3% inflation is not low inflation.
Nobody got smarter.
“Don’t stand in line to make an investment.”
“The purpose of a system is what it does. There is, after all, no point in claiming that the purpose of a system is what it consistently fails to do.”
- attributed to Stafford Beer
“An hallucination continues for as long as it is not contested.”
- Elias Canetti, Auto-da-Fé
“A much as we as Americans sit here and talk about how bad the dollar is, for many other citizens around the world, the dollar is much better than their local currency.”
Thomas Hoenig
“3% inflation is not low inflation. The cumulative effects are enormous. It makes it more difficult for that portion of the population who do not have a strong market position to keep up, and I think it does a lot of harm. It creates social unrest, and those are all things that have a price tag on them in the long term. And so let’s focus on that.”
“Mild deflation is often, and can and should be, a reflection of productivity improvements. Who really benefits from a low inflation? That’s the bottom 50% of the population who works for a salary, doesn’t have a big asset stash that goes up with asset inflation. So those are the people you want to have benefit and let’s focus on getting closer to zero inflation.”
The Fed’s “failure is not in today so much as in 2010, when you engaged in massive printing of money called QE. You made it easy for politicians to spend without consequence. When you pushed interest rates to zero, and you kept them there, you made it easy for politicians to spend without consequence. And so rather than saying, “Wait a minute, we can’t do this. You know, it’s it’s our
mandate is to maintain price stability, asset as well as general prices, and we
can’t be printing this money like this.” You can’t do QE at zero interest rates for year after year, which is what they did. And so the second part, the safety valve on this kind of failed as well. And so we got Congress used to spending and paying for it with low interest rates, therefore able to spend even more, and that has come back to haunt us.”
“I’m not so naïve as to think we can go back to a gold standard, but when we were on a gold standard, we had an external discipline…and we need to bring some form of that back. Not necessarily as a gold standard, but as a limit on on QE. That should be retired, the ability to do that massively.”
The Chapwood Index: A basket of goods approach
Honestly, this looks more accurate than 3%. All my biggest expenses are up double-digits.
“Overall, U.S. sales on Black Friday hit $18 billion, up 3% compared with a year earlier, Salesforce data show. But U.S. shoppers purchased 2% fewer items at checkout, and with average prices up 7%, shoppers made 1% fewer online orders.”
Maybe the CPI model understates the cost of living.
Grant’s
“I think the market sees [Kevin Hassett] as a Trump stooge, which erodes the Fed’s credibility at the margin,” - John Stopford, head of managed income at Ninety One
…one may wonder how much a politically-captured Fed would differ from the current iteration, which is almost certain to trim the 3.75% to 4% funds rate by 25 basis points at next week’s meeting…”
Core CPI
Core CPI still way above the Fed’s made-up 2% target - using their nonsense model - ever since April 2021.
The Fed long ago completely abandoned their ‘stable prices’ mandate, but now they’re just more blatant about it.
Number go up.
Jim Bianco
“This chart illustrates the incredible stat reposted below.
Blue is retail sales AFTER inflation, almost no gain in 3 years. Orange is retail sales BEFORE (nominal), soaring as prices are much higher.
How does cutting rates and pumping stocks fix this?”
Economic Confidence Drops to 17-Month Low
…as stocks climb to all-time highs.
“Consumers often trim their holiday spending plans as the season progresses, including by more than $40 in 11 of the 19 years since 2006 for which Gallup has both October and November readings. It has only increased by at least $40 in four. However, this year’s midseason decline is the largest Gallup has recorded, surpassing the $185 drop seen during the 2008 global financial crisis.”
Oil to Gold Ratio
I see this chart as oil bullish, not gold bearish. I have to admit, I do like oil-related stocks. I’ve owned Exxon and Chevron for decades, never sold any, but am more interested in smaller plays. Because of this, you should all probably short oil stocks.
Charles DeGaulle, 1965
We therefore believe it to be necessary for international exchanges to be established, as was the case before the world’s great misfortunes, on an unquestionable monetary basis, that does not carry the mark of any particular country.
What basis? Indeed, we cannot see that, in this respect, there can be any other criterion, any other standard, than gold. Oh, yes! Gold, which never changes its nature, which can be shaped into bars, ingots or coins, which has no nationality and which is eternally and universally-accepted as the unalterable fiduciary value par excellence. Moreover, despite everything that could be imagined, said, written, done, as huge events happened, it is a fact that there is still today no currency that can compare, either by a direct or an indirect relationship, real or imagined, with gold.
