Artificial Intelligence: An Existential Threat - But To Humanity Or Savings And Investments

 

Stock market analysts and investment bankers have been saying for a few months the the AI bubble rapid  i.e.the surge in the value of these companies based on stock market trading in their shares, about to burst? Big tech’s gargantuan capital outlays – surging tenfold in the three years since ChatGPT was publicly launched – look increasingly unsustainable. 

By some measures, artificial intelligence (AI) now sucks up more than half of America’s combined investment pool. Yet the promised uplift to business productivity hasn’t materialized. 

According to techopedia.com, investment in artificial intelligence has sailed past levels last seen during the peak of the dotcom bubble. Jens Nordvig, founder and CEO of macroeconomic consultancy Exante, says AI-related capital expenditures now represent about 2% of America’s GDP. But scepticism is in short supple with people like Larry Fink, CEO of Blackrock, the world's biggest asset management firm fully on board with the hype.

Big tech AI data center spending has risen 10x in the last three years alone. The arrival of ChatGPT in 2022 has led to an AI bubble so big it’s consuming more than half of America’s cumulative investment pool. 

So unquenchable is the industry’s thirst for cash that the world’s biggest economy may not have enough to slake it. OpenAI chief Sam Altman has already been fundraising beyond America’s shores, hoping to raise some $7 trillion from sovereign wealth funds and other sources in the UAE and elsewhere. AI has been said to pose an existential threat, not to humanity itself but to our savings, pensions and investments.

The AI euphoria driving this is partly due to global debt having ballooned from $64 trillion in 2000 to $338 trillion today. Every major asset — stocks, bonds, property — has been inflated by decades of easy money. What looks like prosperity is really devaluation in disguise.
 
Meanwhile, most investors no longer pick stocks; algorithms do. Trillions flow automatically into ETFs that chase price momentum, not profit. When liquidity dries up, everything will fall together.

Even the gains AI firms are making come at a cost elsewhere. As the industry sucks up all the available capital, it’s also consuming massive amounts of electricity. Hyperscale data centers use roughly 4.5% of America’s electricity, a figure that could triple in the next two years. That’s raising electricity prices – up about 13% on average between October 2022 and June 2025.  

AI centers require significant power to operate and a lot of water to keep them cool, straining local grids and raising utility water prices in areas where these data centers are concentrated. That puts upward pressure on inflation, making both households and businesses more costly to run.

And the supposed AI “revolution that is going to kick off the fourth industrial revolution and even pose an existential threat to humanity? A July MIT study found 95% of AI projects deliver zero profit. Yet trillions in capital keep flooding in. Data-center investment alone could exceed $5 trillion by 2030 — which would require AI services to generate revenues equal to 10% of total U.S. GDP just to break even. Pure fantasy economics and yet the oligarchic insanity over an AI takeover of everything goes on unabated. 

On top of all that it emerged last week that AI large language models can quite easily be 'poisoned' and caused to spew out gibberish by hackers. 

AI is a massive mis-allocation of capital running in trillions of dollars. Now the data-center theme seems to be going out, people rejecting data centers across the west, due to their energy issues, and effect on fresh water sources.

So many sub-sectors of  stock markets have already been falling 6 months or more (transportation, chemicals, materials etc.) but this has largely been concealed because a few big tech corporations heavily invested in AI have propped up the indexes so the headline figures have looked good.

As Wall Street, Lndon and other stock exchanges brace themselves for tech carnage, analysts are starting to wonder if a bigger financial collapse than the dot-com collapse is just around the corner.  

AI may be approaching its moment of truth. A technology built to unleash the economy is starting to weigh it down.

 The investment flows that have and are still inflating the AI bubble are dependent on monetary flows, and right now we seem to be seeing another liquidity crunch, which will take down everything.  The key issue is who is going to save the banks that are too big to fail this time. 

 

FROM THE ARCHIVE:

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SStarmers and Labour's Politics Of Envy Will Trigger A Class War

 

 

Were Britain a rich country with a heafty reserve of capital, and desperate to reduce the size of its mountain of surplus wealth the Conservative Party election manifesto, published earlier this week  might make some sense. Unfortunately our problem is one of  low productivity and chronically low savings, with our current savings rate putting us near the bottom of the OECD league table, and globally somewhere between Zimbabwe, Ukraine and Burkina Faso. 

