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Monday, April 12, 2021

2021-04-12

Regular Fare:

 

53% of Canadians on the brink of insolvency: MNP survey

Households may have tried to save more and spend less amid the pandemic, and - to be fair - some have been very successful at doing just that. However, there are others who have taken on more debt due to job loss, wage reductions or desperately trying to keep small businesses afloat.

 

Don’t Overreact to Inflation Data this Spring

If we focus on the rebound in prices since then without appreciating that it was just partially returning prices to their prior level, it may seem like inflation is rising out of control. …. One could look past the bumps in 2020 by focusing instead on the annual rate of inflation over shorter horizons, but these are often quite noisy. Another choice would be to compare prices to their level two years ago. Doing so would highlight both the need for the Federal Reserve to make up for low inflation last year and prevent odd base year effects.




There are reasons to think inflation will rise, most notably recent fiscal and monetary policy stimulus. There are more reasons to think it will not likely get out of control over the next year, including a still very large gap in employment (over 10 million fewer jobs than prior trend leaving extensive slack in the economy now), a lack of inflation in recent decades anchoring expectations, and a low responsiveness of prices to periods of strong employment growth (limiting price pressure once employment has recovered more). Given the competing narratives, there will be a temptation to overinterpret each data release. Remembering which basket is the Fed’s target (PCE), avoiding swings up or down from volatile prices (by looking at core inflation), and avoiding odd base month effects (by looking over a longer horizon) will all help cut through the noise of what will certainly be a loudly discussed topic.

 

U.S. Economy Getting Better, But…

Although I expect to see fairly impressive rates-of-change in economic variables over the coming months, levels matter as well.

Under normal circumstances, the economy is relatively close to its steady state glide path, and the fixed income market is quite reasonably jittery with respect to the latest growth rates. (I would argue too sensitive, but people who are paid to stare at lines all day generally want to make the backstory about those lines as exciting as possible.) The reality is that current conditions are nowhere near normal. At the beginning of the last cycle, the only labour market series that offered useful information was the employment-to-population ratio. As the figure above shows, we are still below the lows of the last cycle.


 

Dr. Lacy Hunt: First Quarter 2021 Quarterly Review and Outlook: The Case for Decelerating Inflation

The two main structural impediments to traditional U.S. and global economic growth are massive debt overhang and deteriorating demographics both having worsened as a consequence of 2020. These forces are disinflationary, and they reinforce each other.

 

Why Some Traders See A "Shock" Growth Hit Dead Ahead

"instead of strong growth and rising bond yields being the main threat to equities, might it be the reverse" [Albert] Edwards asks rhetorically and to prove his skepticism points not to the ISM but the Chicago Fed National Activity which has shown a remarkable disconnect from some other soaring high-frequency data indicators, to wit:

these blockbuster ISMs should be treated with some caution – because if after an economy has been shut down every respondent thought things were getting even a little better, then the ISMs would register the 100% maximum. Indeed, other more methodical surveys of economic activity tell an alternative story. For example, the highly regarded Chicago Fed National Activity Index collates 85 US economic indicators into an aggregate measure. It is calibrated so that zero represents trend GDP growth. As you can see below, economic activity in February has fallen back to trend – only around 2% or slightly below.


Stabilising the economic outlook. Remarks by Philip R. Lane, Member of the Executive Board of the ECB

… Third, the pandemic is also an uncertainty shock. Not only is there uncertainty about the timing of the exit from the pandemic – due to the opposing forces of vaccinations, other medical treatments and social restrictions on the one side, versus the spread of the virus and the emergence of mutations on the other side; but there is also a lively debate about the implications of the pandemic for the future of various sectors. In particular, the future balance between the office and the home as a workplace, as well as the option to work remotely from any corner of the world, has widespread implications for many sectors. It is also plausible that the accumulated experience with online meeting and collaboration technologies will reshape how international activities are organised, including a decline in the scale of business travel.

While a substantial proportion of this uncertainty is inescapable, there is a clear risk of self-fulfilling adverse dynamics taking hold through which uncertain economic prospects induce households, firms and governments to hold back on expenditure plans, leading to a decline in overall demand that validates the loss in confidence about the future. This risk is compounded by the danger of real financial amplification channels by which lenders (banks or bond investors) become reluctant to lend and borrowers (households, firms or governments) become reluctant to take on debt because they fear that lower growth prospects would be amplified by declining creditworthiness and a tighter credit supply.

