GOV/MIL Main "Great Reset" Thread

marsh

On TB every waking moment

August 11, 2022
Greenpeace's Patrick Moore and the hardcore evidence against climate change myths
By Alicia Colon

One of the most interesting persons I interviewed for the New York Sun was Patrick Moore, co-founder of Greenpeace.

I had mistakenly expected him to be one of those left-wing environmental wackos, but he was anything but.

He had left Greenpeace after realizing that the group was more interested in social machinations than in helping humanity. He was also the only one in Greenpeace at the time with a scientific background.

I recently watched him on YouTube discussing his book, Fake Invisible Catastrophes and Threats of Doom, and it is an eye-opener to anyone who still believes in the global warming hoax.

The real question is, how did anyone ever believe that Al Gore, who is not a scientist, had any credibility behind his monumentally successful film, An Inconvenient Truth?
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It has always seemed to me the result of the dumbing down of America and the insidiousness of the academic community. Anyone with half a brain and the ability to reason would see through the massive holes in the film's premise, yet public schools were adding it to their curricula. Al Gore went on to become a mega-multi-millionaire snake oil salesman selling carbon credits to morons.

Mr. Moore's book not only documents the hardcore evidence that global warming is a not a threat to the planet, but argues that we are essentially still in an ice age. While he covers climate change, he also debunks all the other lies we've been fed by environmental charlatans such as Gore.

Do you really think the Great Barrier Reef is dying? Did you fall for the nonsense that the polar bear population is almost extinct? When filmmaker Sir David Attenborough was confronted about his film depicting walruses plunging off a cliff due to what he claimed was climate change, he answered that he was just a filmmaker. In fact, those walruses he filmed were being chased by a horde of polar bears that hunted and killed them for food. So many lies, and why are we being told so many fake tales? The answer is money and power. Greening is expensive and also useless.

I was so proud of President Trump when he took us out of the Paris accord on climate change, and as soon as he did, other nations opted out as well.

Unfortunately, President Biden signed an executive order as soon as he could in January 2021, and the "greening" of America has continued unfettered by the truth. So here it is.

As Mr. Moore's book confirms, CO2 levels on Earth today are below what they have been in the millions of years the planet has existed. CO2 levels are being put back in the atmosphere thanks to human existence, not killing the planet, but saving it. Carbon dioxide (CO2) is used as a refrigerant, in fire extinguishers, for inflating life rafts and life jackets, for blasting coal, for foaming rubber and plastics, and for promoting the growth of plants in greenhouses. It is vital to life.
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When did we start hearing about greenhouse gas emissions as if they signaled the end of the Earth? Gloom-and-doom tales have been fed to gullible audiences since the 1960s, with Hollywood shelling out disaster films about nuclear apocalypse.

Most of these were hilarious, like The Blob, or giant mutant rabbits and insects, but since the global warming scenario hit, an even more ridiculous genre emerged: if we don't start recycling and stop driving fossil fuel cars, we're all going to die.

The film 2012, which came out in 2009, was about a series of global catastrophes that threatened to annihilate mankind. The date was supposed to be the date of a Mayan prophecy signifying when the world would end.

Well, there was no such Mayan prophecy, and we are still here, so who spreads such lies, and why do we pay attention to nonsense like this? How about that 2004 film The Day after Tomorrow, which dealt with a new ice age causing a tsunami storm surge in the Atlantic Ocean that quickly inundates Manhattan? I only know the plots because I read the reviews, but I never watched such waste of time movies.

If any reader is serious about learning the truth instead of being scared to death, I highly recommend you read Mr. Moore's excellent book, which is instantly available on Kindle.

Then sit back, take a deep breath, and finally relax.
 

marsh

On TB every waking moment

The Madness Of Groupthink

THURSDAY, AUG 11, 2022 - 08:40 PM
Authored by Robert Malone via Brownstone Institute,

“Madness is the exception in individuals but the rule in groups.”

~ Fredrich Nietzsche

We all seek to understand the root causes of the COVIDcrisis. We crave an answer, and hope is that we can find some sort of rationale for the harm that has been done, something that will help make sense out of one of the most profound policy fiascos in the history of the United States.

In tracing the various threads which seem to lead towards comprehension of the larger issues and processes, there has been a tendency to focus on external actors and forces. Examples include the Medical-Pharmaceutical Industrial complex, the World Health Organization, the World Economic Forum, the Chinese Central Communist Party, the central banking system/Federal Reserve, the large “hedge funds” (Blackrock, State Street, Vanguard), the Bill and Melinda Gates Foundation, Corporate/social media and Big Technology, the Trusted News Initiative, and the United Nations.

In terms of the inexplicable behavior of the general population in response to the information which bombards all of us, the denialism and seeming hypnosis of colleagues, friends and family, Mattias Desmet’s 21st century update of the work of Hannah Arendt, Joost Meerloo, and so many others is often cited as the most important text for comprehending the large scale psychological processes which have driven much of the COVIDcrisis madness. Dr. Desmet, a professor of clinical psychology at Ghent University (Belgium) and a practicing psychoanalytic psychotherapist, has provided the world with guide to the Mass Formation process (Mass formation Psychosis, Mass Hypnosis) which seems to have influenced so much of the madness that has gripped both the United States as well as much of the rest of the world.

But what about the internal psychological processes at play within the United States HHS policy making group? The group which has been directly responsible for the amazingly unscientific and counterproductive decisions concerning bypassing normal bioethical, regulatory and clinical development norms to expedite genetic vaccine products (“Operation Warp Speed”), suppressing early treatment with repurposed drugs, mask and vaccine mandates, lockdowns, school closures, social devision, defamation and intentional character assassination of critics, and a wide range of massively disruptive and devastating economic policies.

All have lived through these events, and have become aware of the many lies and misrepresentations (subsequently contradicted by data) which have been walked back or historically revised by Drs. Fauci, Collins, Birx, Walensky, Redfield, and even Mr. Biden. Is there a body of scholarship and academic literature which can help make sense of the group dynamics and clearly dysfunctional decision making which first characterized the “coronavirus taskforce” under Vice President Pence, and then continued in a slightly altered form through the Biden administration?

During the early 1970s, as the (tragically escalated) Viet Nam War foreign policy fiasco was starting to wind down, an academic psychologist focusing on group dynamics and decision making was struck by parallels between his own research findings and the group behaviors involved in the Bay of Pigs foreign policy fiasco documented in A thousand days: John F. Kennedy in the White House by Arthur Schlesinger.

Intrigued, he began to further investigate the decision making involved in this case study, as well as the policy debacles of the Korean War, Pearl Harbor, and the escalation of the Viet Nam War. He also examined and developed case studies involving what he saw as major United States Government policy triumphs. These included the management of the Cuban missile crisis, and development of the Marshall Plan. On the basis of these case studies, examined in light of current group dynamic psychology research, he developed what a seminal book which became a cautionary core text for most students of Political Science.

The result was Victims of Groupthink: A psychological study of foreign-policy decisions and fiascoes by Author Irving Janis (Houghton Mifflin Company July 1, 1972).

Biographical Context:

Irving Janis (1918-1990) was a 20th century social psychologist who identified the phenomenon of groupthink. Between 1943 and 1945, Janis served in the Research Branch of the Army, studying the morale of military personnel. In 1947 he joined the faculty of Yale University and remained in the Psychology Department there until his retirement four decades later. He was also an adjunct professor of psychology at the University of California, Berkeley.

Janis focused much of his career on studying decision making, particularly in the area of challenging habitual acts such as smoking and dieting. He researched group dynamics, specializing in an area he termed “groupthink,” which describes how groups of people are able to reach a compromise or consensus through conformity, without thoroughly analyzing ideas or concepts. He revealed the relationship peer pressure has to conformity and how this dynamic limits the confines of the collective cognitive ability of the group, resulting in stagnant, unoriginal, and at times, damaging ideas.

Throughout his career, Janis authored a number of articles and governmental reports and several books including Groupthink: Psychological Studies of Policy Decisions and Fiascoes and Crucial Decisions: Leadership in Policy Making and Crisis Management.

Irving Janis developed the concept of groupthink to explain the disordered decision-making process that occurs in groups whose members work together over an extended period of time. His research into groupthink led to the wide acceptance of the power of peer pressure. According to Janis, there are several key elements to groupthink, including:

He observed that:

The group develops an illusion of invulnerability that causes them to be excessively optimistic about the potential outcomes of their actions.
Group members believe in the inherent accuracy of the group’s beliefs or the inherent goodness of the group itself. Such an example can be seen when people make decisions based on patriotism. The group tends to develop negative or stereotyped views of people not in the group.
The group exerts pressure on people who disagree with the group’s decisions.
The group creates the illusion that everyone agrees with the group by censoring dissenting beliefs. Some members of the group take it upon themselves to become “mindguards” and correct dissenting beliefs.
This process can cause a group to make risky or immoral decisions.

This book was one of my assigned textbooks during undergraduate studies in the early 1980s, and it has deeply influenced my entire career as a scientist, physician, academic, entrepreneur, and consultant. It has been widely read, often as required reading during undergraduate political science coursework, and A Review of General Psychology survey (published in 2002) ranked Janis as the 79th most cited psychologist of the 20th century.

As I have considered the revelations provided by the recent books from Dr. Scott Atlas (A Plague Upon Our House: My Fight at the Trump White House to Stop COVID from Destroying America) and Dr. Deborah Birx (Silent Invasion: The Untold Story of the Trump Administration, Covid-19, and Preventing the Next Pandemic Before It’s Too Late), I realized that the prescient insights of Dr. Janis were directly applicable to the group dynamics, behaviors and faulty decision making observed within the core HHS leadership “insider group” responsible for much of the grossly dysfunctional decision making which has characterized the COVIDcrisis.

Janis’ insights into the process of groupthink in the context of dysfunctional public policy decision making profoundly foreshadowed the behaviors observed within the HHS COVID leadership team.

A high degree of group cohesiveness is conductive to a high frequency of symptoms of groupthink, which in turn are conductive to a high frequency of defects in decision-making. Two conditions that may play an important role in determining whether or not group cohesiveness will lead to groupthink have been mentioned – insulation of the policy-making group and promotional leadership practices.

Rather than paraphrasing his ideas, below I provide key quotes from his seminal work which help shed light on the parallels between the foreign policy decision making fiascos which he examined and current COVIDcrisis mismanagement.

I use the term “groupthink” as a quick and easy way to refer to a mode of thinking that peole engage in when they are deeply involved in a cohesive in-group, when the member’s strivings for unanimity override their motivation to realistically appraise alternative courses of action. “Groupthink” is a term of the same order as the words in the newspeak vocabulary George Orwell presents in his dismaying 1984– a vocabulary with terms such as “doublethink” and “crimethink”. By putting groupthink with those Orwellian words, I realize that groupthink takes on an invidious connotation. The invidiousness is intentional. Groupthink refers to a deterioration of mental efficiency, reality testing, and moral judgment that results from in-group pressures.

Hardhearted actions by softheaded groups
At first I was surprised by the extent to which the groups in the fiascoes I have examined adhered to group norms and pressures toward uniformity. Just as in groups of ordinary citizens, a dominant characteristic appears to be remaining loyal to the group by sticking with the decisions to which the group has committed itself, even when the policy is working badly and has unintended consequences that disturb the conscience of the members. In a sense, members consider loyalty to the group the highest form of morality. That loyalty requires each member to avoid raising controversial issues, questioning weak arguments, or calling a halt to softheaded thinking.

Paradoxically, softheaded groups are likely to be extremely hardhearted toward out-groups and enemies. In dealing with a rival nation, policymakers comprising an amiable group find it relatively easy to authorize dehumanizing solutions such as large-scale bombings. An affable group of government officials is unlikely to pursue the difficult and controversial issues that arise when alternatives to a harsh military solution come up for discussion. Nor are members inclined to raise ethical issues that imply that this “fine group of ours, with its humanitarianism and its high-minded principles, might be capable of adopting a course of action that is inhumane and immoral.”

The more amiability and esprit de corps among the members of a policy-making in-group, the greater is the danger that independent critical thinking will be replaced by groupthink, which is likely to result in irrational and dehumanizing actions directed against out groups.

Janis defined eight symptoms of groupthink:
1) An illusion of invulnerability, shared by most or all of the members, which creates excessive optimism and encourages taking extreme risks.

2) Collective efforts to rationalize in order to discount warnings which might lead the members to reconsider their assumptions before they recommit themselves to their past policy decisions.

3) An unquestioned belief in the group’s inherent morality, inclining the members to ignore the ethical or moral consequences of their decisions.

4) Stereotyped views of enemy leaders as too evil to warrant genuine attempts to negotiate, or as too weak and stupid to counter whatever risky attempts are made to defeat their purposes.

5) Direct pressure on any member who expresses strong arguments against any of the group’s stereotypes, illusions, or commitments, making clear that this type of dissent is contrary to what is expected of all loyal members.

6) Self-censorship of deviations from the apparent group consensus, reflecting each member’s inclination to minimize to himself the importance of his doubts and counterarguments.

7) A shared illusion of unanimity concerning judgements conforming to the majority view (partly resulting from self-censorship of deviations, augmented by the false assumption that silence means consent).

8) The emergence of self-appointed mindguards- members who protect the group from adverse information that might shatter their shared complacency about the effectiveness and morality of their decisions.

It is relatively easy to identify errors of thought, process, and decision making in retrospect. Much harder is to devise recommendations that will help to avoid repeating history. Fortunately, Dr. Janis’ provides a set of prescriptions which I have found useful throughout my career, and which can be readily and effectively applied in almost any group decision making environment. He provides the following context for his treatment plan:

My two main conclusions are that along with other sources of error in decision-making, groupthink is likely to occur within cohesive small groups of decision-makers and that the most corrosive effects of groupthink can be counteracted by eliminating group insulation, overly directive leadership practices, and other conditions that foster premature consensus. Those who take these conclusions seriously will probably find that the little knowledge they have about groupthink increases their understanding of the causes of erroneous group decisions and sometimes even has some practical value in preventing fiascoes.

Perhaps one step that might be taken to avoid further repeats of the public health policy “fiascoes” which characterize the domestic and global response to the COVIDcrisis is to mandate leadership training of the Senior Executive Service (much as mandated within DoD), and particularly within the leadership of the US Department of Health and Human Services. Whether or not this ever becomes the governmental policy, below are the nine key points which any of us can apply when seeking to avoid groupthink in groups that we participate in.

Nine action items for avoiding groupthink
1) The leader of a policy-forming group should assign the role of critical evaluator to each member, encouraging the group to give high priority to airing objections an doubts. This practice needs to be reinforced by the leader’s acceptance of criticism of his own judgements in order to discourage the members from soft-pedaling their disagreements.2) The leaders in an organizations hierarchy, when assigning a policy planning mission to a group, should be impartial instead of stating preferences and expectations out the outset. This practice requires each leader to limit his briefings to unbiased statements about the scope of the problem and the limitations of available resources, without advocating specific proposals he would like to see adopted. This allows the conferees the opportunity to develop and atmosphere of open inquiry and to explore impartially a wide range of policy alternatives.

3) The organization should routinely follow the administrative practice of setting up several independent policy-planning and evaluation groups to work on the same policy question, each carrying out its deliberations under a different leader.

4) Throughout the period when the feasibility and effectiveness of policy alternatives are being surveyed, the policy-making group should from time to time divide into two or more subgroups to meet separately, under different chairmen, and then come together to hammer out their differences.

5) Each member of the policy-making group should discuss periodically the group’s deliberations with trusted associates in his own unit of the organization and report back their reactions.

6) One or more outside experts or qualified colleagues within the organization who are not core members of the policy-making group should be invited to each meeting on a staggered basis and should be encouraged to challenge the views of the core members.

7) At every meeting devoted to evaluating policy alternatives, at least one member should be assigned the role of devil’s advocate.

8) Whenever the policy issue involves relations with a rival nation or organization, a sizable bloc of time (perhaps an entire session) should be spent surveying all warning signals from the rivals and constructing alternative scenarios of the rivals’ intentions.

9) After reaching a preliminary consensus about what seems to be the best policy alternative, the policy-making group should hold a “second chance” meeting at which every member is expected to express as vividly as he can all his residual doubts and to rethink the entire issue before making a definitive choice.
 

marsh

On TB every waking moment

Did Lockdowns Turn Americans Into Lazy Bums?

THURSDAY, AUG 11, 2022 - 06:00 PM
Authored by Jeffrey A. Tucker via Brownstone Institute,

It looks as if we can add another line to the long list of lockdown harms. Sloth.

This explains so much actually. For months, we’ve been watching working/population ratios and labor participation rates and have been stunned by how they both continue to plummet. We search for explanations. Early retirement. Women driven out due to childcare shortages. Unemployment payments.

All these factors contribute but there is still more to explain.

