We know what’s coming and we are prepared.
Consumer Sentiment & the C.P.Lie
The latest Michigan survey saw 1Y-inflation expectations increase to 3.5% (versus 3.2% expected) and consumer sentiment plunge from 69.1 to 65.6 (versus 72 expected).
We don't need to tell you that this is a bad outright terrible result, but meanwhile the Fed as usual has its blinders on, desperate to explain it away because, after all, "why, at a time of falling inflation, low unemployment, and strong economic growth, do voters appear so unsatisfied with the state of the economy, and in how Biden is handling the economy? Why in particular do voters complain so much about inflation?" (That's a quote)
The first comes from the Richmond Fed, which finds that "consumers whose political party is in office tend to have higher sentiment than those affiliated with the party not in office," noting that "the partisan sentiment gap has widened over time."
The second, much more convincing result, is some research from the Chicago School of Business, which used the pre-1983 CPI that took home prices and mortgage interest payments into account.
"If it still did, inflation would have peaked at nearly 18 percent in late 2022, about double the current CPI measure."
In fact, as the study itself claims, "If we measured inflation as the BLS did in the 1970s, the recent bout of inflation would have been even higher than the worst of the 1970s! It really is as bad now as it was then."
If the CPI were to include interest paid on personal debt (such as auto loans and credit-card debt), that would also produce a much higher inflation rate than suggested by the current official measure (chart above). In fact, using this CPI, the year-over-year change in inflation has only just returned back down to its 2022 highs.
Maybe this would better explain for the economists like John Cochrane why "voters complain so much about inflation?"
HOLY CRAP! NAACP lawyer came before the Supreme Court and said the quiet part out loud
Janai Nelson said we need race-based districts because: "white Democrats were not voting for black candidates whether they were Democrats or not!"
This is INSANE.
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BREAKING: In an insane move, Justice Ketanji Jackson declares we need to draw Congressional districts based on race because black people are like disabled people
"They don't have equal access to the voting system. They're DISABLED!"
This is utter madness. How did she get on the Supreme Court?!
"My, kind of, paradigmatic example of this is something like the ADA. Congress passed the ADA against the backdrop of a world generally not accessible to people with disabilities...why is that not what's happening here?!"
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BlackRock CEO Larry Fink says this is only the beginning as the tokenization of everything is underway.
Money, property, and even personal identity will soon exist in digital form.
He calls it a major opportunity for BlackRock, saying the plan is to move beyond traditional financial assets by digitally re-potting them into a new system.
🔗 Shadow of Ezra (@ShadowofEzra)
🤖📱 Between empty promises of a billionaire and a social credit system. The “secret” way your behaviour is ranked on X
What is Tweepcred? It’s a reputation system inherited from the days of Twitter, a social credit mechanism built into X, where every like, comment, retweet, or interaction feeds a hidden score. Post the wrong thing, and your reach is throttled, invisible to followers, blocked from the For You Page, and your voice is confined to a digital coffin. The worst part? X won’t even tell us what we’re doing wrong.
Tweepcred was open-sourced two years ago as part of Elon’s big push for “transparency.” The release confirmed what many suspected for over a decade: the system wasn’t neutral. It could be gamified, and it rewarded those who knew how to play it. Industry insiders and large organizations held a massive advantage over individuals, defeating the very purpose of the internet and the cultural revolution that once challenged mass media.
Content was no longer ...
🇺🇸👨🌾 Meriwether Farms on X:
Dear Trump,
We love you and support you— but your suggestion to buy beef from Argentina to stabilize beef prices would be an absolute betrayal to the American cattle rancher.
We understand there are larger economic and geopolitical dynamics at play, including countering CCP influence in countries in our hemisphere. But the practice of solving problems “over there” before solving problems here on our soil is what contributed to the downfall of our country: Americans always come last.
We understand beef prices are high, and we admire your concern for all Americans, but this is not the fault of the American producer. This is the fault of politicians who have allowed BRICS-aligned entities to dominate the meat industry, that participate in price fixing and who also continually lie to their consumers.
Washington for decades has facilitated the squeezing of our own ranchers while allowing these entities to flood the market with cheaper, ...
