lewrockwell--2020-09-21--The National Felons League

The National Felons League

The epithet National Felons League—a corruption of National Football League—is typically invoked in the wake of any news report dealing with felonious behavior exhibited by professional football players .
It has taken on a new relevance now as an entire professional football team has decided to pay homage to a deceased young felon in the making .
The team is the Pittsburgh Steelers ; the deceased young felon in the making was one Antwon Rose , Jr. , 17 .
Here ’ s what went down with Antwon back on June 19 , 2018 : He was riding in the @ @ @ @ @ @ @ another passenger , Zaijuan Hester , also 17 , seated directly behind him in the back seat .
As they drew near a pedestrian , William Ross , Hester stuck a .40 caliber semiautomatic pistol out of the open vehicle window , opening fire on Ross and wounding him .
Another pedestrian who just happened to be there whipped out his own pistol and fired at the departing jitney , shattering its rear window .
Beyond Woke Michael Rectenwald Buy New $ 19.99 A police bulletin went out , and East Pittsburgh police @ @ @ @ @ @ @ the description of the jitney and pulled it over .
As Rosfeld was handcuffing the driver , Hester and Rose bolted and ran ; Rosfeld fired three times , fatally striking Rose .
The spin initially put on the incident was that Rose was an innocent who simply had the misfortune to board a jitney whose other passenger happened to be a drive-by shooter .
Rosfeld ended up being charged with criminal homicide .
But it turned out that Rose was not the innocent he was made out to be .
Two guns @ @ @ @ @ @ @ ’ s .40 caliber pistol and a stolen 9 millimeter pistol .
The 9 millimeter had Rose ’ s DNA on it .
Rose had an empty 9 millimeter magazine in his pocket that fit the recovered stolen gun , and gunpowder residue was found on his hands .
Was the residue the result of his proximity to the gun fired by Hester , or was it the result of his firing the 9 millimeter at some point ?
A security video surfaced showing Rose , Hester , and the jitney driver clearing @ @ @ @ @ @ @ vehicle ’ s shattered rear windshield .
Although security video showed Hester to be the shooter in the drive-by , the victim was convinced that it had to have been Rose who shot him because the two of them had a “ beef ” with one another .
So Rose was riding around armed , he was riding with another armed passenger , and that other armed passenger shot a man with whom Rose had a beef .
In the light of all this evidence brought to the fore , Officer Rosfeld was @ @ @ @ @ @ @ WOKE SUPREMACY : An ... Sayet , Evan Buy New $ 9.99 In spite of the fact that Rose was a willing accomplice in a drive-by shooting—which justified the use of deadly force against him as he fled the traffic stop—he is nonetheless regarded as a victim of racial injustice and as a BLM martyr worthy of veneration .
The method of veneration chosen by the Steelers ’ decision makers was to have his name featured on players ’ helmets that were to be worn throughout the season .
Fortunately , one player @ @ @ @ @ @ @ participate .
Before his team ’ s opening game , tackle Alejandro Villanueva replaced Rose ’ s name with that of Alwyn Cashe , a black war hero who died of injuries sustained while rescuing fellow soldiers from a burning vehicle .
As I was preparing the draft of this article , another dissenter ’ s name popped up in the news .
Center Maurkice Pouncey announced that he would be removing Rose ’ s name from his helmet , explaining that he wasn ’ t fully aware of the whole story behind @ @ @ @ @ @ @ both Villanueva and Pouncey for standing up to woke nonsense .
The Best of George Hollenback

The epithet National Felons League—a corruption of National Football League—is typically invoked in the wake of any news report dealing with felonious behavior exhibited by professional football players. It has taken on a new relevance now as an entire professional football team has decided to pay homage to a deceased young felon in the making. The team is the Pittsburgh Steelers; the deceased young felon in the making was one Antwon Rose, Jr., 17.
Here’s what went down with Antwon back on June 19, 2018: He was riding in the front passenger seat of a jitney, another passenger, Zaijuan Hester, also 17, seated directly behind him in the back seat. As they drew near a pedestrian, William Ross, Hester stuck a .40 caliber semiautomatic pistol out of the open vehicle window, opening fire on Ross and wounding him. Another pedestrian who just happened to be there whipped out his own pistol and fired at the departing jitney, shattering its rear window. Beyond Woke Michael Rectenwald Buy New $19.99 (as of 11:37 UTC - Details)
A police bulletin went out, and East Pittsburgh police officer Michael Rosfeld spotted a vehicle matching the description of the jitney and pulled it over. As Rosfeld was handcuffing the driver, Hester and Rose bolted and ran; Rosfeld fired three times, fatally striking Rose. The spin initially put on the incident was that Rose was an innocent who simply had the misfortune to board a jitney whose other passenger happened to be a drive-by shooter. Rosfeld ended up being charged with criminal homicide.
But it turned out that Rose was not the innocent he was made out to be. Two guns were found in the vehicle, Hester’s .40 caliber pistol and a stolen 9 millimeter pistol. The 9 millimeter had Rose’s DNA on it. Rose had an empty 9 millimeter magazine in his pocket that fit the recovered stolen gun, and gunpowder residue was found on his hands. Was the residue the result of his proximity to the gun fired by Hester, or was it the result of his firing the 9 millimeter at some point? A security video surfaced showing Rose, Hester, and the jitney driver clearing away the broken glass from the parked vehicle’s shattered rear windshield. Although security video showed Hester to be the shooter in the drive-by, the victim was convinced that it had to have been Rose who shot him because the two of them had a “beef” with one another. So Rose was riding around armed, he was riding with another armed passenger, and that other armed passenger shot a man with whom Rose had a beef. In the light of all this evidence brought to the fore, Officer Rosfeld was acquitted in his court trial.
THE WOKE SUPREMACY: An... Sayet, Evan Buy New $9.99 (as of 05:04 UTC - Details) In spite of the fact that Rose was a willing accomplice in a drive-by shooting—which justified the use of deadly force against him as he fled the traffic stop—he is nonetheless regarded as a victim of racial injustice and as a BLM martyr worthy of veneration. The method of veneration chosen by the Steelers’ decision makers was to have his name featured on players’ helmets that were to be worn throughout the season.
Fortunately, one player saw through the sham and refused to participate. Before his team’s opening game, tackle Alejandro Villanueva replaced Rose’s name with that of Alwyn Cashe, a black war hero who died of injuries sustained while rescuing fellow soldiers from a burning vehicle. As I was preparing the draft of this article, another dissenter’s name popped up in the news. Center Maurkice Pouncey announced that he would be removing Rose’s name from his helmet, explaining that he wasn’t fully aware of the whole story behind Antwon Rose, Jr.
Kudos to both Villanueva and Pouncey for standing up to woke nonsense.
The Best of George Hollenback