In the midst of the astonishing hullabaloo over the raid of Donald Trump’s home – and the confiscation of a pro-freedom Republican Congressman’s smartphone – the Bureau of Labor Statistics dropped a remarkable report on labor productivity. Here we see something we’ve never seen before.

It’s low and falling.
Lower than it has been than in the entire postwar period. It breaks all records. This chart is from 1948 to the present. It adjusts for all factors including participation, population, retirement, and so on. It only looks at hours over output. Here is what we see.



What does this mean?

The immediate response might be that Americans have gotten lazy. They got used to their Zoom lifestyles and pretending to work. They want to hang around on apps, Tweet, chat it up with their friends on Facebook or Slack, and otherwise fake out the boss who can’t fire them anyway for fear of lawsuits. They aren’t doing much anymore, at least not those in high-end employment in professional office suits.

I resisted that conclusion and looked more deeply into how this number is calculated. It looks at total economic output compared to the number of labor hours from wage and salary employees involved in making that output. The result is a figure that estimates productivity per hour. And yes, it is probably widely inaccurate as these sorts of macroeconomic magnitudes tend to be. We use them anyway because they are consistently inaccurate: the same method used to calculate in one quarter is used to calculate in all. It thereby becomes useful.

And what it reveals is probably what we might expect. American workers have dealt with lockdowns and shutdowns, plus vaccine mandate demoralization, plus inflation eating away at real wages, plus an existing or impending recession, and you have the result. A nation of goof-offs.

It might be more than that. Lockdowns kicked off a national substance-abuse crisis: liquor, drugs, weed, you name it. And depression too. Even today, one cannot help but notice the smell of weed in large cities. This is not the smell of ambition and productivity.

We can combine this with the sheer number of people who have left the workforce completely and you paint a grim picture.

Economist and Brownstone Senior Fellow David Stockman has an interesting take on this. Rather than just fire people outright, companies are keeping unproductive employees on the payroll just in case. He writes:

Today’s Q2 productivity report…came in at -4.7%, on top of the -7.7% decline posted in Q1. Together they amount to the worst back-to-back productivity declines ever reported.

Our point is that this development puts a whole new angle on the so-called “strong” labor market. To wit, owing to the labor market turmoil and disruptions of the Covid-Lockdowns and massive stimmy injections since 2020, employers are apparently hiring on a just-in-case basis like rarely before. This is otherwise known as top-of-the-cycle labor hoarding.

As shown below, since Q4 2021 economic output, which is a close derivative of real GDP, has shrunk by –1.2%. By contrast, the US nonfarm payroll has increased by 2.77 million jobs or nearly +2.0%.

Needless to say, with far more labor spread over contracting output, labor productivity took it on the chin. That is to say, bad Washington policies including $6 trillion of stimmies, massive money-pumping and the brutal Lockdowns of the Virus Patrol have apparently left employers dazed and confused.

At length, however, employers will wake-up to the fact that bloated payrolls against declining sales will result in a severe profit margin squeeze. Then the labor-shedding and layoffs will commence big time, even as the Keynesians in the Eccles Building are reduced to babbling about the “strong” labor market which suddenly vanished.


What he is getting at is what I’ve called (after Keynes) the coming euthanasia of the overclass. It won’t be the people actually doing real stuff who will face layoffs but the Zoom workers who stayed home because government said they could and their employers could not object. Employees gradually discovered that they could be anywhere – at the pool, in bed, on the road, climbing mountains – and so long as they had a Slack app running, no one could tell.

Lockdowns acculturated an entire generation to believe that work is fake, productivity is a ruse, money comes for nothing, the boss is an idiot, and many workers are privileged to be wealthy forever due to papers handed out for $200,000 by colleges and universities. Who needs productivity, much less ambition?

In the old days, in an ethos formed from bourgeois experience over hundreds of years, the idea of working and doing one’s part was ingrained as a moral habit, part of the liturgy of life itself. When the government told everyone to stop in the name of virus control, something went haywire in people’s brains. If governments say that the work ethic amounts to nothing but pathogenic spread, and we can all contribute more by staying home and doing less, it’s hard to go back. It wrecked a generation. We are paying the price now.

The good news for the productive few is that this means higher wages and job opportunities galore, especially if you have actual skill and a desire to work. The bad news for everyone else is that many companies will soon discover that you are useless. That’s when the unemployment numbers will start ticking up, making this recession look more like ones in the past except for the relentless decline in real wages.

To answer the question about whether Americans have become lazy bums, the answer is many but not all. It’s sector specific. And individual specific.
Strange times. Sad times

(COMMENT: I think COVID/vaax may have effected health more than realized. I think stamina may have been effected - possibly an internal brake to prevent over-exertion due to heart vulnerabilities. The brain may have also been effected. You also have a lot of older people back in the workforce who will have slowed in pace.)
 

marsh

On TB every waking moment

It's Not Hypocrisy, You're Just Powerless

THURSDAY, AUG 11, 2022 - 07:20 PM
Authored by N.S. Lyons via The Upheaval (emphasis ours),

Hello Friend,

I saw your post on the interweb the other day about that nasty thing Team A did, even though they always completely lose their collective mind with moralistic outrage if Team B (which I understand is your team) even thoughtcrimes about doing something similar. In fact Team A seems to blatantly do things all the time that no one on Team B could ever get away with doing without being universally condemned as the absolute worst sort of immoral criminal/being openly threatened with mob violence/losing their livelihood/having their assets frozen/being rounded up by the state and shipped to a black site somewhere for some extended TLC.

Maybe the latest thing was breaking some very important public health rules, or pillaging and burning down government buildings for fun, or mean tweets, or polluting the planet with a private jet, or using allegedly neutral public institutions against political opponents, or just engaging in a little tax-dodging or corruption while doing, like, a ton of blow in a hotel room with some capital city hookers – I forget the specifics. In fact I forget what country you’re even living in now days.

But I did see that slick video you posted on how just pointing out “imagine if someone on Team B did this!” is all it takes to blow the lid off this glaring hypocrisy, thus totally destroying Team A with facts and logic. I’ve noticed you posting a lot of things like this, which is nice, since they are very witty and produce a pleasant buzz of smug superiority, even though this feeling never lasts very long.

However, I suddenly realized that you may not be in on the joke, so to speak, so I figured I’d write this short PSA to help explain what “hypocrisy” in politics actually is, just in case you didn’t know and had been fooled into seriously trying to benefit Team B with your comparative memes.

You see, it’s possible you are under the misapprehension that you are not supposed to notice what you described as the “double-standard” in acceptable behavior between Team A and Team B. And that you think if you point out this double-standard, you are foiling the other team’s plot and holding them accountable. This might be because, in your mind, you are still in high school debate club, where if you finger your opponent for having violated the evenly-applied rules a neutral arbiter of acceptable behavior will recognize this unfairness and penalize them with demerits.

Except in reality you are not holding Team A accountable, and in fact are notably never able to hold them accountable for anything at all. Even though Team A gets to hold you accountable for everything and anything whenever they want. This is because unfortunately there is no neutral arbiter listening to your whining. In fact, currently the only arbiter is Team A, because Team A has consolidated all the power to decide the rules, and to enforce or not enforce those rules as they see fit.

As some dead American white male once said, “The essence of Government is power; and power, lodged as it must be in human hands, will ever be liable to abuse.” And if you remember there once being a more equal, neutral standard for both teams in the past, that probably wasn’t because either team was nicer back then, or was more constrained by some higher power within or above the system – there was just a more equal balance of power between them, and therefore they could both hold each other accountable by punishing the other if it strayed too far from “the rules” written down on a scrap of paper somewhere.

Today, however, Team A is not operating on remotely the same level as Team B. And your biggest misunderstanding may be that you think Team A doesn’t want Team B to recognize this fact and point it out for the whole world to see. Yes there is a separate-and-not-equal standard for Team A, and this is no accident. Yes there are two different tiers of acceptable behavior; two tiers of justice; two tiers of citizen.

In fact, there is no “Team A” or “Team B,” only Class A and Class B.

And Class A really wants everyone, especially Class B, to understand this, because they think Class B seriously needs to get the message and accept its place in the order of things. Class B is on the bottom, where it belongs. Class A is on top, and a more lenient standard is a privilege reserved for them, by virtue of their natural moral/educational/economic/aesthetic superiority and consequent rightful dominance. If Class B does not enjoy this discipline, they should strive to clean up their dirty, stupid, wicked ways and someday become part of Class A.

Friend, you are not in high school debate club anymore. You are a peasant in feudal Japan, and every day the Samurai get to denigrate, abuse, and rough up your kind as much as they want. But if you ever talk back to a samurai, let alone try to do a little roughing up of your own, you will be beheaded on the spot. And far from being punished for this, the samurai who does it will be praised for doing his duty, since uppity peasants are dangerous and immoral and need to be dealt with at once, before they threaten the established social hierarchy. That samurai is just protecting democracy the Shogunate. Pointing out the hierarchy of the social order as a peasant will be met only with a nod of approval: “yes, that is how it is, it’s good that now you finally understand.”

“Hypocrisy,” I hope you now see, is simply a display of power, so the more blatant it is the better. Hypocrisy is a concrete demonstration of living without having to fear consequences. And Class A loves it when Class B notices this and whines about it, because complaining about hypocrisy is just another way of saying “Class A is higher status than me,” and “I am the loser.” That’s the joke.

Much like the Great Khan, Class A has decided the greatest happiness in life is to crush its class enemies, see them driven before it, and hear the lamentations of their pundits.

Fundamentally, Class A believes the purpose of power is to reward its friends and punish its enemies. Which is what it does. That way it can keep its enemies down at the same time as it attracts more friends by offering great perks for class membership. And as a controversial Arab thought-leader once said: everyone prefers a strong horse to a weak horse.

If you, Class B serf, do not enjoy this arrangement, your lamentations about hypocrisy will not change it, no matter how loud and shrill. Only taking back control of the levers of power and then using that power to strike the fear of accountability into the hearts of your ruling class will ever be able to do that.
 

marsh

On TB every waking moment

Angry Serbian Farmers Organize Protests – Threaten to Radicalize their Actions Over Soaring Fuel Prices and Skyrocketing Essentials (VIDEO)

By Jim Hoft
Published August 11, 2022 at 5:50pm

Source: TANJUG/ NENAD MIHAJLOVIĆ/

And so it begins… farmers in Serbia are getting more and more upset about the rising cost of fuel and other basic goods. This has led them to hold protests and give the government an ultimatum, or they will radicalize their actions.

Farmers from the Association of Initiatives for the Survival of Serbian Farmers organized protests in several places against rising fuel and fertilizer prices.

Approximately a hundred tractors could be seen blocking the city streets.

In Novi Sad and Vojvodina, protesters have blocked roads leading to government offices with the message, “If you do not meet our demands, we block the whole country!”

Watch the video:

View: https://twitter.com/i/status/1557389411717087232
.30 min

According to a report from Gript, the farmers are also dissatisfied with the environmental policies of the government, in addition to the low purchase price of sunflowers and the extension of the ban on oil exports.

“The first demand is the abolition of all bans on the export of cereals and oilseeds and the determination of the minimum price for wheat, which we have already enforced and handed over,” says Martin Đuricak, a farmer from Padina, a village in Serbia.

“The second demand is the abolition of the excise duty price for oil,” Đuricak added.

The farmers of Serbia have been on strike for three days now, blocking roads in every major city in the country, including last night’s demonstration.

Watch the video below:

View: https://twitter.com/i/status/1557469011855953920
2:12 min

On Thursday, protesting farmers met in Belgrade with Prime Minister Ana Brnabic. The meeting was attended by representatives of the STIG Farmers’ Association from Pozarevac and of the Initiative for the Survival of Serbia’s Farmers, as reported by Beta Briefing.

According to reports, farmers were not satisfied with the offer they received from the authorities.

They stated after the meeting with Prime Minister Ana Brnabić that the ban on the export of all cereals and oilseeds would be lifted and that they were offered a price of 535 euros per ton of sunflowers.

Kosovo Prime Minister Albin Kurti told Reuters in an interview on Wednesday that ‘we are ready to resist a possible attack by Serbia because the escalating conflict with the Serb minority could lead to a new conflict.’

Serbia is the latest country to join farmers from Ireland, Canada, and the Netherlands as the governments instituted new plans to bankrupt them and disrupt food supplies.
 

marsh

On TB every waking moment

WaPo Leak: FBI Searched Trump’s Florida Residence for Classified Records Related to Nuclear Weapons – Latest Effort to Justify FBI Raid

By Cristina Laila
Published August 11, 2022 at 7:49pm

The Washington Post on Thursday published a ‘leak’ from so-called government officials who claimed the FBI searched Trump’s Florida residence for classified records related to nuclear weapons.

The FBI raid was so urgent that the US government waited for more than a year-and-a-half after Trump left office to search for records related to ‘nuclear weapons.’

This is merely an excuse for the FBI’s abuse of power.

US Attorney General Merrick Garland on Thursday basically admitted the feds have nothing on President Trump. He could not identify ANYTHING the president did that was illegal.

Merrick Garland also admitted he personally approved the raid on Trump’s home.

“I personally approved the decision to seek a search warrant,” Garland said.

Biden’s DOJ is now trying to justify the raid on a former president’s home by claiming records related to nukes were being stored at Mar-a-Lago.

The Washington Post reported:

Classified documents relating to nuclear weapons were among the items FBI agents sought in a search of former president Donald Trump’s Florida residence on Monday, according to people familiar with the investigation.

The people who described some of the material that agents were seeking spoke on the condition of anonymity to discuss an ongoing investigation. They did not offer additional details about what type of information the agents were seeking, including whether it involved weapons belonging to the United States or some other nation. Nor did they say if such documents were recovered as part of the search. A Trump spokesman did not immediately respond to a request for comment. The Justice Department and FBI declined to comment.

A person familiar with the inventory of 15 boxes taken from Mar-a-Lago in January indicated that signals intelligence material was included in them. The precise nature of the information was unclear.

The former officials and the other individual spoke on the condition of anonymity to discuss sensitive intelligence matters.

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None of this makes sense.

President Trump received a subpoena for documents in the spring before Biden’s FBI raided Mar-a-Lago this week.

According to John Solomon at Just the News, Trump received a grand jury subpoena for classified documents and fully cooperated with federal agents who showed up to his Florida residence on June 3rd.

John Solomon reported that Trump was cooperative with the federal agents and even added an extra lock to secure the documents in his private storage locker at his Mar-a-Lago residence.

Trump corroborated this report in a post to his Truth Social page.

“In early June, the DOJ and FBI asked my legal representatives to put an extra lock on the door leading to the place where boxes were stored in Mar-a-Lago – We agreed. They were shown the secured area, and the boxes themselves. Then on Monday, without notification or warning, an army of agents broke into Mar-a-Lago, went to the same storage area, and ripped open the lock that they had asked to be installed. A surprise attack, POLITICS, and all the while our Country is going to HELL!” Trump posted to Truth Social.

Trump voluntarily gave the federal agents the requested documents.

Two months later, Biden’s jackbooted thugs showed up to Trump’s residence with machine guns and raided the property – ALL WITH MERRICK GARLAND’S APPROVAL.

Trump fired off another post to his Truth Social page following Merrick Garland’s remarks.

“My attorneys and representatives were cooperating fully, and very good relationships had been established. The government could have had whatever they wanted, if we had it. They asked us to put an additional lock on a certain area – DONE! Everything was fine, better than that of most previous Presidents, and then, out of nowhere and with no warning, Mar-a-Lago was raided, at 6:30 in the morning, by VERY large numbers of agents, and even “safecrackers.” They got way ahead of themselves. Crazy!” – Trump said Thursday afternoon.

If the US government was really searching for records related to nuclear weapons, then why didn’t they contact Trump and retrieve the documents in a civilized manner?
 

marsh

On TB every waking moment

Former FBI Deputy Asst. Director: We May Have Highest Level of Government Penetrated by Chinese Agents… The Revolution Is Here – Communist Revolution (VIDEO)

By Jim Hoft
Published August 11, 2022 at 8:05pm

Former FBI Deputy Assistant Director Terry Turchie joined Jesse Watters on FOX News on Thursday following AG Merrick Garland’s disgraceful actions this week storming President Trump’s home and refusing to release any evidence on why it was necessary.

Turchie warned that China may have infiltrated the highest levels of government. This is not such a bold statement considering who is sitting in the Oval Office today and his Chinese business dealings.

And then Terry Turchie compared what is happening in America today to a communist revolution.

We agree.

Here is the former FBI Deputy Assistant Director Terry Turchie with Jesse Watters.

Terry Turchie: we may very well have our highest level of government penetrated by Chinese agents. The evidence is certainly on the surface. And the patterns are there. I worked this stuff. I know what it looks like. And many agents feel this way… What this is – This is the revolution, the real revolution. It’s been going on in America. It’s been going on for several years. The people in power are moving America towards the communist ideology-type place. The people today are all concerned there’s no precedent for this. Well, no there isn’t. They’re looking in the wrong place. The precedent is in the Cuban revolution, the Russian revolution, and everywhere when the communists have eventually taken over.

