Majorityrights News > Category: Economics & Finance

The reason being that California is an absolutely unique agricultural resource in addition to being a font of natural gas and other crucial strategic resources.

And as such, its coast line, farmland and spectacular wilderness should not only be ours to pass on to our posterity for its living space and natural beauty, but because we need it strategically and have shown ability and propensity to manage its resource ecologically - when we are not hamstrung by the YKW and their anti-White coalitions.

This is not to say that we should not concede to share the state to some extent with Indios, Mestizos and Asians, but only on the grounds that they agree to terms of ecological management that include human populations, including ours - on the basis of County-wide jurisdictions for Whites, and others for non-Whites and mixed populations, with an agreement to maintain those sovereign County-wide jurisdictions.

Indeed, the Mexicans have already gained a large war of position in the south of the state - and they are to be congratulated for clearing the blacks out of their neighborhoods (need to clear out Kamala Harris too. Lets hear it for Tulsi Gabbard instead, at least se doesn’t hate Whites) such that many Whites are now fleeing the alien surrounds for other states.

Nevertheless, before naiively abandoning California’s crucial resource, Whites should listen to the woman going by the tag of ‘Influence’ (avatar cartoon blond woman about 4 hours and 5 minutes into the hangout which I entitled, ‘Coordinating Ethnonationalism’, and consider why we need to maintain sovereign County-wide strongholds and a powerful role in the state-wide governance.

Of crucial note, when Gariepy refers to ‘The Left’, he is referring to the internationally (((organized))) anti-White Left. He is not referring to the White Ethnonationalist Left, which is non-supremacist / imperialist and thus, innocent and deserving coalition membership in the negotiative management of sovereign Counties.

Is the Run on the Dollar Due to Panic or Greed?

4 Nov 2019, by Ellen Brown at TruthDig.org

https://www.truthdig.com/articles/is-the-run-on-the-dollar-due-to-panic-or-greed/

What’s going on in the repo market? Rates on repurchase (“repo”)  agreements should be about 2%, in line with the Federal Reserve funds rate. But they shot up to over 5% on Sept. 16 and got as high as 10% on Sept. 17. Yet banks were refusing to lend to each other, evidently passing up big profits to hold onto their cash—just as they did in the housing market crash and Great Recession of 2008-09.

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Chairman of the Federal Reserve Jerome Powell. (Patrick Semansky / AP)

The Disaster of Negative Interest Rates

By Ellen Brown for TruthDig.org, 25 Sept 2019:

The dollar strengthened against the euro in August, merely in anticipation of the European Central Bank slashing its key interest rate further into negative territory. Investors were fleeing into the dollar, prompting President Trump to tweet on Aug. 30:

Donald J. Trump @realDonaldTrump

The Euro is dropping against the Dollar “like crazy,” giving them a big export and manufacturing advantage…and the Fed does NOTHING! Our Dollar is now the strongest in history. Sounds good, doesn’t it? Except to those (manufacturers) that make product for sale outside the U.S.

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When the ECB cut its key rate as anticipated, from a negative 0.4% to a negative 0.5%, the president tweeted on Sept. 11:

Donald J. Trump @realDonaldTrump

The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet…..

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And on Sept. 12 he tweeted:

Donald J. Trump @realDonaldTrump

European Central Bank, acting quickly, Cuts Rates 10 Basis Points. They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports…. And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!

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However, negative interest rates have not been shown to stimulate the economies that have tried them, and they would wreak havoc on the U.S. economy, for reasons unique to the U.S. dollar. The ECB has not gone to negative interest rates to gain an export advantage. It is to keep the European Union from falling apart, something that could happen if the United Kingdom does indeed pull out and Italy follows suit, as it has threatened to do. If what Trump wants is cheap borrowing rates for the U.S. federal government, there is a safer and easier way to get them.

The Real Reason the ECB Has Gone to Negative Interest Rates

Why the ECB has gone negative was nailed by Wolf Richter in a Sept. 18 article on WolfStreet.com. After noting that negative interest rates have not proved to be beneficial for any economy in which they are currently in operation and have had seriously destructive side effects for the people and the banks, he said:

“However, negative interest rates as follow-up and addition to massive QE were effective in keeping the Eurozone glued together because they allowed countries to stay afloat that cannot, but would need to, print their own money to stay afloat. They did so by making funding plentiful and nearly free, or free, or more than free.

This includes Italian government debt, which has a negative yield through three-year maturities. … The ECB’s latest rate cut, minuscule and controversial as it was, was designed to help out Italy further so it wouldn’t have to abandon the euro and break out of the Eurozone.

The U.S. doesn’t need negative interest rates to stay glued together. It can print its own money.”

EU member governments have lost the sovereign power to issue their own money or borrow money issued by their own central banks. The EU experiment was a failed monetarist attempt to maintain a fixed money supply, as if the euro were a commodity in limited supply like gold. The central banks of member countries do not have the power to bail out their governments or failing local banks as the Fed did for US banks with massive quantitative easing after the 2008 financial crisis. Before the Eurozone debt crisis of 2011-12, even the European Central Bank was forbidden to buy sovereign debt.

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Image: Eli Christman / CC BY 2.0

Central Bankers’ Desperate Grab for Power

By Ellen Brown for TruthDig.Org, 17 Sept 2019:

Central bankers are out of ammunition. Mark Carney, the soon-to-be-retiring head of the Bank of England, admitted as much in a speech at the annual meeting of central bankers in Jackson Hole, Wyo., in August. “In the longer-term,” he said, “we need to change the game.” The same point was made by Philipp Hildebrand, former head of the Swiss National Bank, in a recent interview with Bloomberg. “Really, there is little if any ammunition left,” he said. “More of the same in terms of monetary policy is unlikely to be an appropriate response if we get into a recession or sharp downturn.”

