lewrockwell--2020-02-24--Bernie and Lizzie’s Politics of Envy

Bernie and Lizzie’s Politics of Envy

“ Envy ” is “ to wish that you had a quality or possession that another person has ” .
In psychological terms , it refers to an emotion which “ occurs when a person lacks another ’ s [ perceived ] superior quality , achievement , or possession and either desires it or wishes that the other lacked it “ .
All major religions condemn envy ( as in one of Christianity ’ s seven deadly sins ) .
The Wikipedia article cites envy as a major source of unhappiness ( “ It begins with the almost frantic sense @ @ @ @ @ @ @ It is a powerful human emotion and it has the potential to motivate one to harm those who are the object of one ’ s envy .
Against the Left : A Ro ... Llewellyn H Rockwell Jr Best Price : $ 13.57 Buy New $ 8.00 The most interesting aspect of envy is that it changes and diminishes with age as we are more accepting of who we are , except for one thing : money .
It was the only envious trait that increased with age .
Politicians tap into envy @ @ @ @ @ @ @ to support policies which feed their primitive desire to strike down the rich and successful .
This is why envy politics can be so destructive to society—it divides us rather than brings us together ; it tears us down .
The leading Progressive presidential candidates are scrambling over each other to exploit envy .
To make sure I was not exaggerating their positions , I just read all of Elizabeth Warren and Bernie Sanders ’ policies .
Almost every issue they addressed was based on envy .
The core of their Progressive beliefs @ @ @ @ @ @ @ favor of the rich and biased against workers , women , people of color , veterans , LGBTQ+ , native Americans , convicts , immigrants , tenants , homeowners , the poor , students , farmers , the sick , and the aged .
I might have missed some interest groups .
The problem , they say , is greedy capitalists whose debt-fueled corporations produce shoddy , overpriced products , and exploit underpaid , overworked , abused , and mistreated workers .
These capitalists , a mere 1 % of the population , @ @ @ @ @ @ @ their political power to grab 99 % of the wealth and squeeze the other 99 % of honest hardworking people who futilely struggle against this corrupt system .
Capitalists , they say , don ’ t want you to make a decent living , get an education , receive good medical care , have good housing , have economic security in your old age , or live in a clean environment .
Their solution is that the government , through a vast river of social programs funded by taxing the rich , can @ @ @ @ @ @ @ , fair economic and political system ( which , obviously , isn ’ t capitalism ) .
As a corollary , they wish to confiscate and redistribute the wealth of the corrupt and disgusting “ ultra-rich ” .
If you doubt my summation of their programs and policies , go to Bernie and Elizabeth ’ s web sites and see for yourself .
Here is a snippet from Bernie ’ s website : These people hate capitalism , entrepreneurs , successful corporations , and rich ( i.e.
, successful ) people .
Every @ @ @ @ @ @ @ strawman ( capitalism , billionaires , corporations ) and imposes draconian rules to control this “ corrupt ” behavior .
Everything they say about capitalism is wrong .
Perhaps you might think this is an arrogant , absurd thing to say , but their analysis of society , the economy , and capitalism is based on falsehoods , statistical manipulation , incorrect historical analysis , and theories that have been proven wrong throughout mankind ’ s history .
Their Progressive policies will destroy our dynamic economy and condemn us to stagnation and poverty @ @ @ @ @ @ @ especially when you examine the record of capitalism and free markets .
It has only been in the past 200 of the 100,000 years or so of human history that we have escaped mass poverty .
If you think about it , poverty has been the natural condition of mankind since we evolved large brains and opposing thumbs .
The magic that happened was what we call capitalism or the free market system : individual liberty , private property , free markets , free trade , capital , entrepreneurship , and tolerance .
@ @ @ @ @ @ @ .
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Check Amazon for Pricing .
It is a myth that poverty is caused by capitalism , billionaires , and corporations .
They are the fount of progress .
Wealth is created by entrepreneurs like Steve Jobs who start enterprises that succeed in the marketplace .
Jobs didn ’ t become a billionaire because he forced us to buy iPhones .
It is also a myth that progress is confined to the 1 % .
The belief that inequality is the cause of poverty is a myth .
@ @ @ @ @ @ @ free market society is irrelevant .
Everyone in a capitalist society has benefited , even those at the bottom .
There would be nothing more destructive to our economic well-being than eliminating billionaires : those who have become successful by meeting the needs of consumers and who have accumulated capital that feeds growth , innovation , and well-being .
Progressive politicians would have you believe that they have the wisdom , knowledge , and ability to govern us and radically change society for the good .
All they ask is the power to @ @ @ @ @ @ @ in the private sector are fallible human beings , more prone to error than success .
Yet somehow , we are fallible but they aren ’ t .
You would have to be a college professor to believe that .
Here are some things to ponder .
There has never been a regime with the powers as vast as those demanded by our Progressive politicians that has eliminated poverty and “ inequality ” .
There has never been a regime with the powers as vast as those demanded by our Progressive politicians that @ @ @ @ @ @ @ economic malaise or totalitarianism .
It is important to see Progressive politicians like Bernie and Elizabeth for what they are : angry , envious people .
Theirs is a story repeated often in history to the detriment of mankind : a messianic utopian vision that can only be accomplished by the coercive power of government .
The more power they have , the less freedom and prosperity we have .
If you don ’ t believe that then it would be hypocritical to not crush your smart phone .

Bernie Sanders and Elizabeth Warren are angry critics of free markets and rich people. They paint a bleak picture of America as a population of downtrodden, defeated people subjugated by billionaires and capitalism. The record is just the opposite, so one wonders why they and their supporters have this view of our world. The answer is that their anger is driven by envy and a desire to deprive successful people of the fruits of their success, a thing the envious have never achieved. Politicians exploit this primitive emotion for their own political ends which is the power to control us.
*************************************************
“Envy” is “to wish that you had a quality or possession that another person has”. In psychological terms, it refers to an emotion which “occurs when a person lacks another’s [perceived] superior quality, achievement, or possession and either desires it or wishes that the other lacked it“. All major religions condemn envy (as in one of Christianity’s seven deadly sins).
The Wikipedia article cites envy as a major source of unhappiness (“It begins with the almost frantic sense of emptiness inside oneself…”). It is a powerful human emotion and it has the potential to motivate one to harm those who are the object of one’s envy. Against the Left: A Ro... Rockwell Jr, Llewellyn H Best Price: $2.85 Buy New $8.00 (as of 07:59 UTC - Details)
The most interesting aspect of envy is that it changes and diminishes with age as we are more accepting of who we are, except for one thing: money. It was the only envious trait that increased with age.
Politicians tap into envy for political ends. Politicians manipulate people to support policies which feed their primitive desire to strike down the rich and successful. This is why envy politics can be so destructive to society—it divides us rather than brings us together; it tears us down.
The leading Progressive presidential candidates are scrambling over each other to exploit envy. To make sure I was not exaggerating their positions, I just read all of Elizabeth Warren and Bernie Sanders’ policies. Almost every issue they addressed was based on envy.
The core of their Progressive beliefs is that the game is rigged in favor of the rich and biased against workers, women, people of color, veterans, LGBTQ+, native Americans, convicts, immigrants, tenants, homeowners, the poor, students, farmers, the sick, and the aged. I might have missed some interest groups.
The problem, they say, is greedy capitalists whose debt-fueled corporations produce shoddy, overpriced products, and exploit underpaid, overworked, abused, and mistreated workers. These capitalists, a mere 1% of the population, have a stranglehold on Washington and use their political power to grab 99% of the wealth and squeeze the other 99% of honest hardworking people who futilely struggle against this corrupt system. Capitalists, they say, don’t want you to make a decent living, get an education, receive good medical care, have good housing, have economic security in your old age, or live in a clean environment.
Their solution is that the government, through a vast river of social programs funded by taxing the rich, can cure these problems and create a just, fair economic and political system (which, obviously, isn’t capitalism). As a corollary, they wish to confiscate and redistribute the wealth of the corrupt and disgusting “ultra-rich”.
If you doubt my summation of their programs and policies, go to Bernie and Elizabeth’s web sites and see for yourself.
Here is a snippet from Bernie’s website:
For too long, these greedy corporate CEOs have rigged the tax code, killed market competition, and crushed the lives and power of workers and communities across America. Year after year we’ve seen wages slashed and thousands of workers laid off, all while the richest corporate CEOs pay themselves huge bonuses.
These people hate capitalism, entrepreneurs, successful corporations, and rich (i.e., successful) people. Every one of their policies assumes an evil strawman (capitalism, billionaires, corporations) and imposes draconian rules to control this “corrupt” behavior.
Everything they say about capitalism is wrong. Perhaps you might think this is an arrogant, absurd thing to say, but their analysis of society, the economy, and capitalism is based on falsehoods, statistical manipulation, incorrect historical analysis, and theories that have been proven wrong throughout mankind’s history. Their Progressive policies will destroy our dynamic economy and condemn us to stagnation and poverty.
It makes you question their motives especially when you examine the record of capitalism and free markets. It has only been in the past 200 of the 100,000 years or so of human history that we have escaped mass poverty. If you think about it, poverty has been the natural condition of mankind since we evolved large brains and opposing thumbs.
The magic that happened was what we call capitalism or the free market system: individual liberty, private property, free markets, free trade, capital, entrepreneurship, and tolerance. These forces literally rocketed us into prosperity.
Amazon.com Gift Card i... Buy New $10.00 (as of 01:55 UTC - Details) It is a myth that poverty is caused by capitalism, billionaires, and corporations. They are the fount of progress. Wealth is created by entrepreneurs like Steve Jobs who start enterprises that succeed in the marketplace. Jobs didn’t become a billionaire because he forced us to buy iPhones.
It is also a myth that progress is confined to the 1%. The belief that inequality is the cause of poverty is a myth. The whole concept of inequality in a free market society is irrelevant. Everyone in a capitalist society has benefited, even those at the bottom. There would be nothing more destructive to our economic well-being than eliminating billionaires: those who have become successful by meeting the needs of consumers and who have accumulated capital that feeds growth, innovation, and well-being.
Progressive politicians would have you believe that they have the wisdom, knowledge, and ability to govern us and radically change society for the good. All they ask is the power to do that. They assume that we in the private sector are fallible human beings, more prone to error than success. Yet somehow, we are fallible but they aren’t. You would have to be a college professor to believe that.
Here are some things to ponder. There has never been a regime with the powers as vast as those demanded by our Progressive politicians that has eliminated poverty and “inequality”. There has never been a regime with the powers as vast as those demanded by our Progressive politicians that has not degenerated into some form of economic malaise or totalitarianism.
It is important to see Progressive politicians like Bernie and Elizabeth for what they are: angry, envious people. Theirs is a story repeated often in history to the detriment of mankind: a messianic utopian vision that can only be accomplished by the coercive power of government. The more power they have, the less freedom and prosperity we have. If you don’t believe that then it would be hypocritical to not crush your smart phone.
Reprinted from An Independent Mind.


lewrockwell--2020-02-24--Will COVID-19 Lead to a Gold Standard?

