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‘Donald Trump has been indicted 91 times! He’s liable for sexual assault! His entire business was found to be fraudulent! And law enforcement had the fucking gall to stand on stage with him?!’ whines liberal.

An epic video going viral on social media shows an unhinged liberal losing his mind after police in Grand Rapids, Michigan, joined former President Donald Trump at a recent rally.

In the video, the angry man descends into a full-blown meltdown over police accompanying the former president, illustrating the depths of extreme Trump Derangement Syndrome.

Members of the Grand Rapids PD joined Trump at a campaign event called “Biden’s Border Bloodbath” on Tuesday, with the president of the Police Officers Association of Michigan, James Tignanelli, offering Trump the group’s full endorsement.

Embed from Getty Images

Be prepared for deranged liberals to post more of these triggered reactions, as Trump continues to dominate Joe Biden heading into the 2024 election.

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Government edicts force ranchers and farmers to liquidate their livestock to prevent bird flu epidemic.

Owen Shroyer breaks down reports of livestock contracting bird flu, forcing farmers and ranchers to kill their animals under government directive. Is this a natural phenomenon or man-made crisis?

Evidence Of Manufactured Food Supply Crisis Mounts As More Cows And Chickens Killed pic.twitter.com/JMU4NpXrT8

— Alex Jones (@RealAlexJones) April 3, 2024

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With its price at record highs and foreign central banks clamoring for the yellow metal, gold is strengthening as a hedge against terrible monetary policy.

This week Peter returned from vacation, and he was just in time for a surge in the price of gold. He discusses the factors contributing to gold’s record prices, the similarities between today and the 1970s, and data pointing to future inflation in America.

Peter starts this episode by noting how gold’s recent rise hasn’t received much coverage from the mainstream financial press:

“$30 on a Sunday night— that’s very rare to see that kind of move. But what’s even more rare is that there was no news. It’s not like something happened. Nobody dropped the bomb anywhere, right? It just went up. And that was on top of the near $40 rise that gold had on Friday before the holiday weekend. … Very rare to have that kind of move. But also very rare was the complete lack of attention that the gold rally has been getting.”

The media’s silence on gold serves larger financial interests in America that benefit from a weak economy and dollar:

“Another reason that CNBC and other financial analysts don’t want to talk about gold is because of the message that gold is sending. … Gold is not just some commodity. It is a commodity, but it’s a special commodity. … Gold is special because of the monetary properties and the monetary role that gold plays. If anything can be said to be the canary in the coal mine, it’s gold. … What is gold telling people, if they’re smart enough to listen? What gold is screaming is that what the Fed is contemplating is a mistake, that cutting interest rates whenever these cuts begin is the wrong policy.”

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Even widely respected Fed Chairman Alan Greenspan has acknowledged the signaling power of gold’s price, but Jerome Powell and the current Fed are ignoring the signs of a weak economy:

“The Fed says they’re data dependent. Well, why are they ignoring all of this data that says everything they’re saying about inflation is BS? Powell keeps saying, ‘yes, we’re confident we think inflation is going to go back down to 2%.’ Why? Why should it do that? What gives him this confidence? Just because he’s raised interest rates up to 5.25%? Big deal! That’s not a high rate of interest, especially when you have a big inflation problem.”

Any student of history can recognize the political parallels between the inflation of the 1970s and now:

“We had the Vietnam War, which was expensive. We had the war on poverty, which was also expensive. Interestingly, we’ve lost both of those wars. … Poverty won, but we spent a lot of money on both of those wars. Then we also had the space race. … So the government was running these big deficits. … Where did the government get all the money to pay for all this stuff? Well, it borrowed it, right? They ran deficits, and they printed a lot of money. And so naturally, the consequence was inflation, rising prices.”

