Individual Economists

Los Angeles City Council Entertains Call For Homeless Masturbation & Hookup Centers

Zero Hedge -

Los Angeles City Council Entertains Call For Homeless Masturbation & Hookup Centers

Authored by Monica Showalter via AmericanThinker.com,

What's this strange proclivity from the left to provide the dregs of society with the same accommodations as those who pay their bills?

This is what passed for governance at the Los Angeles City Council last week:

"I'd like to propose that Los Angeles consider a pilot program for free hygenic sexual relief clinics, primarily serving the homeless and unhoused. This means equality. It means private sexual relief through masturbation, or where appropriate and consensual, with a partner. All funded by tax dollars and managed with professional oversight. It's about allowing the homeless to have the same comforts and privacy as we have today."

No, that's not satire. That really happened, and based on what's known, the guy was not thrown out of the room for it. Judging by the man's social-services choice of words, he sounded as though he came from an NGO.

Do tell us what that 'professional oversight' would look like watching the perverts in action and who would get that particular job?

This, from a city that's $97 million in the hole, with massive amounts of free accommodations for the always growing homeless population -- from free teeth, to free food, to free showers, to free tents, to free sleeping bags, to free socks, to free mental health care, to free bus passes, to free drug paraphernalia, to in some cases, to free drugs. There's nothing that can't be showered down onto the homeless population, with the lone exception of rehab for actually ending the homelessness. 

So now the proposal is for free masturbation centers as if that would solve the problem of bums masturbating in front of schools. We already know what free drug paraphernalia did: It created more drug use, not less. Now the idea is to encourage bums to jack off at state expense and assume it won't spill over into the sane population and make matters worse.

I have no doubt that this disgusting scheme is going viral among the NGO-industrial complexes around the world. A week or two ago, a formeer British parliamentarian suggested the establishment of free government brothels to 'service' illegal migrants, who are being flooded into the U.K.'s small towns and villages, flooding them with rape-minded single males. Someone must have heard that in Los Angeles and decided that that was just the thing for the homeless of that city, too. Now they're all pushing for it, which obviously, means a new source of funding for NGOs along with a new government bureaucrat-hiring channel. I have no doubt this won't be the last we hear of this idea.

It's disgusting, suggesting that these groups are scraping bottom, trying to figure out how to squeeze out the last tax dollar from the city while inflicting yet another plague on society.

Helping the homeless is not a matter of accommodating their every need to allow them to be homeless with ease. It's a matter of getting them off drugs and forced into work so that they can't be homeless anymore that works. That is the last thing thse pervy idea-mongers pushing new homeless programs of the grossest sort would want for the homeless.

Tyler Durden Mon, 08/24/2026 - 11:00

Key Events This Week: Jackson Hole. Nvidia Earnings And Core PCE

Zero Hedge -

Key Events This Week: Jackson Hole. Nvidia Earnings And Core PCE

As we start a new weeks, the upward pressure on long-end bond yields from last week has shown initial signs of easing. Indeed, the 30yr Treasury yield is down -5bps overnight to 5.22%, whilst the 10yr yield is down by the same amount to 4.69%. That’s been supported by an announcement by the Treasury to CNBC that some/all of the cash in the Treasury General Account may be used to fund buybacks (bringin the US ever closer to Yield Curve Control and a new QE, much to Kevin Warsh's horror) and by a pullback in oil prices, with Brent crude oil finally reversing course after a run of 6 consecutive gains to trade at $93.10/bbl.

That pullback in Treasury yields this morning follows last week’s surprise announcement that the US Treasury will increase its buyback operations for longer-dated Treasuries. That briefly eased the pressure on yields when it was announced, with the 30yr yield down -9.2bps on Wednesday to 5.19%, after reaching a post-2007 high of 5.31% last Monday. But even with that intervention, yields then crept back up into the weekend, with the 30yr yield closing at 5.27% on Friday, less than 4bps beneath its closing peak earlier in the week. Moreover, investor concern about wider financial repression led to clear effects in other asset classes, with the dollar index down -0.87% last week, whilst gold rose +5.18%. And this morning, gold is up another +0.72% to a 3-month high of $4,636/oz. 

One reason why yields moved higher into the weekend was the ongoing rise in oil prices last week, which added to fears about inflation. Indeed, if we look at the oil futures curve, it’s clear that markets are starting to price in a longer closure of the Strait of Hormuz again. For instance, the 12-month Brent future hit a 2-month high of $79.16/bbl on Friday, which isn’t far off its peak in the Iran conflict of $83.58/bbl back in May. So those expectations of higher oil prices put upward pressure on yields as well, and the weekend newsflow hasn’t shown any sign of progress towards a US-Iran deal either. 

The conflict is set to stay in the headlines this week, as US Treasury Secretary Bessent has said that he’ll be holding a press conference today to outline what he described as “the greatest coordinated economic isolation in the history of the world”. That follows President Trump’s post last week that “ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences.” Bessent also wrote an article in the FT overnight, in which he referred to an “economic D-Day”.

Elsewhere, tariffs were also back in the headlines over the weekend, after the trade talks between the US and Canada broke down. Canadian PM Mark Carney said they were “walking away from a bad deal”, and would now “match Washington’s new tariffs dollar for dollar”. So that means Canada will now face 50% tariffs on around $20bn worth of goods, and Carney said that their own retaliatory tariffs would take effect on September 8. Meanwhile on the US side, President Trump posted that “Canada wants the benefits of being a State, without being one!!! They have also charged our great farmers, for many years, massive amounts of Tariffs. No more!!!” There’s already been a market reaction this morning to the breakdown of the talks, with the Canadian dollar weakening against every other G10 currency, including a -0.26% fall against the US Dollar. Otherwise, Bloomberg also reported overnight that Canada saw little chance of the talks resuming before the midterm elections. 

So with all that in mind, as we look forward, the week ahead has several other events, with a big one set to be Fed Chair Warsh’s speech at Jackson Hole on Friday. This is a speech that’s often used by Fed Chairs to make big announcements or send policy signals, and last year saw former Chair Powell acknowledge that policy might need adjusting, shortly before they cut rates again the following month. We’ll have to see what Warsh discusses this time, but he said at the July press conference that he hadn’t yet decided “whether it’s going to be a big-picture speech or whether it’s going to be a more traditional set up for all the action we’re going to have between September and December”.

We did a preview of the event (link here), where we note that the prevailing view is that if Warsh goes for the “big-picture” speech, then his options include a discussion of the Fed’s taskforces he set up, or possibly a speech on AI’s impact on the economy and his thinking. Alternatively, if he goes for the “more traditional” speech, they think Warsh could do a “cleanup” of the July press conference, and he may wish to counter one market narrative that Fed policy actions could be delayed until the task forces have completed their work. Otherwise, he might also discuss how officials are viewing inflation dynamics, or how the FOMC views the monetary policy implications of evolving financial conditions and recent volatility in long-term interest rates. But whatever he decides, market pricing is still very much in the balance for the next meeting in 3 weeks’ time, with futures currently pricing in a 39% chance of a hike. So investors are keeping an eye out for anything that could shift this in either direction.

Elsewhere this week, earnings season is winding down, but we do have a few releases left including the perhaps the most improtant of all - Nvidia - on Wednesday. In the last few years, Nvidia’s earnings have often been a big macro event in their own right, with reactions on a par with US jobs reports and CPI prints. But in the most recent quarters, the positive earnings surprises haven’t been as big as we saw in 2023-24, and after each of the last 4 earnings reports, Nvidia’s share price actually fell the next day. Speaking of Nvidia, Bloomberg also reported over the weekend that some of their biggest customers had been told about price hikes for servers containing its AI chips. So that adds to the signs that AI is having inflationary consequences, and isn’t a straightforward positive supply shock. 

Source: EarningsWhispers

Otherwise, the data calendar is fairly light next week, with a few inflation reports likely to be the main focus. That includes the US PCE reading for July on Wednesday, which is the Fed’s target measure, for which our US economists expect core PCE at a monthly 0.18%. Then in Europe, we’ll start to get some of the flash CPI prints for August, including from France and Spain on Friday, ahead of the Euro Area-wide number next week. 

Courtesy of DB, here is a day-by-day calendar of key global events this week

Monday August 24

  • Data: US July Chicago Fed national activity index

Tuesday August 25

  • Data: US August Conference Board consumer confidence index, Philadelphia Fed non-manufacturing activity, Richmond Fed manufacturing index, business conditions, July new home sales, June FHFA house price index, Germany August Ifo survey, France August consumer confidence
  • Central Banks: Fed’s Barkin speaks
  • Earnings: Intuit
  • Auctions: US 2-yr Notes ($69bn)

Wednesday August 26

  • Data: US July PCE, personal income, personal spending, durable goods orders, Japan July PPI services, Australia July CPI
  • Central banks: ECB's Cipollone and Fed’s Barkin speak
  • Earnings: NVIDIA, Crowdstrike, Salesforce
  • Auctions: US 2-yr FRN (reopening, $28bn), 5-yr Notes ($70bn)

Thursday August 27

  • Data: US July advance goods trade balance, wholesale inventories, August Kansas City Fed manufacturing activity, initial jobless claims, Germany September GfK consumer confidence, France July PPI, Eurozone July M3, Canada Q2 current account balance, China July industrial profits, Norway Q2 GDP
  • Central banks: Jackson Hole symposium (through August 29), BoJ’s Himino speaks, ECB’s account of the July meeting
  • Earnings: Marvell, Toronto-Dominion Bank, Autodesk, Workday, Dollar Tree, Pernod Ricard
  • Auctions: US 7-yr Notes ($44bn)

Friday August 28

  • Data: US August MNI Chicago PMI, Kansas City Fed services activity, Japan August Tokyo CPI, July jobless rate, job-to-applicant ratio, Germany July import price index, August unemployment claims rate, France August CPI, July consumer spending, Q2 total payrolls, Italy June industrial sales, August consumer confidence index, economic sentiment, manufacturing confidence, Eurozone August economic confidence, Canada Q2 GDP, Sweden Q2 GDP
  • Central banks: Fed Chair Warsh speaks at Jackson Hole symposium, ECB’s Schnabel speaks

Looking at just the US, the key economic data releases this week are the Durables report and the core PCE inflation report on Wednesday. There are a few speaking engagements by Fed officials scheduled this week, including events with President Barkin and remarks from Chairman Warsh at the 2026 Jackson Hole Economic Policy Symposium. Several other FOMC officials are likely to speak in currently unscheduled television interviews on the sidelines of the symposium.

