Tag Archives: Economic collapse

When Was The Last Time You Went INSIDE A Bank?

04 Sunday Oct 2020

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January? Last year? Can’t remember? Neither can I.

I do know that the banks I do business have essentially sealed their buildings to the public. The ATM is now and ITM(!) where equipment permitting, you can speak “directly” with a teller. I’ve heard of branch closings. Others have too. Vox Day issues a warning:

Banks don’t make their money from deposits anymore. And increasingly, they don’t make money from loans anymore. So there simply isn’t any point in maintaining branches for service to non-revenue-producing customers who have no savings and can’t take out any more loans.

It’s interesting that they’re trying to sell the real estate, though. That tends to indicate that they need cash. It won’t be even remotely surprising if the next financial crisis starts later this month; I would be very surprised if it didn’t start before the end of 2021.

Read his whole post, including the email. Then reconcile that with what you know about your town, small or large. Does any of this suggest a remotely healthy economy? And it’s been going on since before the last crisis. Banks and mega-corporations now exist by stealing gold and accepting USG/Fed monetary methadone (thanks, GC!). It’s (way past) time for a reset.

Count The Dollars On The Wall

25 Monday May 2020

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A friend is taking his wife to the best beach in America, one I know very well, and they wanted to know some groovy places to visit. Among my recommendations is a honky-tonk, which I describe as a tropical biker bar. It’s a can’t miss kind of place. Previously I’ve left several dollars there. Some of them – more than one – were taken from me, signed by the womenfolk, and stapled to the wall. It’s a popular way to dispose of money; you have surely heard or seen something like it.

Happy tourists, mainly women, leave the bills behind, thinking it’s their permanent contribution to house decor. Then, along comes The Hoax. Those dollars are now in high demand – and not as decorations.

“The lockdown hit us like a tornado,” recalled Newman, 57, who owns the business with her husband. “I felt hopeless and lost, wondering how on earth we could pay the bills and keep staff on the payroll.”

“But here’s the good part of my story,” she added, leaning forward and placing her hands flat on the bar. “I remembered the thousands of one-dollar bills that customers have stapled to the walls over the decades.”

“I asked a few employees and girlfriends to help take them down,” she said with a smile. “It took two full days to finish the job.”

“Split five ways, we each got about $500,” she said. “That includes a woman who had lost two jobs because of the pandemic; a woman with a mother in hospice care, and a mother of three small children going through a divorce. There was also a single dad who needed the cash.”

“Now,” she added, “our goal is to hang on to the place through summer.”

Ladies, you helped fight the “pandemic.” All: How’s that V-shaped thing coming along?

PS: No, the article’s bar isn’t “my” honky-tonk.

PPS: Yes, the title is Statler-esque.

OT PS: Coulter is not wrong with her honest tirade this weekend except that she did it on Trump’s retarded media of choice, Twitbird.

Around the Nation

23 Thursday Apr 2020

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Or, nation-shaped kind of place, that giant mental asylum between Mexico and Canada.

While you shuffled around in your Halloween costume, foraging for toilet paper and trying to stay saaaaaafe, the following was going on:

Enter the Greater Depression;

Orange Man is advised by cartoon character idiots (spacesuits for the sheep!);

In a 100-man Senate, 6 is unanimous. Now, this is the second bailout bill. The one from a few weeks ago just wasn’t enough even though it was the most expensive single-ticket insanity in history. (And, they are already putting the finishing touches on yet another package, likely to be followed by another, then another, etc.). This 6-man, unanimous, quick-n-easy $483 Billion spree amounts to more than the entire federal budget for 1978 ($458 Bn).

An alternate way to spell “U-S-A” is “D-E-A-D.” I look forward to the Fourth of July – provided the country is even moderately open by then – and all the platitudes and songs about freedom and so forth. Okay, for now, everyone stay saaaaaaafe! We’re all in this, like it or not, together. We can beat the invisible enemy, and history, and reality, and even gravity.

 

Time to Dethrone the Elites

17 Friday Apr 2020

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PCR is on it again, correctly diagnosing the underlying problem and proposing reasonable solutions.

The bank and corporate bailouts are an opportunity to fix the economy in other important ways. In effect, the bailouts amount to nationalization. The government should accept the ownership that it is purchasing. Then the government can break up the “banks too big to fail” and separate investment from commercial banking without having to pass new Glass-Steagall legislation and without having to battle against financial lobbying in Congress. Once broken up, the banks could be sold off. This would take enormous vulnerability out of the financial system and restore financial competition. With corporations in government hands, the jobs could be brought home from overseas. The middle class would be restored.

These measures together with a debt writedown would restore consumer purchasing power. Pent-up demand would propel the economy to higher growth as occurred following World War II.

