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2021 – That Was The Year That Was…

2021 – That Was The Year That Was…

Authored by Bill Blain via MorningPorridge.com,

 “Something familiar, something peculiar… something appealing, something appalling… old situations, new complications… something convulsive,…

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2021 – That Was The Year That Was...

Authored by Bill Blain via MorningPorridge.com,

 “Something familiar, something peculiar… something appealing, something appalling… old situations, new complications… something convulsive, something repulsive, something frenetic… nothing that’s formal, nothing that’s normal… something erratic, something dramatic.. Something for everyone.. a Comedy tonight!

(Apologies to the late, great Stephen Sondheim.)

The future may dimly be perceived through the veil of the past”, sounds like bad poetry, but has a point. The confusions and conflabulations that characterised 2021 will likely set the tone for what’s coming – what were the key themes of 2021? Best to understand them before trying to fathom what comes next.

It’s mid-December and at this time of year strategists are expected to pontificate on next year’s outlook. Instead, let’s look back on 2021…. It’s been an “interesting” year in the Chinese sense of the expression. Yet everything that rocked markets was pretty much a known unknown: like politics, inflation, and price distortion. Aside from the apparent madness of meme-stock trades (very profitable for the smart ringleaders), there were no major black-swan or “no-see-um” events. Maybe these are coming?

Most days I start by trying to find something interesting to say in the Morning Porridge, trying to answer the question; what are Markets going to do next? How do a host of seeming disconnected factors like politics, economics, consumers, corporates, invention, innovation and expectations combine to drive markets?

I’ve been writing the Morning Porridge for 14 years. Back in 2007, Lehman Brothers was a leading investment bank, GE was a top 10 global firm, electric cars were found in fun fairs, no one was worried about Greek debt, and “disruptive” was something you called your friends’ kids. Nothing really shocks me anymore, but I can still be surprised.

If you think 2022 is going to be any saner… Why?

For what it’s worth; I reckon markets and the world are likely to become even more unpredictable and unstable in ‘22 – but that doesn’t mean there won’t be opportunities galore! But, that’s a story for tomorrow.

Tomorrow – Subscribers will be receiving my Outlook for 2022.

Today – I thought it might be useful to go over what we’ve learnt in 2021.

Over the year I’ve covered a host of topics – from inflation, rates, stocks, commodities, viruses, aircraft, shipping, politics, geopolitics, cyber-war, good companies, bad firms, big tech, ESG, climate and market moves. Some comments have dealt with immediate market impact, others with long-term consequences, some that are macro long-term themes, others of more micro significance, while some of my ramblings have been little more than flights of whimsy – that may or may not have critical market implications.

What were the important themes for 2021?

Market Distortion: The big theme remains how the price of all financial assets remains grossly inflated both on a relative and outright basis. Monetary distortion warps the basis of everything we think about capitalist free markets, and not in a good way. On a relative basis, stocks look cheap to bonds, but bonds remain outright massively expensive.. meaning… so are stocks! Basically… artificially low bond yields screw up everything. Unravelling the distortion is something Central Bank are ultra cautious about – for good reason.

Distorted financial asset prices create all kinds of unintended consequences – from stalling the normal “business cycle” by allowing obsolete zombie companies to survive, stifling and distorting business evolution, to facilitating the misdirection of capital within the economy. Massive distortions in values lead to the kind of crazy expectations and to drive speculation such as we’ve seen in meme stocks and crypto. Ultra-low interest rates are precipitating a major crisis for pension savers, forcing investors to take more risk for lower returns. Ultimately, distortions are unsustainable – but so would crashing the market.

Markets: New Highs have characterised the headlines – even after apparently negative events. The reality is increasing dispersion of returns – take a look at the number of tech and IPO stocks that are tumbling. Irrational exuberance is one expression, but markets expect central banks will continue to support them. Stock market gains are now running way ahead of productivity, earnings and economic growth. The laws of mean reversion remain on the market’s statute book.

Inequality: for the last 12 years momentary distortion has made the rich richer, and the rest of us relatively poorer. Rising inflation is accelerating relative wealth inequality. History tells us inequality drives markets, but also unrest. The rise of the Reddit investment thesis, the societial effects of FOMO investing – I’ve talked about the social media pressures on young people to join the easy money game many times, meme stocks and the success of the libertarian thread to crypto all highlight growing distrust of finance. It’s a factor that could well bark and bite markets. While woke is increasingly unfashionable as an expression, a sense of unfairness and “its not my fault” is spreading. I was taught “it’s never anyone fault but yourself”, anyone under 30 seems to believe “it’s never your fault”.

The US: The US economy performed strongly through the year, until virus variants, supply-chain exhaustion and uncertainty pulled it back in Q4. The big disappointment has been American Politics – which increasingly look unsolvable. The system is even more polarised and broken than before the 2020 election. A Blue vs Red political civil war is generating increasing instability. While the Alt-right purges moderate Republicans, they’ve undermined right-leaning Democrats and made Biden’s slender majority unworkable. Far from Trump being swept away on tidal waves of “lets-move-forward”, his grip on the party through Congress appears to have hardened. There is little confidence the US can sort itself, yet the dollar has thus far confounded fears of politically driven weakness.

China: China is also caught in shifting politics tides. President Xi hardened his political control of the CCP, and brought to heel sticky-out-nail entrepreneurs and celebrities as part of his new social co-prosperity levelling pact. How China will continue to generate growth in the face of coronavirus, a bursting property bubble and growing international pressure has been one of the big stories of the year.