Peter sees a weakening dollar as the main recent driver behind gold’s price. If the dollar depreciates against other foreign currencies, gold could take off:

“I still believe that soon we’re going to see the dollar crack against other fiat currencies. And when that happens, you’re going to see a much more spectacular rise in the price of gold. If you think about what’s already happened, we’ve seen this big jump in gold prices without a weak dollar relative to other fiat currencies. Imagine how much stronger gold would be if the dollar were also falling in relation to the euro or the Australian dollar, Canadian dollar, emerging market currencies, the yen.”

Apparently foreign central banks can see what Powell can’t, and they’re stockpiling gold because of it:

“Foreign central banks realize that we don’t care [about inflation]. They’re holding all these dollars, and they see that we’re about to create more of them. We’re going to cut rates in the face of mounting evidence that they’re ignoring that inflation is going to be moving in the opposite direction. They claim that they want it down at 2%. All the evidence shows that it’s headed higher and their response is ‘we’re going to cut rates.’ And so foreign central banks want to get out.“

With its price at record highs and foreign central banks clamoring for the yellow metal, gold is strengthening as a hedge against terrible monetary policy. If Peter is right about future price action, now is the perfect time for investors to add to their precious metal holdings.

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Learn Why The Globalists Are Killing Their Own Monetary System

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Easy Money = Dumb Money

If you asked him, Edward Chancellor wouldn’t say he’s particularly Austrian.

Yet The Price of Time: The Real Story of Interest, the dense book he most timely published during the height of the inflation summer of 2022, is as obsessed with centrally planned interest rates as your average Misesian. Like many before him, and many in the Austrian camp, Chancellor identifies the many ills that trouble the world and locates their cause in a dysfunctional interest-rate regime.

In Chancellor’s own words, “The most important question addressed in this book is whether a capitalist economy can function properly without market-determined interest.” Most readers of these pages will automatically respond, no—free-market capitalism rests on an uninhibited market for capital and debt, and thus interest rates act as a rationing mechanism and guiding principle. The rest is just implementation, as Michael Malice might say.

A skilled journalist and trained historian, Chancellor’s writing is calm and balanced, nuanced and well thought through. It’s littered with citations and quotes from economists and commentators both past and present.

That’s also part of why making it through the three-hundred-plus carefully written pages of The Price of Time is such a hardship. It’s fascinating and engaging but dense and ultimately a bit confusing. The author gives no clues for where we’re going, over and above the early hint that low interest rates have all sorts of bad downstream effects on an economy and its financials. The signposts are missing. Another piece of annoyance is the frequent antimarket talking points he returns to—monopoly power, corporations centralizing through acquisition and control, debt-issuing and share buybacks to boost financial returns, inequality, and wealth concentration.

The saving grace is they all fit into a low-rates story. Much like James Grant, of Grant’s Interest Rate Observer, remarks, “A little-known fact about unicorns . . . is that they feed on interest rates. They like low, little rates—the tinier, the better.” The same goes for the conglomerate empire-building, leveraged buyouts, takeovers paid for with shares, or even the explosion of ultra-high-net-worth individuals. It wasn’t a flaw in the capitalist system that generated these perverse outcomes, but the Fed-manipulated, centrally planned rates and its money printing.

He traces the long history of interest back to Mesopotamia, but it’s in his treatment of the last few centuries that the book really shines. He identifies John Locke as “the first writer to consider at length the potential damage produced by taking interest rates below their natural level.” He continues,

In the wake of the global financial crisis of 2008, central bankers slashed interest rates, hoping to revive economies by easing the burden of debt and boosting asset values. Their aims were remarkably similar to those espoused by the seventeenth-century advocates of easy money.

Locke had already spelled out the consequences for them: “Paper wealth has multiplied while genuine wealth has stagnated.” At the bottom of all bubbles, continues Chancellor, lies “a disconnect between finance and the real world.” Low interest rates turn otherwise careful and diligent investors into financial engineers and imbue venture capitalists with a “spray-and-pray” mentality, like macro analyst Andreas Steno says in a piece I keep coming back to over and over, “Three Reasons Why Everyone, Zuckerberg, Me, and Their Dogs Turn into Idiots When Rates Are 0 Percent.”

