San Francisco 49er’s quarterback is not pictured here, but could be!, He has a new ‘protest’…refusing to stand for America’s national anthem: Jaron Holliday would be ashamed of him!
“I am not going to stand up to show pride in a flag for a country that oppresses black people and people of color.”
“To me, this is bigger than football and it would be selfish on my part to look the other way. There are bodies in the street and people getting paid leave and getting away with murder.”
(COLIN IS UNAWARE THAT THREE TIMES MORE WHITES ARE SHOT BY COPS THAN BLACKS!)
The 49er’s, of course, came out with an incredibly PC response to this:
“The national anthem is and always will be a special part of the pre-game ceremony. It is an opportunity to honor our country and reflect on the great liberties we are afforded as its citizens. In respecting such American principles as freedom of religion and freedom of expression, we recognize the right of an individual to choose and participate, or not, in our celebration of the national anthem.”
Now, the fact that ‘people of color’ have more rights under the law, more freedom and more economic opportunities in America than almost any other country on earth is something I suppose we can just ignore…Colin Kaepernick obviously has!
But there’s a little more to the story that the media and the NFL will avoid at all costs, because it explains the real reason Mr.Kaepernick has suddenly come out with the idea of inflicting his agenda publicly on the fans. And the media and the NFL have no intention of it coming out if they can help it.
As the French wisely say, Cherchez la femme, look for the woman.
In this case, the woman is hip-hop radio personality DJ Nessa Diab.She’s a Berkeley grad, a very dogmatic outspoken Black Lives Matter advocate and a Muslim. She and Colin Kaepernick are engaged, and Kaepernick converted to Islam during the off season.
The two are reportedly planning what Kaepernick calls ‘a traditional Muslim wedding.’
Pretty simple…boy meets radical girl, they find they have interests and ideology in common…except,it’s haram, forbidden for a Muslima (a Muslim girl) to marry a non-believer. This is not to say that Kaepernick wasn’t pretty far along the radical path anyway.
It’s a real love story…not only do they love the same things, but they can hate the same people too. There are certainly a fair amount of patriotic American Muslims, but many Muslims here follow the Qu’ran which says their first loyalty aside from Allah is to the umma, the worldwide Muslim polity. And no one with much common sense would call the folks at Black Lives Matter remotely patriotic. So it all fits together pretty well.
Another part of the back story is that both Kaepernick and Nessa Diab have been agitating the 49er’s to trade Kaepernick to New York, where Diab is based. Ideology aside, this might be Kaepernick’s way of adding some fuel to the fire.
The 49er’s have obviously made a business decision to keep Kaepernick on their roster and, with the collusion of the media, to keep this part of the story covered up. That’s fine, but it is a business decision. And although I have to admit that if I felt that way about America I’d vote with my principles and leave, Colin Kaepernick also certainly has the right not to honor the flag of the country that has treated him so well.
But football fans can also make a decision…like boycotting the 49er’s and any subsequent team they might trade Kaepernick to until he’s history. Now, that’s freedom too, isn’t it? Based on the 49er’s puerile statement, I’m sure they’d agree.
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The documents have been released and the truth is staggering. For years now Al Gore has been spearheading the crusade of global warming alarmism to the masses, holding seminars, clean energy initiatives, and even unveiling a critically acclaimed documentary.
The real “Inconvenient Truth” behind global warming? It is all a lie.
Have you been duped?
Imagine, for a moment, sitting at a prestigious steakhouse in Palm Beach, Florida, a hot spot for some of the wealthiest and most famous — Donald Trump, Tiger Woods, Oprah Winfrey, James Patterson, Rush Limbaugh, and hundreds more.
And, imagine dining with a handful of men you’ve only read about. Some of them are worth millions, others published best-selling books, and some have held prominent positions at the White House.
In essence, you’re sitting at a five-person table of VIPs.
You’re about to take a bite of your New York strip when one of the men, a top U.S. intelligence agent, slams a 164-page document in the middle of the table.
This document, you soon find out, contains damning evidence that a network of politicians, corporations, and scientists have conspired together to promote the fear of “global warming” . . .
Despite evidence clearly stating no such “global warming” exists.
The motive: $22 billion per year.
That’s $22 billion of taxpayers’ money . . . to stop the “global warming” epidemic.
That comes out to $41,856 every minute.
That’s twice as much as what our government spends on securing our borders.
My name is Tom Luongo, and in the following few pages, I am going to show you the alarming research in the document that was laid before me that night in Palm Beach.