Via Jesse Watters Primetime.

Former FBI Deputy Asst. Director: The Revolution Is Here - Communist Revolution 3:08 min

Former FBI Deputy Asst. Director: The Revolution Is Here - Communist Revolution
The Gateway Pundit Published August 11, 2022
Former FBI Deputy Asst. Director: We May Have Highest Level of Government Penetrated by Chinese Agents... The Revolution Is Here - Communist Revolution

Apparently muted. It is also supposed to be at REPLAY: Jesse Watters Primetime, Weeknights 7-8PM EDT at 18:00 min
 

marsh

On TB every waking moment
Biden is TWISTING job statistics to HIDE our recession 11:49 min

Biden is TWISTING job statistics to HIDE our recession
Glenn Beck Published August 11, 2022

President Biden loves to tell Americans about the ‘amazing’ job growth our economy has seen under his administration — like how in June, apparently, nearly 400 thousand new jobs were created. But that’s a blatant manipulation of the truth. In this clip, Glenn explains exactly how the U.S. Bureau of Labor Statistics tracks employment and how the Biden Administration is ignoring a REALLY important statistic so they can continue to deny our current recession. In fact, many of the ‘created’ jobs actually reflect Americans working more than one job just to make ends meet..,the Biden Administration just hopes you’re too lazy and stupid to discover the truth.
 

marsh

On TB every waking moment
(Netherlands)


Dutch Farmers Vow Protests During Famed La Vuelta Bicycle Race

KURT ZINDULKA11 Aug 202260

The Dutch farmers have unveiled plans to protest during the famed Vuelta a España (Tour of Spain) bicycle race later this month, which will start this year from the city of Utrecht in the Netherlands.

In an attempt to take their message to an international audience, Dutch farmers have announced their intention to stage protests alongside the Vuelta a España on August 20th, during the second stage of the race when it will pass through the towns of Woudenberg and Scherpenzeel.

“It is not about a blockage that hinders the cyclists,” dairy farmer Teus van der Wind told the local public broadcaster RTV Utrecht.

“We want to demonstrate along the course with flags and banners and a huge line of tractors, trucks and aerial platforms,” the farmer said, noting that they hope to be able to send their message out through the national and international coverage of the cycling event.

The Woudenberg and Scherpenzeel areas through which the race will pass are chief targets of the government’s attack on the farming industry. Globalist Prime Minister Mark Rutte has pushed forward plans to cut nitrogen emissions by at least 50 per cent by the end of the decade, which some estimates have warned would shut down 30 per cent of livestock farms throughout the country.

“This area is being hit so hard by the nitrogen reduction proposed by the cabinet,” Van der Wind said. “It is a beautiful area with many innovative livestock farms. We have been living together with citizens and nature for hundreds of years, and that is actually being unraveled.”

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The organisers of the race have said that they have been in contact with the farmers group Agractie and have agreed to allow the protests take place as long as the safety of the cyclists is not jeopardised.

The race has also agreed to allow protesters to hang the inverted Dutch flag, which has become a symbol of dissatisfaction with the government, along the route of the race.

The announcement of the protest comes after initial negotiations between farmers organisations and Mark Rutte’s government failed to make any progress last week, with the government refusing to back down from its EU-driven green agenda and its nitrogen emissions standards.

In response to the lack of compromise from the government, some farmers announced “stronger actions” should be expected from the protesters.

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marsh

On TB every waking moment
(Canada)


Trudeau is implementing a federal “Digital Identity Program”

KEEAN BEXTE
August 11, 2022

Prime Minister Justin Trudeau is in lockstep with Klaus Schwab’s Great Reset agenda now that the Liberal government has unveiled its ambitious federal “Digital Identity Program.”

As first reported by True North’s Cosmin Dzsurdzsa, included in Canada’s Digital Ambition 2022 are details about how the federal government is building a digital identity infrastructure that will affect all Canadians.

“The COVID-19 pandemic highlighted the need for government services to be accessible and flexible in the digital age. The next step in making services more convenient to access is a federal Digital Identity Program, integrated with pre-existing provincial platforms,” the report reads.

“Digital identity is the electronic equivalent of a recognized proof-of-identity document (for example, a driver’s license or passport) and confirms that ‘you are who you say you are’ in a digital context.”

As previously reported by The Counter Signal, Canada is already a partner with the World Economic Forum in a digital ID project, which appears to be currently underway at major Canadian airports in the form of ArriveCan.

As per the WEF’s Known Traveller Digital Identity website, “The pilot group, convened by the World Economic Forum, consists of the Government of Canada and the Netherlands, Air Canada, KLM Royal Dutch Airlines, Montreal-Trudeau International Airport, Toronto Pearson International Airport, and Amsterdam Airport Schiphol.”

This updated, ubiquitous digital ID further cements Canada’s commitment to the Forum.

Indeed, the Liberal government has not been shy about admitting that the pandemic provided an opportunity for a reset in how government is done.

Just last year, Deputy Prime Minister Chrystia Freeland called the pandemic a “window of political opportunity” and “an epiphany.”

Since then, the Liberals have toyed with a series of digital identity verification systems, including the failed federal contact tracking application and the much-maligned CanArrive passport that’s clogging up Canada’s airports.

Despite the chaos that ArriveCan is causing, the Liberals appear hellbent on pushing digital IDs even further regardless of how it affects everyday Canadians.
 

marsh

On TB every waking moment
(Europe)


Rhine River At Kaub Set To Fall Below Critical Mark As IEA Warns Of Prolonged Crisis

THURSDAY, AUG 11, 2022 - 11:45 PM
Water levels on the Rhine River are set to drop below a critically low point by the end of this week, making it increasingly difficult for barge transport of goods -- including crude oil and coal -- as one of the worst energy crises in decades batters Europe.

We noted Wednesday that further up the Rhine is Kaub, Germany, a bottleneck for barges where the river is very narrow and shallow and could fall below 40 centimeters (15.7 inches) by the end of the week. A drop below that level would make it nearly impossible for barges to transit the stretch of the waterway.



New data from the German Federal Waterways and Shipping Administration expects water levels at the key waypoint west of Frankfurt could plunge to 33 centimeters (12.9 inches) by Monday. This extremely low level would mean most barges hauling commodities on Europe's most important inland waterway that snakes 800 miles (1,300 kilometers) from the Swiss Alps through the largest industrial areas on the continent would be unable to sail through Kaub.



"This is particularly the case for the Rhine, whose nautical bottleneck at Kaub has very low water levels but which remains navigable for ships with small drafts," said Tim Alexandrin, a spokesman for Germany's Transport Ministry. Though by the end of the weekend or early next week, Kaub could potentially fall to 33 centimeters would put it within centimeters of the low levels recorded in October 2018 that led to a shuttering of the waterway.
"The situation is quite dramatic, but not as dramatic yet as in 2018," said Christian Lorenz, a spokesman for the German logistics company HGK.
Factories on the Rhine are heavily reliant on barge transport. About 4% of freight moved in Germany is carried on waterways, including the Rhine. If sinking water levels at Kaub breach 40 centimeters and fall further early next week, then Germany's industrial heartland would be in trouble, and the energy crisis would be exacerbated.

The 2018 closure of the Kaub area shaved .2 percent off German GDP that year, Deutsche Bank economist Marc Schattenberg told AFP.
"The low levels have come much earlier this time," Schattenberg said, adding, "if problems we are now observing last longer (than in 2018), the loss of economic value becomes all the more serious."
Last week, multiple companies along the Rhine reportedly shifted barge transport to trucking and rail networks to avoid logistical headaches on the river.


The International Energy Agency warned Thursday that low water levels at Kaub could worsen supply chain disruptions through late this year.
"The product supply situation in central and eastern Europe was already very tight before this latest crisis," Toril Bosoni, head of the IEA's oil market division, said in a Bloomberg television interview. "The low water levels make it more costly to get fuel from the seaborne market into that region."
"This is concerning for landlocked countries that normally get fuel on the Rhine, Bosoni added. "So we're expecting this situation to continue towards the end of the year."
Andrew Kenningham, the chief Europe economist for Capital Economics, said Germany's economic growth will be flat in Q3 and a contraction in the last three months of the year, "the low water level in the Rhine simply makes a recession even more likely."

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marsh

On TB every waking moment

China And Saudi Arabia Intensify Energy Cooperation With Critical Deal

FRIDAY, AUG 12, 2022 - 12:30 AM
Authored by Simon Watkins via OilPrice.com,

Multi-pronged memorandum of understanding between Aramco and Sinopec lays the basis for increased cooperation.

China uses Russia’s new leverage over Saudi Arabia and OPEC to deploy its own strategy to accrete and exploit power over the Middle East’s huge oil and gas reserves.

The MoU covers refining, up-and-downstream operations, oilfield services, hydrogen, carbon capture processes and more.

The signing last week of a multi-pronged memorandum of understanding (MoU) between the Saudi Arabian Oil Company – formerly the Arabian American Oil Company - (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) is a critical step in China’s ongoing strategy to secure Saudi Arabia as a client state. As the president of Sinopec, Yu Baocai, himself put it:

“The signing of the MoU introduces a new chapter of our partnership in the Kingdom…The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative [BRI] and [Saudi Arabia’s] Vision 2030.”

The scale and scope of the MoU is enormous, covering deep and broad co-operation in refining and petrochemical integration, engineering, procurement and construction, oilfield services, upstream and downstream technologies, carbon capture and hydrogen processes. Crucially for China’s long-term plans in Saudi Arabia, it also covers opportunities for the construction of a huge manufacturing hub in King Salman Energy Park that will involve the ongoing, on-the-ground presence on Saudi Arabian soil of significant numbers of Chinese personnel: not just those directly related to the oil, gas, petrochemicals, and other hydrocarbons activities, but also a small army of security personnel to ensure the safety of China’s investments.

These developments are all in line with a comment made last March, at the annual China Development Forum hosted in Beijing, by Aramco chief executive officer, Amin Nasser:

“Ensuring the continuing security of China’s energy needs remains our highest priority - not just for the next five years but for the next 50 and beyond.”

At that point in early 2021, Aramco had a 25 percent stake in the 280,000 barrels per day (bpd) Fujian refinery in south China through a joint venture with Sinopec (and the U.S.’s ExxonMobil) and had also earlier agreed (in 2018) to buy a 9 percent stake in China’s 800,000 bpd ZPC refinery from Rongsheng. Several other joint projects between China and Saudi Arabia that had been agreed in principle were delayed due to a combination of the ongoing effects of Covid-19, Aramco’s crushing dividend repayment schedule, and concern from both countries – especially China – on how Washington might react to this clear threat to the U.S.’s own long-running interests in, and geopolitical relationship with, Saudi Arabia.

The basis of this enduring relationship between the U.S. and Saudi Arabia, as analysed in depth in my new book on the global oil markets, had been struck back in 1945 at a meeting on 14 February 1945 between the then-U.S. President Franklin D. Roosevelt and the Saudi King at the time, Abdulaziz. The first face-to-face contact between the two, this landmark meeting was held on board the U.S. Navy cruiser Quincy in the Great Bitter Lake segment of the Suez Canal, and the deal that they agreed – which had been the basis for all of the U.S.’s Middle East policy up until very recently - was this: the U.S. would receive all of the oil supplies it needed for as long as Saudi had oil in place, in return for which the US would guarantee the security both of the ruling House of Saud and, by extension, of Saudi Arabia.

The landmark deal survived the 1973 Oil Crisis - in which the Saudi-led OPEC placed an embargo on oil exports to various countries that had continued to supply arms to Israel during the Yom Kippur War against it and a coalition of Arab states led by Egypt and Syria – although the U.S. had little choice but to do that, given the dearth of its own alternative oil supply options at that time. It also looked as though the deal might survive the Saudi-led Oil Price War from 2014 to 2016, aimed by Riyadh at destroying or at least severely disabling the then-nascent U.S. shale oil industry, although Washington would never trust the Saudis to the degree it had before the War again. The real death of the 1945 Bitter Lake deal came when Russia emerged at the end of 2016 to support the then-beleaguered Saudi Arabia and OPEC in future oil production deals, given the lack of credibility in the global oil markets that both had at the end of the 2014-2016 Oil Price War. Fully cognisant of the enormous economic and geopolitical possibilities that were available to it by becoming a core participant in the crude oil supply/demand/pricing matrix, as also detailed in my new book on the global oil markets, Russia agreed to support the late-2016 OPEC production cut deal (in what was to be called from then-on ‘OPEC+’), although it did so in its own uniquely self-serving and ruthless fashion. At the end of 2016 at the latest, Washington knew its days of being able to count on Saudi Arabia in any meaningful way were over.

China used Russia’s new leverage over Saudi Arabia and OPEC to deploy its own strategy to accrete and exploit power over the Middle East’s huge oil and gas reserves, with the key turning point for Beijing being its own rescue act for Saudi Arabia in the middle of 2017. As also analysed in depth in my new book on the global oil markets, it was at that point that the then-newly appointed Crown Prince, Mohammed bin Salman (MbS), was facing a huge problem at a very vulnerable stage in his rise to power. His problem was twofold:

first, he had portrayed himself to the senior Saudis whose support he desperately needed to stay in his new position as a man of canny international business and political instincts, and to this end he had promised them that he could float Saudi Aramco on international stock markets for a price that would value the whole company at US$2 trillion;

second, international investors regarded the company as, in market parlance, a ‘dog with fleas’.

It should be remembered that, at this point in 2017, MbS faced real threats at home to his ongoing rise to power, principally from the supporters of the previous King Abdullah and then-heir apparent, Muhammad bin Nayef, who had been appointed the Crown Prince in April 2015, only to be replaced by King Salman with MbS in June 2017. The opposition of these supporters only increased when many of them were rounded up and imprisoned in November of 2017 as part of what MbS’s supporters portrayed as a crackdown on corruption. Others regarded it as a standard criminal shakedown in which those being held were told to hand over US$800 billion-US$1 trillion of their assets to MbS and his supporters or else their lives would become a lot worse very fast.

It was precisely when MbS was at his weakest that China stepped in and offered to buy the entire 5 percent stake in Aramco for a price that would guarantee the valuation for the whole company of the required US$2 trillion. Crucially as well, this would all be done through a private placement of the entire 5 percent share block in Aramco, which meant that none of the details surrounding the deal would ever get out publicly. As it transpired, several senior Saudis at the time - opponents to MbS’s ascension to power but still powerful voices in the Kingdom at that point – opposed the deal on the basis that it would make Saudi Arabia beholden to China. Although the deal did not go ahead, the subsequent trajectory of China-Saudi relations would suggest that MbS has never forgotten Beijing’s willingness to bail him out of any trouble in which he might find himself.

Saudi Arabia’s promise to ensure the continuing security of China’s energy needs remains its highest priority for the next 50 and beyond has found concrete expression since that assurance was made, most recently again with Aramco’s senior vice president downstream, Mohammed Y. Al Qahtani, announcing the creation of a “one stop shop” provided by his company in China’s Shandong.

“The ongoing energy crisis, for example, is a direct result of fragile international transition plans which have arbitrarily ignored energy security and affordability for all,” he said.

“The world needs clear-eyed thinking on such issues. That’s why we highly admire China’s 14th Five Year Plan for prioritising energy security and stability, acknowledging its crucial role in economic development,” he added.

It has also found a broader expression in the news just before Christmas 2021 that U.S. intelligence agencies had found that Saudi Arabia is now manufacturing its own ballistic missiles with the help of China. Given China’s long-running and extensive ‘assistance’ to Iran’s nuclear ambitions, as analysed in full in my latest book on the global oil markets, ongoing U.S. fears about what Beijing’s endgame might be in building out the nuclear capabilities of key states – and historical enemies - in the Middle East, look well-founded.
 

marsh

On TB every waking moment

600,000 Barrels Of Oil Output Shut At 7 US Gulf Platforms On Pipeline Outage

FRIDAY, AUG 12, 2022 - 03:55 AM
US offshore oil drillers Shell, Chevron and Equinor halted operations at facilities pumping hundreds of thousands of barrels of oil per day on Thursday, citing an onshore pipeline leak that a port official said should take about a day to fix.

While the shut-ins are not expected to last more than a day or two, the number of facilities affected by the leak offered another example of how a relatively minor failure can affect a swath of U.S. energy infrastructure according to Reuters, which cited a person familiar who said that the shut-ins could halt about 600,000 barrels per day of oil production.

A flange connecting two pipelines onshore in Louisiana failed and caused about two barrels of oil to spill onto the ground, said Chett Chiasson, executive director of Greater Lafourche Port Commission. A fix is expected to take about a day, he added.

