Henri Matisse The Dessert – Harmony in Red 1908
Happy birthday Julian
He still hasn’t declared a state of emergency.
France has already seen five consecutive nights of violence after the shooting of 17-year-old driver of Algerian descent Nahel Merzouk by a police officer. What do the immigrant riots mean for the country and Emmanuel Macron’s presidency? “Immigrant riots are an already old and frequent occurrence in France where a large legal and illegal population of mostly African and Near Eastern origin has not been successfully assimilated and does not regard itself as French,” Come Carpentier de Gourdon, geopolitical analyst and convener of the editorial board of World Affairs, told Sputnik. “The second or third-generation youth is troublesome, frustrated and aggressive as it has internalized grudges against the former colonizers and thinks it has a right to live by its own rules. Its educational level is generally low and work opportunities are few.”
“Drug dealing has become very prevalent in many low-income peripheral neighborhoods and brought much illegal wealth to the ring leaders of the local gangs (…) In one sentence, many of those immigrants belong to broken tribal societies where ethnic and religious solidarity is the main bond and where the values of civility and respect for a ‘foreign’ elected and bureaucratic state structure are largely meaningless.” Nahel Merzouk, the teenager of Algerian descent, was shot and killed by a police officer during a traffic stop on June 27. As per the Daily Mail, the passenger who was with Nahel in the car at the time of the shooting, broke his silence on July 1, claiming that one of the police officers threatened the teenager and allegedly told him: “Don’t move or I’ll put a bullet in your head.” The passenger went on to claim that the second officer said: “Shoot him.” The first officer allegedly hit the teenager with the butt of his gun two times. After that Merzouk released the break and was then shot down.
The 38-year-old police officer who killed Merzouk has been put under investigation over charges of voluntary homicide. The policeman’s lawyer disputed claims that the officer had threatened to shoot the teenager in the head before firing. Meanwhile, the UN High Commissioner for Human Rights (OHCHR) subjected Paris to criticism, as Merzouk’s death became the third fatal shooting by law enforcement officers during traffic stops in France in 2023, and the 21st since 2020, according to the mainstream media. The teenager’s death became a pretext for nationwide protests. On July 1, around 45,000 French policemen were deployed throughout the country. The protests spilled over into Switzerland and Belgium. Over 100 rioters attacked shops and police officers Lausanne, while in Belgium’s capital Brussels, protests kicked off on 30 June and proceeded relatively peacefully.
Commenting on the unfolding havoc in France, leader of the right-wing French Reconquete party, Eric Zemmour, stated: “We are in the early stages of a civil war. This is an ethnic revolt…. The French are witnessing what it means to be the product of mad immigration.” “Police brutality is more of a pretext than a real cause for most rioters, despite real cases of abuse of power and unjustified violence,” said de Gourdon. “Lawbreakers of immigrant origin seek to use their identity to claim virtual immunity. They often refuse to obey police summons on the grounds that they are discriminated against and many threaten and insult the police. They thus put themselves in the situation of being suspects and dangerous and those who are law-abiding among them get painted with the same brush.”
If organized crime and drug-related gangs hijack the protests, it could pose a serious challenge to French national security, warned Paolo Raffone, a strategic analyst and director of the CIPI Foundation in Brussels. “The appearance in the riots of Kalashnikovs is not a good sign,” Raffone told Sputnik. “Many countries in Europe live under enormous economic distress that has left social scarfs and divide lines within the society. This situation is the result of the neoliberal privatization policies enforced by the EU and the governments over the past 30 years. After the terrorist legislation enacted in 2001 and the austerity policies after 2008, the pandemics and the central banks’ rise of interest rates to combat the inflation, the situation is generally steaming up in all European countries. Emulation processes may easily occur if triggered by an accident.”
GADDAFI (2011): “If instead of a stable government which guarantees security, these bands linked to bin Laden take control, the Africans will move in a mass towards Europe and the Mediterranean will become a sea of chaos.”
How to get popular.
