Posts Tagged ‘stagflation’

LinkSwarm for May 7, 2021

Friday, May 7th, 2021

Greetings, and welcome to another Friday LinkSwarm! The Biden economy kicks in, China behaves badly (again), and rock stars are fed up with woke. Let’s lead off with this weird photo people have been taking about all week:

Puppet people aside, what better image for the week in which Biden seems to be bringing stagflation back?

  • If you were wondering when the Trump boom would end and the Biden bust begin, it just did:

    U.S. job growth for the month of April fell far below what experts had predicted, as data reported Friday showed an increase of 266,000 jobs, versus an estimate of 1 million — the largest miss relative to expectations since at least 1998.

    Economists had suggested a positive outlook for the report, with the White House hoping for a gain of at least 700,000 jobs — making Joe Biden the first president ever to hit 2 million new jobs in his first 100 days. But expectations came crashing back to reality with data showing an overestimation of nearly 800,000 — the worst miss in decades.

    The U.S. unemployment rate rose slightly from 6.0 percent to 6.1. March’s payroll gains were also revised downward by nearly 150,000 jobs, from an initial print of 916,000 to 770,000. Labor force participation rate rose slightly, to 61.7 percent.

    Huh, irresponsible tax-and-spend policies, rampant inflation and paying people not to work evidently aren’t a recipe for economic success. Who knew?

  • Speaking of inflation, it looks like it’s back, baby! Rising metal, oil, and ag commodity prices all point to inflation. “Wood prices are at an all-time high at over $1,370 per 1,000 board feet.”
  • China pollutes more than the U.S. and all developing countries combined.
  • Speaking of China: Did Bill Gates dip his wang into Chinese spy Wang’s ‘tang??
  • Biden Secretary of Energy Jennifer Granholm owns stock in “Proterra, an electric vehicle company that is being actively promoted by the Biden administration. Further, Granholm being the Secretary of Energy means she gets to make regulations that can directly enrich herself.” (Hat tip: Director Blue.)
  • Joe Biden lied about gun shows. Again.

    Joe Biden said today, “Most people don’t know: you walk into a store and you buy a gun, but you go to a gun show you can buy whatever you want and no background check.”

    This isn’t even close to being true. In fact, gun shows are subject to the same rules as apply everywhere else, which are that:

    1. commercial transfers require federal background checks, but that
    2. private transfers only require federal background checks if they are conducted within one of the thirteen states that superintend non-commercial firearms transactions

    There are no special rules for gun shows. The same set of laws applies to them as applies to, say, your kitchen table: If you are in the business of selling guns, you are federally obliged to run a check. If you are not, you are not — unless your state requires you to. That’s it. There’s no “loophole” here, and nothing about gun shows that separates them from the broader debate about private sales.

  • Lockdowns, riots and pushes to defund the police all lead up to cratering support for gun control among young people:

    A new poll from ABC and the Washington Post published on Wednesday found a significant drop in support for new gun-control laws, especially among young people.

    The number of Americans supporting enacting new gun laws over protecting gun rights fell from 57 percent to 50 percent, a seven-point drop from when the poll was last conducted in 2018. The number of Americans favoring gun rights jumped from 34 to 43 percent, a nine-point jump. The difference between the two positions narrowed by 16 points overall.

    The sharpest decline in support for new gun-control measures came among 18 to 29-year-olds and Hispanics. Both groups saw a 20 percent drop. Rural Americans and strong conservatives saw a 17-point drop.

  • Worker shortage is so acute that a Tampa MacDonald’s is paying people $50 just to interview for a job. “Some 17 million Americans remain on jobless benefits. Perhaps many of these people want jobs but are getting paid more to sit on the couch.”
  • Supply chains implode because there’s not enough shipping capacity to meet demand.
  • How Michael Dell used several financial maneuvers to turn $3.6 billion into more than $50 billion.
  • The Who’s frontman Roger Daltry says that the woke are ruining the world. “It’s terrifying, the miserable world they’re going to create for themselves. I mean, anyone who’s lived a life and you see what they’re doing, you just know that it’s a route to nowhere.”
  • And Daltry wasn’t the only rock star calling BS on the woke. Also taking aim: punk rock icon John Lydon:

    Johnny Rotten blames ‘wokeness’ for US ‘collapse’

    Sex Pistols’ frontman Johnny Lydon had some rotten things to say about “wokeness.”

