Aug 092019
 
 August 9, 2019  Posted by at 9:43 am Finance Tagged with: , , , , , , , , , , , ,


Odilon Redon Street in Samois 1888

 

UK Economy Contracts On Back Of Brexit Uncertainty (G.)
The Dramatic Drop In Sterling Is Only A Taste Of What Is To Come (G.)
Johnson Plotting Abuse Of Power To Force No-Deal Brexit – Corbyn (G.)
Andrew McCabe Sues DOJ, FBI Over “Politically Motivated Firing” (ZH)
Uber Loses $5.2 Billion on $3.2 Billion in Revenue (WS)
Italy’s Matteo Salvini Calls For Fresh Elections As Coalition Fractures (G.)
China PPI Deflation Arrives While CPI Food Inflation Soars (ZH)
Three Days Of Protests Begin At Hong Kong Airport (BBC)
Malaysia Files Charges Against 17 Current, Ex-Goldman Execs Over 1MDB (AFP)
The Swiss Battle to Cheapen the Franc (Rickards)
Bayer Proposes Paying $8 Billion to Settle Roundup Cancer Claims (BBG)
Monsanto Built A Step-by-Step Strategy To Destroy My Reputation (Carey Gillam)

 

 

“UK economy suffers shock 0.2% contraction in second quarter..”

UK Economy Contracts On Back Of Brexit Uncertainty (G.)

The UK economy shrank in the second quarter, its worst performance in six and a half years, as growth was held back by Brexit uncertainty and car factory shutdowns. A 0.2% contraction between April and June was the weakest since the fourth quarter of 2012, when the economy contracted by 0.2%, according to figures from the Office for National Statistics. It followed growth of 0.5% in the first three months of the year, when the economy received a boost from unprecedented stockpiling by manufacturers in the run-up to the initial Brexit deadline of 29 March.


The ONS data showed that all three main sectors of the economy – services, manufacturing and construction – struggled in the three months to June. The slowdown – which leaves the annual growth rate at 1.2% – was considerably worse than the Bank of England’s forecast in its quarterly inflation report. Early evidence has suggested slightly stronger activity at the start of the third quarter of 2019.

Read more …

Just starting.

The Dramatic Drop In Sterling Is Only A Taste Of What Is To Come (G.)

As our currency plummeted last week, politicians were remarkably quiet. In normal times, a catastrophic slide in the pound would send a shockwave through Westminster. An emergency cabinet meeting might have been called. The chancellor might have made an announcement, calming markets and reassuring the public. But these aren’t normal times. Over the past three years, politics has been increasingly blind to the concerns of ordinary people. The Brexit debate is stuck on abstract constitutional issues such as the backstop. While they are important matters, the relentless focus of public discourse on them means that we are in danger of forgetting about the lives of real people.

Westminster is gripped by a fanatical race towards a cliff-edge Brexit and nobody is stopping to think about the impact it would have on the everyday lives of the people we serve as politicians. The falling pound is a perfect example. Consider for a moment the situation we find ourselves in. Three years on from the referendum, and sterling has now fallen by 15% against the euro. On average, the pound is now weaker than it was at the height of the financial crisis. We cannot dismiss this as a trivial bump in the road. This matters, because a no-deal Brexit is now the number one threat to the value of our currency, a fundamental factor driving this nation’s prosperity. And as Paul Johnson, director of the Institute for Fiscal Studies, put it, a fall in the pound “makes those of us whose earnings or savings or investment income is in pounds poorer. Period.”

We simply cannot ignore the impact this is having on people in our country. August is the most popular month for Brits to go on holiday. This month, some 6 million people will go on a trip to a eurozone destination, during which they will spend an average of £574 per head, according to the Office for National Statistics. Whereas before the referendum, that would have bought a UK holidaymaker €740 on the continent, now the same spend is worth only €620. In other words, our politicians’ dangerous no-deal Brexit musings have cost travellers more than £100 per person already.

Read more …

Oh well, at least the lawyers are happy. But even they don’t know what is legal and what is not.

Johnson Plotting Abuse Of Power To Force No-Deal Brexit – Corbyn (G.)

