Tag Archives: Federal Reserve

The Top 10% Is Doing Just Fine, The Middle Class Is Dying on the Vine

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By Charles Hugh Smith

Source: Of Two Minds

Please study these charts as a means of understanding the inevitability of economic stagnation and a revolt of the decapitalized middle class.

I’ve been covering the decline of America’s middle class for over a decade with charts, data and commentary on the social depression that has accompanied the decline.

While there are many mutually reinforcing dynamics in this 45-year decline–demographics, global energy costs, financialization and globalization, to name a few– one term describes the accelerating erosion of America’s middle class: decapitalization.

To understand decapitalization, we need to start with the fundamentals of any economy between labor (wages) and capital and between investment and speculation. Although it’s tempting to oversimplify and demonize one or the other of these basics (speculators bad! etc.), they each provide an essential role in a healthy economy, one which is in dynamic equilibrium, a state analogous to a healthy ecosystem with constantly changing interactions of numerous species, individuals and inputs (weather, etc.). This variability enables the order of fluctuations (to use Ilya Prigogine’s profound phrase), a dynamic stability / equilibrium.

If labor’s share of the economy drops too low, the workforce cannot consume enough to support their households and the economy as a whole. If capital can no longer earn an attractive return, investment dries up and production stagnates. If speculators are not allowed to take on risk, liquidity dries up and risk crushes investment. But if speculation becomes the foundation of the economy’s “growth,” then the inevitable collapse of speculative bubbles will crash the economy.

In modern social-capitalist systems, the core stabilizer of the system is the wage-earning middle class which provides the stable workforce driving production and the stable pool of consumers needed to borrow money and consume enough to soak up the production of goods and services at a profit to producers.

Without a stable, dominant middle class, capital has few opportunities to invest in productive capacity. Without a stable, dominant middle class, the economy stagnates and is prone to collapse as it is far from equilibrium.

The process of middle class decline is best explained as decapitalization because the middle class is fundamentally a means of transforming labor into capital via savings and investment. The traditional ladder of social mobility from the working class to the middle class is one of capitalizing work: time and savings are invested in higher education, in effect capitalizing future labor by increasing productivity.

Capital isn’t limited to cash, land or tools; in an information economy, knowledge and skills are also capital, as is the social capital of social networking and relationships formed with mentors, suppliers, lenders, colleagues, investors, etc.

The second way to capitalize work is to save earnings and invest the savings in assets that produce income or gain value: a house, land, rental property, small business and income-producing financial assets such as bonds or dividend-paying stocks.

Thrift, investing, long-term planning and deferred consumption are all essential to capitalizing work by turning that labor into income-producing assets. As the household’s ownership of these assets that yield unearned income rises, so does their income and wealth. These increase the financial security of the household and build a nestegg which can be passed down to the next generation, improving their security via inheritance of income-producing assets.

As long as productivity is increasing the value of their labor, the middle class can leverage future earnings into assets by borrowing money to invest in assets: to buy a house, a mortgage is borrowed against future earnings. As long as the mortgage is a fixed-interest loan and income can be expected to rise with productivity, then this is a win-win situation: capital earns a predictable, low-risk return from the mortgage and the middle class household has stake in a family home, an asset which acts as a savings mechanism as the mortgage slowly pays down the debt and increases the household’s home equity–a form of savings.

The processes of decapitalization have upended this entire structure. In the systems context outlined above, our economy is out of balance and far from equilibrium and thus prone to collapse.

For the bottom 90%, which of course includes the middle class however you define it, it’s increasingly difficult to capitalize labor into capital. There are a number of factors driving this decapitalization:

1. Wages’ share of the national income has continued a five-decade downtrend. (See chart below) National income since 1973 has shifted from labor (wages) to capital and more specifically, to debt and speculative gaming of the system, a.k.a. financialization.

Total household income in the U.S. in 2018 was $17.6 trillion. The decline in wages’ share of the national income from 1973 to 2018 is about 8.5%, which equals $1.5 trillion, the sum shifted from labor to capital every year. (See chart below)(source: https://www.statista.com/statistics/216756/us-personal-income/)

No, this is not a typo. As this RAND report documents, $50 trillion has been siphoned from labor (the lower 90% of the workforce) to the Financial Aristocracy and their technocrat lackeys (the top 10%) who own the vast majority of the capital (see charts below): Trends in Income From 1975 to 2018.

2. Within the workforce, wages have shifted to the top 10% who now earn 50% of all taxable income. (See RAND chart below) Financialization and globalization have decapitalized the skills of entire sectors of the workforce as automation and offshoring reduced the human capital of workers’ skills and experience and the value of their social capital. When the entire industry is offshored, skills and professional relationships lose their market value.

In a fully globalized economy, every worker producing tradable goods/services is competing with the entire global workforce, a reality that reduces wages in high-cost developed nations such as the U.S.

Financialization has heavily rewarded workers with specialized gaming the financial system skills and devalued every other skill as only the skills of financialization are highly profitable in a globalized, financialized economy.

3. As the high-wage jobs and capital shifted to coastal urban centers, middle class owners of homes and capital elsewhere saw the value of their assets decline. If a home valued at $100,000 in the late 1990s is now worth $150,000, the owners lost ground even with “official” inflation. In terms of real-world purchasing power, their home actually lost significant value in the past 23 years.

Meanwhile, middle class owners who bought their home in a coastal hot-spot for $100,000 23 years ago are now enjoying home valuations close to $1 million. Homes, along with every other asset, have been shifted into a casino where almost everyone is sorted into winners and losers, less often by skill and more often by luck.

For those who were too young to buy in 1997, sorry–the opportunity to buy a home for three times average middle class income is gone. The lucky generation who bought in the late 1990s in booming coastal magnets for global capital joined the top 10% and their colleagues in less desirable regions lost ground.

4. As capital siphoned off income and appreciation from labor (human and social capital), the gains accruing to capital accelerated. Those who already owned income-producing assets reaped both income and asset appreciation gains as yields on savings collapsed to near-zero as the Federal Reserve and other central banks dropped yields to near-zero in 2009 and kept them low for the following 13 years.

This had two devastating effects on the middle class: hundreds of billions of dollars that once flowed to savers and money markets disappeared, swallowed by the banks as a direct (and intentional) effect of the Fed’s ZIRP (zero-interest rate policy).

Since the Fed destroyed low-risk yields, anyone seeking any real yield (i.e. above inflation) would have to enter the casino and compete with hedge funds, insiders and the Financial Aristocracy. Very few middle class workers have the skills and experience to beat the pros in the casino, and so income and wealth accrued to those who already owned capital.