 

China Credit Impulse Set To Collapse As Beijing Orders Banks To Curtail Loan Growth For Rest Of 2021

 

America’s Population Growth Looks to Be the Slowest Since 1918

 

Mall vacancy rate hits another record high

 

There’s a Lot of Unused Oil Stored Up Around the World

OPEC+ is right to be cautious about increasing oil production.

 

Small Business Closures Soar Back Near Pandemic Peak As "Financial Hopelessness" Builds

 

Mortgage Credit Availability Index

 

Global Trends 2040.

 

 

Bubble Fare:

 

Hussman: Always a Reckoning

 

Jesse Felder: Macro Risks To The Stock Market Are Mounting

 

Financial fiction part two: the new ones (SPACs, NFTs, cryptocurrencies)

 

Fungible Chimaera Anyone? It’s Really Cheap

 

Wall Street Finds New Way To Finance Unprofitable Tech Firms

 

Investors have put more money into stocks in the last 5 months than the previous 12 years combined

 

Spreads on U.S. junk bonds have fallen to the lowest since 2007: Bloomberg Barclays US Corporate High Yield Average OAS




MMT[?] Fare:

 

Biden Just Can't Hide His Neoliberalism

I know it's considered a faux pas in polite media and Democratic circles to criticize Joe Biden, but a close reading of his latest speech, touting his proposed infrastructure bill, does contain more than a few troubling "tells." The first, as outlined by modern monetary theorist Stephanie Kelton in a New York Times op-ed, is Biden's obsession with "pay-fors" and his continued harping on debts and deficits. Rather than just borrow money at zero or subzero interest rates, rather than minting a trillion-dollar coin or two as allowed by the Constitution, Biden would tax incomes of above $400,000, raise the corporate tax rate to 28 percent and, in a nod to economist Piketty, impose a global wealth tax to discourage the use of offshore tax shelters.

 

(not just) for the ESG crowd:

 

Despite Pandemic Shutdowns, CO2 Now at Levels Unseen in 3.6 Million Years

 

Revealed: The Climate-Conflicted Directors Leading the World’s Top Banks

 

The true cost of fossil fuel subsidies

Fossil fuel producers receive $62 billion in "indirect subsidies" per year, a new study finds. But the cost of providing those subsidies is far, far greater.

 

Record rise in global methane emissions in 2020

 

Abrupt ice age climate changes behaved like cascading dominoes

 

Japan Says Dumping Fukushima Radioactive Water in Pacific Ocean is Now “Unavoidable”

 

Decision Rules for Long-term Value Creation

Abstract: Future-oriented companies manage for long-term value creation (LTVC) rather than merely for shareholder value or stakeholder value. Managing for LTVC involves managing and balancing several types of value (financial, social and environmental) at the same time, often involving trade-offs. Companies need to have decision rules that help them make investment decisions accordingly. This article derives such decision rules by starting from what is needed for LTVC, and by showing to what extent it differs from shareholder value maximisation only. It also outlines transition pathways for companies that are currently value destructive on one of the dimensions. Finally, it introduces a few simple models that allow for the prioritisation of specific types of value, in line with a company’s purpose

 


COVID Fare:

 

New COVID Variants Have Changed the Game, and Vaccines Will Not Be Enough. We Need Global ‘Maximum Suppression

No one is truly safe from COVID-19 until everyone is safe. We are in a race against time to get global transmission rates low enough to prevent the emergence and spread of new variants. The danger is that variants will arise that can overcome the immunity conferred by vaccinations or prior infection.

 

Escaping Catch-22 — Overcoming Covid Vaccine Hesitancy

 

A third of COVID survivors suffer neurological or mental disorders: study

 

 

Other Fare:

 

Robert Mundell: nothing optimal

 

Mulligan? Golfers consult rule book after ball lands on alligator’s back at SC course

 

April 11 was National Poutine Day

 

 

Quotes of the Week:

Deutsche Bank credit strategist, Stuart Sparks: History teaches us that although investments in productive capacity can in principle raise potential growth and r* in such a way that the debt incurred to finance fiscal stimulus is paid down over time (r-g<0), it turns out that there is little evidence that it has ever been achieved in the past. ..  a rising federal debt as a percentage of GDP has historically been associated with declines in estimates of r* – the need to save to service debt depresses potential growth. The broad point is that aggressive spending is necessary, but not sufficient. Spending must be designed to raise productive capacity, potential growth, and r*. Absent true investment, public spending can lower r*, passively tightening for a fixed monetary stance.”


