Category Archives: Dystopia

What Did U.S. Intel Really Know About the ‘Chinese’ Virus?

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By Pepe Escobar

Source: Information Clearing House

Hybrid War 2.0 on China, a bipartisan U.S. operation, is already reaching fever pitch. Its 24/7 full spectrum infowar arm blames China for everything coronavirus-related – doubling as a diversionist tactic against any informed criticism of woeful American unpreparedness.

Hysteria predictably reigns. And this is just the beginning.

A deluge of lawsuits is imminent – such as the one in the Southern District of Florida entered by Berman Law Group (linked to the Democrats) and Lucas-Compton (linked to the Republicans). In a nutshell: China has to shell out tons of cash. To the tune of at least $1.2 trillion, which happens to be – by surrealist irony – the amount of U.S. Treasury bills held by Beijing, all the way to $20 trillion, claimed by a lawsuit in Texas.

The prosecution’s case, as Scott Ritter memorably reminded us, is straight out of Monty Python. It works exactly like this:

“If she weighs the same as a duck…

…she’s made of wood!”

“And therefore…”

“A witch!!!!!”

In Hybrid War 2.0 terms, the current CIA-style narrative translates as evil China never telling us, the civilized West, there was a terrible new virus around. If they did, we would have had time to prepare.

And yet they lied and cheated – by the way, trademark CIA traits, according to Mike “We Lie, We Cheat, We Steal” Pompeo himself. And they hid everything. And they censored the truth. So they wanted to infect us all. Now they have to pay for all the economic and financial damage we are suffering, and for all our dead people. It’s China’s fault.

All this sound and fury forces us to refocus back to late 2019 to check out what U.S. intel really knew then about what would later be identified as Sars-Cov-2.

“No such product exists”

The gold standard remains the ABC News report according to which intel collected in November 2019 by the National Center for Medical Intelligence (NCMI), a subsidiary of the Pentagon’s Defense Intelligence Agency (DIA), was already warning about a new virulent contagion getting out of hand in Wuhan, based on “detailed analysis of intercepted communications and satellite imagery”.

An unnamed source told ABC, “analysts concluded it could be a cataclysmic event”, adding the intel was “briefed multiple times” to the DIA, the Pentagon’s Joint Chiefs of Staff, and even the White House.

No wonder the Pentagon was forced to issue the proverbial denial – in Pentagonese, via one Col. R. Shane Day, the director of the DIA’s NCMI: “In the interest of transparency during this current public health crisis, we can confirm that media reporting about the existence/release of a National Center for Medical Intelligence Coronavirus-related product/assessment in November of 2019 is not correct. No such NCMI product exists.”

Well, if such “product” existed, Pentagon head and former Raytheon lobbyist Mark Esper would be very much in the loop. He was duly questioned about it by ABC’s George Stephanopoulos.

Question: “Did the Pentagon receive an intelligence assessment on COVID in China last November from the National Center for Medical Intelligence of DIA?”

Esper: “Oh, I can’t recall, George,” (…) “But, we have many people who watch this closely.”

Question: “This assessment was done in November, and it was briefed to the NSC in early December to assess the impact on military readiness, which, of course, would make it important to you, and the possible spread in the United States. So, you would have known if there was a brief to the National Security Council in December, wouldn’t you?”

Esper: “Yes (…) “I’m not aware of that.”

So “no such product exists” then? Is it a fake? Is it a Deep State/CIA concoction to trap Trump? Or are the usual suspects lying, trademark CIA style?

Let’s review some essential background. On November 12, a married couple from Inner Mongolia was admitted to a Beijing hospital, seeking treatment for pneumonic plague.

The Chinese CDC, on Weibo – the Chinese Twitter – told public opinion that the chances of this being a new plague were “extremely low.” The couple was quarantined.

Four days later, a third case of pneumonic plague was identified: a man also from Inner Mongolia, not related to the couple. Twenty-eight people who were in close contact with the man were quarantined. None had plague symptoms. Pneumonic plague has symptoms of respiratory failure similar to pneumonia.

Even though the CDC repeated, “there is no need to worry about the risk of infection”, of course there was plenty of skepticism. The CDC may have publicly confirmed on November 12 these cases of pneumonic plague. But then Li Jifeng, a doctor at Chaoyang Hospital where the trio from Inner Mongolia was receiving treatment, published, privately, on WeChat, that they were first transported to Beijing actually on November 3.

The key point of Li Jinfeng’s post – later removed by censors – was when she wrote, “I am very familiar with diagnosing and treating the majority of respiratory diseases (…) But this time, I kept on looking but could not figure out what pathogen caused the pneumonia. I only thought it was a rare condition and did not get much information other than the patients’ history.”

Even if that was the case, the key point is that the three Inner Mongolian cases seem to have been caused by a detectable bacteria. Covid-19 is caused by the Sars-Cov-2 virus, not a bacteria. The first Sars-Covid-2 case was only detected in Wuhan in mid to late December. And it was only last month that Chinese scientists were able to positively trace back the first real case of Sars-Cov-2 to November 17 – a few days after the Inner Mongolian trio.

Knowing exactly where to look

It’s out of the question that U.S. intel, in this case the NCMI, was unaware of these developments in China, considering CIA spying and the fact these discussions were in the open on Weibo and WeChat. So if the NCMI “product” is not a fake and really exists, it only found evidence, still in November, of some vague instances of pneumonic plague.

Thus the warning – to the DIA, the Pentagon, the National Security Council, and even the White House – was about that. It could not possibly have been about coronavirus.

The burning question is inevitable: how could the NCMI possibly know all about a viral pandemic, still in November, when Chinese doctors positively identified the first cases of a new type of pneumonia only on December 26?

Add to it the intriguing question of why the NCMI was so interested in this particular flu season in China in the first place – from plague cases treated in Beijing to the first signs of a “mysterious pneumonia outbreak” in Wuhan.

There may have been subtle hints of slightly increased activity at clinics in Wuhan in late November and early December. But at the time nobody – Chinese doctors, the government, not to mention U.S. intel – could have possibly known what was really happening.

China could not be “covering up” what was only identified as a new disease on December 30, duly communicated to the WHO. Then, on January 3, the head of the American CDC, Robert Redfield, called the top Chinese CDC official. Chinese doctors sequenced the virus. And only on January 8 it was determined this was Sars-Cov-2 – which provokes Covid-19.

This chain of events reopens, once again, a mighty Pandora’s box. We have the quite timely Event 201; the cozy relationship between the Bill and Melinda Gates Foundation and the WHO, as well as the World Economic Forum and the Johns Hopkins galaxy in Baltimore, including the Bloomberg School of Public Health; the ID2020 digital ID/vaccine combo; Dark Winter – which simulated a smallpox bio-attack on the U.S., before the 2001 anthrax attack being blamed on Iraq; U.S. Senators dumping stocks after a CDC briefing; more than 1,300 CEOs abandoning their cushy perches in 2019, “forecasting” total market collapse; the Fed pouring helicopter money already in September 2019 – as part of QE4.

And then, validating the ABC News report, Israel steps in. Israeli intel confirms U.S. intel did in fact warn them in November about a potentially catastrophic pandemic in Wuhan (once again: how could they possibly know that on the second week of November, so early in the game?) And NATO allies were warned – in November – as well.

The bottom line is explosive: the Trump administration as well as the CDC had an advance warning of no less than four months – from November to March – to be properly prepared for Covid-19 hitting the U.S. And they did nothing. The whole “China is a witch!” case is debunked.

Moreover, the Israeli disclosure supports what’s nothing less than extraordinary: U.S. intel already knew about Sars-Cov-2 roughly one month before the first confirmed cases detected by doctors in a Wuhan hospital. Talk about divine intervention.

That could only have happened if U.S. intel knew, for sure, about a previous chain of events that would necessarily lead to the “mysterious outbreak” in Wuhan. And not only that: they knew exactly where to look. Not in Inner Mongolia, not in Beijing, not in Guangdong province.

It’s never enough to repeat the question in full: how could U.S. intel have known about a contagion one month before Chinese doctors detected an unknown virus?

Mike “We Lie, We Cheat, We Steal” Pompeo may have given away the game when he said, on the record, that Covid-19 was a “live exercise”. Adding to the ABC News and Israeli reports, the only possible, logical conclusion is that the Pentagon – and the CIA – knew ahead of time a pandemic would be inevitable.

That’s the smokin’ gun. And now the full weight of the United States government is covering all bases by proactively, and retroactively, blaming China.

Why Post-Coronavirus America Will Have Massive Poverty

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By Eric Zuesse

Source: Strategic Culture Foundation

The way that Congress and the President structured America’s coronavirus bailout legislation, the protections that go to the super-wealthy start immediately, but the protections that go to the neediest — the soaring numbers of unemployed, the increasingly endangered medical workers, etc. — require documentation which is creating delays that might soon cause many of these individuals to lose their homes, their cars, even their lives.

On April 17th, Matt Taibbi headlined “The Trickle-Up Bailout” and he noted that:

As we head into the second month of pandemic lockdown, two parallel narratives are developing about the financial rescue.

In one, ordinary people receive aid through programs that are piecemeal, complex, and riddled with conditions.

A law freezing evictions applies to holders of government-backed mortgages only. “Disaster grants” are coming more slowly and in smaller amounts than expected; small businesses were disappointed to learn from the SBA early last week that aid would be limited to $1000 per employee.

That’s typical.

As I had already explained on April 14th:

America’s bailout package to overcome the coronavirus ‘recession’ is twofold:

One part is printing money for employees and consumers, so that they won’t be thrown out onto the streets for non-payment of debts such as mortgages, car-loans, credit cards, and student loans.

