Janet Yellen: Deep State hack

[Bill Bonner’s Diary]( Janet Yellen: Deep State Hack By Bill Bonner Tuesday, October 12, 2021 [Bill Bonner] BALTIMORE, MARYLAND – Predictably… Ms. Janet Yellen was at the top of the news cycle yesterday. Portrayed in the media as the “voice of reason”… she is doing the same job as Secretary of the Treasury as she once did as head of the Federal Reserve. Ms. Yellen has spent her whole career in academia or government. She has no direct experience with a real economy… or the banking industry… or Wall Street. She never met a payroll. And never had to satisfy a customer. Widely regarded as “one of the most influential women in the world,” she is using her influence, as she always has… shilling for the Deep State elite. Business Insider reports: Treasury Secretary Yellen says she wants to get rid of the debt ceiling as McConnell threatens another default standoff in 2 months “I will not be a party to any future effort to mitigate the consequences of Democratic mismanagement,” he wrote to Biden. The US just barely avoided breaching the debt ceiling and defaulting on the national debt in October, and two of the main players are sounding different tunes on the future. Republicans are already firing warning shots about another fight coming in just two months, while some Democrats are eyeing ways to defuse the GOP’s increasing use of the debt ceiling as a political grenade. Treasury Secretary Janet Yellen reaffirmed her support of getting rid of the debt ceiling on Sunday, only days after Senate Minority Leader Mitch McConnell insisted that Senate Republicans will have another debt-ceiling fight in December. His efforts to derail President Joe Biden’s domestic agenda could risk a first-ever default on the national debt. Recommended Link [The Truth About Bitcoin [New Bug]]( [image]( If you’re a Bitcoin owner sitting on big gains… Or if you still haven’t bought any yet… This may be the most important message you read this year. Because while everyone obsesses over the latest price of Bitcoin… A new bug has emerged behind the scenes in the Bitcoin network and has nothing to do with Bitcoin’s volatility. It runs far deeper and it’s infinitely more dangerous... This new Bitcoin Bug has been discovered by the legendary research firm that predicted cryptocurrency 12 years BEFORE Bitcoin was even created! And now, one of their chief analysts, Dave Forest, has given a full talk on this new bug that could soon stop the growth of Bitcoin dead in its tracks. [Click here to watch the full talk.]( -- Remove the Debt Ceiling In the absence of real money, the feds no longer have to ask the voters… or lenders… for more money; they can “print” as much fake money as they want. And the dead horse we’ve been beating here in the Diary is simply that both parties are in on this scam. Both gain from the printing-press money. Neither really wants it to stop. [Featured: Are you ready for Congress’ “Wealth Transfer Act”?]( Now, with debts soaring – the official estimate calls for $13 trillion of new federal debt over the next 10 years; it will surely be much more than that – the last thing the elite wants is something that could get in the way of more debt – a debt ceiling. That is why Ms. Yellen, with the approval of almost the entire Elite Establishment, wants to do away with it. Recommended Link [This 12-Year Old “Karate Kid” Just Made $350,000]( [image]( Our #1 tech forecaster Jeff Brown has a very controversial opinion: [NFTs are here to stay — and investors who act early could strike it rich.]( This new technology is moving so fast that even beginner investors are getting rich in record time... CNBC and Fortune broke a story of a 12-year old coder who just made $350,000. All by selling NFT “art” he created. But Brown cautions investors against betting the farm on NFT art. Instead, he discovered a way to play the craze Entrepreneur magazine calls: “The NFT Gold Rush.” [Click here to watch the explosive interview.]( -- Preemptive Measures The trouble with printing-press money is that it distorts and destroys the real economy. As the amount of “money” goes up, actual wealth – goods and services, measured by GDP growth – goes down. Since 2000, the Fed has increased its core (money supply) holdings by more than 20 times. But GDP growth has been cut in half. From 1950-1999, real GDP growth averaged 3.6% per year. From 2000-2020, it has averaged 1.8%. The new money shows up first in higher stock and bond prices (because the Fed buys bonds in order to push down interest rates… and finance the government’s excess spending). Later, it shows up in consumer prices. And by the look of things, “later” is coming soon. Here’s The Wall Street Journal: Oil Jumps Above $80, Turbocharged by Supply Shortages The extended climb in oil prices is leaving some other industrial commodities behind, a divergence that reflects bets that energy supply shortages will offset any slowdown in the global economy. U.S. crude rose 1.5% to $80.52 a barrel on Monday, closing above $80 for the first time since late in 2014 and bringing its climb since the end of last October to 125%. Goldman Sachs is planning for $90-per-barrel oil by the end of the year. And Ms. Yellen is looking ahead. As consumer prices rise, consumers are going to get restless. And they’re