While Household Income Falls, Central Bankers Are Pushing for Higher Prices | Daniel Lacalle

“We have not crashed yet, let’s accelerate.”

Central banks continue to be obsessed with inflation even as household income and balance sheets continue to weaken in real terms.

Source: While Household Income Falls, Central Bankers Are Pushing for Higher Prices | Daniel Lacalle

Powell’s Case

“We are about to witness the most high stakes court battle in the history of the United States.  Yes, the outcome will determine whether Donald Trump or Joe Biden wins the presidency, but even more importantly the integrity of America’s elections is about to be put on trial.  If fraud can be proven, extremely expensive voting machines will have to be destroyed all over the nation and the way that we run our elections will need to be completely reconfigured.  But if fraud is not proven, our elections will continue to be run the same way and nobody will ever dare challenge them again.  Literally, this is the moment when we determine if there will be fair elections in the United States for the foreseeable future.”

Available at: https://endoftheamericandream.com//archives/12-quotes-from-attorney-sidney-powell-that-show-why-trumps-lawyers-are-absolutely-convinced-he-will-win-the-election

Retail Results

October retail is for the sixth month in a row, but just barely.

Retail sales up a seasonally adjusted 0.3% MoM v.0.5% expectations, and short the 1.6% gain in September.

The losers include grocery-store sales (down 0.4%), bar and restaurant receipts (down 0.1%), and both sporting goods and clothing sales (down 4.2%).

MoM winners include non-store retailers averaging 3.1%.

Yawn.

https://www.wsj.com/articles/us-economy-october-retail-sales-coronavirus-recovery-11605561529?mod=hp_lead_pos1

Red Ponzi Defaults

Like Red Ponzi issues? Like cliff diving? Catching falling knives?

As WSJ reported in their story, it’s been a lot of “unwelcome surprises” for those who believe Red Ponzi financial statements (too funny – there are such people).

Sort of like those who believe there is no voter fraud.

Yongcheng Coal & Electricity Holding Group Co. defaulted last Tuesday by failing to repay a maturing short-term bond worth 1 billion yuan, or the equivalent of $151 million.

That’s a “state-owned” coal mining company a triple-A credit rating by China Chengxin International Credit Rating, a major rating agency in China. Then again, in the Red Ponzi these top grades are far more common.

Then there wasHuachen Automotive Group Holdings Co. failed to repay another 1-billion-yuan bond. Huachen Automotive is the parent company of Brilliance China Automotive Holdings Ltd. , BMW AG’s joint-venture partner in China. Its last financial report showed cash holdings equivalent to $7.6 billion.

Time and money certainly “flies.”

As for the “good news/bad news” joke in all these things,

Fitch says the number of defaults by China’s state-run firms is expected to rise marginally next year as the central bank has shifted toward a more neutral policy stance amid an economic recovery.

https://www.zerohedge.com/markets/chinas-bond-market-turmoil-worsens-more-state-owned-companies-default

“Don’t be evil” (unless you’re Google)

“Apparently, Google does not deem it unethical to fire an employee for expressing the research-based view that differences between the sexes/genders may include occupational proclivities. Google must not consider it unethical to blacklist conservative or otherwise nonleftist news sites, websites, and users. Google must believe that autocompleting searches with patent nonsense represents the highest ethical standards. Google maintains that factual search results representing the world as it is amounts to “algorithmic unfairness” and changing them to desired results using “Machine Learning Fairness” is highly ethical. That is, nonideological, nonaltered search results represent unfairness, while fairness is the result of informational affirmative action results manipulation—in some cases. Algorithmically ranking search results in favor of leftist or left-leaning politics and down-ranking conservative or right-wing sites is most ethical. It must consider rating the “Expertise/Authoritativeness/Trustworthiness” of websites using Wikipedia as meeting the highest ethical standards.”

https://mises.org/wire/google-election

Banana Republic News Update: “We’ve identified mathematically the exact algorithm they’ve used—and planned to use from the beginning” that allegedly switched votes to Biden”

“We’re getting ready to overturn election results in multiple states,” Powell said on Fox Business, adding that she has enough evidence of election fraud to launch a widespread criminal investigation.  “I don’t make comments without having the evidence to back it up.”