In this context, Britain’s status as a productivity desert – with British workers producing 15 per cent less per hour than their American peers – makes a lot more sense. As the economist John Van Reenen has noted, a recent slowdown in the accumulation of capital per worker goes a long way to explaining our post-financial crisis “productivity puzzle”.

Looking at policies to incentivise saving and growth proposed in the Labour Party  manifesto it appears the Labour leadership is happy to drive both down further, so long that it can claim to be attacking the unworthy rich – unworthy, here, being defined in its usual sense of “doing better than myself”. 

Ironically while speaking in Middlesbrough, Labour leader Keir Starmer described Conservative manifesto as “a Jeremy Corbyn-style wish list” full of unfunded pledges.

And it’s here, perhaps, that the answer to what Sir Keir Starmer is for emerges. The only group the Labour Party appears to consider “worthy”, is, with a weary predictability, those in the employ of the state.

The only surprisingly sensible policy proposed by Starmer is to accelerate repairs to our roads. Yet how a Labour Government would fund such a project is not clear.  Promises, promises!!

According to their campaign [ropaganda all the main Parties want to do is to further bankupt us and destroy our businesses with their groupthink obsession of achieving Net Zero and hang the economic consequences; never mind that it will make not the slightest difference to the world’s climate.

Nor do we want them to increasingly oversee our personal health and safety. We can look after ourselves thank you very much without resorting to the banning of smoking, drinking, vaping or any other occupation or activity which the self-appointed rulers (closet tyrants) deem to be an unacceptable danger.

We need a government that promises to get off our backs yet Conservatives and Labour can only promise more and more laws, more regulatory bodies and more obstacles put in the way of actually getting things done.

This is not a new problem of course. 2000byears ago this was being written:“The worse the state, the more laws it has”. ( Cornelius Tacticus cAD55-116.)

And as the two main parties, lacking ideas about how to actually solve ourproblems, attempt to scare people into voting for them by demonising the opposition, I am often reminded of a comment made by the American political commentator, H L Mencken, in the 1930s:“The fundamental art of practical politics is to keep the populace alarmed, and hence clamorous to be led to safety, by menacing it with an endless series of hobgoblins, all of them imaginary”.

We in the UK have seen chip on the shoulder socialism big time from the devolved governments in Scotland and Wales,beautiful areas of the country where the so called "rich" reside, are searched out by the lefties in our wonderful Parliament to be devastated by grotesque housing estates portable buildings hair brained "improvement scheme's"that improve nothing except the salaries of bureaucrats whp administer the mess. 

( Wasn't it Abraham Lincoln who said that we can't make the poor richer by making the rich poorer? )  

 

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S

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WSJ Warns Of A Global Wealth Tax As Biden Clown Show Promises To Fight Racial Wealth Inequality

29 April  2024

Watch Out for a Global Wealth Tax

The Wall Street Journal says Watch Out for a Global Wealth Tax

 As the ruling elites kleptosocialist agenda advances, the demand to tax and redistribute income is becoming irresistible as governments, agencies of state, business and the media fall to the glamor* of woke ideology. Details of the latest scam arrives in a proposal by four countries in the G-20 group of nations to impose a 2% wealth tax on the world’s billionaires.

WSJ writes:

“The tax could be designed as a minimum levy equivalent to 2% of the wealth of the super-rich,” write economic ministers of Germany, Spain, Brazil and South Africa in the Guardian. 

They say the levy would raise about $250 billion a year from some 3,000 billionaires and “would boost social justice and increase trust in the effectiveness of fiscal redistribution.” The countries plan to float this at the next G-20 meeting in June.Presumably, the plan is to have the G-20 endorse the idea, including President Biden and Treasury Secretary Janet Yellen. Then negotiate a global tax deal that would wait until Democrats control all of the U.S. government to approve it, even if that takes many years."

That’s more or less what Ms. Yellen has done with her global minimum tax on corporations, and the four ministers are candid in saying the G20 proposal is their model. The wealth tax “is a necessary third pillar that complements the negotiations on the taxation of the digital economy and on a minimum corporate tax of 15% for multinationals,” the ministers write.

Ms. Yellen went along with the ideas of 2% and fiscal redistribution, though they would subject American companies and wealthy individuals to foreign tax raids of the kind to which the U.S. government has always been opposed. An architect of the wealth tax idea is French socialist Gabriel Zucman, currently employed as a professor of economics and public policy by the University of California (say no more,) who was also behind  Yellen’s failed global minimum tax scheme. 

