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The Real Climate Debate

The Real Climate Debate Via Cliff Mass Weather and Climate Blog, The real climate debate is not between “believers” and “deniers”. And not between Republicans and Democrats. The real debate is certainly not over whether global warming, spurred by increasing greenhouse gases, is a serious problem that must be addressed.  Both sides of the real climate debate agree on that. The real rebate is between two groups: 1.   A confident, non-political group that believes technology, informed investments, rational decision making, and the use of the best scientific information will lead to a solution of the global warming issue.  An optimistic group that sees global warming as a technical problem with technical solutions.  I will refer to these folks as the ACT group (Apolitical/Confident/Technical) 2.  A group, mainly on the political left, that is highly partisan, anxious and often despairing, self-righteous, big on blame and social justice, and willing to attack those that disagree with them.  They often distort the truth when it serves their interests.  They also see social change as necessary for dealing with global warming, requiring the very reorganization of society.  I call these folks the ASP group (Anxious, Social-Justice, Partisan). There is no better way to see the profound difference between these two groups than to watch a video of the testimony of young activists at the recent House Hearing on Climate Change, which included Greta Thunberg, Jamie Margolin, Vic Barrett, and Benji Backer. Jamie...

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Americans Need To Earn $500,000 A Year To Qualify For The ‘1%’

Americans Need To Earn $500,000 A Year To Qualify For The ‘1%’ If you’re an American, and you want that precious membership card to the ‘1%’ (in terms of annual income, that is, not overall wealth, but we’ll get more into that later) you’re going to need to work a little bit harder, and earn a little bit more. According to Bloomberg’s wealth team, the income needed to enter the top 1% of taxpayers was $515,371 in 2017, according to IRS data released this week. That’s up 7.2% from a year earlier. Remember, ‘the 1%’ became our modern capitalist boogeyman back in 2011 during the ‘Occupy Wall Street’ movement, when thousands of college students joined forces with criminals and the chronically unemployed to camp out in Lower Manhattan’s Zucotti Park. The park remained the epicenter of the movement for weeks, until Mike Bloomberg finally ordered police to clear the encampment. Thousands of solidarity rallies were held around the country, and even a few other ‘occupations’ emerged, as dedicated members of the movement gathered in other public grounds in a show of solidarity with their comrades in Zucotti Park (Remember all that news footage of bedraggled-looking young people in beanies carrying signs and shouting slogans like “We are the 99%”?). The phrase ‘the 1%’ remained embedded in our popular culture long after Occupy fizzled out. Bernie Sanders embraced the term...

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Democrats Have No Answer For Trump’s Anti-War Posture

Democrats Have No Answer For Trump’s Anti-War Posture Authored by Danny Sjursen via TruthDig.com, I hate to say I told you so, but well… as predicted, in the wake of Trump’s commanded military withdrawal from northeast Syria, the once U.S.-backed Kurds cut a deal with the Assad regime. (And Vice President Mike Pence has now brokered a five-day cease-fire.) Admittedly, Trump the “dealmaker” ought to have brokered something similar before pulling out and before the Turkish Army—and its Sunni Arab Islamist proxies—invaded the region and inflicted significant civilian casualties. One must admit that a single phone call between Trump and President Erdogan of Turkey has turned the situation in Syria upside down in just over a week. The Kurds have requested protection from Assad’s army, Russian troops are now patrolling between the Kurds and invading Turks, and the U.S. is (for once) watching from the sidelines. The execution has been sloppy, of course—a Trumpian trademark—and the human cost potentially heavy. Nonetheless, the U.S. withdrawal represents a significant instance of the president actually following through on campaign promises to end an endless American war in the Mideast. The situation isn’t simple, of course, and for the Kurds it is yet another fatalistic event in that people’s tragic history. Still, while the situation in Northeast Syria constitutes a byzantine mess, it’s increasingly unclear that a continued U.S. military role there would be productive or strategic in the long term. After all, if...