The man who put this document in my hands — the man whom Al Gore is personally attacking . . .
John is a former White House space program adviser, consultant to NASA headquarters, and space shuttle engineer. He is now one of America’s most successful climate change researchers and climate prediction experts.
John then began looking into the global warming claims.
His findings: The theory that global warming is caused by an increase of greenhouse gases “is the greatest scientific fraud in history, and the evidence is damning.”
You see, John found evidence — buried right in the government’s own environmental studies — that destroys Al Gore’s argument for “global warming.”
Using their own data, John has proven, once and for all, “global warming” is a sham. And perhaps the most expensive — and lethal — sham in American history.
Think about that: Our government spends $22 billion a year of your money financing “global warming” initiatives.
Ask yourself: “Who is benefiting from this?”
Let’s start with Al Gore himself . . .
- Gore’s portfolio aligned smoothly with the agenda of the Obama administration and its plan to spend billions in stimulus funds on alternative energy.
- Fourteen green-tech firms in which Gore invested have received or directly benefited from more than $2.5 billion in loans, grants and tax breaks, part of President Obama’s historic push to seed a U.S. renewable-energy industry with public money.
- The Telegraph reports Al Gore could become the “world’s first carbon billionaire” thanks to his investments in green companies . . . all of which benefit from tax dollars and government loans to “prevent global warming.”
And he’s not alone.
Current and former presidents, CEOs, Washington representatives, politicians, and big business all have been documented with their hands in the global warming cookie jar.
You can see why green energy is such a profitable business — CEOs and executives get to rake in millions of dollars, while politicians get lucrative donations for their campaigns . . . and scientists get all the funding they need to keep them going . . . all on your dime.
I didn’t believe it either until I saw the evidence John compiled. And even then, it took me hours of talking to John to digest it.
You’ve heard how the earth is rapidly heating up . . . causing drought and mayhem.
For sure, the media jumps on the “global warming” story every time there is a heat wave and each time a hurricane hits the East Coast.
But how much has the world really warmed?
Well, according to NASA’s own data, the world has warmed .36 degrees Fahrenheit over the last 35 years (they started measuring the data in 1979).
I think you would agree that a .36 degree increase in temperature over the last 35 years is hardly anything to get in a panic about.
Granted, that does mean the world is warmer, right?
The problem with that argument is that we experienced the bulk of that warming between 1979 and 1998 . . . we’ve actually had temperatures DROPPING ever since!
The reality is this: The world is 1.08 degrees cooler than it was in 1998.
Just take a look at this chart from Remote Sensing Systems, which provides data to NASA, NOAA, and other scientific organizations.
If you’re like me, this makes a lot of sense.
We’ve had cooler summers and longer winters.
Again, take one more look at the chart above — global warming reversed its rise in 1998. In the dossier John handed me, he explains exactly why this happened . . . and what’s going to happen next.
But for now, just keep this fact in your back pocket: The case for “global warming” is dead in its tracks.
“Global warming” proponents have said for a long time we’d see a heating of the oceans.
This proposition is necessary, since it means all those big chunks of ice are supposed to melt, killing off polar bears and causing states like Florida to get swallowed up by water.
In 2007, while accepting his Nobel Prize for his “global warming” initiative (and quietly pocketing millions of dollars), Al Gore made a striking prediction . . .
“The North Polar ice cap is falling off a cliff. It could be completely
gone in summer in as little as seven years. Seven years from now.”
It is seven years later, and recent satellite images show that not only have the icecaps not melted . . . but they’ve expanded in size by 43% to 63%.
Here’s what a Globe and Mail article had to say: “An area twice the size of Alaska — America’s biggest state — was open water two years ago and is now covered in ice.”
I think we know who’s using actual science, and who’s fear-mongering their way to wealth and fame.
Since 2002, the ocean temperatures have fluctuated less than 1 degree Fahrenheit. There is no warming.
Again, there is nothing to get hysterical about here.
You’ve heard for years how climate change has been caused by . . . well, you!
Al Gore and his liberal friends have stood onstage blaming you and your “gas-guzzling” car, standard four‑bedroom house, and the factory downtown.
Shame on you, right?
Of course, the hypocrisy of the claim is that Al Gore himself racks up annual electric and gas bills of $30,000, more than 20 times the national average.
Meanwhile, Al Gore spreads “global warming” propaganda for his own profit.
Now, while I am all for keeping the environment clean (I recycle, drive a fuel-efficient car, and reuse materials), humans have not caused “global warming” . . . nothing can be further from the truth.