 

Photos of the Week:

The New York Times reports today that an abstract art work being displayed at a mall in Seoul was “vandalized” by two passerby. As part of the art work, brushes and open cans of paint were displayed in front of it. The couple assumed it was a participatory display, and joined in.


 

Hikers Evacuated As Iceland Volcano Unleashes New Lava Stream     

          

Brazil building new giant Christ statue, taller than Rio's




EXTRA [controversial or non-market-related] FARE:

 

Regular Fare:

 

Stephanie Kelton Trying To “Out-Right-Wing” Joe Biden ‼

Joe Biden has been a neoliberal ghoul all his life and has helped oligarchs from a position of power. In recent times—perhaps due to pressure and threat from populists—he has adopted policies such as the recent large stimulus.

Biden is also talking of raising taxes on corporations and Janet Yellen, the US Treasury Secretary has proposed a minimum tax on corporations across countries, to prevent a race to the bottom policies.

Of course none of this means that they’re ditching neoliberalism. It is just a change to maintain the status quo. Elite preservation, basically.

 

 

ESG Fare:

 

Earth’s Real Treasure

The purpose of taking readers into this dark place is to highlight how completely misguided our values have become. Earth, and the life inhabiting a thin shell surrounding it, is of incalculable value. Yet we make almost all of our decisions, collectively, based on a dollar amount that does not come close to capturing the value of nature.  It is juvenile folly.

Currently, our economy is structured backwards: there’s no money (financial profit/gain) in restoring resources and wild spaces: just in hacking them down and exploiting the great inheritance.  Perhaps more troublesome is the inherent human desire to acquire personal stuff, so that the only reason to make money in the first place is to be able to afford personal gain at the expense of some unseen parcel of nature.  Maybe prioritizing nature over ourselves will always be hard, and against our core programming.

 

Party like it's 2045?

A newsletter about food systems, climate change and everything connected to them

 

Japan's Cherry Blossoms Hit Earliest Peak Bloom in 1,200 Years

 

First-Ever Observations From Under Antarctica’s ‘Doomsday Glacier’ Are Bad News

 

 

COVID Fare:

 

Montreal needs proper lockdown to avoid the worst, expert says.

“I’m talking about a proper lockdown, where you do what Ontario has done,”


Uhm…

Here's why COVID cases are surging in Toronto despite early lockdown



Tverberg: We can’t expect COVID-19 to go away; we should plan accordingly

In this post, I explain why, in my view, COVID-19 seems likely to become endemic, like the flu. The vaccines won’t be enough to make it go away completely. I will also look at the issue of how we should respond to the cases of COVID-19 that we will almost certainly experience in the future.

To a significant extent, what we can and should do in the future is an energy issue. If we plan to transition to a green energy future, or if we simply plan to reduce usage of fossil fuels in future years, we probably need to scale back our plans for vaccines. In fact, any treatment that would be given in today’s emergency rooms is likely to become less and less possible as energy supplies deplete.

We will need to focus more on what our bodies can do for us, and what we can do to assist them in this effort. We also need to think about what simple changes to our environment (such as windows that open) can do for the prevention of both COVID-19 and the many other communicable diseases that we can expect to encounter in the future. The big issue will be changing expectations.

[1] Why herd immunity is unlikely
...
[1.4] Microbes of all types mutate frequently. We are fighting a losing battle to stay even with them. This is especially a problem for narrowly targeted vaccines.
...
[1.5] There are very real reasons for people’s reluctance to accept the vaccine, when it is offered to them. Because of this, it is difficult to get very close to 100% acceptance (or even 80% acceptance) of the vaccines.
...
[2] Why a change away from dependence on vaccines is needed
...
[3] Learning to live with COVID-19 and diminishing resources per capita
If we can’t really fix the COVID-19 problem with endless vaccines for everyone, we need to look at other options.
[3.1] Strengthening our own immune systems
...
[3.4] Finding leadership that can think in a direction other than “more technology will save us.” Unfortunately, this is pretty much impossible.


More contagious COVID variant - B.1.1.7. - now dominant strain in U.S., CDC says

A highly infectious variant of COVID-19 is now the dominant strain of the virus in the U.S., according to the Centers for Disease Control and Prevention. The variant, B.1.1.7, began surging in the United Kingdom in December has since spread through Europe and to the United States, the federal agency said Wednesday. “Based on our most recent estimates from CDC surveillance, the B.1.1.7 variant is now the most common lineage circulating in the United States,” agency Director Dr. Rochelle Walensky said at the White House briefing.

