying for many years to come for this mess.

And while it is easy to dismiss problems around the world as their issues and not ours, I wouldn’t be so confident. The food supply in the U.S. has been profoundly affected by the labor shortage, regulatory overreach, inflation and massive problems in the transportation sector.

Federal crop insurance makes its own contribution to lessening supply. This is a program that pays farmers whether they produce or not. It was designed to mitigate against weather risk but it can also create a situation in which it is more profitable to take fields out of production rather than deal with the soaring costs of fertilizer, gas and labor.

There are zero attempts right now in legislation to do anything about this. In addition, there are massive restrictions written in legislation that prevent private farmers and ranchers from selling their products commercially unless they use a federal government-approved meat processor.

This is simply incredible. Thomas Massie of Kentucky (one of the few really brilliant statesmen in the U.S. today) has tried to introduce legislation to fix this but it is getting no traction.

Get a Cow
You don’t need this advice because you already know it: It’s a good time to get a large freezer and stock up. Many of my own friends have done this. They are also finding ways around the crazy regulations. This is how people get when they start to fear the future. No regulation will stand between us and the desire to eat.

Let’s deal with the elephant in the room: whether and to what extent all of this is deliberate. I resist conspiracy theories but it is undeniable that many of the elite members of the World Economic Forum believe that the world is overpopulated. And not by just a little but by billions.

Is it possible that this food crisis is all being engineered to reduce global population? Maybe. We know that Bill Gates has long championed population reduction. He has had his way on everything else, so why not this?

One does get the feeling these days of a civilization being wrecked by force. Our longevity has been falling for some 10 years, with life spans shrinking for the first time in centuries. This is a terrifying reality. Combine that with an overall health crisis and a food crisis that seems certain to get worse.

Two nights ago, I watched the movie Mr. Jones that covers the Stalin-created famine in Ukraine. Utterly terrifying. It can happen. Famines are nearly always created by governments. When they come, there is no way out. Not even the bug population is large enough to meet our food needs.

It’s an unjust smear of Marie Antoinette that she ever said, “Let them eat cake.” But there is no question that many elites and Hollywood celebs are now telling a world dealing with a serious food crisis:

“Let them eat bugs.”
 

marsh

On TB every waking moment

Are Gas Stations Really Inflating Prices For Profit?

THURSDAY, AUG 11, 2022 - 08:44 AM
Authored by Alex Kimani via OilPrice.com,

Companies have been accused of price gouging at the pump this year due to high gasoline prices, a claim that is entirely unsubstantiated.

Most gas stations profit primarily from the products they sell inside their stores, as margins on gasoline range from 1%-2%, and actually make more money when prices are low.

Gasoline prices will fall slower than they rise, however, because if they pass a sudden discount on to customers then they may end up in the red when the next delivery comes.

About a month ago, American consumers were confronted with the highest retail gas prices in history when gas prices soared past $5 per gallon for the first time ever. Not surprisingly, Americans were treated to another round of political bluster and ivory tower jousting, with Republican lawmakers blaming President Biden and his energy policies while Democrats rolled out new bills, investigations, and even sent letters to the heads of oil companies accusing them of price gouging. “Profit margins well above normal being passed directly onto American families are not acceptable," President Joe Biden declared as he called on congress to suspend gas tax for at least three months.

However, former Treasury Secretary Larry Summers hit back against those calls, calling the idea of price gouging at the pump “dangerous nonsense” and warning that anti-gouging legislation could lead to shortages. "The 'price gouging at the pump' stuff ... is to economic science what President Trump’s remarks about disinfectant in your veins were to medical science,” he said.

Whereas gas prices have dropped by more than a dollar per gallon from their July peak, roughly half of states are still paying gas prices above $4.00. No doubt some consumers [and politicians] eager for relief at the pump will continue suggesting that slashing those ‘‘fat’’ mark-ups is the answer to lower gas prices.

However, the reality of the American fuel retailing business is very different from what some politicians have been portraying.

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Fuel Retailing In America
The United States is home to roughly 9,000 independent oil producers, each of which, including the majors, sells crude oil into a global market at the prevailing price. The country is also dotted with 145,000 gas stations that independently set pump prices based on wholesale costs of gasoline plus a host of other local competitive factors.