Indeed, “global warming” alarmists and their allies in the liberal media are famous for saying that scientists agree that man has caused “global warming.”
President Obama even tweeted on May 16, 2014, “97% of scientists agree: climate change is real, man-made and dangerous.” John Kerry, Al Gore, and a host of others have championed this statistic.
As The Wall Street Journal reported, “The assertion that 97% of scientists believe that climate change is a man-made, urgent problem is a fiction.”
When further review was done, it was discovered that a mere 1% of scientists believe human activity is causing most of the climate change.
In outrage, a petition was signed by more than 31,000 scientists that states “there is no convincing scientific evidence that human release of . . . carbon dioxide, methane, or other greenhouse gases is causing or will, in the foreseeable future, cause catastrophic heating of the Earth’s atmosphere and disruption of the Earth’s climate.”
Indeed, even a founding father of the man-made “global warming” theory — Claude Allegre — recently came out and renounced his position by admitting, “The cause of this climate change is unknown.”
Dr. Ivar Giaever, a Nobel laureate, has taken a stand against the global warming claims. Giaever announced during a speech at the 65th Nobel Laureate Conference in Lindau, Germany: “I would say that basically global warming is a non-problem . . . The president said that 2014 is [the] hottest year ever. But it’s not true. It’s not the hottest . . . Global warming really has become a new religion. Because you cannot discuss it. It’s not proper. It is like the Catholic Church.”
Giaever was one of more than 100 co-signers in a letter to the president that was critical of his stance on global warming, saying, “We the undersigned scientists, maintain that the case for alarm regarding climate change is grossly overstated.”
What was the government’s response? Nothing.
Shortly after John exposed the truth about “global warming,” 1,000 emails and 2,000 documents from leading “global warming” scientists were found . . . revealing potential conspiracies, collusions, data manipulation, destruction of information, and even admission of flaws that were buried.
- One leading scientist — Kevin Trenberth — admitted, “The fact is that we can’t account for the lack of warming at the moment and it is a travesty we can’t.” A travesty simply because they were worried about losing their government funding.
- In another email, Dr. Phil Jones — a leading “global warming” advocate at the United Nations — admitted that he used “Mike’s Nature trick” in a 1999 graph to “hide the decline” in temperature.
- And another study done by Stephen Goddard at Real Science revealed just how ridiculous “climate scientists” can get with data manipulation. Here is what he demonstrated: The National Oceanic and Atmospheric Administration (NOAA) has been “adjusting” its record by replacing real temperatures with data “fabricated” by computer models.
There are several other documents just like these.
More recently, Professor Robert Stavins — who helped write the 2014 United Nations Climate Report — came out to Breitbart News . . . and revealed that politicians demanded he change and edit parts of the report to fit their needs!
In short, governments, and government-funded scientists, want to make sure that any “global warming” research published . . . will say exactly what they want it to say.
Why would this network of politicians, corporations, and scientists do such a thing?
“Global warming” has been kept on life support for another crucial reason: It has been a practical ATM for every in-the-know political figure.
Al Gore, for example, has been one of the most vocally aggressive crusaders for “global warming.”
But the lies are starting to unravel . . .
John has made every effort to share this information. But instead of listening, the media and the left treated him like a leper and have done their best to smear his name.
Science and politics have worked this way for hundreds of years.
Galileo was ridiculed by scientists invested in the idea the sun revolves around the Earth.
Robert Goddard — the man who ushered in the Space Age and rocket ships — was ridiculed endlessly during his life for proposing . . . traveling to the moon.
William Harvey was ostracized for proposing the theory of blood circulation . . .
Opponents could never refute the science — they could only attack the man behind it. Just like they do with John today.
But there is a small group of scientists who are starting to listen, and take action.
John’s research has now been corroborated by 17 independent scientific individuals and organizations. These are some of the top scientific minds in the field of climate science . . . in the world.
John has done nothing but put his research up to public scrutiny for the last few years.
And now some of the top scientific minds in the world are rallying to him. Nearly 30,000 scientists have banned together to sue Al Gore for his global warming fraud. Here’s what they have to say . . .
- Dr. Fumio Tsunoda, professor emeritus of geology at Japan’s Saitama University, testified, “[John’s] work is quite a revelation that marks a step toward a new scientific civilization ” and his findings “add a brilliant page to the history of science.”
- Dr. Natarajan Venkatanathan, professor of physics, SASTRA University, said, “[John’s] ideas may be opposed by conventional scientists, but they will have to accept his theory because the truth prevails.”
