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Inflation Might Keep Rising in 2021…But What Happens After That?

Debate is raging about whether the recent burst of inflation is temporary or here to stay…

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This article was originally published by The Conversation.

The US Federal Reserve has just reassured the markets that it doesn’t expect inflation to get out of hand in the coming months. It comes as concerns about serious inflation damaging the global economy have reached fever pitch, particularly since recent Labor Department data showed that American inflation rose 4.2% over the 12 months ended April – the highest since the global financial crisis of 2007-09. In the euro area, inflation seems certain during the rest of this year to break out above the European Central Bank target of “close to but below 2%”. Central bankers on both sides of the Atlantic say that these price rises are a temporary consequence of the whiplash effect of the COVID-19 pandemic on demand. Supply chains in everything from commodities to semiconductors have been disturbed by demand first collapsing and then surging back, making prices very volatile. On this rationale, inflation will settle down once the pandemic recedes. Critics point to the risks of price pressures setting off a chain reaction where everyone expects future price rises, causing a true inflationary episode where prices persistently increase across the board. This debate about the near-term outlook is matched by an equally lively debate about long-term inflation, relating to drivers such as the effect of baby boomers retiring, China’s changing labour force, automation and so on. So who is right in all this? Are the inflation numbers a blip or are we seeing a gathering storm?

Lessons of the 2010s

In Remembering Inflation, a book I published in 2013, I attempted to weave together various strands of this subject by looking at the breakthroughs in economists’ thinking about the causes and cures of inflation inspired by the “stagflation” of the 1970s, where inflation and unemployment both sharply increased. My timing with that book was poor. The global economy’s faltering recovery from the global financial crisis was characterised by the opposite problem – deflation – where people expect prices to fall. As overstretched firms and households retrenched during the early 2010s, it should have fallen to governments to generate needed demand by ramping up public spending. Instead, fashionable notions of balancing the books using austerity got in the way. UK inflation rate 1960-2021
UK inflation chart since 1960
Macro Trends, CC BY
US inflation rate 1960-2021
US inflation rate graph 1960-2021
Macro Trends, CC BY
Central banks were left to do the heavy lifting through cutting headline interest rates and using unconventional monetary policies like quantitative easing (QE) – that is, “printing money” – to buy large quantities of government bonds and other financial assets. This helped to drive down long-term interest rates – even into negative territory in Europe – making things like mortgages and business loans cheaper. Yet the only “inflation” that resulted was rising asset prices in everything from property to stocks and shares. It made the rich richer, engendering even wider inequalities than before. All the while, official consumer price inflation – which refers to the average change in prices of a basket of specific household goods – remained persistently below the 2% level targeted by the major central banks. According to what is known as the Phillips curve, inflation should have been stimulated by the fact that unemployment fell in countries such as the UK, but it turned out this relationship had been suspended.
Row of houses with For Sale signs
House prices boomed in the 2010s. Tejvan Pettinger, CC BY
One reason - particularly apparent in the US - was that the falling rate of unemployment was flattered by increasing numbers of people giving up looking for work and dropping out of the labour force altogether. This was a symptom of the core problem of insufficient demand from businesses and consumers. A related symptom was the structural shift in the labour market. Where new jobs were created – sometimes, as in the UK, even to the extent bringing people back into the labour force – these were concentrated in low-skilled and low-paid openings in sectors like leisure, hospitality and logistics. Increased demand for such services was the meagre limit of the “trickle-down” effect from ever-richer asset owners. All this meant that there was not much real wage growth which, along with associated increases in bank lending, is essential for creating inflation. So it was that, in the 2010s, monetary policy not only failed to stimulate the economy but actually proved counterproductive.

Stimulus and the pandemic

During the pandemic, the situation has been different. Central banks have again been trying to stimulate the economy by expanding QE, but governments have also been using debt-funded spending to substitute for the normal demand that has disappeared because of the shutdowns. Major governments seem determined to correct the flawed policies of the past decade. This is especially true of the Biden administration, whose massive programme of increased spending aims to drive up labour participation and wages – thereby avoiding the deflationary troubles of the 2010s. The administration is firmly supported in this by Federal Reserve chair Jerome Powell. In August 2020, the central bank changed its inflation policy to “average inflation targeting”. Whereas in the past, the Fed targeted 2% inflation and would raise interest rates in response to low unemployment in the belief that inflation would otherwise start rising, it is now ready to allow inflation to rise to say 3% in the name of increasing employment to help stimulate economic recovery. The success of this strategy depends on demand for more workers materialising from US businesses. But critics like Larry Summers, the former Democratic treasury secretary, argue that the government’s fiscal stimulus will create demand beyond the economy’s present production potential, risking persistent inflation.
Pound coin being squeezed in a vice
The big squeezy. Steve Heap
The administration and its supporters counter that there is more slack in the economy than people like Summers believe, because so many discouraged workers have dropped out, and higher production of goods and services will result from reversing the long dearth of domestic business investment. All such happy effects will, according to the plan, flow from using government spending to generate demand. The jury remains out on whether this will cause unmanageable inflation – either in America or, potentially, in Europe if the ECB, together with the EU and its member states, follow their apparent inclination to emulate the US.

