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Update(1831ET): With Israel’s embassies around the world on a heightened state of alert, and extra IDF reservists called up, and home and weekend leave for all combat troops having been abruptly canceled Thursday, the Israeli population is anxiously awaiting a response – with some reports saying residents are already seeking the safety of bomb shelters.

Tehran has vowed that vengeance is coming soon for the Monday Israeli airstrike on its embassy in Damascus. Most pundits believe this will take the form of ballistic missiles raining down on Israeli cities. But Israeli leader Benjamin Netanyahu is reportedly vowing that if the Islamic Republic launches missiles from its soil it will ensure “a strong response” from Israel.

Israeli officials have told Axios late in the day that such an act would “take the current conflict to another level” — which most certainly would involve a direct Israel-Iran war and thus the eruption of a broader regional conflict. Axios adds the following observations:

Iranian proxies in Lebanon, Syria, Iraq and Gaza have attacked Israel but there hasn’t been an attack from Iranian soil.
A direct Iranian strike on Israel would be unprecedented and could lead to a regional war in the Middle East.

Netanyahu informed his security cabinet Thursday that Israel’s forces have already been engaged with Iran “both directly and via its proxies, and therefore Israel is operating against Iran and its proxies, both defensively and offensively.”

A statement issued by the prime minister’s office laid out: “We will know how to defend ourselves and will operate according to the basic principle of whoever is harming or planning to harm us — we will harm him.” The White House has meanwhile issued a statement shortly after Biden and Netanyahu discussed the Gaza crisis, saying “President Biden made clear that the United States strongly supports Israel in the face of those [Iranian] threats.”

…click on the above link to read the rest…

The Second and Final Gilded Age

April 4, 2024

The Second and Final Gilded Age

New data shows that the total wealth of the top 1% of Americans just hit a record $44 trillion. Corporate profits are also hitting record highs, raking in $2.8 trillion in the last three months of 2023 alone. And that’s after taxes. It won’t surprise you to hear, given these massive numbers, that inflation is being driven primarily by corporate greed and these staggering, record profits. By raising the cost of food, housing, and every basic need corporations are facilitating a gargantuan transfer of wealth from the working class to the 1%. In doing so they’re cementing this era’s position as the second Gilded Age.

For most of you, that’s probably not new information. Inequality has been soaring since the Reagan era, and even though workers have been creating more and more wealth, we’re seeing a smaller and smaller share of the value we produce. But this Gilded Age is slightly different from the first, and more importantly our remedy for this era should be separate and distinct.

The Gilded Age of the late 1800s is typically defined by extreme inequality and the monopolistic consolidation of industries. A handful of men, the Robber Barons, controlled the railroads, mines, newspapers, and, ultimately, the country. The concentration of wealth was so extreme that one man, John D. Rockefeller, is estimated to have been worth approximately $400 billion at the peak of his wealth, which was about 2% of the entire U.S. economy. Others like Andrew Carnegie, J. P. Morgan, and Cornelius Vanderbilt also pillaged and ruled the country with ruthless business tactics, exploitation of workers, and political corruption.

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A Million Simulations, One Verdict for US Economy: Debt Danger Ahead

April 4, 2024

A Million Simulations, One Verdict for US Economy: Debt Danger Ahead

Bloomberg Economics ran a million forecast simulations on the US debt outlook. 88% of them show borrowing on an unsustainable path.

The Congressional Budget Office warned in its latest projections that US federal government debt is on a path from 97% of GDP last year to 116% by 2034 — higher even than in World War II. The actual outlook is likely worse.

From tax revenue to defense spending and interest rates, the CBO forecasts released earlier this year are underpinned by rosy assumptions. Plug in the market’s current view on interest rates, and the debt-to-GDP ratio rises to 123% in 2034. Then assume — as most in Washington do — that ex-President Donald Trump’s tax cuts mainly stay in place, and the burden gets even higher.