Will COVID-19 Lead to a Gold Standard?

Even before the coronavirus sprang upon an unprepared China the credit cycle was tipping the world into recession .
The coronavirus makes an existing situation immeasurably worse , shutting down China and disrupting global supply chains to the point where large swathes of global production simply cease .
The crisis is likely to be a wake-up call for complacent investors , who are content to buy benchmark bonds issued by bankrupt governments at wildly excessive prices .
A recession turned by the coronavirus into a fathomless slump will lead to a synchronised explosion of debt issuance for which there are @ @ @ @ @ @ @ monetised .
The adjustment to reality will be catastrophic for government finances , and their currencies .
This article explains why the collapse in overpriced financial assets and fiat currencies is likely to be rapid , perhaps giving ordinary people in some jurisdictions an early prospect of a return to gold and silver as circulating money .
My last article suggested that both financial assets and currencies would collapse together .
the basis of this supposition is twofold : first , central bank policies are binding together the rise in financial assets with @ @ @ @ @ @ @ .
Therefore , if one falls , they both fall .
And secondly there is historical precedence for this when one examines The Mississippi bubble 300 years ago .
The timing for such a collapse appears to be imminent .
Every day , more and more data confirm that the global economy is sliding into recession .
So far , people have been ignoring this important development , but now that it is becoming hard to ignore , no doubt the coronavirus will be blamed .
This is a mistake because the factors @ @ @ @ @ @ @ end of the expansionary credit cycle combining with trade protectionism against Chinese imports by President Trump , echo developments leading up to the Wall Street crash in October 1929 .
If that point is accepted , then clearly the world could be on the edge of a very deep slump exacerbated but not caused by the virus .
The New Case for Gold James Rickards Best Price : $ 0.25 Buy New $ 8.00 The coronavirus has all but closed down China ’ s economy .
It threatens to become a pandemic with @ @ @ @ @ @ @ and their fiat currencies .
The central issue flowing from the upcoming monetary crisis centres on the rating of government debt .
Almost all welfare-driven states are in debt traps .
They think price inflation is under control , because their colleagues in the statistics departments tell them so , allowing them to continue to run increasing budget deficits with apparent impunity .
Central banks do not realise that very soon they will be the only buyers of their governments ’ debt which they will pay for with newly minted money .
The @ @ @ @ @ @ @ ’ s Reichsbank in 1918-23 will be completely lost to them and the path of escalating failure will only encourage the pace of printing to be accelerated .
The latest bombshell , coronavirus , is a trigger perhaps for the markets to regain control from the statist price riggers .
This has to be the first step to fixing broken economies .
The Panglossians in the ranks of the banking and investment communities will be rudely awakened to find themselves staring down the barrel of economic reality .
Only then is there a @ @ @ @ @ @ @ by one and all , and a retreat towards sound money commence .
There is unlikely to be much time .
Even without the downhill kick of coronavirus a bear market in bonds could be a devastating event on its own in a period of less than a year .
Inflation of fiat currencies and interest rate suppression have been the principal agents for ramping bond prices , which tells us that their collapse will undermine currencies as well , giving complacent investors a double hit .
But what are we to measure @ @ @ @ @ @ @ Sound money of course , gold and silver , with other stores of value , such as bitcoin , favoured by tech-savvy millennials , who will be quick to observe and understand the debauchment of fiat money .
And the sooner we throw out fiat currencies , the sooner we can revert to sound money , which is gold .
We shall take as our primary example the US bond market , because fiat currency fans believe that other than individual time-values it is the risk-free investment yardstick .
The ten-year US Treasury @ @ @ @ @ @ @ but its future pricing raises some serious issues .
Before addressing risk , we should note that time preference theory tells us that possession of cash is always worth more than its non-possession .
The discount of that future value is not significant if you part with it to buy a ten-year UST with a view to trading it out in the next few days .
But if you buy it with a view to holding it as an investment , then its discounted future value does become relevant .
We can not @ @ @ @ @ @ @ because it can only be realised in an unfettered market , not a market manipulated by the Fed ’ s actions .
But with history as our guide an annualised discounted value of about two per cent for a 10-year bond can be used as a rough guide .
Figure 1 , which is a long-term chart of the yield on this bond , appears to indicate there is a solid floor in the region of 1.4 % represented by the horizontal line joining points at July 2012 , July 2016 and August @ @ @ @ @ @ @ a per cent less than our estimated time preference value .
With its yield currently 1.56 % , there appears to be very little upside in the price , and we can understand why .
And if we accept government estimates of CPI-U all items index rising at 2.5 % ( year to January ) the yield should be closer to 4 % and must therefore be heavily suppressed at current levels .
That is not all .
While the general level of prices is an economic concept , it is not measurable @ @ @ @ @ @ @ of Labour Statistics , along with all other nations who use “ standardised ” CPIs to effectively goal-seek an official figure for its rate of change .
Two independent analysts , Chapwood Index and Shadowstats confirm each other that a more realistic rate for monetary depreciation of the US dollar is not 2 % , but about 10 % annually .
But for the moment , investors believe the price inflation lie because they want to .
When they begin to realise the official rate is pure fiction , then one would expect @ @ @ @ @ @ @ redemption yield .
In other words , any upside in bond prices is strictly limited while the downside is substantial .
As an illustration , a 10-year bond at the current yield would have to fall from par to $ 47.40 to yield a more realistic gross 10 % to redemption .
Clearly , the US Treasury market is badly mispriced .
To estimate the likelihood of the Fed losing control of bond pricing , we should also take into account the state of the US Government ’ s finances , because we @ @ @ @ @ @ @ risks in our calculations .
With a starting budget deficit in the current fiscal year estimated by the Congressional Budget Office at $ 1,027bn , a recession , let alone a slump , will make government finances considerably worse .
For the years 2020-2022 the CBO expects real GDP to grow at an average 2 % per annum .
In the very near future , due to the coronavirus alone that is likely to be revised sharply downwards , if not by the CBO , but by market participants as further evidence of @ @ @ @ @ @ @ ignore .
All we need to know for now is the revision of economic prospects will be significant , based on recent evidence of recessionary trends and the potential impact of the coronavirus .
The current stage of the credit cycle indicates the banks are in the process of withdrawing circulating credit , hitting SMEs particularly hard .
Unemployment will rise , along with bankruptcies .
And this assumes little or nothing for the effect of coronavirus .
But even if coronavirus is contained to China and East Asia , US corporations ’ @ @ @ @ @ @ @ requiring both time and bank credit to relocate .
Neither are available in the short term and in the current credit climate .
And this is an election year , when any president ’ s financial and economic prudence are at their lowest ebb and his administration is most inclined to throw money at any and all economic problems .
Without a recession , other things being equal the CBO ’ s forecasting assumptions and the effect on government debt outstanding might be taken to be credible by gullible investors .
But expressed @ @ @ @ @ @ @ not all else is equal and we can already see why these forecasts are going horribly wrong .
The question then is what the effect on markets will be when these errors are realised and prices for financial assets are adjusted for reality .
The adjustment will follow the current period of complacency .
US Treasury bond prices have recently risen , partly on a safe-haven basis , but certainly with an enduring belief in the state ’ s economic management .
Equities are at or close to all-time highs on a relative @ @ @ @ @ @ @ an expectation that any recession will be shallow .
Further monetary easing is expected to support the economy and maintaining the long-term prospect of a resumption to decent economic growth .
Further monetary easing is seen to be bullish .
Concerns about the dollar are broadly absent .
There is embedded in investor psychology Part One of Triffin ’ s dilemma , that concludes otherwise irresponsible fiscal policies will allow the provider of the world ’ s reserve currency to run deficits to increase its supply to foreigners , always hungry for scarce @ @ @ @ @ @ @ Treasuries .
And if there is a recession , the argument goes , then there will always be a further flight to the safety of dollars and US Treasuries .
Part Two of Triffin ’ s dilemma ends in crisis , which broadly is what we now face .
Investors are yet to take note .
Putting the effects of the coronavirus to one side for the moment , in their private capacity businessmen and their bankers are usually the first to see that economic optimism is misplaced .
Businessmen are battling in @ @ @ @ @ @ @ their internal market intelligence and its impact on risk assessment .
The authorities , particularly the Fed , who have made the mistake of believing in their own statistics , and of falling hook , line and sinker for Keynesian stimulation theories , will be next .
One can envisage the setup : having seen from its own internal information the economy is not performing as hoped , the Fed decides to call in the management of the G-SIB banks to hear their concerns , gather intelligence and reassure them they are on @ @ @ @ @ @ @ imagine the following conversation : Banker A .
“ Well , what did you make of that ?
” Banker B .
“ The Fed must be worried to feel the need to reassure us .
Things must be worse than we thought.
” Bankers A & B .
( Thinking ) I ’ ll report back to my Board that the Fed is very worried , and we must urgently reduce our loan book before our competitors do .
It has happened before .
None of this would occur in an economy @ @ @ @ @ @ @ free markets , only susceptible to one-off disasters , such as war and the coronavirus .
Instead , the US economy is managed on the basis of maintaining the crumbling confidence of consumers and the uninterrupted provision to them of credit .
After many years of being bailed out , economic actors have become fully dependent on confidence being maintained and have no alternative plan in the case of its failure .
But failure is now becoming evident .
The central question therefore devolves upon the future credit rating of the US Government @ @ @ @ @ @ @ of the overall monetary situation and pricing returns to being set by markets , how do you rate a very large borrower with the following credit profile : • No surplus of income over expenses since 2001 .
Current trend is for further deterioration with no end in sight .
• Net present value of future liabilities mandated by law is independently estimated ( Kotlikoff ) to be over $ 200 trillion .