going to put pressure on their representatives to “stop the steal” of their money, via inflation. At some point, when another debt ceiling hike is needed… they might even balk. Better to get rid of the debt ceiling threat now. [Featured: The End of the NASDAQ…]( No Escape Ms. Yellen is also pushing a “global minimum” tax rate for corporations. The U.S. rate is currently 21%. Ireland, meanwhile, has a 12.5% rate. In Ms. Yellen’s eyes, the Irish are getting away with something. Here’s Bloomberg: Yellen Confident Global Tax Deal Will See Passage in Congress U.S. Treasury Secretary Janet Yellen expressed confidence Sunday that Congress will agree to a global minimum tax deal reached by 136 countries. Ireland has become the second-richest nation in Europe (based on GDP per capita), thanks largely to two things: its low corporate tax rate and its membership of the European Union. What exactly are the Irish getting away with by not taxing corporate profits heavily? In the USA itself, states compete with each other to lure voters and industries. Based on U-Haul data, people in the U.S. are moving from the high-tax, high-cost “Blue” states to the more relaxed, lower-tax “Red” states. It’s harder for people to move from country to country, but there is no doubt that many of the fastest-growing, most profitable businesses in the world set themselves up in Ireland to take advantage of the lower corporate tax rate. Recommended Link [URGENT ‘ALL-IN’ ALERT!]( [image]( Teeka Tiwari has NEVER been so convinced of an investment potential before… NOT when he recommended Bitcoin back in 2016… NOT when he profiled Amazon at $77… And NOT when he said “Buy” when Ethereum was trading for $9. If you’ve been sitting on the fence waiting around for the next breakthrough technology that could turn a small stake into a meaningful payday… [This. Is. It.]( Don’t sit. Don’t wait. Don’t dilly dally. Every day, adoption grows. Every day, the profit potential diminishes. [Jump on this now.]( -- Cut Off Their Feet As long as governments – state and national – have to compete with each other, politicians can’t raise taxes too much, or make themselves too disagreeable. People will “vote with their feet”… and leave. What Ms. Yellen is looking for – both in eliminating the debt ceiling… and equalizing tax rates – is to cut off their feet. The two measures will make it easier for the elite to tax, spend, and print… while leaving the public to crawl on its knees, looking for a way out. Where does this lead? Tune in tomorrow… Regards, [signature] Bill --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Janet Yellen: Deep State hack). --------------------------------------------------------------- FEATURED READS [Rising Energy Prices in the U.S. Cause Inflation Concern]( oil has risen over 64% this year to a seven-year high, topping $82 per barrel on Monday. Economists say that higher energy prices could push up inflation in coming months, hurt consumer spending on other products and services, and ultimately slow the U.S. recovery… [Both China and India Face Major Coal Shortages]( of India’s coal-fired power plants have critically low levels of coal inventory at a time when the economy is picking up, fueling electricity demand. The Prime Minister warns that the energy supply crunch could last as long as six months… MAILBAG More praise for [Bill’s “Father of the Bride” speech]( and advice for the newly wedded couple… What does a marriage need? Joy, love, luck… You can add: humor, and a common purpose in life, and finally, patience! Thanks for the wonderful read and great pictures. – Charles T. What “else” marriages need is, in my opinion, an outside standard to which an individual can hold HIMSELF accountable. And if that self is too vested in self rather than in another, then he/she will find willing helpers in others – especially if the couple’s community is like-minded. – Andy R. What a delightful toast Bill gave to the happy couple! Thank you, Elizabeth, for not “pulling the plug,” though I’m sure you stood at the ready in case Bill slipped into a rant about our dire financial and economic predicament! Other than joy, love, and luck, what I would add is, they will need a strong sense of commitment to each other and to true values that will make life tolerable and worth living! Bill has a unique ability to paint a true picture of our times with the most delightful, accurate, and amusing style of writing seldom exhibited today. I feel privileged to read his daily missives. Best wishes to the happy couple and cheers, Bill! Well done! – V.Z. Reading your book a second time. You are one-of-a-kind. Please publish it for people to see. It’s timely, wise, and erudite. Nothing like it out there. – Anita M. What have you learned from Bill’s latest book, Win-Win or Lose? What are your thoughts on eliminating the debt ceiling? Write us at [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Janet Yellen: Deep State hack). IN CASE YOU MISSED IT… [Ordinary vs. Extraordinary — Ordinary wins over time]( Master trader Jeff Clark has found a way to take a seemingly ordinary stock and use it to potentially generate thousands – or even tens of thousands of dollars – EVERY MONTH without doing anything crazy or complicated. 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