Tag: news

Authored by James Hickman via SchiffSovereign.com,

The year was 1994.

Former NFL superstar OJ Simpson has just fled from police in the infamous low speed chase in his white Ford Bronco. Pulp Fiction was playing in the cinemas.

And 29 year old Kamala Harris began dating one of the most powerful politicians in the State of California— Willie Brown.

Brown had been in politics for decades at that point and has risen to become the Speaker of California State Assembly, then Mayor of San Francisco.

(And despite having spent his entire adult life in politics, Brown somehow managed to amass a collection of $6,000 suits and expensive sports cars.)

Willie Brown was also at 60 years of age back in 1994 (he’s 90 now), three decades older than his girlfriend Kamala.

Obviously she was in it for love. I’m sure that’s the case.

But it just so happened that, barely a few months into their steamy relationship, Speaker Willie Brown appointed Kamala to multiple, senior-level positions in the state, including a seat on the California Unemployment Insurance Appeals Board and the Medical Assistance Commission.

I’m also sure that Brown appointed his girlfriend due entirely to her competence, and absolutely no other reason whatsoever.

These appointments, along with Sugar Daddy’s public support and endorsement, were integral in Harris’s later campaign to become San Francisco District Attorney, then Attorney General of California in 2010.

Willie Brown also endorsed her for Senate when she declared her candidacy in 2016, and was instrumental in securing her top endorsements, including from Joe Biden and Barack Obama.

Again, all of this success was clearly due exclusively to Kamala’s tremendous competence and nothing more.

Now, a lot of people have been remarking lately that Kamala is a DEI (Diversity, Equity, and Inclusion) hire.

But that’s completely unfair.

Talk about a low blow. I mean, Kamala’s critics have completely missed the point that this woman— who claims to embody female empowerment— got her start by having sex with a powerful California politician 30 years her senior.

So let’s give credit where credit is due: she slept her way to the top well before she became a DEI hire.

In fact it wasn’t until she was picked to be Joe Biden’s running mate that she started benefiting from the DEI obsession.

Curiously, it is now considered racist to even bring this up. CNN has decided that calling Vice President Kamala Harris a “DEI Candidate” is a “pseudonym for the N-word” and “racist dog whistle”.

That’s absurd. Joe Biden’s entire presidency has been about promoting DEI candidates, and he admitted this himself recently when he said:

“To me the values of Diversity, Equality, Inclusion are literally— and that’s not kidding— the core strengths of America. That’s why I’m proud to have the most diverse administration in history that taps into the full talents of our country. It starts at the top with the Vice President.”

Biden also made it perfectly clear in 2020 that he wanted to select a woman of color as his running mate.

So why exactly is it controversial to assert that Kamala was a DEI hire? Is it also controversial that the sky is blue, or that Michael Jordan was an exceptional basketball player?

But these people in charge have a way of acting offended about even the most basic and obvious truths. It’s quite a talent.

Speaking of talent, Kamala has none.

Whenever she opens her mouth, she is as incompressible as Joe Biden yet without the excuse of age and dementia. Like this gem:

“So I think it’s very important… for us, at every moment in time, and certainly this one, to see the moment in time in which we exist and are present, and to be able to contextualize it, to understand where we exist in the history and in the moment as it relates not only to the past, but the future.”

This is also the person that was put in charge of the border security, which has been a total disaster. But in her televised explanation, she justified having not been to the border by saying she hadn’t been to Europe either.

Wow, really racking up those foreign policy credentials!

And on the topic of foreign policy, check out this inspiring quote as Kamala showcased her encyclopedic understanding of European affairs:

“Ukraine is a country in Europe. It exists next to another country called Russia. Russia is a bigger country. Russia is a powerful country. Russia decided to invade a smaller country called Ukraine, so, basically, that’s wrong.”

Note that this wasn’t an interview on Nickelodeon or some event with elementary school kids. This was an actual response in a real interview about the war in Ukraine.

One of my favorite Kamala stories, though, is when she visited Puerto Rico earlier this year.

