Senior correspondent John Davidson of The Federalist best summed up the impact of toppling statues: “This is not about the Confederacy. This is not about the Civil War. This is about political power. It’s about a small group of people on the left trying to exert outsized influence on American politics by following in the footsteps of Mao, the armed thugs in the Weimar Republic [and] the Taliban. These tactics are well-known. It starts by tearing down statues, burning books and eventually you go after people.”
Craigslist ads posted a week before Charlottesville by an LA public relations firm advertised positions for “enthusiastic actors and photographers in the Charlotte, NC area, to participate in… events from rallies to protests.” Participants were “typically” to receive $25/hour, plus reimbursements… Unsurprisingly, new evidence suggests Charlottesville was a complete SET-UP, since May—a part of the plan to destroy America.
It’s over. According to Steve Bannon, in his first interview since leaving the White House, “the Trump presidency that we fought for, and won, is over. The path forward on things like economic nationalism and immigration, and the ability to move freely … I just think his ability to get anything done—particularly the bigger things, like the wall, the bigger, broader things that we fought for, it’s just gonna be that much harder.” Bannon faulted the Republicans for never getting behind Trump’s programs.
Economic instability. Soaring income inequality is now poised to take down our fully financialized economy. In less than 40-years, income growth has been transferred from ordinary wage earners to the super-wealthy. This development is NOT unintentional … however, it is also likely tinder under the developing revolution that will take down governments and the “upper class” around the globe in the years ahead.
Get your passwords here! Fourteen years ago Bill Burr, then a manager at the National Institute of Standards and Technology (NIST) drafted an eight-page guide on how to create secure passwords. The document went on to more or less dictate password requirements that have prevailed for everything from email accounts to login pages. Burr recently told the Wall Street Journal that he was wrong; analysis now shows that a long string of easy-to-remember words is much more secure against hacking than a shorter password with wacky characters. I strongly recommend you read this article and reconsider the passwords you’re using.
Minimum wages kill jobs. Yet another study has been released, illustrating the insanity of legislating higher minimum wages. Below is some basic math, demonstrating that higher labor costs simply improve the payback profile of capital investments in technology, thus accelerating job losses.
The study, from individuals at the London School of Economics and UC Irvine, CA, show that job losses resulting from a wage hike in California will be most severe on workers over 40, females and minorities.
Pardon-posturing. Wikileaks’ Julian Assange told U.S. Representative Rohrabacher he can prove that Russia was not the source of his leaks last year and said he had additional “helpful” material for the President. The information likely cites Seth Rich as the source, implicating the Democratic Party. Assange would like a Presidential pardon. Major Trump-supporting Arizona Sheriff Joe Arpaio, having recently been sentenced for mishandling prisoners, is also looking for a Trump pardon.
NASA unleashed. The National Aeronautics and Space Administration has a plan to defuse the danger locked up in the Yellowstone caldera—the eruption of which will devastate civilization when it finally happens (most likely many thousands of years from now). NASA is proposing to spend $3.5 B, drill down 10 km, pump down water which would return to the surface at 350C, and sell the energy. The plan is however incredibly risky in that instead of relieving pressure, the process might instead trigger the super volcano to erupt.
MARKETS – for the week ending August 18
Real money: gold and silver eased lower, down $2.40 and 7-cents to $1291.60/oz and $17.00/oz. They’re up 12.1% and 6.3%, respectively for the year.
US stocks continued falling: the Dow 0.8% to 21675 and the S&P 0.6% to 2426—remaining up 9.7% and 8.3%, respectively, for 2017.
Mining stocks (the XAU Index) dropped 0.2% to 83.90.
Crude oil (the WTIC Index) slid another 31 cents to $48.66/barrel. Persistent OPEC jawboning of members to reduce production is being overcome by shrinking demand in China—the world’s largest consumer.
Commodities (GCC Index) fell 1.4% to 18.59.
Currencies. The Federal Reserve Note (= dollar, via USD Index) bounced 0.4% to 93.36.
Cryptocurrencies. Bitcoin (BTC) climbed another $600 last week to close Friday at $4265. Bitcoin cash (BCH), which was awarded to bitcoin holders as of 8/1 closed up $155 at $471—for a total of $4736. BCH’s renewed advance was attributed to fears of further China crackdowns on BTC and increasingly profitable mining of BCH versus traditional BTC. Bill Still observed that there are more millionaires in the world than there are bitcoins, so not every millionaire can own one. Which says that Btc is going to go much higher.
For a free copy of our white paper on how to get started in the cryptocurrency space, send an email to [email protected].
US Treasury bonds kept climbing, as 10-year and 30-year yields fell 8 and 5 basis points to 2.19% and 2.79%.
About the Author
Wayne Peterson has been publisher of the Transformation Watch newsletter since 2005. For free weekly receipt of these financial blogs, subscribe here.
Peterson’s book, “But What If I’m Right?”, outlines the factors contributing to the impending global financial transformation and provides readers with recommendations to safeguard their families and their assets.