The big story out tonight is, well, here’s how it showed up at Zerohedge: Saudis, UAE Refuse To Take Biden's Calls To Discuss Ukraine Situation, Talk To Putin Instead Who ever heard of something like that happening? But it’s coming on top of repeated dissing of the Zhou brain trust.
Was it Mr. Wauck or Mr. Luongo who reminded us a few days ago that the only reason President Nixon was able to get away with taking the USA off the gold standard without damaging the status of the US$ as the world's reserve currency was because he simultaneously got the Saudis to declare they would only accept dollars in payment for their oil and would pressure fellow Arab OPEC members to do the same?
The Federal Reserve has in the last three years created ~80% of every American Dollar ever to exist, and it wasn't being stingy with the digital printing press before that either. If the Saudis and Emiratis join the Russians in accepting gold or yuan, or god forbid, rubles as payment for oil and gas, what incentive is there exactly for all of the world's non-American central banks, exchanges, and commodities brokerages to hold massive dollar reserves? "Oh, I don't have to transact in this absurdly inflationary currency in order to purchase petroleum products? Well, I still need American dollars to buy American oil and gas, but their government is doing everything they can to shut down their production, so moot point. I'll hold gold and a basket of currencies instead."
"Barry, is that how you get the foreigners to stop buying the dollar and causing Weimar Republic hyperinflation?"
"The customer is always right." This archaic statement from my youth says it all. You get something and give something in exchange. This is how a moral society can function, and it is good for business. Where do you find responsive customer service today, even after navigating through multiple queries on your phone? You start to get someplace and they cut you off. Start over again. Doctors collect their fees, from insurance or the government and barely look at you. Professors who used to be badly paid and knew something are now replaced by know nothings who are highly paid and who don't even have to show up for classes. The fractional reserve system works fine when money is loaned for productive purposes by intelligent people, and as a result the economy grows. Keynesian economics also works to get us through the rough patches, but the debt must be repaid when we are prosperous again. All this has been thrown to the wind and money is created for non-productive purposes backed up by a stock market that is pure Ponzi. We can only hope that there will be people in the future capable of picking up the pieces and constructing a moral and happy society, but it is all falling apart at the seams now and in danger if imminent collapse.
1. Biden Administration and allies wanted the Ukraine Conflict, and thought it would be a useful scapegoat. They thought poking the bear was win win.
2. Putin thought the war would be a walk in the park.
3. Biden Administration, full of hubris, thought taking on Russia would be a walk in the park also. By using sanctions and the full power of the US and Western Control of the financial and economic tools, they thought they could destroy Russian.
4. There was no thought by the Biden Administration and allies, of how the rest of the world would react. No concern over their fear.
5. There was no thought of the economic power Russia has.
6. None of the private entities, that are allying with the Biden Administrations war on Russia, have thought about the cost of their lack of bias, and how that will be seen outside the West. MasterCard and Visa are the two that come to mind.
7. There has been no thought by the Biden Administration and their Allies, what happens if Russia survives their economic attacks.
Vox Day 3 Laws of SJW - he wrote some short books on the subject.
1. SJWs always lie.
2. SJWs always double down
3. SJWs always project
SJW Attack Sequence per Vox:
1. Locate or create a violation of the PC Narrative
2. Point and shriek
3. Isolate and swarm
4. Reject and transform, which refers to the futility of apologies, which simply are used as evidence for intensified attacks
5. Press for surrender, which refers to the tendency of SJWs to press their targets to resign, which allows them to hypocritically deny any responsibility for their mark’s destruction
6. Appeal to amenable authority, which means the SJWs’ search for the weakest link in their target’s employment or social status
If fuel continues to climb without any concessions from the Brandon administration, both parties will be looking to dump Brandon after the mid-terms. But what to do with Harris...?
DFM Just tried to send one of your articles to a friend and outlook put an unsafe warning on all the links in the article, first time that has happened !