Current income ( taxes etc . )
of $ 3.6 trillion gives a ratio of income to future expense of @ @ @ @ @ @ @ will almost certainly decline raising this ratio further .
• Net interest cost at unrealistically low interest rates is 38 % of last year ’ s deficit .
A more realistic interest rate could have an immediate and catastrophic effect on finances .
• Management seems unjustifiably optimistic that future revenue will pick up .
In the absence of a management that agrees to radically alter course , there can only be one answer : do not lend it any money and eliminate all existing exposure .
When they wake up , this @ @ @ @ @ @ @ the reality facing not just the banks but all holders of US Treasuries , including foreigners without sound reasons to be invested in them .
Consequently , the switch from the current state of suppressive control to realistic pricing of government debt will be both vicious and rapid .
The only foreigners likely to delay selling existing US Government debt are some governments , either under the US Government ’ s cosh , or not wishing to exacerbate the situation .
With cross-border trade collapsing , others have no good reason to hold @ @ @ @ @ @ @ extend their exposure .
Furthermore , in recent years large hedge funds have made hay out of being short euros and yen and long dollars and US Treasury debt through fx swaps .
Those trillion-dollar positions need to be unwound as well , which will put additional pressure on the dollar and the bond markets .
At anything close to these yields , the only buyer will be the Fed , which , as well as new issuance will have to absorb foreign sales and those of distressed hedge funds .
For these @ @ @ @ @ @ @ certainly have to be on a far larger scale than following the Lehman crisis .
There is no price for government debt in these circumstances , because the higher the interest rate , the worse the numbers become .
Nor will there be any value in the currency used to buy it , because if the government is effectively bust its unbacked currency will also be worthless .
Other governments with substantial future welfare commitments are in a similar position .
High debt to GDP ratios will become a debt trap on a @ @ @ @ @ @ @ funding costs .
In the EU and Japan , government funding costs have even further to travel from under the zero bound .
Meanwhile , there is an air of complacency with a general assumption that the next crisis will lead to yet lower rates , as has been the case with every credit crisis for the last forty years .
But as Figure 1 , the chart of the ten-year US Treasury above clearly showed , after a long decline in yields the world ’ s reserve currency benchmark yield is now @ @ @ @ @ @ @ or even negative dollar rates imposed by the Fed can not alter that fact .
This is important , because central banks have tried everything that they can think of to restore economic growth and have run out of ideas .
Led by the Bank for International Settlements , they are now pleading with their governments to borrow more while rates are cheap in the hope that greater budget deficits will stop the world from sliding into recession .
Other central banks are in the same boat The debt devil tempts , and @ @ @ @ @ @ @ is the highest reward he can offer .
The response by all G20 members to a sliding global economy will obviously be a BIS sanctioned coordinated burst of deficit spending leading to a synchronised expansion of government bond supply and fiat money to pay for it .
It is proving impossible , even for a free trader like Boris Johnson , to resist the political imperative to build new hospitals , train thousands of new nurses and policemen and throw money at a new , wildly over-budget railway connecting the North of England @ @ @ @ @ @ @ will probably empty the North of northerners seeking their fortunes in London , instead of spreading London ’ s wealth northwards .
Most of this spending is classified as investment , but the fact is that without a commensurate increase in personal savings it is inflationary spending .
Perhaps the dollar will not be the first to slide , given the shutting down of China ’ s economy by the coronavirus .
The yuan , surely , will be the first to suffer in the foreign exchanges , a process that appears to @ @ @ @ @ @ @ the People ’ s Bank into positive action to stabilise the currency , which it can do by tying it to gold .
In doing so , it would do humanity a favour by leading the way early towards a sound money solution to the unfolding financial and economic crisis , which with the coronavirus threatens to be potentially much worse than anything recorded in modern times .
The reason the dollar is likely to be next to slide is the exposure foreigners have to it , the equivalent of more than one @ @ @ @ @ @ @ comprised of about $ 4 trillion in bank deposits , and $ 19.4 trillion of US securities , according to the last available TIC figures .
[ i ] For the short-term , perhaps China ’ s imploding economy , taking Germany ’ s and others with it , encourages the investor ’ s myth that the dollar is a safe haven .
The trade-weighted index has strengthened in recent weeks on the back of both the yuan and euro weakening , and US Treasury yields have declined as well .
It is @ @ @ @ @ @ @ conditions for much longer .
In addition to foreign sellers , speculative positions of perhaps several trillion dollars in currency swaps held by large hedge funds will have to be reversed if and when the dollar is undermined by foreign selling .
That would lead to temporary buying of euros and yen .
When that short-term effect is over , presumably these currencies will then suffer the combination of collapsing values for government bonds and stockmarket values at the same time as the currencies themselves fall measured against gold , silver and bitcoin @ @ @ @ @ @ @ effects of the turn of the credit cycle and the coronavirus can be expected to hit individual fiat currencies both sequentially and generally .
This article has made some suggestions over a likely sequence : yuan , dollar , euro and yen .
But how things actually unfold is for the moment a matter of speculation .
From the turmoil ahead of us , the clear winners are likely to be gold and silver , and supply-constrained hedges such as bitcoin .
In real terms , gold is still under-priced relative to the @ @ @ @ @ @ @ .
This is illustrated in Figure 2 , which is of gold adjusted by the increase in the fiat money quantity .
This chart should contradict any thoughts that the recent increase in the price of gold might be overdone .
The truth is that the devastating bear market in the gold price following the spike in 1980 has almost eliminated gold from investment portfolios in favour of inflation beneficiaries .
If that long period is coming to an end , investors will attempt to switch their allocations from inflation beneficiaries and bonds @ @ @ @ @ @ @ protection .
For this reason , the rise in the dollar gold price could be very dramatic , particularly when a further acceleration of global monetary debasement is taken into account .
And this is before we see official CPI measures move much above their 2 % goal-sought targets .
For both gold and silver , we can expect initial moves reflecting their eventual replacement of failing fiat as the trusted money in circulation .
In the case of silver , it is worth mentioning that its original price relationship under bimetallic standards @ @ @ @ @ @ @ dropped as money in favour of gold alone in the 1870s .
When fiat fails , it is likely that silver will regain a secondary monetary role , and its remonetisation will have a substantial impact on its purchasing power .
From a current gold/silver ratio of 87 times , a move towards the old ratio of approximately 15 times means that for speculators buying into the sound money argument , silver is likely to be the catch-up form of sound money .
During previous currency hiatuses , the problem of failing fiat @ @ @ @ @ @ @ rising prices of precious metals .
Since the last financial crisis , there has arisen a new category of store of value in thousands of different cryptocurrencies .
While most of them appear to be akin to quack monetary remedies , the first cryptocurrency to be devised with its innovative blockchain technology is sufficiently understood by a growing band of followers to be firmly established as a form of money .
Bitcoin is currently not ideally suited as a means of settling transactions , or for making value comparisons between one good against @ @ @ @ @ @ @ to the superior scalability offered by credit and debit cards .
Where bitcoin scores is as a store of value .
In learning about bitcoin and why it works , a new generation of tech-savvy millennials have become aware of the way their governments debauch their currencies as a means of secretly transferring wealth from them as individuals to the state , the banks , and their favoured borrowers .
Bitcoin supporters are an intelligent , educated mob angry at their governments ’ abuse of their fiat currencies .
In all populations , @ @ @ @ @ @ @ of the fragility of state currencies , and therefore the abandonment of them by the general public is likely to develop over a shorter time period than experience of previous instances would suggest .
The straws in the wind listed in this article point to a more rapid collapse of financial asset values and currencies than generally thought by sound money theorists who have long anticipated this outcome .
Doubts about the timing have been settled to a degree by the sudden development of the coronavirus , which has already imploded China ’ @ @ @ @ @ @ @ and the provision of consumer goods .
To the extent the coronavirus has had a hand in the forthcoming destruction of fiat currencies and Keynesian mythology , we can take some comfort that it will have brought forward the eventual reintroduction of gold and gold standards .
The path is not straightforward .
There will be destruction of financial asset values and the economic consequences for ordinary people will be dire .
We can expect widespread civil unrest and political instability .
Western governments and their advisers are not familiar with the arguments @ @ @ @ @ @ @ half a century dismissing it .
This fact favours the new economies which have not discarded gold , which include Russia , China , and many other Asian nations .
Some governments , such as India , might attempt to confiscate their citizens ’ gold , but in general the collapse of western economic fallacies could lead to Asia ’ s economic superiority .
It will be a rough ride for the rest of us .
[ i ] US Treasury TIC figures for portfolio holding are as at June 2018 .
They @ @ @ @ @ @ @ to June 2019 and given the rise in stockmarkets could be recorded somewhat higher .
The estimate for bank liabilities ( deposits ) and short-term securities are at November 2019 .
The views and opinions expressed in this article are those of the author ( s ) and do not reflect those of Goldmoney , unless expressly stated .
The article is for general information purposes only and does not constitute either Goldmoney or the author ( s ) providing you with legal , financial , tax , investment , or accounting advice @ @ @ @ @ @ @ on any information contained in the article without first seeking independent professional advice .
Care has been taken to ensure that the information in the article is reliable ; however , Goldmoney does not represent that it is accurate , complete , up-to-date and/or to be taken as an indication of future results and it should not be relied upon as such .
Goldmoney will not be held responsible for any claim , loss , damage , or inconvenience caused as a result of any information or opinion contained in this article and @ @ @ @ @ @ @ the opinions and information contained in this article is at your own risk .
The Best of Alasdair Macleod