- Dr. Boris Komitov, one of Europe’s top solar physicists and a professor at the Bulgarian Academy of Sciences, was so impressed with John’s work, he reached out to John and joined the Space and Science Research Corporation (SSRC). Here’s what Dr. Komitov had to say: “These problems brought on by this next climate change that Casey ably discusses . . . are more important than ever.”
- Dr. Ole Humlum, professor of physical geography at the University of Oslo, said, “The history of science is filled with examples of individuals with new ideas being met by the current scientific establishment not with enthusiasm, but rather with disregard and sometimes, even ridicule. These hypotheses were considered outrageous by many contemporary scientists, but today they represent the very foundation for much of our present understanding of planet Earth’s dynamics. New hypotheses based on empirical observations should always be welcomed warmly. This also applies very much to [the work] by John Casey.”
- Dr. Giovanni Gregori, who has served on the National Research Council of Italy since 1963 and serves on multiple astronomical councils and in several societies, went so far as to say that John Casey is the modern day Leonardo da Vinci. He also said: “[John Casey’s work] is an important contribution for understanding and facing the environmental challenge, in its multifaceted and often disquieting manifestations.”
- Dr. Dong Choi, editor-in-chief of the New Concepts in Global Tectonics newsletter, calls John’s work “earth-shattering.”
Each of these scientists has reviewed John’s work and had no choice but to agree with his conclusion after seeing the evidence, just as I did.
And I think you will too.
That’s why, at a dinner in Palm Beach not long ago, John set a 164-page document in front of me. This document is the culmination of his years of work — it’s all his research in one bound volume.
John knew I would validate his claims, and upon doing so, take action.
Since that fateful night, John and I have teamed up to take that document and rewrite a good bit of it into a simple-to-read and easy-to-understand book, so that we could publish it, and get it into every home in America.
The book is called Dark Winter . . . and I want to send you a copy of it!
John holds nothing back. He shows the evidence. And he reveals the cold truth about “global warming.” Chronicled here is the groundbreaking research that forced John to reverse his belief in “global warming.” This book includes every alert, every warning, and every scrap of information he has sent urgently to our government.
However, your copy of Dark Winter is just the first item you will receive today when you join the Cold Truth Initiative.
You will also receive . . .
- The Lost Video Interview (a $29 value): This is the private conversation I had with John after reading his 164-page document. During the course of this interview, John revealed more cold hard facts about the end of “global warming.” I think you’ll be just as floored as I was (particularly when John explains the real reason Russia is invading Ukraine, and why it could be very bad for America).
- The Dark Winter Survival Guide (a $49 value): In John’s book, Dark Winter, he goes beyond blowing “global warming” out of the water . . . he reveals a calamity far worse than most climate scientists can imagine — all based on proven solar cycles. I worked hand in hand with John to create a DETAILED action plan for you to avoid the biggest pitfalls and even thrive during this coming era of chaos.
- The Dark Winter Investment Guide (a $49 value): As a seasoned investor, I feel it’s important to help you get all your ducks in a row. Money makes the world go round — and having enough of it, especially during the potential dark days ahead, can make your life much easier. I’ll show you how to effectively invest your money — and possibly, like me, turn every $5,000 into $34,000.
- A 3-Month Digital Subscription to My Resolute Wealth Letter (a $24 value): I write a monthly newsletter that is distributed to about 10,000 people. Think of this newsletter as your monthly road map not only to wealth (I hand-pick several home-run investments every month for my readers) . . . but also to honest science, real economics, and alternative, practical ways of living outside of Uncle Sam’s reach. I bring in top experts to help me share little-known strategies for protecting your privacy, slashing your taxes, and even living “off the grid.” You get all of this information delivered straight to your inbox every single month — free — for three months. And then, if you choose to renew the subscription, it is only $97.95 for the full year.
- A 4-Month Digital Subscription to Newsmax Magazine (a $20 value):Newsmax magazine will keep you informed on vital issues regarding our economy, national security, investing, and more. Newsmax magazine is the one source that brings you in-depth cover stories and hard-hitting investigative reports that you can’t find in mainstream media outlets. You’ll even get daily breaking email alerts to keep you far ahead of the political curve. You get all of this information delivered straight to your inbox every single month — free — for four months. And then, if you choose to renew the subscription, it is only $35.95 for the full year.
We are holding nothing back for this Cold Truth Initiative.
Once John showed me the truth, there was no going back. And we know you will feel the same way. We decided to add one more exclusive gift for the first 1,000 people . . .
