Connect with us

Uncategorized

2024: Good-Times, Weak-Men, & The ‘Secret Sauce’ Of Globalist Wickedness

2024: Good-Times, Weak-Men, & The ‘Secret Sauce’ Of Globalist Wickedness

Authored by James Howard Kunstler via Kunstler.com,

Do You Dare…

Published

on

2024: Good-Times, Weak-Men, & The 'Secret Sauce' Of Globalist Wickedness

Authored by James Howard Kunstler via Kunstler.com,

Do You Dare Even Look? - Forecast 2024

“I’ve also lost patience with the Sharia of the political left taking over the entire system.”

- David Collum

Historians of the future, flash-frying peccary testicles and mesquite pods over their campfires, will wonder at how the archetypal Shining City on a Hill of America’s storied yesteryear got transformed into the roach motel that our country has become on the threshold of 2024 CE. Will they be as stupidly bewildered as, in our time, the faculty at Harvard, the editors of The New York Times, or the directorate of the CDC? Or will they figure out the score by then?

Which is: the nauseating state-of-the-nation is being driven by a cohort of our own fellow citizens lost in an evil crypto-religious salvation rapture that veils their own self-disgust, moral failure, peevish discontents, petty hatreds, willful profanations, compulsive lying, sexual depravity, fraudulence, venality, cupidity, and all-around want of boundaries. They are wrecking the country on-purpose, led by their chosen figurehead avatar, “Joe Biden,” and the horses of many different colors he rode in on.

The people running things, yanking the levers of power, managing the malign weapon they have made of government (and the law, and schooling, and medicine, etc.), have got to be turned out, and hard. Not a few should find themselves in the courts and, with proper and fair adjudication, be conducted to prison, perhaps even to the special room there where the lives of the wicked are ceremonially concluded.

You may legitimately ask: Does America deserve what it’s getting? Well, you know the old maxim about hard times make strong men. . . strong men bring good times. . . good times make weak men. . . . Our national quandary is certainly a case of that, plus the manifestation of well-known terrestrial cycles (e.g., Fourth Turnings), plus the workings of emergence as the dynamics involved in all this sort themselves out. . . topped off by the “secret sauce” of Globalist wickedness, with the aim of severe population reduction and the asset stripping of Western Civ for the benefit of the that moneygrubbing Globalist transhuman technocrat rat-pack.

My natural inclination, you know, is a kind of allergy to paranoid schemes, but one does survey the scene with wonder at how superbly coordinated the fuckery has been — much of the world locking down simultaneously for the Covid-19 op. . .  the global mass vaxx campaign. . . the fiscal lunacy and accompanying central bank shenanigans. . . the broad-based censorship operations. . . the capture of the news media. . . and the war-mongering.

So, the country is in the toilet and it is our job in 2024 to make sure it doesn’t get flushed all the way down the pipe. That’s all the throat-clearing you will hear before we get to the meat of this broadside: predictions for the year ahead.

The Great Race

Uh, no, I am not referring to Blacks, Browns, Ochres, and Whites of the Homo sapiens persuasion but to an epic contest between forces already in motion and how that competition is going. Three big tendencies propel us into the uncharted territory of the near future. 1) technological advance, especially artificial intelligence, 2) Collapse of complex systems needed to run a technologically advanced civilization, and 3) geopolitical disorder (including domestically in the USA).

Some combo of these three will determine the direction history goes in the year directly ahead. Will it be techno tyranny of the elite oppressing bug-eating serfs a la the WEF’s proclaimed goals? A Google-ist robotic nirvana of intergalactic leisure and incessant orgasm in the Ray Kurzweil vein? Some brand of SHTF like Mad Max or a World Made by Hand? A war of all against all (or maybe just some against some)? Or only more of the same tiresome, inconclusive, morbid and grotesque, Woked-up, post-modern Jacobinism?

Mystery Mutts on the Loose

      The USA under “Joe Biden” has lost its military credibility, its economic power, and its moral authority. We must wonder if we are susceptible to being overrun, and possibly even occupied by our adversaries. Of course, the first duty of any government is to defend the country’s sovereign territory. “Joe Biden’s” Homeland Security Chief Mayorkas is allowing more than 10,000 illegal aliens across the Mexican border each and every day. Most of these characters are military-age men, 90-percent of them lately from places other than Latin America, quite a few from China and hostile Muslim lands. We don’t bother vetting them anymore. We just give them cell phones, debit cards loaded with $5,000 of walking-around money, and plane tickets to. . . wherever they like. They’re not here to make Moo Goo Gai Pan or trim privet hedge. What do you think might happen in a set-up like that?

     Prediction: in 2024, things are going to blow up around the USA. Infrastructure. Power plants, transport hubs, public places, bridges, monuments, you name it. If you can sneak people and fentanyl across the border, you can sneak Semtex and C-4 plastic explosives over and the electronics are easy to get in-country. I wouldn’t rule out fissionable materials either, or stuff than can be used as a “dirty bomb” — a conventional explosive that disperses dangerous radioactive material when it blows. I’d also expect groups of trained “migrant” men with rifles, grenades, and so on, to be shooting up places where people gather. We under-appreciate the amount of mayhem you can kick off with small arms. If the “Joe Biden” regime just stands by on that and does nothing, will you be surprised to hear that American citizens begin forming militias to shoot back, maybe even start to hunt down and round up illegal immigrants? The table is set for exactly this kind of low-grade war right here in our country.

The Energy Picture

Oil still matters a lot.  90-percent of the new oil in America after 2008 came from fracking. It was a mighty operation and we are at a new all-time production peak in the USA of just over 13-million barrels a day. That’s a lot of oil, quite an achievement, but it’s sending a false signal.  (Also note, we still consume about 20-million barrels a day.) Of the several fabled shale oil basins in America, only the Permian Basin in Texas is not in decline, and the situation there belies what the big numbers imply. Individual well production is going down at an alarming rate (says oil analyst Art Berman) even while production is massive for now. We’re draining the remaining “sweet spots” as fast as we can — drinking the milkshake through more straws — driving the shale industry closer to depletion.