Only 0.4% of all gas stations are owned by oil producers, with the vast majority being small independent businesses operating under a licensing agreement, hence the famous BP (NYSE: BP), Shell (NYSE: SHEL) or ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) signage. The cost of crude oil makes up roughly 55% of the price consumers pay at the pump, while the remainder is made up of an assortment of costs, including taxes, refining costs, distribution costs, and only then, profits for the retailer.

But here’s the kicker: gas station profit margins are typically very low, in the range of 1-2%. Compare that to nearly 40% profit margin by gas pipeline transportation companies and over 40% for private equities and hedge funds.

“Basically nobody’s vertically integrated anymore. The big oil companies got out of retail a long time ago. There’s hardly any profit so why stay in the industry?” Patrick De Haan, head of petroleum analysis at GasBuddy has told Courthouse News Service.

A recent check by Upside on 30,000 gas stations in the U.S. found that on average, gas retailers’ net profit per gallon is around $0.03-$0.07- after factoring in costs like labor, utilities, insurance, and credit card transaction fees. This works out to a net profit margin of less than 2%. Gas stations profit primarily from the products they sell inside - the convenience store assortment.

Over the long term, retail fuel prices constantly fluctuate with changes in crude prices. Gas prices move in tandem with oil prices, but not as much in either direction. Indeed, over the past 10 years, a 10% rise in crude prices has only produced about a 5% hike in gas prices.

But one thing you have always suspected is actually true: pump prices do rise fast in response to a spike in crude oil prices, but not in the reverse. There is a logical reason for this, as well: Gas station owners set their prices on future deliveries. If they pass a sudden discount on to customers then they may end up in the red when the next delivery comes and prices have spiked.

“There were days when the wholesale price of diesel went up by 75 cents a gallon. When wholesale prices are climbing, you’re losing money because you can’t raise your prices until other station owners do. Then you try to recoup your lost margin. And you’re reluctant to immediately pass along decreases because the wholesale price could spike the next day,’’ De Haan has told Courthouse News Service.

It might seem counterintuitive but high crude prices actually hurt gas retailers’ margins, especially when they rise too fast. Most gas stations are actually far more profitable when prices are low because people buy less gas when prices go up.

Another allegation that has been leveled against oil producers is that they are taking advantage of the situation by limiting their production in a bid to keep prices high. Indeed, Exxon, Chevron, BP, and Shell spent more than $44 billion on stock buybacks and dividends in 2021 instead of spending on drilling. In fact, they’ve committed another potential $30 billion or more in additional buybacks this year.

“It is extremely frustrating to see that there's not a full-on return to production at the moment of crisis,” Energy Secretary Jennifer Granholm has lamented.

“Why aren’t they drilling? Because they make more money not producing more oil--the price goes up," Biden mused at a press conference last week.

However, the biggest reason why Big Oil is reluctant to drill more is simply because their shareholders don’t want them to and also due to ESG concerns. Moreover, economists at the Dallas Fed have projected that U.S. production increases would only add a few hundred thousand barrels per day above current forecasts “even under the most optimistic view.’’ That’s hardly enough to bridge the deficit that will be created by the looming reduction in Russian oil exports due to war-related sanctions that could easily reach 3 million barrels per day.
 

marsh

On TB every waking moment

The Price Of Eggs Is Up 47% As Food Costs In The US Spiral Out Of Control

Authored by Michael Snyder via The Economic Collapse blog,

Now they are trying to convince us that dramatically higher prices are good news. Are you kidding me? Our standard of living is being systematically destroyed, and more Americans are falling out of the middle class with each passing day. The government just announced that in July the consumer price index was 8.5 percent higher than it was the previous July. Of course many have challenged the value of the inflation numbers that the government is giving us because the way inflation is calculated has been changed many times over the years. As John Williams of shadowstats.com has pointed out, if the rate of inflation was still calculated the way that it was back in 1980 it would be far higher than anything that we experienced during the Jimmy Carter era of the 1970s. You can spin that any way that you want, but it is still a raging national crisis.



Yes, energy prices in the U.S. have fallen a bit, and many Americans are very thankful for that.

This reprieve won’t last indefinitely, and so don’t celebrate too much.

Meanwhile, food costs continue to spiral out of control…

“The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979,” BLS said.

Some grocery store items have seen prices rise even faster, though.

