She won in the Falklands, but folded on China.
Thatcher later recounted that Deng had told her directly "I could walk in and take the whole lot this afternoon," to which she replied, "There is nothing I could do to stop you, but the eyes of the world would now know what China is like."
More.
As you can see, today's posts so far show a pattern: Elect women leaders at your peril.
Ha ha.
Guns for me but not for thee.
-- John Locke
Through 2021 mean precipitation for the eight months Jan-Aug is 22.88, but for Jan-Aug 2022 we've got 27.61 inches.
Wet. Wet. Wet.
Meanwhile out West it's the reverse.
Dry. Dry. Dry.
There was no disruption to the peaceful transfer of power on January 6th. It occurred successfully by act of Congress, without the aid of the military whatsoever.
Whatsover.
It was a tyrannical new president who shut down DC, FOR FIVE MONTHS, by using the National Guard, not the old president.
These people are a threat to the constitution:
Former Secretaries of Defense
Dr. Ashton Baldwin Carter
William Sebastian Cohen
Dr. Mark Thomas Esper
Dr. Robert Michael Gates
Charles Timothy Hagel
James Norman Mattis
Leon Edward Panetta
Dr. William James Perry
Former Chairmen of the Joint Chiefs of Staff
Gen. (ret.) Martin Edward Dempsey
Gen. (ret.) Joseph Francis Dunford Jr.
Adm. (ret.) Michael Glenn Mullen
Gen. (ret.) Richard Bowman Myers
Gen. (ret.) Peter Pace
6. In certain cases or controversies, civilian control is exercised within the judicial branch through judicial review of policies, orders, and actions involving the military. In practice, the power to declare a policy/order/action illegal or unconstitutional is decisive because the military is obligated (by law and by professional ethics) to refuse to carry out an illegal or unconstitutional policy/order/action.
The letter also says that civilian control of the military can be exercised by the judicial branch when an administration’s decisions are challenged, and that a court ruling is decisive because military leaders are obligated by law and professional ethics to refuse to carry out illegal or unconstitutional orders.
US GDP last clocked in at $24.883 trillion in 2Q. The total public debt at the end of 2Q is $ trillion.
That's now a mismatch of 123%, up from 105% in 2013, ten years ago, when the total public debt was $16.8 trillion and the GDP $16 trillion.
In other words, the debt has grown by 82% over the period while the GDP has grown by only 56%.
The debt represents spending money we do not have, and the increase in the debt represents the spending of more money we do not have. We simply create it out of thin air to facilitate the process. It doesn't matter what form it takes, whether in the form of Treasury securities or physical money.
Spending go whirr, Fed money machine go whirr, debt go whirr, and eventually inflation go whirr. Inflation is the payback for going into the debt for which we refused to pay at the time.
Debt draws forward prosperity . . .
But it should come as no surprise that the future we robbed has no prosperity in it, now that we have arrived there.
And people wonder where the inflation came from.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.
Well, we've heard that before, but this story about one of them perfectly describes how Fed money creation has ballooned, by design, to facilitate gains for those first in line for the money, the banksters, while the rest of us just get the inflation:
The Fed creates reserves as a special form of dollars that can only be held by banks and some similar firms, that they use to settle debts to each other. (The rest of us mostly use bank-created electronic money, plus physical dollars.) Since QE began, reserves have ballooned as the Fed created reserves to buy bonds from banks.
Unlike in 2017, large quantities of reserves have been returned to the central bank via money-market funds. These funds, which savers use as a liquid alternative to savings accounts, are allowed to deposit money at the Fed overnight using reverse repurchase agreements (RRPs), and have already sucked $2.2 trillion of reserves out of the system, up from zero at the start of last year.
For now, the loss of reserves isn’t a problem. Banks had too many deposits and reserves anyway, and they still have $3.3 trillion of reserves, more than they had ever held until last year.
More.
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.
DeLong
had begun working on this story in 1994. He had produced hundreds of
thousands of words, then hundreds of thousands more, updating the text
as academic economics and the world itself changed. He kept writing, for
years, for decades, for so long that he ended up writing for roughly 5
percent of the time capitalism itself has existed. The problem wasn’t
figuring out how the story started. The problem was knowing when it
ended. ...
His friends inquired about the drafts they had read years before. The
project ballooned in its complexity. “I have had editors who were saying
[they were] going to drop me if I couldn’t get it down to 150,000
words,” DeLong told me. (The book ended up at 180,000, plus online notes
and appendices.) ...
As for DeLong, he has a more immediate challenge: figuring out what to do with the hundreds of thousands of words he trimmed out of Slouching Towards Utopia. He thinks he might write a history of the economy, full stop. That story might start in 6,000 B.C.
More.
During the second quarter, Amazon’s workforce shrank by roughly 100,000 jobs to 1.52 million, the biggest quarter-to-quarter contraction in the company’s history.
More.