Protesters were in the streets of San Juan, singing in Spanish. Kamala merrily clapped along, until an aide quietly whispered that the song was protesting her visit as a representation of the federal government’s “colonization” of Puerto Rico.

Her track record as a prosecutor is also far from impressive.

As the Attorney General of California, she prosecuted and incarcerated cannabis users. But in 2019, asked if she herself had ever smoked weed, she cackled and said, “I have. And I inhaled.”

In 2014, Kamala’s office argued to keep non-violent inmates (including from minor drug convictions) locked up so that the state would have free prison labor to fight wildfires.

But Kamala would prefer that her Black Lives Matters voters forget about all that.

The Big Lie they are now force-feeding us is that the party of democracy is energized and united around Kamala Harris.

Personally I think they are terrified and desperate. Deep down they know this woman is an incompetent buffoon. And more importantly, they are still incredibly fractured.

Just look what the radical left has been doing this very week.

Their Marxist foot soldiers have been busy burning American flags, defacing public monuments, and hoisting Hamas flags, while chanting “Allahu Akbar!” in the streets. Curiously most of them are white atheist 20-somethings from upper-middle class upbringings.

And some of the Left’s most prominent politicians boycotted a speech given by the Prime Minister of Israel— one of America’s strongest allies during its time of war.

This continues to look like a group that is completely out of touch, but insists that they have everything under control… which is pretty much par for the course given the last few years under Biden.

Having said all that, it would be foolish to think they won’t pull out all the stops— continue to create all the propaganda, tell whatever lie, manufacture whatever hoax, and suppress whatever truth is necessary to win.

A 22-year-old man was arrested this week after allegedly stealing a Seattle Fire Department truck, according to KOMO. 

On Wednesday morning, the man rode a scooter to the truck, entered it, activated the lights and sirens, and attempted to drive away around 3:30 a.m. on the 9200 block of Second Avenue Southwest.

The suspect couldn’t deactivate the parking brake and only managed to drive around the corner before exiting the vehicle, the report said. 

A witness reported seeing a man on a scooter ride up to a fire engine, get on, and drive away with its lights and sirens on, additional reporting said. 

Police then arrived, confirmed with Seattle Fire Department employees that a fire engine had been stolen.

“The firetruck involved was from South Park-based Engine 26, as noted by the SFD incident log,” the West Seattle Blog reported.

The man was arrested and booked into King County Jail for motor vehicle theft. According to police, the truck was returned to the Seattle Fire Department.

Hoodline reported that this incident is the suspect’s ninth arrest in nine months.

Previous arrests led to short stints in custody, except for his most recent one from June 20 to July 1 for two stolen-vehicle cases, with hearings set for early August.

Despite frequent arrests, he has no past felony convictions.

Authored by John Hilton-O’Brien via The Epoch Times,

There’s been a lot of noise about getting rid of standardized exams. Supposedly, minorities are at a disadvantage with them. Consequently, the argument runs, doing away with standardized exams will allow more minorities to enter into prestigious career paths, enhancing “social justice.”

If you look more closely at the history of standardized exams, however, this isn’t true.  Instead, getting rid of standardized exams serves the interests of an elite class—and will permanently lock minorities and entire classes of people out of social advancement.

Standardized tests have already been eliminated in a number of places. Oregon, Wisconsin, and New Hampshire no longer have bar exams. The University of California no longer uses Standardized Admission Tests as part of its entrance requirement, just like SUNY and an association of Ivy League universities. And in Canada, many provinces are decreasing the use of standardized tests.

But here’s the problem. Without the tests, how do we decide who gets admitted to university?

(Unless, as in the movie “Idiocracy,” we get rid of them.)

How do we decide who becomes a lawyer or a doctor?

The most famous example of a standardized exam is the Public Service Commission Test used to vet applications for government civil service. If we do away with those, how do we decide who is qualified to become a public servant?

Civil service examinations have been around for thousands of years. Imperial China used the examinations to allow young men from any social class or background to enter the imperial bureaucracy. Before that, and during dynasties where the exams were not used, entry into the patrician or bureaucratic class had been restricted by birth.