“The food at home index rose 13.1 percent over the last 12 months, the largest 12-month increase since the period ending March 1979,” BLS said. “The index for other food at home rose 15.8 percent and the index for cereals and bakery products increased 15.0 percent over the year. The remaining major grocery store food groups posted increases ranging from 9.3 percent (fruits and vegetables) to 14.9 percent (dairy and related products).”

Those numbers are absolutely abysmal.

I am sure that you have noticed that prices are going up when you visit the grocery store. Personally, I still remember the days when I could fill up an entire shopping cart full of food for just 25 dollars.

What will 25 dollars get you today?

In the old days, eggs were always a fairly inexpensive option, but the government is telling us that the price of eggs has risen 47 percent over the past year…

Inflation is wreaking havoc on breakfast, with egg prices at grocery stores soaring a whopping 47% in July over last year, according to retail analytics firm Information Resources Inc.

47 percent!

That is nuts.

Of course the bird flu pandemic that has killed tens of millions of our chickens is the primary reason for that price spike.

As I detailed a few days ago, a number of major problems have combined to create a “perfect storm” for global food production. The war in Ukraine, skyrocketing fertilizer prices and extremely bizarre weather patterns are just some of the reasons why global food supplies are getting tighter and tighter.

So the truth is that food inflation is not going away any time soon.

In fact, I expect global food prices to be substantially higher in 2023 because food production all over the planet will be way below expectations in the months ahead.

We could handle rising prices if our paychecks were going up just as fast.

Needless to say, that isn’t happening. As Zero Hedge has pointed out, real average weekly earnings are “now down 16 straight months as inflation eats away at any wage gains”.

So even the highly manipulated numbers that the government is giving us show that our standard of living has been falling for 16 months in a row.

Ouch.

In the months ahead, I expect this trend to accelerate. It is being projected that heating costs are going to greatly accelerate all over the western world, and that is certainly not going to help matters.

This will be particularly true over in Europe. Becoming so dependent on Russian natural gas was a very foolish thing to do, and now the war in Ukraine has changed everything.

For example, over in the UK it is being projected that absurdly high heating bills will push a significant proportion of the population into financial hardship this winter. The following comes from CNN…

Nearly one third of households in the United Kingdom will face poverty this winter after paying energy bills that are set to soar again in January, campaigners say.

About 10.5 million households will be in fuel poverty for the first three months of next year, according to estimates from the End Fuel Poverty Coalition (EFPC) published on Tuesday — meaning that their income after paying for energy will fall below the poverty line.

The UK is supposed to be one of the wealthiest nations on the entire planet.

But thanks to the war in Ukraine, household energy bills are about to soar to absolutely unprecedented heights…

The predictions are based on new estimates from research firm Cornwall Insight, also published Tuesday, which show that the average household energy bill is expected to hit £3,582 ($4,335) a year from October, and £4,266 ($5,163) from January — equating to about £355 ($430) a month.

If the war in Ukraine is causing this much pain, what will happen to global energy markets when Iran and Israel go to war?

And what will happen when the United States goes to war with China?

I keep trying to sound the alarm, because it is just a matter of time until those conflicts also erupt.

Meanwhile, food production all over the planet will continue to be ravaged by drought, floods, crippling fertilizer costs and persistent global supply chain problems.

Our leaders told us that inflation would just be “transitory”, but that turned out to be totally false.

Now they are telling us that next year will be better.

You can believe that if you want.

But right now global food production is being hit by major crisis after major crisis, and as a result food prices are likely to continue their upward spiral for quite some time to come.
 

TammyinWI

Talk is cheap

marsh

On TB every waking moment

A Most Peculiar Recession

THURSDAY, AUG 11, 2022 - 05:11 AM
Authored by Charles Hugh Smith via OfTwoMinds blog,

So what are conventional pundits missing today? I would start with three dynamics.

Only old people experienced real recessions--those in 1973-74 and 1980-82. Recessions since then have been shorter and less systemic.

In the good old days, a recession laid waste to entire industries which never recovered their previous employment. People who were laid off couldn't find another job. Major sectors of the economy dried up and blew away. Jobs were scarce and there was an oversupply of people looking for work.

We're told consumer confidence is in the dumps and everyone expects the worst: recession! Oh Lordy. Interestingly, there isn't much evidence of this near-panic behaviorally. Everyone's tightening their belts and battening down the hatches, but it's not the cliff-dive we see in a real recession.