One thing most Americans never do is put themselves in the other guy’s shoes.
Las Vegas
Some great comments on where Vegas (and corporate America in general) went wrong.
It’s not just Blackjack, it’s everything. Just like everything else run into the ground by corporate America, it’s just shittier across the board. They failed to understand that I don’t have to sit down and gamble.
Roulette in Europe has 36 numbered red/blue slots and one green zero. In America we had two green zeros (0 and 00). Now that two number design is largely the bigger one everywhere because it benefits the house.
But that wasn’t enough. Now there is a 000 space. Usually it has the casino logo or some kind of emblem specific to them. Still has 36 numbered spaces that are red or black.
You wouldn’t think it should matter that much, but it does a lot.
Roulette was my favorite game. I know it was the worst odds in the casino but I liked roulette. I had fun playing it, drinking, and betting on the colors, odds/evens, or occasionally groups of 12, either numerically or the columns. Every now and then for fun I’d throw a 20 onto the 0/00 for a 17 to one payout. Even hit on that one a few times for an obscene amount of money (at the time, I was in my early 20s) and had a blast.
I went to Vegas a few years ago. Relatively shortly before the pandemic and these three zero tables were fucking everywhere. And I noticed that just slightly more often, green came up and no one on the table won unless they bet there. And it just seemed so spiteful. They obviously made just a little more money off of it...but the odds were already strongly in the house’ favor! It was the worst odds in the house and I sat down anyway. I wanted to have fun and lose some money. Maybe walk away with some. Probably not, who cares. But you know what happened? I ran out of money faster, and I left. Less time ordering drinks. Less time getting food and refreshment nearby and coming back for a continued thrill. Just an empty feeling.
And that’s what Corporate America misses every time. They look at simple numbers. I can make the idiot give me money faster so I make more money in the same amount of time. But they ignore things like the fact that if I’m not having fun, I won’t come back. If I’m not having fun, I will spend less time in your business buying other things. If I’m not having fun, I’m not going to tell my friends how great it is at your place of business.
Yeah, corporate America. You won. You got my money faster that one time. And now you won’t get more of it there.
What kills me is that this isn’t limited to the casinos. It’s everything, everywhere. Everything is so much more adversarial, predatory and it always just leaves a bad taste in my mouth. Our movies are bland, our music is bland, our real estate market is fucked, our job market is fucked, our stores are poorly stocked, online businesses are filled with poor quality knock offs, scalpers get the items like anticipated electronics and event tickets we actually do want and sell them to us at horrendous markups. And yeah, I know there was never really truly a golden age and that all of those things were around before, but they’re all being pushed to their true horrendous end stage. The logical conclusion. There is always just little more to wring out of us.
Except there isn’t, and then the whole thing falls apart. And the people that caused it because somehow having the most wealth in human history still isn’t enough will be completely fine.
The Roulette wheel adding a third green to me will be that small thing that is emblematic of the larger problem. You had a money making machine. That never fails. All you had to do was keep morons like me feeling like we were having fun. And it still wasn’t enough.
The Big Short Quote of the Day
This new regime--free money for capitalists, free markets for everyone else--plus the more or less instant rewriting of financial history vexed all sorts of people, but few were as enthusiastically vexed as Steve Eisman. The world’s most powerful and most highly paid financiers had been entirely discredited; without government intervention every single one of them would have lost his job; and yet those same financiers were using the government to enrich themselves.
“I can understand why Goldman Sachs would want to be included in the conversation about what to do about Wall Street,” he said. “What I can’t understand is why anyone would listen to them.”
In Eisman’s view, the unwillingness of the U.S. government to allow the bankers to fail was less a solution than a symptom of a still deeply dysfunctional financial system. The problem wasn’t that the banks were, in and of themselves, critical to the success of the U.S. economy. The problem, he felt certain, was that some gargantuan, unknown dollar amount of credit default swaps had been bought and sold on every one of them. “There’s no limit to the risk in the market,” he said. “A bank with a market capitalization of one billion dollars might have one trillion dollars’ worth of credit default swaps outstanding. No one knows how many there are! And no one knows where they are!”
The failure of, say, Citigroup might be economically tolerable. It would trigger losses to Citigroup’s shareholders, bondholders, and employees--but the sums involved were known to all. Citigroup’s failure, however, would also trigger the payoff of a massive bet of unknown dimensions: from people who had sold credit default swaps on Citigroup to those who had bought them.