This is a real solution to a real problem. But with the One Percent in charge of the problem, we are not going to get a real solution. We are going to get more money used to push up prices of financial assets and paper over unsustainable debt and a dying economy with an artificially-inflated stock market.

The elite have failed us too many times. It is time to dethrone them.

It’s worse than feudalism. The feudal lords were obligated to protect and promote their serfs. This is more like old-school American slavery. Land of the fee, home of the slave.

What YOU Voted For

14 Tuesday Apr 2020

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Congratulations, voters of Amerika! You and your elected morons have done it yet again, though bigger than ever. Remember waaaay back, like a week ago, when your rats passed the biggest welfare bill in history? The one with the massive grant or loan fiasco for small bidnesses? Yeah, it’s already spent, with nothing to show.

One of the most celebrated pieces of the massive $2.3 trillion coronavirus relief package that’s just over two weeks old is on life support with no deal in sight to resuscitate it.

According to the latest projections, the Small Business Administration’s $349 billion appropriation for loans to eligible firms, which are forgiven if they use the money to keep workers on their payrolls, will run out of money by Friday.

And the Democrats want more money to waste. They’ll get it, and, really, why not? A reminder to the Republican, conservative, better than the Democrats, need a business man!! crowd: you got exactly what you wanted and now you’re getting what you deserve.

President Trump, with the support of Congress, is poised to preside over an unprecedented explosion of government spending that already is set to shatter deficit records and could grow further if plans for more coronavirus relief bills — nearing a potential total price tag of $5 trillion — become reality.

Even accounting for inflation, no modern administration has seen such levels of spending, covering everything from FDR’s New Deal to recession-era rescues in the early part of the Obama administration.

Not to worry: you still have your Constitution!*

*Constitution “temporarily” suspended.

Brilliant Economist Notices The Obvious

09 Thursday Apr 2020

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That Princeton-Georgetown education is really paying off, let me tell you. Fed Chair Jay Powell says we’re going to hell in a handbasket.

Federal Reserve Chair Jerome H. Powell said Thursday the U.S. economy is in an emergency and is deteriorating “with alarming speed.” His remarks came shortly after the central bank unveiled over $2 trillion in new loans to keep the economy afloat as much of the nation goes into a lockdown to fight the spread of the deadly coronavirus.

In totally unrelated news, the long-lost bridge recordings from the SS Edmund Fitzgerald have finally surfaced. On the final log, Captain McSorley is heard saying, “It appears we are taking on water. Therefore, I have directed that the bilge pumps be reversed. The added ballast should surely solve our local emergency.”

We Are Rich!

09 Thursday Apr 2020

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I have some very good news for the pandemically-challenged! We Americans are just swimming in cash. So says one Jon Hilsenrath, writing in the WSJ today amount our collective and growing “mountains of debt.”

The Federal Reserve, the nation’s central bank, will play the critical role of navigating the nation through the rising tides of debt. It sways the cost of debt service, whether inflation emerges and whether banks and other financial institutions can bear the burden of lending that the nation demands.

So far the Fed is getting high marks from President Trump and many economists and investors for moving quickly to make credit widely available, though it faces challenges and uncertainties deciding how far to extend itself and when and how to pull back. On Thursday, it announced more programs to support $2.3 trillion in lending.

I for one, am not tired of the winning! This is known as borrowing your way to prosperity. And, buddy, we’re there! The nifty chart Mr. Hilsenrath embedded in his article shows the grand fact that the nominal debt (not even including the really shady stuff) is now around 250% of the precious GDP. Praise be to someone! You’ll recall that we owe this to ourselves, so we are very wealthy from the accounts receivable point of view. In addition to whatever else they might own, each and every one of our 330,000,000 people in the nation-shaped kind of place can count as an asset nearly $200,000 from that mountain of golden debt.

And, as his strength
Failed him at length,
He met a pilgrim shadow—
‘Shadow,’ said he,
‘Where can it be—
This land of Eldorado?’

Right here in the good old US of Empire, Eddie! The news gets even better! The Fed has announced – maybe more than once – that they’re flooding in another $2.3 Trillion in “gold” so as to “help” us. Something about Alexander Hamilton – and he’s a cool hip-hopper from Broadway or something. This adds a new Everest to the Himalayas of debt they’re created (for us!) in the past few months.

Now, don’t worry if you’re not Goldman Sachs. The money will trickle down to you little, unimportant plebs sooner or later. And, pay no attention to the negative Nancy’s talking about the worse depression ever. Just keep your eyes and your hearts set on your big piece of the mountainous pie. Tell ’em about it down at the breadline. Remember to stand six feet apart.

*Note: This column does not contain echoes when maybe it should. Sorry, I blame the (((virus))).

The Subtle Admissions

01 Wednesday Apr 2020

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Why does the following sound so familiar?