This is a key reason why the rich got richer and the poor got poorer. Those with capital accrued the majority of gains in income and wealth, leaving the bottom 90% in the dust.

A recent Foreign Affairs essay Monopoly Versus Democracy included these stunning statistics:

Ten percent of Americans now control 97 percent of all capital income in the country. Nearly half of the new income generated since the global financial crisis of 2008 has gone to the wealthiest one percent of U.S. citizens. The richest three Americans collectively have more wealth than the poorest 160 million Americans. (emphasis added.)

The 3% of income from capital collected by the bottom 90%–which includes the middle class– is basically signal noise: the middle class collects inconsequential crumbs of income from capital.

Prior to the Fed’s ZIRP and financialization of the economy, the middle class could both collect income from capital they owned and they could afford to acquire assets that yielded low-risk solid returns. Now they can do neither. Even worse, the puchasing power of their labor continues to decline, leaving them less able to save and buy assets.

This is why The Top 10% Is Doing Just Fine, The Middle Class Is Dying on the Vine. Please study these charts as a means of understanding the inevitability of economic stagnation and a revolt of the decapitalized middle class.

 

When America Became The Roman Empire: Wars, Social turmoil and Economic Decline

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America has never been an empire. We may be the only great power in history that had the chance, and refused – preferring greatness to power and justice to glory

George W. Bush

By Timothy Alexander Guzman

Source: Silent Crow News

America is the modern-day Rome.  There are many lessons from the collapse of the Roman empire that America can learn from.  The fiasco of Trump supporters and various agitators from the Democratic Party who charged into the US capital building to prevent Joe Biden’s stolen election win from getting certified is the latest sign of America’s societal collapse.  The comparisons between the Roman Republic that became an empire, to America’s rise as a global super power is uncanny.  On various levels from its endless wars for world domination to the creation of a domestic police state, in many ways, America fits the criteria of being an empire.  Historical research suggests that Rome’s rise and their eventual downfall is the most accurate scenario that America is following.

Rome’s downfall was caused by a long chain of events.  It had severe financial problems that was caused by their ongoing wars so they overtaxed its citizenry causing inflation, thus allowing many to escape tax authorities into the countryside.  Then in the second century, there was a labor deficit when Rome’s expansion slowed down due to a shortage of imported slave labor they usually brought back from the lands they conquered resulting in the decline of agriculture and essential commercial production which had an impact on trade.  Rome had rampant corruption and political instability with internal coups of sitting emperors carried out by the Praetorian Guard who were the bodyguards to the sitting emperor as they used their power to decide who would be emperor and who would be removed and sometimes even murdered for political reasons.  All sounds similar to the Military-Industrial Complex and its power it holds within the American establishment.  There was even a civil war within Rome around the third century when the emperor at the time, Alexander Severus had been assassinated by his own troops while at a meeting with his military cabinet so that Maximus Thrax can become the next Roman emperor.  On a global scale, Rome had launched many wars  against Britannia (England/Wales), Gaul (France), Hispania (Spain), Achaea (Greece), Judea (Middle East) and others as its army eventually faltered in the face of its perceived enemies which were many.  Rome eventually collapsed under its own weight.  After the fall of Rome, several major empires throughout history were born including Great Britain, France, Spain, Portugal, the Ottomans and others that followed the same path and all of them eventually collapsed.

Wars for Empire

Washington has committed numerous actions around the world to spread it’s form of democracy through wars of aggression, regime change, covert operations to interfere in foreign elections and economic warfare by using its dollar reserve status to impose sanctions on nations to maintain its global empire.  The US military has troops stationed in more than 80 countries with proactive wars in Afghanistan, Syria and Iraq.  Now they have their sights on the oil-rich country of Venezuela and Iran.  For sure, Washington is getting ready to re-adjust its sights on Syria and Russia if Biden is successfully inaugurated on January 20th.  Today, the American empire has one of the largest military budgets in the world that has surpassed the next 10 countries combined.  Trump’s signed a defense bill worth more than $738 billion for 2020.  Rome also had an expensive military budget where emperors raised taxes that lead to inflation which put a strain on its economy.

Since World War II, the American citizenry became more patriotic especially during the Cold War against communism.  Like America, Rome’s citizenry was also patriotic but it came with a price of high-taxation to fund Rome’s military adventures around the world.  An interesting article from Smithsonian magazine ‘Lessons in the Decline of Democracy From the Ruined Roman Republic’ by Jason Daley explained how Rome became a hegemonic power, but it came with their share of consequences.  Daley said that “the Roman people’s strong sense of patriotism was unique in the Mediterranean world. Like the United States after World War II, Rome, after winning the Second Punic War in 201 B.C. (the one with Hannibal and the elephants), became the world’s hegemon” and that “it lead to a massive increase in their military spending, a baby boom, and gave rise to a class of super-wealthy elites that were able to use their money to influence politics and push their own agendas”  which sounds like what’s happening in Washington D.C. today.  Wars of conquest and maintaining an army to defend its borders due to barbarian attacks put pressure on the Roman bureaucracy so it increased taxes on the people.

Washington always manages to find enough funds to support its Military-Industrial Complex and its continuous wars of destruction.  They manage to bail out the billionaires, its American corporations and institutions through the Federal Reserve bank’s printing press who basically creates money out of thin air.  The Federal Reserve and the government then puts the burden on the American people by raising taxes and creating inflation to support America’s wars abroad while poverty is increasing at home.  Military spending was a priority for Rome who disregarded public housing for its citizens or abandoned the maintenance and upkeep of its crumbling roads and aqueducts as the ‘super-wealthy elites’ became more influential in politics. In America, there is crumbling infrastructure problem where airports, bridges, roads and subways such as the New York City mass transit system is practically falling apart.

As time went by, the citizens of Rome had lost faith in their government as the social and economic impact of being a hegemonic power became problematic so many chose not to defend the empire due to government mismanagement of resources.  What is interesting is that Rome recruited solders from what was called “unemployed city mobs” or even foreigners who were looking for ways to earn money even if it meant going to war and risking their lives.  Similarly, in America, there has been a “poverty draft”,  meaning the military either drafted people up to the time of the Vietnam war or they recruited people from mostly impoverished neighborhoods while promising them a world of benefits and bonuses which most never do receive.  The wealthy elites almost never join the US military as they recruit men from poor or middle class backgrounds and newly arrived immigrants with promises of citizenship and other benefits for them and their families if of course they come back home in one piece.  There have been cases of immigrants who fought in U.S. wars abroad were still deported back to their countries of origin.