Today, we are releasing a new tool to battle the fraud that is global warming. We have reserved only 1,000 copies of this exclusive DVD. And I want you to see it . . .
In this special release, you will learn exactly how Al Gore and his team are defrauding the American people.
The Dark Winter DVD release exposes the real “Inconvenient Truth” that Al Gore doesn’t want you to know about. Learn the lengths to which the government has gone to scam you and your loved ones to line their pockets.
The story of the failed Solyndra green energy initiative, which cost taxpayers $500 million; President Obama took a lot of flak for that.
But here’s a little-known side of the Solyndra story I bet you haven’t heard: Obama, in essence, used taxpayer money to finance his re-election campaign . . . by funneling it through Solyndra.
When Solyndra fell on hard times, it passed into the hands of two large private equity investors . . . Goldman Sachs and George Kaiser. When $500 million in taxpayer money was given to Solyndra, both Goldman Sachs and George Kaiser benefited. Coincidentally, both have made contributions to Obama’s election campaigns adding up to roughly $1.25 million.
It doesn’t stop there.
In 2010, another federal loan of $400 million went Abound Solar. That resulted in a bankruptcy as well. But investors in Abound Solar seemed to do just fine . . . investors like billionaire heiress Patricia Stryker. Stryker has famously contributed $500,000 to the Coalition for Progress while throwing $85,000 toward Obama’s inaugural committee. It’s just a coincidence that the government handed a company she invested in $400 million just before bankruptcy . . . right?
There’s also A123 Systems, which paid one lobbying firm $970,000 to secure money from the government — and received $279 million in federal assistance. The CEO of A123 Systems went on to fund multiple Democratic senators and contributed to Obama’s campaign.
First Solar received $646 million in government loan guarantees, and has since contributed more than $180,000 to Democratic campaigns.
GE is notorious for spending tens of millions of dollars a year to “buy” green energy credits for its wind turbines and other green technologies — credits which helped the firm pay ZERO taxes in 2011.
This movie will change everything you thought you knew . . .
My hope is that you don’t walk away in silence as a network of dirty politicians, greedy corporations, and bribed scientists rob you year in and year out.
That’s exactly what they want you to do.
They want you to think that your voice won’t make a difference. They want you to think your voice is too small to change things.
Remember, this information isn’t just important, it is vital!
$22 billion of your money is being spent every year to keep the “global warming” lie alive . . .
John reveals the science behind his 11 accurate predictions in simple-to-understand terms, and why he foresees more significant events like tornadoes, earthquakes, and volcanic eruptions.
John also reveals 33 crushing scientific dissections he performs which make “global warming” even more of a farce.
Most importantly, the Cold Truth Initiative makes an alarming prediction. There is a looming cataclysm that will ruin every nation that’s not prepared . . . a calamity that has been accelerating for the last 17 years . . . and brewing for over 200 years. This event will cause international wars as governments topple and nations descend into chaos.
Imagine how the American economy might look if we weren’t effectively flushing this money down the toilet . . . imagine how much your taxes could drop if the government wasn’t spending your money on nonsense programs . . .
The only way we can win this war is if we unite together.
Thousands have already joined the Cold Truth Initiative. We are making headway, but we have a long way to go.
Now is your chance to make a difference.
Today, you can strike back at the lies, and more importantly, you can help other Americans protect themselves.
I urge you to click the button below and secure your copy of Dark Winter.
We’ll rush you the Cold Truth Initiative Introductory Packet that includes John’s book Dark Winter along with The Lost Video Interview, The Dark Winter Investment Guide, The Dark Winter Survival Guide, a three-month subscription to my Resolute Wealth Letter, a four-month subscription to the award-winning Newsmax magazine, and your special release copy of the Dark Winter DVD.
Proud Member of the Cold Truth Initiative
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Is the U.S. Government Waging War on Cash?
Will cash be Outlawed? Denmark is Moving in that Direction.
Does the U.S. government views money as an enemy? How else can you explain their actions?
Recently, the FBI raided two legitimate businesses: a gun shop, taking everything they had and a convenience store where they took more than $100,000 from their bank account. Their “crime”? Making cash deposits in excess of $10,000.
These are not isolated cases. The government uses civil asset forfeiture laws to steal money from law-abiding Americans on a regular basis.
Does the Government Hate Cash? Would outlawing cash Fulfill the dream of a cashless society?
All governments hate cash because it’s impossible to control, hard to track and easier to hide from the taxman.
