Government
COVID Emergency, Climate Emergency: Same Thing
COVID Emergency, Climate Emergency: Same Thing
Submitted by QTR’s Fringe Finance
I am always happy to welcome new content from The Brownstone…
Submitted by QTR's Fringe Finance
I am always happy to welcome new content from The Brownstone Institute, one of the last few beacons of common sense left in the world.
This week they published a new piece on how, as the Covid emergency fades away, the climate emergency is becoming prominent. After lamenting the rights that were taken from citizens during the Covid emergency, the article looks at exactly what superpowers the government would get in declaring a climate emergency. You guessed it: more power to ram through ways for government to micromanage your life, interfere with the economy and - best of all - further the Keynesian nightmare by printing and spend as many U.S. dollars as they want without consequences.
I contacted them last year and requested permission to share their content when I enjoy it, in full, with my readers, which they kindly granted. If you’re interested in the topic - or simply just having a grasp on the objective truth - I believe it is a “must read”.
The article is written by W. Aaron Vandiver, a writer, former litigator, and wildlife conservationist. He is the author of the novel, Under a Poacher’s Moon. Photographic annotations have been added by QTR.
In February 2022, 1,140 organizations sent President Biden a letter urging him to declare a “climate emergency.” A group of US Senators did the same, in October 2022, and a House bill, introduced in 2021, also called on the president to “declare a national climate emergency under the National Emergencies Act.”
Biden has considered declaring such an emergency, but so far he has declined, to the disappointment of many progressives.
The United Nations (UN) has urged all countries to declare a climate emergency. The state of Hawaii and 170 local US jurisdictions have declared some version of one. So have 38 countries, including European Union members and the UK, and local jurisdictions around the world, together encompassing about 13 percent of the world’s population.
Hillary Clinton was reportedly prepared to declare a “climate emergency” if she had won the 2016 election.
A “climate emergency” is in the zeitgeist. Those words were surely uttered by the billionaires, technocrats and corporate CEOs attending the recent World Economic Forum (WEF) meeting in Davos.
But what does it actually mean for the president of the US to officially declare a “climate emergency?”
Most people don’t realize that under US law, a national emergency declaration triggers a set of emergency powers that allows a president to act without the need for further legislation.
The Brennan Center for Justice compiled a list of the 123 statutory powers that may become available to the president upon declaration of a national emergency (plus 13 that become available when Congress declares a national emergency).
The scope of these powers is difficult to summarize, except to say that if exercised to their maximum extent, they potentially encompass vast areas of American life.
For civil libertarians across the political spectrum, from left to right, a “climate emergency” should be a focus of concern.
Even environmentalists who may instinctively and understandably support the idea should be worried about the potential for the authoritarian model of “emergency” governance that arose during COVID-19 to overtake climate policy.
One can believe in protecting and preserving the planet, as I do, while insisting on environmental policies that are consistent with democracy, civil liberties, and human rights.
Elements of the left and right should be coming together to reject demands that we sacrifice democratic norms, rights, and freedoms for flimsy promises of safety from political and economic elites who seek to exploit a crisis — a cynical ploy that COVID-19 thoroughly exposed.
Recall that it was President Trump who issued a COVID-19 “national emergency” declaration on March 13, 2020. This was accompanied by “public health emergency” orders at the federal and state levels, and by the World Health Organization (WHO), which unleashed an intense phase of lockdowns and a tsunami of health-and-safety rules and restrictions — many imposed on the public in circumvention of the normal democratic process.
Before that, I might have supported a “climate emergency” without a second thought. Now, after three years of lockdowns, mandates, censorship and other heavy-handed policies, the trust is gone.
The leaders pushing for a new emergency who have failed to repudiate the abuses of the last one — even those with the purest of intentions regarding the environment — have lost credibility.
Many others feel the same way. We need to know exactly what a “climate emergency” really means.
So what would an official “climate emergency” look like?
Just like the “COVID-19 emergency,” it would be far-reaching, with potentially dramatic effects on the economy and society. Emergency measures may even cause serious harm to the environment — while failing to meaningfully address climate change.
Even if you tend to pay attention to climate-related issues, the implications of a “climate emergency” may surprise you.
How would a ‘climate emergency’ even work?
Environmental advocacy groups such as the Center for Biological Diversity have called on the Biden administration to invoke specific emergency statutes that would give him the power to:
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Ban crude oil exports.
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Stop oil and gas drilling on the outer continental shelf.
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Curtail international trade and investment in fossil fuels.
The Center for Biological Diversity says that these emergency powers would allow Biden to put the U.S. on the path to “jettison the fossil-fuel economy and burgeon a just, anti-racist, and regenerative America in its place.”
However, there are many reasons to doubt such grandiose claims. Numerous energy and materials experts, including the well-known analyst Vaclav Smil, have concluded that a rapid transition to “green” energy may not even be possible.
Further, the Biden administration would probably not take steps to quickly phase out fossil fuels at the risk of crashing the economy. As BlackRock noted its 2023 Global Outlook: “The faster the transition [the] more volatile inflation and economic activity.”
If Biden exercised his emergency powers, he would most likely use them to fast-track “green” energy projects while stopping far short of serious efforts to phase out fossil fuels.
The Inflation Reduction Act of 2022 already set the precedent: It included hundreds of billions of dollars for “green” energy subsidies and opened millions of acres of public lands and offshore waters to fossil-fuel development.
This play-both-sides approach would obviously do little to reduce greenhouse-gas emissions, which rose globally to 52 billion tons in 2022 (including about 36 billion tons of carbon) from 51 billion tons in 2021.
Even if Biden fully exercised the emergency powers identified by the Center for Biological Diversity, this would have little effect on emissions.