Of course, entry still wasn’t easy. In imperial China, even more than today, you wouldn’t have the resources to study for the difficult standard exams unless you had access to money. Then, as now, money was a good indicator of success.

But the point is that money wasn’t the only indicator. In fact, the imperial system came to run the exams as a double blind, going so far as to have exam responses copied out by another person, to ensure that nobody received favourable grading because a grader recognized their calligraphy.

The China’s worst times are instructive for us, too. When the Mongol Yuan dynasty took over, they did away with the exams. When they returned them, only 25 percent of the exam seats were allotted to the majority Han Chinese ethnicity. How did they decide which Han wrote the exams? Letters of reference, of course, from existing bureaucrats or their Mongol overlords. Without open standardized exams, in other words, advancement was based on who you knew.

That’s becoming true in the West today—complete with attempts at Yuan-style race-based admissions.

As anybody who has ever applied to an elite university knows, reference letters are already important. If you’re entering a profession like medicine or law, a good reference letter can mean the difference between getting that coveted residency and not. Reference letters already reinforce pedigree—what university or prep school you attended. Even admissions specialists who hate reference letters admit they make a difference—and expensive prep schools write much better reference letters.

In the absence of standardized tests and grading, reference letters will become even more important. And how are those rated? By who wrote them. The letter from an elite prep school is noticed as a letter from an elite school, regardless of content, and that tells the admissions expert what she or he needs to know.

Who decides who becomes a lawyer? The partners in the law firms. And how will they choose their candidates? In the absence of a standardized bar exam, admission will depend on who the partners know. The same is true for doctors.

If we wind up doing away with the public service admission tests, worse will follow.  Imagine a government whose civil service is hired based on who they know. The West has been here before—but not since the days of the absolute monarchs.

So, who benefits from ending standardized tests? We suspect it is not the students.

There is a sort of feedback loop inside the education industry, when the same people designing the curriculum are the ones testing for it. Internal tests such as “performance-based assessment” check only to see if the students can do what the teacher told them to do.  They don’t check to see if it will help the student in the environment that they are going to. In other words, little Suzy may consistently get top marks for her “holistic” language arts classes—but when she graduates, outsiders find that she can’t read or write.

Externally administered standardized tests are the best way to make sure that the education system helps anyone aside from the teachers’ unions.

You know who isn’t interested in dropping standardized test scores? Minorities who aren’t part of the “favoured” few. Part of the reason that elite U.S. universities are dropping standardized exams is that the U.S. Supreme Court told them that they couldn’t have race-based admission courses that left Asian-American students out in the cold. Dropping standardized tests allows universities to engage in discrimination without legal pushback. The racial policies of the Yuan and Qin dynasties live again in the Ivy League.

Today, the abandonment of standardized testing is done specifically to disadvantage poor whites, as well as Asian students. The official reason given is that institutions—which claim to be guided by the highest ideals—can favour African American and Hispanic students in the United States, and (hopefully) First Nations in Canada. In the name of social justice, of course.

But without standardized tests, admission decisions are arbitrary. Tomorrow, African-Americans, Hispanics, and First Nations may find that not all of them are favoured. Instead, favour will go to particular African American families, particular Hispanic families, and particular First Nations families. Skin tone doesn’t tell us the real story here.

The simple truth of North American society is that we are developing a class system.  Those trying to get rid of standardized testing tell us outright that their motive is to decide who joins their social class of educated functionaries. They are trying to restrict entry. They are trying to become a self-selecting aristocracy.

The only mechanism that ensures everyone with academic ability can have access to universities, professions, and civil service is standardized exams. We abandon them at our peril.

Manhattan District Attorney Alvin Bragg has argued in a new court filing that former President Trump’s criminal case and guilty verdict are not affected by the Supreme Court’s recent ruling on presidential immunity.

“That decision has no bearing on this prosecution and would not support vacatur of the jury’s unanimous verdict (let alone dismissal of the indictment) even if its reasoning did apply here,” reads a July 24 brief from Bragg’s team.

