The Inhumanity of Vaccine Mandates, Explained thumbnail

The Inhumanity of Vaccine Mandates, Explained

By Foundation for Economic Education (FEE)

Mandated vaccinations are a violation of the principles America was built on.

In the fall of 2021, Carley Fletcher was terminated from her job at Emory University Healthcare for refusing a COVID-19 vaccine. Fletcher’s health history included seizures and respiratory issues and she was advised by her doctor not to get the shot. Fletcher applied for a medical exemption, but her request was denied, and she was fired.

Fletcher’s life is one of thousands around the country – and the world – devastated by COVID-19 vaccine mandates. Individual health decisions – once kept private to the point of taboo – suddenly became the topic of dinner party conversations and Supreme Court hearings. Across the country, cities began requiring vaccination for indoor dining and activities – first New York, followed by New Orleans, Boston, Philadelphia, Minneapolis, and dozens more.

As Chicago Mayor Lori Lightfoot said,

“This health order may pose an inconvenience to the unvaccinated, and in fact it is inconvenient by design.”

Individuals unwilling to get vaccinated were overnight relegated to second-class citizens, losing everything from their right to dine at restaurants to their entire livelihoods.

It began in September 2021 when OSHA announced that employees at companies employing more than 100 people would need to be vaccinated against COVID-19. The Supreme Court ultimately deemed this mandate illegal, but the threat impacted two thirds of the American workforce.

Read that again: two thirds of all American workers were being forced to consent to a medical procedure or lose their jobs – their income, their benefits, their career trajectories.

Vaccine mandates, while deceptively innocuous to the untrained eye (“it’s in the interest of public health”), are totalitarian, inhumane, and directly in conflict with the underpinnings of a free world.

There are many good reasons an individual might choose to decline a medical procedure. No medical procedure on earth is right for every body, every time, and no government has a right to bar you from society for declining its medical demands.

When the Nuremberg trials exposed the sickening atrocities of Nazi doctors, the public encountered a terrifying new tension between public health and individual human rights. Fifteen physicians were found guilty of crimes against humanity for their treatment of individuals during the war – ranging from medical experimentation to outright torture.

After this trial, the Nuremberg Code was established, introducing the standard of informed consent. The most important provision was the first:

“The voluntary consent of the human subject is absolutely essential . . . the person involved should have the legal capacity to give consent; should be so situated as to be able to exercise free power of choice, without intervention of any element of force, fraud, deceit, duress, overreaching, or other ulterior form of constraint or coercion; and should have sufficient knowledge and comprehension of the elements of the subject matter involved as to enable him to make an understanding and enlightened decision. . .”

The Nuremberg Code is a legal precedent based on a moral standard. Forcing individuals into a medical experiment violates their human rights. The morality came first, and the code followed.

The Nuremberg Code was specifically about forced medical experimentation, not all forced medical procedures. Also, the Code has an unfortunate loophole for “emergency” health orders. But while it may not apply directly to the vaccine mandates, the Nuremberg Code shows how important medical consent has been in the human rights tradition.

Morality has no loopholes; it is not subjective, nor based on convenience. Forcing any medical procedures, experimental or not, (especially procedures with questions about long-term harm) is immoral, no matter what the external circumstances.

The Nuremberg Code was followed by the Declaration of Human Rights, which referenced the idea of bodily integrity in multiple places, including Article 3 (“Every individual has the right to life, liberty and security of person”) and Article 5 (“No one shall be subjected to torture or to cruel, inhuman or degrading treatment or punishment”). The latter was later expanded to include an additional line: “In particular, no one shall be subjected without his free consent to medical or scientific experimentation.”

Again, this set the morality as immutable – as the American Bar Association explains: “Under the treaty, [this article] is nonderogable, even ‘in times of public emergency which threatens the life of the nation.’”

All these ideas are tied to the concept of bodily autonomy, also known as bodily integrity – the idea that your body is your own, and that no one has a right to inflict force or harm upon it.

Since the introduction of the Nuremberg Code, violations of this moral standard have occurred, and have been met with appropriate horror – like the Tuskegee Syphilis Study, which was met with national outrage and led to changes in the concept of informed consent in both legal and medical ethics codes.

The Declaration of Independence – a key founding text of the United States – posits a statement that would be echoed nearly 200 years later in the Nuremberg Code: We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”

The term “unalienable” is important. An unalienable right is a right that cannot be separated from your person. You and it are indivisible.

Your bodily autonomy is an unalienable right. You cannot justly separate yourself from your bodily autonomy, nor sell it away (e.g. by selling yourself into slavery – an act which sounds ludicrous in the modern understanding of freedom).

A medical procedure can endanger an individual’s life – and an enforced procedure on an individual is in stark violation of “life and liberty.”

The Fourth Amendment of the Constitution establishes the idea too, recognizing “The right of the people to be secure in their person,” (again a line that would later be echoed in the Nuremberg Code).

As the Declaration of Independence stated, the sole purpose of the government is “to secure these rights.”

These passages have set legal precedent for medical freedom in the United States ever since – like in 2017, when a judge in Tennessee was sued over offering reduced jail sentences to inmates if they agreed to undergo sterilization. He was found guilty of violating the constitution by coercing people into undergoing medical procedures.

The Constitution, no matter how admirable its intentions, cannot prevent all abuses of bodily integrity. We still see cases that alienate people from their rights – like military conscription, forced custodianship, or sectioning off the clinically insane. But while the ideal doesn’t always translate to reality, it is used to hold people accountable, as was the case with the Tennessee judge.

In 1689, in his Second Treatise of Government, John Locke wrote: “every man has a property in his own person.”

This became one of the core tenets of the liberal tradition: the idea of property rights; and more importantly, of the individual as his or her own unalienable property, against which no other individual or collective had the right to aggress.

Stealing someone’s property is a crime. Trespassing on someone’s property is a crime. Violating someone’s bodily autonomy is a crime.

This is the non-aggression principle, the idea that no individual or collective has the right to violate someone else’s person or property. As Murray Rothbard summarized it, “no man or group of men may aggress against the person or property of anyone else.”

Further, the sole purpose of the government, as outlined by Locke, is “for the mutual preservation of their lives, liberties and estates, which I call by the general name, property. The great and chief end, therefore, of men’s uniting into common-wealths, and putting themselves under government, is the preservation of their property.”

Or in simpler terms: “government has no other end but the preservation of property.”

Some have argued that vaccinations are an act of self-defense, of the collective against the mutual enemy of a virus, but that argument doesn’t hold up. To claim vaccines as self defense would require vaccines to be 100 percent safe, 100 percent effective, and the virus 100 percent fatal – none of which can be proven with certainty.

If we cannot have this certainty, then we must defer to bodily autonomy.

As Leonard Read wrote in On Keeping the Peace“My thesis, in simplest terms, is: Let anyone do anything he pleases, so long as it is peaceful; the role of government, then, is to keep the peace…”

This idea applies both specifically to bodily autonomy and broadly to the role of government itself: “Keeping the peace means no more than prohibiting persons from unpeaceful actions. This, with its elaborate machinery for defining what shall be prohibited (codifying the law), along with the interpretation, administration, and enforcement of the law, is all the prohibition I want from government—for me or for anyone else.”

If government is a mechanism for protecting autonomy and peaceful activity, those activities should also limit government’s scope: “When government goes beyond this, that is, when government prohibits peaceful actions, such prohibitions themselves are, prima facie, unpeaceful. How much of a statist a person is can be judged by how far he would go in prohibiting peaceful actions.”

When a government agency pressured Emory University Healthcare to institute an order that led to Carly Fletcher being fired, it overstepped its proper role – and violated the rights of the peaceful people it should be protecting.

Government vaccine mandates violate the moral principles of medical consent, bodily autonomy, and self-ownership. They should be abolished as crimes against humanity and never happen again.

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Inflation Ate their Lunch, But Americans Made Heroic Efforts to Spend

By Wolf Richter

Personal Income and Spending under Red-Hot Inflation and Omicron.

Not adjusted for inflation, the personal income of all Americans combined, from all sources – from wages, salaries, interest, dividends, rental income, unemployment compensation, stimulus checks, Social Security benefits, etc. but not including capital gains –  was essentially flat (seasonally adjusted) in January from December, fell by 2.1% from the stimulus-inflated January 2021, and rose by 11.5% from January 2020, according to the Bureau of Economic Analysis today.

But, in “real” terms, meaning adjusted for the raging inflation, personal income from all sources fell by 0.5% in January from December, and fell by 7.7% from the stimulus-inflated January 2021 and was up only 3.7% from January 2020. But wait… this was for all consumers combined, and the population has grown.

On a per-capita basis — more people divvying up the national pie — and adjusted for inflation, minus personal taxes: The “per-capita real disposable income” fell 0.5% for the month, fell 10.1% from a year ago, and was up only 1.8% from January 2020. In other words, the red-hot inflation over the past six months ate up more than the growth in personal income and further whittled down the purchasing power of labor:

Not adjusted for inflation, consumers increased their spending by 0.8% in January from December (seasonally adjusted), and by 11.6% year-over-year, blowing money left and right in a heroic effort to keep the economy hopping.

Adjusted for inflation: “real” consumer spending in January, seasonally adjusted, bounced back from the decline in December. The decline in December and the equal bounce-back in January were likely the result of seasonal adjustments in an era when the normal seasonality was upended by the pandemic, which I discussed when it showed up in retail sales too.

Compared to January 2021, consumers increased their “real” spending by 5.4%, and compared to January 2020, by 4.6%, outspending inflation even as it ate up their income increases plus some, and despite Omicron which constrained spending on services over the past three months, as we’ll see in a moment.

“Real” spending on durable goods – cars, cellphones, appliances, furniture, sporting goods, etc. – was flat in January and down 0.4% from January 2021, but up a whopping 21.3% from January 2020.

During the pandemic, when services such as international travels, concerts, and haircuts were hard to come by, consumers splurged on durable goods, fueled by the moneys they received from the government, and by the moneys they didn’t have to pay for mortgages in forbearance and for rents under eviction bans, and by the moneys they thought they had made in stocks, cryptos, or real estate.

So during the pandemic, there was this historic spike in spending on durable goods, even when adjusted for inflation, which was huge in durable goods (18.4% in January!), and part of the spike from the last round of stimulus checks has now unwound, but durable goods spending even adjusted for inflation remains very high – and this massive historic increase in demand is one of the factors in the shortages that have cropped up everywhere:

“Real” spending on nondurable goods – mostly food and beverages, all kinds of household supplies, and energy – also spiked during the pandemic, even adjusted for inflation, which was massive for nondurable goods (9.8% in January). Some of the increase during the pandemic has to do with the shift to working at home, when what used to be business spending for food, toilet paper, coffee, and other office supplies shifted to the household and became consumer spending.

In January, real spending on nondurable goods was flat with December but up 5.0% from the stimulus inflated January a year ago, and up 13.5% from two years ago:

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Continue reading this article at Wolf Street.

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CDC: No Masks Needed Indoors for Most Americans

By Casey Harper

The U.S. Centers for Disease Control and Prevention (CDC) announced new guidance Friday that eases up their recommendations for wearing masks indoors for the majority of Americans.

The CDC held a press briefing Friday explaining the updated guidance. Notably, CDC officials said masks are no longer necessary unless someone lives in an area where hospitals are struggling to keep up, adding that that description means about 70% of Americans can go maskless.

“We want to give people a break from things like mask-wearing …” CDC Director Rochelle Walensky said.

The CDC does not mandate any mask-wearing officially, but its guidance sets a standard adhered to by governments and institutions around the country. The CDC website allows users to check whether their county is considered “high-risk” enough to require mask-wearing because of the strain put on hospitals.

“Levels can be low, medium, or high and are determined by looking at hospital beds being used, hospital admissions, and the total number of new COVID-19 cases in an area,” the site says. “Take precautions to protect yourself and others from COVID-19 based on the COVID-19 Community Level in your area.”

Walensky had hinted at the changes Thursday night.

“At [CDC] we have been analyzing our [COVID] data and shifting our focus to preventing the most severe outcomes and minimizing healthcare strain,” she wrote on Twitter. “Moving forward, our approach will advise enhanced prevention efforts in communities with a high volume of severe illness and will also focus on protecting our healthcare systems from being overwhelmed.”