Monday, August 24 

  • There are no major economic data releases scheduled. 

Tuesday, August 25 

  • 08:00 AM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will speak at a Chamber of Commerce event. Speech text and Q&A are expected. On August 13, Barkin said, "There’s an argument to be made that the inflation we see today is already headed to the right path... And the current level of interest rates, many think, is still restrictive enough to bring inflation down." But he added, "There’s a counterargument, however, that says the elevated inflation we see today is more embedded... [and] If true, this argument suggests help is needed to bring inflation all the way back down to target."
  • 09:00 AM S&P Case-Shiller home price index, June (GS +0.2%, consensus +0.1%, last +0.15%)
  • 10:00 AM New home sales, July (GS -2.3%, consensus -1.3%, last +1.6%) 
  • 10:00 AM Conference Board consumer confidence, August (GS 91.0, consensus 90.2, last 90.8)
  • 04:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will speak to the Charlotte Regional Business Alliance. Speech text and Q&A are expected. 

Wednesday, August 26 

  • 08:30 AM Personal income, July (GS +0.3%, consensus +0.2%, last +0.2%); Personal spending, July (GS +0.1%, consensus +0.1%, last +0.3%); Core PCE price index, July (GS +0.20%, consensus +0.2%, last +0.1%); Core PCE price index (YoY), July (GS +3.24%, consensus +3.3%, last +3.3%); PCE price index, July (GS +0.12%, consensus +0.1%, last -0.1%); PCE price index (YoY), July (GS +3.61%, consensus +3.6%, last +3.7%): We estimate that personal income and spending increased by 0.3% and 0.1%, respectively, in July. We estimate that the core PCE price index rose 0.20% in July, corresponding to a year-over-year rate of +3.24%. Additionally, we expect that the headline PCE price index increased 0.12% and increased 3.61% from a year earlier.
  • 08:30 AM GDP, Q2 second release (GS +1.6%, consensus +1.5%, last +1.5%); Personal consumption, Q2 second release (GS +3.4%, consensus +3.2%, last +3.2%)
  • Core PCE inflation, Q2 second release (GS +3.42%, consensus +3.4%, last +3.4%); We estimate a 0.1pp upward revision to Q2 GDP growth to +1.6% (quarter-over-quarter annualized). Our forecast reflects an upward revision to consumer spending growth (+0.2pp to +3.4%) but a downward revision to business fixed investment growth based on stronger personal care and healthcare spending but softer software spending details in the quarterly services survey (QSS). 
  • 08:30 AM Durable goods orders, July preliminary (GS +1.0%, consensus +0.5%, last +0.5%); Durable goods orders ex-transportation, July preliminary (GS +0.6%, consensus +0.5%, last +0.7%); Core capital goods orders, July preliminary (GS +0.6%, consensus +0.7%, last +1.2%); Core capital goods shipments, July preliminary (GS +1.0%, consensus +0.8%, last +2.0%): We estimate that durable goods orders increased 1.0% in the preliminary July report (month-over-month, seasonally adjusted) based on our tracking of commercial aircraft orders. We forecast a 0.6% increase in core capital goods orders—reflecting strength in the new orders components of manufacturing surveys in July—and a 1.0% increase in core capital goods shipments—reflecting the continued increase in core capital goods orders in recent months.
  • 11:45 AM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will participate in a panel discussion at a Greensboro Chamber event.

Thursday, August 27 

  • 08:30 AM Advanced goods trade balance, July (GS -$103.0bn, consensus -$100.2bn, last -$101.4bn); We forecast that the goods trade deficit weighed slightly in July, reflecting a continued decline in oil exports.
  • 08:30 AM Initial jobless claims, week ended August 22 (GS 210k, consensus 208k, last 206k); Continuing jobless claims, week ended August 15 (consensus 1,800k, last 1,799k)
  • 08:00 PM Jackson Hole agenda and paper titles likely released: The Jackson Hole program is expected to be posted to the event’s website, with the paper titles or panel topics and speaker names. Full text of the papers and speeches will be posted to the website at the time each event is scheduled to begin. This year’s topic is "Financial Innovation: Implications for Payments and Policy."

 
Friday, August 28 

  • 10:00 AM BLS releases preliminary annual payrolls benchmark revision: The Bureau of Labor Statistics (BLS) will publish a preliminary estimate of the benchmark revision to the level of nonfarm payrolls for March 2026. The final benchmark revision will be issued and incorporated into nonfarm payrolls alongside the January 2027 employment report in February 2027. Based on the Quarterly Census of Employment and Wages (QCEW)—the key source data for the annual benchmark revision—an upward revision seems likely; we estimate on the order of 50-450k (or a 5-40k upward revision to monthly payroll growth over April 2025-March 2026). We believe that difficulties accounting for unauthorized immigrants caused the QCEW to understate job growth and likely contributed to the deeply negative benchmark revisions of the last three years. Undercounting of unauthorized workers in the benchmark should be less of an issue for this year’s benchmark and going forward, reflecting the sharp slowdown in immigration.
  • 10:00 AM University of Michigan consumer sentiment, August final (GS 51.0, consensus 51.0, last 51.0): University of Michigan 5-10-year inflation expectations, August final (GS 3.3%, last 3.3%)
  • 10:00 AM Fed Chairman Warsh speaks: Fed Chairman Kevin Warsh will deliver keynote remarks at the 2026 Jackson Hole Economic Policy Symposium. Speech text is expected. 

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Tyler Durden Mon, 08/24/2026 - 10:45

Saylor's Strategy Launches 'USD Cash' Pool After $2 Billion Raise, No BTC Buys

Zero Hedge -

Saylor's Strategy Launches 'USD Cash' Pool After $2 Billion Raise, No BTC Buys

Michael Saylor’s Strategy, the world’s largest public company holding Bitcoin, raised about $2 billion through common stock sales last week while making no new Bitcoin purchases.

The Bitcoin treasury company sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market (ATM) offering program, according to a Monday filing with the SEC, adding a new pool of cash to its balance-sheet toolkit as part of an effort to preserve flexibility.

Strategy repurchased about 1.43 million of its STRC preferred shares for $136.4 million, added $300 million to its US dollar reserve and directed the remaining proceeds to a newly launched US dollar cash account.

“The new USD Cash pool gives Strategy more time and optionality, but it does not remove those underlying obligations,” said Nicolai Sondergaard, a senior research analyst at Nansen.

The newly established USD Cash pool, which currently holds $1.59 billion, will sit alongside its existing reserve (which stands at $5.1 billion reserves) bringing total cash to $6.69 billion...

Strategy said the new cash account gives management more flexibility to respond to market conditions and can fund purposes including Bitcoin purchases, preferred-stock dividends, debt payments and securities repurchases.

As CoinTelegraph reports, the company made no Bitcoin purchases or sales during the week, leaving its holdings at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385 per Bitcoin.

Strategy hasn’t bought Bitcoin since the seven days ended June 22.

“For MSTR shareholders, the trade-off is dilution in exchange for flexibility,” Sondergaard concluded.

“The latest equity issuance strengthened the balance sheet, but did not immediately increase Bitcoin-per-share exposure.”

Strategy’s shares and debt securities rallied last week as Bitcoin ran toward $80,000, but the financing flywheel remains impaired, with its valuation premium still well below earlier-cycle levels.

Tyler Durden Mon, 08/24/2026 - 10:30

Newsom Signs 'Stop Nick Shirley Act' To Stop Investigations Into Immigration 'Service' Provider Fraud

Zero Hedge -

Newsom Signs 'Stop Nick Shirley Act' To Stop Investigations Into Immigration 'Service' Provider Fraud

Authored by AG News Staff via American Greatness,

California Gov. Gavin Newsom signed legislation Saturday expanding privacy protections for immigration service workers, despite warnings that the measure could chill investigative journalism and face First Amendment challenges.

Assembly Bill 2624, dubbed the "Stop Nick Shirley Act" by Republican Assemblyman Carl DeMaio, expands California's Safe at Home program to certain nonprofit employees who assist people navigating the U.S. immigration system.

The law will take effect Oct. 1, 2027, after Newsom leaves office because of term limits.

Democratic Assemblywoman Mia Bonta, who introduced the bill in February, said the protections are necessary because immigration service providers face harassment and threats.

"Our immigrant service providers are living in fear because of extremists looking to demonize the work that they do and the populations they serve," Bonta said Saturday.

The measure imposes penalties on people who distribute information or images of covered immigration workers under circumstances the law defines as inciting violence or threats. Posting personal information or an image with the specific intent that another person imminently use it to commit a crime involving violence or a threat of violence: punishable by a fine of up to $10,000 per violation, imprisonment of up to one year in county jail or under Penal Code § 1170(h) (16 months, 2 years, or 3 years), or both.

Critics argue the language could discourage journalists from investigating nonprofit workers suspected of fraud or misconduct. Bonta disputes that interpretation, maintaining the law targets doxxing and threats rather than legitimate reporting.

DeMaio accused lawmakers of attempting to intimidate people "trying to shine light on bad behavior."

The legislation became associated with independent journalist and YouTuber Nick Shirley after his investigations into alleged fraud involving immigrant communities and nonprofit organizations. Shirley has argued the measure emerged in response to his reporting in Minnesota and California.

The controversy intensified Wednesday when Shirley was conducting an interview outside the state Capitol in Sacramento.

Terry Schanz, chief of staff to Democratic Assemblywoman Tina McKinnor, interrupted the encounter while holding a sign making a crude allegation about Shirley's anatomy.

