Feb 142019
 
 February 14, 2019  Posted by at 10:42 am Finance Tagged with: , , , , , , , , , , ,


Pablo Picasso Guitar 1925

 

Australia’s $7 Trillion Question: How Low Will House Prices Go (SMH)
US Mortgage Applications Drop Despite Lower Rates: Industry is Baffled (WS)
Surge In Delinquencies Threatens US Auto Loan Bubble (Colombo)
$1 Trillion Amazon Pays $0 In Income Taxes, Gets $129 Million Rebate (RT)
EU Officials: UK Only ‘Pretending To Negotiate’ Over Brexit (G.)
UK Has Rolled Over Just £16bn Out Of £117bn Trade Deals (G.)
Labour MPs Warn Corbyn: Back A Second Referendum Or We Quit (G.)
Hardline Brexiters Threaten To Vote Down Theresa May’s Motion (G.)
Maduro Claims Foes ‘Totally Failed’ To Topple Him As Efforts Falter (G.)
Venezuela Envoy Elliott Abrams Loses His Cool In Congress (ZH)
Germany Pulls Rank on Macron and Washington over Nordstream 2 (SCF)
Bikes Put Spanner In Works Of Dutch Driverless Car Schemes (G.)
Exposure To Glyphosate Increases Risk Of Cancer By 41% – Study (G.)

 

 

As I said yesterday, after 27 years without a recession, the no. 1 instrument to battle complacency, excesses and zombies, Australia is a fire hazard. At the same time, of course, after 27 years so many people have never seen a recession that nobody expects one anymore.

Australia’s $7 Trillion Question: How Low Will House Prices Go (SMH)

Industry experts say property prices in Sydney and Melbourne, which have led a slump in Australia’s $7 trillion residential property market, are likely headed lower before they hit rock bottom. The Australian Bureau of Statistics released figures this week showing new lending to owner occupiers fell 6.4% during December last year, outpacing the fall in lending to property investors, which dropped by 4.6%. The total value of new lending to households has now dropped 19.8% in the past year — the biggest annual fall in home loans since the height of the global financial crisis. “The lending numbers are atrocious; it tells us that property markets in Sydney and Melbourne are in a tailspin,” says Louis Christopher, managing director of property researcher SQM Research.

The issue is mostly access to credit and, for at least for past six months, banks have been scrutinising the spending of borrowers more closely when assessing their loans, Christopher says. Doron Peleg, chief executive of RiskWise Property Research, says the weak lending figures also show how those who would normally be entering the property market are now shying away in anticipation of lower prices. The Westpac-Melbourne Institute Index out this week showed consumers in Sydney and Melbourne have poor property price expectations. “Buyer sentiment has been hit as residential property, particularly in Sydney and Melbourne, is seen as a depreciating asset,” Peleg says.

[..] Many property experts are expecting a peak-to-trough drop in property prices of between 15% and 20%. “Without an interest-rate cut or regulatory changes there will be tough times ahead for the property market,” RiskWise’s Peleg says. [..] Tim Lawless, the head of research at property researcher CoreLogic, is expecting a peak-to-trough fall of up to 20% for both Sydney and Melbourne before prices start to level out in 2020. However, Lawless says the price declines should be kept in perspective. Sydney house and apartment prices have risen by more than 70% in the past decade, while Melbourne prices have gained even more, he says. This is despite recent price falls of more than 12% from their peak in Sydney in mid-2017 and 8% in Melbourne from a top in late 2017, he says.

Read more …

The Omen.

US Mortgage Applications Drop Despite Lower Rates: Industry is Baffled (WS)

A month ago, mortgages reappeared in the housing-hype circus, when it was widely reported that mortgage applications “soared” and “jumped.” Both types of mortgage applications did so: those used to purchase a home (purchase mortgages) and those used to refinance an existing mortgage (refinance mortgages). The jump in mortgage applications was ascribed to “plunging” mortgage interest rates. It was seen as a big sign that the weakening housing market was about to turn around. But that hope has gotten unwound.