The CDC last year announced that vaccinated individuals could stop wearing masks indoors before quickly reversing course.

Many states and local governments have already lifted their mask mandates or set expiration dates for those mandates. Many school districts, though, have held out, keeping the mandates in place. The CDC’s updated guidance will likely pressure many of those low-risk and medium-risk areas to reevaluate their policies.

The guidance also raises new questions, though, about how officials regulating transportation such as airplanes, buses, and trains will react and whether mask mandates there will remain in place.

Currently, there is a federal mandate requiring masks on flights through March 18. Whether that mandate will be re-upped given the CDC’s new guidance remains to be seen.

The Association for Flight Attendants-CWA, a major union for the workers, reportedly called on the Transportation Security Administration to extend the mandate earlier this week.

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This article was published in The Center Square and is reproduced with permission.

Which is better a Street Legal Golf Cart or All Electric Vehicle? thumbnail

Which is better a Street Legal Golf Cart or All Electric Vehicle?

By Dr. Rich Swier

I was born and raised on internal combustion engine vehicles. Back in my time we had muscle cars like the Chevy Corvette and Ford Mustang.

America became a major manufacturer of internal combustion engine cars after Ransom Old developed the assembly line and began mass producing cars. The assembly line has long been considered one of the greatest innovations of the 20th century. Henry Ford improved and innovated upon Ransom Old’s assembly line to make Detroit into the Motor City, the automobile manufacturing capital of the world.

According to GreenCars.com:

The invention of what we now refer to as an electric vehicle (EV) has to go to Scottish inventor Robert Anderson who made a full-size prototype electric “horseless carriage” in 1838. However, Anderson’s creation was more of an experiment than a practical conveyance since his carriage used batteries that were not rechargeable.

You may be amazed to know that electric vehicles have been with us since well before the gasoline-powered internal combustion engine became popular. In fact, several inventors around the world were playing with the idea of putting a battery-powered electric motor in a conveyance with wheels since around 1828 when Anyos Jedlik made an electric toy car.

The first all electric vehicle was invented in 1864. It was the Hague Tramway Network which had 12 different tram lines and two light rail lines.

Fast forward to 2022 and we find a plethora of all electric vehicles, almost all cars or SUVs, made by companies like Tesla, Chevrolet, Ford, Mercedes Benz and others.

We also have hundreds of brands, makes and models of internal combustion engine cars, trucks, tractors, airplanes, lawn mowers, factory machines and other forms of fossil fuel driven equipment like generators, to power you home when the electricity goes out.

QUESTION: Should you purchase a street legal golf cart or an all electric vehicle?

Golf Cart or All Electric Vehicle

We looked at two manufacturers of electric vehicles. Moto Electric Vehicles a company that manufactures street legal golf carts. Their carts include: street legal golf carts, low speed vehicles, electric shuttles, wheel chair electric shuttles, commercial electric vehicles, electric emergency vehicles, golf carts and lifted off road golf carts.

We chose the Lucid Air all electric sedan because it was Motor Trends 2022 car of the year. Motor Trend ended their column about the Lucid Air stating:

The Lucid Air did not instantly win all of our judges hearts. Many expressed dire concern that if Lucid fails to rectify the wonky quirks our prototype suffered, the brand and car could go down in history as the 21st century Tucker or Chevy Vega. Some longtime judges assuaged these fears by highlighting the many similarities between this car and company and the Tesla we awarded [car of the year] in 2013. In the long run, electric vehicles are the way forward for cars and mobility, and the way forward for electric vehicles is continuous improvement of batteries, motors, and charging. That’s why the great-looking, strong performing, tech-leapfrogging Lucid Air is Motor Trend’s 2022 Car of the Year.

What’s the difference between a golf cart and an all electric vehicle? Essentially nothing. As Motor Trend pointed out it’s down to three things: batteries, motors, and charging.

Both Motor Electrics’ golf carts and the Lucid Air are all electric, both have a single gear transmission and both have rechargeable batteries. Both provide transportation for individuals, and up to 6 passengers in the case of golf carts. All EVs can hold up to 5 passengers.

The only differences are in luxury and pricing.

So there you have it. EVs are nothing more than expensive golf carts.

Who Should Choose What Vehicle You Drive?

Now that you know that EVs are simply more luxurious and more expensive golf carts the question is: Who should decide what vehicle you drive?

For Democrats it must be the government. Democrats want to save the planet by making you drive only electric vehicles because normally aspirated vehicles emit CO2. But isn’t CO2 plant food and doesn’t CO2 make the planet greener? Of course it does.

QUESTION: If CO2 is good for the plants and our planet why this push for all electric vehicles?

ANSWER: It’s all about power and control!

You see what car you drive should be a personal decision. The open market should decide which vehicles win and which vehicles lose customers.

It is not the government’s job to force you to drive an EV. In fact, it’s un-Constitutional. Show me in the Constitution where the government can force me to buy EVs and only EVs.

What the Constitution does require is we as American citizens have an unalienable right to life, liberty and the pursuit of our individual happiness.

Having said that my wife will continue to drive her Lexus and I will continue to ride my Honda motorcycle.

And this ends the discussion on golf carts and liberty.

©Dr. Rich Swier. All rights reserved.

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The Big Inflation Lie

By Bruce Bialosky

President Biden, no economic expert, wants to blame the high rate of inflation on the pandemic created shortages like computer chips stopping cars from being built. While supply chains were altered for a time and some products still have backlogs there are two major reasons that the inflation rate has accelerated to the highest it has been in two generations. Those two reasons are self-inflicted wounds, almost exclusively by Biden policies.

By far the most tangible one is the price of energy. It does not take much to figure out when you see the average price of an oil barrel – 2020 $39.68, 2021 $68.17 and 2022 $84.70. We don’t know where the average price in 2022 will end up for the year, but it is a good beat it will be north of the current figure – currently at above $95.00.

American oil production went from 5,484,000 barrels in 2010 to 11,283,000 in 2020, Some of that growth came at the end of the Obama Administration due to private land fracking, but the figures really soared during the Trump era. Oil production dropped 1.1 million barrels in 2021. Natural gas production went from 22,381,873 million cubic feet in 2010 to 36,202,466 million cubic feet in 2020. Again, it was raised during the Obama administration but accelerated during the Trump era.

Production is predicted to rebound in 2022, but will we continue on our upward trajectory which will bring prices down? The stall that occurred once the Biden Administration took over caused an upward spiral. The Biden government is doing its best to discourage oil and gas production in the United States.

Not only has Biden put a clamp on production here, but he has also discouraged production In Canada by shutting down the Keystone XL pipeline. Biden has thrown his lot in with the environmentalists who believe we can live on solar and wind power the only clean energy sources they fully endorse. Sure, they accept hydropower — to the extent, it does not disturb waterways they want undisturbed, but nuclear which is clean, yet evil in their eyes, is an energy source non grata.

What they forget is oil doesn’t just power vehicles and airplanes, it is used in the plastics that touches virtually everything in our lives. The clothing we wear, the glasses on our faces, and the containers that hold the food we eat.

By turning us away from the energy independence that we had created prior to his administration Biden has caused a major element of the inflation that we are burdened with today. Everything is touched by the cost of oil and gas. Certainly, the sign at the corner gas station with ever-rising prices is the most visible, but not necessarily the most determinant in the crushing increase in inflation. Just think how much more it costs to ship products from a foreign country or from Minnesota to your grocery shelf.

This is an unforced error of momentous proportions driven by a zealous and naïve political philosophy. The worst part is that the energy sources they dream will replace oil are nowhere near effective since they are dependent on the vagaries of nature. Ask the supporters of the green revolution what it would cost to develop the batteries necessary to store energy for the times the winds don’t blow on the sun goes down. They have no answer because they either don’t know, or they do know, and they are aware the public would turn on them knowing the reality of an estimated a few hundred trillion dollars. They can live with 7.5% inflation when they are saving our planet.

The second self-inflicted wound is the disregard of an elemental concept. A grade-schooler understands the basics of supply and demand theory. It seems that Biden has found “economic experts” who live in denial that this exists. While the supply of many things is being crushed Biden ramped up demand with his first legislation in March 2021. In December, Trump had signed a bill to inject $1 trillion of made-up money into the economy to stave off the effects of government forced shutdowns.

The reasoned thing would be to let that money be spent and consider how that changed the economic picture. Not when you and your party needed a victory and wanted people more tied to government benefits than the fruits of their own labor. Instead, they passed another $1.9 trillion of handouts with questionable parameters as to why people needed that money. 

To evidence their lack of understanding of how ramping up demand by injecting made-up money into the economy chasing the same supply, the Biden team is still telling us their disastrous Build Back Better baloney will get passed during 2022.  Their desire to pursue their Left-wing government-centric policies seems to be more important than controlling the expanding inflation.  Nancy, Chuck, and Joe are still trying to tell us the injection of up to $4.9 trillion will tame inflation.  This delirious position insults not only us but themselves.

Has supply chain shortages caused some inflation in the economy? Yes. Will it be transitory? Probably not.  Is it corporate greed as President Biden and his ill-informed idealogue buddy Lizzie Warren like to tell us  – NO.  Until the Biden Administration focuses on the ill-conceived policies they have created and adjusted, inflation will rage, and their heads will be on the political chopping block.

Let’s see what Biden says in his State of the Union address which is supposedly going to focus on this issue.

Trudeau’s Emergency Act Sent A Shockwave Through The Cryptocurrency World

By Chris Brunet

In a move that has angered crypto investors, companies and enthusiasts all over the world, the Canadian government is considering permanently extending the emergency measures that allow it to monitor and seize cryptocurrency.

Finance Minister Chrystia Freeland announced sweeping new rules on Feb. 14 which empowered the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to track, freeze and/or seize cryptocurrency from anyone supporting the trucker protests.

“The government will also bring forward legislation to provide these authorities to FINTRAC on a permanent basis,” Freeland said.

Prime Minister Justin Trudeau revoked the Emergency Act on Wednesday, but it is unclear what specific cryptocurrency rules will be made permanent under Canada’s anti-terror laws, and which will end with the emergency powers. Freeland’s office did not respond to an inquiry from the Daily Caller News Foundation. (RELATED: Canada’s Justice Minister Says Trucker Convoy Supporters Who Are ‘Pro-Trump’ Should Worry About Having Bank Accounts Frozen)

Prominent executives in crypto have spoken up against what critics call a government overreach. Tesla CEO Elon Musk mocked Trudeau by comparing him to Hitler, Ethereum cofounder Vitalik Buterin slammed Canada’s crackdown on crypto and the CEOs of Kraken and Coinbase — two of the biggest centralized exchanges in the world — each sent strongly worded tweets.

The CEOs’ tweets were strange since they actively encouraged their users to defect to competitors. The tweets even piqued the interest of the Ontario Securities Commission, which flagged them to the RCMP because they appeared to encourage people to skirt the rules about donating to the truckers’ protest.

“We are aware of this information and have shared it with the RCMP and relevant federal authorities,” wrote the OSC’s manager of public affairs.

Both the tweets explicitly refer to “non-custodial wallets,” a simple version of which would be like storing cryptocurrency on a USB stick under a mattress. A more complex non-custodial wallet is a piece of software known as a “smart contract.” There are thousands of non-custodial products that lie in the space between smart contract and USB stick, but in each type, the user holds their own “private key,” thus ensuring that cryptocurrency assets are immune to financial censorship.

“Custodial wallets,” in contrast, store cryptocurrency on a cloud that is owned and operated by whatever exchange is entrusted to hold it. From a legal standpoint, such centralized exchanges may have no choice but to comply with government orders and FINTRAC monitoring, assuming they want to keep doing business in Canada.

“It is unfortunate that the Emergency Economic Measures Order is indiscriminately targeting the whole cryptocurrency ecosystem,” said Justin Hartzman, co-founder and CEO CoinSmart, a Toronto-based crypto trading platform, to the DCNF. “The addresses associated with this alert have been widely disseminated to the entire crypto community here in Canada and have reportedly been reported to the blockchain monitoring softwares that service the industry world wide. We will cooperate with the OPP and the RCMP and fulfill our obligations, if any, under the Emergency Economic Measures Order.”

Non-custodial companies are speaking out more bluntly against Trudeau’s emergency measures.