Another part is printing money for bondholders and stockholders, so that their investments will still have value and there won’t be panicked selling of them as corporations accumulate soaring losses because consumers are staying home and are cutting way back on expenses.

The top-down part of the bailout (the part for investors) will merely add to the wealth of the already-wealthy, while everybody else sinks financially into oblivion. (On April 9th, the Zero Hedge financial site explained in detail why even bailing out the airlines would hurt the economy more than help the economy.) The top-down part supplies the money to the corporations instead of to their employees and consumers, and is therefore supply-boosting instead of demand-boosting. Supplying money to the corporations that the Government selects to protect will enable those corporations to buy up assets and corporations which during the crisis are being auctioned off by the ones that go out of business, and this will leave the nation’s wealth in even fewer hands than before the epidemic struck.

The bottom-up part (the part for workers and consumers) will be exactly the opposite of that: it will help prevent another Great Depression. By boosting purchases, instead of bailing-out billionaires and such, it will enable the economy to keep functioning, and it will not increase the concentration of wealth.

However, employees and consumers don’t have many lobbyists, but billionaires do, and billionaires also own (through political donations and lobbyists) almost all members of Congress (and also the mainstream press), and they not only own, but are represented by, one inside the White House, who is surrounded there by others, and by representatives of others, so that the concerns of the wealthiest will be very well represented by America’s Government, and will end up dominating the bailouts, so that only the insiders, who are well-connected in Washington, will be protected. (And Joe Biden would be no improvement over Donald Trump, though his rhetoric is different.)

Already, we see, in the ‘news’-reports, that there is ‘chaos’ etc. in the U.S. Government’s response to the crisis, but what’s not being reported in the mainstream ‘news’-media is that there very much is method to this seeming madness, and it is the method of the well-practiced and well-funded takers, definitely not of their victims, from whom they (and their Government) have been, and now increasingly are, taking. The takers own the Deep State, and are protected by it. The vast bulk of the bailouts will go to them. The vast bulk of the bailouts will go to suppliers (investors), not to their workers and consumers.

So, as a general rule: the more that a person’s income depends upon investments, and the less that it depends upon their labor (wages), the more fully that the bailouts will compensate for the losses they’ll be suffering as a result of the coronavirus disruptions.

Here is a breakdown of the incomes that the super-rich receive (mainly from investments), versus the incomes that everybody else receive:

As can easily be seen there, only the super-rich (the top 1%, and most especially the top 0.1%) receive the majority of their incomes from investments (“Business income” and “Capital income”). Everybody else receives it mainly from “compensation” (wages), “retirement income,” and “Transfer income” (welfare).

Most of the benefits to the top 0.1% will be coming by means of monetary policy, via the Federal Reserve, not by means of fiscal policy — such as the payments to the unemployed (which are subject to many delays) and such as the $1,200-per-adult grants (which were the fastest to be paid because it’s the “helicopter money” that buys votes for the political incumbents, all of whom had voted for the bailouts).

The bailouts’ widely publicized part is the $2.2 trillion, since that includes whatever the public gets. However, that part is the smaller portion of the entire program. As CBS News reported on March 24th, “Top White House economic adviser Larry Kudlow said the price tag of economic stimulus amounts to roughly $6 trillion, which includes $2 trillion for direct assistance, and roughly $4 trillion in Federal Reserve lending power. Kudlow said this will be the single-largest such Main Street financial package in the history of the country.” Kudlow said it at a White House press conference. He mentioned there just in passing (at 1:36), that it’s a “six trillion-dollar program, four trillion dollars in lending power from the Fed, that’s a six trillion-dollar package …,” and the reporters in the White House press corps didn’t ask him anything about the Fed’s part, the $4 trillion portion (the program’s part that protects the billionaires); they evidently didn’t care about that, but only about the $2.2 trillion, which is actually the PR decoration on this $6T cake — the $2.2T that the public is interested in, the bait-part of the entire bailout-program. (Its hook won’t sink in until the readers’ children and grandchildren will be paying for it via their taxes in a stripped America.) However, on March 26th, Wall Street on Parade (WSP) — the best investigative-reporting source about Wall Street — headlined “Stimulus Bill Allows Federal Reserve to Conduct Meetings in Secret; Gives Fed $454 Billion Slush Fund for Wall Street Bailouts” and disclosed that even what Kudlow had called “Main Street” (the $2.2T part) included much for Wall Street; and WSP then rhetorically asked, “Why does the Federal Reserve need $454 billion from the U.S. taxpayer to bail out Wall Street when it has the power to create money out of thin air and has already dumped more than $9 trillion cumulatively in revolving loans to prop up Wall Street’s trading houses since September 17, 2019 – long before there was any diagnosis of coronavirus anywhere in the world?” They promptly answered this: “The Fed needs that money to create more Special Purpose Vehicles (SPVs) — the same device used by Enron to hide its toxic debt off its balance sheet before it went belly up.” Furthermore, the $454 billion, which WSP called “the money the Treasury is handing over to the Fed” is what CBS had reported “would result in ‘$4 trillion in Federal Reserve lending power’.” And U.S. taxpayers are guaranteeing 100% of these loans to investors — so, it’s “heads you win, tails we lose,” for taxpayers addressing billionaires, and “heads we win, tails you lose,” for billionaires addressing taxpayers. The billionaires win, the public loses. But the billionaires’ media don’t mention this fact, that investors get the guarantees, while the public takes all of the risks. However, what is an “investment” for, if non-investors are receiving its risks? It’s just legalized crime. And these are huge risks, and all or most of the $454 billion that the U.S. is lending to the Fed to guarantee private investors’ investments could be destroyed in the coronavirus-crisis. This is far more socialism for the super-rich than for the bottom 99%. The billionaires love socialism when they’re the ones who are getting the bailouts — the public taking on the risks that investors are supposed to assume. The issue for billionaires isn’t “socialism versus capitalism,” like they always say; it’s actually “socialism for us, and capitalism for everybody else.” That’s not “survival of the fittest,” for the wealthiest class; it’s instead their ordering their politicians to: protect our wealth, no matter what the cost to the public could turn out to be. And that’s precisely what the President and Congress did. Kudlow, however, said, instead, that the “package” would produce “a good rebound in the second half of the year.” Maybe for the billionaires it would.

Kudlow was simply being consistent with his own prior record. On 10 December 2007, he had headlined in National Review, “Bush Boom Continues: You can call it Goldilocks 2.0. But you can’t call it a recession.” And he closed by saying, “This sort of fiscal and monetary coordination will continue the Bush boom for years to come.” He’s good for the billionaires; and, so, today, he’s President Trump’s top economic advisor. He’s up there, because he’s wrong — not because he’s right. (If he had been right, he wouldn’t be there.)

After the immediate crisis is over, America will have a top 0.1% who are unscathed and whose mega-corporations will be selling not only what they had been selling before, but selling virtually everything that sells in the post-coronavirus world. For examples: what mom-and-pop businesses (including restaurants, B&Bs, etc.) had previously been selling, will, in the future, be supplied (to the extent that it remains being supplied at all) by McDonalds, Starbucks, Marriott, Amazon, Target, Walmart, and other megacorporations (controlled by billionaires), which will have been receiving, from the Fed, and from the Treasury, whatever they needed in order to carry their investors through the crisis-period. (And who are those investors? Look at that chart above, the recipients mainly of “Business income” and “Capital income” — the chief recipients of dividends, interest, and capital gains incomes.)

Furthermore: after the crisis, commercial real estate will be super-cheap, because of all the bankrupted mom-and-pop businesses. Wages also will decline, as the public become increasingly desperate, and the billionaires win increasing market-power. Therefore, not only will the megacorporations be selling a larger percentage of the national output, but their expenses will go down.

Consequently: America will have lots more poor people, and lots wealthier billionaires.

This, however, will be only a temporary situation, because the enormous spread of poverty will result in greatly decreased taxes coming into all levels of the U.S. Government. Bridges will collapse, potholes will proliferate, unendowed colleges will close, nervous breakdowns and heart-attacks will increase, and thus the public won’t be able to spend as much as they were spending before the crisis hit. And, so, although the megacorporations will be selling a larger percentage of national output, that national output will decline, because of the spreading poverty. Therefore, even the billionaires won’t necessarily become richer than they were before the crisis hit.

All of this outcome is unnecessary and results from corruption. The only reason why there is any bailout, at all, for investors (in anything other than pass-through entities), is the pervasive governmental corruption at the very top. If there were no corruption, then the only bailouts would be to individuals and pass-through businesses (which are individuals) — the “bottom-up” bailouts. America is a very corrupt country at the top, and that is the reason why it will collapse in the aftermath of the coronavirus crisis.

Ultimately, when the wealth-inequality is so extreme, the billionaires are selling mainly to each other, and the necessities for the public are less and less profitable to sell at all. The outcome will therefore be economic collapse, and perhaps even revolution.

The basic way to evaluate how well or poorly a nation’s Government is performing in this crisis is the country’s ratio of coronavirus cases to its total population, but if a given country has not yet reached its peak in its daily number of new cases, then that country’s ratio is probably still rising, in which instance, that country’s performance will probably turn out to have been less good than this ratio currently is showing it to be. And, conversely, the lower this ratio is, the better the performance of that country’s Government is shown to be in responding to Covid-19.

