[Most Recent Quotes from www.kitco.com]

‘It is going to embolden unions to ask for more’

Expert warns Biden’s deal to give rail workers a 24% pay rise will lead to more huge settlements – as number of US workers on strike triples to 78,000.

The Biden administration reached a tentative deal on Thursday to raise rail employees’ salaries by 24 percent, but labor experts say the deal could embolden future strikers.

This is a very, very contentious time,’ Michael Lotito, co-chairman of the Workplace Policy Institute at Littler, told the Wall Street Journal. ‘I think that is going to embolden unions to ask for more.’

On Thursday, Biden called his deal ‘a win for tens of thousands of rail workers who worked tirelessly through the pandemic to ensure that America’s families and communities got deliveries of what have kept us going during these difficult years.’… (Continue to full article)

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Biden CAVES to rail unions to avoid nationwide strike and hands out immediate $11k bonus and a 25% wage increase

President Joe Biden today said a ‘tentative’ deal has been reached between US rail companies and unions, averting a potentially devastating strike before the pivotal midterm elections. Biden said the tentative deal ‘will keep our critical rail system working and avoid disruption of our economy.’

If they had gone ahead, the rail strikes would have cost the nation $2 billion a day and spark chaos for hundreds of thousands of travelers. Oil refineries would have had trouble producing their current volumes of gas without the freight railroads and would prevent recently harvested crops from moving to food processors, as well as disrupted the supply of fertilizer to grow new crops (inset).

Members of Biden’s administration kept talks going in Washington between the railroads and unionized workers in the hopes of averting such a devastating shutdown. But after a long night, the talks succeeded and Biden announced Thursday that the parties had reached a tentative agreement to avoid a shutdown that would go to union members for a vote. Biden hailed the deal in a statement for avoiding a shutdown and as a win for all sides.

And who in the hell is paying for all of this crap, you a-hole??? (Continue to full article)

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Rail union REJECTS deal to prevent strike being called this Friday as Biden’s economic nightmare inches closer

…and utter train wreck!

One of the 10 labor groups that had reached a tentative deal with the United States’ rail companies to prevent a system-wide strike has now rejected the offer.

The International Association of Machinists and Aerospace Workers announced on Wednesday that its 4,900 members had voted to reject a deal its leaders reached with the U.S. freight railroads in an effort to keep the system running. It is now extending its negotiation process to September 29.

‘IAM freight rail members are skilled professionals who have worked in difficult conditions through a pandemic to make sure essential products get to their destinations,’ the union said in a statement. ‘We look forward to continuing that vital work with a fair contract that ensures our members and their families are treated with the respect they deserve for keeping America’s goods and resources moving through the pandemic2… (Continue to full article)

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Oops! Major retailers bought too much and are offering shoppers deals to take it off their hands

Since the beginning of the summer, major retailers like Walmart and Target have suffered with piles and piles of overstocked inventory. They loaded up at precisely the time consumers, breaking out of their pandemic routines, stopped buying “stuff” and started spending money on travel and services.

But the retailers’ pain could be consumers’ gain. Deep discounts will likely rule the rest of the year, but to find them, consumers might have to look deep and wide.

What retailers are flashing sales signs early?… (Continue to full article)

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The Great American Squeeze: 69 million households are now cancelling vacations, driving less and cutting grocery bills as inflation hits home

The share of Americans who say inflation is causing them financial hardship has risen from 49 percent in January to 56 percent, with rising prices forcing 69 million households to make cutbacks, a survey revealed on Wednesday.

The Gallup survey found that ever-more wealthy and middle-class families were feeling the pinch from inflation, forcing them to spend less on groceries and other basics, drive less and cancel vacations.

A worrying 12 percent of the survey’s 1,570 respondents said they were experiencing ‘severe hardship’ that was lowering their standard of living — a rise on the 9 percent who said so at the start of 2022… (Continue to full article)

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Double Eagle Headlines: September 6, 2022

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They’re Coming For Your Crypto
What is clear is that the pointy shoes in all governments are not going to give up the control of money.

It is our belief that the growth/tech/crypto/risk mania is over now. It is, of course, not just crypto.

Crypto is the bellwether for risk, and risk lies in Ponzi growth stocks. It is clear that the growth narrative is collapsing… (Continue to full article)

…and utter train wreck!

12 Numbers That Show That We’re Getting Dangerously Close To An Economic Crash As The Fall Of 2022 Approaches
What we are witnessing right now reminds me so much of 2008, and we all remember what happened in the fall of 2008. That doesn’t mean that this new crisis will unfold exactly the same way that the last one did. Ultimately, every economic downturn is unique. But the fact that we are seeing so many parallels between what is transpiring now and what transpired 14 years ago should deeply alarm all of us.

We appear to be on the precipice of another economic crash, and all of the “solutions” that our leaders give us just seem to make things even worse… (Continue to full article)

Interest Rate Hikes Will Not Save Us from Inflation
Rather than making money harder to get, the U.S. government needs to focus on the other side of the demand vs. supply equation.

