lewrockwell--2020-09-18--How the Underground Press Will Thwart the Media and Re-Elect Trump

As the saying goes , the difference between the New York Times and the old Soviet Pravda is that Pravda readers knew they were being lied to .
To circumvent the Soviet mainstream media , dissidents created what they called the “ samizdat , ” their word for the clandestine copying and distribution of literature banned by the state .
To circumvent our mainstream media , conservatives have created their own samizdat , an unorganized network of blogs , public forums , news-aggregators , online publications , talk radio shows , citizen-journalists , and legal monitors such as Judicial Watch @ @ @ @ @ @ @ Amendment blogger aptly called “ a coalition of willing Lilliputians.
” Hoodwinked : How Intell ... Jack Cashill Best Price : $ 8.84 Buy New $ 10.83 Despite repeated attempts by Big Tech to thwart the samizdat , the internet has given the Lilliputians unprecedented reportorial power , and social media — Facebook and Twitter most prominently — have given them an ability to distribute their message in ways Soviet dissidents could only imagine .
It was the samizdat that carried Donald Trump to victory in 2016 and , barring massive vote fraud @ @ @ @ @ @ @ .
The samizdat has done most of the real reporting on the major news stories of the last dozen or so years , most recently on the Black Lives Matter ( BLM ) mania .
To understand the samizdat ’ s effect , consider a recent Gallup poll on the U.S. sports industry .
A year ago , by a 45-25 margin , most Americans had a favorable view of professional sports .
Today , by a 40-30 margin , most have an unfavorable view .
These numbers had to shock the more @ @ @ @ @ @ @ All summer , these execs have been reading about the largely peaceful protests against the systemic racism responsible for the deaths of George Floyd , Breonna Taylor , and Rayshard Brooks among others and the crippling of Jacob Blake .
How , they wondered , could sports fans not embrace those athletes who stood ( or knelt ) in support of social justice ?
Unmasking Obama : The F ... Cashill , Jack Buy New $ 9.99 The players all endorsed the BLM movement or appeared to .
So did the sportscasters , @ @ @ @ @ @ @ Hollywood , Big Tech , the New York Times , the major magazines , and just about everyone with a prominent soapbox except for Fox News — and even Fox waffled .
Had the execs been paying attention , however , they would have understood that the same forces that supported the BLM protest also supported Hillary Clinton .
In 2020 , as in 2016 , the major media ’ s collective control of the BLM messaging was subverted by the samizdat ’ s ability to record and distribute the facts on the @ @ @ @ @ @ @ history , ordinary people know more real news than do the people in control of America ’ s major newsrooms .

As the saying goes, the difference between the New York Times and the old Soviet Pravda is that Pravda readers knew they were being lied to.
To circumvent the Soviet mainstream media, dissidents created what they called the “samizdat,” their word for the clandestine copying and distribution of literature banned by the state.
To circumvent our mainstream media, conservatives have created their own samizdat, an unorganized network of blogs, public forums, news-aggregators, online publications, talk radio shows, citizen-journalists, and legal monitors such as Judicial Watch, a truth force that one Second Amendment blogger aptly called “a coalition of willing Lilliputians.” Hoodwinked: How Intell... Jack Cashill Best Price: $8.84 Buy New $10.83 (as of 08:25 UTC - Details)
Despite repeated attempts by Big Tech to thwart the samizdat, the internet has given the Lilliputians unprecedented reportorial power, and social media — Facebook and Twitter most prominently — have given them an ability to distribute their message in ways Soviet dissidents could only imagine. It was the samizdat that carried Donald Trump to victory in 2016 and, barring massive vote fraud, will carry him again in 2020.
The samizdat has done most of the real reporting on the major news stories of the last dozen or so years, most recently on the Black Lives Matter (BLM) mania. To understand the samizdat’s effect, consider a recent Gallup poll on the U.S. sports industry. A year ago, by a 45-25 margin, most Americans had a favorable view of professional sports. Today, by a 40-30 margin, most have an unfavorable view.
These numbers had to shock the more woke among NFL and NBA execs. All summer, these execs have been reading about the largely peaceful protests against the systemic racism responsible for the deaths of George Floyd, Breonna Taylor, and Rayshard Brooks among others and the crippling of Jacob Blake. How, they wondered, could sports fans not embrace those athletes who stood (or knelt) in support of social justice? Unmasking Obama: The F... Cashill, Jack Buy New $9.99 (as of 03:33 UTC - Details)
The players all endorsed the BLM movement or appeared to. So did the sportscasters, the advertisers, the TV networks, Hollywood, Big Tech, the New York Times, the major magazines, and just about everyone with a prominent soapbox except for Fox News — and even Fox waffled.
Had the execs been paying attention, however, they would have understood that the same forces that supported the BLM protest also supported Hillary Clinton. In 2020, as in 2016, the major media’s collective control of the BLM messaging was subverted by the samizdat’s ability to record and distribute the facts on the ground. For the first time in history, ordinary people know more real news than do the people in control of America’s major newsrooms.
Read the Whole Article


lewrockwell--2020-09-18--To Trump Aides: You Have no Idea How deep the CDC Scandals Go

Trump aides and CDC loyalists are at war over the CDC ’ s handling of COVID reports .
Charges ; counter-charges .
[ 1 ] A core issue is the veracity of CDC weekly updates on case and death numbers .
These are included in the “ Morbidity and Mortality Weekly Report ( MMWR ) .
” [ 2 ] This is a long-standing , highly regarded , and widely referenced CDC publication .
Medical professionals ( who aren ’ t known for their ability to think straight ) rely on these CDC numbers .
Now that Trump aides are @ @ @ @ @ @ @ are circling the wagons .
One such defender called the MMWR “ the holy of holies.
” [ 3 ] So I had to write this article .
Master Manipulator : Th ... James Ottar Grundvig Best Price : $ 14.15 Buy New $ 17.78 I had to revisit the 2009 Swine Flu case-counting fiasco .
You see , that summer , while the CDC was reporting thousands of Swine Flu cases in the US , they had secretly… The person who discovered this was Sharyl Attkisson , the star investigative reporter for @ @ @ @ @ @ @ what was going on .
The overwhelming number of test samples , routinely gathered from the most likely Swine Flu patients in the US , were coming back from labs with… No sign of Swine Flu or any other kind of flu .
Attkisson published a piece about this massive scandal on the CBS News website .
At that point , her investigation was… Stonewalled : My Fight ... Attkisson , Sharyl Best Price : $ 1.76 Buy New $ 12.13 No other major news outlet in the world picked up on her @ @ @ @ @ @ @ rabbit hole .
The blackout was universal .
Rappoport : In 2009 , you spearheaded coverage of the so-called Swine Flu pandemic .
You discovered that , in the summer of 2009 , the Centers for Disease Control , ignoring their federal mandate , [ secretly ] stopped counting Swine Flu cases in America .
Yet they continued to stir up fear about the “ pandemic , ” [ through their MMWR reports ] without having any real measure of its impact .
Wasn ’ t that another investigation of yours that was @ @ @ @ @ @ @ more to find out ?
Attkisson : The implications of the story were even worse than that .
We discovered through our FOI efforts that before the CDC mysteriously stopped counting Swine Flu cases , they had learned that almost none of the cases they had counted as Swine Flu was , in fact , Swine Flu or any sort of flu at all !
The interest in the story from one [ CBS ] executive was very enthusiastic .
He said it was “ the most original story ” he ’ d @ @ @ @ @ @ @ .
But others pushed to stop it [ after it was published on the CBS News website [ 4 ] ] and , in the end , no [ CBS television news ] broadcast wanted to touch it .
We aired numerous stories pumping up the idea of an epidemic , but not the one that would shed original , new light on all the hype .
It was fair , accurate , legally approved and a heck of a story .
With the CDC keeping the true Swine Flu stats secret , @ @ @ @ @ @ @ took and gave their children an experimental vaccine that may not have been necessary .
The Swine Flu vaccine caused a number of severe injuries around the world .
The Smear : How Shady P ... Attkisson , Sharyl Best Price : $ 3.49 Buy New $ 9.37 About three weeks after Attkisson ’ s findings were published on the CBS News website , the CDC , obviously in a panic , decided to double down .
If one lie is exposed , tell an even bigger one .
A much bigger one @ @ @ @ @ @ @ , 2009 , WebMD article is the CDC ’ s response : “ Shockingly , 14 million to 34 million U.S. residents — the CDC ’ s best guess is 22 million — came down with H1N1 swine flu by Oct. 17 [ 2009 ] .
” ( “ 22 million cases of Swine Flu in US , ” by Daniel J. DeNoon ) .
[ 5 ] Are your eyeballs popping ?
They should be .
In the summer of 2009 , the CDC secretly stops counting Swine Flu cases in America @ @ @ @ @ @ @ samples from the most likely Swine Flu patients shows no sign of Swine Flu or any other kind of flu .
There is no Swine Flu epidemic .
It ’ s a hoax .
Then , the CDC estimates there are 22 MILLION cases of Swine Flu in the US .
Since 1987 , I ’ ve been documenting lies and scandals at the CDC .
Here I ’ m just recounting one .
But it ’ s sufficient to show that the “ holy of holies , ” the CDC MMWR , @ @ @ @ @ @ @ rocks found in the desert , which are then called a sacred church founded by aliens from Saturn .
My advice to Trump aides is : keep digging into the CDC .
Publish your findings in detail .
You ’ re going to uncover rubble and rubbish posing as science on a scale you can ’ t imagine .
The Intimidation Game : ... Strassel , Kimberley Best Price : $ 2.01 Buy New $ 9.07 The Best of Jon Rappoport