This idea could cause economic turmoil if G20 governments try to implement it, as there will be an exodus of money to places like Dubai, Singapore, The Cayman Islands and Lichtenstein. Schemes like this are doomed from the start, recall the notorious Robing Hood Tax proposed around 15 years ago which planned to levy a half of one per cent tax on ALL financial transactions.

When I wrote that such a tax could not possibly work, lefties could not wait to pile into the thread accusing me of hating the poor and accusing me of being a Scrooge like figure if I begrudged 50 pence tax when I spend £100. I was very happy to expose their ignorance by telling them that no, I would not miss a few pennies tax on my financial transactions, but corporate and inter - bank transactions in the financial markets work not on percentage points but Basis Points (bips), a Basis Point being one hundredth of one per cent, and the profit margins involved are often less than half a percentage point.   

Once a global wealth tax is in place, you can be sure that billionaires won’t be the last target, although the suggestion that billionaires will fund a redistribution of wealth to the world's poor is clearly bollocks. Billionaires have their wealth tied up in networks of offshore shell companies and trusts that are so opaque the tax agencies can never unlock them.

However the Biden Administration is a Pythonesque circus of far left globalists who are always happy to cede more sovereign power to multilateral institutions while hiding their own business affairs on tax havens. President Biden is campaigning on a wealth tax of his own that would impose the highest tax rates on Americans since before the Reagan tax reform. For this crowd, talk of taxing American billionaires to redistribute income around the world is just the usual empty rhetoric, designed to secure the working class vote with promises of jam tomorrow, a phrase which, appropriately perhaps, comes from Lewis Carroll's story, Alice In Wonderland.

As is so often the case, the US Constitution is the main obstacle to this globalist scam Letting the G-20 set US tax rates would be unconstitutional, but since when did The Biden Administration give a damn about the constitution, the law or the inalienable human rights set out in the Geneva Convention?

Besides, if Democrats get control of the Senate, House and White House they may try to pack the courts with activist judges again, as happened in the Clinton and Obama presidencies. For the sake of balance the Republicans did the same in the Bush 2 era.

READ MORE  in this US Treasury PDF, "General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals" but be warned, its about 250 pages without any jokes or cartoons. (OK, I admit I  only read a summary in the Financial Times.)

LIBRARY:

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Yes you read that right. The fascist regime in the USA has usurped to itself the right to raid bank accoutns anywhere is the world. At the moment they are only stealing money by way of tax demands from people who were born on US soil even if those people have not lived in the USA since childhood and have never be employed by a US business.

Inland Revenue a Dysfunctional department that ‘can’t be trusted’ with power to raid bank accounts
Plans to let the taxman take cash out of people’s bank accounts without their permission were condemned by MPs after Rebecca Benneyworth, of the Institute of Chartered Accountants, warned the department is ‘shooting itself in the foot.’ She told the ICAEW conference : ‘Public trust in HMRC would be eroded very quickly if cases come to light where funds have been incorrectly removed. ‘HMRC cannot afford to have public opinion turn against the tax system and those charged with administering it.’Accountants have warned HMRC cannot be trusted ...

Taxes Will Rise If Government Do Not Raid Bank Accounts Taxes will have to rise unless officials are given new powers to raid people’s bank accounts, David Cameron has said.

The Treasury select committee warned that allowing HM Revenue and Customs to remove cash from bank accounts without court orders is “very concerning” because of its history of mistakes.
The committee said that taxpayers could suffer “serious detriment” if officials are able, either by mistake or through an “abuse” of power, to take money from people who have done no wrong.

Magic Money - How The Fractional Reserve Banking System Conjures Money From Fresh Air:
A look at how the fractional reserve banking system works and how it brought the global economy and many people's personal finances close to collapse. It's really all about pulling magic money out of fresh air.

EXPLORE:
[Daily Stirrer] ... [ Our Page on on Substack ]... [Boggart Aboad] ... [ Ian Thorpe at Quora ] ... [ Greenteeth Home ] ... [ Greenteeth on Minds.com ] ... [ Here Come The Russians ] ... [ Latest Posts ] ... [ Blog Bulletin ]

COVID To Blame For Inlation Says Economically Illiterate Bank Of England Chief

 An interesting insight into why the liberal democracies are all in the throes of financial crises emerged yesterday as a result of a pissing contest between the current head of the Bank of England, Andrew Bailey, and his predecessor Mark Carney.