This was yet another consequence of turning Wall Street partnerships into public corporations: It turned them into objects of speculation. It was no longer the social and economic relevance of a bank that rendered it too big to fail, but the number of side bets that had been made upon it.
“Today it’s all passive money, and it’s a lot. Over 50% passive money. There’s index funds. Less than 10% of money some say is actively managed by managers who actually thinking about the stocks and in any kind of way that’s long-term…
The problem in the United States I think is when the market goes down, it’s not like in 2000 where there was this other bunch of stocks that were being ignored, and they’ll come up even if the NASDAQ crashes. Now I think the whole thing is just going to come down, and it would be very hard to be long stocks in the United States and protect yourself.”
Why not even your cash fund is risk free
I was reminded that years ago (pre-GFC), I was checking my Fidelity Money Market Fund and finding it was full of mortgage-backed repurchase agreements with firms like Bear Stearns and Lehman Brothers, so I moved the money to a Treasury Fund. Not that prudence mattered really.
I sold all my equity ETFs last month — putting the proceeds in a Fidelity Cash Fund. Like its US cousins, it uses the word “cash” in lieu of “money” to give the impression it’s holding a huge wad of fivers somewhere. Unlike most money market funds, however, this one reinvests its income (and thus should rise in value over time) rather than pay it out (while remaining flat).
So what exactly is my £636,000 invested in? The most recent factsheet informs me that “the fund will invest at least 70 per cent in a diversified range of sterling denominated money market instruments and other short-term investments (for example, bonds) . . . The remainder will be invested in other cash-type investments.”
That doesn’t help me much, so let’s look at the asset allocation pie chart. A big surprise is country exposure. More than 15 per cent in Japan. France and Germany are at two and three. The UK — where I live — is a distant sixth behind Belgium.
Holdings wise, 27 per cent of the fund is in certificates of deposit. These are fixed-term securities issued by banks. They are basically time deposits that can be traded in the secondary market.
The next 25.5 per cent is in said time deposits — exactly the same products banks offer you and me to have our cash tied up for one or six months or whatever. These are not tradeable and remain on a bank’s balance sheet as a liability.
Commercial paper makes up another quarter of the fund. It’s short-term debt issued by corporates to fund working capital or other immediate needs. This stuff is roughly a trillion-dollar global market and is the lifeblood of business.
The final sizeable chunk is invested in variable certificates of deposit. They are like the CDs above but have an interest rate that moves according to a reference rate or formula. Why would a company issue one of these? Maybe to offset a corresponding asset, such as a floating rate loan…
The fund’s exposure to issuers rated Aa3 or higher is 55 per cent. But it also means that 45 per cent is lower — although it’s all top-notch stuff [is it?]. And as for liquidity, 52 per cent of net assets mature in 30 days or less. Needless to say, it wasn’t written as “48 per cent matures in 30 days or more”.
So let’s not confuse this with cash sitting in a bank.
Cash sitting in the bank is the bank’s. You’re an unsecured creditor (over the FDIC limits in America, unless you’re Bill Ackman or a Beijing-based tech company.
“More money has been lost reaching for yield than at the point of a gun.” - Ray DeVoe
“A lot of my great friends, they manage money in the bond world. And we always say the bond guys are the smartest guys in the room. It turns out it’s not true at all. They just happen to be investing in a period where interest rates are going down.”
Keith Dicker on Realvision, 2018
Wall Street expects more of the same
More Michael Burry
I think the Fed has done a lot of damage over the last hundred years or since its inception, and I feel we don’t need the Fed….why are they going to drop rates? There’s no reason to drop rates now. Inflation’s starting to come up a little bit. The economy is muddling along, but our neutral rate is not 1% or 0% or where Trump wants it. Our neutral rate is probably around 4% or it’s probably around where we are now. And think about when you drop rates, you kill all the savers, all the fixed income people. They suffered for so long. They’re actually finally getting a rhythm to their lives again. None of this is costless. And you think you’re going to just drop rates? Be careful what you wish for. You might drop rates, and because of the debt situation, you know, the curve can steepen.
Did you just say we you want to get rid of the Fed?
Yeah. I think the Fed doesn’t do anything very helpful. I think it’s the easiest job in the world.
What do you replace it with?
I think the US Treasury could have a department that just makes these decisions. I mean, the Fed already is monetizing Treasury debt, whatever. I mean, they’re almost the same department already.