The incident created an uncomfortable contrast with Democratic arguments that the new law is needed to combat harassment. Multiple complaints have since been filed against Schanz with the Legislature's human resources department, according to the New York Post.

California's existing Safe at Home program provides substitute mailing addresses to certain people considered vulnerable to threats, including domestic violence survivors and some health care workers.

With AB 2624, California will extend similar protections to qualifying immigration service workers, setting up a likely debate over where personal safety protections end and constitutionally protected newsgathering begins.

Tyler Durden Mon, 08/24/2026 - 10:15

10 Monday AM Reads

The Big Picture -

My back-to-work morning train WFH reads:

Broadening the Base: more than 60% of stocks beat the S&P 500 in June and July: A natural outcome of rising market breadth has been the rise in dispersion, which measures how differently stocks are performing relative to each other. S&P 500 dispersion has reached historically high levels, and Exhibit 4 shows that S&P 500 Equal Weight Index dispersion has tracked closely with its cap-weighted peer. This is not surprising given the increased scrutiny faced by companies across the size spectrum, which is typical during an earnings season. Anu Ganti on the rally spreading out beyond the mega-cap hyperscalers. More than 60% of stocks beat the S&P 500 in June and July, equal-weight tech is ahead of its cap-weighted counterpart by 19% year to date, and roughly 85% of reporting companies have beaten estimates. (S&P Dow Jones Indices)

King Carney Activates Kong Mode With Zero F*s: At two minutes to midnight on Friday, Mark Carney did what no Canadian prime minister has done in living memory — looked at the most powerful man in the world, checked his watch, and told his negotiators to come home. Not paused. Suspended. (I F*ing Love Australia) see also  Great, Scott…: Michael Green discloses that he sent Treasury Secretary Scott Bessent a proposal earlier this year — a Sovereign Debt Optimization Facility swapping deep-discount vintage long bonds for current-coupon par bonds. What Treasury announced last week was a cash buyback program, materially different in both mechanics and optics. (Michael Green)

• From Thomas Paine to Dell Webb: 250 Years of Retirement Angst: It’s the question that keeps millions of Americans up at night: Do I have enough saved for retirement? A long view of an anxiety that predates the 401(k). Almost half of American families have no retirement plan at all, per the Federal Reserve, and those leaning on Social Security face a 22% benefit cut if Congress lets the trust fund run dry in 2032. (Barron’s)

We Went to Wall Street’s Exclusive Wilderness Camp. Everyone Was Spooked by AI. Between fishing outings and poker games, veteran finance pros shared fears about the artificial-intelligence trade. Money managers and economists made their annual pilgrimage to Grand Lake Stream, Maine, traded suits for cargo pants, and then spent the week asking the one question that actually matters now. (Wall Street Journal)

Corner the Market, Get Cornered: The Class Action Against Compass: “Today, Compass is a living, breathing real estate leviathan.” Jonathan Miller on Castaneda/Gelfand v. Compass, just filed in federal court, alleging the post-Anywhere firm is an illegal monopoly and pointing to forced StreetEasy delistings. The complaint calls Compass a Leviathan; Miller expects more suits to follow, likely on the sales side next. (Housing Notes)

Sports Bettingʼs Rise and the Line Between Entertainment and Problem Gambling: Bettors are overoptimistic: in our study, they expect to break even but actually lose 7.5 cents per dollar wagered, with losses on parlays especially underestimated. Overoptimism is largest among bettors who partake in a complex type of bet known as a parlay. Compared to other forms of betting, parlays are more likely to be driven by bias. (Initiative for Financial Decision-Making)

How big is America’s “obesity penalty”? GLP-1s offer a rare insight into the social and economic effects of carrying extra weight. GLP-1s have created a rare natural experiment. Doctors promise better mobility and cleaner metabolic numbers, but the interesting data is in what happens to the social and economic returns to losing weight. (The Economist free)

• How Satellite Advances Are Changing the Game for Ukraine: Michael Schwirtz on the new tool in Ukrainian drone teams’ hands — near real-time information on Russian troop movements and locations. Ukrainian drone teams have a powerful new tool: near real-time information on troop movements and locations. (New York Times)

More People Call in Sick on August 24 Than Any Other Day: The second ‘sickest’ day of the year falls after Super Bowl Sunday in February. (Bloomberg)

The Improbable Longevity of “It’s Always Sunny in Philadelphia” The irreverent comedy is the longest-running sitcom in history, yet has won no major awards. What gives? (New Yorker)

Video of the day: China’s BYD Is Taking Over the World’s Shipping Lanes — And Nobody Knows

Be sure to check out our Masters in Business this past weekend with Alex Morris of TSOH Investment Research. He is the author of “Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Annual Shareholder Meetings.” The book was named one of Amazon’s “Best Books of 2025.” To write it, he reviewed every Berkshire annual meeting from 1994 through 2024 — 100s of hours of video covering more than 1,700 shareholder questions over 31 years — after Berkshire released the meeting archives.

 

How big is America’s “obesity penalty”?

Source: Economist

 

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The post 10 Monday AM Reads appeared first on The Big Picture.

MAGA, The DSA, & The Politics Of No Competition

Zero Hedge -

MAGA, The DSA, & The Politics Of No Competition

Authored by Katherine Gehl via RealClearPolitics,

Despite the narrow loss by Democratic Socialist Francesca Hong in the Wisconsin Democratic gubernatorial primary last week, DSA candidates have prevailed in primaries this year from Maine to California. The Democratic Party establishment believed it dodged a bullet in Wisconsin, but this threat is not going away any time soon.

The roots of the radical left's success were seeded almost a decade ago. In 2017, a writer in a Democratic Socialists of America publication laid out a strategy under a plain title: "Want to Elect Socialists? Run Them in Democratic Primaries." The Democratic Party, the article conceded, was deeply flawed - but it was the easiest available path for socialists to win elections and build power. Nearly a decade later, that strategy is bearing fruit. Democratic Socialist and allied candidates are winning Democratic primaries, and with them, safe Democratic seats - maybe even some competitive seats.

We have seen this before, on the right side of the political spectrum. Donald Trump - who sought the Reform Party's presidential nomination in 2000 and registered as an independent in 2011 - ultimately abandoned the outsider path. His nationalist-populist movement could not realistically win elections as a third party - under our rules it would only split conservative votes and hand elections to Democrats. So Trump and his MAGA movement didn't build. They captured. Trump fought inside the Republican Party, where a committed faction could dominate low-turnout primaries, threaten incumbents, and seize the party's brand. Today MAGA owns that brand, the infrastructure, the finances, and the power of the GOP.

These two stories are usually told as ideological earthquakes - the radicalization of the right, the leftward lurch of the left. They are better understood as the same structural event, produced by the same underlying cause. The cause is the century-long determination of America's two dominant political parties to retain their power at all costs.

To retain their stranglehold on the levers of power they employ a dozen different strategies, ranging from restricting ballot access to manipulating political primaries. But the single rule allowing Democrats and Republicans to keep control is one most of us never even notice - and one that sounds perfectly reasonable: In most U.S. elections, the winner is the candidate with the most votes. The technical term is plurality winners.

This seems simple and fair on its face, but it turns out to be wildly consequential - and not in a good way. You see, if the winner is only required to have "the most votes," that means in any race with more than two candidates, a candidate can win with less than a majority. For example, a candidate can win with 34% in a three-way race, meaning two-thirds of voters preferred someone else. In a five-way race, the winner could emerge with 21%. This dynamic creates the "spoiler" or the "wasted vote."

In plurality winner elections, we often don't feel free to vote for the candidate we like best, out of fear our vote will inadvertently help elect the candidate we like least. For example, in the 2016 presidential race, if you liked Green Party candidate Jill Stein, you knew you probably shouldn't vote for her because that would take votes from Hillary Clinton and help elect Donald Trump. The mirror on the right: You may have wanted to vote for Libertarian Gary Johnson, but you knew that would take votes from Trump and help elect Clinton.

Plurality winners aren't just a problem for "fringe" views. They're the reason so many voters experience November general elections as a choice between the "lesser of two evils."

Consider 2024. Numerous polls found that most Americans didn't want a rematch between Donald Trump and Joe Biden - roughly two-thirds said they were tired of the same candidates and wanted someone new. Clear majorities of Americans said neither man should run at all.

Into that vacuum stepped the group No Labels, whose founder and chief executive, Nancy Jacobson, reached out to some 30 potential candidates for a centrist "unity" ticket. The names were serious people - Joe Manchin, Larry Hogan, Kyrsten Sinema, Liz Cheney, Chris Christie, and Nikki Haley among them. Not one would run.

Manchin said the quiet part out loud - he ruled it out publicly stating he refused to be a spoiler. There is the whole trap, in a single word. Under plurality winners, a credible independent - or third-party candidate - doesn't enter the race as an equal competitor; he enters as a spoiler. The spoiler problem means no votes, no votes means no chance, no chance means no money, no money means no messaging, no messaging means no chance, and no chance means no votes. It is a vicious cycle, and it shuts out new competition before a single ballot is cast. No Labels went looking, in its own words, "for a hero," and a hero never emerged. The system disqualified them before the starting line.

So why do we do it this way? Because in the early days of our Republic, we made a mistake.

At the time, democratic elections barely existed anywhere on earth, so Americans copied the one working model, Great Britain's. For centuries, the freeholders of each English county gathered at the county court - a public assembly summoned by the sheriff - to choose the "knights of the shire" who would sit for them in the House of Commons, and the town boroughs did the same. The rule was identical and unquestioned: The most votes won, majority or not. There was no mathematical science of voting yet, no menu of alternatives to weigh. So, we reached for the only template in existence and carried it across the Atlantic. We didn't carefully design our rule for who wins. We backed into it.

Today, the plurality winner system is the greatest barrier to entry in American politics. Consider this: In any other industry as large and thriving as the politics industry, with 86% customer dissatisfaction (the public disapproval of Congress per Gallup's most recent data), some entrepreneur would see a phenomenal business opportunity and enter the market to give the customers what they want. One would think that a marketplace of ideas so vastly underserved would produce third - or fourth, fifth, and sixth - alternatives. But American politics doesn't work this way. The cause: plurality elections.