Simulations Show Range of Uncertainty Around CBO’s Forecasts

10th and 90th percentile results of a million scenarios

Sources: Congressional Budget Office, Bloomberg Economics

With uncertainty about so many of the variables, Bloomberg Economics has run a million simulations to assess the fragility of the debt outlook. In 88% of the simulations, the results show the debt-to-GDP ratio is on an unsustainable path — defined as an increase over the next decade.

The Biden administration says its budget, featuring a slew of tax hikes on corporations and wealthy Americans, will ensure fiscal sustainability and manageable debt-servicing costs.

“I do believe we need to reduce deficits and to stay on a fiscally sustainable path,” Treasury Secretary Janet Yellen told lawmakers in February. Biden administration proposals offer “substantial deficit reduction that would continue to hold the level of interest expense at comfortable levels. But we would need to work together to try to achieve those savings,” she said.

Trouble is, delivering on such a plan will require action from a Congress that’s bitterly divided on partisan lines.

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

Israel just raised the risk of a regional war

April 4, 2024

Israel just raised the risk of a regional war

And US troops may suffer the consequences.

Iranian protesters burn US flags during a protest gathering to condemn the Israeli airstrike against the Iranian consulate in Syria, at Palestine Square in Tehran, Iran, on April 1, 2024.

Joshua Keating is a senior correspondent at Vox covering foreign policy and world news with a focus on the future of international conflict. He is the author of the 2018 book, Invisible Countries: Journeys to the Edge of Nationhood, an exploration of border conflicts, unrecognized countries, and changes to the world map.

Even as the fighting has raged in Gaza, a question has hung over the war: Would it escalate into a wider regional conflict involving Iran, its various proxy groups, and perhaps even the US military?

Nearly six months after October 7, it’s a mixed picture. The Iran-backed Houthi rebels in Yemen have played a much larger role in the conflict than most observers expected, up to the point of meaningfully disrupting international shipping. But early fears that a full-scale war with Lebanon-based Hezbollah would break out on Israel’s “northern front” or that the Iranian government itself would get directly involved haven’t materialized.

Nonetheless, Monday marked a major step up the escalatory ladder. Warplanes, presumably Israeli, carried out an airstrike in Damascus, Syria, which killed a senior Iranian general, Mohammad Reza Zahedi, who was deeply involved in his government’s activities in Syria and Lebanon. He is the highest-ranking Iranian military officer killed by enemy fire since Gen. Qassem Soleimani was killed by a US drone strike in 2020.

Per its general practice with strikes in Syria, Israel has not officially acknowledged the attack, but four Israeli officials, speaking anonymously, confirmed their involvement to the New York Times…

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

From the Recycling Bin to the Landfill: The Major Flaw in Plastic Recycling

April 4, 2024

From the Recycling Bin to the Landfill: The Major Flaw in Plastic Recycling

Reports estimate that less than 6 percent of plastic in the United States is recycled, pointing to the impracticality of recycling on a large scale.

People may be putting plastic into recycling bins, but most of it generally ends up in landfills or incinerated.

Yet the demand for more plastic production continues—at a growing cost to human and environmental health—because of the belief that recycling offsets the associated waste and risks. A new report by the Center for Climate Integrity (CCI) alleges that the plastics industry knowingly caused the current plastic waste crisis.

The nonprofit’s report claims that as the plastics industry faced mounting concerns over plastics being incinerated and piling up in landfills, they promoted recycling as a viable solution while dismissing it internally as impractical.

“They knew since the 1970s that plastic recycling was not going to be scalable and effective in tackling the plastic waste crisis,” Melissa Valliant, communications director of Beyond Plastics, a nonprofit aiming to reduce single-use plastic use and production, explained to The Epoch Times.