It’s on like Donkey Kong.

Trump Lawyer Sidney Powell: ‘We’re Getting Ready to Overturn Election Results in Multiple States’ https://link.theepochtimes.com/mkt_app/trump-lawyer-sidney-powell-were-getting-ready-to-overturn-election-results-in-multiple-states_3579599.html

Commercial Loan Demand Crash

Last quarter, we saw collapsing consumer loan supply, tighter loan conditions, and consumer demand falling to record low levels.

That was then.

This is now. the latest round of bank earnings saw a collapse in loan loss provisions across the US banking sector, which miraculously plunged from near all time highs back to pre-covid levels in the span of just a few weeks.

True in C&I and real estate.

Despite that “open for business” attitude in the banking sector, not many takers.

For most Americans, the economic environment is depressing with C&I loan demand now at levels last seen just around the Lehman crisis.

With consumption-funding loans facing covid closures, what can one expect for the broader economy?

https://www.zerohedge.com/markets/commercial-loan-demand-plunges-new-post-lehman-low-even-lending-standards-ease

Deja vu

New York Times, February 19, 1994

“Saying Philadelphia’s election system had collapsed under “a massive scheme” by Democrats to steal a State Senate election in November, a Federal judge today took the rare step of invalidating the vote and ordered the seat filled by the Republican candidate.

“In many instances, according to Republicans who testified during a four-day civil trial last week, Democratic campaign workers forged absentee ballots. On many of the ballots, they used the names of people who were living in Puerto Rico or serving time in prison, and in one case, the voter had been dead for some time.

“‘Substantial evidence was presented establishing massive absentee ballot fraud, deception, intimidation, harassment and forgery,’ Judge Newcomer wrote in a decision made public today.

“The district, which includes white, black and Hispanic neighborhoods, is overwhelmingly Democratic by registration. Nonetheless, campaign workers testified that widespread voter apathy had prompted them to promote a ‘new way to vote’ to insure a victory.

“Indeed, the two Democrats on the three-member board of elections, an elected body, testified that they were aware of the voter fraud, had intentionally failed to enforce the election law and had later tried to conceal their activities by hurriedly certifying the Democratic candidate as the winner.

“Judge Newcomer ordered that Mr. Stinson, a 49-year-old former assistant deputy mayor of Philadelphia, be removed from his State Senate office and that Mr. Marks, a 36-year-old lawyer and former aide to United States Senator Arlen Specter, be certified the winner within 72 hours.

“‘This is extraordinary relief,’ Judge Newcomer wrote. “However, it is appropriate because extraordinary conduct by the Stinson campaign and the board tainted the entirety of the absentee ballots.”

“… some election experts noted today that there have been many larger cases of voter fraud in Chicago and Louisiana in the 1970’s and Alabama in the 1980’s.

“The case involving the Philadelphia seat, however, may be the largest example involving fraudulent absentee ballots

https://www.zerohedge.com/political/nytimes-exposed-massive-scheme-democrats-pennslyvanias-election-system-1994

Georgia On My Mind

“In an Oct. 11 order, just weeks prior to the presidential election, U.S. District Judge Amy Totenberg agreed with the concerns associated with the new Dominion voting system, writing that the case presented “serious system security vulnerability and operational issues that may place Plaintiffs and other voters at risk of deprivation of their fundamental right to cast an effective vote that is accurately counted.”

Pre-Election Concerns Over Dominion Voting Systems Highlighted in Georgia Lawsuit https://link.theepochtimes.com/mkt_app/pre-election-concerns-over-dominion-voting-systems-highlighted-in-georgia-lawsuit_3576863.html