Jeremy Corbyn has called on the UK’s most senior civil servant to intervene to stop Boris Johnson forcing a no-deal Brexit in the middle of an election campaign, amid rising signs the country is heading for the polls again this autumn. The Labour leader wrote to Sir Mark Sedwill, the cabinet secretary, accusing the prime minister of plotting an “unprecedented, unconstitutional and anti-democratic abuse of power”, after it emerged No 10 would be prepared to delay an election until immediately after 31 October if Johnson loses a no confidence vote among MPs. In his letter, Corbyn demanded urgent clarification of the rules around purdah, which are meant to prevent the government taking major policy decisions during an election campaign.

He asked Sedwill to confirm that if the UK is due to leave the EU without a deal during an election campaign, then the government must seek an extension to article 50 and allow an incoming administration to take a decision about Brexit on the basis of the result. “Forcing through no deal against a decision of parliament, and denying the choice to the voters in a general election already underway, would be an unprecedented, unconstitutional and anti-democratic abuse of power by a prime minister elected, not by the public, but by a small number of unrepresentative Conservative party members,” he said. “I am therefore writing to seek your urgent clarification on the proper application of ‘purdah’ rules in such a scenario and the constitutional implications of failing to abide by those rules.”

Corbyn released the letter as No 10 refused to rule out delaying an election until the immediate few days after Brexit on 31 October if one is triggered by MPs voting down Johnson’s government and failing to form another administration. Asked by the BBC on Thursday if he would resign if he lost a confidence vote, Johnson swerved the question, and stressed the need to leave the EU on 31 October. “I think that what MPs should do and what I think they’ve already voted to do, when triggering article 50 and reconfirmed several times, is honour the mandate of the people and leave the EU on 31 October,” he said. He also insisted there was “bags of time” for the EU to “show some flexibility” and agree to ditch the Irish backstop, which he claimed could make the UK into a “satellite state” of Brussels.

Read more …

Former FBI chief Comey now communicates via The View?!

Andrew McCabe Sues DOJ, FBI Over “Politically Motivated Firing” (ZH)

Former FBI Deputy Director Andrew McCabe – flush with cash after a GoFundMe campaign raised $540,000, is the second former high-ranking FBI official to sue the Justice Department and FBI this week for what he describes as a “politically motivated firing” just days before he was set to retire with full benefits. The lawsuit describes former Attorney General Jeff Sessions and FBI Director Christopher Wray as “Trump’s personal enforcers,” who catered “to Trump’s unlawful whims instead of honoring their oaths to uphold the Constitution.” McCabe was fired after the DOJ’s Inspector General issued a criminal referral based on findings that he “made an unauthorized disclosure to the news media and lacked candor – including under oath – on multiple occasions.”

Specifically, McCabe authorized an F.B.I. spokesman and attorney to tell Devlin Barrett of the Wall St. Journal, just days before the 2016 election, that the FBI had not put the brakes on a separate investigation into the Clinton Foundation – at a time in which McCabe was coming under fire for his wife taking a $467,500 campaign contribution from Clinton proxy pal, Terry McAuliffe. Then he lied about it to the inspector general four times. In his defense, McCabe said said that his boss – former FBI Director James Comey, knew about and authorized the leak. Comey, in response, called McCabe a liar on The View, after host Megan McCain asked how he thought the public was supposed to have “confidence” in the FBI amid revelations that McCabe lied about the leak.

“It’s not okay. The McCabe case illustrates what an organization committed to the truth looks like,” Comey said. “I ordered that investigation.” Comey then appeared to try and frame McCabe as a “good person” despite all the lying. “Good people lie. I think I’m a good person, where I have lied,” Comey said. “I still believe Andrew McCabe is a good person but the inspector general found he lied,” noting that there are “severe consequences” within the DOJ for doing so.

Read more …

Child of the Fed’s policies.