Even before the coronavirus sprang upon an unprepared China the credit cycle was tipping the world into recession. The coronavirus makes an existing situation immeasurably worse, shutting down China and disrupting global supply chains to the point where large swathes of global production simply cease.
The crisis is likely to be a wake-up call for complacent investors, who are content to buy benchmark bonds issued by bankrupt governments at wildly excessive prices. A recession turned by the coronavirus into a fathomless slump will lead to a synchronised explosion of debt issuance for which there are no genuine buyers and can only be monetised.
The adjustment to reality will be catastrophic for government finances, and their currencies. This article explains why the collapse in overpriced financial assets and fiat currencies is likely to be rapid, perhaps giving ordinary people in some jurisdictions an early prospect of a return to gold and silver as circulating money.
Introduction
My last article suggested that both financial assets and currencies would collapse together. the basis of this supposition is twofold: first, central bank policies are binding together the rise in financial assets with the maintenance of value in fiat currencies. Therefore, if one falls, they both fall. And secondly there is historical precedence for this when one examines The Mississippi bubble 300 years ago.
The timing for such a collapse appears to be imminent. Every day, more and more data confirm that the global economy is sliding into recession. So far, people have been ignoring this important development, but now that it is becoming hard to ignore, no doubt the coronavirus will be blamed. This is a mistake because the factors leading to a slump, principally the end of the expansionary credit cycle combining with trade protectionism against Chinese imports by President Trump, echo developments leading up to the Wall Street crash in October 1929. If that point is accepted, then clearly the world could be on the edge of a very deep slump exacerbated but not caused by the virus. The New Case for Gold Rickards, James Best Price: $0.25 Buy New $6.99 (as of 11:36 UTC - Details)
The coronavirus has all but closed down China’s economy. It threatens to become a pandemic with serious consequences for all other national economies and their fiat currencies.
The central issue flowing from the upcoming monetary crisis centres on the rating of government debt. Almost all welfare-driven states are in debt traps. They think price inflation is under control, because their colleagues in the statistics departments tell them so, allowing them to continue to run increasing budget deficits with apparent impunity. Central banks do not realise that very soon they will be the only buyers of their governments’ debt which they will pay for with newly minted money. The irony of repeating the mistakes of Germany’s Reichsbank in 1918-23 will be completely lost to them and the path of escalating failure will only encourage the pace of printing to be accelerated.
The latest bombshell, coronavirus, is a trigger perhaps for the markets to regain control from the statist price riggers. This has to be the first step to fixing broken economies. The Panglossians in the ranks of the banking and investment communities will be rudely awakened to find themselves staring down the barrel of economic reality. Only then is there a chance that neo-Keynesian lies will be discarded by one and all, and a retreat towards sound money commence.
There is unlikely to be much time. Even without the downhill kick of coronavirus a bear market in bonds could be a devastating event on its own in a period of less than a year. Inflation of fiat currencies and interest rate suppression have been the principal agents for ramping bond prices, which tells us that their collapse will undermine currencies as well, giving complacent investors a double hit. But what are we to measure a decline of fiat currencies against? Sound money of course, gold and silver, with other stores of value, such as bitcoin, favoured by tech-savvy millennials, who will be quick to observe and understand the debauchment of fiat money. And the sooner we throw out fiat currencies, the sooner we can revert to sound money, which is gold.
Changing values for government bonds
We shall take as our primary example the US bond market, because fiat currency fans believe that other than individual time-values it is the risk-free investment yardstick. The ten-year US Treasury bond yields less than 1.6%, but its future pricing raises some serious issues.
Before addressing risk, we should note that time preference theory tells us that possession of cash is always worth more than its non-possession. The discount of that future value is not significant if you part with it to buy a ten-year UST with a view to trading it out in the next few days. But if you buy it with a view to holding it as an investment, then its discounted future value does become relevant. We cannot know what this time preference is, because it can only be realised in an unfettered market, not a market manipulated by the Fed’s actions. But with history as our guide an annualised discounted value of about two per cent for a 10-year bond can be used as a rough guide.
Figure 1, which is a long-term chart of the yield on this bond, appears to indicate there is a solid floor in the region of 1.4% represented by the horizontal line joining points at July 2012, July 2016 and August 2019. This floor is about half a per cent less than our estimated time preference value.
With its yield currently 1.56%, there appears to be very little upside in the price, and we can understand why. And if we accept government estimates of CPI-U all items index rising at 2.5% (year to January) the yield should be closer to 4% and must therefore be heavily suppressed at current levels.
That is not all. While the general level of prices is an economic concept, it is not measurable; a fact which allows the Bureau of Labour Statistics, along with all other nations who use “standardised” CPIs to effectively goal-seek an official figure for its rate of change. Two independent analysts, Chapwood Index and Shadowstats confirm each other that a more realistic rate for monetary depreciation of the US dollar is not 2%, but about 10% annually.
But for the moment, investors believe the price inflation lie because they want to. When they begin to realise the official rate is pure fiction, then one would expect government bonds to reflect a far higher redemption yield. In other words, any upside in bond prices is strictly limited while the downside is substantial. As an illustration, a 10-year bond at the current yield would have to fall from par to $47.40 to yield a more realistic gross 10% to redemption.
Clearly, the US Treasury market is badly mispriced. To estimate the likelihood of the Fed losing control of bond pricing, we should also take into account the state of the US Government’s finances, because we have not yet incorporated future currency debasement risks in our calculations. With a starting budget deficit in the current fiscal year estimated by the Congressional Budget Office at $1,027bn, a recession, let alone a slump, will make government finances considerably worse. For the years 2020-2022 the CBO expects real GDP to grow at an average 2% per annum. In the very near future, due to the coronavirus alone that is likely to be revised sharply downwards, if not by the CBO, but by market participants as further evidence of a looming slump becomes too hard to ignore.
All we need to know for now is the revision of economic prospects will be significant, based on recent evidence of recessionary trends and the potential impact of the coronavirus. The current stage of the credit cycle indicates the banks are in the process of withdrawing circulating credit, hitting SMEs particularly hard. Unemployment will rise, along with bankruptcies. And this assumes little or nothing for the effect of coronavirus.
But even if coronavirus is contained to China and East Asia, US corporations’ supply chains will cease to function, requiring both time and bank credit to relocate. Neither are available in the short term and in the current credit climate. And this is an election year, when any president’s financial and economic prudence are at their lowest ebb and his administration is most inclined to throw money at any and all economic problems.
Without a recession, other things being equal the CBO’s forecasting assumptions and the effect on government debt outstanding might be taken to be credible by gullible investors. But expressed in the economist’s jargon, not all else is equal and we can already see why these forecasts are going horribly wrong. The question then is what the effect on markets will be when these errors are realised and prices for financial assets are adjusted for reality.
The adjustment will follow the current period of complacency. US Treasury bond prices have recently risen, partly on a safe-haven basis, but certainly with an enduring belief in the state’s economic management. Equities are at or close to all-time highs on a relative value to bond yields argument, and an expectation that any recession will be shallow. Further monetary easing is expected to support the economy and maintaining the long-term prospect of a resumption to decent economic growth. Further monetary easing is seen to be bullish.
Concerns about the dollar are broadly absent. There is embedded in investor psychology Part One of Triffin’s dilemma, that concludes otherwise irresponsible fiscal policies will allow the provider of the world’s reserve currency to run deficits to increase its supply to foreigners, always hungry for scarce dollars, which they reinvest in US Treasuries. And if there is a recession, the argument goes, then there will always be a further flight to the safety of dollars and US Treasuries.
Part Two of Triffin’s dilemma ends in crisis, which broadly is what we now face. Investors are yet to take note.
Putting the effects of the coronavirus to one side for the moment, in their private capacity businessmen and their bankers are usually the first to see that economic optimism is misplaced. Businessmen are battling in deteriorating trading conditions, and bankers with their internal market intelligence and its impact on risk assessment. The authorities, particularly the Fed, who have made the mistake of believing in their own statistics, and of falling hook, line and sinker for Keynesian stimulation theories, will be next.
One can envisage the setup: having seen from its own internal information the economy is not performing as hoped, the Fed decides to call in the management of the G-SIB banks to hear their concerns, gather intelligence and reassure them they are on the case. Afterwards, we can imagine the following conversation:
Banker A. “Well, what did you make of that?”
Banker B. “The Fed must be worried to feel the need to reassure us. Things must be worse than we thought.”
Bankers A & B. (Thinking) I’ll report back to my Board that the Fed is very worried, and we must urgently reduce our loan book before our competitors do.
It has happened before. None of this would occur in an economy which is based on sound money and free markets, only susceptible to one-off disasters, such as war and the coronavirus. Instead, the US economy is managed on the basis of maintaining the crumbling confidence of consumers and the uninterrupted provision to them of credit. After many years of being bailed out, economic actors have become fully dependent on confidence being maintained and have no alternative plan in the case of its failure. But failure is now becoming evident.
The central question therefore devolves upon the future credit rating of the US Government. Assuming the Fed is losing control of the overall monetary situation and pricing returns to being set by markets, how do you rate a very large borrower with the following credit profile:
No surplus of income over expenses since 2001. Current trend is for further deterioration with no end in sight.
Net present value of future liabilities mandated by law is independently estimated (Kotlikoff) to be over $200 trillion. Current income (taxes etc.) of $3.6 trillion gives a ratio of income to future expense of well over 50 times. Tax income will almost certainly decline raising this ratio further.