“More of the same” means further lowering interest rates, the central bankers’ stock tool for maintaining their targeted inflation rate in a downturn. Bargain-basement interest rates are supposed to stimulate the economy by encouraging borrowers to borrow (since rates are so low) and savers to spend (since they aren’t making any interest on their deposits and may have to pay to store them). At the moment, over $15 trillion in bonds are trading globally at negative interest rates, yet this radical maneuver has not been shown to measurably improve economic performance. In fact, new research shows that negative interest rates from central banks, rather than increasing spending, stopping deflation and stimulating the economy as they were expected to do, may be having the opposite effects. They are being blamed for squeezing banks, punishing savers, keeping dying companies on life support and fueling a potentially unsustainable surge in asset prices.

So what is a central banker to do? Hildebrand’s proposed solution was presented in a paper he wrote with three of his colleagues at BlackRock, the world’s largest asset manager, where he is now vice chairman. Released in August to coincide with the annual Jackson Hole meeting, the paper was co-authored by Stanley Fischer, former governor of the Bank of Israel and former vice chairman of the U.S. Federal Reserve; Jean Boivin, former deputy governor of the Bank of Canada; and BlackRock economist Elga Bartsch. Their proposal calls for “more explicit coordination between central banks and governments when economies are in a recession so that monetary and fiscal policy can better work in synergy.” The goal, according to Hildebrand, is to go “direct with money to consumers and companies in order to enliven consumption,” putting spending money directly into consumers’ pockets.

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The attacks were claimed by Yemen’s Houthi group, a rebel group aligned with Iran and currently fighting a war against the Saudi-led coalition which has seen a spate of similar attacks.

Iran warns U.S. after drone attacks on Saudi refineries

By Euronews & Reuters • last updated: 15/09/2019 - 17:31

Smoke is seen following a fire at an Aramco factory in Abqaiq, Saudi Arabia, September 14, 2019 in this picture obtained from social media.

Iran has warned the U.S. that its bases and aircraft carriers are within range of its missiles after Tehran was blamed for drone attacks on two oil refineries in Saudi Arabia.

The attacks on Saturday—which knocked out half of Saudi Arabia’s oil output and caused massive fires—were claimed by Yemen’s Houthis, a rebel group aligned with Iran and currently fighting a war against the Saudi-led coalition which has seen a spate of similar attacks.

But U.S. Secretary of State Mike Pompeo blamed Tehran late on Saturday, arguing that there was “no evidence” that the attacks came from Yemen.

Secretary Pompeo@SecPompeo

Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy. Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world’s energy supply.  There is no evidence the attacks came from Yemen.

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A commander in Iran’s revolutionary guard hit back on Sunday, warning that U.S. bases within 2,000 kilometres of the country were “within range of our missiles”. He was also quoted as saying that Iran “has already been ready for a fully-fledged war.”

Later, Iranian foreign ministry spokesman Abbas Mousavi, speaking on state TV, dismissed the U.S. claim as “pointless”.

The attacks, which took place early on Saturday, caused huge fires that were later extinguished by the Saudi authorities, a Saudi interior ministry spokesman said. The attacks also cut about 50% of the company’s crude oil output, the energy minister said in a statement, according to Reuters.

UK foreign secretary Dominic Raab weighed in after speaking with his US counterpart.

He called the attack a “reckless attempt to damage regional security and disrupt global oil supplies.”

“The UK condemns such behaviour unreservedly,” he added.

Dominic Raab@DominicRaab

Just spoke to @SecPompeo about this egregious attack on the security of Saudi Arabia. This was a reckless attempt to damage regional security and disrupt global oil supplies. The UK condemns such behaviour unreservedly.

4:11 PM - Sep 15, 2019
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Yemeni TV channel al-Masirah said the Houthis had deployed 10 drones against the sites in Abqaiq and Khurais, and the group pledged to widen the range of its attacks on Saudi Arabia.

Abqaiq, 60 km (37 miles) southwest of Dhahran in Saudi Arabia’s Eastern Province contains the world’s largest oil processing plant and Khurais, 190 km further southwest, contains the country’s second-largest oilfield.

MuradمرادAbdo@MuradAbdo22
BREAKING: #Yemen’s #Houthis Spokesman appeared in a televised statement and claimed responsibility for drone attacks against #Saudi’s #Aramco oil facilities - #SaudiArabia #US @UN

10:39 AM - Sep 14, 2019

Tensions high

Tensions are running high in the region after attacks in June and July on oil tankers in Gulf waters that Riyadh and Washington blamed on Iran. Tehran denies the accusations.

Iran-aligned Houthi fighters have also launched attacks over the border, hitting Shaybah oilfield with drones last month and two oil pumping stations in May. Both attacks caused fires but did not disrupt production.

Security forces foiled an al Qaeda attack on Abqaiq in 2006.

US Senator Chris Murphy, a Democrat on the Senate Foreign Relations Committee, called Pompeo’s tweet an “irresponsible simplification”.

“The Saudis and Houthis are at war. The Saudis attack the Houthis and the Houthis attack back. Iran is backing the Houthis and has been a bad actor, but it’s just not as simple as Houthis=Iran,” Murphy tweeted.

Aramco is preparing to float shares as early as this year as part of efforts to diversify the economy of the world’s top oil exporter away from crude. It has hired nine banks as joint global coordinators to lead the IPO and has been meeting bankers this week in Dubai as it speeds up the listing plans.