Uber Loses $5.2 Billion on $3.2 Billion in Revenue (WS)

Uber’s losses have been legendary for years, ever since they were being leaked to the public while it was still a privately held company. But this takes the cake. Uber reported this evening that it had lost $5.24 billion in the quarter through June 30. The thing is, Uber reported revenues of only $3.2 billion. In other words, its net loss exceeded revenue by $2 billion. That takes some doing. Its $5.24 billion loss came on top of its $878 million loss in the first quarter. Combined, during the first half of 2019, Uber lost $6.25 billion. Total revenue for the two quarters was $6.3 billion. The chart of Uber’s “Loss from operations” – which does not include interest expense ($368 million in the first half) and “other income (expense),” such as last year’s gain from the sale of its stakes in Grab and Yandex – shows the annual totals from 2014 through 2018 and first-half total for 2019:

Lyft, Uber’s biggest competitor in the US, reported yesterday that its Q2 revenues of $867 million had generated a loss of $644 million. And that over the first half, its revenues of $1.64 billion generated a loss of $1.78 billion. You see, this phenomenon of well-established global companies with thousands of employees generating as much or more in losses than they have in revenues causes my old-school thinking to short-circuit. Uber has been around for a decade, and it has already burned through many billions of dollars in investor money to get where it is today, and there is still no functioning business model in sight.

Read more …

He’s following the polls closely.

Italy’s Matteo Salvini Calls For Fresh Elections As Coalition Fractures (G.)

Matteo Salvini, Italy’s deputy prime minister and the leader of the far-right League party, has called for a snap election, urging the prime minister to reconvene parliament to confirm that the coalition government is no longer viable. The dramatic move on Thursday came after months of fighting between the League and its coalition partners, the anti-establishement Five Star Movement (M5S). The cavernous differences between the parties were clearly exposed on Wednesday when parliament rejected a motion by M5S to block a high-speed rail project linking Italy and France. M5S has built most of its popularity on vehemently opposing the long-stalled project but was outvoted by the League and opposition parties. In a statement, Salvini, who is also Italy’s interior minister, said it was pointless continuing the government with all the quarrelling.


“Italians need certainty and a government that does things, not a ‘Mr No’,” he said. “We do not want extra seats or ministers, nor do we want reshuffles or technical governments. After this government (which has done so many good things), the only thing is elections.” Salvini said he told the prime minister, Giuseppe Conte, who does not belong to either party, to reconvene parliament straight away to “acknowledge that there is no longer a majority, as evidenced by the vote [on Wednesday] and the repeated insults against me.” Conte, who had held separate talks with Salvini and the country’s President Sergio Mattarella as the crisis deepened, said in a statement later that the interior minister doesn’t summon parliament and “it’s not up to him to dictate the steps of the political crisis.”

Read more …

You know I don’t like using inflation and deflation in this way, but the idea is obvious.

China PPI Deflation Arrives While CPI Food Inflation Soars (ZH)

On Friday, China’s National Bureau of Statistics reported that the Producer Price Index (PPI), i.e. factory prices, fell 0.3% in July from a year ago, missing the modest 0.1% decline expected by analysts. This was the first annual decline in China’s PPI in three years – since August 2016 – and just like back then, was largely the result of tumbling commodity prices which in turn depressed both manufacturing and raw material goods prices. And with oil sliding, and iron ore plunging, not to mention the whole trade war thing, it does not seem like a rebound is imminent at all.

Worse, since PPI is closely linked to corporate profitability, the decline suggests that China is badly lagging in the credit impulse arena despite having started off 2019 with a bang and some of the biggest increases in Total Social Financing on record. So what’s the big deal: China has always been able to boost inflation, all it had to do was turn on the credit spigot and inject a few trillion in new bank and shadow loans into the economy. Maybe that was the case in the past, but this time it will have a big headache, because even as PPI declined for the first time in three years, consumer prices jumped 2.8%, and coming in hotter than the 2.7% expected, were tied for the highest annual headline inflation since February 2018.

Before that one would have to go all the way to 2013 to find a hotter CPI print. A continuation of recent trends, the bulk of the inflation was the result of sharply higher food prices, which surged 9.1% Y/Y as China continues to battle the rapid spread of “pig ebola” which some expect will eradicate half of China’s entire pig population, leading to even higher prices. Sure enough, pork prices soared 27% in July from a year ago, the highest in three years, but that wasn’t even the worst of it: the prices of fresh fruit soared by 39%, the highest since 2006!

