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2018-07-03 07:00 by Karl Denninger
in Editorial , 256 references Ignore this thread
The Flat-Out Lie From The Left
[Comments enabled]

No America, racism isn't dead.

And no, America, it's not white dudes that are the reality of it.

It's brown and black today, when you get down to it.

The fake news narrative has nothing to do with the truth about Cortez and the reality of the 14th. 

The simple truth is that the Democratic Socialists of America and Alexandria Ocasio-Cortez put in time and money into a district that the Democrats hadn’t bothered to protect because Republicans couldn’t win it. The secret to Cortez’s victory wasn’t socialism. It was her last name. 

In other words Cortez won because she, and those in her district, are racists.

Yep.

You see, essentially everything about Cortez is a lie.

She's not a "poor girl" from the Bronx.  She's a hoity-toity Westchester County chick.  Her father got his money not through old-fashioned hard work but through minority set-asides, for which New York (and other similar states) are famous.  She's done nothing of substance with her life, except for ripping off waitresses on shared tips when she was a bartender.

Which, I remind you, is quite standard for socialists.  Claim that it's "from each according to their ability" and then keep it all for yourself -- or as much as you can get away with, even when the majority of work was done by others.

Just like her Dad with his "minority" set-aside business interests.

But this is what we are as a nation now.  I've seen it with my own eyes.  Drink or drug yourself to ruin, literally, and for this you get disability and "free" medical care for life.  When that's not enough (booze and drugs are expensive, you know) then find someone to grift from.  It helps if it's a family member, as they're less likely to call the cops if the grifting turns into outright theft and you can usually play the sob story successfully -- at least up until whoever you're grifting from runs out of money and is destroyed themselves.

Never mind the people who get screwed up the ass by this -- which would be everyone else.  The entire budget deficit last year occurred due to the outrageous grift and fraud in just one area of government spending -- medical.  Put simply more than three percent of the GDP "expansion" last fiscal year was false; it was not actual expansion at all; it was simple credit expansion which means the same amount of goods and services were chased by more dollars, and as since the amount of emitted credit on such is instantly spent (that's why it was emitted) there was basically no expansion at all.

Last year's "expansion" was 4.1% from Q3->Q3, which is when the fiscal year ends.  The total was $771 billion.  Last year's fiscal expansion at the federal government alone was $666 billion.  The difference was $105 billion and that was in fact absorbed by state and local borrowing plus more.

But even if it wasn't -- in other words if State and local governments hadn't issued a single additional penny in bonds this means last fiscal year saw an actual GDP expansion of 0.54%.

Of course state and local governments did expand credit issuance.  So did all other manner of unbacked lenders -- like credit cards and student loans.

IN FACT GDP LAST YEAR WAS NEGATIVE.

IT WILL BE NEGATIVE THIS YEAR TOO FOR THE SAME REASON.

Of course you won't hear the truth on CNBC.  Nor on Fox.  Nor on pMSNBC, nor Communist News Network (CNN).

The reason is simple: You cannot solve this without taking all the medical monopolists and jailing them, or at least credibly threatening to do so if they don't cut it out right damn now.  If you were to do that then ~20% of the "economy" would contract overnight to about 4% and the market would crash instantly.

Not "go down a bit", crash.

But if you don't do it the market is going to crash anyway, because it is a fact that those who are not in the 1% or above have seen their ability to continue having a "decent life" eroded away and rendered into poverty.  As of 1/2019 you can evade the personal and direct cost of this by choosing to "run naked" with no health insurance without being penalized this means accepting that you must either get on a plane (get your Passport if you don't have it!) should you need treatment for something and pay cash or, if you can't under the circumstance that occurs, die.

Unfortunately that won't stop you from being destroyed nor will it stop the economy and markets from collapsing.  The reason for this is that your personal election to do this doesn't compel anyone else to.  They are "free" to continue to screw everyone with impunity and force you to pay, and as a result the budget deficit will continue to explode upward and the unbacked credit issuance by Federal, State and local governments will continue unabated.