Trump aides and CDC loyalists are at war over the CDC’s handling of COVID reports. Charges; counter-charges. [1]
A core issue is the veracity of CDC weekly updates on case and death numbers.
These are included in the “Morbidity and Mortality Weekly Report (MMWR).” [2] This is a long-standing, highly regarded, and widely referenced CDC publication.
Medical professionals (who aren’t known for their ability to think straight) rely on these CDC numbers.
Now that Trump aides are taking issue with the MMWR, defenders are circling the wagons. One such defender called the MMWR “the holy of holies.” [3]
So I had to write this article. Master Manipulator: Th... James Ottar Grundvig Best Price: $14.15 Buy New $17.78 (as of 05:25 UTC - Details)
I had to revisit the 2009 Swine Flu case-counting fiasco.
You see, that summer, while the CDC was reporting thousands of Swine Flu cases in the US, they had secretly…
Stopped counting the numbers of cases. [4]
The person who discovered this was Sharyl Attkisson, the star investigative reporter for CBS News.
And Attkisson found out what was going on.
The overwhelming number of test samples, routinely gathered from the most likely Swine Flu patients in the US, were coming back from labs with…
No sign of Swine Flu or any other kind of flu.
My, my.
Attkisson published a piece about this massive scandal on the CBS News website. At that point, her investigation was… Stonewalled: My Fight ... Attkisson, Sharyl Best Price: $1.76 Buy New $12.13 (as of 06:03 UTC - Details)
Shut down.
No other major news outlet in the world picked up on her story and ran with it into the rabbit hole. The blackout was universal.
I eventually interviewed Attkisson. Here is a key excerpt:
Rappoport: In 2009, you spearheaded coverage of the so-called Swine Flu pandemic. You discovered that, in the summer of 2009, the Centers for Disease Control, ignoring their federal mandate, [secretly] stopped counting Swine Flu cases in America. Yet they continued to stir up fear about the “pandemic,” [through their MMWR reports] without having any real measure of its impact. Wasn’t that another investigation of yours that was shut down? Wasn’t there more to find out?
Attkisson: The implications of the story were even worse than that. We discovered through our FOI efforts that before the CDC mysteriously stopped counting Swine Flu cases, they had learned that almost none of the cases they had counted as Swine Flu was, in fact, Swine Flu or any sort of flu at all! The interest in the story from one [CBS] executive was very enthusiastic. He said it was “the most original story” he’d seen on the whole Swine Flu epidemic. But others pushed to stop it [after it was published on the CBS News website [4]] and, in the end, no [CBS television news] broadcast wanted to touch it. We aired numerous stories pumping up the idea of an epidemic, but not the one that would shed original, new light on all the hype. It was fair, accurate, legally approved and a heck of a story. With the CDC keeping the true Swine Flu stats secret, it meant that many in the public took and gave their children an experimental vaccine that may not have been necessary.
—end of interview excerpt—
The Swine Flu vaccine caused a number of severe injuries around the world. The Smear: How Shady P... Attkisson, Sharyl Best Price: $3.49 Buy New $9.37 (as of 05:08 UTC - Details)
About three weeks after Attkisson’s findings were published on the CBS News website, the CDC, obviously in a panic, decided to double down. If one lie is exposed, tell an even bigger one. A much bigger one.
Here, from a November 12, 2009, WebMD article is the CDC’s response: “Shockingly, 14 million to 34 million U.S. residents — the CDC’s best guess is 22 million — came down with H1N1 swine flu by Oct. 17 [2009].” (“22 million cases of Swine Flu in US,” by Daniel J. DeNoon). [5]
Are your eyeballs popping? They should be.
In the summer of 2009, the CDC secretly stops counting Swine Flu cases in America, because the overwhelming percentage of lab samples from the most likely Swine Flu patients shows no sign of Swine Flu or any other kind of flu.
There is no Swine Flu epidemic. It’s a hoax.
Then, the CDC estimates there are 22 MILLION cases of Swine Flu in the US.
Since 1987, I’ve been documenting lies and scandals at the CDC. Here I’m just recounting one. But it’s sufficient to show that the “holy of holies,” the CDC MMWR, is on the level of three random rocks found in the desert, which are then called a sacred church founded by aliens from Saturn.
My advice to Trump aides is: keep digging into the CDC. Publish your findings in detail. You’re going to uncover rubble and rubbish posing as science on a scale you can’t imagine. The Intimidation Game:... Strassel, Kimberley Best Price: $2.01 Buy New $9.07 (as of 06:03 UTC - Details)
SOURCES:
[1] https://www.politico.com/news/2020/09/11/exclusive-trump-officials-interfered-with-cdc-reports-on-covid-19-412809
[2] https://www.cdc.gov/mmwr/index.html
[3] https://www.bmj.com/content/370/bmj.m3589.full
[4] https://www.cbsnews.com/news/swine-flu-cases-overestimated/
[5] https://www.webmd.com/cold-and-flu/news/20091112/over-22-million-in-us-had-h1n1-swine-flu#1
Reprinted with permission from Jon Rappoport’s blog.
The Best of Jon Rappoport


lewrockwell--2020-09-19--Democrats’ Day of Infamy: The Pernicious Influence of Multiculturalism

