Now Fed Chair Powell has just said it's time for the pace of the roll-off to slow.
That's the curved line slowly trending down from it's peak near $9 trillion to $7.5 trillion now.
Just as the National Debt will never be paid down, the Fed will never stop intervening in the Treasury market to limit supply and support prices, which suppresses market driven interest rates.
Powell isn't serious about fighting inflation.
New York Post here:
Biden’s goals will push internal-combustion-vehicle prices into the stratosphere, and likely still not get consumers to play along; the 2032 mandate is beyond impossible to meet.
Instead, Americans will keep older cars on the road far longer; even paying through the nose for clunkers and repairs will be the better bet.
May 2023: Average age of a car on the road in the US hit a record 12.5 years, up 3 months from 2022.
I have two cars for my family. One is 27 years old, the other 17.
Remember Cash For Clunkers under Obama?
Yeah, I skipped that.
Definitely worth a watch, here.
The guy at the end likens one party Democrat rule in Chicago to the one party communist state of China.
Impressive!
CNN just reported:
The funding legislation was approved by a vote of 74-24 at 2:02 a.m. ET, more than two hours after the midnight ET deadline for passage of the critical legislation that was approved by the House on Friday.
WASHINGTON — The House voted 286-134 on Friday to pass a sweeping $1.2 trillion government funding bill, sending it to the Senate just hours before the deadline to prevent a shutdown. ...
The bill, released early Thursday, funds the departments of Homeland Security, State, Labor, Defense, Health and Human Services and various other agencies. Together with the $459 billion bill passed earlier this month, it fully funds the federal government to the tune of $1.659 trillion through September, after months of stopgap bills and negotiations.
More here.
The Roll Call Vote is here, if you want to check how your representative voted.
The argument is perennially NOT about deficit spending, but deficit spending on WHAT.
The projected tax shortfall for all programs for fiscal 2024 is $1.582 trillion, more than half of which will be net interest expense of $0.870 trillion on the exploding national debt. Interest payments on what we have already borrowed now exceed defense outlays of $0.822 trillion.
CBO in early February estimated fiscal 2024 discretionary spending at $1.739 trillion, so today's bill "saves" a mere $80 billion off that.
Mandatory spending on Social Security, Medicare, Medicaid, etc. is estimated at $3.908 trillion for fiscal 2024.
It's obvious that spending should be cut and taxes raised, but no one has the courage for either.
They should just agree to do both and let the chips fall where they may. Everyone out here will be pissed, vote accordingly, and it would be a wash politically.
Current national debt is $34.5612 trillion and rising.
The Jerusalem Post reports:
The IDF announced on Thursday that in its four-day operation in Shifa Hospital in northern Gaza, it has now killed around 140 terrorists from Hamas and Islamic Jihad, as well as arrested around 650 additional terrorists.
... the IDF may have intentionally waited longer for more terrorist senior officials to arrive before attacking. ...
Some IDF sources explained that the terror groups likely returned to Shifa, despite the IDF already having cleaned it out in November 2023, because they did not expect the military to return to the hospital in the middle of Ramadan, with a rise in global criticism of Israel, and with hostage negotiations at a critical point.
CNBC reports today:
There’s fear among global automakers that Chinese rivals like the Warren Buffett-backed BYD could flood their markets, undercutting domestic production and vehicle prices to the detriment of their own auto industries.
“The introduction of cheap Chinese autos — which are so inexpensive because they are backed with the power and funding of the Chinese government — to the American market could end up being an extinction-level event for the U.S. auto sector,” the Alliance for American Manufacturing, a U.S. manufacturing advocacy group, said in a report last month.
BYD sold 1.57 million battery EVs last year, up from just 130,970 all-electric vehicles in 2020. That sales growth was enough to surpass Tesla to become the world’s largest producer of electric vehicles in late 2023.
The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will “demolish” global rivals without trade barriers. ...
