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AGelbert

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October 27, 2021

Photo: VladSV / Shutterstock.com

Top Freight Forwarder Says Containergeddon Will Last A “Very Very Long Time” 😬

by Stine Jacobsen (Reuters)

Chaotic conditions in the freight sector and sky-high prices for transporting goods will persist for “a very very long time,” the world’s third-largest freight forwarder DSV said on Tuesday.

Major trade bottlenecks have formed around the globe due to a surge in demand for retail goods from people stuck at home under pandemic-related lockdowns, and these have worsened as economies recover.

This has led to record-high freight rates and the situation has worsened in recent months for both air and sea freight, Danish-based DSV said in its third-quarter earnings report.

“I have stopped using the word ‘normalization’,” Chief Executive Jens Bjorn Andersen told Reuters. “If normalization means that we will come back to a market like we knew it in ’18 and ’19 I do not think it will happen – at least not for a very very long time.”

The situation has been particularly severe in major markets such as the United States, where dozens of vessels remain stuck off the West Coast ports of Los Angeles and Long Beach, unable to discharge.

“The fact that investments in infrastructure has been neglected in the U.S. for many years does not help as the port and railway infrastructure simply is not equivalent to the volume increase that has taken place,” Andersen said.

He spoke after DSV confirmed strong preliminary third-quarter profit released earlier this month, when it also lifted its 2021 outlook for the fifth time this year on the back of record-high freight rates.

($1=6.3922 Danish crowns) (Reporting by Stine Jacobsen; Editing by Clarence Fernandez and David Holmes)
https://gcaptain.com/freight-forwarder-containergeddon/
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Should you take a Social Security Pension prior to "full" benefits eligibility

I took my Social Security retirement at 62 and still glad I did. I am 75. Anyone who waits is fooling themselves. The “full” amount has been so whittled down by low COLA increases each year (that are FAR below the actual amount of inflation), that we are robbed each year of some of our buying power. Every year you wait is money in the pocket of the government and more impoverishment for we-the-elderly. 🤦‍♂️

2020 Loss of Buying Power Study Social Security Benefits Lose 30% Of Buying Power Since 2000
https://seniorsleague.org/assets/Loss-of-Buying-Power-Report-Methodology-2020-1.pdf

The CPI-E is a little better than the CPI Government BLS (Bureau of Labor Statistics) blatantly low balled inflation numbers. However, all attempts to pass Legislation to make the CPI-E the law have failed, thanks to 👿 Republicans AND 🐍 DINO “Democrats”. Yet, even if we did get the CPI-E made into law, it is still a woefully inadequate Conumer Price Index for the Elderly. 🥺

If you think the above is hyperbole, I suggest you compare the BLS computed CPI meager numbers with the actual inflation rate as computed by the REALITY BASED Chapwood Index:


Even more in-our-faces is the annual loss of buying power experienced by we Social Security pensioners in our Income Tax Returns. While the government admits to some inflation, it refuses to adjust (i.e. index for published CPI inflation) the numbers in the income tax return for non-taxable Social Security Pension income. That is also an underhanded method   of reducing the buying power of our pensions (see graphic below):

2019 Taxable Social Security Pension Income IRS Worksheet
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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John Maynard Keynes warned us.
« Reply #902 on: November 15, 2021, 05:22:36 pm »
John Maynard Keynes understood perfectly the Corrupt "Federal" Reserve's GRAND LARCENY Modus Operandi (i.e. USE INFLATION TO ROB from the Low and Middle Class to further enrich the Upper Class GREEDBALLS). Plutarch understood perfectly how that 💣 ends 💥.
 

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Biden Signs Bipartisan Happy Talk Infrastructure Package
« Reply #903 on: November 16, 2021, 08:49:16 pm »
Make Nexus Hot News part of your morning: click here to subscribe.

November 16, 2021

Biden Signs Trillion Dollar Bipartisan Infrastructure Package

President Joe Biden signed the roughly $1 trillion bipartisan infrastructure bill into law on Monday, marking the biggest public infrastructure investment in over a decade.

The legislation provides

$110 billion for roads and bridges,
֍ nearly $50 billion to protect communities from the impacts of climate change,
$55 billion for water infrastructure including
$15 billion for replacing lead pipes,
$65 billion to improve the electrical grid,
$39 billion for public transit,
$25 billion for airports,
֍ $7.5 billion for EV charging stations, and
֍ $5 billion for hybrid and electric school buses. Nearly all school buses currently run on diesel, exposing children whose lungs are particularly susceptible to air pollution to exhaust fumes, likely the most polluted air they’ll breathe all day, and dumping more than 5 million tons of greenhouse gasses into the atmosphere every year.

The law also includes nearly $5 billion to begin to plug, cap, and clean up orphaned oil and gas wells that leak planet-heating methane and other pollutants.

The law aims to end the use of infrastructure projects like highways and bridges as instruments of racism, but some worry the law gives states unconcerned with equity considerations too much control. “A fundamental part of this program has always been to have the feds raise money, hand it over to the states and cross our fingers,” Beth Osborne, who was an acting assistant secretary in the Transportation Department during the Obama administration, told the New York Times. The law contains just a small fraction of the spending to cut American climate pollution included in the Build Back Better Act, which Democrats are hoping to pass before Thanksgiving. (Infrastructure law: AP, NPR, Reuters, Thomson Reuters Foundation, New York Times $, Wall Street Journal $; School buses: TIME; Orphaned Wells: High Country News, Grist, New Mexico Political Report, Bradford Era, Centre Daily Times; Environmental justice: New York Times $; Build Back Better: E&E News, The Hill)

  Agelbert NOTE: Only in the good old United States of Petroleum can a pollution contaminated site, irresponsibly abandonded without plugging and cleanup by profit over planet oil loving greedballs, be affectionately called an "Orphaned" Oil and Gas Well. Friends, if YOU made that kind of a mess in your yard, the authorities would have a hazmat team sent there quickly, followed by the police charging you with unlawful contamination. The wells spewing methane and other (even MORE toxic - i.e. Cancer causing) contaminants were 🦕 IRRESPONSIBLY 😈 ABANDONED, not "orphaned" by an "unfortunate" bit of Hydrocarbon Business "bad luck". It is absolutely breathtaking how the Hydrocarbon Hellspawn keep getting a free pass from the media for in-our-faces toxic pollution dumping on we-the-people.
"Orphaned " Oil and Gas Well❓❓❓

As to "ending the use of infrastructure projects like highways and bridges as instruments of racism" AFTER handing Federal Highways and Bridge Money over to the states and crossing Federal fingers epecting States do their part to end worker and contract infrastructure building racism...   

