GOV/MIL Main "Great Reset" Thread

marsh

On TB every waking moment

What Does The Yuanization Of The Russian Economy Mean For The Dollar?

FRIDAY, SEP 30, 2022 - 02:00 AM
Authored by 'The Jamestown Foundation' via OilPrice.com,
  • Russian President Vladimir Putin is aiming to fully de-dollarize the Russian economy.
  • Russia is aiming to funds in currencies of so-called “friendly countries,” such as the Chinese yuan.
  • Russian experts fear that, with 17 percent of foreign exchange reserves in yuan, the Kremlin will not be able to pull money promptly when needed, thereby becoming trapped by China.
On September 12, Russian President Vladimir Putin stated that, given mounting economic sanctions, full “de-dollarization” of the Russian economy is only a matter of time (RBC, September 12). Putin`s remark was preceded by a statement from Russian Deputy Finance Minister Alexey Moiseev, who argued that “Russia no longer needs the US dollar as a reserve currency.” Instead, Russia must accumulate funds in currencies of so-called “friendly countries,” such as the Chinese yuan, which is playing a key role in this regard (RBC, September 8).

The idea of departing from the US dollar as a reserve currency is by no means new to Russia: It was first entertained in the 1990s. By 2018, Moscow had devised a “plan on the de-dollarization” of its economy. Prior to the outbreak of Russia`s war against Ukraine on February 24, Dmitry Medvedev stated that, if the Kremlin`s operations with US dollars were to be restricted, Moscow could fully switch to the yuan and euro instead (Vedomosti.ru, January 27).

However, following Russia`s attack on Ukraine, the United States, the European Union, and other large economies have effectively barred Moscow from using their national currencies. As a result, aside from the Turkish lira, the United Arab Emirates` dirham and the Indian rupee—each of which cannot be fully relied on due to a number of factors—Russia has been reduced to the use of the yuan as an alternative reserve currency to the US dollar and euro.

Growing popularity of the yuan in Russia reached an intermediary zenith in August 2022, when sales of the Chinese currency skyrocketed (Quote.ru, September 8). Importantly, business giants, including Rosneft, Rusal, Polus and Metalloinvest, dramatically increased their investments in yuan bonds. As stated by Alexander Frolov, deputy director of the National Energy Institute, it makes perfect sense for Rosneft (and other resource-producing companies) to strengthen cooperation with the Chinese side via increasing the yuan’s use in their operations (Nezavisimaya gazeta, September 8).

Yet, while many Russian experts and officials are applauding the decision to increase the yuan’s use in financial operations, other experts and officials share serious doubts and concerns. For instance, during the Moscow Financial Forum, Russian Minister of Finance Anton Siluanov and Maxim Oreshkin, current economic adviser to Putin, disagreed on the yuan’s role as a reserve currency. While the former stated that currencies of foreign “friendly countries” should become a key factor in diversification of assets (1prime.ru, September 8), the latter disagreed, arguing that all monetary reserves must remain in Russia’s national currency (Rossiyskaya gazeta, September 8). Interestingly, even one of Russia’s main proponents for “de-dollarization,” Andrey Kostin, chair of the VTB Bank management board, speaking at the Eastern Economic Forum (September 5–8) in Vladivostok, argued that, while there are many positive aspects related to the use of the yuan, other negative aspects reveal the risks of overreliance on the Chinese national currency, which is stipulated by “distinctive features of Chinese financial legislation” (1prime.ru, September 6).

From his side, well-known Russian economist Stanislav Mitrakhovych indicated three main risks Russia could face when increasing reliance on the yuan.

First, the Russian Federation does not have the necessary skills and infrastructure to work with the Chinese currency. Although manageable over the long term, for now, the Russian financial system is ill-equipped and largely unprepared for the challenges of relying more on the yuan.

Second, a high level of nonmarket regulations will make the process incredibly difficult. Unlike Russia’s previous experience of dealing with foreign currencies—both the US dollar and euro are currencies of free-market economies—the yuan’s price is regulated by the Chinese state. Thus, when in need, Beijing can easily manipulate the price of the yuan (say, to create favorable conditions for foreign trade). This could leave Russia as a “hostage” to Chinese interests.

Third, despite China’s growing trade power and economic might, the yuan has not yet become a fully independent currency, remaining tight to other leading global currencies. Thus, it should be remembered that—at least in the short term—the yuan will still be tight to the US dollar, meaning that the Chinese national currency might become an excellent investment tool for the future.

For now, however, “making a bet solely on yuan could be a risky enterprise” (Gazeta.ru, September 8).

Other Russian economists have also drawn attention to the fact that operations with the yuan could pose multiple risks. For instance, even ultra-conservative Russian information outlets have argued that the People’s Bank of China (PBC) could easily devalue China’s national currency, which could result in serious challenges for Beijing`s partners who are investing in the yuan.

Thus, despite its decreasing volatility, the yuan remains a somewhat challenging investment tool, whose exchange rate is almost fully dependent on the PBC (REGNUM, September 6). Interestingly, now—only after Russia was barred from operations with the US dollar and euro—Russian economists are starting to realize that it is much safer and more beneficial to work with transparent reserve currencies. For instance, Sofia Donets, an economist at Renaissance Capital specializing on Russia, complained that, if before, Russian economists and finance experts could easily access and read all regulations in “plain English,” now, working with the Chinese side, regulations are opaque and unclear (Vedomosti.ru, August 18).

In truth, some of the challenges feared by Russian economists and finance experts regarding Russia’s growing involvement with the yuan are coming true. The Russian side has been compelled to admit that Moscow’s inquiry to China to strengthen their partnership in the realm of financial cooperation has not been strongly supported by Beijing. In effect, Chinese authorities are unwilling to change domestic regulations to allow its investors to operate with Russia-issued bonds. Instead, China is more comfortable with foreigners investing in its so-called “panda bonds,” which are sold only in the internal Chinese market (The Moscow Times, September 8). Moreover, Russian experts fear that, with 17 percent of foreign exchange reserves in yuan, the Kremlin will not be able to pull money promptly when needed, thereby becoming trapped by China (The Moscow Times, September 4).
 

marsh

On TB every waking moment

Escobar: Giorgia (Meloni) On Our Mind

THURSDAY, SEP 29, 2022 - 11:00 PM
Authored by Pepe Escobar,

Grab the Negronis and the Aperol Spritz; it’s show time...

It’s tempting to interpret the Italian electoral results this past Sunday as voters merrily hurling a bowl of lush papardelle with wild boar ragu over the collective bland faces of the toxic unelected Euro-oligarchy sitting in Brussels.

Well, it’s complicated.

Italy’s electoral system is all about coalitions. The center-right Meloni-Berlusconi-Salvini troika is bound to amass a substantial majority in both the Parliament’s Lower House and the Senate. Giorgia Meloni leads Fratelli d’Italia (“Brothers of Italy”). The notorious Silvio “Bunga Bunga” Berlusconi leads Forza Italia. And Matteo Salvini leads La Lega.

The established cliché across Italy’s cafes is that Giorgia becoming Prime Minister was a shoo-in: after all she’s “blonde, blue eyes, petite, sprightly and endearing”. And an expert communicator to boot. Quite the opposite of Goldman Sachs partner and former uber-ECB enforcer Mario Draghi, who looks like one of those bloodied emperors of Rome’s decadence. During his Prime Ministerial reign, he was widely derided – apart from woke/finance circles – as the leader of “Draghistan”.

On the financial front that otherworldly entity, the Goddess of the Market, the post-truth equivalent of the Delphi Oracle, bets that PM Giorgia will insist on the same old strategy: debt-funded fiscal stimulus, which will turn into a blowout in Italian debt (already huge, at 150% of GDP). All that plus a further collapse of the euro.

So the big question now is who’s going to be Italy’s new Finance Minister.

Giorgia’s party has no one with the requisite competence for it. So the preferred candidate shall be “approved” by the usual suspects as a sort of enforcer of “Draghistan lite”. Draghi, by the way, already said he’s “ready to collaborate”.

Marvels of gastronomy apart, life in the EU’s third largest economy is a drag. Long-term growth prospects are like a mirage in the Sahara. Italy is extremely vulnerable when it comes to the financial markets. So a bond market a-go-go selloff in the horizon is practically a given.

In case of a – nearly inevitable – financial catfight cage match between Team Giorgia and Christine “look at my new Hermes scarf” Lagarde at the ECB, the European Central Bank will “forget” to buy Italian bonds and then, Auguri! Welcome to a new round of EU sovereign debt crisis.

On the campaign trail, sprightly Giorgia incessantly pledged to keep the massive debt under control. That was coupled with the requisite message to placate the woke crypto-“Left” and its neoliberal banking owners: we support NATO and sending weapons to Ukraine. In fact everyone – from Giorgia to Salvini – supports the weaponizing, having signed a letter during the previous legislature, in effect until the end of 2022.

Deconstructing a “semi-fascist”
The Atlanticist woke/neoliberal sphere, predictably, is fuming with the advent of “post-fascist” Italy: oh, these people always voting the wrong way… The discombobulated think tank crowd is pointing to the latest in a cycle of populist waves in Italy; they don’t even know what “populist” means. But they can’t be too hysterical because Giorgia, after all, is a product of the Aspen Institute.

Giorgia is a complex case. She is essentially a trans-Atlanticist. She abhors the EU but loves NATO. In fact, she would love to undermine Brussels from the inside, while making sure the EU does not cut off those crucial flow of funds to Rome.