“We cannot ‘freeze’ our users assets. We cannot ‘prevent’ them from being moved. We do not have any knowledge of the existence, nature, value, and location of our users’ assets. This is by design,” said Nunchuk, a non-custodial wallet company, in a letter to the Ontario Supreme Court of Justice. “Please look up how self-custody and private keys work. When the Canadian dollar becomes worthless, we will be here to serve you, too.”

The DCNF spoke with two additional non-custodial wallet companies, Edge and Swype.

“This topic really is a key purpose of all of our products,” said a spokesperson for Edge. “Whether or not someone agrees with the protests themselves isn’t the point here. The point is that, if you’re cheering this on, some day the other side will be in charge, and you might not be so cheerful. At our foundation as a people, we have to have rules that we all play by which can’t be violated. Crypto was built for this.” (RELATED: El Salvador Becomes First Country To Use Bitcoin As National Currency)

“Governments justify these restrictions by claiming they’re acting in our interests,” said a spokesperson for Swype. “We think people know their interests. Crypto means there’s no need for these middlemen anymore for people to act in their own interests, and as crypto adoption increases, these governments will need to invent some other story.”

New cryptocurrency regulations may be coming to America as well. Last week the FBI announced that they are “launching a unit for blockchain analysis and virtual asset seizure.”

Editor’s Note: At the time of writing this article, the author owned various long positions in Bitcoin, Ethereum and several other coins and/or crypto derivatives. None of these coins are stored on any of the exchanges or wallet companies mentioned in this story.

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This article was published by the Daily Caller News Foundation and is reprinted with permission.

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War and Bad Energy Policy Makes a Difficult Situation Even Worse

By Neland Nobel

We don’t write that often about markets because The Prickly Pear is not a financial publication.  However, we appreciate that our readers, like the public generally, are being squeezed by the worst inflation in a generation and are being buffeted by very uncertain financial markets.

Our main concern remains the country and the future of our children and our grandchildren. But financial affairs embrace both political and personal concerns.  It is difficult for a nation to do well if its people are not doing well. In addition, it is hard to help your family when you are broke.

In our past few pieces, we suggested some broad themes about 2022 were likely. First, we felt it would be a “risk-off” year. That is to say, things that had been working so well and attracting risk money such as stocks, cryptocurrencies, bonds, and real estate, would be in for a rough go of it. We would have a corrective phase.

We also suggested that the classic 60% stock and 40% bond asset allocation strategy would not work because stocks and bonds were likely to go down together. Thus, bonds would not be providing the diversification and protection they historically have. That has certainly turned out to be true.

We also suggested that cryptocurrencies would not provide diversification and that governments were likely to move against them. Governments do not want to give up their monopoly on controlling money, nor will they tolerate much in the way of financial privacy. Cryptos have been highly correlated to stocks and governments from Canada to China are cracking down on them.

We recommended reducing exposure to stocks and bonds, increasing substantial holdings in cash, and adding a bit of gold.

Although pointing out that we so far have been basically correct might appear boastful, we are not. In fact, we know from painful experience that markets can be fickle and unpredictable and can make idiots of us all. But the trends we were worried about have just been considerably made worse by the uncertainties of war and that compels us to write more on the subject. 

Most of our observations were based primarily on a change in the monetary regime. There has been well over a decade of extraordinary easy money policies pursued both on the fiscal front by Congress and the monetary from by the Federal Reserve. Many markets are now quite addicted to cheap credit, speculative juices have been flowing in the extreme, and many markets seemed to have the look of mania about them.

But with inflation running this hot, it would appear the Federal Reserve would attempt the impossible: increase rates enough to cool off inflation, but not raise them enough to tank the economy. Likewise, the excessive and wasteful Federal spending would probably peak, especially with Republicans likely to take back both the House and Senate.

In short, the monetary flows supporting the rapid appreciation of various markets were going to be reduced, likely creating monetary addiction withdrawal symptoms. That is what triggered our caution.

Thus far, most of our general predictions have come true, and sad to say, we think there is likely more to come.  Yes, in the short term, the stock market is getting quite oversold and due for a bounce. The strength and duration of that bounce will tell us more about the rest of the year. How that process works out will define the difference between a correction and a bear market.

So far, most major stock indices are in “correction” territory, that is losses of 10-20%. Many individual stocks have lost a lot more as the market indices have been held aloft by a handful of giant tech companies. We have not yet entered bear market territory, which is much greater in both time and extent. Typical bear markets will pull equity prices back 50%, and sometimes even more than that.

So far this year cash has done fine, gold has modest gains, while energy and energy stocks have been the big winner.

While the FED continues to prepare the markets for rate increases, so far, they have not delivered.

But the markets are moving in anticipation and interest rates are nonetheless rising, the yield curve is flattening, and credit spreads are widening. All are typical preliminary signs of credit stress.

This process of cooling off inflation caused by both monetary excess and supply chain issues caused by the idiotic response of governments to Covid would by itself present quite a challenge to the FED and to the markets.

Then along comes Russia and the invasion of Ukraine. Since inflation is at least in part caused by the Democrat’s war against fossil fuels, sanctions against a major energy producer, while entirely justified, can only make matters worse. The Administration has countered that they plan to make up the energy deficit they have created, by accelerating “renewable energy.”

There is simply no way realistically to expand the very small contribution renewables make to world energy in a short period of time, and it is very questionable if it is technically possible long term.

Europe, especially Germany, has drunk the Cool Aid of the “green movement” and is very vulnerable, closing down their remaining nuke plants just like the geniuses in California. Electricity costs have been skyrocketing.

The Biden energy policy is almost a guarantee for soaring energy prices, creating an additional serious problem for the world economy. Money that goes into the gas tank is money not spent on clothing, ball games, or orthodontics for the kids. As energy and labor costs soar, it now risks a profit squeeze on business hardly helpful to a stock market already in distress. And because Biden is shutting down domestic production, the benefit of those energy revenue streams goes to all those wonderful people in the Middle East.

By acting almost immediately against the  Keystone XL Pipeline, he in effect suppressed Canadian production. By targeting U.S. producers, we in the U.S. are producing less. By vetoing the gas pipeline from Israel to Europe, he made Europe more vulnerable to Russian energy, just on the brink of war.

You could not design by intent a worse energy policy.

The Administration and its fans do not seem to understand that oil and gas go far beyond just fueling cars and heating homes. There are basic materials for fertilizer and plastics, and thousands of other things we buy all the time. It does not matter how many Chinese solar panels you erect if oil is needed to make plastics and gas to grow food.

Food prices are likely to be impacted in two ways.  First, fuel and fertilizer are major costs for farmers.  Secondly, Ukraine is a big food producer, especially of grains.  This can only add upward pressure on food prices.  For the poor, food and fuel are often their biggest costs.  A food squeeze only makes inflationary pressures worse.

An oil price shock could plunge the country into recession just as the FED is raising rates. This has the potential of making the FED interest hikes pro-cyclical. In short, the FED could make what would be a soft patch into recession because the economy will get the triple shock of inflation, interest rate increases, and an energy crisis. Financial flows are international and supply chains are integrated. Sanctions may indeed be necessary but they come with a cost both to us and the Russians.

The Russian/Ukrainian conflict and the accompanying economic sanctions could wreck credit flows, cause central bank issues, foreign exchange turmoil, and various other maladies that could further disrupt the international economy.  We are long past the time when the U.S. economy ran pretty much on its own. It is now thoroughly integrated with international trade.

The worst case would be for Europe or the U.S., or both, to get directly involved in the war. While we doubt that will happen, there are many economic tripwires being hit that don’t involve direct military contact.

The personal experience we have had with recessions and bear markets is you just can’t know in advance where all the difficulties could show up. For example, a slow down in the economy hits the tax collections of state and local governments. A bear market in equities can harm households, retirement funds, public and private pension funds, and consumer spending. A bear market in stocks can create negative wealth effects and change consumer psychology as well. A slow down in the economy will expose the excesses in debt that may range from housing finance to the junk bond market. Default rates could rise.

And, with interest rates just barely coming off zero, it is not like the central banks of the world have a lot of ammunition to fight in the next recession. How much water do the fire trucks have left?

As far as fiscal stimulation goes, the same thing can be said. We have just had a huge surge in deficits just to satisfy the Democrat political agenda. If the Republicans take over in Congress, it is unlikely they will be willing to spend if the economy slides into recession. Besides, we are not sure how much more in the way of global deficit spending the markets can take, nor is anyone else.

While there is no sign of recession evident right now, they do typically follow a course of interest rates hikes, a burst of inflation, political turmoil, and an energy crisis. Professionally, we cut our teeth on the 1973-74 bear market, and there are a lot of things that appear similar to that era.

We don’t envy Jerome Powell at the FED. He faces record deficits, soaring inflation, and now disruption from a war that was hardly on anyone’s radar. Does he hold off on the interest rate increases that have been so widely publicized?

If he does that, will the markets interpret that to mean the FED is too fearful to tighten and thus has chosen to let inflation run? That too will have profound consequences.

The FED rate increases are expected to start early next month so we should be getting some answers soon. But as mentioned before, rates in the marketplace have already increased and are impacting decision making.

To reiterate: threading the needle between inflation and recession would have always been a tall order to fill. When we add to that the confusion of war, massive deficits, distortions due to Covid policy, and terrible energy policies, the risks of policy error and unintended consequences go up considerably.

That makes for a difficult and uncertain investing environment. We would still say prepare for a risk-off year.

Canada’s Freezing of Protesters’ Finances Shows How the “War on Cash” Ends.

By Robert Fellner

The Canadian government is now freezing the bank accounts and personal assets of those who donated to support the Freedom Convoy, which is an organized political protest of the vaccine mandates. The deputy prime minister announced that they will retain these so-called emergency powers permanently going forward and will also seek to implement additional measures to further restrict the ability of political protestors to raise funds or otherwise use the banking system.

This highlights the need to eliminate the state’s control over money, at least in societies that wish to remain free. As articulated in a fascinating Twitter thread, constitutional rights become utterly meaningless if there are no practical means to exercise them. Free speech rights and the right to assemble are of little use to those who have no ability to access their money. Organizing an assembly requires being able to afford the costs associated with travel. Exercising free speech rights, at least if one wishes to do so effectively, requires at least some funds to ensure that the message reaches a large audience.

Prime Minister Justin Trudeau understands this fact, which is why his administration has chosen to freeze the bank accounts of those directly involved in the protest, as well as those who merely donated to help support the protest efforts. When a similarly power-hungry tyrant seeks to do the same here in the United States, the Constitution will be utterly powerless to stop them. Good luck mounting an effective protest to an unjust and tyrannical government without having access to money or the banking system.

It is therefore necessary that Americans start taking the necessary measures to help ensure such tyranny cannot come here. While the ultimate solution will require finding a path to free-market money, the Canadian experience makes clear that simply waiting for that to happen is too risky.

In the meantime, more must be done to bring the government’s war on cash to an immediate end. A future president and Congress can accomplish this by requiring the US Treasury to start printing $500 and $1,000 bills immediately, to make up for the loss in purchasing power that has occurred since the Treasury formally discontinued those higher-denomination bills back in 1969. There should also be a requirement that new higher-denomination bills be introduced when needed to offset the effects of inflation. In other words, when the cumulative effects of inflation inevitably produce another 50 percent decline in the value of US currency, the Treasury should also be required to automatically introduce a $2,000 bill into circulation, for example. This is necessary to ensure that Americans’ fundamental right to access cash is not eroded by the silent, but incredibly pernicious, effects of inflation. And while the practical value of this reform is admittedly modest, its main value lies in what it accomplishes in terms of reframing the debate regarding the nature of money and the state.

In other words, it is much easier for a government to implement the totalitarian measures currently on display in Canada when the populace already concedes that the state has the right to monitor banking transactions and views unmonitored transactions as synonymous with illicit activity. Merely protecting the right to access physical cash is thus an inherent repudiation of this view and instead signals a recognition that Americans are entitled to money and banking, especially to those forms of money that are hard for the government to control. And successfully shifting the Overton window in that way would greatly increase the likelihood of enacting more substantive reforms, like repealing the Patriot Act and other bank-monitoring laws.

So, as we wait for the widespread adoption of an alternative to government-controlled money, whether in crypto or elsewhere, those who believe in freedom should consider making the reintroduction of large-denomination bills a political priority. The level of oppression currently on display in Canada makes clear that we must do everything possible to prevent the same from coming here.

