Don’t expect the world economy to resume its prior growth pattern after COVID-19

Most people seem to think that the world economy is going through a temporary disruption, caused by a novel coronavirus. As soon as COVID-19 goes away, they expect the economy will be back to normal. I think that this assessment is overly optimistic. The way I see the situation, the world economy was already having severe growth problems, caused indirectly by resource problems, even before COVID-19 hit.

In a growing world economy, a person might expect that workers would be getting richer, so that they could afford an increasing quantity of goods and services. What we really see is something very different. The number of new automobiles sold was falling in many major countries long before COVID-19 hit, even as population was generally rising. Clearly, something was seriously wrong.

Figure 1. Auto sales for selected countries, based on data of CarSalesBase.com.

As I see the situation, the world has a resource problem. Resources of many kinds, including fresh water, energy products, and minerals of many kinds were becoming more difficult (and expensive) to extract, even before 2020. Substitution might have worked if the problem were only one or two resources, but not with several major resources. Cutting back was the only answer.

Thus, the shutdowns for COVID-19 came at a convenient time, allowing economies that were already doing poorly to shut down. Needless to say, there was no world leader who was willing to explain this hidden issue to the world population. Instead, world leaders used standardized code words such as “we need to move to renewables” or “we need to reduce carbon use by 2050 to prevent climate change.” Unfortunately, the ability to move to alternatives in this time frame is simply an illusion, allowing world leaders to avoid mentioning the serious resource issues that the world economy is really facing.

I expect that within a few months, a new crisis of some sort (perhaps financial) will come along, further reducing resource use. This will happen, whether or not the problem of the novel coronavirus is solved. In this post, I will try to explain the situation.

[1] The world’s economy is a self-organizing system, powered by the laws of physics. It requires a mix of resources, including energy resources, to operate.

The laws of physics require that energy be “dissipated” whenever activities we associate with generating GDP take place. For example, if a person is to drive a truck, he/she will need to eat food for his/her own personal energy. This food is “dissipated” by digestion. If the truck is to transport goods, it will need to burn some type of fuel, such as diesel. This fuel is dissipated by burning. If a computer is to operate, it will need to dissipate electricity. If a room (or a liquid) is to be heated or cooled, some sort of energy dissipation will be required.

The world economy grows in a very orderly manner. It gradually adds population, as more babies are born than people die. All of these people need food and fresh water; they also need some type of housing and clothing to protect them from the elements. Ideally, they need some type of transportation in addition to walking. Businesses are formed to enable access to goods and services that fill these needs. Governments are also formed to provide services used by all and to regulate the system. A financial system is formed to facilitate transactions, among other things.

The world economy cannot slow down and quickly restart. This is especially the case for an economy that had already started slowing, even before the 2020 pandemic. If not enough resources of the right kinds were available to enable true economic growth before the pandemic, it is hard to see how the situation would be very much improved a year later.

One key to understanding how a self-organizing economy works is to understand that the economy is multi-sided. Businesses need to make an adequate profit, to continue in operation. Workers need to earn an adequate wage to raise a family. Customers need affordable prices. Shortages of inexpensive-to-extract resources can lead to many different problems: lack of profitability for producers, or too much wage disparity among workers, or too high prices for customers. Resource shortages can also lead to people with inadequate wages wanting to migrate. They can also lead to empty shelves in stores.

[2] Depleted coal mines near population centers in China have adversely affected the Chinese economy more than it tells the outside world.

China joined the World Trade Organization (WTO) in December 2001. The Kyoto Protocol mandated that 37 industrialized nations cut their greenhouse gas emissions. More than 100 developing countries, including China and India, were exempt from the treaty. This combination of events allowed China to greatly ramp up its economy, building many new roads, factories and housing units from concrete, with little competition from the 37 industrialized economies.

China had very large coal resources, which it ramped up (Figure 2). Of course, this greatly increased world coal consumption, an effect precisely the opposite of the stated purpose of the Kyoto Protocol–to reduce world CO2 emissions.

Figure 2. World and China coal consumption, based on data of BP’s Statistical Review of World Energy 2020. China imported 7.4% of its coal supply in 2019, so China’s coal production would be similar, but it would hit limits a bit sooner and harder.

The problem that China ran into about 2013 was that its coal mines, especially those near population centers, began depleting. The cost of extraction started rising because the thickest coal seams, closest to the surface, were badly depleted. In theory, there was still a great deal more coal available from those mines if the price would rise sufficiently high. Coal from new mines that were more distant from population centers might also be used if the price would rise high enough to include overland transport costs.

Coal prices didn’t rise to match the higher cost of production. If they had risen, they would have raised the cost of many goods manufactured for export, making these industries less profitable. Because coal prices stayed too low for coal producers, over 70% of China’s coal companies were reported to be unprofitable by the first half of 2014.

China closed unprofitable mines and added new mines at more distant locations. China’s coal production has struggled in recent years. A constant problem has been keeping coal prices high enough to cover the rising cost of extraction and delivery to population centers. There are recent indications that coal supply is inadequate: Parts of China experienced rolling blackouts in the winter of 2020-2021, and warnings have been given to expect possible electricity shortages this summer. China has been accepting few coal imports, largely because it wants to keep its local prices sufficiently high that its own coal producers can be profitable.

China uses coal in many ways, including generating electricity, making steel, and manufacturing cement, which is the most important ingredient in concrete. Concrete is used in producing roads, bridges and buildings of all types, including high rise buildings used in many places in China.

Figure 3 shows that China’s cement production fell at a time similar to that at which coal production “flattened out.” This would not be surprising if a shortage of coal led China to cut back on its use of cement in order to save coal for electricity production.

Figure 3. Cement production for the World and China based on USGS data.

China, like other countries, has been seeing its population rise. Figure 4 shows coal and cement amounts for China on a per capita basis. This approach shows that, viewed on a per person basis, both coal consumption and concrete production have been falling since about 2013-2014. In fact, coal consumption began to fall slightly before cement production, suggesting that the fall in coal consumption is the cause of the fall in cement production.

Figure 4. Cement production from the USGS and coal consumption from BP’s Statistical Review of World Energy 2020, divided by population from the World Population Prospects 2019 by the United Nations.

[3] A decrease in new home building in the United States after 2008, as well as the recent difficulty in ramping construction back up again, are further evidence that the world is reaching resource limits of some kind.

Figure 5. New US privately owned single-family housing units divided by US population, multiplied by a constant. This gives a measure of per capita growth in new single-family housing units. Chart prepared by the St. Louis Federal Reserve.

Figure 5, above, shows that the number of new single-family housing units, relative to population, dropped dramatically after late 2005, early 2006. (This was when US Federal Reserve target interest rates rose, leading to higher borrowing costs for both builders and purchasers.) New home building plunged before and during the Great Recession. Building of new units has not ramped up very much, since then.

Even in 2020 and early 2021, the number of new units being started is very low by historical standards. It certainly wouldn’t be surprising if a lack of resources is part of what is depressing new home production. It may also be causing the spurt in resource prices (for example, lumber and copper) when new-home production does try to ramp up.

[4] World oil production seems to be falling for the same reason that China’s coal production stopped growing: Prices are too low for producers because of depletion issues. Oil producers cannot make an adequate profit, so they are reducing production.

Figure 6. World oil production through 2020 based on data of the US Energy Information Administration.

World crude oil production was at its highest level ever in 2018. It has fallen ever since.

Figure 7 shows that oil production has been falling in many parts of the world in recent years.

Figure 7. Crude and condensate oil production for selected areas of the world, based on data of the US Energy Information Administration.

The shining star of crude oil production, at least until recently, has been the United States with its shale oil production.

Figure 8. US crude and condensate oil production for the 48 states, Alaska, and for shale basins, based on data of the US Energy Information Administration.

Unfortunately, with low prices, US shale oil is unprofitable. Shale production fell in 2020, and indications for the year 2021 are down as well.

Worldwide, the oil industry seems to require a price of $120 per barrel or more to make investment in new production profitable, and current prices are far below this. Part of this high price is required to provide adequate tax revenue for oil exporting countries that are dependent on this revenue.

[5] Relative to population, worldwide oil and coal consumption reached its highest level in 2007. It has fallen recently.

Figure 9. World per capita energy consumption, separated between “oil + coal” and all other. Data for 2019 and prior based on BP’s Statistical Review of World Energy 2020. Figures for 2020 reflect percentage changes anticipated by the International Energy Agency in its Global Energy Review 2021.

Figure 9 shows that on a per capita basis, combined oil and coal consumption reached its highest level in 2007 and dipped during the Great Recession. It reached somewhat of a plateau in the 2011 to 2013 period, but started slipping in 2014 and had fallen ever since. Those who follow oil prices closely will notice that combined oil and coal consumption per capita tends to be high when oil prices are high relative to other goods; consumption tends to be low when oil prices are low. The lower per capita oil and coal consumption since 2007 would be expected to hold back the production of “goods” of many kinds, including houses, automobiles, roads and electrical transmission lines.

The “All Other” category is really not a stand-alone category. It depends on oil and coal for its pipelines and electrical transmission, among other things. Without concrete bases, it would be difficult to have wind turbines. Solar panels without steel supports wouldn’t work well either. In theory, if a huge amount of transition were done, perhaps steel and concrete could be produced in reasonable quantities with only the “All Other” types of energy, but someone would need to figure out precisely how this could be accomplished, including the timeframe required.

[6] Inadequate fresh water supplies are a problem in many parts of the world.

The standard approach to getting fresh water has been to tap underground aquifers and tap them at rates far greater than they are refreshed. In some places, this leads to saltwater intrusion; in others, it leads to a falling water table. Some examples of areas with water problems include California, Saudi Arabia, India, China, and Cuba.

There are ways to work around these problems:

  • Digging deeper wells
  • Piping fresh water from a distance, nearly always uphill
  • Desalination

Implementing any of these workarounds for water shortages takes energy of different kinds, mostly coal (to make steel) and oil (for transporting goods and extracting metal ores). These workarounds make the cost of fresh water higher. Higher water costs are especially a problem for agriculture and for poor families, struggling with budgets that cover little more than the price of food and water.

If fixes for the fresh water supply problem cannot be found, irrigation will need to be cut back. Such a change would likely lead to a fall in world food supply.

[7] We are probably kidding ourselves if we think that production of semiconductor chips can be ramped up significantly in the future.

China is now a major producer for rare earth minerals, and it is practically the only processor of rare earth minerals. Semiconductor chips are created using rare earth minerals, water and huge amounts of heat in an exceptionally clean environment. The leading producer of chips is Taiwan, using raw materials from China. There is a long lead time required for building new factories. My concern arises because of the resource issues China and the rest of the world is facing.

We use semiconductor chips in many things, including computers, cell phones, automobiles and “smart” appliances. Without a ramp up in semiconductor chip production, many high-tech dreams for the future will likely remain only dreams.

[8] With a falling supply of coal and oil per capita and inadequate fresh water in many parts of the world, we have already reached the point where some types of “optional” activities need to be cut back.

An early optional activity that was cut back on was recycling. Oil prices fell in 2014, making the recycling of many types of goods, especially plastics, non-economic because the resale value of recycled products dropped with oil prices. China cut back greatly on its recycling efforts, effective January 1, 2018. Other countries have followed suit. China’s cutbacks on recycling allowed it to save its coal supplies (which were no longer growing, see Figures 2 and 4) for other activities that had the possibility of being more profitable.

In early 2020, cutbacks associated with the pandemic gave the world economy some “breathing room” with respect to resource shortages. Cutbacks in travel left more oil for other uses. Oil prices could drop back. This was especially helpful to countries that are big importers of oil, such as those in Figure 10, below. It is not surprising that some of the countries with the biggest oil import problems have been the most enthusiastic about travel cutbacks related to COVID-19.

Figure 10. Quantity of oil imported for selected countries, calculated in barrels of oil per person per year. Oil imports determined based on data from BP’s Statistical Review of World Energy 2020; population is from World Population Prospects 2019 by the United Nations.

[9] The world economy has a very serious resource problem. There seem to be three different approaches to hiding the problem, none of which will really solve the problem.

The serious problem that the world economy is encountering is the fact that the supply of both coal and oil are running short, especially when viewed on a per capita basis. The world is also very short of fresh water. China is affected as much, or more than, other countries by these problems. As a result, China’s future growth prospects are likely quite low, even though few are expecting this change. Without a continued strong forward “pull” from China, the world economy may be headed for “collapse,” a condition which has affected many civilizations in the past.

There seem to be three different approaches to doing something about the world’s resource limits problem, without mentioning the nature of the real underlying problem:

[a] Develop a “fear of future climate change” story by creating models that assume we have huge amounts of fossil fuels that can be burned in the future, even though the evidence is very much the opposite: We are “running out” of coal and oil right now, but in a different way than economists have theorized (low price, rather than high price). At the same time, argue that a transition to renewables (particularly intermittent wind and solar) is possible in the next 30 years. The fact that essential minerals for such a change, including copper and lithium, are themselves in short supply relative to the incredibly large quantities required, is overlooked. No one stops to calculate the true cost, measured in energy products and other materials, required by such a transition, either.

[b] Create a “fear of the coronavirus” story, and use it to keep people inside and away from traveling as much as possible. Emphasize the possibility of mutations. If people cut back on traveling, it saves oil. If they cut back on eating out and large celebrations such as weddings, it reduces food wastage. If a pandemic takes place, politicians can use it as an excuse to mitigate problems of many kinds:

  • Reduce the need for imported oil, by keeping citizens at home
  • Keep factories closed, without disclosing that the factories could not really operate at full capacity because of inadequate orders or missing raw materials
  • Use shutdowns to keep order in areas disrupted by uprisings related to low wages
  • Hide the problem of many failing stores and businesses behind a new “temporary” problem
  • Give the politician a new sense of control with new rules related to the epidemic

It is disturbing that back in 2010, the Rockefeller Foundation was looking at using pandemics to control people when the foundation was examining possible workarounds for too large a population relative to resources.

[c] Hide the existing resource problem with more debt, to the extent possible. In fact, having a circulating coronavirus has assisted in this effort because everyone can see the need for more debt on a temporary basis, “until this problem goes away.” Of course, the resource problem is not going away, which means the world is likely headed for serious financial problems when the economy tries to ramp up again. See my post, Headed for a Collapsing Debt Bubble.

[10] My expectation is that the world economy will try to bounce back from this pandemic, but it won’t really be able to bounce back.

There really aren’t enough resources of any kind to pull the world economy much farther forward. A day of reckoning seems to be coming, probably in the next few months. The financial system looks like it is the weakest link. If the world economy dramatically slows, borrowers will not be able to repay debt with interest. There may be rapid shifts in currency relativities, disrupting derivatives markets. International trade will become less and less possible, perhaps taking place only among a few trusted partners.

We seem to be headed for a rapidly changing world economy, and unfortunately not for the better.

About Gail Tverberg

My name is Gail Tverberg. I am an actuary interested in finite world issues - oil depletion, natural gas depletion, water shortages, and climate change. Oil limits look very different from what most expect, with high prices leading to recession, and low prices leading to financial problems for oil producers and for oil exporting countries. We are really dealing with a physics problem that affects many parts of the economy at once, including wages and the financial system. I try to look at the overall problem.
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3,576 Responses to Don’t expect the world economy to resume its prior growth pattern after COVID-19

    • Fast Eddy says:

      Sorry captain but we’re wide open already.. we’ve got no more power (said Scotty)

  1. StarvingLion says:

    Are the electric gen sets at the hardware stores all gone yet?

    Gonna be a stampede to get’em real soon now.

    Imagine, burnin gasoline to charge my Tesla…HAHAHAHAHAH…Tesla stock should be trading at about 0.25 cents when that happens.

  2. StarvingLion says:

    BANKRUPT Kalifornia is so GRATE that “safety” deposit boxes are being raided

    FBI wants to keep fortune in cash, gold, jewels from Beverly Hills raid. Is it abuse of power?

    https://www.latimes.com/california/story/2021-06-09/fbi-beverly-hills-safe-deposit-boxes-forfeiture-cash-jewelry
    As we all know from executive order 6102, “safety deposit boxes” are NOT safe. Nothing new under the sun.

    y MICHAEL FINNEGAN | LOS ANGELES TIMES EXCLUSIVE
    June 9, 2021 Updated 7:04 AM PT

    When FBI agents asked for permission to rip hundreds of safe deposit boxes from the walls of a Beverly Hills business and haul them away, U.S. Magistrate Steve Kim set some strict limits on the raid.

    The business, U.S. Private Vaults, had been charged in a sealed indictment with conspiring to sell drugs and launder money. Its customers had not.

    So the FBI could seize the boxes themselves, Kim decided, but had to return what was inside to the owners.