Climate experts who must speak on the condition of anonymity to “avoid upsetting colleagues” admit that “while a climate [emergency] declaration is important in terms of media attention and galvanizing the climate movement, it does not have significant impacts on carbon pollution.”
When you look at the wish lists of the Senate and House members who want Biden to declare a “climate emergency,” and the demands of the many activists who say we must reach “net-zero” emissions by 2050, the emergency powers listed by the Center for Biological Diversity barely scratch the surface of what most say is needed.
The big question is, what else will the government be tempted to do to reach net-zero by 2050 — a goal Biden already directed the US government itself to reach via executive order — once a “climate emergency” has been initiated?
Elizabeth Kolbert, a leading climate journalist, recently wrote an article “Climate Change from A to Z,” published in the New Yorker. Here’s what she says must happen to reach net-zero by 2050:
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The fossil fuel industry will essentially have to be dismantled, and millions of leaky and abandoned wells sealed.
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Concrete production will have to be reengineered. The same goes for the plastics and chemicals industries.
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The fertilizer industry will also have to be refashioned.
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Practically all the boilers and water heaters that now run on oil or gas, commercial and residential, will have to be replaced. So will all the gas stoves and dryers and industrial kilns.
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The airline industry will have to be revamped, as will the shipping industry.
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Farming “emissions, too, will have to be eliminated.”
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Electrical transmission capacity must be “expand[ed] so that hundreds of millions of cars, trucks, and buses can be run on electricity.”
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“Tens of millions” of public charging stations [must be installed] on city streets and even more charging stations in private garages.
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Nickell and lithium must be extracted for electric batteries, “which will mean siting new mines, either in the U.S. or abroad.”
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New methods for producing steel or building a new infrastructure for capturing and sequestering carbon” must be invented.
“All of this should be done — indeed, must be done,” Kolbert wrote. “Zeroing out emissions means rebuilding the U.S. economy from the bottom up.”
All of that must be done? We must “rebuild the US economy from the bottom up?”
What does it even mean to “revamp” the airline industry, or “refashion” the fertilizer industry or “eliminate” emissions from the farming industry?
In reality, most of those things cannot be done. They certainly cannot be accomplished within any reasonable exercise of presidential emergency powers.
If a president attempts to directly intervene in industry after industry to accomplish these unrealistic goals — or pretends for political reasons to be trying to accomplish them — a “climate emergency” could gradually expand in scope to unimaginable proportions, unless reined in by the Supreme Court or the political process.
These are not idle concerns. The pressure on the government to do something now is immense and growing, with the slow-moving democratic lawmaking process increasingly seen as an obstacle.
A 2021 report by Deutsche Bank said that we may have to accept “a certain degree of eco-dictatorship” to reach net-zero by 2050. The UN has suggested countries are moving too slowly, leaving us with no option but the “rapid transformation of societies.”
And Inger Andersen, executive director of the UN Environment Programme, said, “only root-and-branch transformation of our economies and societies can save us from accelerating climate disaster.”
“Getting to zero will be the hardest thing humans have ever done,” Bill Gates, who is heavily invested in numerous climate-related businesses, wrote in his final blog post of 2022.
Gates added:
“We need to revolutionize the entire physical economy — how we make things, move around, produce electricity, grow food, and stay warm and cool — in less than three decades.”
Many want the president to use his emergency powers to get started right now, without waiting for Congress to act.
But this would be a dangerous misuse of federal emergency powers, which were not intended to give the president an end-run around Congress, as senior director of Liberty & National Security at the Brennan Center for Justice Elizabeth Goitein warned. Nor were emergency powers designed to address a complex long-term challenge like climate change.
Once emergency powers are invoked, the temptation will be to expand them. The only way President Biden or a future president could reach for any kind of significant, broad-based climate goals using his existing emergency powers, Goitein said, would be to “stretch them beyond all recognition, using them in legally dubious ways Congress never intended … the idea that emergency powers are infinitely malleable is both false and dangerous.”
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How a ‘climate emergency’ could infringe on civil liberties and human rights
How worried should we be that a “climate emergency” intended to “rapidly transform” our entire society by 2050 — which would be the 80th national emergency in US history — might gradually expand in scope to infringe on basic civil liberties and human rights?
A 2018 article in the Atlantic, “The Alarming Scope of the President’s Emergency Powers,” warned of nightmarish scenarios that could ensue if President Trump abused his emergency powers.
“The moment the president declares a ‘national emergency’ — a decision that is entirely within his discretion — he is able to set aside many of the legal limits on his authority,” the article warned. “The president can, with the flick of his pen, activate laws allowing him to shut down many kinds of electronic communications inside the United States or freeze Americans’ bank accounts,” and much more.
We can certainly hope that a “climate emergency” would not morph into such a dangerous scenario. Historically, most national emergency declarations have been benign.
Yet the “COVID-19 emergency” initiated on Trump’s watch and carried on by Biden has unfortunately set a new and troubling authoritarian precedent that cannot be ignored.
Nowhere is that precedent more apparent than in the lingering notion of “locking down” the population.
In October 2020, University College of London economics professor Mariana Mazzucato, who chairs an economics council for the WHO, published an article expressly raising the possibility of “climate lockdowns” to address a “climate emergency.”
Mazzucato wrote:
“In the near future, the world may need to resort to lockdowns again — this time to tackle a climate emergency. … Under a ‘climate lockdown,’ governments would limit private-vehicle use, ban consumption of red meat, and impose extreme energy-saving measures, while fossil-fuel companies would have to stop drilling.”
What these “climate lockdowns” would amount to is various forms of “green austerity” — strict limits on consumption and personal behavior — imposed on the population.
This is a real possibility — not a conspiracy theory (despite the protestations of biased fact-checkers).