Today, the Mortgage Bankers Association (MBA) reported that its purchase mortgage index – which tracks applications (not approvals) for conventional and government mortgages to purchase a single-family house – fell 6% from the prior week and was down 5% from the same week last year – despite falling mortgage rates, which should have cranked up home buying and mortgage activity. It was the fourth week in a row of drops:

The Purchase Mortgage Index is considered a reliable indicator of impending home sales, and so this decline, given the lower mortgage rates, mystifies the industry.“Application activity fell last week – even with rates decreasing – as renewed uncertainty about the domestic and global economy likely held potential homebuyers off the market,” said MBA Associate VP of Industry Surveys and Forecasts, Joel Kan, in the report. “The 30-year fixed-rate mortgage dropped to its lowest level since last March, and was 52 basis points lower than its recent high last November,” he said.

You can practically hear between the lines, so to speak, the bafflement in his voice about this decline in purchase mortgage applications in light of the decline in mortgage rates. The MBA also reported today that the average interest rate for 30-year fixed-rate mortgages with conforming loan balances inched down to 4.65%, back where it had been last April (chart via Investing.com):

Read more …

AKA the Thelma and Louise economy.

Surge In Delinquencies Threatens US Auto Loan Bubble (Colombo)

My concerns about the U.S. automobile bubble are being confirmed. As Bloomberg reports: “More Americans than ever are at least three months behind on their auto loans, a sign that the U.S. economy may have little growth left in the tank. The number of loans at least 90 days late exceeded 7 million at the end of last year, the highest total in the two decades the Federal Reserve Bank of New York has kept track. Expressed as a percentage of total debt, the delinquency rate is the highest since 2012, as overall borrowing has also increased.

The data show not all Americans are benefiting from the strong labor market, New York Fed economists say. Consumers with the weakest credit have driven deteriorating performance of auto debt: The share of subprime borrowers who fell well behind on car payments the last three months of the year was the highest since the second quarter of 2010.

As I’ve been warning for the past couple years, the U.S. automobile sales boom is a byproduct of a bubble in auto loans:

The auto sales and auto loan bubble is a byproduct of ultra-cheap credit conditions in the past decade since the Great Recession. Interest rates are now rising, which threatens the auto bubble: It’s only a matter of time before the U.S. auto sales and loan bubble experiences a serious bust. Rising delinquencies are just the start, I’m afraid. Booms fueled by cheap credit always end the same way – in a terrible bust. Ignore the voices that say “this time will be different!”

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And the people who lost their retail jobs don’t pay income taxes either anymore.

$1 Trillion Amazon Pays $0 In Income Taxes, Gets $129 Million Rebate (RT)

Trillion-dollar-company Amazon skated through 2018’s tax filings without paying a cent for the second year in a row. The e-commerce behemoth, which made $11 billion last year, will pay no taxes at all, thanks to 2017’s tax reform. Rather than pay the standard 21% corporate income tax rate, Amazon is actually claiming a tax rebate of $129 million, which works out to a logic-defying rate of -1%. Aside from the nebulous “tax credits,” which the company does not have to spell out in its public filings, Amazon is also claiming a tax break for executive stock options, according to the Institute for Taxation and Economic Policy – a longstanding loophole that permits profitable corporations to dodge federal and state income taxes on almost half their profits.

While President Donald Trump’s 2017 tax reform legislation lowered corporate tax rates from 35% to 21%, it was sold as an incentive for companies to keep their money in the US, instead of stashing it overseas where the IRS couldn’t touch it. Now that Amazon and Netflix have both made headlines for using the new regulations to avoid paying anything at all, it remains to be seen whether the legislation’s failure to close corporate loopholes will leave the US holding the bag for fiscal year 2018 as the country’s national debt inches past $22 trillion – a record high.