So she does confound primitive, crypto-“Left” American “experts”, who blame her at best for “semi-fascism” – and thus more dangerous than Marine Le Pen or Viktor Orban. Then she gets immediate redemption because at least vocally she proclaims to be anti-Russia and anti-China.

But then again, the temptation to burn her at the stake is too great: after all she’s appreciated by Steve Bannon, who proclaimed four years ago that “you put a reasonable face on right-wing populism, you get elected.” And she keeps terrible company: Berlusconi is dismissed by the woke/neoliberal Americans as a “Putin buddy” and Salvini as a “firebrand nationalist”.

It’s imperative to imbibe a strong dose of reality to form a clear picture of Giorgia. So let’s turn to a fine Turin intellectual and author, Claudio Gallo, now benefitting from being far away from the toxic fog of Italian mainstream media, mostly a fiefdom of the dreaded Agnelli/Elkann family.

Here are Gallo’s key takeaways.

On Giorgia’s popular appeal: Her support “among working people is a fact. We can see that in every survey. However, this is not a new tendency, and it started in the time of Berlusconi. At this moment, the working class began to vote for right-wing parties. But I believe this is not an Italian-only trend. If you look at France most of the representatives of the traditional working class vote for Le Pen, not the socialist parties. It is a European trend.”

On the “Draghi agenda”: “You can figure out the kind of governments we just had as a European Troika with one man only – Mario Draghi. They have proposed the most brutal economic reforms inspired by Brussels, such as extreme flexibility and fiscal austerity. These are policies that affect mainly the middle classes and poor people (…) The Draghi government decreased welfare spending by 4 billion euros next year and another 2 billion in two years. It means 6 billion less will be available for healthcare in two years. There were cuts also in the school system. Polls show that more than 50% of Italians did not support Draghi and his program. Draghi comes from the most powerful part of society, the banking sector. In the leading Italian media, it is impossible to find any critics of this agenda.”

On a possible Berlusconi power play: “He has quite a huge audience. He is accredited with roughly 8% of the vote. After all these years and all his judicial difficulties, it is still a lot (…) A few months after the election, we can imagine a situation in which Meloni is forced to resign because she cannot cope with the harsh winter (cost of living out of control, social unrest). It will be the time of a Grosse Koalizion to save the country, and Berlusconi, with his strong stance on NATO and Europe, is ready to play his cards. Berlusconi would be the key to a new coalition. He is always ready to get any compromise done.”

On “firebrand” Salvini: “He is the leader of a very divided party. He used to have a populist agenda, but at the top of his party you can also find some technocratic figures like Giancarlo Giorgetti, a staunch defender of the interests of the North Italian Confindustria. Salvini is losing consensus within his electoral base, and Meloni stole his votes along with Movimento Cinque Stelle. His party is divided between old politicians that dreamed of some federation to strengthen the autonomy of the Northern regions and others more inspired by Marine Le Pen’s right. It’s a volatile mixture.”

On Giorgia under pressure: “The pressure of the economic issues, inflation, price of gas and so on, will make Meloni, a very tough politician but not an expert statesman, probably resign. In Italy, there is a political stalemate; like everywhere in the West, democracy doesn’t work correctly. All parties are pretty much the same, with some cosmetic differences; everyone can still make a coalition with anybody else, without any regard to principles or values.”

“The more things change…”: “The man behind the foreign policy of Fratelli d’Italia is an ex-ambassador in US and Israel, Giulio Terzi di Sant’Agata. I cannot see how his opinion differs from Draghi’s. The same neoliberal and Atlantistic background, the same technocratic resume. Meloni is simply capitalizing that she didn’t participate in the last government, even if she doesn’t offer any alternative. Meloni repeats that nothing will change; we will send money and arms [to Ukraine]. She sends a lot of signals to NATO and the EU that they can count on her when it comes to foreign policy. I think she is sincere: she is surrounded by the people who will make it real. It is very different from the situation a couple of years ago when Meloni published a book in which she said we need to have a good relationship with Putin and build a new European order. Now she has completely changed her position.

She wants to be seen as a trustworthy future premier. But the polls say that 40-50% of Italians don’t like to send weapons to Ukraine, and support every diplomatic measure to end the war. The cost of living crisis will strengthen this position among the people. When you cannot warm your house, everything changes.”

The real cage match
No one ever lost money betting on the EU oligarchy always behaving like a bunch of self-entitled, stubborn, unelected pricks. They never learn anything. And they always blame everyone except themselves.

Giorgia, following her instincts, has a decent shot at burying them even deeper. She is more calculating and less impulsive than Salvini. She won’t go for a euro exit and much less an Italexit. She won’t interfere with her Finance Minister – who will have to deal with the ECB.

But she remains a “semi-fascist”, so Brussels will want her scalp – in the form of cutting off Italy’s budget appropriations. These Eurocrats would never dare doing it against Germany or France.

And that brings to the political set up of the – supremely undemocratic – European Council.

Giorgia’s party is a member of the European Conservatives and Reformists bloc, along with only two other members, the PMs of Poland and Czech Republic.

The Socialists & Democrats bloc has seven members. And so does Renew Europe (the former “liberals”): that includes the president of the European Council, the supremely mediocre Charles Michel.

The center-right European People’s Party has six members. That includes Ursula “My Grand Dad was a Nazi” von der Leyen, the sadomaso dominatrix in charge of the European Commission.

The prime catfight cage match to watch in fact is Giorgia versus dominatrix Ursula. Once again, Mediterranean swagger against the Teutonic techno-barbarians. The more Brussels harassment of Giorgia, the more she will counter-attack, with full support of her post-truth Roman legions: Italian voters. Grab the Negronis and the Aperol Spritz; it’s show time.
 

marsh

On TB every waking moment

Fed's Favorite Inflation Indicator Unexpectedly Surges As Personal Spending Jumps​

FRIDAY, SEP 30, 2022 - 05:54 AM

There goes any hope that despite the US economy sliding into a recession and global markets turmoiling, that inflation would finally relent.

Moments ago the BEA reported that in August, personal income and spending came in 0.3% and 0.4%, respectively, the former in line with expectations (0.3%) and slightly higher than the 0.2% increase in July, while the latter, spending, printing well above the consensus forecast of 0.2% and far above July's -0.2% decline...



... which meant that the personal savings rate was unchanged on the month, and sticky at just above post Lehman record lows.


And even though as the next chart show, the frenzied growth in spending is slowing...



... there is still more than enough to keep inflation red-hot, and indeed the punchline from today's report is that both PCE and core PCE - the Fed's preferred inflation metric - came in well above expectations. To wit, on an annual basis, headline PCE printed 6.2% Y/Y, above the 6.0% expected (below July's 6.4%), while core PCE came in at 4.9%, also above the 4.7% expected, and unchanged from an upward revised July print.



But where the PCE data truly stood out was on a MoM basis, where the core print of 0.3%, came in far above last month's -0.1% drop and also well above consensus expectations of 0.1%, while the headline print of 0.6% unexpectedly came just shy of record highs, and above the expected 0.5% print.



Needless to say, this is not what the Fed had wanted to see, as it means even more hiking, even more things breaking in the market, and as a result futures slumped in kneejerk response even as 10Y yields slid to session lows, anticipating that even more tightening from the Fed will lead to inevitable recession.

As a bonus, here is Academy Securities' Peter Tchir's take on the PCE numbers:

Expectations on Bloomberg were for PCE Core Deflator YOY to be 4.7%, with the “whisper” number at 4.8% led by Nick Timiraos from the WSJ (believed by many to be the unofficial voice of the Fed). It came in a touch high at 4.9%, but just like European bonds largely held their own after a high Eurozone CPI of 10%, treasuries holding firm here – a sign that so much is priced in.

Spending was better than expected this month, but was ratcheted down last month – so take that with a grain of salt.

On the Core, for last month, it was reduced from 0.1% to 0.0%, but the YOY number was revised upward, meaning they found other revisions in even earlier months (a sign of just how “accurate” this data is).

Real personal spending has averaged 0% change for the last 2 months – showing signs of the consumer slowing?

Remember too, this is all as of end of August when the 10-year averaged 2.89% rather than the 3.5% it averaged this month (look at mortgage rates, credit spreads, and auto loan levels, and they all got worse in September).

The S&P 500 averaged 4,158 in August versus 3,868 in September, so any “wealth effect” should have hit the data.

I don’t pay close attention to individual stocks, but I went to the transcripts of their earnings calls. Inventory as a constraint was mentioned a couple of times back in the summer of 2021, and not at all in the most recent call.

The Manheim Used Car Index is likely to show a price decline YOY when the end of September data comes out.

We get Michigan sentiment data, but it would be surprising if inflation expectations went higher.

With AAII sentiment survey still 3:1 bears to bulls, the CNN fear and greed index near extreme fear, and QQQ RSI, as one example, at the oversold point, high put to call ratios, I’m adding risk here – specifically U.S. equity risk. (It doesn’t hurt, in my opinion that the GBP and EUR are off their lows from earlier this week).

By no means do I think we get a soft landing, but too much Fed based negativity is priced in, and the data could start tilting towards lower inflation than the market (and Fed) have been fixated on.

I continue to believe, the ultimate lows will be in a true “risk-off” scenario, where bonds rally while stocks fall, but I think for now, both can limp into month-end and get some strength.
 

marsh

On TB every waking moment
Michael Yon @MichaelYon
Sep 30, 2022 at 9:34am
Important from Dr. Chris Martenson
Sent in private chat. Chris is on top of things.

“Looks like Credit Swiss is going bankrupt...domino effect now in play...all my financial stress indicators are ringing huge alarms for Europe...”