    “This warrant does not authorize a criminal search or seizure of the contents of the safety deposit boxes,” Kim’s March 17 seizure warrant declared.

  3. Has anyone posted or come across this clip yet?

    Oil&Gas recruiter says the companies in her sector are planning to have to replace “vaxxed” employees within 3 years. She doesn’t come across as fake (to me), but is almost too matter-of-fact. Has she not extrapolated this out?

    https://www.brighteon.com/fc63b141-7205-4d89-843c-9edd7ccd738b

    InfoWars IDs her as Carol Bird, a recruiter for RigBoyz Employment Network.
    https://www.rigboyz.com/

    • davidinamonthorayearoradecade says:

      3 years sounds like opinion. What I would like to see is actual cases of degenerative diseases kicking in on those who were vaxxed. Opinion on the future is one thing, and that future arriving is another. Probably too soon to see long term effects. Opinion on long term effects is all over the place.

      • Sam says:

        I call b.S on that too… 😒 lame

      • Xabier says:

        Too soon even to have any data mid-term effects, let alone long-term, we only have informed hypotheses.

        Which is why, of course, the push for 100% vaccinated in two years or so is insane and criminal.

    • Tim Groves says:

      I not that this lady spent half of her time looking to her left rather than at the camera. I found that a bit off-putting, although I don’t think it indicates anything suspicious. My overall judgement was that this woman could well have been telling the truth.

      On the other hand, if the collapse in fossil fuel extraction continues at the current rate, I imagine the oil and gas companies will be looking to reduce their staff significantly over the next three years.

      I guess we can make a note of this and come back to it in three years.

      • nikoB says:

        looking to the left is looking at the screen of herself rather than the camera. Guitar lesson videos I watch do it all the time. Gets a bit annoying.

  4. StarvingLion says:

    Oil is going VERTICAL! WTI could be crossing 80 this week. And it makes no difference on oil supply…

    Martial Law! Helicopters will soon be in the sky shooting cars off the road!

    World Banana Republic!

    • davidinamonthorayearoradecade says:

      WTI is almost 73! OMG! Is it time to just give up all hope? ALL IS LOST! How are we to go on, once it hits 80? OMG! oh let’s PANIC! 80 is so so scary! Look, up in the sky, is that a helicopter? Who is that crashing in through my front door? Aaaaaaaaaaaaaaaaahhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!

      • Sam says:

        I don’t think it will get to till mid July. But I have been wrong before. Thank goodness most people are ignorant and don’t realize they are being boiled in a pot

        • davidinamonthorayearoradecade says:

          we’ve all been wrong before. Those of us Slow Doomers just guess the doom is on the way but not necessarily in the next month.

        • StarvingLion says:

          Oil will spike to 100 by mid July.

          Electric Power will be intermittent.

          How can this be other than OBVIOUS?

          • D. Stevens says:

            Doom fatigue. Those of us who have followed peak-oil/finite resource trends for many years know decline and collapse is coming but it’s not worth getting into a panic about it. Long term high stress is very bad for your health. I remember reading the dieoff website long ago with a chart showing we’d be doomed around 2012 but then shale saved the decade. Glad I didn’t do any drastic thinking there was only a few years left to live. Did a lot of good living since then and who knows, maybe we get years more BAU. Running water, grid power, internet shopping, grocery stores bursting with food. I feel guilty about how comfy life is and how we’re burning up finite resources but what can I do about it other than put my ear to the track and know there’s a train of doom coming but don’t know when. I find knowing about declining energy gives me peace of mind, it explains declining living standards and why things are not going well in the world overall. It’s nice to have a narrative to explain the world and why things are changing.

            • el mar says:

              True, shale saved the decade, accompanied by the China-Boom (late to the party) and dept.
              What will save the next decade?
              Gail is not foreseeing any possibility.
              Who has an idea?

            • Fast Eddy says:

              My hopes of imminent collapse and the extinction of The Vile Species have been dashed so many times… but I feel this is actually it… The Big One

              https://youtu.be/stdi-1tIUhM

            • jesseJames says:

              “grocery stores bursting with food. ” may be a thing in the past in 5-10 yrs. check out iceagefarmer.com on how food production in the US is being throttled, shutdown, etc. learn to grow your own.

    • postkey says:

      “Art Berman
      @aeberman12
      Every expert is confident that oil markets are stronger than ever and prices are going higher.
      Time to short oil.”
      https://twitter.com/aeberman12/status/1405159332673642498?s=20

  5. Fast Eddy says:

    BOOM!!!!!!

    Boris Announces Extension of Lockdown by Four “Crucial Weeks” – Noting “Possibility” That a “Far More Dangerous” New Variant Could Cause Further Delays After July 19th

    https://lockdownsceptics.org/2021/06/14/boris-announces-extension-of-lockdown-by-four-crucial-weeks-noting-possibility-that-a-far-more-dangerous-new-variant-could-cause-further-delays-after-july-19th/

    +

    Trudeau https://www.bitchute.com/video/uLStFKAw8Okm/

    =

    DEVIL COVID.

    Team Bossche… pulls ahead of Team Yeadon…

    Team Bossche is about to get the chequered flag….

  6. StarvingLion says:

    When will Gail Tverberg admit …

    THE OIL GIANTS ARE SENECA CLIFFING!

    all is lost.

    • davidinamonthorayearoradecade says:

      FF production is down 5% from 2019. ……………………………………………………………………………………………. ALL IS LOST!

    • What are you referring to? Exxon and Chevron share prices were down in 2020, but are mostly back up now. Shell’s shares are not doing so well, but it has said it is cutting back on oil production.

      US oil production is still down based on weekly EIA estimates. June 2021 production may be similar to June 2020 production. More production estimates should be out tomorrow.

    • Minority Of One says:

      Why should anyone admit the oil giants are Seneca Cliffing, let alone Gail?

      Why can you not just state ‘I believe that the oil giants are Seneca Cliffing’, and back up your claim with some evidence?

  7. Fast Eddy says:

    https://childrenshealthdefense.org/defender/21-year-old-new-jersey-student-severe-heart-inflammation-moderna-covid-vaccine/

    A 21-year-old New Jersey student suffered severe heart inflammation after receiving his second dose of Moderna’s COVID vaccine. Justin Harrington, whose school required him to get the vaccine in order to attend classes in the fall, experienced flu-like symptoms followed by heart pain within eight to 12 hours of receiving the vaccine.

    In an exclusive interview with The Defender, Justin’s father, Timothy Harrington, said his son felt different after the second shot. “Every time his heart beat it hurt and he felt pressure,” Harrington said. “Then he developed heart pain down both arms.”

    Harrington said his son, who has no underlying medical conditions, did not experience heart pain with his first dose of the vaccine.

    On May 24, two days after Justin received the second shot, his father took him to the emergency room at Morristown Memorial Hospital because the symptoms had worsened.

  8. Fast Eddy says:

    Well… maybe not a CovIDIOT… no jab no school right….

    Murder victim?

  9. Fast Eddy says:

    Another Ultra CovIDIOT Bites the Dust!

    https://childrenshealthdefense.org/wp-content/uploads/Simone-Scott-Covid-vaccine-heart-death-feature-1024×533.jpg

    19-Year-Old College Freshman Dies From Heart Problem One Month After Second Dose of Moderna Vaccine

    Simone Scott underwent a heart transplant one month after developing what her doctors believe was myocarditis following her second dose of Moderna. She received the second vaccine May 1 and died June 11.

    https://childrenshealthdefense.org/defender/19-year-old-dies-heart-problem-moderna-vaccine/

    • Very Far Frank says:

      Regardless of our thoughts about vaccination Eddy, with which I more or less agree with you, it’s pretty poor form to practice triumphalism about the death of a young woman.

      Better to be sympathetic to victims of medical fascism than lose our collective humanity over it.

      • Sam says:

        Good on you Frank…. Well said

        • Fast Eddy says:

          Actually … it’s consistent with my primary message which is … every dead human is a good human.

          And extinction of humans will be the best thing that ever happened to the planet.

          So f789 her… who in their right mind injects an experiment into their body? I do not care if the school requires it to attend classes… I imagine she sent a Vaxxie around to her mates beforehand… there is no mention in the article that she was coerced and didn’t really want to get Injected

          • Sam says:

            Where is your evidence that millions of people are dying from the COVID vaccination? I am not someone who is going to get the shot but where is your evidence??!!?! You spew our antidotal evidence but no real hard facts. I am not doubting that the vaccine may be harmful but I have been reading your post waiting for some actual intelligent substance instead of your wicked diatribe of eating young children you sound like one of the orcs from lord of the Rings.

            • Fast Eddy says:

              Now Sam Fast Eddy did not say millions have died….

              And it is a very bad idea to provoke Fast Eddy….

      • Fast Eddy says:

        Maybe she could have taken the animal’s place in one of these experiments… huh?

        https://www.peta.org/features/top-five-shocking-animal-experimentation-facts/

        How about this one?

        https://www.peta.org/wp-content/uploads/2014/04/PLRS-rabbit-1024×764.jpg

        • Student says:

          Yes, this is exactly useful when we say that humans can kill and torture other living beings just with the purpose to do it, while animals just kill to feed themselves.

      • On the other hand, maybe the opprobrium cast upon Eddy is better reserved for the people who put Simone in the situation—in which she was essentially murdered—in the first place.

        • Xabier says:

          The regulatory bodies everywhere are complacent about all of this harm, and yes, therefore effectively, morally, murderers.

          Deaths reported total some 20,000 or so; how many of the nastier adverse effects, which are in the millions, have left people crippled or functioning but miserable and sickly?

          Mass murder is here, the order of the day…….

    • Rodster says:

      If we lived in an age where the governments, health officials and Media were not performing “mental intercourse” on the global population, then they vaccines would have removed from distribution after 25 similar deaths. We longer live in those times. We are being fed nothing but bullsh*t 24 hrs a day regarding Covid.

  10. Very Far Frank says:

    If you’ve been following the UAP story (the politically correct acronym for UFOs) that first broke a year or two ago, you’ll know that the tone of the conversation has changed markedly since the New York Times, in 2017, led with a story about UAP encounters with the USS Nimitz.

    That tone change has picked up pace with additional articles recently in the same mainstream media that would have derided any mention of UFOs as pseudocience and bunk just a few years ago:

    https://www.nbcnews.com/politics/politics-news/truth-embargo-ufos-are-suddenly-all-talk-washington-n1270560

    https://www.usatoday.com/story/news/nation/2021/05/30/ufo-sightings-spark-concern-more-than-just-conspiracy-theorists/7479065002/

    https://www.nytimes.com/2021/06/03/us/ufos-report.html

    As much as I find mainstream media to be complete anathema to the pursuit of truth, it is interesting that this apparent ‘shift in credibility’ is being percolated down to whoever the hell reads these news outlets.

    Even the Washington Post is fishing for comments in the UFO subreddit:

    https://www.reddit.com/r/UFOs/comments/o0mt0j/question_from_the_washington_post_for_rufos/

    Of course, it could be an organic, genuine change in attitude deriving from an increased level of evidence for the phenomena, but then the evidence has been there for a long time, for those who took the time to look and investigate impartially.

    The US Government is bound by law to produce a report this month detailing their knowledge of the phenomenon (thanks to the House GOP for sneaking that one into the budget proposal), and while we’re being primed by this same media not to expect a ‘Disclosure’ with a capital D, the report is also expected to poo-poo the notion that the UAPs represent foreign technology (i.e. Russia or China).

    That being the case, and with the evidence for impossible flight characteristics building, logical minds have to come to different conclusions…

    The implications of non-human intelligence surveilling our world and potentially affecting our existence and continued development has consequences for our view of collapse. If the entities are benign and concerned about our continued survival, will they step in to prevent economic collapse? Will they help us ‘transition’ our society to a more sustainable mode, perhaps through incremental and painless depopulation?

    There are certain processes associated with high civilisation that I can’t wait for collapse to sweep away, not least the ridiculous excesses of ‘woke’ culture and the ignorance of believing a high energy industrial civilisation can be effectively run on wind turbines and solar… But there’s another part of me that wants some species to come out of the great void of the Cosmos and save our arses from what would be a hugely violent and turbulent Seneca Cliff event.

    One thing is for sure, this UAP technology is becoming more visible, more credible, more acceptable and more reasonable to talk about. What that reality portends is up to speculation, but I have a feeling that some more substantive information may be coming out.

    The public intellectual Sam Harris has recently come out to say someone credible in government ‘got in touch’ to inform him that “when the other shoe drops”, he should be ready to intenalise the reality that we’re in the presence of alien technology, in order to better make sense of it to the public.

    https://www.reddit.com/r/UFOs/comments/nxojvr/sam_harris_on_disclosure/

    Hold on to your hats OFW, things are getting interesting.

    • StarvingLion says:

      Then Mainstream Physics has it all wrong.

      There is only 1 field: the electrostatic field and its modalities.

      All this newton-einstein-qft stuff is wrong

    • Strange! Perhaps we will be rescued from our energy problems in a way no one would ever imagine.

      • Very Far Frank says:

      • Xabier says:

        We shan’t be worrying about energy problems when they eat us……

      • Dennis L. says:

        If the UFO meme is correct, mining the moon will be trivial, mining Mars will be trivial, refining on Venus/Mercury with infinite amounts of energy will be trivial and the price of WTI will be of no consequence.

        Ah, the life of an optimist. I can see Elon pulling up next to Titan and filling up a rocket ship with a load of methane.

        I have no opinion on UFO’s.

        Dennis L.

        • Counterexample

          We have had airplanes for 120 years, but we do not transport iron ores by them.

          That is because transporting iron ore, and other metals, by airplanes are not economical. It could be done, but are not done since it is not worth the trouble.

          You do not use warplanes to transport people.

          To make your dreams true, we have to first blast off the tomb of Willard Gibbs, Jr. He was the one who proposed the idea of the Three Laws of Thermodynamics.

    • davidinamonthorayearoradecade says:

      10 and 20 years from now, there will have been no progress made in finding solid evidence for such speculative alien technology/

      • Very Far Frank says:

        Unless you work for the Department of Naval Intelligence, you probably can’t make that assertion.

        • davidinamonthorayearoradecade says:

          and yet I have made that assertion. I would actually welcome plentiful solid evidence of alien tech in our present world. That would be quite entertaining. Like other things almost too good to be true, the 20 year rule applies. I don’t expect any good solid evidence this year or next etc. I hope I am wrong.

        • Bei Dawei says:

          Funny how the Navy didn’t get interested until all those reports of anal probes started surfacing.

  11. Very Far Frank says:

    My investment tip for the week:

    Buy some Cardano before smart contracts is released on the mainnet (in August).

    They’ve already successfully completed a smart contract on the testnet, and when it moves to mainnet- boy howdy- they’ll be in a much better position than Ethereum (no insane ‘gas fees’ for transactions) so the price will shoot up when the news drops.

    Despite the hype there’s a lot of hidden value in crypto, and this is it.

  12. StarvingLion says:

    TOTAL COLLAPSE IS IMMINENT

    https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_fundstrading

    Investor Alerts and Bulletins
    Funds Trading in Bitcoin Futures – Investor Bulletin

    June 10, 2021

    The Securities and Exchange Commission’s (SEC’s) Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s (CFTC’s) Office of Customer Education and Outreach (OCEO) urge investors considering a fund with exposure to the Bitcoin futures market to weigh carefully the potential risks and benefits of the investment. Among other things, investors should understand that Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative investment. As such, investors should consider the volatility of Bitcoin and the Bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying Bitcoin market.

    Bitcoin. Bitcoin is a digital asset, or an asset that relies on blockchain technology. Bitcoin has also been called a “virtual currency” or a “cryptocurrency.”

    Bitcoin future. A Bitcoin futures contract is a standardized agreement to buy or sell a specific quantity of Bitcoin at a specified price on a particular date in the future. In the United States, Bitcoin is a commodity, and commodity futures trading is required to take place on futures exchanges regulated and supervised by the CFTC.

    Funds regulated under the Investment Company Act of 1940 and its rules (“funds”) are required to provide important investor protections. For example, funds must comply with legal requirements related to valuation and custody of fund assets, and mutual funds and ETFs must comply with liquidity requirements. Those protections apply to all of a fund’s holdings, including holdings of Bitcoin futures contracts. Some funds may engage in the trading of Bitcoin futures contracts as one way to gain exposure to Bitcoin. Investors should understand that positions in Bitcoin and Bitcoin futures contracts are highly speculative.

