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No Stimulus for the Weary: The US is Now Sitting on an Inflation Time Bomb

Coronavirus Inflation Feature Photo

No Stimulus for the Weary: The US is Now Sitting on an Inflation Time Bomb

The White House budget office doesn’t know if the $2.2 Trillion-dollar stimulus package and Trump’s $1,200 stimulus checks might cause an inflationary spiral. But many economists have no doubt it will.

The consequences of the $2.2 trillion stimulus package are being ignored, even by the White House budget office that put it together, admitting that the package had “come together so quickly,” that they had no time “to do the customary modeling of its fiscal impact.” What does appear to have consensus in financial circles is that after this is over central banks will effectively own the governments of the world, including the United States.

When it is all said and done, President Trump’s stimulus checks will carry an inflationary cost many multiples more than their original $1,200 value in the pre-coronavirus economic reality, a reality that probably won’t become apparent until after the election in November. By then the checks will have served their purpose as a political move, not an economic one. When understood from the vantage point of what is in store for the American working classes as we emerge from this red light on main street, Trump’s checks will only add fuel to the inflationary fire just ahead, according to Neal Kimberley, a macroeconomics analyst for the South China Morning Post.Quoth the Raven@QTRResearch

There is an inflationary cost to the Fed printing ~$50,000 per citizen in stimulus.

If you have only received $1,200 you should be asking why you are bearing the inflationary cost for another $48,800 you never got.

Instead of a bailout you’re paying a hidden tax. Speak up.4,266Twitter Ads info and privacy1,383 people are talking about this

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The Fate Of Oil’s Torrid Rally Hinges On Trump’s Meeting With US Shale Producers Today: Here’s Why

The Fate Of Oil’s Torrid Rally Hinges On Trump’s Meeting With US Shale Producers Today: Here’s Why

Oil has staged a tremendous surge in the past 48 hours, largely on the back of speculation that Trump will “encourage” Saudi Arabia and Russia to pursue output cuts, even though as it subsequently emerged when Trump tweeted that the “hopes” to see an N-OPEC output cut, it was an “exaggeration” and wishful thinking more than statement of fact. However, whereas the initial rally – which send the price of oil soaring by 25% on Thursday, or the most ever – faded, the rally got a second wind on Friday following reports that the R-OPEC (Russia + OPEC) alliance of oil producers led by Saudi Arabia and Russia is set to debate production cuts of at least 6 million barrels a day Monday and consider inviting U.S. producers to participate, the WSJ reported citing OPEC country officials.

However, even that hypothetical best case outcome for oil bulls – and certainly the US shale industry – comes with strings attached, and the outcome of Monday’s virtual summit between OPEC, which Saudi Arabia effectively crushed one month ago when it decided to flood the market with oil, and non-OPEC nations “will largely depend on a discussion Friday between the White House and U.S. oil companies” according to the WSJ.

The reason: both Saudi Arabia and Russia are demanding that US shale producers, some of whom such as Whiting Petroleum have already filed for Chapter 11 protection yet continue to pump as normal, join the production cuts. As the WSJ reports, “Saudi Arabia and Russia won’t cut unless they get signals from U.S. producers they will reduce output, the officials said. But they added that official joint curbs would be more difficult to enact in the U.S. because of antitrust laws.”

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President Trump Appoints VP Pence As Coronavirus Czar, Stocks Slide

President Trump Appoints VP Pence As Coronavirus Czar, Stocks Slide

Update (1845): In his long-awaited press conference, President Trump defended the White House’s response to the coronavirus outbreak, insisted that he would accept whatever amount of crisis-response funds approved by Congress and appointed VP Mike to be his “Coronavirus Czar”.

In the middle of Trump’s presser, the Washington Post dropped a bombshell report, claiming that the latest US coronavirus case has been confirmed in Northern California, and that it was the first case with no clear path of origin. That case would be the US’s 16th.

Trump started with an update on the 15 confirmed US cases that weren’t infected aboard the Diamond Princess or in Wuhan, claiming that 8 of 15 have returned, only 1 is still in the hospital, and 5 have fully recovered.

On the subject of the emergency spending package, Trump said that “if Congress wants to give us more, we’ll take it.”

“We’re requesting 2.5. Some Republicans would like us to get 4 and some Democrats want 8.5,” he said.

Though he added that “hopefully we won’t need too much because we’ve done a tremendous job,” Trump said.

