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    The Fed May Be Worse Than Covid-19

    Its 'rescue' may do more damage to society in the long run
    by Adam Taggart

    Friday, June 19, 2020, 12:35 PM

As we’ve been railing on about for too long now, the Federal Reserve is NOT serving the interests and welfare of the general public.

Instead it serves the top 1%. Or more accurately, the top 0.1% — i.e., the people who actually own the vast majority of financial assets, corporations and real estate.

Right now, the Fed is pouring gasoline on the “wealth gap”; the tremendous divide in social inequity it has largely been responsible for creating. And yet its Chairman, Jerome Powell, flat out refuses to acknowledge this.

The very valid grievances of many dispossessed and disempowered groups can be laid at the feet of the Fed.

Minorities starting at diminished employment prospects? Seniors unable to live off of their life savings in a world of 0% interest rates?

The Fed is either directly or indirectly responsible.

It’s way past time for society to realize the truth and stop believing the Fed’s pitch that it’s the hero riding to the rescue in this story. It’s not.

It’s the villain who created the injustices we’re sick of. And it’s “rescue” efforts are simply a trojan horse for using an economic crisis of its own making to enrich its stakeholders further.

The tribe is suiting up! We’ve seen tremendous response now that our RESILIENCE shirt production partner is finally back in action.

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62 Comments

  • Fri, Jun 19, 2020 - 12:53pm

    #1
    Klaatu

    Klaatu

    Status: Member

    Joined: Jan 25 2018

    Posts: 25

    Elites

    Could Julie Christie's eyes be bluer?

    "No doubt they'll sing in tune after the revolution."

    https://www.youtube.com/watch?v=jwbe4hRdwGg

    "They never learn" -- Spanky

    https://www.youtube.com/watch?v=xvQLAg16ZD0&list=PLZbXA4lyCtqqFE70DIDmIbAbLuX_q63HZ&index=2&t=0s

     

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  • Fri, Jun 19, 2020 - 1:21pm

    #2
    miguel

    miguel

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    Joined: Mar 10 2020

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    1+

    The Fed Has Been Worse Than Covid-19

    The Feds machinations have been at play for a very long time, ever expanding the wealth inequality gap, but I believe the party is over. These low interest targets are effective when confidence is high and in certain economic environments, but these demand side tools cannot solve the problem of a massive contraction in credit, GDP, and high unemployment.

    Tides shall soon turn. Fiscal stimulus has a cost, and that cost will be higher income taxes, and much higher yields on government bonds to fund the shorter term gaps. Interest rates will follow, and market prices will correct to the point that dividend yields in high risk environments will have to be significantly higher than their risk free counterparts.

    The only thing that currently allows the Feds actions to affect credit markets is blind confidence. Soon, it will be clear how ineffective they can be to even suspicious ends.

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  • Fri, Jun 19, 2020 - 1:51pm

    #3
    alanrgreenland

    alanrgreenland

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    Posts: 57

    Typo in sub-title

    Adam, I think it should be "do" not "due" in the sub-title for this post.  Feel free to remove my comment after you fix.  Thanks for all you do!

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  • Fri, Jun 19, 2020 - 3:11pm

    Klaatu

    Klaatu

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    Joined: Jan 25 2018

    Posts: 25

    2+

    Fed up, Fed down

    Any attempt at higher taxes is a spoonful out of the ocean.  A BK is a BK, and the Fed/Treasury complex declared bankruptcy together in March.  The size of a BK is irrelevant, isn't it?, and so it's not deckchairs on the Titanic, it's lifeboats pitching back and forth as we push our way and try to board.  Over Niagara in a rowboat or a yacht, no matter.  Musical chairs, with most of the chairs swept away in a week or two.

    What they did was to leave us in a state of shock, and trying to analyze the new situation with our old mental models of how an economy works.  We feel calm, until the next cascade, because it's exhausting to stay on constant alert.  Swifter players than you or I have aligned themselves for the event, and they have their timing so much more on cue than I ever will.  This is why we prepare far in advance, and have to ignore the wiggles.

    Rickards has been telling Fed people they're insolvent on a mark-to-market, and if they weren't before, they sure are now.  If a balance sheet is assets vs. liabilities, and the value of the "assets" you already hold depends upon you buying even more of them to keep the price up, then that's volatility-in-waiting, and all on the downside.  And you had to do $3 trillion to do it?  Get out of their way!

    Watch DeNiro play Bernie Madoff.  Hopefully, Bernie will be having new neighbors soon, but don't hold your breath.

    Richard Pryor and Robin Williams on racism

    https://www.youtube.com/watch?v=bE1f4awlxVc

    Dr. Seheult -- he mentioned HCQ, zinc early on, YT has not been feeding his vids to me since late Feb.  Is there a suppression of the coherent doctors, Chris?

    https://www.youtube.com/watch?v=CYEbLtaAO_g

    After Armageddon -- 2010 docudrama on History Channel about a pandemic, 15 minutes in so far, just seems like recent news.

    https://www.youtube.com/watch?v=OtP80Z08lfg

     

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  • Fri, Jun 19, 2020 - 3:16pm

    #5
    VTGothic

    VTGothic

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    Posts: 139

    The Gap Keeps Growing, the Band Plays On

    Chart from article by Netherlands-based Rabobank using data from its own research, plus Macrobond, and the IMF.

    (Rabobank is a macro economics analysis and forecasting company based in Netherlands, with a focus on Netherlands, U.S., and macro world economics.)

    (Macrobond is the world’s most complete collection of macroeconomic data, with more than 170 million time series from over 2000 global sources, available for query and research by institutions interested in macro analysis.)

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  • Fri, Jun 19, 2020 - 3:53pm

    #6

    sofistek

    Status: Platinum Member

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    5+

    No masks in New Zealand

    Again, trying to correct the disinformation that Chris sometimes puts out with throw-away remarks, New Zealand has never required or recommended the used of face masks. Never.

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  • Fri, Jun 19, 2020 - 4:40pm

    Mohammed Mast

    Mohammed Mast

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    2+

    Medcram

    The Medcram vids are still on youtube but they have taken down the ones on HCQ.

     

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  • Fri, Jun 19, 2020 - 5:46pm

    #8

    sofistek

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    Posts: 723

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    Asians do even better than whites in the US

    That chart with the demographic breakdown of wealth, which Chris showed, also shows Asians having the biggest portion of the pie, more so than Whites. Any reason for not commenting on that, Chris?

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  • Fri, Jun 19, 2020 - 11:04pm

    Hladini

    Hladini

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    Posts: 189

    Pandemic Armegedon

    Klaatu,  great post with that film.  It closely follows the State Department Report to Congress some 18 years ago on the subject of food and water in a grid down scenario. Discovered that intel on PP!  Chris did an interview with the survivorlibrary.com guy, who was motivated to set up his website after reading the State Department Report.

    He has collected books on 18th and 19th century technologies - everything even medical books and put them on the site in pdf format - free for the printing.

    In the recent survey, I asked to have him back on.

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  • Sat, Jun 20, 2020 - 10:12am

    #10

    Clear Vision Studio

    Status: Member

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    Posts: 1

    MSN or the Fed May be Worst ....

    I haven’t watched the whole video yet. I stopped when Chris quoted about the woman who got covid-19 twice.
    From video, first 2:30-3 minutes.
    “NBC 5 states that McKee was first tested in February in Dallas. This is a Red Flag, a’s testing started in March in Dallas. See link: https://www.msn.com/en-us/news/us/timeline-tracking-the-spread-of-covid-19-in-texas/ar-BB11qbpf.

    so, what IS the truth here?
    Was she really tested in February?
    if so, By whom?
    Is this more NBC MSM leading the sheep down the wrong path?

