Proof That Trickle-Down Never Even Dribbled Down

By David Haggith – Re-Blogged From Silver Phoenix

Want to see a crystal-clear picture of who has been helped the most by decades of trickle-down economics, who has gone nowhere and who has actually gone slightly downhill? Well, here you go:

Real Investment Advice

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Yes, Virginia, There Is An Alternative

By Keith Weiner – Re-Blogged From Gold Eagle
On Monday the dollar had a ferocious rally, moving up from 15.87mg gold to 16.77mg and from 1.21g silver to 1.32g. In mainstream terms, the price of gold dropped about a hundred bucks, and the price of silver crashed $2.20.
One notion we’re hearing a lot now is, “there is no alternative to stocks.” Certainly, stocks have been rallying. They were up in Sunday evening (as we reckon it here in Arizona) trading. Then Pfizer announced good news for its COVID vaccine, and that seemed to be the signal to bid up stocks even more.

This Is How A State Goes Bankrupt, Illinois Edition

Somewhere back in the depths of the 20th century, a bunch of governors, mayors, and public sector union leaders got together and cooked up one of history’s greatest financial scams. They would offer teachers, cops, and firefighters extremely generous pensions but would avoid raising taxes to fund the resulting future obligations. Grateful workers would vote to re-elect their benefactors, while taxpayers would appreciate the combination of excellent public services and low taxes.

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New Stanford Study Suggests Biden’s Agenda Will Have 4 Devastating Economic Consequences

By Brad Palumbo – Re-Blogged From Foundation for Economic Education
The study concludes that Biden’s interventions would, among other things, distort labor incentives, decrease productivity, and kill jobs.

Sympathetic media outlets have repeatedly asserted that Democratic presidential nominee Joe Biden’s tax agenda would only hurt the wealthy. But a new study shows that Biden’s tax and regulatory agenda could seriously hurt the economy overall.

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Employment’s Recovery Road Comes To An End

By David Haggith – Re-Blogged From Silver Phoenix

Massive Tax Increase

The Federalist – Re-Blogged From Headline Wealth

Democratic VP Nominee Kamala Harris promised at the Vice Presidential debate Wednesday night that, if elected, she and Joe Biden will raise taxes on the American people.

When asked by moderator Susan Page, USA Today Washington Bureau chief and Nancy Pelosi biographer, about Biden’s plan for the economy, Harris proudly exclaimed that he would be raising taxes and that the Biden administration’s first step would be to remove the tax breaks created by President Donald Trump.

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UK Covid-19 Tax Rises Considered, While the UK Squanders Billions on Renewable Energy

By Eric Worrall – Re-Blogged From WUWT

The British Government is reportedly considering tax rises of £30 billion+ to plug the hole in the government budget created by the Covid-19 lockdown.

My question – instead of punishing ordinary people by raising £30 billion of new taxes, why doesn’t the British Government plug their budget shortfall by cutting £30 billion of useless expenditure, by cancelling all subsidies for renewable energy, the foreign aid guarantee, and other assorted big government boondoggles?

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Will Social Security Go Bankrupt?

Warren Gibson By Warren C. Gibson – Re-Blogged From AIER

Just when one thinks everybody has gotten the message about the big problems facing Social Security, along comes John Tamny with a piece entitled “Let’s End the Myth About Social Security’s Looming Bankruptcy.” Really? Let’s go over the basics once again.

To his credit, he starts with a denunciation of Social Security. It was, he says, “always a terrible idea for countless reasons.” Yes! It was a terrible idea because it treats us all as dummies, unable or unwilling to provide for our own retirement. Because it tells us we have an “account” with the System, thereby fostering the illusion that our savings have been husbanded in a safe place where they will be available to us upon retirement. Because it provides returns that lag behind what prudent private investments return. Because even miniscule reforms, like tweaking the index used to calculate annual inflation increases, raise howls of protest from the likes of AARP.