Read more …

“It will be a peaceful protest as long as the police do not show up…”

Three Days Of Protests Begin At Hong Kong Airport (BBC)

Demonstrators have gathered at Hong Kong’s airport, marking the start of three days of unauthorised rallies in the Chinese territory. Activists dressed in black sat in the arrivals hall waving banners to raise awareness among international visitors. Protests have gripped Hong Kong for weeks, beginning with anger at an extradition bill and morphing into demands for greater freedoms. The former British colony is part of China but enjoys more autonomy. It has a free press and judicial independence under the “one country, two systems” approach – freedoms activists fear are being increasingly eroded.


They have called for an independent inquiry into alleged police brutality during the protests, the complete withdrawal of the controversial extradition bill, and the resignation of Hong Kong’s leader Carrie Lam. Beijing has warned demonstrators not to “play with fire” or to “underestimate the firm resolve [of] the central government”. Demonstrators plan to stay at the airport throughout the weekend. They are waving banners written in different languages denouncing Carrie Lam and the police, and handing out leaflets with artwork explaining the recent protests. Authorities are so far tolerating the peaceful rally, which have not overly disrupted passengers. There are as yet no police at the scene. “It will be a peaceful protest as long as the police do not show up,” one demonstrator told Reuters news agency.

Read more …

Imagine the pressure the Malaysians must be under…

Malaysia Files Charges Against 17 Current, Ex-Goldman Execs Over 1MDB (AFP)

Malaysia filed criminal charges Friday against 17 current and former directors of three Goldman Sachs subsidiaries, piling further pressure on the Wall Street titan over the multi-billion dollar 1MDB scandal. Huge sums were looted from Malaysian sovereign wealth fund 1Malaysia Development Berhad in a globe-spanning fraud, which allegedly involved ex-leader Najib Razak and his inner circle. Goldman’s role has been under scrutiny as it helped arrange a series of bond issues worth $6.5 billion for the investment vehicle. Prime Minister Mahathir Mohamad re-opened investigations into the 1MDB affair last year after defeating Najib at the polls, in large part due to public anger at the scandal, and pressure has been steadily mounting on the bank since.


Announcing the latest charges, Attorney General Tommy Thomas said: “Custodial sentences and criminal fines will be sought against the accused… given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds.” Goldman said in a statement it believed the charges were “misdirected” and would be “vigorously defended”. Thomas listed the names of the 17 accused, whom he said were directors of three Goldman subsidiaries in 2012 and 2013. In December, Malaysia filed charges against the units — Goldman Sachs International, Goldman Sachs (Asia), and Goldman Sachs (Singapore) — and two ex-employees.

Read more …

Everybody gather in the basement!

The Swiss Battle to Cheapen the Franc (Rickards)

One of the crucial insights in currency trading that many investors fail to grasp is that currencies don’t go to zero, and they don’t go through the roof. That’s a generalization, but an important one. Here are the qualifications: This observation applies to major currencies only — not to currencies of corrupt or incompetent countries like Venezuela or Zimbabwe. Those currencies do go to zero through hyperinflation. The observation also applies only in the short-to-intermediate run. In the long run, all fiat currencies also go to zero. Yet over a multiyear horizon, major currencies such as the dollar (USD), euro (EUR), yen (JPY), sterling (GBP) and the Swiss franc (CHF) retain value and do not go to extremes. Instead, they trade in ranges against each other.


That’s the key to successful foreign exchange trading. Trading profits are the result of catching the turning points. Stocks can go to zero when a company goes bankrupt. Enron, WorldCom and a host of dot-com stocks in the early 2000s are all good examples. Bonds can go to zero when a borrower defaults. That happened to Lehman Bros. and Bear Stearns. But major currencies do not go to zero. They move back and forth against each other like two kids on a seesaw moving up and down and not going anywhere in relation to the seesaw. The EUR/USD cross-rate is a good example. In the past 20 years, the value of the euro has been as low as $0.80 and as high as $1.60. There have been seven separate instances of moves of 20% or more in EUR/USD in that time period. But EUR/USD never goes to zero or to $100. The exchange rate stays in the range.