Far from being fringe, Mazzucato’s article about “climate lockdowns” as a response to a “climate emergency” was published by a website, Project Syndicate, that receives funding from the Bill & Melinda Gates Foundation and other influential organizations that vigorously supported COVID-19 lockdowns.
The article also was endorsed by the World Business Council for Sustainable Development, a “CEO-led organization” that represents 200 of the world’s largest corporations.
Mazzucato is only one of many climate policymakers who want to harness the extraordinary technocratic/authoritarian powers that were used during COVID-19 “lockdowns” to fight climate change.
For example, a paper published in the journal Nature Sustainability cited the “window of opportunity provided by the Covid-19 crisis,” arguing that “Covid vaccine passports could be succeeded by personal carbon passports.”
“Carbon passports,” along with digital IDs, central bank digital currencies (CBDCs), social-credit scores and other means of tracking and restricting consumption, travel, diet and personal behavior are routinely bandied about at the WEF and other elite technocratic organizations.
Worries about “carbon passports” take on added urgency in light of the recent G20 conference, which resulted in an agreement in principle to establish a system of digital vaccine passports for international travel, to be administered by the WHO.
How might such restrictions be incorporated into American law and life? There are various ways: legislation, agency rulemaking, international treaty, city ordinance.
A “climate emergency” is a powerful legal tool that could conceivably be used to impose “green” restrictions on the public in circumvention of the normal democratic lawmaking process, particularly if a presidential administration comes under pressure to stretch its emergency powers beyond their intended purpose.
Recall that it is not just presidents who can trigger a state of emergency. The US Department of Health and Human Services (HHS), state governors and the WHO all have the power to declare a “public health emergency” within their respective areas of authority.
This is exactly what happened in early 2020, illustrating how a future “climate public health emergency” might take shape.
What happens if global, federal and state officials declare a ‘climate public health emergency’?
It was not only President Trump’s national emergency declaration that led to lockdowns and so many other abuses of power and violations of basic rights during COVID-19. His order helped establish the framework for emergency governance, but other “public health emergency” orders were crucial.
The WHO declared COVID-19 to be a “public health emergency of international concern” on Jan. 30, 2020. This move triggered a coordinated global response and had wide-ranging repercussions.
The next day, Trump’s HHS secretary declared a COVID-19 “public health emergency,” an order that has been repeatedly renewed and is still in effect.
Trump’s subsequent national emergency declaration on March 13, 2020, endorsed that order while authorizing HHS to exercise additional emergency powers.
Three days after that, on March 16, Trump issued the “coronavirus guidelines” that advised Americans to “avoid social gatherings in groups of more than 10,” which served as a basis for the lockdowns that swept the nation.
Governors of each state issued their own public health emergency orders, too. State public health agencies operating under those emergency orders were instrumental in enacting lockdowns, school closures, mask mandates, vaccine mandates and other “emergency” policies in cooperation with federal agencies and the White House.
It is not far-fetched to think that the WHO, HHS and state public health agencies could eventually declare a “climate public health emergency,” following the COVID-19 script.
There have already been calls for the WHO to officially declare climate change a “public health emergency of international concern.”
At the direction of an executive order from President Biden, HHS recently established an Office of Climate Change and Health Equity. “We will use the lessons learned from COVID-19” to address the effects of climate change on the nation’s health, said HHS Assistant Secretary for Health Dr. Rachel L. Levine.
The WHO and major public health organizations — including the American Public Health Association (APHA), the American Medical Association (AMA) and top medical journals — already have declared climate change a “public health crisis.”
The Lancet called climate change “the biggest global health threat of the 21st century.”
We do not yet know if or when this “public health crisis” will turn into a full-fledged “public health emergency.” If it does, think of all the extraordinary powers that public health agencies claimed in response to the COVID-19 emergency, extending even to an eviction moratorium that grossly exceeded the agency’s lawful authority.
Now imagine those administrative powers applied to a new, even broader and much more long-lasting emergency that plausibly touches on so many different aspects of human health.
The public health leviathan is preparing to expand its powers in response to climate change, just as it did with COVID-19. We cannot predict how this effort will fare in the years ahead. The WHO may or may not declare climate change a “public health emergency.”
HHS may refrain from doing so, pursuant to recent Supreme Court precedent limiting the ability of federal agencies to address “major questions” like climate change without clear Congressional authorization. Politics, of course, will play a huge role. At this point, we simply do not know how a “climate public health emergency” will play out, but in the wake of COVID-19, it remains a serious concern.
How ‘green’ is green energy, really?
Despite the risks to democratic governance and civil liberties outlined here, those who support a “climate emergency” can at least claim that they are doing what is necessary to kick-start the “green” energy revolution that will save the planet, right?
Not so fast.
A small environmental group called Protect Thacker Pass, which opposes a major lithium mine in Nevada, pointed out that “green” energy projects that are “fast-tracked” under a “climate emergency” would not only have access to streamlined federal financing, they might also be permitted to skip environmental review and compliance with the National Environmental Policy Act, the Endangered Species Act, the Clean Water Act and the Clean Air Act.
This would be a replay of the “emergency” mode of governance established during COVID-19 when products privately owned and developed by Big Pharma were fast-tracked through the federal approval process.
In both cases, large corporations would be using an “emergency” to bypass legislative safeguards put in place to protect human health and the environment.
Indeed, there is a very strong case to be made that fast-tracking a massive build-out of “green” energy would immediately make a range of environmental problems much worse.
The book Bright Green Lies: How the Environmental Movement Lost Its Way and What We Can Do About It, by three environmentalists, methodically picks apart arguments that solar, wind and other “green” energy technologies are clean, renewable or good for the planet.