The report asserts that the efforts to sell the false promise of plastic recycling were to avoid restrictive regulations and potential product bans.Plastic Recycling Poses Many Challenges

According to the report, one problem with plastic recycling is that it is not technically or economically feasible at scale. Unlike glass and metal, plastic cannot be repeatedly recycled without quickly degrading in quality. Most recyclable plastics can typically only be recycled once. As a result, most recycled plastic eventually ends up in landfills, even if it goes through an additional use cycle as another product.

Between the 1970s and 2015, 91 percent of plastic was either landfilled, burned, or leaked into the environment, according to a global analysis published in Science Advances. Another recent report published by Beyond Plastics estimated that less than 6 percent of plastic in the United States is successfully recycled.

…click on the above link to read the rest…

Chris Hedges: The Crucifixion of Julian Assange

March 30, 2024

Chris Hedges: The Crucifixion of Julian Assange

British courts for five years have dragged out Julian Assange’s show trial. He continues to be denied due process as his physical and mental health deteriorates. This is the point.

**The Crucifixion of Julian Assange – by Mr. Fish**

Prosecutors representing the United States, whether by design or incompetence, refused — in the two-day hearing I attended in London in February — to provide guarantees that Julian Assange would be afforded First Amendment rights and would be spared the death penalty if extradited to the U.S.

The inability to give these assurances all but guaranteed that the High Court — as it did on Tuesday — would allow Julian’s lawyers to appeal. Was this done to stall for time so that Julian would not be extradited until after the U.S. presidential election? Was it a delaying tactic to work out a plea deal? Julian’s lawyers and U.S. prosecutors are discussing this possibility. Was it careless legal work? Or was it to keep Julian locked in a high security prison until he collapses mentally and physically?

If Julian is extradited, he will stand trial for allegedly violating 17 counts of the 1917 Espionage Act, with a potential sentence of 170 years, along with another charge for “conspiracy to commit computer intrusion” carrying an additional five years.

The court will permit Julian to appeal minor technical points — his basic free speech rights must be honored, he cannot be discriminated against on the basis of his nationality and he cannot be under threat of the death penalty.

No new hearing will allow his lawyers to focus on the war crimes and corruption that WikiLeaks exposed. No new hearing will permit Julian to mount a public-interest defense. No new hearing will discuss the political persecution of a publisher who has not committed a crime.

…click on the above link to read the rest…

America’s Minsky Moment Approaches

March 30, 2024

America’s Minsky Moment Approaches

Commentary

Named after American economist Hyman Minsky, the idea behind a Minsky moment is that a financial markets crisis (especially in credit markets) is caused by a sudden and systemic collapse in asset prices, usually after a sustained period of speculative investment, excessive borrowing, and widespread financial risk taking. In other words, it’s the moment when the music stops playing, investors stop buying, and the Ponzi game ends abruptly. It’s a hard crash.

America may be on the brink of its Minsky moment.

This process, which moves from slowly, slowly, to suddenly and now, goes back decades.

The confrontation with reality that was required to put America’s economic house back in order after the global financial crisis of 2008–09 was deferred to a later date by politicians, central bankers, and government officials alike, presumably when they would no longer be around.

Instead of taking the painful but necessary steps of liquidation—i.e., allowing more over-levered and risk-heavy banks and financial firms to fail, and for the economy to take the short-term pain, then move on—the U.S. government and the Federal Reserve kicked the can down the road by massive money-supply expansion and unproductive government spending.

The same playbook from the financial crisis (i.e., money printing and fiscal excess) was used again in 2020 in response to the pandemic. As the monetary authorities had but one instrument in their toolbox—the blunt-force cudgel of money-supply growth—it was the go-to solution.

As the saying goes, when the only tool available is a hammer, every problem looks like a nail. In both instances—the financial crisis and COVID periods), the U.S. Congress went on a massive spending spree, not realizing (or, as political animals with short time horizons, not caring) that excess and repeated deficit spending, and the debt creation needed to fund it, would eventually spiral out of control and doom future generations.

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Oh Say Can You See?

March 29, 2024

Oh Say Can You See?