Studies found the virus is 60 times more contagious than the current strain and 67 percent more deadly, according to the New York Times

 

Reconciling estimates of global spread and infection fatality rates of COVID19: An overview of systematic evaluations

Conclusions – All systematic evaluations of seroprevalence data converge that SARS CoV 2 infection is widely spread globally. Acknowledging residual uncertainties, the available evidence suggests average global IFR of ~0.15% and ~1.5-2.0 billion infections by February 2021 with substantial differences in IFR and in infection spread across continents, countries, and locations.

 

Medical Doctor and Director of Diagnostics Laboratory Presents Cures for COVID and Exposes Dangers of COVID “Vaccines”

Dr. Cole begins by showing statistics that prove Idaho is no longer in a “pandemic,” but an “endemic.” He states that the highest risk factors for contracting COVID are advanced age, obesity, and low Vitamin D levels. He also explains that coronaviruses have historically always followed a 6-9 month life cycle. He gives previous examples such as SARS-1, MERS, etc. One very interesting statistic that he pointed out is that in the U.S. the average annual age of death is 78.6 years old, and the average age of death during COVID has also been 78.6 years old. Dr. Cole is very adamant that proper levels of Vitamin D are essential to fight coronaviruses. He states: There is no such thing as “flu and cold season,” only low Vitamin D season.

Dr. Cole then goes on to explain that by law, the government cannot use experimental vaccines on the population if there are already effective treatments. So all of the current experimental COVID “vaccines,” which Dr. Cole himself admits do NOT meet the legal definition of a “vaccine” to begin with, are all illegal because there are therapies, such as Vitamin D, that are effective in treating COVID patients, as well as older already FDA-approved drugs like Ivermectin.

 

Facemasks in the COVID-19 era: A health hypothesis

Many countries across the globe utilized medical and non-medical facemasks as non-pharmaceutical intervention for reducing the transmission and infectivity of coronavirus disease-2019 (COVID-19). Although, scientific evidence supporting facemasks’ efficacy is lacking, adverse physiological, psychological and health effects are established. Is has been hypothesized that facemasks have compromised safety and efficacy profile and should be avoided from use. The current article comprehensively summarizes scientific evidences with respect to wearing facemasks in the COVID-19 era, providing proper information for public health and decisions making.



Data substantiating wide asymptomatic spread of COVID-19 remains elusive

Fear of symptom-free transmission was a major driver of the highly restrictive mitigation measures imposed over the past year.

 

Family member confirms DMX given Covid vaccine days before lethal heart attack

A source has reported a family member of Earl Simmons, better known as the rapper DMX, said the heart attack that led to his death was not from a drug overdose but from a Covid injection.


Massive doubts raised about ethics & efficacy behind Oxford-AstraZeneca “vaccine”

SP-I-MO stands for Scientific Pandemic Influenza Group on Modelling. It reports into the SAGE/Secretary of State Number Ten Group. Almost nobody in the UK has ever heard of it, and its pronouncements online are stored in an unexpected place under the “assets publishing service”. What follows aren’t leaks; they’re representative extracts from the latest SPIMO report, issued on March 31st

‘immunisation failures account for more serious illness than unvaccinated individuals’


It appears that the vaccinated are at high risk of dying.



 

COVID Conspiracy Fare:

Stimulus And Covid-19 Attitudes Reflect Poor Math Skills

For all the noise made over Covid-19, many people might be surprised to find out that it was not the leading cause of death in the U.S. in 2020. It came in third, behind heart disease and cancer, according to a new CDC study. COVID-19 was listed as the underlying cause of 345,323 deaths during 2020 and was the third leading underlying cause of death, after heart disease (690,882 deaths) and cancer (598,932) That is reality in a nutshell.

This data kinda puts into focus how warped we have become by the fear-mongering fostered upon us. it is difficult to argue with this data. It was lifted from the Provisional Mortality Data — United States, 2020 | MMWR report. 

...

Total deaths in America in 2020, according to the U.S. Centers for Disease Control and Prevention (CDC) came in at 2,913,144. Considering that there were 2,845,793 deaths in 2019 and 2,831,836 deaths in 2018, this is not surprising. If you ballpark America's population at 333 million, 1% of that number is 3.3 million people

...