    • from a curious western Mass’er

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  • Sat, Jun 20, 2020 - 3:48pm

    #11

    sofistek

    Status: Platinum Member

    Joined: Oct 02 2008

    Posts: 723

    2+

    Sweden Info

    What's happened to the numbers from Sweden, the last couple of days? Daily cases have been all over the place in recent weeks but there has been no update for the last couple of days, following a 1.5k daily increase. It's inconceivable that there have been no new cases or deaths there for a couple of days.

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  • Sun, Jun 21, 2020 - 3:23am

    #12
    BrettNMartensen

    BrettNMartensen

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    Joined: Feb 28 2020

    Posts: 2

    A similar message

    This article has a similar message with additional information.

    https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new-american-aristocracy/559130/

     

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  • Sun, Jun 21, 2020 - 8:19am

    #13
    Dontknownothin

    Dontknownothin

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    1+

    Covid Pickup line

    [Admin: image removed for violating "Inappropriateness" rule per site posting guidelines]

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  • Sun, Jun 21, 2020 - 8:32am

    #14
    Cj Sloane

    Cj Sloane

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    Cj Sloane said:

    Chris missed a perfect opportunity to link the Fed and George Floyd.

    The police were called because he allegedly tried to buy cigarettes with forged currency. So many ways to play this! Only the Fed is allowed to "create money" of course that's worthy of the death penalty.

    And if you avoid the store and try to sell loose cigarettes? Oh right, that's what got Eric Garner put in a choke hold too.

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  • Sun, Jun 21, 2020 - 10:03am

    westcoastjan

    westcoastjan

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    Joined: Jun 04 2012

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    Offensive comment!

    This kind of content does not belong on this site and is not appreciated at all. If you insist on posting sexist crap like this, which says a lot about who you are as a person, please take your crap & post at Zerohedge, where you will find many like minded, small minded idiots who share your obvious obtuseness and ignorance.

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  • Sun, Jun 21, 2020 - 11:03am

    Nairobi

    Nairobi

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    Not offensive. Boys will be boys.

    I thought it was hilarious. Are we still human?

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  • Sun, Jun 21, 2020 - 11:32am

    Sparky1

    Sparky1

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    2+

    So much wrong with the "bitch" post and yours as well, Nairobi.

    Nairobi, your comment and the original post by Dontknownothin are outright offensive and speak to a larger concern within the PP community. Both posts make me want to puke.

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  • Sun, Jun 21, 2020 - 11:55am

    westcoastjan

    westcoastjan

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    Posts: 438

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    Another obtuse person... sigh

    And we wonder why the world is going to hell in a handbasket.... what rock did you crawl out from under?!? If you subscribe to that theory then you are a Neanderthal from the dark ages.

    I can only surmise you are a man... The rationale 'boys will be boys' has not cut it for a long, long time. You obviously did not get the memo... Nor did your dad, who obviously did not do a good job of raising you to be respectful towards women. I won't waste any more effort trying to educate disrespectful people like you who do not have the maturity to 'get it'.

    Gentlemen of PP: today is Father's Day. In light of the comment that I and other women find to be offensive, I would encourage all of you who are dad's to reflect on this subject, and how you play a crucial role in helping to shape belief systems & respectful behaviours in your kids, especially your sons. Further, I would ask you to reflect on whether or not you and by extension the other males in your circles, are true allies in cultivating respect for women, and what that looks like in actual practice. If you do consider yourself to be a ally to women, then you will stand with me on this issue and not accept the lame excuse that boys will be boys.

    It is up to all of us, men and women alike, to not be bystanders in our lives to any kind of sexist, misogynistic, demeaning, racist or hate related speech, comments and behaviours. When we stay silent we are complicit, and inadvertently or not, in not speaking up we signal that we are condoning the speech or behaviour in question.

    We talk about taking action to make this world a better place. Well there is one simple action we can take that does not cost a thing. We can each refuse to be bystanders and instead be allies who speak up when we witness transgressions, and do our best to educate & create awareness. We can refuse to accept archaic attitudes and stop the cycle of men growing up thinking things like this are okay because boys will be boys. It is so not okay.

    Who is in? Who will pledge, silently, to yourself, or out loud to others, via comments or not, to being an ally? Who is willing to say I will not be a bystander anymore?

    Jan

     

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  • Sun, Jun 21, 2020 - 12:12pm

    Sparky1

    Sparky1

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    2+

    FWIW, I've never been a bystander...

    ...and its cost me dearly at times--but not at the expense of my integrity.

    I was thinking as you, how sadly ironic that these two "sexist, misogynistic and demeaning" posts would appear on Father's Day.

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  • Sun, Jun 21, 2020 - 12:42pm

    #20

    davefairtex

    Status: Member

    Joined: Sep 03 2008

    Posts: 2086

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    usual suspects

    Right, so - not something I'd say in polite company - say, with my mom present.

    I suspect our ladies are being trolled by the usual suspects, for the usual reasons.  Crapper, Nairobi - quite possibly the same person.  Certainly the same behavior.  What do they call it - hoovering?

    Ok.  I'm at my energy budget limit for these gentlemen.  Where's that "ignore" button anyway?  Troll tag would be nice too.

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  • Sun, Jun 21, 2020 - 12:43pm

    westcoastjan

    westcoastjan

    Status: Silver Member

    Joined: Jun 04 2012

    Posts: 438

    2+

    Yes, it is all about integrity Sparky...

    and like you, I too have paid that price. But I hold my head high and will not compromise my integrity for any price, especially when it comes to fostering human rights, inclusion and equality.

    I had the thought that we need to achieve herd immunity in social attitudes in much the same way as we need to for Covid-19... an anti-discrimination vaccine would be even better! If ever I could get on board with a mandatory vaccine then that would be it!

    Thanks for the support Sparky! Time to go visit with my dad - some of his ashes are spread under his favourite tree in the park after he died in January. Not covid related, but close call, since the long term care facility he was in has a serious breakout with many deaths. We are so thankful dad, and the family did not have to endure that.

    Jan

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  • Sun, Jun 21, 2020 - 12:45pm

    Jim H

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    Freedom of speech sits above this debate, and if we are not careful we are going to lose it.

    My concern with this debate is that out in the real world we are already seeing a war on free speech ala the so-called cancel culture whereby people are getting fired from their jobs because they, or even their spouses, have posted things on social media that go against SJW orthodoxy.

    Jan said,

    It is up to all of us, men and women alike, to not be bystanders in our lives to any kind of sexist, misogynistic, demeaning, racist or hate related speech, comments and behaviours. When we stay silent we are complicit, and inadvertently or not, in not speaking up we signal that we are condoning the speech or behaviour in question.

    We talk about taking action to make this world a better place. Well there is one simple action we can take that does not cost a thing. We can each refuse to be bystanders and instead be allies who speak up when we witness transgressions, and do our best to educate & create awareness. We can refuse to accept archaic attitudes and stop the cycle of men growing up thinking things like this are okay because boys will be boys. It is so not okay.

    Who is in? Who will pledge, silently, to yourself, or out loud to others, via comments or not, to being an ally? Who is willing to say I will not be a bystander anymore?