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Biofuels

By Andy May – Re-Blogged From WUWT

According to Exxon-Mobil, 9% of the world’s energy came from biofuels in 2017. They do not expect this percentage to increase by 2040, and it may go down. For the most part it is a developing world fuel. Primary biofuels include dung, wood, wood chips and pellets. Secondary, or manufactured biofuels include ethanol and biodiesel, which derive from several agricultural products, mainly corn, sugar cane, palm oil, soybeans and canola. The main advantage of using locally sourced wood and dung are their low cost and wide availability.

Using imported wood or wood chips for generating electricity, as is done in Europe, is more problematic. Due to the economic and environmental costs of farming the trees, making the wood pellets or chips and shipping them to the powerplants; wood is not a competitive fuel for most powerplants. The energy density is too low. However, if the source of the wood is within fifty miles of the plant, it can be competitive with coal and it may produce fewer greenhouse gases than coal, estimates vary. Ethanol and biodiesel are also more expensive than fossil fuels and must be subsidized to be competitive.

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Fleeing California

Re-Blogged From Prager University

Why are millions of people leaving California and moving to other states? What do those states have that California doesn’t? PragerU’s first mini documentary explores the root causes of this mass exodus from the Golden State. “Fleeing California,” featuring PragerU’s own Will Witt, sheds light on one of the most significant but underreported stories of our time.

Please view the VIDEO.

CONTINUE READING –>

Report: Green New Deal Will Impose A $75,000 Per Year Cost On Swing-State Households

Chris White The Daily Caller – Re-Blogged From WUWT

Americans in nearly a dozen swing states could expect to spend roughly $75,000 per year if the Green New Deal is ever implemented, according to a report Wednesday from a conservative nonprofit group.

The Green New Deal would cost households an average of between $74,287 and $76,683 in Colorado, Michigan and Pennsylvania, among others, a report from the Competitive Enterprise Institute noted. CEI worked with Power the Future and the Wisconsin Institute for Law and Liberty on the report.

“Right now, our booming national economy and record low unemployment rate is driven by abundant, domestic, reliable, and inexpensive energy produced by millions of men and women across the country,” Daniel Turner, executive director of Power the Future, said in a statement.

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Too Much Climate Research Money Being Spent on Science

By David Middleton – Re-Blogged From WUWT

I couldn’t make this sort of schist up if I was trying…

Very little money is actually spent on climate research
Researchers have looked at where USD 1.3 trillion in research funding is spent across the globe. Less than 5 per cent of this money has gone to climate research. Studies that examine how society can cope with the climate of the future are given a very small share of this pot.

Ulla Gjeset Schjølberg
JOURNALIST

Nancy Bazilchuk
ENGLISH VERSION

PUBLISHED Friday 07. February 2020

In a recent study, researchers at the Norwegian Institute of International Affairs (NUPI) and the University of Sussex reviewed how much of US 1.3 trillion (NOK 11.4 trillion) in research funding is dedicated to climate research.

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Vegan Dictatorship

By Duggan Flanakin, – Re-Blogged From WUWT

Do we really have to tolerate local, state, national or UN officials telling us what we may eat?

The average American ate some 220 pounds of red meat and poultry in 2018, according to the US Department of Agriculture, surpassing a record set in 2004. But some politicians have joined anti-meat and climate change activists in a massive effort to restructure the American diet – and to ensure … and mandate … that the rest of the world will be stuck with a mostly plant-based diet.

Last March, New York City Mayor Bill de Blasio shocked America’s meat producers by announcing the expansion of “meatless Mondays” to all New York City public schools. The reason? “To keep our lunch and planet green for generations to come.” So now they claim eating meat also threatens the planet.

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Aussie Voters Put the Economy and Healthcare Ahead of Climate Change

By Eric Worrall – Re-Blogged From WUWT

Bill Shorten
Former Australian Federal Opposition Leader Bill Shorten, who bet everything on his headline climate initiatives. By Ross CaldwellOwn work, CC BY-SA 4.0, Link

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Furious French Protest Climate Policies, Cost of Living, Pension Reforms

By Eric Worrall – Re-Blogged From WUWT

President Emmanuel Macron. By Kremlin.ru, CC BY 4.0, Link. Image modified.

