Sunday, August 14, 2022

“Revolution Has Begun”: 75,000 Brits To Stop Paying Power Bills Amid Inflation Storm

from ZeroHedge:

The resistance is growing as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again.

“75,000 people have pledged to strike on October 1st! If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all,” tweeted “Don’t Pay UK,” an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1.

GoldSeek Radio Nugget — Peter Schiff:



I’m Calling BS on the Second Straight Amazing Jobs Report, Understanding Why

by Mish Shedlock, Mish Talk:

The economy added a much higher than expected 528,000. This follows a much higher than expected 372,000 jobs in June. But the discrepancy between jobs and employment is amazing.

BLS Jobs Statistics at a Glance

Total nonfarm payroll employment rose by 528,000 in June, and the unemployment rate dipped 0.1 percentage points to 3.5 percent, the U.S. Bureau of Labor Statistics reported today.

What Recession? GOLD & SILVER Prices GET HAMMERED On Report Indicating Ultra-Super Duper Job Gains In July

from Silver Doctors:

BOOM(ing economy…)

(by Half Dollar) The Employment Situation Report, commonly called the Jobs Report, has just been released for the month of July, 2022.

Recall that the Bureau of Lying Sadists Labor Statistics has been performing a Jobs Report “do-over” for the last three or four months.

Today, however, Team US Recession Narrative just got dunked on by Team Booming Economy Narrative.

Has a bottom has been found?

by Alasdair Macleod, GoldMoney:

Gold and silver consolidated their new uptrends, with gold moving ahead while silver moved sideways. In European markets this morning gold was at $1787, up $22 on the week, and silver at $20.10, down 20 cents. Comex trade in the gold contract was light, while in silver it was slightly better.

How confident can we be that gold, and therefore silver, has found a bottom? The next chart shows the technical position.

Turkish Central Bank Sends Gold To London. In Need for FX?

by Jan Nieuwenhuijs, Gainesville Coins:

After having repatriated 104 tonnes from the Bank of England (BOE) in 2018, the Central Bank of Turkey (CBRT) has been sending gold back to London in 2020 and 2021. Amid economic turmoil that’s weakening the Turkish lira, CBRT is likely using its gold at BOE as collateral for foreign exchange (FX) loans. Turkey’s situation is reminiscent of Venezuela several years ago.

How the Hell Can the Fed Find Neutral When It Doesn’t Know What Inflation Is?

by Mish Shedlock, Mish Talk:

The Fed wants to set interest rates at a neutral spot defined as the rate that is neither expansionary nor contractionary. The Fed is certain to fail.

The Lockdowns Kicked Off this Depression

by Jeffrey Tucker, Brownstone Institute:

If you were on vacation last week, good for you. You missed one of Congress’s greatest-ever scams. They just approved some $750 billion (do these numbers even mean anything anymore?) to “transition” us from fossil fuels and coal over to reliance on the wind and sun, and also to subsidize a bunch of chip manufacturers because American companies screwed up their inventory control two years ago.

Bank credit — friend or foe?

by Alasdair Macleod, GoldMoney:

Advocates of sound money place much of the blame for inflation on bank credit. Do away with the creation of bank credit, they say, and the destructive cycle of boom and bust will be cured. But is this solution practical, and is it the real inflation problem?

It may be an inconvenient fact, but commodity prices prove to be far more volatile under a fiat currency regime than they ever where under sound money and fluctuations in bank credit.

Something Snaps In The Job Market: Multiple Jobholders Hit All Time High As Unexplained 1.8 Million Jobs Gap Emerges

from ZeroHedge:

Something very odd emerges for the second month in a row when looking at the July payrolls report.

Recall last month we showed that a stark divergence had opened between the Household and Establishment surveys that make up the monthly jobs report, and since March the former was sliding while the latter was rising every single month. In addition to that, full-time jobs were plunging while multiple jobholders soared near all time highs.

Guess what: at a time when the Biden admin is now being accused of fabricating energy numbers to push oil prices lower, the jarring divergences and inconsistencies in the jobs report just hit escape velocity.