Amazon’s tax windfall doesn’t even take into account the billions in tax breaks the state governments of Virginia and New York offered the company to open a second (and third) headquarters in their states, though there are rumors that New York is getting cold feet about the unprecedented corporate giveaway. Amazon didn’t pay any taxes in 2017 either, though it raked in a comparatively paltry $5.6 billion in profits and extracted a slightly larger $137 million refund.

Read more …

“Verhofstadt asked Lidington four times what the British proposal was and “four times didn’t get an answer”, according to the EU official, who described the encounter as “very surreal”.”

EU Officials: UK Only ‘Pretending To Negotiate’ Over Brexit (G.)

The British government is “pretending to negotiate” with the European Union and has not presented any new proposals to break the Brexit deadlock, according to EU officials. Theresa May’s de-facto deputy, David Lidington, and the Brexit secretary, Stephen Barclay, met senior EU officials and MEPs in Brussels and Strasbourg this week, but the talks yielded no obvious results. The British side thinks a crucial process has begun and hopes progress will have been made by 27 February when MPs are expected to have another crunch Brexit vote. However, on Wednesday night European council president Donald Tusk said the EU27 was still waiting for proposals. “No news is not always good news,” he tweeted, after meeting with the EU’s chief negotiator Michel Barnier.

“EU27 still waiting for concrete, realistic proposals from London on how to break Brexit impasse,” Tusk said. Barnier, has said current talks with the UK do not even qualify as negotiations. In a call on Tuesday morning with Guy Verhofstadt, chief Brexit representative for the European parliament, Barnier said there were “no negotiations” with the British. “These are courtesy calls at best and we have nothing new to say,” Barnier was reported to have said, by a source familiar with the conversation. Verhofstadt had asked the EU negotiator for an update, following Barnier’s meeting with Barclay over dinner at the British ambassador’s residence in Brussels, where they dined on North Sea sole, roast duck and British cheese, washed down with sancerre and saint-émilion wines.

“They are pretending to negotiate while they still don’t know what they want and how they want it,” the source said, who described this week’s meetings as “kicking up dust” and a series of “photo opportunities and pictures”. “We are willing to negotiate, but there is nothing on the table from the British side.” Verhofstadt asked Lidington four times what the British proposal was and “four times didn’t get an answer”, according to the EU official, who described the encounter as “very surreal”.

Read more …

Don’t be so negative: they got a hard-fought deal with the Seychelles!

UK Has Rolled Over Just £16bn Out Of £117bn Trade Deals (G.)

The government’s push to roll over EU trade deals from which the UK currently benefits has yielded agreements covering only £16bn of the near-£117bn of British trade with the countries involved. Despite frenetic efforts by ministers to ensure the continuity of international trade after the UK leaves the EU on 29 March, the international trade secretary, Liam Fox, has so far only managed to secure deals with seven of the 69 countries that the UK currently trades with under preferential EU free trade agreements, which will end after Brexit.

Fox’s department has yet to sign agreements with several major UK trading partners – including Canada, Japan, South Korea and Turkey – while sources have said that sufficient progress is unlikely to be made before the Brexit deadline in less than 50 days’ time. Canada, Japan, South Korea and Turkey alone accounted for goods exports worth £25bn in 2017 and imports of merchandise worth £28.6bn, with the UK currently able to access these markets on preferential terms as part of membership of the EU. Fox sought to downplay the significance of the deals in parliament on Wednesday, saying all of the countries involved only accounted for about 11% of total UK trade in 2018, with the smallest 20 nations worth less than 0.8%.

Read more …

I’ve been wondering why any politician in Britain is still in their jobs.

Labour MPs Warn Corbyn: Back A Second Referendum Or We Quit (G.)

Jeremy Corbyn faces up to 10 resignations from the Labour frontbench if he fails to throw his party’s weight behind a fresh attempt to force Theresa May to submit her Brexit deal to a referendum in a fortnight’s time, frustrated MPs are warning. With tension mounting among anti-Brexit Labour MPs and grassroots members, several junior shadow ministers have told the Guardian they are prepared to resign their posts if Corbyn doesn’t whip his MPs to vote for a pro-referendum amendment at the end of the month. Corbyn has been struggling to balance the conflicting forces in his party over Brexit, as the clock ticks down towards exit day on 29 March..