Earlier this month the Supreme Court ruled in a separate case that presidents enjoy absolute immunity for core constitutional conduct, presumptive immunity for official acts, but no immunity for unofficial acts – which Bragg has seized on in his response to a Trump filing asking New York Supreme Court Justice Juan Merchan to toss Trump’s indictment, arguing that communications between Trump and his aides have been used as evidence before the grand jury which indicted Trump and a jury which returned a guilty verdict.

According to Bragg’s team, all of the criminal charges in Trump’s ‘hush money’ case “stem from the defendant’s ‘unofficial acts’ – conduct for which ‘there is no immunity.'”

As the Epoch Times notes further, the affected evidence is only a “sliver” if the “mountains of testimony and documentary proof that the jury considered,” therefore not warranting dismissal.

Timing of Objections

Prosecutors had relied on testimony of White House Communications Director Hope Hicks and Oval Office Director of Operations Madeleine Westerhout to establish that President Trump had signed Trump Organization checks at the White House.

Defense attorneys had raised presidential immunity objections to Ms. Hicks’s testimony, and Justice Merchan had overruled the objections. The defense had also objected during Ms. Westerhout’s testimony, but not specifically citing presidential immunity.

Prosecutors had also shown several social media posts made by President Trump during his time in office, some directly addressing allegations after his former attorney Michael Cohen was charged for financial crimes.

Defense attorneys had objected to the admission of these quotes, but not on the basis of presidential immunity.

Prosecutors argue defendants failed to preserve a record of objections based on immunity for official acts, and this “precludes this Court from considering any claim to vacate his conviction.”

Prior to the trial, attorneys for President Trump did file a presidential immunity motion. Justice Merchan had dismissed the motion, ruling that defense attorneys could make individual objections against the admission of specific evidence during the trial and that he did not believe the motion was filed in good faith. The judge had faulted defendants for not raising presidential immunity earlier, including during an attempt to remove the case to federal court.

Prosecutors now argue that the defense “waived reliance on presidential immunity as a defense” when they tried to remove the case to federal court. They cited a separate, civil case against former President Trump in which a federal judge had ruled that presidential immunity was a waivable defense. However, the U.S. Supreme Court majority opinion held presidential immunity to be necessary to the core principle of separation of powers.

Charges

Former President Trump was charged with 34 counts of falsifying business records in the first degree, and prosecutors argued that even excluding the contested evidence, the grand jury evidence establishes these charges.

The 34 records are 11 checks to Mr. Cohen and their corresponding invoices and vouchers, including one repeated record after the initial one was lost. Prosecutors argue that the grand jury record establishes that these are business records, that they contain false entries, that former President Trump caused or made the entries, and that he “acted with intent to defraud.”

“Even excluding all of the evidence defendant belatedly identifies as immune, the grand jury record is easily sufficient to support the indictment,” the brief reads.

Justice Merchan has scheduled former President Trump’s sentencing in the case to Sept. 18. The judge is expected to issue a ruling on the presidential immunity arguments by then.

Authored by W.J.Astore via BracingViews.com,

They’re Everywhere in America

Soon after Joe Biden took office as president in 2021, I remember hearing that his VP, Kamala Harris, was put in charge of immigration, informally known as the “border czar.” Yesterday, the House passed a resolution condemning Harris for her handling of the border crisis. Yet I’ve also been hearing from Democrats and the media that Harris never was the border czar, even as there’s plenty of video evidence of networks like ABC, CBS, and NBC referring to her using that term.

Denying that Harris was the border czar is a fairly small lie immersed in much larger sea of lies, and of course it’s a bipartisan effort. Donald Trump exaggerates and lies just to stay in shape. Democrats love to attack Trump for lying even as they lie themselves. Truly, it’s hard to run a government and a country when lies confuse every issue.

Another lie being told about Kamala Harris is that her candidacy is the result of democracy in action. She’s the people’s choice! Except almost nobody voted for her as a presidential candidate. She’s been elevated and selected by the DNC and the donor class. She is a packaged product of the so-called elites within the party, the very opposite of a candidate chosen by the people. And yet I’m told this packaged product is going to “save democracy” from Trump, who was actually selected as a candidate in a more democratic process.