1664552340023.jpeg
 

marsh

On TB every waking moment

Electric ferry runs out of battery – Rescued by fossil fuel police boat

Are you ready for electric ferries?

Peter Imanuelsen
45 min ago

The Ika Rere, a brand new vessel and the first electric powered ferry in the southern hemisphere just had to be rescued after running out of battery in the harbor, leaving the vessel stranded without any power!

Luckily help was on the way, with a fossil fuel powered police boat coming to rescue the stranded passengers.

After successfully rescuing the passengers, the police boat went back out to tug the electric ferry back to port.

You cannot make this up.
An inferior electric powered ferry ran out of battery and had to be rescued with a traditional fossil fuel powered boat.

Just a few weeks ago the media wrote an article praising the ”electric ferry revolution” in Auckland set to cost $150 million.

Welcome to clown world.

I do actually have some experience with electric ferries. Here in Norway, they recently swapped out perfectly fine 10 year old diesel ferries with brand new electric ferries, for the environment of course. Never mind that it cost millions and millions of tax payers money, which of course meant they had to INCREASE the ferry prices (but now they have subsidized the prices with tax payer money, so it is cheaper again…).

The whole thing is ridiculous. While they are quieter when running on battery, they do have a backup diesel engine and often when I take the ferry I can hear the diesel engine going, meaning they ran out of battery power. And this despite the fact that they purpose built special chargers for the ferries that draw so much power they had to get their own power lines, otherwise they would cause blackouts in the village.

The whole thing is dumb, basically just another way to spend tax payers money without any gains (except for climate change they say).

Maybe they would save money on the diesel? Well, maybe not so much anymore considering we are in an energy crisis and the electricity prices are skyrocketing.

In Norway if you want to fully charge a Tesla at a Circle K fast charger, it would cost you around $90. Yes, you read that correctly.

1664552613878.png

It is now more expensive to charge an electric car at a fast charger in Norway than to fill up your gasoline car.

Back to the electric ferry.

Would you ride an electric ferry?
 
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marsh

On TB every waking moment

Felix Eick, Welt Reporter, on Why Dismantling Nord Stream Means Cutting Putin's "Arteries of Power"​

Back in August, before the Nord Stream attacks, it was possible even for dim Green journalists to see that destroying the pipelines would be to Russia's disadvantage.

eugyppius
28 min ago

Meet Felix Eick:

Felix is a 31 year-old reporter for Welt with Green tendencies and very little intelligence or knowledge. He’s responsible for a string of ridiculous articles about how the German “gas panic” is exaggerated or why he should be allowed to donate money to arm Ukraine. Back in August, this ridiculous man wrote a long editorial about why Germany should “Dismantle the pipelines” because “That would be the ultimate sign of strength against Putin.” Reading this today, after the very pipelines Eick deplores have been destroyed, is instructive indeed:

The energy crisis hurts … But we must not lose sight of the big picture. Shifting away from Russian fossil fuels remains the most important thing. … The West should … turn the tables … with an ultimate sign of strength – and start pipeline demolition wherever it can. Every kilometre less pipeline means more freedom. …

Basically, with greater or lesser reduction in prosperity, we will succeed in destroying the greater part of this autocrat’s business model, and in freeing ourselves from the grip of his blackmail. As for Putin, he has fallen into a trap of his own making: Russian soil is full of oil and gas, but the leader of the self-declared energy superpower will be able to do less and less with it. Already, gas pipeline exports to Europe are at a 40-year low.

Above all, however, the gas emperor Putin must no longer be able to use gas as a political weapon. That is why we must take the decisive step. Too often, the sweet smell of the Kremlin has lured Germans in particular back again and again, despite all their political and ideological reservations. We should decide today to protect ourselves more strongly from Russia, also at an economic level. It is not enough to conclude treaties with other states and replace Russian oil and gas. Nor is it enough to rely more on renewable energies, even if energy sovereignty is still the best means against despots and madmen.

Germany and Europe should send a tougher signal to the Kremlin – one that hits Putin’s system at the root. We should decide today to dismantle the pipelines as far as possible, and we should start as soon as possible. Even if it’s only the few kilometres of pipeline on German soil. …

The two Nord Stream pipelines run through areas that cannot be assigned to any territory, but but rather belong to the so-called “exclusive economic zones” of Finland, Sweden and Denmark. These countries would presumably be in favour of dismantling at least Nord Stream 2, if only because the ailing Nord Stream 2 AG is unlikely to be able to pay enough for maintenance. …

The exit from the pipeline system would be worthwhile, because without pipelines, Putin’s system is nothing. In 2021, 45 per cent of Russia’s state budget was financed by revenues from oil and gas, and about 80 per cent of their exports flow through pipelines. About three quarters of natural gas exports go to the EU, as well as about half of oil exports, according to the US Energy Information Administration (EIA). Gazprom has also failed to invest in LNG technology and instead has always relied only on pipelines. Without these arteries of power, the system faces extinction. Even a declaration of intent would make Putin shudder, much as his threat of a nuclear strike made us shudder. …

“Away with the pipelines” does not mean “Never again Russia.” Russia, however, would have to accommodate the West as a consumer of its primary economic product. Reduced pipeline capacity simply means more independence. Gazprom would have to invest in liquid natural gas and build appropriate terminals. Sourcing gas and oil from Russia would become one possibility among many – without anyone being able to turn off the tap overnight.

Two months ago, even arrant fools like Felix Eick could see that destroying Nord Stream would hurt Russia. Now that somebody has actually destroyed Nord Stream (or the better part of it), we have to read hairbrained theory upon hairbrained theory about why Russia is actually responsible and how the end of these pipelines confers an overwrought twelve-dimensional chess advantage to Putin or helps Gazprom escape hypothetical lawsuits or permits Russia to escape sanctions. I wonder what Felix Eick thinks about all these theories.

Perhaps he’d like to thank Putin for bringing about the reforms he has long demanded?
 

marsh

On TB every waking moment

Here’s How Climate Activist Dems Could Tank Biden’s Green Agenda

Daily Caller News Foundation logo

JACK MCEVOY
ENERGY & ENVIRONMENT REPORTER
September 29, 2022

Environmentalist Democrats forced Democratic Sen. Joe Manchin of West Virginia to remove his permitting reform bill from a short-term government spending package on Tuesday; however, this move could hinder President Joe Biden’s efforts to rapidly expand green energy infrastructure.

Manchin asked Democratic Senate Majority Leader Chuck Schumer to remove his bill from the continuing resolution package to avoid a government shutdown because his bill did not have enough Democratic Senate votes to pass, according to a press release. Manchin’s Energy Independence and Security Act would have instructed the Federal Energy Regulatory Commission (FERC) to permit transmission lines to transport electricity generated by solar and wind energy to urban centers, which could have helped accelerate Biden’s green energy transition.

Transmission lines are essential to facilitate the renewable energy projects funded by the Democrats’ $370 climate bill, according to a Sept. 23 report released by the Princeton University REPEAT Project. The construction of transmission lines, which can often become delayed, could be expedited by Manchin’s bill if the Energy Secretary determines the project to be in the “national interest.”

“The President supports Senator Manchin’s plan because it is necessary for our energy security, and to make more clean energy available to the American people,” White House Press Secretary Karine Jean-Pierre said in a statement. “We will continue to work with him to find a vehicle to bring this bill to the floor and get it passed and to the President’s desk.”

Despite the bill’s potential to help the Biden administration reach its climate targets, Independent Sen. Bernie Sanders of Vermont, who caucuses with the Democrats, sent a letter on Sept. 23 urging senators to vote against it. Sanders called Manchin’s bill a “big oil side deal,” arguing that it would help the fossil fuel industry pollute the planet.

Democratic Sen. Tim Kaine of Virginia also rejected Manchin’s attempt to streamline the federal permitting process for energy projects as it would instruct federal agencies to expedite the permitting of the “dangerous” Mountain Valley project, a natural gas pipeline between Virginia and West Virginia. Manchin’s bill would have created a list of at least 25 energy projects that are considered to be in the “national interest” that FERC would be instructed to permit; however, only five of such developments would have been fossil fuel projects.

Biden, Schumer and Democratic House Speaker Pelosi Biden promised Manchin in August that they would help pass permitting reform in exchange for the senator’s sponsoring of the Democrats’ $740 billion climate, tax and health care bill. The Democrats have a slim majority in the Senate due to the tie-breaking vote of Vice President Kamala Harris.

Manchin’s office and the White House did not immediately respond to the Daily Caller News Foundation’s request for comment.
 

marsh

On TB every waking moment

‘Only Going To Get Worse’: Economist Tells Cavuto That Energy Inflation Is Here To Stay

Daily Caller News Foundation logo

HAROLD HUTCHISON
REPORTER
September 29, 2022

An economist told Fox Business host Neil Cavuto that President Joe Biden needed to “allow energy producers to do what they do” during a Thursday appearance or things were “only going to get worse.”

“You know, this really is a supply and demand issue, and every time there’s a natural disaster we hear about price gouging,” Nick Loris, vice president of public policy for C3 Solutions, told Cavuto. “And if we actually set price caps on gasoline, on water, on generators, that’s going to result in a much worse situation because you’re going to have a lot of people hoarding these commodities and so therefore a lot of people won’t be able to get them, a lot of the people that need them most won’t be able to get them, to meet them, so this is really not a problem right now. The industry is working hard to keep refineries and stations online to make sure that prices stay as low as possible, but really there’s no issue here and it is just a fact of supply and demand.”

Biden threatened oil companies with a federal investigation if they engaged in “price gouging” in the aftermath of Hurricane Ian. Gas prices are up 99 cents from September 2021, according to AAA.