    Here is the latest example of a person, purported to be a professor of color at Berkeley, who felt they had to present their nuanced view of BLM anonymously or face retribution.. turns out they were correct;

    https://jonathanturley.org/2020/06/16/berkeley-condemns-letter-on-blm-sent-by-anonymous-history-professor-that-called-for-free-speech-and-academic-freedom/

    So where is the line?  I am an ardent anti-racist and I practice this in my daily life.  If I hear someone at my workplace say a racist joke should I try to get them fired for doing so?  Should I find their social media and bring on the army to mock them and destroy them in every way possible?  Where do we then draw the line between piling on someone who is openly racist versus  doxxing and attaching someone (like me, for instance) who cares about Black lives but has a more nuanced view and doesn't want to give money to an organization that is openly Marxist?  In some circles I would be deemed an outright racist just for not supporting the organization BLM.  Is this what people here want?

    To me, what Jan is saying sounds good, but I have a much larger fear that freedom of speech is under attack and we are going to be the architects of our own demise by adopting our own version of cancel culture.

    Here's how I see it;

    -  Posters have a right to post offensive things, but....

    -  Adam owns the site and can moderate anything he deems in needing of moderation.

    -  Everyone has a right to make their own attempts to moderate speakers they deem offensive (Sparky, Jan)

    -  I have a right to make fun of attempts to be junior moderators in training.  I am not making fun of Jan in this post.. not at all - I respect Jan and I am trying to stimulate a dialogue.

    -  freedom of speech is what allows us to have this conversation.

     

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  • Sun, Jun 21, 2020 - 1:17pm

    westcoastjan

    westcoastjan

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    No Jim...

    If I hear someone at my workplace say a racist joke should I try to get them fired for doing so? Should I find their social media and bring on the army to mock them and destroy them in every way possible?

    ...What you do is you discretely speak to them 1-1 to try to educate them and create awareness. That is all you can do. Either they will get on board or they will not. Just like I did with my post. I did not call for them to be banned. I just told them how offensive it is. What they do with that is up to them.

    What am I supposed to do Jim, not push back on blatantly sexist shit? Of course they can post their crap, but you can be sure if I see it I will rip into them every time! I am going to venture say you have never experienced sexual harassment, abuse or rape. I will further posit that you have absolutely no idea what it is like to be on the receiving end of those things, therefore you cannot possibly relate to the harms and degradation experienced, how it impacts long term mental and emotional health, which also means you cannot possibly relate to how these things are so offensive. I respect you too Jim, but I am sorry, you are way off base in this one. Would you show that to your wife? Your daughters? How would you like if if the picture were of your wife? Your daughter? Or maybe the guy is your son... is that okay with you, being out there for all the world to see?

    I am not so naive to think we can eradicate discrimination in all the various forms it takes. Nor do I think we can ever do much about the millions of men whose brains are between their legs. But right here, right now, I can do something. I can tell them what they have said and done is NOT OKAY here, and encourage others to do the same. And if enough people on this site do the same, then this will continue to be a place of respectful civility. Those who care about such things will speak up.

    When speaking up does not work, whether here or elsewhere, there is social shunning and ostrcization, and of course the courts to deal with the worst offenders.

    I repeat again, 'all it takes for evil to flourish is for good men to do nothing'. To tolerate this, which is evil because it is harmful, is to be on the slippery slope to even greater transgressions. I like to think that any man of respect and who holds integrity as a core value will see this for what it is and cast his vote accordingly.

    Now I am going to visit dad...

    Jan

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  • Sun, Jun 21, 2020 - 1:22pm

    Sparky1

    Sparky1

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    "Junior-Moderators-in-Training"

    Ah, yes, Jim. I do recall that little ding you threw my way on another thread. I will respond and clear up any misunderstandings given your (once again) inaccurate assessment of my comments and intent. But not today as perhaps both you and I have better things to do on this lovely Father's Day.

    Happy Father's Day! 🙂

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  • Sun, Jun 21, 2020 - 1:41pm

    Jim H

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    This is how it works...

    Jan said,

    I will further posit that you have absolutely no idea what it is like to be on the receiving end of those things, therefore you cannot possibly relate to the harms and degradation experienced, how it impacts long term mental and emotional health, which also means you cannot possibly relate to how these things are so offensive. I respect you too Jim, but I am sorry, you are way off base in this one. Would you show that to your wife? Your daughters? How would you like if if the picture were of your wife? Your daughter? Or maybe the guy is your son... is that okay with you, being out there for all the world to see?

    Yes, it's OK for this to be out there because the alternative world, where all speech that anyone deems offensive it taken away, is unthinkable.  I ask again, where is the line?

    I purposely didn't state any opinion regarding the post that you deemed offensive, but now for not doing so I am berated.  This is EXACTLY how cancel culture works.  I am much more concerned about losing free speech through the kind of gradualism you are advocating for vs. how it affects peoples feelings.  The way I read your post Jan, I should advocate for incremental loss of free speech in order to protect my kids.  I see it completely the opposite, and I ask you to practice the old, "sticks and stones can break my bones, but words can never hurt me" mantra.

    I'm in the US, not Canada.  Canada is already a goner.  I will die in a civil war before my kids lose their 1st Amendment rights, that I pledge.  The US is literally the last stand for the right of free speech.

    edit:  I should add that I am ardently anti-sexist as well.  For most of our careers my wife made more than I did, and I was proud of her for her achievements.  My daughter is incredibly high powered, won a prestigious national competition in the field of her MBA with a team of women from her program, and won a competitive fellowship position in her field upon graduation.  Does she sound like she was held back by sexism, on the part of society, or her parents?  No way.  Best of all none of the Marxist indoctrination she received at university stuck... so yeah, it's a great Father's day for me.  Best to you as well Sparky.

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  • Sun, Jun 21, 2020 - 2:49pm

    #26

    Adam Taggart

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    Moderator in the house

    Dontknownothin's image has been removed, as it indeed falls afoul of our "inappropriate" content rule.

    Sorry I didn't catch it sooner, but I was out spending hours with the wood chipper until now. I'm heading back outside again to enjoy the rest of my Father's Day. I hope everyone else is doing the same.

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  • Sun, Jun 21, 2020 - 2:59pm

    #27
    Mysterymet

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    Jan doesn’t speak for all women

    As a female I am really bother by people who say they speak for all of us. You don’t. When I encounter a guy that is crude I tend to insult his manhood and move on. No need to make a federal case of it. My mother taught me to fight my own battles.

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  • Sun, Jun 21, 2020 - 3:12pm

    westcoastjan

    westcoastjan

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    Thank you Adam, and Jim...

    If you think this is about hurting people's feelings you so, so do not get it... how sad.

    Happy Father's day both.

     

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  • Sun, Jun 21, 2020 - 3:26pm

    Sparky1

    Sparky1

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    WCJan didn't say she speaks for all women

    Hmmm.... I re-read WCJan's posts. She said,

     "...the comment that I and other women find to be offensive...." (Source)

    Mysterymet, you said,

    "As a female I am really bother by people who say they speak for all of us." (Source)

    I didn't see where WCJan said she speaks for "all" women on this issue, only that she and "other" women found the comment to be offensive, which I believe is an accurate statement.

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  • Sun, Jun 21, 2020 - 5:21pm

    Mysterymet

    Mysterymet

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    Posts: 46

    Other women vs all women vs some other women

    Then she should have said some other women or some women. The term “other women“ can be taken as either some other women or all other women.

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  • Sun, Jun 21, 2020 - 5:59pm

    westcoastjan

    westcoastjan

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    I will speak more to this tomorrow

    There are lots of gems here worthy of further commentary. But in the interest of having a peaceful evening honouring all dad's, past, current and future, I shall wait, and ponder my response.