The Economics of Empire

During Rome’s last days, farming was literally done with forced slave labor on large estates called latifundia’s owned by ultra rich landowners.  The average farmer in Rome had to pay workers, so they could not compete.  Farmers could not produce the goods as cheaply and more efficiently as the rich landowners so they had to sell their farms and lay-off their workers creating massive unemployment levels because there were no jobs left.  High levels of crime and corruption also took hold in Rome.  Rome had depended on humans and animals for labor intensive purposes, but failed to find or even create new technologies to produce new goods efficiently.

In America, the automotive industry was once competitive, but today they cannot compete with Germany, Japan, South Korea and others who produce better quality cars.  The closure of manufacturing companies that produced goods and services have been shipped to other countries including China, Indonesia and others has impacted the middle class who depended on those jobs have joined the ranks of the unemployed.  With Washington’s thirst for war, high levels of unemployment and poverty are increasing across the nation where cities and towns are going bankrupt and breadlines are becoming the norm.  Investments in crucial industries and reducing government taxes on small businesses and manufacturers will give American companies an opportunity to produce better products, to create jobs and to compete economically.  But like Rome, America is interested in war and conquest, not in producing quality products such as televisions, appliances and cars it needs to compete internationally with the exception of its high tech companies such as Apple, Microsoft and others.

As the Federal Reserve Bank continues to print money to support the powers that be and give peanuts to the masses, they will cause inflation.  The dollar will lose its value.  Rome famously clipped coins adding less value to its purchasing power for its population causing inflationary prices in food and other necessities.

History Is Repeating Itself

Past empires usually destroyed themselves from within followed by fighting endless wars and imposing economic policies that impoverished its people leading to social and moral decay.  In Rome, alcoholism was a major problem, America has an opioid problem killing tens of thousands of people annually since the problem began.  Before the opioids crisis, they (America) had a heroin and crack epidemics that destroyed many communities.

Empires past and present should be thrown into the dustbins of history.  Peace and prosperity with respect to cultural and political differences should be the norm between all nations, but the global elites or the world order is the problem.  Rome collapsed due to its foreign and domestic wars that eventually lead to its social and moral decline while it slowly destroyed its own economy are the same policies that are pursued by Washington today.

The social turmoil between Democrat and Republican cultists in America will lead to some form of civil war coupled with a fragile economy followed by the consequences of the of Covid-19 lockdowns that will have a guaranteed policy of endless money printing no matter who sits at the White House.  All will have a devastating impact on the American people for decades to come.  There will also be a coming war on any of the following countries including Syria, Lebanon (Hezbollah) that will set the stage for a possible devastating wider war with Iran, Russia and China reflects on the reality that America resembles the Roman empire who chose the same path of self-destruction.

The Coming War on Wealth and the Wealthy

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By Charles Hugh Smith

Source: Of Two Minds

Here’s looking at you, Federal Reserve–thanks for perfecting ‘legalized looting’ and neofeudalism in America.

The problem with pushing a pendulum to its maximum extreme on one end is that it will swing back to the other extreme minus a tiny bit of friction.

America has pushed wealth/income inequality, unfairness and legalized looting to the maximum extreme. Now it will experience the swing back to the other extreme. This will manifest in a number of ways, one of which is a self-organizing populist war on wealth and the wealthy.

To say the system is rigged to benefit the already-wealthy and powerful is a gross understatement. Take the tax code as an example–thousands of pages of arcane tax breaks and giveaways passed by a thoroughly corrupted Congress and thousands more pages of arcane regulations and legal precedents.

How many pages apply to the bottom 95% of American taxpayers? Very few. There’s the standard deductions for mortgage interest, healthcare costs, etc., but virtually no other tax breaks. Very few pages apply to even the 99%–go talk to a CPA and you’ll find there are no more tax breaks for a sole proprietor making $500,000 in earned income than than there are for a sole proprietor making $50,000.

99.9% of the tax code benefits the top 0.1% and the corporations, LLCs and philanthro-capitalist foundations and trusts they own / control. Stripped of artifice and spin, America’s tax code is nothing but legalized looting. This is only one small slice of the entire pie of legalized looting, of course, but it’s one we can all understand.

A sole proprietor pays 15.3% in Social Security and Medicare taxes. Why don’t America’s billionaires pay 15.3% in Social Security and Medicare taxes? Aren’t Social Security and Medicare/Medicaid the bedrock social safety net programs of the American people? Then why does a struggling sole proprietor pay 15.3% tax to support these essential programs and billionaires pay essentially zero?

There’s a term for this disparity / injustice / unfairness: legalized looting. The super-wealthy pay essentially zero percent of their income and wealth to the programs that provide basic economic security for the disabled/elderly citizenry, while Jose the sole proprietor pays 15.3% of every dollar he earns.

So explain to us again why Mr. Buffett can’t afford to pay 15.3% of every dollar of his income to help fund basic economic security for the disabled/elderly. In a system of even the most basic fairness, every dollar of income would be taxed at the same rate. In a system of even the most basic fairness, those with incomes of $100 million would pay the same 15.3% Social Security and Medicare tax as the sole proprietor earning $100,000.

Needless to say, if this most basic fairness was applied to America’s wealthy and powerful, these programs would not be facing insolvency.

If Joe the sole proprietor hits the bigtime, he pays 32% federal tax over $165,000, 35% over $210,000 and 37% over $524,000. If we add 15.3% to 37%, we get 52.3%. How many of America’s super-wealthy / billionaires pay 52% in Social Security-Medicare and income taxes? Zero.

Could America’s super-wealthy / billionaires afford to pay 52%? Of course they could–they own the majority all financial assets and skim the majority of all income. But they won’t, because the system is rigged to benefit the few at the expense of the many via legalized looting.

It isn’t just the inequality of ownership of capital and power that enrages the oppressed; it’s the blatant unfairness of our neofeudal / neocolonial system. As I explained in Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012) and Welcome to Neocolonialism, Exploited Peasants! (October 21, 2016), the Financial Nobility have “come home” and applied the same rapacious exploitation they perfected in colonialism to the domestic populace.

Here’s looking at you, Federal Reserve–thanks for perfecting legalized looting and neofeudalism in America.

The gulf between the lavishly praised American ideals and the putrid, corrupt reality of America’s neofeudal system is wider than the Grand Canyon. As the pendulum accelerates to an extreme equal but opposite to the current extremes of unfairness, exploitation and legalized looting, those who have suffered the consequences of this systemic inequality will find expression in whatever ways are available.

Since it’s difficult to get to the protected compounds of the super-wealthy, the signifiers of the merely wealthy will offer readily available targets. The new Tesla won’t just get keyed; it will be “reworked,” to the great satisfaction of the “workers.”

Please note that I am not promoting a war on wealth and the wealthy, I am merely pointing out that it is as inevitable as the gravity pulling the pendulum.