There's certainly a lot of froth to be scraped off the latte, but what I'm curious about are the armatures of the economy and what I'm seeing is the crowd ignoring key dynamics because they're so busy pushing the Recessionary Play-Doh into the old playboard.

The entire notion that there is a hard and fast line indicating "recession" is not realistic or useful. The economy dropped 1% for two quarters in a row, quick hit the alarm, go to DefCon 1. Uh, OK, right.

The more useful approach is to look at data points as mostly signal noise that fail to reflect or illuminate the core dynamics of the economy. Here's an example: the stagflation of the 1970s is a hot topic as the financial punditry compares then to now, seeking evidence of similarities strong enough to predict a Lost Decade ahead.

One key factor that's rarely (if ever) mentioned was the staggering cost of cleaning up America's industrial sector and polluted skies and waterways at the same time that the Cold War required the U.S. to strengthen its allies by allowing them unfettered access to the U.S. marketplace--exports to the U.S. that had a price advantage due to the dominance of the dollar and the relative weakness of allies' currencies.

1972 exchange rates indicate that the Japanese yen was 302 to $1--an enormous advantage when compared to recent exchange rates of around 110 yen to the USD.

What few current pundits seem to grasp is the dominant dynamic of the entire era of 1945-1992 was the Cold War with the Soviet Union and its client states and allies. Strengthening allies' economies was a core goal and so the costs to the domestic economy had to be absorbed: there was no choice.

The costs of cleaning up the nation and its vast industrial base was an enormous drag on the economy. The value of the trillions of dollars (in current dollars) invested was not in boosting profits, it was in restoring what had been heedlessly destroyed and damaged by rampant dumping of waste and pollutants and improving the health and well-being of the citizenry.

Check out the smog in early 1970s TV series filmed in Los Angeles for a taste of what was cleaned up.

But in a mind-boggling failure of conventional economics, our financial punditry is blind to the impact of the most consequential economic realities of the 1970s--the Cold War and the lengthy, painful, costly clean-up of the nation and its industrial base--on stagflation.

One reason for this abject failure is these dynamics were difficult to measure, so they weren't measured. We only manage what we measure and so if we don't measure it, it doesn't exist. If we measure things in a no-longer-relevant manner, for example GDP, we continue to act as if this misguided measure is of supreme importance when the reality is it's dangerously misleading.

So what are conventional pundits missing today? I would start with three dynamics:
1. For the first time in multiple generations, there is a structural scarcity of labor. For a variety of reasons, there are fewer people willing to do the work at the offered wage than there are jobs. This is not temporary, it is demographic and social, not simply economic. All the supposedly easy fixes-- automate everything, etc.--are not that easy.
2. The strength of the U.S. dollar is exporting inflation, to the benefit of the domestic economy. After offshoring critical supply chains--a disaster that will take years to reverse--now the U.S. is offshoring inflation and the resulting demand destruction.
3. Global capital flows are reversing. capital flowed from the Core to the Periphery to reap the gains of globalization. Now the flow is reversing and capital is flowing from the Periphery to the Core to preserve capital and lock in lower-risk returns. What looks expensive to those earning U.S. dollars may look cheap and secure to those fleeing depreciating currencies and assets.
In my analysis, these are consequential dynamics that merit little attention in conventional financial analysis.

There is much more to say but glance at these two charts: real (i.e. adjusted for official inflation) median household income and real Broad U.S. Dollar Index.



Charts courtesy of St. Louis Federal Reserve Database (FRED))

If we're not measuring or pondering the core structural dynamics of the economy, we're not going to make sense of no-longer-relevant data. This is a most peculiar recession, and few seem to be asking if the reason is we're missing what's changed structurally.
 

marsh

On TB every waking moment
Oh yeah, Tulsi? And what else???

I think she is alluding to an abuse of power in the political weaponization of the authority for search and seizure. Trump is not the only one this is happening to (J6 investigation and "show trial", blue state AGs on election issues such as Tina Peters. )


Fourth Amendment of the US Constitution

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
 

marsh

On TB every waking moment

Initial Jobless Claims Surge To Highest Since November

THURSDAY, AUG 11, 2022 - 05:40 AM
The number of Americans filing for jobless benefits for the first time last week was 262k, notably higher than the 248k the prior week. That is the highest since Nov26 2021.