    I had a lovely visit with my dad under his favourite tree. He would have sooo loved these discussions. We had great debates! I miss him so much. He was my mentor, my rock, and my go to person. He taught me that it is the simple things than matter the most. Things like being able to just enjoy the birds, which is especially precious to me since I never heard one sing until I was 37 and got my cochlear implant.... soooo very precious to me now!

    Good will to all and the conversation will continue tomorrow. It is a good dialogue, a needed dialogue, ripe with opportunity for personal growth for all of us.

    Stay well everyone.

    Jan

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  • Sun, Jun 21, 2020 - 6:52pm

    Susan7

    Susan7

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    Susan7 said:

    What is this about achieving herd immunity in social attitudes? So everyone should think like you and have the “correct” social values you prefer. From one woman to another, stop being so high and mighty self-righteous. Just go to your fainting couch. Victim much? My blood runs cold when you talk about “allies” because these are people who play the intersectionality game and destroy people’s lives in the process. It’s junior high bullying except it’s serious. I missed the comments that brought forth your Drama but  I suggest you just ignore things that upset you. That’s the adult way.

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  • Sun, Jun 21, 2020 - 7:39pm

    #33
    westcoastjan

    westcoastjan

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    please expand on your thoughts..

    My blood runs cold when you talk about “allies” because these are people who play the intersectionality game and destroy people’s lives in the process.

    Please provide data for this assertion and expand on your thought with facts so that it can be understood and debated intellectually.

    You don't get to fling mud at me and not expect to be challenged... Let's go girl!  What have you got to bring to the table in lived experience on human rights, inequality, discrimination, and all the attitudes that perpetuate those things? What is your experience with any of it, other than offering an unsubstantiated opinion that reeks of your sensibilities being offended?

    Please enlighten me so I can humbly learn from your vaunted opinion. I will be happy to engage with you and debate with you ferociously if you are able to mount a credible argument. The ball is in your court.

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  • Sun, Jun 21, 2020 - 7:42pm

    #34

    Adam Taggart

    Status: Platinum Member

    Joined: May 25 2009

    Posts: 4938

    5+

    A song for all of us this Father's Day

    Let's remember we're all in this together. As the song says: Every single one of us could use some mercy now

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  • Sun, Jun 21, 2020 - 7:53pm

    JWhite

    JWhite

    Status: Bronze Member

    Joined: Jul 12 2016

    Posts: 104

    sofistek is right Re: Asians

    sofistek - you are quite right in your observation about Asians.  I looked at the 'Median Value of Assets for Households' chart again and can see that Asians had far and away the highest asset holdings than any other ethnic group, in every column including Net Worth, Stocks & Mutual Fund Shares etc.  The chart before that (Share of Households with Stock Ownership) only shows Blacks and Whites, but not Asians which would be interesting - but I did notice there was an even greater disparity between Whites and Blacks stock ownership in the 1990's.  These charts are from 2016, but if the information in the 'Median Value of Assets' chart holds today in 2020, then I am not convinced that there is an inherently racist element to the Fed's actions which is preferential to Whites.

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  • Sun, Jun 21, 2020 - 9:21pm

    Sparky1

    Sparky1

    Status: Bronze Member

    Joined: Jul 21 2016

    Posts: 736

    'Lookin' good in red and black plaid

    Thanks, Jim. I hope your Father's Day was nice.

    Perhaps you were gifted a new red and black plaid jacket to replace your well-worn 1978 model.  😉

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  • Mon, Jun 22, 2020 - 7:14am

    #37
    eek

    eek

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    Joined: Mar 27 2013

    Posts: 8

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    Interesting graphic on Covid deaths

    https://public.flourish.studio/visualisation/2645529/?utm_source=embed&fbclid=IwAR0o9cneXTzeh2Mo6FEAC-Senik26J1k9xlU1o2kD9VsIMPfJ-ggjFhvFak

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  • Mon, Jun 22, 2020 - 9:09am

    Sparky1

    Sparky1

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    Joined: Jul 21 2016

    Posts: 736

    1+

    Awesome, powerful graphic, eek! Thanks!

    That graphic of "Global Deaths Due to Various Causes and Covid-2019" really puts the rapid rise in Covid-19 deaths into perspective, from obscurity as of 1/1/20 to become the top cause of death worldwide by 5/31/20.

    Great find eek, thanks!

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  • Mon, Jun 22, 2020 - 9:40am

    Mohammed Mast

    Mohammed Mast

    Status: Silver Member

    Joined: May 17 2017

    Posts: 621

    Hi Jim

    You posted this above.

    "I'm in the US, not Canada.  Canada is already a goner.  I will die in a civil war before my kids lose their 1st Amendment rights, that I pledge.  The US is literally the last stand for the right of free speech."

    The subpreme court recently ruled that churches can not hold services because of SC2. So the first amendment which states congress shall make no law regarding the establishment of religion is gone. The right to peaceably assemble went with OWS and other instances. So just wondering when this civil war is going to happen?

    The following Chris Hedges interview with Bruce Fein on the constitution is rather instructive. To quote " I think the constitution has been taken off life support"

    https://www.youtube.com/watch?v=X3xAjo1CBkU

    Would love to hear your thoughts.

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  • Mon, Jun 22, 2020 - 11:02am

    Jim H

    Status: Bronze Member

    Joined: Jun 08 2009

    Posts: 1170

    2+

    Of course it's on life support....

    Hello MM.  Robert's is obviously compromised, so there's that.  November will tell whether constitutional rule of law can be resuscitated or not.  Before his youtube channel was completely pulled down a few days ago in the latest digital book burning, George Webb was starting to paint the picture of how UN/Nato mercenary forces might come in, using the existing JTTF template as some kind of, "transitional" force post-police defunding.  We thus start to see who might play the role of the Brown Shirts in this ongoing Marxist theatre.

    A quick summary of George Webb's ideas can be heard at about the 8:30 mark here on a compatriots channel;

    https://www.youtube.com/watch?v=jwZBkxdNUxg

     

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  • Mon, Jun 22, 2020 - 11:32am

    #41

    Jim H

    Status: Bronze Member

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    Posts: 1170

    4+

    Virus weakening?

    Cases may be going up, but deaths and hospitalizations keep going down.  What is true?

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  • Mon, Jun 22, 2020 - 12:52pm

    #42
    emitnopeepontime

    emitnopeepontime

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    Joined: Jun 09 2020

    Posts: 29

    2+

    Free Speech is targeted by 1 small Group

    At the root of the shrill and now-constant attacks on such a fundamental and "self-evident" freedom as the right to speak freely, as guaranteed with priority by Article 1 of the Bill of Rights, is actually just one little part of America's population, a small percentage, a self-serving demographic group that amounts to a kind of separate nation within the American nation. It's a position they hold elsewhere too, and one they have held in other nations in the past.

    No honest discussion of the attacks on freedom of speech is possible without naming that particular demographic group.

    This is a website that revolves mostly around finance and (more recently) the honey badger-19 pandemic, and because I value the work of Adam and Chris - and my membership here - I won't wander outside of those parameters, nor challenge their sensibilities. So I won't name that demographic group. Yet I think anyone with an IQ above room temperature knows what group I am talking about.

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  • Mon, Jun 22, 2020 - 1:43pm

    DaveDD

    DaveDD

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    Joined: Sep 08 2019

    Posts: 166

    1+

    Re:Virus Weakening

    Hi Jim,

    That would of course be great news. In the Netherlands it is now claimed that a second wave is unlikely. Partly based on a similar decline in instantaneous CFR. I find this rather misleading. I think that there might be other factors involved that could influence this decline in “instantaneous” CFR. I ranked them from likely to less likely (imo), for example:

    - better treatment protocols: 1) HCQ really not used? 2) It is not treated anymore as (only) a “lung disease”

    - weakest, most vulnerable population has been removed from the population

    - strict lockdown (e.g. in Netherlands) leading to reduction in initial virus load.