Now let us discuss the Money in the Legislation. There is a problem with trying to make sense of any of the above numbers, which to the average person seem like a lot of money. People tend to say, yeah, billions of dollars for a lot of needed projects is good, so it is all good. Not really. In order to begin to understand the numbers, you need to look at the amounts in proportion to each other. It will then be obvious what got the most "bipartisan" support AND what is mostly happy talk. But that is not the full story. When you learn the number of YEARS the given amounts are spread out over by LAW, then you realize how woefully inadequate this Legislation actually is.

This is piecemeal Legislation, the result of corruption by the forces of Predatory Delay. Incremental steps to solve our Climate Crisis, never mind the increasingly misery producing inequity AND Oligarchic destruction of democracy, will not be enough to avert Catastrophic Climate Change Disaster. May God have mercy on us all.


   

« Last Edit: November 16, 2021, 10:43:36 pm by AGelbert »
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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🦉 What goes around, comes around ...
« Reply #904 on: January 24, 2022, 01:20:31 pm »
January 24, 2022 1:15:58 PM








He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Agelbert NOTE: Those who have forgotten 2008 will soon never be able to forget 2022.   

MONDAY, JAN 24, 2022 - 04:01 PM

😈💵💰🎩 🍌 PPT Rescues S&P From Worst-Ever Start To A Year; Rate-Hike Odds Tumble

SNIPPET:

At its worst today, the S&P 500 was down just shy of 4% before rebounding dramatically to end up almost 0.5% on the day.

The last two times that the S&P 500 dropped 4% and rebounded into the green were as follows...

🌠 Oct 16, 2008 = down -4.63% and closed up 4.25% - EU, US, Japan coordinated action to guarantee bank financing, Paulson shifts TARP to buying equity in banks

🌠 Oct 23, 2008 = down -4.28% and closed up 1.26% - Fed bailed out MM funds

Full article: 
https://www.zerohedge.com/markets/ppt-rescues-sp-worst-ever-start-year-rate-hike-odds-tumble

Reality based comments: 🦉

Angrypolka

What is pretty incredible, is that in order for an already over inflated, grossly over valued stock market to swing that much from the negative back into the positive for day would take trillions of dollars. That's how we know for a fact is was the PPT. Not regular joe schmoe wall street trader.
 

Unicron Variant
Who DIDN'T think this was going to happen? What, you think the PP-Team won't bust out of that garage with all the tools and crap you locked them in there with?!?! I pity the fool!

Wrascaly Wabbit
If it looks like manipulation, smells like manipulation and tastes like manipulation, the odds are it's manipulation!

ElTerco
The only "price stability" the Fed is chartered to act on. Saved by Zimbabwe dollars. 🤦‍♂️

carnival barker
heh, heh.  good job today scaring more of the retail investors to the sidelines.  and you got a whole other day tomorrow to 😈 repeat it before the Fed meeting. 

Savage Fred
after today, i'll never touch US equities again, ... ... . s&p went up 30 points in one second. i said, OK, this has lost all credibility. It didn't really have any to start with. But today took it to another level. glad they used tax dollars to help out the mega-rich and the would-be bag holders, in other words, the last people who should be helped. should have known it was too good to be true. appalling.


Marc-André Fongern @Fongern_FX
What the Fed has achieved so far:

1) Intensified inequality
2) Made the rich even richer
3) Boosted inflation alarmingly
4) Inflated stocks massively
5) Engaged in insider trading

Impressive. Congratulations.

« Last Edit: January 25, 2022, 03:32:43 pm by AGelbert »
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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THURSDAY, JAN 27, 2022 - 11:13 BY QUOTH THE RAVEN

Submitted by QTR's Fringe Finance


"Some People Are Prone To Suffer More": Powell Implodes Explaining Inflation

SNIPPET:

Earlier today, I published an article called Inflation Is The 💣 Kryptonite That Will 💥 End Our Decades-Long Monetary Policy Ponzi Scheme”.

In the article, I argued that time has run out for the Fed, who is now stuck between a rock and hard place with inflation spiraling out of control and the stock market crashing. I made the point that the once willfully ignorant commonfolk were starting to wake up - and that we’d now be holding the Fed’s feet to the fire in a way we never have before in American history.

I wrote that “today, the fabric of our modern banking world is held together by a logical fallacy of a system, wherein central banks are afforded the asinine luxury of being able to print infinite amounts of ‘money’, which is then disproportionately distributed toward the ruling class, billionaires, and elites, instead of the people who need it the most.”

I backed up my argument by showing this chart, which clearly shows a widening income gap between the “haves” and the “have nots” that has gotten larger, consistently, since the late 1970’s.


... ...
And, lo and behold, just hours after I published this morning’s article, 🎩😈 Jerome Powell exemplified the arrogance and ignorance that I, and many others, have been taking exception with for years. ... ...

Quote
“I’m not aware of um, you know, inflation literally falling more on different socioeconomic groups.
 
That’s not the point. The point is some people are just really prone to suffer more.” 

But if you’re not aware of it “falling more” on different socioeconomic groups, what’s to be said for the lower class who are “really prone to suffer more?”

Powell continued the final toss of his word salad before moving onto the next question:
Quote
“For people who are economically well off, inflation isn’t good, it’s bad…high inflation is bad. But they’re going to be able to continue to eat, and keep their homes and drive their cars and things like that…its…so that’s really how I think of it.”

If it’s bad for the top earners, Jerome, why does the wealth gap continue to widen? ... ...

But hey - why worry about the country’s lower income earners, right 💰🎩 Jerome?

You can watch Powell fumble his way through the answer here:


Full article:
https://www.zerohedge.com/news/2022-01-26/some-people-are-prone-suffer-more-powell-implodes-explaining-inflation



« Last Edit: January 27, 2022, 01:59:02 pm by AGelbert »
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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FRIDAY, JAN 28, 2022 - 12:25 PM

Authored by Charles Hugh Smith via OfTwoMinds blog

No Wonder The Market Is Skittish

The equity, real estate and bond markets all rode the coattails of the Fed's ZIRP and easy-money liqudiity tsunami for the past 13 years. As those subside, what's left to drive assets higher?

