Billionaire investor’s warning as inflation skyrockets
Billionaire investor Ray Dalio is warning that skyrocketing inflation is driving down real wealth.
The hedge fund manager said “raging inflation” was eroding people’s wealth – particularly those who have their money in cash.
On Thursday the US Labor Department reported a 6.2 per cent increase in the cost of living in the world’s biggest economy over the past year.
That’s the highest jump in inflation since December 1990 and more than economists were expecting.
Much of the surge was in energy prices, with petrol spiking 6.1 per cent last month, and fuel oil jumping 12.3 per cent. The price of food and cars also increased markedly.
In a LinkedIn post, Mr Dalio said the government was printing more money, people were getting more money and that in turn was leading to more buying. He said that was to blame for much of the inflation.
He also warned some people were making the mistake of thinking that they were getting richer because their assets were increasing in price. But he said many didn’t realise their buying power was being eroded.
“Inflation is running super-hot,” Neil Wilson, chief markets analyst at Markets.com said, pointing to multi-decade highs of key gauges in the US, Japan and China.
Friday saw yet more evidence with German wholesale prices jumping 15.2 per cent year-on-year in October, the fastest clip since March 1974 and an acceleration from the previous two months, he said.
“Ultimately, the market remains fairly comfortable with fundamentals” and with central banks keeping rates -- and with them, bond yields — artificially low, “equities remain the only game in town”.
While inflation headwinds are clearly spooking some, persistently low interest rates are leaving yield-hungry investors with few options other than to keep their faith in stocks — a scenario analysts dub TINA — there is no alternative.
“Equities can’t continue to hold firm against this backdrop but in a TINA (there is no alternative) world, stranger things have happened,” said Oanda analyst Craig Erlam, pointing to surging gold prices and the strengthening dollar.
Gold futures in New York were little changed at a five-month high of US$1,864.3 per ounce as the precious metal’s traditional value as protection against inflation meant “investors turned to an old friend in time of need”, Mr Erlam said.
Markets are looking to see if the global inflation spurt will ease as supply chain disruptions and wage hikes normalise and businesses recover from their pandemic hit.
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LOL - Pete Buttigieg Claims Infrastructure Bill Will Fix 'Racist Highways'
Welcome to 2021, where Democrats have managed to make even roadways "racist" and find a way to spend money to make them less racist.
On Monday, Secretary of Transportation Pete Buttigieg praised President Joe Biden's $1.75 trillion infrastructure bill, claiming that it will swiftly fix "racist infrastructure" with the Reconnecting Communities Initiative.
“I’m still surprised that some people were surprised that when I pointed to the fact that if a highway was built for the purpose of deciding a white and a black neighborhood,” Buttigieg attempted to explain. “Sometimes it was federal dollars that divided a community often along racial lines.”
He added that “racism that went into those design choices.”
Breitbart reports:
After a reporter asked Buttigieg how he could “deconstruct racism that was build into the roadways,” the secretary said the administration would “get to work right away” on the project.
“I don’t think we have anything to lose by confronting that simple reality and I think we have everything to gain by acknowledging it and then dealing with it.”
Buttigieg has a history of talking about racist infrastructure, beginning in his campaign and continuing through his Senate confirmation hearings for the cabinet level position.
“There is racism physically built into some of our highways, and that’s why the jobs plan has specifically committed to reconnect some of the communities that were divided by these dollars,” he told the Grio in April.
What a joke....just another waste of Americans' tax money.
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Why are people crossing the English Channel in small boats and how dangerous is it?
Australia had a similar "boat people" problem but stopped it by sending them back to their ports of origin
With the topic of English Channel crossings high up the news agenda again after a flurry of arrivals, the PA news agency has looked at some of the key questions on the topic.
Most small boat journeys set off from the northern French coast near Calais and Dunkirk, but the stretch of coastline being used is getting longer.
Those attempting the crossing have been noted to be from a diverse list of countries including Iran, Iraq, Syria, Afghanistan, Tajikistan, Kuwait, Turkey, Palestine, Egypt, Eritrea, Ethiopia Sudan South Sudan Yemen, Guinea, Mali, Chad, Somalia, Niger, Libya and Albania.
– Why are they coming to the UK?
Some are fleeing war-torn nations and forced military service, while others have faced persecution for their beliefs or sexuality in their home countries.
Many want to pursue a better life and feel a connection to Britain, whether through knowledge of the English language and culture or because they have family and friends living in the UK.
– Why not stay in France as it’s a “safe country”?
Migrants living in Calais are often forced to live rough in fields and scrubland and have faced frequent police evictions in recent years following the destruction of The Jungle camp.