Canadian national Carney was always a supporter of the European Union and throughout his tenure at the BoE from 2013 to 2020 was a strong supporter of closer economic integration with the European Union and then of the 'Remain' campaign and finally of efforts by certain billionaire psychopaths and globalist politicians to habe the referendum result overturned. Since leaving his role at the Banl he has consistently spoken and published articles claiming Brexit is to blame for everything from inflation to extreme weather events. 

The current BoE chief Andrew Bailey said in an obvious rebuke to Carney earlier this week that Covid is to blame for the inflation crisis rather than Brexit, which is still wrog but not as stupidly wong as Carney's belief that Brexit is to blame for everything

Mr Bailey said the pandemic is the key problem, as workers who left the jobs market during Covid do not appear to have returned, leaving a sustained hole in the economy.

It should be obvious to anyone who has more tits or testicles that inflation is caused by banks, more specifically the central banks. While theidiotic responses of the debeloped nations to the COVID pandemic led to an orgy of money printing, which certainly did not help, inflation is an upwards movement of wealth. Bankers, as always, hide behind false accusations, always pointing towards big events and not their own nefarious activities in stripping the wealth away from ordinary people. People are left not knowing who to blame in this instance because saying it is ‘Covid’ or ‘Brexit’ is to cloud the issue in political blaming and point towards the governing party at the time, namely the Tories, who have no ability to make financial decisions without the say so of their banking overlords. Inflation, just like the banking crises of 2008 and 1929, was caused by central banks, the only winners in this game.

The inflation we are experiencing may have originated with manufactured supply chain shortages – starting with the gas and oil price in the Autumn before the start of the Ukraine war but these shortages are being caused by a combination of government policy globally (in response to UN Agenda 2030) and a change in the strategic orientation of large corporations to an ESG agenda – otherwise known as stakeholder capitalism. The banks also have a role in setting high interest rates but these are mainly an attempt to fix the broken debt markets. While the COVID policies were ridiculously over the top considering the true level of threat posed by the disease, the orgy of money printing kicked off by lockdowns, on the back of a decade of idioically cheap credit which encouraged a growth of deby to eye watering levels, and then followed by steep increases in interest rates have reduced the value of money while simultaneously raising the cost of goods and services. And it is all down to mismanagement of the money supply by central banks as they choose to serve political ideologies rather than practical economic consideratons. RELATED:

"Revolution Has Begun": 75,000 Brits Plan To Stop Paying Power Bills In Protest At Energy Rip Off
Resistance is growing to spiralling domestic energy costs in Britain as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again. 

If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK," an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.

Panama Papers: British Elite Linked to Corruption, yet Media Only Focuses on Putin It is clear (and very easy to research) that many Amerocan elitists, including prominent political figures are involved in the Panama tax haven scandal. So why are British news organisations focusin on David Cameeron, the Conservatives and Vladimir Putin? Could it be the Gerge Soros funded group behaind the leaks have another agenda besides exposing (perfectly legal) tax avoidance?

How To Help The Poor - A look at how mainstream politics talks of fairness but penalises poverty
All three mainstream parties in the May 2015 General Election are focusing, as they did last time, on fairness, equality and helping 'the poor'. As their senior spokesmen piously pontificate there will be no trace of irony from either Conservative, Labour or Liberal Democrat while the spout such bollocks, even though they know their economic policies will penalise the poor.

Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
Why are economics academics always so sure that their predictions are correct. Given the abysmal record on economists on calling the economic trends correctly even after they have happened let alone ahead of the trend, you would think exponsents of the dismal science would be a little more cautious in proclaiming their gusses as evidence backed facts. They never seen to learn however.

Inland Revenue a Dysfunctional department that ‘can’t be trusted’ with power to raid bank accounts
Plans to let the taxman take cash out of people’s bank accounts without their permission were condemned by MPs after Rebecca Benneyworth, of the Institute of Chartered Accountants, warned the department is ‘shooting itself in the foot.’ She told the ICAEW conference : ‘Public trust in HMRC would be eroded very quickly if cases come to light where funds have been incorrectly removed. ‘HMRC cannot afford to have public opinion turn against the tax system and those charged with administering it.’Accountants have warned HMRC cannot be trusted ...