The French government decided to shut down internet service in certain areas amid riots turned violent to prevent the spread of false information. Police officials quoting France Interior Ministry said the ban on social media is to secure the life and property of the citizens. The French Police said landline and mobile service will be restored. Rioting across France was less intense overnight, the interior ministry said on Sunday, as tens of thousands of police were deployed following the funeral of a teenager of North African descent whose shooting by police has sparked nationwide unrest. The government poured 45,000 police onto the streets to try to keep a lid on a fifth night of unrest after Saturday’s funeral of Nahel, a 17-year-old with Algerian and Moroccan parents, who was shot during a traffic stop on Tuesday in the Paris suburb of Nanterre.
Since then rioters have torched cars and looted stores, but also targeted town halls, police stations and schools – buildings that represent the French state. President Emmanuel Macron postponed a state visit to Germany that was due to have begun on Sunday to handle the worst crisis for his leadership since the “Yellow Vest” protests paralysed much of France in late 2018. He was due to meet his ministers on Sunday evening to review the situation, the presidency said, after the prime minister said on Friday the government’s “crisis unit” had been activated until further notice.
For everyone with bullshit detectors that work:
"You (France) went to the muslim countries and imported the garbage that the muslim countries wanted to put in prison or isolate away from society.
For cheap labor"
-Imam Tawhidi on France, the West and Islamic extremism… pic.twitter.com/Y2eoAy9kFM
— Richard (@ricwe123) July 2, 2023
What can they do that he cannot?
French President Emmanuel Macron, during a meeting with ministers on Sunday night, called on them to do everything possible to restore order in France amid ongoing unrest, local TV reported. Macron met with French Prime Minister Elisabeth Borne and several other ministers at the Elysee Palace on Sunday evening to discuss the situation in the country. A local TV channel cited participants in the meeting who said that Macron had asked the prime minister, the interior minister and the justice minister to continue doing everything possible to restore order in France. Macron also said that the French government must continue supporting law enforcement officers and members of special services who have been mobilized over the past five days.
A source told the channel that Macron was planning to receive more than 220 mayors of the communes affected by the riots at the Elysee Palace on Tuesday. French Interior Minister Gerald Darmanin said on Friday that more than 45,000 law enforcement officers, including special units, were involved in the fight against riots in France, while over 300 police officers and gendarmes were wounded in the first three days of unrest in the country. France Info reported citing a government source on Saturday that French Prime Minister Elisabeth Borne had urged all cabinet ministers to return to Paris and stay there amid ongoing unrest in the country. On Friday, the Office of the UN High Commissioner for Human Rights urged the French government to “seriously address the deep problems of racism and discrimination in law enforcement” after a 17-year-old was killed by police in France.
“..there are no heavy weapons to be confiscated. Already on Monday, June 26, Wagner had moved their heavy weapons to Belarus..”
To clear the fog, let’s start with a roundup of the usual “winner” suspects. First one is undoubtedly Belarus. Due to the priceless mediation of Old Man Luka, Minsk is now gifted with the most experienced army in the world: the Wagner musicians, masters of conventional (Libya, Ukraine) and non-conventional (Syria, Central African Republic) war. That is already inflicting the Fear of Hell in NATO, which is suddenly facing in its eastern flank a super pro army, very well equipped, and de facto uncontrollable, and on top of it hosted by a nation now equipped with nuclear weapons. Simultaneously, Russia props up dissuasion on its western front. Like clockwork that is leading NATOstan to invest in ballooning military budgets (with funds it doesn’t have). That process happens to be a key plank of Russian strategy since at least March 2018.
And as an extra bonus Russia creates a 24/7 threat to the whole of Kiev’s northern front. Not bad for a “mutiny”. Way more complex is Russia’s internal dynamics. Putin’s current and subsequent difficult decisions may entail loss of popularity coupled with loss of internal stability -depending on the manner Kremlin-defined strategic victories are presented to Russian public opinion. Whatever 24/7 NATOstan mainstream media spin may come up with, the Kremlin’s official explanation for June 24 boils down to a Prighozin demonstration: he was just trying to shake things up. It’s way more complicated than that. There were strategic gains, of course, and Prighozin seems to have followed a very risky script that in the end favors Moscow. But it’s still too early to tell.