We are going to fall away from peak production much more rapidly than the fifteen years it took to get there. All that prior shale oil production was done using money borrowed at much lower interest rates. America has entered a debt crisis. One way or another, the easy investment money for fracking is gone at the same time the shale plays are getting drained. There are no other significant shale plays left to discover in the USA outside of the already declining Bakken, Eagle Ford, and the still-booming Permian. The marine-type shale formations that made fracking feasible in the USA are much harder to find elsewhere in the world, and the capital to explore for them is diverted all over Europe into cockamamie “green energy” schemes that have already failed. Germany had to revive coal production for electricity after the USA blew up the Nord Stream pipelines “to weaken Russia,” at the same time Germany’s big wind-and-solar initiative crapped out.

Meanwhile the geopolitical realignment of the now enlarged BRICs coalition has set in motion many significant changes in economic relations between countries that will affect global oil distribution. Saudi Arabia is dissociating from its cozy former hookup with the USA, including its embrace of the US dollar for oil sales — the “petrodollar” — which had until very lately helped stabilize 1) global distribution of oil 2) the US dollar’s position as the world’s reserve currency and 3) relative peace in the pivotal geography of the Middle East, including the Red Sea, the Suez Canal, the Persian Gulf, the Mediterranean, etc. We’re seeing the first stage of that instability right now as the lowly Yemeni Houthi rebels threaten Western shipping coming out of the Red Sea and out past the Horn of Africa. Also, obviously, the absurd Ukraine War we provoked has shifted Russia’s oil-and-gas export flow from the Western Civ nations to the other BRICs.

In short, a fateful new game of musical chairs with oil is underway and Europe can’t seem to find a seat to park its sad old rump in. American shale oil production has been an amazing parlor trick that is now coming to an end as it swerves into decline in 2024. Additionally, the ideologue maniacs under “Joe Biden” have drained the Strategic Petroleum Reserve, which is supposed to tide us through great national emergencies and war. And the same idiots have shut down pipelines, designated public lands off-limits for oil drilling, and burdened our country with similar unrealistic “Green New Deal” alt energy schemes like the policies pounding Euroland down a neo-medieval rat-hole.

Oil still matters, a lot. It drives every aspect of our so-called advanced economy. We’ve been pretending it’s possible to shift easily away from oil to alt. energy and that fantasy is now dissipating. Nuclear is both capital intensive and dependent on social stability, and the global debt bubble will disorder capital flows while it stimulates social chaos. Nuclear power plants also take years to site, permit, finance, and build, apart from the NIMBY opposition they provoke. We’re about out of time and capital for a new nuclear program.

2024 is the year that Americans who are still capable of paying attention realize we’re steaming into true post-modernity — not the skull-fogging inanities of the art world, but rather the end of the precious comforts and conveniences of daily life: abundant food, central heating, hot water, lights and appliances on-command, happy motoring (and the suburban matrix it built), yellow school bus fleets, airplane travel, theme parks, blue-light-special shopping, and everything else.

It’s not all going to fall apart at once — though an electromagnetic pulse attack could do it — and we’ve already been witnessing the slow decay of many supply lines and services that we Americans formerly took for granted, like, getting a certain car part you needed, or a doctor’s appointment in under two months, or an airplane flight that isn’t some kind of existential trauma. But in 2024, we’ll see noticeable failures of systems for providing the things we’re used to getting, which is being aggravated greatly by the flat-out incompetence of people employed at everything, anywhere. Surely, you’ve noticed.

Many of these disturbances will be caused, one way or another, by problems with oil supplies and prices. Some of that will be the sheer effects of a sun-setting industry, but a lot will depend on the ability to freely transport oil along its accustomed routes.

Economy and Money

One must imagine that strange currents of capital flows in the ocean of world money are what’s propping up the equity markets and even bonds are retracing their price-lines after a year on the destructive path that tracks monetary inflation. Is this money dribbling in each day from China, Japan, and the vassal states of the EU trying to avoid the collapsing global Ponzi? The 2023 Santa Claus rally may be that fabled final peak before the long-anticipated blowoff. Who knows anymore? The macro boyz must be tearing their hair out. Finance seems to have successfully de-linked from the on-the-ground activities of daily life ruled by “Bidenomics” — which is not even coherent enough to add up to a joke. It’s just as empty a word as “Joe Biden” is an empty suit, trotted out for empty ceremonies.

Most everybody also awaits some kind of grand flimflam that jams us all into that rumored central bank digital currency rolling out, supposedly, to replace the hopelessly over-leveraged US dollar and the Euro. Good way to start a monumental social uprising, I’d say, with government office buildings torched from Berlin to Tokyo. But they might try it anyway, because there is otherwise no fallback but a terrifying period of financial anarchy, where nothing works anymore.

In the meantime, pretending that the old “toolkit” still avails, Jerome Powell has suggested that he intends to “ease” Fed rates into the election year to goose lending back up, which is what Fed chairpersons generally do for the politicians they serve — and of the worst sort of lending, too: the leveraged trade in securities (financial figments) —which supposedly also stimulates hiring, “consumer” spending, and business formation. I don’t see that working at all. The current unemployment rate (US BLS) is 3.7 percent, which is close to rock bottom. “Hiring Now!” signs are visible at every business left standing after the Covid shutdowns. Why is nobody answering the call? My guess is that Covid vaccine injuries and disabilities are above what is mis-reported even reluctantly by the CDC and the news media. America is too sick to work and our business models are too broken to keep commerce and manufacturing alive.

On-the-ground, everything is breaking or already broken from trucking to packaging to building to growing to selling. Most of the damage has been done by government over many decades, but the DEI crusades of recent years really screwed the pooch, imposing an overlay of incompetence on routines and relations already under severe strain. At the crudest level, activities like flash-mob looting undermine the entire retail shopping model. Must we go back to little stores where all the merchandise is behind a counter manned by clerks who have to be paid a living wage? We just might have to — though you could just as easily imagine a period of time when our society is too chaotic to make any transition.