WATCH:

Video onwebsite 2:37 min

Some experts have said that Biden’s hostility to fossil fuel production made energy prices go higher. The Biden administration revoked a permit for the Keystone XL pipeline in January 2021, canceled a planned offshore lease sale in May and asked a court to uphold a ban on oil and gas lease sales in June.

“I’ve covered many of these hurricanes and Mother Nature events. You always get a run on fuel. For a lot of people to top their tanks, they have to get out, evacuate, so they get nervous, just like they make a run at stores like Costco to get their hands on anything and everything they can and they hoard, so that might be a factor,” Cavuto said. “But, again, we don’t see it in prices. But let me get the big macro picture from you, Nick. I mean, we’re seeing energy prices pick up again here, utility bills in this country picking up. I know looking at gas or energy of any sort, here and in Europe, it’s out of control. Are we facing energy inflation again?”

“It certainly feels that way, and without the necessary permitting reforms and the expedited processes to get more supply online it’s only going to get worse because that demand is there, we’ve seen natural gas prices are up, electricity bills are higher and the prices at the pump are still uncomfortably high for most Americans, and without that necessary supply to help bring down prices, it’s going to remain that way for quite some time,” Loris responded. “So, I think what the API has said about expediting permits to provide some regulatory and policy certainty that America is a global leader as an oil and gas producer and does so more environmentally friendly than anyone else in the world should send a strong signal to the administration and Congress to really get to work to allow energy producers to do what they do and that’s supply Americans with affordable, reliable power.”

The White House did not immediately respond to a request for comment from the Daily Caller News Foundation.
 

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Economist Warns About Scary Reality Of What's Going On With Biden Regime's Energy Inflation Crisis 2:37 min

Economist Warns About Scary Reality Of What's Going On With Biden Regime's Energy Inflation Crisis​

Red Voice Media Published September 30, 202

"And every time there's a natural disaster, we hear about price gouging. And if we actually set price caps, on gasoline, on water on generators, that's going to result in a much worse situation, because you're going to have a lot of people hoarding these commodities."
 

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Democrats are trying to use Hurricane Ian to push their radical climate agenda 1:08 min

Democrats are trying to use Hurricane Ian to push their radical climate agenda​

Prime Time with Dr. Gina Published September 29, 2022

Steve Milloy breaks down the realities of natural disasters and how the Democrats are trying to use Hurricane Ian to push their climate agenda.

^^^^^
'We Have The Data': Tucker Calls Out Media, Liberals Over Hurricane Claims 17:38 min

'We Have The Data': Tucker Calls Out Media, Liberals Over Hurricane Claims​

The Daily Caller Published September 29, 2022
 

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3 Factors to Watch for Clues to the Future of Fertilizer Prices​

By SARA SCHAFER September 30, 2022

Fertilizer is always a big line item for your production costs. For 2023, plan on it being an even bigger chunk.

urea fertilizer prices


With urea prices of $700 per ton and December 2023 corn prices of $6.15 per bushel, 104 bu. of corn are needed to cover the urea cost, says Josh Linville with StoneX. Normally, the ratio is closer to 65 bu. of corn. His advice for higher prices: “If you’re buying fertilizer, sell some 2023 grain against it; that’s your best hedge as a farmer.” Source: StoneX

Why are prices so high? “In the last 24 months we have seen a stupid number of black swans,” says Josh Linville, director of fertilizer for StoneX.
Even though the U.S. produces a large amount of nitrogen and phosphate fertilizers, we still import nearly 20% of our fertilizer needs, and the global market is shaky to say the least.

To understand how fertilizer prices could shift in the coming months, Linville and Jason Troendle, economist for The Fertilizer Institute, suggest watching these factors:

1. European Fertilizer Production​

Due to record-high natural gas production, 50% to 70% of the ammonia production in the European Union (EU) ceased this summer. Natural gas accounts for 70% to 90% of ammonia production costs, and the EU produces around 9% of global nitrogen.

2. China Export Bans​

In July, China extended its ban on fertilizer exports – both phosphate and nitrogen products. Historically the country has accounted for at least 25% of globally traded phosphate.

3. Russia-Ukraine Conflict​

Even though Russia imposed restrictions on fertilizer exports due to the conflict, product is still being shipped to the global market. However, prices will stay elevated until the war ends, because ramping up fertilizer production can take three to five years.

PLAN FOR 2023​

As you pencil out your plan for next season, Troendle says the first steps is to soil test to understand your nutrient needs. “Then you can determine how and where to use this high-cost input in the most efficient way,” he says.
Also, be in constant communication with your retailers and suppliers.

“Share your goals and needs,” Troendle says. “They’ll understand the local market and logistical issues facing your area, and together you can make the best decision.”
 

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Michael Yon @MichaelYon
Sep 30, 2022 at 2:03pm
Good Fertilizer izer News — Florida Phosphate Good to Go
Keep those doggies rollin’.

And kick the EPA out. They work for evil globalists who are brining famine. EPA and their EU Axis will directly share responsibility for the coming famines.


HURRICANE IAN MISSES FLORIDA PHOSPHATE PLANTS

September 30, 2022 By Larry Lee Filed Under: Ag Weather, Crops, Fertilizer, News

A fertilizer marketing expert says U.S. agriculture dodged a bullet when Hurricane Ian made landfall.

Josh Linville with StoneX says, “The worst of the storm surge and wind, and all of that was south of Tampa.”

Linville says a lot of North American phosphate is produced in Florida, and although the storm caused considerable damage, it missed the phosphate production facilities. “What we expect to hear is yeah, maybe a little bit of hurt here or there but overall, minimal damage, minimal flooding. Hopefully, electricity stays on and we can see it resume to normal within the next week.”

Linville does not expect a major impact on farmers if phosphate producers have electrical power. “The fortunate part is a big chunk of phosphate is already in the system. Warehouses are full in preparation for the fall season, so even if there is a little bit of a hiccup, hopefully, the effect on this fall season is fairly minor.”

Linville says another silver lining is the storm stayed further east, meaning it didn’t affect New Orleans and their ship and barge traffic.

Audio https://brownfieldagnews.com/wp-con...g-the-phosphate-bullet-with-Hurricane-Ian.mp3 3:46 min

Josh Linville from StoneX discusses the impact of Hurrican Ian on phosphate production with Brownfield’s Larry Lee
 

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HARVEST

How Low Will it Go? Harvest Barge Traffic Slows Due to Low River Levels​

Harvest progress is up, but river levels are down. South of St. Louis, parts of the Mississippi River are so low from weeks of drought that barge traffic is being limited.
Harvest progress is up, but river levels are down. South of St. Louis, parts of the Mississippi River are so low from weeks of drought that barge traffic is being limited.(Lindsey Pound, AgWeb)

By SARA SCHAFER September 30, 2022

Harvest progress is up, but river levels are down. South of St. Louis, parts of the Mississippi River are so low from weeks of drought that barge traffic is being limited.

“As if agricultural shippers did not have enough supply chain challenges to occupy multiple lifetimes, there is current and growing concern related to the diminished water levels along the inland waterway system that will impact barge transportation,” says Mike Steenhoek, executive director of the Soy Transportation Coalition. “This will become more acute as we increasingly enter harvest season.”

Since the Sept. 1, 890 grain barges have unloaded in New Orleans, according to USDA’s grain transportation report. That’s nearly 40% fewer than the five-year average.

Similarly, barge freight rates have increased steadily since early August. As of Sept. 27, the St. Louis barge rate for export grain was a record 1,250% of tariff ($49.88 per ton), 95% higher than the five-year average, and 58% higher than same period last year.

Unless barge supply improves, the increased demand for barges from grain shippers during harvest will likely put even more upward pressure on barge rates, according to USDA.

More Barge Tows = More Cost​

Low water levels hurt navigable waterways in two ways, Steenhoek says: channel depth and channel width.

To prevent barges from running aground during their voyages, companies must lighten the load. Steenhoek says a typical barge can be loaded with 1,500 short tons of freight (50,000 bu. of soybeans, for example).

A 15-barge tow can easily accommodate 750,000 bushels of soybeans. Each reduced foot of water depth will result in 150 to 200 fewer short tons (5,000 to 6,700 fewer bushels of soybeans) being loaded per barge.
Steenhoek provides this example:

If a company needs to transport 100 million bushels of soybeans via barge, they would need 133 barge tows under normal conditions (100 million bushels ÷by 750,000 bu. per 15 barge tow = 133 barge tows).

If the water level for loading is decreased by 1’, the 15-barge tow will be loaded with 75,000 fewer bushels.

“This is the equivalent of removing the entire production of three soybean farms from a single barge tow (500 acres of soybeans per farm X 50 bu. an acre = 25,000 bu.),” he says. “Under this scenario, 148 barge tows will be required (100 million ÷ 675,000 bushels per 15 barge tow).”

Channel Width Constraints​

During drought conditions, the shipping channel becomes narrower, which necessitates reduced tow sizes, Steenhoek says.

“Barge tows south of St. Louis can often include 30 to 40 barges,” he says. “A reduced maximum to 25 barges is therefore significant. Having to load barges lighter and restricting the number of barges results in needing more roundtrips to accommodate a given amount of volume. The expected result of this is higher barge shipping rates.”

Last year in late September, the cost to transport one ton of soybeans, from St. Paul to St. Louis was $38.30 per ton, according to USDA. This year, that cost is $51.02 per ton — a 33% increase.

“Unfortunately, precipitation over the next month is expected to be limited – further exacerbating the shipping challenges,” Steenhoek says.