Political scientists call this phenomenon Duverger's law, the tendency of plurality winners to produce exactly two parties. No new major party has emerged in American politics since the Republicans in 1854.

Economists also have a name for this kind of system: a non-clearing marketplace. In a healthy market, competition keeps working until supply rises to meet demand and the market "clears." Our political market never clears. Economists know why a market gets stuck like this: It's rarely nature; it's almost always an artificial barrier. Housing is the textbook case - demand for homes in a thriving city dwarfs supply, yet zoning, permitting, and other government requirements choke off new construction.

Plurality winners are the corollary in American politics: the rule that keeps new supply from ever reaching the voters clamoring for it. The demand for a real alternative is enormous and unmistakable. Poll after poll finds a majority of Americans want a third choice. When a market is barred from clearing, the built-up pressure doesn't vanish - it escapes into the black market. That is precisely what the hostile takeovers are: the black market of a rigged political economy, demand forcing its way in where honest competition is blocked.

End plurality winners and let the market clear, and that same energy would flow where it belongs - into new candidates, new ideas, and politicians who must satisfy their general elections customers to survive.

Modern attempts to crack the market only prove the rule. Predating No Labels' effort, in 2012 the financier Peter Ackerman poured his own fortune and energy into Americans Elect, an audacious bid to put a bipartisan "unity" ticket on the ballot through the first-ever national online primary - its nominee required to choose a running mate from the opposing party. Ackerman's team did something almost unimaginable, winning ballot access in 29 states before a single vote was cast. Then it collapsed, in large part because no credible candidate would step forward. The serious contenders all understood what Ross Perot's example in the 1990s and, later, Joe Manchin would confirm: Under plurality rules an independent cannot win, only spoil. Americans Elect built the doorway. The spoiler problem meant no one dared walk through it.

Even more contemporaneously, a disillusioned Elon Musk vowed only last summer to launch a third party. Within a month, he'd pumped the brakes on it. Money wasn't the issue - he's the richest man in the world. The barrier is plurality voting and the dreaded "spoiler" label. This summer, Tucker Carlson merely floated a third party trial balloon, Within days, the chattering class was handicapping how Carlson's fantasy might spoil Marco Rubio's chance at the 2028 presidential nomination - and Republican chances generally.

Changing the status quo

The most devastating cost of a market with no real competition is not dissatisfying candidates. The true devastation: We don't get results.

Ask a simple question: When did this country last balance its federal budget? The answer is 1998-2001. President Bill Clinton and his working relationship with House Speaker Newt Gingrich are generally credited with this accomplishment. But most analysts have missed an essential driver: The last time we had balanced budgets followed soon after the last time we had genuine competition in the presidential general election. In 1992, billionaire Texan Ross Perot used his own fortune to do what our system almost never permits: Compete nationally as an independent because he didn't mind investing his own money in a spoiler race. His message was blunt - America was drowning in debt - and he delivered it himself, buying up half‑hour blocks of network television for folksy "infomercials" in which he stood before hand‑drawn charts and walked the country through the federal balance sheet. The first edition drew more than 16 million viewers.

On the first Tuesday of November, Perot won not a single electoral vote but nearly one-fifth of the popular vote. He lost, but citizens won. Before Perot's candidacy, neither the Republicans nor the Democrats had balanced budgets on their party platforms. He proved that deficit reduction had a constituency neither party could afford to ignore, or to cede to his nascent Reform Party. Competitive pressure persuaded Clinton and Gingrich that they had to tackle it. In the years that followed, Washington produced four consecutive balanced budgets, the first since 1969. Paul Begala confirmed the theory from the inside, writing in the Washington Post at Perot's death, "I am not sure we would have ever balanced the budget without the pressure Perot and his voters brought to the issue." Multiple factors contributed to the balanced budgets, but Perot delivered the otherwise never-existent "political will."

Here's the point: Competition changes results even when it doesn't change who wins. In Silicon Valley when a breakthrough technology emerges, if it benefits customers it will eventually make it to market. The new company will succeed in the marketplace on its own or it will be acquired or copied. Either way, consumers win. That's the alchemic brilliance of competition.

We desperately need dynamic competition in politics too - not just among candidates but for innovative policy ideas, and competition "to get shit done," to quote Joe Manchin in a recent interview making the case for independent candidates. In the political marketplace with only two competitors, neither of our two parties are incentivized to tell voters a hard truth or, more importantly, to do hard things like casting votes they know will help the country but perhaps put their political career at risk.

Add a third candidate who can, and the truth suddenly has a market. That is why there will never be a real candidate of fiscal sanity - on the debt, or on anything else that demands shared sacrifice or requires dealing powerfully with tradeoffs - until we eliminate plurality winners. In a marketplace with only two competitors, neither wins reelection if they do a hard thing - balancing the budget, reaching a bipartisan compromise on immigration, rethinking health care. So, they don't.

Healthy competition, in any human endeavor, delivers innovation, results, and accountability - all of which are sorely missing in our current politics. If we want the benefits of free market politics, we must tear down the barrier to entry that plurality winners create. The fix is simple: To win, you must earn a majority.

A preference for majority winners is neither radical nor new. The Constitution built in a safeguard for the Electoral College: If no candidate wins a majority there, the U.S. House picks the president in a "contingent" election. Massachusetts required a majority to elect its governor from 1780 until 1855. When no one won a majority outright, the choice fell not to the voters but to the state legislature.

A few states still use majority requirements today. Alabama, Arkansas, Georgia, Mississippi, North Carolina, Oklahoma, South Carolina, South Dakota, California, and Texas require majority winners in various races and use two-person runoffs to deliver those. The instinct is right. The mechanisms are the problem. Polarized legislatures breaking ties aren't acceptable today; that method does nothing to eliminate the deterrent effect of spoiler and wasted votes. Traditional runoffs are expensive, they demand a whole second election, and turnout collapses the second time around. Worse, a two-person runoff coming out of a crowded field can simply recreate the spoiler problem, as California's top-two primary has done - vote-splitting knocking out the majority's real choice before the final round.

The elegant answer is to hold runoffs instantly. Instant runoffs are mostly new to America, but they're time tested by other established democracies. The Australians and Irish have used them in various elections for more than a century. And, of course the idea of runoffs isn't foreign at all given their use in nine states. An instant runoff is exactly the same, except you don't have to come back to the polls for each new round. Instead, you rank the candidates from your first to last choice all at once (ideally on Election Day or in a mail-in ballot arriving by Election Day) using a ranked ballot.

After the polls close, assuming a dynamic five-person race, there are four runoff rounds.

  1. In Round One, your vote is cast for your favorite candidate (i.e., the one you ranked first on your ballot) just like always. At the end of the round, the candidate who came in fifth/last place is eliminated.
  2. In Round Two with four candidates remaining, your vote is cast for your favorite among the remaining four. At the end of the round, the candidate in fourth/last place is eliminated.
  3. In Rounds Three and Four, the process repeats, narrowing the four to three and then three to the final two, at which point, of course, majority wins.

Here's the part people worry about, so let's be plain: In every round, your vote goes to your favorite candidate still in the race. As long as your first choice is standing, that's who you're voting for - round after round. Your lower rankings are just backups. They come into play only if your favorite is knocked out, and then your vote moves to the next name on your list who's still running. It's exactly what you'd do in a Georgia or Texas or Louisiana runoff: Your candidate didn't make it, so you pick your favorite among those who did. The difference is only that you expressed your preference in advance, so you didn't have to make the trip back to the polling place.

One election. Five candidates. Four instant runoff rounds. One vote for each voter in each round. A majority winner. No spoiler.

'Frenemies' of reform

Those of us pushing for "Final Five Elections" (FFE) know what the ranked ballot conjures in those who are unconvinced. In no small part this is because liberal reformers have spent years giving it a bad name. They've deployed it in sleepy, low-turnout, low-information municipal races, and in cities like San Francisco they asked voters to rank long rosters of little-known candidates.

Democratic Party reformers added ranked ballots to party primaries in New York City, but they deliberately didn't install it in the general election because the Democrats didn't want real competition in November. They prefer knowing who to call "Mr. Mayor" after the Democratic primary in July. Reformers also like to pair a ranked ballot with proportional representation. The first is basically sabotage; the second is just a terrible idea. In both cases, they're using a tool for the wrong job. The instant runoff has one narrow use case for which it is tailor-made: a November general election with a manageable field of up to five candidates. Used there, it does exactly one job impeccably - it guarantees a majority winner with no spoiler. It's the key that unlocks healthy competition.

That is precisely how we use it in Final Five Elections. FFE is the combination of two simple changes to our election system: First, a single-ballot primary open to every candidate and voter regardless of party, and out of which the top five advance regardless of party; and second, an instant-runoff general election resulting in a majority winner. Open the market; require a majority. That is the whole design, and it is not just theory.

In 2017, I published my politics-industry theory out of Harvard Business School with my co-author, economist Michael E. Porter. Our work made its way to Alaska, where prominent Anchorage attorney Scott Kendall used it to design a ballot initiative built around these new rules. In November 2020 Alaska voters passed Final Four Elections (an earlier version of Final Five Elections in which four candidates advance to the general). Alaska became the first state in the nation to choose healthy competition in its elections for Congress and its entire state government. It won't be the last.

You could be forgiven for thinking Final Five Elections are about electing more moderates. They will certainly make that more likely - the market for moderate dealmakers doesn't clear today, and moderates are essential for delivering consensus solutions to tough policy challenges. But unlike the reformers who imagine that's the whole point, I don't see it that way. Reforms that provide artificially disproportionate advantages for moderates (e.g., Condorcet winners) are a bad idea. Innovation in any human endeavor usually emerges from what might be considered fringes or extremes. It's the same for public policy where innovation rarely arises at the current midpoint of public opinion. As Porter and I wrote in 2017, "transformational changes in the U.S. have often begun at the fringes - in decidedly non-moderate camps." Think civil rights. We need moderates and we need "extremes." We need a competition of ideas. What Final Five Elections really does is let both markets clear at once - the market for dealmakers and the market for leaders and new ideas.