    - better weather, vitamin D3! Less stress.

    - more information about supplements

    - people rather die at home than pay $1000.000+ for hospitalization (in US)

    Any prediction about the situation four months from now is somewhat early, considering other potential reasons gof a decline in mortality.

    Thanks for the great chart btw.

     

     

     

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  • Mon, Jun 22, 2020 - 2:46pm

    #44
    westcoastjan

    westcoastjan

    Status: Silver Member

    Joined: Jun 04 2012

    Posts: 438

    Further thoughts

    @Mysterymet: I am glad your mom taught you to fight your own battles, as you should. I have a concern about your method for dealing with these issues: Hypothetically speaking, let’s say I did what you suggest and replied to the guy who posted the offensive joke by posting a picture of a very small penis, adding colourful, demeaning, derogatory language to belittle his manhood. It is reasonable to think that at that point the discussion would deteriorate in an ugly way. Further, my observations of other women doing these things is that most men become angry at any such insult, which only serves to further fuel misogyny. It might feel good in the moment to give such a put down, but how does that help anything? With all due respect, I do not see your method as being a valid solution that serves to move people forward to a more respectable state of being for all.

    When you say ‘no need to make a federal case of it’ you are delivering a micro-aggression that serves to discount thoughts I expressed about a major social problem: the objectification, disrespect and misogynistic attitudes towards women. In fact, I find micro-aggressions are present in the replies of Jim H and Susan7 as well. In case you or anyone else here are not familiar with micro-aggressions and the damage they cause; the short video below is a primer. The long-term effects of persistent, ongoing exposure to micro-aggressions are well known. This is an endemic, systemic issue that requires far more respect and far less flippant put downs and poking fun at people who are serious about trying to find ways to make our society more respectfully equitable.

    https://www.youtube.com/watch?v=bjzWENcW6NQ

    @JimH: When you start out with a subject line like “This is how it works…” you are setting the discussion table with a domineering tone that I received as you being the high and mighty expert and your word is it! I see a subject line like that as a hook that can trigger an adversarial response. Just saying you might want to consider that next time, Jim.

    I do think you initially erred in your reaction to my posts because I never said the offensive joke should not be said at all - I said they should take it elsewhere, like ZeroHedge. There is no question I have disdain for that type of content and my own preference would be to not to see it anywhere. I do agree wholeheartedly that people have the right to say whatever they want – free speech is a beloved part of our Canadian constitution as well. So long as it is not hate-speech as defined by the courts, and the content falls within PP site guidelines, then c’est la vie. We are on the same page with free speech, that is not in question. I will say that if this site were full of objectionable content all the time I would never have joined and would not actively participate. There is enough sexist & misogynistic stuff to deal with in day to day life without having to deal with it here as well. I am grateful for the site posting guidelines.

    Your inexplicable jab at Canada is perplexing. I am not sure why you felt compelled to do that, other than to further assert superiority. I was and remain sorely tempted to fling something back at you for that comment, proud Canadian patriot that I am, but I will refrain from doing so. In fact, after pondering it, and with tongue firmly planted in cheek, I say let us run with it! You have my approval to spread the word far and wide in your country that Canada is a goner, and that we up here in the Great White North are all washed up with nothing to good offer anyone! That way we will not have millions of Americans looking to emigrate here as things slide into the abyss down there. Deal? There, now I feel better. 😉

    I thought the remark about aspiring junior moderators (plural) was a poor attempt at humour, and an unkind one. I do appreciate that you said you were not making fun of me and respected me, that you were just trying to stimulate dialogue. But in saying that, you did not mention Sparky, which I saw as a deliberate slight against her. I cannot say if it was intentional or not. I hope it was the latter as I do not think you are that kind of guy. While there may be people who disagree with some of Sparky’s comments, and at times I have been one of them, she deserves respect for being a caring member who tries hard to help PP be a civil and welcoming place.

    The one thing I would so love to see happen on this site, and I am sure Sparky and a few other women would agree, is for a man, any man, I do not care who, to call out another man for inappropriate content such as what we have seen in this instance. For someone to have the willingness to show they support respect for all by responding to an offending comment with something like ‘hey dude what’s up with the offensive joke/language/picture? That is so not cool, and not appreciated here at PP. Please take it elsewhere’. Or something to that effect. Seriously guys, how hard would it be to do that?

    This site espouses integrity. That, to me, means everyone regardless of gender, being willing to report content that they recognize as likely being in violation of the posting guidelines. One can reply to questionable comment to simply write ‘moderator has been alerted’ to let everyone else know that the ball has been tossed to Adam and team. This in lieu of the alert moderator button which is still MIA ☹ Just a thought for consideration.

    Offered respectfully to all – accept or reject as you see fit.

    Jan

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  • Mon, Jun 22, 2020 - 3:41pm

    #45

    Jim H

    Status: Bronze Member

    Joined: Jun 08 2009

    Posts: 1170

    2+

    Speech in Canada

    Some call this freedom of speech with reasonable limits.. I consider it a slippery slope.

    https://www.nationalreview.com/2018/04/canada-laws-crack-down-on-hate-speech/

    Canadians do not enjoy a universal right to freedom of speech; expressing and consuming certain ideas and opinions is regulated by law. This is rationalized by the Canadian constitution’s declaration that government has a right to restrain freedoms with “reasonable limits prescribed by law as can be demonstrably justified in a free and democratic society.”

    Ottawa has thus elected to impose “reasonable limits” on speech deemed obscene, seditious, treasonous, pro-terrorist, or hateful. Since “hate speech” tends to be the most controversial category, it’s worth walking through the numerous layers of law and authority that Canada’s government invokes in order to prevent Canadians from, say, reading the wrong sort of book.

    And this of course;

    https://www.cochranetoday.ca/local-news/federal-gun-ban-locked-and-loaded-2380221

    But hey, we didn't need those guns, nor those hateful books anyway.

    I'm just going to leave the rest where it is... Thank you, Jim

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  • Mon, Jun 22, 2020 - 3:58pm

    #46
    rtson1

    rtson1

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    Joined: May 10 2020

    Posts: 1

    4+

    Chris; How do you change FED actions so they are not racist?

    I have been watching Chris's youtubes for months and particularly appreciate his deep dive into the medical trials and drug studies. But this podcast left me a little cold, calling the FED actions racist (and saying they are aware they are racist) without offering alternatives seems a little under his usual level of integrity. If the Elites are the ones who benefit the most from the FED actions, isn't this also impacting everyone else(those who are not Elites) , who are not all black. I hope Chris will further flesh out this accusation, and offer solutions.

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  • Mon, Jun 22, 2020 - 7:05pm

    #47
    dryam2000

    dryam2000

    Status: Bronze Member

    Joined: Sep 06 2009

    Posts: 396

    2+

    Solution

    Solution:  The Fed (and other central banks around the world) simply need to stop the crazy money printing (that’s called counterfeiting by all other standards....wasn’t that the charge against George Floyd?) & buying massive amounts of distressed financial assets.  Those actions disproportionately benefit those who own financial assets (blacks own the least by far on average).  The charts showing the direct correlation between the Fed’s balance sheet and the stock markets are ubiquitous (printed money and artificially low interest rates facilitates flows of money into the financial market via so many pathways, and now the Fed is directly buying corporate debt....is that even legal??.....and probably ETFs).  These activities have lead to great racial financial disparities, but there’s a larger issue:  these actions are the biggest reason for the ever increasing wealth gap in society not just in the U.S. but worldwide.  Any good student of history knows that increasing wealth disparities from top to bottom tends to destabilize society and leads to turbulent times.