The spill halted operation of the Mars and Amberjack Pipelines that serve several oil production platforms off the Louisiana coast. It occurred at a booster station helps increase the pipeline pressure and advance crude oil flow to onshore storage facilities in Clovelly, Louisiana.


Shell's Mars, Ursa, and Olympus platforms were shut because of the leak. The three are designed to produce up to 410,000 barrels of oil per day combined, according to data on the company's website. Chevron's Jack/St. Malo, Tahiti, and Big Foot oil facilities, which also connect to the Amberjack pipeline, have halted production. Equinor said it shut its Titan platform.

Pipeline operator Shell said it was premature to estimate the impact of the shut-in and declined to provide a timeline on when operations would resume. Murphy Oil, which also uses the Mars pipeline for some of its Gulf of Mexico operations, could not provide immediately comment on its operations, a spokesperson said.
Shell's three platforms deliver Mars sour crude, a grade prized by oil refiners in the United States and Asia. Shell said it was evaluating "alternative flow paths" to move the oil to shore via other pipelines.

In response to the stoppage, prices for Mars sour crude briefly strengthened to trade at a 50-cent discount to U.S. crude futures. Trading in the grade has been volatile, as it competes domestically with sour barrels released from the U.S. Strategic Petroleum reserve and in international markets with cut-priced Russian Urals barrels.

Fourchon Harbor Police Chief Michael Kinler said there was no sign of vandalism at the booster station and the amount of oil that leaked was not enough to halt traffic on the waterway or roads.

The leak happened late Wednesday or early Thursday between checks of the booster station infrastructure, Chiasson said. No waterways were affected by the spill and operations at the port were not affected, he added.
 

marsh

On TB every waking moment
(France)


"Nothing Left In Pipes": French Towns Rely on Water Truck Deliveries For Survival

FRIDAY, AUG 12, 2022 - 02:45 AM
Severe drought conditions affect about 60% of the EU, and in France, dozens of municipalities have run out of water and relied on a fleet of trucks hauling fresh water for survival.

At least 100 towns and villages have run out of fresh water. The French government has stepped in to support these drought-stricken areas.

French environment minister Christophe Bechu said in dozens of municipalities, "there is nothing left in the pipes," referring to freshwater systems that have run completely dry. He said the 'historic' crisis has resulted in the deployment of a fleet of trucks delivering water to areas in need.

Besides France, Spain, Italy, Germany, and the Netherlands are all facing water shortages and falling water levels on inland waterways (the situation on the River Rhine is one to follow). Drought conditions across 60% of the EU could have severe economic consequences, affecting energy production, agriculture, and river transportation.



Record heat across Europe has fueled "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 noted.

In southwest France, a massive wildfire has scorched 14,000 hectares in just a few weeks, forcing the evacuation of thousands of people.

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We've pointed out that French utility Electricite de France SA had to "reduce or halt nuclear output" because record-breaking heat on the Rhone and Garonne rivers made the water too hot to circulate through condensers and discharge back into waterways.

Meanwhile, French power prices are at a new record of over 600 euros per megawatt hour amid grid strains thanks to the lack of nuclear power generation amid heightened demand during heatwave.



The bad news is the persistent heat wave is forecasted to continue in parts of western and central Europe through the second half of August.
 

marsh

On TB every waking moment
(UK)

Former UK PM Calls For Energy Utility Nationalization

FRIDAY, AUG 12, 2022 - 02:00 AM
Authored by Irina Slav via OilPrice.com,

A former British Prime Minister has called for the nationalization of energy utilities that cannot offer their customers lower electricity prices.

In an op-ed for The Guardian, Gordon Brown wrote that the energy cap on electricity bills needs to be removed before it is updated later this month, and energy firms’ “windfall profits and bonuses have to be properly taxed now before the money flees the country.”

The “government should pause any further increase in the cap; assess the actual costs of the energy supplies being sold to consumers by the major companies; and, after reviewing the profit margins, and examining how to make standing charges and social tariffs more progressive, negotiate separate company agreements to keep prices down,” Brown argued.

If any energy companies failed to comply with these requirements, he continued, they had to be nationalized, as a last resort, “until the crisis is over”.

A growing number of Britons are facing energy poverty as the price of electricity continues climbing. CNN reported earlier this week that annual bills could before long hit the equivalent of $5,000, or over $400 per month.

This would be a threefold increase in prices from the start of this year, which would push a third of the UK’s population into energy poverty. That’s about 10.5 million households.

Meanwhile, British energy companies are being pressured into using their windfall profits from higher electricity prices to invest in more low-carbon energy, the Financial Times reported.

Indeed, Chancellor Nadhim Zahawi threatened to level more windfall taxes on the energy sector if companies do not pour more money into wind and solar instead of using it to return cash to investors.

“The government continues to evaluate the extraordinary profits seen in certain parts of the electricity generation sector and the appropriate and proportionate steps to take,” a government spokesman said earlier this week.
 

marsh

On TB every waking moment

Mar-A-Lago Raid Looks Like ‘Textbook’ 4th Amendment Violation

By MIKE HUCKABEE Published on August 11, 2022

On Wednesday, Newsweek ran an exclusive story saying the raid on Mar-A-Lago came following reports from an FBI confidential human source (CHS) — that’s official terminology for “mole,” “informant” and “spy” — from inside Trump’s home. (NOTE: this sure looks to us like the sort of planned media “leak” the intel community is so practiced at, to further their own narrative.) According to their report, the spy said Trump had classified documents at Mar-A-Lago and described where the documents were.

SOP for the FBI — When It Comes to Donald Trump
Well, well. When it comes to Trump, this seems to be standard operating procedure for the FBI. Just as they spied on him before and during his presidency, they apparently continue to spy on him afterwards. Who knows if there really was a “mole,” but I’m sure we don’t have to remind Trump and his staff that they’d better sweep the entire place for bugs, especially now that scores of FBI agents have spent hours picking through every room of the house and pawing through Melania’s closet. (And by the way, if the spy could tell them where these alleged documents were, why did they go through every room of his house?)

Also, since Trump and his family weren’t there during the search, and his attorneys weren’t allowed to witness what the FBI agents did, there’s no way Trump can prove they didn’t plant evidence. One encouraging bit of news: though household staff were told by the FBI to turn off the security cameras, they reportedly did not.

Eric Trump says attorney Christina Bobb was forced to stand at the far end of the driveway during the raid. According to her, at first they weren’t going to show the warrant to her at all, saying they didn’t have to. (!) Eric said they showed it “from about 10 feet away.” It was also partially sealed, according to Bobb, so she couldn’t read why the judge had granted it.

Here’s more from Bobb.

File This Under ‘Snowflake’
As the story goes, this whole thing started when the head of the National Archives, Obama appointee David Ferriero, saw Trump on TV on Inauguration Day leaving the White House and getting into the Marine One helicopter. Ferriero told The Washington Post in May, “I can remember watching the Trumps leaving the White House and getting off in the helicopter that day, and someone carrying a white banker box, and saying to myself, ‘What the hell’s in that box?’”

He was so concerned, he said, that he called the “Justice” Department and alerted them.

That sounds very much in character for this strange man. As Jesse Watters reported last night, Ferriero is such a leftist, “he took it upon himself” to add a trigger warning to the Declaration of Independence at the Archives. You and I revere that sacred document and “hold these truths to be self-evident,” but his concern is apparently for the emotional well-being of people who have a problem with that.

Ferriero said and did nothing to try to get back the many thousands of documents that Hillary had spirited away to her home. When President Obama left office, he took 30 million documents away with him on trucks for his to-be-built presidential library in Chicago. Who ever gets to see those? He promised to have them digitized and available online, but reportedly, not a page has been processed. And President Biden’s vice presidential documents are locked away tight at the University of Delaware. Considering what might be in there, I wonder if they’ll ever see the light of day.

A bit more insight into Ferriero: He said that January 6th was the worst day of his life (though he wasn’t there, of course). And when he retired in April of this year, he reportedly said to President Biden, “Just don’t hire a white male to replace me.” Good grief.

Don’t Call it a ‘Raid!’
On MSNBC and CNN, they made a huge point of not calling the raid on Trump’s home a “raid,” even though that’s exactly what it was: a raid on steroids, in fact, with 20 cars, lights flashing up and down the road, and 30+ armed FBI agents. They went through the house for 12 hours, not 9 as had earlier been reported. We’re still waiting to see the warrant and attached paperwork for this raid. As far as we know at this writing, even Trump’s attorneys still don’t have a copy.

We couldn’t help noticing that The New York Times, in their Wednesday newsletter — by the way, please read ours instead unless you want your head to explode — also used the word “search” instead of “raid.” Add “raid” to the list of words that have been redefined.

The Trump-Hating Leftist Magistrate
We’ve told you a little about local Florida Magistrate Judge Bruce Reinhart, the lower-level judge the FBI found to sign the warrant, notably his sudden jump from the Jeffrey Epstein prosecution to his defense team in 2008. Today, there’s more to tell, including the fact that before he signed this warrant, he’d made his distaste for Trump publicly known. In 2017, he said on Facebook: “[Georgia Congressman] John Lewis is the conscience of America. Donald Trump doesn’t have the moral stature to kiss John Lewis’s feet. Or, as Joseph Welch said to Joseph McCarthy, ‘At long last, have you left no sense of decency?’”

I find it ironic that the people behaving most like Sen. Joseph McCarthy now are the ones Judge Reinhart helped by signing off on that warrant. When it comes to equality under the law and respect for people’s most basic rights, they have no sense of decency at all. And leftists have the nerve to say, ridiculously, that this raid shows “no one is above the law.” What it shows is that the FBI is above the law.

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For what it’s worth, Reinhart is also a leftist who enjoys posting “woke” videos such as one on “white privilege.” He sounds like just the sort of Trump-hating judge who would be tickled pink to sign a warrant like that. But he had no business doing it, especially since, as John Solomon reports, a mere six weeks before signing the warrant to raid Trump’s house, he recused himself from Trump’s lawsuit against Hillary and other Democrats over the Trump-Russia Hoax, apparently over the issue of impartiality.

Just for grins, try going to Judge Reinhart’s official bio page.

Ha, “access denied.” But thanks to Jesse Watters for finding a video of Reinhart from 2014 (surprisingly, appearing on Newsmax) defending then-IRS official Lois Lerner for her “lost” emails. “Incompetence doesn’t necessarily lead to criminality,” he said. He blamed the IRS’s “antiquated computer system” to let her off the hook. “Barring some other smoking gun,” he saw nothing criminal. What he said sounds very much like Comey’s “no reasonable prosecutor” speech about Hillary. Think he’d give Trump, or any Trump supporter, a similar benefit of the doubt?

Late-night TV shows celebrated the raid. Stephen Colbert said, “It may be hot outside but, in here, it’s Christmas, because last night, we all got the present we wanted. FBI agents raided Mar-A-Lago! [applause and cheers from audience] That’s the most beautiful sentence America’s ever produced,” he said. He blew the FBI a big smackeroo kiss and laughed gleefully. (More proof that Trump Derangement Syndrome really is a brain-eating disease.)

‘The DOJ Run Amok’
We reported yesterday that Pennsylvania Rep. Scott Perry was accosted by the FBI while traveling with his family and made to turn over his cell phone. Rep. Perry appeared on Tucker Carlson Tonight with guest host Brian Kilmeade, to offer details. He said they wouldn’t tell him how they located him; he also didn’t get to talk with his attorney. The phone he had with him wasn’t his official business phone, but his personal one; they took that.

Later, his attorney was able to talk with someone at the “Justice” Department and was told Perry isn’t a target of the investigation.

Now, think about that, he said. If I’m not a target, why do they come follow me, find me while I’m traveling with my family? They don’t come to my house, they don’t contact my attorney; why did they come and seize my cell phone, to image it, in that fashion? If they would’ve just…contacted my attorney, certainly we would’ve provided the information necessary as required by law, and that would’ve been the end of it. But they want this spectacle, they want this show, they want the intimidation.

He said he thinks all of this activity is linked — that they’re “doing every single thing that they can” to knock Trump out of the running for 2024. He called the National Archives pretext “absurd,” because the President has the ultimate authority to declassify documents. “This is the DOJ run amok.” Perry said to keep this in mind on Friday when Congress meets to (probably) approve a bill that funds 87,000 new IRS agents, who will target “average hard-working Americans who are just trying to make it through their days.”

Charles Gasparino said that “unless they have some wicked smoking gun, this looks like one of the worst abuses of justice that we’ve seen in a long time…I wouldn’t want to be an FBI agent on this call,” he said. Well, maybe some of them will become whistleblowers.

That brought us to John Solomon’s story: “Whistleblowers revealed widespread FBI misconduct ahead of Trump raid.” (Oh, no, he called it a raid!) Read this report on agent Tim Thibault, and you’ll see why any “evidence” the FBI “produces” from Mar-A-Lago should not be believed.

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Kentucky Sen. Rand Paul is demanding the DOJ release the order to raid Trump’s home. Though not usually a fan of impeachment, he says that in this case, it must be determined if AG Merrick Garland has used the power of his office for political purposes. And Missouri Sen. Josh Hawley is calling on Garland to resign now. “At the very least,” he tweeted, “Garland must resign or be impeached. The search warrant must be published. Christopher Wray must be removed. And the FBI reformed top to bottom.”

And where is Wray? He went to Nebraska for an event, where he did not answer questions about the raid. He did express concern about “dangerous and deplorable” threats against federal agents. We don’t condone such threats, but why does he think they’re receiving them?

A Stain on the Republic
Very early Thursday morning, former naval intel officer and assistant secretary of state (under Colin Powell) Robert Charles told FOX NEWS that “this looks presumptively like a Fourth Amendment violation, right out of a textbook.” He said the raid was “utterly unnecessary,” that there was a subpoena served “about 12 weeks ago” and that Trump had “fully complied,” inviting anyone to his home who wanted to see more.

(Editorial aside: This is consistent with the shocking detail in John Solomon’s must-read report.)

Mr. Charles said his gut tells him that “this is a stain on our republic that will not be forgotten.” He also cited the recusal six weeks previously, saying this judge should not have signed that warrant. “Red lights should have been going off all over the FBI, the Department of ‘Justice,’ the White House,” he said, for mixing politics with justice.

Charles was so eloquent and informative in this segment, we’ll see later today if it’s been posted anywhere and, if so, link to it so you can watch the whole thing.

Finally, Adam Mill at American Greatness asks — and answers — the question that should be on everyone’s mind in “How Do We Get Rid of the FBI?” Highly recommended reading, and fruit for further discussion here.
 

marsh

On TB every waking moment

The Cult of Globalism: The Great Reset and Its “Final Solution” for “Useless People”

By Timothy Alexander Guzman
Global Research

August 9, 2022

The idea of the Great Reset derives from the New World Order which is still alive in the minds of the establishment or who we can call the globalists from people like Henry Kissinger to the current US president, Joe Biden. Of course there are many others on the top levels of the pyramid whose ideas range from establishing a police state, to implanting microchips the day we are born to track and trace us, to depopulating the planet. I know it all sounds insane but that’s what the globalists have planned for us for a very long time.

Klaus Schwab’s protégé, Yuval Noah Harari, is an Israeli born intellectual who authored a popular bestseller titled ‘Sapiens: A Brief History of Humankind’ and is also a professor of history at the Hebrew University of Jerusalem. Harari once asked a disturbing question, “what to do with all these useless people?” Harari is an intelligent man, there is no doubt about that, but his intelligence has led him to the level of insanity.

Harari is an influential member of the World Economic Forum (WEF) who supports the idea of creating a dystopian society managed by a handful of globalists who will rule over every human being on earth from the day they are born. According to Harari, planet earth is overpopulated:

Again, I think the biggest question in maybe in economics and politics of the coming decades will be what to do with all these useless people? The problem is more boredom and how what to do with them and how will they find some sense of meaning in life, when they are basically meaningless, worthless?

My best guess, at present is a combination of drugs and computer games as a solution for [most]. It’s already happening…In under different titles, different headings you see more and more people spending more and more time or solving the inner problems with the drugs and computer games both legal drugs and illegal drugs…

They also want people to stay home connected to the Metaverse world, a virtual reality simulation and at the same time get them addicted to all sorts of drugs. The kind of world they are trying to create for us is pure lunacy. Wired, a monthly magazine describes the metaverses as a combination of the digital and physical worlds that creates a virtual reality as in the Hollywood film, ‘Ready Player One,’ The article ‘What is the Metaverse, Exactly?’ answers that question,

“Broadly speaking, the technologies companies refer to when they talk about “the metaverse” can include virtual reality—characterized by persistent virtual worlds that continue to exist even when you’re not playing—as well as augmented reality that combines aspects of the digital and physical worlds.”

Many other Hollywood films that are based on virtual reality in the future includes Jumanji, Source Code, The Matrix, Total Recall, Inception, and many others. The globalists want you to believe that a dystopic society is in the works for us, but no worries, you will be completely happy at least according to Klaus Schwab.

