Biden’s Global Climate Summit Kicks Off Full-Tilt Wealth Redistribution

Posted on April 23, 2021 by MN Gordon

Yesterday (Thursday April 22) was Earth Day.  To mark the occasion, President Biden hosted something called a virtual Leaders’ Climate Summit.

The leaders of major carbon emitting nations joined virtually and pledged to decarbonize the global economy.  Biden even said he’d launch an international climate finance plan to underwrite it.

The virtual summit was a bullet point in Biden’s January 27, 2021, climate crisis executive order.  The stated intent of the order is:

“…to tackle the climate crisis at home and abroad while creating good-paying union jobs and equitable clean energy future, building modern and sustainable infrastructure, restoring scientific integrity and evidence-based policymaking across the federal government, and re-establishing the President’s Council of Advisors on Science and Technology.”  

The virtual summit, as far as we could tell, was a grand exercise in flattery and flagellation.  It was also a smoke and mirrors cover for something entirely different. Continue reading →

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The Ugly Truth About Printing Press Money

Posted on April 16, 2021 by MN Gordon

Weeping and gnashing of teeth shall come…

We don’t know when, exactly.  But we do know a certain catastrophe’s approaching.  In fact, we can see it on the horizon.

Does anyone in Washington give a rip the nation’s beyond broke?  Does anyone in Congress care that outright money printing is what’s financing their stimulus bills?  Does House Financial Services Committee Chair Maxine Waters think it’s all a real hoot?

Surely, someone in the legislature is aghast at federal spending that’s gone completely out of control.

Are you aghast?

We are.  But there’s nothing we can do to stop it.  Nearly all remnants of fiscal conservatism have been quarantined from federal government.

The majority of the electorate have voted for generous gifts from the public treasury.  They want free education, free food, free phones, free transportation, and free drugs.  They want debt forgiveness.  Most of all, they want free money. Continue reading →

Posted in Inflation, MN Gordon | Tagged , , , , | 35 Comments

Journey To The End Of San Pedro Bay

Posted on April 9, 2021 by MN Gordon

Have you recently bought furniture, auto parts, clothes, electronics, plastic wares, doofers, doodads, or other doohickeys?  Chances are, they were made overseas.

The U.S. monthly trade deficit in February scored a new record.  According to the Commerce Department, the U.S. imported $71.1 billion more goods and services than it exported.  Of this, $30.3 billion was from China alone.

What’s more, the month of February only had 28 days.  At a daily gap of $2.54 billion, had it been a full 31-day month, the monthly trade deficit would have been over $78 billion.  What to make of it…

A trade deficit is not inherently bad.  Remember, countries as a whole do not trade with each other.  Individuals and businesses trade with other individuals and businesses between countries.  Presumably they do so because it’s advantageous for both sides.

Sound money, of limited supply and market determined interest rates, would provide natural limits to how wide a trade deficit could expand. Continue reading →

Posted in Economy, MN Gordon | Tagged , , , , | 28 Comments

Coming to America: LA Metro’s Model of Extreme Capital Consumption

Posted on April 2, 2021 by MN Gordon

How much does gas cost in your hamlet?

Here in the Los Angeles Basin the price of gas is now over $4 per gallon.  One year ago, it was just $2.89.  Could this be an example of what Fed Chair Jay Powell calls “temporary inflation?”

Maybe so.  Certainly, supply will increase to meet demand.  At the time of this writing, the latest Baker Hughes rig count shows 430 active drilling rigs.  That’s 13 more rigs than the prior week.  But 234 less than one year ago.

We have a hunch that Los Angeles gas prices in excess of $4 per gallon will be here until at least the fall – possibly longer.  Especially now that California refineries have switched over to producing state mandated summer blend gasoline.

What’s more, gas price increases may also be a function of rampant money printing…in addition to rising demand.  Thus, gas prices could go much, much higher.

President Biden, however, has a plan.  On Wednesday he outlined it in his $2.25 trillion American Jobs Plan (to be later followed up by the American Family Plan).  And if Biden, and his central planners get their way, we soon won’t have to use gas at all.  We’ll all drive electric vehicles and ride commuter trains. Continue reading →

Posted in MN Gordon, Politics | Tagged , , , , | 25 Comments