Here are the ten nations that have the largest numbers of cases at the present time, and the ratio of that number to their total population; and also shown here is the date when the daily number of new cases peaked (because if it hasn’t yet peaked, then this crucial ratio will probably be rising in that country):

Ratio of total cases divided by total population (the lower this number, the better):

USA = 740,928/330,000,000 = 0.00224523636 not yet peaked

SPAIN = 195,944/46,940,000 = 0.00417435023 peaked March 26th

ITALY = 178,972/60,360,000 = 0.0029650762 peaked March 19th

FRANCE = 152,578/66,990,000 = 0.00227762352 peaked April 3rd

GERMANY = 144,387/83,020,000 = 0.00173918332 peaked March 27th

UK = 120,067/66,650,000 = 0.00180145536 peaked April 10th

TURKEY = 86,306/82,000,000 = 0.00105251219 peaked April 11th

CHINA = 82,735/1,393,000,000 = 0.00005939339 peaked February 12th

IRAN = 82,211/81,800,000 = 0.00100502444 peaked March 30th

RUSSIA = 42,853/144,500,000 = 0.00029656055 not yet peaked

In addition, the following major countries might especially be noted, since the main reason they aren’t on that list is their being outstandingly good performers:

JAPAN = 10,797/126,500,000 = 0.00008535177 peaked April 11th

S. KOREA = 10,661/51,640,000 =0.00020644848 peaked March 3rd

The worst of all these performers appear currently to be, though not yet in any clear order: USA, Spain, and Italy.

The best appear to be, in order: China, Japan, and S. Korea.

The U.S. press has recently been particularly praising Denmark’s performance, and noting that Denmark’s coronavirus emergency legislation is more socialistic than Sweden’s is. However, both of those Scandinavian countries actually have very similar actual performance, thus far, in this crisis. In Denmark, the focus of the emergency legislation was on “saving jobs,” instead of on protecting investors. It’s a democratic socialist country, perhaps the most equalitarian in the world. Of course, that’s the exact opposite of dictatorial capitalism (fascism), which became America’s system after FDR died in 1945, and increasingly thereafter (hyper-imperialistic, military-industrial-complex or “MIC” dominated, like fascist regimes usually are), perpetrating coups and invasions, destroying Iran, Iraq, and many other countries, in order to expand its power and the wealth of its billionaires (like the fascist countries had done going into WW II). No cases of coronavirus-19 were reported in Denmark until February 27th. Denmark unanimously passed its emergency law on March 13th — drastically different bailout legislation from the one that America subsequently passed — in order to deal with the crisis. The daily number of Denmark’s new Covid-19 cases peaked on April 7th, and has been declining since that time. Its neighbor Sweden peaked on April 8th. Sweden’s emergency legislation is less strict about lockdowns, but relies more on individual discretion. However, since Sweden, like Denmark, is a democratic socialist country, individuals needn’t worry about paying medical bills, nor about being paid while on sick-leave. So, employees aren’t desperate to return to their places of work, such as in America; and, therefore, these countries don’t spread the infection as readily as in the U.S. and are thus far less likely to have recurring peaks and delayed terminations of the coronavirus crisis. (By contrast: in America, where losing one’s job can mean losing one’s health care, even sick employees may be inclined to stay on the job and perhaps infect customers.) And there are no corporate bailouts in either Denmark’s or Sweden’s legislation. Denmark’s Finance Minister, the Social Democrat (or democratic socialist) Nicolai Wammen was interviewed for 15 minutes on March 27th, by Christiane Amanpour, and he explained Denmark’s emergency law, which was overwhelmingly bottom-up, not top-down (such as America’s is).

Here, therefore, is the actual performance, thus far, of both of those two countries:

DENMARK = 7,384/5,806,000 = 0.00127178780 peaked April 7th

SWEDEN = 14,385/10,230,000 = 0.00140615835 peaked April 8th

Both of them are reasonably comparable to Germany, UK, Turkey, and Iran, but not as good as S. Korea, and not nearly as good as the two best, China and Japan.

In the final analysis, China and Japan could turn out to have the least-corrupt and best-run Governments; and the most corrupt Governments could turn out to be USA, Spain, and Italy. However, the performances of Brazil and some other nations in the southern hemisphere might yet turn out to be even worse than those of USA, Spain, and Italy, because the winter season has’t yet reached there.

On April 16th, Wall Street on Parade headlined “Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street” and described — and documented — what the Wall Street Journal and the rest of the financial press would not, which is the U.S. Government’s legalized money-laundering operation, via the Fed, transferring onto the American public almost all of the losses that America’s billionaires will be suffering from the coronavirus crash. Back on 21 January 2020, WSP described this money-laundering, in its earlier 2008 embodiment, this way: “The epic financial collapse on Wall Street in 2008 was, reduced to its basic terms, simply the end game of Wall Street banks’ efforts to monetize their frauds.” They noted: “On April 9, 2019, the nonprofit Wall Street watchdog, Better Markets, released a study titled: “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” It should have made headlines on the front pages of every major newspaper in the U.S. Instead, it was effectively ignored by mainstream media.” (Incidentally: Obama repeatedly promised to prosecute banksters, but secretly protected them and prosecuted none of them, though their crimes had been monstrous. The billionaires’ thefts from the public are entirely bipartisan, supported by over 95% of Congress — the billionaires own the Presidents and members of Congress, and not only own virtually all of the news-media.) On April 20th, America’s National Public Radio (NPR) broadcast “Amid Pandemic, Italian Prosecutors Warn That Mafia Groups Are Cementing Their Power” and reported that Mafia bosses were buying up cheap some of Italy’s suddenly desperate small businesses. If the same thing is being done by America’s billionaires, that’s not yet being reported by their press — perhaps it will instead be reported by Italy’s press.

The Federal Reserve are controlled by and represent the banksters — Wall Street — who not only skim on their own accounts but work with and for the billionaires, some of whom are themselves banksters, but many of whom are operating hedge funds, private equity funds, and all types of FORTUNE 500 companies. Basically, Wall Street works for the billionaires. The billionaires run practically everything in America, except Main Street.

In the upcoming June 2020 issue of the neoconservative (pro-U.S.-imperialist) Democratic Party U.S. magazine, The Atlantic, their George Packer banners “We Are Living in a Failed State: The coronavirus didn’t break America. It revealed what was already broken.” That magazine blames this “failed state” on the (neoconservative) Republican Party, and so Packer’s phrase there “a dysfunctional government” links to an anti-Republican article, by one of the top officials in the liberal neoconserative U.S. Administration of the Democrat Barack Obama, titled “How Trump Designed His White House to Fail.” However, the actual cause of the gradual collapse, since 1945, of what had been U.S. President FDR’s largely democratic U.S.A., is the billionaires who own both Parties — it is bipartisan. This rot comes from both Parties’ billionaires. (The particular propaganda-operation, The Atlantic, happens to be controlled by the same Democratic Party billionaire who controls Apple corporation.) No billionaire will publish the reality. For example, Packer’s article said: “The second crisis, in 2008, intensified it [‘a bitterness toward the political class’]. At the top, the financial crash could almost be considered a success. Congress passed a bipartisan bailout bill that saved the financial system.” The presumption there is that the only way to restore the economy after a crash is to bail out the country’s billionaires. It’s a timely message, at this moment when the billionaires require their Government to bail them out, yet again. (I recently proposed one way to reduce the billionaires’ dictatorship over America.)

On April 17th, WSP headlined “Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy” and closed by urging: “Americans need to use this time at home to call their Senators and Reps in Congress and demand the separation of federally-insured, deposit-taking banks from the casinos on Wall Street. We’re talking about nothing less than the survival of this country.” Needless to say, the ultimate beneficiaries of this public largesse — to America’s billionaires — don’t desire to publicize such writings, any more than they desire to publicize to the public their offshore bank accounts.

Unlike so much that’s in the billionaires’ ‘news’, the facts that are reported here are solidly documented (and linked-to), but the billionaires don’t report these facts. Thus, the masses don’t know these facts, and so the mass-violence, when it comes, won’t be focused against the billionaires. What you’re reading, here, is being kept secret by (not being published by) the billionaires’ media. So — if only to spread word that the cause of this is not “the Chinese” or “foreigners” or “the Jews” or some other amorphous ethnicity, who aren’t actually to blame — please email the URL (the web-address) atop this article, to all of your friends, as “FYI:”. It might stir some interesting conversations, especially if all the ‘news’ that they know comes from America’s billionaires — the same people who fund the country’s successful politicians, each and every election-year. The American Revolution did not come about by misinformed people. It came about by informed people. Misinformed people create only more problems.

So, that’s “FYI.” And thanks for reading here.

Why You Should Oppose The Censorship Of David Icke (Hint: It’s Got Nothing To Do With Icke)

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By Caitlin Johnstone

Source: Waking Times

Within 48 hours both Facebook and then Youtube have deleted the accounts of David Icke for posting “content that disputes the existence and transmission of Covid-19 as described by the WHO and the NHS.” Other platforms may soon fall in suit, as they did with Alex Jones in 2018.

This article is not about David Icke. I will say it again in italics for the especially dense: this article is not about David Icke. This article is about why we shouldn’t be okay with monopolistic billionaire-owned Silicon Valley tech giants with extensive ties to US government agencies controlling human communication.

I know next to nothing about David Icke, and I have done exactly zero research into his views for this article; for all I know he’s every bit the raving lunatic the narrative managers say he is. It doesn’t matter. What matters is that we’re seeing a consistent and accelerating pattern of powerful plutocratic institutions collaborating with the US-centralized empire to control what ideas people around the world are permitted to share with each other, and it’s a very unsafe trajectory. Making this conversation about Icke and his views distracts from the very important topic we need to actually focus on discussing.

Journalist Matt Taibbi recently wrote an excellent essay about the dangers inherent in the increased demand we’ve been seeing for more censorship and deplatforming during the coronavirus pandemic, correctly arguing that more authoritarian control over the ideas people are allowed to discuss is vastly more dangerous than the ideas themselves.

“The people who want to add a censorship regime to a health crisis are more dangerous and more stupid by leaps and bounds than a president who tells people to inject disinfectant,” Taibbi writes. “It’s astonishing that they don’t see this.”