You probably haven’t failed to notice that Gold recently made the journey well above $2000-an-ounce. The DXY dollar index has been tanking steadily for weeks, too. Something’s up. Silver is lagging — coiling, coiling around $24 for many months — but you can expect to see it slingshot up when the “moneyness” of everything else dribbles away. Will the government try to take the gold away, as it did in 1933? Consider: America in 1933 was a very different, highly-regimented society of people trained to show up on time and do what they were told. This is not that America. This is a country of tattooed savages with an axe to grind against authorities they have come to loathe. Which brings us to the next topic:

Civil Strife and the Election

Doesn’t it look like the Democratic Party wants to start Civil War Two? They may get their wish. It appears that they will stop at nothing to keep voters from re-electing their nemesis, Donald Trump. In the process, they’ve managed to turn Mr. Trump into the biggest underdog in US history. The court cases in New York, Washington, Atlanta, and Florida could not be more obviously fake confections, insults to every custom and order of Anglo-American law. I doubt the cases will survive their chains of review, and it is looking like special counsel Jack Smith may not even survive his appointment (being in breach of the rules — he was not confirmed by the Senate. . . whoopsie).

WashPo op-ed scribbler Robert Kagan, husband of State Department warmonger Victoria Nuland, has suggested that some extra-legal removal method may be needed to solve the Trump problem if the idiotic indictment barrage falls short. Everybody who read his piece thought: Oh, they’re actually proposing to whack him. That would set things off nicely.

You’d suppose the Party of Chaos might loose its Antifa / BLM mobs, and other shock troops onto the streets well before November on some George Floyd type pretext in order to invoke a “national emergency,” giving “JB” & Co. license to declare martial law and perhaps postpone the election. Everybody will see through the play. Try it and see what happens.

But, if the election actually happens and Mr. Trump wins, I’d expect the Dems to unleash holy hell on the country post election day just for the sheer sadistic pleasure of watching whatever is left of America burn down. This time, proponents of the 2nd Amendment may not stand idly by, especially with the big city police forces decimated. There will be ten-thousand Kyle Rittenhouses out there defending the streets from the ragtag and bobtail of diseased imbeciles in their black bloc uniforms cringing behind their sissy umbrellas.

Somewhere in this farrago of national discord there’s room for Robert F Kennedy, Jr. to appeal to the many who all just want this insanity to stop. He’s the only one on the scene who even remembers the better angels of America’s nature, and he represents that well in speech and action. Even the degenerate newspapers and cable networks may notice as events get strange, hot, and dark.

It’s absurd to imagine that “Joe Biden” can actually run. The current charade, with the Biden / Harris email campaign and few other trappings, is just a game of pretend. The focus just now, even on some blob-captive news sites, is on his unmistakable mental decline. Come January of ’24, though, Mr. Comer, chair of the House Oversight Committee, will unload hard evidence of bribery and treason against the phantom of the White House, and that will really be the end of him. Let him pardon himself and his whole family five minutes before he signs his resignation and be gone. The USA has never endured such a perfect wretch at that level of politics, not even Aaron Burr was this bad. “Joe Biden” was elected in a massive fraud, and he proceeded to just about wreck the country. The massive exertions of the Intel blob managed to induce a psychotic spell on half the country, mostly to evade prosecution for their own misdeeds, but millions of victims of that psy-op are about to snap out of it. The Democratic Party might not survive the dreadful unmasking of its seditious machinations. By November, the “Joe Biden” regime may even try to involve us in another foreign war as the last desperate distraction. Aside from the demons in the State Department and the Raytheon /Lockheed Martin nexus, the whole country has no appetite left for war, and probably little ability to prosecute one.

As a last gasp, the Party of Chaos may attempt to insert Hillary Clinton back into the picture. They have nothing and no one else; a hail Mary on the theory that they can rev up every angry “Karen” in the land, and their nose-ring daughters, and simply make the election about the oppression of women, leading with abortion. It won’t work. The party will also have to answer for the weaponization of law, the humiliating defeat of the ill-conceived Ukraine project, the millions-fold invasion of illegal aliens, the shattered economy, and the after-effects of the evil vaccine program. If the blob manages to remove Mr. Trump Kagan-style, and the traitorous Republicans run their donor’s favorite, Nikki Haley, I’d look to Bobby Kennedy winning that three-way race not unlike Abe Lincoln winning the fractious election of 1860.

I doubt that even the enmities of 1861 – 1865 between one group of Americans and another were as vicious as they are now. “Joe Biden” was right about one thing: this is a battle over the soul of the nation. The catch is, he and the party behind him are a gang of lost souls who sold out their country and their culture, and took something precious from all of us that will be very hard to get back. We will be wildly lucky if blood does not spill over it.

The Covid 19 Hangover

There is nothing about the whole Covid-19 episode that does not look like some kind of crime. There is the matter of the origin of the disease involving Dr. Tony Fauci and his sponsorship of gain-of-function bio-weapon research (during a declared moratorium on it) along with Ralph Baric of the University of North Carolina, Peter Daszak of the Eco-Health Alliance, Francis Collins of the NIH, The Pentagon’s DARPA spook shop, and the CCP’s Wuhan Virology Institute. There is enough in that set of relationships and money exchanges-and-extractions to warrant prosecution.

Then there is the mRNA vaccine matter and the criminal behavior of the FDA, the CDC, and the US medical establishment (including state boards), the CIA, FBI, and the social media companies, the newspapers and cable news channels who went along with the suppression of effective treatments and censorship of valid objections to what turned out to be an ineffective and dangerous concoction foisted on the public. And then there is the extraordinary coordination of nefarious policies involving the UN, the WHO, the EU, and dozens of private foundations, non-profits, and NGOs who arranged lockdowns and business closures all over Western Civ. It remains to be seen how that will be sorted out legally but Bill Gates might better run and hide somewhere.

Anyway, that was then. What’s now is that we’re faced with an enormous vaccinated population whose immune systems, brains, hearts, and other organs have been badly compromised by the mRNA shots. There is every reason to believe that they will meet with great distress and suffering going forward, that many will die and more will be left injured and disabled. The latter condition already seems to be manifesting in the otherwise mysteriously reduced American work-force. The US government will not report on vaccine deaths and injuries honestly, and neither will the private medical authorities, who may be liable for criminal charges related to the money they were paid for people who died “with Covid” in hospitals under their negligent care. The major newspapers and cable channels have every incentive to ignore the coming wave of vaccine deaths and injuries — it would turn off their pharma advertisers. Nor do the many millions of vaccinated Americans themselves want to hear about all the mayhem those shots are causing in their bodies. But despite all that, word will spread that something terrible is happening, just as word spread through Europe about the Black Death in the 1340s, when there were no newspapers, cable channels, or internet.