Drought Monitor


As of Sept. 27, 51% of the lower 48 states are in drought. That's up 4% from last week and 11.6% from last month. Nearly 300 million acres of crops in U.S. are experiencing drought conditions this week. Source: Drought.gov
 

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Why Early Yield Reports are Shocking to Two Veteran Market Analysts​

Video on website 5:45 min

By TYNE MORGAN September 30, 2022

Soybean prices slid on Friday after USDA’s Grain Stocks report was released. It’s not just stocks that have some analysts concerned; early yield reports from the Midwest are also surprising.

USDA says as of Sunday, 12% of the U.S. corn crop had been harvest, 2 points behind the 5-year acreage. Soybean harvest sits at 8% complete, which is 5 points lower than average. While early harvest reports are continuing to roll in, Arlan Suderman of StoneX Group says yield reports are all over the board with some areas better than expected.

“We're certainly seeing those people who are getting some really good yields, and even better than expected, considerably better unexpected,” he says. “It really comes down to the rains that we received in the last 45 days, and particularly west of the Mississippi, especially in Kansas, Nebraska, South Dakota, in parts of Missouri and Iowa, where the yields are low, as kind of as expected. Other areas of the Midwest are spotty, even areas east of the Mississippi, we see some disappointing yields. But otherwise, we're seeing some really good yields.”

Suderman says while there are some drought areas in the western Corn Belt, the good areas are even producing records in certain locations, which is helping save the U.S. from a crop disaster.

“This is one of the reason to why we didn't expect a crop failure this year,” he adds. “We didn't expect a total crop failure, I was looking for something in the low 170s [bu. per acre]. And I still think that we're going to end up there, maybe just a little bit lower. My yield model right now is at 169. But it's really going to come down to how the good yields with good seed size averaged out against those areas that really got hurt. And how that all flushes out.”

Suderman says considering about 15% of the crop was harvested as of late this week, it’s a matter of how the rest of the harvest reports turn out, and if reports continue to come in better than what some expected, it’s a question of if USDA will possibly raise its yield forecast in the upcoming October crop report.

That's a great question, whether they'll raise or not,” says Darren Frye of WaterStreet Solutions. “I could see them leaving at the same here in October, just because of all the yield data that I'm collecting. And it isn't just east of the Mississippi, there's some really good spots in Iowa, Minnesota up into the Dakotas.”

Frye says on good soils, he’s haring reports of yields coming in 20 to 30 bu. per acre better than expected. However, some of the poorer ground is also producing yields that are surprising farmers.

“Some of the poor ground is what's really shocking,” he adds. “Stuff that we thought might make 181 to 190 is in the 220 to 230 bushel range with very little rain. And I do think that the USDA, you know might have to bump yields up before it's all over. But as Arlan said, we're only 15% into it, we will see harvest accelerate. And as we get more data, we'll have more of an idea.”

While overall yields may be a bearish factor on the markets, an escalating situation between Russia and Ukraine could stoke the bulls. Watch this week’s marketing discussion to hear what Suderman and Frye are watching when it comes to Ukraine.
 

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Agro-Terrorism and the Food Supply Chain: This is a Different World, Rose Says

By JENNIFER SHIKE September 30, 2022

If you want to disrupt a government, disrupt the food supply.

“Agriculture is critical infrastructure,” Andrew Rose, strategic advisor to the food and agriculture supply chain, said during Farm Journal’s Farm Country Update on Sept. 28. “Three weeks without food and agriculture, and it’s over. You don’t mess with food and ag.”

Years ago, Rose was working at a large agricultural lender and decided to run a tabletop exercise as part of a teambuilding workshop simulating a ransomware attack on the company.

“Walking away from that exercise, I began thinking, is this a blind spot in the food and agriculture supply chain? Are we aware of the threats out there and the implications they can have? Not only to us as producers and processors, but to the entire critical infrastructure, and our ability to feed our population? I kept getting more questions than I got answers,” Rose said.

Since then, Rose has dedicated himself to helping the agricultural community get more prepared and understand the threats knocking at the gate.

What is Agro-Terrorism?
Agro-terrorism, or the deliberate introduction of a disease agent against livestock or into the food chain, is typically a tactic that can be used to either generate or cause mass socio-economic disruption or as a form of direct human aggression. Rose says there are a lot of definitions out there, but from his research, for a terrorist act to occur, there needs to be violence.

He said the FBI constantly hammers home the concept of sympathy versus action. Rose points out that having strong feelings about something isn’t wrong – acting on it is.

“There's a First Amendment right to say and feel what you want to about any given subject. You can walk outside and put posters up, you can get a bullhorn, cowbells, whatever you want. As soon as you take an action, though, that's when things change. That's when risk and consequence come into the equation,” Rose said.

For the agriculture community in particular, it hurts when someone stands outside of your property and waves a sign, says bad things or shows a picture of things that aren’t true, he said. But until these people take action – until they steal some pigs or commit an act of violence – it’s their right to do that.

“It's a hard pill to swallow, but it's something that if you go to the FBI, they'll say sympathy versus action,” Rose said. “Don't take that action.”

How Can You Protect Yourself and Your Farm?
1. Pay attention to the threat actors.
Know who the threat actors are, including transnational terrorist groups, domestic terrorists, corporate espionage and activists. Engage with organizations like the Animal Agriculture Alliance and Protect the Harvest to keep up to date on threats and movements. Subscribe to their newsletters and learn from their experts.

2. Guard yourself on social media.
“Not only is social media a real threat, it's an ongoing threat,” Rose said.

When he’s speaking to agricultural audiences, the first thing he tells them to do is go to Facebook, click on their privacy settings, and find out which apps and websites they are connected to with their account. Some apps can trick you into clicking “OK” allowing them to sell your information to third parties.

“There are computer programs scraping every bit of social engineering that's publicly available on every human being and compiling it so they have those demographical profiles, whether it's specific to you as an individual, or you as a class of individuals for certain types of messaging,” Rose said.

3. Beware of passive insider threats.
Passive insider threats are people who resist change and fall victim to social engineering. Sometimes, they're told to do certain phishing exercises, or complete multi-factor authentication for their accounts, and they ignore it.

“They use their work devices to go to personal websites or places they probably shouldn't go and they click on things they shouldn't click on. Every employee of every company or organization is part of its cybersecurity defense,” Rose said. “If they're not paying attention, if they're not actively aware of the opportunity that threat actors are looking for, and they're just letting them in, that's a big insider threat.”

4. Know your FBI agent.
If something happens to your organization, whether it's a terrorist attack or cybercriminal attack, it’s likely you will be in a high state of emotion. Rose said that’s probably the last time you want to make your first introduction to your FBI agent.

“There are 56 field offices across the United States. The FBI is there to help victims of crimes, they're not going to go through your filing cabinets and look for other things. They want to help you. They want to figure out who did it, how they did it, and they want to go and oppose risk and consequence on your behalf,” Rose said.

That is why he suggests calling your local FBI agent or at least finding your point of contact before a problem happens.

“The world will never be the way it was – those days are gone, it is not coming back,” Rose said. “The world is as it is today, and we need to be realistic about how it's going to be tomorrow. The ability for us in the U.S. to feed our population, that's the North Star. Let's make sure we do that. Be suspicious and be aware, this is a different world.”
 

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Florida Producers Scramble to Reach Cattle After Hurricane Ian​

Florida producers rushed to reach their cattle on Thursday after trees downed by Hurricane Ian broke fences and rain from the fierce storm flooded pastures.
Florida producers rushed to reach their cattle on Thursday after trees downed by Hurricane Ian broke fences and rain from the fierce storm flooded pastures.(Reuters/Marco Bello)

By REUTERS September 30, 2022
Farmers in Florida rushed to reach their cattle on Thursday after trees downed by Hurricane Ian broke fences used to contain the animals and rain from the fierce storm flooded fields used for grazing.

One of the mightiest storms to hit the U.S. mainland in recent years, Ian flooded communities on the Gulf Coast before plowing across the peninsula to the Atlantic seaboard.

The hurricane washed out roads, hampering farmers' attempts to corral cattle before they escape fenced areas in a potential threat to public safety.

"We've got trees all over the fence lines right now," said Brian Shoop, who raises cattle in Hillsborough County, where Tampa is located. "The biggest concern is cattle getting out of the pastures and on the roadways."

Cattle first arrived in the United States in Florida in 1521 on an expedition led by Spanish explorer Juan Ponce De Leon, according to the state and the Florida Beef Council. The state now has more than 1.6 million cattle, about 2% of the U.S. herd, the U.S. Department of Agriculture said.

Nationally, cattle supplies this summer fell to the lowest level in about seven years as producers in the western United States increased slaughter due to intense drought.

Shoop, who owns about 750 mother cows, said he restricted cattle at one location to roughly 40 acres from 300 acres while he repairs fences.

"It's only a temporary Bandaid," he said. "You shut 'em down to a small area and you've got to worry about whether you have enough feed and water."

Flooding is preventing some cattle from eating or resting, as fields were already wet from rains before the hurricane, said JB Wynn, a producer in Lake Wales.

"They don't have any grass to graze on or anywhere they can lay down," Wynn said.

Some help is coming from out of state. Stephen Broadwell, owner of livestock-services company Ranch Solutions in Erwin, North Carolina, said he is coordinating volunteers to travel to Florida to repair fences or supply feed.
"Everybody is just scrambling," Broadwell said.
 