“A modern nuc can fit in the trunk of a car. When millions of people can walk across our border with impunity what do you think the chances are we would catch something that size?” — Sam Faddi

That’s Sam Faddis, retired CIA (quote didn’t quite fit in block).

Who among you was not impressed seeing the sudden and total collapse of the Francis Scott Key Bridge after getting its pylon bonked by the container ship Dali a few hours before the dawn’s early light in Baltimore harbor? In America’s ongoing death-of-a-thousand-cuts, that one literally severed a major artery, but it may take a while to know how badly the wounded colossus known as the USA is bleeding out.

“Joe Biden” emerged from his crypt pronto to state that the federal government would pony-up the cost of building the bridge back better, meant to reassure the public, you’d suppose. But perhaps the real reason was to obviate an otherwise requisite investigation of the crash by ship-owner Grace Ocean’s insurance company — since legal wrangling over responsibility would add more years to the already years-long estimated bridge replacement time-frame. And Gawd knows what else they might discover about how the darn thing came to pass. . . rumors of a Ukrainian captain at the Dali’shelm. . . stuff that the ruling intel blob might not want to get out there, especially given the still-murky role of the joint USA-UK black-op blobs in the Moscow Crocus Theater Massacre just a week earlier.

The Crocus op, you understand, was probably the worst clusterfuck qua Three Stooges blob operational procedure in memory, since four of the six surviving Tajiki shooters were nabbed in a car enroute to the Ukraine border (where they would’ve been whacked into silence, since they failed to martyr themselves at the scene-of-the-crime)…

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

David Stockman on How the US Federal Debt Has Gone Parabolic…

March 29, 2024

David Stockman on How the US Federal Debt Has Gone Parabolic…

The federal debt has been recently increasing by $1 trillion every 100 days. That’s $10 billion per day, $416 million per hour.

In fact, Uncle Sam’s debt has risen by $470 billion in the first two months of this year to $34.5 trillion and is on pace to surpass $35 trillion in a little over a month, $37 trillion well before year’s end, and $40 trillion some time in 2025. That’s about two years ahead of the current CBO (Congressional Budget Office) forecast.

On the current path, moreover, the public debt will reach $60 trillion by the end of the 10-year budget window. But even that depends upon the CBO’s latest iteration of Rosy Scenario, which envisions no recession ever again, just 2% inflation as far as the eye can see and real interest rates of barely 1%. And that’s to say nothing of the trillions in phony spending cuts and out-year tax increases that are built into the CBO baseline but which Congress will never actually allow to materialize.

So when it comes to the projection that the 2034 debt will come in at just $60 trillion, we’ll take the wonders any day of the week. The fact that it will likely be much higher also means that the Washington UniParty’s prevailing fiscal policy path will lead to $100 trillion of public debt sometime in the early 2040s. And that means, in turn, that annual interest expense will then be greater than the entire federal budget during 2019.

Needless to say, neither Trump nor Biden has said, “Boo,” about this looming calamity. Sleepy Joe has even had the audacity to brag that he has reduced the federal deficit by more than half.

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

Rule by Criminals: When Dissidents Become Enemies of the State

March 28, 2024

Rule by Criminals: When Dissidents Become Enemies of the State

“In these days of worldwide confusion, there is a dire need for men and women who will courageously do battle for truth.”— Martin Luther King Jr.

When exposing a crime is treated as committing a crime, you are being ruled by criminals.

In the current governmental climate, obeying one’s conscience and speaking truth to the power of the police state can easily render you an “enemy of the state.”

The government’s list of so-called “enemies of the state” is growing by the day.

Wikileaks founder Julian Assange is merely one of the most visible victims of the police state’s war on dissidents and whistleblowers.

Five years ago, on April 11, 2019, police arrested Assange for daring to access and disclose military documents that portray the U.S. government and its endless wars abroad as reckless, irresponsible, immoral and responsible for thousands of civilian deaths.