SNIPPET:


The Federal Reserve and U.S. Treasury have institutionalized moral hazard, the disconnect of risk and consequence, for America's financial elite: rather than force those who gambled and lost to absorb the losses in 2008-09, the Fed and Treasury bailed out the too big to fail, too big to jail financial elite, establishing an unspoken policy of encouraging the wealthiest individuals and enterprises to borrow and gamble freely, knowing they could keep any winnings  😈 (and pay low or no taxes on the gains) and transfer any losses to the Fed and/or taxpayers. 


7. This institutionalization of moral hazard combined with zero interest rate policy (ZIRP) and an open spigot of liquidity has driven wealth and income inequality to extremes that are economically, politically and socially destabilizing. Insider trading in the Fed and Congress has finally leached out into the public sphere, and the cozy enrichment of the already super-wealthy has now reached 💣 extremes that invite destabilizing 💥 blowback.

Full article:
https://www.zerohedge.com/markets/no-wonder-market-skittish

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Global Tightening amid Raging Inflation: February Update
« Reply #908 on: February 04, 2022, 06:24:24 pm »

by Wolf Richter • Feb 3, 2022 • 186 Comments

Global Tightening amid Raging Inflation: February Update
Brazil and Russia caught up via shock-and-awe rate hikes. But most central banks fell further behind. Then there are the    reckless laggards.

SNIPPETS:

The Bank of England today, February 3, started QT (Quantitative Tightening, the opposite of QE) and raised its policy rate by 25 basis points, to 0.50%, the second hike in a row, after having raised by 15 basis points at its December meeting. The hawkish part was how it happened: A bare majority of five members of the Monetary Policy Committee voted for the 25-basis-point hike, while four members voted for a 50-basis-point hike!  :o ... ...

The Czech National Bank, also today, jacked up its policy rate by 75 basis points to 4.5%, the highest since January 2002, and the sixth rate hike in a row since June, totaling 425 basis points, including shock-and-awe hikes of 100 basis points in December and 125 basis points in November, which had been the biggest shock-and-awe rate hike in 24 years. ... ...

The Bank of Brazil, on February 2, jacked up its policy rate by another 150 basis points, to 10.75%, the eighth hike in a row since March, totaling 875 basis points. ... ...

The Bank of Korea, on January 14, raised its policy rate by 25 basis points to 1.25%, the third hike since August, totaling 75 basis points. Inflation in December was 3.7%, following the 3.8% in November, the worst since 2012. ... ...

The Central Bank of Russia will meet on February 11. At its last meeting on December 17, it hiked its policy rate by another 100 basis points to 8.5%, the seventh rate hike in 2021, totaling 425 basis points. ... ...

The Biggest Most Reckless Laggards

The Fed, on January 26, ... ...

The ECB, today, under massive pressure ... ...

The 🐒 Bank of Japan ... ...

Full article:
https://wolfstreet.com/2022/02/03/global-tightening-february-update-shock-and-awe-rate-hikes-by-many-central-banks-even-reckless-fed-and-ecb-get-in-line/

Depth Charge Feb 3, 2022 at 11:27 pm
Ours is running over 15% if you use the same measurement as the 1970s. Powell is “letting it run hot,” just as he told us he would last year. The question is, since when was the FED’s job to “let inflation run hot” and crucify the poor and working class?

David Hall > Depth Charge Feb 4, 2022 at 8:43 am
Raising interest rates may not control inflation. With massive govt. debts, rising interest rates require more money to service the debt as bonds mature and refinancing is required. Printing money to create lower interest rate mortgages can not lower the price of a new home. Government deficit spending demands money printing, more borrowing, or both.

LK > Depth Charge Feb 4, 2022 at 9:06 am
Guess we’ll have to start looking at all that money we’re sending to the Pentagon, which has yet to conduct a successful audit.

If current conditions don’t correlate with a reduction in defense spending, or at least increased oversight and accountability of what money *is* being sent there, then we’re proper f***ed.

General Strike > Depth Charge Feb 4, 2022 at 11:23 am
“ … crucify the poor and working class. “ Thank you for defining capitalism.

Gelbert > Depth Charge Feb 4, 2022 at 4:53 pm

“Ours is running over 15% if you use the same measurement as the 1970s.”

Agreed.

The measurement we should be using instead of Greenspan’s (SEE: Current Bureau of Lying Statistics gamed CPI since the early 1980’s) inflation index fraud is the Chapwood Index.

At any rate, all these Central Banks all over the world (Great info from Wolf! 👍) getting real about inflation gives me hope that it will pressure the Fed to get real as well. We retired folks can use some reasonable interest rates on savings for a change.

Depth Charge Feb 4, 2022 at 2:40 pm
The FED isn’t hoping jawboning will help control inflation, they wanted this inflation. For years they have been frustrated that they could not reliably get the higher inflation they wanted. Now it is finally here and they are secretly rejoicing. They, of course, will not tell you that now since many are hurting. But they are delighted.

We are now living in the “let it run hot for a while” period they announced over the course of the past year+. Anybody who thinks merely stopping QE and a chintzy quarter point rate hike are going to do anything to slow down this roaring inflation has a hole in their head. 4 paltry quarter point rate increases in the next 12 months is like an ant pissing on a raging forest fire. It’s all just lip service by the crook Weimar Boy Powell. That’s why the stock market and the everything bubble are still alive and well.

Wolf told us all of the rate hikes are already priced into the market. So, I guess a pitiful little 1,500 point selloff from the pinnacle peak is about all you can expect at this point. And every dip is bought, reinforcing the belief that all you have to do is buy the focking dip and you will make more money. ShitCON is surging almost $5,000 in the past day or whatever. Party on.

Gelbert > Depth Charge Feb 4, 2022 at 5:41 pm
I understand your point. There is a certain US “Federal Reserve” Central Bank (i.e. Morally Bankrupt Social Darwinist) “logic” in the act of deliberately devaluing a currency through massive money printing inflation, since for the last thirteen years (see below:) the 1% have benefited from it while simultaneously being almost totally insulated from the deleterious effects of it.