Of course, there are far bigger and more serious lies than whether Harris was the border czar or whether she’s the people’s choice as the savior of democracy. U.S. troops’ deadliest enemies, I’d argue, are most often the lies told by the U.S. government, abetted and amplified by senior officers in the military. Think here of Iraq and Afghanistan, or go back further to Vietnam.

Daniel Ellsberg, truth-teller about the Vietnam War and so many other things

Knowing (or sensing/feeling) you killed for lies, or knowing your friends died for lies, is surely a contributing cause to a rash of suicides in the U.S. military today. The sacrifices and horrors of war may be eased by a “just” war, like World War II, but they are aggravated by unjust wars.  And they are further aggravated when you try to get help through the VA only to be turned away or stonewalled.

All this is prologue to a note I received from a regular reader of Bracing Views about lies in America. I’ve decided to retain the profanity because it’s more than appropriate:

I don’t know about you, but I find it quite amazing that, despite decades of bold-faced lying about US wars, all of it proven and even reported in the NYT and other mainstream media, the narrative of the each subsequent war is always accepted as true, until it too is exposed as being nothing but lies.

Let’s look at the recent record:

1) Vietnam–exposed as nothing but lies by the Pentagon Papers.

2) Iraq–exposed as lies when the infamous WMD were never found and there was nothing found to back up the claim of links to Al Qaeda.

3) Afghanistan–exposed as pure fiction as revealed by the Washington Post “Afghanistan Papers” which said that “senior U.S. officials failed to tell the truth about the war in Afghanistan throughout the 18-year campaign, making rosy pronouncements they knew to be false and hiding unmistakable evidence the war had become unwinnable.”

Add to the above list the fact that the Mueller report investigating the Russiagate hoax came up with nothing, ZERO.

Currently, there are a couple of new false narratives duly reported by the mainstream media and, for the most part, swallowed by most people. First is the false narrative about the US war in Ukraine, that NATO expansion has nothing to do with it but rather was caused by naked Russian aggression and Putin’s plans to re-create the Soviet Union and take over the rest of Eastern Europe. Second, the false narrative that Israel is just defending itself against Palestinian terrorism rather than committing grotesque war crimes, completely ignoring the fact that the Israelis have been keeping the Palestinians under illegal occupation for over 50 years, since June 1967. 

Lie after lie after lie after lie. And yet none of it matters. It is all sent down the memory hole as if it never happened. And then it is on to the next war, when the official narrative spewed out by the DC blob will once again be swallowed hook, line and sinker. It appears to be never ending. No matter how much lying is exposed, it simply does not matter.

I think it is pretty fucking amazing. What will it take to get people to come out of their coma and realize what the fuck is going on?

And keep in mind…..it has nothing to do with party affiliation. The lying is endemic, it’s in the DNA of the National Security State. Presidents come and go, but the lying for war-making never stops. And no one is ever held accountable either. 

It’s pretty fucking impressive, when you think about it.

Keep this is in mind……one would think that, after this abhorrent track record, the appropriate response would be to assume that the narrative justifying the new war of the moment was not true and nothing but more of the same lying. But that NEVER happens. NEVER.

How is that possible? Is it just a serious form of denial? Is it due to mental illness? Is it just some perverted form of patriotism? In what other realm is it possible to lie non-stop and never be held accountable? Even worse, to continue to have credibility despite a track record of pathological lying? 

A friend of mine pointed out that, in the old USSR, people knew that the official news on their TV every night was nothing but lies. 

So, this begs the question: Which system is more pernicious and has more effectively brainwashed its people? The one where people are controlled but they are aware that they are being fed nothing but lies, or the one that is constantly lied to but the people still believe they are being told the truth?

To those keen insights, I made this reply:

Our [American] system of lying is better! We have state/corporate media too, it’s just more subtle and advertised as “free.” We have our own “Pravda” except it rarely tells the truth, unless that “truth” is in the interests of the powerful.

To which our BV keen reader replied:

Exactly. But to suggest that we have our own version of “Pravda,” only worse because it has the cover of supposedly being “free,” is tantamount to treason, you realize.