Included among the leaked materials was gunsight video footage from two U.S. AH-64 Apache helicopters engaged in a series of air-to-ground attacks while American air crew laughed at some of the casualties. Among the casualties were two Reuters correspondents who were gunned down after their cameras were mistaken for weapons and a driver who stopped to help one of the journalists. The driver’s two children, who happened to be in the van at the time it was fired upon by U.S. forces, suffered serious injuries.

There is nothing defensible about crimes such as these perpetrated by the government.

When any government becomes almost indistinguishable from the evil it claims to be fighting—whether that evil takes the form of war, terrorism, torture, drug trafficking, sex trafficking, murder, violence, theft, pornography, scientific experimentations or some other diabolical means of inflicting pain, suffering and servitude on humanity—that government has lost its claim to legitimacy.

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In Texas, the Heat Index Is Rising Faster Than the Temperature

March 28, 2024

In Texas, the Heat Index Is Rising Faster Than the Temperature

A new study of summer weather in Texas finds the heat index — an indicator of how hot it feels outside — is rising much faster than the temperature.

The reason, scientists say, is that warming is leading to a rise in humidity. Historically in Texas, the relative humidity would fall when the temperature rose, making it possible to cool off by sweating. But now Texas is seeing high heat and high humidity together. On hot, muggy days, the air is so saturated with water that sweat sticks to the skin rather than evaporating. As a result, the weather feels much warmer than a thermometer alone would suggest.

In 1979, physicist Robert Steadman developed the heat index to indicate how such weather actually feels. But Steadman did not calculate the index for the high levels of heat and humidity routinely seen today. In 2022, scientists at UC Berkeley recalculated the heat index to account for more extreme weather. And in 2023, Berkeley physicist David Romps applied the updated heat index to the summer heat in Texas.

He found that while Texas has warmed by around 3 degrees F (1.5 degrees C) on average since the preindustrial era, on some scorching summer days last year it felt up to 11 degrees F (6 degrees C) hotter than it would have without climate change. His study was published in Environmental Research Letters.

Romps wrote that, compared to the temperature, the heat index offers “a more accurate picture of the extent to which global warming has increased heat stress.”

Most Americans Believe US Will Be in World War Within Next Decade

March 26, 2024

Most Americans Believe US Will Be in World War Within Next Decade

The majority of Americans believe it is likely that the US will be involved in a world war during the coming decade. Under President Joe Biden, the US is preparing for great power wars with Russia and China, engaged in multiple Middle East conflicts, and posturing for a confrontation with Iran and North Korea.

According to a new YouGov poll, 61% of Americans responded that it is very or somewhat likely that a world war would break out in the next five to ten years. About two-thirds of people responding to the poll said they believe the war will turn into a nuclear conflict.

When asked what countries would be aligned against the US, a majority of Americans said that North Korea, Iran, Iraq, Russia, and China. Americans identified NATO members such as France and the UK, as well as Israel and Ukraine, as allies in the coming world war.

Americans are not overly optimistic about the potential conflict. A slight majority believe the US and its allies would defeat Russia. While under half of respondents said the US would lose a war with Russia or against an alliance between Moscow and Beijing.

While most Americans believe a global conflict is on the horizon, they are not interested in fighting the war. More than twice as many respondents said they would refuse service even if drafted than stated, they would volunteer if the war broke out. Americans responded that they were more likely to serve in non-combat roles or if the homeland was threatened.

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Dominoes Falling As Biden Admin Deals With Twin Energy Crisis In Russia, Middle East

March 26, 2024

Dominoes Falling As Biden Admin Deals With Twin Energy Crisis In Russia, Middle East

A twin crisis is unfolding for the Biden administration as the US tax-payer-funded Ukrainian military bombs key crude refineries deep within Russian territory with suicide drones. The administration has pleaded with the Ukranians to halt strikes on Russian energy infrastructure as this will only contribute to tightening global supplies and push energy prices higher, as well as inflation in the US, hurting Biden’s re-election odds.