Europe: The ECB established fiscal sovereignty over EU members via the issue of its social recovery programme: play nice with Brussels, and it will fund you. Yet the impetus for further political union is waning after Germany’s new government, and Macro being circumspect ahead of French elections. The ECB is no hurry to raise rates as so much of Europe’s economy remains slow – but rising inflation could create a serious divergence and reemergence of Euro Sov Debt problems.

UK: Oh dear. A resilient nation but a gaffe-prone leader who can’t help himself from making horrendous mistakes as corruption, entitlement and incompetence undermine the government even as the virus rages. The rest of the UK sighs, looks the other-way, and muddles through. It’s too easy to just blame Boris.. but hey-ho. Blame Boris.

Inflation/Stagflation: The big central bank/political message to markets was supply chain glitches meant inflation would be “transitory”. Er.. Bollchocks. No. Now it’s taken hold as wages rise, while energy prices soar as a new covid variant takes hold. Time to read the history books on inflation – and despair.

The Pandemic: It’s been a year of variants keeping us guessing; Alpha, Delta, Omicron. It’s not about illness or deaths, but the optics of infections swamping health services. But patience with the costs and restrictions of lockdowns is increasingly driving pushback – creating fertile ground for political populists to drive the narrative. Covid remains a massive potential trigger for stagflation.

ESG: The relentless and ill-informed drive of the E in ESG has spawned major inefficiencies in the global economy as the push for renewable energy has created an energy crisis during the transition phase – a severe shortage of gas. Increasingly the public perceive holes in what ESG is, and understand greenwashing. (Read this article from Businessweek: The ESG Mirage.) How can McDonald’s, generates more emissions than Portugal via its supply chain (54 million tons), increasing 7% over four years, have its ESG rating upgraded by MSCI? The article says half of companies that received an ESG upgrade last year on the back of optimising/tweaking their scores via methodology changes, restating existing policies, and reweighting – and doing nothing to save the planet.

Corporates: Through 2021 I wrote many times about good and bad corporates, emphasising deeply unfashionable issues like the fundamentals of earnings and profits, the erosion of competitive moats, and regulatory threats. I reiterated how Boeing is possibly the worst failing corporate on the planet – and one of its big mistakes was Corporate Stock Buybacks, which are very much back on the agenda for many firms. 20 years ago Boeing was the 8th largest global company – today it should be in jail.

In the Porridge archive you can real all about Tesla, Apple, Facebook/Meta, and a host of others under the cosh for a range of reasons.  You have to feel sorry for Pelaton – the stock crushed by the death of a TV character after one of its exercise sessions, but the reality is unprofitable companies relying on faddish customer acquisition strategies to create “value” will struggle. (That’s what I mean about still being surprised. Imagine if Tesla admitted there is a tiny-little coal burning power station in every battery… Just saying…)

Bitcoins and Meme Stocks: The spectacular rise of Bitcoin and meme stock crazes makes little sense to those of us too clever to understand them. If we were really smart, we’d have gone long and started a thread ourselves.. I dared to criticise the CO2 emissions of Bitcoin and was shouted down by a crypto-fan boy for not equally denouncing the energy and environmental damage done by Gold mining. Fair point.. but. It would seem the crowd can’t be bothered with facts or fundamentals.. but simply believes it will get rich because others say they will.

Climate Change: Two factors really stand out; the COP26 climate change conference which failed to achieve as much as was hoped but highlighted rising environmental populism, and the weekend Tornados across the US as yet another example of rising climate instability around the globe in terms of storms, drought, floods, fires and temperature. Things are unlikely to get suddenly better. The climate looks increasingly chaotic. Environment pressure is going to mount, and that raises the risk of transition strategy errors – which are already happening with our misguided reliance on wind.

Geopolitics: The Afghan Skedaddle was an embarrassment all round – and certainly costs the US some credibility. Current hot spots around Ukraine and Taiwan are well watched, but it seems more likely a flashpoint event or local will emerge elsewhere. The Geopolitical threats through 2021 never really materialised into a market threat – but what would happen to markets if/when someone pulls a trigger?

Investment Themes: Those that are first shall be last.. as last year’s stock picking darling Cathie Wood and ARK have discovered this year. They are learning a couple of years of stellar returns counts for little when the numbers reverse. The expression she is looking for is “long and wrong”. Saying something is disruptive doesn’t mean it will make you rich. Themes seldom last long.

It’s been challenging for all investors in terms of picking themes when the market just wants to go up and up. Long-term buy and hold vs Macro or Micro themes? The critical importance of solid due diligence was highlighted by the collapse of Greensill and the slow lingering drawn out, and we trust painful, death of the Gupta empire.

Plus: I touched on a host of other stuff this year. Did you know the last A380 superjumbo will enter service this week – a full year before the last ever Boeing Jumbo B-747 rolls out. Hydrogen aircraft are a big buzz story – but are 15 years away. The documentary Seaspiracy played to the concerned crowds, but was a fine piece of militant vegan propaganda. Credit Suisse wins the award for being most accident prone financial institution. Scotland’s currency choices? How to invigorate medicine away from Covid to curing cancer, diabetes, and obesity.

These are just a few of the market scenes that stood out in 2021 – thinking about them this morning informs my thinking for next year.. Which I will scribble up tomorrow..

Tyler Durden Tue, 12/14/2021 - 06:30

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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Government

Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Spread & Containment

The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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