“Instead of asking calmly if hydroxychloroquine works, or if the less restrictive Swedish crisis response has merit, or questioning why certain statistical assumptions about the seriousness of the crisis might have been off, we’re denouncing the questions themselves as infamous,” says Taibbi.

Taibbi argues against the increasingly normalized trend of elevating “authoritative” content while silencing content which does not wear that magical label in an attempt to fight disinformation. If you examine which content is considered “authoritative”, you’ll find a bunch of outlets who have consistently lied to the world about war after war, who spent years promoting the baseless conspiracy theory that Vladimir Putin had infiltrated and secured control over the executive branch of the US government, who consistently normalize a status quo which is wholly incompatible with the surviving and thriving of life on this planet.

Google, who owns Youtube, has been financially intertwined with US intelligence agencies since its very inception when it received research grants from the CIA and NSA for mass surveillance. Facebook’s Mark Zuckerberg has called on the government to take “a more active role” in regulating “harmful content”, and has been actively collaborating with government agencies and government-funded think tanks to decide what content to remove. Social media executives are now routinely called before government hearings and lectured about the need to increase censorship under the implicit threat of antitrust cases being brought to bear. These massive corporations now consistently censor with an extreme bias against governments which refuse to bow to the demands of the US government and its allies.

In 2017, representatives of Facebook, Twitter, and Google were instructed on the US Senate floor that it is their responsibility to “quell information rebellions” and adopt a “mission statement” expressing their commitment to “prevent the fomenting of discord.”

“Civil wars don’t start with gunshots, they start with words,” the representatives were told. “America’s war with itself has already begun. We all must act now on the social media battlefield to quell information rebellions that can quickly lead to violent confrontations and easily transform us into the Divided States of America.”

Whenever anyone objects to censorship on these massive platforms they’re always told that those platforms are private companies who are free to do what they like on their private property, but how “private” is a corporation that is interlaced with government power with increasing inseparability? The reality is that in a corporatist system of government with vanishingly few meaningful distinctions between corporate power and state power, corporate censorship is state censorship.

Proponents of increased internet censorship have already openly conceded this point. A recent Atlantic article by two legal professors subtitled “In the debate over freedom versus control of the global network, China was largely correct, and the U.S. was wrong”, the case is made that western internet censorship will necessarily involve a collaboration with “private” corporations and government power.

“As surprising as it may sound, digital surveillance and speech control in the United States already show many similarities to what one finds in authoritarian states such as China,” the article’s authors favorably argue. “Constitutional and cultural differences mean that the private sector, rather than the federal and state governments, currently takes the lead in these practices, which further values and address threats different from those in China. But the trend toward greater surveillance and speech control here, and toward the growing involvement of government, is undeniable and likely inexorable.”

Apart from the fact that they are here claiming that increasingly authoritarian speech control is good and necessary, these two bootlickers are absolutely correct. Human communication is indeed being controlled using the so-called “private sector” to circumvent constitutional limitations which prohibit the government from censoring speech directly.

These Silicon Valley tech corporations have ensured their continued monopolistic dominance by demonstrating their willingness to collaborate with establishment power structures, so there are no platforms of anywhere near the same size and influence that people can move to if they don’t feel like letting government-tied plutocrats police what thoughts are permitted to enter into their minds. This has given this corporate-government alliance the ability to control the thoughts that people are allowed to share, discuss and think about in the same way totalitarian governments can, with the false mask of freedom plastered over it.

A truly free being does not need an alliance of plutocrats and government agencies to protect their mind from David Icke. A truly free being does not want an alliance of plutocrats and government agencies to exert any control whatsoever over what ideas they are permitted to share and what thoughts they are permitted to think. A truly free being opposes with all their might any attempt to lock in a paradigm where human communication (and thereby thought) is controlled by vast unaccountable power structures which benefit from the absence of dissent.

Be a truly free being. Oppose this intrusion into your mental sovereignty.

Orwellian Lockstep and a Loaded Syringe

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By Colin Todhunter

Source: Dissident Voice

Some years ago, the then vice-president of Monsanto Robert T Fraley asked, “Why do people doubt science”. He posed the question partly because he had difficulty in believing that some people had valid concerns about the use of genetically modified organisms (GMOs) in agriculture.

Critics were questioning the science behind GM technology and the impacts of GMOs because they could see how science is used, corrupted and manipulated by powerful corporations to serve their own ends. And it was also because they regard these conglomerates as largely unaccountable and unregulated.

We need look no further than the current coronavirus issue to understand how vested interests are set to profit by spinning the crisis a certain way and how questionable science is being used to pursue policies that are essentially illogical or ‘unscientific’. Politicians refer to ‘science’ and expect the public to defer to the authority of science without questioning the legitimacy of scientific modelling or data.

Although this legitimacy is being questioned on various levels, arguments challenging the official line are being sidelined. Governments, the police and the corporate media have become the arbiters of truth even if ‘the truth’ does not correspond with expert opinion or rational thought which challenges the mainstream narrative.

For instance, testing for coronavirus could be flawed (producing a majority of ‘false positives’) and the processes involved in determining death rates could be inflating the numbers: for example, dying ‘with’ coronavirus’ is different to dying ‘due to’ coronavirus: a serious distinction given that up to 98 per cent of people (according to official sources) who may be dying with it have at least one serious life-threatening condition. Moreover, the case-fatality ratio could be so low as to make the lockdown response appear wholly disproportionate. Yet we are asked to accept statistics at face value – and by implication, the policies based on them.

Indeed, documentary maker and author David Cayley addresses this last point by saying that modern society is hyper-scientific but radically unscientific as it has no standard against which it can measure or assess what it has done: that we must at all costs ‘save lives’ is not questioned, but this makes it very easy to start a stampede. Making an entire country go home and stay home has immense, incalculable costs in terms of well-being and livelihoods. Cayley argues that this itself has created a pervasive sense of panic and crisis and is largely a result of the measures taken against the pandemic and not of the pandemic itself.

He argues that the declaration by the World Health Organization that a pandemic (at the time based on a suspected 150 deaths globally) was now officially in progress did not change anyone’s health status, but it dramatically changed the public atmosphere. Moreover, the measures mandated have involved a remarkable curtailing of civil liberty.

One of the hallmarks of the current situation, he stresses, is that some think that ‘science’ knows more than it does and therefore they – especially politicians – know more than they do. Although certain epidemiologists may say frankly that there is very little sturdy evidence to base policies on, this has not prevented politicians from acting as if everything they say or do is based on solid science.

The current paradigm – with its rhetoric of physical distancing, flattening the curve and saving lives – could be difficult to escape from. Cayley says either we call it off soon and face the possibility that it was all misguided (referring to the policies adopted in Sweden to make his point), or we extend it and create harms that may be worse than the casualties we may have averted.

The lockdown may not be merited if we were to genuinely adopt a knowledge-based approach. For instance, if we look at early projections by Neil Ferguson of Imperial College in the UK, he had grossly overstated the number of possible deaths resulting from the coronavirus and has now backtracked substantially. Ferguson has a chequered track record, which led UK newspaper The Telegraph to run a piece entitled ‘How accurate was the science that led to lockdown?’ The article outlines Ferguson’s previous flawed predictions about infectious diseases and a number of experts raise serious questions about the modelling that led to lockdown in the UK.

It is worth noting that the lockdown policies we now see are remarkably similar to the disturbing Orwellian ‘Lock Step’ future scenario that was set out in 2010 by the Rockefeller Foundation report ‘Scenarios for the Future of Technology and International Development’. The report foresaw a future situation where freedoms are curtailed and draconian high-tech surveillance measures are rolled out under the ongoing pretexts of impending pandemics. Is this the type of technology use we can expect to see as hundreds of millions are marginalized and pushed into joblessness?

Instead of encouraging more diverse, informed and objective opinions in the mainstream, we too often see money and power forcing the issue, not least in the form of Bill Gates who tells the world ‘normality’ may not return for another 18 months – until he and his close associates in the pharmaceuticals industry find a vaccine and we are all vaccinated.

US attorney Robert F Kennedy Jr says that top Trump advisor Stephen Fauci has made the reckless choice to fast track vaccines, partially funded by Gates, without critical animal studies. Gates is so worried about the danger of adverse events that he says vaccines shouldn’t be distributed until governments agree to indemnity against lawsuits.

But this should come as little surprise. Kennedy notes that the Gates Foundation and its global vaccine agenda already has much to answer for. For example, Indian doctors blame the Gates Foundation for paralysing 490,000 children. And in 2009, the Gates Foundation funded tests of experimental vaccines, developed by Glaxo Smith Kline (GSK) and Merck, on 23,000 girls. About 1,200 suffered severe side effects and seven died. Indian government investigations charged that Gates-funded researchers committed pervasive ethical violations.

Kennedy adds that in 2010 the Gates Foundation funded a trial of GSK’s experimental malaria vaccine, killing 151 African infants and causing serious adverse effects to 1,048 of the 5,949 children. In 2002, Gates’ operatives forcibly vaccinated thousands of African children against meningitis. Approximately 50 of the 500 children vaccinated developed paralysis.

Bill Gates committed $10 billion to the WHO in 2010. In 2014, Kenya’s Catholic Doctors Association accused the WHO of chemically sterilising millions of unwilling Kenyan women with a  ‘tetanus’ vaccine campaign. Independent labs found a sterility formula in every vaccine tested.

Instead of prioritising projects that are proven to curb infectious diseases and improve health — clean water, hygiene, nutrition and economic development — the Gates Foundation spends only about $650 million of its $5 billion budget on these areas.

Despite all of this, Gates appears on prime-time TV news shows in the US and the UK pushing his undemocratic and unaccountable pro-big pharma vaccination and surveillance agendas and is afforded deference by presenters who dare not mention any of what Kennedy outlines. Quite the opposite – he is treated like royalty.