This is the reason why Julian Assange/Wikileaks was such a threat…for actually challenging the right of the National Security State to lie non-stop about its war making and never be exposed for its lying or held accountable.

Of course, that is exactly why Assange was locked away in prison for so long and tortured, not because he was spreading lies but because he was revealing truths.

And we can’t have that in America!

After being caught driving 71 in a 35 mph zone, Arizona State Senator Justine Wadsack is claiming she is the victim of “political persecution”. 

As a result, she’s refusing the sign the citation, according to reports from Jalopnik, citing the Tucson Sentinel. 

According to the report, in Arizona, driving 20 mph or more over the speed limit is a Class 3 misdemeanor. The penalties include up to 30 days in jail, up to a year of probation, a $500 fine, and three points on your license.

And in further proof our politicians get too much leeway, the incident occurred in March, but Wadsack wasn’t ticketed due to her legislative immunity. Legislators can be charged after the session ends, which this year was on June 15.

At that point, when the Tucson PD tried to have her sign the citation, and officer said she “immediately became defensive and argued that she was in fact not speeding.”

The officer continued: “I explained that there was probable cause to issue her a citation for criminal speeding and that she could present her arguments to the judge; however, she refused to meet to sign the citation and said she would not accept it.”

She was “also was upset that she was being cited several months after the fact and I explained that was due to the legislative session was ongoing at the time of the traffic stop (thus legislative immunity to be issued a ticket on March 15) however it did not prevent her from receiving a ticket once the legislative session adjourned.” 

Then, she demanded to speak with the manager with the chief of police and claimed “political persecution”. 

City attorney Mike Rankin commented: “Citing someone – Ms. Wadsack or anyone else – for putting other people in danger by driving at speeds more than 20 miles per hour above the posted speed limit within city limits is not ‘persecution.’ It is prosecution.”

When asked why she was driving more than twice the speed limit, Wadsack claimed she was rushing home because her 2015 Tesla Model S had a low battery.

This excuse is illogical, as electric vehicles are less efficient at high speeds. Even if she had a more plausible reason, like needing a restroom, she was still caught driving 36 mph over the limit. This behavior is reckless and dangerous, the report said, especially near the University of Arizona, where pedestrians are common.

Additionally, Wadsack’s claimed residence raises questions. She and her husband own a home outside the district she represents. She listed an apartment in the district when running for office but now allegedly lives in a different apartment.

When stopped, she was about 10 blocks from her house, 17 miles from one apartment, and 19 miles from the other. 

Authored by Eric Lundrum via American Greatness,

The rate of shoplifting saw a noticeable increase in the first half of 2024, even as the rates of other crimes fell to levels not seen since before the pandemic.

According to the Daily Caller, a study by the Council of Criminal Justice (CCJ) determined that shoplifting rose by 24% in 23 different cities across the country, compared to the first half of 2023. That rate is also about 10% higher than the first half of 2019.

Meanwhile, the rates of homicide and robbery fell to lower than the levels seen in 2019.

“Shoplifting is a theft by someone other than an employee of the victim of an item displayed for sale,” the study clarifies.

“After a notable decline in the first few months of the COVID-19 pandemic … shoplifting dropped 15% from 2019 to 2020 and declined another 10% in 2021,” the report reads.

“Shoplifting increased 12% across the sample cities from 2022 to 2023, but by the end of 2023, the shoplifting rate was 10% lower than in 2019.”

Several of the most prominent cities to see shoplifting increases include Boston, which saw its 11.9% rate of shoplifting in May of 2020 surge to 42.4% in June of 2024, and Chicago, which previously had a rate of 14.8% in May of 2020 but skyrocketed to 41.4% in June of 2024.

Meanwhile, the first half of 2024 saw approximately 2% fewer homicides and 15% fewer robberies than the first half of 2019.

“The average homicide rate for the entire sample was 2% lower in the first half of 2024 than in the same period in 2019,” the study notes.

