What is Bidenomics? It isn’t what Press Secretary Karine Jean Pierre thinks. She said Biden hates “trick down economics”. Instead, Biden prefers a Soviet-style command economy where The Federal Government spends trillions of dollars and directs where the money goes. We also have the Socialist Federal Reserve that relies on rate manipulation to achieve policy results.
A good example of Biden’s Soviet-style “Bidenomics” is his use of the Strategic Petroleum Reserve (SPR). Biden has now drained almost 50% of the SPR from when he was sworn in as President. And has drained the SPR for 14 straigth weeks to manipulate gasoline and diesel fuel prices in an effort to lower fuel prices ahead of the 2024 Presidential election. Watch Biden suddenly stop caring about fuel prices once he wins reelection!
After last week’s huge draw, expectations were for a smaller draw (which API showed last night), but the actual crude draw was smaller – just 1.5mm barrels. Stocks at the Cushing hub fell 400k barrels and products also saw notable draws..
At least we now know who left cocaine in the White House!
The good news (if true)? ADP announced that 497k jobs were added in June.
The bad news? A 497k print on jobs (many seasonal, it is summer!) almost guarantees that The FOMC (Fed Open Market Committe) will raises rates again at at the July meeting.
The 2-year Treasury yield is up over 10 basis points.
The 2-year Treasury yield is up 16.5 basis points.
Bticoin Cash is up 10% today.
I should have bought nickel!
Why is Biden sending Treasury Secretary Janet “The Marxist Midget” Yellen to China? A Treasury Secretary and former Federal Reserve Chair? Likely trying to convince China that our $32 TRILLLION AND GROWING national debt is not a problem, since China is the third largest holder of US Treasury debt (after The Fed and Japan). Note that China has decreased its holdings of US Treasuries by -25.6% since January 2018.
Hopefully, Yellen isn’t acting as a bag man for The Biden Crime Family. 10% for The Big Guy?? How much does Yellen get??
Joe Biden, or “Blow Biden” after the cocaine was discovered in the White House the other day, owns the abysmal mortgage and housing market thanks to The Fed fighting inflation caused by Bidenomics (massive Federal spending and massive Fed stimulus).
Mortgage applications decreased 4.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 30, 2023. Last week’s results included an adjustment for the Juneteenth holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 30 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.
Here is the rest on the story:
As liquidity dries up under Bidenomics. Or Yellenomics. Take your pick!
Seriously, can The Biden Administration get any more embarrassing? Or dangerous to American civil liberties?
As Powell and The Gang raise interest rates, the more the economy is … slip slidin’ away. US Manufacturers New Orders YoY in May declined -1.0% for the first time since Covid.
Ah, the elitists at the World Economic Forum are at it again, telling Americans what they can eat and what they can wear. The official song of Klaus Schwab and the World Economic Forum is “Tomorrow Belongs To Me!”
A newly resurfaced report written in 2019 states that humans will only be permitted to buy three items of clothing per year and will be prohibited from buying or consuming meat.
Published in 2019, ‘The Future of Urban Consumption in a 1.5°C World’ report funded by the WEF, sets out extreme targets for governments around the globe to reduce greenhouse gas emissions, as consistent with the 2015 Paris Agreement ambitions.
The report outlines six areas where world governments can take “rapid action to address consumption-based emissions”: food, construction, clothing, vehicles, aviation, and electronics:
“The report demonstrates that mayors have an even bigger role and opportunity to help avert climate emergency than previously thought … While the analysis addresses big global questions, its purpose is to inspire practical action … average consumption-based emissions in C40 cities must halve within the next 10 years. In our wealthiest and highest consuming cities that means a reduction of two thirds or more by 2030.” – Mark Watts, Executive Director of C40
“It is now clear that action to reduce consumption will be necessary as part of the global effort to mitigate climate change … The actions set out in the report are challenging and they will be confronting for many, but we think they are necessary … City Mayors can set a vision and convene actors to bring about the changes we describe … The work reported here forces a focus on what a sustainable urban future might look like and helps us to consider what policies, regulations, incentives and behavioural changes will be necessary to transition to a zero-carbon world.”