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View: https://www.youtube.com/watch?v=yKBfE0P9j6A
32:26 min

Ukraine Formally Files To Join NATO PROVOKING Russia And Pushing Us INTO WWIII, Russia Threatens US​

AMLnZu-r6oSrkSDkHGMt3Ql1sSpEKQjV3avfqvWOoXm3Tg=s88-c-k-c0x00ffffff-no-rj

Tim Pool

Ukraine Formally Files To Join NATO PROVOKING Russia And Pushing Us INTO WWIII, Russia Threatens US. If Ukraine is admitted it will be the immediately start of World War Three. Democrats and Neo Con Republicans are gleeful at the prospect of destroying russia but Putin will not back down. The threat of a nuclear war is very real and Russia blames the US for setting the precedent. If Ukraine joins NATO Article 5 will trigger and war will begin. China will likely move on Taiwan immediately and several other nations will join Putin's "resistance" The economy will collapse, food shortages will become commonplace, and conscription will return to the US and Europe
 

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View: https://www.youtube.com/watch?v=qU3CWPwCo9A
6:50 min

It Just Happened To Someone Else at the Bank...​

OhCevGwV25_EkHsl-mrc7eHLxUpYbG-HZBcMvIS82hiO6Pt_6gFePr_Jo13ZcJWKe6BEjHwBuQ=s88-c-k-c0x00ffffff-no-rj

The Economic Ninja

Your Cash Is Not Safe In Your Bank!

^^^^^
View: https://www.youtube.com/watch?v=m_08tufm7kA
8:23 min

China Just Announced War On The Dollar ( Dumping Bonds Now )​


OhCevGwV25_EkHsl-mrc7eHLxUpYbG-HZBcMvIS82hiO6Pt_6gFePr_Jo13ZcJWKe6BEjHwBuQ=s88-c-k-c0x00ffffff-no-rj

The Economic Ninja

China Just Announced War On The Dollar ( Dumping Bonds Now )
Japan has been selling Treasuries to buy its own Yen

^^^^^

China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994​

Phil Rosen
Sep 29, 2022, 7:14 AM
  • Reuters reported that China told state-owned banks to get ready to sell dollars and buy yuan in an effort to prop up the local currency.
  • The move could stem the yuan's fall, as it remains on track for its largest annual loss against the dollar since 1994.
  • A hawkish Fed has pushed the dollar to 20-year highs this year, pressuring currencies around the world.
The People's Bank of China has told major state-run banks to prepare to shed dollar holdings while snapping up offshore yuan, which has continued to fall despite prior interventions, sources told Reuters.

The scale of this latest effort to prop up the yuan will be big and could provide a floor to the Chinese currency, according to the report.

The amount of dollars to be sold hasn't been decided yet, but Reuters said it will primarily involve the state banks' currency reserves. Their offshore branches, including those based in Hong Kong, New York and London, were ordered to review offshore yuan holdings and check to see that dollar reserves are ready.

On Thursday, the yuan fell 0.9% to 7.1340 against the dollar and is on track for its worst annual decline since 1994, having lost more than 11% so far this year. Earlier this week, China's offshore yuan this week depreciated to a record-low against the greenback, and its domestic unit fell to its weakest level since the 2008 financial crisis.

The Federal Reserve's hawkish policy path has bolstered the dollar to 20-year highs this year, putting pressure on other central banks and triggering a "reverse currency war."

While a weaker currency can sometimes be beneficial, as it means exports get cheaper, the yuan's recent decline below the psychological threshold of 7-per-dollar has raised concerns.

The People's Bank of China has consistently imposed a strong bias to its currency reference rate to help support the yuan. Central bank officials have also issued verbal warnings against speculating on the yuan and increased the cost of shorting the currency.

But it has refrained from raising benchmark rates and instead has been easing them in an effort to spark growth in an economy that's been dragged down by COVID-19 lockdowns, a real estate crash, and supply chain snags.
 
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View: https://www.youtube.com/watch?v=by0FlD5TVsQ
5:31 min

China's trackless trams & the World's longest undersea tunnel | WEF | Stories of the week​

Sep 30, 2022

AMLnZu9xjNawITaubcbG9i85j9zF5DK6fHAkDKvM8cuZI2k=s88-c-k-c0x00ffffff-no-rj

World Economic Forum

This week's top stories include: 0.15 - China's trackless trams 01:39 - Germany and Denmark are building the world's longest undersea tunnel 03:12 Students in the Netherlands have built an electric car that captures carbon 04:09 This tower turns sunlight and air into clean jet fuel
 

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View: https://www.youtube.com/watch?v=6VccJYKRh5E

Is The US World Order Coming To An End?​

Sep 30, 2022

8zVtWRXYS0h42ojQNplUcc94rSuvXXa_-OBnoR_vZNNxKS-F7I7MQ0IlZ9IKkGdM6Mkh7ER19w=s88-c-k-c0x00ffffff-no-rj

Olive Stripe Productions (Country of origin not given)

For the past 75 years, the US has been the dominant global superpower dictating the terms and conditions in which the rest of the world have to follow. But what if recent geopolitical events have exposed cracks in the US regime and challenge the unipolar world system that we live in.

^^^^^
View: https://www.youtube.com/watch?v=Kimswo-9Fs4
4:53 min

Is Energy Consumption Bad???​

Aug 6, 2022


Olive Stripe Productions

Energy consumption, something all life needs to survive and thrive, has been categorically villainized by the establishment for the past decade. We investigate whether energy consumption is the issue and what we can do to meet our energy demands. Read more about nuclear technology here: https://www.discovermagazine.com/envi...

^^^^
View: https://www.youtube.com/watch?v=RI2NcbyOWrw
4:50 min

Why The Dutch Government Is Destroying Their Farming Industry​

Sep 3, 2022

8zVtWRXYS0h42ojQNplUcc94rSuvXXa_-OBnoR_vZNNxKS-F7I7MQ0IlZ9IKkGdM6Mkh7ER19w=s88-c-k-c0x00ffffff-no-rj

Olive Stripe Productions

Dutch farmers have been protesting against stringent anti-farming government policies for near three years. Yet the situation has been poorly covered by mainstream media? Find out why this is all happening and how it affects more than just the Netherlands
 

marsh

On TB every waking moment
View: https://www.youtube.com/watch?v=Hq7TDjg0IvU
15:02 min

524 - Just How Far Did Students Fall Behind During COVID-19?​

Sep 30, 2022

AMLnZu-C3WzBPz1rQGdJtxkd3z0tyRStiVM7b1up8u9w4Q=s88-c-k-c0x00ffffff-no-rj

Johns Hopkins Bloomberg School of Public Health

Pandemic disruptions led to serious learning loss in K-12 education, and new research shows just how serious. Peggy Carr, the commissioner of the National Center for Education Statistics, talks with Stephanie Desmon about what the data shows in terms of student performance, why these historic declines will have impacts for years to come, and what can be done to start closing the gaps.
 

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(Canada)

Libby Emmons: Trudeau's Government Allowed CCP Police Action Within Canada 4:41 min

Libby Emmons: Trudeau's Government Allowed CCP Police Action Within Canada​

Bannons War Room Published September 30, 2022

(Report by Safeguard Defenders. CCP extra-judicial actions on Chinese nationals in Canada, US, Europe other countries. Offices in businesses, homes. Pressure on family back home to coerce Chinese Nationals to go home for prosecution on telecommunications fraud.)
 

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Darren Beattie Gives Analysis On What The Annex Of Eastern Ukrainian Regions Means For Russia 9:52 min

Darren Beattie Gives Analysis On What The Annex Of Eastern Ukrainian Regions Means For Russia​

Bannons War Room Published September 30, 2022

(We are leaping into Armageddon.)

^^^^

EXCLUSIVE​

World War III Anyone? Nord Stream Pipeline Sabotage Is One Giant Leap Toward Armageddon​

September 30, 2022 (5h ago)

Oh no! In a mysterious mechanical failure, both Nord Stream pipelines through the Baltic Sea have suddenly ruptured, cutting off a major supply of natural gas from Russia to Europe and possibly causing an environmental disaster as well.

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Who is responsible for this? Oh, come on, it’s not hard to take a guess.

View: https://twitter.com/i/status/1574685985115607040
.39 min

As long as the Nord Stream pipeline existed, it was a potential diplomatic and economic weapon in the Ukraine conflict. Though Russia was still supplying gas to Europe, there was the possibility that they might cut off gas to put pressure on Europe, or that the desire to keep the pipeline operational would nudge Europe toward seeking a negotiated end to the war.
Now, with the pipeline gone, so is that leverage. Of course, it’s also massively damaging to Europe’s economy and energy security. But whoever destroyed it didn’t seem to care much about that.

View: https://twitter.com/i/status/1574489634071105536
.28 min

Comically, the U.S. has put out statements about how it is ready to help its allies in the wake of this unfortunate incident:

The United States is “ready” to help European allies after leaks erupted from the Nord Stream 1 and 2 pipelines carrying Russian gas to western Europe, a senior White House official said Tuesday.

“I’m not going to speculate on the cause, and I know our European partners are investigating. We stand ready to provide support to their efforts,” the official said, speaking on condition of anonymity.

“This just drives home the importance of our efforts to work together to get alternative gas supplies to Europe and to support efforts to reduce gas consumption and accelerate true energy independence by moving to a clean energy economy.”

There are several lessons to draw from this development. First, European sovereignty is even faker than it looked a few days ago. When it comes to the most important questions of trade, development, and war and peace, the Globalist American Empire calls the tune, and NATO “allies” dance to it.

But the more important message, in fact a critical one, is this: the Globalist American Empire is playing for all the marbles against Russia, and is ready to do whatever is necessary to elongate and escalate the war. And that puts the entire world at tremendous risk.