“The Federal Reserve and U.S. Treasury have institutionalized moral hazard, the disconnect of risk and consequence, for America’s financial elite: rather than force those who gambled and lost to absorb the losses in 2008-09, the Fed and Treasury bailed out the too big to fail, too big to jail financial elite, establishing an unspoken policy of encouraging the wealthiest individuals and enterprises to borrow and gamble freely, knowing they could keep any winnings (and pay low or no taxes on the gains) and transfer any losses to the Fed and/or taxpayers.” — Charles Hugh Smith – January 28, 2022

As a result of all the above, the 1% are now far more physical assets (not just stocks) rich than they were in 2008, so regardless of how much the US doller loses in buying power from Fed money printing caused massive inflation, they remain extremely wealthy, as well as in an excellent position to scoop up more property and/or whatever as the middle class and poor get further impoverished by the loss of buying power of the currency.

However, that modus operandi is socially destructive when taken to the present extremes of inequality. Never forget that a populace can only take so much before they just lose hope of a better future. The 1% need to realize that it is now time for their Fed lackeys to provide some concrete real world hope (not lip service) for the middle and lower classes (e.g. savings accounts interest rates ABOVE the REAL inflation rate). Urging the Fed to do that is the most prudent course of action the 1% can take now.

“An imbalance between rich and poor is the oldest and most fatal ailment of all republics.” — Plutarch

Augustus Frost Feb 4, 2022 at 7:14 am
It’s a symptom of the mania. It’s also a symptom of extensive social decay. Society in the US and many of these countries is (a lot) worse off than most probably believe.

If it weren’t for the fake economy and the asset mania, supported by loose credit conditions, most “wealth” would disappear, living standards would decline or plunge, and most people in these countries would be poorer or a lot poorer.

Yes, there is a day of reckoning in store in the future

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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JACOBIN

February 6, 2022 BY WILLIAM HARTUNG

America’s Military-Industrial Complex Is Ruining the World



SNIPPET:

Opposing Build Back Better while throwing so much more money at the Pentagon marks the ultimate in budgetary and national-security hypocrisy. The Congressional Budget Office has determined that, if current trends continue, the Pentagon could receive a monumental $7.3 trillion–plus over the next decade, more than was spent during the peak decade of the Afghan and Iraq wars, when there were up to 190,000 US troops in those two countries alone.

Read more:
https://www.jacobinmag.com/2022/02/us-pentagon-budget-military-spending-f-35-nuclear-weapons
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Reuters

February 10, 2022 2:13 PM EST

💣 Financial markets have priced in a 50 basis points increase in March, according to CME's FedWatch tool. Stocks on Wall Street fell, while the dollar was little changed against a basket of currencies. U.S. Treasury prices fell, with the yield on the 10-year note reaching 2% for the first time since August 2019. 👉 In the 12 months through January, the CPI jumped 💥 7.5%, the biggest year-on-year increase since February 1982.



He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

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by Wolf Richter • Feb 10, 2022 • 259 Comments

WHOOSH Goes the Dollar’s Purchasing Power in January as Inflation Now Infests Services

SNIPPETS:

OK, the Fed and American consumers and wage earners have, excuse the technical jargon here, a serious-ass problem on their hands that has just gotten worse. The broadest Consumer Price Index (CPI-U) jumped by 0.6% in January from December, and by 7.5% from a year ago, the worst since February 1982, according to data released by the Bureau of Labor Statistics today. ... ...

The narrower “core” CPI-U, which removes the volatile commodities-dependent food and energy components from the measure to show how inflation has seeped into the broader economy, spiked to 6.0%, the highest since August 1982: ... ...

But back in 1982, Volcker was cracking down, interest rates were in the double digits, and inflation was heading lower.

Now, Powell has the foot still on the gas by still buying assets though at a slower pace, and by still repressing interest rates to near-zero.  The last time inflation spiked in this glorious manner was in 1978, but the Fed back then was pushing the federal funds rate toward 10%. Now the Fed is still repressing the federal funds rate to near 0%, which makes this Fed the most reckless Fed ever.

And folks, it’s no longer just supply chains, labor shortages, chip shortages, factories in China, used cars, and new cars.

It’s services that have begun to spike. The CPI for services spiked by 4.6% year-over-year, with big price increases now infesting every part of the economy:

Full article:
https://wolfstreet.com/2022/02/10/whoosh-goes-the-dollars-purchasing-power-in-january-as-inflation-now-infests-services/

SilentC Feb 10, 2022 at 1:25 pm
Forgot to mention rents up 20%, on point with your comment. Anyway I know where I am directing my anger on this as a renter.

Gelbert > SilentC Feb 10, 2022 at 4:42 pm
Well, I suspect that the actual inflation increase is far closer to 20% than the Greenspan gamed CPI index number of 7.5%.

Unlike the Chapwood Inflation Index, which is reality based, the BLS CPI Index is methodically low balled to avoid “upward adjustments” in the government “poverty level” numbers and inflation triggered government pension increases. Furthermore, a reality based approach to computing inflation would force our government to modify the tax tables which now (AND for the last 40 years or so) bracket creep punish we-the-people for income increases and reward “unearned” income dividend beneficiaries, populated mostly by the rich.

The published BLS CPI is perception management propaganda that Goebbels would envy.

Djreef Feb 10, 2022 at 1:37 pm
We’ve gotten to where we buy food and gas. Some used stuff, but that’s about it. We don’t need to make big purchases, so we don’t.

Gelbert > Djreef Feb 10, 2022 at 4:15 pm
Same here. As our purchasing power drops, we-the-poor-and-middle-class-people tighten our belts. Thus the economy is strangled as a result of Government directed Inflation theft on behalf of the morally bankrupt Social Darwinist (i.e. Capitalist) rich.

“By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.” — John Maynard Keynes

“Capitalism is the astounding belief, that the most wickedest of men, will do the most wickedest of things for the greatest good of everyone.” — John Maynard Keynes

Augustus Frost > Gelbert Feb 10, 2022 at 5:30 pm
Unfortunately, the majority of the population is irrelevant to economic “growth”. It also seems to show in economic (fiscal and monetary) policy.