    In a recent profile with the Times UK, the aging punk rocker decried “cancel culture” and the activists who campaigned to tear down national monuments which they say promote historical racism. The statues include that of Winston Churchill, one of the UK’s most revered prime ministers.

    He also blamed academia as well as the media for giving “the space” to “tempestuous spoilt children.”…

    Addressing calls to tear down Churchill’s statue in London, Lydon dismissed criticism that the wartime prime minister was racist. However, critics point out that the leader once referred to Indians as “the beastliest people in the world next to Germans,” and thought that black people are “[not] as capable or as efficient as white people.”

    “This man saved Britain,” Lydon asserted. “Whatever he got up to in South Africa or India beforehand is utterly irrelevant to the major issue in hand.”

    If there are any bigger haters in history than today’s cancel culture, Lydon conceded, it’s the Nazis — and Churchill took care of that.

  • Florida “whistleblower” Rebekah Jones is a big fat liar. “NPR describes Jones as a ‘top scientist’ leading Florida’s pandemic response. In fact, Jones has held three jobs in her field; all three have ended in her being terminated and criminally charged.”
  • “Texas House Approves Election Integrity Bill After 17 Hours of Deliberation.” Good.
  • University of Tennessee offensive line coach fired for daring to make fun of Stacey Abrams. (Hat tip: Stephen Green at Instapundit.)
  • Company Basecamp bans “wokeness” in the workplace. One third of employees quit. Sounds like a win-win to me. Get woke, go broke…
  • Charles C. W. Cooke channels Swift on teenage knife fighting:

    Just when I thought that America couldn’t possibly get any softer, people start suggesting that there’s a role for the police in preventing knife murders. The snowflake generation strikes once again.

    Is there any tradition that the radicals won’t ruin? As the brilliant Bree Newsome pointed out on Twitter, “Teenagers have been having fights including fights involving knives for eons.” And now people are calling the cops on them? I ask: Is this a self-governing country or not? When Newsome says, “We do not need police to address these situations by showing up to the scene & using a weapon,” she may be expressing a view that is unfashionable these days. But she’s right.

    Disappointingly, my colleague Phil Klein has felt compelled to join the critics. In a post published yesterday, Phil asked in a sarcastic tone whether the police should “somehow treat teenage knife fights as they would harmless roughhousing and simply ignore it.” My answer to this is: Yes, that’s exactly what they should do — yes, even if they are explicitly called to the scene. I don’t know where Phil grew up, but where I spent my childhood, Fridays were idyllic: We’d play some football, try a little Super Mario Bros, have a quick knife fight, and then fire up some frozen pizza before bed. And now law enforcement is getting involved? This is political correctness gone mad.

    It’s hypocrisy, too. Who among us hasn’t come within a second or two of murdering someone else with a steak knife? My best friend in school, Bobby “The Blade” Simpson, used to throw shivs at the smaller kids in the music room. Did we need the authorities to step in when that happened? No, we did not. As MSNBC’s Joy Reid argued smartly on her show last night, pranks such as these were dealt with by our teachers — just as we all expected they would be. And if something went wrong? Well, that’s why we had substitutes.

    In all honesty, I worry that this sort of helicopter policing is making us weak. Back in my day, the people who survived a good stabbing came out stronger for it. I learned a lot of lessons from my time in the ring: self-reliance, how to overcome fear, the importance of agility, the basics of military field dressing. And, given the turnover, I also learned how to make new friends.