A key sub-plot is how the Dance of the Oligarchs will proceed. Independent Russian media was already expecting some – treasonous – players, including state functionaries, to buy their one-way ticket when the going got tough (or to say they were “ill”, or refuse to answer important calls). The Duma – fed by Bortnikov’s FSB – is already working on a hefty list. The Russian system – and Russian society as well – see people like these as supremely toxic: in fact much more dangerous than the demshiza (a term that mixes “democracy” and “schizophrenia”, applied to globalist neoliberals). On the military front, it gets even more complicated. Putin has charged Defense Minister Shoigu to compile the list of Generals to be promoted after The Longest Day. To put it mildly, for quite a few people, from many different persuasions, Shoigu has become a toxic element in Russian politics.
Wagner – rebranded, and under new management – will continue to serve Russia’s interests via Minsk, including in Africa. Old Man Luka, wily as ever, has already firmly stated there won’t be any provocations against NATO via Wagner. Wagner recruiting bureaus will not be opened in Belarus. Belarussians may join Wagner directly. As it stands, most of Wagner fighters are still in Lugansk. For all practical purposes, from now on the Russian government won’t have anything to do, militarily and financially, with Wagner. Additionally, there are no heavy weapons to be confiscated. Already on Monday, June 26, Wagner had moved their heavy weapons to Belarus. What remains – and had not been moved during The Longest Day – was returned to the Ministry of Defense (MoD).
$10 billion is real money. Russia’s total defense budget is some $80 billion.
Evgeny Prigozhin’s holding, which includes the Wagner Group, has enjoyed substantial benefits from working for the Russian government, securing contracts worth hundreds of billions of rubles, Dmitry Kiselyov, the head of the Rossiya Segodnya media group, said on Sunday. Speaking on air during his weekly news program, Kiselyov said that Prigozhin’s Wagner private military company “has received a little more than 858 billion rubles ($9.8 billion) under the contracts it signed with the state.” He added that under other contracts, Prigozhin’s holding Concord, which is also engaged in the catering and media business, had provided services to the tune of 845 billion rubles. “This does not mean that they have earned so much, but it is still indicative of the scale of the business and the scale of ambitions,” Kiselyov noted.
He went on to point out that Prigozhin’s company had a strong media clout, adding that some people might have had the impression that the Wagner Group was the most capable frontline unit Russia had. Stressing that he did not want to “detract from anybody’s merits,”Kiselyov recalled that regular Russian units had been faster in capturing the heavily defended city of Mariupol than Wagner troops were in seizing the Donbass stronghold of Artyomovsk (known as Bakhmut in Ukraine). His remarks come after Russian President Vladimir Putin noted on Tuesday that the Wagner Group was completely dependent on state support. He claimed that for the last year the Russian authorities had allocated 86 billion rubles to pay wages and provide incentives for Wagner fighters.
At the same time, according to the Russian leader, Prigozhin’s Concord company received 80 billion rubles from the state in a year for supplying food products to the army. Last month, Prigozhin accused the Russian Defense Ministry of staging a deadly missile strike on a Wagner camp, and vowed retaliation. The ministry denied the allegation. His troops proceeded to capture several military installations in the southern city of Rostov-on-Don, with some forces driving on towards Moscow. However, Prigozhin stopped his advance as part of a deal mediated by Belarusian President Alexander Lukashenko. According to the agreement’s conditions, the Russian government consented to drop a criminal case against the PMC leader, and permit him to relocate to Belarus.
“..the spy agency was simply “wasting American taxpayers’ dollars” as attempts to divide Russian society from abroad won’t work..”
America’s top intelligence official has openly cheered the alleged internal discord that he claims is rising in Moscow because of the Russia-Ukraine conflict, saying the CIA has been given an historic opportunity to recruit spies and undermine President Vladimir Putin’s government. CIA director William Burns claimed on Saturday at a Ditchley Foundation lecture in the UK that “disaffection with the war will continue to gnaw away at the Russian leadership beneath the steady diet of state propaganda and practiced repression.” “That disaffection creates a once-in-a-generation opportunity for us at CIA, at our core a human intelligence service. We’re not letting it go to waste,” he added.