The Feds punish cash with it’s civil asset forfeiture laws. They call it “policing for profit”. (Not your profit)
States use other methods. Even “so-called” conservative governors (who should know better), such as Louisiana’s Bobby Jindal put into effect a law that OUTLAWS cash while conducting second-hand deals?
Denmark’s considering a law which would reject cash payments. If it’s successful there, be sure the other countries in the world will follow!
Could this be a first step in outlawing cash, creating a “cashless society”? Such a move would assist the government in controlling all aspects of our lives and our money, taking away all “free choice” as well as how and when your money is spent. (They did it with health care! Why would you think they won’t do it with your money?)
This will also happen right here in America. In fact, Former Congressman Ron Paul has already warned, “The cashless society is the IRS’s dream: Total knowledge of, and control over, the finances of every single American.”
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Realities and Revelations
, by Michael Pento
Despite all of the central bank manipulations over the past seven years, it is finally becoming clear economies will not be able to achieve escape velocity. The U.S. central bank has the longest track record of treading down the path of monetary manipulations. And has achieved anemic average annual growth of 2.2% since 2010. Therefore, to further demonstrate the failure of money printing to engender economic growth, the dismal Q1 GDP read of just 0.2 % displays the failure of this policy once again. Wall Street Shills have been quick to once again blame snow in the winter for the Q1 miss. However, it is becoming evident that Q2 will not produce any such anticipated rebound.
Markit’s Flash U.S. Services PMI (Purchaser Managers Index) for April indicated that business activity rose at a slower pace than expected. The April reading came in at 54.2, which was below the consensus of 56.2 and below March’s level of 55.3. Adding to the bad news was the Conference Board’s Consumer Confidence Index that hit 95.2 in April. Economists polled by Reuters expected a reading of 102.5. And, the Richmond Fed Manufacturing Index fell into the minus column for the second month in a row at -3 for the start of Q2.
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Things don’t look much better across the globe. The Euro zone Purchasing Managers’ Survey disappointed investors with the German PMI index falling to 54.2, from March’s eight-month high of 55.4. France’s PMI also showed a slower expansion than forecast in the services sector and a worse contraction in manufacturing than predicted. Manufacturing PMI in France decreased to 48.4 in April, from 48.8 in March.
Japanese manufacturing activity contracted in April for the first time in almost a year, as domestic orders and output fell. The Markit’s Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 49.7 in April, from a final 50.3 in March. The index fell below the 50 threshold that separates contraction from expansion for the first time since May of last year.
We are in our seventh year of record-low interest rates and banks have been flooded with reserves. However, the developed world appears to be debt-disabled. That is, already saturated in debt, therefore unwilling and unable to service new debt due to a lack of real income growth.
So the problem for central banks and governments is how to get the money supply booming in an environment where consumers want to deleverage and save. Zero percent interest rates (ZIRP) are inflationary and negative real interest rates foment asset bubbles and encourage new debt accumulation. For decades central banks have used their control of the price of money to coerce boom cycles that eventually turn to bust. But for the past six years, their foray into ZIRP land hasn’t provided the boom cycle they were expecting. Sure, they have created massive bubbles in bonds and equities– but the economy has yet to enjoy the promised growth that is supposed to trickle down from creating these bubbles. They have set the markets up for a bust, yet the economy never enjoyed the boom.
This has left Keynesians scratching their respective heads and scheming new ways to encourage even more borrowing and spending. The Keynesians who rule the economy now control the price of money but are having difficulty controlling its supply and producing rapid inflation rates.
Bank deposits that pay nothing and ultra-low borrowing costs haven’t proved effective in boosting money supply and velocity growth. The growth rate of M3 has fallen from 9% in 2012, to under 4% today. And monetary velocity has steadily declined since the Great Recession began. Therefore, unfortunately, the next baneful government scheme is to push interest rates much further into negative territory in real terms; and also in nominal terms as well!
You would think this is absolutely absurd but it is already happening. The European Central Bank, has a deposit rate of minus 0.2 percent and the Swiss National Bank, has a deposit rate of minus 0.75 percent, as of May. On April 21st the cost for banks to borrow from each other in euros (the euro interbank offered rate, or Euribor) tipped negative for the first time. And as of April 17th, bonds comprising 31% of the value of the Bloomberg Eurozone Sovereign Bond Index, were trading with negative yields.
Could Negative Interest Rates Arrive In America?
They already have. Beginning on May 1st, JP Morgan Chase has announced they will charge certain customers a “balance sheet utilization fee” of 1% a year on deposits in excess of the money they need for operations. That amounts to a negative interest rate on deposits. Banks formerly competed for your money– now they want to charge you to park it with them.