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Leftists Want To Control Your Money So They Can Control You

By Kyle Sammin

Editors’ Note: We ourselves have suggested that governments would not permit the full operation of cryptocurrencies because it challenges their entrenched power to manipulate money. This manipulation in the past was limited to inflation of the currency, redistribution of wealth, and supposed countercyclical measures to modulate the business cycle. Then that power morphed in several directions.  The widespread use of sanctions began with South Africa and has been extended in the foreign policy realm to many other nations with which we may disagree. Then it spread into the “war on terror” and the funding of terrorist groups. The final stage is to label political opponents as “domestic terrorists” and expand surveillance, harassment, and prosecution of political opponents. We are now seeing that operate in Canada. This use of monetary power has now gone so far as to restrict credit and clearing operations to disapproved industries such as firearms and petroleum. Only those industries favored by the state have full and unfettered use of the capital markets and the government-regulated banking system. To some extent, this use of capital manipulation is now advocated even in the private sector by the ESG movement and large money managers like Black Rock, largely to force policies along the lines of their environmental agenda. Adding to the problem is that large tech companies that operate various transfer platforms, align themselves with the state or a particular political party. Private market actors should know better because these tools could well be turned against them. These developments pose a grave threat to liberty. It is a violation of privacy, a violation of property rights, and the use of monetary pressure is a violation of the rules of political conduct. Once these precedents are accepted, economic warfare against political opponents will become common and will lead to only one political view triumphal and unassailable because one faction restricts the resources of their opponents while directing the wealth of the state to their own ends. We can’t think of a more sinister way for political power to be abused. It completely short circuits the ability of one faction to balance another, an integral part of the American system of governance. We have not thought that Bitcoin was the answer, but we certainly can appreciate the need for some solution.

All of the convenience of moving money around effortlessly comes at the cost of losing control over it.

Last week, Canadian Prime Minister Justin Trudeau announced the suspension of Canadians’ rights last week in his invocation of the Emergencies Act to stop the Freedom Convoy protests in Ottawa and elsewhere. Among the restrictions announced are greater controls over the online crowdfunding sites that help to fund the protesters and attempts to control the flow of cryptocurrencies like Bitcoin.

According to news reports, “credit card processors and fund-raising services will be required to report any blockade-related campaigns to Canada’s anti-money laundering agency.” Canadian banks quickly fell in line with the decrees, with Toronto-Dominion Bank freezing two personal bank accounts containing C$1.4 million ($1.1 million) they said were intended to support the truckers.

It bears a striking resemblance to the Biden administration’s recent efforts to intensely monitor what goes in and out of Americans’ bank accounts. The president’s expected announcement this week of an executive order to explore greater regulation of cryptocurrency is likewise an attempt to stick the state’s nose ever deeper into the average citizen’s business.

You Don’t Control Your Money Like You Used To

We’ve grown used to the idea that the government has a monopoly on money. Coining money is one of those powers of the state that most people never consider, like building roads or controlling national borders. Our money has dead presidents on it — it’s plainly a government operation. Where else would money come from, right?

But before the rise of electronic money transfers — the electronic bill-pay, direct deposit, and credit and debit card purchases we make every day now — whether the dollar bill in your wallet was issued by a bank (as in the early days of the republic) or by the Federal Reserve (as they are now) did not much matter. It was yours. No one knew what you spent it on unless you chose to tell them.

That meant greater privacy, both from your neighbors and from your government. But it also entailed risk. Cash could be stolen, lost, or destroyed, and there was no way to get it back. And it was cumbersome, especially as inflation ate away at the value of a dollar. Could you bring cash for a downpayment on a house? Sure. It still happens. But hauling a suitcase full of cash invites the scrutiny of thieves and the state — even when it’s completely legal.

The convenience of electronic money has been clear for decades now, but the dark side is showing itself this year like never before. All of the convenience of moving money around effortlessly comes at the cost of losing control over it.

How Goverment Uses Control of Your Money to Control You

These digital transfers feel, to most of us, like magic. A volley of ones and zeros flies through the cybernetic ether and — poof! — your electric bill is paid. But in truth, the data is routed through banks, and there are fewer of them all the time. Those remaining, many-times-merged financial giants that handle our affairs are, for all their clout and power, susceptible to government pressure. We have seen it already when the Obama administration leaned on banks to refuse to deal with people involved in marijuana or the sex trade, even where those businesses were legal at the local level. No federal law gave them this power: the threat was enough. And where people keep money in cash, the government often finds a way to take it without even bothering to charge the owners with a crime.

Trudeau’s emergency measures take advantage of these pressure points and lean on banks to choke off the complete flow of money to and from those he deems enemies of the state. No charges, no trial, just shutting it down. Now Trudeau’s government wants to make these “temporary” measures permanent. The slippery slope is usually not so steep, but these are strange times.

Governments have always used the word “emergency” to do what they want and to trample the liberties of the dissenting minority. Control over our money makes that easier than ever. Even the more self-sufficient among us engage in trade and unless you choose to live like a hermit, money is a part of that.

How Crypto Challenges the Government Monopoly on Money

Governments understand that alternatives to state-issued money, like cryptocurrency, are a threat to that hegemony. Trudeau and Biden demonstrate that in their recent efforts to control Bitcoin and other cryptocurrencies. But the beauty of these new systems is that they are made, purposely, to be beyond the control of any person or government.

When Bitcoin launched more than a decade ago, most of us (myself included) barely understood what it was or how it worked. Fake money for dark web mischief, I figured, an eventual failure at best, a scam at worst. Yet here we are in 2022, where government-issued money is eroded by inflation and controlled by statist decrees. They leave peaceful opponents with a choice between the old (gold) or the new (crypto). And crypto is a heck of a lot easier to carry around.

In deciding an earlier banking law question in McCulloch v. Maryland in 1819, Chief Justice John Marshall said that “the power to tax involves the power to destroy.” Two centuries on, we could apply a modern twist: the power to regulate involves the power to control.

Cryptocurrency was just a passing fad until government overreach made it a necessity. Decades of deficit spending have inflated the currency and decades of creeping statism have given the government massive power over how money is used. The government’s monopoly on money has failed and, like it or not, cryptocurrency is at least part of the answer.

*****

This article was published by The Federalist and is reproduced with permission.

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VIDEO: The West’s Energy Policy Is the Greatest National Security Threat We Face

By Marc Morano

Watch my interview with Tucker Carlson on Ukraine, Russia and how Biden’s policies aided Russia: ‘The West’s Energy Policy Is the Greatest National Security Threat We Face

EXCERPT:

Tucker Carlson: “So we wanted to walk you some of the likely consequences of what they are now doing in Eastern Europe and Marc Morano seemed like a good man to start with. Thanks so much for joining us tonight. So, without even getting into whether or not Ukraine is a democracy – I’m embarrassed to even – I mean, who cares. But I want to know what the effect on the United States and on the purchasing power of the average person, is likely to be from what they’re doing right now over there.

MORANO: “We are already seeing – the first part of it is in California, $6 a gallon. Gas is already up a dollar. Estimates are seven, $8 a gallon possible with recession if Putin, who we’ve given all of this power to by literally shutting down U.S. domestic energy.

Just a little history lesson here. In 2020, the United States was back to 1952 with energy, not just independence, but energy dominance. We were the world’s largest oil and gas producer. More energy exports and imports, more energy production than consumption and we hadn’t done that since Harry Truman was president. Joe Biden came in at he said the first thing he wanted to do was jail fossil fuel executives. Biden’s energy secretary had done a video singing about no more gasoline, The is world aflame due to global warming.

Biden – by the way – Biden – I’m sorry, Obama’s energy secretary (Chu) said he wanted European-style gas prices. So what happened as he started shutting down the Keystone pipelinebanning drilling on federal lands and Anwar, and defunding energy projects through banks through environmental social governance (ESG). All sorts of things.

So a war on fossil fuels happens. We are now in a much, much weaker position one year into this administration to where now Vladimir Putin is the direct beneficiary of all this. And you can’t keep Europe out of this. Europe is many years ahead of their version of a disastrous Green New Deal. One professor in Europe actually said it’s typical Marxist garbage — what they’ve engaged in. Europe began shutting down their energy, so the whole world has been empowering basically three places. The Middle East for the OPECChina, and now of course Vladimir Putin’s Russia.

So the people that are screaming the loudest that we need to go in and save democracy in Ukraine have destroyed our energy independence and dominance and made us so much more vulnerable to whatever Vladimir Putin may or may not want to do.”

Tucker Carlson: If you’re making energy more important for your own people, you are these we hate your own people. I think it’s that simple. In one sentence just if you could answer this question, is the Chinese government, which clearly has no respect for human rights or even its own people, are they making energy more expensive for Chinese?

Morano: No, there are estimates they build about a coal plant a week, they are about 50% of the world’s coal production. They laugh at all of these restrictions, but they were supplying most of our solar panels.

Tucker Carlson: Exactly!

Morano: But here’s the thing. They are not going to learn. Academia has been calling these energy restrictions for decades. This energy policy, what have they done? “the Washington Post” a few months ago actually said that we – if Jimmy Carter had won a second term there would be no climate crisis. They lamented that Ronald Reagan won. To the academia and media elites, Jimmy Carter’s first term was a model, and that’s what they want to do and that’s what we’re facing here.

John Kerry wants to have an urgent climate summit. He announced on Monday. In the midst of all of this, he believes the climate is the greatest threat. Their energy policy is the greatest national security threat we face.

Tucker Carlson: Perfect. Marc, great to see you. Thank you.

Morano: Appreciate it.

©Marc Morano. All rights reserved.

RELATED TWEET:

Watch CFACT’s Marc Morano @ClimateDepot on Tucker Carlson from last night slam net zero energy policies: “the people that are screaming the loudest that we need to go in…Ukraine have destroyed our energy independence, made us so much more vulnerable”https://t.co/ajPzkpuV3Q

— CFACT (@CFACT) February 24, 2022

RELATED ARTICLE: Is Biden’s energy policy trying to ‘make Russia Great Again?’ Watch: Morano on Fox & Friends on Biden’s energy policy & reflects on working for Rush Limbaugh

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How a Mindless Climate War on Energy Surrendered Ukraine

By The Geller Report

The Biden Administration gutted America’s energy sector to appease it’s radical climate czar John Kerry. They actually gifted America’s energy industry to Russia, because of John Kerry’s hatred of fossil fuels. This disastrous decision has financed Russia’s aggression against Ukraine. John Kerry is a total wrecking ball.

The Geller Report predicted that John Kerry would cause significant damage (here, herehere) as the Biden Administration’s climate czar. As Secretary of State, John Kerry’s stupidity, recklessness, and lies had a profound role in destabilizing the Middle East. Today, as climate czar, John Kerry is destabilizing the world.

What a despicable clown https://t.co/n8uxeQ2bVV

— Katie Pavlich (@KatiePavlich) February 24, 2022

How a Mindless Climate War on Energy Surrendered Ukraine

By Newsmax, February 26, 2022

Delusional Western nation anti-hydrocarbon energy policies premised upon combating climate change as the “greatest existential threat” are being exploited by far more immediate and formidable adversaries.

We are currently witnessing tragic consequences play out in failures of Russian oil and gas-dependent NATO allies — Germany in particular — to dissuade and counter savage Putin aggression against Ukraine.

Add to this, a concurrent Biden administration policy disaster which has simultaneously terminated U.S. energy independence while also depleting export capacities to reduce E.U. dependence on those Russian supplies.

Germany, a dominant E.U. economic power and notable NATO skinflint (only 1.5% GDP for military) depends on Russia for over half of its natural gas and a quarter of its oil imports.

Let’s all be reminded that NATO was created in 1949 by the U.S., Canada, and several E.U. countries expressly for this very reason: to provide collective security against then-Soviet Union expansionism following the Second World War.

Whereas America has no treaty obligation nor popular desire to engage our troops in a non-NATO member Ukraine war, let’s nevertheless also recall a 1994 commitment called the Budapest Memorandum in which the U.S., Great Britain and Russia guaranteed Ukraine security protections in exchange for a very big military concession.

The memo begins by noting that Ukraine had committed “to eliminate all nuclear weapons from its territory within a specified period of time.”