Net interest cost at unrealistically low interest rates is 38% of last year’s deficit. A more realistic interest rate could have an immediate and catastrophic effect on finances.
Management seems unjustifiably optimistic that future revenue will pick up.
In the absence of a management that agrees to radically alter course, there can only be one answer: do not lend it any money and eliminate all existing exposure. When they wake up, this should, and therefore will be, the reality facing not just the banks but all holders of US Treasuries, including foreigners without sound reasons to be invested in them.
Consequently, the switch from the current state of suppressive control to realistic pricing of government debt will be both vicious and rapid. The only foreigners likely to delay selling existing US Government debt are some governments, either under the US Government’s cosh, or not wishing to exacerbate the situation. With cross-border trade collapsing, others have no good reason to hold dollars and dollar-denominated debt, let alone extend their exposure. Furthermore, in recent years large hedge funds have made hay out of being short euros and yen and long dollars and US Treasury debt through fx swaps. Those trillion-dollar positions need to be unwound as well, which will put additional pressure on the dollar and the bond markets.
At anything close to these yields, the only buyer will be the Fed, which, as well as new issuance will have to absorb foreign sales and those of distressed hedge funds. For these reasons the monetisation of debt will almost certainly have to be on a far larger scale than following the Lehman crisis. There is no price for government debt in these circumstances, because the higher the interest rate, the worse the numbers become. Nor will there be any value in the currency used to buy it, because if the government is effectively bust its unbacked currency will also be worthless.
Other governments with substantial future welfare commitments are in a similar position. High debt to GDP ratios will become a debt trap on a combination of recession-fuelled budget deficits and realistic funding costs. In the EU and Japan, government funding costs have even further to travel from under the zero bound.
Meanwhile, there is an air of complacency with a general assumption that the next crisis will lead to yet lower rates, as has been the case with every credit crisis for the last forty years. But as Figure 1, the chart of the ten-year US Treasury above clearly showed, after a long decline in yields the world’s reserve currency benchmark yield is now struggling to go any lower. Zero or even negative dollar rates imposed by the Fed cannot alter that fact.
This is important, because central banks have tried everything that they can think of to restore economic growth and have run out of ideas. Led by the Bank for International Settlements, they are now pleading with their governments to borrow more while rates are cheap in the hope that greater budget deficits will stop the world from sliding into recession.
Other central banks are in the same boat
The debt devil tempts, and the weak follow, and debtor hell is the highest reward he can offer. The response by all G20 members to a sliding global economy will obviously be a BIS sanctioned coordinated burst of deficit spending leading to a synchronised expansion of government bond supply and fiat money to pay for it. It is proving impossible, even for a free trader like Boris Johnson, to resist the political imperative to build new hospitals, train thousands of new nurses and policemen and throw money at a new, wildly over-budget railway connecting the North of England to London. Which, incidentally, will probably empty the North of northerners seeking their fortunes in London, instead of spreading London’s wealth northwards. Most of this spending is classified as investment, but the fact is that without a commensurate increase in personal savings it is inflationary spending.
Perhaps the dollar will not be the first to slide, given the shutting down of China’s economy by the coronavirus. The yuan, surely, will be the first to suffer in the foreign exchanges, a process that appears to be starting. But this might galvanise the People’s Bank into positive action to stabilise the currency, which it can do by tying it to gold. In doing so, it would do humanity a favour by leading the way early towards a sound money solution to the unfolding financial and economic crisis, which with the coronavirus threatens to be potentially much worse than anything recorded in modern times.
The reason the dollar is likely to be next to slide is the exposure foreigners have to it, the equivalent of more than one year’s GDP. It is comprised of about $4 trillion in bank deposits, and $19.4 trillion of US securities, according to the last available TIC figures.[i]
For the short-term, perhaps China’s imploding economy, taking Germany’s and others with it, encourages the investor’s myth that the dollar is a safe haven. The trade-weighted index has strengthened in recent weeks on the back of both the yuan and euro weakening, and US Treasury yields have declined as well. It is a situation unlikely to survive deteriorating economic conditions for much longer.
In addition to foreign sellers, speculative positions of perhaps several trillion dollars in currency swaps held by large hedge funds will have to be reversed if and when the dollar is undermined by foreign selling. That would lead to temporary buying of euros and yen. When that short-term effect is over, presumably these currencies will then suffer the combination of collapsing values for government bonds and stockmarket values at the same time as the currencies themselves fall measured against gold, silver and bitcoin.
Sound money alternatives signal the fiat crisis
An unfolding crisis from the combined effects of the turn of the credit cycle and the coronavirus can be expected to hit individual fiat currencies both sequentially and generally. This article has made some suggestions over a likely sequence: yuan, dollar, euro and yen. But how things actually unfold is for the moment a matter of speculation. From the turmoil ahead of us, the clear winners are likely to be gold and silver, and supply-constrained hedges such as bitcoin.
In real terms, gold is still under-priced relative to the dollar, based on their relative quantities. This is illustrated in Figure 2, which is of gold adjusted by the increase in the fiat money quantity.
This chart should contradict any thoughts that the recent increase in the price of gold might be overdone. The truth is that the devastating bear market in the gold price following the spike in 1980 has almost eliminated gold from investment portfolios in favour of inflation beneficiaries. If that long period is coming to an end, investors will attempt to switch their allocations from inflation beneficiaries and bonds with rising yields in favour of inflation protection. For this reason, the rise in the dollar gold price could be very dramatic, particularly when a further acceleration of global monetary debasement is taken into account. And this is before we see official CPI measures move much above their 2% goal-sought targets.
For both gold and silver, we can expect initial moves reflecting their eventual replacement of failing fiat as the trusted money in circulation. In the case of silver, it is worth mentioning that its original price relationship under bimetallic standards only become discarded when silver was generally dropped as money in favour of gold alone in the 1870s. When fiat fails, it is likely that silver will regain a secondary monetary role, and its remonetisation will have a substantial impact on its purchasing power. From a current gold/silver ratio of 87 times, a move towards the old ratio of approximately 15 times means that for speculators buying into the sound money argument, silver is likely to be the catch-up form of sound money.
Bitcoin
During previous currency hiatuses, the problem of failing fiat money has always been evidenced in the rising prices of precious metals. Since the last financial crisis, there has arisen a new category of store of value in thousands of different cryptocurrencies. While most of them appear to be akin to quack monetary remedies, the first cryptocurrency to be devised with its innovative blockchain technology is sufficiently understood by a growing band of followers to be firmly established as a form of money.
Bitcoin is currently not ideally suited as a means of settling transactions, or for making value comparisons between one good against another. Settlements are severely restricted relative to the superior scalability offered by credit and debit cards. Where bitcoin scores is as a store of value.
In learning about bitcoin and why it works, a new generation of tech-savvy millennials have become aware of the way their governments debauch their currencies as a means of secretly transferring wealth from them as individuals to the state, the banks, and their favoured borrowers. Bitcoin supporters are an intelligent, educated mob angry at their governments’ abuse of their fiat currencies.
In all populations, there is therefore a marginally greater recognition of the fragility of state currencies, and therefore the abandonment of them by the general public is likely to develop over a shorter time period than experience of previous instances would suggest.
Conclusion
The straws in the wind listed in this article point to a more rapid collapse of financial asset values and currencies than generally thought by sound money theorists who have long anticipated this outcome. Doubts about the timing have been settled to a degree by the sudden development of the coronavirus, which has already imploded China’s economy, disrupting global supply chains and the provision of consumer goods.
To the extent the coronavirus has had a hand in the forthcoming destruction of fiat currencies and Keynesian mythology, we can take some comfort that it will have brought forward the eventual reintroduction of gold and gold standards. The path is not straightforward. There will be destruction of financial asset values and the economic consequences for ordinary people will be dire. We can expect widespread civil unrest and political instability.
Western governments and their advisers are not familiar with the arguments in favour of gold, having spent half a century dismissing it. This fact favours the new economies which have not discarded gold, which include Russia, China, and many other Asian nations. Some governments, such as India, might attempt to confiscate their citizens’ gold, but in general the collapse of western economic fallacies could lead to Asia’s economic superiority.
It will be a rough ride for the rest of us.
—
[i] US Treasury TIC figures for portfolio holding are as at June 2018. They are due to be updated 28 February to June 2019 and given the rise in stockmarkets could be recorded somewhat higher. The estimate for bank liabilities (deposits) and short-term securities are at November 2019.
The views and opinions expressed in this article are those of the author(s) and do not reflect those of Goldmoney, unless expressly stated. The article is for general information purposes only and does not constitute either Goldmoney or the author(s) providing you with legal, financial, tax, investment, or accounting advice. You should not act or rely on any information contained in the article without first seeking independent professional advice. Care has been taken to ensure that the information in the article is reliable; however, Goldmoney does not represent that it is accurate, complete, up-to-date and/or to be taken as an indication of future results and it should not be relied upon as such. Goldmoney will not be held responsible for any claim, loss, damage, or inconvenience caused as a result of any information or opinion contained in this article and any action taken as a result of the opinions and information contained in this article is at your own risk.
Reprinted with permission from Goldmoney.
The Best of Alasdair Macleod