Burns noted that the CIA launched a Telegram channel in May to recruit military officers, government officials and scientists who can provide intelligence on the Russian leadership and economy. “We had 2.5 million views in the first week, and we’re very much open for business,” he said. Moscow insisted at the time that the spy agency was simply “wasting American taxpayers’ dollars” as attempts to divide Russian society from abroad won’t work, according to Ambassador Anatoly Antonov. Washington is betting that the Ukraine crisis will stir enough division to help turn potential Russian intelligence sources against President Putin. Burns made his speech one week after private military contractor Evgeny Prigozhin ended his brief rebellion against Russia’s top generals.
The aborted mutiny was far less “bloody” than US officials had expected, according to CNN. Burns has insisted that Washington played no part in the uprising, but argued that Prigozhin’s short-lived revolt was “a vivid reminder of the corrosive effect of Putin’s war on his own society and his own regime.” Putin said last week that the Russian people reacted to the crisis by showing unity, spoiling the hopes of foreign enemies that the nation would be “split asunder and drown in a bloody feud.” Putin’s approval rating among Russians was little changed at 81% after the aborted insurrection, even according to the independent pollster Levada Center, which had been listed as a foreign agent in Russia since 2016.
“This is what liberty, equality and brotherhood look like.”
A Ukrainian military commander has reportedly raised concerns that light combat tanks supplied to the former Soviet republic by France aren’t suitable for attacks against Russian defensive lines because their thin armor can easily be pierced by artillery shells and other weapons. Touted earlier this year by Ukrainian Defense Minister Aleksey Reznikov as a “sniper rifle on fast wheels,” the French AMX-10 RC armored fighting vehicle has proven “impractical” during Kiev’s current counteroffensive against Russian forces, Agence-France Presse (AFP) reported on Sunday. One four-man crew has died because of the tank’s thin armor, which can easily be pierced by Russian weaponry, a Ukrainian battalion commander told the media outlet. “Unfortunately, there was one case when the crew died in the vehicle,”said the 34-year-old Ukrainian major, whom AFP identified only by his call sign, Spartanets.
“There was artillery shelling, and a shell exploded near the vehicle. The fragments pierced the armor, and the ammunition set detonated.” Reznikov was filmed in April riding in an AMX-10 RC, which was among the Western weaponry rushed to Kiev this spring for a long-awaited counteroffensive that finally began in June. “These fast, modern machines with powerful guns will aid us in liberating our territory,” Reznikov said in a Twitter post thanking French President Emmanuel Macron and Defense Minister Sebastien Lecornu. “This is what liberty, equality and brotherhood look like.” However, Spartanets said the French tanks have proven to be ineffective in front-line assaults. “The guns are good, the observation devices are good, but unfortunately, there is thin armor, and it is impractical to use them in the front line,” he said. Just sending out the vehicles so they get destroyed, I consider it is impractical and unnecessary because it’s primarily a risk for the crew.”
The Ukrainian commander added that the AMX-10 RCs also has been plagued by breakdowns in their gear boxes, possibly because of their use on dirt roads. Kiev’s troops received one month of training in France, which wasn’t adequate to master operating the vehicle, he said. The 20-ton AMX-10 RC travels on wheels, rather than tracks. It was developed in the 1970s for armed reconnaissance and attacks on tanks. The French military is in the process of replacing its fleet of AMX-10 RCs with the more modern EBRC Jaguar. Thousands of Ukrainian troops have been killed in the counteroffensive, which has failed to breach Russia’s defensive lines. Dozens of Western-supplied armored vehicles have been destroyed, including German-made Leopard tanks and AMX-10 RCs, according to the Russian Defense Ministry. The New York Times reported last week that 17 of the 113 Bradley fighting vehicles supplied to Kiev by the US have been damaged or destroyed.
“..management of the site had decided to exhume unmarked graves from World War I, as it ran out of space..”