In the meantime, an open Letter from Dr. Sucharit Bhakdi, emeritus professor of medical microbiology at the Johannes Gutenberg University Mainz, to Angela Merkel has called for an urgent reassessment of Germany’s lockdown. Dr Ioannidis, a professor of medicine and professor of epidemiology and population health at Stanford University, argues that we have made such decisions on the basis of unreliable data. In addition, numerous articles have recently appeared online which present the views of dozens of experts who question policies and the data being cited about the coronavirus.

While it is not the intention to dismiss the dangers of Covid-19, responses to those dangers must be proportionate to actual risks. And perspective is everything.

Millions die each year due to unnecessary conflicts, malnutrition and hunger, a range of preventative diseases (often far outweighing the apparent impact of Covid-19), environmental pollution and economic plunder which deprives poor countries of their natural wealth. Neoliberal reforms have pushed millions of farmers and poor people in India and elsewhere to the brink of joblessness and despair, while our food is being contaminated with toxic chemicals and the global ecosystem faces an apocalyptic breakdown.

Much of the above is being driven by an inherently predatory economic system and facilitated by those who now say they want to ‘save lives’ by implementing devastating lockdowns. Yet, for the media and the political class, the public’s attention should not be allowed to dwell on such things.

And that has easily been taken care of.

In the UK, the population is constantly subjected via their TV screens to clap for NHS workers, support the NHS and to stay home and save lives on the basis of questionable data and policies. It’s emotive stuff taking place under a ruling Conservative Party that has cut thousands of hospital beds, frozen staff pay and demonised junior doctors.

As people passively accept the stripping of their fundamental rights, Lionel Shriver, writing in The Spectator, says that the supine capitulation to a de facto police state has been one of the most depressing spectacles he has ever witnessed.

It’s a point of view that will resonate with many.

In the meantime, Bill Gates awaits as the saviour of humanity — with a loaded syringe.

COVID-19: A Pretext for World Government and Totalitarianism

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We are now beyond the point of no return.

By Kurt Nimmo

Source: Another Day in the Empire

The crazy thing about the COVID-19 “crisis” is how easy it is for the state and its media to frighten the public and manipulate ill-informed citizens into embracing economic and social decapitation. 

Blinded by scary headlines based on irrational speculation—subsequently revised downward and published on page C-23 of corporate newspapers demanding a bailout—the American people have embraced authoritarian measures supposedly imposed to win a battle against an invisible enemy. 

We are now beyond the point of no return. The inflicted economic and social damage has already taken a heavy toll and it will get worse the longer health bureaucrats, state governors, and a remarkably clueless president and his apparatchiks demand we stay imprisoned in our homes, frightened of a bug the state and its media have fictionally rendered as an insatiable and inescapable Gorgon of Doom. 

https://twitter.com/BarbaraMcK42/status/1246210326405599232

Scott C. Tips, president of the National Health Federation, writes:

In February 2020, the World Health Organization (WHO)—never known for its accuracy or consistency—declared a “Pandemic” for the coronavirus and claimed that the mortality rate for the novel coronavirus disease now designated as COVID-19 was 3.4%, while that for the seasonal flu was 0.1%. Of course, the news media ran with those numbers and splashed scary headlines across the World stating how much more deadly this new virus was than the seasonal flu. The problem with WHO’s statement, however, was that they applied two different formulas for the two viruses. For the COVID-19 disease, for example, they simply didn’t count any of the mild cases of COVID-19 that resolved themselves; yet, they did with the seasonal flu. If WHO were to apply the same formula to seasonal flu cases as it did with COVID-19 cases, then the seasonal flu is revealed more truthfully as being twice as deadly as the COVID-19 virus.

In other words, the globalist WHO—essentially a PR group for transnational Big Pharma and what should be considered the health-industrial complex—is engaged in massive fraud. 

The COVID-19 aggrandizement and propaganda campaign is not simply a public relations scheme for Big Pharma and its highly dubious—and often deadly—vaccines. It also serves as a cover for authoritarian measures the ruling elite have schemed to put in place for decades, measures designed to monitor and control everything you do. Orwell’s helicopters peering in bedroom windows in search of sex offenders—or drones in search of the infected and suspected vaccine scofflaws—are now a stark reality.

9/11 wasn’t sufficient. The reach of that false flag event’s fear quotient and authoritarian measures were limited and ultimately muted. The fairy tale prospect of cave-dwelling terrorists plotting dirty bomb attacks on kindergartens and other nefarious acts of deviltry had limited effectiveness and relatively short shelf life. 

However, an invisible virus portrayed as a pandemic on par with the Black Death is far more effective than a cartoon nemesis like Osama bin Laden in the ongoing effort to move cattle—as our rulers consider us—in the preferred direction. 

In addition to “smart” surveillance and control of the populace, the virus panic is being manipulated to cover and shift blame for a ransacked economy. 

“The economy was already faltering. The false boom stimulated by a decade of monetary meth was likely turning to bust even before the virus,” writes Keith Weiner. 

The real culprits pushing for economic collapse—the globalist financial class and kindred corporate fascists—want to attribute slamming on the economic brakes and toppling an already precarious house of cards to a virus that so far is little worse than seasonal flu, if that. 

It is now obvious a thoroughly propagandized populace will readily accept what amounts to an open-ended house arrest and the nonsensical authoritarian demands of the state—don’t go outside, don’t go to the grocery store or pharmacy, fashion DIY masks out of t-shirts and furnace filters, snitch on your neighbors if you suspect an infection, condemn the preppers as selfish hoarders, et cetera. 

Our future is no longer in doubt. The psychopathic control freaks are steering us toward world totalitarianism. Henry Kissinger recently advocated as much in the War Street Journal, following up a similar call for by the former “Right Honorable” Chancellor of the Exchequer, Gordon Brown. 

A virus has accomplished what the war on manufactured terror was unable to pull off—driving us with nary a bleat of complaint toward the rocks of economic and social destruction. 

Weimar America, Here We Come! Virus Hysteria Adds $10 Trillion to the National Debt

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By Mike Whitney

Source: The Unz Review

There’s no doubt that the Coronavirus is a serious infection that can lead to severe illness or death. There’s also no doubt that ‘virus hysteria’ has been used for other purposes. Wall Street, for example, has used virus-panic to advance its own agenda and get another round of trillion dollar bailouts. In fact, it took less than a week to get the pushover congress to ram through a massive $2.2 trillion boondoggle without even one lousy congressman offering a peep of protest. That’s got to be some kind of record.

In 2008, at the peak of the financial crisis, Congress voted “No” to the $700 billion TARP bill. Some readers might recall how a number of GOP congressmen bravely banded together and flipped Wall Street “the bird”. That didn’t happen this time around. Even though the bill is three times bigger than the TARP ( $2.2 trillion), no one lifted a finger to stop it. Why?

Fear, that’s why. Everyone in congress was scared to death that if they didn’t rush this debt-turd through the House pronto, the economy would collapse while tens of thousands of corpses would be stacking up in cities across the country. Of course the reason they believed this nonsense was because the goofy infectious disease experts confidently assured everyone that the body-count would be “in the hundreds of thousands if not millions.” Remember that fiction? The most recent estimate is somewhere in the neighborhood of 60,000 total. I don’t need to tell you that the difference between 60,000 and “millions” is a little more than a rounding-error.

So we’ve had the wool pulled over our eyes, right? Not as bad as congress, but, all the same, we’ve been hoodwinked and we’ve been fleeced. And the people who have axes to grind have been very successful in taking advantage of the hysteria and promoting their own agendas. Maybe you’ve noticed the reemergence of creepy Bill Gates and the Vaccine Gestapo or NWO Henry Kissinger warning us that, “the world will never be the same after the coronavirus”.

What do these people know that we don’t know? Doesn’t it all make you a bit suspicious? And when you see nonstop commercials on TV telling you to “wash your hands”or “keep your distance” or “stay inside” and, oh yeah, “We’re all in this together”, doesn’t it leave you scratching your head and wondering who the hell is orchestrating this virus-charade and what do they really have in mind for us unwashed masses??

At least in the case of Wall Street, we know what they want. They want money and lots of it.

Have you looked over the $2.2 trillion CARES bill that Trump just signed into law a couple weeks ago? It’s pretty grim reading, so I’ll save you the effort. Here’s a rough breakdown:

$250 billion will go for the $1,200 checks that most of us will receive in a couple weeks. And $250 billion will be provided for extended unemployment insurance benefits.

That’s $500 billion.

Working people will get $500 billion while Wall Street and Corporate America will get 3 times that amount. ($1.7 trillion) And even that’s a mere fraction of the total sum because– hidden in the small print– is a section that allows the Fed to lever-up the base-capital by 10-to-1 ($450 billion to $4.5 trillion) which means the Fed can buy as many “toxic” bonds and garbage assets as it chooses. The Fed is turning itself into a hedge fund in order to buy the sludge that has accumulated on the balance sheets of corporations and financial institutions for the last decade. It’s another gigantic ripoff that’s being cleverly concealed behind the ridiculous coronavirus hype. It’s infuriating.

So here’s the question: Do you think Congress knew that working people would only get a pittance while the bulk of the dough would go to Wall Street?

It’s hard to say, but they certainly knew that the economy was cratering and that $500 billion wasn’t going to put much of a dent in a $20 trillion economy. In other words, even if everyone goes out and blows their measly $1,200 checks on Day 1, we’re still going to experience the sharpest economic contraction on record, a second Great Depression.

Maybe they should have talked about that in congress before they voted for this trillion-dollar turkey? Maybe they should have thought a little more about how the money should be distributed: Should it go to the people who actually buy things, generate activity and produce growth, or to the parasite class that blows up the system every decade and drags the economy down a black hole? That seems like something you might want to know before you pass a multi-trillion dollar bill that’s supposed to fix the economy.