“The overall decline was driven by large drops in cities with traditionally high homicide rates, including Baltimore, Philadelphia, and St. Louis. Two-thirds of the sample cities (19 out of 29) actually had homicide rates that were higher in the first half of 2024 than in 2019.”

The spike in crime in the United States, particularly shoplifting, began in 2020 amidst the nationwide COVID lockdowns and simultaneous race riots that destroyed hundreds of businesses, caused billions in damage, and killed over two dozen civilians.

Looting was a frequent occurrence in cities struck by racial violence, which was overwhelmingly carried out by black nationalist groups like Black Lives Matter and the far-left anarcho-communist terrorist organization Antifa. Subsequent progressive efforts to curb the power of the police, including several cities outright defunding their police departments, led to the sustained and even increased rates of shoplifting and other crimes.

The last two weeks have seen US bank total deposits rise by $33BN (on a seasonally-adjusted basis)…

Source: Bloomberg

But.. on a non-seasonally-adjusted basis, total US bank deposits have fallen $40BN…

Source: Bloomberg

Which makes us ask again – what exactly is a ‘seasonally-adjusted bank deposit’?

But we will move on from that farce.

Excluding foreign deposits, the picture gets even more malarkey-ful – a $9BN unadjusted deposit outflow is magically morphed into a $27BN inflow by The Fed’s fuckery.

The unadjusted outflow was all from large banks while the adjusted deposits showed strong inflows into both large and small banks (+$19BN and +$8BN respectively).

 

Source: Bloomberg

That’s $31BN of (unadjusted) deposit outflows magically morphed into $62BN of deposit inflows in the last two weeks…

Doe it even matter anymore?

Authored by James Howard Kunstler via Kunstler.com,

“Being insane is the new normal.”

– Aimee Terese on “X”

However it happened this week, “Joe Biden” passed the blowtorch to a new generation and got himself gone from the political battlefield. Delegates to the coming Democratic National Convention (August 19) were duly notified of the selected replacement, Veep Kamala Harris, and ordered to line up behind her.

Not a peep of disagreement was heard among them. Amazing that no one had a different idea. Thus, is democracy saved.

The curious details around this event remain shrouded in mystery.

Reporters for The New York Times and the WashPo could not be bothered to inquire, and their readers are not inclined to ask how all this came to be. It just is. In a culture with no sense of consequence, things just happen or un-happen. It is your duty to recognize that the wind now blows from another direction and bend with it.

One thing was obvious: the long-running prank of pretending that President “Joe Biden” is sound-of-mind fell apart after his mortifying appearance on the debate stage June 27th. Apparently, every last captain and foot-soldier in the Democratic Party ranks was taken completely by surprise to see their champion flicker out in real time, like a forty-watt bulb that has done years of duty on the front porch and suddenly leaves you in the dark. Three weeks followed with “Joe Biden” boldly campaigning as if nothing had happened. (Perhaps his mind did not register that things had changed.)

And then there was the weird tweet on “X” Sunday afternoon when the whole country was outside waterskiing, grilling weiners, carjacking, and yelling at ballparks, and the deed was done. Someone, possibly even “Joe Biden” himself, wrote a letter pasted into the tweet that declared he was bowing out of the race. The White House staff didn’t even know until it was up-and-posted. Rumor had it that Nancy Pelosi and Barack Obama read the riot act to “JB”, who was refusing to follow the script. There were plenty of carrots-and-sticks to finally lever his obdurate ass into motion: not least must have involved any pending legal outcome of the family’s influence-peddling operations, whispers of new whistleblower accusations about offshore bank accounts, perhaps with sweeteners in the deal as to how much schwag the clan could still hold onto in the end.

Then, the valedictory speech on Wednesday, sort of a proof-of-life exhibition, to verify that Sunday’s janky tweet to the nation was for real. You heard a Homeric recitation of “JB’s” signal achievements in office, every one of them demonstrably false. He did not keep our country out of war, or grow the economy, or keep inflation down, or beat Big Pharma, or build anything, or defend personal freedoms, or “make it clear there is no place, no place in America for political violence or any violence ever.” (In fact, the very next day, Thursday, pro-Hamas mobs attacked US Park police and vandalized federal property at Washington’s Union Station, and on Friday all charges were dropped against them — while scores of J6 Capitol trespassers rotted for years in the DC jail.)