In prescribing cures for inflation, economists rely on the diagnosis of Nobel laureate Milton Friedman: inflation is always and everywhere a monetary phenomenon—too much money chasing too few goods. But that equation has three variables: too much money (“demand”) chasing (the “velocity” of spending) too few goods (“supply”). And “orthodox” economists, from Lawrence Summers to the Federal Reserve, seem to be focusing only on the “demand” variable.

The Fed’s prescription is to suppress demand (borrowing and spending) by raising interest rates… (Continue to full article)

By How Much Can the Fed Reduce its Assets with QT? Fed’s Liabilities set a Floor
The Fed’s big liabilities: reserves, US paper dollars, RRPs, and the US government checking account. Reserves already plunged by $1.03 trillion.

Normally when we look at the Fed’s balance sheet, we discuss its assets: Treasury securities, MBS, repurchase agreements (repos), swaps, SPVs, etc. Under the new regime of Quantitative Tightening (QT), total assets have dropped by $139 billion from the peak, as of its balance sheet released on September 1.

But it’s the liabilities that limit how far the Fed’s assets can theoretically drop under QT. By looking at the path of those liabilities, we can project the theoretical bottom of QT, below which the Fed cannot go… (Continue to full article)

Guess Who?

$50,000 gold is likely once the monetary system returns to a gold standard
“Today, the gold price is too low to allow markets to clear, because assets are over-valued vis-à-vis gold. According to my calculations, you’re talking about something in the region of $50,000 per ounce being [reasonable] if you go back to a gold-backed international monetary system.”

“Gold solves for the game-theoretic monetary equilibrium for a multipolar world that is, nevertheless, hugely dependent on international trade,” he explained. “At the end of the Second World War, the U.S. economy was roughly half the entire global economy. By activity today, it’s only 20 percent… If you just extrapolate this trend, ultimately, it’s going to tip the balance regardless of whether the U.S. retains military superiority or not.”… (Continue to full article)

Sound Money Can Prevent What Representative Democracy Does Not
One of the arrogances of “Western” nations is that our way of life and our liberties are protected by periodic elections as required by constitutions, written (America) or not (Great Britain), containing bills of rights, etc. The people rule, it is claimed, and we get exactly what we want, even if those in the minority are unhappy with the result. Minorities can always become tomorrow’s majority and institute alternative policies. Therefore, Western nations really cannot get into too much trouble, since everyone wants peace, freedom, and prosperity, even if we disagree on the proper route to take to get there.

But what if I told you that there was a fatal flaw embedded in the very structure of Western nations that undermined this view? What if we common citizens can vote, change leaders, change parties, and it’s all meaningless?… (Continue to full article)

20 Million US Homes Are Behind on Energy Bills
At least 20 million households — or about 1 in 6 American homes — are behind on their power bills as soaring electricity prices spark what is said to be the worst-ever crisis in late utility payments, according to Bloomberg, citing data from the National Energy Assistance Directors Association (Neada).

Electricity inflation is being propelled by soaring costs of fossil fuels, such as natural gas, coal, and petroleum… (Continue to full article)

As technology climbs the curve governments will become road kill
Bad news: Government is getting bigger and more oppressive.

Good news: As it gets bigger it also gets weaker.

Better news: Technology is making us, as individuals, stronger.

How do we know government is getting weaker? Because it is sustained by central bank counterfeiting and debt, and the lies of state sycophants. How long can massive fraud last? The whole apparatus of government — a bandit gang writ large, in Rothbard’s famous depiction — is an affront to civilization and human dignity. Yet it’s the absence of government — anarchy — that we’re supposed to avoid at all costs. We’re avoiding it, all right, and we’re paying dearly for it… (Continue to full article)

[Got physical… close at hand?]

Let’s do something about that…

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Labor Day Double Eagle Headlines… (HAHAHAHAHAHA!!!)

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Amazon Closes, Abandons Plans for Dozens of Warehouses Across the US

South Park Bezos

Amazon.com Inc., determined to reduce the size of its sprawling delivery operation amid slowing sales growth, has abandoned dozens of existing and planned facilities around the US, according to a closely watched consulting firm.

MWPVL International Inc., which tracks Amazon’s real-estate footprint, estimates the company has either shuttered or killed plans to open 42 facilities totaling almost 25 million square feet of usable space. The company has delayed opening an additional 21 locations, totaling nearly 28 million square feet, according to MWPVL. The e-commerce giant also has canceled a handful of European projects, mostly in Spain, the firm said… (Continue to full article)

The IRS sends an auditor to audit a synagogue.

The auditor is doing all the checks, and then turns to the Rabbi and says, “I noticed that you buy a lot of candles.” “Yes,” answered the Rabbi. “Well, Rabbi, what do you do with the candle drippings?” he asked. “A good question,” noted the Rabbi. “We actually saved them up. When we have enough, we send them back to the candlemaker and every now and then, they send us a free box of candles.”