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Expensive Climate Policies Sparked Chile Riots

By: James Taylor – Re-Blogged From WUWT

From the unintended consequences department. The COP25 climate conference in Santiago Chile was cancelled, and now moved at the last minute to Madrid, Spain.

Climate activists and the United Nations are suffering a major black eye this week as protests and riots resulting from high energy prices have erupted in Santiago, Chile.

Chile, which will host a major U.N. climate conference in December, earned praise from climate activists for recently imposing a carbon dioxide tax on conventional energy sources and switching the Santiago Metro system to renewable power. Now, the people of Chile are rising up and firing a shot across the bow of other nations considering similar energy taxes and expensive renewable energy programs.

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The Days the Music Died

The music died many times in the past. To name a few:

  • 1929 Market crash
  • 1933 President Roosevelt confiscates citizen gold and declares it illegal to own more than a few ounces.
  • 1971 President Nixon “closed the gold window” and severed the last link between the devaluing dollar and gold.
  • 1987 Stock market crash
  • 2000 Stock market and “dot-com” crash
  • 2008 Stock market and housing crash
  • 2019? Stock market and “everything bubble” correction/crash
  • 2020-2025? “Inflate or Die” QE, bond monetization, helicopter dollars etc.

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UK Faces Huge Loss From Electric Vehicle Adoption

If Great Britain keeps its commitment to switch over its vehicles to electric by 2050, the government will see a whopping loss of 28 billion pounds ($35 billion) paid by motorists driving traditional gasoline- and diesel-powered vehicles.

That comes from a study released Friday by London-based Institute for Fiscal Studies examining the impact of the UK’s net-zero greenhouse gas emissions law adopted in June and signed by previous Prime Minister Theresa May. England became the first G7 country to set the goal of reaching zero net emissions by 2050.

Some Californians Are Paying $5 For A Gallon Of Gas, Which Could Mean Trouble For 2020 Democrats

By Audrey Conklin – Re-Blogged From The Daily Caller

Energy

Some Californians Are Paying $5 For A Gallon Of Gas, Which Could Mean Trouble For 2020 Democrats, Candidate Says

Daily Caller News Foundation logo

  • Gas prices in California have soared to $5 in some areas, according to the Oil Price Information Service.
  • Republican candidate for California’s 50th Congressional District Carl DeMaio told the Daily Caller News Foundation that the price increase is due to “taxes, mandates and regulations” imposed by Democrats.
  • DeMaio added the burden of expensive fuel will “absolutely” have an impact on the next elections.

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A Wealth Tax Consumes Capital

By Keith Weiner – Re-Blogged From Gold Eagle

It seems one cannot make a name for one’s self on the Left, unless one has a proposal to tax wealth. Academics like Tomas Piketty have proposed it. And now the Democratic candidates for president in the US propose it too, while Jeremy Corbyn proposes it in the UK. Venezuela finally added a wealth tax in July.

A Wealth Tax

So how does a wealth tax work? The politicians quibble among themselves, as if the little implementation details that differ between them are important. But they share the key idea. The wealth taxman is to go to the people who have wealth, and take some. And next year, come back and take more. And so on.

It should be obvious that this is morally wrong. But we want to focus on the economics. To do that, we need to drill down into the nature of wealth. What is wealth?

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Weekly Climate and Energy News Roundup #370

The Week That Was: August 3, 2019, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week: “Do you know what we call opinion in the absence of evidence? We call it prejudice.”— Michael Crichton [H/t William Readdy]

Number of the Week: 1998 and 2016

Confusing Planet: Our planet is a complex place, no doubt confusing global warming headline seekers. About 71%of the surface is water (ocean), 29% is land. Water warms and cools far more slowly than land. Complicating matters further, the dominant greenhouse gas is water vapor, slowing the nighttime cooling of water and land masses even further, where it is present.

Making matters even more complex is that about 81% of the Southern hemisphere is water and 19% is land. For the Northern Hemisphere, about 61% is water and 39% is land. Land area varies by latitude. About 68% of the land is in the Northern Hemisphere, only 32% in the Southern Hemisphere. By latitude, the highest percentage of land area is between 30 degrees North and 60 degrees North. [The distribution of land areas has changed significantly over the past 750 million years, making any paleo-earth studies of the greenhouse effect of carbon dioxide on temperatures difficult. One cannot assume the ocean currents were the same as today.]