lewrockwell--2020-09-21--Bret Weinstein and His Unity 2020 Project

I am not sure when I first became aware of the evolutionary biologist Bret Weinstein .
It could have been during the infamous Evergreen State College takeover by SJWs when he showed great fortitude and courage standing up to the mob .
But what I do recall well was his even handed moderation of the discussion between Jordan Peterson and Sam Harris .
Thus , it has been through my awareness of Peterson and his progeny that I knew of Bret and the IDW ( the Intellectual Dark Web , a term coined by Bret ’ s brother Eric ) @ @ @ @ @ @ @ have been following his Dark Horse Podcast co-hosted by his wife , also an evolutionary biologist , Heather Heying .
From my point of view you can ’ t help but liking Bret .
At first he comes across as somewhat pompous ( but nothing compared to his brother ) ; however he really is an open and funny guy in the many hours of discussions I have watched .
He certainly is very intelligent , but again , not in a typical way .
He had a difficult time in school yet @ @ @ @ @ @ @ mirrors his brother who had a tortuous route to achieving his PhD in mathematics from Harvard .
I should say I also like Heather .
She seems to have a more balanced view of the world ( e.g.
, a lot of literature ) than Bret .
The husband and wife repartee of their podcast is amusing and heart warming .
Hanes Men ’ s EcoS ... Buy New $ 15.98 I do not want to analyze and critique all of Bret ’ s views even if I could .
I can say @ @ @ @ @ @ @ on his background as an evolutionary biologist and on game theory in his analysis in lieu of , for example , philosophy , history , and economics .
Thus I think he goes off on the wrong track on subjects such as the Covid response .
Let me explain by noting a discussion with another public intellectual Nassim Taleb on Covid .
At one point ( starting about the 10 min mark ) he explains that the only real systemic risks ( fat tails on the destructive distribution ) are pandemics and nuclear @ @ @ @ @ @ @ the case for masks and other intrusive government policies .
Due to his combative personality any critique of Taleb is risky , but I think I am sufficiently under the radar not to warrant an attack .
And I should add that in my view he is generally on the good side of most arguments .
Afterall , he has appeared on Ron Paul ’ s Liberty Report .
But the big elephant in the room that he does not consider in his Covid analysis , and similarly Bret also does not consider @ @ @ @ @ @ @ is my contention that in the modern industrial setting government , qualitatively and quantitatively , foreign , domestic , and world , is the greatest danger to each and everyone one of us , and to our children and to our children ’ s children .
Certainly a detailed analysis of my contention is warranted but is beyond the scope of this essay , though I would note that both nuclear war for sure , and perhaps pandemics , are also created by governments .
NatureWise Vitamin D3 ... Buy New $ 14.21 @ @ @ @ @ @ @ , from his Evergreen experience , has been out in front warning of the dangers to the country from the SJW uprisings .
He lives in Portland so he has also been an eye witness to some of the worst rioting and the anemic and duplicitous responses by the city and state governments .
An unapologetic leftist , he has the intellectual integrity to state the unacceptability of Biden , and even more the degenerate state of the Democratic party in general .
Similarly , though more mundane , are his criticisms of @ @ @ @ @ @ @ come up with a proposed electoral solution to the dilemma in America that he calls Unity 2020 .
To wit , “ We the people draft two candidates : one from the left , one from the right .
Once elected , they agree to govern as a team .
All decisions and appointments will be made jointly in the interests of the American public .
Only when they can not reach agreement , or when a decision does not allow for consultation , does the President decide independently .
A coin flip @ @ @ @ @ @ @ of the ticket.
” This gee whiz solution seems to be getting some traction among the few independent minded intellectuals and journalists ( e.g.
, Matt Tiabbi ) that still exist .
The proposed candidates selected by the people who have signed up at the website are Tulsi Gabbard and Dan Crenshaw .
Both were former military , both were born outside of the continental US .
Tulsi in American Samoa and Dan in Scotland .
I wonder if that makes Dan disqualified for the highest office .
Personally , by conviction I @ @ @ @ @ @ @ day if my primary residence becomes the village in France where I have bought a house I may vote for the mayor ( in a population of less than 1000 ) .
But if you are considering voting for president I suggest you consider Bret ’ s project Unity 2020 .
The Best of Ira Katz