Many party members and MPs would like him to take a lead in seeking to block Brexit before time runs out – but some frontbenchers are equally adamant they could never support a referendum. Len McCluskey, the general secretary of the Unite union and a close ally of Corbyn, risked stoking the conflict in the party on Wednesday when he argued that stopping Brexit was “not the best option for our nation”. “My view is that, having had a 2016 referendum where the people have voted to come out of the EU, to try and deflect away from that threatens the whole democratic fabric on which we operate,” he told Peston on ITV. “I’m saying that in reality it is not the best option for our nation.”

Read more …

43 days. Both extremities, hard brexit and 2nd referendum, think they have a chance of winning it all.

Hardline Brexiters Threaten To Vote Down Theresa May’s Motion (G.)

Hardline Brexit supporters are threatening to inflict yet another Commons defeat on Theresa May because they fear the government is effectively ruling out leaving the EU with no deal. Members of the Tory European Research Group are unhappy with the wording of a No 10 motion because it endorses parliament’s vote against any Brexit without a withdrawal agreement. The motion for debate on Thursday simply affirms “the approach to leaving the EU” backed by the Commons on 29 January, when an amendment was passed in favour of an attempt to replace the Northern Ireland backstop with “alternative arrangements”.

The motion was thought to be fairly uncontroversial until pro-Brexit supporters realised it also encompassed a second amendment passed on that day, which ruled out a no-deal Brexit. The amendment, tabled by Dame Caroline Spelman, “rejects the United Kingdom leaving the European Union without a withdrawal agreement and a framework for the future relationship”. The ERG group, led by arch-Brexiter Jacob Rees-Mogg, is planning either to vote against or abstain on Thursday’s government motion, potentially causing another embarrassing parliamentary loss for the prime minister. However, talks with government whips will continue on Thursday in an attempt to find a compromise.

An ERG MP said many of its members were “not minded to support such a clumsily worded motion” that effectively ruled out a no-deal Brexit. Another said the group would not trust verbal assurances from No 10 that no deal was still on the table as such promises from the dispatch box had not been honoured many times in the past.

Read more …

How far away is a false flag?

Maduro Claims Foes ‘Totally Failed’ To Topple Him As Efforts Falter (G.)

Venezuela’s embattled leader, Nicolás Maduro, has claimed he has seen off a dramatic opposition challenge to his rule, as those efforts appeared to falter and the United States conceded it was “impossible to predict” how long he might remain in power. In an interview with Euronews, Maduro boasted that his political foes had “failed totally” in their quest to topple him. Opponents “could march every single day of their lives” and achieve nothing, Maduro said. Venezuela’s newly emboldened opposition continues to insist Maduro’s days are numbered, with about 50 governments now recognizing its leader, Juan Guaidó, as the country’s legitimate president.

Tens of thousands of supporters poured back on to the streets of Caracas and other major cities on Tuesday to demand the resignation of a politician they accuse of leading their oil-rich country into economic ruin. But three weeks after Guaidó electrified the previously rudderless opposition movement by declaring himself interim leader, there are signs his campaign risks losing steam. An anticipated mass defection of military chiefs – which opposition leaders admit is a prerequisite to Maduro’s departure – has not materialized, and Maduro’s inner-circle has begun claiming it has weathered the political storm. “In the end, nothing will come of [this challenge]. We will prevail,” Maduro’s second-in-command, Diosdado Cabello, tweeted on Wednesday.

[..] Opposition leaders have spent recent days trying to dampen expectations that Maduro’s exit is imminent. Juan Andrés Mejía, an opposition leader and Guaidó ally, admitted that goal “could take some time”. “We want it to end very soon because we know that every day that passes by people are suffering. But Maduro still has control of the military and basically that is the reason we haven’t been able to move things forward,” he told the Guardian.