With interest on deposits at next to nothing, or now slightly negative, the only reason for consumers to keep money in the bank is convenience. The more money you lose, money on your deposits in the form of a “utilization fee,” the more attractive your mattress becomes. But, as long as paper money and your mattress are available, the Fed will not be able to fully implement its negative rate policy in its quest to create inflation. After all, there would be a global run on the banking system if rates were to fall into negative territory by more than just a few percentage points.
So how can central banks and governments ensure rapid money supply growth and velocity if consumers have the option to hoard cash? Some of the “best minds” in Keynesian thought, like Kenneth Rogoff, have a solution to this. They are floating the idea that paper money should be made illegal and the evidence shows governments are listening. If you outlaw hard cash, and make all money digital, there is no limit to how much borrowers can get paid to borrow and how much savers get charged to save. This would make it unprofitable to hoard cash, and compel people to consume and borrow electronic currency as fast as possible. Money in the bank would become the “hot potato”: as soon as it hits your bank account the race would be on to move it to the next person’s account. Whoever gets stuck with the money when the music ends pays a fee; that would be some increase in velocity! And vastly negative real interest rates would force the amount of leverage in the economy to explode.
This idea sounds fairly Orwellian-allowing central banks to control every aspect of monetary exchange and giving the Federal Government an electronic gateway to every financial transaction. But when you think about it, the idea of a fiat currency and the Federal Reserve were radical ideas before they became common place. Indeed, this is exactly why the authors of our constitution tried to ensure gold and silver would have the final and only say in the supply and value of money.
Just as gold once stood in the way of governments’ desire to expand the money supply, physical cash is now deemed as a fetter to the complete control of savings and wealth by the state. History is replete with examples of just how far governments will go to usurp control of people under the guise of the greater good. Sadly, the future will bring the collapse of cash through its illicit status, which will in turn assist in the collapse of the purchasing power of the middle class. Wise investors would take advantage of the opportunity to park their savings in real money (physical gold and silver) while they still have a chance.
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PLEASE READ THIS ARTICLE BELOW FOR A FURTHER UNDERSTANDING OF ECONOMICS!
A specter, to paraphrase the opening line of The Communist Manifesto, is haunting America. That specter is the economics profession itself.
Economics has become immersed in arcane modeling. Modeling does not really work well, as even the cognoscenti sotto voce admit. Consider, for example, at the New York Fed’s excellent Liberty Street Economics: Choosing the Right Policy in Real Time (Why That’s Not Easy). This essay concludes, with refreshing integrity and candor:
In the end, we have shown that policy analysis in the very oversimplified world of DSGE [Dynamic Stochastic General Equilibrium] models is a pretty difficult business. Contrary to what it may sometimes appear from listening to talking heads, deciding which policy is best is very rarely a slam dunk.
Dynamic Stochastic General Equilibrium models? Economics has come to resemble more the model-based pseudoscience of astrology more than the observation-based science of astronomy.
As Prof. Reuven Brenner in Asia Times:
Most people are unaware of the fact that rulers perceived astrology for almost a century as “science” – pretty much as some perceive “macro-economics” these days. Monarchs, such as Charles I, as well as the learned and the nobility relied on Councils of Astrological Advisers. Books, presenting complex geometrical calculations linked to positions of stars, legitimized analyses and forecasts.
Abruptly, after a century, in part due to Galileo’s telescope destroying the science of political lies and hierarchies built on them, the astrological edifice disappeared in a puff – or so it appeared.
Except that macro-economics is now its modern incarnation: Only instead of stars, macro-economists look at “aggregates” gathered religiously by governments’ statistical agencies – never mind if the country has a dictatorial regime, be it left, right or anything in between, or has large black markets, as Italy and Greece do, where tax evasion has long been the main national sport. So let us first forget about this “macro” stuff, whose beginnings are almost a century old, and offer a simple alternative for shedding light on the situation today and on possible solutions, hopefully demolish this modern pseudo-“science” once and for all.
The most popular book demystifying economics of the 20th century was Henry Hazlitt’s Economics in One Lesson. It sold a million copies.
Now, for the 21st century, comes John Tamny, Political Economy editor at Forbes, editor of RealClearMarkets.com (and a friend) again to muck out the Augean stables. Tamny has published a splendid new book: Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You About Economics. It reportedly already is going into its second printing. May it, like Hazlitt’s classic, sell a million copies!