That stockpile included some 1,800 nuclear devices, all of which were returned to Russia by 1996.

Those signatories — Russia included — “reaffirm[ed] their obligation to refrain from the threat or use of force against the territorial integrity or political independence of Ukraine;” “pledged to “refrain from economic coercion” against Ukraine; and agreed to “seek immediate United Nations Security Council action to provide assistance to Ukraine” in the event of an “act of aggression” against the country.

With converging and compounding consequences, U.N.-promoted climate alarmism over fossil burning energy greenhouse gas emissions inexplicably prompted a plan hatched about 20 years ago by then-German Chancellor Gerhard Schröder to also phase out non-carbon emission nuclear energy over three decades.

RELATED ARTICLE: Poll: 62% of Voters Say Putin Wouldn’t Have Invaded Ukraine If Trump Were President

EDITORS NOTE: This Geller Report column is republished with permission. ©All rights reserved.

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Company Contrast: Texas Roadhouse thumbnail

Company Contrast: Texas Roadhouse

By 2ndvote .com

Each week 2ndVote takes a look at popular companies that either score well or score poorly  and then try to provide alternatives that either better align with the 2ndVote values or should be avoided to the best of your ability. This series is called The Company Contrast, and the company we will be focusing on this week is Texas Roadhouse (3.24).

Texas Roadhouse is an American restaurant chain that specializes in all American cuisine such as steak, ribs, and fresh baked rolls. The company was started by Kent Taylor in 1993 with the original location in Clarksville, Indiana. Texas Roadhouse scores well with 2ndVote and receives a 3.24 due to their support of Veterans and good environmental initiatives. They offer free meals to all veterans and active military on Veterans Day and have held a 17 year partnership with Homes for Our Troops (HFOT) which builds mortgage free homes for injured veterans. Beyond supporting veterans, they also practice good environmental stewardship policies in their day to day operations and donate $50,000 every year to the Arbor Day foundation. Overall, Texas Roadhouse gets the 2ndVote stamp of approval.

Honorable mentions go out to Logan’s Roadhouse and Ruth’s Hospitality Group (Ruth’s Chris Steak House) due to their neutral scores of 3.00. It’s never a bad thing when the steak tastes like steak and not dirty politics!

On the other side of the ranch there’s Longhorn Steakhouse (1.36). Longhorn Steakhouse is a restaurant chain specializing in steaks and American cuisine. The steakhouse started its first location in 1981 in Atlanta, Georgia, and now has over 500 locations across the United States. Longhorn scores poorly in four out of the six categories with 2ndVote: Life, Basic Freedoms, Civil Safe Society, and environment. These scores are the result of contributions or partnerships that indirectly fund Planned Parenthood, oppose religious liberties, advocate for sanctuary cities, and support carbon taxes. After it’s all tallied up, we think their steaks are a bit too liberal for our taste.

2ndVote encourages you to think twice about where you’re spending your money and if there’s a company you like that is doing good, reach out and let them know. For the companies that are damaging the foundations of our country, avoid using their services, spread the word, and send them a message through 2ndVotes website to let them know how they can do better.

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Oil Soars Beyond $100 Per Barrel For The First Time Since 2014

By The Daily Caller

The worldwide price of crude oil skyrocketed to more than $100 per barrel for the first time since 2014 as Russia launched a full-scale offensive against Ukraine.

The Brent crude index, the global oil benchmark, hit $101.66 per barrel Thursday morning, surging more than 4% overnight. The U.S. WTI index skyrocketed nearly 7% to $98.69 per barrel Thursday, its highest level since 2014.

On Wednesday evening, Russian President Vladimir Putin announced a “a special military operation” in separatist regions of Ukraine. The announcement was followed by reports of Russian troop movements near Ukraine and rockets being fired into several regions, including near the capital city of Kyiv.

“At this stage it is anything but clear what could bring the Russian president to his senses, therefore the situation, the equity and oil markets will remain volatile,” PVM Oil Associates senior analyst Tamas Varga said in a brief Thursday, CNBC reported.

“Even if prices drop back below $100/bbl due to abating tension in Eastern Europe, the retracement might prove short-lived and product tightness could keep oil prices at elevated levels in months to come,” Varga said.

Between January 2021 and November 2021, Russia exported the second-largest amount of oil to the U.S., behind only Canada. Russia is also a key player in the global oil market and is Europe’s largest supplier.

The price of oil is the largest determinant of gas prices. The average price of gas in the U.S. reached $3.53 per gallon this week, its highest level since July 2014, Energy Information Administration data showed.

“The prayers of the entire world are with the people of Ukraine tonight as they suffer an unprovoked and unjustified attack by Russian military forces,” President Joe Biden said in a statement late Wednesday. “President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering.”

“The world will hold Russia accountable,” Biden said.

European Commission President Ursula von der Leyen characterized the invasion as an “unprecedented act of aggression” and British Prime Minister Boris Johnson said the West “cannot and will not just look away.”

Johnson said the U.K. and its allies would agree to a “massive package of economic sanctions designed in time to hobble the Russian economy.”

Both the president and senior White House officials warned that Americans may face higher prices at the pump as a result of U.S. sanctions against Russia.

“That’s what we want the American public to be aware is a possibility,” White House press secretary Jen Psaki told reporters on Tuesday. “Standing up for values is not without cost, including in this case.”

COLUMN BY

THOMAS CATENACCI

Energy and environment reporter.

RELATED ARTICLES:

‘Tectonic Shift’: Putin Could Crush European Energy Market By Withholding More Gas, Top Energy Group Says

Biden Reimposes Trump’s Russian Pipeline Sanctions That He Previously Axed

EDITORS NOTE: This Daily Caller column is republished with permission. ©All rights reserved. Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

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What An Economist Knows About Crony Vaccines

By Barry Brownstein

As an economist, my job is not to help you make health decisions about Covid vaccines. Your health history, age, subjective evaluation of risk, and many other factors make recommendations from me meaningless. I can, however, increase your awareness of distortions that lead to poor decision-making.

I’m not talking about the most apparent distortion—mandates. Mandates alter decision-making, but those who alter their decisions know precisely why their decision was altered. Worse are distortions you do not see; what you don’t see, you have no power to do anything about. Censorship, and anything that restricts the flow of information, leads to suboptimal decisions, and like mandates, censorship will not be the focus of this essay.

The market process for vaccines has been distorted. To recognize the distortions and understand their consequences, let’s begin with an example less charged than vaccines.

Suppose entrepreneur Smith announces that Smith AutoDrive Company has developed a level 5, fully autonomous self-driving car. The car requires no human attention. Smith claimed the company’s trials showed a 100 percent spotless safety record. A new Federal Autonomous-Driving Safety Commission (FADSC) reviewed the evidence and voted to allow these driverless cars on the road.

Sounds good? For a person whose driving skills have been challenged by age, fatigue, addiction, or physical infirmity, Smith’s invention would be a boon.

Let’s add this wrinkle. Smith demands that the government legally indemnify Smith AutoDrive Company and drivers of Smith’s cars from liability should the auto drive technology fail. If the car crashes, the car owner can’t sue Smith AutoDrive Company and others can’t hold the owner of the car responsible for the accident since owners are not drivers. Smith argues that auto-drive technology is essential for increasing highway safety; the use of the technology must not be held back by lawsuits. Smith’s demands are granted. The FADSC chair proclaims Smith’s cars are a miracle of modern science. News of car crashes is censored; those warning the technology isn’t as safe as claimed are called conspiracy theorists out to stop automobile progress.

If you say this scenario is unlikely to happen with automobiles, you are probably correct. Yet, it is precisely what has happened with Covid vaccines.

Liability Shields Distort Decisions

Almost 40 years ago, I became interested in the role insurance companies play in regulating safety. I first applied my analysis to the nuclear power industry.

In May 2020, I applied the same framework to Covid vaccine safety and wrote “ Why ‘Operation Warp Speed” Could Be Deadly.’ The essay reports on the liability protection given to Covid vaccine manufacturers under a February 2020 declaration by Alex Azar, who was then Secretary of Health and Human Services. 

Azar’s order made all those who “manufacture, distribute, administer, prescribe or use” any Covid treatments or vaccines “immune from suit and liability…to all claims of loss.”

My 2020 essay anticipated how liability shields would distort decisions and increase risk. Shielded from liability and loss, pharmaceutical companies rushed to develop vaccines; standard protocols for development and testing were suspended.

Vaccines have been promoted heavily, even to groups of people at low risk from Covid but higher risk from vaccine side effects. For example, the young adult population is at risk of suffering myocarditis after being vaccinated. Even a very pro-vaccine doctor, Paul Offit, understood the risk and advised his 20-something son to forgo the Covid booster. Yet some colleges mandated a Covid booster to return for spring semester classes. We can be 100% certain pharmaceutical companies would not promiscuously promote vaccines if the companies were not shielded from liability.

Libertarian law professor Richard Epstein has explored the problem of limiting liability. Writing about the 2010 BP oil spill in the Gulf of Mexico, he explained, “The best way to deter future spills is to expose drillers to the full costs of any mistake and not let any company without proper insurance near an oil derrick.”

Insurance companies not captured by government bureaucrats are the best regulators, because insurers are best at assessing risk. Epstein explains:

A tough liability system does more than provide compensation for serious harms after the fact. It also sorts out the wheat from the chaff—so that in this case companies with weak safety profiles don’t get within a mile of an oil derrick. Solid insurance underwriting is likely to do a better job in pricing risk than any program of direct government oversight. Only strong players, highly incentivized and fully bonded, need apply for a permit to operate.

Let’s generalize Epstein’s logic. When pharmaceutical companies are subject to the discipline of obtaining insurance coverage, the companies are highly incentivized to produce the safest vaccines.

The case against liability shields is not a case against vaccines; it is a case against the distorted production and promotion of vaccines. Limits on liability override the risk-reducing incentives provided by having to pay insurance premiums. The result is that vaccines are less safe than they would otherwise be.

In summary, the best way to ensure vaccine safety is to expose pharmaceutical companies to the full costs of any mistake, and not let any company without proper insurance near a human body.

Insurance companies are impartial regulators that do not cut corners. There is no revolving door between insurance companies’ employees and Big Pharma employees. Company shareholders and bondholders, too, are regulators. Without liability protection, a vaccine with a poor safety profile is a poor investment, so it is less likely to come to market.

My essay of 2020 warned of possible vaccine mandates, and many economists rightfully opposed them. As late as 2021, warnings of coming mandates were called disinformation. Yet, warnings of the consequences of shielding Big Pharma from liability went unnoticed.

Many Americans were seduced by the promise of an instant solution to the pandemic. Get the jab and life will return to normal. Get enough people vaccinated and the virus will be eliminated.

Regulatory Capture

Crony interests capture government regulation and oversight. Well-documented are financial ties of government officials and pharmaceutical companies as well as the revolving door between government officials and employees of pharmaceutical companies.

Stéphane Bancel, CEO of Moderna, recently revealed Moderna’s close relationship with the CDC: “[There’s] always been a great partnership between public health experts, the regulators and the vaccine makers, to figure out what’s the best path. As Tony said, for two years we’ve all worked literally seven days a week together to figure out how to fight this common enemy of the virus.” The “great partnership” benefits pharmaceutical companies because it is cheaper to capture regulators than to manufacture a safe vaccine that insurance companies would underwrite.

In his article “Competition as a Discovery Procedure,” Friedrich Hayek observed, “In sporting events, examinations, the awarding of government contracts, or the bestowal of prizes for poems, not to mention science, it would be patently absurd to sponsor a contest if we knew in advance who the winner would be.” That’s exactly what government did. Even though there has never been a successful coronavirus vaccine, vaccines were declared the winning strategy to end the pandemic.

Cloaked in the mantle of “the science,” regulators and Big Pharma have subjected the public to continuous misstatements. Tony Fauci’s 2021 whopper declared that the vaccinated are “a dead end to the virus.” In 2021, the CDC director Rochelle Walensky was still spreading Big Pharma’s propaganda: “vaccinated people do not carry the virus, don’t get sick.” Dr. Fauci was still holding out the promise of “elimination” of Covid.

Given the constant distortion of information and false promises coming from Big Pharma and their regulators, we can hardly blame those who thought vaccines were a simple solution to the pandemic.