Read more …

Shaking up US politics since 2016. And c’mon, Abrams is a war criminal, he should be facing a court, not Congress.

Venezuela Envoy Elliott Abrams Loses His Cool In Congress (ZH)

Rep. Ilhan Omar clashed with newly minted Venezuela Envoy Elliott Abrams during a Wednesday hearing in front of the House Foreign Relations Committee discussing the role of the US military in Central America. “Mr. Abrams, in 1991 you pleaded guilty to two counts of withholding information from Congress regarding your involvement in the Iran-Contra affair, for which you were later pardoned by president George H.W. Bush,” began Omar. “I fail to understand why members of this committee or the American people should find any testimony that you give today to be truthful.” “If I could respond to that…” interjected Abrams. “It was not a question,” shot back Omar.

After a brief exchange in which Abrams protested “It was not right!” Omar cut Abrams off, saying “Thank you for your participation.” Omar: “On February 8, 1982, you testified before the Senate foreign relations committee about US policy in El Salvador. In that hearing you dismissed as communist propaganda, a report about the massacre of El Mozote in which more than 800 civilians – including children as young as two-years old – were brutally murdered by US-trained troops. During that massacre, some of those troops bragged about raping 12-year-old girls before they killed them. You later said that the US policy in El Salvador was a “fabulous achievement.” “Yes or no – do you still think so?” asked Omar.

Abrams replied: “From, the day that Duarte was elected in a free election, to this day, El Salvador has been a democracy. That’s a fabulous achievement.” Omar shot back: “Yes or no, do you think that massacre was a fabulous achievement that happened under our watch?” Abrams protested: “That is a ridiculous question- to which Omar shot back, “Yes or no,” cutting him off. “Yes or no, would you support an armed faction within Venezuela that engages in war crimes, crimes against humanity or genocide, if you believe they were serving US interests as you did in Guatemala, El Salvador and Nicaragua?” “I am not going to respond to that question, I’m sorry. I don’t think this entire line of questioning is meant to be real questions, and so I will not reply.” said Abrams.

Read more …

US accuses Russia of energy blackmail, tries to blackmail Germany. Germans will never accept not being independent when it comes to energy. Moreover, their economy is teetering.

Germany Pulls Rank on Macron and Washington over Nordstream 2 (SCF)

It was billed politely as a Franco-German “compromise” when the EU balked at adopting a Gas Directive which would have undermined the Nord Stream 2 project with Russia. Nevertheless, diplomatic rhetoric aside, Berlin’s blocking last week of a bid by French President Emmanuel Macron to impose tougher regulations on the Nord Stream 2 gas project was without doubt a firm rebuff to Paris. Macron wanted to give the EU administration in Brussels greater control over the new pipeline running from Russia to Germany. But in the end the so-called “compromise” was a rejection of Macron’s proposal, reaffirming Germany in the lead role of implementing the Nord Stream 2 route, along with Russia. The $11-billion, 1,200 kilometer pipeline is due to become operational at the end of this year.

Stretching from Russian mainland under the Baltic Sea, it will double the natural gas supply from Russia to Germany. The Berlin government and German industry view the project as a vital boost to the country’s ever-robust economy. Gas supplies will also be distributed from Germany to other European states. Consumers stand to gain from lower prices for heating homes and businesses. Thus Macron’s belated bizarre meddling was rebuffed by Berlin. A rebuff was given too to the stepped-up pressure from Washington for the Nord Stream 2 project to be cancelled. Last week, US ambassador to Germany Richard Grenell and two other American envoys wrote an op-ed for Deutsche Welle in which they accused Russia of trying to use “energy blackmail” over Europe’s geopolitics.

Read more …

Why on earth is that government pushing driverless cars?

Bikes Put Spanner In Works Of Dutch Driverless Car Schemes (G.)