The company has quickly rolled out new and updated products. It’s also rapidly established manufacturing, as it has its eyes set on factories in Thailand, Brazil, Indonesia, Hungary, Uzbekistan and, potentially, Mexico. ...
Former President Donald Trump – the front-runner among Republicans in the 2024 presidential race – on Saturday suggested instituting a 100% tariff on cars made in Mexico by Chinese companies, should he be elected to a second term.
Democrats are more than willing to hand Joe Biden slush money to buy votes, but $25 billion for a wall? No way.
Bloomberg doesn't even hide it:
(Bloomberg) -- President Joe Biden said his $20 billion award to Intel Corp. demonstrated his investments in US industries that had withered under Donald Trump’s tenure, touting a flurry of government spending he hopes will help him defeat his Republican rival in a general-election rematch. ...
Biden trails Trump in several crucial states, including Arizona, as voters remain skeptical of the president’s handling of the economy. Biden is responding by using his bully pulpit, as well as federal dollars, in states to show the public the results of his plans. The president said Wednesday’s announcement would support 10,000 manufacturing jobs, including 3,000 in Phoenix. ...
Intel is the first company to land a preliminary funding deal from the Chips Act for advanced manufacturing facilities. The law provided $39 billion in grants, plus loans and guarantees worth $75 billion to persuade companies to build factories on US soil and reverse a decades-long shift of semiconductor production to Asia.
4 million voters purchased.
Biden cancels nearly $6 billion in student debt for 78K public service workers
The administration forged ahead with its plan despite pleas from thousands of car dealerships across the country, warnings from industry leaders and major manufacturers slashing production. Demand in recent years has failed to meet growth expectations. ...
“This rule is delusional,” the senators said. “This is the Biden administration’s attempt to get rid of the internal combustion engine without congressional authority.” Sen. Joe Manchin III, a moderate Democrat from West Virginia, was ready to side with Republicans. He called the rule “reckless and ill-informed.” “The federal government has no authority and no right to mandate what type of car or truck Americans can purchase for their everyday lives,” said Mr. Manchin, who chairs the Senate Energy Committee.
At the current pace of sales growth of all-electric and plug-in hybrid vehicles, the U.S. would take decades to meet the administration’s 2032 goal. ...
The EPA wants 67% of all new light-duty vehicles and up to 32% of medium-duty vehicles to be electric by 2032. That includes a mixture of all-electric, plug-in electric hybrids and battery electric hybrids.
More.
Arkansas airport executive shot during attempted search warrant, police say
Totally normal.
The London PM gold fix soared 437% between 1970 and 1978 using average prices.
Gold is up about 60% since Powell became Fed Chair in February 2018. Gold has risen from about $1333 to $2142 on an average basis.
Gold hits fifth record high in March on Fed rate-cut view :
Gold prices on Thursday hit record highs for the fifth time this month after the U.S. Federal Reserve signaled it would press ahead with three rate cuts in 2024 despite elevated inflation.
Spot gold was up 1.1% at $2,209.65 per ounce at after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures soared 2.4% to $2,212.40. ...
Despite recent high inflation readings, Fed chair Jerome Powell said the U.S. central bank is still likely to reduce interest rates by three-quarters of a percentage point by the end of 2024, but that it also depends on further economic data. ...
Lower interest rates decrease the opportunity cost of holding non-yielding bullion . . ..
Ireland’s Prime Minister Leo Varadkar unexpectedly resigns
Remember all those women who resigned about a year ago?
Jacinda Ardern
Diane Feinstein (announced she wouldn't run again)
Lael Brainard
Christine Wilson
Nicola Sturgeon
From the story:
[The 2022 Supreme Court decision] led to a growing reliance on a two-pill regimen to terminate pregnancies, with U.S. abortions administered by pill increasing 10% since 2020, according to the Guttmacher Institute, an abortion rights advocacy group.
The Institute's report is published every three years and based on data collected from U.S. abortion providers.
