Peter Schiff: The Federal Reserve Is Nowhere Near Victory

Peter Schiff: The Federal Reserve Is Nowhere Near Victory

Via SchiffGold.com,

The mainstream is optimistic about both the economy and the Fed’s fight against inflation. In his podcast, Peter Schiff took apart the mainstream narrative, explaining that the economy is much weaker than most people realize and the Fed is nowhere near victory in the war on inflation.

We’re seeing a Santa Claus rally in stock in January, especially in the speculative momentum stocks. We’ve also seen a rally in the bond market. Peter called it a dead cat bounce.

What’s driving the move up in both stocks and bonds is the weakness in the economy. Because we continue to get more weak economic data. And not just weak economic data on the economy. There’s still hope that inflation has peaked, and the lower numbers that we’ve been seeing when it comes to month-over-month or year-over-year inflation rates — that this trend is permanent and therefore the inflation battle is over. The Fed can declare victory and start cutting rates and easing up on policy. All of this is what is creating the narrative that is driving this move up in both stocks and bonds. But I think as the year progresses, it’s going to be more obvious that inflation hasn’t peaked, that the Fed is nowhere near victorious in this fight, and the economy is actually going to be even weaker than the markets think.”

The mainstream narrative is that the economy will be weak enough to restrain the Fed, but not weak enough to put a big dent in corporate earnings.

They’re wrong. The economy is going to be much weaker than investors think, and it’s going to have an even bigger impact on earnings than investors think. But inflation is going to be much higher than anybody thinks, and that is really going to complicate the situation for both the Federal Reserve and the economy.”

We got the first look at Q4 GDP last week. The 2.9% increase was slightly better than projected.

The last two quarters of 2022 made up for the back-t0-back declines charted in the first and second quarters. That adds weight to the argument that we weren’t in a recession during the first half of the year. But Peter said he doesn’t think we had any real economic growth at all in 2022. He thinks the GDP deflator for the year was too low.

Just like with the CPI, the GDP deflator, I believe, dramatically understates what’s actually happening with consumer prices. I still think in 2022, the real increase in prices was north of 15%, which means if we accurately measured prices to determine the deflator for 2022 GDP, we would have in fact seen a massive contraction in the economy. That’s what’s actually happened. The government is covering it up by cooking the books. But in reality, the economy is shrinking.”

One of the prime reasons we saw an improvement in GDP during the last half of 2022 was an improvement in the trade deficit. The trade deficit was still huge, but not as huge as before.

One reason the trade deficit improved was the strength of the dollar. That lowered the cost of imports. But dollar strength began to unwind in the last half of Q4 and the dollar index is down about 1.5% in 2023.

The weakening dollar is now going to worsen the trade deficit.”

The release of oil from the strategic reserves last year also narrowed the trade deficit.

We’re not going to be doing that in 2023, so the trade deficits are going to be getting bigger and that is going to be subtracting from GDP.”

Peter said he thinks the US economy will get progressively weaker as the year goes on.

The Fed’s favorite inflation number – the Personal Consumption Expenditures Index (PCE) came in at 4.4% for 2022. That is more than double the Fed’s 2% target. But because it is closer to 2% than it has been in the recent past, the markets view it as a positive number. But Peter said in reality, PCE confirms that the Fed is nowhere near victory when it comes to the inflation fight.

That’s because it hasn’t nearly increased interest rates enough to put out this inflation fire. But more importantly, the federal government hasn’t cut spending at all. In fact, it has increased government spending. So, the inflationary forces that underlie the economy are actually getting stronger, not getting weaker. It’s just that investors haven’t been able to figure this out yet.”

Two things need to happen in order to beat inflation. We need positive real interest rates — an interest rate above the CPI. And we also need the US government to cut spending and stop running huge budget deficits. A Fed paper admitted that it can’t tame inflation with monetary policy alone, saying, “When the fiscal authority [the federal government] is not perceived as fully responsible for covering the existing fiscal imbalances, the private sector expects that inflation will rise to ensure sustainability of national debt.”

Neither of these things will likely happen. That means the Fed can’t possibly win this war. It might be able to brag about “progress,” but it is doomed to fail.

In this podcast, Peter Schiff also talks politics, including the government going after Google’s so-called monopoly and a plan in San Francisco to incentivize African-American drug use.”