While many so-called experts say follow the science, I say, follow the math. Using math as a tool we can shed some logic upon the rather chaotic situation we find ourselves in. It appears much of the world has been blinded by those seeking to implement a "Great Reset" of the global economy, our social structure, and our culture. Entering into this is the squelching of free speech and censorship. All this has gone full tilt and we are under a full-court press to halt any comeback on the part of rational human beings to exert real influence on our future. 

See the 10min to 13min portion of:

Michael Yeadon Interview - Former Pfizer VP Speaks Out On Dangers Of mRNA Vaccines & COVID Illusion

(and for his explanation of difference between mRNA "vaccines" and traditional vaccines, see the 21min mark)



COVID Tweet and Quote of the Week:

 

Politicians told us repeatedly that lockdowns were causing increased numbers of deaths by suicide. We kept asking to see the data. Now, we have it, and apparently, this was not true. In 2020, deaths by suicide were lower than in the previous three years. (see data table at: The Leading Causes of Death in the US for 2020)

 

Ian Welsh: “I suspect this means is that American bosses are so shitty that a pandemic combined with massive economic problems is preferable to working with them in close quarters.”

 

 

Orwellian Fare:

 

Canada to censor political taunts. Implement internet kill switch.

 

 

 

Geo-Political Fare:

 

DIANA JOHNSTONE: The Imperialism of Foolery

Pro-Western Syrian exiles have issued a diatribe against the most informative critics of U.S. war policy at a time when Washington’s aggressiveness is reaching new levels of intensity.

 

Escobar: Ukraine redux: war, Russophobia and Pipelineistan

The deep state/NATO combo's using Kiev to start a war to bury Nord Stream 2 and German-Russian relations

 

Gilbert Doctorow: Cold War Fever in Brussels

The prevailing assumption among the tiny minority of public critics of US foreign policy is that the United States calls all the shots, that the positions on any given international issue taken by our European allies, for example, are dictated from Washington or, if developed on their own, serve the single purpose of gaining favor with Washington and bolstering the “special relationship” held by London or Paris or Berlin.

If only things were that simple.  In this essay I argue why they are not. Nor have they been that simple for many years now. As I look over my writings going back a decade that I published in a succession of “non-conformist” books, I was calling out the home grown nature of Neoconservatism in Europe which arose in parallel with but independent from the movement in States that gave us the horrors of the Iraqi invasion and the viciously anti-Russian policies culminating in the Maidan in Ukraine, with the change of geopolitical course in Kiev as wished by the US, namely inimical to Russia.

Intellectual leaders like Sweden’s Carl Bildt and Belgium’s Guy Verhofstadt were the equals of their buddy Robert Kagan in Washington as creators of Neocon ideology and they were its implementers from positions of power within Europe.

Today I see a similar parallelism in the roll-out of Cold War policies in the USA under Biden and in Europe under von der Leyen.

Why is this relevant to day-to-day developments?  Because the latest appeals by my fellow thinkers in the USA addressed to Joe Biden and urging him to step back and reflect on the possible consequences of aiding and abetting a military strike by Kiev against the Donbas at present will not achieve much if Brussels continues on its merry way as arsonist.  You may have no doubts that today Brussels is lighting delusional fires of revenge in Zelensky and his entourage, encouraging what would be a suicidal strike against Russia’s vital national interests in the belief that NATO will come to his rescue. It won’t.

Now why would von der Leyen espouse Cold War ideology and present Russia as Europe’s enemy number one?..

 

Ukraine, Taiwan… Two-Prong U.S. Aggression Toward Russia, China

There is a close parallel in the way the Biden administration is riling up dangerous tensions with Russia and China. The proxy in both cases are the Ukraine and Taiwan, respectively

Washington is citing claims that Russia and China are threatening its allies which, in turn, provides a pretext for the United States to step up its own provocative actions. It’s a vicious cycle that is at grave risk of spinning out of control into an all-out war between nuclear powers.

In just three months after his inauguration as the 46th U.S. president, Joe Biden’s administration has embarked on a reckless course of belligerence toward Russia and China.

However, this systematic hostility from the United States has been underway from several past administrations, including the previous Trump White House and before that the Obama administrations in which Biden served as vice president. Now as president, Biden is taking up a continuous policy of aggression with even more gusto. This invariable direction of belligerence tends to prove the real nature of U.S. politics. Presidents come and go, elections take place periodically, but the power and policymaking resides with deep state planners whose loyalty is not to any particular party but rather to the furtherance of imperial objectives regarding America’s presumed global position and privileges.