The survey found over 1 million total abortions were provided through the U.S. healthcare system in 2023, the first time that number exceeded a million since 2012. ...
The survey likely undercounted the number of abortions in the U.S. since it did not account for terminations obtained outside the formal U.S. healthcare system, such as those done with pills mailed from abroad.
Carbajal-Flores was charged under Title 18 of U.S. Criminal Code, which legally disallows undocumented individuals to possess firearms and ammunition "or to receive any firearm or ammunition which has been shipped or transported in interstate or foreign commerce."
The story is here.
By Will Grant, BBC News, Cap-Haitien, Haiti
"Port-au-Prince is in panic mode," a friend in the Haitian capital texted me.
Residents of Petionville, a wealthier area of of the city, are shaken after their most violent day so far in the country's spiralling security crisis.
More than a dozen bullet-ridden bodies lay in the street - the victims of the latest gang rampage.
As well as the early morning killing spree, the home of a judge was also attacked - a clear message to the country's elites vying for power.
All this in what is supposedly the safe part of town.
Unicef's executive director, Catherine Russell, has called the situation in Haiti "horrific" and likened the lawlessness to the post-apocalyptic film, Mad Max.
Certainly the latest violence in Port-au-Prince is a reminder, if any were needed, that Haiti remains closer to anarchy than stability.
In that malaise, the UN has also estimated, because of the closure of so many hospitals in the capital, some 3,000 pregnant women were at risk of having to give birth with no maternity care.
From Bloomberg here:
The historic Gold Coast, featuring 100-year-old mansions, opulent condos and designer boutiques, has lost some of its most illustrious residents and appeal in recent years as the city’s high taxes and crime encouraged the wealthy to relocate. Those staying in Chicago are opting for more modern homes in trendier areas, leaving Gold Coast properties sitting on the market for months.
Now a plan to boost taxes on the sale of homes of $1 million or more could further depress deals in the neighborhood, whose residents include the billionaire Illinois Governor J.B. Pritzker. Known as the “mansion tax,” the measure will be on the ballot during the Illinois primary on Tuesday. ...
It’s unclear what impact the tax will have on property prices and whether it will generate the revenue that the mayor’s office expects. Los Angeles passed a similar measure increasing transfer taxes for properties over $5 million in 2022, but the measure only generated $142 million, a tiny fraction of the over $900 million it was expected to bring in. ...
The Gold Coast currently has 113 homes on the market at $1 million or more, according to Zillow. Only Streeterville, directly south of the Gold Coast and along the famous Michigan Avenue shopping strip, has more.
In the broader area of the Near North Side, which includes the Gold Coast and Streeterville, homes over $1 million have spent an average 123 days on the market, almost double the average in the rest of the city, according to Chicago Association of Realtors data collected from 2021 to 2023.
admirably (perhaps excessively) historically accurate
the welcome clarity of the sound
the porkpie hat with the wide Western brim
the movie is overly critical of Oppenheimer
a nuclear weapon hasn’t been used in anger since 1945
Oppenheimer had a long track record of misjudging Stalin’s character . . . as head of the world’s most glamorous academic organization, the Institute for Advanced Studies, a job at which he was superb due to his polymathic near-infallibility of judgment
I try to hold glass-half-full opinions of scientists like Oppenheimer and Millikan and admire them for their historic accomplishments rather than cancel them for their mundane political opinions [even though] The Soviets tested their first fission bomb in 1949, largely due to having (at least) four spies at Los Alamos [thanks to J. Robert Oppenheimer's mundane political opinions]
Here.
Allan H. Ryskind, here:
The FBI had opened a file on Oppenheimer as early as 1941, after he had failed to immediately inform superiors that three men in Berkeley, California, had been solicited to obtain nuclear secrets for the Soviet Union and that both he and his brother Frank had been urged to help them. One of his colleagues at the University of California at Berkeley was Haakon Chevalier, who worked with Oppenheimer on various Communist enterprises and who urged him to give Soviet Union Premier Josef Stalin what he wanted.