When Russia launched its war of aggression in Ukraine, it expected a quick victory and the easy extraction of pro-Russia concessions from the Kiev government, possibly including the partition or total annexation of the country. That is not what Russia got. Instead, it got a slow, costly grind of a war. Since the final fall of Mariupol in mid-May, Russia’s gains have totaled barely 2,000 square miles, and those gains were then offset in a single week by Ukraine’s recent counter-offensive around Kharkov.

But last week, Russia signaled that it far from giving up in response to these struggles and humiliations. Instead, it is prepared to prolong and further escalate the war. On Sept. 20, the Duma approved legislation sharply increasing penalties for soldiers who disobey orders or surrender to the enemy — a measure that evokes Order 270, Stalin’s decree ordering soldiers to fight to the last man against invading Germans. Meanwhile, Russian puppet administrations in the Donbass and Kherson announced and then held referendums on joining Russia. Were these referendums legitimate? Of course not. But the fig leaf of legitimate annexation gives Russia the pretext to defend the territories it has captured with an overwhelming amount of force, possibly including tactical nuclear weapons.

Vladimir Putin invoked that nuclear threat in a speech to the Russian public last week:

Washington, London and Brussels are openly encouraging Kiev to move the hostilities to our territory. They openly say that Russia must be defeated on the battlefield by any means, and subsequently deprived of political, economic, cultural and any other sovereignty and ransacked.

They have even resorted to the nuclear blackmail. I am referring … to the statements made by some high-ranking representatives of the leading NATO countries on the possibility and admissibility of using weapons of mass destruction – nuclear weapons – against Russia.

I would like to remind those who make such statements regarding Russia that our country has different types of weapons as well, and some of them are more modern than the weapons NATO countries have. In the event of a threat to the territorial integrity of our country and to defend Russia and our people, we will certainly make use of all weapon systems available to us. This is not a bluff.

In the same speech, Putin announced a “partial mobilization” of the Russian armed forces, with 300,000 reservists being called up to active duty. Even in a “partial” form, this is Russia’s largest mobilization effort since World War II. And the mobilization may be expanded at any point.

So, both Russia and America are escalating the Ukraine war, tit-for-tat. How will this war end? Revolver can only guess. But let us pause here for a brief story.
Part 1 of 2
 

marsh

On TB every waking moment
Part 2 of 2

In 1700, the not-yet-an-empire of Russia attacked Sweden.

The war was one of the least justified in history, motivated entirely by greed for territory. Sweden’s king Charles XI had recently died, and his heir was not yet eighteen. Russia, along with its allies Saxony and Denmark, sought to hit Sweden while it was weak and take everything it could.

Russia ended up with more than it bargained for. Though not even in his 20s, Charles XII proved to be a military genius more than capable of defending his surrounded kingdom. He first knocked Denmark out of the war within a few weeks via a surprise attack. He then sailed his army to the fortress at Narva, in Swedish Ingria, which was under siege by a Russian army. The battle that ensued was one of the most lopsided in history. The Swedes, outnumbered almost 4:1 and fighting on the offensive during a freezing snowstorm, completely shattered the Russians, inflicting close to 20,000 casualties and sustaining fewer than 2,000 themselves.

After his massive victory at Narva, Charles XII had many opportunities to negotiate a favorable peace with Russia. He did not, and the main reason was moral outrage: Charles believed the war had been an unprovoked war of aggression, and the only acceptable peace was to totally defeat his enemies and strip them of their thrones. Eventually, he launched a full-scale invasion of Russia to do exactly that.

The end result: calamity.

Charles’s army was wrecked by the coldest European winter in five hundred years, then crushed at the Battle of Poltava quite close to the current frontline in the Ukraine war. Sweden lost its empire forever. Russia, meanwhile, has been a world power ever since, and Tsar Peter entered history as Peter the Great.

Russia — ambitious, violent, and thuggish — attacked a smaller neighbor.
Russia — poorly-led and overconfident — suffered humiliating defeats. But Russia — vast, determined, and essentially unconquerable — soldiered ahead, and simply outlasted its enemies to win a victory.

Why are we telling this story? Because what happened then may happen again today.

The chief cheerleaders of the Ukraine war have responded to Russia’s recent escalations announcements with mockery, gloating that Russia is headed for defeat and urging NATO to seek the country’s maximal humiliation in return for peace. Michael McFaul, Obama’s former ambassador to Moscow, reflects the most typical voice in this crowd.

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In response to Putin’s warnings of possible Russian nuclear weapons usage to defend its “territorial integrity,” McFaul repeated his (insane) argument from last April that Ukraine would win even if hit by nuclear weapons.

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Just a few days before, McFaul called for maintaining maximum pressure on Russia until it evacuates Crimea and hands over its political leaders to be imprisoned or executed.

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McFaul’s demands are not a serious proposal for peace. They are a demand for total victory, no matter how many lives have to be destroyed in the process. Like King Charles three centuries ago, McFaul may be driven by a powerful sense of righteousness. But his self-righteousness is only setting up Ukraine, and perhaps the world, for calamity.

Russia may be getting embarrassed in Ukraine. But in the end, it has more resources, more industry, more weapons, and far more manpower. And even if it doesn’t have the power to conquer Ukraine, it indisputably has the power to destroy it, and every day the war drags on, the possibility of Russia growing that desperate remains.

Disturbingly, many observers notice Russia’s desperation, and consider it a good thing:

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Obviously, Max “My Wife’s Son” Boot is an idiot, but this situation ought to alarm everyone else. Putting Putin in a situation where he has to win, or else die, radically increases the risk that he will do something insanely destructive as a Hail Mary to save himself. The response to such a situation is not hardball, but to provide an offramp for de-escalation. Yet this is what the West has steadfastly refused to do from the beginning of the crisis.

It doesn’t have to be this way. The war has demonstrated, definitively and beyond a doubt, that Russia is not a conventional military threat to the United States or its essential allies. The idea of Russian tanks steamrolling their way from Bialystok to Bordeaux was always stupid, but now its is far more definitively so. If Russia, at enormous cost to itself, cannot occupy more than a quarter of Ukraine, it is never going to occupy Europe. The hardware losses alone suffered by Russia these past seven months will take years and billions of dollars to remedy.

These revelations ought to serve as the basis for a serious peace deal. Russia’s obvious military weakness gives America an opening to offer magnanimous diplomatic concessions. Why exactly does America need NATO troops stationed right on Russia’s doorstep, when the “threat” of Russian conquest is so flimsy? These concessions in turn can offer Russia a way to save face while scaling back its objectives in Ukraine. To stop the cycle of escalation, one side has to choose to break it, and America is the one in the best position to do so.

But instead, the West is being guided by extremists who seek Russia’s destruction, not for geostrategic reasons but for ideological ones. They see Russia’s recent struggles solely as an opportunity to expand their war goals and back Russia further into a corner. McFaul’s demands are essentially a demand that war continue until Russia’s unconditional surrender. And these demands are even more ghoulish because, even in a vacuum, Ukraine’s total victory isn’t desirable. The Ukrainian territories held by Russia before the war’s outbreak overwhelmingly want to be in the Russia Federation, and this is beyond dispute. Insisting on forever war until their reversion will mean sacrificing thousands of lives and billions of dollars simply to give Ukraine a chance to engage in retaliation and victor’s justice against a Russian-speaking “enemy population.”

The best outcome to the Ukraine crisis has always been a negotiated one which acknowledges Russia’s on-the-ground gains and assuages its security concerns in return for bringing Ukraine long-term peace and political independence. That was the best outcome before the war, and it remains the best one even now. But every day the war drags on makes that negotiated end harder to achieve, while indulging warmongers and war profiteers who treat Ukraine itself like a video game arena.

Four months ago, when Congress voted Ukraine a $40 billion check for the war, in a piece entitled “Why Funding Ukraine Is Just Dead Wrong”, we at Revolver argued that:

Americans are paying billions of dollars to marginally increase the chances that they and all of their family members die horribly in a nuclear war. That’s it. This military aid isn’t encouraging a peace deal; in fact, U.S. aid has hardened the resolve of both countries and pushed them further away from the negotiating table. This aid isn’t saving Ukrainian lives. Rather, by allowing the war to go on indefinitely, it simply ensures that more will be killed.

America holds all the cards in the Ukraine. Biden could bring both sides to the negotiating table and end the war just by threatening to turn off the weapons spigot. But instead, America has sent the message that it will fund Ukraine indefinitely and without restriction, all just to deplete and humiliate Russia. In the process, America pushes Russia further into a corner and invites nuclear war.

The past months have entirely vindicated Revolver’s warning. Half a year of war have not brought Ukraine closer to peace. But they have brought the whole entire world closer to Armageddon.

Need we say more?
 
Last edited:

marsh

On TB every waking moment

WAR DRUMS POUNDING… Putin scathes the West in side-winding speech annexing Ukrainian regions… NATO/Zelensky respond… hellish escalations?

September 30, 2022 ( ago)


The War Drums are pounding faster and faster into a hellish chorus.

Daily Mail: “Putin says U.S. created nuclear PRECEDENT by bombing Japan and vows to ‘smash’ the ‘satanic’ West: Rants that America is STILL occupying Germany, ‘Anglo-Saxons’ blew up Nord Stream and warns he’ll use ‘all forces’ to defend annexed Ukraine regions”.