I am not sure when I first became aware of the evolutionary biologist Bret Weinstein. It could have been during the infamous Evergreen State College takeover by SJWs when he showed great fortitude and courage standing up to the mob. But what I do recall well was his even handed moderation of the discussion between Jordan Peterson and Sam Harris. Thus, it has been through my awareness of Peterson and his progeny that I knew of Bret and the IDW (the Intellectual Dark Web, a term coined by Bret’s brother Eric).
Over the last few months I have been following his Dark Horse Podcast co-hosted by his wife, also an evolutionary biologist, Heather Heying. From my point of view you can’t help but liking Bret. At first he comes across as somewhat pompous (but nothing compared to his brother); however he really is an open and funny guy in the many hours of discussions I have watched. He certainly is very intelligent, but again, not in a typical way. He had a difficult time in school yet persevered to achieve a PhD. This mirrors his brother who had a tortuous route to achieving his PhD in mathematics from Harvard. I should say I also like Heather. She seems to have a more balanced view of the world (e.g., a lot of literature) than Bret. The husband and wife repartee of their podcast is amusing and heart warming. Hanes Men’s EcoS... Buy New $15.98 (as of 05:04 UTC - Details)
I do not want to analyze and critique all of Bret’s views even if I could. I can say that I think he relies too much on his background as an evolutionary biologist and on game theory in his analysis in lieu of, for example, philosophy, history, and economics. Thus I think he goes off on the wrong track on subjects such as the Covid response. Let me explain by noting a discussion with another public intellectual Nassim Taleb on Covid. At one point (starting about the 10 min mark) he explains that the only real systemic risks (fat tails on the destructive distribution) are pandemics and nuclear war. From this premise he makes the case for masks and other intrusive government policies. Due to his combative personality any critique of Taleb is risky, but I think I am sufficiently under the radar not to warrant an attack. And I should add that in my view he is generally on the good side of most arguments. Afterall, he has appeared on Ron Paul’s Liberty Report. But the big elephant in the room that he does not consider in his Covid analysis, and similarly Bret also does not consider, is death by government. It is my contention that in the modern industrial setting government, qualitatively and quantitatively, foreign, domestic, and world, is the greatest danger to each and everyone one of us, and to our children and to our children’s children. Certainly a detailed analysis of my contention is warranted but is beyond the scope of this essay, though I would note that both nuclear war for sure, and perhaps pandemics, are also created by governments.
NatureWise Vitamin D3 ... Buy New $14.21 ($0.04 / Count) (as of 05:04 UTC - Details) Bret, from his Evergreen experience, has been out in front warning of the dangers to the country from the SJW uprisings. He lives in Portland so he has also been an eye witness to some of the worst rioting and the anemic and duplicitous responses by the city and state governments. An unapologetic leftist, he has the intellectual integrity to state the unacceptability of Biden, and even more the degenerate state of the Democratic party in general. Similarly, though more mundane, are his criticisms of Trump and the Republicans. He has come up with a proposed electoral solution to the dilemma in America that he calls Unity 2020. To wit, “We the people draft two candidates: one from the left, one from the right. Once elected, they agree to govern as a team. All decisions and appointments will be made jointly in the interests of the American public. Only when they cannot reach agreement, or when a decision does not allow for consultation, does the President decide independently. A coin flip determines which candidate runs at the top of the ticket.” This gee whiz solution seems to be getting some traction among the few independent minded intellectuals and journalists (e.g., Matt Tiabbi) that still exist. The proposed candidates selected by the people who have signed up at the website are Tulsi Gabbard and Dan Crenshaw. Both were former military, both were born outside of the continental US. Tulsi in American Samoa and Dan in Scotland. I wonder if that makes Dan disqualified for the highest office.
Personally, by conviction I don’t vote; though one day if my primary residence becomes the village in France where I have bought a house I may vote for the mayor (in a population of less than 1000). But if you are considering voting for president I suggest you consider Bret’s project Unity 2020.
The Best of Ira Katz


lewrockwell--2020-09-21--The Force Has Been Weakened

The Force Has Been Weakened

Stephen Cohen , the last objective American university expert on Russia , has died at age 81 .
Professor Cohen was non-ideological .
His scholarship never fell into propaganda .
I knew of Cohen all of my professional life .
I relied on his scholarship for a chapter in my book , with Lawrence Stratton , The Tyranny of Good Intentions .
Cohen ’ s objectivity caused him to be seen as a leftwinger with pro-Soviet biases .
In the Cold War , you were with us or against us .
There was no room for objectivity .
But Cohen @ @ @ @ @ @ @ Russia ?
: From ... Cohen , Stephen F. Buy New $ 18.99 I got to know Cohen late in our lives .
What brought us together was our opposition to the renewal of the Cold War by the military/security complex that was desperate to have an enemy sufficiently threatening to justify its power and budget .
Cohen and I shared concern that Washington ’ s dismantling of the arms limitation agreements achieved over the decades and subsequent rise in tensions was resurrecting the specter of nuclear Armageddon .
We both were appalled @ @ @ @ @ @ @ .
We were disheartened as we observed diplomats and professors , such as Michael McFaul , Stanford professor and Obama ’ s ambassador to Russia , become propagandists for the CIA and military/security complex .
If you didn ’ t go along with the anti-Russian propaganda , you were labeled a “ Putin agent/dupe , ” as Cohen and I were .
I will miss him .
His departure leaves me with a lonely voice .
The Best of Paul Craig Roberts

Stephen Cohen, the last objective American university expert on Russia, has died at age 81. Professor Cohen was non-ideological. His scholarship never fell into propaganda.
I knew of Cohen all of my professional life. I relied on his scholarship for a chapter in my book, with Lawrence Stratton, The Tyranny of Good Intentions. Cohen’s objectivity caused him to be seen as a leftwinger with pro-Soviet biases. In the Cold War, you were with us or against us. There was no room for objectivity. But Cohen stood his objective ground.
War with Russia?: From... Cohen, Stephen F. Buy New $18.99 (as of 05:06 UTC - Details) I got to know Cohen late in our lives. What brought us together was our opposition to the renewal of the Cold War by the military/security complex that was desperate to have an enemy sufficiently threatening to justify its power and budget. Cohen and I shared concern that Washington’s dismantling of the arms limitation agreements achieved over the decades and subsequent rise in tensions was resurrecting the specter of nuclear Armageddon. We both were appalled at the demonization of Putin and Russia. We were disheartened as we observed diplomats and professors, such as Michael McFaul, Stanford professor and Obama’s ambassador to Russia, become propagandists for the CIA and military/security complex. If you didn’t go along with the anti-Russian propaganda, you were labeled a “Putin agent/dupe,” as Cohen and I were.
I will miss him. His departure leaves me with a lonely voice.
The Best of Paul Craig Roberts


lewrockwell--2020-09-21--How the Stock Market Got To Be Out of Touch With Reality