In my opinion, the notion that the human species will be living their lives through virtual reality is far-fetched, it’s an illusion that will take decades even centuries to accomplish and that would only happen if we allowed it to happen.

Harari is saying that under a scientific, technocratic world order, the state will be your sole provider for everything, so basically, he says that families are not needed in this new world they are creating for us, in other words, having a family will be a thing of the past:

After millions of years of evolution suddenly within 200 years the family and the intimate community break, that they collapse most of the roles filled by the family for thousands and tens of thousands of years are transferred very quickly to new networks provided by the state and the market, you don’t need children, you can have a pension fund, you don’t need somebody to take care of you, you don’t need neighbors and sisters or brothers to take care of you if you’re sick, the state takes care of you, the states provide you with police, with education, with help with everything

Listen to Harari’s own words in this video:

5:54 min

The World in Crisis: A Stakeholder Economy, the Green Agenda and Covid-19

Rahm Emanuel worked for US presidents Bill Clinton and Barack Obama under various titles, but one quote he will always be remembered for was when he said “you never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” That is exactly what happened under the Covid-19 global health emergency.

Klaus Schwab, who is the original founder, and executive chairman of the WEF published an article that outlines three basic components of the Great Reset titled ‘Now is the Time for a ‘Great Reset,’ in the first component, they would help steer or “improve coordination (for example, in tax, regulatory, and fiscal policy), upgrade trade arrangements, and create the conditions for a “stakeholder economy.”

How would this work? There are more than 195 countries in the world meaning that all these countries would have to establish a “unified” tax, regulatory and fiscal policy, all in sync, all with the same laws and that would be impossible even if they tried because all countries have different tax systems, different economies and cultures and that will not change because of a handful of globalists with outlandish ideas of a unified financial system they want to control for their own benefit. It’s a ridiculous idea. In fact, more countries today are more open to imposing less taxes and regulations to attract foreign investments to grow their economies, so the WEF ‘s recommendations will never work, in fact its dead-on arrival.

Then there is the looming financial crisis that can ultimately force the world into a Federal Reserve Bank “Digital Currency” known as central bank digital currencies (CBDCs) that will be tracked by the government on how you spend your money. What can go wrong with this idea?

If in any case, you are not politically aligned with a particular party or refuse an experimental injection, then the government may block your transactions. In other words, they can literally control when and how you spend your money and that is something most people will not accept. An article published by Stefan Gleason who is an investor, political strategist, and grassroots activist wrote an interesting analysis last year for fxstreet.com titled ‘The Great Reset is Coming for the Currency’ asks what will be the next major issue for a Global Reset?

“As the Great Reset proceeds from globalist think tanks and technology billionaires to allied media elites, governments, schools, and Woke corporations, what will be “reset” next? The next reset will most likely take place in the financial sector as “Supporters of the World Economic Forum’s all-encompassing Great Reset agenda are eyeing BIG changes for the global monetary system.”

Biden’s Treasury Secretary and former Federal Reserve Chair, Janet Yellen wants to end the use of various cryptocurrencies and have the International Monetary Fund (IMF) issue CBDC’s. “Yellen derided Bitcoin as “an extremely inefficient way to conduct transactions” because “the amount of energy consumed in processing those transactions is staggering.” Gleason says that Yellen and her colleagues are planning to have the public use digitized tokens issued by the central bank. The bottom line is that “They just want to make sure those digits are issued and controlled by governments and central banks.”

The best way to avoid the Federal Reserve bank’s control over your finances is to own gold, silver, and other safe-haven assets.

“Anyone who is concerned about the prospect of being herded into a new digital currency regime should make it a high priority to own tangible money that exists outside the financial system.”

Gleason makes the case for owning gold and silver,

“No technology or government mandate can change the fact that gold and silver have universally recognized, inflation-resistant value.”

At some point, the public will reject the Federal Reserve and its ‘digital currency’ if they can avoid it. However, the best way to bypass CBDC’s in the future is to buy gold, silver, and other metals that that can maintain value and become resistant to inflationary pressures. An important note to consider is that all US silver coins that were produced before 1964 were minted with 90% silver and 10% copper, so keep an eye on your pocket-change just in case you come across some silver coins with value.

The second component

“would ensure that investments advance shared goals, such as equality and sustainability. Here, the large-scale spending programs that many governments are implementing represent a major opportunity for progress.”

Which means that governments will be required to print an unlimited money supply to support their agenda that will eventually lead to inflationary pressures which can devastate their respective economies.

“Here, the large-scale spending programs that many governments are implementing represent a major opportunity for progress. The European Commission, for one, has unveiled plans for a €750 billion ($826 billion) recovery fund. The US, China, and Japan also have ambitious economic-stimulus plans.”

They are pushing for an expensive Green Agenda which is part of Joe Biden’s Build Back Better plan to reduce greenhouse gas emissions that will change how the world operates when it comes to using traditional energy resources such as coal, oil, and natural gas:

Rather than using these funds, as well as investments from private entities and pension funds, to fill cracks in the old system, we should use them to create a new one that is more resilient, equitable, and sustainable in the long run. This means, for example, building “green” urban infrastructure and creating incentives for industries to improve their track record on environmental, social, and governance (ESG) metrics

Last year, Forbes magazine published ‘Why Biden’s Climate Agenda Is Falling Apart’ which does explain how the Green Agenda is an expensive and unreliable scheme:

The vast majority of human beings want high rather than low economic growth, and so politicians ultimately choose policies that make energy cheap, not expensive.

And the limitations of weather-dependent renewables are more visible than ever. If California’s large wind energy project is built, it will provide less than half of the energy of California’s Diablo Canyon nuclear plant Newsom is planning to close in 2025, and it will be unreliable. During the heatwave-driven blackouts last summer, there was little wind in California or other Western states, meaning we can’t count on wind energy when we need it most.

In other words, the Democrats’ climate change and renewable energy agenda is rapidly falling apart, and the reasons have far more to do with physics than with politics

Schwab proposes that the third component is basically the innovations that will lead to centralized control of the world’s health policies by the World Health Organization (WHO). However, the innovations began the moment WHO officials declared a global Public Health Emergency more than 2 years ago.

Schwab mentioned the ‘Fourth Industrial Revolution’ which is described on the World Economic Forum’s website as a new system that

“shapes new policies and strategies in areas such as artificial intelligence, blockchain and digital assets, the internet of things or autonomous vehicles, and enables agile implementation and iteration via its fast-growing network of national and sub-national centres.”

Regarding Covid-19 or any other declared public health emergency in the future, the new system will be able

“to support the public good, especially by addressing health and social challenges. During the COVID-19 crisis, companies, universities, and others have joined forces to develop diagnostics, therapeutics, and possible vaccines; establish testing centers; create mechanisms for tracing infections; and deliver telemedicine.”

However, there was a unified response put forward by a several nations including Brazil, India, Russia, China, Iran, South Africa, Malaysia and the practically the entire continent of Africa that rejected a pandemic treaty developed by the World Health Organization. They all agreed that the treaty would allow authorities from the WHO to gain control of their health policies bypassing their rights as sovereign nations.

As the spirit of Tanzania’s late President, John Magufuli lives on, Reuters published the positive move on behalf of the African continent ‘Africa objects to U.S. push to reform health rules at WHO assembly’ regarding Africa’s 47 nations who rejected the treaty “African countries raised an objection on Tuesday to a U.S.-led proposal to reform the International Health Regulations (IHR), a move delegates say might prevent passage at the World Health Organization’s annual assembly.”

The treaty brought forward by the WHO and the US government was technically defeated which is a positive outcome considering what’s at stake:

If Africa continues to withhold support, it could block one of the only concrete reforms expected from the meeting, fraying hopes that members will unite on reforms to strengthen the U.N. health agency’s rules as it seeks a central role for itself in global health policy.

The IHR set out WHO members’ legally binding obligations around outbreaks. The United States has proposed 13 IHR reforms which seek to authorise the deployment of expert teams to contamination sites and the creation of a new compliance committee to monitor implementation of the rules.

But the African group expressed reservations about even this narrow change, saying all reforms should be tackled together as part of a “holistic package” at a later stage

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Part 1 of 2
 
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marsh

On TB every waking moment
Part 2 of 2

Western powers along with top level WHO officials will try to persuade or blackmail sovereign nations who originally rejected the IHR treaty to reverse their decision with a new modified version in hopes of centralized control of any future pandemic, but the current decision made by those nations who rejected the treaty is welcoming news indeed.

Just imagine the concept of a group of mostly unelected bureaucrats with the power to oversee a centralized control grid to rule over a global pandemic is Orwellian, in fact, the Great Reset kind of reminds me of the 1973 classic Hollywood film, Soylent Green with Charlton Heston based on the 1966 science fiction novel ‘Make Room! Make Room! by Harry Harrison based on a dystopian society. The story is about a police investigation into the murder of a wealthy businessman while the world is experiencing a slow death from “greenhouse gases” that produced a variety of problems for humanity including overpopulation, pollution, poverty, crime, and the concept of enforced euthanasia by the state.

Soylent Green is an example of what a deranged group of globalists or in this case, government bureaucrats would do to humanity if we did nothing to stop them. In the film, Detective Thorn (played by Charlton Heston) warned his colleague Chief Hatcher (Brock Peters) “The ocean’s dying! Plankton’s dying! It’s people – Soylent Green is made out of people! They’re making our food out of people! Next thing they’ll be breeding us like cattle for food! You’ve gotta tell them, you’ve gotta tell them!” Although Soylent Green is obviously fictional, it’s a metaphor on how far globalists will be willing to go so that their agenda of world control and depopulation can succeed. In the film, the state strongly encouraged and even facilitated suicide which turned the people into food for the remaining population. It sounds insane but reading about the agenda of the Great Reset of you ‘owning nothing and being happy is the start of something more sinister in our future. I am not saying that they will try to turn people into food in the future, but they are certainly trying to push forward other outrages solutions to feed the world such as the possibility of people eating insects to survive. I wish this was a joke, but it’s not.

Globalists are calling for the world’s population to be completely vaccinated with their Covid-19 experimental injections, in other words, they want total control over the world’s healthcare policies to enforce the use of facemasks and endless vaccination schemes through government-imposed mandates on the population although Covid-19 experimental injections are injuring and even killing thousands of people around the world. Globalist plotters began their plan of action to implement their vaccine mandates as soon as the Public Health Emergency was announced, but there were governments who rejected the idea from the start. On December 3rd, 2020, Brazil’s Minister of Foreign Affairs Ernesto Araujo clearly rejected the World Economic Forum’s Great Reset agenda by addressing the United Nations (UN) special session on COVID-19 by saying that “Those who dislike freedom always try to benefit from moments of crisis to preach the curtailing of freedom. Let’s not fall for that trap” In his conclusion, Araujo clearly states what is Brazil’s position on the idea of the Great Reset:

Fundamental freedoms are not an ideology. Human dignity requires freedom as much as it requires health and economic opportunities. Those who dislike freedom always try to benefit from moments of crisis to preach the curtailing of freedom. Let’s not fall for that trap. Totalitarian social control is not the remedy for any crisis. Let’s not make democracy and freedom one more victim of COVID-19

Is the World Ready to Embrace the Great Reset?

In the geopolitical spectrum, globalists are set on punishing sovereign countries who do not obey a rules-based order under the Great Reset agenda in partnership with the US-NATO alliance leading the world to some form of conflict or regime change against Russia, China, Iran, Belarus, Syria, Venezuela, Nicaragua, Cuba, and any other nation who wants to remain sovereign at all costs. There are many who are vehemently opposed to such an idea, for example, on January 27th, 2021, Russian President Vladimir Putin spoke at the World Economic Forum (WEF) and basically rejected the idea of the Great Reset and gave a reasonable idea of humanity working together to achieve a prosperous future for all with “calls for inclusive growth and for creating decent standards of living for everyone are regularly made at various international forums.

This is how it should be, and this is an absolutely correct view of our joint efforts” and that “It is clear that the world cannot continue creating an economy that will only benefit a million people, or even the golden billion. This is a destructive precept. This model is unbalanced by default.” Putin’s perception of the Great Reset or a unipolar world order is correct because it is destined for failure since the world is a complex place where nations have distinct cultures and history. Putin questions how nations would respond to a Great Reset with a rules-based order run by an elite group of psychopaths that expect a harmonious transition from all nations who are willing to comply:

We are open to the broadest international cooperation, while achieving our national goals, and we are confident that cooperation on matters of the global socioeconomic agenda would have a positive influence on the overall atmosphere in global affairs, and that interdependence in addressing acute current problems would also increase mutual trust which is particularly important and particularly topical today.

Obviously, the era linked with attempts to build a centralized and unipolar world order has ended. To be honest, this era did not even begin. A mere attempt was made in this direction, but this, too, is now history. The essence of this monopoly ran counter to our civilization’s cultural and historical diversity.

The reality is such that really different development centers with their distinctive models, political systems and public institutions have taken shape in the world. Today, it is very important to create mechanisms for harmonizing their interests to prevent the diversity and natural competition of the development poles from triggering anarchy and a series of protracted conflicts

The rejection of the Great Reset and its associated global institutions and industries such as the WHO, NATO and Big Pharma is a step in the right direction and the globalists are in panic. Brazil, Russia, the continent of Africa and others are proving that the Great Reset or that century’s old idea of a New World Order has become a failed project. Some people might disagree with my analysis because many are pessimistic about their future because they believe that a Great Reset is inevitable, that there is no escape from it because it seems that things are getting out of control with ongoing wars, coming food shortages and a growing danger of a global medical tyranny.

However, I do believe that we are in the early stages of a great awakening, not a rules-based order managed by a group of globalists despite the endless propaganda on how the Great Reset will make the planet a better place for all of us.

People and certain governments are awakening to the fact that a group of globalists are working against them on every level, and they are starting to fight back. We do not want to be ruled by a centralized power telling us what to do or how to think. The concept of the Great Reset has failed in many ways, but there is still work to do.

Never give up, never allow a group of influential globalists whether they are billionaires or bankers, government bureaucrats or special interest groups, resist this ideology of a unipolar world order. We can win this war, there is still time, I believe that we will prevail if we just don’t comply with their goal of them trying to control us, the useless people.
 

marsh

On TB every waking moment

Issue: August 11, 2022

World Economic Forum proposes AI to automate censorship of “hate speech” and “misinformation”

Censorship against what it calls the "dark world of online harms."

By Didi Rankovic
Posted 1:38 pm

The World Economic Forum (WEF) continues to beat the drum of the need to somehow merge “AI” and humans, as a supposed panacea to pretty much any ill plaguing society and economy.

It’s never a sure bet if this Davos-based elite’s mouthpiece comes up with its outlandish “solutions” and “proposals” as a way to reinforce existing, or introduce new narratives; or just to appear busy and earn its keep from those bankrolling it.

Nevertheless, here we are, with the WEF turning its attention toward what’s apparently the burning issue in everybody’s life right now.

No – it’s not the runaway inflation, energy costs, and even food security in many parts of the world. For how dedicated to globalization the organization is, it’s strangely tone-deaf to what is actually happening around the globe.

And as people struggle to pay their bills and dread the coming winter, the WEF obliviously talks about “the dark world of online harms.”

The group seems to be hard at work squaring the circle of combating internet trolls, i.e., solving the broadly and vaguely defined problem of “online abuse.” It’s what you’d expect it to supposedly be about: “child abuse, disinformation, extremism, and fraud.”

Once a reader wades through the weeds of verbal and narrative smokescreens, though, the big takeaway from the article posted on the group’s website is that neither human censors, nor censorship resulting from “AI” (in reality, just machine learning algorithms) is enough any longer.

“By uniquely combining the power of innovative technology, off-platform intelligence collection and the prowess of subject-matter experts who understand how threat actors operate, scaled detection of online abuse can reach near-perfect precision,” says the WEF.

But what is this supposed to mean?

At some point toward the end, the WEF finally spits it out (but spoiler: it still doesn’t make a whole lot of sense): instead of relying on what is throughout the article continuously and erroneously referred to as “AI” – the WEF says it is proposing “a new framework: rather than relying on AI to detect at scale and humans to review edge cases, an intelligence-based approach is crucial.”

It’s well worth quoting the entire techno-bubble word salad that is supposed to be the sales pitch of the writeup:

“By bringing human-curated, multi-language, off-platform intelligence into learning sets, AI will then be able to detect nuanced, novel abuses at scale, before they reach mainstream platforms. Supplementing this smarter automated detection with human expertise to review edge cases and identify false positives and negatives and then feeding those findings back into training sets will allow us to create AI with human intelligence baked in.”

In this way – “trust and safety teams can stop threats rising online before they reach users,” writes the WEF.

