Debt Rattle August 22 2022


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    Participant is a good place for numbers

    ‘Here’s our summary of key economic events overnight that affect New Zealand, with news the rise and rise of global bond yields has investors fretting that the chances of a global recession are rising.

    But first, China’s scorched southwestern regions extended curbs on power consumption as they deal with dwindling hydropower output and surging household electricity demand during the current long drought and heatwave. Wildfires are a problem there too. There have been power cuts even in Shanghai although at this stage they seem only to be symbolic and in sympathy with central regions doing it tough.

    The People’s Bank of China cut their one-year loan prime rate by -5 basis points to 3.65% from 3.7%, while the five-year rate was cut by -15 basis points to 4.3% from 4.45%. A cut was expected, but -10 bps for each. Most new and outstanding loans in China are based on the one-year loan prime rate, which is now loosely pegged to the central bank’s medium-term lending facility rate, while the five-year rate influences the pricing of mortgages.

    It is this housing signal that is getting the most attention, showing Beijing is still struggling to stop the sector’s sharp retreat. Their housing sector crisis just won’t go away.

    We should also note that the Chinese yuan has fallen to a two year low against the US dollar. But it isn’t the only currency sinking; the British pound is also at a 2-year low, and the Euro is back at parity with the USD and at a 20 year low.

    Taiwanese export orders fell in July from June, and the impetus is going out of this banner feature of the Taiwanese economy.

    In the US, the Chicago Fed’s national activity index rose, a rebound that wasn’t really expected and putting two monthly declines behind it. All four broad categories made positive contributions in July; production, orders, employment and personal consumption. Investors ignored this data.

    But there are new signs that the US housing market is entering a downturn that is bringing sharply lower prices. This a special problem in regions that saw sharp rises during the pandemic when there was a shift away from major urban centers.

    The tone of the upcoming speech from the Fed boss at the end of this week is taking on huge implications. Markets will be super-sensitive to any perceived ‘new’ signals. We are less than two weeks away from the US Labor Day long weekend, signaling the end of their summer holiday season and the start of a more serious assessment of the prospects of the giant US economy. Sentiment is everything at this stage, and Powell will have an influence on that.

    The UST 10yr yield starts today at 3.04% and up +7 bps from this time yesterday. The UST 2-10 rate curve is still inverted at -31 bps. Their 1-5 curve is slightly less inverted at -14 bps. Their 30 day-10yr curve is now at +82 bps and a little steeper than this time yesterday. The Australian ten year bond is up +12 bps at 3.60%. The China Govt ten year bond is staying lower at 2.64%. And the New Zealand Govt ten year will start today up +15 bps at 3.72%.

    Wall Street is in a sell-off mood with the S&P500 down -2.2% in Monday trade. Overnight, European markets were all lower by a similar amount, except London which only fell -0.2%. Yesterday, Tokyo ended down -0.5%. Hong Kong ended -0.6% lower. But Shanghai ended its Monday session +0.6% higher. The ASX200 ended down a full -1.0%. But the NZX50 starred, up +0.7%.

    The price of gold will open today at US$1737/oz which is down -US$11/oz from this time yesterday.

    And oil prices start today at just over US$89.50/bbl in the US which is very little-changed, while the international Brent price is still just on US$95.50/bbl.

    The Kiwi dollar will open today at 61.6 USc and only marginally softer than this time yesterday. Against the Australian dollar we are unchanged at 89.8 AUc. Against the euro we have risen about +½c to just over 62 euro cents. That all means our TWI-5 starts today at 70.9 and a minor firming.

    The bitcoin price is now at US$21,226 and a -1.0% fall from this time yesterday. Volatility over the past 24 hours has been moderate at just on +/- 2.1%.


    “WHAT ON EARTH will we do with all the gasoline we are accumulating?”

    Rockefeller had the Exact same problem in the late 1800’s and early 1900’s with no market for the gasoline produced as a Useless byproduct of the refining process.

    At first he just dumped it into the rivers near the refineries and killed EVERYTHING in the eco-system. Big yawn, he didn’t care but was upset he couldn’t make money on it.

    Rockefeller wanted Ford to power the new cars with gasoline so he could make a market for it instead of dumping it into the rivers and streams.

    The Ford Model T could burn almost any fuel, gasoline, alcohol, kerosene, benzene, etc…

    There was already a huge base of farm based alcohol still production across the country to power tractors and pumps and farm equipment.

    Model T Fords often burned alcohol while in the countryside before wide spread gas stations in the bonndocks appeared and gasoline in the city where stations were easier to build.