International Man : Thanks to the shutdowns , economic activity on main street is at a standstill .
Government , corporate , and personal debt is skyrocketing .
Yet , the stock market is in a mania .
Has the stock market become out of touch with reality , and if so , what are the consequences of that ?
David Stockman : Both ends of the Acela Corridor have lost their marbles .
This year , Uncle Sam borrowed $ 4 trillion in six months , the Fed printed $ 3 trillion in three months , and Wall Street @ @ @ @ @ @ @ 52X reported LTM earnings in the context of a deeper economic plunge than occurred in the worst quarter of the 1930s .
Therefore , Washington has become disconnected from any semblance of fidelity to sound money and fiscal rectitude , while Wall Street has turned into an outright casino , valuing stocks based on endless Fed liquidity injections and the delusion that momentum chasing is an investment strategy .
Amazon Essentials Men & ... Buy New $ 17.50 With respect to the rampant folly in the Imperial City , Treasury Secretary Stevie Mnuchin @ @ @ @ @ @ @ Neuman of “ Me Worry ?
” fame at Mad Magazine .
Recently , he more than earned that moniker when , in the context of the current monetary and fiscal lunacy , he proclaimed that , “ Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet.
” That was the so-called Conservative Party speaking , and it is a shrill reminder that the Trumpified GOP has gone utterly AWOL when it comes to its true job in American democracy , namely , resisting the @ @ @ @ @ @ @ affinity for feeding the Leviathan on the Potomac .
That is to say , according to even the Keynesian deficit apologists at the CBO , Uncle Sam will spend $ 6.6 trillion during the current fiscal year ( FY 2020 ) while collecting only $ 3.3 trillion in revenue .
That ’ s Banana Republic stuff—borrowing 50 % of every dollar spent .
Yet the advisory ranks of the potentially incoming Kamala Harris regency are even worse .
They are loaded with “ deficits don ’ t matter ” ideologues and MMT crackpots @ @ @ @ @ @ @ the public debt is not just a virtue , but utterly imperative .
Needless to say , this bipartisan commitment to all-in stimulus is financial catnip to the Wall Street gamblers because they are actually capitalizing into today ’ s nosebleed stock prices , not the present drastically impaired economy on Main Street but a pro forma simulacrum of future prosperity based on the delusional presumption that massive debt and money-pumping actually create economic growth and wealth .
The fact is , industrial production in August posted at a level first achieved in @ @ @ @ @ @ @ in at levels originally attained in December 2004 .
So the misbegotten lockdowns and COVID-hysteria have cost the US economy 14–16 years of industrial production growth , yet this massive setback was not caused by some mysterious Keynesian-style faltering of “ demand ” that can allegedly be compensated for by new Fed credits plucked from thin air .
Doctor ’ s Best Vi ... Best Price : null Buy New $ 9.23 ( $ 0.03 / Count ) To the contrary , the current depression is the result of the visible shutdown and @ @ @ @ @ @ @ are likely to linger for months to come or even intensify as the fall-winter flu season arrives .
Undoubtedly , the Virus Patrol will spur further outbreaks of public fear based on “ bad numbers ” from the CDC , which are actually an agglomeration of cases and deaths from normal influenza , pneumonia , and a myriad of life-threatening comorbidities , not pure cases of the COVID alone .
But beguiled by “ stimulus ” and hopium , Wall Street completely ignores the contradiction between over-the-top demand stimulus and what amounts to @ @ @ @ @ @ @ .
So , at 3400 on the S & P 500 , the current LTM price-to-earnings ratio ranges between 52.1 times the earnings CEOs and CFOs certify on penalty of jail time ( $ 65 per share ) or 27 times the Wall Street brush-stroked and curated version ( $ 125 per share ) , from which all asset write-offs , restructuring charges , and other one-timers/mistakes have been finessed out .
Of course , these deleted GAAP charges reflect the consumption of real corporate resources , such as purchase price goodwill that @ @ @ @ @ @ @ acquisition goes sour , or the write-down of investments in factories , warehouses , and stores that get closed .
As such , they absolutely do diminish company resources and shareholder net worth over time .
But for decades now , Wall Street has so relentlessly and assiduously ripped anything that smells like a “ one-timer ” out of company earnings filings with the Securities and Exchange Commission ( SEC ) that it no longer even knows what GAAP earnings actually are .
And it pretends that these discarded debits ( and credits @ @ @ @ @ @ @ that even out in the wash over time .
They do not .
If ex-items reporting was merely a neutral smoothing mechanism , reported GAAP earnings and “ operating earnings ” would be equal when aggregated over several years , or even a full business cycle .
Yet during the last 100 quarters , there have been essentially zero instances in which reported GAAP earnings exceeded “ operating income.
” Keep America Great Wom ... Buy New $ 15.95 So , in aggregate terms , several trillions of corporate write-downs and losses have @ @ @ @ @ @ @ the second quarter of 2020 , for example , GAAP earnings reported to the SEC totaled $ 145.8 billion for the S & P 500 companies , while the ex-items earnings curated by the street posted at $ 222.3 billion .
That amounts to the deletion of nearly $ 77 billion of write-downs and mistakes , and it inflated the aggregate earnings number by more than 52 % .
The game is all about goosing the earnings number in order to minimize the apparent price-to-earnings multiple , thereby supporting the fiction that stocks @ @ @ @ @ @ @ bubble is to be found , at least in the broad market represented by the S & P 500 .