 

The Two Faces of Joe Biden

The press is building an image of a "radical" progressive hero, while reality looks like the same corporate Democrat

Obama in other words won a contentious primary against Hillary Clinton by snowing reporters like me into hyping him as the clean hands guy who’d push aside Clintonian transactional politics. Then he turned around a year later and passed his signature program with help from the worst industry actors, paying for it by killing the progressive parts of the plan. This history — important history — is now being rewritten by people like Klein as an “ideological compromise” inspired by the Obama/Biden White House’s misguided desire to govern with Republican votes.

….

This has so much been the story of Biden’s presidency, which is certainly less chaotic than Trump’s and does have some clearly different ambitions, but in many ways represents continuity with both his predecessor and his predecessor’s predecessor.

 

Daily Mail Exposes Hunter Biden Bombshells After 'Tell-All' Book Holds Back

 

 

 

Big Thoughts:

 

More from Welsh at: American Suicide Numbers Dropped Last Year

Capitalism, for most of its history, has required not paying either cost of its labor practices (the human damage it does) or the cost of the resources it is permanently destroying (most recently, we are on track to kill about 50% of all known living species, which have both monetary and non-monetary value.)

A system which throws off that much damage is obviously deranged and its “gains” are obviously unsustainable. Humanity has a limited set of resources it has to live off of (including an ecosphere) and no, “technology” cannot replace them all. We don’t even understand the interactions of a properly functioning ecology enough to create a simple one in a biosphere: we can’t fix, or heal, what we break, any more than companies who cause employees to suicide can bring them back.

None of this is particularly necessary. Our problem is that we are STUPID. Capitalism has obvious problems that we refuse to acknowledge or deal with. We need a new way of managing our economy, one which also manages ecology and resources like, oh, the Amazon.

This is not going to be possible if we base economic decision making on supply and demand as we currently understand them. Nor is it going to be possible with the version of democracy or one party states we have been running our society with. (Nor is green fascism a solution, since fascism bottlenecks decision making.)

Money, based on debt, which we have run huge chunks of our society around for almost all of our history will also have to be completely re-thought because money has a strong tendency to reward people who abuse at scale, and always has.

None of this is impossible, though we’ve left it too late, so we’re going to eat the bitter fruits of our actions. I suggest, among other things, working to be sure that those with the most power, rather than using that power (money is power) to avoid the consequences of their action, are forced to gorge on what they have done.

Letting bygones be bygones is a very large mistake when the bygone is multi-species genocide.

 

Lewis H. Lapham: Globalization

Following the money across the globe and back in time.

 

China and Russia Launch a ‘Global Resistance Economy’

The scope of the Iran pact by far transcends trade and investment, as one commentator in the Chinese state media made plain: “As it stands, this deal (the Iran pact) will totally upend the prevailing geopolitical landscape in the West Asian region that has for so long been subject to U.S. hegemony”.

So here is the essence to ‘a clever combatant moving to impose his will’ – there is no need for China or Russia or Iran to go to war to do this; they just implement ‘it’. They can do ‘it’ – quite simply. They don’t need a revolution to do it, because they have no vested interest in fighting America.

What is ‘it’? It is not just a trade and investment pact with Tehran; neither is it simply allies helping each other. The ‘resistance’ lies precisely with the way they’re trying to help each other. It is a mode of economic development. It represents the notion that any rent-yielding resource – banking, land, natural resources and natural infrastructure monopolies – should be in the public domain to provide basic needs to everybody – freely.

The alternative way simply is to privatise these ‘public goods’ (as in the West), where they are provided at a financialized maximum cost – including interest rates, dividends, management fees, and corporate manipulations for financial gain.

‘It’ is then a truly different economic approach.

At one level therefore, this ‘it’ is a strategic challenge to the western eco-system. In one corner, the debt-driven, hyper-financialised, yet stagnant economies of Europe and the EU – in which strategic direction and economic ‘winners and losers’ are set by the Big Oligarchs, and in which the 60% struggle, and 0.1% thrive. And, in the far corner, a very mixed economy in which the Party sets a strategic course for state enterprises, whilst others are encouraged to innovate, and to be entrepreneurial in the mould of a state-directed economy (albeit, with Taoist and Confucian characteristics).