Tyler Durden
Tue, 01/31/2023 – 07:20

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Tech Layoffs Accelerate Despite Nasdaq’s Best Start To Year Since 2001

Tech Layoffs Accelerate Despite Nasdaq’s Best Start To Year Since 2001

Technology-heavy Nasdaq is experiencing one of its best months in two decades despite accelerating mass job cuts at tech firms and increasing risk of recession. 

The Nasdaq Composite Index is up 10% so far this month, on track for its best January performance since 2001, when it recorded a 12% gain. 

Stocks are flying ahead of the Wednesday FOMC meeting. What could derail optimism is Fed Chair Powell re-emphasizing that the rate hike cycle isn’t over, which would force financial conditions to retighten. 

Many traders today weren’t around for the Dot Com bust. As soon as February 2001 hit, Nasdaq resumed its tumble and plunged nearly 30% through the rest of the year. 

Another repeat of early 2001 could be in the cards if the Fed maintains its uber-hawkishness, earning season disappoints, and recession risks continue to flourish. 

One ominous sign of financial stress among tech firms is the accelerating headcount reduction to start the year, a move to improve profitability amid recession threats. 

So far this month, big tech firms, including  AmazonGoogleMicrosoftSalesforce, IBM, and others, have laid off more than 52,000 jobs, according to Bloomberg data. 

Additional jobs data from Layoffs.fyi shows 229 tech firms (big and small) laid off a total of 68,502 employees this month. Last year, 1,040 tech companies fired 160,000 employees. 

What’s evident is that tech firms are under pressure, but shares in companies are surging, leaving some to believe the latest up move could be a bear market rally. 

Tyler Durden
Tue, 01/31/2023 – 06:55

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BP Believes Oil Demand Will Peak Near 2030 As Shift To Renewables Accelerates

BP Believes Oil Demand Will Peak Near 2030 As Shift To Renewables Accelerates

By Tsvetana Paraskova of OilPrice.com,

Global oil demand is expected to peak between the late 2020s and early 2030s as the Russian invasion of Ukraine is accelerating investment in clean energy and governments are looking to bolster energy security with higher shares of renewables in the energy mix, BP said on Monday.

In one of the most closely-watched industry reports, the BP Energy Outlook 2023 with projections through 2050 says that oil demand falls over the outlook in all three scenarios as use in road transportation declines.

“Global oil demand plateaus over the next 10 years or so before declining over the rest of the outlook, driven in part by the falling use of oil in road transport as vehicles become more efficient and are increasingly fuelled by alternative energy sources,” BP said.

In the “New Momentum” scenario, BP’s one of three scenarios in the outlook reflecting “the current broad trajectory” of energy systems, global oil demand remains close to the current 100 million bpd by the end of this decade and drops to around 93 million bpd in 2035. The “Accelerated” scenario projects oil demand at 91 million bpd in 2030 and 80 million bpd in 2035, while the “Net Zero” scenario sees demand dropping to 85 million bpd in 2030, and further down to 70 million bpd by 2035.

The prospects for natural gas depend on the speed of the energy transition, according to BP’s outlook, which sees LNG trade growing in the near term, but the outlook becoming more uncertain after 2030.

The scenarios in Outlook 2023 have been updated to take account of the war, as well as of the passing of the Inflation Reduction Act in the United States, BP’s chief economist Spencer Dale said.

“Most importantly, the desire of countries to bolster their energy security by reducing their dependency on imported energy – dominated by fossil fuels – and instead have access to more domestically produced energy – much of which is likely to come from renewables and other non-fossil energy sources – suggests that the war is likely to accelerate the pace of the energy transition,” Dale said.

He also noted that “The scale of the economic and social disruptions over the past year associated with the loss of just a fraction of the world’s fossil fuels has also highlighted the need for the transition away from hydrocarbons to be orderly‎.”  

Tyler Durden
Tue, 01/31/2023 – 06:30

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Hulu’s 1619 Project Docuseries Peddles False History


The Governor's Palace in Colonial Williamsburg, Virginia

The New York Times1619 Project selected Colonial Williamsburg, Virginia, as a filming location for its new Hulu docuseries. In doing so, creator Nikole Hannah-Jones sought to bolster her project’s most troublesome claim—the assertion that British overtures toward emancipation impelled the American colonists into revolution, ultimately securing an independent United States.