In one of the funnier moments, Trump remarked about the flu: “The flu kills between 25,000 to 60,000 people a year – that was shocking to me.”

The president also stressed America’s readiness for anything.

“We’re very, very ready for this, for anything, whether it’s going to be a breakout with larger proportions or whether we stay at that very low level,” Trump said.

Moving on to the subject of a vaccine, Trump said he expected one would be finished “fairly rapidly.”

“We have a lot of great quarantine facilities we’re rapidly developing a vaccine and speaking to a the doctors we think this is something we can develop fairly rapidly.”

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White House Doubts China’s Numbers: 100,000 Coronavirus Cases Unreported

White House Doubts China’s Numbers: 100,000 Coronavirus Cases Unreported

Summary:

  • Japan reports first virus death
  • President Xi says China will minimize impact from virus
  • Chinese leadership scapegoats local officials
  • Death toll and case count soared last night: There are more than 60k cases worldwide, and more than 1300 deaths
  • EIA joins OPEC in warning about upcoming drop in oil use, the first in a decade.
  • HHS Secretary says CDC will announce another confirmed COVID-19 case in US on Thursday
  • 21 people in Spain released from quarantine
  • US admin reportedly questioning China’s reporting
  • White House reportedly “doubts” China’s coronavirus numbers

* * *

Update (1150ET): Citing a senior White House official, CNBC reports that the White House doesn’t have “high confidence” in the coronavirus numbers coming out of China.

The U.S. does “not have high confidence in the information coming out of China” regarding the count of coronavirus cases, a senior administration official told CNBC.

The official also noted that China “continues to rebuff American offers of assistance.”

The current thinking is there must be a reason why they won’t allow the CDC to send over personnel to help with the virus response.

Meanwhile, Jennifer Zeng tweeted out video of migrant workers being forced to sleep outside because of the draconian lockdown.

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

White House Weighing Complete Shutdown Of Passenger Plane Traffic From China

White House Weighing Complete Shutdown Of Passenger Plane Traffic From China

Summary:

  • Japan, Germany confirm human-to-human transmission
  • US, UK warn citizens to avoid all non-essential travel to China
  • 5,571 cases confirmed; 131 deaths
  • President Xi said China is taking the “devil virus” very seriously and will contain it
  • Governors and mayors across US bracing for viral outbreaks
  • Reports that China has refused US offer of assistance, and that Beijing is withholding data from CDC
  • Thailand reports 6 new cases, bringing total number to 14

* * *

Update (1824ET): Adding additional pressure to American airlines, CNBC just reported that the White House warned airline executives that it’s considering suspending all flights between China and the US.

This comes on the heels of United Airlines, the US carrier with the most exposure to China, which has about a dozen daily flights to Hong Kong and the mainland, said it was cancelling dozens of flights. The Chicago-based airline said it has experienced a “significant decline in demand for travel to China.”

Administration officials warned that this could impact flights into and out of China.

Several countries, including the US, have been expanding airport screenings for possible virus-carrying travelers. But a complete shutdown of passenger plane traffic would be even more draconian than Hong Kong’s strict border controls implemented Tuesday.

* * *

Update (1750ET): Reuters just reported that Thailand has confirmed another six cases of the coronavirus, bringing the total to 14. All six are under observation in a hospital. Five of the six are members of the same CHinese family who traveled from Hubei provine to Thailand for the LNY holiday together.

No. 6 is also a Chinese tourist.

* * *

Update (1710ET): Minutes ago, as dawn nears in China, state-controlled TV station CCTV reported 25 new deaths in Hubei, and another 840 new confirmed cases (and this time only 315 were in Wuhan). Of the dead, 19 died in Wuhan, 2 in Xiaogan, and 1 each in Jingmen, Ezhou, Huanggang, and Tianmen.

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Trump Cannot Be Anti-Globalist While Working With Global Elites

Trump Cannot Be Anti-Globalist While Working With Global Elites

In the summer of 2016 during the election campaign I examined the Trump phenomenon and how it relates to the globalist narrative. I concluded that Trump would be president based on the fact that having a (supposedly) hardcore nationalist and populist conservative in the White House over the next four years would in fact be highly beneficial to the elites. At the time the Federal Reserve was getting ready to tighten liquidity, which would inevitably lead to market volatility and a crash in fundamentals. By the end of Trump’s first term, or perhaps at the beginning of his second term, the recessionary crisis would become obvious to the general public. Trump, and all conservatives, would be blamed for the resulting disaster that the banking elites engineered.