Your institutional pessimism does it lead you to Bitcoin or gold or one of these refuges?
I think that Bitcoin at 100,000 is the most ridiculous thing, that sane people are sitting on TV talking about Bitcoin - they’re just casually it’s 100,000, it’s down now, it’s 98,000 - it’s not worth anything. Everybody’s accepted it. It’s the tulip bulb of our time. It’s worse than a tulip bulb because this has enabled so much criminal activity to go deep under.
So where do you hide? Do you have gold?
I’ve had gold since 2005.
“My view is that, in nominal terms, we’re likely going to have a lost decade to 15 years in equity markets, and in real terms likely real meaningful losses to a portfolio. And the way you invest in that environment is dramatically different from how you invest in a environment where interest rates are decreasing secularly.”
“Everybody’s trying to find the top, and pick the top, and call the top and top top top.
It’s silly. It’s a it’s an exercise in silliness.”
Revenge of the DSCR
Applying for a home loan is a pain. You have to produce a heap of documents — bank statements, tax returns, employment records, tallies of investment accounts — to prove the stability of your financial footing, then wait for a mortgage underwriter to comb through all of it before giving you the thumbs up. I spoke with one exasperated homebuyer who described the process as a “borderline invasion of privacy.”
While the average American submits to a financial colonoscopy en route to their dream home, wannabe real estate moguls have found a way to sidestep the hassle. With the help of a once-obscure type of loan, they’ve built mini-empires ranging from a few homes to a few hundred — without the usual scrutiny from lenders. These landlords include small-time investors eager to expand their portfolios, TikTok tycoons seeking new streams of real estate revenue, and seasoned property managers looking to make smart bets. In recent years, they’ve taken out billions of dollars’ worth of “debt-service coverage ratio” loans — often abbreviated as DSCR — to hoover up homes. The loans enable income-seeking owners to quickly purchase rental properties while dodging annoying questions about their job history or outstanding debts. DSCRs may sound complicated, but obtaining one is relatively straightforward: A landlord just has to show their lender that the desired property will generate enough rent to cover the monthly payments and other basic expenses, such as taxes and insurance. The lender focuses on the property’s cash flow, not the borrower’s personal creditworthiness.
For some of these landlords, the cash isn’t flowing as planned. Serious delinquencies on DSCR loans have nearly quadrupled in the past three years, data from the real estate analytics firm Cotality shows. Although the troubled loans account for only a small fraction of the total dollar amount of outstanding DSCR loans, they’re a sign that debt-laden landlords face shakier economics amid a rental market slowdown…
The percentage of DSCR loans in “serious delinquency” — meaning that payments are at least 90 days late or the property is in foreclosure proceedings — has nearly quadrupled since mid-2022, Cotality data shows. Just under 2% of securitized DSCR loans (those packaged together and sold as bonds) fell into that bucket as of August, compared with around 0.5% at the same point in 2022. That may not sound like much, but quadrupling the amount of troubled debt has been enough for lenders to take notice. By contrast, only about 1% of conventional loans are seriously delinquent, according to data from the Mortgage Bankers Association…
“There is a direct correlation between cash-out refinances and delinquency,” says Alex Offutt, a DSCR executive and industry veteran, referring to landlords who took out loans right as borrowing rates jumped. “You’re taking out the cash to go buy more properties, but rents aren’t keeping pace with property values, right? So you had people that essentially got themselves into an over-leveraged position where they were not able to collect the rent they thought they could.”
…Despite the uptick in delinquencies, DSCR loans continue to boom. Landlords secured more than $38 billion in DSCR loans tied to over 100,000 properties last year, according to SFR Analytics. Through October of this year, lenders have cranked out another $32.8 billion on almost 89,000 rental homes. The country’s two largest mortgage lenders, United Wholesale Mortgage and Rocket Mortgage, both now offer DSCR loans, with Rocket announcing its entrance to the space just last month.