It’s also worth noting that the $5.8 trillion is not nearly the total amount that Wall Street will eventually get. The Fed has already spent $2 trillion via its QE program (to shore up the dysfunctional repo market) and Fed chair Jay Powell announced on Thursday that another $2.3 trillion in loans and purchases would be used to buy municipal bonds, corporate bonds and loans to small businesses. The allocation for small businesses, which falls under the, Main Street Lending Program, has been widely touted as a sign of how much the Fed really cares about struggling Mom and Pop businesses that employ the majority of working Americans. But, once again, it’s a sham and a boondoggle. The program is on-track to get $600 billion funding of which the US Treasury will provide the base-capital of $75 billion. The rest will be levered-up by 9-to-1 by the Fed, which means it’s just more smoke and mirrors.

What readers need to realize is that the Treasury has accepted the credit risk for all of the loans that default. In other words, the American people are now on the hook for 100% of all of the loans that go south, and there’s going to be alot of them because the banks have no reason to find creditworthy borrowers. They get a 5% cut off-the-top whether the loans blow up or not. And, that, my friend, is how you incentivize fraud which, as Bernie Sanders noted, “is Wall Street’s business model.”

It also helps to explain why Trump has repeatedly rejected congressional oversight of the various bailout programs. He’s smart enough to know a good swindle when he sees one, and this one is a corker. The government is essentially waving trillions of dollars right under the noses of the world’s most ravenous hyenas expecting them not to act in character. But of course they will act in character and hundreds of billions of dollars will be siphoned off by scheming sharpies who figure out how game the system and turn the whole fiasco into another Wall Street looting operation. You can bet on it.

So, what is the final tally?

Well, according to Trump’s chief economic advisor, Larry Kudlow, the first bailout installment is $6.2 trillion (after the Fed ramps up the Treasury’s contribution of $450 billion.). Then there’s the $2.3 trillion in additional programs the Fed announced on Thursday. Finally, the Fed’s QE program adds another $2 trillion in bond purchases since September 17, when the repo market went haywire.

Altogether, the total sum amounts to $10.5 trillion.

You know what they say, “A trillion here, a trillion there, pretty soon you’re talking real money.”

Of course, no one on Capitol Hill worries about trivialities like money because, “We’re the United States of America, and our dollar will always be King.” But there’s a fundamental flaw to this type of thinking. Yes, the dollar is the world’s reserve currency, but that’s a privilege that the US has greatly abused over the years, and it’s certainly not going to survive this latest wacky helicopter drop. No, I am not suggesting the US would ever default on its debt, that’s not going to happen. But, yes, I am suggesting that the US will have to repay its debts in a currency that has lost a significant amount of its value. You don’t have to be Einstein to figure out that you can’t willy-nilly print-up $10 or $20 trillion dollars without eroding the value of the currency. That’s a no-brainer. Central bankers around the world are now looking at their piles of USDs thinking, “Hmmm, maybe it’s time I traded some of these greenbacks in for a few yen, euros or even Swiss francs?”

So how does this end? Can the Fed continue to write trillion dollar checks on an account that is already $23 trillion overdrawn? Will Central banks around the world continue to stockpile dollars when the Fed is printing them up faster than anyone can count? And what about China? How long before China realizes that US Treasuries are grossly overvalued, that US equities markets are unreformable, that the dollar is backed by nothing but red ink, and that Wall Street is the biggest and most corrupt cesspit on earth?

Not long, I’d wager. So, how does this end? It ends in a flash of monetary debasement preceded by a violent and destabilizing currency crisis. It’s plain as the nose on your face. The Fed knows that when a nation’s sovereign debt exceeds 100% of GDP, “there’s almost no mathematical way to service that debt in real terms.” Well, the US passed that milestone way-back in 2019 before this latest drunken spending-spree even began. It’s safe to say, we’ve now entered the financial Twilight Zone, the Land of No Return. If we add the Fed’s bulging balance sheet to the final estimate, (after all, it’s just another shady Enron-type Special Purpose Vehicle) the national debt will be somewhere north of $33 trillion by year-end, which means that Uncle Sam will be the greatest credit risk on Planet Earth. Imagine how jaws will drop on the day that Moodys and Fitch slash the ratings on US Treasuries to Triple B “junk” status. That should turn a few heads.

So what can we expect in the months to come?

First, the economy is going to slip into a deflationary period as people get back to work and slowly resume their spending. But once demand picks up and the Fed’s liquidity starts to kick in, the economy will rebound sharply followed by steadily rising prices. That’s the red flag that will signal a weakening dollar. Similar to 1933, when Roosevelt took the U.S. off the gold standard and printed money like crazy, economic activity picked up but the value of the dollar dropped by 40%. A similar scenario seems likely here as well. Economist Lyn Alden Schwartzer summed it up like this in an article at Seeking Alpha:

“One of the common debates is whether all of this debt, counteracted by a tremendous monetary expansion by the Federal Reserve in response, will cause a deflationary bust or an inflationary problem…..Fundamentally, evidence points to a period of deflation due to this global shutdown and demand destruction shock, likely followed in the coming years by rising inflation….

In the coming years, the United States will be effectively printing money to fund large fiscal deficits, while also having a large current account deficit and negative net international investment position. This is one of the main variables for my view that the dollar will likely decrease in value relative to a basket of foreign currencies in the coming years….” (“Why This Is Unlike The Great Depression”, Seeking Alpha)

So, after decades of lethal low interest rates, relentless meddling and gross regulatory malpractice, the Fed has led us to this final, fatal crossroads: Inflate or default. From the looks of things, the choice has already been made. Weimar America, here we come!

 

The Psychology of the COVID-19 Coup: The Elite, their Victims and those who Resist

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By Robert J. Burrowes

As the elite coup against humanity continues to gather pace – see ‘The Elite’s COVID-19 Coup Against a Terrified Humanity: Resisting Powerfully’ – it is invaluable to observe the way in which the dysfunctional and violent psychology of the global elite, including those of its members who have a significant public profile such as Bill Gates, is revealed more starkly.

At the same time, it is interesting to observe the vast number of fearfully submissive people who are willing to accept, or even ask for, greater constraints on our rights, freedom and economic security, ostensibly to ‘protect’ them from a virus. Sadly, too, the fear of these people plays a critical collaborative role in both advancing the elite coup and condemning millions of others to death as the economic consequences of the destruction of the global economy inflicts its devastating impacts on those least able to cope with it.

Clearly complicated by a number of factors, including the locust plagues that have been devastating several countries in Africa, the Middle East and South Asia during early 2020 – see ‘360 Billion Locusts And Growing – A Plague Of “Biblical Proportions” Is Destroying Crops Across The Middle East And Africa’ – but now particularly because of official responses to COVID-19, as World Food Programme (WFP) Executive Director, David Beasley, has recently warned:

If we don’t prepare and act now to secure access, to avoid funding shortfalls and disruptions to trade, we could be facing multiple famines of biblical proportions within a short few months… our analysis shows that 300,000 people could starve to death every single day over a three-month period. See ‘WFP chief warns of “hunger pandemic” as Global Food Crises Report launched’.

That is 27,000,000 people, if arithmetic is not your strong point, that will die of starvation, not COVID-19. And this figure, of course, is quite separate from the phenomenal hardship that millions are already experiencing as a result of the economic dislocation which has created a staggering number of newly unemployed people around the world.

In this article I will do three things. I will briefly explain the dysfunctional psychology of the global elite, using Bill Gates as an example, which explains why they seek vastly greater control over our lives at staggering expense to our rights, freedom and economic security. I will briefly explain why so many people are fearfully submissive victims of this coup, unable to perceive the deeper strands of what is taking place. And I will briefly reiterate what those people in a third category, ranging from those skeptical of the fear-mongering in relation to COVID-19 to those already resisting the lockdowns, curfews, martial law and other serious impositions on our lives, can do to ensure that their resistance has strategic impact.

The Violently Dysfunctional Psychology of the Global Elite

While the world is in turmoil, partly in response to the fear-mongering by WHO, governments, the medical industry and the corporate media that has profoundly inflated people’s fear of COVID-19 but also because of the adverse cascading impacts of the long list of ill-advised decisions, particularly those that impact national economies made to supposedly deal with COVID-19, the primary concern of Bill Gates is that we all submit to vaccination and acquire a ‘digital certificate’ to prove that we have done so. For explanations of Gates’ unsavory motives in promoting and conducting extensive vaccination, see ‘Gates’ Globalist Vaccine Agenda: A Win-Win for Pharma and Mandatory Vaccination’ and ‘Bill Gates and the Depopulation Agenda. Robert F. Kennedy Junior Calls for an Investigation’.

While this has led to substantial resistance on social media, including that Gates be arrested for crimes against humanity – see ‘“Arrest Bill Gates” – Says every Instagrammer on Gates Account’ – it is, in fact, only the most public initiative by a member of the global elite even though it constitutes a key element of how the global elite intends to capture complete control of our lives to create what Whitney Webb describes as a ‘techno tyranny’.

Citing a range of evidence obtained from official but largely ignored organizations, decisions and documents in recent years, Webb thoughtfully describes a frightening view of the techno tyranny that is almost upon us and for which the latest moves are being rapidly implemented under the guise of combating COVID-19. Involving an unsavory alliance of the ‘intelligence’ community, the Pentagon and Silicon Valley, COVID-19 is being used as cover to remove economic and social ‘obstacles’ (including so-called ‘legacy systems’ with which we are all familiar) to implementing the so-called fourth industrial revolution – ‘a revolution characterized by discontinuous technological development in areas like artificial intelligence (AI), big data, fifth-generation telecommunications networking (5G), nanotechnology and biotechnology, robotics, the Internet of Things (IoT), and quantum computing’ – to achieve everything from a cashless society and AI-driven technologies (particularly for mass surveillance and law enforcement) to driverless cars and ‘telemedicine’.