Unseen Effects

Let’s pursue the unanticipated effects of shielding Covid vaccine manufacturers from liability. Enshrining vaccines as the way to deal with the pandemic shut down discovery of alternatives. Enshrining ineffective remdesivir as one of the only treatments for hospitalized Covid patients also blocked the discovery process.

When Covid vaccines, shielded from liability, were brought to market, research and development dollars went into vaccines rather than therapeutics. Again, my job as an economist is not to evaluate the evidence for and against ivermectinfluvoxaminehydroxychloroquine, and even over-the-counter remedies such as Pepcid. My job is to show you how your health decisions are being distorted.

The process that discovers new and better alternatives is fueled by competition in the market. Economists Israel Kirzner and Friedrich Hayek both emphasized that the market process is a discovery procedure. 

In his essay, “The Perils of Regulation: A Market Process Approach” contained in his book Discovery and the Capitalist Process, Kirzner systematically reveals the distortions to the discovery process when government regulation is introduced.

Kirzner explains how competition is necessary to discover unexploited opportunities to improve our welfare. “Competition,” he writes, “places pressure on market participants to discover where and how better opportunities as yet unnoticed might be offered to the market.”

In “Competition as a Discovery Procedure,” Hayek explains that competition is a “procedure for discovering facts which, if the procedure did not exist, would remain unknown or at least would not be used.” Governments dislike competition since its “outcomes are unpredictable and on the whole different from those that anyone would have been able to consciously strive for.”

In short, the market process reveals more than what is known by us or any group of us. As Drs. Martin Kulldorff and Jayanta Bhattacharya, two of the co-authors of the Great Barrington Declaration recently wrote, “Unfortunately, sitting atop the world’s largest stash of infectious disease research money, with an annual NIAID [National Institute of Allergy and Infectious Diseases] budget of over $6 billion, Dr. Fauci was able to command the nation’s pandemic strategy with little opposition from other infectious disease scientists.” Healthcare innovation under command and control doesn’t work.

If we assume the real knowledge problem away by dictating the end of a discovery process even as the process is underway, the problem will not be solved. It is through competition that we discover the facts we need for real breakthroughs.

The Market Process Reveals What is Needed

It is an error to believe the government-backed vaccines over therapeutics because everyone knew vaccines would work better. Voices warned that vaccinating in a pandemic was not wise, since doing so creates variants. British Medical Journal editor Peter Doshi was among those who warned against accepting Pfizer’s claims of efficacy. Alternative views have been ignored, if not silenced.

The market process doesn’t care what “everyone knows.” Everyone at Blockbuster knew Netflix wasn’t a threat to their brick-and-mortar store model, until the market revealed it was. Everyone knew AOL was the future, until the market showed it was a poor imitation of the Internet.

Kirzner explains, “The competitive market process is needed not only to mobilize existing knowledge but also to generate awareness of opportunities whose very existence until now has been known to no one at all.” Throughout this crisis, many have acted as though the science is settled. Kirzner has pointed words for those who claim they know the best way:

The process itself is a continual one of the discovery of opportunities. The discoverer of these opportunities himself, at least, has had no inkling whatever of their very existence. The market, in other words, is not merely a process of search for information of the need for which men had previously been aware; it is a discovery procedure that tends to correct ignorance where the discoverers themselves were totally unaware that they were ignorant.

Let Kirzner’s words sink in. Throughout this crisis, those who have claimed to know what needs to be known have been lionized. Those brave frontline physicians, known and unknown, such as Dr. Pierre Kory, Dr. Paul Marik, and Dr. Peter McCullough, who have embarked on a discovery process to save the lives of their patients, have been vilified. Dr. Byram Bridle, himself a heroic Covid physician describes his brave colleagues this way:

While so many of their colleagues succumbed to public pressures and failed to follow the science, they demonstrated real commitment to the Hippocratic oath. They used their in-depth clinical training to do what they do best in times of medical crises; they assessed the situation, rapidly identified the key mechanisms driving COVID-19, and repurposed readily available safe drugs to effectively treat this novel disease. These past two years have identified who the real medical heroes are.

No wonder this crisis is never-ending. When we believe experts have all the knowledge needed, the resulting human suffering is not the result of Covid but of our ignorance of the market discovery process.

In the following passage, by Kirzner, substitute “Covid experts” for “social engineers.” “A realization that the market yields knowledge—the sort of knowledge that people do not at present even know they need—should engender among would-be social engineers who seek to replace or to modify the results of the free market a very definite sense of humility.”

Can the Market Process Fail?

You might say the pandemic is a dire emergency and left to its own, the market discovery process would have failed. Kirzner cautions us to check our assumptions. Without engaging in the market process we do not know what knowledge is undiscovered or lost. Kirzner explains, 

To announce that one can improve on the performance of the market, one must also claim to know in advance what the market will reveal. This knowledge is clearly impossible in all circumstances. Indeed, where the market process has been thwarted, in general it will not be possible to point with certainty to what might have been discovered that has now been lost.

You might recognize that solutions emerging from the discovery process can be incomplete, leave gaps, and fall short in any number of ways. Kirzner explains that the market discovery process will reveal and address these problems. He explains, “Genuine inefficiencies can be relied upon in the future to generate market processes for their own correction.”

If inefficiencies exist due to a crisis, such as a pandemic, then as Kirzner writes the “market has not yet discovered all that it will surely soon tend to discover. 

We need to ask this question: Are better results likely under the direction of Dr. Fauci or the market discovery process? 

If you think the best experts get on top of agencies such as the CDC and FDA, question your assumption. The lionized who are setting policy are often invincibly ignorant. Kirzner cautions,

Nothing ensures that government officials who might perceive market conditions more accurately than others will tend systematically to replace less competent regulators… No systematic process seems at work through which regulators may come to discover what they have not known, especially since they have not known that they enjoy less than complete awareness of a particular situation.

Kirzner writes, “The most serious effect of government regulation on the market discovery process might well be the likelihood that regulation, in a variety of ways, may discourage, hamper, and even completely stifle the discovery process of the unregulated market.”

Out of the Unknown

Centrally planning for health means selecting the lowest common denominator plans that appeal to the masses. Officials largely ignored the relationship between obesity and Covid. Under our current sick care system, where personal responsibility is eschewed in favor of one-size-fits-all solutions, many cannot be induced to take responsibility to eat well and exercise. Yet, government can induce the masses to take a shot.

Some people may have more faith in Dr. Fauci than the market process, but their mistrust is based on an ignorance of economics. To remain ignorant of economics is to destroy the health and well-being of millions. Kirzner writes, “Deliberate intervention by the state not only might serve as an imperfect substitute for the spontaneous market process of discovery; but also might impede desirable processes of discovery the need for which has not been perceived by the government.”

In its desire to promote vaccines, the government has denied there are effective therapeutics for Covid. Indeed, the issuance of Emergency Use Authorization for the vaccines depended legally on there being no approved treatments. Ignorance, corruption, and arrogance cost lives. Ivermectin, hydroxychloroquine, fluvoxamine and other yet unknown therapeutics have been stymied by regulators, hospitals, and censors.

Instead of therapeutics, resources are diverted to endless vaccines. There are reasons a successful Coronavirus vaccine has never been discovered. Kirzner writes, “Nothing within the regulatory process seems able to simulate even remotely well the discovery process that is so integral to the unregulated market.”

And let’s not forget Kirzner’s warning: “The one kind of new ‘profit’ opportunity created by regulation that is now well anticipated, though hardly desired, of course, involves bribery and corruption of the regulators.”

Dr. Fauci, Dr. Birx, President Trump, President Biden, and all those who followed their dictates believe the limited minds of anointed experts are superior to a market process of discovery. Their hubris and arrogance are being substituted for an impersonal market discovery process that would produce magnificence.

Think of the difference between a state-run food store in the former Soviet Union and a modern supermarket in America. Boris Yeltsin, in 1989, had his first encounter with an American supermarket. While amazed at the cornucopia of food he saw, he was despondent over the needless impoverishment of Soviet citizens. We would weep over needless suffering in our lingering battle with Covid if we could see what Covid treatments would have already been uncovered in an undistorted discovery process.

Like former communists, those who believe they are masters of the universe will reject the idea that out of the unknown can come richer, more nuanced solutions than their minds could ever hold or conceive. The anointed promoted fear in the population because minds clouded with fear comply with their dictates. Dr. Peter McCullough puts it this way: “The public had to be held in fear and pay a heavy price with hospitalizations and deaths to fully accept vaccines that were not fully evaluated or safe, and were promoted coercively with full indemnification to the manufacturers and those administering the injections.”

Fear of the unknown follows from ignorance of the market process. Yet, being comfortable in the unknown is exactly what yields new therapeutics. With effective treatments, fear would be diminished, and vaccines would be judiciously deployed to those who demand them. Blocking discovery, via crony liability shields, costs lives.

*****

This article was published by AIER, American Institute for Economic Research, and is reproduced with permission.

Is 4% the “Magic Number” for Mortgage Rates to Prick the Housing Market (and Stocks)? thumbnail

Is 4% the “Magic Number” for Mortgage Rates to Prick the Housing Market (and Stocks)?

By Wolf Richter

The Magic Number in 2018 was around 4.8%. In 2006, it was around 6%. But with today’s super-inflated home prices? Here are the signs.

The average weekly contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 4.06 percent for the week ended February 18, the second week in a row above 4%, and the highest since July 2019, according to the Mortgage Bankers Association today. The average rate for FHA-backed 30-year fixed-rate mortgages increased to 4.09%.

So where is the magic number beyond which this super-inflated housing market starts to feel the pressure of higher mortgage rates?

But mortgage rates remain ridiculously low, in face of CPI inflation that has shot to 7.5% and is still being fueled by the Fed’s ongoing interest rate repression and QE – which makes this the most reckless Fed ever.

The “Magic Number” in 2018.

In the fall of 2018, as mortgage rates headed toward 5%, the housing market was beginning to wheeze, and stocks were spiraling down. The magic number at the time appears to have been about 4.8%, and when mortgage rates moved above it in September, all heck started breaking loose.

After the S&P 500 had dropped about 20% by December 24, 2018, and with the housing market weakening, Fed Chair Powell caved under Trump’s daily hammering and did the now infamous U-Turn.

However, back then in early 2019, inflation was below the Fed’s target, as measured by its yardstick “core PCE,” at 1.6%, and that provided Powell a fig leaf.

Now inflation is the worst in 40 years and spiraling higher, and “core PCE” inflation is 2.5 times the Fed’s target. It’s now inflation that is hammering Powell on a daily basis – him who’d made a fool of himself calling this monster he’d unleashed “temporary” when everyone already knew that it would spiral higher.

So where is the magic number this time beyond which the housing market starts to feel the pressure?

Mortgage applications to purchase a home has dropped sharply for three weeks in a row, coinciding with the surge in mortgage rates, and in the week ended February 18 reached lows briefly kissed in August 2021, and then during the lockdown, to enter the lower part of the range in 2019. The MBA’s index for purchase mortgage applications has now dropped by 28% from the January 2021 pandemic highs (data via Investing.com):

The “Magic Number” in 2006.

Not shown in the chart: Back during the peak of Housing Bubble 1, in January 2005, the MBA’s Purchase Mortgage Index had maxed out at 500 – twice today’s level – before it collapsed.

At that time, the Fed was in the middle of its rate-hike cycle, taking the federal funds rate from 1.0% in June 2004 to ultimately 5.25% by July 2006, which pushed the average 30-year fixed mortgage rate to 6.4%, at which time the housing market ever so slowly began to collapse.

*****

Continue reading this article at Wolf Street.

Biden Administration Adds Climate Roadblocks to Future Pipelines, Energy Projects thumbnail

Biden Administration Adds Climate Roadblocks to Future Pipelines, Energy Projects

By Thomas Catenacci

The Biden administration altered the official federal policy on approving new interstate natural gas facilities and pipelines, requiring a climate consideration.

The Federal Energy Regulatory Commission announced that it will begin to “undertake a robust consideration” of the environmental justice impacts of such fossil fuel projects before granting approval, according to a fact sheet published Thursday.

The agency, which is the top regulator of domestic natural gas infrastructure, said its new policy will presume projects that cause 100,000 metric tons of carbon dioxide per year will have a significant impact on the environment.