Even to find sufficient quantities of minerals for “green” energy to be developed at scale, mining companies may begin “deep-sea mining” — some have already applied for permits — which ocean ecologists fear could annihilate ocean ecosystems.
Mining for lithium and other metals at a large enough scale would also have to take over vast areas of wildlife habitat, worsening the global biodiversity crisis.
Due to exploding demand and limits on mineral availability, mining companies have a strong incentive to mine every available source, without regard to ecological damage.
Climate activists and progressive politicians seem to believe that this collateral damage to the environment is a small price to pay for a “green” economy, which will ultimately save more of the planet than it destroys — but there are reasons to be skeptical.
Geology Professor Simon Michaux, PhD, for instance, concluded there are not enough minerals and other resources on Earth to build economy-wide “green” energy technologies and infrastructure.
And of course, it remains doubtful that “green” energy is even capable of powering the growing global economy, which still gets over 80 percent of its energy from fossil fuels. Even under a “climate emergency,” for the foreseeable future, we will most likely be stuck with the environmental damage caused by both fossil fuels and “green” energy.
Missing from the conversation about a “climate emergency” is a broader understanding of how ecological damage to soil, water, forests, biodiversity and ecosystems drives climate change and interrelated environmental problems.
As activist Vandana Shiva, PhD, explained, the globalized industrial food system is a main driver of climate change due to land use change, agrochemical pollution, monocultures, and other unecological methods.
Yet there is little talk of using emergency powers to shift to local, agroecological or traditional food systems.
Just the opposite. All signs indicate that the US and other world governments want to expand the reach and control of the globalized industrial food system, further concentrating power in the largest Big Food corporations.
Governments around the world are using environmental goals to forcibly shut down small farms as they promote dependence on industrial technologies and factory foods that could make climate change and other environmental problems worse.
We see the same shortcomings in the blinkered concept of “net-zero,” an accounting scheme formulated with the heavy input of corporate interests, which Shiva calls “corporate greenwashing.”
“If we continue to reduce the climate narrative to simply an issue of reducing carbon emissions to ‘net zero’ without understanding and addressing the other aspects of greater ecological collapse,” Shiva said, “climate chaos will only continue.”
A “climate emergency” as currently conceived would, if anything, exacerbate these negative trends. It would further centralize power, enrich corporate interests, treat ordinary citizens with a heavy hand and perversely cause immediate harm to the natural world — without significantly slowing down climate change or leading to genuine sustainability.
Would government officials use a ‘climate emergency’ to let Bill Gates ‘dim the sky?’
As if all the above were not worrisome enough, there is one final thing that the US government operating under a “climate emergency” might try to do — something that has unparalleled potential to end in ecological disaster.
Another New Yorker article — this one by the country’s foremost climate activist, Bill McKibben, who has led the charge for a federally declared “climate emergency, warns, “Dimming the Sun to Cool the Planet is a Desperate Idea, Yet We’re Inching Toward It.”
McKibben’s article is about “solar engineering” — spraying reflective chemicals into the stratosphere — to cool down the planet. Scientists funded in part by Gates have been studying the issue.
The White House Office of Science and Technology Policy also recently announced a five-year study to assess “solar and other rapid climate interventions.”
“The scientists who study solar engineering don’t want anyone to try it,” writes McKibben. But according to him, “climate inaction is making it more likely.”
Notice McKibben says, “climate inaction” makes “dimming the sun” more likely. That sort of logic can go on interminably.
There will always be “climate inaction,” at least for the foreseeable future, because the global economy has no realistic path to significantly reduce its carbon emissions. “De-carbonizing” the growing global economy remains a pipe dream.
The potential side effects of “dimming the sun” are mind-boggling. They include turning the sky from blue to white and plunging entire regions of the Earth into ecological chaos.
‘Left’ and ‘right’ must collaborate to pursue alternatives to a ‘climate emergency’
As I have tried to demonstrate, an official “climate emergency” has enormous implications.
Activists who are pressing hard for an emergency declaration may not completely understand what they are asking for, and those in opposition may not fully realize what they are up against.
This issue should not be framed as a dispute between “deniers” and “believers” in climate change. The prospect of a wide-ranging and long-lasting emergency mode of governance should prompt serious questions from everyone across the political spectrum.
These questions include:
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Will a “climate emergency” put us on the path to solving climate change, or will it merely centralize power and enrich special interests while potentially undermining democracy, civil liberties and human rights?
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Will a “climate emergency” be used to promote dubious or even dangerous “green” technologies that actually harm the environment?
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What happens if/when emergency measures most likely fail to affect climate change? Will the government keep doubling down on policies that do not actually work, creating a doom loop of failure followed by louder calls for more to be done?
Only a political coalition consisting of elements of the left and right can find viable alternatives to a “climate emergency” as currently conceived.
The political pressure to do something about climate change — even things that make no sense — will surely intensify in the coming years. A populace that sees no other option may very well embrace some version of authoritarianism for the “greater good,” as much of the public did during the pandemic.
Elements of the left and right should be trying to build political alliances based on the preservation of democracy, civil liberties, human rights, local control, community values and nature itself — forests, rivers, grasslands, oceans, air, soil, wilderness and wildlife — as an alternative to the centralized command-and-control of society.
One major cause that a left-right coalition could get behind is local, small-scale, organic agriculture — healthier and much friendlier to the environment than the globalized industrial food system, which is responsible for at least a third, and by some estimates, a majority of greenhouse gas emissions.
Small-scale organic agriculture also is good for family farmers and small business owners, and more conducive to local food security in a time of global instability and economic uncertainty.
Building resilience to the environmental challenges of the future, while defending the population from powerful economic and political forces that seek to exploit a crisis, is a project that more people from across the political spectrum might be able to agree on.
That lesson should have been learned during the COVID-19 fiasco.