Still , valuing the market at 52 times trailing-12-month earnings during the present parlous moment in time—or even 27 times if you want to give the financial engineering jockeys in the C-suites a hall-pass for $ 77 billion of mistakes and losses this quarter alone—is nothing short of nuts .
Yet , the gamblers in the casino hardly know it .
Wall Street has already decided that current-year results don ’ t matter @ @ @ @ @ @ @ multiples currently being racked up are simply being shoved into the memory hole on the presumption that the sell side ’ s evergreen hockey sticks will come true about four quarters into the future , and if they don ’ t , a heavy dose of ex-items bark-stripping will gussy up actual earnings when they come in .
Still , if you think that a forward P/E multiple of , say , 17.5 times is just fine and that flushing the one-timers is OK , then you still need $ 193 per share @ @ @ @ @ @ @ of 2021 to justify today ’ s index level .
Then again , a 54 % gain in operating earnings over the next four quarters ( $ 193 per share in the second quarter of 2021 versus $ 125 per share in the second quarter of 2020 ) is not simply a tall order ; it ’ s downright delusional .
The Optimal Dose : Rest ... Somerville MD , Judson Buy New $ 4.99 International Man : What could derail the Fed ’ s ability to pump up the stock market casino @ @ @ @ @ @ @ simultaneously want zero interest rates and more inflation .
It seems something has to give .
David Stockman : Yes , what ’ s going to “ give ” sooner or later is the entire house of monetary cards erected by the Fed and its fellow-traveling global central banks over the last several decades .
What they are doing is based on the triple error that inflation is too low , that deeply repressed and falsified interest rates fuel real growth , and that private savers are a hindrance to optimal economic function @ @ @ @ @ @ @ of the real ( after-inflation ) value of their capital .
In the first place , as Paul Volcker pointedly reminded , there is nothing in the pre-1990 textbooks that says 2.00 % inflation is desirable and is to be pursued with fanatical intensity—even if actual inflation comes in only a few basis points below the magic target .
Indeed , if the 2 % target is zealously pursued via prolonged pegging of interest rates to the zero bound and the massive purchase of bonds and other securities , the result is actually @ @ @ @ @ @ @ in real wealth .
That ’ s because falsified interest rates and inflated financial asset values lead to massive malinvestment via rampant financial engineering in the corporate sector and reckless borrowing to fund transfer payments and economic waste in the public sector .
Nor is that a mere theoretical possibility .
The rolling 10-year real GDP growth rate has now fallen to just 1.5 % per annum , or barely one-third of the 3–4 % per year rolling averages which prevailed during the heyday of reasonably sound money and fiscal rectitude prior to @ @ @ @ @ @ @ hasn ’ t been any inflation shortfall from the 2 % target , unless measured by the Fed ’ s flakey yardstick called the PCE deflator .
For instance , since December 1996 , when Greenspan uttered his irrational exuberance warning , the CPI is up by 2.09 % per annum and the more stable 16 % trimmed-mean CPI is up by 2.12 % per annum .
Skechers Relaxed Fit S ...
Check Amazon for Pricing .
That hardly constitutes a “ shortfall ” from target , but the Eccles Building money-printers make @ @ @ @ @ @ @ gained slightly less over that 23 year period , averaging an increase of 1.71 per annum .
The truth is , no one except groupthink besotted central bankers would think that a mere 30 basis point shortfall over more than two decades justifies the massive financial fraud of pumping trillions of fiat credit into the financial system .
That ’ s especially the case because the PCE deflator drastically underweights shelter costs and doesn ’ t even measure the purchasing power of money against a fixed basket of goods and services over time @ @ @ @ @ @ @ actually a tool of GDP accounting that reflects the changing mix of goods and services supplied to the household sector .
That is to say , if someone chooses to live in a tepee and spend nearly all of their paycheck on computers , TVs , and other high-tech gadgets that have been rapidly falling in price , that doesn ’ t improve the exchange value of the dollar wages they earn ; it just means that their tepee may be getting crowded with tech gadgets .
The same is true of the @ @ @ @ @ @ @ of goods and services changes over time , that doesn ’ t miraculously rescue the purchasing power of the dollar from the ravages of inflation .
Nor does it alleviate the savaging of lower- and middle-class living standards that are the direct product of the Fed ’ s misguided commitment to inflation targeting .
In fact , during that same 23-year period , the annual rate of increase for professional services , shelter , food away from home , medical services , and education expense has been 2.6 % , 2.7 % , @ @ @ @ @ @ @ 4.5 % , respectively .
So once you set aside the foolishness of 2 % inflation targeting and the Fed ’ s sawed-off inflation measuring stick ( the PCE deflator ) , what you really have is growth stunting monetary madness .
There is no other way to explain a Fed balance sheet that went from $ 4.2 trillion on March 4 this year to $ 7.2 trillion by June 10 .
After all , the first $ 3 trillion of Fed balance sheet took nearly 100 years to generate , from its @ @ @ @ @ @ @ 3 trillion marker for the first time in March 2013 .
That the Fed has now become a monetary doomsday machine , therefore , is no longer in doubt .
The Best of David Stockman