The Second Wave Of The Debt Tsunami or The Coming Of The New World OrderAs the debt crisis stumbles on in Europe, the U S A and around the third world all politicians and governments can do is keep kicking the can further down the road. Nobody is prepared to admit that the economic model based on perpetual growth funded by personal debt and public spending has failed. So where do we go from here?
Britain' Leaders Must Ignore The Messianic Promises Of This False Prophet Of Economic SalvationAccording to his fans Paul Krugman is the greatest economist of his generation. So why does he telln us he can solve the economic crisis when all he can offer is a return to the borrow and spend policies that created the mess in the first place.
Green Policies Will Not Save The Planet But Are Costing Poor Families The EarthPoliticians bleat about the plight of the poor then press on with their clean, green, sustainable energy policies which include stealth taxes to subsidise expensive and inefficient wind turbine and solar panel power generators. Can they not see it is the green agenda that is driving up inflation ...
Drop in UK inflation Is Not Good NewsThe Office for National Statistics has reported a sharp fall in the Consumer Prices Index - down from 4.8 per cent in November to 4.2 per cent last month - was the sharpest drop in the annual rate since December 2008 when the UK was in recession and VAT was reduced. Government ministers and propagandists will try to talk this up as a sing that the economy is starting to recover. We should be wary however, in the current economic circumstances a drop in inflation, especially one this rapid in what is traditionally the best month of the year for retailers, is not good news ...
Financial MadnessWas the credit crunch as the media called it really caused by the geed and incometence of the banks and the inabiliy of us ordinary punters to manage our affairs. Or was it all due to the financial madness of politicians who engineered a a system that depended on infinite growh in a world of finite resources.
Shock, Horror! Coalition Spending Cuts Cuts Will Mean 50,000. NHS Job LossesPredictably the left are screaming about the claimed 50,000 jobs that will have have to be axed by NHS trusts across the nation to meed government budget reduction targets. What NHS managers are doing however is following in the footsteps of Labour controlled councils and rather than losing the candy - floss jobs created by empire building bureaucrats are slashing front line services to punish users of the service for ...
Interest Rates Must Start To Rise Very SoonThe Daily Stirrer has warned you to brace yourselves for rises in interest rates. As it is the Bank of England has kept rates at an insanely low level for far too long in the face of evidence that their policy had completely failed to achieve its stated aim and boost the economy. Now with the economy stagnant, the jobless figures flatlining but likely to increase as public sector jobs are shed and inflation

"Revolution Has Begun": 75,000 Brits Plan To Stop Paying Power Bills In Protest At Energy Rip Off
Resistance is growing to spiralling domestic energy costs in Britain as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again. 

If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all," tweeted "Don't Pay UK," an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.

Panama Papers: British Elite Linked to Corruption, yet Media Only Focuses on Putin It is clear (and very easy to research) that many Amerocan elitists, including prominent political figures are involved in the Panama tax haven scandal. So why are British news organisations focusin on David Cameeron, the Conservatives and Vladimir Putin? Could it be the Gerge Soros funded group behaind the leaks have another agenda besides exposing (perfectly legal) tax avoidance?

How To Help The Poor - A look at how mainstream politics talks of fairness but penalises poverty
All three mainstream parties in the May 2015 General Election are focusing, as they did last time, on fairness, equality and helping 'the poor'. As their senior spokesmen piously pontificate there will be no trace of irony from either Conservative, Labour or Liberal Democrat while the spout such bollocks, even though they know their economic policies will penalise the poor.

Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
Why are economics academics always so sure that their predictions are correct. Given the abysmal record on economists on calling the economic trends correctly even after they have happened let alone ahead of the trend, you would think exponsents of the dismal science would be a little more cautious in proclaiming their gusses as evidence backed facts. They never seen to learn however.

Inland Revenue a Dysfunctional department that ‘can’t be trusted’ with power to raid bank accounts
Plans to let the taxman take cash out of people’s bank accounts without their permission were condemned by MPs after Rebecca Benneyworth, of the Institute of Chartered Accountants, warned the department is ‘shooting itself in the foot.’ She told the ICAEW conference : ‘Public trust in HMRC would be eroded very quickly if cases come to light where funds have been incorrectly removed. ‘HMRC cannot afford to have public opinion turn against the tax system and those charged with administering it.’Accountants have warned HMRC cannot be trusted ...