In contrast, most “green ‘thought leaders,’” writer Paul Kingsnorth observed, have “a worldview which treats the mass of humanity like so many cattle to be herded into the sustainable, zero-carbon pen. If you’re wondering where you’ve heard this story before, just dig out your dirty old covid mask. It will all come flooding back.”
We can do better than that. An effective political coalition will hopefully strive for a consensus that realistically addresses the environmental challenges of the 21st century while serving as a counterweight to the drive for centralized control under the guise of emergency governance.
Otherwise, the “zero-carbon pen,” in Kingsnorth’s turn of phrase, awaits.
Article originally published from Children’s Health Defense.
Government
‘The Official Truth’: The End Of Free Speech That Will End America
‘The Official Truth’: The End Of Free Speech That Will End America
Authored by J.B.Shurk via The Gatestone Institute,
If legacy news corporations…

Authored by J.B.Shurk via The Gatestone Institute,
If legacy news corporations fail to report that large majorities of the American public now view their journalistic product as straight-up propaganda, does that make it any less true?
According to a survey by Rasmussen Reports, 59% of likely voters in the United States view the corporate news media as "truly the enemy of the people." This is a majority view, held regardless of race: "58% of whites, 51% of black voters, and 68% of other minorities" — all agree that the mainstream media has become their "enemy."
This scorching indictment of the Fourth Estate piggybacks similar polling from Harvard-Harris showing that Americans hold almost diametrically opposing viewpoints from those that news corporations predominantly broadcast as the official "truth."
Drawing attention to the divergence between the public's perceived reality and the news media's prevailing "narratives," independent journalist Glenn Greenwald dissected the Harvard-Harris poll to highlight just how differently some of the most important issues of the last few years have been understood. While corporate news fixated on purported Trump-Russia collusion since 2016, majorities of Americans now see this story "as a hoax and a fraud."
While the news media hid behind the Intelligence Community's claims that Hunter Biden's potentially incriminating laptop (allegedly containing evidence of his family's influence-peddling) was a product of "Russian disinformation" and consequently enforced an information blackout on the explosive story during the final weeks of the 2020 presidential election, strong majorities of Americans currently believe the laptop's contents are "real." In other words, Americans have correctly concluded that journalists and spies advanced a "fraud" on voters as part of an effort to censor a damaging story and "help Biden win." Nevertheless, The New York Times and The Washington Post have yet to return the Pulitzer Prizes they received for reporting totally discredited "fake news."
Similarly, majorities of Americans suspect that President Joe Biden has used the powers of his various offices to profit from influence-peddling schemes and that the FBI has intentionally refrained from investigating any possible Biden crimes. Huge majorities of Americans, in fact, seem not at all surprised to learn that the FBI has been caught abusing its own powers to influence elections, and are strongly convinced that "sweeping reform" is needed. Likewise, large majorities of Americans have "serious doubts about Biden's mental fitness to be president" and suspect that others behind the scenes are "puppeteers" running the nation.
Few, if any, of these poll results have been widely reported. In a seemingly-authoritarian disconnect with the American people, corporate news media continue to ignore the public's majority opinion and instead "relentlessly advocate" those viewpoints that Americans "reject." When journalists fail to investigate facts and deliberately distort stories so that they fit snugly within preconceived worldviews, reporters act as propagandists.
Constitutional law scholar Jonathan Turley recently asked, "Do we have a de facto state media?" In answering his own question, he notes that the news blackout surrounding congressional investigations into Biden family members who have allegedly received more than ten million dollars in suspicious payments from foreign entities "fits the past standards used to denounce Russian propaganda patterns and practices." After Republican members of Congress traced funds to nine Biden family members "from corrupt figures in Romania, China, and other countries," Turley writes, "The New Republic quickly ran a story headlined 'Republicans Finally Admit They Have No Incriminating Evidence on Joe Biden.'"
Excoriating the news media's penchant for mindlessly embracing stories that hurt former President Donald Trump while simultaneously ignoring stories that might damage President Biden, Turley concludes:
"Under the current approach to journalism, it is the New York Times that receives a Pulitzer for a now debunked Russian collusion story rather than the New York Post for a now proven Hunter Biden laptop story."
Americans now evidently view the major sources for their news and information as part of a larger political machine pushing particular points of view, unconstrained by any ethical obligation to report facts objectively or dispassionately seek truth. That Americans now see the news media in their country as serving a similar role as Pravda did for the Soviet Union's Communist Party is a significant departure from the country's historic embrace of free speech and traditional fondness for a skeptical, adversarial press.
Rather than taking a step back to consider the implications such a shift in public perception will have for America's future stability, some officials appear even more committed to expanding government control over what can be said and debated online. After the Department of Homeland Security (DHS), in the wake of public backlash over First Amendment concerns, halted its efforts to construct an official "disinformation governance board" last year, the question remained whether other government attempts to silence or shape online information would rear their head. The wait for that answer did not take long.
The government apparently took the public's censorship concerns so seriously that it quietly moved on from the collapse of its plans for a "disinformation governance board" within the DHS and proceeded within the space of a month to create a new "disinformation" office known as the Foreign Malign Influence Center, which now operates from within the Office of the Director of National Intelligence. Although ostensibly geared toward countering information warfare arising from "foreign" threats, one of its principal objectives is to monitor and control "public opinion and behaviors."
As independent journalist Matt Taibbi concludes of the government's resurrected Ministry of Truth:
"It's the basic rhetorical trick of the censorship age: raise a fuss about a foreign threat, using it as a battering ram to get everyone from Congress to the tech companies to submit to increased regulation and surveillance. Then, slowly, adjust your aim to domestic targets."