Putin’s full speech translated into English is here:

View: https://youtu.be/1GYUG6W4hFo
44:12 min

Watch Putin troll the West on trannies and “Satanic” perversions:

View: https://twitter.com/i/status/1575835944543977472
.58 min

Good thread on what Putin said starts here:

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Another thread on the speech starts here:

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And yet another one starts here:

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Here are all the key points of the speech via Twitter user @OGRolandRat:



Here is how the Eurasianist philosopher Alexander Dugin reacted:

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This may have been a monumental speech:

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Things are escalating extremely quickly.

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Zelensky announced they will be applying to NATO, although they would need unanimous support to join the alliance.

View: https://twitter.com/i/status/1575848676634726400
6:50 min

Israel is bailing out of Russia:

1664584875140.png

Part 1 of 2
 

marsh

On TB every waking moment
Part 2 of 2

But is NATO’s response just platitudes?

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World War III scenes out of Russia:

View: https://twitter.com/i/status/1575873468855644161
.21 min

Much ado about nothing, or a monumental moment?

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Thomas Massie:

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We shall see:

View: https://twitter.com/i/status/1574799658915749893
.09 min

More from a Russophile on the latest developments:

Let us briefly meditate on the actual implications of Nordstream’s demise.
  1. Germany loses what little autonomy and flexibility it had, making it even more dependent on the United States.
  2. Russia loses a point of leverage over Europe, reducing the inducements to negotiation.
  3. Poland and Ukraine become even more critical transit hubs for gas.
Russia clearly perceives this as a bridge burning move of sabotage by NATO, designed to back them into a corner. The Russian government has decried it as an act of “international terrorism” and argued that the explosions occurred in areas “controlled by NATO” – the concatenation of these statements is that they blame NATO for an act of terrorism, without explicitly saying that. This precipitated another meeting of the Russian National Security Council.

Many western nations have advised their citizens to leave Russia immediately, suggesting they are worried about escalation (this coincides with Ukraine’s unhinged claim that Russia may be about to use nuclear weapons). For the time being, I expect Russian escalation to remain confined to Ukraine itself, likely coinciding with the deployment of additional Russian ground forces. If Russia feels compelled to undertake an out of theater escalation, targeting American satellites, digital infrastructure, or forces in Syria remain the most likely option.

Read the rest…

And for the Western perspective, just read the UK tabloids. Here’s the Daily Mail:

Vladimir Putin accused the United States of creating a nuclear weapons ‘precedent’ by bombing Japan at the end of the second World War in an unhinged speech calling the West ‘satanists’ and accusing ‘Anglo Saxons’ of blowing up the Nord Stream pipelines.

The Russian despot ranted about sex-change operations, claimed America is occupying Germany and Korea and vowed to ‘smash’ the West in the disturbing remarks as he announced the annexation of four regions in Ukraine.
His saber-rattling is another terrifying hint that he is prepared to use nuclear weapons as he vowed to use ‘all available means’ to hold onto Russian-occupied areas of Kherson, Zaporizhzhia, Donetsk and Luhansk.

Again, he blamed the West for his invasion of Ukraine because they believe Russia is a ‘colony’ and a ‘band of slaves, and wants to break it up into smaller states who ‘will be fighting against each other’.

President Joe Biden released a statement Friday claiming that the annexations have ‘no legitimacy’ and will not be recognized by the U.S. He also announced a new set of sanctions in response to the move.

‘The United States will always honor Ukraine’s internationally recognized borders,’ Biden said in the statement, adding: ‘We will continue to support Ukraine’s efforts to regain control of its territory by strengthening its hand militarily and diplomatically.’

‘In response to Russia’s phony claims of annexation, the United States, together with our Allies and partners, are announcing new sanctions today,’ the president released in his Friday statement. ‘These sanctions will impose costs on individuals and entities — inside and outside of Russia — that provide political or economic support to illegal attempts to change the status of Ukrainian territory.’
 

marsh

On TB every waking moment

marsh

On TB every waking moment

"Globalists Are Marching Us Relentlessly Toward Nuclear Armageddon," Warns Former Senator​

FRIDAY, SEP 30, 2022 - 05:50 PM

Fears of nuclear war are increasing across the West as Russia mobilizes hundreds of thousands of troops and declares annexation of parts of Ukraine. Meanwhile, President Volodymyr Zelensky announced that Ukraine is applying for membership in NATO. These two developments could be the most significant escalation since the war's start.

Today's developments are a sobering reminder that nuclear war threats are mounting. Retired Virginia State Senator and retired Marine Col. Richard Black addressed members of the US Congress in an open letter on Tuesday about "globalists are marching us relentlessly toward this nuclear Armageddon."

Black pointed out:

There would have been no war had we not overthrown the democratically-elected government of Ukraine by violently ousting President Yanukovych in 2014. We promoted war by flooding Ukraine with massive arms shipments afterwards.

The former senator said, "the US could have achieved peace by simply pressing Ukraine to implement the 2014 Minsk Peace Agreements which it had signed, establishing a clear framework for settling outstanding issues peacefully. Ukraine promised to implement the Minsk agreements, but chose instead to make war on the Donbass for the next seven years."

He said NATO could've sought peace but chose war instead.

NATO had ample opportunity for peace but deliberately chose war. The US realized that, with Russia's back to the wall, it would have no choice to but to attack. In 2007, US Ambassador to Russia William Burns pointedly warned that movement toward absorbing Ukraine into NATO might well trigger war between Ukraine and Russia. Nonetheless, the Obama administration overthrew the Ukrainian president and flooded in weapons, knowing that doing so would trigger war.

Black said billionaire elites who have an interest in the region are making "war profits even if it means gambling the lives of hundreds of millions of people across the globe."

"Should we annihilate the world's population to intervene in a border war where the US has no vital national interest?" the former senator asked.

Black called for an immediate end to this war by making Ukraine a neutral, non-aligned state, "just as we did during the Cold War with Austria in 1955."

But it appears the former senator's plea to avoid further conflict went unheard after Zelensky's declared intent to apply for expedited NATO membership as President Putin proclaimed the annexation of 15% of Ukraine.

Based on Article 5, any acceptance of Ukraine into NATO would automatically trigger a Russia-West world war (WWIII).

In a speech Friday, Putin said the US created a "precedent" by using nuclear weapons against Japan during WW2.

Last week, Navy Admiral Charles A. Richard - currently serving as the US Strategic Command chief -- warned that "possible direct armed conflict with a nuclear-capable peer" could be ahead.

Here's the former senator's open letter to lawmakers on Capitol Hill:

1664587043487.png

Download this PDF
 

marsh

On TB every waking moment
(Canada)

Canada Has A Food Affordability Problem​

FRIDAY, SEP 30, 2022 - 05:25 PM

Authored by Sylvain Charlebois via The Epoch Times,

Did you know that there is a global food security index? The well-known magazine The Economist has just published its 11th edition.

The Global Food Security Index comprises a set of indices from more than 120 different countries. Since 2012, the index has been based on four main pillars: food access, safety, sustainable development, and affordability.

The approach is quite comprehensive and robust. Index indicators include nutritional standards, urban absorptive capacity, food consumption as a percentage of household expenditure, food loss and waste, protein quality, agricultural import tariffs, dietary diversification, agricultural infrastructure, volatility of agricultural production, public spending on agricultural resource and development, corruption, risks to political stability, and even the sufficiency of supply. In short, anything goes.

Finland ranks first this year, followed by Ireland and Norway. Canada is well-positioned compared to other countries around the world since we are ranked seventh globally, the same as last year. Not bad. The United States is 13th.

In terms of food access—which measures agricultural production, farm capacities, and the risk of supply disruption—Canada ranks sixth, which is not too surprising. Despite our recent episodes of empty shelves and stockouts, Canada can boast about its food abundance. We produce a lot and are part of a fluid North American economy focused on cross-border trade, which allows for better food access.

Another pillar focuses on sustainable development, the environment, and climate adaptability. This pillar assesses a country’s exposure to the impacts of climate change, its sensitivity to risks related to natural resources, food waste management, and how the country adapts to these risks. In this regard, Canada is ranked 29th, far behind Norway and Finland, who are first and second in this category. Food waste remains Canada’s Achilles’ heel, as we waste more than just about anyone else on the planet.

But with higher food prices, more than 40 percent of Canadians, according to a recent study, are wasting less than they were 12 months ago.

When it comes to food safety and quality, Canada ranks first in the world. Canada is ahead of everyone, even Denmark and the United States, both renowned for their proactive approaches to food safety. Food safety in Canada is perhaps the facet most underappreciated by consumers.

Despite a few momentary failures and periodic reminders, sanitation practices in the country are exemplary. Canada has consistently ranked well for years, except perhaps when traceability is measured. We have a long way to go, but the industry and public safety regulators are performing relatively well.

But the area where Canada’s performance is of some concern is food affordability. This measure is dedicated to consumers’ ability to purchase food, their vulnerability to price shocks, and the presence of programs and policies to support consumers when shocks occur.

Canada fell one spot again this year and sits at 25th in the world. Australia, Singapore, and Holland top the list for affordability. Given the resources and food access we have, Canada should do better. Since July 2021, food inflation has always exceeded general inflation in the country, and everything is already costing more these days. Higher food prices at the grocery store over the past year have been difficult for many of us to accept. Canada needs a food autonomy policy, a more robust food processing sector, and better logistics domestically.

And with winter coming and our dollar visibly weakening against the U.S. dollar, we could see significant price jumps again, especially in the produce and non-perishables sections. As wages stagnate and food prices rise, it’s hard to predict when Canada will do better in terms of affordability. Specific fiscal measures such as tax reductions to help consumers would be more than timely.

^^^
(The famine of affordability and the famine of availability)
 
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