    Investors who are thinking about investing in a fund that buys or sells Bitcoin futures should carefully consider:

    The investor’s risk tolerance. Investors should focus on the level of risk they are taking compared to the level of risk they are comfortable taking. For more information, read Assessing Your Risk Tolerance.
    The fund’s disclosure of its risks. A fund is required to disclose the principal risks of investing in the fund in its prospectus. For more information read, How to Read a Mutual Fund Prospectus (Part 1 of 3: Investment Objective, Strategies, and Risks).
    Potential loss of the investment. All investments in funds involve risk of financial loss. This risk may be increased for positions in Bitcoin futures contracts because of the high volatility of Bitcoin and Bitcoin futures (meaning prices can fluctuate widely). There is also the potential for fraud and manipulation in the underlying cash or “spot” Bitcoin market.
    Difference in investment outcome. A rise in Bitcoin prices may not result in a similar increase in the value of a fund holding positions in Bitcoin futures contracts. This is in part because funds that trade commodity futures contracts may not have direct exposure to the contracts’ underlying assets. Futures contract prices can vary by delivery months and differ from the underlying commodity’s spot price. Futures contracts also expire periodically, resulting in fluctuations of portfolio exposure as expiring futures positions are typically rolled into new contracts. The value of a particular fund may be affected by this maintenance of futures contract exposure. For more information about funds or exchange traded products that trade commodity futures, see Learn About Risks Before Investing in Commodity ETPs or Funds.

    Funds that buy or sell Bitcoin futures may have unique characteristics and heightened risks compared to other funds. It is important to consider how any investment fits into your overall investment plan before investing.

    • davidinamonthorayearoradecade says:

      though the meaning of “imminent” remains elusive.

      • Sam says:

        I agree I think we have 10 years before collapse… but I do see a 2008 size recession albeit much deeper and longer in a year or two

        • StarvingLion says:

          10 years??? HAHAHAHAHA…more like 10 days.

          Michael Burry just started up a new twitter account today and tweeted its gonna blow real soon now. As in SP500 FLASH CRASHING to 666 in like a day.

          That day will come in mid July when WTI is spiking to 100.

  13. StarvingLion says:

    The “Renewables” SCAM is OVER. Whocoodanode? Great news for the NasSHIT!

    https://oilprice.com/Energy/Energy-General/China-Delivers-Crushing-Blow-To-Wind-Solar-Power.html
    .
    China will stop subsidizing new solar farm projects, distributed solar projects for commercial users, and onshore wind farms as soon as this year, Reuters reported, citing the central planning authority of the country.

    The change will enter into effect on August 1 and is a departure from the course set late last year. The country’s finance ministry had previously committed to granting 57 percent more subsidies to solar power projects this year, although it did slash subsidies for wind power.

    China is a lesson in progress on using subsidies to support the more extensive deployment of renewable power capacity. For years, Beijing has been pretty generous with these installations, spurring a renewables push that turned it into the country with the greatest solar and wind capacity. Then, in 2018, China dropped a bomb on renewables investors.

    “A joint statement put out on Friday by the National Development and Reform Commission, Ministry of Finance and National Energy Administration said the allocation of quotas for new projects had been halted until further notice, and tariffs on electricity generated from clean energy will be lowered by 0.05 yuan per kilowatt hour, a cut of 6.7 to 9 per cent depending on the region, effective June 1,” the South China Morning Post wrote in 2018.

    The news sent solar stocks reeling and the industry in a frenzy. The motivation behind the cut was that Beijing wanted to ensure the local solar industry was sustainable in the original sense of the word over the long term.

    Yet the reasons for the cut—and this year’s end of subsidies—were not exactly altruistic. – China has amassed a massive debt pile in subsidies owed to wind and solar companies as a result of its previously generous support for new projects. – The pile, according to a Bloomberg report from July last year, is worth about $42 billion.

    • StarvingLion says:

      TAN
      Invesco Solar ETF (ETF) down 2.5% today.

    • I see that Reuters says:

      China will no longer grant subsidies for new solar power stations, distributed solar projects by commercial users or onshore wind projects from the central government budget in 2021, the state planner said in a statement on Friday.

      Electricity generated from the new projects will be sold at local benchmark coal-fired power prices or at market prices, the statement said.

      The new rule will take effective from Aug. 1.

      China was trying to pay above wholesale electricity prices for intermittent electricity. It found it couldn’t make up the extra promised price by charging more, so got farther and farther behind in paying promised subsides. Transmission costs are also very high for wind and solar, so the total cost would easily get to be absurd.

      The way I see things, China isn’t driven by people trying to be “green.” They have at least some common sense. At some point, they come to realize the wind and solar are really worth less than coal and natural gas, for generating electricity. It would be better to use high cost coal (given depletion issues) than even higher cost wind and solar.

  14. StarvingLion says:

    Clapton: “My daughters seem brainwashed to me”

    Soon, the lil darlings will be dragging Ol ‘Slowhand’ to the jab centre for more “shaking like a leaf” goodness boosters.

    Its only Currency Collapse, Eric, no real biggee. The lil darlins aren’t taking it too well, huh?

    His daughters want perpetual motion/free energy devices, not another gig for worthless fiats.

  15. Minority Of One says:

    I have seen / read quite a few articles / videos over the last few months arguing that inflation / deflation is imminent. This is the first person to make me think that maybe deflation is imminent. Neil McCoy Ward interviews Steven Van Metre.

    Not a must-watch but very interesting. Steven Van Metre is possibly the first economist I have listened to who is able to explain most things in plain English.

    • Sam says:

      I watched his new video The question is how long can the Fed keep their shell Game going
      He predicts stocks crashing because of fed actions not so sure I don’t think they would like that happen

    • Minority Of One says:

      Chris Martenson takes the opposite view. Inflation here to stay.

      Alert! Inflation & Shortages at Critical Levels
      https://www.youtube.com/watch?v=h8XzvE250gU

      Chris does not discuss the possibility of lots of people losing their jobs soon, companies / individuals going bankrupt.

  16. Med Page Today has an opinion article dated June 13 called The Legal Stakes of a Lab Leak
    — China could be on the hook for a trillion dollars, but the U.S. isn’t blameless

    This is the final paragraph:

    The U.S. is not completely blameless, however. Our concern over the funding of gain-of-function research was brief. America did fund and collaborate on what was inarguably gain-of-function research on coronavirus. American scientists worked with Chinese counterparts and many such collaborations are easily accessible in the medical literature. The highly ironically named “Operation Warp Speed” told a false story that speedy vaccine development occurred because of super-human insight based on de novo hard work. Many scientists already knew this virus very well. Coronavirus gain-of-function research is another example of the insufferable hubris that infects morally careless scientists, and we are all the losers as a consequence.

    • Minority Of One says:

      I don’t understand this focus on financial compensation. This is the least of the CCP’s worries, and that of every other country that has been involved in this as scam / mass murder. If the truth truly gets out, of which I am sceptical, then a lot of heads are going to roll. But I cannot see this happening. I have no crystal ball, but I think more likely a new virus will be on the way soon, leading to the next round of lockdowns.

      • StarvingLion says:

        The Oil Bugs are like the Gold/Silver Bugs. The Enemy.

        Of course they will release a new virus to CRASH the price of oil with full martial law lockdowns.I bet it comes right at the peak of driving season in late July.

        Crash WTI 80 to -100 this time. By that time Vancouver gasoline prices will be about to set a new all-time high. Won’t happen.

        Its so predictable its like childs play. We’ll all get rich predicting a massive crash.

      • If a person wants to get an article published, a good tactic is to claim some financial damages related to the release of the virus, whether or not there is any realistic chance of such a recovery being made.

        Ecological Economists have been putting together articles that claim the long term cost of an oil spill is some large dollar amount, based on the “value of ecological services.”

        In law suits, it is usual to attach a dollar amount to lost human lives. Also, lawyers try to recover medical costs and lost wages.

        • Xabier says:

          It is just the same in ‘primitive’ societies: the kin can clam compensation for the lost life based on the lifetime economic value which has been lost to their relations.

          Of course, it’s dressed up with emotions, and one has to say how wonderful they were, but the bottom line is – ‘Here’s some stuff to make up for your deep loss’. A cow, some goats, etc.

      • Xabier says:

        A ‘new virus’ will certainly come, or a ‘dangerous variant’, because the narrative needs it.

        ‘Variant of concern’ is even better, as it means nothing at all!

        As for the truth, well, we will be like the victims of all Totalitarian states: obliged to put up with official lies, fake science, and obey the decrees of an insulated, untouchable, arrogant elite who say they are simply making people ‘safe’.

        Making cynical jokes, cursing them in private, but powerless to escape the new matrix of domination.

  17. The Soviets pushed Georgi Zhukov as one of the greatest generals of World War II, an opinion shared by very few outside of Russia.

    Zhukov had a virtually unlimited amount of manpower, and he was good pleasing Stalin so he was given a powerful position.

    His chief strategy was dump as many manpower and firepower as possible until the Germans cracked. That worked sometimes since Germans had supply problems, but as late as April 16, 1945, when Germans were all but beaten, Zhukov’s 1 million men had trouble going through the Seelow Heights, defended by less than 100,000 demoralized Germans, and only tanks coming from behind the German lines (breakthrough achieved by another genera in the south) enabled Zhukov to get through the Heights.

    Zhukov was sidelined by Stalin after the war since the Iron Dictator did not want the general to steal the glory, but was still regarded as a Soviet hero but it is now questioned whether he was really a great general.

    ====

    It is true that Elon Musk has secured virtually unlimited funding from entities like BlackRock, and he is showing the result of these funding.

    The GreyEnlightenment guy, whom I quote sometimes, said going against Tesla is going against human intelligence. The irony is the GE guy made money through real estate.

    Like Thomas Edison being selected over people like NIkola Tesla, Elon Musk was selected by the usual suspects to lead the world to the future. With that kind of support it is impossible to have no results.

    I do not envy him or his power, but without the massive funding, he would not be where he is. One of my friends sold something to one of Musk’s companies, and man, they were slow paying. Musk does not pay his tech staff well, and does not pay his suppliers in time.

    Some people think that is alright, but that shows the regard he has for the people who is not named Elon Musk.

    I do not doubt he will go somewhere. But whether he will reach all of the goals as advertised depends upon the resources which he can secure, despite of all the rhetoric, and how much resources will be consumed by how many people. The Germans had stealth tech during the last days of World War 2 but it was too late to save them ; something like that will probably happen to Musk and his backers, in my opinion

    I am not going to comment on getting resources from spaces anymore. If it is that easy, do that .

    • Xabier says:

      Quite right Kulm, about Elon – selected to succeed – and Hitler did indeed have the secret weapons he promised the German people, but far too late to mean anything.

      The V1 and 2 did scare the hell out of the British though, especially the V2 because you couldn’t hear it.

    • James Speaks says:

      Elon Musk is a polymath. Just review the list of companies he has founded. The breadth of his entrepreneurship is astounding. He is to technological development as Einstein was to modern physics, but more so. With so many successes, one has to expect a few failures.

      Recently he put his last California house up for sale. One might say that Elon Musk defines future time orientation.

    • Very Far Frank says:

      What a strange and awkward analogy paralleling Zhukov and Musk- it doesn’t work on any level.

      Musk made his initial fortune by dint of creating a useful technology product (Zip2) and he has leveraged his position from that initial success. He has had a number of close calls, almost having to shut down Tesla and SpaceX on a few occasions.

      Conspiricies are sure to exist, but anyone paying attention to Musk and listening to him will recognise he’s the real deal and hasn’t been ‘selected’ by anyone- otherwise TPTB wouldn’t have partisan language on his wikipedia page accusing him of spreading ‘disinformation’ about COVID-19 by simply questioning its severity.

      • geno mir says:

        I can see Edward Bernays’ smiling in his grave. He is very proud!

      • Xabier says:

        Those running the game do know how to select talented people, after all.

        He is allowed to question the narrative every now and then: and it changes nothing, haven’t you observed?

        He made it clear tests were crap, for instance: his tweet fell like a stone into a bottomless well and had no consequences.

        Musk is fully complicit in creating the digital prison.

        For that he merits execration.

  18. Duncan Idaho says:

    “The most trusted measure of economic strength says California is the world-beater among democracies. The state’s gross domestic product increased 21% during the past five years, dwarfing No. 2 New York (14%) and No. 3 Texas (12%), according to data compiled by Bloomberg. The gains added $530 billion to the Golden State, 30% more than the increase for New York and Texas combined and equivalent to the entire economy of Sweden. Among the five largest economies, California outperforms the U.S., Japan and Germany with a growth rate exceeded only by China.”

    California is going to get tired of supporting our Red State friends.
    They may have to put down the beer, lose 50 pounds, turn off Faux, and drive to work rather than the fast food for a few donuts and BigMac’s.
    But I’m probably being unrealistic.

    • Very Far Frank says:

      You are being unrealistic, but in the sense that you’re forgetting California’s many gaping issues that aren’t captured by simplistic GDP measures.

      Another thing that should be patently clear from any political map- the red areas grow the food while the blue areas tap away at keyboards. Which is more resilient?

  19. Ed says:

    Elon is back in favor of cryto as long as it is mined using wind and solar power. hehehehehe

    • Dennis L. says:

      Ed,

      Think of it this way. Elon has crypto, is widely followed, needs money to purchase a 9000T press. Elon sells some crypto, purchases a 9000T press, then announces doubts on crypto, crypto crashes, Elon purchases crypto for original price minus the cost of one 9000T press. Elon takes bonus depreciation on 9000T press, no federal taxes and has his original position in the nominal number of crypto units. Traded bits for stuff which revolutionizes the manufacture of car chassis with greater precision and less cost than conventional, patents the Al formula, makes a profit on crypto to boot.

      Looks pretty clever to me, it was mined indirectly, he had no overhead other than carrying costs of crypto.

      Elon has a car running off of coal with a chassis that is close to 100% recyclable – green to boot.

      Go green team, charge off of solar if one so wishes, average trip will only use maybe 7% of battery charge, time to charge less than 12% of full charge.

      Dennis L.

      • Sam says:

        Are gasoline chassis not recycled. Seems like a lot of steel can be. I’m not knocking Musk… well maybe I am …. Because he is trying to sell “green “ as a panacea. It is not …

        • Dennis L. says:

          Sam,

          Green in tongue in cheek, on the stump a politician would do that.
          The chassis looks like essentially one piece of aluminum, high value scrap, it will have bolts(ss I would guess) but there seems to be a great deal less stuff welded/bolted together so less mixing. That is again a guess. It is very simple to make and assemble compared to stampings, etc.

          Recycling cars is very messy, gasoline tanks must be detached, engines drained of fluids, EV seem much simpler, many fewer parts.

          Not a expert, looking at positives.

          Pressing/casting the chassis seems brilliant to me – I cast a great deal of units on a small scale in the dental lab industry(actually large volume, small in size), managing contraction of the metal and flow was a challenge, if this works it is incredible.

          Dennis L.

          • geno mir says:

            I can’t understand why you are saying this is revolution in metallurgy and casting? Russians are casting one piece titanium chassis and anything they need to be casted in titanium, west can’t even come closer to this breakthrough although they were playing catch up for 30+ years. How doing the same with aluminum is revolutionary? I will take this as relevant the moment the MIC start using it. Otherwise it is just a pump PR for the TSLA.

  20. Herbie Ficklestein says:

    Drowning in CASH….that’s a problem!!!????

    Bloomberg) — More and more, money-market investors are wondering whether the Federal Reserve will tweak its monetary policy toolkit to help an industry that’s starting to drown in a sea of cash.

    The Fed’s existing facilities have helped alleviate the impact of the growing dollar glut in short-term funding markets that’s outstripping the supply of investable securities and weighing down front-end rates. But officials can only continue to do so if money-market funds, which help funnel more than $4 trillion of cash investments into short-term instruments, are functioning properly.

    Now, some are now wondering how long the Fed can stem the effects of the growing cash pile if it doesn’t adjust some of the auxiliary rates it uses to help steer markets — including the zero yield it offers through its reverse repurchase agreement operations.

    Too much of a good thing…

    • Part of the reason there is so much excess cash is that there has been a long period of “nothing to buy,” except a few goods imported from overseas and overpriced houses. Cash flows of many households has been very positive, because there was no way to spend the money that was coming in.

      Organizations such as churches found their contributions close to as high as ever, but expenses were down, since in-person meetings were out. I expect that at least some types of businesses were in this condition as well. Also, non-financial businesses that borrowed money (bringing the total US non-financial debt up to $11 trillion) needed a place to park their cash until they could spend it.

      Also, quite a bit of the funds provided by the US government to citizens didn’t go to citizens who “needed” it. Their income was the same as the past; their expenses were often down, because they didn’t commute, or go out to restaurants, or travel long distances for celebrations such as graduations and weddings. These extra funds ended being parked somewhere, too, I expect.

      • Dennis L. says:

        Paragraph 2, source of data?


        Coronavirus

        Church donations have plunged because of the coronavirus. Some churches won’t survive.