International Man: Thanks to the shutdowns, economic activity on main street is at a standstill. Government, corporate, and personal debt is skyrocketing. Yet, the stock market is in a mania. Has the stock market become out of touch with reality, and if so, what are the consequences of that?
David Stockman: Both ends of the Acela Corridor have lost their marbles. This year, Uncle Sam borrowed $4 trillion in six months, the Fed printed $3 trillion in three months, and Wall Street drove the S&P 500 to 52X reported LTM earnings in the context of a deeper economic plunge than occurred in the worst quarter of the 1930s.
Therefore, Washington has become disconnected from any semblance of fidelity to sound money and fiscal rectitude, while Wall Street has turned into an outright casino, valuing stocks based on endless Fed liquidity injections and the delusion that momentum chasing is an investment strategy. Amazon Essentials Men&... Buy New $17.50 (as of 05:08 UTC - Details)
With respect to the rampant folly in the Imperial City, Treasury Secretary Stevie Mnuchin has always reminded us of Alfred E. Neuman of “Me Worry?” fame at Mad Magazine. Recently, he more than earned that moniker when, in the context of the current monetary and fiscal lunacy, he proclaimed that, “Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet.”
That was the so-called Conservative Party speaking, and it is a shrill reminder that the Trumpified GOP has gone utterly AWOL when it comes to its true job in American democracy, namely, resisting the Government Party (Dems) and its affinity for feeding the Leviathan on the Potomac.
That is to say, according to even the Keynesian deficit apologists at the CBO, Uncle Sam will spend $6.6 trillion during the current fiscal year (FY 2020) while collecting only $3.3 trillion in revenue. That’s Banana Republic stuff—borrowing 50% of every dollar spent.
Yet the advisory ranks of the potentially incoming Kamala Harris regency are even worse. They are loaded with “deficits don’t matter” ideologues and MMT crackpots who noisily argue that massive monetization of the public debt is not just a virtue, but utterly imperative.
Needless to say, this bipartisan commitment to all-in stimulus is financial catnip to the Wall Street gamblers because they are actually capitalizing into today’s nosebleed stock prices, not the present drastically impaired economy on Main Street but a pro forma simulacrum of future prosperity based on the delusional presumption that massive debt and money-pumping actually create economic growth and wealth.
The fact is, industrial production in August posted at a level first achieved in March 2006, and manufacturing output weighed in at levels originally attained in December 2004. So the misbegotten lockdowns and COVID-hysteria have cost the US economy 14–16 years of industrial production growth, yet this massive setback was not caused by some mysterious Keynesian-style faltering of “demand” that can allegedly be compensated for by new Fed credits plucked from thin air. Doctor’s Best Vi... Buy New $9.23 ($0.03 / Count) (as of 04:20 UTC - Details)
To the contrary, the current depression is the result of the visible shutdown and quarantine orders of the state, which are likely to linger for months to come or even intensify as the fall-winter flu season arrives. Undoubtedly, the Virus Patrol will spur further outbreaks of public fear based on “bad numbers” from the CDC, which are actually an agglomeration of cases and deaths from normal influenza, pneumonia, and a myriad of life-threatening comorbidities, not pure cases of the COVID alone.
But beguiled by “stimulus” and hopium, Wall Street completely ignores the contradiction between over-the-top demand stimulus and what amounts to supply-side contraction owing to economic martial law.
So, at 3400 on the S&P 500, the current LTM price-to-earnings ratio ranges between 52.1 times the earnings CEOs and CFOs certify on penalty of jail time ($65 per share) or 27 times the Wall Street brush-stroked and curated version ($125 per share), from which all asset write-offs, restructuring charges, and other one-timers/mistakes have been finessed out.
Of course, these deleted GAAP charges reflect the consumption of real corporate resources, such as purchase price goodwill that gets written off when a merger or acquisition goes sour, or the write-down of investments in factories, warehouses, and stores that get closed. As such, they absolutely do diminish company resources and shareholder net worth over time.
But for decades now, Wall Street has so relentlessly and assiduously ripped anything that smells like a “one-timer” out of company earnings filings with the Securities and Exchange Commission (SEC) that it no longer even knows what GAAP earnings actually are.
And it pretends that these discarded debits (and credits) to income are simply lumpy things that even out in the wash over time. They do not.
If ex-items reporting was merely a neutral smoothing mechanism, reported GAAP earnings and “operating earnings” would be equal when aggregated over several years, or even a full business cycle.
Yet during the last 100 quarters, there have been essentially zero instances in which reported GAAP earnings exceeded “operating income.” Keep America Great Wom... Buy New $15.95 (as of 04:22 UTC - Details)
So, in aggregate terms, several trillions of corporate write-downs and losses have been swept under the rug.
During the second quarter of 2020, for example, GAAP earnings reported to the SEC totaled $145.8 billion for the S&P 500 companies, while the ex-items earnings curated by the street posted at $222.3 billion. That amounts to the deletion of nearly $77 billion of write-downs and mistakes, and it inflated the aggregate earnings number by more than 52%.
The game is all about goosing the earnings number in order to minimize the apparent price-to-earnings multiple, thereby supporting the fiction that stocks are reasonably valued and that nary a bubble is to be found, at least in the broad market represented by the S&P 500.
Still, valuing the market at 52 times trailing-12-month earnings during the present parlous moment in time—or even 27 times if you want to give the financial engineering jockeys in the C-suites a hall-pass for $77 billion of mistakes and losses this quarter alone—is nothing short of nuts.
Yet, the gamblers in the casino hardly know it.
Wall Street has already decided that current-year results don’t matter a whit: the nosebleed-level trailing P/E multiples currently being racked up are simply being shoved into the memory hole on the presumption that the sell side’s evergreen hockey sticks will come true about four quarters into the future, and if they don’t, a heavy dose of ex-items bark-stripping will gussy up actual earnings when they come in.
Still, if you think that a forward P/E multiple of, say, 17.5 times is just fine and that flushing the one-timers is OK, then you still need $193 per share of operating earnings by the second quarter of 2021 to justify today’s index level.
Then again, a 54% gain in operating earnings over the next four quarters ($193 per share in the second quarter of 2021 versus $125 per share in the second quarter of 2020) is not simply a tall order; it’s downright delusional. The Optimal Dose: Rest... Somerville MD, Judson Buy New $4.99 (as of 03:41 UTC - Details)
International Man: What could derail the Fed’s ability to pump up the stock market casino with all this easy money? They simultaneously want zero interest rates and more inflation. It seems something has to give.
David Stockman: Yes, what’s going to “give” sooner or later is the entire house of monetary cards erected by the Fed and its fellow-traveling global central banks over the last several decades. What they are doing is based on the triple error that inflation is too low, that deeply repressed and falsified interest rates fuel real growth, and that private savers are a hindrance to optimal economic function and need to be euthanized via confiscation of the real (after-inflation) value of their capital.
In the first place, as Paul Volcker pointedly reminded, there is nothing in the pre-1990 textbooks that says 2.00% inflation is desirable and is to be pursued with fanatical intensity—even if actual inflation comes in only a few basis points below the magic target.
Indeed, if the 2% target is zealously pursued via prolonged pegging of interest rates to the zero bound and the massive purchase of bonds and other securities, the result is actually inimical to economic growth and sustainable gains in real wealth.
That’s because falsified interest rates and inflated financial asset values lead to massive malinvestment via rampant financial engineering in the corporate sector and reckless borrowing to fund transfer payments and economic waste in the public sector.
Nor is that a mere theoretical possibility. The rolling 10-year real GDP growth rate has now fallen to just 1.5% per annum, or barely one-third of the 3–4% per year rolling averages which prevailed during the heyday of reasonably sound money and fiscal rectitude prior to 1971.
Beyond that, there really hasn’t been any inflation shortfall from the 2% target, unless measured by the Fed’s flakey yardstick called the PCE deflator. For instance, since December 1996, when Greenspan uttered his irrational exuberance warning, the CPI is up by 2.09% per annum and the more stable 16% trimmed-mean CPI is up by 2.12% per annum. Skechers Relaxed Fit S... Check Amazon for Pricing.
That hardly constitutes a “shortfall” from target, but the Eccles Building money-printers make the claim anyway because the PCE deflator gained slightly less over that 23 year period, averaging an increase of 1.71 per annum.
The truth is, no one except groupthink besotted central bankers would think that a mere 30 basis point shortfall over more than two decades justifies the massive financial fraud of pumping trillions of fiat credit into the financial system.
That’s especially the case because the PCE deflator drastically underweights shelter costs and doesn’t even measure the purchasing power of money against a fixed basket of goods and services over time, anyway. Instead, it is actually a tool of GDP accounting that reflects the changing mix of goods and services supplied to the household sector.
That is to say, if someone chooses to live in a tepee and spend nearly all of their paycheck on computers, TVs, and other high-tech gadgets that have been rapidly falling in price, that doesn’t improve the exchange value of the dollar wages they earn; it just means that their tepee may be getting crowded with tech gadgets.
The same is true of the aggregate level. Just because the mix of goods and services changes over time, that doesn’t miraculously rescue the purchasing power of the dollar from the ravages of inflation.
Nor does it alleviate the savaging of lower- and middle-class living standards that are the direct product of the Fed’s misguided commitment to inflation targeting. In fact, during that same 23-year period, the annual rate of increase for professional services, shelter, food away from home, medical services, and education expense has been 2.6%, 2.7%, 2.8%, 3.5%, and 4.5%, respectively.
So once you set aside the foolishness of 2% inflation targeting and the Fed’s sawed-off inflation measuring stick (the PCE deflator), what you really have is growth stunting monetary madness. There is no other way to explain a Fed balance sheet that went from $4.2 trillion on March 4 this year to $7.2 trillion by June 10.
After all, the first $3 trillion of Fed balance sheet took nearly 100 years to generate, from its opening in 1914 to breaching the $3 trillion marker for the first time in March 2013. That the Fed has now become a monetary doomsday machine, therefore, is no longer in doubt.
Reprinted with permission from International Man.
The Best of David Stockman