If it were not jarring enough to learn that the Office of the Director of National Intelligence has picked up the government's speech police baton right where the DHS set it down, there is ample evidence to suggest that officials are eager to go much further in the near future. Democrat Senator Michael Bennet has already proposed a bill that would create a Federal Digital Platform Commission with "the authority to promulgate rules, impose civil penalties, hold hearings, conduct investigations, and support research."
Filled with "disinformation" specialists empowered to create "enforceable behavioral codes" for online communication — and generously paid for by the Biden Administration with taxpayers' money — the special commission would also "designate 'systemically important digital platforms' subject to extra oversight, reporting, and regulation" requirements. Effectively, a small number of unelected commissioners would have de facto power to monitor and police online communication.
Should any particular website or platform run afoul of the government's First Amendment Star Chamber, it would immediately place itself within the commission's crosshairs for greater oversight, regulation, and punishment.
Will this new creation become an American KGB, Stasi or CCP — empowered to target half the population for disagreeing with current government policies, promoting "wrongthink," or merely going to church? Will a small secretive body decide which Americans are actually "domestic terrorists" in the making? US Attorney General Merrick Garland has gone after traditional Catholics who attend Latin mass, but why would government suspicions end with the Latin language? When small commissions exist to decide which Americans are the "enemy," there is no telling who will be designated as a "threat" and punished next.
It is not difficult to see the dangers that lie ahead. Now that the government has fully inserted itself into the news and information industry, the criminalization of free speech is a very real threat. This has always been a chief complaint against international institutions such as the World Economic Forum that spend a great deal of time, power, and money promoting the thoughts and opinions of an insular cabal of global leaders, while showing negligible respect for the personal rights and liberties of the billions of ordinary citizens they claim to represent.
WEF Chairman Klaus Schwab has gone so far as to hire hundreds of thousands of "information warriors" whose mission is to "control the Internet" by "policing social media," eliminating dissent, disrupting the public square, and "covertly seed[ing] support" for the WEF's "Great Reset." If Schwab's online army were not execrable enough, advocates for free speech must also gird themselves for the repercussions of Elon Musk's appointment of Linda Yaccarino, reportedly a "neo-liberal wokeist" with strong WEF affiliations, as the new CEO of Twitter.
Throughout much of the West, unfortunately, free speech has been only weakly protected when those with power find its defense inconvenient or messages a nuisance. It is therefore of little surprise to learn that French authorities are now prosecuting government protesters for "flipping-off" President Emmanuel Macron. It does not seem particularly astonishing that a German man has been sentenced to three years in prison for engaging in "pro-Russian" political speech regarding the war in Ukraine. It also no longer appears shocking to read that UK Technology and Science Secretary Michelle Donelan reportedly seeks to imprison social media executives who fail to censor online speech that the government might subjectively adjudge "harmful." Sadly, as Ireland continues to find new ways to punish citizens for expressing certain points of view, its movement toward criminalizing not just speech but also "hateful" thoughts should have been predictable.
From an American's perspective, these overseas encroachments against free speech — especially within the borders of closely-allied lands — have seemed sinister yet entirely foreign. Now, however, what was once observed from some distance has made its way home; it feels as if a faraway communist enemy has finally stormed America's beaches and come ashore in force.
Not a day seems to go by without some new battlefront opening up in the war on free speech and free thought. The Richard Stengel of the Council on Foreign Relations has been increasingly vocal about the importance of journalists and think tanks to act as "primary provocateurs" and "propagandists" who "have to" manipulate the American population and shape the public's perception of world events. Senator Rand Paul has alleged that the DHS uses at least 12 separate programs to "track what Americans say online," as well as to engage in social media censorship.
As part of its efforts to silence dissenting arguments, the Biden administration is pursuing a policy that would make it unlawful to use data and datasets that reflect accurate information yet lead to "discriminatory outcomes" for "protected classes." In other words, if the data is perceived to be "racist," it must be expunged. At the same time, the Department of Justice has indicted four radical black leftists for having somehow "weaponized" their free speech rights in support of Russian "disinformation." So, objective datasets can be deemed "discriminatory" against minorities, while actual discrimination against minorities' free speech is excused when that speech contradicts official government policy.
Meanwhile, the DHS has been exposed for paying tens of millions of dollars to third-party "anti-terrorism" programs that have not so coincidentally equated Christians, Republicans, and philosophical conservatives to Germany's Nazi Party. Similarly, California Governor Gavin Newsom has set up a Soviet-style "snitch line" that encourages neighbors to report on each other's public or private displays of "hate."
Finally, ABC News proudly admits that it has censored parts of Robert F. Kennedy Jr.'s interviews because some of his answers include "false claims about the COVID-19 vaccines." Essentially, the corporate news media have deemed Kennedy's viewpoints unworthy of being transmitted and heard, even though the 2024 presidential candidate is running a strong second behind Joe Biden in the Democrat primary, with around 20% support from the electorate.
Taken all together, it is clear that not only has the war on free speech come to America, but also that it is clobbering Americans in a relentless campaign of "shock and awe." And why not? In a litigation battle presently being waged over the federal government's extensive censorship programs, the Biden administration has defended its inherent authority to control Americans' thoughts as an instrumental component of "government infrastructure." What Americans think and believe is openly referred to as part of the nation's "cognitive infrastructure" — as if the Matrix movies were simply reflecting real life.
Today, America's mainstream news corporations are already viewed as processing plants that manufacture political propaganda. That is an unbelievably searing indictment of a once-vibrant free press in the United States. It is also, unfortunately, only the first heavy shoe to drop in the war against free speech. Many Chinese-Americans who survived the Cultural Revolution look around the country today and see similarities everywhere. During that totalitarian "reign of terror," everything a person did was monitored, including what was said while asleep.