The Second Wave Of The Debt Tsunami or The Coming Of The New World OrderAs the debt crisis stumbles on in Europe, the U S A and around the third world all politicians and governments can do is keep kicking the can further down the road. Nobody is prepared to admit that the economic model based on perpetual growth funded by personal debt and public spending has failed. So where do we go from here?
Britain' Leaders Must Ignore The Messianic Promises Of This False Prophet Of Economic SalvationAccording to his fans Paul Krugman is the greatest economist of his generation. So why does he telln us he can solve the economic crisis when all he can offer is a return to the borrow and spend policies that created the mess in the first place.

U S Regional Bank First Republic Crashes As America's Banking 'Crisis In Confidence' Becomes Contagious
Shares in America's First Republic Bank's crashed when the New York stock market opened for trading this morning. The crash was triggered by a statement issued on Sunday night that sought to ease investor worries about the bank's liquidity situation in the wake of the failure of Silicon Valley Bank. Shares in the San Francisco based regional bank are down 60% on last week's close.

Naked Bankers Go For Gold
... That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.

Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
Why are economics academics always so sure that their predictions are correct. Given the abysmal record on economists on calling the economic trends correctly even after they have happened let alone ahead of the trend, you would think exponsents of the dismal science would be a little more cautious in proclaiming their gusses as evidence backed facts. They never seen to learn however.

Was The Banks' Cypriot Smash And Grab A Rehersal
When I started here at Bubblews back in early March the big story was the financial meltdown in Cyprus and the international response that shocked the world. The political leaders and international bankers whose incompetence and irresponsibility caused ...

Money Index Tax The Rich, Hurt The Poor
The loopy left in Britain and the USA have, throughout the cedit crunch, chanted their Tax The Rich mantra. Those who do not learn from history are condemned to repeat it of course and the left have still not learned from all the other economic catastrophes caused by attempts to redistribute wealth that taxing the rich huts the poor most.

The Folly Of Using Inflation To Reduce The Debt As the Obama administration starts to seriously consider minting Trillion dollar coins to reduce debt by fuelling massive inflkation the Daily Stirrer's finance expert explain why this would not work and would have catastrophic consequences.

A Dickensian Christmas Gift: Mister Micawber's Economic Wisdom
Despite the ever growing dunghill of evidence to the contrary lefty politicians around the world continue to call for higher taxes, more government spending and collectivist solutions while the clueless Obama administration embark on another futile round of "quantitative easing. What they are trying to do is inflate away debt but inflation is the curellist stealth tax. (Also posted at Scribd)

Green Policies Will Not Save The Planet But Are Costing Poor Families The EarthPoliticians bleat about the plight of the poor then press on with their clean, green, sustainable energy policies which include stealth taxes to subsidise expensive and inefficient wind turbine and solar panel power generators. Can they not see it is the green agenda that is driving up inflation ...
Drop in UK inflation Is Not Good NewsThe Office for National Statistics has reported a sharp fall in the Consumer Prices Index - down from 4.8 per cent in November to 4.2 per cent last month - was the sharpest drop in the annual rate since December 2008 when the UK was in recession and VAT was reduced. Government ministers and propagandists will try to talk this up as a sing that the economy is starting to recover. We should be wary however, in the current economic circumstances a drop in inflation, especially one this rapid in what is traditionally the best month of the year for retailers, is not good news ...
Financial MadnessWas the credit crunch as the media called it really caused by the geed and incometence of the banks and the inabiliy of us ordinary punters to manage our affairs. Or was it all due to the financial madness of politicians who engineered a a system that depended on infinite growh in a world of finite resources.
Shock, Horror! Coalition Spending Cuts Cuts Will Mean 50,000. NHS Job LossesPredictably the left are screaming about the claimed 50,000 jobs that will have have to be axed by NHS trusts across the nation to meed government budget reduction targets. What NHS managers are doing however is following in the footsteps of Labour controlled councils and rather than losing the candy - floss jobs created by empire building bureaucrats are slashing front line services to punish users of the service for ...
Interest Rates Must Start To Rise Very SoonThe Daily Stirrer has warned you to brace yourselves for rises in interest rates. As it is the Bank of England has kept rates at an insanely low level for far too long in the face of evidence that their policy had completely failed to achieve its stated aim and boost the economy. Now with the economy stagnant, the jobless figures flatlining but likely to increase as public sector jobs are shed and inflation

[ Inflation - the cruellist tax ] ... [ mone and finance ] ... [ money from fresh air ] ... [ Bankers money magic ]

EXPLORE:
[Daily Stirrer] ... [ Our Page on on Substack ]... [Boggart Aboad] ... [ Ian Thorpe at Quora ] ... [ Greenteeth Home ] ... [ Greenteeth on Minds.com ] ... [ Here Come The Russians ] ... [ Latest Posts ] ... [ Blog Bulletin ]

Interesting Times

 by Yotivationnation @ Minds.com

Are we not living in Exciting Times...Anyone need a refill on thier popcorn... 