A danger and an opportunity

Returning to my own studies of the exit from the “great inflation” of the 1970s, two lessons emerge that should help the jury in its deliberations about where we go from here. One points to an opportunity, the other to a danger. The first lesson has to do with confidence and the expectations of firms and households, which dominate any discussion about inflation. The 1970s inflation was only really subdued after central banks were given operational independence from politicians to pursue low and stable inflation. As monetary policy became more credible, people no longer expected prices to rise so fast. This was the main reason for the flattening of the Phillips curve – that is, inflation no longer jumps up smartly as unemployment falls. Present-day policies to stimulate demand benefit from well anchored inflation expectations. Put bluntly, policymakers will “get away” with more stimulus before having to pay an inflationary price, and this should improve their chances of success. A key figure in the development of such thinking about expectations in the 1970s-80s was the American economist Thomas Sargent. His work on “systematic changes in inflation policy” also underlies the second – and more cautionary – lesson for today’s policymakers and the present inflation outlook. This was crystallised in a 1982 paper by Sargent and Neil Wallace called Some Unpleasant Monetarist Arithmetic showing that monetary and fiscal policy are inextricably intertwined. At the heart of this thinking sits the idea of a government’s budget constraint. If government spending stimulates demand to the extent of driving up inflation, and monetary policymakers then respond by raising interest rates, a nasty surprise can ensue. Higher interest rates increase a government’s interest payments on its debt. If the government responds by issuing even more debt to finance its activities, it can make inflation rise even faster – as the government’s extra spending would end up driving up demand just as the central bank is trying to curb it. In other words, a government can only run so much of a deficit before unforeseen problems crop up. Today this lesson is even more relevant than Sargent and Wallace could have imagined. Nowadays, interest rates can no longer be a central bank’s first instrument of monetary policy: public and private debt are so high that raising rates could potentially make repayments unmanageable for many. To take the US as the most prominent example, the Fed would instead start out by cutting back the level of government bond purchases going on to its balance sheet. This bond purchasing has ballooned in the past decade, particularly since governments’ heavy deficit spending during the pandemic. The problem is that the money created through QE ends up, for reasons that don’t need to be explained here, in the reserves of commercial banks held by the central bank. In the US, these sums now approach a fifth of all of the Fed’s assets. As and when the Fed decides to “taper” QE – now running at US$120 billion (£85 billion) of purchases per month – as a first step in tightening policy to lean against inflation, this will result in a lower proportion of banks’ assets being lodged with the Fed in the form of reserves, and increase the scope for banks to lend to the real economy. Such credit expansion and the associated increase in the velocity of money is likely to fuel the inflation pressures that the Fed wants to counter. Since one of the main aims of QE is to increase bank lending, it’s a paradoxical effect – just like the previous example of higher interest rates increasing inflation. The bottom line is that public debt has expanded to the extent of becoming unaffordable in a free market. Today’s conundrum created by QE is just the latest demonstration of the reality that disregarding government budget constraints will result, by one way or another, in higher inflation.

Long-term trends

The final question is how all of this relates to long-term trends in the labour market and elsewhere. It is often said that in the past couple of decades, globalisation and technology have both helped to reduce inflation. Globalisation has kept wages lower by moving production to poorer countries. Technology has made it cheaper to produce goods and therefore brought prices down, while the the gig economy has reduced the cost of services. But a recent book by British-based economists Charles Goodhart and Manoj Pradhan argues that the years to come will be far less deflationary, for several reasons. China’s labour market participation is rising, which is increasing wages, and baby boomers are retiring, taking a very large generation out of the labour market and making workers more scarce and therefore more valuable. It’s a fascinating argument, but still very debatable. For example, possible inflationary effects of ageing populations might yet be outweighed by the deflationary effect of rapid technological change automating more jobs. This will reduce workers’ bargaining power and therefore act as a brake on wage growth. Also, most people consume less in retirement, and certainly do not borrow as much: the ageing of the baby boomers will therefore be another source of deflation. In sum, there is good reason to expect inflation in the short to medium term, but the longer term picture is more mixed. The seeds of higher long-term inflation are surely present, but the chances of their germinating will depend to a large extent on to what extent the extra fiscal stimulus from the US and elsewhere leads to increased production, as opposed to only consumption. If there is higher business investment and labour participation, government budget deficits will narrow faster as the private sector gets back into gear and pays more in taxes. This will also help the Fed to find a smoother path through the minefield of the exit from QE, since the increased bank lending will be more likely to be unlocking sustainable economic growth. If so, it is still possible that the central banks’ claims that inflation will only be transitory could still be proven right.

Brigitte Granville does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

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

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The…

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

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

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

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

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

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

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

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

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

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

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

It goes like this:

1) lockdown,

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

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

5) a rise in uncontrolled immigration/refugees,

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

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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