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Titillating Tidbits

Titillating Tidbits

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It’s a slow-news day today in terms of any one big story, so I don’t have much to comment on, other than a few news tidbits of interest:

Fed Governor Waller adds to the weight of statements by other Fedheads who have spoken since the FOMC meeting, saying he will need “several months” of improved inflation data before he would even consider a rate cut. That comes even after the last CPI report that gave the first blip down for inflation in months. (See “CPI’s Little Head Fake.”) He does not see an increase in rates as likely. So, the Fedheads have been consistent in agreeing with me on this—NO PIVOT for several months to come at the earliest. (I alway add one caveat: All bets are off if they’ve managed to blow the entire economy and banking system up prior to seeing enough months of improving inflation data and rising unemployment.)

Several states have taken steps to block the use of central-bank digital currencies within their states. That is a welcome step that will slow down the adoption of CBDCs. The Fed had indicated some significant moves toward a US CBDC would happen a year ago, but their “distributed ledger,” which is the backbone of such a system, was a failure. It couldn’t handle the volume of transactions—not even close. I haven’t heard much about it since, so maybe those hushed failures have sent it back to the drawing board. (If anyone else knows otherwise, please let us known in the comments. It just goes to demonstrate how secure central-bank digital currencies are certain to be.)

Biden has ordered that the entire northeast gasoline reserve be drained in order to combat gasoline inflation this summer … and then be permanently closed…

…click on the above link to read the rest of the article…

The Great Ukraine Robbery is Not Over Yet

The ink was barely dry on President Biden’s signature transferring another $61 billion to the black hole called Ukraine, when the mainstream media broke the news that this was not the parting shot in a failed US policy. The elites have no intention of shutting down this gravy train, which transports wealth from the middle and working class to the wealthy and connected class.

Reuters wrote right after the aid bill was passed that, “Ukraine’s $61 billion lifeline is not enough.” Senate Minority Leader Mitch McConnell went on the Sunday shows after the bill was passed to say that $61 billion is “not a whole lot of money for us…” Well, that’s easy for him to say – after all it’s always easier to spend someone else’s money!

Ukraine’s foreign minister,  Dmytro  Kuleba, was far from grateful for the $170 billion we have shipped thus far to his country. In an interview with Foreign Policy magazine as the aid package was passed, Kuleba had the nerve to criticize the US for not producing weapons fast enough. “If you cannot produce enough interceptors to help Ukraine win the war against the country that wants to destroy the world order, then how are you going to win in the war against perhaps an enemy who is stronger than Russia?”

How’s that for a “thank you”?

It may be understandable why the Ukrainians are frustrated. Most of this money is not going to help them fight Russia. US military aid to Ukraine has left our own stockpiles of weapons depleted, so the money is going to create new production lines to replace weapons already sent to Ukraine. It’s all about the US weapons industry. President Biden admitted as much when he said, “we are helping Ukraine while at the same time investing in our own industrial base.”

…click on the above link to read the rest of the article…

Lying About The Economy Will Only Make The Coming Crash Worse

Lying About The Economy Will Only Make The Coming Crash Worse

I don’t know who needs to hear this. Wait, yes I do. The Biden Administration.

I really don’t know how to describe the disturbing trend over the last few months of the Biden administration, along with Treasury Secretary Janet Yellen, simply lying to the American people about the economy.

Months worth of political spin has culminated in embarrassing recent attempts to redefine the word “recession”: a futile effort to pull the wool over an American public that is growing increasingly suspect both Biden and Yellen’s competence to be overseeing the the country, and the economy, respectively.

By now, the administration’s pathetic falsehood of a narrative about our economy has been called out, ridiculed, dismantled and generally beaten to death by anyone with a shred of common sense.

However, there is something far more important that people aren’t talking about: the administration lying about the health of the economy could wind up exacerbating any financial crisis that we have in the near future.

Put simply, the more you tell people that “everything is fine” when it isn’t, the more surprised and shocked they are going to be when markets start to panic.

I don’t think a market crash is an outrageous scenario that has no chance of happening, either. I noted in my latest portfolio update that I thought the market could have a short-term rally based on the idea of participants thinking that the Fed is preparing to pivot.

But over the course of the longer-term, the rate hikes that have already been put into place are going to eventually make their way to the economic-narrative-foreground in the form of huge forthcoming aftershocks throughout the economy.

…click on the above link to read the rest of the article…

Coal Demand Booms Under Biden As Prices Hit 2009 Levels

Coal Demand Booms Under Biden As Prices Hit 2009 Levels

US coal is experiencing a massive boom under President Biden despite the administration trying to kill fossil fuels by touting net-zero goals at the COP26 climate conference in Glasgow.

On Monday, S&P Global Market Intelligence released data that showed prices for coal from Central Appalachia jumped more than $10 last week to $89.75 per ton, the highest level since 2009.

Awkwardly for Biden, who has promoted a carbon-free grid by 2035, the US wasn’t on the list of more than 40 countries at the UN meeting to phase out coal. “It’s very disappointing because the science is quite clear that we have to turn sharply away from coal this decade if we are going to meet our climate goals,” said Rachel Cleetus, policy director at the Union of Concerned Scientists.

“We need very clear signals that orientate the US towards clean energy,” Cleetus added. “The climate crisis is too dire to just wait for coal to fall out. It’s just another signal of the sway the fossil fuel industry still has over US politics.”

Coal’s return is due to power plants transitioning from natural gas to coal because rising prices have made it uneconomical to produce electricity. Idled rigs and slashed drilling has dampened US crude production that is putting a bid under crude prices.

…click on the above link to read the rest of the article…

Biden Administration Completely Kills The “It’s A Private Company So It’s Not Censorship” Argument

Biden Administration Completely Kills The “It’s A Private Company So It’s Not Censorship” Argument

Listen to a reading of this article:

In what’s surely the biggest “Imagine the outrage if Trump had done that” moment to date, the Biden administration has admitted that it is giving Facebook a list of accounts to censor for spreading “disinformation” about the Covid-19 response.

“We’ve increased disinformation research and tracking,” Press Secretary Jen Psaki told the press on Thursday. “Within the Surgeon General’s Office, we’re flagging problematic posts for Facebook that spread disinformation. We’re working with doctors and medical professionals to connect medical experts with people, who are popular with their audiences with accurate information and boost trusted content. So, we’re helping get trusted content out there.”

 

Psaki told the White House press corps that the administration has a list of accounts who produce most of the anti-vaccine information on Facebook, which civil libertarians are decrying as an obviously authoritarian government overreach.

“The Biden administration is telling Facebook which posts it regards as ‘problematic’ so that Facebook can remove them,” Glenn Greenwald said on Twitter in response to the news. “This is the union of corporate and state power — one of the classic hallmarks of fascism — that the people who spent five years babbling about fascism support.”

“If you don’t find it deeply disturbing that the White House is ‘flagging’ internet content that they deem ‘problematic’ to their Facebook allies for removal, then you are definitionally an authoritarian,” Greenwald said. “No other information is needed about you to know that. There is no circumstance — none — in which it’s acceptable for the White House or any other agency of the government to be providing lists to Facebook of ‘problematic’ content it wants removed, yet that’s exactly what Psaki says they’re doing…

…click on the above link to read the rest of the article…

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