In an America now plagued with the stench of official "snitch lines," censorship of certain presidential candidates, widespread online surveillance, a resurrected "disinformation governance board," and increasingly frequent criminal prosecutions targeting Americans who exercise their free speech, the question is not whether what we inaudibly think or say in our sleep will someday be used against us, but rather how soon that day will come unless we stop it. After all, with smartphones, smart TVs, "smart" appliances, video-recording doorbells, and the rise of artificial intelligence, somebody, somewhere is always listening.
International
Never Short a Dull Market; AI is Sexy, But Everyone Hates Oil
There’s an old adage of Wall Street, which says: "never short a dull market." And while AI is getting all the press these days, the oil market is about…

There's an old adage of Wall Street, which says: "never short a dull market." And while AI is getting all the press these days, the oil market is about as dull as it gets. This, of course, brings the energy sector to the top of my contrarian alert list.
This is not to say that I'm buying oil-related assets with both hands. It just means that, at this point, it makes more sense to look at energy as a value asset, as it is oversold and ripe for a move up whenever the right set of variables required to deliver such a move line up just right.
In the current world, the variables could line up just right as early as today.
There are No Oil Bulls Left
Nobody loves oil.
The level of bearishness expressed by futures traders is at least equal to where it was during the pandemic, and after the Silicon Valley Bank (SIVB) collapse. The International Energy Agency (IEA), forecasts that, of the expected $2.8 trillion in energy investments for 2023, roughly $1.7 trillion will be allocated to low carbon energy sources, including nuclear, solar, and other potential sources. Only $1.1 trillion will be invested in fossil fuels.
And according to the Financial Times, auctioneers in Texas are trying to unload two brand new fracking rigs, which together cost $70 million, for a starting combined bid of just below $17 million.
Supply is the Primary Influence on Oil Prices
Meanwhile, oil companies are quietly merging with competitors, and exploration outside the United States is continuing aggressively, with new discoveries being frequently announced.
Simultaneously, the U.S. active rig count is slowly falling, led by natural gas. The price of gasoline is steadily rising, as the market begins to price in future supply reductions. Just in my neck of the woods, regular unleaded is up some $0.32 in the last week alone.
That doesn't sound like an industry that's planning on fading away. It sounds like an industry that's hunkering down and waiting for better times and preparing to squeeze supply in order to boost prices.
Charting the Oil Sector
The price chart for West Texas Intermediate Crude, the U.S. benchmark (WTIC), shows the depressed price picture which has led investors to walk away. And, until proven otherwise, there are plenty of sellers at the $75-$80 price area, where a sizeable Volume by Price bar highlights the point of resistance.
At first glance, there little difference in the general price behavior for Brent Crude, the European benchmark. (BRENT) where there is a resistance band defined by VBP bars between $80 and $90. A closer look reveals an uptick in Accumulation Distribution (ADI) and the semblance of some nibbling in On Balance Volume (OBV). It's subtle, but it's there.
The oil stocks are far from a bull trend. The Energy Select Sector SPDR ETF (XLE) is trading below its 200-day moving average, facing resistance put from $78 to $90 (VBP bars).
So why bother? Simply stated, OPEC has an upcoming meeting on June 3-4. The cartel is not happy about the prices and the way things are evolving. The Saudi oil minister recently warned bearish speculators to "watch out." And my gut is doing flips when I think about oil, as I see gasoline prices creep up when I drive to work.
But mostly, it's because there are no oil bulls left. This is what we saw in the technology sector a few months ago before its current rally. In early 2023, the tech sector was pronounced dead. The stories were all about the technology sector shuddering as the economy slowed. How about this one, from March 2023, which breathlessly announced a 5.2% decrease in semiconductor sales on a month to month basis and an 18.5% year to year drop?
Yet, as validated by the recent AI-fueled rally, the bad news first marked a bottom, while preceding a significant move up in tech shares.
Never short a dull market.
I've recently recommended several energy sector picks. You can have a look at them with a free trial to my service. In addition, I've posted a Special Report on the oil market which you can gain access to here.
Bond and Mortgage Roller Coaster Reverses Course
Expect negative news about the effect of rising mortgage rates on the homebuilder industry. That's because, as the chart below illustrates, there is a tight and very close correlation between rising bond yields, mortgage rates, and the homebuilder stocks (SPHB).
Moreover, the rise above 3.75% on the U.S. Ten Year Note yield (TNX) has triggered headlines about mortgage rates climbing above 7%. What the news isn't reporting is that, once bond yields roll over, which they are likely to do at some point in the future when the economy shows more signs of slowing and the Fed finally admits that they must pause, is that mortgage rates will drop and demand for new homes will once again pick up. Thus, we will see the homebuilders pick up where they left off.
As things stood last week, SPHB seems to have made a short term bottom.
For now, expect a continuation of the backing and filling in the homebuilder stocks. But, if I'm right and bond yields reverse course, the homebuilders are likely to rally again.
For an in-depth comprehensive outlook on the homebuilder sector click here.
NYAD Holds Above 200-Day Moving Average. SPX Joins NDX in Breaking Out. Liquidity is Shrinking.
The New York Stock Exchange Advance Decline line (NYAD) tested its 200-day moving average on an intra-week basis but did not break below the key technical level. On the other hand, NYAD remained below its 50-day moving average, which is still an intermediate-term negative.
Moreover, with the major indexes (see below) breaking out to new highs, we remain in a technical divergence as the market's breadth is lagging the action in the indexes. This is of some concern, given the fade in the market's liquidity, as I point out below.
The Nasdaq 100 Index (NDX) extended its recent breakout, closing the week well above 14,200. The current move is unsustainable, so some sort of pullback and consolidation are likely over the next few days to weeks. Both ADI and OBV remain encouraging.