Finally one can start discerning the argument here – once converted into “human readable” format – as simply pressuring social networks to start moving towards “preemptive censorship?”

And if that’s true – what an argument it is.
 

marsh

On TB every waking moment

Coal plants are being kept online to prevent blackouts as green transition falters

August 11, 2022 | BPR Wire | Print Article
Jack McEvoy, DCNF

Coal plants in four states are keeping their plants online in order to prevent blackouts as the slowed expansion of green energy is creating problems for states’ electrical grids amid rising summer demand.

“As we make this transition, we have to do it in a way that doesn’t lead to blackouts or brownouts,” Raymond G. Sandoval, director of Corporate Communications and Brand Management at PNM Resources, told the DCNF.

“Renewable Energy is part-time energy, it works when it feels like it,” Dan Kish, senior vice president of the Institute for Energy Research, told the DCNF.

Coal-fired power plants in several states are delaying planned shutdowns in order to avoid blackouts and energy shortages as the delayed development of renewable energy sources is leaving gaps in states’ power grids amid high energy demand.

At least six coal plants in New Mexico and three other states are temporarily halting their retirement as utility providers say import tariffs and other supply disruptions on solar panels imposed by the U.S. Commerce Department are making it difficult to meet high demand, according to Reuters. Fossil fuels like coal plants and natural gas are preventing blackouts by filling the gaps in the grid that are being created by the push to implement green energy nationwide amid President Joe Biden’s aggressive energy transformation plan.

“As we make this transition, we have to do it in a way that doesn’t lead to blackouts or brownouts,” Raymond G. Sandoval, director of corporate communications and brand management at PNM Resources, an electrical utility company, told the DCNF.

PNM Resources delayed the closure of a coal plant by three months until September largely due to its inability to quickly switch to renewables amid the rising demand for electricity caused by summer heat, according to Sandoval.

“We have an obligation to serve our customers, and we just didn’t see the shutdown as a viable solution at a time when everyone’s experiencing longer, hotter weeks during the summer, so we negotiated for Unit Four (the coal plant) to stay open until Sept. 30,” Sandoval said.

States across the nation face may face rolling blackouts and brownouts due to states’ inability to replace fossil fuel energy production.

“We believe in climate change..but what we don’t want to do is take one step forward, and then two steps back, because then you start having reliability problems,” Sandoval said. “If there isn’t a conversation about what this energy transition really entails, it puts utilities in a situation in which they can’t deliver reliable power to customers which makes politicians turn on electric companies.”

Tariffs and import bans of foreign solar products are slowing the expansion of solar energy and hampering the Biden administration’s plans to cut fossil fuel use and promote renewable energy sources to meet net-zero emissions targets by 2050, according to Reuters. Biden’s goals will almost certainly necessitate even more coal plant closures, according to Reuters.

“A plan provided by the New Mexico Public Regulation Commission and environmental groups left us about 140 megawatts short of what our customers needed,” Sandoval said. “Because of the supply chain crisis, our contractors informed us that they could no longer help with the projects,” he said of his company’s efforts to switch to renewables.

Alliant Energy’s 400 megawatt (MW) plant in Wisconsin will remain open until mid-2025 instead of closing this year as originally planned due to concerns over energy shortages, Reuters reported. The WEC Energy Group also postponed the closure of its remaining 1,135 MW coal units near Milwaukee for up to 18 months.

Meanwhile, NiSource blamed solar project delays for preventing the closure of its 877 MW Schahfer coal plant in Indiana until 2025, according to Reuters. In Nebraska, the Omaha Public Power District board will vote on Aug. 18 on whether to keep the 645 MW North Omaha plant open until 2026 after the operators cited issues concerning its efforts to switch to natural gas and solar power.

“Renewable energy is part-time energy, it works when it feels like it,” Dan Kish, senior vice president of the Institute for Energy Research, told the DCNF. “Battery backup is outrageously expensive and that is why states are contemplating keeping coal plants online.”

The Senate passed a $369 billion climate spending package on Sunday which is aimed at phasing out fossil fuels like coal by almost doubling investment in solar power and wind up to nearly $321 billion by 2030 from $177 billion under the current policy.

Coal generated nearly 22% of the nation’s electricity in 2021, according to the Energy Information Administration. However, energy firms are abandoning coal due to falling prices of alternative energy sources like natural gas and large state and federal subsidies for renewable energy.

The White House and Department of Energy did not immediately respond to the Daily Caller News Foundation’s request for comment.
 

marsh

On TB every waking moment

Lumber futures are down 62% amid a ‘Great Reset.’ Here’s when DIYers can expect the best deals

BYWILL DANIEL
August 7, 2022, 11:30 AM UTC

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Lumber prices have been on a wild ride over the past two years. As Fortune previously detailed, two massive bubbles formed in the typically under-the-radar lumber industry during the pandemic, and both ultimately popped.

Since March, with interest rates rising, the housing market cooling, and new home construction falling, demand for lumber has declined—and prices have followed suit.

Lumber futures fell to just $500 per thousand board feet on Friday, or 62% below January’s $1,329 high.

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The ongoing shift in consumer spending from goods to services as pandemic restrictions fade and Americans get back to eating out and traveling is reducing demand for lumber as well, Dustin Jalbert, a senior economist at the market research firm Fastmarkets RISI, told Fortune.

As a result of this and other factors, Fastmarkets RISI predicts U.S. softwood lumber consumption will drop 1.4% year over year in 2022. But Jalbert noted in a July research report that this is still a “modest” drop by historical standards, and that it’s too soon to call a recession in the lumber market.

Experts told Fortune that we’ve reached the end of the volatile pandemic era price swings for lumber, and DIYers should be on the lookout for good deals over the next few months.

The ‘Great Reset’
Kyle Little, chief operating officer at building materials wholesaler Sherwood Lumber, described lumber’s volatile swings over the past two years as a “cyclical bull wave” brought about by “extraordinary supply-chain and demand phenomena.”

The industry experienced a perfect storm of supply-chain complications because of COVID, issues with finding adequate labor, beetle infestations and fires in British Columbia, and more during the pandemic—all coupled with the simultaneous boom in home demand.

Now, though, Little says a new cycle is taking hold.

“We’re in this process of consolidating in this new cycle in what I call the ‘Great Reset,’” he said.

Little added that he believes lumber prices will be lower than the previous three or four years moving forward, but they won’t return to 20-year historical norms of $200 to $400 per thousand board feet.

“I don’t think it’s doom and gloom for the lumber or building products business because the demand for shelter, generally speaking, is very high for the next five years or so,” he said. “Millennials are still in the beginning stages of their family formation. And you just can’t ignore the demographics.”

Jalbert of Fastmarkets RISI also told Fortune that prices will likely find a bottom soon.

“I think things are going to start stabilizing a bit here,” he said, adding that he believes new home sales and home purchase applications will begin to recover with the recent dip in mortgage rates, helping to boost lumber demand.

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“The other thing that’s happening on the supply side is that the high-cost mills in Canada, specifically in British Columbia, are curtailing production to try to balance with the declining demand,” Jalbert said.

If mills curtail production dramatically, it will likely help to set a floor on lumber prices, Jalbert noted.

However, Ashley Boeckholt, cofounder of MaterialsXchange, a digital marketplace for buying and selling lumber, said that it’s difficult to predict when sawmills will actually reduce production owing to falling lumber prices, as some operators are willing to stay open even when they break even or lose money.

“Things can stay in motion a lot longer than people appreciate,” he told Fortune.

“I’ve learned over the years that guessing when somebody is going to shut down or open up is kind of a fool’s errand. It’s just hard to know.”

With or without shutdowns, Boeckholt agreed with Little and Jalbert when it comes to future lumber prices.

“I think the reality is the crazy volatility of the last two years is subsiding in lumber, and we’re going into a more normalized market,” he said. “From what I see today, I don’t think we’re going to see a crash; I think prices are going to moderate.”

When to expect the best deals
All of the experts Fortune spoke with agreed that most of the declines in lumber wholesale prices have already happened, and while it can take a few months for those declines to impact retail prices, there’s really no point in waiting for better deals if you’re looking to build that new deck or renovate your kitchen.

“We believe, right now, lumber is in the bottom quartile of what the new range is going to trade,” Little said. “In fact, I think it’s even lower than that. So, if you’re looking for a long-term price scenario, we are buyers at the current price structure, knowing that we just came off a 70-plus percent drop. I mean, this is a big sale.”

MaterialsXchange’s Boeckholt said he agrees, and DIYers should start looking for deals now.

“If I was going to tell somebody when to buy if they wanted to build something now, I would say that the numbers have adjusted to a point where trying to pick a bottom in the market is kind of a waste of time,” he said. “I wouldn’t wait around for prices to drop anymore like I would have six months ago.”

Jalbert, from Fastmarkets RISI, said that it might be worth it for some buyers to wait a month or so for retail lumber prices to match the drop in wholesale prices, but offered a caveat as well.

“I think it depends on everyone’s situation,” Jalbert said. “But really, I think the biggest drops are behind us for lumber and decking and things like that. So I’d say, if you really want to be patient, the odds are you might be able to save a little bit more if you wait. But I would say if you are ready to go, I’m not sure there’s that much downside left here to help you save.”
 

Cacheman

Ultra MAGA!

Biden True Approval 12%, Trump Raid Backfire, Inflation Down Not Out
By Greg Hunter

4-5 minutes





On August 12, 2022 In Weekly News Wrap-Ups



By Greg Hunter’s USAWatchdog.com
(WNW 542 8.12.22)

If you really want to understand the crazy and desperate actions of the Biden/Obama Administration, you have to know the real numbers. Not the numbers of the latest poll that shows President Biden with a 40% approval rating. The real numbers that the public never gets to see, because it’s secret behind the scenes research, is Bidens true approval rating. Biden’s true approval numbers are somewhere between 11% and 12%, according to my confidential source and Martin Armstrong’s “Socrates” data mining computer. If Biden’s real approval rating is not more than 12%, you can see why the Democrat party is panicked and in deep trouble. They must do something to look stronger than they really are because they cannot even begin to cheat their way to victory in the midterms and beyond. 12% approval means most of the Democrats will not even vote for Biden or any other Democrats, and the economy is not going to give them or anyone else a reason to do so anytime soon.

The raid on the Florida home of President Donald Trump is backfiring bigtime on the Biden/Obama administration. His poll numbers have shot up even higher, and he’s breaking records for campaign donations when he’s not even announced he’s running—yet. This is just another fake made up case like the so-called “Russian Collusion” brought to you by fake FISA warrants, spying by the FBI and a fake dossier paid for by Hillary Clinton. The public see’s this tor the political attack it is and not a legit law enforcement action by a corrupt Deep State that includes RINO Republicans and commie Democrats.

Inflation backed off a bit this month and went down to 8.5% year over year. President Biden was so desperate for good economic news he spun this to mean 0% inflation month over month. Of course, this is preposterous and not the way inflation is counted even with the gimmicks to make it look better than it is. John Williams of Shadowstats.com says the real inflation as it was counted before all the gimmicks is around 17%. Gasoline prices have come down a bit, but they are going back up as the supply of gasoline is down to lows not seen since the early 1990’s. Enjoy the lower gas prices while they last. So, inflation is down a bit for now, but not out.

There is much more in the 53-minute newscast.


Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 8.12.22.
 

marsh

On TB every waking moment

Rent Is Becoming A Crisis In The U.S.

FRIDAY, AUG 12, 2022 - 02:40 PM
The growing rental crisis in the U.S. has shown no signs of stopping.

That was the topic of a new Bloomberg report this week that highlighted the stories of numerous Americans struggling to meet their rental obligations.

The cost of rent in the U.S. is moving higher at the highest pace in three decades, the report notes, blowing past a median of $2,000 per month for the first time ever. Rents are now above where they were prior to the pandemic in most major cities.

Areas just outside cities, which saw a large influx of new renters during the pandemic, have seen their rents rise disproportionately higher. People returning to large cities, post-pandemic, have also not helped prices cool off.

Additionally, rising interest rates have now deterred some would-be buyers, who are now becoming renters. Tight inventory continues to lead to bidding wars, even in the rental market, the report says.



Kate Reynolds, principal policy associate at the Washington-based Urban Institute, said: “It’s pretty much the perfect storm for renters right now. Those renters and their landlords don’t have a place to turn if they’re unable to pay the rent.”

At the same time, renters are trying to cope with the affects of inflation nearly everywhere else in their lives.

Bloomberg notes that people of color and those with lower incomes are most disproportiately affected by the rise in rents:

In the US, about 58% of households headed by Black adults rent their homes, along with nearly 52% of Latino-led households, according to a Pew Research Center analysis of census data. In comparison, about a quarter of households led by non-Hispanic White adults, and a little under 40% of Asian-led households, are rentals. Some 54% of renters earn less than $50,000, and the annual median household income among renters is about $42,500, below the national median of $67,500, according to Zillow.

Single family rents were up by a record 14% in May from the year prior this year. In some cities, like Miami and and Orlando, rents skyrocketed 40% and 25%, respectively. Las Vegas rents were up 16.7% in May from the year prior.



Cities like Atlanta have also seen rents rise 14.8% from a year prior. People moving from the West or the Northeast to the South have also boosted rents.

Duluth, Georgia resident Karla Kelley said: “We’re getting a lot of people from the Northeast or from the West Coast. To them, these rents are not huge.”

40% of all households that are not current on their rent say they are likely to be evicted or foreclosed within the next two months. This represents about 5.4 million households, according to the report.

And as we have documented on this site many times over, people are now turning to debt to try and cover their costs - including their housing costs. Credit card balances were up $46 billion in Q2 of this year and 30% of Americans have admitted to using credit cards or loans to meet "spending needs in the prior week". This number was up from 23% in early January.
 

marsh

On TB every waking moment

A Tale Of Two Recessions: One Excellent, One Tumultuous

FRIDAY, AUG 12, 2022 - 09:20 AM
Authored by Charles Hugh Smith via OfTwoMinds blog,

Events may show that there are no winners, only survivors and those who failed to adapt.

Some recessions are brief, necessary cleansings in which extremes of leverage and speculation are unwound via painful defaults, reductions of risk and bear markets.

Some are reactions to exogenous shocks such as war or pandemic. The uncertainty triggers a mass reduction of risk which recedes once the worst is known and priced in.

Far less frequently, structural recessions are lengthy, tumultuous upheavals that can set the stage for excellent long-term expansion or unraveling and collapse. In these structural recessions, 10% to 20% of the workforce loses their jobs as entire sectors are obsoleted and jobs that depend on excesses of debt and speculation go away.

In the U.S. economy of today, this would translate into a minimum of 14 million jobs vanishing, never to return in their previous form and compensation.

The old jobs don't come back and new jobs demand different enterprises, training and skills. Unemployment remains elevated, spending is weak and productivity is low for years as enterprises and workers have to adjust to radically different conditions. If the economy and society persevere through this transition, the stage is set for the reworked economy to enjoy an era of renewed prosperity and opportunity.

If an economy and society can't complete this transition, stagnation decays into collapse.

I've annotated a St. Louis Federal Reserve chart of U.S. recessions since 1970 to show the taxonomy described above. The stagflationary 1970s / early 1980s were a lengthy, tumultuous structural upheaval; the 1990-91 recession was triggered by the First Gulf War; the Dot-Com Bust in 2000-2002 was largely the unwinding of speculative excesses in the technology sectors (similar to the radio-technology bubble of the 1920s); the Global Financial Meltdown (aka the Global Financial Crisis) was the structural reckoning of unregulated global financialization excesses, and the 2020 recession was the result of policy responses to the Covid pandemic.


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

Each of these resulted in a multi-quarter decline in GDP, the classic (though flawed) definition of recession.

Recessions that cleanse the system of financial deadwood are necessary and yield excellent results. Per the Yellowstone Analogy ( The Yellowstone Analogy and The Crisis of Neoliberal Capitalism (May 18, 2009) and No Recession Ever Again? The Yellowstone Analogy (November 8, 2019), the deadwood of excessive speculation, leverage, fraud and debt issued to poor credit risks must be burned off lest the deadwood pile up and consume the entire forest in a conflagration of the sort that was narrowly averted in 2008-09 when fraud and risk-taking had reached systemically destructive extremes.

The problem with letting deadwood pile up so it threatens the entire forest is the policy reaction creates its own extremes. The coordinated central bank policies unleashed in 2008 and beyond established new and unhealthy expectations and norms, the equivalent of counting on central bank water tankers to fly over and extinguish every firestorm of excessive risk-taking and fraud.

Those emergency measures create their own deadwood, distortions and risk, and are not a replacement for prudent forest management, i.e. maintaining a transparent market where excessive risk is continually reduced to ashes in semi-controlled burns.

When systemic changes in the economy and society demand structural transitions, the resulting tumult can either creatively rework entire sectors, weeding out what no longer works in favor of new methods and processes, or those benefiting most from the old structure can thwart desperately needed evolution to protect their gravy trains.