To envision what Final Five Elections would change, watch what's happening right now - then imagine the same candidates, the same voters, the same political mood, under different rules. This season, Democratic socialists won a string of Democratic primaries in places where the primary is the only election that matters. In Denver's safe-blue 1st District, 29-year-old Melat Kiros, backed by Bernie Sanders and the DSA, ousted 15-term Rep. Diana DeGette by more than 13 percentage points. In Upper Manhattan, Darializa Avila Chevalier knocked off five-term Rep. Adriano Espaillat. Because these are overwhelmingly Democratic seats, that small, committed primary electorate didn't merely choose a nominee - it chose the member of Congress even though the general election is still months away. General election voters who might have preferred the non-DSA Democrats will never get a say.

Now run those same races under Final Five Elections. The socialists would still claim a spot on the November ballot but they could no longer back into the seat as the only Democrat on offer, or as the lesser of two evils. To win, the socialist would have to assemble an actual majority of the entire district. The same logic runs on the right - which is why MAGA would still exist under Final Five Elections but would likely not have rendered establishment Republicans extinct. In Texas, John Cornyn led the first round of the Senate primary and still lost to Ken Paxton in a low-turnout runoff decided by the base - even as analysts judged Cornyn the stronger November candidate. In Louisiana, Bill Cassidy was eliminated by his own party's primary voters, punished for a vote of conscience against Donald Trump. Under Final Five Elections, Cornyn and Cassidy would each have stood on the November ballot beside their Trump-endorsed challenger (and the leading Democrat) and the whole electorate - not a closed-primary faction - would decide the race. If MAGA earns a majority, MAGA wins. If it doesn't, the establishment Republican, or an over-achieving Democrat, prevails.

To be clear, while I am no fan of the Democratic Socialists' platform, my objection is not that they might win, it's that we could back into their agenda - not because a majority of Americans chose it, but because a structural error in our democracy routinely distorts our elections. When and if DSA candidates win and their policies are tried in a laboratory of democracy (as in Mamdani's grand New York City experiment), I bet voters will discover what history has already shown: Socialism doesn't work.

Under Final Five Elections, voters would have a way back, because traditional Democrats wouldn't be extinct or new alternatives to the DSA would be able to enter. Under Final Five Elections, Mike Pence Republicans would have market access to compete for the post-Trump right-of-center vote. And for ideas that do work from any of these competitors, they can be adopted by other parties. I do this work because I believe in the value of competition. Even if certain candidates don't win, some of their good ideas might be adopted by those who do, a la Perot. That's as it should be.

In evaluating Final Five Elections, it's essential to see that it is not the sum of its parts. It is one machine whose several precision components work only in combination, engineered to deliver a single result: a majority winner drawn from a field of up to five credible candidates in November. Adopt just one component - ranked ballots, say, or some version of an "open" primary - and nothing structural moves. The piece that does the real work is the one most reformers omit: advancing five candidates from a single open primary into the general, so that the decisive, competitive election is November and not a low-turnout party primary.

Washington, D.C., shows what happens when that piece is missing. There, reformer Lisa Rice led an impressive campaign to pass Initiative 83, which put ranked ballots in both the primaries and the general and even opened those primaries to the District's independents - several of the "parts," adopted at once, with real skill and the best of intentions. But Rice's hands were tied by D.C.'s Home Rule Act which bars an essential piece - the top-five primary that would carry five candidates into a contested November - and so the dynamics of the election didn't change in Final Five style because party primaries still exist and each advance only one candidate to the general.

As a result, we saw a campaign similar to other DSA races: In June 2026, Councilmember Janeese Lewis George, a democratic socialist, won the Democratic mayoral primary and, in a city this blue, is all but certain to become mayor, with no credible contender waiting in the general. The primary still crowned the winner. Notice, too, what this reveals about the ranked ballot: In a low-turnout, low-information primary, ranking is an unnecessary complication. In Final Five Elections the primary is a simple "pick-one." You choose your single favorite, as always, and the top five advance; ranking does its real work later, in the general, where it forges a majority from genuine competition.

Opening the primary as a stand-alone reform, which is currently advocated by many major reform organizations, is not the missing piece either. The impulse behind it is understandable: If the party primary is the election that truly decides, then shutting independents out of it really is unfair. But the best cure for that unfairness is not to usher outsiders into a party's nomination; it is to make the general election the contest that matters, so that everyone is finally voting in the election that counts. Making a broken election system "fairer" is not the same as making it work, and we must not let the fix for a real unfairness talk us into a reform that leaves us just as unlikely, or more so, to get results.

Many reformers who have adopted my prescription for Final Five Elections nonetheless incorrectly suggest that FFE will weaken parties and describe that as a benefit. I believe those reformers are wrong on both counts. I am a fan of political parties, and, like esteemed political writer Jonathan Rauch, I want them strong - because in the industries that serve us best, you always find strong players. The trouble with our parties isn't that they're strong. It's that their strength is artificial. They are powerful in the one way no healthy competitor should ever be: They have demonstrated a nefarious talent for keeping rivals out of the market altogether. In the one place they ought to be strong - choosing the candidates who can actually win a November majority and deliver on the party's agenda - they've grown weak, even too weak for their own good or ours. The current system is why Mitch McConnell lamented "candidate quality" in 2022 when he didn't get the strongest general election candidates out of the Republican primaries. Separate the public function of the election from the parties' private one of choosing nominees, and we can finally afford to let the parties truly control their candidates, because the voters keep ultimate control at the ballot box. FFE is a win for (well-run) parties and for voters.

Now to the critics of Final Five Elections - and I have heard from a lot of you: You say it's a liberal plot. It isn't. Final Five forces every candidate, left and right, to win an honest majority. (For a strong proof point, in 2022 Nevada Democrats hired famed partisan lawyer Marc Elias to try to shut down FFE ballot initiatives, and defeating Final Five Elections was about the only thing the D and R parties agreed on in 2022 and 2024. Neither of them wants new competition.)

Critics also say it's too confusing. But surely Americans are as capable as the Australians and the Irish? And mainlanders as capable as Alaskans? You say it delays results. It doesn't. As long as the ballots are required to be submitted by Election Day and election authorities release the cast-vote record data, AP can call races on election night just like they do today. You say it's an incomprehensible algorithm. It isn't; you can use paper ballots, count manually and conduct a manual recount on any race if you want (though if you want results on Election Day, I'd suggest a computer). Used as a tool to support the emergence of the majority winner in a five-way general election, FFE is none of the things you say it is.

So here is my challenge. Don't just tell me what's wrong with Final Five Elections. Show me another plan that produces healthy competition of both candidates and ideas and the resulting benefits to customers, a.k.a. American citizens. If you do find a better one, I'll happily get on board with yours. But assuming you can't, it means that what the critics of FFE are really defending, whether they admit it or not, is the failed status quo - intense polarization, division and dysfunction, gridlock, party capture, and dismal policy results - over dynamic competition to solve problems. The United States became the most powerful and prosperous nation in human history for a reason we ignore at our peril: We unleashed free market-style competition and let it do its work. Competition is what drives our innovation. Competition is what lifted American life to a standard the world had never seen. America deserves the same exemplary results from free market politics.

And a special note to my conservative critics, chief among them the Wall Street Journal editorial page. You should be the last to need convincing. No entity has taught American readers more faithfully than you that market competition positively motivates incumbents and serves customers, and that artificial protectionist barriers to entry are the enemy of both.

Yet, you have been consistently hostile to Final Four Elections adopted by Alaska in 2020. Don't let the ranked ballot's abuse in the wrong hands blind you to its one indispensable use. Confined to a five- (or four-) candidate general election, the instant runoff does exactly one job: It demolishes the single greatest barrier to entry in American politics - the spoiler - and forces every candidate to win real competition on the merits. That is not a left-wing scheme (or a right-wing one). It is free markets for our republic, and it is the purest application of your own creed I can offer arriving, at last, in the one market where you have been strangely content to let a protectionist market thrive.

Our call to action goes out to all governors and state legislators. The Founders anticipated this moment and, in Article I, handed the power over the machinery of elections to the states. The Constitution provides that "the Times, Places and Manner of holding Elections... shall be prescribed in each State by the Legislature thereof." The rules of the game, for both state and congressional elections, are yours to write. Final Five Elections is not a pie-in-the-sky idea; it's actionable now, by any governor or legislature willing to lead. I can't imagine a better test case for laboratories of democracy than Final Five Elections in a handful of states. Over time, the results will create demand for expansionor - they won't. I'm betting on FFE.

But of course, governors and legislators can only do what their citizens ask of them. So here's to you citizens: It is crazy, when you actually stop and think, that we accept our current state of affairs as if we're powerless. The most detrimental driver of American politics is sitting in plain sight, and almost no one names it. Turn on the news and you'll hear endless coverage of the DSA's rise or MAGA's takeover treated as ideological weather and never as what they actually are: structural, the predictable product of party primaries and plurality rules.

Here's to you, journalists: It is crazy that the people whose whole job is to explain the world keep missing the one explanation that ties it together - that there are barriers to entry, and that those barriers, not the passions of the moment, are why we can no longer solve problems.

Here's to you, business leaders: You of all people should see this instantly, because it is your world exactly - a market, protected incumbents, competition strangled, customers ignored - and yet even you look right past it.

Here's to you, editorial boards, forever demanding better behavior from politicians while ignoring the rules that guarantee the behavior you claim to deplore: We do not need more outrage at the symptoms. We need people to finally understand the cause and then to do something about it. Because the extraordinary thing, once you see it, is that this is not rocket science. In the scheme of political challenges, it's not overwhelmingly hard. The fix is not a constitutional amendment. It does not require an act of Congress, or the consent of 50 states, or even two. A single state can adopt Final Five Elections on its own, through its legislature or by ballot initiative, at no cost to its neighbors and enormous benefit to its own citizens. As hard as our politics feels, this part is not that hard.