        The Rev. C.J. Rhodes preaching to his congregation at Mount Helm Baptist Church in Jackson, Miss., in September 2019. (Jay Deville Johnson )
        By
        Michelle Boorstein
        April 24, 2020 at 5:00 a.m. CDT

        Pastor J. Artie Stuckey has cut or eliminated every staff salary at his small Mississippi church. He is nervously watching the payments for the building where Restoration Baptist meets. He reminds his congregation to keep tithing, but he knows many of them — the barber, the electrician, the musician — have also seen their finances rocked by the pandemic shutdown.

        Stuckey, a 42-year-old who sold cars until the ministry called him 15 years ago, is sympathetic to being cash-strapped. Restoration wasn’t in great financial shape even before the virus wiped out more than 50 percent of its weekly offerings.

        But now the 65-member evangelical church outside Jackson is in survival mode. Which, to Stuckey, feels like a test of faith.

        “I made a commitment to God, to my people. We’ve been teaching and preaching faith. Anyone can be a leader, but if you’re a faith leader, what do we do?” he asked. “Do we fold, or do we become a living example of what we’ve preached for so many years?”

        https://www.washingtonpost.com/religion/2020/04/24/church-budgets-coronavirus-debt/

        Dennis L.

        • I went to the Annual Meeting of my congregation on Sunday. This is the meeting to talk about the budget. The treasurer got up and said, “The good news is that during every single month of the pandemic, our cash flow has been positive. Most people give through Simply Giving (an online automatic system). While other giving dropped a little, payments for expenses dropped a whole lot more. We did less heating of the building. The church staff mostly worked from home. We didn’t buy Sunday School Supplies or material for making bulletins each week.

          This was a big change, because previous years attendance and giving had been falling.

          I think one issue is that there are a lot of older people in the congregation, who felt very alone during the pandemic. Many of them had difficulty physically getting to church, but with Zoom, they could again participate. They considered the church a big plus, in a time of difficulty.

          I found this article: Spiritually remote: How the pandemic is affecting already declining church attendance December 20, 2020

          https://www.centredaily.com/news/local/article247989585.html

          When the world shut down, many mainline denomination members began rekindling their relationship with the church, according to Victoria Rebeck, the director of connecting ministries of the Susquehanna Annual Conference of The United Methodist Church in Pennsylvania. Morale was higher than ever at the beginning of the pandemic under the heading of being in this together, ministers said. People showed their support by logging on to virtual services.

          In fact, remote worship and services seemed to be a saving grace for many churches struggling to bring people together. Although physically apart from their congregations, many pastors said their churches felt closer than they had for years. In some churches, users signed on from around the world to tune into worship, a sign of reassurance for many.

          “Who would have guessed it, but we have so many more people,” Rebeck said. “People who probably wouldn’t have walked in the door of the church … are walking to the verge of the church, and it’s fascinating.”

          • Dennis L. says:

            Nice, good to hear.

            As an old guy I miss the simplicity of church when basically it was bible verses and music, no solving the world’s material issues. Sometimes it is enough to feel good and forget some of the cares of the world.

            Dennis L.

            • Xabier says:

              I hope you get your dance classes back, Dennis.

              I’m delighted to be back at the local bookshop, and they accept my refusal to wear a mask, which is decent of them.

    • Sam says:

      I wonder if the longer we have inflation the better chance that it is here to stay. If employers pay more for employees then it will be difficult to come back down just like interest rates and house prices? Can house prices come down?

      • With all of the Central Bank activities, our money may become “worth less,” if not “worthless.” So it is possible that we will permanently pay more for what little we find available to buy.

        • Dennis L. says:

          I was wrong about SE MN, we are low on moisture, grass is turning brown on the farm. I had considered purchasing a large, “compact” tractor, JD for CRP land, liquidity concerns. I can weather a few bad years with minimal to no rent, not going to add any costs that might jeopardized that.

          Could be a mistake, cost of tractor might increase much faster than money earned. Assets can rise in cost/price with no increase in cashflow, indeed negative is not at all unusual.

          If drought becomes long term, all bets are off, wealth literally turns to sand, bummer.

          No easy solutions, up close and personal.

          Dennis L.

          • nikoB says:

            Bau is biting. Droughts are fully exacerbated by farming methods. The natural vegetation of 100’s of years ago moderated the extremes far more than today. Solar and wind isn’t going to fix that.

            I hope times don’t get too tough for you Dennis.

            • geno mir says:

              And in my corner of southern europe we have excessive rain, and is excessive by an order of magnitude compared to last year (which was also very rainy). In addition temperature is till trying to pick up above 20-22 degree Celsius given that this is the temperature for april/early may and we are already mid of June. Normally for this time of the year we should be reaching steady min daily temp of 18-20 degrees and max daily temp of 30-33 degrees. I am constantly with cold feet and need to use my heating system at least for 30-60 min morning/evening.

  21. Mirror on the wall says:

    A frank appraisal of the UK economy in the Telegraph. UK is the world’s fifth largest economy by nominal GDP (market rates of exchange), but tenth on ppp GDP (relative prices); UK is 20th in nominal GDP per capital – and 25th on ppp GDP per capita.

    > Behind the G7 fanfare, Britain’s economic crown has slipped

    It is often alleged that the UK is the ‘fifth richest country in the world’, but this statement is a travesty of the truth

    When comparing countries’ GDPs, you have to use some sort of exchange rate. There are different candidates and they can produce widely differing answers. If you use last year’s market exchange rates, then in 2020 the UK was the fifth largest economy in the world, behind the US, China, Japan and Germany.

    For some purposes, comparing GDP at market exchange rates is appropriate – but it can also be downright misleading at other times. On the whole, poorer countries tend to have lower price levels. This means that using market exchange rates systematically underestimates the true size of economic activity in those countries. For this reason, economists usually make use of an artificial exchange rate based on so-called Purchasing Power Parity (PPP), which attempts to correct for this.

    When you use PPP exchange rates, the ordering of economies is radically different. On a PPP basis China is larger than the US by some 15pc.

    The UK shows up as the tenth largest economy in the world – and in a particularly stinging blow, on this measure we rank just behind France.

    Whether you use market exchange rates or PPP rates, it is important to realise that comparing total GDPs in this way is not a sensible gauge of how rich countries are. The size of a country’s GDP derives from a combination of the amount of its GDP per capita – that is to say, how productive its citizens are – and the total number of people in the country.

    Using market exchange rates, the UK’s GDP per capita ranks us 20th in the world – just behind New Zealand but just ahead of Japan and, most importantly, France. If you use PPP exchange rates, however, the UK comes in at number 25, just behind Korea and, gallingly, two places behind France

    It is the figures on GDP per capita that really bring you up short. Our GDP per capita is about one half of Switzerland’s and about two-thirds of America’s.

    You may try to dismiss these comparisons on the grounds that both countries are extraordinary in different ways. But our GDP per capita is also significantly lower than the equivalent in Denmark, the Netherlands, Sweden, Austria and Finland. Strikingly, we come well below our two former colonies, Singapore and Hong Kong. Indeed, on a PPP basis, Singapore’s GDP per capita is more than double ours.

    https://www.telegraph.co.uk/business/2021/06/13/behind-g7-fanfare-britains-economic-crown-has-slipped/

    • Mirror on the wall says:

      One can see why the Tories like to trumpet that the UK is the fifth largest economy in the world – it sounds better than saying that UK is the 25th by ppp GDP per capita (actual wealth).

      It is often argued that Scotland could not do well outside of UK because it is ‘too small’ to do well on its own. However, the data shows that all of the smaller countries in northern Europe, with much smaller populations than UK, do better in ppp GDP pr capita than UK. So much for that ‘argument’.

      – ppp GDP per capita in $

      Luxembourg 122,740

      Ireland 99,239 (level inflated by international corporations)

      Switzerland 75,880

      Norway 69,171

      Denmark 61,478

      Netherlands 60,461

      Iceland 58,151

      Austria 57,891

      Sweden 55,566

      Belgium 53,973

      Finland 51,867

      United Kingdom 47,089

      https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

      • I notice your list is of selected European countries. The Wikipedia list includes many others. The United States is shown as 68,309, so it is just below Norway, for example.

        Australia is a 54,891, between Sweden and Belgium.

        Japan is at 44,585, so below the UK. New Zealand is at 44,226. Italy is just below this, at 44,226.

        Israel is at 42,570; Palestine is at 5,664. Rather unequal!

        China is at 18,931; India is at 7,333.

        All of these are 2021 estimates.

        • Mirror on the wall says:

          It caught my eye that each of the old colonial Anglo-sphere countries do better in ppp GDP per capita than the UK – except for NZ, which surprised me.

          United States 68,309

          Australia 54,891

          Canada 51,713

          United Kingdom 47,089

          New Zealand 44,226

          I had supposed the NZers were better off, but not so. I suppose that is because they remain a predominantly agricultural society (80% of NZ exports in 2019), and they lack the raw materials that Australia is able to export to China in addition to their agriculture.

          I was also surprised that Canada is not doing better – they are barely above UK. Ppp GDP is an eye-opener.

    • Mirror on the wall says:

      Boris is hailing his post-Brexit Australia-UK trade deal today, even though it will add only 0.02% to the UK economy over 15 years.

      UK goods exports to the EU are down by 25%, and hundreds of billions have already been lost in service exports – UK services (the bulk of the economy) no longer have access to the EU market, including the financial services of the city of London, which are flooding to New York and Amsterdam.

      The Australia-UK ‘deal’ contains absolutely nothing for UK, and amounts to a lifting on tariffs on Australian agricultural exports to UK, which will damage the UK farming industry – just so that Boris could desperately trumpet any post-Brexit deal. Commentators warn that the Australia-UK deal will weaken the Tories’ hand in any future deals, as they have demonstrated that they will make deep concessions in order to get any deal.

      > PM hails Australia trade deal that will ‘grow the economy by just 0.02%’

      Prime minister hails ‘new dawn’

      The UK’s new trade deal with Australia will bring “fantastic opportunities” for Britain, Boris Johnson has said.

      The prime minister hailed the agreement, which the government expects to grow the economy by just 0.02 per cent over 15 years, as a “new dawn” for Britain.

      A statement released by Downing Street on Tuesday morning said Mr Johnson agreed the main elements of the deal at a meeting with Australian Prime Minister Scott Morrison in Downing Street on Monday night.

      But British farmers have warned that imported Australian food produced at industrial scales and to different standards will drive them out of business.

      “Today marks a new dawn in the UK’s relationship with Australia, underpinned by our shared history and common values,” Mr Johnson said in a statement.

      “This is global Britain at its best – looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic.”

      But Dmitry Grozoubinski, a former Australian trade negotiator, said it was difficult to see what the UK had got out of the agreement and that Australia had got everything it could have asked for.

      “The one thing Australia wants out of trade deals, the reason we do them, the marching orders we used to get, is access into agricultural markets abroad,” he told LBC.

      “We make a lot of agriculture, there are a lot of barriers to sending our produce overseas in terms of tariffs, so we get sent in there and told ‘go and get rid as many of those barriers as you can’.

      “I don’t think we have ever done as well as this: getting rid of all tariffs and quotas forever is virtually an unprecedented result: it’s as good as what you could possibly get from Australia’s perspective in a free trade agreement with the United Kingdom, but not transformational for our economy: you guys are pretty far away.”

      Asked what wins the UK had got out of the agreement, he said: “We have not heard any of them: if you look at even today minister [Liz] Truss was tweeting about the deal, the way she tends to sell it is ‘you will get cheaper Australian products’.

      “There’s a question of how much you’ll actually feel that at the supermarket, and that is in trade negotiation terms a concession by the United Kingdom. It’s the UK agreeing to get rid of a tax on Australian imports.”

      https://www.independent.co.uk/news/uk/politics/brexit-australia-deal-boris-johnson-b1866062.html

    • Good point! On practically any reasonable basis, China is the world’s largest economy. Looking at comparisons on a dollars of GDP basis is misleading.

    • Harry McGibbs says:

      “It is often argued that Scotland could not do well outside of UK because it is ‘too small’ to do well on its own.”

      The point is not that Scotland is too small to do well independently but that it is *too small to do well in this current era of declining, possibly even collapsing, prosperity* – being a minnow in a tank full of increasingly hungry sharks is not a good thing to be.

      I sometimes think you visit OFW because you allow yourself to see in Gail’s vision of the future a washing away of the British State and other elements you deem undesirable and a simultaneous upliftment of the Celtic fringe. This is a delusion.

      • Mirror on the wall says:

        We do not know exactly when the global economy will collapse – and there are still opportunities in the meantime. That is certainly the perspective of the Scottish public.

        No one is planning for the post-collapse scenario – and if they were, the priority of any rational person would be to remove the nuclear power stations from Scotland, which the Scottish parliament supports.

        UK has already cut itself adrift from its neighbours, so pot, kettle.

        Scotland was always a separate country from England before industrialisation, and that is likely to be the case after it.

        It is undeniable that blocs and unions are liable to devolve as less energy becomes available. In physical terms the dissipative structures will reform as energy flow reduces. I can face that prospect when it comes to my own country.

        Let’s keep it polite and non-personal, like the England are famed for – emotional stability and all that.

        • Harry McGibbs says:

          “We do not know exactly when the global economy will collapse – and there are still opportunities in the meantime.”

          Those will increasingly go to the sharks.

          • Mirror on the wall says:

            Post-collapse geopolitics are basically impossible to predict, and neither is it possible to assure anyone of post-collapse security – so there is zero point to now trying to wield ‘fear’ to marshal ‘fealty’.

            You are basically entering into sci-fi territory – in which scenario, the hardy Scots will obviously see off all-comers, while the English are conquered by the Italians, the Danes and the Normans – again. : )

            • the Scots have too much vertical and not enough horizontal to make conquest a paying proposition.

              and midges for extra persuasion to those who can’t take a hint that they are not welcome

            • Harry McGibbs says:

              I am not talking about post-collapse, at which point all bets are indeed off (the hardiness and feistiness of the Scots notwithstanding) but the time between now and then, which, for however long it lasts, will be increasingly cut-throat and competitive, as the UK is currently discovering.

            • Mirror on the wall says:

              OK well, between now and collapse, Scotland can apply to join NATO – but regardless, there is zero chance of anyone attacking Scotland before collapse – there is absolutely no way that England or anyone else would allow that, regardless of Scottish independence.

              It is not like England or NATO is going to allow Russia to invade an independent Scotland. So, there is absolutely no need for Scotland to stay in the UK (or even to join NATO) in order to be secure between now and collapse – everyone else would guarantee its security, regardless.

            • Harry McGibbs says:

              I do not see anyone invading Scotland either.

              When I talk about Scotland being a minnow in an increasingly cut-throat world, I am talking about it not having the heft to secure advantageous terms on trade deals against a background of rising protectionism, a central bank or currency of its own, the economic credibility to “get away” with creative stimulus, which it surely going to need based on the SNP’s vision.

              Of course sacrificing some independence to Brussels and re-joining the EU might obviate some of those issues in the very short-term but the EU is itself a shaky proposition and a mixed blessing.

            • Malcopian says:

              Mirror wrote:

              “there is zero chance of anyone attacking Scotland before collapse – there is absolutely no way that England or anyone else would allow that”

              Of course not. An independent England would want to use Scotland for target practice. After all, Boris recently ordered 260 nuclear missiles. He must be itching to use them. It’d be a waste of money, otherwise. Who volunteers to visit Mirror in hospital, when he’s suffering from radiation sickness and Hiroshima syndrome?

              An independent England could commission Jeremy Clarkson to make a reality show. He and a team of Munchkins could invade the streets of Scotland, upskirting patriotic kilt-wearing Scotsmen, and razoring their balls off to feed to the poor wee starving Scottish terriers. I can see that being a very popular reality show – a sort of Scottish CEP, lol!

            • Mirror on the wall says:

              Hmm, you are a real charmer, that comment should win UK some friends in Scotland – not.

              “I know, lets cover Britain with nuclear fall out, show them who has got the bigger one” – not brain, obviously.

              Biden has got his ‘poodle’ firmly muzzled.

              Good luck disposing of those 160 warhead safely after collapse.

              Thanks for your contribution though, it is always a giggle.

          • Xabier says:

            The sharks, the predators, the foul creeping things that love the dark. The Rothschilds……

            Dracula:

            ‘Ah, the children of the night, what lovely music they make!’

      • agreed

        Scotland fits the universal law of nations:

        If a nation cannot produce sufficient resources from within its own borders to satisfy the needs of its people, then it must beg buy borrow or steal them from elsewhere, or sink back to the median level of common existence

        • Ed says:

          Norman, you are right but the Scots may as well die free.