Source: Bloomberg

Notably, continuing claims are starting to pick up also and is now at its highest in over 4 months.

The states with the biggest increases were MA (+7,447), CA (+4,399) and NJ (786), while the biggest declines were in CT (-6,323), MI (-1,260) and GA (-823).


One could be forgiven for wondering just WTF is going on in the main payrolls data...


Source: Bloomberg

Still given the mainstream push to claim there is 'no inflation' after yesterday's 0.0% MoM CPI print, who knows what the arbiters of what is acceptable speech will allow us to claims this time...
 

Tristan

Has No Life - Lives on TB

Joe Biden Boasts ‘Zero Inflation’ in July but Cost of Food and Rent Still Rising

CHARLIE SPIERING10 Aug 20221,061

President Joe Biden boasted Wednesday that the United States economy experienced zero inflation in the month of July, even though costs of goods and services are still up 8.5 percent from the previous year.

“I just want to say a number. Zero. Today we received news that our economy had zero inflation in the month of July,” Biden boasted during a speech at the White House.

Inflation of all consumer prices in July was flat from the previous month, thanks to a drop in the price of gasoline from June’s record highs and a sharp decrease in the cost of airfare.

“Zero percent,” Biden repeated proudly. “Zero inflation last month.”

But inflation at the grocery store continues to rise. Prices were up 1.3 percent compared with a month earlier and 13.1 percent compared with a year ago.

The cost of rent also increased by 0.7 percent from the previous month; 6.3 percent from the previous year.

He admitted the price of some items was up but that core inflation was down and pointed to the news of jobs created in the month of July as more proof the economy was improving.

“It underscores the kind of economy we’ve been building,” he said.

Biden cautiously said that inflation “may be beginning to moderate” but warned that global challenges like the war in Ukraine and more pandemic shutdowns could still hurt the economy.

But his overall assessment of the economy was positive — even as more than two-thirds of Americans view the economy as getting worse.

“The economic plan is working,” he concluded.


Horsesh*t.
 

marsh

On TB every waking moment

'Ding, Dong Inflation Is Dead'... But Probably Isn't So Don't Get Your Hopes Up Yet

THURSDAY, AUG 11, 2022 - 04:20 AM
Authored by Bill Blain via MorningPorridge.com,

“Inflation is everywhere a misunderstanding of what actually caused it..“

The pace of US CPI inflation moderated slightly, but it’s too early for the market to conclude rate hikes are over. There are many imbalances still to resolve – especially in consumer credit. Meanwhile, the new UK premier’s clumsy attempts to blame the BOE raise questions.

Markets surged last night on the back of lower-than-expected US inflation. Markets globally rallied, anticipating a slowdown in the pace of Fed Interest Rate Hikes, and a resumption of the long bull Equity market. Bonds rallied. Joy, joy… joy..

Oh dear. It may be well to remember the Happy Munchkins in the Wizard of Oz singing “Ding Dong, Inflation’s Dead…” but, that occurs right at the start of the film… before things get “challenging”. I’m not saying End-of-the-World.. just not-quite-as-rosy-as-you-hope!

The pace of US consumer price inflation fell to 8.5% y-o-y, down from 9.1% in June. It’s well to remember what the CPI number shows is fast prices are rising, not how much they have risen – it’s a subtle, but critical difference…

8.5% Inflation means prices are still rising, (Doh!), just less quickly than last month. Rising prices mean the Fed, and other Central Banks still have to address them. (Which is why expecting Central Banks to mellow rate rises/tighter monetary policy on a single snapshot number is a foolish hope.) 8% inflation sounds so much better than 9%, but it’s still inflation; an imbalance between supply and demand that prices are trying to correct. Result: central banks will keep raising rates to stun demand – if they are brave enough to court criticism from politicians.

The US number shows there are still significant inflationary pulses – and concurrent consequences – surging through the US economy. The lower number will focus analysts on just how quickly the inflation pace will start to fall. The oil shocks in the 1970s lasted effectively a decade. The first 1973 shock took around three years to abate, and was followed by an even stronger price shock in 1977 that took till the early 80s to resolve.

A one-month reversal in a longer-term inflation trend is not unusual – it’s far too early to say a one-month slight improvement in the pace of rising prices means the top has been crossed. But the inflation charts do show it is unusual to get consecutive months of declines, and then a sharp increase again. Its more common for inflation to remain stubbornly high for a number of years following an upspike. (That said… in time of “policy experimentation”, like 2010, an upspike was swiftly followed by a down spike.)