A popular refrain in the debate over immigration is that people should seek refuge in the “first safe country” they come to – this is incorrect and there is no such requirement under the UN Refugee Convention.
– How are people crossing to the UK, and is it dangerous?
With limited safe and legal routes open to them, those gathered on the northern French coast can feel compelled to resort to very dangerous methods to reach the UK.
Historically many have attempted the journey hidden in the backs of lorries, but recent years have seen a sharp rise in small boat crossings.
Crossing the busy shipping lanes of the English Channel in dinghies is fraught with peril and the journey has claimed several lives in recent years, including children.
– How many people have crossed to the UK in small boats so far this year? How does it compare with last year?
Around 23,000 people have reached the UK in small boats this year, according to data compiled by PA. This is nearly triple the 8,417 PA recorded arriving in 2020.
– What UK resources are available in the Channel?
Border Force only has a limited number of cutters and patrol boats – the vessels it uses to intercept boats and bring people ashore.
When a surge of crossings happen all at once, Border Force, RNLI and Coastguard teams can be overwhelmed and cannot address all the incidents at the same time.
– Can UK Border Force turn them away in the Channel?
So-called “pushbacks” of small boats in the Channel are very difficult and there is heated debate over their legality.
Charities fear that seeking to turn boats away while on the water could put lives at risk and the Home Office has not confirmed when or if the tactic will be put into practice.
– What happens when people reach UK waters?
A large proportion – perhaps the great majority – of boats are intercepted by Border Force or the RNLI once they reach UK waters, while some land on beaches.
Contrary to some reports, the vast majority (98% for January-September 2020) of people reaching the UK in small boats claim asylum, rather than seeking to “disappear”. The asylum process can be lengthy, with some waiting months or years for a decision.
– How do numbers of arrivals in the UK compare to the rest of Europe? Are asylum claims going up?
The UK continues to see far fewer boat arrivals and asylum claims than many of its European counterparts. At least 100,907 people have arrived in Europe via the Mediterranean by land and sea so far this year, according to data from the United Nations High Commissioner for Refugees (UNHCR).
Asylum applications in the UK have remained steady over the last few years despite the rise in small boat arrivals, with 14,670 claims lodged in the first six months of 2021, compared with 13,370 in the same period in 2020 and 16,619 in the same period in 2019.
– What does the UK Government say about the crossings?
In 2019, Home Secretary Priti Patel promised to make migrant crossings an “infrequent phenomenon” by spring 2020 and then pledged in August last year to “make this route unviable”.
The Government says its new New Plan for Immigration will “fix the system” but its Nationality and Borders Bill has been criticised by charities.
– What do charities say about the issue?
Charities and aid organisations have long called for the Government to set up more safe and legal routes for people to claim asylum in Britain.
Currently the law means that people can only claim asylum in the UK if they are physically present in the country, which some people fear encourages the dangerous journeys.
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Adam Schiff's disgraceful legacy
The most recent indictment by Special Counsel John Durham has fully exposed the notorious Steele dossier as nothing more than a collection of lies designed to drive the phony narrative that former President Donald Trump colluded with Russia.
But beyond Hillary Clinton and her cronies who invented and disseminated the hoax, there were plenty of other remorseless liars who contributed to the fiction.
The most flagrant huckster of hysteria was Rep. Adam Schiff, the highest ranking Democrat on the House Intelligence Committee. He was instrumental in fueling the feeding frenzy over the dossier fabricated by ex-British spy, Christopher Steele. Schiff promoted it and defended it in hundreds of televised appearances.
Incredibly, he is still at it. Appearing this week on "The View," the congressman was confronted by guest co-host Morgan Ortagus who offered him the chance to come clean by admitting he was culpable for spreading a big lie and devising a few whoppers of his own.
Instead of a sincere mea culpa, Schiff bobbed and weaved as Ortagus skillfully pressed him with direct questions that could only be answered with the unadorned truth. Sadly, truth is meaningless to a guy like Schiff, who was torched afterwards by journalist Glenn Greenwald as an "amoral sociopath."
In the interview, Schiff awkwardly dodged the fact that he had spent three long years spreading lies and misleading the American public by relentlessly vouching for the dossier. At one point, he was so confident of its veracity that he read it verbatim into the congressional record.
When Ortagus accused him of spreading destructive disinformation for years, Schiff answered by saying that he "couldn’t have known" if people were lying to Steele. But that’s not remotely true. Lots of people knew that the dossier was a pack of lies, myself included. All you had to do was read it. It was poorly written and laughable on its face.