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Federal Debt Ceiling Reached As Federal Spending Rages

By Clint Siegner – Re-Blogged From Gold Eagle

The federal government will soon run up against its self-imposed borrowing cap once again.

Current estimates are for the government to max out its credit limit at a little over $22 trillion in early September. Congress goes on recess in August, so there is some pressure to address the cap right now.

Treasury Secretary Steve Mnuchin has been fulfilling what seems to be the most sacred responsibility of his position: borrowing money. It’s one that each of his predecessors has also undertaken, without fail and without regard to party affiliation, in recent decades.

He is solemnly arguing why it would be wholly irresponsible for Congress not to approve another massive increase in what the Treasury can borrow.

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It’s Been A Great Recession For A Few

By David Haggith – Re-Blogged From Silver Phoenix

This month the economic expansion brought to you by your Federal Reserve and by US government largess becomes the longest expansion in the history of the United States! That’s something, right? Something? Let’s take an honest look at what we now call great.

By “the longest expansion” we mean the longest period in which US GDP has been growing without a recession. Now, that’s something to crow about, right?

Not so fast for many reasons. It’s also been the most anemic expansion on the books, and it’s not too hard to see why it’s been the longest, having nothing at all to do with a great economy. It has cost us far more than any expansion (by an order of magnitude) because we’ve piled up ten times the national debt over any amount we accumulated during previous expansions. (I’ve said before, it’s easy to let the “good times” roll when you are buying it all on the company credit card.) We also quadrupled the size of the Fed’s balance sheet. That didn’t cost anything, but we sure didn’t get much bang for the buck! We actually got less bang than in any previous expansion!

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Illinois Could Raise EV Registration Fee To $1,000, Hike Gas Tax

A bill at the Illinois legislature proposes to raise the annual registration fee for electric vehicles (EV) from US$17.50 to US$1,000 and to more than double the gas tax from 19 cents to 44 cents per gallon, under a plan to fund infrastructure advanced by Democrat State Senator Martin Sandoval.

According to the bill, introduced at the Illinois General Assembly, owners of fully electric vehicles “shall register the vehicle for a fee of $1,000 for a one-year registration period,” under the proposal that strikes out the current “In no event may the registration fee for electric vehicles exceed $18 per registration year.”

The bill also proposes to increase significantly the gas tax in the state, as well as the license fees.

EV charger

Magic Money Tree Economics

By GE Christenson – Re-Blogged From Silver Phoenix

Our Current Financial Circumstances

  1. The U.S. is $22 trillion in debt and burdened with $100 – $200 trillion more in unfunded liabilities. Just to pay the interest the U.S. must borrow. Debt is rapidly rising and cannot be paid unless “they” default or hyper-inflate the dollar.
  2. Chairman Jerome Powell stated, “The U.S. federal government is on an unsustainable path.” Even the Fed admits what everyone should realize.
  3. Global debt is $250 trillion. Some countries have descended farther down the debt-paved road to economic hell than the U.S.
  4. Pensions are under-funded, student debt is a disaster, the main street economy is weak, real estate prices and sales are falling, retail sales are down, real wages have been stagnant since the 1970s, and no credible plan exists to fix debt, deficits or devaluations.
  5. The political and financial elite profit from wars, inflation, devaluation, strip-mining assets, and income inequality.
  6. It’s an ugly picture with no easy answers. But debt, deficits and QE levitated stock markets to all-time highs.

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How US Government Debt May Impact Social Security

By Peter Reagan -Re-Blogged From Newsmax

Fiscal year 2018 wasn’t a good one for U.S. government net-worth. While that may hardly be surprising, it’s possible we’re reaching a “tipping point.”