The war on wealth and the wealthy will manifest politically, socially and economically. It won’t be a tightly controlled, top-down movement. It will be spontaneous, self-organizing and unquenchable.

If you don’t understand why a war on wealth and the wealthy is inevitable, please study this chart: the way of the Tao is reversal.

The Top 10%’s Bubble Is About to Burst

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By Charles Hugh Smith

Source: Of Two Minds

When the top 10%’s bubble pops in 2021, the loss of illusions/delusions of security and wealth will be shattering to all those who believed artifice and illusory “wealth” were real.

A great many people are living in bubbles that are about to pop. The largest bubble is the one inhabited by people who complacently believe in time travel, i.e. that the world of 2019 is about to replace the nightmare of 2020 and we can all go back to our carefree debt-funded consumption frenzy and illusions of ever-greater wealth forever and ever.

The greater one’s sense of security, the more durable the bubble. Those in America’s top 10% who have reaped virtually all the gains in income and wealth of the past 20 years live in a bubble that they view as unbreakable: no matter what problems arise, their personal income and wealth is secured by the government, central bank, etc.

Put another way, the top 10% are confident their position atop the wealth-power pyramid is secure no matter what happens. Any dip in stocks, bonds, real estate, bat guano futures, etc. that causes their personal wealth to decline (horrors!) will be instantly bought because the Federal Reserve will print another couple trillion dollars and funnel it into risk assets, as it has done for the past 20 years.

Any spot of bother in the gravy trains that fund the top 10%–local and state government, universities, Big Tech, Big Pharma, Department of Defense, Wall Street, hedge funds, venture capital, etc.– will be doused with trillions of dollars borrowed or printed into existence by the Treasury or Fed. No matter what spot of bother arises, the solution–more trillions–is just a few keystrokes away.

The top 10% are supremely confident in the godlike powers of these agencies and solutions: the idea that these “solutions” become insoluble problems does not compute, just as a decline in asset valuations that doesn’t rebound within three weeks thanks to Fed intervention is firmly outside the realm of possibility.

The top 10% are also supremely confident in the rightness of their position atop the heap. That their position atop the heap is largely the result of a web of privilege and a long run of extraordinarily good fortune does not enter their bubble at all; in their bubble, their wealth, status, prestige and income are all the result of hard work and merit.

While this is certainly true for some, it is not true for all, and even those who scraped their way to the top the hard way do not recognize that their success over the past 20 years (and arguably the past 50 years) has been largely the result of a financialized rising tide raising all boats. In a Bull Market in virtually everything (except commodities), everyone is a hard-working genius who got it all via merit.

On top of this myopic belief that their success is all the result of their own endeavors rather than a tide of financialization, the top 10% are equally blind to the toxic consequences of the wealth/income inequality that has so richly benefited the few at the expense of the many. The idea that the bottom 90% might rebel against the financial / political system that has favored the already-wealthy for a generation is outside the top 10%’s realm of possibility.

But tides do not run in one direction forever, and a revolt against the unprecedented inequality that heavily favors the top 10% is not “impossible,” it’s a certainty. The top 10% are accustomed to being admired and respected for their accomplishments, expertise, wise investing and professional acumen. They are accustomed to viewing themselves as the essential technocrat class that keeps the U.S. system functioning.

The problem with this self-congratulatory perspective is the U.S. system is now in thrall to process rather than results. The technocrat class has been trained to follow needlessly complex procedures and compliance processes as the path to professional advancement while avoiding accountability for the increasingly dismal results of America’s bloated, sclerotic, insider-dominated systems.

All this needless complexity will be jettisoned once printing/borrowing trillions become the problem rather than the solution. The bottom 90% will demand not just a fairer distribution of income and wealth, they will also demand a system that actually functions for the greater social good rather than for insiders, parasites, leeches and technocrat processors who declare victory not from results but from their success in following approved processes / narratives.

Once costs must be cut and results take precedence over process, much of the technocrat class will find itself replaced by automated software. Those that remain will be valued for getting results by whatever means are available, up to and including ignoring all compliance procedures and bureaucratic box-ticking.

The top 10%–the rentier-technocrat class–will find the bottom 90% can no longer pay their rent, insurance, etc.–all the “services” that employ and enrich the top 10%. In other words, the losses as unproductive complexity unravels will finally fall on the top 10%, many of whom have been protected from exposure to market forces and risk.

Lastly, the top 10%’s ownership of assets will be crushed by asset deflation as insolvency can no longer be papered over by liquidity. Assets that are the foundation of top 10% wealth (that the bottom 90% own very little of) will go bidless as phantom wealth dissipates into the thin air from whence it came.

The top 10% reckon they’re untouchable, safe and protected in their asset lifeboats, and the sinking of the 90% won’t affect them. The top 10%’s bubble is about to burst. Not only will their lifeboats prove unstable, every level of government will come after whatever is left as taxes will soar on virtually every form of income and wealth.

Unlike the bottom 60%, who have few illusions about the rampant unfairness and predation of real-world America, the top 10%’s bubble is 90% illusion seasoned with 10% absolute delusion. The comfortable are about to experience some of the discomfort that is everyday life for the bottom 60%, and an increasing percentage of the next 30% who still aspire to fantasies of middle-class security will find social mobility is an escalator down.

We cannot print wealth, or borrow it into existence. All we can print/borrow is artifice, phantom representations of illusory “wealth” that will vanish into thin air, in a reverse of how the “money” was created–out of thin air.

When the top 10%’s bubble pops in 2021, the loss of illusions/delusions of security and wealth will be shattering to all those who believed artifice and illusory “wealth” were real. What’s real is the tide of financialization and globalization reversed over a year ago. The tide is now running out, but few loading their “wealth” into lifeboats have noticed–yet.

2021 is Already Optimized for Failure

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By Charles Hugh Smith

Source: Of Two Minds

One sure way to identify a system “optimized for failure” is if all the insiders are absolutely confident the system is “optimized for my success”.

I often discuss optimization here because it offers an insightful window into how systems become fragile and break down. When we optimize something, we’re aiming to get the most bang for our buck: maximize our efficiency, profit, productivity, etc., while minimizing our costs.

To maximize our goal, whatever it is–profits, power, whatever– we strip away redundancy and buffers because these add costs and don’t boost our desired output. They create resilience, i.e. the ability to survive disruptions, but the logic of optimization is relentless: get rid of all extraneous costs, because resilience doesn’t boost the bottom line.

This trade-off–trading resilience for optimization–looks brilliant when everything goes according to plan. But when events veer outside the narrow parameters of the optimized system, the system breaks down: supply chains break, safety procedures fail, and so on.