The FBI discredited Steele’s dossier within months of its composition. The bureau fired him as a confidential source for lying. Schiff’s own intelligence committee conducted an exhaustive investigation led by then-chairman Rep. Devin Nunes, and found no evidence of collusion. The dossier was noxious junk.
Yet, Schiff continued to frequently claim that he had corroborated its contents. He declared publicly that he had "smoking gun" documents and had personally "seen ample evidence of collusion in plain sight." He never did, of course, because that purported evidence never existed. Schiff just made it all up.
As Ortagus persisted, Schiff grew noticeably uncomfortable. He tried to change subjects and shift attention to Trump. Out of nowhere, he brought up the "January 6th insurrection," except he called it an "erection" before correcting himself.
One of the main reasons the hoax worked so well for so long is that people like Schiff were willing to misrepresent the (lack of) proof they claimed to be holding in secret. News outlets like CNN and MSNBC invited the congressman to go on air and promise, week after week, that we were just on the edge of a big reveal, of a scandal too horrible to even detail.
Journalists allowed themselves to be played for fools by a con artist extraordinaire. Reporters became Schiff’s witting dupes, never bothering to challenge him or attempting to verify his sensational claims with something called credible evidence.
Schiff got away with his deceit by hiding behind the supposedly "classified" nature of the evidence he claimed to have seen. "I can’t go into the particulars, but there is more than circumstantial evidence now," he said on NBC’s Meet the Press. There was little push back.
He consistently trumpeted that he had personally examined incontrovertible evidence of collusion, but he failed to produce any of it. He told ABC News that the illicit Trump-Russia conspiracy was of "a size and scope probably beyond Watergate."
You could fill pages with Schiff’s venomous canards, which I did in my book "Witch Hunt: The Story of the Greatest Mass Delusion in American Political History." One of the most shameful episodes occurred when he questioned former Trump campaign adviser, Carter Page, during a congressional hearing, which he managed to transform into a theater of the absurd.
Armed with no evidence whatsoever except the dossier that he read aloud, Schiff portrayed Page as a Kremlin spy. The evidence cited? A courteous handshake during a chance encounter that lasted less than ten seconds. The congressman proclaimed that it was proof positive of an agreement to steal the presidency. Ridiculous? Sure.
In one lengthy harangue, Schiff contended that the Page (an unpaid, junior volunteer who never even met the candidate nor spoke with him) had been offered the equivalent of an $11 billion bribe by the Russians to unduly influence Trump in the event that he won the 2016 election. It was another extravagant dossier fable. Page sat there flabbergasted that anyone, much less a US congressman, would even consider such drivel. But it was classic Schiff.
When finally afforded a chance to respond during the hearing, Page denounced the dossier as "totally preposterous." It most certainly was. Covert meetings described in the document never happened. He insisted that he did not discuss the Trump campaign with any Russians and had never colluded with them, as the dossier wrongfully asserted.
Schiff was undeterred. He was convinced that he had cornered the hobgoblin of a grand conspiracy. But his only evidence was the dossier itself, which was no evidence at all.
The Mueller report later exonerated Page confirming that none of the damning accusations against him—and cited by Schiff—were true. Not surprisingly, the congressman has never had the decency to apologize to Page for his unconscionable smears.
Instead, he continued to propagate the lies despite declassified documents showing that he knew all along that there was no plausible evidence of a collusion conspiracy.
Now, revealed as a thoroughly disreputable fraud, the Schiff refuses to accept responsibility for nourishing the wild accounts of treasonous acts that never occurred.
The Editorial board of the Boston Herald best described the damage that Adam Schiff’s dishonesty has caused when it wrote, "The effect was to frighten and alarm millions of Americans, sowing division between neighbors, toxifying our discourse and raising anxieties."
That is the disgraceful legacy of Adam Schiff.
https://www.msn.com/en-au/news/opinion/adam-schiffs-disgraceful-legacy/ar-AAQCE19?ocid=chromentpnews
****************************************My other blogs. Main ones below:
http://dissectleft.blogspot.com (DISSECTING LEFTISM)
http://edwatch.blogspot.com (EDUCATION WATCH)
http://antigreen.blogspot.com (GREENIE WATCH)
http://australian-politics.blogspot.com (AUSTRALIAN POLITICS)
http://snorphty.blogspot.com/ (TONGUE-TIED)
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Kristina Pimenova, once said to be the most beautiful girl in the world. Note blue eyes and blonde hair
Bliss: What every woman wants: to feel safe and secure in the arms of her man. Robert Irwin and Rorie Buckey. See 
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