Read more …

Or else.

Bayer Proposes Paying $8 Billion to Settle Roundup Cancer Claims (BBG)

Bayer is proposing to pay as much as $8 billion to settle more than 18,000 U.S. lawsuits alleging its Roundup herbicide causes cancer, according to people familiar with the negotiations, Bloomberg News reports. Though such an agreement may be months away, if successful it would ease investor pressure over the German drug and chemical company’s massive litigation exposure. Bayer’s shares have fallen more than one-third in the 14 months since its $63 billion acquisition of the weedkiller’s maker, Monsanto Co.

Read more …

Lawyers, PR firms, spin doctors. That’s Monsanto. Plus a handful of scientists.

Monsanto Built A Step-by-Step Strategy To Destroy My Reputation (Carey Gillam)

As a journalist who has covered corporate America for more than 30 years, very little shocks me about the propaganda tactics companies often deploy. I know the pressure companies can and do bring to bear when trying to effect positive coverage and limit reporting they deem negative about their business practices and products. But when I recently received close to 50 pages of internal Monsanto communications about the company’s plans to target me and my reputation, I was shocked. I knew the company did not like the fact that in my 21 years of reporting on the agrochemical industry – mostly for Reuters – I wrote stories that quoted skeptics as well as fans of Monsanto’s genetically engineered seeds.

I knew the company didn’t like me reporting about growing unease in the scientific community regarding research that connected Monsanto herbicides to human and environmental health problems. And I knew the company did not welcome the 2017 release of my book, Whitewash – The Story of a Weed Killer, Cancer and the Corruption of Science, which revealed the company’s actions to suppress and manipulate the science surrounding its herbicide business. But I never dreamed I would warrant my own Monsanto action plan. The company records I’ve obtained show a range of actions. One Monsanto plan involved paying for web placement of a blogpost about me so that Monsanto-written information would pop up at the top of certain internet searches involving my name.

The correspondence also discussed a need to produce “third party talking points” about me. In addition, Monsanto produced a video to help it amplify company-engineered propaganda about me and my work. I even inspired a Monsanto spreadsheet: as part of “Project Spruce”, the “Carey Gillam Book plan” lists more than 20 items, including discussion of how the company might get third parties to post book reviews about Whitewash.

Read more …

 

 

 

 

 

Home Forums Debt Rattle August 9 2019

This topic contains 9 replies, has 9 voices, and was last updated by  Chris M 2 months ago.

Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
    Posts
  • #49078

    Odilon Redon Street in Samois 1888   • UK Economy Contracts On Back Of Brexit Uncertainty (G.) • The Dramatic Drop In Sterling Is Only A Taste Of
    [See the full post at: Debt Rattle August 9 2019]

    #49079

    V. Arnold
    Participant

    11:01 on August 9, 1945 the U.S. dropped the second atomic bomb, in Japan, on Nagasaki.
    I was just 26 days old on August 9th.
    It seems to me that August 6th (Hiroshima) and 9th, 1945 should never be forgot; but mark those days for humanity, in infamy, for time immemorial…
    The real tragedy is that it wasn’t necessary: The Japanese were guinea pigs and not white/caucasian.
    But that’s history not written for the masses…
    There are some things that should never be forgot…

    #49081

    John Day
    Participant

    http://www.johndayblog.com/2019/08/world-starvation-war.html
    Sister Caitlin in Oz:
    (I think the US has been subsumed by the Evil Empire of Sith Lords, but I can’t see them. They are hidden. They mind control the politicians. The last Jedi warrior got shot in Dallas, when I was a kid. “There was another”, but he got shot in LA.)
    Reports coming out of Venezuela claim that President Maduro has just seized a shipment of food with the explicit goal of starving the Venezuelan people into submission.
    Oh wait, no, sorry, I misread that. Did I say Maduro? I meant America.
    “Venezuela’s Vice president Delcy Rodriguez denounced Wednesday that a ship containing 25 thousand tonnes of Soya has been seized in the Panama Canal due to the U.S. blockade while calling on the United Nations to take action against the ‘serious aggression’ that impede Venezuela ‘right to food’,” reports TeleSUR English.
    “The shipment seizure comes just days after Trump signed an executive order Monday that imposes a near-total blockade on government assets in that country, which includes an embargo against food suppliers, among other basic inputs,” the report reads.