What the US CPI number did confirm is the US economy is in a very different place, and a different stage, to Europe and the Global economy. The key difference is the US report showed energy prices are normalising and reducing as petrol prices moderate. Jet fuel costs declined bringing down the cost of travel. In Europe – there is little chance of energy price moderation – if anything consumer energy bills will become increasingly chaotic and damaging to sentiment. Queue the great divergence between US and Europe – and what that means in terms of investment opportunities.

On the other hand; the US numbers show rising interest rates are impacting consumers cash, food prices continue to rise sharply while housing costs are also spiking. Ah… common experiences Europe and the US share.

The CPI numbers suggest the US economy is still in trouble. Over the past few months I’ve been watching things like Auto-loan delinquencies – as rates rise, and car prices surged on the back of availability and supply chain issues (primarily the shortage of chips), car financing costs became increasingly unaffordable. Auto-loan defaults are rising – but they have not become a crisis because – thus far – the used-car market can very quickly absorb repossessed cars. The reality is 20% of US autoloans go to sub-prime borrowers – who are the ones living pay-check to pay-check, and following years of declining real income (and now a crashing real-income shock) lack the financial resilience to keep paying.

Figures from the Fed show US Household debt is increasing – up 2% in Q2 2022 to $16.15 trillion (!). Officially, that’s because of repressed spending during the pandemic.

In reality, it’s cash-strapped US consumers are living off credit. Much of that credit is real: mortgage and auto-lending, but other numbers like credit cards and from new DeFi lenders showing rising shadow-banking sector lending problems. The default crisis impacting lenders like Klarna comes on the back of cash-strapped consumers using credit to buy their daily milk, bread and petrol. You can’t repossess a bag of shopping.

The inflation driven economic threat in Europe is also about consumers. Years of low incomes, wage constraints, and job insecurity across much of Southern Europe leaves a massive number of consumers with precious few savings. The middle classes have been decimated by rising costs, consumer debt, and taxes.

(It’s a truism: if you can afford a lawyer and an accountant, you can avoid taxes… which is why tax gatherers, like the UK HRMC go for the weakest targets to collect unpaid dues. It takes less effort to extract a million in taxes from 10 struggling middle-class businessmen that it takes to get Amazon to pay a single cent. If there businesses collapse – so what, the tax got its money…)

Who is to blame for inflation?
The UK’s prime minister in waiting, Tank Girl Liz Truss ,says it’s all the Bank of England’s doing. Which is somewhat harsh.

I was unaware Bank of England Governor Andrew Bailey triggered the Russian invasion of Ukraine after first persuading Angela Merkle to close her nuclear plants and give German energy security to Vladmir Putin. `I though the Energy shock and food inflation shock were exogenous.

I was unaware it was Andrew Bailey who decided Tory MPS could give billions of govt money to their chums to not deliver functional PPE to the health service during the pandemic.

I was unaware it was Andrew Bailey who came up with (actually brilliant) furlough scheme to preserve jobs and consumer security (that was a very clever civil servant who has got zero credit for his efforts.)

I was unaware it was Andrew Bailey who set the government’s spending plans…

What I thought was Andrew Bailey and his colleagues at the Bank of England were maintaining a low interest rate economy to keep the pandemic economy functioning through the challenging pandemic years, and to keep the gilt market looking attractive so the UK Debt Management Office could continue to fund the Government’s funding schemes – all the while fretting about how to normalise ultra-low interest rates put in place to stimulate the economy in the 20-teens without destabilising everything.

Liz Truss doesn’t think so. That’s why she will not be getting my vote. (Not that I have one to give her.. but that’s not the point.)

The point is our next prime minister and First Lord of the Treasury will be chosen by 160,000 rank and file conservative party members. They are generally older, well-off, white, male and Eurosceptic. 63% are male. 80% are in the wealthy ABC demographic. 58% are over 55 and remember the Glory of Margaret Thatcher with religious reverence.