On June 8 a group of some twenty leading Congressional Democrats – including House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer – knelt down and bowed their heads in the Emancipation Hall of the US Capitol building in Washington in DC .
Contrary to appearance , the purpose of this solemnity was not to honor God .
The Democrats performed this act of self-abnegation in capitulation to Black Lives Matter whose members have been pressurizing citizens of this country to kneel down in acknowledgment of their claims and grievances .
Black Lives Matter ( BLM ) is a @ @ @ @ @ @ @ an irredeemably racist and unjust society that oppresses black people .
Because of this deeply rooted racism , BLM insists , American institutions and ways of doing things must be torn down and replaced with a new order .
To make this point clear , BLM has organized and spearheaded riots across the country that attacked symbols of American culture and destroyed dozens of cities .
The burning of the American flag and chants of “ F-ck America !
” have been commonplace at such events .
In one of the recent events @ @ @ @ @ @ @ Jesus !
” It is difficult to see the relevance of this blasphemous obscenity except as the nihilistic desire to desecrate anything and everything that has to do with this country ’ s history and heritage .
Day of infamy : Leading Congressional Democrats selling out their own culture Nearly Natural Golden ... Best Price : $ 59.79 Buy New $ 64.99 Needless to say , the claims of BLM are completely false .
The fact is that America is not a racist society .
Not only do black people in America have @ @ @ @ @ @ @ , they enjoy special rights and privileges ( to which looting privileges are the latest addition ) that the rest do not .
The list of these is long and we have already covered the subject elsewhere ( see here and here ) .
For now , let us just mention the special quotas for minorities in government employment and contracts as well as in university admissions .
Only last month the US Department of Justice found that a major IVY league university is in violation of civil rights laws by illegally discriminating @ @ @ @ @ @ @ Asian students in favor of blacks .
Apparently at Yale white and Asian students have a ninety percent lower chance of being admitted than their black counterparts with comparable scores .
This is nothing but an unseemly form of racism , but this racism is certainly not directly against black candidates .
Such pro-black discriminatory practices are completely common throughout the American system of higher education as well as in other spheres of life .
The Democrats ’ kneeling ceremony was ostensibly conducted in memory of George Floyd , a violent serial criminal @ @ @ @ @ @ @ of racism in America .
It is racism , they say , that inspired the act of police excess that resulted in Floyd ’ s death .
But within days of the incident there was already a large body of evidence that clearly showed that Floyd ’ s demise occurred as a result of drug overdose .
The autopsy revealed no evidence of trauma to his torso or to his breathing apparatus , proving that Floyd was not killed by the cop who held him .
George Floyd died due to a cardiopulmonary @ @ @ @ @ @ @ of Fentanyl in his system which was three times the fatal level .
( If you are interested , we recommend this excellent analysis of the event which includes links to relevant primary sources . )
The reason Floyd was put into hold was because the policemen on the scene determined , correctly it appears , that he was suffering from excited delirium ( EXD ) .
Excited delirium is an episode of violent agitation caused by drug overdose .
This burst of energy often takes place moments before death occurs .
Even @ @ @ @ @ @ @ , they phoned for an ambulance .
They did exactly what they were supposed to do .
They subdued the fatally overdosed man in the grip of excited delirium and called for medical assistance in an effort to save his life .
By kneeling in the Capitol on June 8 , the Democrats accepted the slanderous accusations against their own nation .
This was truly a moment of infamy when leaders of a major US political party surrendered before the false claims of a radical organization whose stated goal is the toppling of @ @ @ @ @ @ @ In a truly strange twist to this event , even as the Democrats showed contempt for their own nation ’ s heritage , they draped themselves in a symbol of a foreign culture .
As they were kneeling with their heads bowed colorful shawls hung from their shoulders .
They were made of so-called Kente cloth .
In case you do not know what it is , here is some background information : Instant Pot IP-DUO60 3 ... Best Price : $ 55.30 Buy New $ 79.00 “ The first Kente cloth emerged @ @ @ @ @ @ @ of West Africa now known as Ghana .
The dominant group were the Ashanti , who , by the early 1800s , controlled nearly all of the area of present-day Ghana ( Asante is an alternative spelling . )
… The Ashanti played a well-documented role in the European slave trade .
In the 1700s , millions of Africans passed through Ghana ports , having been sold to British and Dutch slavers in exchange for weapons and other European goods .
The British abolished slavery in 1807 , but enforcement of the ban @ @ @ @ @ @ @ a paradox : Even as they honored the specious charge of racism against their own country , the Democrats wrapped themselves in a symbol of a slaving trading society .
The Asante were obviously black people , which means that they preyed on other black people whom they captured and sold by shipfull to whoever paid the best price .
Perhaps the Democrats may want to know what the Asante did with their ill-gotten gains .
According to an article the US Today : “ The Asante supplied British and Dutch traders with @ @ @ @ @ @ @ they used to expand their empire .
Slaves were often acquired as tributes from smaller states or captured during war .
Some slaves were brought across the Atlantic whiles others stayed in Africa to work in gold fields.
” So , with the profits obtained by selling out their African compatriots , the Asante bought firearms which they used to murder more black Africans in their rapacious conquests .
It must have been a sorry sight .
Since African civilization was at the time only in an early iron age stage of development @ @ @ @ @ @ @ to subdue were only armed with primitive weapons .
The firearms gave the Asante an overwhelming advantage which these ruthless people exploited to the full .
The lead bullets from their newly acquired riffles easily mowed down easily their virtually defenseless victims armed only with bows , spears , sticks and stones .
Worse yet , the Asante never repented and only rolled back their slave trade when the Westerners banned the practice .
The Asante , however , would not let go easily .
Their attitude seems to be typical of indigenous @ @ @ @ @ @ @ to have been deeply steeped in slavery , oppression and cruelties of different kinds such as misogyny as well as human sacrifice .
In fact , misogyny , female circumcision , slavery and human trafficking are practiced in many places in Africa to this very day in spite of two centuries of Western efforts to stop these kinds of activities .
Unbelievably , indigenous African cultures continue to practice child sacrifice to this day .
From Wikipedia : Printed Kicks Trump 20 ... Buy New $ 44.99 “ In Sub-Saharan Africa , “ @ @ @ @ @ @ @ sacrifice continues to take place … in contravention of the African Charter on Human and Peoples ’ Rights and other human rights instruments.
” In the 21st century , such practices have been reported in Nigeria , Uganda , Swaziland , Liberia , Tanzania , Namibia , and Zimbabwe , as well as Mozambique , and Mali .
This is the harmful practice of removing body parts , blood or tissue from a child who is still alive.
” The Asante ’ s history of oppression , slave-trading and murder should draw a @ @ @ @ @ @ @ sensitive times when statues of those who had even the most tangential connection to slavery are being desecrated .
The US Congress should pass a special resolution condemning the unwholesome deeds of the Asante people – as well as other African slave-trading tribes – who not only enslaved their fellow Africans but never apologized or expressed regret for their actions .
Have these Congressional Democrats no shame ?
If they had any sense of justice , they would – instead of parading themselves in Kente shawls – travel to Africa and pull down @ @ @ @ @ @ @ well non-chieftains , since that culture was so deeply enmeshed in slavery that no man was innocent of it .
The Democrats ’ Kente cloth antics are the result of the moral confusion sewn by the four decades of multiculturalism .
Multiculturism , as you may know , is the toxic ideology that slanders and denigrates Western culture while extolling the alleged virtues of foreign and exotic cultures such as the spirit-worshiping , slave-trading Asante .
How astonishing that while denigrating their own legacy the Congressional Democrats would voluntarily wear insignia of such @ @ @ @ @ @ @ Asante ever done for the good of mankind to merit such an honor in the halls of the US Capitol ?
If the historical records are anything to go by , their main legacy seems to be slavery , oppression and misogyny .
Democrats ’ own country ’ s contributions to the well-being humanity , on the other hand , are immense indeed .
For one thing , America has created a truly free and affluent society .
In America the descendants of the Asante as well as the progeny of those whom @ @ @ @ @ @ @ enjoy equal rights with the white majority , but they even receive special privileges .
This by itself would be a memorable accomplishment , but it is only one of many .
America has also been the last hope of man as it led the world in the struggle against the dark forces of fascism and communism .
Over the last one hundred and fifty years , Americans have gifted the world with tremendous discoveries and advancement across most fields of human endeavor .
Science , technology , education have all been blessed @ @ @ @ @ @ @ Americans .
They have sent men to the moon and tackled the frontiers of space .
They have created life-saving medicines and technologies .
America has given us the automobile , the lightbulb , the washing machine , the motion picture , the airplane , the transistor , Coca Cola , the microchip , the Lewi ’ s jeans , the microwave , the internet , the Hubble Space Telescope , Donald Duck , the personal computer , Elvis and the iPhone among many other things .
It has also given us McDonald @ @ @ @ @ @ @ himself .
Immunity Boost Supplem ... Buy New $ 24.99 ( $ 0.28 / Count ) What have the Asante accomplished in the meantime ?
What are their contributions to the advancement of humanity ?
Where are their inventions ?
We have yet to see the Asante equivalent of the space shuttle , but a humble radio receiver would also do .
The Democrats ’ Asante stunt brings to mind the antics of another hapless leader .
He was a Roman emperor by the name Gratian who ascended to power in 375 AD @ @ @ @ @ @ @ himself at the helm of his country at a time of crisis when the Roman empire was facing severe pressures on multiple fronts .
Like the Democrats , Gratian was also apparently an avid multiculturalist .
The wretched emperor surrounded himself with members of foreign tribes with whom he would spend much of his time .
As with the Democrats ’ enthusiasm for the Asante , Gratian seems to have had a special liking for the Alans , a barbaric tribe from behind the Rhine River .
He gave them official positions and @ @ @ @ @ @ @ Hill the other day – he would appear in court dressed in their exotic garbs .
This promotion of foreign pagans angered his Christian army and caused revulsion among decent patriotic Romans .
They tried to bear with their foolish emperor for a while but when his incompetence became unbearable , they had him cancelled .
It is hoped that the disloyal Democrats will get cancelled by the ballot box at the next election .
But we should not hold our breath .
The decades of relentless multiculturalism have wrought their insidious work @ @ @ @ @ @ @ , denigrated and sold out , there is almost no one left to defend it .
The Best of Vasko Kohlmayer