          • I agree

            but if Scotland devolves, economic desperation will eventually throw up tribal leaders.

            in that respect it will be no different to Texas, or Alabama or England for that matter. As energy slips away, nations will secede from one another and start to fight over depleting resources. The Scots will start stealing our cattle again.

            ‘We will do better on our own’—totally unaware of what the problem actually is

            I’ve listened to Brexiteers. What they have in common is being relatively well off. There is a total rejection of the concept that wealth is a product of mutual support.

            • Mirror on the wall says:

              “There is a total rejection of the concept that wealth is a product of mutual support.”

              That is a fair point, and most Scots support re-joining the EU, even if that means leaving the UK – and who can blame them, after the Brexit Tory deal fiasco, and now the post-Brexit Tory deal fiascos.

              Scotland would no doubt enjoy the same situation as NI, with full access to the EU single market, and access to the rUK market – with some checks on goods going into Scotland from England (and those sort of flows will likely have been eased by then).

              So Scottish independence is a ‘win, win’ situation for Scotland – they would have the benefits of EU membership, and retain full access to UK market, like NI has. They would get to co-operate with everyone, and to mutual benefit – including that of England.

        • Sven Røgeberg says:

          The nation has one additional option: to let the surplus population emigrate

          • that comes under:

            beg borrow or steal from elsewhere. (emigrants need sustenance)

            the law cannot be circumvented

            I wrote it several years ago

        • Minority Of One says:

          England currently imports nearly all its oil requirements, about half its gas, and nearly half its food requirements. It produces almost zero coal but then again hardly uses any these days either. Nothing to worry about. Boris the clown is in charge.

          • I knew there’d be someone other than me would would spot that

            • Minority Of One says:

              If a nation cannot produce sufficient resources from within its own borders to satisfy the needs of its people, then it must beg buy borrow or steal them from elsewhere, or sink back to the median level of common existence

      • Minority Of One says:

        ” but that it is *too small to do well in this current era of declining, possibly even collapsing, prosperity* – ”

        All countries will collapse, including those lead by Boris the clown. Size is irrelevant.

    • Mirror on the wall says:

      This is just unbelievable – Boris has signed up to a ‘deal’ with Australia which is likely to add zero to the UK economy, and which completely undermines UK farmers. The Tories are imposing ever greater welfare and environmental standards on UK farmers, and he has just agreed to lift all tariffs on agricultural imports from Australia, which has no such standards – how are UK farmers supposed to compete on that basis?

      Boris has already conceded everything to Australia, just so that he could quickly announce a ‘new dawn’ with a post-Brexit Australia deal. He has got nothing for the UK, and he has already conceded everything that Australia wants, and he now has zero leverage for any gains. What a desperate clown he is.

      The farming communities are mainly in Wales and Scotland. The Scottish border farming communities, along with the NE Scottish fishing communities, are the most favourable to UK, and the Tories have undermined both communities – the fishermen with the Brexit deal, which gave the EU nearly everything, and now the farmers with the post-Brexit Australia deal – it is like the Tories actually want the Scots to vote for independence. Brexit continues to be the Tory disaster for UK that everyone warned.

      > Australia trade deal will deliver minimal benefit to UK economy and poses risks for farmers, say experts

      David Henig, UK director of European Centre For International Political Economy, said the deal might not even deliver the 0.02 per cent boost to GDP that the government has estimated and that the true impact could be closer to zero.

      The government’s forecast is based on “heroic assumptions” which previous trade deals have not come close to achieving, he tweeted, adding that the details announced on Tuesday contain nothing we didn’t already know.

      “There had to be an announcement as the Australian PM was here. But it doesn’t feel like negotiations are in fact complete.”

      He also suggested that the UK may have played its hand poorly in negotiations: “Australia got their top asks from the UK – agriculture. The UK didn’t have a top ask of Australia, hence why none is being flagged. If we find one in the future, too late, we already gave them what they wanted.”

      Angus Brendan MacNeil, chair of the Commons International Trade Committee, expressed concerns that the government had ceded too much ground to Australia.

      “In its rush to reach an initial agreement, I fear the government could sign up to something which brings significant harms as well as benefits.

      “The views of the entire farming sector especially are no secret now, including those in the devolved nations, who are particularly concerned about being undercut by cheaper meat and dairy produce from ‘down under’.”

      Joe Spencer, partner at accountancy firm MHA MacIntyre Hudson described the deal as “unfavourable”.

      “UK farmers are increasingly being asked to offer protection for the environment, while the government is withdrawing support to them at the same time,” Mr Spencer said.

      “Unfavourable trade deals – such as this latest one in negotiation with Australia – will only add more pressure to the sector which is working hard to move in one direction while, one might suggest, having the rug pulled out from under it at the same time.

      https://www.independent.co.uk/news/business/australia-trade-deal-uk-brexit-b1866178.html

  22. Fast Eddy says:

    McCullough is now calling this bio terrorism – this is a must watch

    https://www.bitchute.com/video/rKP61hruGxIt/

    • Fast Eddy says:

      Dr. Roger Hodgkinson https://www.bitchute.com/video/q6nG6wCzhmim/

    • The Peter McCullough video is very good. Dr. McCullough is the editor of two medical journals and has written many articles himself, including two articles on how COVID-19 should be treated. He does say this is bioterrorism, with the illness the first part of the bioterrorism, affecting mostly the elderly, and the vaccine coming second. It particularly targets young people, seeming to leave many with heart problems and quite possibly long-term fertility problems. The spike protein may be transferred to nursing babies in breast milk as well.

      He says that publication on the subject of early treatment is being blocked (it is almost as if the media has been hypnotized), so they are going directly to the people now, to tell the real story. Also, they are fighting cases in the courts.

      He says that only about 10% of adverse events are being reported to the Vaccine Adverse Events Reporting System. He doesn’t want to waste time fighting about masks, or trying to make the case the disease isn’t really there. It is, there is plenty of evidence that it really can be harmful, if untreated.

      Dr. McCullough doesn’t think that the virus will come back, once it is gone. Of course, the folks behind this one could come up with a new, worse version. He is not sure who is behind the whole operation, but suspects the Gates Foundation.

      • MM says:

        About “smell the coffee”:
        In german news we recently saw 2 new topics:
        1. Personal identification for internet sites to clamp down on hate crimes
        2. The regulations have been “softened” for the summer hollidays but a 4th industrial uhm wave is supposedly dangerous because of the delta thingy.

        We know that they “flipped the switch” and they will never unflip it again until we format “them” off this planet or they will format “us” off this planet. Discussing a topic here or there is futile. There McCullough is perfectly right. Still we discuss “dangers of vaccines” or the Fauci Files or whatever.

        The only question is: who can tranform faster! Fast Eddy to the rescue!

        For the topic of bioterrorism or bioweapons:
        People (inclusing Reiner and his brave team) ask themselves why people are not allowed to go to hospitals or go to a doc until in real troubles or are sent back to isolation in care homes.

        If you served the military in a ABC team, you know that every living thing that has come in contact with a war-grade biological agent must be treated as biohazardous waste…

        All that does not apply if a virus does not exist… (Bacteria exist so soldiers must be protected) A virus is a story to sell vaccines only…

      • Fast Eddy says:

        He doesn’t touch the Bossche hypothesis … I suppose that’s to deep and dark for him (and yeadon)…

        But Bossche does make sense because a random cull would only invite collapse… this is all or nothing…

        He mentions Bridle has gone silent … apparently he and his family are getting pounded by CovIDIOTS….

        One has to wonder at some point – given the people executing the CEP are not evil and would likely only assassinate one of these experts as a very last resort — if they might be called in and the situation explained to them…. if all world leaders are on board with the Injection then surely the Elders have presented a very compelling case for the CEP… and these scientists would quickly realize the folly of pushing back.

        I imagine the presentation would involve a full day of activities… starting with the massive decline in production numbers across virtually all major oil fields… including Ghawar… then at 11am… coffee and a presentation on shale… Break for lunch then an explanation of how GW is the proxy for Peak Oil… a screening of American Moon and the faked Mars helicopter shots with a note on how these are aimed at convincing 8B that we can invent our way out of anything…. then onto the CEP…

  23. Harry McGibbs says:

    “Millions of Missing Jobs Should Make Inflation Hawks Think Twice… One reason why so many policy makers are refusing to panic about inflation is that the world economy is still short so many millions of jobs.

    “The global employment shortfall from the pandemic is predicted by the International Labour Organization to be 75 million this year. Nor does it expect the gap to be closed in 2022…”

    https://www.bloomberg.com/news/articles/2021-06-15/millions-of-missing-jobs-should-make-inflation-hawks-think-twice

    • Harry McGibbs says:

      “From Copper to Corn, Markets Show Peak Inflation Fear Has Passed.

      “With investors anxious to hear the Federal Reserve’s latest take on inflation after last week’s hot reading, certain corners of the market are already simmering down.”

      https://www.bloomberg.com/news/articles/2021-06-14/from-copper-to-corn-markets-show-peak-inflation-fear-has-passed

      • Dennis L. says:

        Thanks.

        Dennis L.

      • Sam says:

        Deflation already?

        • Sam says:

          Without the FEd influence we would be in a Great Depression. Which may have been a good thing believe it or not. Who knows the damage they have done…unfortunately we are about to find out. Oil at $72 and counting….

        • I imagine Central Banks will want to do everything that they can to keep debt defaults from becoming a major problem. They will try to keep inflation going, even with fewer and fewer working, and their wages not rising much. They may add more programs to distribute money to the entire population, further discouraging people from actively seeking jobs. Companies will find it ever-more-difficult to hire workers, as most people will have what looks like adequate income without working.

          Of course, the total quantity of goods and services provided will tend to fall. High tech things may become less available, because of microchip shortages, for example. Restaurants will become carry out only, for lack of workers.

          I don’t know how successful this whole approach can be. The normal thing would be for debt defaults to lead to many layoffs. The lack of wages would then lead to collapsing commodity prices. But if somehow, governments can come up with pseudo-income for many people and perhaps negative interest rates to allow more debt and to drain some of the excesses from people’s savings accounts, perhaps the system can be kept together for a while longer.

      • Sam says:

        I read this article basically saying that there is nothing to worry about every thing is fine… the FED has done it again! They fixed everything…then I look at the author Katie Greenfield…..a young ivy leager who has never had to worry about money and has no idea what is really going on….I can just see the editor now “She is perfect for the job!”

    • postkey says:

      ‘Someone’ is not optimistic re inflation?
      “Last week the Bureau of Labor Statistics announced that in the year to May the US consumer price index rose by 5.0%. This unexpectedly high figure means that the consensus of a year ago has been quite wrong. Nevertheless, a new consensus – similarly relaxed and complacent – has emerged, that the current inflation upturn is transitory, due to “base effects and bottlenecks”. According to this new consensus US consumer inflation will be back to 2% or so by late next year and in 2023.
      In a note accompanying this e-mail, we challenge the complacency, particularly in the American context. The heart of our argument is that the velocity of circulation of money has been artificially depressed by the Covid-19 pandemic, but a vast amount of evidence shows that in the long run money-holding preferences are stable. We assume – in our main projection – that M3 velocity will return in the USA by end-2022 to a level about 5% lower than that which prevailed in 2018 and 2019; we also assume that money growth from here will run at an annualised rate of 5% (i.e., about 0.4% a month).
      The result is that nominal GDP in the final quarter of next year is about 30% above its value in the first quarter of 2021. If nominal GDP has to rise by 30% in a little more than 18 months, what does that mean for real output and inflation? As we say in the note, “the annual rate of US consumer inflation between now and end-2022 will typically run in the 5% – 10% band”. We could not in logic reach any other answer.
      Time will tell. The test of competing theories is reaching a very interesting phase.”

      https://mailchi.mp/928db1c48509/which-economic-thoughtcomes-out-best-from-the-last-decade-1336363?e=260ed9002a
      Sell bonds?

      • Sam says:

        You have to have jobs and economic growth to have this inflation…I guess we will find out if Gail’s thesis is correct can we inflate everything including energy? If oil can go to $80 then 90$ and hold for some time….Wages are going to have to rise and government spending is going to have to rise….taxes are going to have to rise….I am sure there are smart people in the Treasury and FED that have realized that they have painted themselves in a corner…

        I don’t know we are starting to see wages going higher….Mcdonalds is now at 18 dollars an hour—-could that be the plan? Pay everyone so much money for so long that business have to pay more just to get them back?

    • According to the argument, with so many jobs lost, no wage-price spiral is possible, because so many workers are still on the sidelines. Wages will not rise much, even as consumer prices rise. The price spike will be very transient.

  24. Harry McGibbs says:

    “Zombies Are on the March in Post-Covid Markets… Bankruptcies have tumbled as central banks’ crisis response keeps weak companies alive. It’s a debased form of capitalism that saps vitality…

    “…investors in relatively risky bonds are making a bet on a potent and enduring dose of financial repression, in which central banks keep propping up markets, and effectively force everyone to lend to the government, and to companies, at otherwise uneconomic rates.”

    https://www.bloomberg.com/opinion/articles/2021-06-15/undead-economy-is-price-of-our-pandemic-bargain?srnd=financials

    • A person wonders what happens with all of these zombie companies operating. They hire people who cannot be very productive, as well. Waiters and waitresses with only a handful of customers to collect tips from, for example. At some point, these businesses have to fail.

  25. Harry McGibbs says:

    “Real estate prices around the world are flashing the kind of bubble warnings that haven’t been seen since the run up to the 2008 financial crisis, according to Bloomberg Economics.

    “New Zealand, Canada and Sweden rank as the world’s frothiest housing markets, based on the key indicators used in the Bloomberg Economics dashboard. The U.K. and the U.S. are also near the top of the risk rankings.”

    https://www.bloomberg.com/news/articles/2021-06-15/world-s-most-bubbly-housing-markets-flash-2008-style-warnings

    • Harry McGibbs says:

      “The crack threatening to bring the [UK] housing market crashing down…

      “Property economist Andrew Wishart of Capital Economics is keeping a close eye on two key indicators – mortgage affordability and unemployment levels.”

      https://www.telegraph.co.uk/business/2021/06/12/crack-threatening-bring-housing-market-crashing/

      • Mortgage affordability and unemployment levels would seem to affect the housing market. as Andrew Wishart notes.

        In the US, there might be a third item to consider. Student loan repayments and interest are being waived until September 30, 2021. Young adults with these loans are often in the period when these young adults would be buying homes and starting families. Once loan repayments are restarted, it seems like there will be a big step-down in US home buying. It may also affect the decisions of some young couples to start a family.

        I expect that around September, Biden will make a move to make this temporary moratorium permanent.

  26. Fast Eddy says:

    Klimate lockdown is the code word for ‘Peak Oil Lockdown’

    A “kklimate lockdown” means no more red meat, the government setting limits on how and when people use their private vehicles and further (unspecified) “extreme energy-saving measures”. It would likely include previously suggested bans on air travel, too.

    https://off-guardian.org/2021/06/10/is-a-climate-lockdown-on-the-horizon/

    • Student says:

      Yes, it is interesting. And connecting this news with the one of the interview to Dr. Peter McCullough, we could infer that the probability for having launched a pandemic to cover peak oil (and peak of other resources) is very high.
      Then, if the above it’s true, we are lucky if the launch of vaccines and subsequent covering of simple treatments is only to make money.
      But, if the above launch and covering is just to add casualties with vaccines, we are not lucky, also because they could not give up.

    • With oil and coal production falling, at least on a per capita basis, there has to be some way of reducing use. I suppose disguising this as a Climate lockdown would less fear inducing to people than explaining what the real problem is.

      • Student says:

        Yes it is true and I think it is definitely preferable that, in case, governments will create climate anxiety than pandemic dictatorship.
        For lack of better alternatives, I will cheer for climate anxiety.
        Although I’m a little bit worried they could insist on this aspect or maybe they have reasons to think it is necessary to be ready for other pandemics.
        In fact, on the last G7 meeting the members expressed the will to develop new vaccines in 100 days instead of 300, as it happened this time with Covid-19.

        ‘Ai nostri scienziati sono bastati 300 giorni per decifrare l’enigma del Covid e produrre dei vaccini, ma dobbiamo essere in grado di rispondere ancora più rapidamente. Questo vertice del G7 servirà anche ad accelerare lo sviluppo di vaccini, terapie e test per qualsiasi nuovo virus, con l’obiettivo di passare da 300 a 100 giorni.’

        https://www.ilfattoquotidiano.it/2021/06/11/al-via-il-g7-in-cornovaglia-sul-post-pandemia-un-miliardo-di-dosi-da-donare-a-paesi-poveri-oxfam-sarebbe-un-fallimento-ne-servono-11/6227351/

        Of course, we don’t know what they know and we don’t know what they have in mind.