If change is stifled as a threat, the entire economy enters a death-spiral to collapse. Some eras present an economy with a stark choice: adapt or die.
Adaptation in inherently messy, as new approaches are tried in a trial-and-error fashion and improvements are costly as the learning curve is steep.

Sacrifices must be made to achieve greater goals. as I outlined yesterday in A Most Peculiar Recession, in the 1970s the U.S. economy was forced to adapt to three simultaneous structural changes:

1. The peak of U.S. oil production and the dramatic repricing of oil globally by newly empowered OPEC oil exporters.
2. The pressing need to reconfigure the vast U.S. industrial base to limit pollution and clean up decades of environmental damage and become more efficient in response to higher energy prices.
3. The national security / geopolitical need to encourage the first wave of Globalization in the 1960s and 1970s to support the mercantilist economies of America's European and Asian allies to counter Soviet influence.

Coincidentally, this last goal required the U.S. expand the exorbitant privilege of the U.S. dollar, the primary reserve currency by exporting dollars to fund overseas expansion of U.S. allies like Japan and Germany and running permanent trade deficits to benefit mercantilist allies.

These measures created their own distortions which led to the Plaza Accord in 1985 and other structural adjustments. Ultimately, the U.S. managed to adapt to a knowledge economy (Peter Drucker's phrase) and a more efficient means of production, resulting in a much cleaner environment and a leaner, more adaptable economy.

The deadwood of hyper-financialization and the distortions of hyper-globalization have now piled up so high that they threaten the entire global economy. Those who have feasted most freely on hyper-financialization and hyper-globalization must now pay the heavy price of adjusting to definancialization and deglobalization.

Those who have been living on expanding debt and soaring exports are in for a drawn-out, wrenching structural adjustment to the reversal of these trends and the fires sweeping through the deadwood that's piled up for the past two decades.

There will winners and losers in this global structural upheaval. Mercantilist economies that feasted on 60 years of export expansion will be losers because there is no domestic sector large enough to absorb their excess production, and those who feasted on the expansion of debt to inflate asset bubbles will find their reluctance to conduct controlled burns of their speculative debt-laden deadwood will exact a devastating price when their entire financial system burns down.

Those who didn't rely on exports for growth will find the transition much less traumatic, as will those who maintained a regulated, transparent market for credit that limited excesses of leverage and high-risk debt.

Those who adjust to structurally higher energy costs by becoming more efficient and limiting waste via Degrowth will prosper, all others will sag under the crushing weight of waste is growth Landfill Economies. I explain why this is so in my new book Global Crisis, National Renewal.

Recessions which are allowed to clear the deadwood and encourage adaptation yield excellent results. Those which don't lead to the entire forest burning down. Economies optimized for graft, corruption, opacity and benefiting insiders will burn down, along with those that optimized speculative extremes of debt and those too rigid and rigged to allow any creative destruction of insiders' skims and scams.

Events may show that there are no winners, only survivors and those who failed to adapt and slid into the dustbin of history.
 

marsh

On TB every waking moment

"Central Banks Are In Shock Their Households Are Too Hot, Soon To Be Too Cold And Too Hungry"

FRIDAY, AUG 12, 2022 - 06:28 AM
By Michael Every of Rabobank

US PPI was another deflationary surprise yesterday given the 0.5% fall in headline prices m-o-m and the weaker than expected 0.2% rise in core prices. Now pipeline inflation pressures are ‘only’ 9.8% and 5.8% y-o-y, respectively. Even so, the market’s fad for “sic transitory gloria mundi” faded yesterday, with stocks failing to hold gains, and US 10-year yields up 11bp on the session and 16bp from their intra-day low.

This was arguably because oil prices rose sharply again, Brent up 2% on the day and briefly back above the psychological $100 level, after EIA data showed US gasoline demand was higher than thought (no!) and inventories are worryingly low (no!) As noted yesterday, all it will now take is the SPR being refilled just before the mid-term elections (no!), and we flip into an energy price reversal (i.e., upwards) just ahead of winter.

And so into a reversal in PPI; and so into a reversal in CPI; and so into a lack of reversal from central banks ahead; and so an imminent reversal in the market fad for “sic transitory gloria mundi” trades. Logically, anyway – but who likes logic? Clearly not markets.

Meanwhile, French and German wholesale electricity prices already continue to hit terrifying new highs daily, and while EU gas shortages might be avoided this winter, it will only be at a very high price.

In the UK, based on Bank of England (BOE) forecasts, energy bills will soon be equivalent to two full months of average take-home pay. The Guardian says Chancellor Zahawi has told firms they must “invest their “extraordinary” profits or face the threat of further taxation.”; and the Trade Union Congress has called for the government to cancel the October energy price cap rise, saying the cost of living crisis this winter is an “emergency of pandemic scale”. UK Treasury officials are apparently considering extending the new windfall tax on oil and gas companies to electricity generation. Former PM Brown is calling for the temporary nationalization of energy providers in some circumstances. This is as the most likely next PM is being backed by outright Austrian economists who want to change how the BOE works to stop artificially lowering rates and zombifying the economy.

The key point is that everyone now sees that supply is the key global issue, not propping up demand by making rich people even richer. Everyone can also see that the neoliberal Keynesian synthesis (i.e., QE, deregulation, and globalisation) we have relied on for decades is an utter failure in this key regard. They just don’t know what will work, having read so little of any other schools of economic thought, and are scrambling from windfall taxes, which disincentivise productive investment, to threats of nationalisation, which disincentivises productive investment, to artificially lowering commodity prices, which disincentivises productive investment, to, until now, artificially lowering rates, which, yes, disincentivises productive investment.

(Global blocs using Hamiltonian industrial policy/mercantilism arguably would work - but we are clearly going to try and fail every other way first, “because markets/economic advisors”.)

On top of all this, higher energy will mean higher food prices, which are already very high. Indeed, the last US CPI report (with “zero” inflation) saw the food-at-home index, i.e., purchased in grocery stores, jump at an annualized 13.1%, the fastest pace since March 1979.

In short, it’s the food, the fad, and the fugly.

As I continue to try to hammer home, developed market central banks are slack-jawed in shock at the idea of their households suddenly being too hot, soon to be too cold, and too hungry. They are being forced to actually show that they can and will DO SOMETHING about this - because what else are they for?

Of course, they aren’t doing half as much as they could: the same central banks that love to use their bully pulpit to preach to politicians about policy well outside the realms of the purely monetary are singularly silent in the face of a threat that exposes the vacuity of their shared neoliberal intellectual construct: where are the calls for industrial policy vs. repeated earlier calls for wage restraint and deregulation?

However, that means they have to do more on rates: so, less ‘fad’ (i.e., market pricing of a ‘pivot’, and ‘The ecstasy of gold’), and far more fugly (i.e., higher rates as well as high food and energy costs: “Ai ai aiii!” “Waa waa waaaa!”).

Showing them the way, Mexico just raised rates 75bps to 8.50%. No room for a 50bps step there despite US CPI and PPI. Moreover, Argentina just raised rates *by* 9.5% to 69.50%, saying, “Prices accelerated in July in the context of greater financial volatility that negatively affected inflation expectations.” No “sic transitory gloria mundi.” Notably, Argentina now has lower negative real rates than the US or Europe do (i.e., its inflation rate is only slightly above the level of nominal interest rates.)

But don’t worry: developed-world central banks will be right behind you, Latin America. Right after their regular weekly two-hour sports massage, mani/pedi, degustation lunch, cheeky beer, and quick cigar, while listening to an audiobook about new-age post-modernism.

We all wait with bated breath for what messages emerge from the central bank symposium at Jackson Hole from August 25-27.

Elsewhere, Bloomberg reports President Biden is preparing to run again in 2024. Start with walking up steps first and take it from there, why not? He just managed that fine with his under-investigation son Hunter, as both boarded Air Force One together. Simultaneously, former President Trump is calling the FBI raid on his home a witch hunt, and Attorney General Garland says he personally okayed it (without telling President Biden: because that’s clearly how things work in the real world.) All the garlands, or brick-bats, will now be on Garland, as the evidence, or lack of it, emerges. The Washington Post says the (de?)classified documents that were being searched for apparently relate to nuclear weapons.

Oh, what a joyous celebration of liberal democracy 2024 looks likely to be. Almost as good as 2022 is proving for neoliberal central banks.

Happy Friday.
 

marsh

On TB every waking moment
(Germany)


Google Searches For "Firewood" In Germany Have Exploded

FRIDAY, AUG 12, 2022 - 06:48 AM

One month ago, we reported much to the shock of our European readers that in its assessment and preview of Germany's staggering energy crisis brought on by Russian sanctions, Deutsche Bank predicted that "wood will be used for heating purposes where possible."

You read that right: the largest European bank predicted that a growing number of German households will be using firewood for heating! Maybe allowing a petulant Scandinavian teenager to set the country's energy policy was not the brightest idea after all.

So fast forwarding to today, when we find that European energy forward prices one year from today are now at staggering, record levels, implying one would need to part with at least an extra kidney to keep warm in the next year..



... it is no surprise that Deutsche Bank's morbid forecast is gradually coming true and as Bloomberg's Javier Blas shows in his "chart of the day", that google searches for fireword ("Brennholz") have exploded in the past couple of months now that electricity is no longer a staple, but a luxury few can afford.



At this rate, with thousands of frozen casualties seemingly inevitable this winter...

1660341993895.png
... perhaps Europe will finally learn its lesson that listening to petulant Scandinavian teenagers for energy policy, while glorious for virtue signaling, is also as dumb as it gets. Then again, it is Europe...
 

marsh

On TB every waking moment
(UK)


UK To Reverse "Accidental" Ban On Edible Insect Farming

FRIDAY, AUG 12, 2022 - 07:40 AM
Authored by Kit Knightly via Off-Guardian.org,

Propaganda push is selling eating bugs as usual, and suggests the UK is just going back to normal...



Good news guys, UK companies will soon be free to start producing and selling several species of “edible insects” again.

Apparently, one effect of Brexit is that the UK no longer belonged to the European Union’s “novel foods” programme, which approved many varieties of insects for human consumption.

Because of this the farming and selling of insects as food has been essentially banned in the UK for years.

The BBC had a report about this a few days ago, bemoaning the impact on the UK’s edible insect industry, and headlined:
Has Brexit squashed our edible insect industry?
The blurb goes on to repeat the all-too-familiar pro-bug eating propaganda, and suggests there could a “revival”:
Bugs – the superfood that doesn’t cost the earth. They’re higher in protein than meat and release far lower CO2 emissions than livestock farming. So experts tell us that, if we want to save the planet, we should eat more insects. However, selling insects as food in the UK was essentially banned following Brexit, leaving the insect industry in limbo. But could there now be a revival?
The “revival” has been in the works for at least a few weeks. Last month the UK government launched a “consultation” on the legal status of edible insects, according to the Food Standard’s Agency website:
The Food Standards Agency (FSA) has set out plans to allow edible insects to remain on the market while they go through the Novel Foods authorisation process to assess their safety.
This means you can now legally farm and sell edible insects in the UK, despite there being no formal legal approval or even an “assessment of their safety”.

Regardless of the technicalities, the push to sell eating insects to the general public is nothing new. But what’s interesting here is the angle the propaganda is taking. Not that selling bugs in the supermarket is new or different, but that it really should have been legal this whole time and it was only a silly little government oversight that ever got in the way.

A perfect example is this VICE article from Monday, which literally claims that the banning of insect farming was an “accident” and now it’s finally been fixed:
Lesser mealworms and house crickets are back on the menu in the UK, several years after an accidental consequence of the country leaving the European Union meant British companies were no longer allowed to sell them.
“Farming bugs and selling them to people as food is usual and everyday and perfectly fine. It’s the way we used to do things before stupid old Brexit ruined everything! If only the damn Tories weren’t so footlingly incompetent, we’d all have been eating mealworms this whole time, just like they do in France.”

Apparently, that’s how you sell eating bugs to the middle class – you say Brexiteers don’t want them to.

It’s all part of a clear effort to detach the “eat ze bugs” propaganda drive from its “New Normal” roots and restructure the narrative. Pretending that eating bugs is perfectly normal and has always been part of the status quo.

Now, the more cynical among you might doubt that story. But you can shut up and eat the bugs. It’s legal now.
 

marsh

On TB every waking moment
(Europe)


Ex-President Medvedev Warns Europe Of "Possible Incidents" At Nuclear Facilities

FRIDAY, AUG 12, 2022 - 05:38 AM

Russia’s former President Dmitry Medvedev and deputy chairman of the Security Council of Russia Dmitry Medvedev - who has been among the most outspoken hawks in terms of threats issued over the past months of war in Ukraine - has warned Europe of "possible incidents" at nuclear power plants.

"It seems like Kyiv scumbags and their Western patrons are ready to orchestrate a new Chernobyl. Rockets and shells are falling closer and closer to the Zaporizhzhya nuclear power plant reactor," Medvedev said in a fresh post on Telegram.

He was referring to the ongoing crisis at the nuclear plant in southeastern Ukraine, which happens to be Europe's largest, which has witnessed the warring parties blame each other for shelling on the facility. On Thursday there were reports that large plumes of smoke could be seen coming from the facility.

"They say it's Russia. This is obviously 100 percent nonsense even for the stupid Russophobic public [in the West]," Medvedev continued in his statement.

"What can one say," Medevdev concluded before warning, "Don’t forget that there are nuclear sites in the European Union, too. And incidents are possible there as well."

It's unclear exactly what he meant in the veiled threat, but it's consistent with his prior nuclear warnings, for example when he said recently that the West ramping up arms shipments to the Ukrainian government would spark a proxy war that risked leading to "full-scale nuclear war".

Following a Thursday UN Security Council emergency session which focused on the unfolding crisis at Zaporizhzhya, which reportedly is currently occupied by some 500 Russian troops, the United States said it would back erecting a 'demilitarized zone' around the facility.

Ukraine has accused Russian forces of destabilizing and attacking the Zaporizhzhya plant, while also acknowledging hundreds of Russian troops are present there...

View: https://twitter.com/i/status/1558005366134390785
.43 min


"Fighting near a nuclear plant is dangerous and irresponsible - and we continue to call on Russia to cease all military operations at or near Ukrainian nuclear facilities and return full control to Ukraine, and support Ukrainian calls for a demilitarized zone around the nuclear power plant," a State Department official said.

And IAEA chief Rafael Mariano Grossi has said he's "extremely concerned" and that strikes on or near the facility threaten "the very real risk of a nuclear disaster that could threaten public health and the environment in Ukraine and beyond," according to statements days ago.
 

marsh

On TB every waking moment

Yield Check: USDA Forecasts 175.4 bu. Corn and 51.9 bu. Soybeans

Corn production is down 5% from last year, forecast at 14.4 billion bushels; soybean growers are expected to increase their production 2% from 2021, forecast at 4.53 billion bushels,(Farm Journal)

By SARA SCHAFER August 12, 2022

For 2022, corn production will be down and soybean production up from 2021.
Corn production is down 5% from last year, forecast at 14.4 billion bushels, according to the Aug. 12 reports from USDA. Average corn yield is forecast at 175.4 bu. per acre, down 1.6 bu. from last year. NASS forecasts record-high yields in California, Iowa, Washington, and Wisconsin.

Acres planted to corn, at 89.8 million, are down 4% from 2021. As of July 31, 61% of this year’s corn crop was reported in good or excellent condition, 1 percentage point below the same time last year.

1660343072946.png

For soybeans, production is forecast to increase 2% from 2021, forecast at 4.53 billion bushels. Area for soybean harvest is forecast at 87.2 million acres with planted area for the nation estimated at 88 million acres, up 1% from last year.

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Soybean yields are expected to average a record-high 51.9 bu. per acre, up 0.5 bu. from 2021. If realized, the forecasted yields in Arkansas, Illinois, Indiana, Maryland, Mississippi, Ohio, and Virginia will be record highs.

“The biggest surprise of the report was government raising the national bean yield, up 0.4 of a bushel; the trade was actually expecting the yield would go down on this report,” says Jim McCormick, co-founder of AgMarket.Net.

With the heat many in the Corn Belt has seen, and little rain in the forecast, he says that soybean national average yield will likely be debated.

“We do have the upcoming farm tours that will maybe give us a little better picture,” McCormick says. “It's something to keep an eye on. If that yield would start to slip back a 1 bu. or 1.5 bu., due to missing out on these late-season rains, it could definitely change the balance sheet for soybeans.”

All cotton production is forecast at 12.6 million 480-lb bales, down 28% from 2021. Based on conditions as of Aug. 1, yields are expected to average 846 lb. per harvested acre, up 27 lb. from 2021. Upland cotton production is forecast at 12.2 million 480-lb. bales, down 29% from 2021. Pima cotton production is forecast at 407,000 bales, up 23% from 2021. All cotton area harvested is forecast at 7.13 million acres, down 31% from 2021.