On June 8 a group of some twenty leading Congressional Democrats – including House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer – knelt down and bowed their heads in the Emancipation Hall of the US Capitol building in Washington in DC. Contrary to appearance, the purpose of this solemnity was not to honor God. The Democrats performed this act of self-abnegation in capitulation to Black Lives Matter whose members have been pressurizing citizens of this country to kneel down in acknowledgment of their claims and grievances. Black Lives Matter (BLM) is a Marxist organization that claims that America is an irredeemably racist and unjust society that oppresses black people. Because of this deeply rooted racism, BLM insists, American institutions and ways of doing things must be torn down and replaced with a new order. To make this point clear, BLM has organized and spearheaded riots across the country that attacked symbols of American culture and destroyed dozens of cities. The burning of the American flag and chants of “F-ck America!” have been commonplace at such events. In one of the recent events the protestors also chanted “F-ck your Jesus!” It is difficult to see the relevance of this blasphemous obscenity except as the nihilistic desire to desecrate anything and everything that has to do with this country’s history and heritage.
Day of infamy: Leading Congressional Democrats selling out their own culture
Nearly Natural Golden ... Best Price: $59.79 Buy New $64.99 (as of 04:08 UTC - Details) Needless to say, the claims of BLM are completely false. The fact is that America is not a racist society. Not only do black people in America have the same rights as the white majority, they enjoy special rights and privileges (to which looting privileges are the latest addition) that the rest do not. The list of these is long and we have already covered the subject elsewhere (see here and here). For now, let us just mention the special quotas for minorities in government employment and contracts as well as in university admissions. Only last month the US Department of Justice found that a major IVY league university is in violation of civil rights laws by illegally discriminating in its admission procedures against white and Asian students in favor of blacks. Apparently at Yale white and Asian students have a ninety percent lower chance of being admitted than their black counterparts with comparable scores. This is nothing but an unseemly form of racism, but this racism is certainly not directly against black candidates. Such pro-black discriminatory practices are completely common throughout the American system of higher education as well as in other spheres of life.
The Democrats’ kneeling ceremony was ostensibly conducted in memory of George Floyd, a violent serial criminal whose death has been presented as evidence of racism in America. It is racism, they say, that inspired the act of police excess that resulted in Floyd’s death. But within days of the incident there was already a large body of evidence that clearly showed that Floyd’s demise occurred as a result of drug overdose. The autopsy revealed no evidence of trauma to his torso or to his breathing apparatus, proving that Floyd was not killed by the cop who held him. George Floyd died due to a cardiopulmonary arrest brought on by a lethal dose of Fentanyl in his system which was three times the fatal level. (If you are interested, we recommend this excellent analysis of the event which includes links to relevant primary sources.) The reason Floyd was put into hold was because the policemen on the scene determined, correctly it appears, that he was suffering from excited delirium (EXD). Excited delirium is an episode of violent agitation caused by drug overdose. This burst of energy often takes place moments before death occurs. Even as the officers placed Floyd under restraint, they phoned for an ambulance. They did exactly what they were supposed to do. They subdued the fatally overdosed man in the grip of excited delirium and called for medical assistance in an effort to save his life.
By kneeling in the Capitol on June 8, the Democrats accepted the slanderous accusations against their own nation. This was truly a moment of infamy when leaders of a major US political party surrendered before the false claims of a radical organization whose stated goal is the toppling of American society as we know it. In a truly strange twist to this event, even as the Democrats showed contempt for their own nation’s heritage, they draped themselves in a symbol of a foreign culture. As they were kneeling with their heads bowed colorful shawls hung from their shoulders. They were made of so-called Kente cloth. In case you do not know what it is, here is some background information: Instant Pot IP-DUO60 3... Best Price: $55.30 Buy New $79.00 (as of 02:55 UTC - Details)
“The first Kente cloth emerged about 500 years ago in the area of West Africa now known as Ghana. The dominant group were the Ashanti, who, by the early 1800s, controlled nearly all of the area of present-day Ghana (Asante is an alternative spelling.)… The Ashanti played a well-documented role in the European slave trade. In the 1700s, millions of Africans passed through Ghana ports, having been sold to British and Dutch slavers in exchange for weapons and other European goods. The British abolished slavery in 1807, but enforcement of the ban in Western Africa was weak.”
What a paradox: Even as they honored the specious charge of racism against their own country, the Democrats wrapped themselves in a symbol of a slaving trading society. The Asante were obviously black people, which means that they preyed on other black people whom they captured and sold by shipfull to whoever paid the best price. Perhaps the Democrats may want to know what the Asante did with their ill-gotten gains. According to an article the US Today:
“The Asante supplied British and Dutch traders with slaves in exchange for firearms, which they used to expand their empire. Slaves were often acquired as tributes from smaller states or captured during war. Some slaves were brought across the Atlantic whiles others stayed in Africa to work in gold fields.”
So, with the profits obtained by selling out their African compatriots, the Asante bought firearms which they used to murder more black Africans in their rapacious conquests. It must have been a sorry sight. Since African civilization was at the time only in an early iron age stage of development, the people whom the Asante aimed to subdue were only armed with primitive weapons. The firearms gave the Asante an overwhelming advantage which these ruthless people exploited to the full. The lead bullets from their newly acquired riffles easily mowed down easily their virtually defenseless victims armed only with bows, spears, sticks and stones.
Worse yet, the Asante never repented and only rolled back their slave trade when the Westerners banned the practice. The Asante, however, would not let go easily. Their attitude seems to be typical of indigenous African cultures, all of which seem to have been deeply steeped in slavery, oppression and cruelties of different kinds such as misogyny as well as human sacrifice. In fact, misogyny, female circumcision, slavery and human trafficking are practiced in many places in Africa to this very day in spite of two centuries of Western efforts to stop these kinds of activities. Unbelievably, indigenous African cultures continue to practice child sacrifice to this day. From Wikipedia: Printed Kicks Trump 20... Buy New $44.99 (as of 04:08 UTC - Details)
“In Sub-Saharan Africa, “the practice of ritual killing and human sacrifice continues to take place … in contravention of the African Charter on Human and Peoples’ Rights and other human rights instruments.” In the 21st century, such practices have been reported in Nigeria, Uganda, Swaziland, Liberia, Tanzania, Namibia, and Zimbabwe, as well as Mozambique, and Mali. This is the harmful practice of removing body parts, blood or tissue from a child who is still alive.”
The Asante’s history of oppression, slave-trading and murder should draw a special kind of condemnation in these racially sensitive times when statues of those who had even the most tangential connection to slavery are being desecrated. The US Congress should pass a special resolution condemning the unwholesome deeds of the Asante people – as well as other African slave-trading tribes – who not only enslaved their fellow Africans but never apologized or expressed regret for their actions. Have these Congressional Democrats no shame? If they had any sense of justice, they would – instead of parading themselves in Kente shawls – travel to Africa and pull down the statues of all Asante chieftains as well non-chieftains, since that culture was so deeply enmeshed in slavery that no man was innocent of it.
The Democrats’ Kente cloth antics are the result of the moral confusion sewn by the four decades of multiculturalism. Multiculturism, as you may know, is the toxic ideology that slanders and denigrates Western culture while extolling the alleged virtues of foreign and exotic cultures such as the spirit-worshiping, slave-trading Asante. How astonishing that while denigrating their own legacy the Congressional Democrats would voluntarily wear insignia of such a predatory people. What have the Asante ever done for the good of mankind to merit such an honor in the halls of the US Capitol? If the historical records are anything to go by, their main legacy seems to be slavery, oppression and misogyny.
Democrats’ own country’s contributions to the well-being humanity, on the other hand, are immense indeed. For one thing, America has created a truly free and affluent society. In America the descendants of the Asante as well as the progeny of those whom they enslaved and sold off not only enjoy equal rights with the white majority, but they even receive special privileges. This by itself would be a memorable accomplishment, but it is only one of many. America has also been the last hope of man as it led the world in the struggle against the dark forces of fascism and communism. Over the last one hundred and fifty years, Americans have gifted the world with tremendous discoveries and advancement across most fields of human endeavor. Science, technology, education have all been blessed by the efforts of resourceful and industrious Americans. They have sent men to the moon and tackled the frontiers of space. They have created life-saving medicines and technologies. America has given us the automobile, the lightbulb, the washing machine, the motion picture, the airplane, the transistor, Coca Cola, the microchip, the Lewi’s jeans, the microwave, the internet, the Hubble Space Telescope, Donald Duck, the personal computer, Elvis and the iPhone among many other things. It has also given us McDonald’s and now even the Donald himself. Immunity Boost Supplem... Buy New $24.99 ($0.28 / Count) (as of 03:49 UTC - Details)
What have the Asante accomplished in the meantime? What are their contributions to the advancement of humanity? Where are their inventions? We have yet to see the Asante equivalent of the space shuttle, but a humble radio receiver would also do.
The Democrats’ Asante stunt brings to mind the antics of another hapless leader. He was a Roman emperor by the name Gratian who ascended to power in 375 AD. Like the Democrats, he found himself at the helm of his country at a time of crisis when the Roman empire was facing severe pressures on multiple fronts. Like the Democrats, Gratian was also apparently an avid multiculturalist. The wretched emperor surrounded himself with members of foreign tribes with whom he would spend much of his time. As with the Democrats’ enthusiasm for the Asante, Gratian seems to have had a special liking for the Alans, a barbaric tribe from behind the Rhine River. He gave them official positions and – like the Democrats on the Capitol Hill the other day – he would appear in court dressed in their exotic garbs. This promotion of foreign pagans angered his Christian army and caused revulsion among decent patriotic Romans. They tried to bear with their foolish emperor for a while but when his incompetence became unbearable, they had him cancelled.
It is hoped that the disloyal Democrats will get cancelled by the ballot box at the next election. But we should not hold our breath. The decades of relentless multiculturalism have wrought their insidious work. When our culture is being slandered, denigrated and sold out, there is almost no one left to defend it.
The Best of Vasko Kohlmayer


lewrockwell--2020-09-19--The Political Business Cycle in Reverse

The Political Business Cycle in Reverse

In the late 1970s/early ‘ 80s the economic subdiscipline of public choice ( the application of economic theory and methodology to the study of political decision making ) spawned a body of literature on the “ political business cycle.
” The book Democracy in Deficit : The Political Legacy of Lord Keynes , by James M. Buchanan and Richard E. Wagner was the main inspiration for this .
There are now hundreds of scholarly articles and numerous books on the subject .
At the time standard Keynesian macroeconomics held that selfless and omniscient public servants would manage monetary and fiscal @ @ @ @ @ @ @ stabilize the business cycle “ in the public interest , ” minimizing its peaks and troughs along with the costs of inflation and unemployment .
Even by then , however , that notion had been proven to be a farce and a fraud .
Keynesian economics was discredited by the existence of “ stagflation ” in the ‘ 70s which it had no explanation for and thought it to be an impossibility .
Democracy in Deficit : ... Wagner , Richard E. Best Price : $ 5.40 Buy New $ 14.50 In addition @ @ @ @ @ @ @ under the guise of “ stabilization policy ” is an inherent failure , the theory of the political business cycle added a new twist : Politicians are not selfless and omniscient ; they are rationally self interested just like everyone else .
They want to keep their jobs , just like everyone else .
One trick that they employ to achieve this goal , says the theory of the political business cycle , is to ramp up government spending just before elections , funded by debt and inflation .
The perceived benefits to @ @ @ @ @ @ @ with the bills to be paid after the election .
The conclusion is that political reality dictates that so-called stabilization policy will frequently be de–stabilizing .
The gist of the theory of the political business cycle is that politicians will “ stimulate ” parts of the economy in the months running up to an election with vast increases in government spending .
But current events suggest that politics may also at times result in a very different kind of political business cycle – one that depresses the economy just prior to an election @ @ @ @ @ @ @ the Republicans control the White House and the senate , but the Democrats control the House of Representatives , the media ( with a couple of exceptions ) , the universities ( with a couple of exceptions ) , Hollywood , much of the publishing industry , hundreds of mayors and city councils and many governorships , the federal bureaucracy ( i.e.
, the Deep State ) , state and local government bureaucracies , Google , Twitter , Instagram , and other “ Tech giants , ” have politicized religion , especially the @ @ @ @ @ @ @ government funds , and the culture generally .
This is all a part of the Democrat party machine .
It is not in the political interest of these institutions to have an economy that was already at 3.5 % unemployment to be “ stimulated ” even further right before the 2020 presidential election .
Witness the fact that of this writing , the Trump administration wants to increase spending and debt even more with another “ stimulus bill ” before the election , whereas the Democrats , who are the historical champions of @ @ @ @ @ @ @ .
It is in the interest of the Democrat Party machine that the economy be depressed prior to the election since , historically , the incumbent president takes credit or blame for the economy regardless of whether his policies had anything to do with it .
Society Of The Spectacle DEBORD , Guy Best Price : $ 4.98 Buy New $ 7.03 In light of this , it should surprise no one that the immediate recommendation of the Washington establishment , which is to say , the Democrat party establishment , to the @ @ @ @ @ @ @ i.e.
, destroy ) at least three-fifths of the entire economy immediately .
All of a sudden we were told that the fate of the world should be placed in the hands of one or two government bureaucrats who call themselves “ pubic health officials.
” Anthony Fauci became , essentially , Economic Dictator of the Nation .
Anyone who questioned anything he said , no matter how silly or unscientific it was , was immediately vilified by the Democrat party propaganda apparatus ( aka “ the media ) .
No second opinion @ @ @ @ @ @ @ had spoken .
Every state and local Democrat political hack immediately obeyed , along with all of the NeverTrumpers in state and local politics such as laughable Larry Hogan , governor of Maryland .
All the others were blindsided by all of this and simply complied .
I wrote last March that the order had apparently come down from the Democrat National Committee that if you wanted a future in Democrat politics Mr. Mayor , Mrs .
Governor , and Miss City Councilwoman , then you will destroy your local economy as much @ @ @ @ @ @ @ with lockdowns in order to harm Trump ’ s chances in November .
Nothing else matters – not the millions of lost jobs , the destroyed businesses , the home foreclosures , the depression and suicide that would inevitably result – nothing .
Keep the public terrified , depressed , and miserable , and we will win in November has been their strategy .
It is also a good strategy to wring more campaign bucks from Big Pharma which wants everyone to believe that we must all wear those damned masks and be @ @ @ @ @ @ @ there is a vaccine.
” The riots organized by the military wing of the Democrat party – Antifa and Only Black Lives Matter — are apparently an “ insurance policy ” designed to ruin even more of the American economy .
Burning out a town ’ s business district will assure that there can be no recovery even if the lockdowns are lifted .
Leftists have also been found to be responsible for setting many of the arson wildfires in California which , by the way , mysteriously stop at the Canadian border @ @ @ @ @ @ @ beginning to fall apart .
The top “ public health official ” in Los Angeles county carelessly got caught saying in earshot of a hot mic recently that the mask wearing , “ social distancing , ” and the closure of schools will have to last “ until the election is over.
” The mayor of Nashville , Democrat John Cooper , was outed by a Nashville television reporter for knowing full well that there were only 22 positive cases of the virus found in all of the bars and restaurants on Music @ @ @ @ @ @ @ mayor had shut down completely for months based on lies about how the virus was supposedly much more widespread there .
In addition to destroying much of his city ’ s business infractructure with his lockdowns , he used his lockdowns as a rationale to increase the city ’ s property tax by 35 percent in a single year .
Multiculturalism : A Ve ... Rattansi , Ali Best Price : $ 2.45 Buy New $ 5.89 In city after American city , if one reads the local newspapers carefully , one will @ @ @ @ @ @ @ ” are all playing the same game – ignoring the fact that the virus is essentially done for , while repeating over and over and over numbers about the total number of “ cases , ” which is totally irrelevant to the health risks – if any – that exist today .
And of course they have been lying all along about by conflating “ death with COVID ” with “ death FROM COVID.
” A skydiver who jumps out of an airplane , after which is parachute fails to open , will @ @ @ @ @ @ @ with COVID ” if the virus happened to be in his system .
For that his hospital will be rewarded with an extra $ 19,000 or so by the government .
In short , what is left out of the standard story of the political business cycle is that Ludwig von Mises called “ destructionism ” in his book , Socialism .
Socialist ideologues have always been determined to destroy the existing institutions of society ( private property , rule of law , constitutionalism , religion , private enterprise , etc . )
@ @ @ @ @ @ @ .
In addition to that , political totalitarians of all kinds will not hesitate to destroy as much of their own economy as possible by any means possible if they think it will reflect badly on the incumbent and return them to power .
That is why I believe has been going on for the past six months and I expect it to continue right up to election day .
The Best of Thomas DiLorenzo