The novel coronavirus has already had a significant impact on the global economy, which will worsen if the outbreak and the shutdowns designed to contain it continue for very long. But it’s only an accelerant: If not Covid-19, as the disease caused by the virus is known, something else would have started the conflagration. Shortfalls in revenue and cash flows, caused by the shutdowns, have simply exposed the vulnerabilities of a structurally unsound economic and financial system.

Well, I mean, really, um, er … it might, you know, not necessarily be the, uh, the um, the virus thingy…

Structural instability and systematic failures. Why does that sound like what I’ve been saying for a few years now? Oh, because it is the same thing. I just noticed a long time ago. There really needs to be hell to pay, but, judging by what passes for people these days, there’s nobody capable of collecting.

 

You CAN Go Lower Than Zero

25 Wednesday Mar 2020

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And, you have.

Just the other week, my avatars, Tom Ironsides and Todd Vispoli (neither of which is me, by the way) discussed the real crisis behind the ridiculous Corona Chan false flag and hoax. Todd said: ‘The funds rate is already effectively below zero, and it has been for some time. All the idiot pundits say, “you can’t go lower than zero,” but that’s just another one of their lies. Of course, you can go lower. The Europeans are below zero.’

Now, US Treasuries are too.

Yields on both the one-month and three-month Treasury bills dipped below zero Wednesday, a week and a half after the Federal Reserve cuts its benchmark rate to near-zero and as investors have flocked to the safety of fixed income amid general market turmoil.

It was the first time that happened in 4½ years, when both bills briefly flashed red and yields fell to minus-0.002% each. The readings Wednesday were well below those.

This comes while the criminals in DC scramble to give away even more value to the masters of usury. (But hey! You’ll get $1200 or something). This, while Americans hide in their homes, leaving only to run around in masks and fight each other for toilet paper. What the rate drop means in real terms is that when you buy a short-term bond and loan the Empire your money, you have to pay them to take your money. That means your money is … worthless. Think about it (if that’s possible anymore) like this: if you have something valuable around the house – gold, timber, stamp collection, etc. – then people will pay you for the privilege of taking it for themselves. On the other hand, you have to pay to have worthless or dangerous things removed from your home – like black mold or toxic waste in the soil.

Extrapolating further, to Wall Street, the relative worthlessness of the cash means that it takes more of it to buy things, like stocks. Thus, the prices of the stocks rise, driving a false sense of prosperity in the DOW. But, as soon as the bailout cash is spent (tomorrow), we’re back to square one and a lack of true value. Those at the top of the chain (the banksters) reap the greatest rewards. The rest pay the price.

A few related questions:

If all non-essential offices are supposed to be closed, then how the hell is Congress open?

If you get $1200 “free” from Uncle Sucker, but there is no toilet paper available to purchase, do you use the fiat to wipe your ass?

If Washington can afford to part with Trillion$ in giveaway cash, then why do we have to continue to pay taxes?

Is a combination of Chloroquine and UV radiation effective against usury and tyranny?

We need answers.

An Open Letter to President Trump

21 Saturday Mar 2020

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I did, today, send a letter to the President about the COVID-covered economy. Here it is:

Hon. Donald John Trump
The White House

In Re: The Economic Collapse in America

Dear President Trump:

May I congratulate you on your handling of the recent unpleasantness related to the Wuhan COVID-19. I understand this must be a challenging and monumental task. However, I remind you that you did not create the virus. Nor did you create the near-terminal conditions in the economy, as revealed by the pandemic. But, while I trust the virus will burn itself out, you potentially have the ability to cure the financial calamity which has incubated and infected for over one-hundred years. I offer three suggestions:

First, cancel all debts. All of them: national, state, corporate, and individual. There are numerous methods for doing this. For years, people have told me that such a corrective course would “destroy the economy.” As it appears that is already happening, perhaps there is no better time.

Second, eliminate the virus that is the Federal Reserve, with its fractional banking, fake currency, constant inflation, cannibalistic financialization, and economic sorcery. The chief priests of this temple of usury are among the deepest of the deep staters, elders in the swamp of which you are intimately familiar. Drain it. Make usurious lending a felony.

Third, institute a gold or other commodity standard and a reset, a return to normalcy and sanity.

Bailouts, handouts, more fake money, and more debt will only paper-over, perpetuate, and exacerbate the already insidious problems. Lockdowns, martial law, and indefinite detention of Americans certainly will not help matters.

Please contact me if you have any questions about the potential processes and proposals briefly mentioned above. May God give you strength and wisdom in all your important endeavors.

Sincerely,

Perrin Lovett

UPDATE: The Gatekeepers answer:

Screenshot 2020-03-23 at 4.17.08 PM

They misspelled Farcebook.