lewrockwell--2020-09-21--Shift the Face Mask Focus Off of You and Onto the Downtrodden Employees

I would be the exception to what most people do .
I read the order and I ’ ve printed it out many times , along with supporting documents , for others to read and understand .
I do not own a mask .
I ’ ve only been challenged a few times .
Never once has this resulted in banishment or a loss in services .
As you can see the local “ rule , ” has exemptions .
Wearing a mask makes it difficult to breathe , so I demonstrate my opposition openly , and cite the exemption @ @ @ @ @ @ @ feels compelled to suffocate slowly .
ARIAT mens Hiking Boot ... Buy New $ 89.99 In the bigger picture , the rules themselves are absurd .
I ’ ve advised my state rep , health department , and governor that they are way out of bounds .
I send videos and articles to the corporations who run the grocery stores , asking them to please stop torturing their employees and warning that ultimately this will adversely affect their bottom line .
Am I on solid ground , or dreaming ?
—Winston Smith Ministry @ @ @ @ @ @ @ our present hell was paved on 9/11.
” German Pastor Martin Niemoller is still remembered for his observation on the world as seen from his vantage point in Germany pre-WW2 .
“ First they came for the Communists And I did not speak out Because I was not a Communist Then they came for the Socialists And I did not speak out Because I was not a Socialist Then they came for the trade unionists And I did not speak out Because I was not a trade unionist CQR Men ’ s Tactic @ @ @ @ @ @ @ came for the Jews And I did not speak out Because I was not a Jew Then they came for me And there was no one left To speak out for me ” Niemoller here describes a Balkanization of society that leads to the diminished view of other humans as less than fully human .
Today , in the United States , as little pockets of political violence erupt and people are murdered for their politics , the consequences of seeing other people as less than fully human are starting to emerge .
@ @ @ @ @ @ @ in the United States .
Consequently , anyone can present any awful idea as morality .
It has been observed .
“ When men choose not to believe in God , they do not thereafter believe in nothing , they then become capable of believing in anything.
” One such example is the idea that if someone thinks a member of Congress should vote “ No ” on an issue and you think they should vote “ Yes , ” it is now widely considered inappropriate for you to say “ It ’ @ @ @ @ @ @ @ little in the grand scheme .
If I care so much , next time I ’ ll work harder to get my voice heard.
” It is instead considered appropriate for you to say “ Those who disagree with me deserve no rights to speak , no rights to make money , no rights to leave the home unmasked , because they are literally evil , literally racist , literally Satan , literally bigoted , literally Hitler.
” 5 Pack : Men ’ s Ath ... Buy New $ 29.99 Watch out snowflake @ @ @ @ @ @ @ you .
Have you considered asking Dr. Freud to help you taper that dose ?
Winston Smith , thank you so much for writing .
Your commentary is the exact opposite of what Niemoller describes .
It is the opposite of Balkanization .
It is the opposite of the trend taking place in the United States today .
Winston Smith , it appears , doesn ’ t just go into a store and shop maskless .
He goes into a store , shops maskless , and then chides the managers for not allowing @ @ @ @ @ @ @ demands more for his fellow humans .
He stands up for others .
In doing so , he also creates a Niemollerian buffer around himself .
In doing so , he defends his own freedom by advancing freedom for another .
A park ranger that I know doesn ’ t seem to care for face masks or the lockdown , but in his “ just-doing-my-job ” kind of way , the ranger will occasionally bug people .
He bugs people about the lockdown orders , because he gets instructed to bug people about @ @ @ @ @ @ @ , because his boss is getting a dozen phone calls a day , from every Karen in town who is troubled by someone having too much fun at the park .
Do you know who never calls him to complain ?
The people who want to have fun at the park .
Those guys wouldn ’ t even dream of it .
They just go and have fun elsewhere , if the law comes around looking for trouble .
Columbia Men ’ s W ... Buy New $ 47.89 And this is the @ @ @ @ @ @ @ , undergoes a long march toward something a lot less wonderful .
How many little guy-lines can the controlling and diminutive Lilliputians string over Gulliver before he notices ?
How many guy-lines can the Lilliputians string over Gulliver before he has a hard time moving ?
How many little guy-lines can the Lilliputians string over Gulliver before he can ’ t move at all ?
Winston Smith isn ’ t waiting around to find out .
He ’ s not only ripping off his guy-lines , he ’ s ripping off the guy-lines @ @ @ @ @ @ @ whether they like it or not , by giving their Lilliputian boss a piece of his mind .
You have moved the goal posts and done it in a most wonderful way .
Send me your own stories from the face mask compliance checkpoint , and help me put an end to this tyranny .
The Best of Allan Stevo