    I highly doubt the Fed deliberately creates it’s policies with a racial slant.  I would clearly not call them directly racists, but I absolutely would say their policies have undeniable  racial consequences......something Jerome Powell fully denied.  Liars are what the Fed and other central banks are.  There is nothing “federal” about the Fed as they are made up of a group of private bankers.  They started with virtually zero capital and now they are the largest owner of real estate in America.  These unelected people have much more power than any other entity.  The Fed operates with virtual zero transparency.  The Fed lies all the time:  “the low interest rates for an extended periods of time did not have any affect on the housing bubble“...in the early 2000’s, they denied restarting QE last September when they clearly did, they have always been very careful to speak in a convoluted fashion saying things like QE when it’s really money printing/counterfeiting, “we are not monetizing the debt”....when they clearly are.  The lies go on & on.

    The Fed’s policies have simply kicked the can down the road instead of addressing our financial problems head on many years ago & allowing society to take the unwanted but necessary pain.  Instead, the financial problems have grown over time and now we are headed toward a much larger day of reckoning.

    So, what the Fed can do is stop with all their smoke and mirror financial shenanigans which are only leading to more & more crazy consequences.....one of which is undoubtedly inherently racist.

    The Fed can not fix racism in general, but they most certainly can be honest and fix their role in it.  That’s all any of us can do.

     

    For those who want a primer on the Fed I would suggest watching a speech by G. Edward Griffin on YouTube.  There are older yet longer versions, and more recent versions.  I believe Chris M. interviewed him once on PP.  G. Edward Griffin wrote “The Creature from Jekyll Island”.  It’s a factual account of origins of the Fed.

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  • Tue, Jun 23, 2020 - 5:41am

    #48
    dryam2000

    dryam2000

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    Joined: Sep 06 2009

    Posts: 396

    2+

    C. Edward Griffin & The Fed

     

    An oldie, but a goodie.....

     

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  • Tue, Jun 23, 2020 - 2:46pm

    #49
    Nate

    Nate

    Status: Silver Member

    Joined: May 05 2009

    Posts: 428

    6+

    THINK before posting

    Before I post on this site, I keep 2 things in mind.  First, peak prosperity is basically a 2 man show.  Any time you post something  inappropriate, it requires Chris or Adam to step in and get involved.  Babysitting time on their part takes away personal time from their families and time from posting more content on this site.  A lose-lose situation.

    Second, before you post, use the acronym THINK:

    T - is it truthful, thoughtful

    H - helpful or hurtful

    I - insightful, inspiring

    N - necessary

    K - kind

    If you read through the 47 posts in this thread, a significant per cent add zero value to what I deem important.  Next time someone posts something that lights you up, THINK.

     

     

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  • Tue, Jun 23, 2020 - 3:24pm

    nordicjack

    nordicjack

    Status: Bronze Member

    Joined: Feb 03 2020

    Posts: 572

    1+

    re Think

    I think what may be useful and beneficial or important to one may not to another.  Its very hard to suggest who's post is useful or not.  Once as a child an old drunk man was telling me a story, and someone said dont listen to him his drunk.    Yes he was, but though a lot of what he said was nonsense , i walked a way with something small from that encounter.    You must censor and filter content for what is useful for you.    I do not expect the media or this site , for that matter, start to decide for me what is important or not.

    I think Chris and Adam have great ability to filter important things, or we would not be here.  I am sure they are doing pretty well assimilating useful stuff in comments.   We have the ability to show our approval for posts here with a like.   If anything, I feel guilty here having to reply to this comment.

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  • Tue, Jun 23, 2020 - 10:36pm

    #51

    sofistek

    Status: Platinum Member

    Joined: Oct 02 2008

    Posts: 723

    2+

    Mask and so-called experts

    Just saw some footage of Fauci testifying in Congress. He was wearing a mask for a while, until he started to speak, then he pulled it down - just at the point when his droplet release would be peaking. Then he pulled it up and adjusted it near his nose. Later, he didn't even have it under his chin. Oh boy, if the leading infectious disease expert in the US doesn't even know how to wear a mask, what hope have the rest of Americans have of wearing masks properly?

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  • Tue, Jun 23, 2020 - 11:20pm

    #52

    sofistek

    Status: Platinum Member

    Joined: Oct 02 2008

    Posts: 723

    Chris, take a longer holiday!

    Chris's latest video is good, apart from his trying to take apart the Ioanidis paper, since he misread what was in the part he shared and spent several minutes taking apart a claim from the paper that wasn't in there; that the IFR was 0.04%. That number was only for people under 70 years of age. Almost certainly rubbish also but the number they claimed for the IFR (for all population) was 0.26%. It would have been a better video if he'd taken that number apart (though it wouldn't be possible to do it the way he took the 0.04% number apart).

    Maybe Chris needs to take a longer break and come back firing on all cylinders.

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  • Tue, Jun 23, 2020 - 11:57pm

    Grover

    Grover

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    Joined: Feb 15 2011

    Posts: 745

    3+

    When Appropriate

    nordicjack,

    I'm not a prude. I appreciate bawdy humor in the correct venue. I also appreciate people knowing when that sort of humor is appropriate. Many of the posts on this thread were directed toward defending or defiling an inappropriate cartoonish visual with sexual reference to (SC2 furin) cleavage. It was little more than 6th grade boy's humor.

    That's all fine and good for a 6th grade boy; however, I expect much more when I come here. I want intelligent discussion with viewpoints that I have yet to consider. Then, I can contemplate the merits of the arguments and decide for myself whether to accept or reject the previously unknown views. All of that discussion is hindered when people feel that they'll be overtly (or covertly) ridiculed simply because of perceptions of the author's particular demographic.

    I'd much rather have intelligent discussion than a quickly forgotten, purposefully offensive play on words. As noted by others, there are other places on the web that cater to that type of response.

    Grover

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  • Wed, Jun 24, 2020 - 2:11am

    #54
    Klaatu

    Klaatu

    Status: Member

    Joined: Jan 25 2018

    Posts: 25

    2+

    This just in: Wearing masks works!

    Was this pandemic response scripted by The Onion?  Groucho Marx?  Three Stooges?

    Stopping at red lights reduces collisions!

    Chewing food reduces choking!

    Wearing condoms....  oh never mind.

    We are dealing with terminal stupidity in these our last days of "civilization" as "intelligent life on Earth" is being snuffed out.

    Run, Forrest, run!

     

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  • Wed, Jun 24, 2020 - 6:50am

    Chris Martenson

    Chris Martenson

    Status: Platinum Member

    Joined: Jun 07 2007

    Posts: 5193

    Re: Chris; How do you change FED actions so they are not racist?

    I have been watching Chris's youtubes for months and particularly appreciate his deep dive into the medical trials and drug studies. But this podcast left me a little cold, calling the FED actions racist (and saying they are aware they are racist) without offering alternatives seems a little under his usual level of integrity. If the Elites are the ones who benefit the most from the FED actions, isn't this also impacting everyone else(those who are not Elites) , who are not all black. I hope Chris will further flesh out this accusation, and offer solutions.

    I sometimes forget that I've been writing and speaking about these things for more than a decade.   That leaves me speaking in shorthand which to new viewers, such as yourself, can be a bit jarring.  Thank you for the reminder to keep the context front and center.

    I've been offering alternatives for years.  Many years.  The alternative is simply for the Fed to get out of the business of picking monetary/financial winners and losers.