    US Empire Tightens Sanctions On Venezuela And Manning

    Russia has made deals with Iran for Russian military to be stationed at 2 Iranian ports for the foreseeable future, and also for Russia to develop Iranian oil fields and control all the oil pumped from them and get it for about 2/3 of open market value. This is not a very good deal for Iran, which has always been wary of Russia. It does look like the only deal, though. Iran payed too much for the ho-hum S-300 missile system, too.
    https://oilprice.com/Energy/Energy-General/Russia-Gains-Stranglehold-Over-Persian-Gulf.html

    In what context does this make sense? 4 Ukrainian soldiers were killed in an ambush, which President Zelinsky believes to have been sprung by Donetsk separatists, who really want to be left alone in peace. This makes it harder to negotiate (again) peace. Zelinsky called Putin to ask him very nicely to help the Donetsk Russian-Ukrainian-separatists not sneak attack Ukrainian soldiers, so they can all negotiate peace and cooperation again. (I have to wonder who really did the sneak attack, maybe somebody does NOT want peace, but who could that be?)
    https://www.zerohedge.com/news/2019-08-07/ukraines-zelensky-presses-putin-peace-talks-after-four-soldiers-killed

    It’s a bad year for American farmers, with bad weather, and the loss of Chinese markets, and the last 6 years of losing money in the rear-view mirror. Fortunately, these weaponized pawn of the empire will be able to carry much higher debt loads into bankruptcy. The banks would rather foreclose in a good year than a bad year, I’m sure. (I presume this legislation has a clause somewhere to let us save the bankers from losses.)
    The bipartisan bill, designated as the Family Farmer Relief Act of 2019, increases the total debt load of how much a farmer can have to meet the qualifications to file Chapter 12 bankruptcy, to $10 million from the prior $4 million ceiling.
    According to the US Department of Agriculture (USDA) data, operating a farm today involves much higher costs than it did three decades ago. Experts say without a complete reform of the law, mom-and-pop farmers would be subjected to Chapter 11 bankruptcy protection, which is expensive and chaotic.
    https://www.zerohedge.com/news/2019-08-06/here-are-signs-us-govt-preparing-farmageddon

    Department of Pre-Crime, Thanks Eleni.

    ​The FBI has published a document that concludes that “conspiracy theories” can motivate believers to commit crimes.https://www.scribd.com/document/420379775/FBI-Conspiracy-Theory-Redacted#download
    ​ ​Considering the growing acceptance of pre-emptive arrest, that is, arresting someone before they can commit a crime that they are suspected of planning to commit, challenging official explanations, such as those offered for the assassinations of John F. Kennedy, Robert Kennedy, and Martin Luther King or the official explanation for 9/11, can now result in monitoring by authorities with a view to finding a reason for pre-emptive arrest.
    ​ ​What the FBI report does, intentionally or unintentionally, is to define a conspiracist as a person who doubts official explanations. In other words, it is a way of preventing any accountability of government.Whatever the government says, no matter how obvious a lie, will have to be accepted as fact or we will be put on a list to be monitored for preemptive arrest.
    ​ ​In effect, the FBI’s document reduces the First Amendment, that is, free speech, to the right to repeat official and prevailing explanations. Any other speech is a conspiratorial belief that can lead to the commission of a crime.
    https://www.unz.com/proberts/an-open-invitation-to-tyranny/

    US Calls China “Thuggish Regime” For Releasing Identity Of US Official Caught Meeting With HK Protesters​ (Pot, you’re black…)
    https://www.zerohedge.com/news/2019-08-08/evidence-cia-meeting-hk-protest-leaders-china-summons-us-diplomats-over-viral-photo