The Bureau opened its file on Oppenheimer after he had attended a December, 1940, meeting at Chevalier's home that was also attended by the Communist Party's California state secretary William Schneiderman and its treasurer Isaac Folkoff, each of whom was being wiretapped by the FBI.
In early 1943, Chevalier had a brief conversation with Oppenheimer in Chevalier's kitchen, with Chevalier mentioning that a scientist, George Eltenton, could transmit information of a technical nature to the Soviet Union about our progress on the highly secretive atomic bomb project that Oppenheimer was working on.
He initially rejected the overture to assist Eltenton but failed to report the incident until August of 1943. His failure to promptly report what was clearly a Soviet espionage effort would become central to the decision to revoke his security clearance. Oppenheimer did not report the recruitment effort until six months later. In subsequent interviews with Army security, he admitted he had been approached, but he refused to name Chevalier or anyone else who might have been involved. Not until December, 1943, in response to a direct order from Groves, did he name Chevalier.
From 1937 to 1942, he was a member at Berkeley of what he called "a discussion group," which was later identified by fellow members Chevalier and Gordon Griffiths as a "closed" or "secret" unit of the Communist Party for Berkeley faculty.
Daniel J. Flynn, here:
As described in this column previously, Pavel Sudoplatov, so high-ranking that the Soviets placed him in charge of murdering Leon Trotsky, maintained in his autobiography that “Oppenheimer supplied … the Soviet Union with crucial information for it to successfully test its own atomic bomb in 1949.” He details Oppenheimer’s role, “which included allowing moles access to secret data to copy it, and describes him as ‘knowingly part of the scheme.’”
Material from the files of both Soviet and U.S. intelligence supports Sudoplatov’s claim: “An Oct. 2, 1944, memo from the Soviet archives, signed in receipt by chief of secret police Lavrentiy Beria, identifies Oppenheimer as a ‘member of the apparatus of Comrade [Earl] Browder’ who ‘provided cooperation in access to research for several of our tested sources including a relative of [the Communist Party USA leader].’”
Venona project decrypts refer to Oppenheimer under a codename, monikers in most but not all circumstances reserved for Soviet assets. A decoded March 1945 intercept “instructs Soviet agents to ‘re-establish contact with “Veskel” … as soon as possible.’ Veskel, the National Security Administration determined conclusively, referred to Oppenheimer.”
In The Venona Secrets, late authors Herb Romerstein and Eric Breindel wrote: “In May [of 1945] the Rezidentura sent Moscow another report from [Theodore] Hall on atom bomb research. It revealed the locations of work being done and the names of the heads of each research group. All of the names were clearly written out except one, that of J. Robert Oppenheimer, who was listed as ‘Veskel,’ the head of Los Alamos.”
Oppenheimer’s critics lacked this information in 1954, so one better understands their restrained classification of him as merely a security risk rather than charging that he lacked, in the words of President Dwight Eisenhower’s Executive Order 10450, a “complete and unswerving loyalty to the United States.” What’s the excuse of the NBC News Studios documentary airing on MSNBC for omitting so much information from credible sources in the U.S. and U.S.S.R. intelligence apparatus painting a grim picture of Oppenheimer’s trustworthiness? ...
Oppenheimer donated large sums to Communist causes, subscribed to Communist publications, and married a Communist. Other associates in the party included his brother, sister-in-law, landlady, the girlfriend who later became his mistress, and numerous students. He attended secret meetings of Communist professors while teaching at Berkeley.
Most damning of all, Haakon Chevalier, a friend and professor at Berkeley, approached Oppenheimer with the idea of passing on Manhattan Project secrets to the Soviet Union. Oppenheimer did not report this event to his superiors for many months and, when he did, described the events dishonestly, i.e., by omitting both himself and Chevalier from the story. Rather than steer clear of someone petitioning him to commit espionage, Oppenheimer continued to see Chevalier socially for years.