The Dutch government is working with Germany and Belgium on establishing “truck platooning” – where one human-driven vehicle leads a convoy of autonomous ones — on major roads. Under the plans, about 100 driverless trucks would drive the “Tulip corridors” at night – from Amsterdam to Antwerp, and from Rotterdam to the Ruhr valley – fully maximising the routes through which the Netherlands distributes its goods using 5G technology and 1,200 smart traffic lights. The Dutch infrastructure minister, Cora van Nieuwenhuizen, has announced a “driving licence” for self-driving cars, through which it would certify new autonomous models, and a framework of legislation – known as the Experimenteerwet zelfrijdende auto’s – is being prepared.

But a report by the professional service company KPMG highlights a major problem for Dutch ministers in introducing the technology to urban centres, where the bicycle is increasingly king. Driverless cars detect other road users using a variety of cameras or laser-sensing systems to ensure that they stop if an object is detected in their path. But the varying sizes and agility of cyclists, with their sudden changes in speed and loose adherence to the rules of the road, present a major challenge to the existing technology. That challenge is particularly stark in the Netherlands, where 17 million people own 22.5m bicycles. More than a quarter of all trips made by Dutch residents are by bike. Of all trips of a distance of up to five miles, a third are made by bicycle, with the rate only dropping to 15% for trips up to 10 miles in length.

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Is it that hard to understand that pesticides and herbicides are the worst idea ever? Poison kills, cut it out.

Exposure To Glyphosate Increases Risk Of Cancer By 41% – Study (G.)

A broad new scientific analysis of the cancer-causing potential of glyphosate herbicides, the most widely used weed killing products in the world, has found that people with high exposures to the popular pesticides have a 41% increased risk of developing a type of cancer called non-Hodgkin lymphoma. The evidence “supports a compelling link” between exposures to glyphosate-based herbicides and increased risk for non-Hodgkin lymphoma (NHL), the authors concluded, though they said the specific numerical risk estimates should be interpreted with caution. The findings by five US scientists contradict the US Environmental Protection Agency’s (EPA) assurances of safety over the weed killer and come as regulators in several countries consider limiting the use of glyphosate-based products in farming.

Monsanto and its German owner Bayer face more than 9,000 lawsuits in the US brought by people suffering from NHL who blame Monsanto’s glyphosate-based herbicides for their diseases. The first plaintiff to go to trial won a unanimous jury verdict against Monsanto in August, a verdict the company is appealing. The next trial, involving a separate plaintiff, is set to begin on 25 February , and several more trials are set for this year and into 2020. Monsanto maintains there is no legitimate scientific research showing a definitive association between glyphosate and NHL or any type of cancer. Company officials say the EPA’s finding that glyphosate is “not likely” to cause cancer is backed by hundreds of studies finding no such connection.

Read more …

Home Forums Debt Rattle February 14 2019

This topic contains 14 replies, has 10 voices, and was last updated by  tabarnick 5 months ago.

Viewing 15 posts - 1 through 15 (of 15 total)
  • Author
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  • #45384

    Pablo Picasso Guitar 1925   • Australia’s $7 Trillion Question: How Low Will House Prices Go (SMH) • US Mortgage Applications Drop Despite Lower
    [See the full post at: Debt Rattle February 14 2019]

    #45385

    V. Arnold
    Participant

    Pablo Picasso Guitar 1925
    An unremarkable work, IMO.

    #45386

    Dr. D
    Participant

    • Venezuela Envoy Elliott Abrams Loses His Cool in Congress (ZH)

    Quick someone put this on loop, I could watch it all day. This is what every Clapper, Brennan, Comey, North, Cheney should face every time they sit in front of Congress. Or anyone. Like MSNBC, where Brennan lives next door to Brian Williams. Somehow they’re the credible news agencies and we’re not. So since they all committed perjury and arguably miscarried their duties and/or treason, where are their FBI SWAT team with 2 tanks and an amphibious squadron?

    • Bikes Put Spanner In Works Of Dutch Driverless Car Schemes (G.)

    Well obviously we need to get rid of all bicycles – and people – in favor of more robots in more cars. That’s progress!!

    • Exposure To Glyphosate Increases Risk Of Cancer By 41% – Study (G.)