What “Joe Biden” actually accomplished in office was the near-total wrecking of the USA. He torpedoed the authority and legitimacy of just about every federal agency, turned the Department of Justice into a Gestapo, seeded the federal court benches with Woke lunatics, allowed an invasion of perhaps 20-million border-jumpers (including many thousands of professional terrorists), coerced injections of an ineffective and injurious vaccine into millions of citizens afraid of losing their livelihoods, promoted gross medical experiments on sexually troubled children, invited drag queens and mentally-ill degenerates to cavort in the White House, spent borrowed money at a rate that propelled the national debt past the event horizon into a black hole, made the seeking of incompetence the number one priority of the Pentagon, provoked a war in Ukraine that now teeters on the hazard of a nuclear exchange, and allowed the CIA to complete its takeover of the US government. “Joe Biden” will go down in history as the worst of all 46 US presidents.

And, of course, in the rush of cascading events the past several weeks came the attempted assassination of the Democratic Party’s nemesis, Mr. Trump, an operation festooned with loose threads, suspicious agency failures, and intimations of Deep State blob engineering. You’ll have to stand by on any of that resolving soon. But many Democrats expressed disappointment that Mr. Trump was not killed, since that would be saving our democracy.

Also not quite resolved is the case of who the Democratic Party truly intends to run for president this year as the days dwindle down to Nov. 5. The current delirium over Kamala Harris is like a relief rally in the financial markets when a crisis has been averted — or, at least, stalled. You have reason to doubt that the Democratic Party’s leadership crisis has actually been averted. Despite sedulous efforts to wipe her record, too many Americans know Kamala Harris as a hee-hawing ninny with a predilection for hapless Marxist fantasies. I’m not persuaded that she is at all comfortable in her sudden role as the party’s avatar. She is rumored to hit the bottle in moments of stress.

The Party of Chaos will supposedly run a “virtual roll call” of delegates August 1st in order to meet the requirements to get on the ballot in several states. But then comes the actual convention with live bodies in murmuration on the floor of the arena, and in the back rooms and hallways, and there are more than three weeks between now and then for Kamala Harris to remind the world what a cackling lightweight she is. A lot can happen between now and then.

*  *  *

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Since peaking on July 10th, the market cap of the Magnificent 7 stocks has dropped a mind-numbering $2 trillion…

Source: Bloomberg

As another week goes by (the third in a row) with Small Caps (+3%) dramatically outperforming Nasdaq (-3%). The Dow ended the week green but S&P red (but closed above its 50DMA)…

That has crashed Nasdaq back into ‘normal’ range with the Russell for the last year…

Source: Bloomberg

And the biggest three week underperformance of Nasdaq vs Small Caps since the very peak of the DotCom bubble…

Source: Bloomberg

Treasuries have been broadly bid the last two days, with the long-end lagging (but managing to get back to unchanged on the week today) as the short-end yields tumbled…

Source: Bloomberg

This drove the yield curve (2s30s) to disinvert most sine July 2022…

Source: Bloomberg

Rate-cut expectations rose modestly on the week (focused fully in 2024 as 2025 remained flat)…

Source: Bloomberg

The dollar drifted very modestly higher in a very noisy trading

Source: Bloomberg

Gold ended the week slightly lower, bouncing back today…

Source: Bloomberg

Crypto markets were mixed this week with Bitcoin bouncing back strongly today, back up to $68,000…

Source: Bloomberg

…but ETH seeing ‘sell the news’ relative pressure since the ETFs launched…

Source: Bloomberg

Oil prices ended the week lower, chopping around back in a tight technical range it has found comfortable for months…

Source: Bloomberg

Finally, it’s different this time… it’s bigger….

Source: Bloomberg

…and remember, next week is the busiest of the summer –  massive macro events (JOLTs, BOJ, Euro CPI, US ECI, FOMC, BOE, NFP), coupled with massive earnings announcements (40% of SPX market cap next week).