A small-scale protest, staged by families of fallen Ukrainian soldiers, including members of the notorious neo-Nazi Azov regiment, was held in the heart of Kiev on Friday. The protesters gathered in the Independence Square (the Maidan), urging Ukraine’s authorities to build a national military cemetery. The protesters carried portraits of their fallen relatives, as well as displayed several banners. One of them read “Government, where’s the Ukrainian Arlington?” while another said “Military cemetery cannot wait.” One large banner also stated “National military cemetery must emerge in Bykovnya in 2023,” referring to promises to create such a site in the aforementioned Kiev suburb, previously voiced by top Ukrainian officials.
“The construction of the national military cemetery, promised by the authorities this year, has not even started. The authorities must hear us and understand that the cemetery for the soldiers who died in this war cannot wait,” one of the event’s organizers, the head of civic group ‘Heart Out,’ Vera Litvinenko, said during the rally, as quoted by local media. Litvinenko’s son was killed during the ongoing conflict between Russia and Ukraine, which has been raging on since February 2022. Lack of space to bury fallen soldiers has apparently been an issue for Ukraine for some time already. Multiple videos circulating online show rows of fresh graves emerging at the burial sites all across the country.
In some locations, authorities have to exhume old graves to make room for the newly deceased, the New York Times reported last month. For instance, a groundskeeper at one of the cemeteries told the newspaper that the management of the site had decided to exhume unmarked graves from World War I, as it ran out of space.Both Ukraine and Russia have been tight-lipped on their frontline casualties, each claiming that their opponent has sustained significantly more than they report. Moscow has repeatedly accused the collective West of pushing Kiev into waging war “to the last Ukrainian,” warning that the continuous flow of military aid to the country is only bound to increase the cost of war for Ukrainians.
“..abusing its power with “authoritarian” rulings..” Nuff said.
US Representative Alexandria Ocasio-Cortez (D-New York) has accused the Supreme Court of abusing its power with “authoritarian” rulings on such issues as abortion, LGBTQ protections, and race-based college admissions, arguing that lawmakers should consider impeaching justices for breaking laws. She told CNN on Sunday that if Chief Justice John Roberts does not voluntarily testify in a congressional probe of alleged ethics violations by Supreme Court judges, lawmakers should consider issuing subpoenas to demand answers. The New York Democrat also called for imposing more stringent ethics guidelines to help maintain a proper balance of power among the nation’s three branches of government. “There also must be impeachment on the table,” Ocasio-Cortez said. “We have a broad level of tools to deal with misconduct, overreach, and abuse of power.”
The congresswoman made her comments after a string of rulings last week in which the nation’s high court struck down President Joe Biden’s plan to wipe out $400 billion in student loan debt, blocked colleges from admitting students based on skin color, and upheld the free-speech rights of a Christian graphic artist who refused to offer her services for same-sex weddings. She also cited last year’s decision overturning Roe v Wade, a landmark 1973 ruling that had protected abortion as a constitutional right. “The courts, if they were to proceed without any check on their power, without any balance on their power, then we will start to see an undemocratic and, frankly, dangerous authoritarian expansion of power in the Supreme Court, which is what we are seeing now,”Ocasio-Cortez said.
For instance, the court’s ruling on refusing services for same-sex weddings stripped away “the full personhood and dignity of LGBTQ people,” she said. “These are the types of rulings that signal a dangerous creep towards authoritarianism and centralization of power in the court.” Ocasio-Cortez and other members of the far-left “Squad” group of Democrat representatives have called for expanding the court to 15 justices, arguing that “democracy is in crisis” because six of the nine current judges were appointed by Republican presidents. Biden, who would get to appoint six left-leaning justices in such a scenario, said on Thursday that expanding the court would harmfully politicize the judicial branch.
That doesn’t seem to rhyme with corruption. How are you going to pay the 10% to the Big Guy?