Socialism versus capitalism? No, it is a long time since the U.S. was a capitalist economy; it’s hardly even a market economy today. It has become, more and more, a rentier economy since leaving the gold standard (in 1971).

….

The point is that – at the economic plane – the U.S., hyper-financialised sphere is fast shrinking, as China, Russia and much of the ‘World Island’ turn to trading in their own currencies (and do not buy U.S. Treasuries). In a ‘war’ of economic systems, America therefore starts on the back foot.

 

 

Must Read Watch:

Chris Hedges tells Extinction Rebellion that the configurations of global power mean that only mass civil disobedience, with the aim of overthrowing the ruling elites, can save us from extinction.

 

 

Quotes of the Week:

 

Johnstone: I hate the mainstream scoff. Do you know the mainstream scoff? It’s the scoff people who’ve been indoctrinated into the mainstream worldview make when you say something which falls outside that worldview. Something like “Nothing of substance has changed since the Trump administration.” Or “The west sided with al Qaeda in Syria.” Or “Check out this link to an article from an alternative media outlet.” It’s any kind of swift, vapid dismissal someone makes when you offer a perspective that isn’t a part of the mainstream perspective, solely on the basis that it is not part of the mainstream perspective. A laugh. A “Pfft!”. A “LOL”. A laugh-cry emoji. Whatever form it takes, the dismissal can be summed up as “That’s a fringe position, so I’m dismissing it.” Which is really just saying “That’s not how they told me it works on CNN, therefore it’s not real.”.

 

Kunstler: If you want to understand the complete failure of moral authority in America, seek no further than the gothic doings of the Biden family … The moral darkness of the family is beyond Shakespearean. It ranges from fantastically sordid personal indecencies like Hunter posting drug-fueled selfie sex videos with whores on the PornHub website, to intimations of lewd consort with his teenage niece, to the admitted fact of him bird-dogging his dead brother’s wife, Hallie… and into financial misdeeds that suggest Hunter sold out his country by peddling Joe Biden’s favor to agents of the Chinese communist party and other foreign nations. This body of unresolved allegations haunts the House of Biden like some stinking dead animal decaying under the Oval Office floorboards that everyone pretends not to notice.

 

Richard Medhurst: It's astounding to me that a journalist who exposes war crimes in Iraq and Afghanistan is sitting in jail while the monsters who started these wars like Tony Blair and George Bush are walking free. This is the "justice system" of the West. This is how much the press is valued.

 

The word of the quarter will be “trillion”. Since so many big numbers sound alike in English it’s easy to forget the relative scale of each. Here’s one way to think about that:

·         A million seconds = 12 days

·         A billion seconds = 32 years

·         A trillion seconds = 31,710 years

 


Other Fare:

 

Breaking Fermilab Results Prove Something Strange Is Happening to Reality.

Particle physics is constantly evolving. But describing the profoundly tiny world of muons and electrons with statistically-vetted probabilities also makes our grasp of it a slow, methodical process. We've reached a level of the universe where empirical study is just as difficult as working the math — with the former requiring expensive machinery like CERN and Fermilab and the latter pushing into the realm of supercomputers. And the coming years will see us push even further beyond the ordinary world of human senses than most can imagine.

 

The Economic Consequences of Increasing Sleep among the Urban Poor

Contrary to expert predictions and a large body of sleep research, increased nighttime sleep had no detectable effects on cognition, productivity, decision-making, or well-being… In contrast, short afternoon naps improved an overall index of outcomes…

 

Humans were apex predators for two million years

Only the extinction of larger animals (megafauna) in various parts of the world, and the decline of animal food sources toward the end of the stone age, led humans to gradually increase the vegetable element in their nutrition, until finally they had no choice but to domesticate both plants and animals—and became farmers.


 


Tweets of the Week:

 

Glenn Greenwald: This is exactly my experience. I've been a critic of corporate media outlets for 15 years but always assumed one could get basic facts (even if flawed) by reading them. I now no longer think this. Their journalistic and business model makes me distrust everything I read there.

 

Rather jaw-dropping report into the secret lockdown-busting dinner clubs currently operating for the Paris elite. Lobster, champagne and foie gras on the menu for up to €490. No masks. "Once you pass through the door there's no more Covid," explains the maître d'

 

No jab; no evac. It’s science.

 

 

Pics of the Week:



Countless Starlings Flock Together in a Miraculous Bird-Shaped Murmuration Over Lough Ennell



 

 

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