    Here's an example from last year:

    And here's one from 6 years ago:

    (Source)

    The academic name for the Fed’s current policy is financial repression. But a more apt name would be “Throw granny under the bus,” because the program boils down to taking from savers and fixed-income recipients and transferring that purchasing power to other entities.

    The cornerstone element of financial repression is negative real interest rates, of which the Federal Reserve is the prime architect and owner.

    From the start of the Fed’s post-crisis intervention through 2013, the total cost of these negative real interest rates was over $750 billion just to savers alone. The loss of income to fixed-income investments (such as bonds held in pensions and money markets) was even larger.

    But here’s the rub. That loss of income and purchasing power didn’t just vanish. It was transferred from pocket A to pocket B.

    It magically appeared again in record Wall Street banking bonuses, in shrinking government deficits (due to lower than normal interest rates), in rising corporate profits (mainly benefiting the already rich), in record stock buybacks (ditto), and in rising wealth inequality.

    More directly, when the Fed buys financial assets with printed money and — by definition — drives up the price of those assets, it cannot then act mystified why the main owners of financial assets have grown wealthier. Doing so simply insults our intelligence.

    With that as background, I found myself struggling to remain calm as I read Yellen’s recent remarks.

    I stand by every word of the above.

    The 'alternative?'

    The Fed should absolutely not be in the business of setting the price of money.  It should let the market decide.  When it intervenes and sets the price of money below market rates, as it has for the past 20 years, we get "markets" and eventually ""markets.""

    The quotes and then double quotes are meant to convey the increasingly deformed nature of the price discovery and capital allocation roles of true, functioning markets.

    So, yes, the Fed is THE architect of the wealth gap.  They are preferentially funneling money to those individuals and entities that benefit from negative real rates (banks, big borrowers, government, stock and bond owners, etc.) and both depriving savers of interest income AND creating a wealth gap at the same time.

    A sub-set of this dynamic is that the main beneficiaries of all that picking and choosing are overwhelmingly white households.

    If the Fed were a legit government agency, or a private corporation, it would be subject to the Affirmative Action rules and regs.  Its policies clearly benefit one race and harm the rest.

    For example, Blackrock taps the Fed borrowing line at well below market rates for typical homeowners.  They then turn around and buy up tens of thousands of homes in key metro markets, effectively out competing 'little people' whose cost of capital is up to 300 basis points higher than the sweet-heart deal Blackrock gets courtesy of Fed POLICY.

    Yes, whites get harmed there too, but you know who gets harmed even more?  African Americans, Hispanics, and Native Americans.

    How is that not a racist stance?

    I'm willing to be argued off of that question, but I'm putting it out there harshly in the hopes that somehow the Fed will at least have to respond.

    The Fed is a racist organization with racist policies.  Change my mind.

     

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  • Wed, Jun 24, 2020 - 8:02am

    miguel

    miguel

    Status: Member

    Joined: Mar 10 2020

    Posts: 11

    3+

    The Fed is a racist organization with racist policies. Change my mind.

    Chris,

    I absolutely agree with you claim, except for in the semantics relating to the word "racist". It's difficult for me to claim racism in regards to an entity as opposed to the power structure it works under. It's the difference between intent and outcome.

    The wealth inequality gap while "intentional", i don't believe is intended to be discriminatory in relation to race. But the web of racist architecture cementing the entire socio-economic and political structure steers all "power-policy" within the structure to unavoidable racist ends.

    There are so many intertwined webs and very strong historically fabricated racist links, that even currently unintended outcomes become inherently racist.

    I believe racism is a structure that can only exist in relation to those that set the rules, even if those setting them aren't racist themselves.

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  • Wed, Jun 24, 2020 - 8:38am

    #57

    davefairtex

    Status: Member

    Joined: Sep 03 2008

    Posts: 2086

    7+

    class not race

    There is a power out there that delights in splitting the lower classes along lines of race and religion, so that their looting can go unchecked.

    OMG.  Transgender bathrooms!  Fight!

    OMG.  Right to Life!  (Or a Woman's Right to Choose!).  Fight!

    OMG.  A NOOSE!!   (Or, maybe a garage door pull).  Fight!

    The more we fight, the easier it is for the rackets to continue.

    Racism is just the wrong slice to take.  Invoking race always works in service to that power that seeks to divide.  Same goes for any divisive non-bottom-line social issue that slices the lower classes into manageable chunks.

    Isn't it interesting how we have a nation-convulsing race situation explode immediately prior to an election when it is sickcare that is really hosing the country?

    I think its awfully convenient.  There's no oxygen left in the room to talk about the big "money" issues.  It's all been sucked out - into "statues" - and "defunding police" - and "racism".

    All things that don't touch the bottom line of the rackets.

    It's like someone planned it this way.

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  • Wed, Jun 24, 2020 - 8:44am

    #58
    nordicjack

    nordicjack

    Status: Bronze Member

    Joined: Feb 03 2020

    Posts: 572

    Inflation is a good thing

    The policies the fed implements keeps inflation down.   However, this is not a good thing.  As it puts more downward pressure on wages compared to the modest inflation in consumer goods.   It also puts downward pressure on home and real estate increases.    This was the way my grandparents built wealth   They all had 2 homes,  savings and investments in real estate.  My step father's father bought a piece a property and in 30 years it increased in price 100 fold.   My stepfather held the property after inheritance for 27  years,  and it didnt increase 1 single dollar.   Further,  the property tax exceeded the value of the land in the same 27 years.    Ultimately, the value and asset evaporated.    The older retiring generation, needs inflation and higher interest rates to carry them through retirement rather than reverse mortgage their assets out of existence.

    You would think lower interest rates allow more people to buy homes,  It does but it allows less people to own homes.  There is a difference.   It used to make sense to pay a builder ( now about $75-100/hr ) to build a home when you are making more than the blue collar builder ( 1955)   But now, most people, even degreed , make less than the builder  - but they will finance that money on the home.   It does not make any sense.  Additionally, we used to finance homes , because it would make more sense than saving to purchase a home.   Because in the time you could save 40k , the home would increase in value more than that 40k.   But times have chanced in the last 20 - 30 years.  Homes and inflation do not increase like they used to.  It does not help home owner ship.. When you buy a home ( though perhaps bigger than yesteryear ) but you never get to own it as its cost to maintain, repair, insurance, taxes, mortgage out pace any value accumulated in payments or time of ownership..    If you have equity in your home at all , you are likely over 55.

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  • Wed, Jun 24, 2020 - 9:51am

    #59

    Adam Taggart

    Status: Platinum Member

    Joined: May 25 2009

    Posts: 4938

    3+

    Fed = Pan-"ist"

    I think the key point here is that the Fed's policies (and those of the other world central banks) are unfairly benefiting the elites to the detriment of EVERYONE else. They are transferring the world's remaining wealth from the rest of us into the pockets of the already-rich at an accelerating rate.

    Here's how lopsided the wealth distribution has become:

    In 2019, however, the report said that the "bottom half of wealth holders collectively accounted for less than 1% of total global wealth," while "the richest 10% own 82% of global wealth and the top 1% alone own 45%."

    (source)

    And it's only becoming more lopsided.

    The new $trillions released by the Fed since April to goose financial assets higher are rocketing the wealth of the millionaire/billionaire class higher. In contrast, tens of millions of households (in the US alone) are instead losing their only source of income.

    By definition, these policies are:

    - Age-ist: Seniors who planned to live on a fixed income or a return off of their life's savings have been sacrificed in the Fed's imposed regime of 0% interest rates. Similarly, if you're a millennial or younger, thank the Fed's liquidity firehose for the unattainable prices of housing and, well, EVERYTHING.