– Gregory Hodkinson, Former Chairman of ArupThe Future of Urban Consumption in a 1.5°C World, 2019
C40 is a global network of mayors representing one-quarter of the global economy. It includes almost 100 cities plus 1,143 cities and local governments that have joined C40’s ‘Cities Race to Zero’. The cities that sign up for the ‘Cities Race to Zero’ commit, among others, to keeping global heating below the 1.5°C goal of the Paris Agreement.
Without reading the numerous reports and recommendations thrown at the ‘Cities Race to Zero’ signatories, it’s not possible to establish if the actions set out in The Future of Urban Consumption in a 1.5°C World report are specifically included in the action plan. Why does it matter? Because if they are, it is not only the 100 or so C40 Cities but more than 1,000 cities that are committing to the report’s reductions in consumer-based emissions. Additionally, we can assume Arup’s network is committing the same.
Arup works as a global network of “experts” and boasts that it “shapes cities in a thousand ways.” It has more than 17,000 members and offices in 46 of the 97 cities that make up C40’s global network. C40 and Arup have worked together since 2009 and have collaborated on dystopian publications such as Deadline 2020, Green and Thriving Neighbourhoods and a guide for creating net-zero neighbourhoods. But these collaborations have not come about without money changing hands.
The first C40/Arup report titled ‘Powering Climate Action: Cities as Global Changemakers’ was published in 2015. That same year Arup committed to investing $1 million over three years into a research partnership with C40.
In 2019, the year the C40/Arup consumer-based emissions report The Future of Urban Consumption in a 1.5°C World was published, Arup trebled its advisory support to C40 to $3 million over 3 three years.
In 2023, Arup continued its investment in C40 with up to US$300,000 a year to help C40 drive resilience and decarbonisation in cities around the world. Unsurprisingly, in March 2023, C40 Cities re-highlighted the 2019 C40/Arup consumer-based emissions report in an article titled ‘A spotlight on consumption-based emissions’. “Since our report was published, cities around the world have begun to map consumption-based emissions and explore ways to reduce them,” C40 said.
So, what does the 2019 report that Arup has so heavily invested in say?
Below we have picked out a few highlights. You can download and read the full report HERE. Because it provides damning evidence against its collaborators, we have also attached a copy below should it disappear from public view at any time in the future.
Starting on page 66, the report summarises what they hope to impose on us. Below are images of their “ambitions” which require no further comment, except to say that all these plans are being made and agreed upon outside the democratic process and in a classic dictatorial manner under false pretences.
C40 and Arup’s activities need to be halted immediately and their operations shut down permanently. Additionally, any person who has actively contributed to/participated in devising, considering or implementing these plans should be questioned, investigated and brought to account.
Of course, if former President Obama actually believed that the oceans are rising, he likely wouldn’t have bought an ocean-front mansion on Martha’s Vineyard.
I wonder if Biden is taking a bribe from Klaus Schwab for say $10 million??
The Federal Home Loan Bank system (aka, FLUBs), a relic of FDR and The Great Depression, subsidizes banks, not individuals. Much like its twin sibling, The Federal Reserve system, it is a Socialist institution that rely of manipulation rather than free markets.
The first sign of deep trouble in US banking this year came from a sunbaked office complex in a San Diego suburb. There, a small firm called Silvergate Capital Corp. assured investors it was weathering a run on deposits. Its lifeline: about $4.3 billion from a Federal Home Loan Bank.
Heads turned across the financial industry.
Silvergate didn’t have a network of branches serving consumers, and it barely offered mortgages. It specialized in moving dollars for cryptocurrency ventures.