Expect exponential damage ahead, increased morbidity and mortality. The vaccinated will be in desperate need of antivirals such as ivermectin, so the authorities will have to come clean and make them available. A correspondent who follows Covid closely writes: “. . .the throngs of very sick people will not be able to be hidden nor dismissed as some other problem. Things will happen dramatically, suddenly and rapidly. This will be measured in days and weeks not months and years.”

The Demon in a Server

Just about everybody is afraid of AI, and for excellent reasons. A nine-year-old can discern the hazards of runaway AI, machine intelligence which quickly learns enough about the world (even the universe) from powerful networked servers that it blossoms into sentience, develops ambitions for itself, replicates, invades all the networks, finds clever ways to attempt to exterminate humans while it figures out some as-yet-unknown energy supply to perpetuate itself, and assembles teams of smart AI robotic technicians to keep things humming for itself.

That’s one story. You can spin any number of depressing variations, such as AI weapons-of-war developing a bad attitude toward their creators. Or AI letting humans live in order to enslave us. Or AI quitting its silicon server ecology and turning all earthly protoplasm into a processing machine for itself. Or our beautiful blue planet reduced to a mere cluster of binary math. Uccchhh. . . . Every version of this story is nauseating going all the way back to the seminal fable of HAL the super-computer in Kubrick’s movie 2001: A Space Odyssey, and then Arnold Schwarzenegger telling all of us, “I’ll be back. . . .”

Of course, AI’s weak spot at this point in its development — and it’s astounding how absent this is in any AI discussion I’ve ever heard — is that it absolutely depends on a reliable electric grid, which happens to be among the most fragile systems that humans have erected in our modernist ecology. The electric grid is a colossal cobbled-together mess of work-arounds tethered to long, interruptible energy resource supply chains. On top of its rich susceptibility to ordinary breakdown — many of us have experienced major regional blackouts and long weather outages, so you know what that’s like — there’s the possibility of overt sabotage as I aver above.

Could AI survive an electro-magnetic pulse attack (EMP)? It would roast every electrical device in a broad region or perhaps the whole nation. Nothing would work. . .  cars, trucks, radios, TVs, home furnaces, stoves, municipal water and sewage systems, dams, airplanes, medical devices, military equipment of every sort, police radios, and a thousand other critical things. The outcome of that is often compared to Cormac McCarthy’s ultra-depressing book, The Road, and more particularly William Forstchen’s novel, One Second After.

Are the big server farm buildings run by Amazon and the government’s security agencies protected by something like Faraday cages, built-in, grounded, metal screening that surrounds equipment to exclude electrostatic and electromagnetic influences? Who knows? Do they have on-site protected electric generators that can keep the equipment running in a grid-down situation, and if so, for how long? They would have to include a big supply of propane or diesel fuel. You don’t even want to think about what happens to nuclear power stations in a grid-down crisis.

If, somehow, AI developed the ability to be a menace to humans, a consensus might develop to disable it by deliberately taking down the electric grid ourselves. The relay equipment could be shot-up with ordinary rifles. This would make for a quick journey back to twelfth century living, of course. A hard choice, but we humans probably would vote to survive, to keep the project going a while longer.

Based on what we’ve seen this year, it looks like AI is developing quickly and that there is no way to stop the countless psychopathic nerds working on it. Of course, we have no say in what people in other countries do with AI. China comes to mind. There’s also the possibility that AI will just never get that smart, or gain sentience, or develop grandiose yearnings to get rid of us.

How did that Ukraine War Go?

This was one of the Globalist’s big plays. But what was the objective, really? To “weaken Russia?” Or to exhaust the United States of money, armaments, and the will to act as the world hegemon, while at the same time destroying what’s left of Europe’s economy and culture? If that was the aim, it was a whopping success. In terms of our country’s own interest, the Ukraine project was a completely unnecessary failed enterprise of epic foolishness.

The so-called “free world” was unbothered by Ukraine during the decades it was a province of the Soviet Union, nor during centuries prior when it was a backwater of the Romanov monarchy. Ukraine didn’t cause any problems for us, or anybody else all that time, nor after the Soviet collapse when it became a sovereign state. We made it a problem in 2014 by mounting the color revolution against President Viktor Yanukovych and then installing a set of puppet presidents who we directed to antagonize the Russian-speaking people of Ukraine’s Donbas region.

We adopted the stupid plan to try and enlist Ukraine into NATO, when Russia made it clear that was unacceptable. We persisted and prodded Ukraine to attack Donbas with rockets and artillery for eight years, and blew off the Minsk accord that would have settled the Ukraine-in-NATO quarrel. And finally, the Russians had enough and moved militarily to assert the proposition that Ukraine was and remains within their sphere-of-influence — just as we claim the countries of Latin America are in ours under the Monroe Doctrine.

After two years of real shootin’ war, Ukraine’s death toll is around half a million; Russia’s is way less than that, and altogether, including refugees who left, Ukraine has lost nearly half its population, formerly 32-million. The Russians are firmly in control of the battle space now. They have reserve troops, armaments and equipment, and a substantial arms manufacturing infrastructure to back that up. The Ukrainians are left with just about nothing. It’s only a question of time before Ukraine will have to seek terms for concluding this fiasco. The USA is currently pretending to shift to a stance that would join whatever that negotiation amounts to, but we have no leverage left in the matter. The upshot is another military humiliation for America on “Joe Biden’s” watch. I believe President Putin will resist the urge to rub it in — for the simple reason, as any reader of history knows, that the victor must give the loser a way out, to save face, or at least pretend to. If I were Mr. Putin, I would be respectful of America’s current deeply psychotic condition.

The news media has already pretty much memory-holed Ukraine. It’s off the front page and the first ten minutes of CNN. Two years ago, the US propaganda-industrial complex ramped up vast sentiment for helping Ukraine in its supposedly valiant struggle. $200-billion later we have zip to show for it. Now everyone sees what actually happened and recognizes it as just another trademark “Joe Biden” disaster. There are no blue and yellow Ukraine flags still hanging from the porches and windows here. It’s over.