Even more consequentially, optimization strips away anti-fragility, Nassim Taleb’s term for the ability to not just survive disruptions but emerge stronger and more adaptable.

What happens when inflexible, sclerotic systems optimized to benefit self-serving insiders encounter chaotic turbulence or conditions outside the expected parameters? They collapse because the system is optimized for failure. Put another way: when a system is optimized to benefit insiders at the expense of resilience and anti-fragility, it is effectively optimized to fail because life is not programmable to a steady-state, predictable stability.

2021 is already optimized for failure in key ways:

1. The mRNA vaccines have not been properly tested to answer essential questions such as: can a vaccinated individual retain enough of the virus to infect an unvaccinated individual?

As I explained before, the only way to really test a viral vaccine is to put the vaccinated volunteers in a controlled setting saturated with the virus for many hours. If none of the volunteers have any virus in their post-exposure serological tests, then the vaccine works. If the volunteers still have the virus but didn’t become severely ill, this doesn’t mean they can’t infect others.

One of the problems is the goal of the Covid vaccine trials wasn’t to determine if the virus was eliminated by the volunteers’ immune system; the goal of the trials was to determine whether the vaccinated individuals became severely ill with Covid or not–with “severely ill” being conveniently left undefined.

Individuals who’d already had Covid and who took the vaccine were not tested separately for safety and after-effects, so this remains an unknown.

The unanswered questions about the vaccines’ real-world results will be answered in due time, but not in the lab; they’ll be answered in a public-health “experiment” without precedent.

If you wanted to design a testing process that was optimized for failure, you’d end up with this haphazard, hurried process careening toward approval. The trials and testing of the Covid vaccines are not equivalent to those applied to previous generations of vaccines.

The bigger the claims and the harder the sell, the greater the number of red flags raised. If a product works as wonderfully as advertised, it will sell itself. If “consumers” have to be coerced into buying the product, that speaks volumes–whether we’re free to discuss it or not.

2. The fiscal-monetary “solution” being readied for 2021–print/borrow as many trillions as needed to prop up zombie corporations and obsolete institutions–is optimized for failure. The unstated goal here is to save everything that’s been rigged to benefit self-serving insiders and never mind the consequences: we’ve “proven” we can print infinite trillions with no ill effects.

This appears to be true until diminishing returns hit the wall and linear dynamics suddenly spin into non-linear semi-chaos. At that point, all the levers that we reckoned were god-like in their stability and power–the Treasury selling bonds which the Federal Reserve then buys, and all the other financial tricks and manipulations–no longer work as expected.

3. The sacrosanct “solutions” that we worship as secular gods–central bank-dominated “markets” and the machinery of politics–are both optimized for failure. The “market” and politics have both incentivized extremes of indebtedness, leverage, corruption, fraud and waste, all under the happy belief that the banquet of consequences will never be served. Alas, the tables are groaning with consequences that have been piling up for 12 long years of excess speculation, manipulation and happy-talk PR.

The policies of the past 20 years boil down to this: if we keep blowing ever-larger private-sector asset bubbles, rewarding the few who own most of these assets, this “wealth” will magically restore our economic health. This is of course completely delusional: by concentrating wealth in the hands ofthe few, the policies have also concentrated political power in these same hands.

Ours is a system perfected for extremes of inequality and corruption.

If you set out to design a social-political-economic system that was supremely optimized for failure, you’d end up with America’s status quo. Today’s financiers are like French nobles being led off in chains discussing their next glorious party, oblivious to the end-game just ahead. The political class are like the elites haggling over games in Rome’s Forum in 475 AD, months before what was left of the empire collapsed in a heap.

4. America’s social cohesion has been lost, leaving only empty platitudes, suppression and coercion. “We’re all in this together” shouts the captain of the galley as those chained to the oars are flogged to keep a thoroughly corrupt and illusory “growth” alive. With civic virtue lost to the moral corruption of maximizing private gain by any means available, the foundations of society have crumbled, as I explained in Moral Decay Leads to Collapse.

One sure way to identify a system optimized for failure is if all the insiders are absolutely confident the system is optimized for my success regardless of how many policies serve the infinite greed of insiders and how many red warning flags are ignored.

Our Frustrations Run Far Deeper Than Covid Lockdowns

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By Charles Hugh Smith

Source: Of Two Minds

The reality is the roulette wheel is rigged and only chumps believe it’s a fair game.

It’s easy to lay America’s visible frustrations at the feet of Covid lockdowns or political polarization, but this conveniently ignores the real driver: systemic unfairness. The status quo has been increasingly rigged to benefit insiders and elites as the powers of central banks and governments have picked the winners (cronies, insiders, cartels and monopolies) and shifted the losses and risks onto the losers (the rest of us).

We now live in the world the 19th-century French economist Frederic Bastiat so aptly described: “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”

As I noted in The One Chart That Predicts our Future, ours is a two-tier society and economy with a broken ladder of social mobility for those trying to reach the security of the technocrat class and a well-greased slide for everyone who trips and slides from relative security down to the ever-expanding ALICE-precariat class: assets limited, income constrained, employed.

As Bastiat observed, those rigging the system to benefit themselves always create a legal system that lets them off scot-free and a PR scheme that glorifies their predation as well-deserved rewards that are the natural due of their enormous appetite for hard work and innovation.

You know, hard work and innovation like this:

JPMorgan Makes $1 Billion From Gold Trading After Paying $1 Billion Fine For Manipulating Gold Trading.

Embezzling a couple billion dollars also earns you a get out of jail free card: none of the perps in Wall Street’s skims, scams and frauds ever gets indicted, much less convicted, and none of Wall Street’s legalized looters ever goes to prison.

And this is a fair and just system? Uh, right. Meanwhile, the reality is the roulette wheel is rigged and only chumps believe it’s a fair game. Those who know it’s rigged have essentially zero agency (control / power) or capital to demand an unrigged game or finagle their way into the elite class doing the skimming.

The net result is soaring frustration with a patently unfair system that’s touted as the fairest in the entire world. Gordon Long and I do a deep dive into the frustrations with systemic unfairness in our new video, The Frustrations of Unfairness Are Reaching a Boiling Point.

The key takeaway in my view is the unfairness isn’t limited to the economy, society or politics– it’s manifesting in all three realms. It isn’t just frustration with domestic issues–the global economic order is also a source of unfairness and powerlessness.

We each drew up a list of specific drivers of unfairness / frustration. Here’s my list:

And here’s Gordon’s list:

There is much more in our presentation. These are the dynamics that are tearing apart our social cohesion and that will soon start destabilizing the economy–regardless of how much “money” the Federal Reserve prints.

“The Great Reset” Already Happened

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By Charles Hugh Smith

Source: Of Two Minds

Put another way: the elites have cannibalized the system so thoroughly that there’s nothing left to steal, exploit or cannibalize.