In the late 1970s/early ‘80s the economic subdiscipline of public choice (the application of economic theory and methodology to the study of political decision making) spawned a body of literature on the “political business cycle.” The book Democracy in Deficit: The Political Legacy of Lord Keynes, by James M. Buchanan and Richard E. Wagner was the main inspiration for this. There are now hundreds of scholarly articles and numerous books on the subject.
At the time standard Keynesian macroeconomics held that selfless and omniscient public servants would manage monetary and fiscal policy in such a way as to stabilize the business cycle “in the public interest,” minimizing its peaks and troughs along with the costs of inflation and unemployment. Even by then, however, that notion had been proven to be a farce and a fraud. Keynesian economics was discredited by the existence of “stagflation” in the ‘70s which it had no explanation for and thought it to be an impossibility.
Democracy in Deficit: ... Wagner, Richard E. Best Price: $5.40 Buy New $14.50 (as of 04:12 UTC - Details) In addition to many other reasons why central planning under the guise of “stabilization policy” is an inherent failure, the theory of the political business cycle added a new twist: Politicians are not selfless and omniscient; they are rationally self interested just like everyone else. They want to keep their jobs, just like everyone else. One trick that they employ to achieve this goal, says the theory of the political business cycle, is to ramp up government spending just before elections, funded by debt and inflation. The perceived benefits to voters occurs in the short run, with the bills to be paid after the election. The conclusion is that political reality dictates that so-called stabilization policy will frequently be de–stabilizing.
The gist of the theory of the political business cycle is that politicians will “stimulate” parts of the economy in the months running up to an election with vast increases in government spending. But current events suggest that politics may also at times result in a very different kind of political business cycle – one that depresses the economy just prior to an election.
In America today President Trump and the Republicans control the White House and the senate, but the Democrats control the House of Representatives, the media (with a couple of exceptions), the universities (with a couple of exceptions), Hollywood, much of the publishing industry, hundreds of mayors and city councils and many governorships, the federal bureaucracy (i.e., the Deep State), state and local government bureaucracies, Google, Twitter, Instagram, and other “Tech giants,” have politicized religion, especially the Catholic church which has received billions in government funds, and the culture generally. This is all a part of the Democrat party machine.
It is not in the political interest of these institutions to have an economy that was already at 3.5% unemployment to be “stimulated” even further right before the 2020 presidential election. Witness the fact that of this writing, the Trump administration wants to increase spending and debt even more with another “stimulus bill” before the election,whereas the Democrats, who are the historical champions of such spending, are fiercely resisting it.
It is in the interest of the Democrat Party machine that the economy be depressed prior to the election since, historically, the incumbent president takes credit or blame for the economy regardless of whether his policies had anything to do with it.
Society Of The Spectacle DEBORD, Guy Best Price: $4.98 Buy New $7.03 (as of 11:40 UTC - Details) In light of this, it should surprise no one that the immediate recommendation of the Washington establishment, which is to say, the Democrat party establishment, to the virus was to “lockdown” (i.e., destroy) at least three-fifths of the entire economy immediately. All of a sudden we were told that the fate of the world should be placed in the hands of one or two government bureaucrats who call themselves “pubic health officials.” Anthony Fauci became, essentially, Economic Dictator of the Nation. Anyone who questioned anything he said, no matter how silly or unscientific it was, was immediately vilified by the Democrat party propaganda apparatus (aka “the media). No second opinion were to be permitted. King Fauci had spoken.
Every state and local Democrat political hack immediately obeyed, along with all of the NeverTrumpers in state and local politics such as laughable Larry Hogan, governor of Maryland. All the others were blindsided by all of this and simply complied. I wrote last March that the order had apparently come down from the Democrat National Committee that if you wanted a future in Democrat politics Mr. Mayor, Mrs. Governor, and Miss City Councilwoman, then you will destroy your local economy as much as possible for as long as possible with lockdowns in order to harm Trump’s chances in November. Nothing else matters – not the millions of lost jobs, the destroyed businesses, the home foreclosures, the depression and suicide that would inevitably result – nothing. Keep the public terrified, depressed, and miserable, and we will win in November has been their strategy. It is also a good strategy to wring more campaign bucks from Big Pharma which wants everyone to believe that we must all wear those damned masks and be herded around everywhere like sheep “until there is a vaccine.”
The riots organized by the military wing of the Democrat party – Antifa and Only Black Lives Matter — are apparently an “insurance policy” designed to ruin even more of the American economy. Burning out a town’s business district will assure that there can be no recovery even if the lockdowns are lifted. Leftists have also been found to be responsible for setting many of the arson wildfires in California which, by the way, mysteriously stop at the Canadian border.
Alas, this secret scheme is beginning to fall apart. The top “public health official” in Los Angeles county carelessly got caught saying in earshot of a hot mic recently that the mask wearing, “social distancing,” and the closure of schools will have to last “until the election is over.” The mayor of Nashville, Democrat John Cooper, was outed by a Nashville television reporter for knowing full well that there were only 22 positive cases of the virus found in all of the bars and restaurants on Music Row in the city, which the mayor had shut down completely for months based on lies about how the virus was supposedly much more widespread there. In addition to destroying much of his city’s business infractructure with his lockdowns, he used his lockdowns as a rationale to increase the city’s property tax by 35 percent in a single year. Multiculturalism: A Ve... Rattansi, Ali Best Price: $2.45 Buy New $5.89 (as of 04:12 UTC - Details)
In city after American city, if one reads the local newspapers carefully, one will find that the “public health officials” are all playing the same game – ignoring the fact that the virus is essentially done for, while repeating over and over and over numbers about the total number of “cases,” which is totally irrelevant to the health risks – if any – that exist today. And of course they have been lying all along about by conflating “death with COVID” with “death FROM COVID.” A skydiver who jumps out of an airplane, after which is parachute fails to open, will likely be listed as a “death with COVID” if the virus happened to be in his system. For that his hospital will be rewarded with an extra $19,000 or so by the government.
In short, what is left out of the standard story of the political business cycle is that Ludwig von Mises called “destructionism” in his book, Socialism. Socialist ideologues have always been determined to destroy the existing institutions of society (private property, rule of law, constitutionalism, religion, private enterprise, etc.) before they can usher in their utopia. In addition to that, political totalitarians of all kinds will not hesitate to destroy as much of their own economy as possible by any means possible if they think it will reflect badly on the incumbent and return them to power. That is why I believe has been going on for the past six months and I expect it to continue right up to election day.
The Best of Thomas DiLorenzo


lewrockwell--2020-09-19--Erasing History and Erasing Truth: Censorship and Destroying Records Is the Cornerstone of Tyrants