During the election it was unclear to me if Donald Trump was a puppet of the elites. He could have simply been a convenient scapegoat for the coming crash. Today, it is obvious that he is indeed controlled opposition.

As I’ve noted in numerous articles, Trump’s associations with the globalists go way back. He was saved by the Rothschild banking family from crippling debts in multiple property developments in Atlantic City during the 1990’s. The Rothschild agent that handled Trump’s bailout was none other than Wilber Ross, the senior managing director of Rothschild New York. Ross is now Trump’s Commerce Secretary, which indicates that his relationship to the Rothschilds continues to this day.

In 2016 Trump offered positions in the White House to a vast array of global elitists, some of them from the Council on Foreign Relations, a think tank whose stated goals include the erasure of borders and the end of national sovereignty. These members include:

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Alarm as Trump Requests Permanent Reauthorization of NSA Mass Spying Program Exposed by Snowden

Alarm as Trump Requests Permanent Reauthorization of NSA Mass Spying Program Exposed by Snowden

“The White House is calling for reauthorization of a program that security agencies have used to spy on innocent people, violate their privacy, and chill free speech.”

Former US National Security Agency (NSA) contractor and whistleblower Edward Snowden speaks via video link as he takes part in a round table meeting on March 15, 2019. (Photo: Frederick Florin/AFP/Getty Images)

Civil liberties groups and privacy advocates raised alarm Thursday after the Trump administration called on Congress to reauthorize an NSA mass surveillance program that was exposed by whistleblower Edward Snowden.

The New York Times, which obtained the Trump administration’s request to Congress, reported that “the administration urged lawmakers to make permanent the legal authority for the National Security Agency to gain access to logs of Americans’ domestic communications, the USA Freedom Act.”

“It’s long past time that this surveillance program was shuttered once and for all.” 
—Patrick Toomey, ACLU

“The law, enacted after the intelligence contractor Edward J. Snowden revealed the existence of the program in 2013, is set to expire in December, but the Trump administration wants it made permanent,” according to the Times.

The administration claimed in its letter to Congress—which was signed by outgoing National Intelligence chief Dan Coats—that the NSA has suspended the spying program, but Free Press Action government relations director Sandra Fulton said in a statement that this “should give little comfort to those whose privacy rights are routinely violated by authorities.”

“The White House is calling for reauthorization of a program that security agencies have used to spy on innocent people, violate their privacy, and chill free speech,” said Fulton. “The NSA program permits the mapping of relationships among members of marginalized communities and distant associates of targeted individuals, even when most individuals in those communities were never suspected of wrongdoing.”

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

The Tragedy of Venezuela Is the Tragedy of the United States of America

The Tragedy of Venezuela Is the Tragedy of the United States of America

Knowing what I know about my own Administration’s attempt to unseat Venezuelan President Hugo Chavez in 2002, I was not surprised when the effort was recently renewed by the Trump Administration, particularly when such arch-defenders of Latin American rights as Elliott Abrams, Marco Rubio, and Rick Scott – not to mention John Bolton – began to appear on the White House payroll.

Knowing as well that Trump did not give a farthing for what happened in Venezuela but was concentrated on what he is always focused on, domestic politics, I knew these underlings would be allowed to cry havoc and let slip the dogs of war in Venezuela so long as doing it secured Florida’s electoral votes for Trump in 2020. 

What I did not know – but looking back to 2002, should have – is how utterly incompetent the CIA would be in pulling off the “soft coup d’etat” that its leaders promised Trump. The events of the past 48 hours have demonstrated that incompetence markedly, as well as the real motivations of Trump’s lackeys on Venezuela, from the shrimp-lusting-after-Cuba Marco Rubio to the bombastic former governor of Florida Rick Scott, to the pardoned criminal Abrams, to the supine and totally incompetent Juan Guaido and his backer, Leopoldo Lopez in Caracas. What a crew the GOP can muster!

And they just might have let slip the dogs of war.

And they let them slip into a potentially first-class disaster – just like Somalia in 1992, Iraq in 2003, Libya in 2011, Syria in 2012, Afghanistan today and yesterday, and on and on. 

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

Tucker Carlson in Epic Takedown of CNN: One of ‘Free Speech’s Greatest Enemies’ (VIDEO)

‘And we cannot help but notice that some of free speech’s greatest enemies are now posing as its defenders, all of a sudden.’