The fractional reserve banking system is a theory of banking that is not accurate at all of how banking works in the real world. I have tried several times to recommend Richard Werner , do yourself a favor and Google his name and listen to him for 5 minutes describe his experience doing an empirical study of the loan process, he got access as a professor to the inner processes of the bank and discovered that loans and credit are merely ledger entries, banks don't "get the money" for your loan from reserves or from deposits, they simply create it with bookkeeping, and the best way to understand what is going on is by looking at how banks are defined under the law. Essentially deposits and loans are contracts between you and the bank. IOUs travelling in both directions. Banks create money in the economy out of thin air simply by making loans. And the difference between a strong, healthy growing economy, and a weak , receding one is simply the number and vibrancy of local banks making localized loans to businesses in their community that they know and trust, for productive purposes. The more of those loans and the fewer speculative loans that go for the purchase of assets, the more vibrant a nation's economy. That's why where we are headed with Davos Man really is a tragedy, centralization of control will lead to stagnation and atrophy. We know what works. We are choosing not to do it that way. Here's Werner describing his experience attending a WEF meeting as part of a young leaders program (previous to the current program) , I think you'll get a kick out of this :
I haven't watched the Luongo podcast. I would submit, though, that the moral collapse has been much broader and with more pernicious effect than what might be traced to the fractional reserve banking system. That is just a symptom, along with all of the forms of speculation and derivative trading now prevalent in our financial system, which has become a giant Ponzi scheme built on a false foundation of fiat currency.
When no moral standards exist you can not have understanding or trust. Without those, obviously, you cannot trade with one another, make or take loans, or have any faith in investments or the financial system. But in a larger sense you no longer have the shared values that must underly social cohesion and society in general. Even the laws and the legal system are of no value if they are not backed up by people who are moral and choose to enforce them equally and apply justice blindly based on them. Lack of moral standards and a lack of belief in and fear of God is the sickness in our society now. Our society was initially founded on such and it will die (is dying) without such. Our current "leaders" are a reflection of that lack of morality that permeates our society now.
Was it Mr. Wauck or Mr. Luongo who reminded us a few days ago that the only reason President Nixon was able to get away with taking the USA off the gold standard without damaging the status of the US$ as the world's reserve currency was because he simultaneously got the Saudis to declare they would only accept dollars in payment for their oil and would pressure fellow Arab OPEC members to do the same?
The Federal Reserve has in the last three years created ~80% of every American Dollar ever to exist, and it wasn't being stingy with the digital printing press before that either. If the Saudis and Emiratis join the Russians in accepting gold or yuan, or god forbid, rubles as payment for oil and gas, what incentive is there exactly for all of the world's non-American central banks, exchanges, and commodities brokerages to hold massive dollar reserves? "Oh, I don't have to transact in this absurdly inflationary currency in order to purchase petroleum products? Well, I still need American dollars to buy American oil and gas, but their government is doing everything they can to shut down their production, so moot point. I'll hold gold and a basket of currencies instead."
"Barry, is that how you get the foreigners to stop buying the dollar and causing Weimar Republic hyperinflation?"
"Yes it is other Barry."
"The customer is always right." This archaic statement from my youth says it all. You get something and give something in exchange. This is how a moral society can function, and it is good for business. Where do you find responsive customer service today, even after navigating through multiple queries on your phone? You start to get someplace and they cut you off. Start over again. Doctors collect their fees, from insurance or the government and barely look at you. Professors who used to be badly paid and knew something are now replaced by know nothings who are highly paid and who don't even have to show up for classes. The fractional reserve system works fine when money is loaned for productive purposes by intelligent people, and as a result the economy grows. Keynesian economics also works to get us through the rough patches, but the debt must be repaid when we are prosperous again. All this has been thrown to the wind and money is created for non-productive purposes backed up by a stock market that is pure Ponzi. We can only hope that there will be people in the future capable of picking up the pieces and constructing a moral and happy society, but it is all falling apart at the seams now and in danger if imminent collapse.
SWAG:
1. Biden Administration and allies wanted the Ukraine Conflict, and thought it would be a useful scapegoat. They thought poking the bear was win win.
2. Putin thought the war would be a walk in the park.
3. Biden Administration, full of hubris, thought taking on Russia would be a walk in the park also. By using sanctions and the full power of the US and Western Control of the financial and economic tools, they thought they could destroy Russian.