    They somehow miss that when you widely distribute poisons, we widely eat them. Who knew? Monsanto was very clever in their cancer study: glyphosate seems not to cause cancer very much, but the adjuvants do. A lot. So they do their research on pure glyphosate yet release the deep-cancer RoundUp cocktail on the public. Classic. It may be what make the science on vaccines also mixed: they are in fact studying different substances without admitting that the one injected into the public has the bad stuff. And P.S. they just admitted they don’t bother to store it correctly, ’cause refridgeration and expirations dates are for suckers.

    #45387

    It sorts of feels like profoundly ironic logic, justice, that sort of thing, doesn’t it. I wrote on Twitter earlier when posting today’s Debt Rattle:

    Turns out, our food is full of poison, and the only way we can grow it is also with lots of poison. That way, we can assure we will die at the same time as the planet. Clever, eh?

    #45388

    John Day
    Participant

    I’m in the “Amen-corner” again this morning. Here is something instructive I excerpted bout capitalist propaganda in America, a difficult job, which we should better appreciate…

    While the de jure role of state sponsored propaganda is to convince a population to adopt a certain line of thinking on the issues of the day, the de fato function of state sponsored propaganda is rather different. In a society in which even a sizeable minority of the public are capable of critical thinking, few will immediately believe everything they are told, even if they can’t quite put their figure on a specific point of contention.
    Because of that, in educated societies as the Soviet Union’s was, state propaganda serves a purpose of alerting people as to what they are forbidden to disagree with in public. In other words, if the official state line as delivered through state sanctioned newspapers, radio and television is that the economy is booming, people are being paid well and on time and that the new housing stock is superior to any other in the world – the authors of such propaganda do not expect those who are under-paid, living in mediocre housing and unable to elevate themselves into a higher living standard, to believe the self-evident nonsense that forms the core of the propaganda…
    But while the USSR’s old adversary, the United States is having its own problems with a less and less free market that is overly taxed, overly regulated, back in love with tariffs and all at the mercy of an inflation happy yet unaccountable Federal Reserve, there is alas a giant free speech problem, one that is all the worse in America’s European allied states who don’t even bother to pretend to have something akin to America’s constitutional first amendment…
    But while Soviet propaganda worked on a linear business model, today’s American and European propaganda machine works on a triangular model. At the top of the triangle is big business. At the bottom two points of the triangle are government and media – both of which want the help of big businesses in order to enrich themselves…
    Thus, the American and European media constantly send messages that it is impermissible to have an opinion contrary to the standard line on the following issues: invading other people’s nations in the name of “human rights”, climate change being the fault of anyone with a car, the wonders of narcotics and pornography, why strict education is somehow evil and why fiat currencies are just swell.
    Thus, just as Soviet propaganda had slogans that insulted the intelligence of the ordinary person like “brotherhood of nations” in order to keep people from questioning why certain investments were going to far off hinterlands while Russia’s heartlands were being economically destroyed, so too do western propagandists use terms like “fact checking” to imply that anyone who disagrees with a corporate (and hence government) sanctioned “fact” is a deceitful liar that should be shunned, shamed and insulted as such. While terms like “fact checking” are mostly used by social elites who author the propaganda, ordinary people tend to use the phrase “politically incorrect” to signal to their fellow man what cannot be said under fear of social and economic punishment.
    https://eurasiafuture.com/2019/02/10/understanding-stage-propaganda-from-the-ussr-to-the-usa/

    #45389

    zerosum
    Participant

    Gotoread
    https://www.zerohedge.com/news/2019-02-14/kudlow-says-retail-sales-plunge-due-glitch

    Kudlow’s uttering of the magic word, appears to have stabilizied stocks for now

    If the banks lent more money you could buy more. Like another car? A new RV? A new tractor?
    Go look at the huge inventory in all the dealer yards!!