    Rockefeller also funded Prohibition to help destroy the alcohol fuel infrastructure that existed in the US countryside of the early 20th century to have a total monopoly on vehicle fuel. By 1932, no vehicles in the US used alcohol, including most farm equipment. Gasoline and diesel were king. Mission Accomplished.

    Quote from Ford in the early 20th century

    from a New York Times piece, wherein Ford says: “The fuel of the future is going to come from fruit like that sumach out by the road, or from apples, weeds, sawdust — almost anything. There is fuel in every bit of vegetable matter that can be fermented. There’s enough alcohol in one year’s yield of an acre of potatoes to drive the machinery necessary to cultivate the fields for a hundred years.”

    Well that didn’t work out.


    Veracious Poet

    Figmund Sreud


    Carlin is absolutely correct: “it’s all bullshit”, … yet still, it’s an idea pitched by John Carter Risley, a billionaire businessman with interests in fisheries, food supplements, and communications, … and now hoping to be into offshore whirly-jigs. He is, … again, looking for more government hand outs:

    “John Risley, chairman and chief executive officer of CFFI Ventures and former head of Clearwater Seafoods, says he has entered into an agreement with First Nations partners to acquire the Port of Stephenville, which would be used to ship hydrogen created in the province around the world.

    The plan comes just weeks after the Newfoundland and Labrador government lifted a moratorium on privately owned onshore wind projects.”

    … what a nerve!




    Thanks for the new historical view of Prohibition and alcohol! Same old shit back then as now!

    When my Father lived in Saskatchewan in the 1930s, every few months the local Mountie left town for a few days to go visit headquarters in Moose Jaw. No sooner had the train pulled out of the railway station, stills came out of hiding as the townsfolk busied themselves brewing their next batch of moonshine!

    When the Mountie returned, the stills were all nicely taken down and hidden again. Serious drinkers counted down the days until the Mountie’s next headquarters visit!


    @jb-hb: enjoyed your observations above.

    Curious about this comment – “in 2020, as a staunch atheist, I was forced to admit, religion appears to be part of the Human Operating System. If you pull it out, they will to fill it in again. ”

    What was it that forced you to admit this?

    From my POV: GOD is not religion. GOD is.

    GOD (not religion) is the Human Operating System in humans. Eternal Light never goes out or needs replacing. Conscience is one part of HOS.

    Who out there listens to their Inner Voice?

    LOVE to All.


    The tragic irony of the situation, from Russia’s perspective, is that while Moscow is attempting to spare infrastructure and human lives, it is branded the ‘terrorist state,’ whereas Ukraine is granted hero status as it employs those same tactics that put civilian life at grave risk.

    The vaccinated were also granted hero status but look at what is happening to them. Being granted hero status by this system is not good, it means the governments and corporations have their eyes on you, it means you will be selected for culling in the near future. There is no tragic irony, classifying Russia as a terrorist state may mean something to the WEF global leader-sheep, but it means nothing to the average human in the street, it is name calling and yet another excuse for sanctions, if they have any left.


    The average British household can expect to see annual energy bills soar to £6,000 (nearly $7,100) in 2023, according to the latest outlook issued by the UK independent energy consultancy Auxilione on Saturday.

    Remember children, your government did this, same as your government steals some of your income every year and every time you purchase something, now they are also making it difficult for you to afford anything with the small amount of remaining income that they let you spend. The price of being a left wing loony and supporting big government is coming home to roost. The one thing you should not forget is that all this extra money will be going to your governments’ friends in the USA and elsewhere, the ones pretending to save you by providing over-priced energy, the ones trying to steal all your stuff and saying it will make you happy.


    Curious about this comment – “in 2020, as a staunch atheist, I was forced to admit, religion appears to be part of the Human Operating System. If you pull it out, they will to fill it in again. ”

    What was it that forced you to admit this?

    Observable reality. Screeching purple haired tatooed whales kneeling and chanting in the public square while experiencing adrenal gland exhaustion.

    I recently read Atlas Shrugged by Ayn Rand and The Seven Storey Mountain by Thomas Merton. One author, a staunch atheist. Perhaps THE staunch atheist. The other, a fascinating Catholic mystic.

    Merton pointed out something very interesting – from an approved Catholic text. That God could be understood as existence. Not physical existence ie the substance, the things. No. The act, the verb. Existing. Existence itself.