“Easy money,” concludes Chancellor, “was dumb money.” Cue WeWork and fake meat companies, GameStop and zombie companies, the mania around environmental, social, and governance, and the FTX collapse.

He quotes Murray Rothbard and Ludwig von Mises with as much ease and approval as he does Jeremy Bentham or Daniel Defoe, and he digs up some remarkably Austrian commentary from the past. A nineteenth-century British banker, after one of England’s infamous midcentury panics, remarks, “As a rule, panics do not destroy capital; they merely reveal the extent to which it has previously been destroyed by its betrayal into hopelessly unproductive works.”

“The book inclines quite strongly toward the Austrian interpretations,” Chancellor confessed in an interview with Jeff Deist last year. Maybe that’s why so many establishment outlets didn’t touch it. Sane economic reasoning is apparently right-wing extremism. (And The New York Timesbestseller list is editorial content anyway, so go figure.)

Case in point: Jamie Martin’s piece for the London Review of Books—which more favorably could have been titled “Don’t Slash My Precious Government Spending!”—completely missed the point of Chancellor’s well-assembled armada, instead rallying against austerity: “As a consequence, [countries cutting government spending] face the prospect of years of lost growth, deteriorating public services and infrastructure, and political instability. . . . There are no zombie countries whose destruction will make us better off.” Ugh.

Toward the end of The Price of Time, Chancellor finds an eerie echo of our times in Lewis Carroll’s last novel Sylvie and Bruno, published in 1889. In it, emperor-mandated money printing generates wealth, two eggs cost less than one, and a loan is repaid before it is even issued. The absurdity is amusing—until central bankers a century later thought to make it a reality. “Carroll would have understood that when the price of time is set at nothing or turns negative, and central banks print money without limit, finance becomes absurd.” Accordingly, capitalism without bankruptcy is like Christianity without hell.

The best way to destroy capitalism truly is to mess with its most important set of prices: the price for “hired money,” incorporating as it does the spread between present and future goods, and the time value of money between the various stages of production.

In the concluding chapter, Chancellor picks up the pace, throws caution to the wind, and turns downright radical:

Each time the monetary authorities stepped forward to deal with some real and pressing problem—whether the collapsing banking system, the unravelling of international credit and rising unemployment in 2008, or Europe’s sovereign debt crisis a couple of years later—there followed secondary consequences that were never properly considered or resolved.

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Learn Why The Globalists Are Killing Their Own Monetary System

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While a few pundits are claiming that the surge in empty commercial real estate is actually a chance for a utopian turnaround in the ashes of Covid weirdness, the potential for an “Urban Doop Loop” triggered by CRE is now being widely acknowledged as a possible trigger for a broader economic meltdown.

Even the mainstream is starting to acknowledge the massive problem of vacant office buildings littering American cities, slowly turning them into post-Covid wastelands.

While a few pundits are claiming (in somewhat Orwellian fashion) that the surge in empty commercial real estate is actually a chance for a utopian turnaround in the ashes of Covid weirdness, the potential for an “Urban Doop Loop” triggered by CRE is now being widely acknowledged as a possible trigger for a broader economic meltdown.

Learn more:

Economist Warns Rollout Of The Mark Of The Beast Being Prepared By Central Bank

With a pre-existing problem amplified drastically by COVID-19 and then set in stone, the rising office vacancy rate has no real solution. The problem is slowly and steadily getting worse, becoming a “new normal” that simply can’t go on forever without further economic repercussions. And this time is distinct from other major downturns in that during previous shocks, like 9/11 and the 2008 financial crisis, everyone more or less agreed that eventually, things would pick back up again. This time, it’s permanent.

Take just a few examples:

New York — There’s a new record for office vacancies in Manhattan, which have risen above 17%, and show no signs of slowing down. Vacancies have grown 70% in Manhattan since Covid (growing 20% nationally in the same period), with the Financial District hardest hit.