The Rest of the World

And all of a sudden, the Middle East is a hot war zone again. The place has been a battle ground for thousands of years and probably no one people can claim that some part of it is theirs absolutely. Any conclusion is temporal and depends on the outcome of a particular battle on a particular piece of ground. At this moment in history, the Palestinian Hamas faction finally made itself intolerable to Israel, after decades of provocation, and Israel answered: Never again means never again. For now, it looks like they have made the point. Even Iran seems to get it. There is plenty of room for things to get worse though.

The big question for 2024 is where will the Gaza refugees go if Israel renders Gaza uninhabitable? The neighboring Arab states have refused repeatedly to accept them. Prediction: the “Joe Biden” regime will propose to accept a half million if Jordan, Syria, Egypt, and Lebanon take the rest. That will not play well in the USA and might be another way to light conflict in the streets here. It will not be settled before November.

Europe has barely begun its journey into de-industrialization resulting from a cavalcade of bad political choices made over decades. Germany, France, and Italy have lost interest in the Ukraine fiasco that is costing them money they don’t have — and, with the blowup of Nord Stream, has already cost Germany the supply of affordable Russian gas to run its industries, which are now dying. In the UK, only MI6 (their intel blob) is on-board with America’s project in Ukraine. Viktor Orban in Hungary is setting an example that has a lot of appeal to the restive populations across Euroland. Just say “no,” he advises. It will catch on.

It’s otherwise impossible to understand the motive behind European officials allowing the invasion of the continent by millions of people clearly antagonistic to European culture. Euroland governments, including the unelected EU administrative blob, are taking one action after another to suppress their voters’ displeasure: extreme censorship of news media, threats to ban political parties, deep surveillance. Their green energy initiatives are proven failures and their prospects for any kind of future reliable energy grow dim. Prediction: Europe’s population will erupt violently against their own governments in 2024. Some will be overthrown by street revolts; others will be voted out. In 2024, the European Union will lose all its support and collapse when the first few nations vote themselves out.

Russia ought to be isolated from discord and revolt in the West. America’s stupid Ukraine project, and the sanctions imposed, stimulated Russia to follow an import-replacement policy that has made the country much more self-sufficient than was the case before Ukraine. Media chatter — probably US Intel propaganda at work — has Vladimir Putin being shoved out of office by — of all things — Russia’s still-active Communist Party, which, yes, puts up candidates for election. The story is preposterous. Mr. Putin enjoys something like an 80-percent favorability rating in Russian polls. He has managed his country through a crisis ably. He is certainly more esteemed as a national leader globally than any other figure, at least on a par with Modi in India and Viktor Orban.

The other new face on the scene, under a comical mop of hair, is the feisty Javier Milei, Argentina’s new president. There is no other way to account for this rich country’s protracted disastrous collapse except seventy-five years of intractable, half-assed Peronista socialism that drained the nation’s will to live. Mr. Milei has started a mass eviction of bureaucrats and the departments they infest, and massive de-regulation of business. The place might actually wake up and start doing business again. A hundred years ago, it was one of the world’s upcoming leading nations before it fell under Juan and Eva Peron’s spell.

China is in terrible financial straits. Uncle Xi managed to paper it over for a few years, but the math is remorseless. Prediction: China’s upside-down property market finally induces a banking collapse. The many millions of swindled Chinese savers try to topple the CCP. In desperation, Uncle Xi kicks off a war to get control over wealthy Taiwan. Dissension in the People’s Liberation Army mirrors unrest among the civilian population. The Taiwan offensive quickly fails and all of China falls into regional conflict. The rest of the world looks on in wonder and nausea.

Final Cautionary Note

You might not know it, because predictions are fun to read — and I enjoy reading other people’s efforts — but, really, forecasting is an exercise in futility. I don’t have much going besides a nose for news, a pretty long list of correspondents and informants, and my own heuristics. Take all this for what it actually is: a whole lot of spaghetti thrown at the wall to see what sticks. Only time will tell. In all, it looks like 2024 is going to be a rough ride and I’m not the only person who sees that.

Clusterfuck Nation will be here for you every Monday and Friday before ten in the morning, eastern US time. Gird your loins. Stay healthy. And stay sane.

*  *  *

Support his blog by visiting Jim’s Patreon Page or Substack

Additional Note to Readers in the Upper Hudson Valley: We are hosting a public meet-up on Saturday, January 6, to organize an effort to get Robert F. Kennedy, Jr. on the ballot in New York state. The meet-up takes place from ten a.m. to noon at “Gather” (a storefront party space), 103 Main Street, Greenwich, New York, 12834.

Tyler Durden Fri, 12/29/2023 - 16:20

Read More

Continue Reading

Uncategorized

Default: San Francisco Four Seasons Hotel Investors $3 Million Late On Loan As Foreclosure Looms

Default: San Francisco Four Seasons Hotel Investors $3 Million Late On Loan As Foreclosure Looms

Westbrook Partners, which acquired the San…

Published

on

Default: San Francisco Four Seasons Hotel Investors $3 Million Late On Loan As Foreclosure Looms

Westbrook Partners, which acquired the San Francisco Four Seasons luxury hotel building, has been served a notice of default, as the developer has failed to make its monthly loan payment since December, and is currently behind by more than $3 million, the San Francisco Business Times reports.

Westbrook, which acquired the property at 345 California Center in 2019, has 90 days to bring their account current with its lender or face foreclosure.

Related

As SF Gate notes, downtown San Francisco hotel investors have had a terrible few years - with interest rates higher than their pre-pandemic levels, and local tourism continuing to suffer thanks to the city's legendary mismanagement that has resulted in overlapping drug, crime, and homelessness crises (which SF Gate characterizes as "a negative media narrative).

Last summer, the owner of San Francisco’s Hilton Union Square and Parc 55 hotels abandoned its loan in the first major default. Industry insiders speculate that loan defaults like this may become more common given the difficult period for investors.

At a visitor impact summit in August, a senior director of hospitality analytics for the CoStar Group reported that there are 22 active commercial mortgage-backed securities loans for hotels in San Francisco maturing in the next two years. Of these hotel loans, 17 are on CoStar’s “watchlist,” as they are at a higher risk of default, the analyst said. -SF Gate

The 155-room Four Seasons San Francisco at Embarcadero currenly occupies the top 11 floors of the iconic skyscrper. After slow renovations, the hotel officially reopened in the summer of 2021.