From an official report released by the U.S. Treasury, Sovereign Man pulled out a few key highlights:

  • In fiscal year 2018, the government’s total net loss was $1.16 TRILLION.
  • … they spent over $4.5 trillion.
  • … nearly HALF went to Social Security and Medicare.
  • … spent a record $523 billion just on interest payments on the national debt!

 

How US Government Debt May Impact Social Security
(Pixelrobot/Dreamstime)

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Memories…And A Warning

By Gary Savage – Re-Blogged From Gold Eagle

This week my second son Joey turns 30 and my granddaughter Addie turns 3- just a day apart. The reason I bring this up is that we took a few days and visited Disney World in Florida.

As I walked into Disney’s Main Street I was reminded of a simpler and happier time here in America that many today cannot remember. America was a place where budding entrepreneurs could hang out a shingle without much government interference and chase their dreams. Mom and pop stores could make a living and provide services that made life easier for everyone. With few regulations and few barriers to entry many could earn a living and make their lives better. This Main Street is a reminder of this. Low taxes, low interference, high growth and stable money. Life was good for most.

Those with great ideas were rewarded with great fortunes.

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‘Yellow Vest’ Protestors Crowd French Streets for 21st Straight Weekend

By ELAINE GANLEY / AP – Re-Blogged From Time.com

(PARIS) — Protesters from the yellow vest movement took to the streets of France on Saturday for a 21st straight weekend, with thousands marching across Paris and a group briefly invading the busy beltway around the capital.

Riot police rounded up the protesters on the beltway and fired a round of tear gas on the street above, apparently to stop others from entering a ramp onto the road.

At another of Saturday’s numerous protests around the country, police fired tear gas in Rouen, in Normandy, in a showdown with protesters after fires were set in garbage cans and elsewhere.

 

Protesters march along the Quai de Valmy in Paris on April 6, 2019, during a demonstration by the 'Yellow Vests' (gilets jaunes) movement on the 21st consecutive. France has been rocked by months of weekly Saturday protests by the yellow vests, which emerged over fuel taxes before snowballing into a broad revolt against the French President.

Protesters march along the Quai de Valmy in Paris on April 6, 2019, during a demonstration by the ‘Yellow Vests’ (gilets jaunes) movement on the 21st consecutive. France has been rocked by months of weekly Saturday protests by the yellow vests, which emerged over fuel taxes before snowballing into a broad revolt against the French President.
Anne-Christine Poujoulat—AFP/Getty Images

Yellow Vest Protesters Clash With Police in Paris

By Associated Press – Re-Blogged From CBS

French yellow vest protesters set life-threatening fires, smashed up luxury stores and clashed with police Saturday in the 18th straight weekend of demonstrations against President Emmanuel Macron. Large plumes of smoke rose above the rioting on Paris’ landmark Champs-Elysees Avenue, and a mother and her child were just barely saved from a building blaze.

French police tried to contain the demonstrators with limited success.

One perilous fire targeted a bank on the ground floor of a seven-story residential building. As firetrucks rushed over, a mother and her child were rescued as the fire threatened to engulf their floor, the city’s fire service told The Associated Press. Eleven people in the building, including two firefighters, sustained light injuries, as other residents were evacuated to safety.

US Budget Deficit And Interest

By David Haggith – Re-Blogged From Gold Eagle

French President Deploying Police Armed with High Capacity Live Ammunition Weapons to Intimidate Carbon Tax Protestors

By Eric Worrall – Re-Blogged From WUWT

Green globalist President Macron has deployed non specialist police armed with semi-automatic weapons with large magazines to try to intimidate yellow vest carbon tax protestors.

French riot police are now using semi-automatic weapons with live ammunition against Yellow Vest protestors as Macron’s law and order crisis spirals

  • Officers were filmed brandishing weapons by Arc de Triomphe in Paris today
  • Riot police were on crowd control duty today facing off a mob of Gilet Jaunes
  • Rifles at demonstration by unarmed citizens show how Macron crisis intensifies

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Elizabeth Warren Mulling Tax on Wealthy Americans

By Jason Devaney – Re-Blogged From Newsmax

Sen. Elizabeth Warren, D-Mass., appears to be borrowing an idea from a new member of the opposite chamber by considering a wealth tax on the richest Americans.