The so-called "GDP expansion" will continue to be false as it is all this deficit spending: effectively every last single penny of it.

That will be immediately and inevitably reflected in taxes of some form, whether hidden or not.  If it reflects in asset prices (as it has thus far) it will have the predictable results in places like Seattle and Silicon Valley where you're functionally destitute with less than $100,00 a year in income since you cannot afford housing.  If you lack the intellectual firepower to generate $100,000 a year in income you're just plain ****ed.

At the same time everyone cheers on Apple and others who have their market cap precisely because they employ slave labor in third-world nations and thus generate "nice" margins.  They do this to specifically avoid paying Americans a wage.  So do GM and Ford.  GM just announced they will build their new Blazer in Mexico where the manufacturing wage average is under $4/hour.

How many of those people can afford that $40,000 car?  Zero.

But heh -- GM's stock price is up so it's all good, right?

In the meantime let's celebrate New Yorkers' racism -- there's nothing wrong with racism as long as black, brown or "any other than white" people do it, right?

After all it's a great deflection from any debate on the reason our economy is headed straight for a brick wall at 90mph.

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Aztrader
Posts: 8017
Incept: 2007-09-10

Scottsdale, AZ
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Lot's of economic propaganda going on for the past 8 years and they need it to keep the fallacy of growth alive. Thanks to BS accounting, companies show revenue and profit growth because they are ignoring charge-offs and losses on their books.
As a retailer, I watch promotions every day and last week, the end of the quarter, everyone was blowing stuff out at break neck speed. EBAY had 3 separate, very generous offers in the week that netted them more sales, but at a cash loss due to how they structured the promotions. These losses won't be seen by investors, but only the IRS. The GDP growth numbers are so doctored ignoring all the new leverage that was issued to "buy" growth. Giving out 7 year car loans with nothing down sounds terrific to the buyer, but they will never own the car and in most instances, the car will be repossessed.
Based on the slow down on sales that we have witnessed in the past few months, I believe that most folks are tapped out.
Saw the Amazon Prime day announcement and EBAY came up with one of their own. I am sure there are plenty of suckers that don't mine adding to their credit card debt to find that deal that they really don't need.
This financial glass house is cracking, but as long as they have the media on their side to skew the truth, it may take longer then what we saw in 2008.
Mangymutt
Posts: 601
Incept: 2015-05-03

Vancouver WA
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I never could figure out how borrowed money could be added to show growth. I mean I get why they do it, but not how adding a negative amount to a positive number could equal even more positivity.

Hey Karl, lend me millions of dollars - Look Karl now I am richer than you? WTF???

I am also not sure how someone's skin color, ethnic background or name makes them a better candidate for any job.

Look at me I am poor, under educated and darker skinned than you, therefore I am better qualified for the job than you are? Plus I just borrowed myself (Thanks a million Karl) into prosperity. And if you vote for me I will implement programs that make you just as rich as me.

WHAT!!! You think it is unfair that the only reason I can live this lifestyle is because I borrowed money that I cannot and will not ever pay back from you? Why you got to be so racist?

Well guess what? Now I am going to invite even more people to borrow money from you, I do not give a damn if you have no more money. I was poor before I borrowed it from you, you can become rich again by borrowing more money. I am sure your kids and (unborn) grand kids. I mean it will only show how unracist they are.

Don't try and use logic or reasoning to defend yourself, it only show how racist you are. Now which one of the rooms in your house is mine?



Whitehat
Posts: 549
Incept: 2017-06-27

The People's Republic of New York
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most people do not realize that if you crash the economy, it will not affect to a fatal degree the people who do real and necessary work. it might actually make their lives better by breaking inflationary pressures. the *******s that will get hurt are certain white collar admin dirtbags in medicine, ******* members of the FIRE economy as opposed to value adders in these fields and a large section of the liberal upper middle class suburban voter. the head fake is that this relatively small and exclusive subset has made their concerns the concerns of the majority both in politics and in personal mentality. i cannot tell you how many people who own no equities are concerned about the stock market. this is the greatest con in history, started in the 80's and renewed in the late 90's. they think that their prosperity is tied to the market when there is little to no correlation. i always ask them how much stock they own and end with why do you ****ing care. once people realize that their well being is tied to real skill sets that they have or must develop, the game changes.