The global elites’ techno-fantasy of a completely centralized future, The Great Reset, is addressed as a future project. Too bad it already happened in 2008-09. The lackeys and toadies tasked with spewing the PR are 12 years too late, and so are the critics listening to the PR with foreboding.

Simply put, events outran our understanding of them. The future already manifested while we were trying to cram the present arrangement into an obsolete conceptual framework.

In broad-brush, the post-World War II era ended around 1970. The legitimate prosperity of 1946-1970 was based on cheap oil controlled by the U.S. and the hegemony of the U.S. dollar. Everything else was merely decoration.

The Original Sin to hard-money advocates was America’s abandonment of the gold standard in 1971, but this was the only way to maintain hegemony. Maintaining the reserve currency is tricky, as the nation issuing the reserve currency has to supply the global economy with enough of the currency to grease commerce and stock central bank reserves around the world.

As the global economy expanded, the only way the U.S. could send enough dollars overseas was to run trade deficits, which in a gold standard meant the gold reserves would go to zero as trading partners holding dollars would exchange the currency for gold.

So the choice was: give up the reserve currency and the hegemony of the U.S. dollar by jacking up the dollar’s value so high that imports would collapse, or accept that hegemony was no longer compatible with the gold standard. It wasn’t a difficult decision: who would give up global hegemony, and for what?

Many other dynamics changed around the same time: social, cultural, political. These charts reflect the end of the postwar era and the ushering in of a new era.

Again in broad-brush, the key economic dynamic was the decline of labor’s share of the economy in favor of capital. Those who had only their labor to sell lost purchasing power, while those who could borrow or access capital benefited enormously. The charts below tell the story: labor’s share of the national income has stairstepped lower for 50 years (since 1970) while the super-wealthy’s share has outpaced everyone else 15-fold.

The dominance of financial capital is visible in the third chart, as private-sector financial assets are now 6 times the nation’s GDP, double the percentage of the postwar era.

This capital-friendly era was rocket-boosted by financialization in the 1980s, technology in the 1990s and globalization in the early 21st century. You can see each advance of capital’s top tier–the top 0.1%–in the chart below: the top 0.1% first pulled away in the 1980s financialization, stutter-stepped in the early 1990s and then exploded higher as technology fueled capital’s leverage and exposure to the gains reaped by computers and the Internet.

Alas, these extremes are not stable or sustainable, and so each wave ends in a devastating crash. The income of the top 0.1% took a hit as the dotcom bubble burst, but then China’s entry into the WTO saved the day as rampant globalization and additional extremes of financial leverage and fraud boosted their fortunes in the 2000s.

The dual extremes of financialization and globalization created the 2008 bubble, and its collapse almost took down the entire global capital house of cards. Central banks, ultimately financed by the Fed to the tune of $29 trillion, twice the size of America’s entire GDP, instituted The Great Reset under the usual guise of “emergency measures” which then became permanent policies.

The Great Reset led to the hyper-centralization of control over the global economy’s money as central banks coordinated unprecedented money-printing and financial repression, which includes zero-interest rate policies (ZIRP), as the debt-bubble would pop if rates aren’t nailed down to zero.

All the PR being spewed about The Great Reset is the final frantic flailing of a system that’s drowning in its own excesses. The 50-year long era of the few enriching themselves as the expense of the many has ended, for the same reason eras of extreme exploitation always end–the elites got too greedy and overshot the economy’s ability to sustain their rapidly expanding share of the income and wealth.

Put another way: the elites have cannibalized the system so thoroughly that there’s nothing left to steal, exploit or cannibalize. The hyper-centralized global money control has run out of rope as the cheap oil is gone, debts have ballooned to the point there is no way they’ll ever be paid down, and the only thing staving off collapse is money-printing, which holds the seeds of its own demise.

Allow me to summarize the only way The Great Reset envisioned by global elites can actually manifest: The Martians arrive towing huge meteorites of pure lithium and gold, and rather than incinerating the global elites, they hand the global elites the meteorites to further their concentration of wealth and power.

Short of that science fiction, this sucker’s going down. The Great Reset has already run its course after 12 long years of artifice, fraud and trickery. So global elite shills, lackeys, factotums, toadies and apparatchiks–prepare for your Wil-E-Coyote moment of truth.

Who Pressed the Great Reset Button?

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By Dr. Joseph Mercola

Source: Global Research

What is this “Great Reset” we’re now hearing about? In a nutshell, the Great Reset refers to a global agenda to monitor and control the world through digital surveillance.

As explained by journalist James Corbett in his October 16, 2020, Corbett Report below,1 the Great Reset is a new “social contract” that ties every person to it through an electronic ID linked to your bank account and health records, and a social credit ID that will end up dictating every facet of your life.

It’s about “getting rid of capitalism” and free enterprise, and replacing them with so-called “sustainable development” and “stakeholder capitalism” — terms that belie their nefarious, anti-humanity intents. As noted in the book, “Technocracy: The Hard Road to World Order”:2

“… Sustainable Development is Technocracy … The Sustainable Development movement has taken careful steps to conceal its true identity, strategy and purpose, but once the veil is lifted, you will never see it any other way. Once its strategy is unmasked, everything else will start to make sense.”

The Grand Plan

In her blog post “The Great Reset for Dummies,” Tessa Lena summarizes the purpose behind the call for a global “reset”:3

“The mathematical reason for the Great Reset is that thanks to technology, the planet has gotten small, and the infinite expansion economic model is bust — but obviously, the super wealthy want to continue staying super wealthy, and so they need a miracle, another bubble, plus a surgically precise system for managing what they perceive as ‘their limited resources.’

Thus, they desperately want a bubble providing new growth out of thin air — literally — while simultaneously they seek to tighten the peasants’ belts, an effort that starts with ‘behavioral modification,’ a.k.a. resetting the western peasants’ sense of entitlement to high life standards and liberties (see awful ‘privilege’).

The psychological reason for the Great Reset is the fear of losing control of property, the planet. I suppose, if you own billions and move trillions, your perception of reality gets funky, and everything down below looks like an ant hill that exists for you. Just ants and numbers, your assets. Thus, the practical aim of the Great Reset is to fundamentally restructure the world’s economy and geopolitical relations based on two assumptions:

One, that every element of nature and every life form is a part of the global inventory (managed by the allegedly benevolent state, which, in turn, is owned by several suddenly benevolent wealthy people, via technology).

And two, that all inventory needs to be strictly accounted for: be registered in a central database, be readable by a scanner and easily ID’ed, and be managed by AI, using the latest ‘science.’