  • Sad news (and possibly foul play). “University of Texas linebacker Jake Ehlinger, the younger brother of former Longhorns quarterback Sam Ehlinger, was found dead Thursday.”
  • Season 13 of Mystery Science Theater 3000 is now fully funded.
  • Scott of Kentucky Ballistics continues to heal.
  • “There’s a lot of value to being the idiot.”
  • Heh:

  • Update on the Coming Euro Collapse (and Our Own)

    Monday, June 6th, 2011

    Andrew Lilico in the Telegraph (via McArdle, via Insta) has a sobering look at what will happen when Greece defaults (“It is when, not if”). It starts out:

  • Every bank in Greece will instantly go insolvent.
  • The Greek government will nationalise every bank in Greece.
  • The Greek government will forbid withdrawals from Greek banks.

  • And then gets even less pleasant, including martial law and the European Central Bank going insolvent. The real European crisis hasn’t happened yet, and when it does, it will probably be much worse than the current U.S. recession.

    Meanwhile, Greeks continue to protest long-overdue austerity measures. I am doubtful Greece is willing to actually implement real austerity. After all, the Greek government only recently decided that it might want to stop paying pensions to the dead. instead of solving the problem of an out-of-control welfare state, the ECB and the IMF have decided to let Greek slip even further into debt in exchange for implementing reforms and austerity they’ve shown no signs at all of being willing to implement; in other words, to kick the can down the road and hope that gives the other PIGS time to get their respective houses in order before the Euro collapses.

    Meanwhile, Ireland’s crisis is so severe that not only are they going to start taxing private pension funds, they’re actually going to start fining trustees that don’t hand over pensioner’s money. “Threatening scheme trustees with huge fines that are not covered by trustee indemnity insurance if they refuse to or cannot collect the levy, is a guaranteed way to stop anyone coming forward to be a trustee. I expect the other consequence of the Finance Bill (no 2) 2011 will be the resignation, post-haste of hundreds of scheme trustees.”

    The chances that various transnational and euro bureaucrats will succeed in rescuing all the PIGS (and thus the Euro) is slim to none: “The ‘troika’ [ECB, IMF, EU] is doubling down on its losing bet in Greece and is playing with the dice loaded against them.”

    How bad is it going to get?

    Austerity is going to mean hellishly bad deflation, high and rising employment, and depression in the indebted countries.

    There is $600 trillion in derivatives now loose in the world. Who knows which banks have written them and to whom? Who are the counterparties? We did not fix this with the last political fix. The next crisis has the potential to be just as bad or worse than 2008, which is why I think Europe’s leaders are so dead set on avoiding a day of reckoning. If you look under the hood, as they most assuredly have, it must be frightening. And with pushback from voters?

    Contagion, thy name is Europe. And with the US economy slowing down, it might not take much to push us over the edge

    And that’s the best case scenario, the one where the PIGS actually bite the bullet and implement austerity. It’s entirely possible that one or more of them will reject austerity measures and, in doing so, set off a run on the Euro.

    Also via Insta comes news that China has divested itself of 97% of its holdings in Treasury Bills. As Mark Steyn has pointed out, where Greece is now is where Obama wants to take us, with ObamaCare as just the down-payment on a full-blown European welfare state. We’re not nearly as far along as Greece is to financial collapse, but our debt is already starting to look like a bad bet.

    Certainly we’re not so far along that we can’t turn back, but the Paul Ryan Roadmap is probably the minimum we need to be doing to get our debt under control. Less than that and we’re asking for serious trouble. It’s already looking like Carter era stagflation is here.

    As the recent Texas legislative session showed, it is in fact possible to actually shrink the size of government, not just slow the rate of increase. Or at least it’s possible when you have Republican Supermajorities in the House, Senate, and Executive branch. By contrast, the Obama administration and Harry Reid’s Senate have shown no sign of being willing to address the problem, or even to admit it exists. They too want to kick the can down the road and keep piling blocks of debt onto the backs of your children. But, as the Euro crises shows, such actions have a way of catching up with you sooner rather than later.

    You can only kick the can down the road so far before you run out of road.