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There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Dcsleeper
Posts: 425
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Northern VA
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The US is the least racist country on earth. That's a fact.
I don't know why we are obsessed with it.

The house of cards can't hurt me now.
Structure your life to be immune.
Lanny
Posts: 76
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Canada
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Thanks for the reminder.
Gauntlet33
Posts: 60
Incept: 2009-03-30

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Whitehat: "i cannot tell you how many people who own no equities are concerned about the stock market...they think that their prosperity is tied to the market when there is little to no correlation.

Hi Whitehat, although I generally agree with your sentiment that these people should realize that they need to be self-sufficient and not rely on factors outside their control such as the stock market, I disagree with your statement that the stock market's value doesn't have an effect on their prosperity.

I guarantee you that if the stock market crashes by 50% and stays there for any significant amount of time that hundreds if not thousands of companies will no longer exist and those that do exist will cut thousands or millions of employees and cut salaries of many of the remaining workers.

As a metaphor or analogy, there are fish in the sea who eat the scraps of what the bigger predator fish leave behind. If the companies are the sharks, then those smaller fish are its employees, so if the sharks are hungry, then so will be the guppies...just look at pics of the Great Depression and tell me that the stock market didn't have an effect on the common man.
Lobo
Posts: 482
Incept: 2013-12-25

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Tickerguy wrote..
No America, racism isn't dead.


Couple that with no rule of law and you get incredibly stupid **** like:

Quote:
Vandals threw a brick through the window of the Nebraska Republican Partys headquarters in Lincoln, Nebraska, on Monday night, the party said Tuesday.

Republican staffers found a spray-painted message beneath the broken window: ABOLISH ICE.


and

Quote:
I think this is a really unique time, one in which actual radical necessary immigration reform that has been delayed for far too long is actually within the overturning window of public opinion, said protest organizer Anlin Wang.

The message that ICE needs to be abolished and that Philadelphia needs to do more to be a true sanctuary city was being made and received peacefully, until hour 16.


WTF? You really want the borders wide open with no immigration enforcement? Fine. Volunteer to take a family (or 6) into your home and tell them that what's yours is theirs. At least you'll be giving away what's yours. Or, lets take everyone caught crossing the border illegally and bus them to Philadelphia. There ya go, Philly. With that much strength through diversity you should be an economic powerhouse in a couple months.

These people want to destroy the US. I'd enjoy seeing them choke on it, but there is no way to prevent the consequences from impacting everyone outside ground zero.

(As an aside: the problem with pumping up the credit balloon is that somewhere down the road, there is a pin waiting.)

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Village Idiot
Xqqme
Posts: 726
Incept: 2009-01-09

Ohio
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The truth about this primary is Dem voters stayed home...

There are 214,750 active registered Democratic voters in the district. Only 27,744 voted, and Ocasio-Cortez won by more than 4,000 votes.

The Left calls this a Victory?
Wa9jml
Posts: 171
Incept: 2017-04-29

DeKalb, Illinois
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It appears that the Dems viewed this district as being safe. They never expected an attack from their left. It is funny to watch Schumer and Pelosi frantically covering their left flank now.
Eleua
Posts: 15277
Incept: 2007-07-05
A True American Patriot!
N 47.72/ W 122.55
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Tribal affiliations and the affinity to the similar/familiar are an indelible human characteristic. You see it all through the animal kingdom, and ALL OF HUMAN HISTORY.

"Racism" has lost its meaning. The modern use is nothing more than a cudgel to convince Europeans, especially Anglos, that their success is inherently racist and illegitimate. Euros/Anglos are expected to defer to everyone else, who practice open racism. If not, then the charges of racism come flying. The irony is lost on most.