    #45390

    zerosum
    Participant

    Here is something that you should read if you are looking for ideas to make someone happy.

    https://en.wikipedia.org/wiki/Valentine%27s_Day

    #45391

    zerosum
    Participant

    Well!
    That was quick.
    https://www.zerohedge.com/news/2019-02-14/stocks-erase-kudlow-bounce-reports-us-china-far-apart-trade-deal

    The headline-reading alogos are what is driving all this chaos as they fight over the S&P 500’s 300DMA…

    I think …..
    If only the lenders lent more money then everything would be okay

    #45392

    John Day
    Participant

    “Stamping Out Insects”
    Happy Valentine’s Day to Ilhan Omar!
    http://www.johndayblog.com/2019/02/stamping-out-insects.html

    #45393

    anticlimactic
    Participant

    TRADE AFTER BREXIT

    With the UK having to renegotiate trade with the rest of the world it did not help that on Monday the defence secretary said how he would love to go to war with Russia and China. He is also planning to send the UK’s aircraft carrier across the South China Sea. This has lead to the cancellation of trade talks with China this weekend, and won’t help with post-Brexit negotiations!

    It is perhaps more surprising that the UK’s ‘allies’ do not seem to want to be cooperative.

    Interesting times!

    #45394

    John Day
    Participant

    Ilhn Omer gets support from her detractors from Caitlin Johnstone.
    May both live long and prosper!

    US warmongering is the most aggressively protected part of the establishment narrative matrix, because US warmongering is the glue that holds the unipolar empire together. Without it, our rulers cannot rule, so you’ll see imperial lackeys fiercely attacking anyone who draws attention to America’s bloodbaths around the world, even if they are good servants of the empire in other areas.
    The difficulty for our rulers, though, is that warmongering is a very difficult thing to paint a pretty picture of, especially with our newfound ability to quickly share ideas and information around the globe. I mean, look at Elliott Abrams. Seriously, just watch him talk. That demonic grimace is the prettiest face they could find to put on their Venezuela agenda. I find that very encouraging.
    The reason they work so hard to manufacture our consent for warmongering agendas is because they need that consent. They wouldn’t propagandize us so aggressively if they didn’t need us all trusting them and believing their stories, so the best way to fight establishment warmongering is to circulate disbelief in their stories. Whenever you see someone like Ilhan Omar drawing attention to the gaping plot holes in agendas like regime change interventionism in Venezuela, go ahead and help draw attention to it.

    Ilhan Omar Smacks Down Elliott Abrams In Front Of Everybody

    #45395

    PlanetaryCitizen
    Participant

    Excellent series of posts today!

    #45396

    Chris M
    Participant

    How far away is a false flag?

    Maybe Maduro will gas his own people, huh? 😏

    #45397

    ezlxa1949
    Participant

    • Australia’s $7 Trillion Question: How Low Will House Prices Go (SMH)

    Australia has for decades been relying on bulk immigration and more and more mortgages to keep its economy going. As a result Sydney and Melbourne are badly over-stuffed, infrastructure arrears are getting longer and longer, the people are weary of it, and the various levels of government have no alternative to offer. All I can do is watch.

    #45410

    tabarnick
    Participant

    Yeah, in other insignificant trade news today – unreported by the automatic earth: another trade deal signed between the UK and another insignificant Seychelles, called the United States of America.

    https://www.gov.uk/government/news/uk-and-usa-agree-to-continue-mutual-recognition-agreement
    An arrangement which helps boost British trade with the US will continue when the UK leaves the European Union, supporting jobs in both countries.

    The Mutual Recognition Agreement on Conformity Assessment (MRA) was signed by Her Majesty’s Ambassador Sir Kim Darroch and Deputy United States Trade Representative C.J. Mahoney in Washington today (Thursday 14 February).

    The agreement will maintain all relevant aspects of the current EU-US MRA when the EU-US agreement ceases to apply to the UK. It helps facilitate goods trade between the two nations and means UK exporters can continue to ensure goods are compliant with technical regulations before they depart the UK, saving businesses time, money and resources. American exporters to the UK benefit in the same way.

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