lewrockwell--2020-02-24--Intelligence Sources: All Candidates Are Russian Agents But Pete Buttigieg

Today ’ s Caitlin Johnstone essay has been replaced by this breaking report by the National News Conglomerate .
NNC : Obey .
Following shocking reports from The New York Times and The Washington Post that Moscow is simultaneously working to both re-elect Donald Trump and ensure the nomination of Vermont Senator Bernie Sanders in the Democratic presidential primary race , NNC has obtained further information confirming that nearly all candidates currently running for president are in fact covert agents of the Russian government .
According to sources familiar with the matter , the lone candidate not literally conducting espionage @ @ @ @ @ @ @ Pete Buttigieg , the former mayor of South Bend , Indiana .
“ Intelligence has revealed that Mr. Buttigieg is at this time the only candidate who we can count on not to place our nation ’ s interests square in the hands of Vladimir Putin , ” an anonymous source in the Central Intelligence Agency told NNC on Saturday .
“ In fact Mr. Buttigieg is the only candidate running with the skill , the experience and the multilingual relatability needed to bridge our nation ’ s deep divisions and bring Americans @ @ @ @ @ @ @ , ” the CIA source continued .
Against the Left : A Ro ... Llewellyn H Rockwell Jr Best Price : $ 13.57 Buy New $ 8.00 “ Because in truth , the unity of our togetherness is in the freedom of our democracy , ” added the source .
“ The long and winding road to the American flag was built upon the steps of our founding fathers .
You don ’ t have to be a big shot Washington insider to see that the problems our nation faces are tearing us @ @ @ @ @ @ @ divisive rhetoric saying you need to burn down the establishment and voice a concrete foreign policy position .
And that ’ s why I for one believe we don ’ t have to choose between revolution and the status quo : we can come together and find solutions that help the working class and billionaires.
” Experts say these new revelations on Russian election interference should consume one hundred percent of all news coverage for the entirety of 2020 , and that Democrats should definitely spend all their time from now until November @ @ @ @ @ @ @ suspicious ties to the Russian government .
“ I can ’ t think of a single thing that could possibly go wrong if Democrats focused exclusively on the possibility that the president conspired with Vladimir Putin in the lead-up to the election in November , ” said Les Overton of the influential think tank Americans for an American America .
“ If Democrats want to prevent another four years of Trump they should hit him where they know it hurts : nonstop 24/7 Russia conspiracy theories .
That ’ s what Americans really @ @ @ @ @ @ @ s possible that undue emphasis on Russian collusion could prove a fruitless endeavor given Trump ’ s soaring approval rating after impeachment resulted in his acquittal and the Mueller report failed to indict a single American for conspiring with the Russian government , Overton disagreed and said this time will be “ like , totally different.
” “ Democrats should definitely invest all of their mental and emotional energy in this Trump-Russia scandal , because this time it ’ s a sure thing , ” Overton said .
“ Put all your eggs @ @ @ @ @ @ @ up very , very high .
The big BOOM is coming any minute now , I promise.
” Overton then departed with an envelope full of cash which he said was his life savings , reportedly to invest in lottery tickets .
Thanks for reading !
The best way to get around the internet censors and make sure you see the stuff I publish is to subscribe to the mailing list for my website , which will get you an email notification for everything I publish .
My work is entirely reader-supported , @ @ @ @ @ @ @ consider sharing it around , liking me on Facebook , following my antics on Twitter , checking out my podcast on either Youtube , soundcloud , Apple podcasts or Spotify , following me on Steemit , throwing some money into my hat on Patreon or Paypal , purchasing some of my sweet merchandise , buying my new book Rogue Nation : Psychonautical Adventures With Caitlin Johnstone , or my previous book Woke : A Field Guide for Utopia Preppers .
For more info on who I am , where I stand , and @ @ @ @ @ @ @ with this platform , click here .
Everyone , racist platforms excluded , has my permission to republish or use any part of this work ( or anything else I ’ ve written ) in any way they like free of charge .

Today’s Caitlin Johnstone essay has been replaced by this breaking report by the National News Conglomerate. NNC: Obey.
Following shocking reports from The New York Times and The Washington Post that Moscow is simultaneously working to both re-elect Donald Trump and ensure the nomination of Vermont Senator Bernie Sanders in the Democratic presidential primary race, NNC has obtained further information confirming that nearly all candidates currently running for president are in fact covert agents of the Russian government.
According to sources familiar with the matter, the lone candidate not literally conducting espionage on behalf of the Russian government is Pete Buttigieg, the former mayor of South Bend, Indiana.
“Intelligence has revealed that Mr. Buttigieg is at this time the only candidate who we can count on not to place our nation’s interests square in the hands of Vladimir Putin,” an anonymous source in the Central Intelligence Agency told NNC on Saturday.
“In fact Mr. Buttigieg is the only candidate running with the skill, the experience and the multilingual relatability needed to bridge our nation’s deep divisions and bring Americans together in this time of uncontrolled hostility,” the CIA source continued. Against the Left: A Ro... Rockwell Jr, Llewellyn H Best Price: $2.85 Buy New $8.00 (as of 07:59 UTC - Details)
“Because in truth, the unity of our togetherness is in the freedom of our democracy,” added the source. “The long and winding road to the American flag was built upon the steps of our founding fathers. You don’t have to be a big shot Washington insider to see that the problems our nation faces are tearing us apart at our own peril with radical divisive rhetoric saying you need to burn down the establishment and voice a concrete foreign policy position. And that’s why I for one believe we don’t have to choose between revolution and the status quo: we can come together and find solutions that help the working class and billionaires.”
Experts say these new revelations on Russian election interference should consume one hundred percent of all news coverage for the entirety of 2020, and that Democrats should definitely spend all their time from now until November focusing solely on President Trump’s suspicious ties to the Russian government.
“I can’t think of a single thing that could possibly go wrong if Democrats focused exclusively on the possibility that the president conspired with Vladimir Putin in the lead-up to the election in November,” said Les Overton of the influential think tank Americans for an American America. “If Democrats want to prevent another four years of Trump they should hit him where they know it hurts: nonstop 24/7 Russia conspiracy theories. That’s what Americans really care about.”
Asked if it’s possible that undue emphasis on Russian collusion could prove a fruitless endeavor given Trump’s soaring approval rating after impeachment resulted in his acquittal and the Mueller report failed to indict a single American for conspiring with the Russian government, Overton disagreed and said this time will be “like, totally different.”
“Democrats should definitely invest all of their mental and emotional energy in this Trump-Russia scandal, because this time it’s a sure thing,” Overton said. “Put all your eggs in this basket and get your hopes up very, very high. The big BOOM is coming any minute now, I promise.”
Overton then departed with an envelope full of cash which he said was his life savings, reportedly to invest in lottery tickets.
__________________________________
Thanks for reading! The best way to get around the internet censors and make sure you see the stuff I publish is to subscribe to the mailing list for my website, which will get you an email notification for everything I publish. My work is entirely reader-supported, so if you enjoyed this piece please consider sharing it around, liking me on Facebook, following my antics on Twitter, checking out my podcast on either Youtube, soundcloud, Apple podcasts or Spotify, following me on Steemit, throwing some money into my hat on Patreon or Paypal, purchasing some of my sweet merchandise, buying my new book Rogue Nation: Psychonautical Adventures With Caitlin Johnstone, or my previous book Woke: A Field Guide for Utopia Preppers. For more info on who I am, where I stand, and what I’m trying to do with this platform, click here. Everyone, racist platforms excluded, has my permission to republish or use any part of this work (or anything else I’ve written) in any way they like free of charge.
Bitcoin donations:1Ac7PCQXoQoLA9Sh8fhAgiU3PHA2EX5Zm2


Is Russia Doomed?

Winston Churchill said that Russia was “ a riddle , wrapped in a mystery , inside an enigma.
” Having read two contrasting news reports of attitudes in Russia , I understand what Churchill meant .
General Valery Gerasimov , chairman of the Russian General Staff , has concluded from Washington ’ s many NATO intensified drills on Russia ’ s border that Washington and its NATO puppet states are preparing for a major conflict .
In a briefing to foreign military attaches in Moscow , Gerasimov said that the increased number and scale of military exercises conducted by NATO @ @ @ @ @ @ @ purposefully training its troops to be engaged in a major military conflict.
” The Kremlim ’ s spokesperson said that the Russian government trusts the opinion of General Gerasimov .
To be clear , based on analyzed evidence the Russian military sees Washington and its vassals preparing for war with Russia .
The Russian government states that it trusts the opinion of the Russian military leadership .
The Neoconservative Th ... Dr. Paul Craig Roberts Best Price : $ 4.77 Buy New $ 19.08 Yet , a contemporaneous poll published by the Levada @ @ @ @ @ @ @ reports that 80 % of Russians see Washington and its NATO vassals as “ friends.
” “ Only 3 % of Russian respondents said they see the West as Russia ’ s enemy , Levada said .
Another 16 % said they view the West as a rival .
“ Two-thirds of Levada ’ s respondents ( 67 % ) said Russia should treat the West as a “ partner , ” while 11 % said Russia should treat the West as a “ friend , ” according to the Kommersant business daily @ @ @ @ @ @ @ The extraordinary difference between the view of the Russian general staff and ordinary Russians is hard to explain .
Who is communicating with the Russian people ?
Their leaders ?
Or the Western funded NGOs and media that feed Western propaganda to the Russian people ?
Are the Russian people still listening to the Voice of America ?
If these contrasting news reports are correct , then Russia is faced with the fact that the awareness of the government that Washington and its European vassals are an enemy intent on war is not @ @ @ @ @ @ @ implies a total failure of communication between the Russian government committed to Russian national sovereignty and the Russian people who apparently see no risk of being colonized by their friends in the West .
How can the Russian people , humiliated by American sanctions and endless denunciations of their elected president , who led them out of American captivity , and threatened by Washington ’ s nuclear missiles on their border , possiblly believe in friendship and partnership with Washington ?
If the polls are correct , and the Russian people do not @ @ @ @ @ @ @ Russian sovereignty is not a sure thing .
The Best of Paul Craig Roberts