Tucker Carlson delivered a stunning monologue Wednesday, slamming CNN for posing as a champion of free speech, after the network spent months trying to have competitors silenced and banned.

Carlson addressed CNN’s lawsuit against the Trump administration for revoking Jim Acosta’s White House access.

“In the past couple of days, you’ve heard a lot of pumping and puffing about free speech and freedom of the press, and how those freedoms are currently imperiled by the White House, and to be clear, we are for free speech. Unfettered, absolute free speech.” Carlson urged.

“And we cannot help but notice that some of free speech’s greatest enemies are now posing as its defenders, all of a sudden.” he added.

And that’s when the smackdown commenced, with Tucker providing examples of CNN’s total hypocrisy when it comes to free speech.

“Take CNN, for example. It was a CNN that almost single-handedly led the campaign to have broadcaster Alex Jones banished from the Internet, on the grounds that they didn’t like what Jones had to say,” Tucker continued.

“Ultimately, CNN succeeded in doing that. The network convinced every major tech platform to ban Jones and his outlet, Infowars. You don’t have to like Alex Jones to see that as a terrifying loss for free speech, because it was exactly that. But CNN was not done trying to silence its critics.” Carlson further explained.

CNN is “claiming to defend free speech only when it is their free speech.” Tucker declared, noting that CNN also didn’t devote any airtime to even report on the US government forcing RT to register as a foreign agent under threat of imprisonment.

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US Paranoia Ramps Up Infowar on Russia

US Paranoia Ramps Up Infowar on Russia

US Paranoia Ramps Up Infowar on Russia

This week saw renewed effort by US politicians and media to ramp up the information war against Russia. The impetus came from the US-based social media network, Facebook, declaring that it had identified “coordinated political influence campaigns”.

Never mind that the internet giant admitted that it did not know the actual identify of the organizers, that did not stop US news media and senior Washington politicians jumping to conclusions that Russia was guilty (again) of interfering in US politics.

Facebook’s head of cybersecurity Nathaniel Gleicher was quoted as saying: “At this point in our investigation, we do not have enough technical evidence to state definitively who is behind it.”

Somehow this baseless information was miraculously turned into “evidence” pointing to Russian “malign activity”.

Mark Warner, a member of the US Senate Intelligence Committee, reacted to the non-issue with the following categorical words: “Today’s disclosure is further evidence that the Kremlin continues to exploit platforms like Facebook to sow division and spread disinformation.”

It’s rather astounding that a senior US lawmaker who is running the “intelligence community” can make such a preposterous assertion based on no facts.

Even the Trump White House, which is caught up in a web of contradictions, was impelled to jump to wrong conclusions. A spokesperson said President Donald Trump “will not tolerate foreign interference in our electoral process from any nation state or other malicious actors.”

It is a clear sign of how collectively paranoid the US political and media establishment have become whenever they make such wild extrapolations based on infantile innuendo and fatuous reasoning.

In the following editorial comment in a New York Times report it was stated: “Like the 2016 Russian interference campaign, the recently detected campaign sought to amplify divisive social issues, including through organizing real-world events.”

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Back From Never Gone: CURRENCY WARS

Back From Never Gone: CURRENCY WARS

US Dollar Chinese Yuan

In the previous episode of the currency wars, a few years ago, the Euro-Dollar exchange rate was in the spotlight. This has now completely disappeared to the background and whilst the countries of the Eurozone must be pretty happy with the weak currency (which boosts the export and increases the demand for domestically produced goods), the United States are less than happy as it weakens the position of the country on the export market.

China 4

Source: Tradingeconomics

You might have missed it when the mass media were falling over themselves to crucify president Trump, but we had the impression currency wars, and protecting the position of the United States on the world market were pretty high on his ‘to do list’ after decades of huge trade deficits. As you can see on the next image, there clearly is a huge discrepancy in the trade numbers between China and the United States. A substantial trade deficit, which has been nipped in the bud by China using their hard dollars to purchase US Treasuries.

China 2

Source: Danske Bank

Whereas the president was definitely pointing fingers at China during his election campaign, he seems to have been softer after a recent call with the Chinese president.

Does this mean the USA and China are now best buddies again? Probably not. It’s far more likely the president has realized he won’t be able to get much done when he gets in a direct confrontation with China. His staff has now launched a ‘test balloon’ and widened the scope of the currency manipulation investigation. Instead of singling out China, the White House will now be using a more general approach, and has even singled out Germany.

China 1

Source: Danske Bank

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