“ If all mankind minus one were of one opinion , mankind would be no more justified in silencing that one person than he , if he had the power , would be justified in silencing mankind.
” Tyranny requires that the truth be silenced , that real history be erased and rewritten , that speech be restricted , and that individual thought be silenced .
In this time of constant turmoil , false flags , wars , civil unrest , and now internal bio-terrorism and manufactured pandemics , a major agenda of the state apparatus is to silence all @ @ @ @ @ @ @ is imperative considering the state ’ s plan for total control that it stifle criticism and retain the power to control the mainstream narrative , while aggressively eliminating all other resistance and questioning .
This is the state of the world that we live in today .
As things continue to deteriorate , nonconformance can not be allowed if global governance and a global reset are to be successful .
On Liberty ( Dover Thri ... John Stuart Mill Best Price : $ 1.10 Buy New $ 2.99 Current censorship has reached levels @ @ @ @ @ @ @ with all the advanced technology available , this nefarious plot to silence the thinkers and hide the truth could affect all forms of speech .
It is getting much more difficult to find truthful information , as those like Google , Amazon , YouTube , Facebook , Twitter , and many other venues are eliminating content and access to content at a blistering pace .
A day rarely goes by without something I am reading or researching on these sites being taken down or hidden .
This can only lead to a world @ @ @ @ @ @ @ that only the state narrative will be presented in any mainstream or easily accessible format .
This is a dangerous situation , especially considering the likelihood that through vaccination or other methods , much of the population could soon become subject to transhuman experimentation where injectable nanoparticles and chips could be used to alter human behavior .
This is not a new phenomenon , as tyrants throughout human history have censored writing and speech in order to protect their power structure .
Power is always troubled by any that dare to think , @ @ @ @ @ @ @ In ancient times and not so ancient times , books were burned to keep the populace from having access to any material that was not acceptable by the throne or by the current political authority .
In cases of resistance to ‘ high ’ authority , many were also killed by the state , and in many cases these ‘ cleansings ’ were targeted to the educated class , because they had the capability to think critically and express their ideas publically .
Those that held power by force of arms would never @ @ @ @ @ @ @ could lead to hostility and insurrection by the people .
On Tyranny : Twenty Les ... Snyder , Timothy Best Price : $ 5.00 Buy New $ 5.79 In this time of Covid and this fake virus pandemic , things have changed in part , but much is as it has always been throughout history .
This is one reason that history is so important , because regardless of progress and innovation , the underlying motives of the ruling class have changed little over time .
Money , power , and control have @ @ @ @ @ @ @ ruling class , it is just that the methods to keep that power and control have changed .
Instead of the sword and guillotine , propaganda and fear have become the primary tools used to fool the people into compliance .
In order for propaganda to work , elimination of dissent is imperative .
Censorship plays a huge role in any effort to gain support of the masses , because without the possibility to reach the bulk of the people , the truth tellers become marginalized , and are shunned and ridiculed as @ @ @ @ @ @ @ censorship push in history is taking place today , which means that the biggest propaganda push is also underway .
This false flag event called the coronavirus pandemic is not about one king seeking control over his subjects , but is about the few attempting to take over the entire planet .
This is a global effort that is run by the few top claimed elites , with their tentacles of power reaching almost every country on earth through control of the banks , corporations , foundations , and the entire political class @ @ @ @ @ @ @ Price : $ 1.98 Buy New $ 8.29 Many have fought and died in order to protect free speech , but all speech is now under attack by the forces of evil .
If the globalists have their way , free speech will be lost forever .
This is the world of the Internet and computerized system saturation .
Censorship today takes on a new look meant to accomplish the same goals as in the past .
Blacklisting users , blocking content , and algorithmic manipulation allow for the state to control information @ @ @ @ @ @ @ , it stands to reason that the general public will then be easier to manipulate and keep in check .
The acceptance of tracking and tracing technology , continued isolation , vaccines capable of altering the DNA structure of individuals , chips and dyes mimicking the mark of the beast , and a continued state of fear will lead to an end of normalcy .
The result sought is a new order , a “ new normal , ” that will be totally controlled by ruling ‘ experts ’ claiming to be able @ @ @ @ @ @ @ appease you , meet all your needs , and eliminate your worries .
This system is called technocracy , and is dependent on a societal class fully controlled by an upper class .
Does this sound familiar ?
It should , as that is the want of all tyrants , but in this day and age , it will look much different .
All of this relies on a willing public , and in order to achieve that total compliance on a scale this large , the human spirit must be broken , @ @ @ @ @ @ @ responsibility , open communication , mass gatherings , and debate must be squelched .
Once the pathetic masses accept this ruse , and acquiesce to the mandates coming , they will be transformed into a machine-like state through technological manipulation said to make life easier and more convenient .
A totally digitized system is necessary in order to retain constant control .
This may sound outlandish , and something akin to a dystopian science fiction novel , but that is because that is exactly what it is .
The new world is coming @ @ @ @ @ @ @ our historical roots , and hiding all that is real and honest , what is left is a fantasy , but this fantasy will be deadly .
Seek the truth , seek honesty , ask questions , and believe nothing unless it can be personally verified .
Do not allow the takeover of your lives by these monsters claiming to be your saviors .
“ There is more than one way to burn a book .
And the world is full of people running about with lit matches ” .
The Best of @ @ @

“If all mankind minus one were of one opinion, mankind would be no more justified in silencing that one person than he, if he had the power, would be justified in silencing mankind.”
~ John Stuart Mill, On Liberty ch. 2 (1859)
Tyranny requires that the truth be silenced, that real history be erased and rewritten, that speech be restricted, and that individual thought be silenced. In this time of constant turmoil, false flags, wars, civil unrest, and now internal bio-terrorism and manufactured pandemics, a major agenda of the state apparatus is to silence all dissent, and mandate conformity. It is imperative considering the state’s plan for total control that it stifle criticism and retain the power to control the mainstream narrative, while aggressively eliminating all other resistance and questioning. This is the state of the world that we live in today. As things continue to deteriorate, nonconformance cannot be allowed if global governance and a global reset are to be successful.
On Liberty (Dover Thri... John Stuart Mill Best Price: $1.10 Buy New $2.99 (as of 12:20 UTC - Details) Current censorship has reached levels not seen in the past, and with all the advanced technology available, this nefarious plot to silence the thinkers and hide the truth could affect all forms of speech. It is getting much more difficult to find truthful information, as those like Google, Amazon, YouTube, Facebook, Twitter, and many other venues are eliminating content and access to content at a blistering pace. A day rarely goes by without something I am reading or researching on these sites being taken down or hidden. This can only lead to a world consumed by propaganda alone, thus guaranteeing that only the state narrative will be presented in any mainstream or easily accessible format. This is a dangerous situation, especially considering the likelihood that through vaccination or other methods, much of the population could soon become subject to transhuman experimentation where injectable nanoparticles and chips could be used to alter human behavior.
This is not a new phenomenon, as tyrants throughout human history have censored writing and speech in order to protect their power structure. Power is always troubled by any that dare to think, and any that dare to question. In ancient times and not so ancient times, books were burned to keep the populace from having access to any material that was not acceptable by the throne or by the current political authority. In cases of resistance to ‘high’ authority, many were also killed by the state, and in many cases these ‘cleansings’ were targeted to the educated class, because they had the capability to think critically and express their ideas publically. Those that held power by force of arms would never allow criticism and dissent, because that could lead to hostility and insurrection by the people.
On Tyranny: Twenty Les... Snyder, Timothy Best Price: $5.00 Buy New $5.79 (as of 03:22 UTC - Details) In this time of Covid and this fake virus pandemic, things have changed in part, but much is as it has always been throughout history. This is one reason that history is so important, because regardless of progress and innovation, the underlying motives of the ruling class have changed little over time. Money, power, and control have always been the key concerns of the ruling class, it is just that the methods to keep that power and control have changed. Instead of the sword and guillotine, propaganda and fear have become the primary tools used to fool the people into compliance. In order for propaganda to work, elimination of dissent is imperative. Censorship plays a huge role in any effort to gain support of the masses, because without the possibility to reach the bulk of the people, the truth tellers become marginalized, and are shunned and ridiculed as troublemakers and conspiracy theorists.
The biggest censorship push in history is taking place today, which means that the biggest propaganda push is also underway. This false flag event called the coronavirus pandemic is not about one king seeking control over his subjects, but is about the few attempting to take over the entire planet. This is a global effort that is run by the few top claimed elites, with their tentacles of power reaching almost every country on earth through control of the banks, corporations, foundations, and the entire political class system.
Fahrenheit 451 Ray Bradbury Best Price: $1.98 Buy New $8.29 (as of 07:00 UTC - Details) Many have fought and died in order to protect free speech, but all speech is now under attack by the forces of evil. If the globalists have their way, free speech will be lost forever. This is the world of the Internet and computerized system saturation. Censorship today takes on a new look meant to accomplish the same goals as in the past. Blacklisting users, blocking content, and algorithmic manipulation allow for the state to control information, and with that control of information, it stands to reason that the general public will then be easier to manipulate and keep in check. The acceptance of tracking and tracing technology, continued isolation, vaccines capable of altering the DNA structure of individuals, chips and dyes mimicking the mark of the beast, and a continued state of fear will lead to an end of normalcy. The result sought is a new order, a “new normal,” that will be totally controlled by ruling ‘experts’ claiming to be able to sustain you, protect you, appease you, meet all your needs, and eliminate your worries. This system is called technocracy, and is dependent on a societal class fully controlled by an upper class. Does this sound familiar? It should, as that is the want of all tyrants, but in this day and age, it will look much different.
All of this relies on a willing public, and in order to achieve that total compliance on a scale this large, the human spirit must be broken, and love, family, emotion, responsibility, open communication, mass gatherings, and debate must be squelched. Once the pathetic masses accept this ruse, and acquiesce to the mandates coming, they will be transformed into a machine-like state through technological manipulation said to make life easier and more convenient. A totally digitized system is necessary in order to retain constant control. This may sound outlandish, and something akin to a dystopian science fiction novel, but that is because that is exactly what it is. The new world is coming, and by eliminating truth, eliminating our historical roots, and hiding all that is real and honest, what is left is a fantasy, but this fantasy will be deadly.
Seek the truth, seek honesty, ask questions, and believe nothing unless it can be personally verified. Do not allow the takeover of your lives by these monsters claiming to be your saviors.
“There is more than one way to burn a book. And the world is full of people running about with lit matches”.
~ Ray Bradbury – “Fahrenheit 451: A Novel,” (1953). p. 209, Simon and Schuster
The Best of Gary D. Barnett