Winston Churchill said that Russia was “a riddle, wrapped in a mystery, inside an enigma.” Having read two contrasting news reports of attitudes in Russia, I understand what Churchill meant.
General Valery Gerasimov, chairman of the Russian General Staff, has concluded from Washington’s many NATO intensified drills on Russia’s border that Washington and its NATO puppet states are preparing for a major conflict. In a briefing to foreign military attaches in Moscow, Gerasimov said that the increased number and scale of military exercises conducted by NATO members indicates that the alliance “is purposefully training its troops to be engaged in a major military conflict.”
The Kremlim’s spokesperson said that the Russian government trusts the opinion of General Gerasimov.
To be clear, based on analyzed evidence the Russian military sees Washington and its vassals preparing for war with Russia. The Russian government states that it trusts the opinion of the Russian military leadership. The Neoconservative Th... Roberts, Dr. Paul Craig Best Price: $7.49 Buy New $15.31 (as of 10:30 UTC - Details)
Yet, a contemporaneous poll published by the Levada Center, an independent Russian pollster, reports that 80% of Russians see Washington and its NATO vassals as “friends.”
“Only 3% of Russian respondents said they see the West as Russia’s enemy, Levada said. Another 16% said they view the West as a rival.
“Two-thirds of Levada’s respondents (67%) said Russia should treat the West as a “partner,” while 11% said Russia should treat the West as a “friend,” according to the Kommersant business daily’s breakdown of the data.”
The extraordinary difference between the view of the Russian general staff and ordinary Russians is hard to explain. Who is communicating with the Russian people? Their leaders? Or the Western funded NGOs and media that feed Western propaganda to the Russian people? Are the Russian people still listening to the Voice of America?
If these contrasting news reports are correct, then Russia is faced with the fact that the awareness of the government that Washington and its European vassals are an enemy intent on war is not shared by the Russian population. This implies a total failure of communication between the Russian government committed to Russian national sovereignty and the Russian people who apparently see no risk of being colonized by their friends in the West.
How can the Russian people, humiliated by American sanctions and endless denunciations of their elected president, who led them out of American captivity, and threatened by Washington’s nuclear missiles on their border, possiblly believe in friendship and partnership with Washington?
If the polls are correct, and the Russian people do not understand Washington’s hegemonic impulse, Russian sovereignty is not a sure thing.
The Best of Paul Craig Roberts


Road Trip ’95

Almost everyone enjoys a good road trip – but not many road trips are like the one I made in two hours and 23 minutes back in the late summer of 1995 in a brand-new Mustang Cobra R. The trip from the DC suburbs to downtown Manhattan normally takes about four hours , but I was in a hurry .
And the R was just the right tool for this mission .
It was not my Cobra R – a street-legal race car that came without back seats or a radio but did come with the last 351 V8 ( @ @ @ @ @ @ @ Ford ever put in a factory-made Mustang , paired with a heavy-duty Tremec five-speed manual transmission .
No ugly plastic cover to hide this beautiful engine .
Amazon.com Gift Card i ... Buy New $ 25.00 It had heavy-duty cooling systems for everything except the driver .
The R did not have AC – but who needs AC when you are doing 147 MPH through the Baltimore Harbor Tunnel at three in the morning with the windows ( manual ) rolled down and the 351 screaming near redline in fourth ?
That kind @ @ @ @ @ @ @ other things .
The Tunnel , in those days , was a kind of underground Autobahn .
There was no place for cops to hide and – back then – no speed cameras , either .
So if traffic was light , you had a green light .
You were free – and immune .
I-95 up the northeast corridor is another matter – then as well as now .
It is a payin ’ paper prowling ground and if you ’ re not discreet or simply unlucky your day may end badly @ @ @ @ @ @ @ was nighttime and the Mustang wasn ’ t obviously obstreperous – except for its exhaust , which was as healthy as a ’ 70 Boss 302 ’ s even with catalytic converters .
I didn ’ t check but would not have been shocked if they were dummies .
Those were different days and the car companies were still run by gearhead types who weren ’ t averse to a little no-harm-done “ cheating ” in the interests of a good time .
In any event , it had plates – and I @ @ @ @ @ @ @ week of the best times I ever had and got away with .
The R belonged to Ford – which built it for SCCA road racing .
Just like back in the day , when Chevy offered the first ( 1967 ) Z28 Camaro , which almost no one had ever heard of until the word got out about this very special Camaro you could buy if you knew the magic words ( i.e.
, “ Z28 ” ) .
The Best of Eric Peters

Almost everyone enjoys a good road trip – but not many road trips are like the one I made in two hours and 23 minutes back in the late summer of 1995 in a brand-new Mustang Cobra R.
The trip from the DC suburbs to downtown Manhattan normally takes about four hours, but I was in a hurry. And the R was just the right tool for this mission.
It was not my Cobra R – a street-legal race car that came without back seats or a radio but did come with the last 351 V8 (5.8 liters for you Millennials) that Ford ever put in a factory-made Mustang, paired with a heavy-duty Tremec five-speed manual transmission.
Fuel cell. Race brakes. Headers.
Just two air bags.
No ugly plastic cover to hide this beautiful engine. Amazon.com Gift Card i... Buy New $25.00 (as of 11:14 UTC - Details)
It had heavy-duty cooling systems for everything except the driver. The R did not have AC – but who needs AC when you are doing 147 MPH through the Baltimore Harbor Tunnel at three in the morning with the windows (manual) rolled down and the 351 screaming near redline in fourth?
That kind of speed keeps your mind focused on other things.
The Tunnel, in those days, was a kind of underground Autobahn. There was no place for cops to hide and – back then – no speed cameras, either. So if traffic was light, you had a green light.
You were free – and immune.
I-95 up the northeast corridor is another matter – then as well as now. It is a payin’ paper prowling ground and if you’re not discreet or simply unlucky your day may end badly or at least expensively. But it was nighttime and the Mustang wasn’t obviously obstreperous – except for its exhaust, which was as healthy as a ’70 Boss 302’s even with catalytic converters. I didn’t check but would not have been shocked if they were dummies. Those were different days and the car companies were still run by gearhead types who weren’t averse to a little no-harm-done “cheating” in the interests of a good time.
In any event, it had plates – and I had the keys. For one whole week of the best times I ever had and got away with.
The R belonged to Ford – which built it for SCCA road racing. Just like back in the day, when Chevy offered the first (1967) Z28 Camaro, which almost no one had ever heard of until the word got out about this very special Camaro you could buy if you knew the magic words (i.e., “Z28”).
Read the Whole Article
The Best of Eric Peters


lewrockwell--2020-02-24--#WalkAway: Movement’s Founder Explains Why Americans Are Leaving Democratic Party en Masse

The # WalkAway movement launched in mid-2018 has already brought hundreds of thousands under its banner across the US .
The nationwide campaign ’ s founder , Brandon Straka , a newly converted Republican , explains why he turned his back on American liberals and why he ’ s calling upon his former party loyalists to join him .
Brandon Straka , a hairstylist and actor from New York City who is openly gay and voted for Hillary Clinton in 2016 would make a perfect liberal icon but with one crucial proviso : he no longer is liberal .
On @ @ @ @ @ @ @ video that swiftly got hundreds of thousands of views on YouTube .
“ Once upon a time , I was a liberal , ” he started off , explaining why he had broken with the Democratic Party and shifted to the right .
A longtime believer in the Dem-proclaimed agenda of tolerance and human rights protection he witnessed how the left had devolved into “ intolerant , inflexible , illogical , hateful , misguided and ill-informed ” group that was absorbed by the very characteristics they claimed to fight against .
On the @ @ @ @ @ @ @ , American liberals have been manipulating information and producing hoaxes , including the Trump-Russia “ collusion delusion ” .
This is why he “ walked away ” from the Democratic Party and this is why he is urging others to do the same .
 ” I launched my campaign because I realised after the election of Donald Trump in 2016 that the liberal media that I had trusted my entire life as a lifelong Democrat myself was being incredibly dishonest , incredibly deceptive and in many circumstances creating entirely false narratives and @ @ @ @ @ @ @ is , who his supporters are , what Republicans are all about ” , says Straka .
“ I really discovered due to his election the ways in which the liberal media was manipulating the notion of racism , homophobia , bigotry , etc .
and kind of almost glorifying hate-crime hoaxes and other things like this , while demonising Donald Trump and his base ” .
The # WalkAway movement kicked off by Straka has to date brought together more than half a million people who joined the movement on all of @ @ @ @ @ @ @ the founder .
There are also tens of thousands of written and video testimonials by people who decided to follow Straka ’ s suit .
The campaigner highlights that the movement is gaining momentum : “ Every day we are getting new testimonials from black Americans , from Hispanic Americans , LGBT Americans , it ’ s truly a movement for all people of all backgrounds to leave the Democratic Party ” .
Against the Left : A Ro ... Llewellyn H Rockwell Jr Best Price : $ 13.57 Buy New $ 8.00 @ @ @ @ @ @ @ US it has got little if any coverage by the American left-leaning mainstream media .
“ When they do cover it , they lie about it ” , Straka highlights .
“ I mean all the coverage we ’ ve really got is them saying that this is a ‘ Russia propaganda ’ and ‘ Russian bots ’ .
I think that they find this movement to be very disturbing and very scary and a real threat to what they are doing and that ’ s why I think they engage in the @ @ @ @ @ @ @ away in the first place which is deceptive media , yellow journalism , mistruth to drive their narrative and try to hypnotise and brainwash the American people into believing false narratives and controlling their behaviour and ultimately controlling the way that they vote ” .
According to the # WalkAway founder the Nevada debate dubbed by some media as “ the most brutal yet ” has once again demonstrated that the Dems are “ completely out of touch at this point with the American people and what is resonating with the American people @ @ @ @ @ @ @ how the Dems are pushing towards “ anti-Americanism ” by which Straka means anti-capitalism , anti-constitutionalism , a socialist and globalist political agenda – “ all these things that Americans have traditionally rejected and that are antithetical to what has made America successful in the first place ” .
The views and opinions expressed in the article do not necessarily reflect those of Sputnik .