Look at median household income and net worth since about 2000. Both have flatlined. Whatever “growth” the lower 60%+ of the population contribute is presumably from increased government transfer payments or debt. Where else would they get the money?

It’s the top 5% of the income and wealth distribution accounting for most increased consumption spending over the last 20 years.

WolfGoat > Gelbert Feb 10, 2022 at 5:38 pm
“Capitalism is the astounding belief, that the most wickedest of men, will do the most wickedest of things for the greatest good of everyone.” — John Maynard Keynes

Classic! Thanks for THAT! 👍 ;D

historicus🎩🍌 > Gelbert Feb 10, 2022 at 8:41 pm
This is NOT capitalism!
This is a managed arrangement by unelected central bankers who act unsupervised and expand the money supply on their whims….and lay an inflation TAX on the People. Rife with insider knowledge.

Connect that with “capitalism”.

cb > historicus 🎩🍌 Feb 10, 2022 at 11:24 pm
@ historical –

You are right, The FED was not elected. They were put their by BIG money ……………. Owners of big capital ………. Capitalists!

How’s that for a connection.  ;D


Brian 🎩🍌 > Gelbert Feb 11, 2022 at 1:31 am
Keynes advocated for the central control of everything. Consolidation of power is the opposite of what you want to do to defuse the inherent selfish nature of man.

RT 🎩🍌 > Gelbert Feb 11
I believe what you railed again is not capitalism. Capitalism is the private control of means of production. This manipulation of the currency and monetary system by the government (state) is not capitalism. It is socialism. Socialism is the control of the means of production and the control (manipulation) of the market by the collective (state or any collective group). The state right now is devaluing our currency through the Fed, through inflation. It is not private citizens that are doing the devaluing. It is the state or the collective that is doing it. So that’s exactly the definition of socialism. Socialism always requires control from the state (collective) and always requires coercion. This is not free market and it is not capitalism.

And btw, I believe the situation you are complaining about, is what generally called Keynesian economics. So I think the quote of Keynes is particularly ironic. Keynesian believe in government spending and debt. When the government like the US has the ability to print its own currency without immediate consequences (for it is the reserve currency of the world), then it is natural to see the US gov’t and the Fed prints currency into oblivion. Runaway inflation is a natural result of Keynesian economics.

Also Social Darwinian are not capitalism. They are two different concepts. Capitalism is about who controls the means of production (capitals). Social Darwinian believes in the continual struggle between individuals or groups of individuals in the process of social evolution to a better society (progressives). Social Darwinian are not necessarily capitalist.

Gelbert > RT 🎩🍌
RT, you labor under the happy talk version of Capitalism. Think about how contradictory your statements are.

For example, anyone that believes Capitalism "fosters competition by keeping sources of production in private hands" is completely mentally at odds with the fact that the purpose of any and all Capitalists is to concentrate wealth in the fewest hands in order to dictate product prices. That is de facto concentration of wealth. That is de facto central control. That is de facto monopoly.

The claim that Capitalists are "against" anti-competitive government central control conveniently ignores the fact that it is the Capitalists that corrupt the government to stifle competition AND game the tax code so Capitalists can play their corrupt "unearned income" low tax game.

As to equating Socialism with central control, that is a meme that Capitalists conveniently associate with Soviet Russia, which was NOT a socialist government, regardless of their claims. The Soviet Russian Government was a dictatorial single corporate owner of all the resources, which is precisely what a Capitalist corporation seeks to do in any country it operates in. Even the Russian government structure was exactly (i.e. CEO = Chairman, Board of Directors = Politburo, Stock Holders = Party - nobody else has ANY say in how it is run) like that of Exxon or any other large multinational corporation.

Don't pretend that large corporations "foster" competition. They do all they can to OWN the market and destroy all competitors, often using government, which they corrupt, as their cat's paw to do the destroying.

Yes, central control is deleterious to human society, regardless of the ideology supposedly "justifying" it, but socialist ideology defends the welfare of the majority of the population, while Capitalist ideology, which is Social Darwinist to the core, regardless of anyone claiming otherwise, defends only those with the lion's share of property and actively punishes the rest for not being as "fit" as the "fittest" (i.e the rich). That fosters gross inequality, which destabilizes society.

Social Darwinists believe that ethics based principles are 'limitations pretending to be virtues'. To them, ethics are 'feel good illusions' that humans invented to pretend our species has empathy. To Social Darwinists, empathy is irrefutable evidence of inexcusable weakness. To them, all who are guided by ethics are deluded fools that should be eliminated from the human 'apex predator' gene pool for the "good" of our species.         

Social Darwinism is the morally bankrupt world view that spawned the profit over people and planet neoliberal ideology. Neoliberal intellectuals like Friedrich von Hayek, Ludwig von Mises and Milton Friedman were all Social Darwinists long before they renamed laissez-faire liberalism (that had been thoroughly discredited by the Great Depression) with the catchy title of "Neoliberalism".
 
The celebrated social theorist and geographer David Harvey explains that neoliberal ideology serves the following principle:

"There shall be no serious challenge to the absolute power of money to rule absolutely. And that power is to be exercised with one objective: Those possessed of money shall not only be privileged to accumulate wealth endlessly at will, but they shall have the right to inherit the earth, taking either direct or indirect dominion, not only of the land and all the resources and productive capacities that reside therein, but also assume absolute command, directly or indirectly, over the labor and creative capacities of all those others it needs. The rest of humanity shall be deemed disposable."

If the above isn't Capitalism = Social Darwinsim, I don't know what is.
« Last Edit: February 12, 2022, 12:07:53 pm by AGelbert »
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

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by Wolf Richter • Feb 10, 2022 • 220 Comments

Mortgage Rates Hit 4.02%. Two-Year Yield Spikes by Most since 2009. Ten-Year Yield Goes over 2%. All Heck Breaks Loose

SNIPPETS:

The probability of a 50 basis-point hike at the FOMC meeting on March 16 spiked to 90% this afternoon, based on CME 30-Day Fed Fund futures prices, after this morning’s hair-raising inflation data for January, and after St. Louis Fed President Bullard’s talk on Bloomberg. ... ...