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Goldman: The Fed Was The Main Driver Of Markets In 2019

Goldman: The Fed Was The Main Driver Of Markets In 2019 Having been repeatedly branded “conspiracy theorists” over the past decade for daring to suggest what was painfully obvious to anyone, we have found it delightfully enjoyable watching as one “expert” after another caved, admitting that when one strips away all the “made for TV” bullet points, all the profound analysis about fundamentals, all the fancy squiggles that pass for technical analysis, and virtually any other theory meant to ‘explain’ why stocks do this or that, the market’s performance has been nothing more than a function of central banks intervention and, increasingly more often, manipulation. And it’s not just the past decade that has been a direct function of the Fed’s intervention in markets – the Fed’s all too visible hand has been obvious across the past 50 years! As Bank of America showed one week ago, when paraphrasing a certain politician saying “It’s the Fed, stupid” and highlighting the 1968-76 period of Vietnam, end of Bretton Woods, credit events, oil shock, Nixon impeachment – just like now, so then the Dow Jones slavishly followed path of Fed policy, as easing caused rallies, and tightening caused corrections. What about a closert timeframe? Well, as Goldman’s Christian Mueller-Glissmann confirmed last week, “Monetary policy” was the main driver of risk appetite YTD, “first with the Fed dovish pivot at the beginning...

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The Speculative Case For $1000 ETH (If Ethereum Is Valued As A Fiat Payment & FinTech Platform)

The Speculative Case For $1000 ETH (If Ethereum Is Valued As A Fiat Payment & FinTech Platform) Authored by Omid Malekan via Medium.com, I’ve already written about how investors in the red hot payments sector are underestimating the disruptive threat of stablecoins and thus overvaluing the existing business models of proprietary networks. Today I’m going to argue crypto investors are making a similar mistake, and thus undervaluing ETH. Ethereum is increasingly becoming a fiat payment platform thanks to the plethora of stablecoins that reside on top of it. Tether’s $4B in coins have mostly migrated over from the Omni protocol. All of the next few biggest stablecoins are of the ERC-20 variety, including the new Binance once. Then there’s Dai, the first ever decentralized and uncensorable digital dollar. It’s early days, but stablecoins may have already surpassed Venmo in quarterly volume of dollars moved. It’s only a matter of time until “fiat on the blockchain” becomes a dominant force in payments. Yes, these products are new and clunky, and the networks they ride on are slow and have scaling problems. But so was every other payment method in its infancy. What matters is the long term potential, and there stablecoins have a lot more to offer, because an open network always beats out a restricted pipe. The first differentiator is the variety of options. A user on Ethereum who wants to make a...

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Central Banks Are Out Of Ammo – UN Head Demands Immediate Fiscal Stimulus To Save World From Crisis

Central Banks Are Out Of Ammo – UN Head Demands Immediate Fiscal Stimulus To Save World From Crisis More and more global leaders sound the alarm that the world economy is headed for a difficult period in 2020.  Unlike several years ago, leaders across the world are now calling for immediate deployment of fiscal stimulus, but not monetary stimulus, a sign that central banks are out of ammunition to combat the next economic crisis.  UN Secretary-General António Guterres warned that the global economic outlook is facing severe headwinds, and the international community must quickly act to “do everything possible” to prevent the world from “fracturing,” mostly due to the US and China trade war. Guterres spoke on Saturday at the World Bank Group and IMF Annual Meetings in Washington, DC.  He said that “during tense and testing times,” he “fears the possibility of a Great Fracture – with the two largest economies splitting the globe in two – each with its own dominant currency, trade and financial rules, its own internet and artificial intelligence capacities and its own zero-sum geopolitical and military strategies.”  He told international bankers that “it is not too late to avoid” this fracturing of the world, but “we must do everything possible to avert this…and maintain a universal economy with universal respect for international law; a multipolar world with strong multilateral institutions, such as the World Bank...

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Civil Unrest Is Erupting All Over The World, But Just Wait Until America Joins The Party…

Civil Unrest Is Erupting All Over The World, But Just Wait Until America Joins The Party… Authored by Michael Snyder via The End of The American Dream blog, All over the globe, the mood is turning sour.  Anger and frustration are bubbling over, and protests are becoming violent in major cities all across the planet.  In some cases economic pain is driving the protests and in other cases political matters are motivating the protesters, and it has been a very long time since we have seen so many angry protests happening all over the world simultaneously.  Unfortunately, many believe that what we have seen so far is just the beginning.  Global economic conditions are rapidly deteriorating, and as economic pain intensifies that is only going to make everyone more frustrated.  And here in the United States, the drama surrounding the potential impeachment of Donald Trump is going to greatly escalate the political tensions that are already deeply dividing this country.  No matter how things turn out, a large percentage of the population is likely to be deeply frustrated with the result, and that could very easily lead to tremendous civil unrest. But before we get to Trump, let’s take a look at what has been going on around the rest of the world first.  In Chile, we are witnessing violent protests unlike anything that we have seen in decades… Three...