For a sample of the documentation, see ‘Competing With China on Technology and Innovation’, the US National Security Commission on Artificial Intelligence, the ‘Chinese Tech Landscape Overview’, US Attorney General William Barr’s ‘Implementation of National Disruption and Early Engagement Programs to Counter the Threat of Mass Shootings’, the ‘American Artificial Intelligence Initiative: Year One Annual Report’ of the US Office of Science and Technology Policy, and the recent advice by the White House that ‘President Donald J. Trump Announces Great American Economic Revival Industry Groups’. Whitney Webb has written two recent articles – ‘Meet The Companies Poised To Build The Kushner-Backed “Coronavirus Surveillance System”’ and ‘Techno-Tyranny: How The US National Security State Is Using Coronavirus To Fulfill An Orwellian Vision’ – and been interviewed – see ‘Security State using coronavirus to implement Orwellian nightmare’ – that thoughtfully describe what is taking place.

In short, it will leave those of us who are still alive and who haven’t been replaced by robots as little more than digital entities, devoid of rights and freedoms, who are monitored and controlled to serve elite ends. You might still be able to choose what you buy, provided you do it online.

But while you can consider this evidence at your leisure, my own concern in this article is to explain why members of the global elite are so willing to inflict their violence on us, and to exploit us so mercilessly, without even caring. Why does their vision for the world and their effort to create it resemble the works of Aldous Huxley and George Orwell, rather than something that many more of us would consider desirable? Is profit really all that matters? What about people?

In short, the explanation for their behavior is that they are completely insane. But like some other versions of insanity that are also defined as ‘normal’ – essentially because they are so widespread (like over-consumption in industrialized countries) that few think to question whether or not the behavior is actually functional – it is fairly straightforward to explain both the origin and outcomes of their insanity.

At birth, every human child has enormous unique potential. However, to fully realize that potential, the child must be nurtured physically, emotionally, intellectually and in other ways so that their unique potential unfolds. This includes caring for them in their unique physical environment while allowing their natural inclination to learn, an evolutionary gift, to guide the manner and nature of their inquiry.

Unfortunately, however, adult humans do not appreciate and value the innate learning capacities of their children so we ‘teach’ them, in the ways of our choosing (particularly by funneling them all through the one-size-fits-all institution we call ‘school’), what we want them to know instead. Because the child naturally resists this, the child is subjected to an extraordinary range of ‘visible’ and ‘invisible’ violence to force them to conform to societal norms.

Then, using what I have labeled ‘utterly invisible violence’, we ensure that the feelings of fear, sadness, anger and pain (among many others) that this causes are suppressed so that we do not have to deal with the emotional and behavioral consequences of the violence we inflict on the child. This leaves the child with an unconscious legacy of fear, self-hatred and powerlessness that will manifest, depending on the context, throughout the child’s life. For a thorough explanation of this, see ‘Why Violence?’ and ‘Fearless Psychology and Fearful Psychology: Principles and Practice’.

One outcome of being terrorized into submissive obedience throughout childhood is that the human ‘individual’ enters adulthood with no sense of their unique identity but fully comfortable with the socially constructed delusional identity they gradually took on during childhood. Having been terrorized into obedient submission to parents, teachers and religious figures, virtually all people readily take on the role of submissive worker/soldier and citizen fulfilling some fairly meaningless role in a society largely devoid of meaning. Understanding no other way and in a last resort to feel some sense of control over their life, they also then terrorize their own children into being submissively obedient.

And people like Bill Gates are not all that different except that the opportunities provided by their wealth and the privilege that goes with it, enable them to inflict their dysfunctional and violent behaviors on a vastly greater number of people in a fruitless endeavor to feel ‘in control’. And they can do so without attracting the sanctions, legal and otherwise, that might constrain the behaviors of the rest of us.

So, as documented in the articles about Bill Gates cited above, his vaccination programs have wreaked havoc on adults and children throughout the global south, killing or incapacitating substantial numbers of people. This is unsurprising given the historical role of vaccination in precipitating a great many disorders and deaths, by introducing into the body contaminants such as aluminium and glyphosate. See Sayer Ji’s 326 page bibliography with a vast number of references to the literature explaining the exceptional range of shocking dangers from vaccination – see ‘Vaccination’ – or, if you wish to just read straightforward accounts of the history of vaccine damage and the ongoing dangers, see these articles by Gary G. Kohls MD: ‘A Comprehensive List of Vaccine-Associated Toxic Reactions’ and ‘Identifying the Vaccinology-Illiterate among Us’.

But does Bill Gates care about the staggering harm these vaccinations are causing? Does he care that future vaccinations are intended to be used to grotesquely infringe our rights and freedoms with the insertion of biometric data? See ‘COVID-19: Perfect Cover for Mandatory Biometric ID’. What of his love? Compassion? Empathy? Sympathy? Does he have a conscience to call him to account, even if no legal system does? Does he respect people? Does he believe everyone should be given an individual and informed choice about whether or not they are vaccinated?

Tragically, Bill Gates is so psychologically damaged that he is simply devoid of qualities such as these. They were never given the chance to develop by parents who showed him the same lack of love, sympathy, care, respect and consideration. Moreover, because of his fear of being out of control, as he was when endlessly suffering the incredible violence of his parents throughout childhood, he now endlessly seeks control in the highly dysfunctional ways that his unconscious fear projects. That is, by seeking to control us all.

If you want to read more about the psychological dysfunctionality of Bill Gates and other members of the global elite, as well as their agents, and how this always manifests to our detriment, you can do so in articles such as ‘The Global Elite is Insane Revisited’, ‘Love Denied: The Psychology of Materialism, Violence and War’ and ‘Understanding Self-Hatred in World Affairs’.

Sadly, however, it is not just members of the global elite who are psychologically dysfunctional. There is a substantial portion of the human population who have suffered a similar fate, even if it manifests very differently. However, while this dysfunctionality might manifest in an extraordinarily wide variety of ways, it almost invariably includes fearful submission to those considered to be ‘in authority’.

The Dysfunctional Psychology of Victims

Because each human being is unique, the individual is born with a powerful evolutionary gift: Self-will. This means that the individual has an incredible range of tools, including the capacity to apply sensory perception (sight, sound, touch…) to observe what is happening, the emotional capacity to feel what this means (is it satisfying, enjoyable, frightening, infuriating…), to think for themself about the significance of it, to compare and contrast it with relevant memories, to gauge it against one’s conscience and so on until an integrated sense of how to behave in response is formulated and then acted on.

If a person is doing this then we might describe them as ‘Self-aware’. And they are, truly, an individual.

However, because of the experience of childhood terrorization, briefly touched on above, most children are compelled to surrender the essence of these various capacities, and hence their Self-will, by a very young age. In these circumstances, the child becomes a fairly malleable instrument, easily transformed into a victim who is now devoid of the capacity to look deep within themselves to make sound judgments about what is taking place and to behave powerfully in response.

Instead, they simply obey the will of another: parent, teacher, religious figure, employer, political leader…. and act more out of habit than consideration. Given the endless violence (usually labeled ‘punishment’) that is inflicted to ensure that children are obedient to others, rather than allowed to follow their own self-will, it takes an extraordinary child to survive with even a semblance of the potential with which they were born. As a result, most human behavior lacks consideration, conviction, courage and strategy, and is simply driven compulsively by the predominant fear in each context.

For elaboration of this explanation, see ‘The Disintegrated Mind: The Greatest Threat to Human Survival on Earth’ and ‘The Psychology of Victimhood: Obama, Cameron, Netanyahu, Clinton, Kissinger’.

A primary outcome of this childhood terrorization experience in materialist cultures is that the child learns to suppress their awareness of how they feel by using food and material items to distract themself. By doing this, the child rapidly loses their emerging self-awareness and learns to consume as the substitute for this awareness. Clearly, this has catastrophic consequences for the child, their society and for nature (although it is immensely profitable for elites and their agents whose Self-awareness is non-existent). For a fuller explanation, see ‘Love Denied: The Psychology of Materialism, Violence and War’.

In essence, a victim is utterly terrified and powerless. These feelings are unconscious to the victim, which is why they are incapable of intelligently seeking out and personally assessing evidence (such as that in relation to COVID-19 and how it is being used) and they simply submit without protest once told to obey.

An equally important outcome for the victim, is that they have little, if any, capacity to see beyond themselves or their immediate concerns (which might include an activist preoccupation). They are incapable of perceiving and considering the wider ramifications of what is taking place – the ‘big picture’ – such as for those millions of starving people referred to by WFP Executive Director David Beasley above. Any sense of a ‘wider self’, of human solidarity beyond the most superficial kind, is incomprehensible to them.

Making sure our Resistance to this Coup has Strategic Impact

So this is why a third group in relation to this elite coup is so important: Those individuals who are already resisting the coup or those who will soon choose to do so. Clearly, these people have sufficient sense of Self, the intelligence and emotional capacity (including courage) to consider the evidence in relation to COVID-19 and what lies beneath it, and to draw conclusions at variance with those presented by the elite through its international organizations (such as the World Health Organization), governments and corporate media.

And it is to these people that this final section is particularly addressed.

I have previously explained a nonviolent strategy to resist this elite coup against humanity. See ‘The Elite’s COVID-19 Coup Against a Terrified Humanity: Resisting Powerfully’.

This included identifying its political purpose – obviously ‘To defend humanity against a political/military coup conducted by the global elite’ – and setting out a basic list of 26 strategic goals for achieving this purpose. You can read the ‘Strategic goals for defeating a political/military coup conducted by the global elite against humanity’ by scrolling down the page at ‘Strategic Aims’.