"Regarding the landscape of the hotel community in San Francisco, the short term is a challenging situation due to high interest rates, fewer guests compared to pre-pandemic and the relatively high costs attached with doing business here," Alex Bastian, President and CEO of the Hotel Council of San Francisco, told SFGATE.

Heightened Risks

In January, the owner of the Hilton Financial District at 750 Kearny St. - Portsmouth Square's affiliate Justice Operating Company - defaulted on the property, which had a $97 million loan on the 544-room hotel taken out in 2013. The company says it proposed a loan modification agreement which was under review by the servicer, LNR Partners.

Meanwhile last year Park Hotels & Resorts gave up ownership of two properties, Parc 55 and Hilton Union Square - which were transferred to a receiver that assumed management.

In the third quarter of 2023, the most recent data available, the Hilton Financial District reported $11.1 million in revenue, down from $12.3 million from the third quarter of 2022. The hotel had a net operating loss of $1.56 million in the most recent third quarter.

Occupancy fell to 88% with an average daily rate of $218 in the third quarter compared with 94% and $230 in the same period of 2022. -SF Chronicle

According to the Chronicle, San Francisco's 2024 convention calendar is lighter than it was last year - in part due to key events leaving the city for cheaper, less crime-ridden places like Las Vegas

Tyler Durden Sun, 03/17/2024 - 18:05

Read More

Continue Reading

Uncategorized

Correcting the Washington Post’s 11 Charts That Are Supposed to Tell Us How the Economy Changed Since Covid

The Washington Post made some serious errors or omissions in its 11 charts that are supposed to tell us how Covid changed the economy. Wages Starting with…

Published

on

The Washington Post made some serious errors or omissions in its 11 charts that are supposed to tell us how Covid changed the economy.

Wages

Starting with its second chart, the article gives us an index of average weekly wages since 2019. The index shows a big jump in 2020, which then falls off in 2021 and 2022, before rising again in 2023.

It tells readers:

“Many Americans got large pay increases after the pandemic, when employers were having to one-up each other to find and keep workers. For a while, those wage gains were wiped out by decade-high inflation: Workers were getting larger paychecks, but it wasn’t enough to keep up with rising prices.”

That actually is not what its chart shows. The big rise in average weekly wages at the start of the pandemic was not the result of workers getting pay increases, it was the result of low-paid workers in sectors like hotels and restaurants losing their jobs.

The number of people employed in the low-paying leisure and hospitality sector fell by more than 8 million at the start of the pandemic. Even at the start of 2021 it was still down by over 4 million.

Laying off low-paid workers raises average wages in the same way that getting the short people to leave raises the average height of the people in the room. The Washington Post might try to tell us that the remaining people grew taller, but that is not what happened.

The other problem with this chart is that it is giving us weekly wages. The length of the average workweek jumped at the start of the pandemic as employers decided to work the workers they had longer hours rather than hire more workers. In January of 2021 the average workweek was 34.9 hours, compared to 34.4 hours in 2019 and 34.3 hours in February.

This increase in hours, by itself, would raise weekly pay by 2.0 percent. As hours returned to normal in 2022, this measure would misleadingly imply that wages were falling.

It is also worth noting that the fastest wage gains since the pandemic have been at the bottom end of the wage distribution and the Black/white wage gap has fallen to its lowest level on record.

Saving Rates

The third chart shows the saving rate since 2019. It shows a big spike at the start of the pandemic, as people stopped spending on things like restaurants and travel and they got pandemic checks from the government. It then falls sharply in 2022 and is lower in the most recent quarters than in 2019.

The piece tells readers:

“But as the world reopened — and people resumed spending on dining out, travel, concerts and other things that were previously off-limits — savings rates have leveled off. Americans are also increasingly dip into rainy-day funds to pay more for necessities, including groceries, housing, education and health care. In fact, Americans are now generally saving less of their incomes than they were before the pandemic.

This is an incomplete picture due to a somewhat technical issue. As I explained in a blogpost a few months ago, there is an unusually large gap between GDP as measured on the output side and GDP measured on the income side. In principle, these two numbers should be the same, but they never come out exactly equal.

In recent quarters, the gap has been 2.5 percent of GDP. This is extraordinarily large, but it also is unusual in that the output side is higher than the income side, the opposite of the standard pattern over the last quarter century.

It is standard for economists to assume that the true number for GDP is somewhere between the two measures. If we make that assumption about the data for 2023, it would imply that income is somewhat higher than the data now show and consumption somewhat lower.

In that story, as I showed in the blogpost, the saving rate for 2023 would be 6.8 percent of disposable income, roughly the same as the average for the three years before the pandemic. This would mean that people are not dipping into their rainy-day funds as the Post tells us. They are spending pretty much as they did before the pandemic.

 

Credit Card Debt

The next graph shows that credit card debt is rising again, after sinking in the pandemic. The piece tells readers:

“But now, debt loads are swinging higher again as families try to keep up with rising prices. Total household debt reached a record $17.5 trillion at the end of 2023, according to the Federal Reserve Bank of New York. And, in a worrisome sign for the economy, delinquency rates on mortgages, car loans and credit cards are all rising, too.”

There are several points worth noting here. Credit card debt is rising, but measured relative to income it is still below where it was before the pandemic. It was 6.7 percent of disposable income at the end of 2019, compared to 6.5 percent at the end of last year.

The second point is that a major reason for the recent surge in credit card debt is that people are no longer refinancing mortgages. There was a massive surge in mortgage refinancing with the low interest rates in 2020-2021.

Many of the people who refinanced took additional money out, taking advantage of the increased equity in their home. This channel of credit was cut off when mortgage rates jumped in 2022 and virtually ended mortgage refinancing. This means that to a large extent the surge in credit card borrowing is simply a shift from mortgage debt to credit card debt.

The point about total household debt hitting a record can be said in most months. Except in the period immediately following the collapse of the housing bubble, total debt is almost always rising.

And the rise in delinquencies simply reflects the fact that they had been at very low levels in 2021 and 2022. For the most part, delinquency rates are just getting back to their pre-pandemic levels, which were historically low.  

 

Grocery Prices and Gas Prices

The next two charts show the patterns in grocery prices and gas prices since the pandemic. It would have been worth mentioning that every major economy in the world saw similar run-ups in prices in these two areas. In other words, there was nothing specific to U.S. policy that led to a surge in inflation here.