In the past three years, the Times has grappled with the fallout from Hannah-Jones’ assertion, including the revelation that it ignored its own fact-checker’s warnings against printing the charge. The Times tempered its language to apply to “some of” the colonists, only to see it reasserted by Hannah-Jones in her public commentaries. Later, a related line about the Project’s goal of replacing 1776 with a “true founding” of 1619 disappeared without notice from the Times‘ website. The newspaper found itself in a balancing act between its writer’s uncompromising positions and the need to preserve credibility as it made a Pulitzer Prize bid with the series. But Hannah-Jones was not ready to abandon the claim at the center of her lead essay, and the first episode of the Hulu series makes that abundantly clear.

The scene opens in Williamsburg on the grounds of its reconstructed colonial Governor’s Palace, where Hannah-Jones joins University of South Carolina professor Woody Holton—one of a handful of heterodox historians who defended the 1619 Project’s original narrative. As the cameras pan across streets filled with historical re-enactors and tourists in front of restored colonial buildings, the pair take another stab at resurrecting the 1619 Project’s narrative about the American Revolution. The evidence that a British threat to slavery impelled Virginians—or perhaps “the colonists” at large, in Hannah-Jones’ imprecise phrasing—to revolt may be found in the November 1775 decree of John Murray, fourth earl of Dunmore, Virginia’s last Royalist governor. Facing the collapse of British rule, Dunmore announced that any enslaved male from a household in rebellion would be granted freedom in exchange for military service on the British side.

Dunmore’s decree made him the author of an “Emancipation Proclamation” of sorts, both Hannah-Jones and Holton contend. Their language intentionally evokes parallels to President Abraham Lincoln’s famous order freeing the slaves of the rebellious Confederacy in 1863. Prompted by Hannah-Jones’ questioning, Holton then recounts his version of the lesser-known events of some four score and eight years prior. “Dunmore issued that Emancipation Proclamation November 1775,” he explains, “and that Emancipation Proclamation infuriated white southerners.”

We see the visual power of the Hulu production at this moment as Holton lifts his finger, pointing at the Governor’s Palace, the centerpiece of the Colonial Williamsburg historical park. The camera quickly shifts to the recreated structure as he begins to speak. “Because this building is supposed to symbolize white rule over blacks, and now the guy inhabiting that building,” Dunmore, “has turned things upside down and is leading blacks against whites.” Hannah-Jones interjects, “So you have this situation where many Virginians and other southern colonists—they’re not really convinced that they want to side with the patriots. And this turns many of them towards the revolution. Is that right?” Holton answers without a flinch. “If you ask them, it did. The record is absolutely clear.”

The scene is an authoritatively delivered pronouncement set to stunning cinematography, but it’s also false history.

At the time of his decree, the real Dunmore had not set foot in Williamsburg in almost five months. His order, decreeing martial law in the colony and calling on slaves to enlist in a Royalist militia, came not from the governor’s residence but from a position of exile aboard the HMS William, a naval ship anchored off the coast of Norfolk, Virginia.

Dunmore abandoned the Governor’s Palace on June 8, 1775, amid signs that patriot militiamen were converging on Williamsburg to defend the House of Burgesses from a threatened power grab by the crown. The trouble began a few weeks earlier with a botched attempt by Dunmore to seize the colony’s gunpowder stores as a preemptive strike against revolutionary grumblings.

Indeed, when Dunmore fled the capital, he carried away a sizable staff of “servants” from the palace grounds and relocated them to Porto Bello, his sprawling plantation a few miles up the river. Yes, the 1619 Project’s designated agent of “emancipation” for the British crown was an enslaver himself. Dunmore encamped on a succession of warships anchored in the nearby York River, never to return to the building where Holton erroneously situated the decree. He occasionally took a barge over to the plantation house at Porto Bello to enjoy fine dining with his officers, served by his relocated slaves. But that ended as patriot militias gained control of the peninsula on which the property sat, and Dunmore withdrew to Norfolk. By November 7, 1775—the date of the order—he had long lost any semblance of control over the colony. The decree anticipated an unsuccessful campaign to regain a foothold in the colony. In retrospect, it was a desperate move to restore himself to power by inducing a slave revolt amid the already-unfolding revolution, rather than any true attempt to affect “emancipation” at large.