And to the frustrated business titans who keep circling this problem without solving it, this one is for you. Elon Musk, enraged at both parties, floated an "America Party." Howard Schultz, disgusted with the duopoly, explored an independent run. Mark Cuban tells all who will listen that both parties have failed us. Gentlemen: You are brilliant innovators, and you are misdiagnosing the problem. If this were your company, you would never pour a fortune into a doomed product line inside a rigged market. You would fix the market. That is the move here. Stop trying to win the broken game and start championing the rule change that ends its rigging for good. Put the same relentless, systems-level thinking that built your fortunes behind Final Five Elections in a few states, and you will do more for this country than any third-party campaign ever could. At the very least, Mr. Musk, don't fund the effort to repeal Final Four Voting in Alaska, the one state in which you could launch your new party without undue barriers. Give me a call. I think you've received bad counsel.

This has been a long argument. So let me reduce it to its essence - two images. In Image A, our current system, there is virtually no connection - no overlap at all - between our politicians solving problems in the public interest and the likelihood that they get reelected. Sit with that, because it is the whole tragedy in a single sentence: If America's elected representatives did their jobs the way we actually need them to, they would be more likely to lose those jobs (in their next low-turnout party primary) than to keep them. Congress doesn't solve problems because, under the current rules, solving problems is not a good way to win an election. In fact, it's a good way to lose one. No one would ever design a hiring-and-firing system like that on purpose. And yet here we are.

Final Five Elections does one essential thing: it creates the connection in Image B. It makes solving problems a good way to win - and to win again. Under these rules, what it takes to get elected finally overlaps with what it takes to serve the public interest, and in that overlap sits everything we have been missing: results and accountability. That overlap is the whole secret. Everything else in this essay - the open primary, the instant runoff, the majority winner, the end of the spoiler - is simply the machinery that produces it.

My passion may inadvertently suggest I'm presenting Final Five Elections as the gateway to a political utopia. It's not. I agree with Winston Churchill that "democracy is the worst form of government, except for all those other forms that have been tried from time to time..." Democracy is messy. It is hard. What we have now messy, hard, and bad results. With Final Five Elections, we'd still have messy and hard - but with some good results to show for it. That is utopia for democracy.

Katherine Gehl, former CEO of Gehl Foods, is the author of "The Politics Industry: How Political Innovation Can Break Partisan Gridlock and Save Our Democracy" and the architect of Final Five Elections.

Tyler Durden Sun, 08/23/2026 - 23:20

Evergrande Founder Gets Life But Homebuyers, Suppliers Bear The Costs Of China's Property Collapse

Zero Hedge -

Evergrande Founder Gets Life But Homebuyers, Suppliers Bear The Costs Of China's Property Collapse

Authored by Michael Zhuang via The Epoch Times,

The sentencing of China Evergrande founder Hui Ka Yan to life in prison has brought a legal reckoning for one of the country's most spectacular corporate collapses. However, for hundreds of thousands of homebuyers, investors, and other creditors, the ruling does little to resolve the financial losses left behind by the property giant.

Xu Jiayin, also known as Hui Ka Yan, founder of property developer Evergrande, appears for sentencing at the Shenzhen Intermediate People's Court in Shenzhen, China, on Aug. 20, 2026. Shenzhen Intermediate People's Court /Xinhua via AP

Hui, the founder and former chairman of China Evergrande Group, was sentenced on Aug. 20 after being convicted of crimes including fundraising fraud and embezzlement. His personal assets were confiscated, while Evergrande and its property subsidiary were fined a combined 15.82 billion yuan ($2.35 billion).

Chinese authorities also ordered the continued recovery of illegal proceeds and repayment of losses where funds remain insufficient. Fifty-six other people involved in related Evergrande cases, including Hui's two sons, were given prison sentences ranging from 18 years to one year and 10 months, along with fines or asset confiscations.

Separately, on Aug. 21, the Guangzhou Intermediate People's Court accepted a bankruptcy-liquidation application against Evergrande Real Estate Group and appointed a liquidation team as administrator, according to an official court bankruptcy notice. Creditors are being directed to file claims in that proceeding.

The penalties, however, do not automatically compensate the people who lost money when Evergrande collapsed.

Evergrande reported total liabilities of 2.437 trillion yuan at the end of 2022, including 721.021 billion yuan in contract liabilities, of which 664.244 billion yuan related to property development. Reuters later cited Gavekal Dragonomics as estimating that Evergrande's advance payments from homebuyers were equivalent to about 600,000 housing units.

Davy Jun Huang, a U.S.-based economist and former columnist for Chinese state media outlet CNTV, told The Epoch Times that Hui's life sentence answers the question of who committed crimes, but does not answer who should bear responsibility for Evergrande's enormous debts and unfinished projects.

"These are two completely different questions," Huang said. "The harsher Hui Ka Yan is punished, visually it feels like the problem has been solved, but in reality, the houses will not automatically be completed because of this, and creditors' money will not be recovered because Hui Ka Yan has been sentenced."

The question of who ultimately absorbs Evergrande's losses is likely to remain more consequential for ordinary Chinese than Hui's punishment.

Who Will Pay?

Evergrande's collapse has left losses spread among several groups, including homebuyers, suppliers, banks, investors, and other creditors.

Huang argued that the fines imposed on Evergrande and its property subsidiary do not themselves amount to direct compensation for homebuyers or unfinished projects. An official Supreme People's Court summary adds an important qualification: restitution for losses takes priority over enforcement of fines and confiscation, while illegal proceeds are to be recovered and any shortfall is subject to restitution. Huang argued that the losses from Evergrande had effectively been distributed throughout society among homebuyers, suppliers, and investors.

This has fueled broader debate over whether the regime should use other revenues associated with the property sector to compensate victims.

Huang said such demands were reasonable from both legal and economic perspectives. He pointed to the U.S. government's 2008 intervention in Fannie Mae and Freddie Mac as an example of the government assuming responsibility when a major part of the housing finance system was threatened.

China's regime, he said, played multiple roles in the property boom, as the dominant supplier of land, regulator, and major beneficiary of property-related revenue, but did not assume the corresponding losses when the market collapsed.

"When real estate was rising, the government used land-sale revenues, land-transfer taxes, and layers of extraction to squeeze out the last penny," Huang said. "When the real estate bubble burst, under the Chinese Communist Party's (CCP) political model, the government would not bear any of the losses."

The halted under-construction Evergrande Cultural Tourism City in Taicang, Suzhou city, in China's eastern Jiangsu Province, on Sept. 17, 2021. Vivian Lin/AFP via Getty Images Suppliers Face Steep Losses

The impact of Evergrande's collapse extends well beyond unfinished apartment complexes.

Xu Zhen, a senior professional in China's capital markets, told The Epoch Times that China's local governments were among the biggest beneficiaries of Evergrande's expansion. He estimated that local governments collected roughly 1.2 trillion to 1.7 trillion yuan ($180 billion to $250 billion) in land-sale revenues and taxes directly associated with Evergrande between 2016 and 2021.

That money had already entered regime coffers and would not be affected by Evergrande's bankruptcy or Hui's imprisonment, Xu said.

Xu also argued that state finances would benefit from the penalties. That point is subject to the judgment's express restitution priority, which can affect the order in which recoveries are enforced.

Banks initially benefited from lending to Evergrande but later became creditors themselves. Some of their claims were eventually sold at steep discounts after the company's collapse. Xu cited a claim held by China Minsheng Bank that was ultimately sold for roughly 13.5 percent of its original value.

Homebuyers have faced a different kind of loss - years of waiting while continuing to carry mortgages on homes they may not be able to occupy.

However, Xu identified suppliers as the group that suffered the most severe financial damage.

Under a 2023 Supreme People's Court interpretation, qualifying consumers who bought homes for residential use can, if statutory conditions are met, assert delivery or refund claims ahead of construction-price priority claims, mortgages, and other claims. Construction contractors and secured creditors otherwise retain separate priority rights. Evergrande's June 2023 interim results reported 1.05657 trillion yuan in trade and other payables, including 596.17 billion yuan in construction-material payables.

The debts affected thousands of small and medium-sized companies, many of which had limited bargaining power and few legal resources.

Some construction contractors and materials suppliers collapsed after failing to collect commercial bills issued by Evergrande. In the liquidation of an Evergrande project company in Zhanjiang, ordinary creditors ultimately received a recovery rate of about 0.69 percent, according to Chinese financial reports; Reuters also cited the figure in April 2026.

Evergrande said its targeted wealth-management financing products totaled approximately 92.1 billion yuan, with about 34 billion yuan in unpaid principal and interest as of the end of 2022. Separately, Reuters reported in 2021, citing an Evergrande Wealth sales manager, that more than 80,000 people had bought wealth-management products that raised more than 100 billion yuan over five years.

Evergrande's shares have also been delisted, leaving many retail investors with substantial losses.

Construction workers rent shared bicycles as they leave a building site for a new office tower in the Central Business District of Beijing on April 3, 2025. Kevin Frayer/Getty Images A Boom Built on Political Ties

The collapse has also revived questions about how Evergrande grew so rapidly in the first place.

Taiwan-based Japanese journalist Akio Yaita, a prominent critic of the CCP, told The Epoch Times that the company's downfall was not simply the result of excessive leverage and a bursting property bubble. He said it exposed deeper problems in China's system of political and business relationships.

As long as entrepreneurs maintained strong political connections, Yaita said, access to land, regulatory approvals, and financing becomes much easier. Rising property prices then allowed companies to expand rapidly.

However, such a model was inherently vulnerable to changes in political power, he said.

"China's system makes it difficult to produce people like Konosuke Matsushita, YK Pao, and Morris Chang, who build corporate culture and industrial foundations over decades, and it is also difficult to produce entrepreneurs like Elon Musk and Jensen Huang, who rely on technological innovation to change the global industrial landscape," Yaita said.

Instead, he said, the system was more likely to produce entrepreneurs who rose rapidly through political connections and then fell just as quickly when those political relationships changed.

Huang described Evergrande's rise as a form of mutually beneficial cooperation between business and the regime.