Oh,” replied the auditor, somewhat disappointed that his question actually had a practical answer. So he thought he’d try another question in his obnoxious way, “Rabbi, whatabout all these matzo purchases? What do you do with the crumbs from the matzo?

Ah, yes,” replied the Rabbi calmly, “we actually collect up the crumbs. We send them in a box back to the manufacturer, and every now and then they send a box of matzo balls.”

Oh,” replied the auditor, thinking hard about how to fluster the Rabbi. “Well, Rabbi,” he went on, “what do you do with all the foreskins from the circumcisions?” “Yes, here too, we do not waste,” answered the Rabbi. “What we do is save up all the foreskins, and when we have enough we actually send them to the IRS.” “To the IRS?” questioned the auditor in disbelief. “Ah, yes,” replied the Rabbi, “directly to The IRS … And about once a year, they send us a little prick like you.

AND, remember, soon there will be another 87,000 of them, with guns.

Dark Brandon vs. the Labor Market
The economy has a sense of humor.

The morning after President Joe Biden delivered his Dark Brandon at the Gates of Hell speech, the Labor Department delivered a jobs report that was pretty close to perfect.

Biden described an America locked in a “battle for the soul of the nation” and said that conservatives had embraced “an extremism that threatens the very foundations of our Republic.” The labor market, on the other hand, provided some solace that perhaps we can escape the clutches of the inflation brought on by Biden’s profligacy with less deprivation than feared.

Perhaps more importantly, the unemployment rate rose for a very helpful reason: there were more people looking for work who previously were not in the labor force (ILLEGALS????)… (Breitbart Business Digest)

Surgeons fold against Medicare’s stacked deck
Casinos dazzle you with flashing lights, high-stakes tables, and the chance to win millions of dollars. The house always wins, but casinos still trick people into thinking they will make money. Substitute Medicare for casinos and you can see what physicians who take risks with the country’s largest health payer are up against.

I’m an orthopedic surgeon, so I’ll focus here on this specialty. But what I’m describing also affects other surgeons and physicians.

After two decades of fixing the price of joint replacement at a paltry $1,300, Medicare lured doctors into an experimental program to save the government even more money. It requires surgeons to bundle the cost of surgery and all postoperative costs over 90 days into one lump sum, which varies from surgeon to surgeon

With baby boomers coming of age and Americans enjoying longer lives than when Congress passed Medicare in 1965, Medicare will run out of funds in 2026… (Continue to full article)

U.S. Navy destroyer stops four Mexicans in a small boat rowing towards Texas.

The Captain gets on the megaphone and shouts, “Ahoy, small craft. Where are you headed?

One of the Mexicans puts down his oar, stands up, and shouts, “Gringo, we are invading the United States of America to reclaim the territory taken by the USA during the War of 1812.”

The entire crew on the destroyer doubles over in laughter. The Captain finally catches his breath, gets back on the megaphone and asks, “Just the four of you?

The same Mexican stands up again and shouts, “No Señor, we are the last four. Thanks to your President Biden…the other 21 million are already there.”

Pfizer’s antiviral pill Paxlovid turns into pandemic enigma
Paxlovid, once hailed as a “game-changer” for its ability to treat COVID-19 infections at home, is becoming one of the pandemic’s biggest enigmas.

The intrigue: There’s growing concern about the link between Pfizer’s antiviral pill and COVID rebound, in which patients test positive or have symptoms days after a course of the drug is completed. President Biden, First Lady Jill Biden and NIAID Director Anthony Fauci have each relapsed (HAHAHAHAHAHA)… (Continue to full article)

IRS admits it exposed confidential information of 120,000 taxpayers online
The data shared came from Form 990-T, a business tax return document used by tax-exempt entities, including individual retirement accounts, to report and pay income tax on income generated from certain investments or income unrelated to their exempt purpose, the IRS said.

The “inadvertent” exposure included names, contact information and financial information about income within those IRAs. However, it did not include Social Security numbers, full individual income information, detailed financial account data or other sensitive information that could affect a taxpayer’s credit… (Continue to full article)

Oh Hell YES!

Coins worth up to $290,000 found under kitchen floorboards
A house refurbishment in northern England has uncovered a trove of gold coins, which could be worth up to £250,000 ($290,000) at auction next month.

The discovery is one of the biggest hoards of 18th century English gold coins ever uncovered in Britain, according to auction house Spink & Son in a press release sent to CNN on Thursday.

The cup, described as being no larger than a soft-drink can, contained more than 260 gold coins dating from 1610 to 1727. The stash of coins has an estimated value of £100,000 ($116,00) in today’s spending power… (Continue to full article)

[Got physical… close at hand?]

Let’s do something about that…

Continue reading

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