What's more bullish is that the S&P 500 (SPX) finally broke out above the 4100–4200 trading range on 5/24/23. On Balance Volume (OBV) is perking up while the Accumulation Distribution (ADI) indicator is very encouraging.
We may be seeing a shift from a short-covering rally to a fear-of-missing-out buyer's rally.
VIX Holds Steady
The CBOE Volatility Index (VIX) remained below 20, as it has since March 2023. This remains a positive for the markets, as it shows short sellers are staying away at the moment.
When the VIX rises, stocks tend to fall, as rising put volume is a sign that market makers are selling stock index futures to hedge their put sales to the public. A fall in VIX is bullish, as it means less put option buying, and it eventually leads to call buying, which causes market makers to hedge by buying stock index futures. This raises the odds of higher stock prices.
Liquidity is Getting Squeezed
The market's liquidity is now in a downtrend. The Eurodollar Index (XED) is now below 94.5, and looks weak. A move above 95 will be a bullish development. Usually, a stable or rising XED is very bullish for stocks.
To get the latest up-to-date information on options trading, check out Options Trading for Dummies, now in its 4th Edition—Get Your Copy Now! Now also available in Audible audiobook format!
#1 New Release on Options Trading!
Good news! I've made my NYAD-Complexity - Chaos chart (featured on my YD5 videos) and a few other favorites public. You can find them here.
Joe Duarte
In The Money Options
Joe Duarte is a former money manager, an active trader, and a widely recognized independent stock market analyst since 1987. He is author of eight investment books, including the best-selling Trading Options for Dummies, rated a TOP Options Book for 2018 by Benzinga.com and now in its third edition, plus The Everything Investing in Your 20s and 30s Book and six other trading books.
The Everything Investing in Your 20s and 30s Book is available at Amazon and Barnes and Noble. It has also been recommended as a Washington Post Color of Money Book of the Month.
To receive Joe's exclusive stock, option and ETF recommendations, in your mailbox every week visit https://joeduarteinthemoneyoptions.com/secure/order_email.asp.
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Costco Tells Americans the Truth About Inflation and Price Increases
The warehouse club has seen some troubling trends but it’s also trumpeting something positive that most retailers wouldn’t share.

Costco has been a refuge for customers during both the pandemic and during the period when supply chain and inflation issues have driven prices higher. In the worst days of the covid pandemic, the membership-based warehouse club not only had the key household items people needed, it also kept selling them at fair prices.
With inflation -- no matter what the reason for it -- Costco (COST) - Get Free Report worked aggressively to keep prices down. During that period (and really always) CFO Richard Galanti talked about how his company leaned on vendors to provide better prices while sometimes also eating some of the increase rather than passing it onto customers.
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That wasn't an altruistic move. Costco plays the long game, and it focuses on doing whatever is needed to keep its members happy in order to keep them renewing their memberships.
It's a model that has worked spectacularly well, according to Galanti.
"In terms of renewal rates, at third quarter end, our US and Canada renewal rate was 92.6%, and our worldwide rate came in at 90.5%. These figures are the same all-time high renewal rates that were achieved in the second quarter, just 12 weeks ago here," he said during the company's third-quarter earnings call.
Galanti, however, did report some news that suggests that significant problems remain in the economy.
Image source: Xinhua/Ting Shen via Getty Images
Costco Does See Some Economic Weakness
When people worry about the economy, they sometimes trade down when it comes to retailers. Walmart executives (WMT) - Get Free Report, for example, have talked about seeing more customers that earn six figures shopping in their stores.
Costco has always had a diverse customer base, but one weakness in its business may be a warning sign for its rivals like Target (TGT) - Get Free Report, Best Buy (BBY) - Get Free Report, and Amazon (AMZN) - Get Free Report. Galanti broke down some of the numbers during the call.
"Traffic or shopping frequency remains pretty good, increasing 4.8% worldwide and 3.5% in the U.S. during the quarter," he shared.
People shopped more, but they were also spending less, according to the CFO.
"Our average daily transaction or ticket was down 4.2% worldwide and down 3.5% in the U.S., impacted, in large part, from weakness in bigger-ticket nonfood discretionary items," he shared.
Now, not buying a new TV, jewelry, or other big-ticket items could just be a sign that consumers are being cautious. But, if they're not buying those items at Costco (generally the lowest-cost option) that does not bode well for other retailers.
Galanti laid out the numbers as well as how they broke down between digital and warehouse.
"You saw in the release that e-commerce was a minus 10% sales decline on a comp basis," he said. "As I discussed on our second quarter call and in our monthly sales recordings, in Q3, big-ticket discretionary departments, notably majors, home furnishings, small electrics, jewelry, and hardware, were down about 20% in e-com and made up 55% of e-com sales. These same departments were down about 17% in warehouse, but they only make up 8% in warehouse sales."
Costco's CFO Also Had Good News For Shoppers
Galanti has been very open about sharing information about the prices Costco has seen from vendors. He has shared in the past, for example, that the chain does not pass on gas price increases as fast as they happen nor does it lower prices as quick as they sometimes fall.
In the most recent call, he shared some very good news on inflation (that also puts pressure on Target, Walmart, and Amazon to lower prices).
"A few comments on inflation. Inflation continues to abate somewhat. If you go back a year ago to the fourth quarter of '22 last summer, we had estimated that year-over-year inflation at the time was up 8%. And by Q1 and Q2, it was down to 6% and 7% and then 5% and 6%," he shared. "In this quarter, we're estimating the year-over-year inflation in the 3% to 4% range."
The CFO also explained that he sees prices dropping on some very key consumer staples.
"We continue to see improvements in many items, notably food items like nuts, eggs and meat, as well as items that include, as part of their components, commodities like steel and resins on the nonfood side," he added.
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