During the property boom, he said, developers helped local governments generate land revenue and economic growth, while banks expanded lending and met credit targets. The interests of developers, banks, and government officials were therefore aligned.

Huang said he visited Evergrande's headquarters in 2018 to give a lecture on policy analysis and forecasting and warned Hui that the company should stop expanding after 2018. Hui and the company did not heed the warning, he said.

That does not absolve Evergrande or Hui of responsibility, Huang said.

However, the collapse illustrates a broader problem. According to Xu, private property developers can become highly dependent on a system in which land and access to capital are heavily controlled by the state.

"From an employee to a scapegoat is the fate of private real estate owners under the CCP's monopoly over land and capital," Xu said. "Hui Ka Yan is a typical example."

"If you do well, the CCP lets you gain both fame and fortune; if you do badly, it makes you a prisoner," he said.

Hui's imprisonment therefore does not end the questions raised by Evergrande's collapse. For the company's former customers and creditors, the larger issue remains who will ultimately bear the cost and whether any of the money and homes lost in the collapse can be recovered.

Tang Bing and Luo Ya contributed to this report.

```

Tyler Durden Sun, 08/23/2026 - 22:45

Has Trump Turned The Tables On Iran - Or Is Another Round Of War Coming?

Zero Hedge -

Has Trump Turned The Tables On Iran - Or Is Another Round Of War Coming?

Authored by Trita Parsi via Antiwar.com, reprinted with permission from Trita Parsi's Substack.

The Trump administration believes it has turned the tables on Iran. Washington assesses that the rerouting of maritime traffic through the Omani corridor, combined with a global shift away from Persian Gulf oil, has reduced the effectiveness of Tehran's closure of the Strait of Hormuz. At the same time, the U.S. blockade has sharply constrained Iran's ability to sell its oil. The result, in Washington's view, is a status quo that imposes greater costs on Iran than on the United States.

That calculation changes the strategic equation. Rather than being forced to accommodate Iranian demands, President Donald Trump now believes he can afford to wait Tehran out. For the first time since the war began, the White House has concluded, time is working in America's favor.

Assuming that assessment is correct, the more important question is what Trump intends to do with this newfound leverage. If Washington interprets Iran's vulnerability as an opportunity to extract capitulation rather than to negotiate a durable settlement, the result is more likely to be another round of war than an end to the conflict. Tehran has already demonstrated that when confronted with a choice between surrender and escalation, it will choose the latter. Giving Iran the same choice again is therefore unlikely to produce a different outcome.

The only way to turn this unexpected shift in the balance of leverage into a political victory is through diplomacy. If Washington's assessment is correct, it now has an opportunity to use its leverage to secure a compromise that addresses its core interests while giving Tehran sufficient reason to accept an agreement. If, instead, the administration pursues maximalist demands, it risks converting a moment of leverage into another cycle of war.

Historically, however, Washington has tended to make precisely this mistake. Whenever U.S. policymakers have concluded that time and leverage are on their side, they have often treated Iranian weakness not as an opening for compromise, but as an opportunity to seek capitulation. The danger is that Trump will repeat that pattern. He will mistake leverage for victory and turn a potentially favorable negotiating position into the continuation of the tragedy that is US-Iran relations.

Trump failed militarily, but thinks he can win economically

America has run out of military options. The clearest indication is that the Trump administration has stopped striking Iranian targets even as Tehran continues to attack ships transiting the Strait. On Monday, an Iranian attack killed a sailor aboard a vessel using the southern corridor. Yet Washington did not respond militarily - even though the second round of the war began precisely because the administration had declared that it could not accept Iran firing on ships.

According to Reuters, U.S. forces have used virtually all of their global stockpile of ATACMS and Precision Strike Missiles (PrSM) during the five-month Iran conflict. Moreover, roughly 65% of Patriot interceptors, 38% of THAAD interceptors, and almost half of the Navy's Tomahawk cruise missiles have been expended.

The depletion of these stocks appears to have forced Trump to abandon its pursuit of a military knockout and instead shift the burden of economic pressure onto Tehran. That strategy, in turn, appears to be producing results faster - and to a greater degree - than the administration anticipated.

In the American description of events, this success is mainly due to three factors: New, much larger ships are being used that carry primarily crude oil. These VLCCs (Very Large Crude Carrier) can carry up to 2 million barrels of oil. In comparison, other oil tankers can transport between 350,000 and 1 million barrels.

Before the outbreak of the war, approximately 21 million barrels of petroleum and crude oil passed through the Strait of Hormuz on a daily basis. These were carried by 65 to 80 tankers. Roughly the same amount of oil transition through the strait can now be achieved by only ten VLCCs a day. And given that the vast majority of ships transitioning through the Strait in the Southern Corridor have their transponders off, this traffic has not been noted by outlets tracking the traffic.

Secondly, demand for Persian Gulf oil has significantly dropped as numerous economies have started to transition to other sources of supply. Brazil, for instance, has increased its exports and started to serve markets that previously relied on Persian Gulf oil. Most importantly, Beijing appears to have deliberately reduced its oil consumption to prevent prices from remaining above $100 a barrel and thereby aggravating the risk of a global recession.

Third, the war has created economic incentives strong enough to attract ships and crews willing to assume substantially greater risks. The growing volume of traffic through the Southern Corridor, despite the obvious dangers, is evidence that these incentives are surprisingly powerful.

Unlike its earlier illusions about the blockade as a guaranteed knockout blow against the Iranian theocracy, Washington no longer expects economic pressure to produce a quick surrender. Instead, the administration appears to be betting on a slower process of economic strangulation that will eventually force Tehran to capitulate. Faith in a knockout blow has given way to the more fragile hope of prolonged strangulation.

Tehran isn't worried - for now

Iran's calculation is effectively the opposite of Washington's. Tehran doubts the United States can sustain the flow of VLCC traffic through the Strait and believes Trump will have little choice but to return to the Islamabad MOU within the next two to three weeks. Trump may have made progress on oil exports, but LNG and many petrochemical products, including fertilizers, remain unable to leave the Persian Gulf.

Tehran also appears to believe that it retains the ability to halt the VLCC traffic, but is deliberately refraining from doing so for now. The calculation is to avoid escalation while waiting to see whether the United States' depleted military options ultimately compel Trump to return to the MOU.

In short, Tehran does not appear overly concerned - for now. But that could change. If Trump refuses to return to the MOU, or succeeds in turning the balance of economic pain against Iran, Tehran will face a far harsher reality. Just as Washington underestimated Iran's resilience, Tehran may have underestimated the both resilience of the global economy and Trump - the former's ability to shift away from oil and the latter's craftiness in finding non-military ways to effectively reopen parts of the Strait.

Between surrender or escalation, Iran will almost certainly choose escalation. Even if Trump has gained the economic upper hand, Tehran still believes it holds a military advantage. Its options range from more aggressive attacks on VLCCs to strikes on Emirati pipelines that bypass the Strait, and potentially to renewed escalation in the Red Sea.

Indeed, it was precisely Trump's erroneous assumption that Iran would choose surrender over war that helped drive the United States toward escalation in the first place. Washington's recurring search for Iran's breaking point has repeatedly produced escalation rather than capitulation. There is little reason to expect the pattern to be different this time.

The US-Iran tragedy

Herein lies the tragedy of the lethal dance between Washington and Tehran. America's winner-take-all approach makes agreement unacceptable when Iran has the momentum. When the momentum shifts to Washington, the United States comes to believe that nothing short of Tehran's full capitulation is palpable.

Because Iran fears surrender more than war, the cycle oscillates between economic pressure and military escalation, interrupted only by brief and often fragile periods of diplomacy. Put simply, the structure of the situation favors war.

This is particularly visible today as neither side is investing in any real diplomacy with the other. Tehran's "diplomacy" is to simply wait for Trump to return to the MOU, while Trump has barred U.S. officials from engaging with Iran and committed himself instead to economic warfare.

When you don't negotiate when you're weak, because you are weak, and you don't negotiate when you are strong, because you are strong, then war becomes the baseline.

Trita Parsi is the Executive VP of the Quincy Institute for Responsible Statecraft and an award-winning author. Washingtonian Magazine has named him one of the 25 most influential voices on foreign policy. Noam Chomsky calls him "one of the most distinguished scholars on Iran"

Tyler Durden Sun, 08/23/2026 - 22:10

TSA now search inside Cars Parked at Airports

Financial Armageddon -





http://www.whec.com/news/stories/S310...
Rochester, N.Y. -- She says she had no warning that someone was going to search her car after she left to catch her flight. So the woman contacted News10NBC.

We found out it happened to her because she valet parked her car. Those are the only cars that get inspected.

So if security feels it is necessary to search some cars in the name of safety, why not search all of them?

Laurie Iacuzza walked to her waiting car at the Greater Rochester International Airport after returning from a trip and that's when she found it -- a notice saying her car was inspected after she left for her flight. She said, “I was furious. They never mentioned it to me when I booked the valet or when I picked up the car or when I dropped it off.”

Henry Kissinger : Those Who Reject the New World Order are Terrorists

Financial Armageddon -



Henry Kissinger actually publicly stated that those who oppose the New World Order are "terrorists".

Henry Kissinger in a speech given in Istanbul, Turkey on May 31, 2007, while the Bilderberg conference was simultaneously underway, just a few miles down the road.

Henry Kissinger"In the Middle East, we live in a different world. The nations do not represent historic entities in the same sense that European nations did. Turkey of course does, and Iran in a considerable extent does. But in the region in between, the borders were drawn by the victors of World War I on the basis largely of what would facilitate their influence. So therefore, the identities of these countries, and of their borders, can be challenged more easily."

"What we in America call terrorists are really groups of people that reject the international system, and they're trying to regroup it to a radical Islamic fundamentalists kind."