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Trump Allies Said To Plan Mick Mulvaney Replacement

Trump Allies Said To Plan Mick Mulvaney Replacement After Thursday’s slow-motion disaster of a press conference by Trump’s acting chief of staff, Mick Mulvaney, in which he said that the White House had withheld nearly $400 million in funds to Ukraine, some of Donald Trump’s “closest associates” are said to be assembling a list of possible replacements if the president decides to replace Mulvaney, Bloomberg reported citing three sources. Potential replacement candidates include Attorney General Matthew Whitaker, former New Jersey Governor Chris Christie, and veteran political operative Wayne Berman, now a senior managing director for government relations at Blackstone. While Trump has yet to disclose whether he found Mulvaney’s comments last week – which boosted the case for impeachment as they confirmed the scenario proposed by Democrats – unacceptable, some White House aides have voiced their displeasure with Mulvaney’s performance at Thursday’s presser, in which Mulvaney said “I have news for everybody: Get over it. There’s going to be political influence in foreign policy.” The press conference was to announce that Trump’s Doral golf resort had been chosen to host the 2020 Group of Seven summit of world leaders, a decision the president reversed in a tweet late Saturday night following a torrent of criticism. If the Doral decision hadn’t been made when it was, “we wouldn’t have had the press conference on Thursday regarding — regarding everything else,”...

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The Verdict Is In: “Negative Rates Are A Huge Negative For Savers, Low-Income People, And Investors”

The Verdict Is In: “Negative Rates Are A Huge Negative For Savers, Low-Income People, And Investors” With the IMF’s annual meeting now concluded, few topics discussed during the past week which saw the IMF downgrade its outlook for the global economy to the lowest GDP since the global financial crisis… … evinced as powerful a response as negative interest rates, and for good reason: long seen as the last “red line” of central banks before they are forced to admit defeat, some $15 trillion in debt now trades with a negative yield, making a farce of conventional finance which operates on the simple premise of “time value of money”, which has been flipped on its head, as negative rates mean that the value of money is now negative. Meanwhile, with the ECB recently cutting rates further into negative territory, and the BOJ likewise set for even more negative rates, a rare public debate among establishment economists has erupted as a growing number of policymakers question the value of its deep foray into unconventional monetary policy. Just one month ago, Dutch Central Bank chief, a frequent critic of the bank’s ultra-easy monetary policy, unloaded on ECB outgoing president Mario Draghi: “This broad package of measures, in particular restarting the asset purchase program, is disproportionate to the present economic conditions, and there are sound reasons to doubt its effectiveness. There are increasing...

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“Toe The Line Or Be Destroyed”: Tulsi Gabbard Dismantles Establishment ‘Hit-Job’ In Viral Video

“Toe The Line Or Be Destroyed”: Tulsi Gabbard Dismantles Establishment ‘Hit-Job’ In Viral Video Tulsi Gabbard unleashed her latest counterattack to the establishment hit-job against her, after Hillary Clinton suggested she’s an Russian asset.  “If you stand up to the rich and powerful elite and the war machine, they will destroy you and discredit your message…,” says Gabbard, who said she’s suffered smears “from day one of this campaign.“ In a Sunday tweet accompanied by a video which has nearly 450,000 views on Twitter (and 18,000 on YouTube) as of this writing, Gabbard writes “Hillary & her gang of rich, powerful elite are going after me to send a msg to YOU: “Shut up, toe the line, or be destroyed.” But we, the people, will NOT be silenced.” Watch:  Hillary & her gang of rich, powerful elite are going after me to send a msg to YOU: “Shut up, toe the line, or be destroyed.” But we, the people, will NOT be silenced. Join me in taking our Democratic Party back & leading a govt of, by & for the people! https://t.co/TOcAOPrxye pic.twitter.com/TahfE2XOek — Tulsi Gabbard (@TulsiGabbard) October 20, 2019 Last week, Clinton told Democratic operative and podcast host David Plouffe that “Russians” were “grooming” a female Democratic candidate – clearly referring to Gabbard.  “I’m not making any predictions but I think they’ve got their eye on somebody who is currently in...

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