“There was a time when the Committee would have reacted to something like this [the hair-raising inflation report] with having a meeting right now and doing a 25 basis points right now,” said Bullard, formerly biggest dove in the house. “I think we should be nimble and considering that kind of thing,” he said.

“I don’t think this is shock-and-awe,” Bullard said about the 50-basis point hike, as markets are already pricing it in. “I think it’s a sensible response to a surprise inflationary shock that we got in 2021 that we did not expect,” he said. ... ...

“As a general principle, I see no reason why you can’t remove accommodation just as fast as you added accommodation, especially in an environment where you have the highest inflation in 40 years,” Bullard said.

And all heck broke loose in Treasury yields.

The two-year Treasury yield spiked by 25 basis points to 1.61% at the close, the biggest one-day leap since June 5, 2009 during the freak moments of the Financial Crisis. Now it’s not a crisis. Now it’s just the bond market, which had been in total denial until November, coming to grips with inflation and the Fed’s efforts to crack down on inflation. ... ...

With this 25 basis-point spike, the two-year yield reached 1.61%, the highest close since December 24, 2019. In real terms, adjusted for CPI inflation, the two-year yield is still hugely negative, at -5.89%. So despite the spike, it is still a terribly mispriced bond given the huge amount of inflation:


And mortgage rates, good lordy.

The average of the 30-year fixed mortgage rates quoted today spiked to 4.02% in the top tier scenario, above 4% for the first time since May 2019, according to daily data from Mortgage News Daily, with lenders quoting between 3.625% and 4.375% at the top tier. ... ...

The most reckless Fed ever.

The Fed has compounded policy error with policy error ever since March 2020, with its interest rate repression and massive QE that it maintains even today, despite 7.5% inflation. Anything it would do to tighten going forward would just be feeble efforts that are too little and too late, to mitigate the effects of 22 months of massive policy error after policy error.

So now the Fed has created this crazy situation where the interest rate that the Fed is repressing with its policy rates, the effective federal funds rate (EFFR), is a near-zero (0.08%), while CPI inflation is 7.5%, producing the widest spread between the two going to 1955.

Back in the high-inflation periods in the 1970s and early 1980s, the EFFR was nearly always higher than CPI inflation and in some periods much higher. In fact, until the Financial Crisis, the EFFR was nearly always higher than the rate of CPI inflation. The radical monetary policies of interest rate repression during the Financial Crisis changed this relationship. Blue line = EFFR, red line = CPI.


Full article:
https://wolfstreet.com/2022/02/10/mortgage-rates-hit-4-02-two-year-yield-spikes-most-since-2009-10-year-yield-goes-over-2/

Gelbert > Wolf Richter Feb 11, 2022 at 2:04 pm
When do you think the banks will start offering attractive interest rates for savings accounts, or do you think the Fed will actively delay this help for few-to-no-stocks-fixed-income folks?

It seems to me that, from the Fed’s point of view, herding as many people with cash out there into stocks instead of CDs and savings accounts has been an integral part of their modus operandi for at least 20 years. So, I expect they will cling to that MO order to avoid a vast stock market selloff as long as they can.

What do you think?

Wolf Richter > Gelbert Feb 11, 2022 at 3:22 pm
I don’t think the Fed is now going to worry about that. It has plenty of other worries on its hands. But here are some additional thoughts:

Many big banks sit on huge amounts of cash which they deposit at the Fed to earn 0.15%. They’re in no hurry to pay savers more than they get from the Fed.

But other banks need some cash, and they already offer more: American Express, Goldman’s Marcus, etc. already offer 0.5%, hahahahaha, but that’s better than 0.001%. Some credit unions and smaller banks might offer more too.

The problem for savers is that the Fed has created too much liquidity. Until that liquidity is largely unwound by the Fed via QT or burned up by the markets, banks are in no hurry to pay you more. So this will drag out.

But once the Fed raises rates a few times and has started QT, savers should start shopping for higher rates on CDs. Right now, the better 1-year CDs are still only in the 0.8% to 0.9% range. Six months from now, that might be 1.5% or more.

In addition, savers can open an account with the US Treasury (treasurydirect.gov) and very easily buy Treasury bills, Treasury notes and bonds, and I-bonds. One-year T-bills already yield over 1%; I-bonds, which a very unique inflation-adjusted variable-rate savings products, currently yield over 7% ($10,000 limit per year per entity).

As the Fed raises its rates, savers need to keep their eyes open. 🧐

Petunia Feb 11, 2022 at 10:59 am
I have zero faith in any numbers coming out of the financial sector or their puppet overseers. Down here in my world, interest rates are 20-50%, food prices have doubled in 5 years and are still rising, rents are rising beyond wages, terminated workers are charged $18K for COBRA, and even the more affluent middle class is cutting back. So, do I believe the fed or my lying eyes?

The recounting of fed policy is a waste of time to me. They will tell the lies they have to tell to protect their interests. I would much rather hear boots on the ground information, whether it’s from someone buying their third sports car or struggling to buy food. That’s the economy I want to know about.

David Hall > Petunia Feb 11, 2022 at 12:16 pm
A couple with two work from home jobs moved into my 55+ community. Not everyone is cutting back. Hotels are booked solid for the winter tourist season. A waterfront restaurant parking lot was full. Doctors are booked six to eight weeks in advance. Remodeling contractors are booked six to eight weeks in advance.

Gelbert > Petunia Feb 11, 2022 at 2:19 pm
The metrics posted here can be used as a reference to accurately interpret the heinous level of mendacity coming from the Fed. Their lies have a certain consistent method to them. We-the-people in the real world must interpolate the numbers as they come in. I am certain Wolf is helping us do that. Nobody here was born yesterday, Petunia.

Old school Feb 11, 2022 at 12:38 pm
You know Fed has goofed up when digging gold out of the ground has a higher net margin than 90% of businesses. It’s at about 17%. I think Apple is only at 23%.

Gelbert > Old School Feb 11, 2022 at 2:13 pm
True. But then, it is part of their religion/ideology to consider anyone but their owners among the wealthy to be “disposable”.

The celebrated social theorist and geographer David Harvey explains that neoliberal ideology serves the following principle:

“There shall be no serious challenge to the absolute power of money to rule absolutely. And that power is to be exercised with one objective: Those possessed of money shall not only be privileged to accumulate wealth endlessly at will, but they shall have the right to inherit the earth, taking either direct or indirect dominion, not only of the land and all the resources and productive capacities that reside therein, but also assume absolute command, directly or indirectly, over the labor and creative capacities of all those others it needs. The rest of humanity shall be deemed disposable.”