Ukraine is considering imposing a complete ban on the circulation of cash in the country in a bid to stamp out corruption, the Deputy Head of the Presidential Office, Rostyslav Shurma, revealed on Wednesday. Speaking at the London Ukraine Recovery Conference, he said his government will present a roadmap on “whether we will do it or not.” The politician expressed hope that “the decision will be ‘yes’,” adding that such a measure would help prevent bribery. “These are very deep and serious discussions within our team, the prime minister and the president. We want to become the first totally cashless economy,”Komsomolskaya Pravda in Ukraine quoted Shurma as saying. The initiative could become a “very effective instrument for liquidation of 95-99% of all corruption cases”in Ukraine, according to the official.
Economists, however, have expressed doubts over the scheme. Ukrainian financial analyst Aleksey Kushch noted that a ban on legal tender would prompt a flow of the hryvna into dollars, triggering a collapse of the national currency. Moreover, he pointed out that hard cash becomes the only means of payment during power outages. In Ukraine “people have been paying bribes through offshore companies for a long time, so cash has no effect on corruption,” the head of the Ukrainian Analytical Center, Alexander Okhrimenko, argued. He claimed that Shurma was engaging in “meaningless publicity and just said something stupid.” According to the analyst, around 40% of settlements in Ukraine are currently conducted in cash.
“I have never seen a more obvious situation during my soon 60 years in investment markets. ”
We have been in the physical precious metals market for almost 25 years for wealth preservation purposes. During that time gold has gone up 6-12 times in most Western currencies and silver slightly less. As the premier company for bigger wealth preservation investors in physical gold and silver, outside the financial system, we have had a very exciting journey so far. But looking at the last 23 years I am very clear that in spite of greater returns in physical gold than most investment classes and much lower risk, the real moves haven’t even started yet. I have never seen a more obvious situation during my soon 60 years in investment markets.
Although some of the precious metals mining stocks will vastly outperform physical gold and silver, we will stick to what we know best in order to serve our esteemed clients as well as future wealth preservation investors. In coming years, most investors will lose a major part of their investments and net worth as they hold on to their conventional investments. For a quarter of a century I have been standing on a soap box, imploring investors to protect their wealth. During that time we have seen The Nasdaq lose 80% in the early 2000s and the financial system being a few minutes from implosion in 2008. But with the help of finger-snapping $10s of trillions into existence, most markets have remained strong. Still, the (almost) Everything Collapse is hanging over us and this time finger-snapping money into existence is unlikely to help.
“..you cannot go from one fiat phony currency, lie-based system into another one that is digital only.”
Economic analyst and financial writer David Morgan went against the majority of financial gurus and predicted at the end of 2022 that there was no way the Fed was going to cut interest rates. He said on USAWatchdiog.com in December, “Cut Interest Rates & Dollar is Done, Toast, It’s Over.” Fed Head Jay Powell said this past week the Fed was raising interest rates at least two more times to “fight inflation.” This was a direct hit by Morgan. Morgan sees a coming currency crisis and a war crisis. Morgan explains, “Yes, we have both a currency crisis and a war crisis. Let’s start with the currency crisis. My favorite phrase for what is going on is ‘All fiat currency fails.’
We have never seen a time in all of recorded history that an unbacked currency does not go basically and effectively to zero. When you say that ‘All fiat fails,’ there is a subgroup that says, yeah, but not the U.S. dollar. . . .I don’t know how many people have given me pushback on that statement from all over the world. . . . When I say fail, I don’t mean it goes to absolute zero. What it means is a currency fails and a new system is implemented. . . . History is on my side. . . . The precursor to this is what takes place. Substitution. What is substitution? Crypto currency and gold and silver, of course. . . . and things like people going off grid. All of these are indicators of how to mitigate the end of the U.S. dollar or the end of the currency crisis. We have this all over the place. . . . Sooner or later, there will be a run for the exits. Where are the exits? Crypto currencies, gold and silver, barter clubs or the BRICS currency.”
Morgan contends you just cannot run into an alternative to the U.S. dollar because there are going to be supply disruptions for everything. You might not be able to get what you need no matter how much money you have. So, be prepared in every way you can. Morgan also says, “The Great Reset is what the bankers want, but the Great Reject . . . will come from many who will not want to go down that way. That’s what is going to be the most interesting because anyone who is awake, and there are more people waking up all the time, they will understand that you cannot go from one fiat phony currency, lie-based system into another one that is digital only.”