4. There was no thought by the Biden Administration and allies, of how the rest of the world would react. No concern over their fear.
5. There was no thought of the economic power Russia has.
6. None of the private entities, that are allying with the Biden Administrations war on Russia, have thought about the cost of their lack of bias, and how that will be seen outside the West. MasterCard and Visa are the two that come to mind.
7. There has been no thought by the Biden Administration and their Allies, what happens if Russia survives their economic attacks.
Useful analysis tool on what is happening.
Vox Day 3 Laws of SJW - he wrote some short books on the subject.
1. SJWs always lie.
2. SJWs always double down
3. SJWs always project
SJW Attack Sequence per Vox:
1. Locate or create a violation of the PC Narrative
2. Point and shriek
3. Isolate and swarm
4. Reject and transform, which refers to the futility of apologies, which simply are used as evidence for intensified attacks
5. Press for surrender, which refers to the tendency of SJWs to press their targets to resign, which allows them to hypocritically deny any responsibility for their mark’s destruction
6. Appeal to amenable authority, which means the SJWs’ search for the weakest link in their target’s employment or social status
7. Show trial
8. Victory parade
If fuel continues to climb without any concessions from the Brandon administration, both parties will be looking to dump Brandon after the mid-terms. But what to do with Harris...?
DFM Just tried to send one of your articles to a friend and outlook put an unsafe warning on all the links in the article, first time that has happened !
Sure seems to me like they are treating Putin/Russians like they did Trump/Americans.
If Biden keeps it up, he - along with his tribe and handlers - will cement his fate.
Either by rope after tribunal, or his very own Ceaușescu party.
Thats not a threat: the JoBamas are clearly no longer in charge of their own regime.
The fractional reserve banking system is a theory of banking that is not accurate at all of how banking works in the real world. I have tried several times to recommend Richard Werner , do yourself a favor and Google his name and listen to him for 5 minutes describe his experience doing an empirical study of the loan process, he got access as a professor to the inner processes of the bank and discovered that loans and credit are merely ledger entries, banks don't "get the money" for your loan from reserves or from deposits, they simply create it with bookkeeping, and the best way to understand what is going on is by looking at how banks are defined under the law. Essentially deposits and loans are contracts between you and the bank. IOUs travelling in both directions. Banks create money in the economy out of thin air simply by making loans. And the difference between a strong, healthy growing economy, and a weak , receding one is simply the number and vibrancy of local banks making localized loans to businesses in their community that they know and trust, for productive purposes. The more of those loans and the fewer speculative loans that go for the purchase of assets, the more vibrant a nation's economy. That's why where we are headed with Davos Man really is a tragedy, centralization of control will lead to stagnation and atrophy. We know what works. We are choosing not to do it that way. Here's Werner describing his experience attending a WEF meeting as part of a young leaders program (previous to the current program) , I think you'll get a kick out of this :
https://mobile.twitter.com/_taylorhudak/status/1496792502791118850
I haven't watched the Luongo podcast. I would submit, though, that the moral collapse has been much broader and with more pernicious effect than what might be traced to the fractional reserve banking system. That is just a symptom, along with all of the forms of speculation and derivative trading now prevalent in our financial system, which has become a giant Ponzi scheme built on a false foundation of fiat currency.
When no moral standards exist you can not have understanding or trust. Without those, obviously, you cannot trade with one another, make or take loans, or have any faith in investments or the financial system. But in a larger sense you no longer have the shared values that must underly social cohesion and society in general. Even the laws and the legal system are of no value if they are not backed up by people who are moral and choose to enforce them equally and apply justice blindly based on them. Lack of moral standards and a lack of belief in and fear of God is the sickness in our society now. Our society was initially founded on such and it will die (is dying) without such. Our current "leaders" are a reflection of that lack of morality that permeates our society now.
Clown show is right!! I’d like to hug every person in Poland for revealing us to be frauds that love getting other countries blown up.
Fraud vitiates everything it touches, fraudulent currencies facilitate all the racketeers games.
Operator, oh will you help me place this call?...