Pittsburgh — Currently sitting above 20% vacant, or 27% if you factor in subleases, it’s estimated thatnearly half of the city’s commercial real estate could be empty within four years. If not reversed, a local crisis (at the very least) seems all but assured.

Portland — With the highest office vacancy rate in the nation — a mind-melting 30% or more — Portland officials are offering desperate pleas in the form of tax credits and other incentives to fill its deserted commercial buildings.

Los Angeles — Demand is so low for commercial real estate that, in one case, developers abandoned plans to build a shiny new 61-story office tower in place of an empty commercial building. Instead, they demolished it and installed a handful of EV charging stations.

There’s no great solution. Most cities are floating quixotic proposals to turn empty offices into apartments to “fix” the crisis, but this is often too expensive to be practical and requires navigating lots of bureaucratic red tape, like changes to zoning laws.

Recognizing how dependent their cities are on property taxes harvested from commercial real estate, getting municipal governments to change zoning laws actually might be the easiest part. Vacant office buildings equate to plummeting revenue, forcing cities to make up the loss by increasing taxes elsewhere or reducing spending.

For one, New York City’s commercial real estate accounts for 20% of the property tax and 10% of overall revenue, with the city comptroller projecting a $1.1 billion shortfall from vacant offices in 2024. In Boston, property taxes on office buildings comprise a staggering 22% of total revenue.

Even the most optimistic, desperately trying to see this crisis as an “opportunity” to start fresh, are being forced to acknowledge the challenges. But turning commercial spaces into residential ones and hoping for the best is one of the only few “Hail Mary” options cities have left to avoid a further implosion that bleeds into the banking sector and sets off a chain reaction.

For the hopeful, such as Dana Lind of the Penn Institute for Urban Research, the buyer’s market in big cities provides a golden opportunity that was missed during the 2008 crisis. She hopes local buyers will use these empty buildings to invigorate cities by serving local needs, or that the empty offices will be bought by cities themselves and turned into vibrant community centers:

“Smart investors see what is happening in American downtowns four years out from the onset of the pandemic—the business fundamentals of cities like New York, Boston, or Houston are relatively stable and could even dramatically improve. Why not buy?”

Sure, fundamentals could improve. But will they? She goes on to say:

“As commercial properties fall into foreclosure in 2024, cities could take steps to better shape the city they want in the future by actually investing in those properties themselves.”

It all sounds lovely. Unfortunately, I’m less confident the CRE crisis can be contained this way, and that it won’t contribute to a broader meltdown.

Empty offices mean fewer people visiting the surrounding stores and restaurants. As the economic damage begins to snowball, the domino effect eventually reaches the banking sector, especially smaller and mid-size banks — and thus, the “Doom Loop” takes form. If we are to take the recent failure of regional firms like New York Community Bancorp as evidence, this vicious spiral may already be beginning.

CBS reported in January that office loan delinquencies were up a shocking four times compared to the previous year. In under two years, commercial real estate loans totaling $1.5 trillion are due to expire, portending disaster for the economy when the bill comes due and office owners can’t pay it. According to data from the St. Louis Fed, delinquency rates on commercial real estate loans have already ticked above their Covid peak:

Occupancy Rate on CRE Loans (Excluding Farmland), Booked in Domestic Offices, Q3 2019 to Q3 2023

In an industry that lives and dies by interest rates, the problem provides another powerful source of pressure on the Fed to cut rates this year, boosting the bottom line for commercial landlords and developers who are being squeezed by a high cost of borrowing and already scrambling to change the terms of their debt.

A recent Moody’s podcast offers a glimmer of hope that there are enough factors to offset the challenges of CRE delinquencies. But with the rate cuts that the market hoped for last year now expected to be much less significant, will put further stress on a CRE market that’s addicted to rock-bottom borrowing costs. If the Fed cuts rates too low, inflation will spiral out of control, but keep them too high, and other things (like CRE) will continue to bend and break.

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Learn Why The Globalists Are Killing Their Own Monetary System

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The modern left hates this country

Speaking in general terms, politicians are sociopaths who are compelled to control crowds of people.

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