Which is why I think someone has been whispering in Tank Girl’s ear – I suspect the Minister for the Spanish Inquisition (Jacob Rees-Mogg). Now, Tank Girl wants to remove the Bank’s independence and replace inflation targeting with money supply targeting. Christ-on-a-bike: did I just drop through a worm hole into 1981? Big hair, shoulder pads, Duran-Duran and economic disaster…

I fear She opened the door into the Treasury’s Black Museum – and unlocked the box of Tragic Economic Mistakes, unleasing the Zombies of Monetarist Economic thinking like Mad Paddy Mitford (who says her plans are brilliant – unsurprisingly) and Tim Condon. Oh dear. Lord spare us…

If so, then we really are rubber ducked. Monetarism, ahem, was such a success back in the 1980s – NOT! In the form of Thatcherism, the consequences are today’s broken Britain, the imbalance between London and the regions unknown outside the M25, the rebellious Scots and a host of long-term structural problems.

If someone had unleashed the Zombie Vampyres of Monetarism, then I’ll be sure to carry my crucifix, a sharp pointy wooden stake, and flask of Lagavulin (my holy water) when next in London.

Although its only August, the Christmas shops are already opening. I am tempted to write to Santa now. “Dear Father Christmas… I have been a very good boy all year. Please can we have a completely new UK Government?”
 

marsh

On TB every waking moment

Outgoing Whole Foods CEO: "I Feel Like Socialists Are Taking Over"

THURSDAY, AUG 11, 2022 - 03:20 PM
Authored by Nick Gillespie via Reason (emphasis ours),

"My concern is that I feel like socialists are taking over," Whole Foods CEO John Mackey tells me on today's show. "They're marching through the institutions. They're…taking over education. It looks like they've taken over a lot of the corporations. It looks like they've taken over the military. And it's just continuing. You know, I'm a capitalist at heart, and I believe in liberty and capitalism. Those are my twin values. And I feel like, you know, with the way freedom of speech is today, the movement on gun control, a lot of the liberties that I've taken for granted most of my life, I think, are under threat."

If you're as old as I am (I just turned 59), you will remember how dreary food shopping was before Whole Foods exploded the concept since it came on the scene in 1978. When I was a kid, you were lucky to find two or three types of potatoes in the produce aisle, one type of eggplant, maybe a green bell pepper, and a sad jalapeno or two (jalapenos were almost always sold pickled and in cans). Even in big cities, you had to roam around all over town to find oddball spices that you can now pick up in 7-11s and gas station convenience stores.

At the end of August, Mackey, born in 1953, is retiring from Whole Foods.

Throughout his career, John has developed and evangelized for what he calls "conscious capitalism," or businesses that seek to "create financial, intellectual, social, cultural, emotional, spiritual, physical, and ecological wealth for all of their stakeholders." That may sound a bit hippy-dippy to you, but John is one of the most hardcore capitalists I've ever met, yet also an incredibly spiritual and thoughtful guy who wants to help all of us live better, more interesting lives.

That comes through loud and clear in his epic 2005 debate with Nobel laureate Milton Freidman and former Cypress Semiconductor CEO T.J. Rodgers about rethinking the social responsibility of business. "I believe that the enlightened corporation should try to create value for all of its constituencies," wrote John.

"From an investor's perspective, the purpose of the business is to maximize profits. But that's not the purpose for other stakeholders—for customers, employees, suppliers, and the community. Each of those groups will define the purpose of the business in terms of its own needs and desires, and each perspective is valid and legitimate." In many profound ways, John's vision is now widely accepted, partly because he's speaking to a post-industrial world that is rich enough that more and more of us are starting to bump our snouts further up Abraham Maslow's hierarchy of needs. Even in the developing world, more and more of us are trying to figure out how we can flourish rather than just subsist.

I caught up with John at FreedomFest, the annual gathering in Las Vegas, and we talked about his time at Whole Foods, how his company did an exceptional job of staying open and serving people during COVID, what he thought about the government's response to the pandemic, and a whole lot more. We also, of course, talked about what he's going to do once he's retired.

In terms of business ventures, he's planning to open a series of wellness centers and cafes. Of greater interest to me, John said that he felt muzzled in his position as CEO of Whole Foods. For many reasons, he says he couldn't speak his mind on various issues, especially what he sees as a dangerous drift toward more and more control of everyday life, commerce, and speech. That all changes in September, he said, and we should expect him to be even more outspoken in his celebration of capitalism, which he considers the greatest anti-poverty program ever created, and many other issues.
 
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