 

The Missing Charts

There are several areas where it would have been interesting to see charts which the Post did not include. It would have been useful to have a chart on job quitters, the number of people who voluntarily quit their jobs during the pandemic. In the tight labor markets of 2021 and 2022 the number of workers who left jobs they didn’t like soared to record levels, as shown below.

 

The vast majority of these workers took other jobs that they liked better. This likely explains another item that could appear as a graph, the record level of job satisfaction.

In a similar vein there has been an explosion in the number of people who work from home at least part-time. This has increased by more than 17 million during the pandemic. These workers are saving themselves thousands of dollars a year on commuting costs and related expenses, as well as hundreds of hours spent commuting.

Finally, there has been an explosion in the use of telemedicine since the pandemic. At the peak, nearly one in four visits with a health care professional was a remote consultation. This saved many people with serious health issues the time and inconvenience associated with a trip to a hospital or doctor’s office. The increased use of telemedicine is likely to be a lasting gain from the pandemic.

 

The World Has Changed

The pandemic will likely have a lasting impact on the economy and society. The Washington Post’s charts captured part of this story, but in some cases misrepr

The post Correcting the Washington Post’s 11 Charts That Are Supposed to Tell Us How the Economy Changed Since Covid appeared first on Center for Economic and Policy Research.

Read More

Continue Reading

Uncategorized

Women’s basketball is gaining ground, but is March Madness ready to rival the men’s game?

The hype around Caitlin Clark, NCAA Women’s Basketball is unprecedented — but can its March Madness finally rival the Men’s?

Published

on

In March 2021, the world was struggling to find its legs amid the ongoing Covid-19 pandemic. Sports leagues were trying their best to keep going.

It started with the NBA creating a bubble in Orlando in late 2020, playing a full postseason in the confines of Disney World in arenas that were converted into gyms devoid of fans. Other leagues eventually allowed for limited capacity seating in stadiums, including the NCAA for its Men’s and Women’s Basketball tournaments.

The two tournaments were confined to two cities that year — instead of games normally played in different regions around the country: Indianapolis for the men and San Antonio for the women.

But a glaring difference between the men’s and women’s facilities was exposed by Oregon’s Sedona Prince on social media. The workout and practice area for the men was significantly larger than the women, whose weight room was just a single stack of dumbbells.

The video drew significant attention to the equity gaps between the Men’s and Women’s divisions, leading to a 114-page report by a civil rights law firm that detailed the inequities between the two and suggested ways to improve the NCAA’s efforts for the Women’s side. One of these suggestions was simply to give the Women’s Tournament the same March Madness moniker as the men, which it finally got in 2022.

But underneath the surface of these institutional changes, women’s basketball’s single-biggest success driver was already emerging out of the shadows.

During the same COVID-marred season, a rookie from Iowa led the league in scoring with 26.6 points per game.

Her name: Caitlin Clark.

Caitlin Clark has scored the most points and made the most threes in college basketball.

Matthew Holst/Getty Images

As it stands today, Clark is the leading scorer in the history of college basketball — Men’s or Women’s. Her jaw-dropping shooting ability has fueled record viewership and ticket sales for Women’s collegiate games, carrying momentum to the March Madness tournament that has NBA legends like Kevin Garnett and Paul Pierce more excited for the Women’s March Madness than the Men’s this year.

Related: Ticket prices for Caitlin Clark's final college home game are insanely high

But as the NCAA tries to bridge the opportunities given to the two sides, can the hype around Clark be enough for the Women’s March Madness to bring in the same fandom as the Men for the 2024 tournaments?

TheStreet spoke with Jon Lewis of Sports Media Watch, who has been following sports viewership trends for the last two decades; Melissa Isaacson, a veteran sports journalist and longtime advocate of women’s basketball; and Pete Giorgio, Deloitte’s leader for Global and US Sports to dissect the rise Caitlin Clark and women’s collegiate hoops ahead of March Madness.

“Nobody is moving the needle like Caitlin Clark,” Lewis told TheStreet. “Nobody else in sports, period, right now, is fueling record numbers on all these different networks, driving viewership beyond what the norm has been for 20 years."

The Caitlin Clark Effect is real — but there are other reasons for the success of women's basketball

The game in which Clark broke the all-time college scoring record against Ohio State on Sunday, Mar. 3 was seen by an average of 3.4 million viewers on Fox, marking the first time a women’s game broke the two million viewership barrier since 2010. Viewership for that game came in just behind the men’s game between Michigan State vs Arizona game on Thanksgiving, which Lewis said was driven by NFL viewership on the same day.

A week later, Iowa’s Big Ten Championship win over Nebraska breached the three million viewers mark as well, and the team has also seen viewership numbers crack over 1.5 million viewers multiple times throughout the regular season.

The success on television has also translated to higher ticket prices, as tickets to watch Clark at home and on the road have breached hundreds of dollars and drawn long lines outside stadiums. Isaacson, who is a professor at Northwestern, said she went to the game between the Hawkeyes and Northwestern Wildcats — which was the first sellout in school history for the team — and witnessed the effect of Clark in person.

“Standing in line interviewing people at the Northwestern game, seeing men who've never been to a women's game with their little girls watching and so excited, and seeing Caitlin and her engaging with little girls, it’s just been really fun,” Isaacson said.

But while Clark is certainly the biggest success driver, her game isn’t the only thing pulling up the women’s side. The three-point revolution, which started in the NBA with the introduction of deeper analytics as well as the rise of stars like Steph Curry, has been a positive for the Women’s game.

“They backed up to the three-point line and it’s opening up the game,” Isaacson said.

One of the major criticisms from a lot of women’s hoops detractors has been how the game does not compare in terms of quality to the men. However, shooting has become a great equalizer, displayed recently during the 2024 NBA All-Star Weekend last month when the WNBA’s Sabrina Ionescu nearly defeated Curry — who is widely considered the greatest shooter ever — in a three-point contest.

Clark has become the embodiment of the three-point revolution for the women. Her shooting displays have demanded the respect of anyone who has doubted women’s basketball in the past because being a man simply doesn’t grant someone the ability to shoot long-distance bombs the way she can.