If (admittedly a big If) even a single presidential aspirant reads it and takes it to heart Popular Economics could prove a significant factor in restoring what proto-Supply-Sider John F. Kennedy said at the dedication of Greers Ferry Dam: “A rising tide lifts all the boats….”
Big If, yet there’s hope. As I have argued here that great transformations in areas such economic growth policy almost always, in the modern era, have originated in the House of Representatives. I spend a great deal of time inside the Congress and am delighted to report that Tamny’s Popular Economics is written in the terms that Members of Congress speak and think. (Bonus points to Tamny for his many and extensive sports stories, the kind of stuff people actually talk about on Capitol Hill when the cameras are off.)
Tamny loves to be provocative. He’s good at it. He exalts income inequality. He celebrates (organic, rather than government-exacerbated) recessions. Tamny does an especially good job at stripping the bark off the fallacy that career civil servants somehow are smarter or nobler than entrepreneurs and executives in the private sector.
I myself spent several years as a career civil servant in the U.S. Department of Energy. From personal experience I admit to having become not a whit smarter once sworn to uphold the Constitution and issued the laminated badge. Nor were any of my colleagues made of the stuff of Plato’s philosopher-kings. Mere mortals all!
Some of Tamny’s jousts easily could be taken out of context and used, by Progressives and other dirigistes, to satirize his positions. Yet his points, to any fair reader, are clear:
Recessions are the cure for what’s wrong with an economy. They cleanse it of the bad businesses, bad investments, and labor mis-matches that got it in trouble in the first place. When the 1920-1921 recession hit, a wise political class sat back and did nothing, other than lower taxes slightly and slash spending. Unemployment dropped from 11.2 percent in 1921 to 1.7 percent by 1923, and the Roaring ‘20s took off.
Contrast that fast near-10% drop in unemployment with the record of the protracted Great Recession, and soggy recovery in which we are still mired, courtesy of the economic policies of both the George W. Bush and Barack Obama administrations.
Tamny covers a lot of ground in this book, thoroughly covering the Big Four economic policies. Done right these support the achievement of equitable prosperity. Done wrong these mire us in stagnation and income immobility.
Tamny tackles taxes, regulation, trade, and money. He does so by reference to popular culture, making lucid that which, in the hands of less gifted writers, often is dull and dry. (Not for nothing did Carlyle call economics “the dismal science.”)
Here’s an example of how Tamny subtracts the dismal from the science:
Politicians may raise [by taxes] the cost of work for their citizens, but if the cost is too high, those citizens won’t stick around to be fleeced, especially when they’re well-to-do. … [Keith] Richards and the Rolling Stones did just that. (Quoting Richards:)
“The last thing I think the powers that be expected when they hit us with super-tax is that we’d say fine, we’ll leave. We’ll be another one not paying tax to you. They just didn’t factor that in. It made us bigger than ever, and it produced Exile on Main St., which was maybe the best thing we did. They didn’t believe we’d be able to continue as we were if we didn’t live in England. And in all honesty we were very doubtful too. We didn’t know if we would make it, but if we didn’t try, what would we do? Sit in England and they’d give us a penny out of every pound we earned? We had no desire to be closed down. And we upped and went to France.”
Tamny especially impresses with the clarity around the matter of money, to which he devotes five full chapters. For example:
In The Wealth of Nations-the masterpiece that laid the groundwork for the rise of modern capitalism-Adam Smith observed that “the sole use of money is to circulate consumable goods.” That was a throwaway line, for no serious thinker had ever considered money as anything but a measure. Money came into existence because men needed a way to measure the value both of their production and of the consumable goods they sought in exchange for the fruits of their labor. Smith was stating the obvious.
Smith would laugh at all the commentary in the media today about the need for a “strong dollar” or a “weaker dollar to boost exports” or the importance of convincing the Chinese to “boost” the value of the yuan. To Smith, that would be the equivalent of saying “increase the length of the meter” or “shorten the minute” or, because Kim Jong-Un is bothered by his diminutive five-foot-six- inch stature, there is a need to “devalue the foot” so the North Korean dictator can stand ten feet tall. Just as the foot is never long or shot, money should be neither strong nor weak. The foot is a standardized tool to measure actual things, and money should have the same constancy.
Popular Economics has attracted great praise from many of the leading public intellectuals dedicated to economic growth (as well as from no less than George Will). Steve Forbes, in his excellent Foreword, says it best: “By breaking the mold of what modern economics has become and by explaining in an engaging way what economics truly is, Tamny has done humanity an inestimable service.”
Buy Popular Economics.
Originating at RealClearMarkets.com