Identity politics is, by definition, racist. The Dems are "all in" on this, to the point that they can't go back. They have told non-Whites in America that Whites are inherently evil and racist, to the point where Whites must be opposed, with violence, if necessary. Blacks have been radicalized by the universities to the point where violence is now acceptable as a form of preemptive defensive measures. Unfortunately for the Dems, they got ahead of themselves, and Identity Politics is still a bit too premature - they still need blue collar Whites, whom they have told to******up a rope. Those Whites are not going back to the Dems.

Cortez isn't the first. Remember when Loretta Sanchez entered politics and beat Bob Dornan by 986 votes, almost all of which were illegally cast by non-citizens? Up to the election, she used her husband's name of Brixey, but when she wanted to seize upon the redistricting of Orange County, to include more "Hispanics," she went back to her maiden name of Sanchez.

This aint new. Racism, tribalism, etc have been around an awfully long time. It isn't going away - ever. However, the other side of that blade also cuts. When the bond market finally shatters, the money supply will dry up, and all the free **** for the Free **** Army goes away. The FSA isn't going to get all Libertarian on us and go find jobs and earn it. They will come for stuff from the historical providers for the FSA. The optics of this will be obviously racial/tribal, where the FSA is outnumbered anywhere from 3:1 to 5:1.

Charges of racism will fall flat in that environment. They will not only have lost their effectiveness, they will galvanize the counter revolution to the past 50 years along racial lines.



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http://clearcutbainbridge.blogspot.com/?....
"My object in life is to dethrone God and destroy capitalism." - Karl Marx
"Destroy the family, you destroy the country." - Lenin
"Education is a weapon whose effects depend on who holds it in his hands and at whom it is aimed." - Stalin
Emg
Posts: 212
Incept: 2012-11-20

Canada
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The Democrats have pushed most white male voters away, and are now discovering that non-white and female voters don't want to vote for old white men.

And they have to keep the illegals coming in because there's no way they can win the White House again without them. That's why they're going bat**** crazy about Trump enforcing immigration laws: it really is life and death for them.
12bolt
Posts: 316
Incept: 2009-08-24

Blueridge
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Civic nationalism needs to die. These new 'Americans' are not us.

They hate us, freedom of speech, and the 2A and large numbers of them vote against it.

Democracy is our doom. Open borders and the 1965 Hart-Cellar immigration act has irreparably damaged our country. We have in the neighborhood of 60 million foreign born people living here (all since '65) who are not us, and who do not share our values. But they can and do vote.

YUGE MISTAKE AMERICA. America that we knew growing up is gone for the most part. None of our major cities look like America any more. My hometown in SoCal was once 90% white. Now it's Mexico, literally.

NYC? Miami? San Fran? LA? Detroit? Jacksonville? Memphis? Boston?

I could go on all day.

If we want a decent future for our posterity that doesn't look like South Africa or Venezuela these foreigners are going to have to be escorted back to where they came from. Or our country is gone forever.

There are many who believe it's too late. I'm not in that camp.

But something will have to be done before too much longer. Once heritage Americans are a minority there will either be a war or an outright genocide against us.

Burying your head in the sand about ethnicity and culture is foolish and short sighted. Look where that mindset has gotten us since '65. Egalitarianism is a lefitst fantasy that was never true.

Even in rural Appalachia we're being overrun by foreign invaders from latin america, India, and China.

WHY? What value do they add? Do we need them?

I say no. Not one bit. Send them home.
Bodhi
Posts: 471
Incept: 2008-02-23

Georgia
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Quote:
My hometown in SoCal was once 90% white. Now it's Mexico, literally.