Remaining pages on the website fully explain the twelve components of the strategy, as illustrated by the Nonviolent Strategy Wheel, as well as articles and videos explaining all of the vital points of strategy and tactics, such as those to help you understand ‘Nonviolent Action: Why and How it Works’ and how to prepare, frame and conduct any nonviolent action to minimize the risk of violent repression. See ‘Nonviolent Action: Minimizing the Risk of Violent Repression’.

While many of the tactics identified are designed to make it very easy for individuals to be involved, an increasing number of people are already participating in nonviolent actions based on public gatherings to ‘End the Lockdown’ using social media messaging with that or similar labels. See, for example, ‘Protesting the Lockdowns is Getting Going – #endthelockdown’.

Therefore, as more people become aware of the coup and the energy to resist it continues to gather pace, it will be worthwhile to choose a locally significant date on which as many people who are willing to do so act to ‘End the Lockdown’ in your country. Using a locally relevant focus, or perhaps several, for which many people would traditionally be together – a cultural or sporting event, a community activity such as working to establish a community garden to increase local self-reliance, a birthday celebration and/or a return to work – we can mobilize people to collectively resist the coup that is taking place.

Because the actions taken can be dispersed with large numbers of people responding in a vast number of locations, it will be impossible for police and military forces to inflict violent repression against everyone, particularly if local organizers have implemented the points in ‘Nonviolent Action: Minimizing the Risk of Violent Repression’.

Equally importantly to any of the points above, particularly given the pressing threat of human extinction – see ‘Human Extinction Now Imminent and Inevitable? A Report on the State of Planet Earth’ – but also because becoming more self-reliant is vital to our ongoing capacity to resist elite encroachments on our rights, freedom and economic security, consider joining those participating in ‘The Flame Tree Project to Save Life on Earth’. This project also explains how to take full advantage of non-monetary forms of community where goods and services are exchanged directly, without money as a medium of exchange. Money only has value in certain types of economy and these types of economy must be superseded if humans are to survive.

Moreover, given the enormous pressure on children at the moment, as their lives are upended, it would be useful to spend time listening to them. Of course, if you know an adult who is having trouble coping, it will help them enormously as well if you listen while giving them the opportunity to talk about, and focus on feeling, their own emotional reactions to what is taking place. See ‘Nisteling: The Art of Deep Listening’. If you do not have anyone who can listen to you, try ‘Putting Feelings First’.

In addition, because the foundation of this entire elite-controlled world, and the coup it is now implementing, is the submissively obedient individual, the world can only be rebuilt as we might like it if we stop terrorizing children into being submissive. So I would start by parenting and educating children so that they become powerful. See ‘My Promise to Children’ and ‘Do We Want School or Education?’

Finally, as touched on above, apart from the ongoing elite coup the Earth is under siege from our assaults on a vast range of fronts. See ‘Human Extinction Now Imminent and Inevitable? A Report on the State of Planet Earth’. So if we are serious about tackling this crisis too, we must be willing to consider committing to:

The Earth Pledge 

Out of love for the Earth and all of its creatures, and my respect for their needs, from this day onwards I pledge that:

  1. I will listen deeply to children (see explanation above)
  2. I will not travel by plane
  3. I will not travel by car
  4. I will not eat meat and fish
  5. I will only eat organically/biodynamically grown food
  6. I will minimize the amount of fresh water I use, including by minimizing my ownership and use of electronic devices
  7. I will not buy rainforest timber
  8. I will not buy or use single-use plastic, such as bags, bottles, containers, cups and straws
  9. I will not use banks, superannuation (pension) funds or insurance companies that provide any service to corporations involved in fossil fuels, nuclear power and/or weapons
  10. I will not accept employment from, or invest in, any organization that supports or participates in the exploitation of fellow human beings or profits from killing and/or destruction of the biosphere
  11. I will not get news from the corporate media (mainstream newspapers, television, radio, Google, Facebook, Twitter…)
  12. I will make the effort to learn a skill, such as food gardening or sewing, that makes me more self-reliant
  13. I will gently encourage my family and friends to consider signing this pledge.

Conclusion

Given that any serious investigation of the circumstances underlying the so-called COVID-19 ‘pandemic’ reveals that the entire global episode has been contrived to further an unsavory elite end, at staggering cost to humans everywhere, it is imperative that those who are capable of perceiving this reality also take action to bring this ongoing coup to an early end.

The longer it takes to muster a full response to defeat this coup, the more damage – to our rights, freedoms, economic security, opportunities, democratic governance, the global economy and the environment – will have been inflicted, making the struggle to restore them vastly more difficult.

More importantly, if human solidarity means anything to you, the lives of millions of people (in the global south) are at stake and the economic security (through lost employment) of millions more.

And these lives, if lost or marginalized, while suiting some elite depopulation agenda, will be a stark but ugly reminder that COVID-19 was never about a virus but about our fear.

 

Biodata: Robert J. Burrowes has a lifetime commitment to understanding and ending human violence. He has done extensive research since 1966 in an effort to understand why human beings are violent and has been a nonviolent activist since 1981. He is the author of ‘Why Violence?’ His email address is flametree@riseup.net and his website is here.

 

There’s No Going Back, We Can Only Go Forward

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Photo by by Adam Brummett

By Charles Hugh Smith

Source: Of Two Minds

What I see is a global collapse of intangible capital that is invisible to most people.

It’s only natural that the conventional expectation is a return to the pre-pandemic world is just a matter of time. Whether it’s three months or six months or 18 months, “the good old days” will return just as if we turned back the clock.

I think the situation is much more akin to being injured. Since I worked for decades in construction, I’ve had numerous potentially serious injuries, including slipping off roofs, being perched on ladders that fell, my finger sliced open by a steel stud, high winds peeling a heavy sheet of plywood off a stack and sending it flying into me, etc.

Immediately after impact, your first instinct is to assess how badly you’re injured. Of course we all hope we’re not seriously hurt, but the initial adrenaline-fueled relief can be misleading: we might have suffered internal injuries that we can’t feel.

That’s the global situation: we want to assure ourselves the injury is minor and we’ll be back on our feet in no time, but I think the financial-economic injuries are severe and to some branches of global capital and labor, fatal.

Those in power around the world crave one thing above all else: control. If you can’t control the situation and key assets, then what good is your supposed power? If you can’t control the situation and key assets, your power is illusory.

Those in power cannot completely control the forces unleashed by the pandemic. The tide has turned, and everyone trying to return their corner of the world to its pre-pandemic conditions is swimming against the tide–or shoveling sand against the tide, if you prefer that analogy. In either case, they will exhaust themselves and the tide will continue on, regardless of their titanic efforts to print money and maintain control of their populaces.

In my recent book, Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World, I focused on intangible capital, which includes all the forms of capital that cannot be commoditized and purchased for cash like goods and services. Intangible capital includes social capital, social stability, a diverse, resilient local economy and control of one’s own capital.

What I see is a global collapse of intangible capital that is invisible to most people. This includes confidence, trust in institutions and a complacent sense that the tide is carrying us all to greater prosperity.

The tide has reversed, and the key dynamics are income, net worth and costs. As I explained in The New (Forced) Frugality (March 28, 2020), incomes are falling and will continue to fall. Since income is the foundation of asset valuations, asset values will also fall. This will reverse the “wealth effect” that supported the enormous increases in spending and borrowing globally.

When our net worth is rising, we feel wealthier and are more likely to borrow and spend more, confident that our rising wealth will support the debt and higher expenditures. When our assets are declining in value, we feel poorer and are less likely to borrow and spend.

Income is fragile and prone to instant decay, while costs are extremely resistant to declines.

Consider stock valuations: the core driver is profit, which is revenues minus costs. As revenues drop and costs rise, profits vanish literally overnight. That sudden erosion of profits is global, and it will affect companies previously perceived as bulletproof. Facebook and Google depend on advertising, and with the global economy in free-fall, what’s the point in wasting scarce cash on marketing? Essentially no one needs a $1,000 iPhone or a $40,000 Tesla. Aspirational spending is as fragile as income.

Consider real estate: commercial real estate is based on the income generated by enterprises renting space. If businesses fold or stop paying rent, the value of the property falls accordingly.

Even residential real estate is intimately connected to income: as household incomes plummet, the number of potential buyers plummets, too. Institutional buyers of houses base the value on rental income, just like commercial property. As household income plummets, fewer people can afford sky-high rents, and so supply exceeds demand and rents will fall accordingly.

Consider bonds: the value of any bond, government or corporate, is based on the yield paid to the owner. While the general expectation is that yields will fall to zero because central banks are buying bonds, this may be less of a guarantee than generally assumed. The volume of bonds being issued may well exceed central bank buying, and yields (and interest rates) will rise despite central bank intervention.

The world depends on expanding debt to pay for government services and private-sector spending. Debt is also dependent on income; lenders who issue loans to households and enterprises with faltering income are very likely to lose money as these marginal borrowers default.

As income falls, lending dries up, as lenders cannot afford to risk making loans to people and businesses that are practically guaranteed to default. This is especially true for borrowers who are already burdened by existing debts.

As incomes decline, asset values decline and borrowing dries up. Once borrowing dries up, spending dries up, and enterprises and governments must cut payrolls by any means available: don’t replace retiring employees, cut wages and benefits, and eliminate overtime and bonuses.

As stock values fall, so do the value of employee stock options–another example of the reverse wealth effect.

Meanwhile, costs will continue rising as cash-strapped governments eventually seek more tax revenues and supply-chain shocks lead to higher prices.

We cannot go back to the pre-pandemic side of the river of time, and it’s dangerous to focus on returning to a time that has already been lost. We cannot go back, we can only go forward.