lewrockwell--2020-09-19--Time for a Mercy Killing at the Eccles Building

Thursday the Fed signaled that interest rates would stay near zero until 2024 , but that was apparently not enough .
As one money manager sotted with Monetary Cool-Aid bleated , “ The Fed said it would keep rates low for ages .
But that ’ s not enough , ” said James Athey , senior investment manager at Aberdeen Standard Investments .
“ Not taking away is no longer sufficient for this market .
You need to do more , more , more.
” The Fed did say that it would continue buying $ 120 billion of government and @ @ @ @ @ @ @ future .
That amounts to monetizing $ 1.44 trillion per year , meaning that in less than two years the Fed ’ s balance sheet will vault above the $ 10 trillion mark .
TCL 32S325 32 Inch 720 ... Best Price : $ 139.50 Buy New $ 129.99 For want of doubt , that would essentially amount to $ 10 trillion of official financial fraud – 95 % of which would have been accomplished since the turn of the century when the Fed ’ s balance sheet stood at just $ 500 @ @ @ @ @ @ @ its existence .
Likewise , how do you get “ more ” on the rate front when during the last 152 months ( since February 2008 ) the Fed ’ s policy target rate ( brown line ) has been below the running inflation rate ( purple line ) in all except seven months .
That means rates were negative in real terms 95 % of the time .
And now they are pledging to tack onto that at least another 40 months of deeply negative real rates .
That is to say @ @ @ @ @ @ @ are promising nearly 17 years running in which the Wall Street money market will function as a candy store for dealers , speculators and carry traders .
After all , the overnight and short-term money markets are not where operating businesses borrow to fund their working capital or where households borrow to finance the purchase of new autos , washing machines and trips to Disney World .
Instead , that ’ s where Wall Street dealers fund their massive inventories of inflated stocks and bonds , speculators obtain repo funding of their asset @ @ @ @ @ @ @ carry cost of open positions .
Long ago Wall Street was transformed from an honest capital and money market into a giant gambling casino , but the prospective 17 straight years of negative real rates are now morphing it into a veritable devils workshop .
Our lunatic central bankers apparently will not stop egging on the traders and speculators until the actually blow up the entire financial system .
Moreover , when we say negative real rates , we are not talking about marginalia , or money rates that are a few basis @ @ @ @ @ @ @ is evident in the chart , we are already back to the extreme of January 2012 , when the gap between CPI inflation ( 2.60 % ) and the effective Federal funds rate ( 0.08 % ) was –252 basis points .
Of course , that bit of insanity was justified as a once in one-hundred years expedient to kick-start an economy that had been mauled by the Great Recession .
But here we are back at a real yield in the money markets of -250 basis points , meaning that the 12-year @ @ @ @ @ @ @ negative -135 basis points , and will be extended at the level or even deeper for another three years .
The above chart is tantamount to a criminal indictment of today ’ s Keynesian central bankers .
It means that savers are being savagely punished and expropriated , even as speculators skim massive dead-weight rents from the the securities markets .
It amounts to a stupendous wealth transfer from the productive masses to the top 10 % and 1 % of households , which own 88 % and 55 % of these vastly @ @ @ @ @ @ @ course , the lunatics domiciled in the Eccles Building pay no never mind to the chart above or to the capricious and destructive wealth transfer to the already rich which they intermediate .
That ’ s because deeply embedded in their oppressive group-think is the erroneous presumption that “ lower for longer ” supports the main street economy , thereby fostering more growth and jobs than would otherwise happen on the free market left to its own devices .
Trump 2020 Keep Americ ... Buy New $ 13.89 As we show below , @ @ @ @ @ @ @ rates manifestly do not engender enhanced economic performance on main street ; the presumption that it does is just Keynesian catechism , not an empirically based truth .
So when central bankers appear to embrace a little froth on Wall Street in return for an upgrade to the main street economy , it involves no actual tradeoff at all .
The “ better economy ” is just the imaginary product of ritual incantation in the Eccles Building , while the Wall Street “ froth ” actually amounts to massive , systematic and ultimately @ @ @ @ @ @ @ can only end in a destructive crackup boom .
One of the reasons today ’ s Keynesian central bankers fail to see the destructive folly of sustained negative real money market rates is that they are obsessed with inflation shortfalls from their arbitrary 2.00 % target .
That apparently blinds them to the absolute level of inflation and its relationship to money market rates that have been pegged close to the zero bound for more than a decade .
But the question , of course , is which is the greater danger ?
@ @ @ @ @ @ @ rates , which will now be in place for nearly 17 years running , or modest shortfalls from a 2.00 % inflation target , which the great Paul Volcker himself debunked as financial nonsense ?
We have long argued that the 16 % trimmed mean CPI is the best available trend measure of consumer inflation , and on this metric here is what you get : Namely , an average per annum increase of 1.93 % since February 2008 per the chart above .
Accordingly , for that meaningless 7 basis point shortfall @ @ @ @ @ @ @ and speculators funding themselves in the money markets negative real interest rates that averaged -135 basis points over the last 12.5 years .
Moreover , that preposterous outcome remains true even if you use the Fed ’ s preferred sawed-off inflation measuring stick called the core PCE deflator .
As shown below , for nearly the entire period since the financial crisis , the pegged money market rate has been well below the year-over-year trend of the core PCE deflator , as well .
In this case , the core PCE deflator rose @ @ @ @ @ @ @ implying a 40 basis point shortfall from the 2.00 % inflation target , but also resulted in an average negative real interest rate of -100 basis points over the period .
Folks , a 40 basis point shortfall on the shortest measuring stick in town is flat-out meaningless .
But -100 basis points of after inflation carry is the very mother ’ s milk of rampant speculative excess on Wall Street .
The evidence is overwhelming that these massive gifts to Wall Street speculators imparted no economic goodness whatsoever to main street .
@ @ @ @ @ @ @ economic growth is real final sales because it removes the distorting effect of inventory fluctuations on the starting and end points of measurement .
On a cycle peak-to-peak basis , the per annum growth rate of real final sales has deteriorated steadily and sharply since 1953 : Nearly Natural 5263-03 ... Best Price : $ 48.26 Buy New $ 64.34 We find it remarkable that while the Fed ’ s money-pumping policies since 2008 have generated a trend economic growth rate equal to just 43 % of the 1953-1973 average that the denizens @ @ @ @ @ @ @ to congratulate themselves on a job well done , and propose to double-down in the years just ahead .
Nor can there be any doubt that the far higher economic growth rates of the earlier periods shown above occurred notwithstanding significantly positive real money market rates for most of the 45-year high growth era before 2001 .
Indeed , the chart below has the red line ( Fed funds rate ) and black line ( PCE deflator ) flipped upside down compared to the one above for 2008-2020 .
During the earlier 45-year @ @ @ @ @ @ @ time money market rates were positive in real terms , and often substantially so , averaging +200-400 basis points for much of the period after Volcker vanquished double-digit inflation in the early 1980s .
Here ’ s the thing .
JayPo and his merry band of money-printers have now decamped into an alternate universe .
They actually do believe that the Fed constitutes some kind of all-powerful monetary politburo ; and that it possesses the tools to optimize the performance of an infinitely complex $ 20 trillion economy , which , in turn @ @ @ @ @ @ @ of an $ 85 trillion global GDP wherein product , labor , capital and money markets all around the planet are deeply interconnected by modern financial and communications technologies .
So we think they are smoking something .
And that especially goes for Chairman Powell , who yesterday sounded like some latter day King Canute , commanding the waves of policy-imposed deflation and economic contraction now afflicting the US economy to retreat by the sound of his voice alone .
“ This very strong forward guidance , very powerful forward guidance that we @ @ @ @ @ @ @ for the economy , ” Chairman Jerome Powell told reporters .
To drive the point home , he used the word “ powerful ” 10 times in the press conference .
Puleeze .
Open mouth policy via “ forward guidance ” is the most hideous ploy yet in the Fed ’ s unending campaign to essentially destroy honest price discovery in the money and capital markets .
It represents group-think gone off the deep-end .
Quantum Health Super L ... Buy New $ 13.99 ( $ 0.08 / Count ) The truth is @ @ @ @ @ @ @ intricately interconnected global economy , central banking in one country is an anachronism .
The Fed ’ s purportedly sacred remit via the Humphrey-Hawkins inflation and unemployment targets are absolutely pointless because they can ’ t even be measured accurately , let alone delivered to the decimal point by Fed action .
That is to say , the U-3 unemployment rate is a joke in an hours and gigs based world where the price of labor and the quantities supplied in the domestic market are driven by the China Price for Goods , @ @ @ @ @ @ @ Mexican Price for assemblies and the Pilates Studio Price for domestic services .
Likewise , the Fed ’ s vaunted PCE deflator is not even a fixed basket price index that measures the purchasing power of money over any reasonable period of time .
It ’ s just an accounting device for the green eye-shades at the Commerce Department who are charged with confecting and calculating a dubious aggregate called the Real Gross Domestic Product .
There is only one way back to stable , sustainable capitalist prosperity , but there is not @ @ @ @ @ @ @ hot place that either candidate in the upcoming presidential election fiasco has a clue .
That ’ s because the Wall Street gamblers and the Washington spenders alike prefer things just as they are – even if they are drifting toward the drink at an accelerating pace .
To wit , the plug needs to be pulled on the Fed ’ s macroeconomic management remit because it ’ s impossible to implement in today ’ s world and unnecessary , to boot .
Capitalism will grow on the free market at whatever pace @ @ @ @ @ @ @ money and capital markets can price financial assets far more accurately and flexibly than the camarilla of 12 monetary central planners now sitting on the FOMC .
How can the above be accomplished ?
• Repeal Humphrey-Hawkins and all other macroeconomic targets and return the Fed to the modest role of functioning as a “ bankers bank ” as designed by the great Carter Glass way back in 1913 ; • Abolish the Open Market Committee and all forms of active meddling in the price discovery process in the money and capital markets @ @ @ @ @ @ @ true green eye-shade technicians in the Eccles Building to lend to the banking system at a penalty spread above the open market interest rate against good collateral of short duration .
That would do it !
The Best of David Stockman