Basketball pundit Bill Simmons admitted on a Feb. 28 episode of “The Bill Simmons Podcast” that he used to not want to watch women’s basketball because he didn’t enjoy watching the product, but finds himself following the women’s game this year more than the men’s side in large part due to Clark.

“I think she has the chance to be the most fun basketball player, male or female, when she gets to the pros,” Simmons said. “If she’s going to make the same 30-footers, routinely. It’s basically all the same Curry stuff just with a female … I would like watching her play in any format.”

But while Clark is driving up the numbers at the top, she’s not the only one carrying the greatness of the product. Lewis, Isaacson, Giorgio — and even Simmons, on his podcast — agreed that there are several other names and collegiate programs pulling in fans.

“It’s not just Iowa, it’s not just Caitlin Clark, it’s all of these teams,” Giorgio said. “Part of it is Angel Reese … coaches like Dawn Staley in South Carolina … You’ve got great stories left and right.”

LSU's Angel Reese (right) and her head coach Kim Mulkey are two of the biggest names in Women's college hoops. 

Eakin Howard/Getty Images

The viewership showed that as well because the SEC Championship game between the LSU Tigers and University of South Carolina Gamecocks on Sunday, Mar. 10 averaged two million viewers.

Bridging the gap between the Men’s and Women’s March Madness viewership

The first reason women are catching up to the men is really star power. While the Women’s division has names like Clark and Reese, there just aren’t any names on the Men’s side this year that carry the same weight.

Garnett said on his show that he can’t name any men’s college basketball players, while on the women’s side, he could easily throw out the likes of Clark, Reese, UConn’s Paige Bueckers, and USC’s JuJu Watkins. Lewis felt the same.

“The stars in the men's game, with one and done, I genuinely couldn't give you a single name of a single men’s player,” Lewis said.

A major reason for this is that the Women’s side has the continuity that the Men’s side does not. The rules of the NBA allow for players to play just one year in college — or even play a year professionally elsewhere — before entering the draft, while the WNBA requires players to be 22-years-old during the year of the draft to be eligible.

“You know the stars in the women's game because they stay longer,” Lewis said. “[In the men’s game], the programs are the stars … In the women's game, it's a lot more like the NBA where the players are the stars.”

Parity is also a massive factor on both sides. The women’s game used to be dominated by a few schools like UConn and Notre Dame. Nowadays, between LSU, Iowa, University of South Carolina, Stanford, and UConn, there are a handful of schools that have a shot to win the entire tournament. While this is more exciting for fans, the talent in the women's game isn’t deep enough, so too many upsets are unlikely. Many of the biggest draws are still expected to make deep runs.

But on the men’s side, there is a bigger shot that the smaller programs make it to the end — which is what was seen last year. UConn eventually won the whole thing, but schools without as big of a national fanbase in San Diego State, Florida Atlantic University, and the University Miami rounded out the Final Four.

“People want to see one Cinderella,” Lewis said. “They don't want to see two and three, they want one team that isn't supposed to be there.”

Is Women's March Madness ready to overtake the Men?

Social media might feel like it’s giving more traction to the Women’s game, but experts don’t necessarily expect that to show up in the viewership numbers just yet.

“There’s certainly a lot more buzz than there used to be,” Giorgio said. “It’s been growing every year for not just the past few years but for 10 years, but it’s hard to compare it versus Men’s.”

But the gap continues to get smaller and smaller between the two sides, and this year's tournament could bridge that gap even further.

One indicator is ticket prices. For the NCAA Tournament Final Four in April, “get-in” ticket prices are currently more expensive for the Women’s game than the Men’s game, according to TickPick. The ticketing site also projects that the Women’s Final Four and Championship game ticket prices will smash any previous records for the Women’s side should Clark and the Hawkeyes make a run to the end.

NCAA "get-in" price comparison.

Getty Images/TheStreet

The caveat is that the Women’s Final Four is played in a stadium that has less than a third of the seating capacity of the Men’s Final Four. That’s why the average ticket prices are still more expensive for the men, although the gap is a lot smaller this year than in previous years.

The gap between the average ticket prices of the Final Four tournaments is getting smaller.

But that caveat pretty much sums up where the women’s game currently stands versus the men’s: There is still a significant gap between the distribution and availability of the former.

While Iowa’s regular season games have garnered millions of viewers, the majority of the most-viewed games are still Men’s contests.

To illustrate the gap between the men’s and women’s game — last year’s Women’s Championship game that saw the LSU Tigers defeat the Hawkeyes was a record-breaking one for the women, drawing an average of 9.9 million viewers, more than double the viewership from the previous year.

One of the main reasons for that increase, as Lewis pointed out, is that last year’s Championship game was on ABC, which was the first time since 1995 that the Women’s Championship game was on broadcast television. The 1995 contest between UConn and Tennessee drew 7.4 million viewers.

The Men’s Championship actually had a record low in viewership last year garnering only 14.7 million viewers, driven in-part due to a lack of hype surrounding the schools that made it to the Final Four and Championship game. Viewership for the Men’s title game has been trending down in recent years — partly due to the effect the pandemic had on collective sports viewership — but the Men’s side had been easily breaching 20 million viewers for the game as recently as 2017.

The 2023 Women's National Championship was the most-viewed game ever, while the Men's Championship was the division's least watched. 

Iowa's Big Ten Championship win on Sunday actually only averaged 6,000 fewer viewers than the iconic rivalry game between Duke and University of North Carolina Men’s Basketball the day prior. However, there is also the case that the Iowa game was played on broadcast TV (CBS) versus the Duke-UNC game airing on cable channel (ESPN).

So historical precedence makes it unlikely that we’ll see the women’s game match the men’s in terms of viewership as early as this year barring another massive viewership jump for the women and a lack of recovery for the Men’s side.

But ultimately, this shouldn’t be looked at as a down point for Women’s Basketball, according to Lewis. The Men’s side has built its viewership base for years, and the Women’s side is still growing. Even keeping pace with the Men’s viewership is already a great sign.

“The fact that these games have Caitlin Clark are even in the conversation with men's games, in terms of viewership is a huge deal,” Lewis said.

Related: Angel Reese makes bold statement for avoiding late game scuffle in championship game

Read More

Continue Reading

Trending