    India is moving on Kashmir after gutting Kashmir’s constitutional protection and turning off electricity and communications. China may be tied down in other areas, and Pakistan is much smaller than India.
    Citing local media, Reuters described that “troops on the border had exchanged heavy fire and that Pakistani troops have fired mortars in the clashes.” The exchange of fire took place according to local media at the Sunderbani Sector along the Line of Control (LOC) after 10pm local time, with each side blaming the other for breaching a ceasefire.
    Though few details were given, especially with a near total communications blackout on the Indian-administered side in Jammu and Kashmir (J&K), military observers have been expecting intensifying shelling and clashes between the nuclear armed rivals after earlier this week the Hindu nationalist Bharatiya Janata leadership in New Delhi revoked Article 370 of the constitution which protected Muslim-majority J&K’s special autonomous status.
    Unverified social media reports from regional observers say the death toll is mounting amid a broad Indian crackdown on its side of the LOC.
    https://www.zerohedge.com/news/2019-08-07/heavy-clashes-erupt-between-indian-pakistani-forces-kashmir

    #49082

    democritus
    Participant

    If they are worried about the value of the pound they could raise interest rates. No doubt they will say this would be bad for the economy. But devaluing the pound ought to be good for the economy. Does anyone understand it? How about printing some money and paying the poor to vote remain?

    #49083

    Chris M
    Participant

    By Mr. Meijer the other day:

    “Cheap abundant energy is the worst thing that could happen to mankind and the planet.”

    I think it’s called the sun, no? 😏

    Benjamin Franklin said there were three ways for a nation (and an individual, for that matter) to become wealthy:

    1. Go to war against another nation and steal its wealth.

    2. Trade with another nation and gain the upper hand by cheating.

    3. Plant a seed and watch new wealth being created as if by a miracle.

    #49084

    zerosum
    Participant

    We, at TAE, can see that yesterday is slipping away.
    There are many elites finding ways of turning up the heat,
    The frogs still cannot notice the change in temp.
    The big silence is near.

    OPPPS!

    I just remembered …. We, at TAE, are not out of the pot.

    #49085

    scraplet
    Participant

    Over the past three years, politics has been increasingly blind to the concerns of ordinary people.

    Ha! Words printed in the Guardian, written by a Tory MP for one of the wealthiest London dormitory counties in the UK!

    Come north, Sam Gyimah MP, to the former coalfields, where I reside.

    See: towns and villages gutted during the the Thatcher / Major Tory governments, which have never recovered. We didn’t notice the ’08 crisis, because it felt the same as it was before the ‘crisis’!

    Visit: former collieries and steel works, which are now literally museums to the past.

    Speak to: two generations who know nothing but decline, dependence, and increasingly, poverty.

    Hear from: 60-70% of the voting population of “ordinary people” who voted for Brexit, and are just fine with ‘no deal’.

    Then: fuck-off back to Surrey and ignore all of this, just as you have for 30+ years.

    #49086

    Ken Barrows
    Participant

    Chris M,

    Are you familiar with the concept of net energy/EROEI? Sunlight is sunlight; fossil fuels are concentrated, ancient sunlight. The sun is abundant, for sure. But is it cheap? Not if you want to live in an industrial economy.

    #49088

    Dr. D
    Participant

    “nobody is stopping to think about the impact it would have on the everyday lives of the people we serve as politicians.”

    Great rhetoric, problem is, the PEOPLE TOLD YOU WHAT THEY WANTED. Now once again, the schmartz-guyz say, “Nah, we know best. That’s not REALLY what you want.” No, actually it was. “But it’ll be hard.” Yes, I don’t think a single person who voted Leave didn’t realize it would be very difficult, probably cause a recession, and possibly drive the Pound to 1:1, BUT IT WOULD BE WORTH IT. It was worth remaining British, worth having your freedom, that freedom should not vanish from the earth.

    But of course they know better. “I want you to be a slave, why wouldn’t YOU want to be a slave, I care not whether to Westminster or to Europe, since we are the same.”

    And his main beef? All those London-Westminster minions have to pay an extra C-bill for their sex-slave vacations in Romania and Ibiza. Well paint me with butter and call me a muffin folks, people in Blackpool will just be all broken up to hear that.