Detroit files for biggest US City Bankruptcy

Financial Armageddon -

Detroit has become the largest city in Unites States history to file for bankruptcy after decades of decline and mismanagement rendered the city insolvent. Michigan's governor, Rick Snyder, said on Thursday that there was no other option to tackle the city's $18.5bn of debts. Al Jazeera's Caroline Malone reports.

Detroit has become the largest city in Unites States history to file for bankruptcy after decades of decline and mismanagement rendered the city insolvent.William Black, a professor of Economics and Law at the University of Missouri, talks to Al Jazeera about Detroit filing bankruptcy.

Fox News Interviews Adam Kokesh From Jail

Financial Armageddon -




7/18/13 - Anti-government activist Adam Kokesh, who is currently jailed on drug charges and is facing a firearms charge in D.C., says he will someday run for President on a platform of abolishing the federal government. Since July 9th, 31-year old Adam Kokesh has been incarcerated in a cell in the Fairfax County jail which measures seven by seven-and-a-half feet.

On Independence Day, Kokesh had a colleague record a video of the pro-gun activist loading a shotgun on D.C.'s Freedom Plaza. The District has strict gun control laws that generally forbid the carrying of firearms. U.S. Park Police and D.C.'s Metropolitan Police Department opened an investigation.

Several days later, U.S. Park Police used a flash grenade when their SWAT team served a search warrant at Kokesh's home in Herndon, Va. Kokesh was arrested when officers said they found hallucinogenic mushrooms at the house.

In an exclusive jailhouse interview, Adam Kokesh denies any connection to the drugs. Here is part of the transcript of that interview with Kokesh: "If they found a stash of magic mushrooms in my house, they were not mine. ANY IDEA WHOSE THEY WERE, OR WHY THEY WERE IN YOUR HOUSE? I'm pretty confident that, whether or not they found anything, the full paper bags that [U.S. Park Police] brought into my house would insure that they had charges to bring against me. ARE YOU IMPLYING THAT THOSE DRUGS WERE PLANTED? Yes."

Kokesh, who has been arrested several times before by U.S. Park Police, says that agency has a "vendetta" against him, but he believes the evidence in the drug case is weak.

Federal officers have now filed a weapons charge against Kokesh for wielding the shotgun in D.C. on the Fourth of July. Here's more of the interview: "WAS IT A REAL SHOTGUN AND WERE THEY REAL SHELLS GOING INTO IT? Yes. ON THE VIDEO YOU POSTED? Yes. YOU DID KNOW THAT WAS ILLEGAL IN D.C.? It's called civil disobedience."

Adam Kokesh believes the Second Amendment to the Constitution will provide him a successful defense against the D.C. gun charge.

The former U.S. Marine who served in Iraq plans to someday bring his anti-government views before voters. "ARE YOU RUNNING FOR PRESIDENT? Yes sir, in 2020 on the platform of: orderly dissolution of the United States government. WHY IS THAT A GOOD IDEA? Why is having a federal government a good idea at this point?"

Adam Kokesh believes the U.S. military is more harmful than helpful to American security, and the government -- as a whole -- has burdened its citizenry with debt.

Adam Kokesh is 70% disabled from his term of military service. He says he lives only on that money.

His supporters, through their website, adamvstheman.com, are asking supporters to send money for bail and send money so a private attorney can be hired. Kokesh is currently being represented by a public defender.

Kokesh remains in custody in the Fairfax County Adult Detention Center, and, if he is freed on bond, he faces extradition to D.C. to face the gun charge.

Donald Trump on Bill O'Reilly Interview, Talks Economy, China and Obamacare - July 18, 2013

Financial Armageddon -

July 18, 2013 - Bill O'Reilly Interviews Donald Trump on Economy, China, and Obamacare



Trump would be a hell of a lot better president then Obama, at least he is willing to do what needs to be done instead of creating some BS healthcare system .He's a businessman, he knows how to make deals, he will get tough on China (even if he has ties made in China in which I don't think he knew or maybe he thought we're a screwed country so why not just sell them to stupid people who will only buy them anyway), I don't believe what they say about his net worth (in which they say isn't worth much). Trump has a big fat heart inside I believe it.

BREAKING NEWS ~ Detroit Files for Bankruptcy

Financial Armageddon -

Here it comes Detroit about to be largest Bankrupt City .The city of Detroit files for Chapter 9 federal bankruptcy protection, making the automobile capital and onetime music powerhouse the country's largest-ever municipal bankruptcy case. WSJ Global Autos Editor Joe White reports.


This news really ruined Obama's golf game today ... ya America is crumbling apart , but we have 15,000 Russian soldiers to help fix it I hear!!

Steve Keen Exposes Financial Fallacies and Debates the Mortgage Debt Jubilee!

Financial Armageddon -

Steve Keen Exposes Financial Fallacies and Debates the Mortgage Debt Jubilee!


"I don't understand gold." Yes, that's what our beloved Fed Chairman actually told Congress today. Maybe that's why Germany wants 300 tonnes of it back. That would be gold the Fed is holding on its behalf. We have just one word for you Finance Minister Schaeuble: tungsten. But don't worry, Chairman Bernanke assured the S&P 500 -- now at all time highs -- that the monetary QE stimulus will continue until the economy can stand on its own feet. Such anthropomorphization is quite quaint for an econometrician, isn't it? We debunk the likes of Bernanke and talk about the mortgage jubilee with economist Steve Keen.

And, Jamie Dimon can't seem to find a chair that isn't the hot seat. JP Morgan is about to shell out a few hundred million in a settlement with the Federal Energy Regulatory Commission. That would be for allegedly manipulating energy markets in California, Enron style. Barclays already settled for $435 million. And a similar settlement for JP Morgan would amount to -- well just one sixtieth -- of its $26 billion in revenues reported last Friday. No word yet on how much it actually profited from allegedly bilking Americans.

Finally, subprime is back. The Consumer Financial Protection Board just strengthened mortgage underwriting standards. But if you don't fall under the new rules, don't worry. Because the guy who helped write the rules at the CFPB just went private -- and started a company that will service the very market his old regulatory body now excludes. And, yes, they're even providing interest-only financing -- because that worked so well in 2008. You can't make this stuff up! Perianne breaks down the boom-bust cycle.

Secret Government & Dulce Base ~ Norio Hayakawa

Financial Armageddon -




Unorthodox ufologist Norio Hayakawa presented his views and research on UFOs, clandestine government activities, and the mysterious Dulce, New Mexico area, rumored to house an underground base. The state of New Mexico itself has been a hotbed of paranormal and UFO activity going back to 1947, he reported. Starting with the Roswell Incident, "the year 1947 was the beginning of a conditioning of belief systems...carefully orchestrated for future events," he commented.

He believes the Roswell crash was staged "by an unknown intelligence" in collusion with an elite part of the US government. UFOs are neither flying nor objects, but rather part of an intelligence that co-exists with us and has the ability to materialize, he explained.

Hayakawa was one of the first to bring Project Bluebeam to public attention in his 1995 documentary video Secrets of Dreamland, which suggested that a covert government would have sufficient technology to artificially simulate a UFO threat in order to bring about a forced global unity.

Regarding Dulce, he has not found direct physical evidence for an underground base there, yet, there have been many strange reports and sightings in the area which encompasses the Jicarilla Apache Reservation. "I think there's a reality on another level that we may not be able to see with our physical eyes" and a base could exist at Dulce in a non-physical realm, he shared.

Biography:

Norio Hayakawa calls himself an unorthodox ufologist and activist. He has spent almost 10 years specifically investigating Area 51 in Nevada. He says that there is much more to Area 51 than just superficial facts made public about this well-known base. In 1990 he also began to investigate the strange goings-on at Dulce, New Mexico. After more than 45 years of researching the UFO phenomenon, he says that a conditioning of belief systems have been orchestrated since 1947 by a manipulative force that is preparing mankind for a near future mysterious scenario. The ingrained and "altered" realities behind both Area 51 and Dulce will play a role in that scenario. In March of 2009 he organized the first-ever Underground Base conference in Dulce, New Mexico.

Wikipedia
The term shadow government (also cryptocracy) besides its party political meaning can also refer to what is sometimes called "the secret government" or "the invisible government," an idea based on the notion that real and actual political power does not reside with publicly elected representatives (for example the United States Congress (or the Cabinet of the United Kingdom) but with private individuals who are exercising power behind the scenes beyond the scrutiny of democratic institutions. According to this belief the official elected government is in reality subservient to the shadow government who are the true executive power.

Conspiracy-oriented literature postulates the existence of a secret government who are the true power behind the apparent government. Examples of such literature include works by Dan Smoot, William Guy Carr, Jim Marrs, Carroll Quigley, Gary Allen, Des Griffin, David Icke, Michael A. Hoffman II and John Coleman. Some of these authors believe members of the secret government may represent or be agents for groups such as the Council on Foreign Relations, The Royal Institute for International Affairs, The Trilateral Commission, the Bilderberg Group, CIA and MI6 in co-operation with international banks and financial institutions such as the World Bank and the Bank for International Settlements. Also popularizing the idea was the hit US television show, The X-Files.

In his novel Coningsby, Benjamin Disraeli stated that "The world is governed by very different personages from what is imagined by those who are not behind the scenes". One definition of a shadow government is a "secret government within the government". This secret government is the "real" government that controls the legitimate and visible government's agenda. The network of people constituting this secret government are bound by some common agenda known only to each other and/or the people they represent. The agenda may be that of a secret society who have infiltrated the government (examples include Freemasons, Skull and Bones men or Illuminatists). In this case the agenda of the network is known only to those members who are bound by an oath of secrecy.

The shadow government is also considered by popular authors[who?] to be behind black budget projects and covert operations.

One of the most popular conspiracy theories about a shadow government is the notion of a "Zionist Occupation Government

SPY WARS, IS YOUR Iphone SAFE?? Police to track ALL calls and data usage

Financial Armageddon -

Travelers on their way to Britain might want to leave their phones at home after it was revealed they could be seized and browsed through by police. And amazingly it's totally legal, as Tesa Arcilla reports.


Thanks From Wall Street, gold price and US finance to conspiracies, latest global news, Alex Jones, Gerald Celente, David Icke Illuminati, a potential World War 3, Elite government cover - ups and much more

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