Dear Stevo,
I would be the exception to what most people do. I read the order and I’ve printed it out many times, along with supporting documents, for others to read and understand.
I do not own a mask. I’ve only been challenged a few times. Never once has this resulted in banishment or a loss in services.
As you can see the local “rule,” has exemptions. Wearing a mask makes it difficult to breathe, so I demonstrate my opposition openly, and cite the exemption, if challenged by an employee who feels compelled to suffocate slowly.
ARIAT mens Hiking Boot... Buy New $89.99 (as of 05:10 UTC - Details) In the bigger picture, the rules themselves are absurd. I’ve advised my state rep, health department, and governor that they are way out of bounds. I send videos and articles to the corporations who run the grocery stores, asking them to please stop torturing their employees and warning that ultimately this will adversely affect their bottom line.
Am I on solid ground, or dreaming?
—Winston Smith
Ministry of 9/11 Truth
“The road to our present hell was paved on 9/11.”
_______________
German Pastor Martin Niemoller is still remembered for his observation on the world as seen from his vantage point in Germany pre-WW2.
“First they came for the Communists
And I did not speak out
Because I was not a Communist
Then they came for the Socialists
And I did not speak out
Because I was not a Socialist
Then they came for the trade unionists
And I did not speak out
Because I was not a trade unionist CQR Men’s Tactic... Buy New $39.98 (as of 05:10 UTC - Details)
Then they came for the Jews
And I did not speak out
Because I was not a Jew
Then they came for me
And there was no one left
To speak out for me”
Niemoller here describes a Balkanization of society that leads to the diminished view of other humans as less than fully human.
Today, in the United States, as little pockets of political violence erupt and people are murdered for their politics, the consequences of seeing other people as less than fully human are starting to emerge. There is no longer any common morality in the United States. Consequently, anyone can present any awful idea as morality.
It has been observed.
“When men choose not to believe in God, they do not thereafter believe in nothing, they then become capable of believing in anything.”
One such example is the idea that if someone thinks a member of Congress should vote “No” on an issue and you think they should vote “Yes,” it is now widely considered inappropriate for you to say “It’s just a silly vote that means little in the grand scheme. If I care so much, next time I’ll work harder to get my voice heard.” It is instead considered appropriate for you to say “Those who disagree with me deserve no rights to speak, no rights to make money, no rights to leave the home unmasked, because they are literally evil, literally racist, literally Satan, literally bigoted, literally Hitler.” 5 Pack:Men’s Ath... Buy New $29.99 (as of 05:10 UTC - Details)
Woah!
Watch out snowflake. Those meds might be getting to you. Have you considered asking Dr. Freud to help you taper that dose?
Winston Smith, thank you so much for writing. Your commentary is the exact opposite of what Niemoller describes. It is the opposite of Balkanization. It is the opposite of the trend taking place in the United States today.
Winston Smith, it appears, doesn’t just go into a store and shop maskless. He goes into a store, shops maskless, and then chides the managers for not allowing the employees to be maskless. He demands more for his fellow humans.
Winston Smith is the anti-Karen.
He stands up for others. In doing so, he also creates a Niemollerian buffer around himself. In doing so, he defends his own freedom by advancing freedom for another.
A park ranger that I know doesn’t seem to care for face masks or the lockdown, but in his “just-doing-my-job” kind of way, the ranger will occasionally bug people. He bugs people about the lockdown orders, because he gets instructed to bug people about the lockdown orders. He gets instructed, because his boss is getting a dozen phone calls a day, from every Karen in town who is troubled by someone having too much fun at the park.
Do you know who never calls him to complain? The people who want to have fun at the park. Those guys wouldn’t even dream of it. They just go and have fun elsewhere, if the law comes around looking for trouble. Columbia Men’s W... Buy New $47.89 (as of 05:10 UTC - Details)
And this is the way that society, in Fabian fashion, undergoes a long march toward something a lot less wonderful.
How many little guy-lines can the controlling and diminutive Lilliputians string over Gulliver before he notices? How many guy-lines can the Lilliputians string over Gulliver before he has a hard time moving? How many little guy-lines can the Lilliputians string over Gulliver before he can’t move at all?
Winston Smith isn’t waiting around to find out. He’s not only ripping off his guy-lines, he’s ripping off the guy-lines of the twenty people around him, whether they like it or not, by giving their Lilliputian boss a piece of his mind.
Thank you, Winston Smith.
You have moved the goal posts and done it in a most wonderful way.
Send me your own stories from the face mask compliance checkpoint, and help me put an end to this tyranny.
The Best of Allan Stevo