 

"Facebook CEO Mark Zuckerberg told his employees to focus on video products and warned that he might cry from a scratched eye during a virtual company-wide meeting Thursday after the social media giant lost $237 billion - the biggest single-day loss ever recorded. Shares in Facebook owner Meta fell 26 percent Thursday when the markets closed, after the social media giant issued a dismal forecast and reported its first decline in daily active users. Zuckerberg saw at least $29.7 billion erased from his net worth. 

 

The tech titan was the world's seventh wealthiest person on Wednesday, with a net worth of $113.1billion. But by market close on Thursday, he dropped off Forbes' top 10 list of billionaires - to No. 12 - as his personal net worth plunged to $83.4 billion. 

 

Facebook's stock closed the day at $237.76 per share, sparking fear in international markets and pulling the tech-heavy Nasdaq down by 3.74 percent Zuckerberg told his employees that the drop was due to a weak revenue forecast as the company faces an 'unprecedented level of competition' from TikTok, owned by Chinese company ByteDance. 

 

The 37-year-old billionaire wore glasses and looked red-eyed, a person who attended the meeting told AdAge. Zuckerberg allegedly told his employees that he might tear up because he scratched his eye, and not because of the share drop." 

 

 https://www.dailymail.co.uk/news/article-10473475/Facebook-stock-plunges-24-rattling-world-markets-dragging-Nasdaq-2.html

 

 

Zuckerberg addresses staff virtually after Facebook stock plunges

dailymail.co.uk

Reality Strikes Back

 

Authored by Charles Hugh Smith via OfTwoMinds blog,

The status quo response would be amusing if the consequences weren't so dire.

Rather than stare at empty shelves, you have two options for distraction: you can don a virtual-reality headset and cavort with dolphins in the metaverse, or you can trade various forms of phantom wealth that always go up (happy happy!) because the Fed.

Neither distraction actually solves any real-world problems, a reality we can call the Revenge of the Real World We've entered a peculiar phase in American history in which illusions of wealth and control are the favored distractions from the unraveling of the real world economy and social order.

Printing trillions of currency units can't restore the global supply chain or social cohesion, Rather, jacking phantom wealth to the moon is only accelerating the collapse of the social order and the economy even as it accomplishes absolutely nothing in terms of solving real-world problems.

Let's start with the core economic realities of the 21st century:

1. The number of high-consumption ("middle class") people doubled from 1 billion to 2 billion. The human populace has expanded to 7.9 billion individuals, but poor people who don't have enough money to consume large quantities of energy, goods and services delivered by the global supply chain don't have much of an impact on global consumption of energy and resources. It's the number of people jetting around the world playing their part in the landfill economy (toss the old one, buy a new one) who drive "growth" (i.e. waste is growth).

Strangely enough, there are actual physical limits to resources being transformed into junk being dumped in the landfills. Humanity's rapacious appetite for stuff has extracted all the cheap-to-extract resources and now all that's left are the increasingly expensive-to-extract resources.

2. Corporate America offshored most of the production of essentials to exploit the low labor and energy costs, minimal environmental standards and currency arbitrage of overseas production. The net result has been an astounding increase in corporate profits. ... Continue reading >>>

 

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Goodbye Freedom, Hello Global Governance.
If at any time during the chaos the past eighteen months you have wondered what kind of idiots are running the world and have gleefully trashed economies, disrupted social and commercial life and stripped citizens of their rights and liberties only to bring us, in late October 2021, right back to where we were in late February 2020 when the words pandemic and COVID crept into our consciousness ...Continue reading >>>

Have You Committed Your Three Thought Crimes Today?
You're a criminal. So am I. We all are, according to some legal experts there are now so many crimes, a lot of them loosely defined, it is impossible to get through the day without committing at least three crimes. In fac it is often the case that by obeying one law you are breaking another.