    “unprecedented, unconstitutional and anti-democratic abuse of power”

    May was ousted, and BoJo put in expressly TO enact this “major policy decision”, that was the point. So what you’re saying is, we need an election to clarify, but after we have the election, you’re not allowed to implement policy because a) we’re not really really really really sure about the last Referendum, vote of confidence, election, and outster…might just be an accident, should ask again, and b) we, the opposition obviously would love to have an election 100% the time, and prevent your policy 100% the time. Therefore you can’t enact policy because someday one of our election attempts will succeed. Do I have this right? Right.

    By the way, no-deal is not a “Decision”, the decision was made in the Referendum, and confirmed in the election. It’s nothing new, no change at all. Doesn’t matter if he brought in a team to make it happen, that’s his right as PM, and those are his legal delegates. I’d say if you don’t like it, vote him out, but apparently elections don’t matter anymore: win or lose, you are not allowed to implement policy, and whatever the people want or express, the only thing that matters is what the “In” crowd in Westminster tells you to do. That’s Democracy!

    Like or or not, if you start down this road, where elections no longer mean one side gets to steer for a while, then the immediate result will be shooting in the streets for means of control instead. Everyone good with that? I’m not. That way there be monsters.

    “FBI Director Christopher Wray as “Trump’s personal enforcers,”

    Gosh, these guys might want to wiki “FBI” because they have never heard of “J. Edgar Hoover.” Yes, the FBI is a lawless, crooked, political enforcement body* and always has been. There hasn’t been a year since their birth they weren’t spying, rigging, arresting, tampering, and oppressing. Problem is, these guys want all that crooked violent, illegal corruption for THEMSELVES and are mad somebody else is using it. Aw. (*I should add the caveat, “at the top.” Agents themselves are generally normal policemen, as in every occupation, subverted in their jobs by management corruption springing pals and playing favorites)

    “Good people lie”

    Sure, James. Policemen are always good and always mean well when they perjure themselves on the stand, fabricate and withhold evidence, and imprison unjustly, because they actually believe all the people they don’t like must be guilty of something we-not-sure-what. (Cue RussiaRussiaRussia) I’m sure us citizens will understand all the years of perjury and railroading, because we are subject to it all the time, and are imprisoned forever or shot for the slightest infraction. But so we have it, clear admission: Comey, and apparently all his managers and coworkers over the years, literally cannot tell good from bad, right from wrong, legal from illegal. We know, but thanks for making it clear in a simple quote.

    P.S. he also has no loyalty, throwing anyone but himself under the bus to be mangled for life. I’m sure any other FBI boy scout would do the same. Because Boy Scout/mustache-villain, who can really tell the difference?

    “Uber Loses $5.2 Billion on $3.2 Billion in Revenue (WS)”

    Who cares? Powell will just spray Uber and everybody else (aka “all my friends”) with the money fire hose.

    “Italians need certainty and a government that does things, not a ‘Mr No’,”

    A lot of people disagree with this statement, since the government destroys literally everything it ever touches over the last 5,000 years. Best thing we could do is pay them to play golf instead of helping us. War on Crime and Poverty, anyone?

    “It will be a peaceful protest as long as the police do not show up…”

    Obviously, it would be a peaceful, perfect world if everybody did what I wanted and no one opposed me. By extension, of course, “All this violence is YOUR fault!” Spoken like any 2-year-old.

    Should redo the slave map for human trafficking, which apparently only one half of one party cares about or is going after. It would be illuminating to see which party’s territory has nearly all the neuvo slaves, but apparently NY and Miami are on the “strongly support” list.

    “The Japanese were guinea pigs and not white/caucasian.”

    Aw V that’s horse-puckey. They immediately did the Bikini tests and irradiated all the U.S. and French sailors on purpose for amusement, for which thousands died. Today, we’re using D.U. throughout all our Iraq deploys and killing the soldier’s wives at home. Like Comey, sadly they cannot distinguish right from wrong, and are mentally unable to care which race or person they murder. Race is just meant to have us fight each other.

    #49090

    Chris M
    Participant

    Ken,

    My broader point, which I think may be shared by Mr.Meijer, is that we will have to localize and use carbohydrates instead of hydrocarbons to power ourselves.

Viewing 10 posts - 1 through 10 (of 10 total)

You must be logged in to reply to this topic.