The inescapable progression of the timeline has always worked against Hannah-Jones’ narrative. Leaning heavily on Holton’s academic work, she asserts that Dunmore galvanized the southern colonies against Britain by imperiling their slave plantations and moving them into the revolutionary column. Holton’s commentaries in the docuseries signal his concurrence with this view insofar as it relates to Virginia, even as he stops short of Hannah-Jones’ blurry ascription of this motive to “the colonists” of the future U.S. at large. Yet as a matter of history, it collides with easily documented facts.

As the events around Williamsburg revealed, Dunmore’s order was a reaction to—not a cause of—a revolution already in full swing. The road to American independence began in Massachusetts over a decade earlier with men such as James Otis (incidentally, an early abolitionist) rallying against the crown under the banner of “no taxation without representation.” Virginia expressed solidarity with this cause long before Dunmore’s order.

In 1774, the House of Burgesses adopted a resolution of fasting to show their support for the people of Boston, then under a punitive edict from London in retaliation for its tax protests. A short time later, a group of leading Virginians including George Washington and George Mason signed the Fairfax Resolves, stating a long list of grievances against the crown (its promotion of the slave trade among them) and rejecting parliamentary control over the colonies. Patrick Henry, another Virginian, delivered his famous “Give me liberty, or give me death” speech in March 1775 before Dunmore even uttered a word about enlisting slaves. Washington himself would take command of the Continental Army on June 19, 1775, organizing his troops in New England after the Battle of Bunker Hill.

As his shipbound circumstances illustrated, the remnants of Lord Dunmore’s governorship amounted to little more than paper when he issued his decree that autumn. It is undoubtedly true that Dunmore’s order further inflamed an already-raging revolution, including nudging some slave-owning planters off the fence. But its sweeping martial law provision was likely the greater source of outrage. As Dunmore’s own financial interests illustrate, he had every intention of honoring the decree’s explicit exemptions for the human property of Royalist enslavers. None of these complicating details receive even the slightest amount of attention in the Hulu presentation from Williamsburg.

Hannah-Jones’ latest chronological mishap adds to a long list of errors that have plagued the 1619 Project. In this instance, it also speaks to a deeper underlying negligence around matters of basic fact. As a flashpoint of controversy since the 1619 Project’s inception, the claims about slavery in the American Revolution warranted careful attention. The docuseries offered Hannah-Jones yet another opportunity to clarify her case, ostensibly with the guidance of trained historians such as Holton. Instead, she pushed ahead, unaware of a timeline that any tour guide at the Governor’s Palace could have resolved for her.

Holton’s case is a bit more complicated, as his academic works, including his 2021 book Liberty Is Sweet, evince awareness of Dunmore’s shipbound circumstances after his June 1775 flight. In fact, Holton’s scholarly publications have attempted to walk a fine line around the 1619 Project that chafes with his ringing public endorsements of the same in popular media. A revealing footnote tucked inside Liberty Is Sweet states that Hannah-Jones “vastly exaggerates the size and strength of the British abolition movement” in the years before the revolution, dampening her attempts to use the 1772 anti-slavery Somerset case as an instigating cause of American independence. Yet as the docuseries shows, it is Holton who assigns particular significance to the filming location in Williamsburg, and it is Holton who points to the governor’s residence as the source of his own vastly exaggerated “Emancipation Proclamation.”

This peculiar convergence of factual error and cinematic misdirection comes with an ironic twist. If there are historical parallels to be drawn between Dunmore’s order and later events, it is not Lincoln’s Emancipation Proclamation but rather the desperate actions of his Confederate adversaries. In the waning days of the Civil War, Jefferson Davis authorized what became known as General Orders No. 14. The measure called for the “enlistment of colored persons” into the Confederate army, with provisions to accept any male slave “with his own consent and with the approbation of his master by a written instrument conferring, as he may, the rights of a freedman” in exchange for service. The Confederates paraded a handful of black companies on the streets of Richmond in late March 1865. Some of these troops were likely involved in a rearguard skirmish as Robert E. Lee’s army abandoned the city and made its fateful retreat toward Appomattox Courthouse.

The Confederates’ measure was no act of magnanimity by the slavers, but rather an exercise in desperation by a government on the precipice of collapse. Like Dunmore some 90 years before him, Davis lost his seat of power and found his forces in disarray. Most historians interpret his actions in this panicked context, not as some sudden change of heart on the central issue that sparked the Civil War.

And yet a parallel scenario from the American Revolution is now being touted as proof of a long-forgotten British antislavery crusade? We may look on in amazement, amusement, and disgust as the 1619 Project’s creator and its academic boosters attempt a peculiar rehabilitation of Dunmore—enslaver, plantation master, and Royalist autocrat—as a leading and even celebrated agent of emancipation.