    Very interesting because Merton went the path of traditional Catholic monastic tradition and then ALSO delved into the Eastern monastic tradition. It immediately reminded me of Suzuki’s Zen Mind Beginner’s Mind, in which he admonishes the reader to not regard a table as a static object, but as an incarnate action – see “tabling” when you look over there, not tabling. Everything in the universe as actively existing or as active existence the verb.

    If you look over at Ayn Rand’s John Galt speech from Atlas Shrugged – you find the same thing! EXISTENCE.

    And then evil makes more sense too. What does evil hate? Creation ie existence? What can’t it bear? The way things are. It would be better to invert things or for everything to be everything and anything, perhaps? Merton and Rand would recognize evil as essentially the same thing!

    But anyway, observable reality. People driving themselves nuts trying to adopt or invent a new religion growing increasingly desperate while doing everything they can to not look at the obvious solutions readily available. Nor are they looking at the cause of their need.

    I go in for stoic philosophy I suppose, myself. And I just can’t buy into the other thing. Can’t work for that corporation so to speak. That would be a whole additional useless and drawn out conversation in which you demand that I deeply offend you to the core, so I’d say don’t invite me to do that. Maybe just be happy an atheist is taking the stance they’re taking for the moment and mull it over. We don’t HAVE to get into the typical atheist/christian internet battle.


    Saskatchewan Minister Jeremy Cockrill has sent a warning to the Trudeau government that officers sent by Ottawa will be arrested if they continue to trespass on farmland to test nitrogen levels.

    Nice bit of flannel politics that may help this guy get reelected, but do you think this will stop the Trudeau WEF cabal from stealing the farmers’ land? How to fight tyranny when the tyranny has all the cards and can pick your team off one by one. Maybe all the farmers should agree to stop shipping any food for the next three years? Keep their land but refuse to supply Canadians with food until the Canadians decide to back the farmers by getting rid of Trudeau who they reelected last year? Your enemies are the people who voted for Trudeau, they are as much to blame for this as Trudeau and his WEF controllers.


    Oroboros said

    Liz Cheney, Devil’s Spawn running for President

    DNC must be very confident in the 2024 vote rigging system.


    Complex systems always develop a phenomenon called “Strange Attractors”. Religion is one of these. The human need to find meaning (or at least an explainable pattern) in the world results in quite bizarre beliefs and systems. A quote from a book I just read ‘The Secret Knowledge of Water’ by Craig Childs: “Distant thunder made sounds like important things were happening far away.” We always try to ascribe intent to natural things.

    Veracious Poet


    jb-hb said:

    That said, if you are going to heap every single evil action done by demographically predominant Christian societies, nations, organizations etc onto the religion, like, if your assumption is that anything done by a demographic IS their religion, then, following the same rule, you would have to heap every single good or useful thing onto it as well, wouldn’t you? To be even close to intellectually honest?

    Britain during the empire days was officially a christian country, Britain also had an official church for its official religion. It had nothing to do with demographics. However, your argument for filling the voids in historical record keeping with supposition is compelling, but we got rid of that method after the age of enlightenment, but good to see that some still hold onto it. Maybe we can go back to Henry IIX and see how self-declared CoE Christians really behaved in historical context?

    As for the crusades, demographics played even less of a role, given that they were driven from Rome, the pope giving free reign to rape and pillage Islam in the name of God. Looking at the crusades, the wiki entry says:

    The Crusades were a series of religious wars initiated, supported, and sometimes directed by the Latin Church in the medieval period. The best known of these Crusades are those to the Holy Land in the period between 1095 and 1291 that were intended to recover Jerusalem and its surrounding area from Islamic rule.

    Religious wars run by Christian demographics? The goodness and moral integrity of Christians and their officially Christian countries, in this case the monarchs gaining permission from Rome, but the plundering and murder of foreign lands was not morally defensible under the Catholic faith.

    Hypocrisy all round. Religion was used as a cover for bad behaviour such as mass murder and theft, both under the Catholic and CoE churches.


    There is always a very complex and nuanced relationship web between the Rulers and the Ruled



    jb-hb said

    If you’re an atheist, you should have SOME respect for empirical data. You should have SOME respect for facing up to facts and considering them. Like John Cusak in Say Anything …I can’t work for that corporation. But I’m not blind either.

    Are you connected to God and have been told by him what we should do, or is this just left wing “I can tell you what you should be doing and thinking” nonsense? Maybe you see atheism as your religion and feel obliged to therefore qualify/disqualify members?


    Animals are free from the burden of ‘Religion’.

    I love that about them.

    That’s why I’ve always preferred their company and thoroughly enjoyed their Presence.



    How many times Muslims invaded Europe vs. Europeans invaded Muslim countries?