If the above isn’t Capitalism = Social Darwinsim, I don’t know what is.

Depth Charge > Gelbert Feb 11, 2022 at 4:33 pm
We don’t have “Capitalism,” we have “Crony Capitalism.” They have nothing whatsoever in common. In fact, “Crony Capitalism” is like a Socialist/Fascist hybrid.

Gelbert > Depth Charge
The adjectives to Capitalism change and some variants are less socially destructive than others, but the basic ideology of Capitalism, which cannot be rationalized as 'invisible hand good for society', is as follows:

The purpose of any and all Capitalists is to concentrate wealth in the fewest hands in order to dictate product prices. That is de facto concentration of wealth. That is de facto support for central control. That is de facto monopoly. The Fascist version, like the Crony version of Capitalism, is a more extreme example of this price dictatorship.

The claim that Capitalists are "against" anti-competitive government central control conveniently ignores the fact that it is the Capitalists that corrupt the government to stifle competition AND game the tax code so Capitalists can play their corrupt "unearned income" low tax game. All this is evidence of a morally bankrupt Social Darwinist ideology.

Read the following and tell me Capitalists do not think that way, regardless of any lip service they give to "ethics":

Social Darwinists believe that ethics based principles are 'limitations pretending to be virtues'. To them, ethics are 'feel good illusions' that humans invented to pretend our species has empathy. To Social Darwinists, empathy is irrefutable evidence of inexcusable weakness. To them, all who are guided by ethics are deluded fools that should be eliminated from the human 'apex predator' gene pool for the "good" of our species.

The reason I say all this is that too many otherwise objective and decent people are all too willing to sugar coat those greedy invisible hands out there corrupting our government and each other.

"Capitalist ideology claims that the world is perfectly ordered and everybody is in their place (i.e. everybody gets what they deserve). This self legitmating aspect of Capitalism is Socially Catastrophic. This is the Victorian view of the world." Rob Urie - Author " Zen Economics
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

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Feb 12, 2022 • by Wolf Richter • 208 Comments


🦖 RH Feb 13, 2022 at 2:23 am
I suspect that most EV makers and other “new technology” producers are Ponzi schemes or scams of other types. Just the fact that Evergrande is now focusing on its EV “business” when it is not an established producer is an indicator that the whole area is full of scams. See “China’s Evergrande plans to prioritize EV business” in automotive news Europe. Clearly, creating EVs is a fad like EFTs (or the digital coins) and represent a quick way to get cash from the gullible.

Wolf Richter > 🦖 RH Feb 13, 2022 at 11:25 am
RH, “Clearly, creating EVs is a fad…”

You need to distinguish between the stocks of EV SPACs and the actual vehicles that the industry produces.

In terms of the vehicles, it’s a huge and booming industry that cannot produce enough to satisfy demand. All the global automakers are all over it because they understand that this is what customers want. ICE vehicle sales have been spiraling lower meanwhile. So EVs are not a fad.

What is, or rather was, a fad is the EV-startup SPAC craze discussed here.

Ambrose Bierce > Wolf Feb 13, 2022 at 12:45 pm
The governor of California just proposed a bill outlawing gasoline driven lawn machinery. There is some electric replacement equipment already, but most of it is light weight, and California is obsessive about weed abatement. Maybe some smart guy will figure out how to rig up his EV PU with an pull behind electric motor head on a blade. When they built my house in the 50s they built in outdoor 240 volt outlets which might come in handy again. I just wonder if the 200 amp service I upgraded to a few years ago is really enough. Take away the Briggs and Stratton and your whole world changes.

Gelbert > Wolf Feb 13, 2022 at 3:00 pm
Exactly right.

While EVs are not catching on as quick in the U.S. as elsewhere, the latest move by Ford will radically change that within a year.

The adoption rate of EV vehicles in Europe is irrefutable evdence that EVs are definitely not a “fad”. It is the gas guzzlers that are going the way of the dodo bird as they are rapidly replaced by the exponential EV adoption curve.

All these Headlines are from the past two weeks:

Electric Car Market Grows To 29% In Europe As EV Sales Explode!

First ride: 2022 Ford F-150 Lightning adds finesse to America’s bestselling truck

XPeng expands presence in Europe, establishing sales and service partnerships in Netherlands and Sweden

Renault Group, Valeo, and Valeo Siemens eAutomotive join forces to develop and manufacture a new-generation automotive electric motor in France

Toyota commits multimillion-dollar investment to further expand production of electrified vehicles

🦖 Cashboy > Wolf Feb 13, 2022 at 8:13 pm
Wolf, EVs are not what customers want.
The government with its policy is forcing people to buy EVs.

It is almost impossible to buy a car with an internal compbustion engine with no turbo charger/supercharger or isn’t hybrid.
And finding a manual transmission is almost impossible nowadays as well.

Wolf Richter > 🦖 Cashboy Feb 13, 2022 at 9:11 pm
Cashboy,

“The government with its policy is forcing people to buy EVs.”

Bullshit. NO ONE is forcing you to buy an EV. Maybe in the future, but that day is far away if it ever comes. Right now, there is big demand and not enough supply of EVs because people WANT to buy them. I should delete these effing lies.

I hear you about limited choices in terms of ICE power trains and transmissions. Time has moved on. You don’t get that old 3-spreed stick shift anymore.

Jack > Augustus Frost
Feb 12, 2022 at 10:49 pm
Augustus Frost

“The entire US stock market’s valuation is and has been based upon a complete fantasy. So are the market values of companies like Tesla and so are the market values of “industries” like crypto.”

This summarize the Crap show basically. So thank You.

And remember, once you remove the one vital element of a market function , you’ve removed them all!

No price discovery allowed!
No large companies allowed to fail!
Not allowing the market forces to find its equilibrium!!!
And.,. You can add your own here too:



-….

And another thing , I am Not trying to take the ! and feel deep empathy with the average American citizen, but!

At what point does he/she not realizes that the continued erosion of his/her Freedoms, quality and standards of living is in huge part due basically to their own doings and choices.