All wheat production for grain is forecast at 1.78 billion bushels, up less than 1% from the previous forecast and up 8% from 2021. Based on Aug. 1 conditions, yields are expected to average 47.5 bu. per harvested acre, up 0.2 bu. from the previous forecast and up 3.2 bu. from 2021. Area harvested for grain is forecast at 37.5 million acres, down less than 1% from the previous forecast, but up 1% from 2021.
 

marsh

On TB every waking moment

$740 Billion Inflation Reduction Act Passed the House and Senate

If the IRA is signed by President Biden, a corporate minimum tax of 15% will cover the bill’s $740 billion price tag, according to John Block, senior policy advisor at Olsson, Frank, and Weeda law firm.(Farm Journal)

By JENNA HOFFMAN August 12, 2022

The House passed the Inflation Reduction Act (IRA) on Friday with a 220 to 207 party line vote, nearly a week after the Senate passed the bill with a close 51-50 vote.

WHAT’S IN IT FOR AG?
If the IRA is signed by President Biden, a corporate minimum tax of 15% will cover the bill’s $740 billion price tag, according to John Block, senior policy advisor at Olsson, Frank, and Weeda law firm.

Block says the provisions that will impact ag most revolve around biofuels, farm debt, conservation and on-farm energy costs, including:

1. $1-a-gallon tax credit for biomass-based diesel
2. $5.3 billion farm debt relief package
3. A collective $3 billion for renewable energy projects in rural areas, including USDA’s Rural Energy for America Program
4. $18 billion to four conservation programs
5. Wildfire prevention and climate resiliency projects in public and private forests in the range of $5 billion

SOLUTIONS OR SEVERED TIES?

A lack of bipartisanship in the IRA was evident through the Senate’s close vote on Sunday and continued through the House on Friday. Sen. Joni Ernst (R-IA) rang in on AgriTalk to share her own sentiments on the reconciliation bill ahead of the debate on Friday.

Audio on website 11:01 min

“The bill has billions of dollars on wish list items, which we know will increase inflation,” Ernst told AgriTalk Host Chip Flory. “It’s going to hurt our small business, our manufacturers and importantly here in Iowa, it’s going to hurt our farmers.”

No House republican voted for the bill on Friday. Democratic votes, however, did vary. But ultimately the democratic majority in the House won the bill.

Rep. Jim Clyburn (D-S.C.) says it isn’t necessarily everything his party wanted, though:

“I’ve always said a half loaf is better than no loaf,” he said. “You come back and get the other half if we can have a successful election in November and get the numbers we need.”


The IRA will now move to the Resolute Desk where President Biden is expected to sign it into action.
 

marsh

On TB every waking moment
Michael Yon @MichaelYon
Aug 12, 2022 at 1:44pm
Fourth Reich and their FBI Gestapo
12 August 2022
Holland

No descent person would join or stay in FBI today unless they are infiltrating as future witnesses.

And basically FBI fall into two categories: Patriots in secret service, or Gestapo thugs.

^^^
9:52 min

The Rise Of The Fourth Reich Is Being Seen In The West With Extreme Totalitarianism – Daniel Horowitz [VIDEO]

(They can criminalize your humanity, your medical status, your political views. There is no backstop. They can do anything they want to you.)
 

marsh

On TB every waking moment
Michael Yon @MichaelYon
Aug 12, 2022 at 9:02am
Germany 1922-23, and 2024-25
12 August 2022
Amsterdam, Holland

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^^^^
Michael Yon @MichaelYon
Aug 12, 2022 at 4:37pm
How Revolutions are Made: This + Food Shortages
12 August 2022

It’s all in the history books. Endless examples. This also creates a direct path to despotism. Which we already have. The United States is under totalitarian regime that is tightening — we are busy cutting the ropes kicking and stabbing The Beast.

Europe is in for a very serious 2023-24.

At this rate, by 2024, reports of cannibalism will be common. I mean that. At this rate, on a global scale, cannibals will be as common as wild hogs. Wild hogs might finally meet their match: hungry hunters vs replenishment cycle.

Illegitimate, abusive, incompetent drunkard governments + food shortages = war. Tale as old as time.

The hard push to digital currency before the famine — along with militarizing the IRS and using the Gestapo-FBI for political hits — this ends in severe bloodshed. Beyond anyone’s control.

While Taiwan and China are cooking. Israel will have little chance while America is in civil war.

Europe is steaming into severe energy and food crisis. Rhine River running dry. Nord Stream I trickling. Nord Stream 2 empty. German government incompetent and in Globalist pockets.

1660344714654.jpeg
 

marsh

On TB every waking moment

Anti-ESG Fund Rakes In Millions After Two Days On The Market

JACK MCEVOY
August 12, 2022

Strive Asset Management’s anti-activist, energy exchange-traded fund (ETF) raked in over $60 million in funds in its first two days of trading, according to the company’s website.

Strive’s U.S. energy index fund ($DRLL), which invests heavily in fossil fuels in an effort to combat environmentally focused investing, launched Tuesday on the New York Stock Exchange (NYSE) and was one of the exchange’s largest launches of its kind, according to a company letter to investors. Strive hopes that the early success of the fund will help “unlock” value in the domestic energy sector by mandating firms to focus on “profits over politics,” according to the company’s website. (RELATED: ‘May Violate Multiple State Laws’: Republican AGs Demand BlackRock Answer For Pushing ESG On State Pension Funds)

“Large asset managers have mandated energy companies to produce less oil and gas which has led to a generational energy crisis” Vivek Ramaswamy, founder of Strive, told CNBC. Energy producers can halt the crisis if they are “liberated” from ESG mandates, according to Vivek.

The fund’s significant gains come amid a recent prevalence of fiduciary efforts to enforce environmental, social and corporate governance (ESG) standards upon funds in order to stop investments in fossil fuels and reach international net-zero emissions targets. Strive aims to make $DRLL the largest energy index fund in the nation and if the company’s strategy is effective, it will be able to use its shareholder voting power to encourage companies to press forward with drilling as well as other forms of oil and gas exploration.

Amid recent allegations that investment management companies do not always focus solely on making their clients money above ESG standards, Strive states that its sole purpose is to maximize its clients’ investments. Non-activism-focused investment portfolios perform better than climate-focused ESG funds, according to The Financial Times.

ESG funds are currently struggling, according to Bloomberg. In 2022, the category received approximately $4 billion in funding, a significant decrease after two consecutive years of receiving more than $30 billion.

Strive Asset Management did not immediately respond to the Daily Caller News Foundation’s request for comment.
 

marsh

On TB every waking moment

Wall Street Does Damage Control After GOP Targets Woke Capital

SARAH WEAVERSTAFF WRITER
August 12, 202210:47 AM ET

Big banks that use their vast financial assets to oppose the fossil fuel industry in the name of reducing climate change are doing damage control as state treasurers and lawmakers take action against woke environmental, social and governance (ESG) investing.

By taking environmental concerns into account in their investment decisions, large financial firms such as BlackRock, Goldman Sachs, JPMorgan, Wells Fargo and Morgan Stanley are operating what some policy experts, GOP lawmakers, and state treasurers say is an effective boycott of the fossil fuel industry.

Republican state treasurers have taken note of this practice, and many are pushing back. In July, West Virginia State Treasurer Riley Moore blocked five major financial firms from doing business in the state.

“Pursuant to West Virginia Code §§12 1C 1, et seq., the West Virginia State Treasurer is authorized to prepare and maintain a list of financial institutions engaged in a ‘boycott of energy companies,'” Moore said at the time.

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In January, Moore announced that West Virginia’s Board of Treasury Investments would no longer use BlackRock investment funds in its banking transactions, saying CEO Larry Fink undermined the fossil fuel industry “under the guise of helping the planet.”

“This is how we’re gonna win in the fight against ESG, is pushing back and standing up and fighting like this,” Moore told the Daily Caller.

West Virginia’s actions did enjoy some success. U.S. Bank, which Moore claims originally had policies that penalized the fossil fuel industry, did not make the list of banned financial institutions after demonstrating to the state that they had eliminated said policies.

“They actually changed their policy. That’s the big win,” Moore told the Caller.

BlackRock, Goldman Sachs, JPMorgan, Wells Fargo and Morgan Stanley did not change their policies, although all of the companies sent letters to Moore claiming they did not boycott the fossil fuel industry, an assertion which Moore says he does not believe is sincere.

Goldman Sachs claimed in its letter to the state treasurer that it had invested more than $17.8 billion in fossil fuel companies just in the last year, the Financial Times reported. JPMorgan claimed in a letter that it had invested $42.6 billion in “credit exposure” for fossil fuel companies, according to the outlet.

“What they’ll say is, ‘well we have this investment in a gas project or we have this investment in oil or something like that.’ Now, fossil fuel is all three—coal, gas and oil—and if they have a prohibition on one then that is boycotting the fossil fuel industry,” Moore said to the Caller.

“With millions in state contracts on the line in West Virginia alone, state treasurers’ actions are forcing firms to decide what is more important: profits or a partisan agenda,” Derek Kreifels, CEO of the State Financial Officers Foundation (SFOF) told the Daily Caller.

JPMorgan declined the Daily Caller’s request for comment. BlackRock, Goldman Sachs, Wells Fargo, and Morgan Stanley did not respond to request for comment.

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West Virginia is not the only state taking action against ESG investing. Texas Attorney General Ken Paxton demanded BlackRock account for its use of state pension funds for environmentalist goals in August.

“Our states will not idly stand for our pensioners’ retirements to be sacrificed for BlackRock’s climate agenda,” Paxton wrote in the letter.

Florida Governor Ron DeSantis is proposing laws that would challenge what he calls “ideological corporate power” and prevent managers of state funds from using ESG scores in its handling of government money.

Kentucky passed Senate Bill 205 in April of this year, which authorized the Kentucky State Treasurer to identify firms that boycotted fossil fuel industries and required state agencies to stop doing business with them.

Two Texas bills passed in 2021 that banned local jurisdictions from contracting with banks that used ESG investing practices led to the exit of five bond underwriters from the state’s market — JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America and Fidelity. Citigroup has since resumed working in the state.

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Almost 90 firms have written to Texas touting their commitment to investing in oil and gas companies after the state’s legislation, the Financial Times reported.

The private equity firm Apollo, for instance, said its chief executive Marc Rowan “has publicly stated that Apollo-managed funds will continue to finance fossil fuel companies.”

BlackRock wrote to Texas officials and local trade groups emphasizing its investment in the fossil fuel industry.

“We will continue to invest in and support fossil fuel companies, including Texas fossil fuel companies,” BlackRock said in the letter.

Arkansas State Treasurer Dennis Milligan pulled about $125 million from BlackRock-managed accounts in March.

Utah State Treasurer Marlo Oaks, a vocal opponent of ESG, told the Caller his state is “looking at any number of things,” and at this point, “haven’t ruled out anything.”

BlackRock backed fewer environmental shareholder resolutions this year than last, arguing the resolutions were too prescriptive. But Dan Katz, co-founder of Amberwave, an investment management firm that provides an alternative to ESG investing, said the trend does’t mean BlackRock is any less committed to environmentalist goals than it was.

“It’s not because the asset managers have changed, it’s because the shareholder proposals themselves are becoming much, much, much more radical,” Katz told the Caller.

“I actually don’t see a huge turn in where the financial institutions are in terms of their approach to ESG,” Katz continued. “But I do think there’s potential to turn things over time. And I think it’s really gonna be down to the states and the market to fix this problem.”

Republican Kentucky Rep. Andy Barr, who sits on the House Financial Services Committee, told the Daily Caller he has noticed “increased engagement” from large financial firms on the issue, in what he sees as anticipation of a potential Republican takeover of the House in November.

“Part of this increase in engagement comes in the form of industry leaders insisting that, in fact, they do prioritize investors and shareholders even as they pursue non-pecuniary ESG and climate goals,” Barr said.

Barr said he is considering legislation to directly counter ESG investing.

“I’m partnering with Rep. Rick Allen (R-GA) on the Ensuring Sound Guidance (ESG) Act, which will refocus financial institutions to their core purpose, maximizing financial returns for retail investors.”
 

marsh

On TB every waking moment

EV Maker Rivian Reports Huge Losses Due To Inflation, Supply Chain

Daily Caller News Foundation logo


JACK MCEVOYENERGY & ENVIRONMENT REPORTER
August 12, 202212:46 PM ET

Rivian Automotive, an electric vehicle (EV) startup, reported on Thursday that its second-quarter net losses nearly tripled to $1.7 billion amid skyrocketing inflation and a price cap placed on EV tax credits in the Democrats’ spending bill.

The California-based EV manufacturer attributed its losses to inflation and supply chain disruptions which negatively affected its procurement of essential raw materials like lithium, according to the company’s 2022 second-quarter earnings conference call. Moreover, tax credit restrictions for electric cars in the Democrats’ massive spending bill that is set to pass through the House on Friday will prevent Rivian from benefitting from the $7,500-per-vehicle incentive.

“We couldn’t even run a full single shift due to component supply,” Rivian CEO RJ Scaringe said in the conference call.

As of June 30, the company had $15.5 billion in cash and equivalents remaining, down from $17 billion on March 31, according to the call. Rivian also reported an adjusted net loss of $1.62 per share and its stock went down by 2.6% late Thursday, encouraging the company to reduce capital expenditures and save cash.

However, Rivian reported $364 million in revenue for the second quarter as it increased production and deliveries of its first three vehicle models.

The Democrats’ revised electric vehicle tax credits in their $369 billion climate spending package include a price cap, making any EV that costs $80,000 or more ineligible for the federal credit, according to the bill’s text. The majority of Rivian’s vehicles sell for more than that amount and as a result, the company claimed that the changes put it at a competitive disadvantage with more established automakers who used the tax credit to expand their EV businesses, according to The Wall Street Journal.

Rivian is now expected to spend $2 billion instead of $2.6 billion to ramp up production to provide vehicles to its waiting customers as the firm received nearly 100,000 preorders for its R1-series SUV.

President Joe Biden praised Rivian’s EV innovation in a February speech amid his administration’s bid to get more electric cars on the road as part of its plan to reach net-zero emissions economy-wide by 2050.

Rivian did not immediately respond to the Daily Caller News Foundation’s request for comment.
 

marsh

On TB every waking moment

Here’s How China Could See A Massive Windfall From Dems’ Big Spending Bill

Daily Caller News Foundation logo


JACK MCEVOYENERGY & ENVIRONMENT REPORTER
August 08, 202212:35 PM ET

President Joe Biden’s Treasury Department could bend the rules of the Senate Democrats’ climate bill that does not allow electric vehicles (EVs), whose materials are largely produced in China, to qualify for a tax credit, according to Politico.

The “Buy American” provisions in the budget agreement that the Democrats passed on Sunday mean that tax credits do not apply to any current electric car on the market, according to Politico. However, the Treasury Department and Internal Revenue Service (IRS) may be able to alter or altogether waive the requirement as the agencies have the power to decide how U.S. companies can interact with “entities of concern” like China, Politico reported.

The federal agencies can determine the criteria to judge just how much of an EV battery is created by China or other foreign nations, Politico reported.

Additionally, trade executives and state departments of transportation say that it is difficult to find out where battery and EV materials are coming from, which could make it harder for regulators to enforce “Buy American” standards and waive them instead.

Previously, the Department of Transportation (DOT) temporarily waived “Buy American” regulations following the passage of the 2021 infrastructure package to give states more time to adjust to the new rules, according to DOT documents.

Democratic Sen. Joe Manchin of West Virginia originally pushed for the tax credit restrictions in order to push EV supply chains out of Chinese hands in the interest of national security, according to E&E News. The bill stipulates that 40% of battery materials must be obtained from North America or a U.S. trading partner in order to qualify for the electric vehicle tax credit starting in 2024, and increasing up to 100% in 2029, according to the bill’s text.

Lawmakers, as well as automakers, requested a delay in the implementation of the requirements for the tax credits to allow firms to transition their mineral sourcing supply chains more domestically, arguing that the rules were too harsh to benefit any party. Automakers hope the bill’s tax credits of up to $7,500 will incentivize more consumers to buy pricier EVs.

China was responsible for 60% of the global production of cobalt and rare earth materials in 2019, elements that are essential for producing EVs, according to a 2021 International Energy Agency report. China’s dominance is even more evident when one considers processing, where its share of refining is around 35% for nickel, 50% to 70% for lithium and cobalt and nearly 90% for all rare earth elements.

The “clean vehicle” tax credits in the Democrats’ bill come as part of the Biden administration’s aggressive climate agenda at a cost of $7.5 billion over the next 10 years, according to the Joint Committee on Taxation.

The Treasury Department and IRS did not immediately respond to the Daily Caller News Foundation’s request for comment.
 
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