The goal is to count and then efficiently manage and control all resources, including people, on an unprecedented scale, with unprecedented digital … precision — all while the masters keep indulging, enjoying vast patches of conserved nature, free of unnecessary sovereign peasants and their unpredictability.”

Global Asset Reallocations Will Not Benefit ‘the People’

These new global “assets” can also be turned into brand new financial instruments that can then be traded. An example of this was given by Vandana Shiva, Ph.D., in my interview with her.

In it, she explained how India is headed toward Zero-Budget Natural Farming — a brand-new concept of farming in which farmers must trade the carbon rate in their soil on the global market if they want to make a living. They’ll get no money at all for the crops they actually grow.

There’s not a single area of life that is left out of this Great Reset plan. The planned reform will affect everything from government, energy and finance to food, medicine, real estate, policing and even how we interact with our fellow human beings in general.

Privacy protections, of course, are a major hurdle in this plan, which is why every effort is made to get people to loosen their views on the right for privacy. In the U.S., we also have the Constitution that stands in the way, which is why efforts to undermine, circumvent, ignore or nullify it are increasing.

“To sum it up, the desired end result is a giant, joyless, highly controlled global conveyor of everything and everybody where privacy is tremendously expensive, dissent is unthinkable, and spiritual submission is mandatory.

It’s like a 24/7 medicated reality, except the medications are both chemical and digital, and they are reporting you back to the mothership, which can then punish you for bad behavior by, say, blocking your access to certain places or by putting a hold on your digital bank account — perhaps without any human intervention at all,” Lena writes.4

Stakeholder Capitalism

An October 5, 2020, Winter Oak article5 addressed the “technocratic fascist vision” of professor Klaus Schwab, founder and executive chairman of the World Economic Forum who wrote the book on the Fourth Industrial Revolution. Schwab announced the World Economic Forum’s Great Reset Initiative in June 2020, which includes stripping all people of their privately owned assets.

In addition to being a staunch technocrat, Schwab also has a strong transhumanist bend, and he has spoken of a near future in which humans merge with machines and in which law enforcement will be able to read our mind.6

Winter Oak — a British nonprofit social justice organization — points out that Schwab and his globalist accomplices are using the COVID-19 pandemic “to bypass democratic accountability, to override opposition, to accelerate their agenda and to impose it on the rest of humankind against our will.”

Ultimately, the Great Reset will result in two tiers or people: The technocratic elite, who have all the power and rule over all assets, and the rest of humanity, who have no power, no assets and no say-so in anything.

This is no conspiracy theory. The plan is out in the open. As noted by Time magazine,7 “The COVID-19 pandemic has provided a unique opportunity to think about the kind of future we want.” The same statement has been delivered by a number of politicians and organizations around the world in recent months.

Schwab’s book,8,9 “COVID-19: The Great Reset” also urges industry leaders and decision makers to “make good use of the pandemic” and “not letting the crisis go to waste.” Incidentally, the owner of Time magazine and founder of Salesforce, Mark Benioff, is also a board member of the World Economic Forum,10 so he’s clearly familiar with the reset plan.

The problem is that while the plan is being sold as a way to, finally, make life fair and equitable for all people, the required sacrifices do not apply to the technocrats running the system. Ultimately, the Great Reset will result in two tiers or people: the technocratic elite, who have all the power and rule over all assets, and the rest of humanity, who have no power, no assets and no say-so in anything.

While technocracy is not a political system but an economic one, in practical terms it does resemble fascism. None of it is being sold under the banner of fascism, of course. Instead, they use financial terms like “stakeholder capitalism,” described by Forbes magazine11 as “the notion that a firm focuses on meeting the needs of all its stakeholders: customers, employees, partners, the community and society as a whole.”

In that same article, Forbes points out that this strategy has already been tried and failed. It failed because balancing conflicting stakeholder claims was near-impossible and only led to mass confusion and poor returns. The failure of this strategy is what led big businesses to focus on maximizing shareholder value instead.

Now, at a time when big business finds itself under attack for “single-mindedly shoveling money to its shareholders and its executives at the expense of customers, employees, the environment and society as a whole,” the answer, they say, is to return to stakeholder capitalism. But if it didn’t work before, what makes us think it will work now?

Great Reset Plan for Big Food

A November 9, 2020, article12 in The Defender, a new media platform by the Children’s Health Defense, also points out the problems with the World Economic Forum’s Great Reset plan for the food industry:

“The architects of the plan claim it will reduce food scarcity, hunger and disease, and even mitigate climate change. But a closer look at the corporations and think tanks the WEF is partnering with to usher in this global transformation suggests that the real motive is tighter corporate control over the food system by means of technological solutions.”

Aside from the food industry, partners13 include data mining giants, telecommunications, weapons manufacturers, finance, drug companies and the biotechnology industry.

Looking at that list, it should come as no surprise that the World Economic Forum insists the future of food and public health hinges on genetically modified organisms (GMOs), laboratory-grown protein, drugs and industrial chemicals.

The EAT Forum and the Rise of Food Imperialism

To further the fake food takeover, the World Economic Forum has partnered with the EAT Forum, which will set the political agenda for global food production. The EAT Forum was cofounded by the Wellcome Trust, which in turn was established with the financial help of GlaxoSmithKline.

EAT currently collaborates with nearly 40 city governments across Africa, Europe, Asia, North and South America and Australia, and maintains close relationships with imitation meat companies such as Impossible Foods, which was co-funded by Google, Jeff Bezos and Bill Gates.14

As noted by The Defender, the ultimate aim is to “replace wholesome nutritious foods with genetically modified lab creations.” To this end, EAT is working with the United Nations Children’s Fund (UNICEF) to establish global dietary guidelines and sustainable development initiatives.

The “Planetary Health Diet”15 developed by EAT is a diet that is supposed to replace all others. Federic Leroy, a food science and biotechnology professor at University of Brussels told The Defender:16

“The diet aims to cut the meat and dairy intake of the global population by as much as 90% in some cases and replaces it with lab-made foods, cereals and oil.”

Vandana Shiva, Ph.D., has raised harsh critique against the proposed diet saying it “is not about nutrition at all. It’s about big business and it’s about a corporate takeover of the food system.”17 The Defender adds:18

“According to EAT’s own reports, the big adjustments the organization and its corporate partners want to make to the food system are ‘unlikely to be successful if left up to the individual,’ and the changes they wish to impose on societal eating habits and food ‘require reframing at the systemic level with hard policy interventions that include laws, fiscal measures, subsidies and penalties, trade reconfiguration and other economic and structural measures.’