I grew up in Northridge, CA in the 1960s and 1970s. The high school I attended in Sepulveda had over 4000 students and was 90%+ white. Today it's got barely 1000 students and is 90%+ Hispanic. Graffiti, trash, gangbangers and homeless now dominate the landscape. Sepulveda renamed itself to North Hills several years ago in an attempt to change its poor reputation. Last time I visited I could barely tell the difference from Tijuana.
Whitehat
Posts: 549
Incept: 2017-06-27

The People's Republic of New York
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Gauntlet33 -- during the great depression at least 70% of people were still employed fully, in some areas much higher. yes, there was struggle for many, however agricultural people who lived on a subsistence basis in many cases still did and more urban areas still needed food. there was a large penalty in terms of deaths, however some have argued that this would have happened outside of the depression anyway in rural areas where farming practices were not logical. the dust bowl was an act of nature in response to man's stupidity. additionally, the depression was made much longer and worse by attempts to mitigate the collapse that needed to occur. if this had been allowed, it would have been short enough to allow the small number of dispossessed to hunker down with family, others and with some charitable help.

it is this same fear of facing the consequences that keeps us from crashing the system now, dealing with the BS and finally fixing things. however, it will not stop the day of reckoning, only make it worse. denying facts does not make them any less true. deal with reality or reality will deal with you.

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There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Tickerguy
Posts: 153516
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Yep. 1920/21 was DEEPER than the Great Depression (by quite a lot), far more-violent on the downside in terms of the speed of the collapse, and over within 18 months, posting the largest and FASTEST GNP recovery ever recorded in American economic history.

But nobody talks about 1920/21 because if they did they'd have to deal with the fact that it was a screaming success never seen since, and you'd have to ask "why not?"

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Winding it down.
Krzelune
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It destroyed the inefficiencies, skim and other non productive elements in the system.
Whitehat
Posts: 549
Incept: 2017-06-27

The People's Republic of New York
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yes Karl, thank you for bringing up the 1920-21 crash. it was actually preceded by a real estate bubble in which NYC participated. there is a neighborhood in NYC called Harlem which was at that time the elite place to live. property values there were 700k in the dollars of the time. i know a multi-generational family of appraisers who have old original copies of the data. this particular neighborhood and others like it crashed down to a real value for over sixty years following the crash allowing a new stable middle class to occupy and afford it. sadly, they moved on at a bad time and well it is only recently that a new bubble papered over the lack of fundamentals. seems very similar to an earlier time.

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There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
Tickerguy
Posts: 153516
Incept: 2007-06-26
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The problem is compounded by reporting GDP in "dollars", which incidentally is DIFFERENT than the GNP previously used before GDP, and then claiming that you have a price "deflator."

I think I need to do another Ticker on that; the "deflator" is an open and outrageous fraud as employing offshore slave labor and the capital flows it generates suppresses it and thus makes "GDP" look MUCH better than it actually is.

In fact you can be, and we have been for a long time, flat-to-NEGATIVE for a long time in actual GDP! It's not reported that way due to he fact that employing slaves offshore results in the deflator being intentionally distorted, and thus alleged "GDP growth" is reported that never actually happened.

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Winding it down.
Bodhi
Posts: 471
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Georgia
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Seems the Fed wants it both ways. They continue to falsely insist that 2% inflation is the optimal level for a healthy economy, yet they don't adjust GDP for the same inflation they encourage. As you've written many times, GDP growth has been scant at best and negative at worst over the past 50 years when adjusted for inflation.
Whitehat
Posts: 549
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The People's Republic of New York
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thanks for mentioning that, looking forward to that Ticker as it is a difficult concept for most to understand.

BTW: regarding unemployment in hard times. due to our ****ed up way of reporting the unemployed and adding those who fall off the scale, we do not truly realize that there are working age men who for DECADES live with others while not working and at most do the most negligible work occasionally on the side which could never even feed them for a few days. they manage to survive as will others during a dislocation event. we really need to marry census data, demographics, residency and employment data to get a full picture of percentage employment.

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There are two ways to be rich: One is by acquiring much, and the other is by desiring little.
snow, seasons, distance and dirt roads: SSDD
"Be not deceived; God is not mocked; for whatsoever a man soweth, that shall he also reap" (Gal. 6:7)
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