According to The Washington Post, economists working with Warren — who recently formed an exploratory committee to look into running for president in next year’s election — are working on the plan with her.

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Debt, Division, Dysfunction, and the March to National Bankruptcy

By Stefan Gleason – Re-Blogged From Money Metals Exchange

Never in our lifetimes has American politics been so marked by division and dysfunction.

The longest partial government shutdown in history occurred after the Democrat-controlled Congress wouldn’t compromise with President Trump on a border wall. The impasse is but one symptom of a deeper malady – one that threatens to wreak wider social and financial instability in the years ahead.

Put plainly, the pillars of the American system as we have known it are eroding.

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Of Discount Rates and Candy-Canes

By Christopher Monckton of Brenchley -Re-Blogged From WUWT

“The time has come,” the Walrus said,

“To talk of many things:

Of shoes and ships and sealing-wax,

Of cabbages and kings,

And why the sea is boiling hot,

And whether pigs have wings.”

Lewis Carroll, Aliciae per speculum transitus

clip_image002[4]

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Weekly Climate and Energy News Roundup #343

The Week That Was: 2019-01-12, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week: “There is no such thing as consensus science. If it’s consensus, it isn’t science. If it’s science, itds isn’t consensus. Period.” — Michael Crichton. [H/t William Readdy]

Number of the Week: ZERO

Two Types of Energy Flow: Last week’s TWTW produced several responses with questions that need to be explained further. Forty years of comprehensive atmospheric temperature trends, the last twenty years with no statistically significant warming, and 60 years of balloon observations show that the global atmosphere is not the warming envisioned in the 1970s and early 1980s, for example, in the influential Charney Report of 1979. Yet, the assumptions in these speculated findings are embodied in the “theory” of climate science and the reports of the UN Intergovernmental Panel for Climate Change (IPCC) and the US Global Change Research Program (USGCRP). These government entities have failed to test their findings against atmospheric data, the data set that most clearly reflects the impact of greenhouse gases.

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Companies to Buy Back Fewer Shares

By Thomson Reuters – Re-Blogged From Newsmax

U.S. companies’ shopping spree for their own shares helped put a floor on market declines in 2018. Don’t look for the same level of support in 2019.

Wall Street’s recent volatility has optimists betting that buybacks could provide the market with an even better buffer in 2019. But many strategists see the lift from buybacks – a major factor behind the bull market – losing some force as earnings growth slows while tax policy bonanzas fizzle out.

“Companies bought back around 2.8 percent of shares outstanding in 2018. That was a substantial support to the market and bigger than dividends,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago.

case of dollar bills to buy back stock shares

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2018 Saw A Global Revolt Against Climate Change Policies

By Michael Bastasch From The Daily Caller  Re-Blogged From WUWT

  • 2018 saw a global revolt against policies aimed at fighting global warming
  • Australia, Canada, France and the U.S. have all seen push back against global warming policies
  • That included weeks of riots in France against planned carbon tax increases

Despite increasingly apocalyptic warnings from U.N. officials, 2018 has seen a number of high-profile defeats for policies aimed at fighting global warming. Politicians and voters pushed back at attempts to raise energy prices as part of the climate crusade.

It started in June with election of Ontario Premier Doug Ford. Ontario residents overwhelmingly voted Ford’s conservative coalition into power on a platform that included axing the Canadian province’s cap-and-trade program.

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CNN Notices Climate Change Policies Hurt Poor People

By Eric Worrall – Re-Blogged From WUWT

Their prescription of course is more socialism.

Why President Macron’s U-turn is a warning for climate leaders

By Mark Lynas, Updated 0921 GMT (1721 HKT) December 31, 2018

(CNN) The humiliation of President Emanuel Macron should be a cautionary tale for any world statesman or woman considering taking on the mantle of climate leadership.

In October the French president was “auditioning to be leader of the free world” at the United Nations General Assembly in New York, with tackling global warming a centerpiece of his pitch.

Two months later an abashed and humbled Macron backtracked on French national television in the face of sustained violent protests by the “gilet jaunes” (yellow jackets) movement.