Melody Wright
As I stood outside of an empty multifamily development in the outskirts of Nashville in January 2023 all I could think about was China. For months the news media had been portraying what happened to Evergrande and the Chinese real estate sector as somehow completely foreign to anything that could happen in the United States. Yet with each mile clocked across the United States I would see our own bridges to nowhere: farms of empty multifamily, complete playgrounds in subdivisions with no houses (and no current construction), subdivision after subdivision full of empty houses and cranes swinging from newfangled high rises right next to abandoned commercial real estate of the same size…
At the time, I screamed from the rooftops, warning of the danger of buying in a subdivision which might never be fully occupied or would at least see serious depreciation due to all the other subdivisions being built just next door. There are whole Facebook groups dedicated to buyers’ remorse and shoddy construction. I also warned that some of the new homes or subdivisions could be sold for rentals as they already had been meaning that you could suddenly find yourself in a single-family rental neighborhood versus a neighborhood of owners. The degradation I have seen in new build communities across the country that were built for ownership but sold to someone like American Homes For Rent is shocking…
Housing mania peaked in October 2022, and the media, the government and the industry have done their level best to convince you it is not so. Unfortunately, that means many sellers are about to get burned. While the extend and pretend has lasted much longer than I believed was possible, options are now limited if societal order is to be maintained. Anger over lack of affordable housing is growing…
I’ve noted here before how I have often felt since 2015 that I am living in a Soviet-era fiction novel, especially when working in Corporate America. The noise is indeed unbearable, but the signal can be found if you look hard enough. No matter how much nonsense gets spewed, reality will come home to roost…
Another banger: Melody Wright on the Real Estate Notes Show.
"Some of the things I’ve seen in servicing already are absolutely bananas. Like 15 liens on one property, and the servicer realizing that their investor is not in first position…Nobody got smarter. Probably just the people that got really burned in the GFC got smarter.”
Jim Grant
“The Constitution, as my friend Seth Lipsky puts it, assigns somewhere between 99% and 101% of the monetary powers in this country to U.S. Congress, and Congress has turned around and delegated the same to the Federal Reserve. So really the President ought to have much less to do with things than the Congress, which is seemingly still rather passive in the face of the executive branch’s determination to take over the institution. The Fed is never actually independent. It is it’s always a creature of some ideology, some political meme, mostly I guess an economic meme.”
Great news, for renters
Apartment rents drop further, with vacancies at record high
The national median rent for apartments fell 1% in November from October, and now stands at $1,367, according to Apartment List.
The national multifamily vacancy rate was 7.2% in November, a record high.
The historic surge in multifamily construction over the past few years is now pulling back, but a good supply of new units is still coming online at a time of much weaker demand.
However…”Class A apartments saw 1.4% rent growth year-over-year, despite an influx of new supply and softer occupancy compared to Class B and C.”
An update on First Brands. I figure $2.5 billion (which used to be a lot of money) = 83.3%.
Rabobank on Japan
If you started working in markets after the late 90s, all you’ve known until recently is Japanese low/deflation and ultra-low or negative yields. Not anymore. Japanese CPI is around 3% and has been there for over three years: “transitory”? The 2-year JGB yields is 1.02%, as in 2008; the 10-year yield is 1.88%; and the 30-year is 3.40%, the highest this century and well into the previous. This is leading global bond yields higher just as ‘Japanification’ used to depress yields.
The BOJ is indicating it’s leaning towards a December hike. Yet JPY is still weak given the BOJ base rate is far below the level of inflation. Worse, decades of massive JGB issuance at ultra-low yields ensures higher yields raise questions about debt sustainability; but reversing BOJ course when inflation is high would weaken JPY further, which given Japan’s dependence on imported commodities, would push inflation up even more. Bloomberg called the 10-year JGB auction this morning “a global event” – though with firmer demand than the 12-month average it didn’t meet that top billing.
I see Japan weakening its currency to boost competitiveness, restructure its debt, and navigate a dangerous geopolitical moment, all while continuing to finance American markets with trillions of dollars.
The yen is not crashing because Japan lost control.
The yen is weakening because Japan wants it to.
“People pissed off about the higher cost of living is finally forcing the BOJ to react.”
People who talk about a bubble around AI investment are “not smart enough.”
Masayoshi Son, SoftBank CEO
“Contributing to and supporting this euphoria are two further factors little noted in our time or in past times. The first is the extreme brevity of the financial memory. In consequence, financial disaster is quickly forgotten. In further consequence, when the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely self-confident generation as a brilliantly innovative discovery in the financial and larger economic world.
There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present.”
John K. Galbraith, A Short History of Financial Euphoria
“Economics and economists have been always been part of the mechanism of social control and power. The rest is just noise.” - Satyajit Das
Overnight Repurchase Agreements: Amount of Treasury Securities Submitted
This stuff is over my head, but I did notice it. Have no idea if it means anything.