Soon it became apparent that a roster of troubled regional banks was leaning on FHLBs — a relic of the Great Depression originally aimed at ensuring financial firms have cash to lend to homebuyers. Yet the banks had little to do with everyday mortgage lending.
Silicon Valley Bank, catering to venture capitalists and tech startups, said it held $15 billion from an FHLB at the end of 2022. Signature Bank, with clients including crypto platforms, had $11 billion. And by April, First Republic Bank, offering mortgages to millionaires on unusually sweet terms, ended up with more than $28 billion. All four banks collapsed.
For many, that was a crystallizing moment for the 90-year-old Federal Home Loan Bank system, which has ballooned to more than $1.5 trillion while playing a growing role as a backstop for banks taking all kinds of risks — and a diminishing role in funding new mortgages. That’s raising questions about the purpose of FHLBs and why the private institutions enjoy so much government support.
As Milton Friedman once said, “Nothing is so permanent as a temporary government program.”
Of course, rate increases are crushing regional banks as well as the middle class. But as M2 Money growth crashes, home price growth is slowing into negative territory.
Happy 4th of July! Enjoy those burgers and hot dogs, at least until you consider that food prices have risen a staggering 49% under Biden’s Reign of Economic Error.
The only good news is that The Fed’s monetary stimulus growth is slowing. But don’t worry! Biden and Congress will keep introduce massive spending bills to avert a recession. Which will cause downline inflation.
Its the 4th of July, American Independence Day from England, but under Biden and The Federal Reserve, Americans are DEPENDENT on debt and Federal spending. In other words, Americans are addicted to gov.
First, Bankrate’s 30-year mortgage rate index is up 150% under Biden. You can see the rapid rise in mortgage rates started with Biden (orange box). Meanwhile, the US Treasury yield curve (10Y-2Y) is the most inverted (negative slope) since 1981. Way to go, Joe!!
On the metals side, gold and silver are up slightly. (Go silver go!!)
On the crypto side, Polkadot is up 1.26% while Bitcoin is down -0.18%.
Memo To Fed: keep on printing! Why? US debt is currently $32.33 TRILLION with $192 TRILLION in unfunded Federal liabilties. That is 5 times the current level of debt!!
I was hoping that the week of July 4th would start off with fireworks, but we got bad news about the economy.
US factory activity contracted for an eighth month in June, slipping to the weakest level in more than three years as production, employment and input prices retreated.
The Institute for Supply Management’s manufacturing gauge fell to 46, the weakest since May 2020, from 46.9 a month earlier, according to data released Monday. The current stretch of readings below 50, which indicates shrinking activity, is the longest since 2008-2009.
The decline in the ISM production gauge, which also stands at the lowest level since May 2020, suggests demand for merchandise remains weak. The index of new orders contracted for the 10th straight month and order backlogs shrank, which may help explain a pullback in a measure of manufacturing employment.
The ISM gauge retreated to a three-month low and, at 48.1, indicates fewer producers adding to payrolls.
Many Americans continue to limit their spending on merchandise as they rotate to services and experiences. Others are simply tightening their belts as still-high inflation takes a toll on their incomes.
And then we have cardboard box shipments declining at fastest rate since 2008/2009.
At least Ethereum is up over 2% this morning.
And the US Treasury 10Y-2Y keeps on diving deeper into inversion.
Bidenomics is based on massive Federal spending and massive Fed monetary stimulus. But like all stimulus, it wears off. Such is the case with bank lending as The Fed raises interest rates.
US bank credit year-over-year (YoY) has stalled to a lowly 0.7% rate as M2 Money growth YoY increases slightly to -4%.
Its figures. With the Socialist Federal Reserve manipulating interest rates and Biden/Congress spending like drunken sailors trying to manipuate economic growth, it makes sense that Biden wants to explore Bill Gate’s idiotic idea of blotting out the sun to prevent global warming.
Of course, Biden can hide at any of his 4 mansions and wear his Ray-ban Aviators to avoid the horror of his policies.
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