        • Fast Eddy says:

          Unfortunately the global economy cannot remain stopped (or reversed) for long…. and the oil wells do not refill…

          So there must be a reason for reducing the burn and causing mass suffering …. otherwise why not just let things continue as they were until it implodes….

          Collapse is Collapse is Collapse…

          However what is different is how you use your time prior to the collapse…. you can encourage more living large followed by Ripping of Faces Off… or you can use a trumped up flu type virus … to frighten people into accepting an Injection that is meant to cause a ‘Marek’s’-type outcome killing everyone painlessly….

          And when collapse arrives… everyone is dead or dying … so very minimal face ripping…

          I know this is a Big Thought… Epic… Like trying to swallow a mountain.

          But it does make sense… IF you are aware of the oil situation… it is more like trying to swallow a back full of soft shit… difficult… but possible…

          The Titanic is Approaching the Berg!!!!

          I was actually giddy when I read that Boris headline… so giddy it reminded me to sneak a peak out the window to check on the Grim Reaper… he’s been lurking at the fence line for months now… and he smiled… it’s the first time he’s done that…

          https://img1.etsystatic.com/050/0/10139406/il_340x270.740223147_1k1v.jpg

  27. StarvingLion says:

    Am now seeing ***HUGE*** price spikes in…

    1. Gasoline
    2. Beef

    starting right now.

    30% in one day! only at 1 or 2 gas pump locations and only a few type of beef cuts.

    Electricity and Nat Gas bills should spike soon too.

    Bullish for the “markets”

    • Bei Dawei says:

      You have to give the country for the information to mean anything. Is this perhaps the eastern USA, where these two goods were affected by hacking incidents?

  28. StarvingLion says:

    ALL shorters except MOI are giving up…got this off some dorks channel. Love the delusion about “borderline illegal activities”. Where has this guy been?

    “I’ve given up on the idea of a crash or even moderate bear market any time soon. It’s the aggregate power and motivations of central banks that count, and they are maniacally focused on saving equity markets. They WILL resort to borderline illegal activities if that’s what it takes.”

    • davidinamonthorayearoradecade says:

      markets must stay high, rates must stay near zero. Most other numbers are debatable.

      • Dennis L. says:

        david,

        Don’t have a clue except, “must,” “never,” and “always” are dangerous assumptions.

        Dennis L.

  29. Fast Eddy says:

    So few … like I said… we’ll go quietly into the night… barely a whimper…

    What a magnificent operation .. bravo Fauci.. bravo PR Team… bravo Elders!!

    https://www.dailymail.co.uk/news/article-9684251/Maskless-anti-lockdown-protesters-march-Downing-Street.html

  30. Mike Roberts says:

    From the Lancet, SARS-CoV-2 elimination, not mitigation, creates best outcomes for health, the economy, and civil liberties.

    The trade-off between different objectives is at the heart of political decision making. Public health, economic growth, democratic solidarity, and civil liberties are important factors when evaluating pandemic responses. There is mounting evidence that these objectives do not need to be in conflict in the COVID-19 response. Countries that consistently aim for elimination—i.e, maximum action to control SARS-CoV-2 and stop community transmission as quickly as possible—have generally fared better than countries that opt for mitigation—i.e, action increased in a step-wise, targeted way to reduce cases so as not to overwhelm health-care systems.

    • I have stopped trusting Lancet.

      • Mike Roberts says:

        All journals publish papers that later need to be retracted. But I was referring to the paper, not the journal. Is there some data in the paper that is wrong?

        • Tim Groves says:

          Mike, perhaps I’m just being picky, but:

          targeted way to reduce cases so as not to overwhelm health-care systems

          With most diseases, a case is considered to be an instance of the disease. With Covid 19, a case is considered to be a positive PCR test, many of which are false positives and over 90% of which do not require hospitalization.

          • Mike Roberts says:

            Well, being picky right back, a Covid case may also be clinically diagnosed without a test. We’ve had a few of those in NZ, though vastly outnumbered by positive tests.

            “Many of which are false positives” but what do you mean by “many” and how do you know? It’s great that the vast majority don’t require hospitalisation but that’s not really the point. It’s the absolute number of hospitalisations, relative to the hospital capacity (both in equipment and staff), that is important.

        • Fast Eddy says:

          “When a man sacrifices his career, to help people understand an issue, trust him” Fast Eddy

          https://www.geertvandenbossche.org/

    • Hubbs says:

      Error 1011 Appears. Kind of like “we caught them, and we shot them under rule 303.” from Breaker Morant.
      Because the governments have sovereign immunity. And with COVID, so will governments, big pharma, and Vichy doctors.

      I wonder if there will be class action suits against the individual doctors who “unwittingly” or by coercion, give the vaccines. Will anyone protect them?

      From my experience with the KY Medical Board, it will read “one is responsible for knowing what he is injecting” even if the KY Medical Board’s own pre approved same specialty panel expert exonerates you when you gave a verbal order in the operating room for the correct drug and dose, the only drug in the case, and the most common 0.5% xylocaine, the RN writes it down on her scrubs, and reads back the order verbatim and in a pre-meditated act, like getting behind the wheel drunk, the RN directs an unauthorized tech to go select and draw up the “local” . The tech testified she didn’t know what she was supposed to get, which is why only RNs are allowed to perform this task in the first place. My patient, a 21 year old man, died on the table from a lethal injection. I didn’t know this prohibited transfer of duty had gone on behind my back. The KY Medical Practice act, like med mal case law and the statutes require one to be held to the same specialty standard. Because the KY Board’s same specialty panel exonerated me and therefore the Board had Zero evidence, it switched standards and began shopping for anesthesiology experts – a different specialty. KY suspended my license, put me on a year probation to follow the suspension, and ruined my career. That a guy had died was not enough. The nurse’s only concern was “there goes my (nursing) license” as I frantically tried to initiate life saving measures. Nothing happened to the nurse or techs. NOTHING.

  31. jj says:

    The one! The only! The incomparable! Ralph Baric speaking in 2018
    https://www.bitchute.com/video/FpUWN7QXb6B5/

  32. Herbie R Ficklestein says:

    CNN) — All-time records are in jeopardy this week as a dangerous heat wave bakes much of the Western United States, an area already begging for moisture due to exceptional drought.
    Misery continues as record high heat soars, worsening the Western drought
    By Hannah Gard, Jennifer Gray7h CNN
    “Record-high tempertures will just continue the vicious cycle that so often happens in droughts, where hot, cloudless skies result in increased evaporation of what little water is left in lakes and rivers,” says CNN meteorologist Brandon Miller. “This, in turn, worsens the drought.”

    The latest drought monitor released June 10 categorizes a majority of the southwestern US as experiencing extreme to exceptional drought conditions. Major heat on the way this week will only worsen the deteriorating outlook.

    “This has a clear fingerprint of climate change, where increasing temperatures will drive this vicious cycle, especially in places like the Western US, where rainfall has been noticeably lessening,” Miller says.

    Man, what’s up with all these records being broken?

  33. Herbie R Ficklestein says:

    Ziona Chana, who was believed to have had the largest family in the world, has died.

    Chana had at least 89 children, 36 grandchildren, and 38 wives.

    Chana was the leader of a Christian sect in India and reportedly died of hypertension and diabetes.

    Visit Insider’s homepage for more stories.

    Ziona Chana, who was believed to have had the biggest family in the world, has died at the age of 76 years old.

    He had at least 89 children, 36 grandchildren, and 38 wives.

    The chief minister of Mizoram, Zoramthanga, confirmed Chana’s death on Monday in a tweet.

    Boy, I’m glad he made up for my lack….must have been very energetic man with sharp focus

    Remember one Fella in Australia long while ago was on TV that had the same affliction…

  34. Fast Eddy says:

    hahahahaha… fantastic!

    https://www.globalresearch.ca/the-killer-in-the-bloodstream-the-spike-protein/5747572

    I am thinking … that even if there was a massive hunk of rock headed for Earth … and the Elders censored all who tried to let us know (but then why let us know if there is nothing that can be done…)

    The Goy would refuse to believe the asteroid was going to crash into us — EVEN IF in the final weeks they could actually SEE the asteroid bearing down on Earth.

    Just like they refuse to acknowledge the Injections are not what we are told they are — or that this is irrefutable evidence that…

    https://youtu.be/bdQHKf48Mfw?t=1921

    Because the Goy are when it comes down to it … not any smarter than a mule… no wonder it is so easy for the Elders to run you clowns around by the nose hahahaha… Dummmm as an Mule hahahaha

  35. Fast Eddy says:

    DEATH and MAIMING WATCH – UK https://yellowcard.ukcolumn.org/yellow-card-reports

    • Rodster says:

      I’ve read that previous vaccines that had a fraction of the injuries and kill rate of the Covid 19 toxic experimental drugs were halted and taken off the market. But I guess it doesn’t matter that Moderna, AstraZeneca, J&J and Pfizer are allowed to continue pushing their toxic cocktails on the clueless, dumbass public who believes what their governments and media tells them, that its safe.

      • Xabier says:

        The UK Column presentation of the difficult to use Yellow Card data is a great resource.

        From various sources it seems that less than 100 fatalities have previously been enough to pull drugs or vaccines, in fact even as little as 25.

        We now have in excess of 20,000 reported fatalities in the UK-US-EU, and regulators do nothing at all.

        They, it seems, are quite happy about that level of harm: and bear in mind, the reporting system is grossly defective and captures only 1-15% of actual incidents.

        The vaccines will kill hundreds of thousands, probably millions over the years. The G7, meanwhile, are all smiles and back-slapping.

        Dolores Cahill, Bhakdi, Yeadon, Bridle,etc, have been fully vindicated.

        Mass murder is no longer a possibility – it is here. Those who, possessing this data, do not stop the vaccination programmes are murderers. That they are now after children is horrifying.

        We are the eggs to be broken for the 4th Industrial Revolution omelette……..

  36. StarvingLion says:

    ‘Urgent’ British report calls for complete cessation of COVID vaccines in humans

    …“It is now apparent that these products in the blood stream are toxic to humans. An immediate halt to the vaccination programme is required whilst a full and independent safety analysis is undertaken to investigate the full extent of the harms, which the UK Yellow Card data suggest include thromboembolism, multisystem inflammatory disease, immune suppression, autoimmunity and anaphylaxis, as well as Antibody Dependent Enhancement (ADE).”

    The report concludes: “The MHRA now has more than enough evidence on the Yellow Card system to declare the COVID-19 vaccines unsafe for use in humans. Preparation should be made to scale up humanitarian efforts to assist those harmed by the COVID-19 vaccines and to anticipate and ameliorate medium to longer term effects. As the mechanism for harms from the vaccines appears to be similar to COVID-19 itself, this includes engaging with numerous international doctors and scientists with expertise in successfully treating COVID-19.

    “There are at least 3 urgent questions that need to be answered by the MHRA:

    How many people have died within 28 days of vaccination?
    How many people have been hospitalised within 28 days of vaccination?
    How many people have been disabled by the vaccination?”

    https://americasfrontlinedoctors.org/frontlinenews/urgent-british-report-calls-for-complete-cessation-of-covid-vaccines-in-humans/

    • The way things are going now, I am afraid the report won’t make any difference.

    • Mike Roberts says:

      Seems to be a very raw trawl of the yellow card data with little to no analysis done. For example, There is no mention of the number of deaths that would normally have occurred. The MHRA weekly summary suggests that the adverse events deaths are no worse than would be expected without the vaccine. I do agree, though, that better examination of the data is needed.

      • TIm Groves says:

      • Xabier says:

        Yes, believe the MHRA: and next follow that nice man in a black uniform with an alsatian to the Shower Block……..

        • Mike Roberts says:

          Don’t know what you’re on about. The report was sent to the MHRA presumably for that agency to do something about it. Don’t hold your breath, and not only if you believe any government agency is shit.

          • Xabier says:

            The MHRA should not need the report, pleading for action, they should already have acted.

            Similarly, appeals to halt vaccination last year in the EU met with a deaf ear.

            The regulators are falling down on their job, spectacularly – I wonder why?

            And they are gung-ho for injecting children and the pregnant: again, one wonders why?

            The best crimes are committed in broad daylight, in a hi-viz vest, it seems…….

    • Rodster says:

      It will all be swept under the rug as it has before.

    • Sam says:

      Not that many….

  37. StarvingLion says:

    My friend is the head butcher at a major grocery chain.
    He told me today there’s a major price spike coming VERY soon in beef prices. Like 40-60%.

    • Interesting! If it is hot and dry in the area where cattle are raised, it seems like at least temporarily prices would fall, as farmers send more cattle to market, rather than try to provide them with food and water. Or am I missing something?

      I notice that many of the cat food cans are now missing where I shop. When there isn’t enough to go around, perhaps the cat food gets left out.

      • nikoB says:

        Or more people are eating cat food.

        • Fast Eddy says:

          hahaha!!! mixed leaves and grass.. and that’s a well-balanced tasty meal!

          BTW – a month or so ago … I bought some fresh chopped meat for the dog (probably the arsehole of a goat…) and I fried it up … I gave her half of it and put the rest in a container in the fridge…

          A day or so later I can’t find the left overs… and ask if anyone has seen the cooked goat’s arsehole…

          Our young fella who we rescued from the Hell Hole says… was that cooked goat’s arsehole? I says ya… it’s for the dog…

          For the DOG!!! Ya it’s dog food.

          You didn’t eat it did you?

          I thought it was stir fry he says.

          Did it taste good?

          Tasted ok….

          Ok — I’ll get more – it was only a few bucks for a big container….

          I’m thinking next time we have people over… I’ll make mac and cheese with ‘meat’ in it … and see if anyone minds.

      • Sam says:

        No its the cans that are in short supply

    • Does your friend have an idea as to why beef in particular is an issue? Is it really that much more effort/pound to raise beef as opposed to chicken or pork?

      • Sam says:

        that’s not true it is more to raise beef than chicken and pork

        • It may be more to begin with, but why a 60% increase in beef only (on top of previous beef-only increases we have seen)?

          • StarvingLion says:

            The same reason lumber prices went up: Pump and Dump “trader” BULLSHIT

            Lumber and grains got dumped. Now they’re pumping beef.

    • el mar says:

      Lion:

      First you copied Fast Eddy form OFW to the peak oil forum.
      Now you copy posts from Armageddon of the PO-Forum to OFW.
      Without indications of source.
      https://peakoil.com/forums/stock-market-crash-merged-pt-22-t77993-60.html

      And sometimes you are not respectful to your host.
      Time to change your behaviour!

      Saludos

      el mar

    • Peak Oil Pete says:

      “He told me today there’s a major price spike coming VERY soon in beef prices. Like 40-60%.”

      Probably due to spike in cattle farm input costs such as Diesel, Grain (for feed) etc…

    • Minority Of One says:

      Did he explain to you why?

  38. aged pensioner says:

    Gail; A great post as usual. You rock.. To me, the most significant (and depressing) part of your post was Figure #8. It shows that the large green part of the graph (Shale crude oil production) has been a very significant part of our daily oil production. Non-shale oil production is less than 4 million barrels per day. Scary. And the woke, politically correct, green people want to stop shale oil production. Are they insane? Maybe, maybe not. I’d say “probably”. But, they are definitely ignorant about the laws of physics and how the real physical world around us actually works. Take away oil shale production and our economy will not only suffer a huge dip, but sadly, a total collapse. Yes. The covid-19 crisis, global warming problem, etc, all pale in the true existential threat to mankind. Peak oil. Peak natural gas. Peak coal. Peak rare earth minerals. And the peak of countless other minerals and substances such as copper, iron, etc. All the consternation about covid, deficits, inflation, etc are but whispers in the wind.
    Gail, you have always been a true visionary and definitely ahead of the crowd.
    Thanks for your insights. Jay Carter

    • Ed says:

      The politician are run/owned/blackmailed by the CCP their intent is to destroy the US. They now exactly what they are doing.

    • Sam says:

      If your only source of information is only CNN, NPR, ABC, FOX NEWS etc…you would probably believe the spin right now and that is how the economy is roaring back and don’t worry about the inflation wants the economy gets up to speed everything will be just fine!
      Just don’t look behind the curtain at the details!!

    • You are welcome!

      We really have a world oil production problem. In fact, coal production is falling as well, at least on a per capita basis. And, as you note, we are reaching limits on other minerals.

      I am afraid that we may be losing the oil from shale, whether or not others oppose it. There have been some indications that wells are now being spaced too close together, and this is causing the wells to lose pressurization. According to some reports, what is being extracted now has too high a gas to oil ratio. (Gas doesn’t sell for a very high price.) There is also the problem of the shale oil not being profitable to extract. With these various problems, I am afraid that shale oil production is on the way down, regardless of what we want.