The abrogations of one’s critical processing of events and surrounding phenomena , (be them in life in general or specific to the financial realm )and surrendering them to others is inviting trouble!

The empathy tank thus far empties!!

And I ask once more, how long will it take you folks to see and comprehend the truth?

Your “ Elected are NOT working for you”!

You have being dealt with as mushrooms, and fed a whole heap of the proverbial.

Gelbert > Jack Feb 13, 2022 at 3:33 pm
Jack, what you stated is true. Thank you for saying it and voicing the question of why people don’t stop this abuse by doing what is best for them, rather than what the profit over people and planet greedballs dictate. As you surmised, ordinary propaganda is quite ineffective on people trained in critical thinking, but quite effective on those lacking critical thinking skills.

What I think has caused this lack if critical thinking skills in the general populace is the methodical application of Agnotology.

What don’t we know, and why don’t we know it? What keeps ignorance alive, or allows it to be used as a political instrument? Agnotology—the study of ignorance—provides a new theoretical perspective to broaden traditional questions about “how we know” to ask: Why don’t we know what we don’t know?

The essays assembled in Agnotology show that ignorance is often more than just an absence of knowledge. Ignorance has a history and a political geography, but there are also things people don’t want you to know (“Doubt is our product” is the tobacco industry slogan).

Google this for the full article on Agnotology:
Agnotology – The Making and Unmaking of Ignorance – Edited by Robert N. Proctor and Londa Schiebinger

Gelbert Feb 13, 2022 at 2:36 pm
Wolf,
Off topic, but maybe not, after reading your reply on where to learn about US Government Treasury Bonds and to be on the lookout for increased savings rates, I learned that I Series Bonds are paying 7.15% interest.

I don’t own any but, unless the government bean counters find a way to change the formula for I Series Treasury Bond interest payment rates in order to low ball the coupon rate like they now do with the “core” inflation, it seems like a decent hedge against inflation that the stock market may no longer offer. This is evidenced by the stocks you referenced that tanked 90%.

To save readers time, I read the fine print on the I Series Treasury Bonds (if I missed something or got something wrong, please correct me):

1. $10,000 per person per year max purchase. You can buy another $5,000 if you have a tax refund of at least that amount.

2. You can’t cash them in before a year.

3. If you cash them in before 5 years, you will not get the full interest due; you will lose three months of interest.

4. They are considered “non-Probate” 30 year Bonds. That is, they can be redeemed (i.e. renamed to the beneficiary) by the named beneficiary without inheritance issues or legal stuff.

5. The Treasury created 30 year I Bonds in 1998 so that investors had a tool they could use to hedge against inflation. They are backed by the federal government.

6. The I Bonds interest rate is a combination of two rates which is called the composite interest rate. I did not get into the weeds of the formula. I leave that to financial Experts like you.

7. The inflation adjusted-interest rate is calculated twice a year which is usually May 1 and November 1. So, if the current runaway inflation rate keeps up, in May the I Series Treasury Bond interest payment may be as high as 8%.

8. I Bonds are subject to federal income taxes but they are exempt from state and local income taxes. Despite the federal tax liability, bond owners can legally defer paying any tax due until maturity. Many owners die without paying the tax, so the named beneficiary will have to pay it when the bond is redeemd and renamed.

I am not advising anyone to buy I Series Treasury Bonds or not to buy them. Do what you think is best for you.


🎩🍌 Historicus > Gelbert Feb 14, 2022 at 4:57 am
The small increments 10K….become more and more trivial with each uptick in inflation. Curious that they would put such a limit on them. I guess they knew the inevitable.


Gelbert > 🎩🍌 Historicus Feb 14, 2022 at 2:38 pm
The small increments would actually become quite significant at up to $25,000 added every year at an over 8% coupon (for a married couple with at least a $5,000 tax refund). In four years that is $100,000 in I Series bonds at around 8%. That is an annual ROI of $8,000 or so, if inflation keeps going the way the Fed seems to want to make it keep going, regardless of their lip service about “controlling inflation”.

True, real inflation is probably higher than the CPI published numbers that cause upward adjustments in the I Series Bond coupon rate, but it is, unlike the stock market, guaranteed by the federal government. If you can get more than 8% ROI out of any stock this year, you will be very fortunate.

As to why the government would put such a limit on purchases, I suspect it is to avoid a mass exodus of sellers from the stock market rushing to buy I Series Bonds if the published CPI inflation spikes. It may hit 10% or so in May, when the next adjustment for I Series bonds is due. The Fed wants to herd everyone into stocks, so Inflation adjusted bonds are not something they want purchased without limit. The Fed doesn’t want you to ‘go away in May’, or any other month, for that matter…
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

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WHY do we need a 15% (📢 MINIMUM) Corporate Tax Rate?
« Reply #914 on: February 16, 2022, 05:15:16 pm »

February  16, 2022

Americans for Tax Fairness
Sarah Christopherson
Legislative and Policy Director

Together, let’s build an economy that puts people ahead of corporate profits.

[1] “Amazon Avoids More Than $5 Billion in Corporate Income Taxes, Reports 6 Percent Tax Rate on $35 Billion of US Income,” Institute on Taxation and Economic Policy, Feb, 7, 2022

[2] “Netflix Posts a Record $5.3 Billion in Profits and a Federal Tax Rate of Just 1.1 percent,” Institute on Taxation and Economic Policy, Feb, 1, 2022

[3] “Fact Sheet: President Biden’s Build Back Better Plan Lowers Costs for Families and is Fully Paid For,” Americans for Tax Fairness, Nov. 23, 2021

The CPMT would apply a 15% minimum tax to the profits that about 200 corporations report to investors, which is different from what they report to the IRS. Only corporations with annual net income over $1 billion would be subject to the tax.

The CPMT, which has already passed the House and is awaiting action in the U.S. Senate, will raise about $320 billion over 10 years―money that can be used to lower healthcare costs, make childcare more affordable, invest in education, housing and more.[3]

Donate today to bring our latest infographic to millions of people and build support for a Corporate Profits Minimum Tax to ensure corporations with annual net income over $1 billion are paying their fair share!

Together, we’re fighting for an economy that works for everyone, not just the wealthy few.

https://americansfortaxfairness.org/
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

 

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