The post Hulu's 1619 Project Docuseries Peddles False History appeared first on Reason.com.

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Brickbat: Supply and Demand


Doctor holding "Closed" sign

Even as the National Health Service struggles with a shortage of doctors, the British government has ordered medical schools to hold to a previously announced cap and admit no more than 7,500 medical students this year. The cap was put in place to limit the cost of educating medical students. It costs the government £160,000 (about $200,000) to educate each new physician. Medical schools face financial penalties if they admit too many students.

The post Brickbat: Supply and Demand appeared first on Reason.com.

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Track US Vessel With 60 Bradley Tanks Bound For Ukraine

Track US Vessel With 60 Bradley Tanks Bound For Ukraine

Ukrainian Armed Forces are preparing battle plans along the frontline as a Russian spring offensive could be ahead. Western countries are sending main battle tanks and other vehicles to thwart the coming escalation in fighting.

Last week, President Biden announced 31 M1 Abrams main battle tanks (without secret armor) would be sent to Ukraine. Germany, Norway, Poland, and other NATO countries will send other tanks, including the Leopard 2. Even Morocco will send older T-72 series tanks, currently in use in the war-torn country. 

All of these ‘donated’ tanks sound great, but if they don’t make it to Europe and race across the battlefield by spring, then the Ukranians might have trouble repelling the Russians. 

press release via the US Transportation Command (USTRANSCOM), a segment of the US military responsible for transporting equipment worldwide, detailed last week that a large roll-on/roll-off vessel named “ARC Integrity” loaded 60 Bradley Fighting Vehicles destined for Ukraine. 

As of Monday, and according to USTRANSCOM’s press release noting the vessel’s name, data via MarineTraffic shows ARC Integrity is full steam ahead in the Atlantic Ocean and will arrive at the Port in Southampton, England, on Feb. 7. 

USTRANSCOM uses large ro-ro carriers to transport all sorts of military equipment worldwide. These fighting vehicles are being loaded at ports along East Coast and Gulf Coast states. 

Tyler Durden
Tue, 01/31/2023 – 05:45

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Aramco Closes In On $7.2 Billion In Deals Supporting Saudi Industry

Aramco Closes In On $7.2 Billion In Deals Supporting Saudi Industry

By Tom Kool of OilPrice.com,

Saudi Aramco has signed more than 100 agreements and memoranda of understanding (MoUs) worth $7.2 billion to support the local industrial and manufacturing sectors, the Saudi oil giant said on Monday as the Kingdom looks to have more local content in the industrial supply chains.

The signing of the deals took place during the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition, a program to boost local content in supply chains. The program achieved 63% local content in 2022, up from 35% in 2015 when it was launched, Saudi Aramco said in a statement.

The event was attended by Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman.

During the event, Aramco launched its wholly owned subsidiary Aramco Digital Company, which aims to accelerate digital transformation within Saudi Arabia and the Middle East and Africa (MENA) region.

The forum also awarded winners in several categories for in-house value added, including major oilfield services operators. SLB, formerly Schlumberger, won the best in overall iktva services award, Halliburton won in training and development, Baker Hughes in supplier development, and Siemens Energy best overall iktva for manufacturing.

The iktva program encourages the establishment of regional headquarters in the Kingdom, Saudi Aramco said.

In 2021, Saudi Arabia’s authorities said that companies willing to do business with Saudi government firms or such owned by the state should have their regional headquarters in Saudi Arabia by the end of 2023. Earlier this month, Saudi Arabia eased some of those rules about regional headquarters and allowed companies with small foreign operations to continue working with customers affiliated with or owned by the Kingdom.

The move to boost local content and strengthen manufacturing and industry is part of Saudi Arabia’s Vision 2030 to diversify its economy, which depends a lot on oil production and exports.

Tyler Durden
Tue, 01/31/2023 – 05:00

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The “Price Shock” is Just Starting: German Industry To Pay 40% More For Energy Than Pre-Crisis

The “Price Shock” is Just Starting: German Industry To Pay 40% More For Energy Than Pre-Crisis

Back in August 2022, repo plumbing guru Zoltan Pozsar published a fascinating chart showing how “$2 Trillion Of German Value Depends On $20 Billion Of Russian Gas” or specifically, how Germany had applied some 100x leverage – much more than Lehman – on cheap commodities, and mostly Russian gas, to cheaply run its export-driven economic miracle for decades.