  39. Herbie R Ficklestein says:

    Yahoo
    Bloomberg
    Texans Asked to Conserve Power as Heat Hits With Plants Offline
    Naureen S. Malik and Mark Chediak
    Mon, June 14, 2021, 2:13 PM·1 min read

    (Bloomberg) — The operator of the Texas power grid is asking for customers to cut back on electricity use this week as a heat wave grips the region while multiple power plants are out of service.

    Generating plants with a combined capacity of 11,000 megawatts — enough to power about 2.2 million homes — are down for repairs, the Electric Reliability Council of Texas said in a statement. Temperatures in Dallas are forecast to hit 98 degrees Fahrenheit (37 degrees Celsius) on Thursday. Houston could hit 95.

    “We will be conducting a thorough analysis with generation owners to determine why so many units are out of service,” Woody Rickerson, Ercot’s vice president of grid planning and operations, said in the statement. “This is unusual for this early in the summer season.”

    First, record freeze, now record heat wave….what’s going on…????

    • This year, we get to see which state has electricity service out more: Texas or California.

      This site says the normal high temperature on June 17 for Houston is 91 degrees. The forecast temperature of 95 is 4 degrees above this. https://weatherspark.com/m/9247/6/Average-Weather-in-June-in-Houston-Texas-United-States

      The normal high temperature for Dallas also seems to be 91 degrees for June 17. The forecast high temperature is of 98 degrees is 7 degrees higher. (On August 1, the normal high temperature is 96 degrees F. The maximum rarely exceeds 102 F.)
      https://weatherspark.com/m/8813/6/Average-Weather-in-June-in-Dallas-Texas-United-States
      https://weatherspark.com/m/8813/8/Average-Weather-in-August-in-Dallas-Texas-United-States

      It is difficult to see that these forecast temperatures represent a very unusual event. This is not a “record heat wave.”

      • Dennis L. says:

        Perhaps it is your per capita again.

        “The bureau’s estimates put Texas at the top of the population gain charts from 2019 to 2020. Since the last census in 2010, Texas is expected to show growth of 16.4% or 4.2 million people. On a percentage basis, Texas’ growth rate is second to Utah’s 17.4%.”

        Always that pesky capita.

        Dennis L.

      • Duncan Idaho says:

        California defies doom with No. 1 U.S. economy

        https://www.sfgate.com/opinion/article/California-defies-doom-with-No-1-U-S-economy-16246133.php?IPID=SFGate-HP-Editors-Picks

        Now, we don’t have to let reality interrupt our delusions.

      • Herbie R Ficklestein says:

        This caught my eye when ai posted it
        Record-breaking heat wave this week for truckers in the West
        Daily record highs were set both days in Tucson, Nogales and Safford, Arizona, where the mercury hit between 108 and 113 degrees. Normal highs for June 12 and 13 range between 97 and 101 degrees.

        El Paso, Texas, set a daily record high of 109 degrees Saturday, with a daily record of 102 Sunday in Salt Lake City.

        Potential record heat is forecast to hit more and more places across the region through Friday, even spreading to northern California later in the week.

        The National Weather Service (NWS) has issued excessive heat warnings, excessive heat watches and heat advisories for the following areas in California: the Sacramento and San Joaquin valleys, the Sierra Nevada foothills, the Los Angeles metropolitan area and inland locations of the San Diego metropolitan area.
        https://www.freightwaves.com/news/record-breaking-heat-wave-this-week-for-truckers-in-the-west

        Regardless, it is so HOT the grid is in danger😵

        • Tim Groves says:

          Heatwave Of May-June 1934
          The US had an unprecedented heatwave during May and June, 1934. Temperatures in the Midwest and Upper Great Plains were over 100 degrees every day from May 26 through June 8, and peaked at 111 degrees on May 30.

          https://realclimatescience.com/heatwave-of-may-june-1934/

          • Fast Eddy says:

            Attention ClimIDIOTS – turn away quickly:

            As scientists dig in to these sites, they are turning up evidence that changes in climate – both large and small – are at least partly responsible for the rise and fall of many ancient civilizations. Even though Ubar is now located in one of the driest places on Earth, the region was once much wetter and underground water sources were plentiful. Ubar disappeared when water levels dipped so low that a sinkhole formed and enveloped the outpost.

            An Egyptian kingdom, likewise, collapsed during an extended drought 4,200 years ago. Droughts have also been linked to the fall of the Maya around 900 AD and the demise of the spectacular Cambodian city of Angkor in the early 1400s.

            It’s not surprising that climate change has doomed so many populations, Blom says. After all, it was when weather patterns finally became predictable about 11,500 years ago that complex civilizations finally formed in the first place. A stable climate ensured that crops would grow year after year, and a reliable source of food freed people to settle down and develop culture.

            Since then, many civilizations have blossomed into greatness and subsequently disappeared into rubble. As scientists try to piece together the history of where people lived a long time ago, they are increasingly turning to the most modern of technologies: spacecraft that offer an unprecedented view of Earth from above.

            There are a variety of ways to spot long-buried settlements in satellite images. In the search for Ubar, Blom and colleagues used computers to enhance images taken in the visible and infrared wavelengths, as well as with radar, allowing them to peer up to 15 feet beneath the surface of dry sand. As they analyzed the sizes and proportions of dust, rocks and sand grains, they could see the boundaries of ancient roads.

            When we excavate the remains of past civilizations, we rarely find any evidence that they made any attempts to adapt in the face of a changing climate. I view this inflexibility as the real reason for collapse. – Dr. Jason Ur, Harvard University

            https://climate.nasa.gov/news/1010/climate-change-and-the-rise-and-fall-of-civilizations/

          • Harry McGibbs says:

            We’ve had 51 national monthly records for heat versus three for cold in 2021 – quite remarkable, given that La Nina conditions have prevailed for most of the year.

            This particular heatwave across the western US could be one for the record books:

            “The current heat wave is expected to be at its most intense and most widespread through Saturday, threatening to surpass the highest temperatures ever recorded in Arizona (128 degrees Fahrenheit) and Nevada (125).”

            https://www.nytimes.com/…/us/heat-wave-arizona-texas.html

            • Tim Groves says:

              Try to tell young people these days about real heat waves like The Great New York Heat Wave of 1896, and they don’t believe ya!

              1,300 people dead and more than 1,000 horses.

              And that was with a much much smaller heat island effect that the place has today.

              At the end of the 19th century, New York City was home to some 3 million people, many occupying the notoriously cramped and stifling tenements of the Lower East Side and other low-income neighborhoods. When 10 days of relentless heat baked the Big Apple in August 1896, these abysmal living conditions went from an uncomfortable reality to a death sentence for an estimated 1,300 New Yorkers. Roasting in their jam-packed bedrooms and barred from sleeping in public parks by a citywide ban, many tenement dwellers sought a breath of fresh air on rooftops, fire escapes and piers. A sizable share of the heat wave casualties occurred when people fell asleep, rolled from their perches and plummeted to their deaths; others succumbed to heat stroke and other heat-related ailments. More than 1,000 horses also died during the crisis.

            • Tim Groves says:

              Each of the fifty states in the US has its own official all-time state-wide record high temperature.

              Since there were a hundred years in the 20th century and 21 years so far in the 21st century, one might expect that, all things being equal, about one state in six (seven or eight out of 50) would have a record high in the 21st century.

              If things have warmed up, we’d expect more states than that to have record highs in our current century.

              What do we find? How many states have recorded their official all-time state-wide record high temperature in this century?

              Is it 20> 15? 10?

              No. the answer is 2.

              48 states recorded their record highs in the 20th century.

              A clear majority of states did so in the first half of the 20th century.

              The reason why they did so is because it was warmer in those days than it is now.

              https://en.wikipedia.org/wiki/U.S._state_and_territory_temperature_extremes

            • Mike Roberts says:

              What do we find? How many states have recorded their official all-time state-wide record high temperature in this century?

              Is it 20> 15? 10?

              No. the answer is 2.

              48 states recorded their record highs in the 20th century.

              A clear majority of states did so in the first half of the 20th century.

              The reason why they did so is because it was warmer in those days than it is now.

              No, that’s not the reason.

              https://www.climate.gov/sites/default/files/30yrNormal_Temp_1901-2000_2480.png

            • Harry McGibbs says:

              But record-setting daily high temperatures have become more common than record lows across the United States since the 70’s and over the past twenty years the ratio has been two warm records set or broken for every cold one.

            • Tim Groves says:

              Butt me no buts, Sir Harry. Why were the majority of state high temperature records in the US set in the first half of the last century. My explanation is that it was warmer then. What’s yours?

              Look up “heat island phenomenon”. Cities have gotten bigger with more concrete, more asphalt and more energy consumed, thereby heating up the local area. It7s no surprise that weather stations in places subject top increasing heat island effects (and that is a majority of them) will tend to register warmer temperatures that formerly.

              Then of course, there are those infamous temperature adjustments.

              https://realclimatescience.com/2021/03/noaa-temperature-adjustments-are-doing-exactly-what-theyre-supposed-to/

            • Fast Eddy says:

              The difference in temperature between HK island and the green country parks can be as much as 7C… all due to the concrete on HK island

            • Harry McGibbs says:

              Tim, I agree with Mike. Also on a global basis, you’ll find a preponderance of national records for heat broken in the past two decades, including your very own Japan (2018 and equalled in 2020) and the UK (2019).

              And, yes, I know about the heat island effect. The most dramatic increases in long term average temps have been occurring in places without urbanisation – think Arctic Siberia.

            • Mike Roberts says:

              Tim Groves said:

              My explanation is that it was warmer then.

              But that is not an explanation, since it isn’t true that it was warmer then.

            • Fast Eddy says:

              Well it was gl o b al w ar ming… that explains it… been there done it…

              Meanwhile … final preparations for the CEP…

              What do do about pets? Bullet in the back of the head? That’s probably the most difficult part of this …. hate to see her starve.

              The Elders have the same conundrum when it comes to their 8B herd of Goy

            • Yorchichan says:

              What do do about pets?

              My wife and daughter keep asking for a puppy, but even another hamster seems risky at this point.

  40. Sam says:

    Gail
    I have always thought that we would see inflation followed by deflation in the first stair step down. Is that what you are seeing as well? As government money dries up it seems inevitable

    • It seems like inflation followed by deflation is the way things go. Inflation doesn’t raise the price of commodities, enough, however.

      Alternatively, it is inflation followed by “very little to buy” and perhaps no bank account.

      It depends on how well “wired-together” the financial system can be kept, with all of these goings ons. If international trade drops dramatically, so will the products available to purchase.

      • Student says:

        Gail, when you say ‘ perhaps no bank account ‘ is it because banks could freeze accounts for a certain period or is it because bank could fail (and so accounts disappear) or is it for something else ? Many thanks.

        • There are different scenarios that could occur:

          1. Top-level governments could fail, and with them the banks that they guarantee. In fact, the problem could occur in many places around the world. World trade would greatly slow down, leading to many fewer goods and service being produced. Local people might put in place some local currency, to help facilitate barter. But unless a person has something to sell/trade, it would be hard to buy anything.

          2. Governments and banks might still be in place, but to try to get control of inflation (because not enough goods are and services are being produced in total), withdrawals from banks might be limited to an amount, such as $300 per week. A person’s bank account might look like it has money in it, but it is impossible to get most of it out. There is also not much to buy.

          3. Governments indefinitely freeze all bank accounts. Instead, they provide the equivalent of ration coupons, through some sort of new digital currency, so that everyone gets a little bit of what little is available.

      • Sam says:

        Well I always thought that the government would create inflation to cover all their debts and cost but I know realize that all that Inflation heats up and burns out the economy. I just wonder how long it can go with it…I was alive for the oil crunch in 60’s/ 70’s but I think that was a different time and economy and you can’t expect a mirror image outcome of this one. I do know that the 08 inflation did not last too long.

        • This time is different. It would seem like the combination of higher commodity prices and higher interest rates would soon bring a major recession, but this time maybe interest rates will go lower (negative, perhaps) instead of higher, to try to keep the system from failing.

          Leaders are desperate. They will try anything that they can think of.

          • Sam says:

            Based on all the news in the mainstream media…I am guessing the FED will gently suggest that they are going to take action to “tame” inflation and see how the markets react….if they go crazy and sell sell sell…then they will back off…

          • Dennis L. says:

            Higher commodity prices and negative interest rates: one could reason this is to be expected, money is useless if there is nothing that is useful to purchase. The trick will be having something useful to exchange for said commodities.

            Thoughts?

            Dennis L.

          • Xabier says:

            So desperate, Gail, that they will even try to fool us by standing 2 metres apart with black masks on in official group photos……..

      • Dennis L. says:

        Listening to this one carefully. Very difficult to know what to purchase and whether or not to finance. If inflation and a useful asset, no brainer, main issue here is liquidity, bridge the ups and downs and all is well.

        Please follow and keep us informed. enquiring minds want to know.

        Dennis L.

  41. Dennis L. says:

    More on Elon,

    How does one man know to hire a metallurgist who can make a metal that is basically non corroding, light and pressable(pressure casting) without shrinkage?

    I referenced a video, the savings in part numbers and the increase in profitability on the frame alone is very impressive.

    How does this same man look to launch a rocket ship 2x the size of the Saturn V, a private individual.

    Where are these ideas coming from?

    How can so much progress be made at such a rapid rate?

    This is almost as though one has Leonardo among us.

    There is a possible answer to this question in my mind, anyone see it?

    Dennis L.

    • I am certain that the answer does not include, “Get all your energy from intermittent wind and solar.”

      • Dennis L. says:

        Gail,

        Build enough cars and battery storage may be solved. What is the average number of miles driven/day? Thought you would never ask.

        “The first-year results of the American Driving Survey revealed that: Motorists age 16 years and older drive, on average, 29.2 miles per day or 10,658 miles per year. Women take more driving trips, but men spend 25 percent more time behind the wheel and drive 35 percent more miles than women.Apr 16, 2015.”

        That is not much of a commute, maybe 10% of the battery charge, not necessary to do a full charge, easily done at work, easily done at night, easily done with solar during the day, excess standard capacity during the night.

        If solar can reverse feed the grid, one would assume auto batteries could do the same.

        Grid failure seems to be more a problem of brief periods of overloading leading to frequency issues, how long? Don’t know, probably during a day fairly short periods, only need to bridge that time.

        Now throw in working from home, less commute, more battery storage available for peaks.

        This whole thing is a network.

        Dennis L.

        • How are ‘building more cars’ and ‘battery storage problem solved’ related? They are two unrelated events

        • nikoB says:

          Dennis,
          All of this is an attempt at continuing BAU. BAU is destroying the ecosystem that it relies on for its existence. Unless we forgo BAU we will collapse the ecosphere’s ability to support us. That is our predicament. Getting solar from space or nukes or whatever just gives more inertia to the juggernaut that is trampling nature.

        • The big electricity storage problem is summer to winter. Also weekend to week day.

          I don’t see how car batteries will solve these problems.

    • theblondbeast says:

      His activities are soon to be revealed frauds that can only be supported with unprofitable government subsidies?

      • Sam says:

        Yup… what company won’t be in the same boat? He just does it with a whole lot more panache!

        • Dennis L. says:

          Sam.

          PayPal made money.
          Tesla may be worth far more than realized, the AI is moving well, and they have just scored a major manufacturing breakthrough secondary to metallurgy.
          Rockets are obvious, most go up, up and away, some do just go away.

          Humans seem to have a built in resentment of success by others, one would guess due to our ancestors living under far different conditions. But, we are not our ancestors, we changed the world and are continuing to do so. How many on this site mention keeping BAU until their passing? No one wants to go back to hunting and gathering and for that matter being gathered.

          So, what is the real problem? Well, it all started with an apple and paradise was lost – always a woman in the background somewhere. A bit of humor, sort of.

          Dennis L.

          • geno mir says:

            Look, Dennis L., Tesla’s success is based on the printing press and gov subsidy. Unfortunately those presses can’t print lithium, titanium, copper, platinum, gold, silver etc. Yes, Tesla is company with huge innovation impact and good technological know-how but at the end we all depend on resources. The pinky world you have described above is viable and possible but for like several tens of millions, maybe several hundreds of millions people. The model you are suggesting and so dearly pitching is not possible as a worldwide basic framework for industrial civilization. It is good model for select few but it won’t be available for the wider population even if they put the printing presses on 111! We are living on a finite planet governed by physical laws, the amount of wishful thinking and hope don’t change reality.
            I know what you are going to say – rockets, starships, dragons and falcons are going to fly and bring precious resources and set up energy grids in the celestial. Perhaps they will but the amount returned for the resources invested will not make even a minor change in the grand scheme of things. We are terribly late with space exploration and horribly behind on space harvesting technologies and space logistics. Best analogy I can give you regarding the state of our shared world is cancer process which already has consumed the organism and the organism is in terminal phase. I know reality is ugly, terrible and frightening but ignoring reality is no basis for going forward.