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California Is In Great Financial Shape – And Headed For An Epic Crisis

By John Rubino – Re-Blogged From Dollar Collapse

California Governor Jerry Brown inherited a $27 billion deficit from Arnold Schwarzenegger eight years ago. This month he’s leaving his successor a $13.8 billion surplus and a $14.5 billion rainy day fund balance. Pretty good right? Approximately 48 other governors would kill for those numbers.

Unfortunately it’s all a mirage. California, as home to Silicon Valley and Hollywood, lives and dies with capital gains taxes. In bull markets, when lots of stocks are rising and tech startups are going public, the state is flush. But in bear markets capital gains turn into capital losses and Sacramento’s revenues plunge. Put another way, the state’s top 1% highest-income taxpayers generate about half of personal income taxes. When their incomes fall, tax revenues crater.

That’s happening right now, as tech stocks plunge, IPOs are pulled and billion-dollar unicorns endure “down rounds” that shave major bucks from their valuations. So if this is a replay of the 2008-2009 bear market, expect California’s deficits to return to the double-digit billions.

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Weekly Climate and Energy News Roundup #338

Brought to you by http://www.SEPP.org, Science and Environmental Policy Project

By Ken Haapala, President

Quote of the Week: “You can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time.” — Attributed to Abraham Lincoln

Number of the Week: Minus 211,000 bb/d


image

The Persistent Sun: In his first blog post in ScienceBits for some time, Nir Shaviv, Chairman, Racah Institute of Physics, describes his brief presentation to Environment committee of the German Bundestag. The invitation was quite a surprise, because Shaviv is a climate “skeptic” meaning he does not believe carbon dioxide (CO2) is the primary driver of climate change – the sun is. Shaviv makes another important distinction between his work and the work of global warming promoters of CO2-caused warming such as the UN Intergovernmental Panel on Climate Change (IPCC) and its US followers, the US Global Change Research Program (USGCRP). As Shaviv states:

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Brown-to-Green Report: “G20 Nations Still Led by Fossil Fuel Industry”… Because Fossil Fuels Are Good for People

By David Middleton – Re-Blogged From WUWT

G20 nations still led by fossil fuel industry, climate report finds

Coal, oil and gas subsidies risking rise in global temperatures to 3.2C, well beyond agreed Paris goal

Jonathan Watts, Wed 14 Nov 2018

Climate action is way off course in all but one of the world’s 20 biggest economies, according to a report that shows politicians are paying more heed to the fossil fuel industry than to advice from scientists.

Among the G20 nations 15 reported a rise in emissions last year, according to the most comprehensive stock-take to date of progress towards the goals of the Paris climate agreement.

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French Government Backs Down on “Climate Change” Fuel Taxes

By Eric Worrall – Re-Blogged From WUWT

h/t Dr. Willie Soon – President Macron’s government has retreated from imposing climate change fuel taxes, caved in to pressure from the yellow jacket movement. But the protestors are already suggesting that the government backdown might not be enough.

French PM announces suspension of fuel tax hikes after ‘Yellow Vest’ protests

French Prime Minister Édouard Philippe on Tuesday announced a suspension of the controversial fuel tax increases planned for January 1 in a move aimed at bringing an end to weeks of violent “Yellow Vest” protests against the tax.

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“Weekly Climate and Energy News Roundup #338

Brought to You by www.SEPP.org, The Science and Environmental Policy Project

By Ken Haapala, President

Quote of the Week: “There is a principle which is a bar against all information, which is proof against all arguments and which cannot fail to keep a man in everlasting ignorance – that principle is contempt prior to investigation.”— Herbert Spencer [H/t William Readdy]

Number of the Week: 42 Billion barrels

Old Science v. New “Evidence Free Science”: SEPP Chairman emeritus Fred Singer is “old school.” He does not make predictions until the facts are gathered, the evidence. Perhaps it was because he began his long professional career by using high altitude rockets to gather evidence about the atmosphere including measuring the energy spectrum of primary cosmic rays; the distribution of stratospheric ozone; the equatorial electrojet current flowing in the ionosphere and publishing the first studies on subatomic particles trapped in the Earth’s magnetic field: radiation belts, later discovered by James Van Allen.