Thursday the Fed signaled that interest rates would stay near zero until 2024, but that was apparently not enough. As one money manager sotted with Monetary Cool-Aid bleated,
“The Fed said it would keep rates low for ages. But that’s not enough,” said James Athey, senior investment manager at Aberdeen Standard Investments. “Not taking away is no longer sufficient for this market. You need to do more, more, more.”
Really?
The Fed did say that it would continue buying $120 billion of government and GSE paper per month for the indefinite future. That amounts to monetizing $1.44 trillion per year, meaning that in less than two years the Fed’s balance sheet will vault above the $10 trillion mark.
TCL 32S325 32 Inch 720... Best Price: $139.50 Buy New $129.99 (as of 04:15 UTC - Details) For want of doubt, that would essentially amount to $10 trillion of official financial fraud – 95% of which would have been accomplished since the turn of the century when the Fed’s balance sheet stood at just $500 billion after the first 86 years of its existence.
Likewise, how do you get “more” on the rate front when during the last 152 months (since February 2008) the Fed’s policy target rate (brown line) has been below the running inflation rate (purple line) in all except seven months. That means rates were negative in real terms 95% of the time.
And now they are pledging to tack onto that at least another 40 months of deeply negative real rates. That is to say, the geniuses in the Eccles Building are promising nearly 17 years running in which the Wall Street money market will function as a candy store for dealers, speculators and carry traders.
After all, the overnight and short-term money markets are not where operating businesses borrow to fund their working capital or where households borrow to finance the purchase of new autos, washing machines and trips to Disney World. Instead, that’s where Wall Street dealers fund their massive inventories of inflated stocks and bonds, speculators obtain repo funding of their asset books and options writers implicitly fund the carry cost of open positions.
Long ago Wall Street was transformed from an honest capital and money market into a giant gambling casino, but the prospective 17 straight years of negative real rates are now morphing it into a veritable devils workshop. Our lunatic central bankers apparently will not stop egging on the traders and speculators until the actually blow up the entire financial system.
Moreover, when we say negative real rates, we are not talking about marginalia, or money rates that are a few basis points under the inflation water-line. As is evident in the chart, we are already back to the extreme of January 2012, when the gap between CPI inflation (2.60%) and the effective Federal funds rate (0.08%) was –252 basis points.
Of course, that bit of insanity was justified as a once in one-hundred years expedient to kick-start an economy that had been mauled by the Great Recession. But here we are back at a real yield in the money markets of -250 basis points, meaning that the 12-year average real money market rate stands at negative -135 basis points, and will be extended at the level or even deeper for another three years.
Fed Funds Target Versus Trimmed Mean CPI, 2008-2020
The above chart is tantamount to a criminal indictment of today’s Keynesian central bankers. It means that savers are being savagely punished and expropriated, even as speculators skim massive dead-weight rents from the the securities markets. It amounts to a stupendous wealth transfer from the productive masses to the top 10% and 1% of households, which own 88% and 55% of these vastly inflated financial assets, respectively.
Of course, the lunatics domiciled in the Eccles Building pay no never mind to the chart above or to the capricious and destructive wealth transfer to the already rich which they intermediate. That’s because deeply embedded in their oppressive group-think is the erroneous presumption that “lower for longer” supports the main street economy, thereby fostering more growth and jobs than would otherwise happen on the free market left to its own devices . Trump 2020 Keep Americ... Buy New $13.89 (as of 04:30 UTC - Details)
As we show below, however, prolonged negative real money market rates manifestly do not engender enhanced economic performance on main street; the presumption that it does is just Keynesian catechism, not an empirically based truth.
So when central bankers appear to embrace a little froth on Wall Street in return for an upgrade to the main street economy, it involves no actual tradeoff at all. The “better economy” is just the imaginary product of ritual incantation in the Eccles Building, while the Wall Street “froth” actually amounts to massive, systematic and ultimately fatal inflation of financial asset prices that can only end in a destructive crackup boom.
One of the reasons today’s Keynesian central bankers fail to see the destructive folly of sustained negative real money market rates is that they are obsessed with inflation shortfalls from their arbitrary 2.00% target. That apparently blinds them to the absolute level of inflation and its relationship to money market rates that have been pegged close to the zero bound for more than a decade.
But the question, of course, is which is the greater danger? To wit, deeply negative money market rates, which will now be in place for nearly 17 years running, or modest shortfalls from a 2.00% inflation target, which the great Paul Volcker himself debunked as financial nonsense?
We have long argued that the 16% trimmed mean CPI is the best available trend measure of consumer inflation, and on this metric here is what you get: Namely, an average per annum increase of 1.93% since February 2008 per the chart above. Accordingly, for that meaningless 7 basis point shortfall from target, the Fed offered traders and speculators funding themselves in the money markets negative real interest rates that averaged -135 basis points over the last 12.5 years.
Moreover, that preposterous outcome remains true even if you use the Fed’s preferred sawed-off inflation measuring stick called the core PCE deflator. As shown below, for nearly the entire period since the financial crisis, the pegged money market rate has been well below the year-over-year trend of the core PCE deflator, as well.
In this case, the core PCE deflator rose by about 1.6% per annum, implying a 40 basis point shortfall from the 2.00% inflation target, but also resulted in an average negative real interest rate of -100 basis points over the period.
Folks, a 40 basis point shortfall on the shortest measuring stick in town is flat-out meaningless. But -100 basis points of after inflation carry is the very mother’s milk of rampant speculative excess on Wall Street.
Fed Funds Target Versus Core PCE Deflator, 2008-2020
The evidence is overwhelming that these massive gifts to Wall Street speculators imparted no economic goodness whatsoever to main street. Again, the best measure of peak-to-peak economic growth is real final sales because it removes the distorting effect of inventory fluctuations on the starting and end points of measurement.
On a cycle peak-to-peak basis, the per annum growth rate of real final sales has deteriorated steadily and sharply since 1953: Nearly Natural 5263-03... Best Price: $48.26 Buy New $64.34 (as of 04:15 UTC - Details)
Four cycle average, Q2 1953-Q4 1973: 3.65% ;
; Four cycle average Q4 1973-Q1 2001: 3.29% ;
; Housing boom, Q1 2001-Q4 2007: 2.56% ;
; QE regime, Q4 2007-Q1 2020: 1.57%.
We find it remarkable that while the Fed’s money-pumping policies since 2008 have generated a trend economic growth rate equal to just 43% of the 1953-1973 average that the denizens of the Eccles Building have the gall to congratulate themselves on a job well done, and propose to double-down in the years just ahead.
Nor can there be any doubt that the far higher economic growth rates of the earlier periods shown above occurred notwithstanding significantly positive real money market rates for most of the 45-year high growth era before 2001.
Indeed, the chart below has the red line (Fed funds rate) and black line (PCE deflator) flipped upside down compared to the one above for 2008-2020. During the earlier 45-year period more than 90% of the time money market rates were positive in real terms, and often substantially so, averaging +200-400 basis points for much of the period after Volcker vanquished double-digit inflation in the early 1980s.
PCE Deflator Versus Fed Funds Rate, 1955-2000
Here’s the thing. JayPo and his merry band of money-printers have now decamped into an alternate universe.
They actually do believe that the Fed constitutes some kind of all-powerful monetary politburo; and that it possesses the tools to optimize the performance of an infinitely complex $20 trillion economy, which, in turn, ebbs and flows within the framework of an $85 trillion global GDP wherein product, labor, capital and money markets all around the planet are deeply interconnected by modern financial and communications technologies.
So we think they are smoking something. And that especially goes for Chairman Powell, who yesterday sounded like some latter day King Canute, commanding the waves of policy-imposed deflation and economic contraction now afflicting the US economy to retreat by the sound of his voice alone.
“This very strong forward guidance, very powerful forward guidance that we have announced today will provide strong support for the economy,” Chairman Jerome Powell told reporters. To drive the point home, he used the word “powerful” 10 times in the press conference.
Puleeze. Open mouth policy via “forward guidance” is the most hideous ploy yet in the Fed’s unending campaign to essentially destroy honest price discovery in the money and capital markets. It represents group-think gone off the deep-end. Quantum Health Super L... Buy New $13.99 ($0.08 / Count) (as of 04:15 UTC - Details)
The truth is, in today’s massive, intricately interconnected global economy, central banking in one country is an anachronism. The Fed’s purportedly sacred remit via the Humphrey-Hawkins inflation and unemployment targets are absolutely pointless because they can’t even be measured accurately, let alone delivered to the decimal point by Fed action.
That is to say, the U-3 unemployment rate is a joke in an hours and gigs based world where the price of labor and the quantities supplied in the domestic market are driven by the China Price for Goods, the India Price for Services, the Mexican Price for assemblies and the Pilates Studio Price for domestic services.
Likewise, the Fed’s vaunted PCE deflator is not even a fixed basket price index that measures the purchasing power of money over any reasonable period of time. It’s just an accounting device for the green eye-shades at the Commerce Department who are charged with confecting and calculating a dubious aggregate called the Real Gross Domestic Product.
There is only one way back to stable, sustainable capitalist prosperity, but there is not a snowball’s chance in the hot place that either candidate in the upcoming presidential election fiasco has a clue. That’s because the Wall Street gamblers and the Washington spenders alike prefer things just as they are – even if they are drifting toward the drink at an accelerating pace.
To wit, the plug needs to be pulled on the Fed’s macroeconomic management remit because it’s impossible to implement in today’s world and unnecessary, to boot. Capitalism will grow on the free market at whatever pace its collective participants desire, and the money and capital markets can price financial assets far more accurately and flexibly than the camarilla of 12 monetary central planners now sitting on the FOMC.
How can the above be accomplished?
Repeal Humphrey-Hawkins and all other macroeconomic targets and return the Fed to the modest role of functioning as a “bankers bank” as designed by the great Carter Glass way back in 1913;
Abolish the Open Market Committee and all forms of active meddling in the price discovery process in the money and capital markets;
Empower a small group of true green eye-shade technicians in the Eccles Building to lend to the banking system at a penalty spread above the open market interest rate against good collateral of short duration.
That would do it!
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Reprinted with permission from David Stockman’s Contra Corner.
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