            • Xabier says:

              Yes, all too late: they couldn’t start the AI-led Great Re-Set until now, but the resource base is no longer viable.

              Thank God.

            • geno mir says:

              I was told by very well informed insider that elders goal of AI is not possible with current tech. All we can get is very sophisticated algos with traits of self-learning and self-organising. No general intelligence and abstract traits as byzantine argumentation or utilising non-math concepts for solving math problems. The elders were very invested and were expecting reaching the goal by 2018 but it looks they hit a wall. Real AI is just not possible with with I/0 approach and processors unable to utilise quantum effects. Maybe this blog society is not aware or is, but mind/consciousness is indeed based on quantum effects – for example the transport of molecules (energy in the form of ATP, peptides, hormones, messenger molecules) requires energy for accessing and realising the transport function of the membrane channels but it turns out that sometimes the transport is being realized through quantum tunnelling (i.e. without consuming energy). So at the end mind and consciousness turns out to be very intricate and complex thing which is still outside of our measuring stick and even outside of our concepts.

            • Dennis L. says:

              geno,

              platinum? electric cars don’t need converters which ironically leads to an issue for those who make their living stealing converters. A disruptive technology eliminates another source of income.

              As for being late, yes, a paper was presented perhaps twenty years ago by Hirsch and Bezdek stating twenty years were necessary for a transition. At that time spoke with both of them in the lobby of the Hyatt during a meeting break, asked them what the billionaires were doing. Response: “We don’t know any billionaires.” My observation, since that period the billionaires have done very, very well.

              There was a woman who called herself the Jewish Farmer, convinced(on her blog) her husband to pass up a tenured teaching position for non tenured, world was going to end, etc. Spoke briefly with her also at the Hyatt, seem to recall she was a presenter, very dogmatic, sure of her ideas.

              Knowledge grows exponentially as does technology, it will be a race, but it is not lost yet.

              Dennis L.

            • Dennis L. says:

              geno,

              Elon purchased Confinity(original paypal, sort of) in 1999. Peter Thiel became CEO and Elon left. So, how did that work out?

              According to Google: $5B for Peter vs. $140B for Elon current net worth.

              For those a bit more cynical, Elon has large pointy things that when erected go up. Okay, use your Freudian imagination.

              Tesla has applied for a patent on the new castable alloy

              https://www.recyclingtoday.com/article/tesla-aluminum-alloy-new-die-casting/

              What would that be worth? If this really works, and it seems to, most if not all auto and light truck chassis manufacturing has scrape value only. It also changes the recycling industry. Ford’s debt equity ratio is about 381/1, oops, some of the collateral in bashing steel, even with robots is looking shaky.

              This is an inflection point perhaps similar to going from transistors to chips.

              Dennis L.

            • geno mir says:

              I understand you have set on a single track and perhaps lost ability to see the bigger picture. I am not in the business of pointing obvious things more than once. Let me give you a last example. It is retrieved from historical knowledge and I am sure you can arrive to it by yourself. Ask yourself when past civilizations collapsed. Yes, exactly at their highest point of development in technology and society terms. What was hallmark of those times? Their utmost believe they were capable of doing anything. I am sure kulm can give us countless examples.

          • Xabier says:

            You are quite right about resentment being built-in Dennis.

            It is often dangerous in a community of hunters to do noticeably better than others, as they become prone to envious rages, due to feeling humiliate and will murder you in consequence.

            So successful hunters take care to talk about their ‘amazing luck’.

            And watch their backs……

      • Dennis L. says:

        Okay, blond,

        Subsidies are a question mark, these projects do require incredible amounts of money, but are any of them frauds?

        1. PayPal?
        2. Tesla cars?
        3. Pressure casting chassis?
        4. Building rockets going to ISIS?
        5. Building rockets which land on their tails?
        6. Building and soon to launch a rocket 2x larger than Saturn V which depending on viewpoint went to the moon?

        This is an incredible skill set the likes of which I don’t think we have seen in many years. Tesla cars had a reputation for poor fit and finish, chassis issues. Tesla did away with a chassis made from parts and cast the thing, actually three castings, front, back and middle with included battery.

        Tesla outsold F150 trucks in a recent period – that is Ford’s best selling vehicle. Knocking down it seems 40% on the chassis cost is incredible. It looks like the thing will do its job in many circumstances.

        Research the AL alloy, it is very complex, not even close to trivial, who invented it?

        Other than moon landings, and perhaps some planetary landings, in a high gravity environment no one has to my knowledge landed a reusable rocket on its tail.

        Build a Saturn V, that has not been done in close to 50 years, and this one is 2x larger in lifting capacity.

        This seems to me to be generational skipping manufacturing, again, ideas on where the ideas are coming from?

        Dennis L.

        • All of the tech were already there. Musk is simply reinventing the wheel with a fancy slogan.

          • Dennis L. says:

            Very good, lidia.

            Dennis L.

          • Dennis L. says:

            Preceptive.

            Dennis L.

            • geno mir says:

              I am getting repetitive but…. Deus ex machina is not the way to perceive and define reality, it is just another form of ‘believe’ in impossible outcomes. Be very cautious when boxing yourself with such principles.

        • geno mir says:

          Dennis L., deus exmachina approach is not the way to understand reality and plan your future. Deus ex machina was originally clever way to make theater more thrilling. Think about that.

          • Dennis L. says:

            geno,

            Not smart enough to know, AlphagoZero taught itself without reference to any human games. World champion Go player retired, he didn’t think a human could beat the machine.

            I am aware of quantum mechanics being part of biology. As for the future, who knows; but, we hold a quantum device in our hands, modern phones.

            Dennis L.

            • geno mir says:

              Those are just very capable algorithms, they are not conscious bearing systems. I think I made it clear in my post, didn’t I?

            • Did Deepmind create a game of its own?

              It can be really good upon something which was already made, but did it create a new game?

              I have followed the whole Deepmind match with the Korean. And, I am impressed but not that impressed at the same time since Deepmind can’t create anything on its own

    • Bei Dawei says:

      He’s Batman?

    • The mother of Elon’s child, “Grimes”, has something to say about AI “solving for abundance” and being the fastest path to ushering in communism, because “enforced farming is really not a vibe.”

      https://www.tiktok.com/@grimes/video/6969361339525434629?sender_device=pc&sender_web_id=6970473757286614533&is_from_webapp=v1&is_copy_url=0

      • Xabier says:

        Ha! The ghastly female, who can barely construct a sentence, wants Abundance and Idleness through AI, because she doesn’t want to do any actual work on a farm.

        Elon actually mated with THAT?!

        So much for your ‘new Leonardo’, Dennis.

        A new Renaissance does not await us, only a world of inarticulate slaves and diabolical inventions.

        Come, kindly Collapse,and save us!

        • Dennis L. says:

          X,

          I own a farm, I do not wish to do any actual work on a farm, it is hot, it is sunny(think skin cancer), and it is very dangerous secondary to working too long hours around machinery and sometimes animals that are very dangerous.

          One on my new Leonardo.

          A fellow first recognized bit coin, it goes up greatly, then mentions something negative and it crashes. Ah, there is a theory in markets that one buys low, sells high and in this case has the chance to buy low a second time.

          A fellow also is very active in AI, perhaps needs some real coin for some 9000 ton presses, sells some coin, purchases those presses, does a bonus depreciation(no income taxes, X.), and again purchases those coins saying he was misunderstood.

          Meanwhile major automakers are underwater with huge debts and the latest robots to weld, mold and bash their chassis together in steel.

          Aluminum will last longer than steel, the chassis are easily recycled, they are one piece of Al. Greta is overjoyed, politicians are over joyed, it is a green new deal and a positive effect of tax law.

          My vote is for Leonardo. X, your comment bashes another human being whom you do not know and ignores the positives.

          I write here not to be correct, but to have ideas torn apart by harsh critics, it is a very wonderful place said in a very respectful and appreciative manner.

          Dennis L.

          • geno mir says:

            Dennis L., can you please post Tesla incomes from selling cars? I am very curious how much money Tesla has made from selling autos.

            • Dennis L. says:

              “Tesla’s total revenue streams reached some 31.5 billion U.S. dollars in 2020 with automotive sales accounting for over 26 billion U.S. dollars.”

              Now, what is the patent on Al worth, present value of future cashflow? A guess, a great, great deal if they can enforce it.

              Tesla seems a “vehicle” more than a car company. Greatest knowledge in AI and now perhaps the best concept in chassis manufacturing.

              A.O Smith was the frame maker, a guess, obsolete now.

              Dennis L.

            • geno mir says:

              What was the end profit from that revenue?

          • Xabier says:

            I am, Dennis, delighted not to know her – carnally or otherwise!

            Or Elon.

            Elon is an enabler of a great evil, the coming digital slave state.

            • be reasonable

              ‘today Elon announced that he was selling the last of his earth houses to fund his first mars house

              I am delighted

              having been voted loony of the year on OFW, (rigged of course)

              it feels good that someone else is diluting it and demonstrating that my insanity is very low key by comparison

            • Dennis L. says:

              Reply to Norman below.

              Perhaps loony, but with enough money you would be labeled eccentric, one always needs to be positive.

              Laughing quietly, all the best,

              Dennis L. d

            • I take compliments from whichever direction they come.

  42. Herbie R Ficklestein says:

    See, just as I forecasted….nada, nothing, yada yada,
    Andrew Freedman Yahoo News
    Mon, June 14, 2021, 9:00 AM
    Leaders of the G7 agreed to a sweeping new agenda over the weekend. But while the communique they issued is lofty in goals, it lacks crucial details on climate.

    Why it matters: The G7’s paucity of specifics on climate finance and domestic coal consumption, in particular, calls into question the ability of the wealthiest nations to take sufficient action on global warming.

    Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

    This comes as experts warn that time is running out to prevent some of the most damaging climate effects.

    In addition, the G7 outcome boosts pressure on the UN climate summit in Glasgow this November, as negotiators could enter the meeting with tensions between rich and poor countries.

    Details: The G7 communique is notable for weaving climate throughout its many goals. However:

    While countries agreed to boost funding for climate finance abroad, they did not provide many specific figures or approach the scale of spending that they first raised in 2009 and affirmed in 2015, which was $100 billion annually starting in 2020.

    This missing climate finance commitment portends trouble for the climate summit, known as COP26.

    While countries committed to ending new government support for coal plants abroad without capture and storage by the end of this year, they did not provide an end date for their coal use domestically. This could reduce their leverage with China, the top coal consumer.

    Yes, but: The U.S. does have a 100% clean power target by 2035.

    Context: The closely watched G7 summit is the latest sign that having lofty ambitions on global warming and creating tangible, on-the-ground carbon-cutting steps are two different things.

    In the U.S., for example, major climate legislation may not get through Congress as previously anticipated.

    Global carbon emissions have already bounced back to pre-pandemic levels.

    Same as it ever was….

    • Hand over everything to the non-G7 countries. They have different priorities. The G7 countries can collapse by themselves.

      • Ed says:

        China, Russia, Brazil, India are all happy to let the G7 self destruct. And folks wonder why Elon wants out?

        • Duncan Idaho says:

          Brazil and India are not ruled by the brightest porch lights on the block.
          Self destruct?
          Some of the G7 are actually dealing with reality.
          Brazil and India are currently crashing, without G7 help.
          Brazil may possibly come out on the other side— Lula should beat the current idiot.

          • Fast Eddy says:

            hahahaha…. even my dog is more aware than this clown!

            https://youtu.be/aA-GoeFGyIc?t=134

            Anyone else got some good clips of the Fool?

          • Fast Eddy says:

            You see Duncan… the Elders are quite happy to have bozos like Biden and Trump in power… they encourage corruption as well (paying Obama 1.5M in just his first month out of office).

            They WANT low life politicians… because they Do What They Are Told (for money of course!).

            That’s why you have losers like Biden and corrupt sleaze bags like Clinton and Obama and blow hards like Trump in office…

            They are PERFECT!

            You do NOT want more like JFK… these uppity f789ers are an irritant

        • Dennis L. says:

          Yes, he is an outlier.

          Dennis L.

  43. Harry McGibbs says:

    “Virus outbreaks at Thai factories threaten export sector, recovery…

    “A series of coronavirus outbreaks in Thai factories is raising concerns that the export sector could be hit hard, threatening to further undermine an economy as it struggles to recover from the pandemic’s crippling blow to the crucial tourism industry.”

    https://www.reuters.com/article/businessNews/idUSKCN2DQ06V?il=0

    • Harry McGibbs says:

      “Sri Lanka’s central bank has written to the Treasury on May 31 advising it to raise oil prices and the Minister of Finance has approved the price hike…

      “”Due to the 600 billion rupees in loans to the (Ceylon) Petroleum Corporation there is a risk of the entire banking system getting destabilized and collapsing,” Minister Gammanpila told reporters.”

      https://economynext.com/sri-lanka-cb-advised-treasury-to-hike-fuel-prices-banking-sector-on-brink-of-collapse-minister-82993/

      • Sri Lanka (previously known as “Ceylon”) imports nearly all of the energy it consumes.

        The Ceylon Petroleum Corporation seems to operate a refinery using imported oil. The capacity of the refinery is only about 25% of what is consumed, according to one article. Other petroleum needs are imported as refined products. Oil comprises about 72% of Sri Lanka’s energy consumption, which is a lot, but not surprising since it is an island nation.

        Coal is imported to generate about half of its electricity. Hydroelectric (very variable from year to year) and a little wind and solar are also used for electricity

        The Sri Lankan currency has been dropping relative to the dollar since 2003. Its value is about half of what it was back then, relative to the dollar.

        It is not a huge surprise that Sri Lanka has financial problems.

        • Fast Eddy says:

          Did you know that Arthur C Clarke who lived in Sri Lanka.. was accused of being a pedo… he was cleared before he died… but smoke … fire…

          A most splendid house http://www.lunuganga.com/gallery.php

          • Xabier says:

            Whites who settle or have holiday homes among poor brown people are often up to something fishy.

            Queers from France like Morocco: sodomising youths for a mere 20 euros, a bargain!

            Here, one (married) academic used to have Arab boys brought up from London for him: the local bookseller found awful photos tucked away in his books when he died……

            • Fast Eddy says:

              Yes and Sri Lanka is a paradise for filth who prey on young boys… there is a beach near Colombo that is apparently their main hunting ground.. I saw a doco on this years ago.. but cant find it.

              Art was living in Colombo at one point … not sure why anyone would live there when there are so many far more pleasant coastal areas in SL. Oh right the famous beach is there

              My money is on Art Buggering Boys… ABB…

              On Sunday the newspaper declared Clarke to be a self-confessed paedophile. He was quoted admitting as much, and a Sri Lankan “friend” – head of current affairs at the Sri Lankan Broadcasting Company – alleged that Clarke was still having sex with boys “a few months ago”. Clarke claimed he had not been sexually active for 20 years.

              It’s unimaginable … People are going to be, what do you say, flabbergasted about this.”

              I also showed the story to Sri Lanka’s most energetic campaigner against paedophilia, Maureen Seneviratne, who was equally appalled.

              “It was the general opinion in the country that he was gay, but a paedophile… it’s beyond my comprehension. He is one of the people that nobody could touch. A highly reputed figure, very influential.”

              https://www.independent.co.uk/news/mysterious-sri-lankan-world-arthur-c-clarke-1142640.html

            • Fast Eddy says:

              And if you want to encounter some serious low-life… check out Pattaya…

              I knew a guy who abandoned a very good career in Hong Kong to live in Pattaya… he was full on deviant and pretty much unable to function in normal society after a year or two in the pit of sex…

              He used to wonder out loud why anyone would bother dating women …. what’s the point when for $50 you can just cut to the chase….

              But isn’t the chase half the fun?

            • wrong way round as usual

              men don’t chase women

              hope its not too late to find that out

            • Dennis L. says:

              X.

              Why the hostility towards whites? Is there other than anecdotal data?

              Your comment in paragraph three seems to ring true, Lex Fridman has made note of this sort of thing a couple of times. There were some interesting academics who had relationships with Epstein.

              Mankind is complex, diverse and not every idea works, but we have done very well overall.

              Dennis L.

  44. Harry McGibbs says:

    “Hyperinflation has hit the prices of food items and household products across Nigeria, countrywide findings by Nigerian Tribune have shown.

    “The development has effectively pushed many Nigerians into poverty as they find it extremely difficult to feed and meet their other daily obligations.”

    https://tribuneonlineng.com/food-prices-soar-push-more-nigerians-into-poverty/

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