On the war crisis, the dark powers running the world want war. Why? Morgan says, “It covers up all the things that are wrong, and it also takes them off the hook. It was the war. The war did it. All wars are bankers’ wars, and they are on both sides. They make money regardless. . . . The main things are profit, but it also is mitigating their responsibilities. They can get most people to think that it was the war that caused all this poverty, and, of course, the war will do that. . . . They don’t have a real conflict with Ukraine and Russia. They just need a way out, and it is the most profitable way out. They are going to default on all this debt, and this is how they are going to do it.”
“This is not a good time to be a young American. I’m an old American. It’s a good time to be an old American because I don’t have to pay the debt. But my kids are going to have to pay the debt..”
The US president declared on Wednesday in a Chicago speech that “Bidenomics is working.” Per Joe Biden, his economic policies have prevented the nation from sliding into recession, driven the strongest recovery among the developed economies, and managed to tame inflation. Nonetheless, just 34% of Americans believe that the country’s economy is in good shape, according to NORC Center for Public Affairs Research. One needs to be cautious when listening to politicians taking credit for taming inflation and saving the day, according to Jim Rogers, a legendary American investor. “I would concur that the worst is yet to come,” Rogers told Sputnik. “It always comes later after normal fluctuations and corrections. I do not agree with the White House that everything is okay now, and I certainly don’t agree that they should take credit for it. To look back at previous inflation anywhere in the world, you will see it goes up, down, up, down. This is the way markets work.”
The crux of the matter is that the US is the largest debtor nation in the history of the world, said the investor. Indeed, the US national debt has reached over $32.3 trillion, or $96,702 for every single person in the country. “Every nation in history that has gotten into that kind of situation has wound up having problems,” Rogers explained. “We have printed a lot of money, we have borrowed and spent a lot of money, which is wonderful for the short term, but eventually we have to pay the price. Inflation is going to get worse. The debt problems are going to get worse, and the US is going to suffer. This is not a good time to be a young American. I’m an old American. It’s a good time to be an old American because I don’t have to pay the debt. But my kids are going to have to pay the debt and they will have a lot of problems.”
Even though DC policymakers are insisting that the US economy is too big and too important to default, and so technologically advanced that it could keep growing despite soaring debt, the reality could be harsher than they dare imagine, as per the investor. To illustrate his point, Rogers referred to the 1980s, when inflation was similarly bad. Then Federal Reserve Chair Paul A. Volcker resorted to sharp interest rate hikes that exceeded 19% by January 1981. It worked at the time. However, in 1983, the United States was still a creditor nation, Rogers pointed out. “The inflation now is worse,” the investor said. “Now the United States is the largest debtor nation in the history of the world. So, sure, things are okay at the moment, but ‘at the moment’ is not going to last forever. Somebody has got to pay this debt. Somebody has to print more money. Somebody has to borrow more money. And when you borrow huge amounts of money, interest rates will go higher and higher, inflation will go higher because so much money has been printed.”
In 1878, Isabella Bover, a renowned French model, was carefully selected to embody the spirit of the Statue of Liberty. This iconic statue, a gift from the generous people of France to their American counterparts, was intended to symbolize the enduring friendship and commemorate the momentous occasion of America’s centenary in 1876. Isabella Bover’s captivating presence became the face that would forever grace this monumental masterpiece, representing the shared values of liberty and freedom cherished by both nations.
Humpback whale breaching
— Science girl (@gunsnrosesgirl3) July 1, 2023
Are you kidding me??pic.twitter.com/LMng6i86JF
— Figen (@TheFigen_) July 1, 2023
Swan couple reunited after illness treatment pic.twitter.com/cf4i5Y03yp
— B&S (@_B___S) July 3, 2023
Canada is so big, it’s easternmost city (St. John’s) is closer to Venice, Italy (4833km) than it is Vancouver (5004km). Source:
Support the Automatic Earth in virustime with Paypal, Bitcoin and Patreon.