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Trump Weighs in on France Chaos

By Jack Montgomery – Re-Blogged From BlabberBuzz

U.S. President Donald Trump has weighed in on the growing chaos in Emmanuel Macron’s France, calling it “very sad” and suggesting it is time the scrap the Paris climate agreement and “return money back to the people in the form of lower taxes”.

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Revolt Over High Fuel Prices Threatens to Paralyse France

Anti-riot policemen evacuate gilets jaunes protesters during a protest against the raising of fuel and oil prices. Photograph: Philippe Huguen/AFP/Getty Images

Anti-riot policemen evacuate gilets jaunes protesters during a protest against the raising of fuel and oil prices. Photograph: Philippe Huguen/AFP/Getty Images

Yet Another Trillion-Dollar Unfunded Liability, California Wildfires Edition

By John Rubino – Re-Blogged From Dollar Collapse

Yesterday an entire California town burned down. Paridise, CA has (had) 27,000 residents and over 1,000 buildings, and now it’s pretty .

That fire and several others are still expanding across the state, threatening tens of thousands of homes. The sets of the TV show WestWorld are gone. Malibu has been evacuated. And dry, windy conditions persist, so the story is nowhere near over.

If this sounds familiar, it’s because massive, sometimes uncontrollable California wildfires are now an annual occurrence, due in part to gradual warming and persistent drought which combine to suck the moisture out of vegetation and turn the landscape into a tinderbox. Here’s a chart showing the recent take-off in the number of fires reported in the state (2013 was most recent year I could find, but the trend is clear – and since then the number of fires has apparently soared).

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Does Gold Speak Italian?

By Arkadiusz Sieron – Re-Blogged From Gold Eagle

Is Italy the new Greece? Read today’s article and find out what does the newest Italian turmoil imply for the gold market.

The recent days have been quite tumultuous in Italy. The turmoil started last week when the new government submitted its spending plans to the EU. The ruling coalition set Italy’s budget deficit at 2.4 percent of its GDP. The number is much higher than the current deficit which is set to be 1.5 percent of the GDP. The proposed difference between spending and revenue is also higher than 1.6 percent proposed by the country’s finance minister Giovanni Tria. So the number was above the expectations. Actually, it came as a shock, especially that the International Monetary Fund has projected it to fall to 0.9 per cent in 2019. Well, nobody expected the Italian inquisition.

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Universal Basic Income For Everyone!

By Gary Christenson – Re-Blogged From Silver Phoenix

Several countries and cities studied and tested a universal basic income (UBI). At first glance it looks like giveaway nonsense:

  1. Who pays for the giveaways?
  2. Does the UBI discourage work and self-improvement?
  3. How much price inflation does it create?
  4. How much additional unpayable debt will be created by the UBI?
  5. The UBI should be how large? If $1,000 per month per person is good, is $10,000 per month better? Which bureaucrat defines the size of the benefit?
  6. Does it apply to everyone? Adults only? Means tested? Only those who voted and paid taxes? Only those in good standing with the “thought police?”

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Federal Deficits Are Worse Than You Think

By Mark Brandly – Re-Blogged From Silver Phoenix

Pensions – A Stealth Mortgage On Your House

By John Rubino – Re-Blogged From http://www.Silver-Phoenix500.com

Money manager Rob Arnott and finance professor Lisa Meulbroek have run the numbers on underfunded pension plans and come up with an interesting – and highly concerning – new angle: That they impose a “stealth mortgage” on homeowners. Here’s how the Wall Street Journal reported it today:

The Stealth Pension Mortgage on Your House

Most cities, counties and states have committed taxpayers to significant future unfunded spending. This mostly takes the form of pension and postretirement health-care obligations for public employees, a burden that averages $75,000 per household but exceeds $100,000 per household in some states. Many states protect public pensions in their constitutions, meaning they cannot be renegotiated. Future pension obligations simply must be paid, either through higher taxes or cuts to public services.

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