    All in three and a half minutes and No Reading involved!


    My Father was never a serious drinker. He might have a little Portuguese wine with his spaghetti and meat sauce on Sunday. In retirement, at the cottage during the summer, my Mom insututed “Happy Hour” issuing Dad a shot of rum to slow him down as she felt he sometimes worked too hard. The rum dosage depended upon my Mom’s nursing judgement.

    But my Father was no stranger when it came to dealing with alcoholics! Actually part of his work, mining exploration in northern Quebec/Labrador, greatly depended upon employing acoholic drillers!

    Exploration drill camps by their very nature are located in the middle of nowhere, accessible only by air. My Father naturally controlled the company’s large fleet of float planes, Beavers, Otters, and Norsemen.

    The trick was to fly these alcoholics into the remote drill camps and waiting until their suitcase carried alcohol ran out. So for the first week or so you let them drink and party until the camp drank itself dry! Once sober, most of these fellows made very good hard working drillers.

    Early in my Father’s mining career his boss sent him from Labrador to northern Ontario to recruit drillers. He successfully rounded up a dozen experienced drillers. Then his problems began. The train would stop for a short time at each major town along the way from Ontario to the south shore of Quebec’s Gaspe region.

    Naturally at each stop, the thirsty drillers would leave the train and go into the town’s bars and pubs to get a drink. The train would blow it’s whistle a few minutes before leaving to give departed passengers time to reboard the train before it left the railway station. My Father would then try to round up all of his drunk drillers and get them aboard the train.

    Slowly but surely my Father started losing drillers, especially in places that had multiple pubs and bars. By the time he returned to Labrador he only had 3 out of 12 drillers left! When my Father reported to his boss how few he had managed to successfully bring back, he fully expected to get blasted! His boss complemented him for a 50% improvement over the previous years drillers recruitment!

    In future years, my Father now the boss, had the company’s DC-3 fly the drillers to Labrador avoiding trains at all costs!


    ‘UK warned of ‘humanitarian crisis’
    Brits are being advised to get on their bikes and start walking. This certainly gets the blood moving. Having been caravan dwellers for many years, occasionally in -10 degrees, we can also advise to invest in a hot water bottle and lots of fleece. Drink plenty of hot liquids to warm the innards, and don’t be too alarmed if you lose a little weight.
    Above all, positive thinking counts for a lot. Oh yeah, and don’t forget, ‘the Russians are coming!’
    (Seriously, we think about going back to the UK every day…)

    We’re also following the protest down in Wellington. Revolting propaganda on the MSM today, can’t bear to listen to it.
    Re Kunstler 113978. But sometimes we do feel the need to change our allegiances. A few years ago we could have slaughtered Bojo for taking the UK out of the EU. Now we think the opposite, the leaders of the EU have shown themselves to be no more than a bunch of WEF minions. But Kunstler, man can he be funny though, like lots of Yanks here😊

    Yeah dogs are certainly great companians, possibly more so than alchohol?! 😕 And allow you to always have the last say 😉
    ‘Remember children, your government did this..’
    No they didn’t! The Russians made it happen, the MSM will never let you forget it.

    Ode to Joy
    Remember when Angela Merkel sat down at the G20 and presented for them a live rendition of the entire Beethoven 9th symphony? Perhaps they should do it all again!

    C’mon, give V Arnold a break! TAE wouldn’t be the same without him.


    Latest news:
    Covid19 failed to get rid of seniors
    Most seniors are still here

    Covid19 failed to get rid of obese/fat people
    Extra large bathing suits are still sold

    Covid19 failed to reduce the population

    Omicron gave herd immunity from covid19


    Margaret Anna Alice

    Link to Vera Sharov talk is a must watch imo



    I enjoy reading Kunstler’s stuff these days, now that he gets the political aspects as well as the energy and dystopian landscape aspects. He often uses words I have never encountered elsewhere, which makes life at the end of empire more interesting.

    By they way, for the benefit of those not living in NZ. we have a LINO government -Labour In Name Only, and a complete travesty of anything remotely connected with the founders of the Labour movement.

    The treachery was orchestrated, commenced and promoted by fake Labour ministers in the mid-1980s, particularly Prebble nd Douglas, almost certainly put into position by other sociopaths to facilitate the looting of the nation’s assets.

    The following will be coming to many industrial cities quite soon, I suspect.


    SeaBirds said:

    C’mon, give V Arnold a break! TAE wouldn’t be the same without him.

    Hear hear … although he’s been a little grumpy of late, telling off our one and only Dr D.

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