    - Class-ist: Not a member of the champagne and caviar crowd? Don't already have a portfolio of stock, fine art, racehorses and chalets in place to watch appreciate? Sorry. You simply have to deal with surviving on stagnant wages (if you're still lucky enough to have a job) as the cost of living relentlessly accelerates year after year.

    - Race-ist: If your ethnic group is underrepresented in the top 1%, then the Fed's current policies are worsing that disadvantage. If you thought there was racial inequity of opportunity before covid-19, it's only getting worse thanks to Jerome Powell and his FOMC buddies.

    The point Chris and I have been loudly repeating of late is that things are only going to worsen until society realizes that the Fed is the VILLAIN in this story, not the hero it paints itself to be.

    Its unfair policies and detrimental intervention have created the zombie economy and Frankenmarkets we are now stuck with -- and the grave social inequity that has resulted from those.

    And when this whole messed-up system breaks -- likely via a currency collapse -- the 99% will be the most injured. Even if the dollar dies, the top 1% will still own title to all of the worlds assets, ill-gotten during the Fed's 'reign of error'.

    So, it's important that all of us, however we self-identify (age, race, gender, socio-economic class, etc) to see the Fed as antithetical to our interests and well-being. And to start pushing back in ways both small and large.

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  • Wed, Jun 24, 2020 - 10:15am

    JWhite

    JWhite

    Status: Bronze Member

    Joined: Jul 12 2016

    Posts: 104

    2+

    Replying to Re: Chris; How do you change FED actions so they are not racist?

    The original observation made by rtson1 did not dispute the notion that the Fed’s actions have been detrimental to savers and the lower classes. The objection was to your conclusion that these actions are inherently racist and meant to specifically affect the Black segment of the U.S. population. As Sofistek also observed from the chart you showed us, Asians have significantly higher median net worth and stock investments than Whites.

    A quick check on the U.S. Census website, where the Wealth and Asset Ownership chart came from which supported your conclusion, gives us the following additional information:

    As of 2018, population (one race) as a percentage of total population:
    White – 236.173,020 = 72.19 %
    Black or African American – 41,617,764 = 12.72 %
    American Indian and Alaska Native – 2,801,587 = 0.86 %
    Asian alone – 18,415,198 = 5.63 %
    Native Hawaiian and Other Pacific Islander – 626,054 = 0.19 %
    Some other race – 16,253,785 = 4.97 %

    Note – Mixed race population (those having 2 or more races), comprises 3.45 % of the population and was not included in this part of the chart.

    https://data.census.gov/cedsci/table?q=race%20and%20wealth&hidePreview=false&tid=ACSDT1Y2018.C02003&vintage=2018

    As of 2019:

    Race and Hispanic origin: Non-Hispanic white and Asian householders had more household wealth than black and Hispanic householders.

    Non-Hispanic whites had a median household wealth of $139,300, compared with $12,780 for black householders and $19,990 for Hispanic householders.

    Asians had a median household wealth of $156,300, which is not statistically different from the estimate for non-Hispanic whites.

    https://www.census.gov/library/stories/2019/08/gaps-in-wealth-americans-by-household-type.html

    Observations:

    Both White and Asian households have the highest household wealth (from the chart in the video and from the Census article above).

    Asians comprise a smaller percentage of the total population than either Whites or Blacks, and although it is not known what percentage of these households are in the top 10% (or 1%), it can be assumed that at least some are. However, for the sake of argument, let us assume the entire top 10% of wealth is comprised only of White households and that 0% are Asian, Black, or other races. Using simple math, we can calculate that at least 62.19% of individuals being negatively impacted by the Fed’s actions are White, and approximately 12.72% are Black. If we choose to look only at the top 1% on the wealth continuum, then the percentages above remain largely unchanged, so I have taken a more conservative view.

    Looking at raw numbers, since there are over 236 million White people and 41.6 million Black people, we can conclude that the majority of people affected by the Fed’s actions are White individuals, of which a subset may be as poor as the Black population. It is of course possible that every Black individual is poorer than any White person, however, the point is that White people are also being affected in large numbers.

    Since Asians are among those with the highest Net Worth and Stock ownership, and a huge number of Whites are negatively affected by the Fed’s actions in addition to other races, it does not seem reasonable to conclude that these actions are racist and specifically targeted at Blacks. It may be more accurate to conclude that the lower classes are particularly affected.

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  • Wed, Jun 24, 2020 - 11:01am

    thc0655

    Status: Platinum Member

    Joined: Apr 27 2010

    Posts: 2024

    5+

    Chris is just trying to get someone to listen to him about The Fed

    Chris concluded that Fed actions are racist,

    I'm willing to be argued off of that question, but I'm putting it out there harshly in the hopes that somehow the Fed will at least have to respond.

    Chris has noticed, along with the rest of us, that EVERYTHING is racist in the summer of 2020. As Dave wrote, all the air has been sucked out of the room to discuss anything else. So I think Chris (and Adam) are just trying to get “someone” to pay attention to how Fed villainy is really our biggest and most foundational problem (by saying it is also racist).

    Chris is an optimist in that he firmly believes we can still at this late date alter our course and not hurtle off the cliff into an unmitigated disaster. I’d be glad to pay for his tattoo or epitaph if it reads, “It didn’t have to be this way.” He keeps trying and trying and trying to reverse the tide, and for that I applaud him. However, I’m not that kind of optimist. I’m sure we’re going off the cliff into disaster but I’m optimistic enough to think I’m going to survive and have a positive influence on rebuilding on better foundations (even if most of that influence comes after I’m gone).

    I’ve said before that Chris is a prophet to The Remnant, and that the great majority of people are NOT going to listen. They aren’t! They aren’t! I’ve made my peace with that fact and it’s implications, but Chris hasn’t completely.

    There are so many new people here on PP.com that I’m going to link to the article that summed it all up for me. I strongly encourage readers to read this whole article, doing your best to tolerate the mid 1930’s writing style and Biblical content to get to the essential meaning. We are in perilous times, but The People refuse to listen to the prophetic warnings that would save them. They won’t listen, so the looming disaster will be the outcome. The optimistic fact is that there is a VERY small group of people who will listen to the prophets and survive. It is this Remnant that will rebuild after the disaster.

    https://www.peakprosperity.com/forum-topic/were-reaching-the-remnant-not-the-masses/

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  • Wed, Jun 24, 2020 - 1:53pm

    JWhite

    JWhite

    Status: Bronze Member

    Joined: Jul 12 2016

    Posts: 104

    3+

    Replying to Chris is just trying to get someone to listen to him about The Fed

    Thanks thc – yes, I get that.

    I just can’t help thinking that semantics matters, and that it’s enough that the lower and middle classes are experiencing profound pain at the moment, regardless of colour. Some are members of this site and have posted about their anxieties. And apparently Central Banks in other countries are taking similar actions.  But I totally understand what you’re saying with respect to this angle. People do what they need to do to be heard....

    A Canadian friend wrote to me last week and included a note about her two children, who she adopted from Haiti years ago and who are now teenagers. The girl participated in a BLM protest in which 10,000 people marched. But the boy would not engage, and told his mother he refuses to be defined by his skin colour. He’s only 14! I can’t see him ever feeling victimized by his race (he also has a Black Belt, in Karate I think, but it’s his attitude that I’m impressed with). I can’t help thinking how great it would be if all young people held this view.

    I saw your passage about The Remnant in another thread and thought it was quite profound - thanks for sharing that lovely and hopeful outlook.

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