The #WalkAway movement launched in mid-2018 has already brought hundreds of thousands under its banner across the US. The nationwide campaign’s founder, Brandon Straka, a newly converted Republican, explains why he turned his back on American liberals and why he’s calling upon his former party loyalists to join him.
Brandon Straka, a hairstylist and actor from New York City who is openly gay and voted for Hillary Clinton in 2016 would make a perfect liberal icon but with one crucial proviso: he no longer is liberal.
On 26 May 2018, Straka released a video that swiftly got hundreds of thousands of views on YouTube. “Once upon a time, I was a liberal,” he started off, explaining why he had broken with the Democratic Party and shifted to the right.
Please watch this if you can. @BrandonStraka started a movement called #walkaway and there are bunches of testimonials from all sorts of people who left the radical Dem party of today if you YouTube: #walkaway 🙂 https://t.co/igIuPEzmuN — Kool Whip (@WhipKool) February 5, 2020
A longtime believer in the Dem-proclaimed agenda of tolerance and human rights protection he witnessed how the left had devolved into “intolerant, inflexible, illogical, hateful, misguided and ill-informed” group that was absorbed by the very characteristics they claimed to fight against.
On the top of this, according to Straka, American liberals have been manipulating information and producing hoaxes, including the Trump-Russia “collusion delusion”. This is why he “walked away” from the Democratic Party and this is why he is urging others to do the same.
“In January of 2017, I bitterly proclaimed on social media that I would never be able to understand how anybody could vote for a man who stood before a cheering crowd & mocked a reporter’s disability.
That’s when somebody sent me this…”
SEE FULL VIDEO: https://t.co/HPihnCtVZn pic.twitter.com/m7P5bxbibY — Brandon Straka (@BrandonStraka) July 12, 2019
”I launched my campaign because I realised after the election of Donald Trump in 2016 that the liberal media that I had trusted my entire life as a lifelong Democrat myself was being incredibly dishonest, incredibly deceptive and in many circumstances creating entirely false narratives and driving false stories about who Donald Trump is, who his supporters are, what Republicans are all about”, says Straka. “I really discovered due to his election the ways in which the liberal media was manipulating the notion of racism, homophobia, bigotry, etc. and kind of almost glorifying hate-crime hoaxes and other things like this, while demonising Donald Trump and his base”.
The #WalkAway movement kicked off by Straka has to date brought together more than half a million people who joined the movement on all of the social media platforms, according to the founder. There are also tens of thousands of written and video testimonials by people who decided to follow Straka’s suit.
“I was a Democrat for 50 years. I changed my voter registration last week. I’m just sick and tired of what the Democrats are doing.”#WalkAway #UNSILENT https://t.co/fLQNHaUFr6 — Brandon Straka (@BrandonStraka) February 17, 2020
The campaigner highlights that the movement is gaining momentum: “Every day we are getting new testimonials from black Americans, from Hispanic Americans, LGBT Americans, it’s truly a movement for all people of all backgrounds to leave the Democratic Party”. Against the Left: A Ro... Rockwell Jr, Llewellyn H Best Price: $2.85 Buy New $8.00 (as of 07:59 UTC - Details)
Despite movement is widely spread across the US it has got little if any coverage by the American left-leaning mainstream media.
“When they do cover it, they lie about it”, Straka highlights. “I mean all the coverage we’ve really got is them saying that this is a ‘Russia propaganda’ and ‘Russian bots’. I think that they find this movement to be very disturbing and very scary and a real threat to what they are doing and that’s why I think they engage in the very tactic that caused me to walk away in the first place which is deceptive media, yellow journalism, mistruth to drive their narrative and try to hypnotise and brainwash the American people into believing false narratives and controlling their behaviour and ultimately controlling the way that they vote”.
According to the #WalkAway founder the Nevada debate dubbed by some media as “the most brutal yet” has once again demonstrated that the Dems are “completely out of touch at this point with the American people and what is resonating with the American people”.
Furthermore, one can see how the Dems are pushing towards “anti-Americanism” by which Straka means anti-capitalism, anti-constitutionalism, a socialist and globalist political agenda – “all these things that Americans have traditionally rejected and that are antithetical to what has made America successful in the first place”.
The views and opinions expressed in the article do not necessarily reflect those of Sputnik.
Reprinted from Sputnik News.


Alexa, Goodbye

IF you don ’ t want Alexa to record private conversations in your home then you shouldn ’ t have one .
That ’ s the verdict from cyber-experts who say the only way to truly keep your audio out of Amazon ’ s hands is by ridding your home of Alexa .
Amazon Echo speakers are an amazing gadget that can make your home life easier and more interesting .
But the price you pay is privacy : Amazon stores your Alexa recordings , and sometimes sends those voice clips off to humans .
This creates a privacy nightmare @ @ @ @ @ @ @ – mistakenly picked up by Alexa .
“ If you don ’ t want to be recorded , don ’ t buy one – it ’ s as simple as that , ” said cyber-expert Keith Geragthy , of edgescan , speaking to The Sun .
“ We don ’ t realise how often we discuss sensitive information out loud .
Amazon.com Gift Card i ... Buy New $ 10.00 “ Remember that it is likely multiple devices in a modern home environment that are recording , not just your Alexa speaker.
” @ @ @ @ @ @ @ admitted that workers do listen to your conversations through Alexa .
And he said he turns his Alexa speaker off when he wants to have a “ private moment ” .
You can turn this “ human grading ” off in your settings , and even delete your recordings – but the audio is still saved in the first instance .
Sadly , the only way to stop that is to bin Alexa completely .

IF you don't want Alexa to record private conversations in your home then you shouldn't have one.
That's the verdict from cyber-experts who say the only way to truly keep your audio out of Amazon's hands is by ridding your home of Alexa.
3 Your Amazon Echo is amazing and clever – but is it a privacy nightmare? Credit: Alamy
Amazon Echo speakers are an amazing gadget that can make your home life easier and more interesting.
But the price you pay is privacy: Amazon stores your Alexa recordings, and sometimes sends those voice clips off to humans.
This creates a privacy nightmare, as these conversations can be private – mistakenly picked up by Alexa.
"If you don't want to be recorded, don't buy one – it’s as simple as that," said cyber-expert Keith Geragthy, of edgescan, speaking to The Sun.
3
"We don’t realise how often we discuss sensitive information out loud.
"Remember that it is likely multiple devices in a modern home environment that are recording, not just your Alexa speaker."
Earlier this week, an ex-Amazon exec admitted that workers do listen to your conversations through Alexa.
And he said he turns his Alexa speaker off when he wants to have a "private moment".
You can turn this "human grading" off in your settings, and even delete your recordings – but the audio is still saved in the first instance.
Sadly, the only way to stop that is to bin Alexa completely.
"While it may seem like Alexa or Google Home is in your house, all of the data you share with that device is transmitted to the cloud, and specifically to Amazon or Google," Paul Norris, a cyber-expert at Tripwire, told The Sun.
"The easiest way to avoid these risks is simply not to buy the devices."
He added: "It is of course good housekeeping to delete old recordings."
3 You can opt out of audio-sharing with Amazon workers Credit: The Sun / Amazon
One option for paranoid users it to keep your Alexa microphone switched off except when you're using it.
The microphone button on your Alexa physically disconnects the mic from the electronics, locking the system down completely.
Turning the microphone off – is it just too hard? Here's what cyber-expert Tim Mackey, of Synopsys, told The Sun... "While users of voice activated devices appreciate the convenience they provide, those same users rarely think of the potential security issues associated with persistent recordings.
"This is due in large part to the convenience factor provided by the devices.
"Assuming a device has a manual off switch for its microphone, that will only be effective protection for voice recordings, but will require the user to manually enable the microphone as required.
"Eventually the self-imposed usability speed bump will become sufficiently inconvenient with the result the microphone remains on indefinitely."
But that takes away the speaker's ease of use – rendering it largely pointless.
"Chances are that many users will forget to turn it off again," said Hugo van den Toorn, a cybersecurity expert at Outpost24.
"This is the classic trade-off of usability vs security/privacy.
"If you want to limit the potential (over)exposure of your data, it means that the product will be less user-friendly.
"In this case, enabling and disabling a microphone, which is actually marketed and developed as a device that is always-on.
"Like a butler you can – at any time – make any request. So is it worth keeping the microphone off by default?
"For some privacy minded users it might, for the majority of users it will likely just be cumbersome."
If you want to boost your Amazon Echo privacy, read our Alexa settings guide now.
In a statement given to The Sun, an Amazon spokesperson said: "These comments do not accurately portray how Alexa works.
"At Amazon customer trust is of the utmost importance and we take privacy seriously.
"Echo devices are not designed to record conversations, they are designed to detect only your chosen wake word. Customers can review and delete voice recordings at any time in the Alexa App.
"All voice recordings streamed to the cloud are encrypted and securely stored on our servers. We give customers complete control of the voice recordings that are in the cloud.
"To help improve Alexa, we manually review and annotate a small fraction of one percent of Alexa requests.
In reference to the former Amazon exec's comments, the spokesperson added: "We found it surprising that Panorama quoted a former employee on a technology that was developed a decade after he left Amazon."
Former Amazon Executive tells BBC Panorama he switches off his Alexa whenever he wants, 'a private moment'
In other news, we reveal the best Alexa tips and tricks.
A terrified mum says her Amazon Echo speaker urged her to kill herself.
And Amazon recently launched an Alexa ring and a smart oven.
Do you trust Amazon to properly protect your privacy? Let us know in the comments!
We pay for your stories! Do you have a story for The Sun Online Tech & Science team? Email us at tech@the-sun.co.uk