Story here:
San Carpoforo Beach has no restrooms or trash cans . . ..
We forecast that undocumented entry will exceed U.S. job growth in 2024.
More.
It’s the great unexplored theme in the Robert Hur imbroglio. The decision to release the Hur report, with its portrayal of a confused and forgetful president, wasn’t mandatory and neither did it rest with Mr. Hur, despite the congressional grilling he received this week.
The decision rested with Attorney General Merrick Garland.
Everyone with a brain knows this. Even Molly Jong-Fast knows this. It was not unexplored. She jumped on it right away, like a chicken on a June Bug.
The question is Why did Garland do it? Molly thinks it's because Garland is a Secret Republican ™, which is ridiculous.
The great unexplored thing in all this remains The Context™, to which no one is paying attention, because Boring™: the DOJ policy which immunizes the sitting president from prosecution.
Is anyone talking about prosecuting Biden once he's out? Hello?
Hur tells you the policy right up front, then says all this bad stuff about Joe, which is really bad. But Garland chose to let you read that, despite the policy.
That's the point. It's a really big deal. Garland thinks what Biden did is really bad, and that Joe is incompetent to serve.
I still say it was a trial balloon by Garland, to see if Biden cabinet members would rise to the occasion to remove the befuddled old man.
Jenkins doesn't really appreciate that. It has to be more than all the personal attacks Merrick Garland has had to endure from the Bidens.
Garland has been running interference for this guy from day one. He's been Joe's wingman no less than Eric Holder was Barack Obama's.
But Joe is too incompetent to even appreciate it. That's what really stung Garland.
The cashless society hits a speed bump.
Newsweek here:
In Australia, internal systems at some restaurants have been offline since about 3:10 p.m. local time. Some stores have been forced to close completely, while others are only taking cash orders, according to a report by news.com.au.
54% of survey respondents said Harris isn't qualified to serve as president. ... 56% of independents; 37% of African Americans; and 48% of Hispanic voters said she isn't qualified.
This week provided a reminder that inflation isn’t going away anytime soon :
The bad news began Monday when a New York Federal Reserve survey showed the consumer expectations over the longer term had accelerated in February. It continued Tuesday with news that consumer prices rose 3.2% from a year ago, and then culminated Thursday with a release indicating that pipeline pressures at the wholesale level also are heating up. ...
The latest jolt on inflation came Thursday when the Labor Department reported that the producer price index, a forward-looking measure of pipeline inflation at the wholesale level, showed a 0.6% increase in February. That was double the Dow Jones estimate and pushed the 12-month level up 1.6%, the biggest move since September 2023.
Opposing NATO expansion, Senator Daniel Moynihan, the last intellectual in American politics, warned “We’re walking into ethnic historical enmities. We have no idea what we’re getting into.” Taking Moynihan’s side, Republican senator John Warner of Virginia warned of antagonizing Russia by building an “iron ring” around it. And from whom came the most strident objection to Warner and Moynihan? According to the New York Times, Joseph Biden, “took the floor and erupted…stalking the Senate floor, flailing his arms….”
More.
“Almost 30% of Gen Z women identify as LGBTQ+, most as bisexual,” Jeffrey Jones, a senior editor at Gallup, told NBC News. “That’s where a lot of the growth seems to be happening.” ...
The group most likely to identify as LGBTQ, by far, was Generation Z women (ages 18 to 26), 28.5% of whom identified as LGBTQ in the survey. The lion’s share of them, of all Gen Z women surveyed, 20.7%, identified as bisexual, followed by 5.4% who identified as lesbians. Gen Z women were nearly three times more likely than Gen Z men to identify as LGBTQ. ...
Bisexuals made up the highest percentage of LGBTQ respondents, at 57.3% — or 4.4% of all adults surveyed. ...
“It’s important how much the LGBTQ community is bisexual, and that’s definitely something we see among the younger generations,” Jones said.
More here.