But Shiva said this is the wrong approach, because ‘all of the science’ shows that diets should be centered around regional and geographical biodiversity. She explained that ‘EAT’s uniform global diet will be produced with western technology and agricultural chemicals. Forcing this onto sovereign nations by multinational lobbying is what I refer to as food imperialism.’”

The Future of Food and Health Care

You can get a feel for where the future of food is headed by analyzing the World Economic Forum’s strategic intelligence map.19 As you can see, this top-down approach ties food production to a wide range of sectors, including biotech, the chemical industry, artificial intelligence, the internet of things and the digital economy.

For more details on Schwab and the World Economic Forum’s strategic intelligence plan, see Covert Geopolitic’s article,20 “Breaking Down the Global Elite’s Great Reset Master Plan.”

If any of this raises your concern, you’re probably not going to like what the World Health Economic Forum has in store for health care reform either. As detailed on their website:21

“Our current capital intensive, hospital-centric model is unsustainable and ineffective. The Platform for Shaping the Future of Health and Healthcare leverages a data-enabled delivery system and virtual care, integrated across the continuum of care from precision prevention to personalized care delivery …”

Aiding the World Economic Forum in this health care transformation are the biggest corporate criminals in the history of the modern world, including Bill Gates, AstraZeneca,22 Bayer,23 Johnson & Johnson,24 Merck,25 Pfizer,26 Novartis27 and a host of others.28

These companies have at various times been found guilty of all sorts of crimes that they have paid tens of billions of dollars in fines for. They are also loaded with conflicts of interest in nearly every venture they are involved with. Yet we’re now supposed to believe these companies are going to put aside their profit incentives and fix the whole system?

Build Back Better

As noted in a July 21, 2020, World Economic Forum article,29 the economic devastation caused by COVID-19 pandemic shutdowns “has the potential to hobble global prosperity for generations to come.” The answer is to come up with stimulus measures, such as infrastructure development, that can allow countries to move forward.

But while at it, countries are urged to make sure the economic system is “built back better.” Make no mistake, this catchy slogan is part and parcel of the Great Reset plan and cannot be separated from it, no matter how altruistic it may sound. As reported by Fox News:30

“A radical movement called the Great Reset embraced by some Democrats poses a grave threat to liberty and free markets in the United States and around the world … The Great Reset is perhaps the biggest danger to capitalism and individual rights since the collapse of the Soviet Union …

It would destroy the current capitalist system and replace it with progressive and modern socialist systems, with a special emphasis placed on eco-socialist policies … Policy ideas offered by ‘Great Reset’ advocates include government-provided basic income programs, universal health care, massive tax increases and the Green New Deal …

For example, at a campaign event on July 9, Biden said we need to end the ‘era of shareholder capitalism,’ a major part of the Great Reset proposal that would alter how companies are evaluated, elevating social justice causes and climate change concerns over property rights …

The Build Back Better plan comes straight from the Great Reset’s playbook … As recently as July 13, the World Economic Forum promoted ‘building back better’ through ‘green’ infrastructure programs as part of the Great Reset …”

Part of the “building back better” is to shift the financial system over to an all-digital currency system, which in turn is part of the system of social control, as it can easily be used to incentivize desired behaviors and discourage undesired ones.

An August 13, 2020, article31 on the Federal Reserve website discusses the supposed benefits of a central bank digital currency (CBDC). There’s general agreement among experts that most major countries will implement CBDC within the next two to four years.

Many uninformed people believe that these new CBDCs will be very similar to existing cryptocurrencies like Bitcoin, but they would be mistaken. Bitcoin is decentralized and a rational strategy to opt out of the existing central bank controlled system, while these CBDCs will be centralized and completely controlled by the central banks and will have smart contracts that allow the banks to surveil and control your life.

The Great Reset Psyops Guide

It goes without saying that to achieve the kind of radical transformation of every part of society has its challenges. No person in their right mind would agree to it if aware of the details of the whole plan. So, to roll this out, they had to use psychological manipulation, and fear is the most effective tool there is.

As explained by psychiatrist Dr. Peter Breggin, there’s an entire school of public health research that focuses on identifying the most effective ways to frighten people into accepting desired public health measures.

By adding confusion and uncertainty to the mix, you can bring an individual from fear to anxiety — a state of confusion in which you can no longer think logically — and in this state, you are more easily manipulated. The following graphic illustrates the central role of fearmongering for the successful rollout of the Great Reset.

Social Engineering Is Central to Technocratic Rule

In closing, keep in mind that technocracy is inherently a technological society run through social engineering. Fear is but one manipulation tool. The focus on “science” is another. Anytime someone dissents, they’re simply accused of being “anti-science,” and any science that conflicts with the status quo is declared “debunked science.”

The only science that matters is whatever the technocrats deem to be true, no matter how much evidence there is against it. We’ve seen this first hand during this pandemic, as Big Tech has censored and banned anything going against the opinions of the World Health Organization, which is just another cog in the technocratic machine.

If we allow this censorship to continue, the end result will be nothing short of devastating. We simply must keep pushing for transparency and truth. We must insist on medical freedom, personal liberty and the right to privacy.

One fight in particular that I don’t see us being able to evade is the fight against mandatory COVID-19 vaccinations. If we don’t take a firm stand against that and fight for the right to make our own choice, there will be no end to the medical tyranny that will follow. As noted in the Covert Geopolitics article:32

“As you might have guessed, ‘the most important anchor of recovery’ is for a COVID-19 vaccination … The implication is that without a vaccine the world will be unable to return to any sense of normality, particularly in terms of open interaction with your fellow man …

You can actually participate in the global efforts to cripple the Deep State organized criminal cabal’s ability for genocide, while enjoying healthcare freedom at the same time, by boycotting Big Pharma for good.”

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Notes

1 Corbett Report October 16, 2020

2, 20, 32 Geopolitics August 29, 2020

3, 4 Tessa.substack.com October 28, 2020

5, 6 Winter Oak October 5, 2020

7 Time Magazine The Great Reset

8 COVID-19: The Great Reset

9 Steven Guiness September 3, 2020

10, 12, 14, 16, 17, 18 The Defender November 9, 2020

11 Forbes January 5, 2020

13, 28 Weforum.org Partners

15 Eatforum.com The Planetary Health Diet

19 World Economic Forum Strategic Intelligence Map, Future of Food

21 Weforum.org Shaping the Future and Health of Healthcare

22 Nordic Life Sciences October 14, 2014

23 Newspunch March 20, 2019

24 CBS News August 27, 2019

25 ABC.net.au August 20, 2005

26 Lawyers and Settlements Pfizer found guilty of Medicaid fraud

27 Medical Xpress July 2, 2020

29 World Economic Forum July 21, 2020

30 Fox News July 23, 2020

31 Federal Reserve August 13, 2020