Politicians Are Offering A Trade, Safety For Freedom. But What Are We Really Trading Away?
It's the age old confidence trick, politicians and the elites offter a straight choice between security of freedom and all the risks it entails, then amplify those risks with scaremongering propaganda. In the case of the COVID crisis it has worked so far, with enough people accepting the need for masks, lockdowns and killer vaccines to make The Great Reset seem feasible - but time is running out and people are waking up ...

As We Predicted The Coronavirus bill Is The Biggest Assault On Freedom Since World War 2
Things have gone so far beyond what can be considered a rational response to an outbreak of a highly contagious but for most people relatively minor illness that I am starting to believe even the conspiracy theories I know I made up myself. Along with my fellow Boggart Bloggers I predicted weeks ago the current outbreak of the so - called coronavirus would see a massive hyping of the threat level leading up to an assault on our freedoms. And that is exactly what we have seen happening over the past week.

Getting To The Truth Of Covid?
A friend spent some time in hospital earlier this year, in September in fact. The problem was not COVID related and was easily dealt with by routine treatments. She was discharged and returned home thinking that would be the end of it. A few days later she could hardly walk and was complainming of fatigue and aching muscles and joints. As the weeks wore on things did not improve and on returning to the hospital for further tests she was told she might have picked up a case of "Long Covid." Having trained and worked as a nurse she recognised this diagnosis as bollocks

Big Tech Ban President Trump, But Reveal Their Contempt For Free Speech And Diversity Of Opinion
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"Big Brother State": FBI Says Citizens Should Have No Secrets That The Government Can't Access
The surveillance state predicted in George Orwell's novel "1984" has gradually crept up on us. With no sense of irony, the government of the nation that calls itself "The land of the free" has led the way in trying to persuade citizents that the only way they can be sasfe from vague and largely fictitious "existential threats to democracy" is to surrender civil rights and freedom to determine our own destiny ...

"Big Brother State": FBI Says Citizens Should Have No Secrets That The Government Can't Access
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Secret Meeting in London to "End Cash"

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Prepare For The Worst Case Scenario
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Los Angeles Residents Fear Major Riots Are imminent, Poll Reveals

Given the current political climate in the USA after eight years of incompetence and divisive policies delivered by the Obama Administration, as well as the effect of ongoing economic conditions on the working and lower middle classes it is surprising the riots witnessed in the past few years have been relatively tame and of brief duration.

Riots in U.S. urban ghettos in the past lasted for days, with millions of dollars worth of damage done and many lives lost. That could be about to change however, According to a poll carried out among resident of Los Angeles someday soon we might 'see the LA river flowing with much blood,'  (paraphrased from Virgil's Aeneid.)

For the first time since the riots, there is an uptick in the number of Angelenos who fear that another civil disturbance is likely, according to a Loyola Marymount University poll that has been surveying Los Angeles residents every five years since the 1992 disturbances.

Nearly 6 out of 10 Angelenos think another riot is likely in the next five years, increasing for the first time after two decades of steady decline. That’s higher than in any year except for 1997, the first year the survey was conducted, and more than a 10-point jump compared with the 2012 survey.

The notorious 1992 LA riots were largely fueled by racial tensions. Next time, while racial divisions, depite the best efforts of the race-baiter president, Barack Hussein Obama, will only play a minor role, economic factors are likely to be the driver of civil disorder. Like a majority of Democrat run cities in the USA, Los Angeles is divided by an enormous and rapidly widening wealth gap, with unemployment and part - employment rising among low skilled groups, housing costs and other necessary expenses are crushing the lower classes.

“Economic disparity continues to increase, and at the end of the day, that is what causes disruption,” said Fernando Guerra, a political science professor who has worked on the survey since its inception. Unfortunately such economic conditions creat an ideal situation for political meddlers like billionaire psychopath George Soros to exploit, furthering his Marxist and globalist agendas.

“People are trying to get along and want to get along, but they understand economic tension boils over to political and social tension.”

Although the city’s unemployment rate last year was about half of what it was in 1992, the median income of Angelenos, when adjusted for inflation, is lower than it was around the time of the riots. Poverty rates still remain high at 22%, comparable with the years preceding the riots.

 It should be noted of course that conclusions such as those are based on the government's fraudulent way of counting the unemployed (i.e. excluding from statistics those unemployed for 99 weeks or more)

There’s something to be said for the idea that there’s a collective unconscious. When that many people feel that violent civil unrest is a real possibility, one should take notice. These people know what their city is capable of, so I can’t help but fear that their concerns are justified.



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