And with Russia’s cheap gas now gone for the foreseeable future, so is Germany’s tremendous operating leverage.  Which means profit margins will be hammered for years to come.

As proof look no further than a study published Monday by Allianz Trade which cited contract expiries and delayed wholesale pricing effects, and which according to Reuters found that German industry is set to pay about 40% more for energy in 2023 than in 2021, before the energy crisis triggered by Russia’s invasion of Ukraine.

“The large energy-price shock still lies ahead for European corporates,” said Allianz Trade, the credit insurer that changed its name from Euler Hermes last year.

As a reminder, in 2022, higher corporate utility bills were contained as long pass-through times from wholesale markets and government interventions mitigated the immediate hit from surging prices as Russia curbed fuel exports to the West. The resulting budget deficits were promptly funded by the ECB, which meant that for all the posturing, Christine Lagarde was directly funding Putin’s cash build up.

But the pass-throughs are ending, which means that price increases will soon hit corporate profits across Europe by 1-1.5% and lead to lower investment, which in Germany’s case would amount to 25 billion euros ($27 billion), Allianz Trade estimated.

The silver lining is that German companies’ finances are robust, while a state-imposed gas price cap would help (unless it makes things much worse).

At the same time, fears the crisis could lead to de-industrialisation and a loss of competitiveness against the United States were overdone, because labor costs and exchange rates have a bigger impact on manufacturing than energy prices, the study said. Also, while exporters were losing market shares in areas such as agrifood, machinery, electrical equipment, metals and transport, the relative beneficiaries tended to be Asian, Middle Eastern and African, not American, it added.

Meanwhile, the economic ministry said on Saturday that the German government’s one-off payment to help private households and small businesses with gas prices – the first stage of a package that will be complemented with retroactive price caps kicking in in March – has cost 4.3 billion euros so far.

Berlin has earmarked 12 billion euros for the payment, but the ministry said 4.3 billion euros was not the final cost as many eligible firms had not yet applied for the aid. They have until the end of February to apply; and judging by the huge losses they still face, they will.

Tyler Durden
Tue, 01/31/2023 – 04:15

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London Police Recruiting Illiterate Officers Who Can Barely Write English To Meet Diversity Quotas

London Police Recruiting Illiterate Officers Who Can Barely Write English To Meet Diversity Quotas

Authored by Paul Joseph Watson via Summit News,

The Metropolitan Police in London is recruiting officers who are illiterate, can barely write English, and may have a criminal record in order to meet diversity quotas, it has been revealed.

Yes, really.

A 2014 promise to have 40% of the force be represented by ethnic minorities by 2023 has fallen well short, with just 17% of officers being from ‘diverse’ backgrounds.

Matt Parr, the head of the organization responsible for inspecting British police forces, told the Telegraph that London, “which will likely be a minority white city in the next decade or so, should not be policed by an overwhelmingly white police force.”

In addition to the optics of a largely white police force being wrong, Parr said it was also, “operationally wrong, because it means that the Met does not get insight into some of the communities it polices and that has caused problems in the past. So we completely support the drive to make the Met much more representative of the community it serves than it is at the moment.”

That drive has however led to officers being hired who struggle to even write up basic crime reports.

“They are taking in significant numbers of people who are, on paper at least, functionally illiterate in English,” said Parr, adding that the Met was “recruiting the wrong people” and that the diversity push had “lowered standards.”

However, Parr also noted that it was a good thing that the Met was “taking a risk” by hiring young black men who may have criminal records.

David Spencer, the head of the think tank Policy Exchange and a former Metropolitan Police officer, said that the diversity drive had lowered standards.

“There is a tension between volume, quality and diversity and something has to give,” Spencer explained. “Someone has to ask what is the most important of those three things and you have to be really careful because once you have recruited someone they are possibly going to be there for the next 30 years.”

As we previously highlighted, police resources in London are so stretched that major department stores have given up on calling them to catch shoplifters.

Car theft in London has effectively been decriminalized, with just 277 out of 55,000 offences being solved by Scotland Yard, a 0.5% success rate.

However, there still appears to be plenty of resources available to interrogate people for posting offensive social media posts.

*  *  *

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Tyler Durden
Tue, 01/31/2023 – 03:30

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