In a major departure from its past policy, the FERC may also consider the eventual emissions caused by both upstream production and eventual burning of gas transported in a pipeline requiring approval.

“I believe today’s long overdue policy statements are essential to ensuring the Commission’s natural gas siting decisions are reflective of all stakeholder concerns and interests,” FERC Chairman Rich Glick said in a statement. “We have witnessed the impact on pipeline projects when federal agencies, including the Commission, fail to fulfill their statutory responsibilities assessing the potential effects of a project on the environment, landowners, and communities.”

The announcement Thursday marked the first time the commission updated its natural gas policy since 1999. Rep. Frank Pallone, D-N.J., chairman of the House Energy and Commerce Committee, applauded the policy change, saying it was “necessary and long overdue.”

“For far too long, FERC has allowed private pipeline developers to call the shots, while cutting those affected by the projects out of the process,” Gillian Giannetti, Natural Resources Defense Council senior attorney, said in a statement. “Communities and landowners will now have a say before new pipelines cut across their land or new compressor stations are built near their homes.”

“FERC will now need to follow through and permanently establish a meaningful climate test for pipelines,” she added.

But the new policy also attracted criticism from both Democratic and Republican lawmakers.

“Today’s reckless decision by FERC’s Democratic Commissioners puts the security of our nation at risk,” Sen. Joe Manchin, D-W.Va., chairman of the Senate Energy and Natural Resources Committee, said in a statement. “The Commission went too far by prioritizing a political agenda over their main mission—ensuring our nation’s energy reliability and security.”

“The only thing they accomplished today was constructing additional road blocks that further delay building out the energy infrastructure our country desperately needs,” he added.

Sen. John Barrasso, R-Wyo., the committee’s ranking member, added that the FERC decision proved the administration was “determined to make it nearly impossible” for Americans to access affordable natural gas.

In January 2021, President Joe Biden appointed Glick to chair FERC. In September, the president selected former Washington, D.C., Public Service Commission Chairman Willie Phillips to join FERC, giving Democrats majority control of the five-person commission.

*****

This article was published in The Daily Signal and is reproduced with permission.

Trump’s Truth Social Goes Live, SOARS to Number ONE on App Charts thumbnail

Trump’s Truth Social Goes Live, SOARS to Number ONE on App Charts

By The Geller Report

Fantastico! Make free speech great again.

TAKING BACK THE TRUTH: Trump’s Truth Social Goes Live, Already Number 1 on the App Store

By Hannity.com, February 21, 2022

Led by former Rep. Devin Nunes, Trump Media & Technology Group has high hopes for the launch, anticipating some big numbers within the first month.

“This week we will begin to roll out on the Apple App Store. That’s going to be awesome, because we’re going to get so many more people that are going to be on the platform,” Nunes said in a Sunday appearance on Fox News’s Sunday Morning Futures with Maria Bartiromo.

“Our goal is, I think we’re going to hit it, I think by the end of March we’re going to be fully operational at least within the United States,” he added.

Truth is positioning itself as a champion of free speech with one of the biggest draws being the former President, himself.

EDITORS NOTE: This Geller Report column is republished with permission. ©All rights reserved.

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Key Indicator Hints America Is Headed For Its Worst Real Estate Crash In History thumbnail

Key Indicator Hints America Is Headed For Its Worst Real Estate Crash In History

By Justin Hakins

A shockingly large price bubble appears to have formed in the real estate market.

Although it’s impossible to predict economic crashes with certainty, a key economic indicator suggests the U.S. housing market is on the verge of an unprecedented crash, one that could end up being the biggest in America’s history.

Following the 2008 stock and real estate market crashes, the Federal Reserve, Democratic-led Congress, and the presidential administrations of George W. Bush and Barack Obama began an unprecedented effort to pump new dollars into the financial system — and, to a lesser extent, the economy at large.

The strategy behind the flood of quantitative easing, government takeovers, stimulus checks, and government welfare programs that followed was that the Fed, working in conjunction with Congress and the White House, needed to prop up the economy to keep it from sliding completely off the cliff.

One of the primary tools the Fed used to accomplish its goals was to keep interest rates at near-zero for years on end. From 1980 to 2000, the Fed’s federal funds rate — the primary driver of interest rates economywide — rarely dropped below 4 percent, and it was common for interest rates to be 5 percent or higher.

However, from 2009 through 2016, interest rates were consistently much lower than 1 percent. Beginning in 2017, the first year of the Donald Trump presidency, the Fed began to more aggressively raise rates, but it only briefly topped 2 percent in 2018 and 2019 before the Fed once again slashed rates to near-zero as part of its plan to address the effects of the Covid-19 lockdowns.

When interest rates are kept low, it’s easier for governments to spend more money than they take in, because debt is cheap. Additionally, banks and other financial institutions are more likely to lend out money for high-priced items.

The real estate market is especially sensitive to rate changes, because a home is usually the biggest purchase a person will make in his or her lifetime, and the vast majority of purchasers rely on large mortgages to complete the purchase.

When interest rates are kept extremely low, people can afford to take on more debt, because the monthly payments cost less. As a result, sellers increase their prices.

This is one of the reasons the real estate market crashed so hard in 2008. Following the September 11, 2001, terrorist attacks, the Fed kept interest rates low, encouraging people to take on higher-than-usual levels of debt, especially in the real estate market.

Rather than learn its lesson from the 2008 crash, the Fed doubled down on this failed strategy, and then tripled down during the Covid-19 response. Congress and the White House were all too willing to cheer the Fed on, since lower interest rates have helped them expand government programs without begging foreign governments to finance U.S. debt.

As a result of these policies, a shockingly large price bubble appears to have formed in the real estate market. The average sales price of a home in the fourth quarter of 2021 was $477,900, compared to $403,900 in the fourth quarter of 2020 and $384,600 in the fourth quarter of 2019. That’s a $93,300 increase in just two years, by far the biggest increase ever recorded in just 24 months.

Further, the 12-month home sales price increases for the second, third, and fourth quarters of 2021 were all above 17 percent, the highest hike recorded over a three-quarter period since at least 1963, the earliest date in the Fed’s data made available online.

Put simply, Americans have literally never seen housing prices skyrocket like they are now for this long of a period. And every time they have approached the numbers we are seeing today in the past — in the 1970s, late-1980s, and early to mid-2000s — there was a massive real estate or stock market crash that soon followed (or both). There appear to be no exceptions, other than a few rare cases where housing prices increased quickly immediately after a crash had occurred.

Determining the size of a market correction is extremely difficult, but if the 2008 crash is an indicator of what’s in store for us today, then if the current real estate bubble pops soon, as all bubbles inevitably do, it could end up being the largest real estate crash in history.

The bubble that developed from 2002 to 2007 peaked at around a 47 percent price increase, before plummeting by 20 percent from 2007 to the first quarter of 2009. If we see a similar pattern emerge for the bubble that has been developing since roughly 2012, then we could see housing prices drop by 30 to 40 percent over a two-year period.

Whatever the final numbers end up being, the evidence is clear: based on data reported over the past six decades, America appears to be on the verge of an epic real estate crash.

As painful as such a correction would be, it is likely necessary. The price increases we’ve been seeing in recent years are primarily the result of inflation and reckless monetary policy, not real economic growth.

However, there is a chance that housing prices will not drop, or only drop minimally. If the Fed decides to continue to keep interest rates low, despite the ongoing inflation crisis, it might prevent a real estate crash the size and scale of the one discussed above. It will come at a cost, though — more inflation, even bigger market distortions, and perhaps the collapse of the dollar.

Regardless of what the Fed does in the short term, it’s clear that America’s disastrous monetary-policy chickens are coming home to roost. Prepare accordingly.

*****

This article was published in The Federalist and is reproduced with permission.

Emissions Increased In States That Closed Nuclear Plant thumbnail

Emissions Increased In States That Closed Nuclear Plant

By Thomas Catenacci

Greenhouse gas emissions have surged in multiple Northeast states that shuttered nuclear power plants since 2019, Politico reported.

The states — Massachusetts, New York and Pennsylvania — closed down the zero-emissions nuclear reactors in recent years, even as they announced ambitious pledges to transition away from fossil fuels, according to Politico. Since 2019, carbon dioxide emissions, caused by burning fossil fuels like petroleum, coal and natural gas, have increased 15%, 12% and 3% in New York, New England and Pennsylvania respectively, federal data showed.

“If the goal is that we’re moving to 100% zero-carbon electricity, closing zero-carbon resources doesn’t make a lot of sense,” Melissa Lott, director of research at the Columbia University Center on Global Energy, told Politico. “We’re just digging the hole deeper.”

Electricity production is the second-largest source of emissions nationwide, only trailing the transportation sector, according to the Energy Information Administration. Coal power generation, the dirtiest and highest-emitting form of electricity production, increased for the first time since 2014 in 2021.

In June 2019, the Pilgrim nuclear power plant in Massachusetts permanently closed, citing financial difficulties, World Nuclear News reported. Months later, the Pennsylvania plant Three Mile Island stopped producing electricity in a setback for green transition, Nuclear Energy Institute analyst Matt Wald told NPR at the time.

Finally, in April 2021, the Indian Point reactor located 25 miles outside of New York City permanently shuttered. The plant’s operator, Entergy, had applied for a license renewal more than a decade ago, but the state challenged the application over environmental concerns.

Nuclear power is responsible for 9% of energy consumed in the U.S., making it by far the most relied upon renewable energy source in the country. By comparison, solar and wind power combined generate about 4-5% of the annual power consumed by Americans.

“A critical mass of the environmental community is adopting reducing carbon as the most important issue, and nuclear energy becomes more important than it was before,” Great Plains Institute vice president of electricity and efficiency Doug Scott told Politico.

While several U.S. states and high-consuming countries like Germany have moved away from nuclear power, France has made the power source central to its clean energy plans. On Feb. 10, French President Emmanuel Macron announced that the nation would build up to 14 new nuclear plants over the next few decades.

Nuclear plants produce about 70% of France’s electricity generation, according to the World Nuclear Association.

“What we have to build today is the renaissance of the French nuclear industry because it’s the right moment, because it’s the right thing for our nation, because everything is in place,” Macron said during remarks at a nuclear facility last week.

*****

This article was published by Daily Caller and is reproduced with permission.

From Corrupted to Trusted: Shifting Perceptions of the FDA thumbnail

From Corrupted to Trusted: Shifting Perceptions of the FDA

By MERCOLA Take Control of Your Health

This article was written by John Roulac and originally published here.

Until recently, most Americans had little trust in the FDA. But when COVID arrived in early 2020, a scared nation deepened in tribal identity and then turned its faith and trust over to FDA and CDC. Interestingly, during COVID, medical professionals’ trust in the FDA and CDC plummeted. Let’s explore how American perceptions of the FDA have changed and what this faith has delivered to our nation.

In 2008 I obtained a letter written by an FDA official, which was sent to a competitor of Nutiva (the organic foods brand I founded in 1999). It warned firms to remove any reference to ‘non-GMO’ on food labels. Virtually every natural food brand quickly changed their labels. As CEO of Nutiva I determined that the warning was not based on any FDA regulation, but was an illegal abuse of power by an FDA official serving the interests of the GMO industry.

We chose to ignore the letter, and luckily I never heard from the agency. This is just one of many examples of the FDA’s suspect moves over the past decades.

The FDA has failed to regulate a toxic food system of dis-ease, inflammation, and the destruction of nature via harsh pesticides, leaving Americans with weakened immunity and vulnerability to pathogens. Tragically the U.S.A. has one of the highest COVID death rates in the world.

The FDA Has Been a Case Study of a Captured Agency

From the 1980’s thru 2019, the FDA was not considered trustworthy by the American people and was often described as “corrupt, filled with cronyism, or a captured agency”.

During the 1980s groundswell of the organic food movement, many Americans realized that Monsanto and the chemical industry’s cozy relationship with the FDA was a major issue. Most liberals were not happy with FDA policies that became the target of many legal campaigns over the safety and efficacy of GMO foods, pesticides and drugs.

In 1990, the FDA set out to make dietary supplements prescription only. The industry unified and rallied to pass the DSHE Act, legalizing supplements as foods.

There has been a revolving door of chemical and pharma executives between the FDA and industry, as was the case in 2009 when ex-Monsanto executive Michael R. Taylor was hired as the FDA’s food czar. Corn oil and corn syrup were given a pass, while eggs and beef were considered unhealthy.