Now for the other crisis that’s unfolding in the Middle East: US Vice President Kamala Harris told ABC’s “This Week” that a major attack on the Gazan city of Rafah, where more than a million Palestinians have sought refuge, “would be a huge mistake.”

“We have been clear in multiple conversations and in every way that any major military operation in Rafah would be a huge mistake,” Harris said.

She added: “I have studied the maps – there’s nowhere for those folks to go. And we’re looking at about a million and a half people in Rafah who are there because they were told to go there.”

Harris was asked whether there would be “consequences” from the US on an Israeli counteroffensive in Rafah. She responded, “I am ruling out nothing.”

This comes as The Jerusalem Post said Israeli Prime Minister Benjamin Netanyahu and other senior officials say an operation into the southern Gazan city is “imminent.”

Bloomberg quoted Israeli intelligence that estimate about 5,000 to 8,000 Hamas fighters are in Rafah.

As we’ve explained before, in the note titled “Terrified” Joe Biden Demands Ukraine Halt Strikes On Russian Refiners As It Is Sending Oil Prices Surging,” Biden’s foreign policy has been and always been about crude markets.

…click on the above link to read the rest…

It’s War: The Real Meat Grinder Starts Now

March 25, 2024

Exhibit 1: Friday, March 22, 2024. It’s War. The Kremlin, via Peskov, finally admits it, on the record.

The money quote:

“Russia cannot allow the existence on its borders of a state that has a documented intention to use any methods to take Crimea away from it, not to mention the territory of new regions.”

Translation: the Hegemon-constructed Kiev mongrel is doomed, one way or another. The Kremlin signal: “We haven’t even started” starts now.

Exhibit 2: Friday afternoon, a few hours after Peskov. Confirmed by a serious European – not Russian – source. The first counter-signal.

Regular troops from France, Germany and Poland have arrived, by rail and air, to Cherkassy, south of Kiev. A substantial force. No numbers leaked. They are being housed in schools. For all practical purposes, this is a NATO force.

That signals, “Let the games begin”. From a Russian point of view, Mr. Khinzal’s business cards are set to be in great demand.

Exhibit 3: Friday evening. Terror attack on Crocus City, a music venue northwest of Moscow. A heavily trained commando shoots people on sight, point blank, in cold blood, then sets a concert hall on fire. The definitive counter-signal: with the battlefield collapsing, all that’s left is terrorism in Moscow.

And just as terror was striking Moscow, the US and the UK, in southwest Asia, was bombing Sana’a, the Yemeni capital, with at least five strikes.

Some nifty coordination. Yemen has just clinched a strategic deal in Oman with Russia-China for no-hassle navigation in the Red Sea, and is among the top candidates for BRICS+ expansion at the summit in Kazan next October.

…click on the above link to read the rest…

EIA Confirms U.S. Producing More Oil Than Any Country in History

March 16, 2024

EIA Confirms U.S. Producing More Oil Than Any Country in History

In mid-December, I wrote here that the U.S. had set a new annual oil production record:

“The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following analysis.”

I could project that new record based on the weekly production numbers from the EIA, but I noted that official confirmation wouldn’t come until sometime this year. On March 11, 2024, the EIA made it official: United States produces more crude oil than any country, ever.

The EIA analysis notes that not only did the U.S. break the previous record in 2023, but speculated that no other nation is likely to break it any time soon:

“The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.

The crude oil production record in the United States in 2023 is unlikely to be broken in any other country in the near term because no other country has reached production capacity of 13.0 million b/d. Saudi Arabia’s state-owned Saudi Aramco recently scrapped plans to increase production capacity to 13.0 million b/d by 2027.”

The EIA analysis noted that following nearly 40 years of annual production declines, in 2009, U.S. crude oil production experienced a resurgence, attributed to the widespread adoption of hydraulic fracturing and horizontal drilling techniques by producers. Since then, production has continued to climb steadily.

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

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