Greg Weldon on Michael Saylor
Speaking of Michael Saylor, these articles are from 2002:
The Mania Chronicles by Bill Fleckenstein
One of the world’s largest sovereign wealth funds is suing a US private equity firm, accusing it of attempting to short-change investors on the sale of a portfolio company to another one of its funds.
The Abu Dhabi Investment Council is seeking to block Energy & Minerals Group from selling its stake in Ascent Resources, one of America’s largest private gas drillers, to one of the private equity firm’s sister funds. The sovereign fund alleges the deal undervalues Ascent while generating a windfall for the new fund managed by EMG…
Such transactions, known as continuation fund deals, have grown in popularity in recent years as private equity groups have struggled to find buyers for trillions of dollars in unsold assets. Continuation deals amounted to a record 19 per cent of all PE asset sales in the first half of 2025, the Financial Times previously reported. But they are viewed warily by investors, given that buyout groups arrange the deals and are on both sides of the transactions.
Europe’s green energy rush slashed emissions—and crippled the economy
Some prominent economists and industry executives have recently cast doubt on whether renewables will ever be cheaper in places like Germany and the U.K. that aren’t blessed with abundant sunshine and have bet big on wind. Onshore wind turbines in Germany produce around one-fifth of their total theoretical output. Solar panels in Germany and the U.K. use only around 10% of their total theoretical output.
“I have not seen any plan that facilitates green electricity in central Europe at competitive costs,” said Miguel López, CEO of German industrial giant Thyssenkrupp.
Helm, the Oxford professor, argues renewable energy will remain more expensive than fossil fuels because the overall system is more cumbersome. The U.K. used to meet its electricity demand with 60-70 gigawatts of power capacity. Now, the country requires twice as much capacity, 120 gigawatts, to meet slightly lower demand—not to mention the additional storage facilities and interconnector supplies to and from continental Europe.
U.S. Foreign Policy
Drug money saved banks in global crisis, claims UN advisor
2009: “In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor.”
I wish I’d thought of this one:
“This book is not about heroes. English poetry is not yet fit to speak of them.
Nor is it about deeds, or lands, nor anything about glory, honour, might, majesty, dominion, or power, except War.
Above all I am not concerned with Poetry.
My subject is War, and the pity of War.
The Poetry is in the pity.
Yet these elegies are to this generation in no sense consolatory. They may be to the next. All a poet can do today is warn. That is why the true Poets must be truthful.”
Sam Faddis with some realism regarding Venezuela.
“I thought a big part of the [MAGA] platform here was an end to getting involved in foreign wars and sending our guys abroad to get killed and come home in body bags. I thought, why? I mean, yeah, Maduro’s a scumbag. I got it. Maduro makes money off of drugs. I got it. Is that really the justification for going to war with them? Because there’s a whole bunch of other countries that do stuff to us.
I mean, fentanyl is probably the most dangerous drug we got. It comes in on our streets, right? It comes out of Mexico, not Venezuela. And it’s made with chemicals that all come from China. But we’re not talking about invading Mexico. We’re not talking about going to war with China over it.”
“Saddam having weapons of mass destruction is a bad thing, but come on guys. You made the decision to get rid of Saddam, and now you’re trying to
think of a way to sell it to the American people. So, weapons of mass destruction sounds like something that will scare the hell out of them. But, you know, we don’t actually have proof that he has them. Don’t know that he doesn’t, but we just don’t have proof that he does. That’s a pretext. You made the decision first. We’re going to invade. And you came up with a way to sell it to the American people.”
Wake me when Anthony Fauci is in prison.
The worship of wealth, hedonism, ideology, earth, etc. is very common.
Many will make A.I. their god.
Beware of who you listen to Beware of what you believe Ain’t nothing I can do to you To make you love Al Green
If anyone has too much Bitcoin and would like to send me some, I’m willing to help out.
Thank you for your attention to this matter: bc1qkvxy0f8tnxnjddwtyg3jshwgck4e9haw8e8kf9
Bankers, central bankers, politicians, and bureaucrats all want price inflation. That’s why they got rid of sound money and replaced it with fiat. In addition, in a democracy, they all are incentivized to lie. That’s how they get what they want.
The system is working exactly as designed - or, in the case of America - redesigned.
"Millions must die isn't a meme, anon". Peter Zeihan was pointing out years ago that when Millennials finally started buying houses and raising kids, we were going to have inflation. Having a "let's cram everyone into 20 or 30 Metropolitan Statiscal Areas, and import at least a million or two people per year" has made it worse.