Then came Scott Gottlieb MD, the former FDA Commissioner from 2017 to April 2019, where in June of 2019, he became a Director at Pfizer and Chair of their Regulatory and Compliance Committee.

In fact, as documented by the international news organization Quartz, “as of 2019, nine out of the last 10 FDA commissioners – representing nearly four decades of agency leadership – have gone on to work for pharmaceutical companies.

FDA approval of dangerous drugs such as Prozac and Vioxx has been standard operating procedure. Back in 2012, CBS’ 60 Minutes exposed collusion between the pharmaceutical industry and the FDA on anti-depressants. The majority of FDA’s drug budget is in fact funded by the pharmaceutical industry.

In 2013, a report published in the Journal of Law and Medicine summarized by Dr. Donald W. Light highlighted that ‘about 90 percent of all new FDA approved drugs over the previous 30 years were found to be little or no more effective for patients than existing drugs’, that ‘the bar for “safe” was equally low, even when properly prescribed’, and that ‘125K excess deaths occurred in the United States each year among people taking properly prescribed drugs to be healthier.’

A fall 2019 Gallup Poll ranked the pharmaceutical industry as the most poorly regarded industry in Americans’ eyes. Americans were more than twice as likely to rate the pharmaceutical industry negatively (58%) as positively (27%).

In 2020, as fears of COVID swept the land, the constant drumbeat of fear, isolation, and extreme polarization helped cultivate a “collective trauma” for the American people. Humans are social animals shaped by cultural context.

The deepening of tribal identities, Trump zig-zagging at the helm of the pandemic response, and the presence of the QAnon conspiracy movement caused an even deeper distrust of anything associated with Trump, including the FDA. By October 2020, trust in the FDA was at an all-time low.

Shifting Tides

Ironically, this all changed when Joe Biden assumed office. Liberals and democrats flipped rapidly from FDA skeptics to FDA cheerleaders in a matter of months, the perverse logic seeming to be “We hate Trump and now we are on Team FDA-Pharma”.

In May 2021, a Pew Research Poll found that the share of adults who are “basically content” with the federal government had risen to the highest point since 2004, driven by Democrats. In July 2021, an Annenberg Public Policy Center Poll found that 77% of Americans were confident that the FDA was providing trustworthy information about treating and preventing COVID-19.

Interestingly enough, at the exact same time that the general public’s trust in the FDA and CDC was soaring, healthcare professionals’ trust in the FDA and CDC was dramatically decreasing. A group of 20 + medical professionals spoke at a U.S. Senate Roundtable on January 24, 2022 (skip ahead to 51:28).

Perhaps the views of many of these healthcare professionals have not been able to reach the general public because MDs and nurses regularly face termination or threat of medical board decertification for publicly speaking of vaccine injuries, low cost effective treatment protocols, or on other matters that don’t fit the current approved narratives.

The FDA Now Is Trustworthy, Credible and Authoritative … Really?

It appears the majority of left-leaning Americans believe that the FDA has their best interests at heart regarding COVID policies and are obeying them without question. As leading clinical MDs remind me, much of what Americans base their opinion on is often simply pharma marketing claims disguised as medical science.

In a world of corruption, brainwashing, and dishonesty, it’s not easy to know whom to trust. It’s a classic example of mass formation psychosis, where people adhere to groupthink in order to find meaning and resolution in uncertain times, no matter how irrational.

It’s a stunning sociological study to see a mass population trusting leaders of companies with very low ethical standards. Just months ago, most would never agree to be injected with an experimental genetic drug therapy every six months based on FDA edicts. Upon shot five or six under threat of job loss or travel ban, and mounting vaccine injury reports, will more Americans resume asking good questions?

Repeat After Me …

Many Americans are repeating the FDA and the pharma sector’s slogan of “Vaccines are Safe and Effective”, almost like the pledge of allegiance to the flag, while ridiculing or ignoring other proven preventative and early treatment measures (as outlined in my recent article ‘Pharma’s Culture War’).’

Thousands of practicing MDs along with the Front Line COVID-19 Critical Care Alliance (FLCCC) agree that having more tools in the toolkit is wise and that “Early Treatment of COVID is Safe and VERY Effective”.

MDs and countries from around the world who focus on early treatment send very few patients to the hospitals, whereas countries with high vaccine rates such as the EU, UK, and the U.S.A. have some of the highest death rates in the world. Regions such as Africa and Northern India (until recently) had very low rates of vaccination and very low COVID cases and deaths.

Tokyo, Japan and Delhi, India’s COVID cases in the latter half of 2021 were 175 to 2000 times less than London or NYC (see graphic and data below) and their COVID hospital beds were virtually empty. These regions often used early treatment protocols to reduce the spread.

Oddly many Americans cheering on the FDA have little awareness of why other countries are doing much better than the USA. Why is that not in the news? What is the connection of early treatment, inflammation, diet, toxic pesticides, soil health, gut biome and industrial agriculture?

Suppression of Safe and Effective Treatments

The FDA, media, and the pharma sector have ignored the overwhelming benefits of Vitamin D and lifestyle choices. An Israeli study offers the strongest proof yet of Vitamin D’s power to fight COVID. “We found it striking, to see the difference in the chances of becoming a severe patient when you are lacking in Vitamin D compared to when you’re not,” said Dr. Amiel Dror, a Galilee Medical Center physician.

The U.S. media virtually never publishes positive articles on Vitamin D, which often appear in international media. Why has the FDA and the media not published statistical COVID hospitalization and death data on Vitamin D levels or on inflammation? Why have most Americans not bothered to pay attention to their Vitamin D levels?

Before COVID, the FDA never issued edicts preventing doctors from prescribing low cost and re-purposed medicines. 20% of all medicines prescribed in the U.S.A. today are generic repurposed, (e.g. a heart drug given to a cancer patient). Clinicians do this every day and no long term studies are required, since safety data is already established.

Fluvoxamine!vermect!n, Nitazoxanide and Hydroxychloroquine are safe, commonly prescribed medicines and are part of the FLCCC COVID treatment protocols. According to Pierre Kory, MD “Since the summer of 2020, U.S. public health agencies have continually shut down the use of generic treatments.

The National Institutes of Health (NIH) funded 20 large research studies of patented pharmaceutical industry drugs before only recently agreeing to study repurposed generic medicines.”

Link to Dr. Pierre Kory’s SpeechThe fact that doctors at the bedside are being fired or prevented from providing life saving vitamins and medicines is truly a black mark in America and has likely contributed to a significant number of unnecessary deaths. Instead they are told to use the highly toxic Remdesivir which can cause renal failure and hospitals are paid bonuses for treating COVID patients with this drug.

Censorship Is Now a Liberal Value?

Many liberals now want to cancel, restrict or censor their perceived ‘tribal enemies’. Some scream about medical issues that they have little or no training in as if they are judge and jury, and maybe even represent science itself as Dr. Fauci has alluded to. Easily triggered, they often refuse to even listen to the world-renowned MDs and scientists that they are criticizing or read the published science themselves.

Recently, Joe Rogan’s podcast came under fire, accused of promoting ‘COVID misinformation’, for hosting Dr. Peter McCullough and Dr. Robert Malone. Dr. Peter McCullough is the former Vice Chief of Internal Medicine at Baylor University Medical Center and is one of the most published authors in his field with 600 citations in the National Library of Medicine.

Dr. Robert Malone is one of the principle inventors of mRNA vaccine technology. Both hold views on COVID treatment and COVID vaccines that fall outside the mainstream ‘FDA-and-CDC-approved’ narratives, though neither are anti-vaccine. Neil Young and Joni Mitchell jumped in (unsuccessfully) to help ‘cancel’ Joe’s podcast as other artists followed with support from the woke mob (see: Not Your Cuppa Joe? Here’s a Thought: Move ON).

It seems absurd, yet Americans and our media now tar and feather anyone who dare question the approved narratives. Wokeism is now becoming the tip of the spear for the pharma industrial complex to cancel those that fall out of line. Facebook is now even starting to ‘fact check’ regenerative agriculture posts that mention holistic grazing with climate benefits.

Dissent = Misinformation

Dissent, and even skepticism is now being dangerously characterized as “misinformation”, while pharma marketing claims are now often labeled as “science”. It’s almost as if Orwell’s ‘newspeak’ is coming to life in realtime.

And the latest news is even more Orwellian as the Biden Administration mentions ‘misleading COVID narratives’. Disagree With Government Policy? Homeland Security Says You’re a ‘Terrorist’ if You Speak Out.

To even question the “Vaccines are Safe and Effective” narrative means possible loss of work or family drama. The ‘take the vaccine not for your health but to protect your mother’ mantra was repeated ad nauseum, despite the fact that you can still get COVID, spread COVID, and die from COVID even if you are vaccinated.

What Does “Safe and Effective” Really Mean?

Mirriam Webster defines “safe” as: 1 : free from harm or risk: unhurt. Vaccine injuries are generally under-reported but the numbers related to the COVID vaccine are staggering and increasing rapidly. From altering menstrual cycles in women to heart disease in boys and men, and Guillain-Barre Syndrome, the expanding list goes on.

With the growing vaccine injury issues of the mRNA jabs, Israel (which currently has one of the highest COVID death rates in the world- despite 4 jab booster regime) recently ordered 5 million non-genetic, non mRNA ‘old school’ Novavax vaccines.

A report reviewing data in the U.S. Vaccine Adverse Event Reporting System, co-authored by Dr. McCullough and Dr. Jessica Rose, a virologist and epidemiologist in Canada, found that the relative risk for myocarditis is increased by 19-fold in age 12 to 15-year-old males following the second mRNA vaccination compared to background myocarditis rates for this age group.

Interestingly, the report was pulled without a clear reason or explanation one week before the CDC deadline to review vaccine safety data in children.

recent preprint from Kaiser Permanente Northwest also concluded that ‘the true incidence of myopericarditis is markedly higher than the incidence reported to US advisory committees’ and that ‘the VSD should validate its search algorithm to improve its sensitivity for myopericarditis.’

“Vaccine effectiveness” is another interesting term. Early epidemiological data is showing reduced rates of hospitalization and death in groups that are at higher-risk for developing severe COVID. However, there is now overwhelming evidence that the vaccines are not effective in preventing you from getting or transmitting COVID. Thus is this term ‘safe and effective’ based on sound science or should it have a qualifying statement to go along with it?

Weaponization of Vaccination Status

Mandates and vaccine passports based on experimental genetic vaccines (many of which were never officially approved by the FDA) are violations of the Geneva Convention, and arguably violations of the Nuremberg Code and human rights in general. One’s right to a job or going to your favorite café is now dependent on draconian and ever-changing rules.

California governor Gavin Newsom’s announcement of the lifting of indoor mask mandates only for those vaccinated, besides not being based on science, is divisive and antagonistic. Two shots were not enough and shortly three will be required to be a “member of society”, and soon perhaps four, five or more. Do Americans still have the right to life, liberty, and the pursuit of happiness? 

Waking Up (From the Woke?)

It’s truly strange times when your close friends or family would unwittingly rather have untold numbers of Americans die of a treatable disease (which must all be “misinformation”). However, a growing number of people are beginning to question the failed COVID policies.

SwedenSwitzerlandDenmark, Norway, Finland, Ireland, Netherlands and the UK have all started to lift COVID restrictions. Remember when liberals used to suggest the U.S.A. should follow Scandinavian countries like Denmark?

Every day more people learn of the growing vaccine injuries or censorship of low cost repurposed medicines. Many are beginning to worry about the lack of transparency, misleading narratives, mandates and censorship, yet are afraid to say anything for fear of attacks on their reputation.

Regeneration 

It’s certainly fascinating to watch this unfold. Will public support fade for vaccine mandates, vaccine passports, school masking, and firing MDs for practicing medicine at the bedside? Will we gain the understanding of the linkage between soil health, pesticides, our gut biome health and regenerative agriculture (my 2021 article discusses this issue in more depth) as a key to boosting our personal and planet’s health?

As we shift from this pandemic to endemic phase, let’s make an extra effort to play more and nurture ourselves and our community. It’s time. Let’s regenerate.

EDITORS NOTE: This MERCOLA column is republished with permission. ©All rights reserved.