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Peter Schiff: The Fed Cheats To Avoid Getting An ‘F’ On The Economy (Video)

A lot of the economic data that came out last week looked pretty good. GDP growth came in big in the first quarter. Personal income rose by a record amount in March. The mainstream spun it all as positive, raving as if the economy is earning an ‘A.’

But in his podcast, Peter Schiff argues that the only reason the economy isn’t getting an F is because the Federal Reserve is cheating on the test.

Dallas Federal Reserve President Robert Kaplan made some comments Friday that were widely viewed as somewhat hawkish. He warned about “excess imbalances” in the financial markets and warned about “historically” elevated stock prices, tight credit spreads, and surging home prices. And he said it’s time for the Fed to at least start talking about tapering bond purchases.

This was the exact opposite of what Fed Chair Jerome Powell said in his press conference after last week’s FOMC meeting.

Peter said it is probably safe to pretty much ignore what Kaplan said. But on one thing, Peter said he agrees with Kaplan – there are imbalances in the markets and in the economy more broadly.

They’re much bigger than what he’s letting on. It’s not only appropriate to start talking about shrinking the balance sheet. They should already be shrinking it. In fact, it was inappropriate to blow it up to the size that it’s already at. And they shouldn’t start raising rates in 2022. They should be raising them now. In fact, they should never have cut them this low in the first place. What they should have done is irrelevant to what they are going to do. And it doesn’t really matter what they say. The markets still haven’t grasped the idea that the Fed is in a box. Sure, it can talk about the need to taper its asset purchases. It could talk about normalizing interest rates. But that’s all it could do. Talk is cheap. Actions are expensive and they can’t afford to pay the price.”

The economy certainly can’t afford to pay that price. The US government can’t afford to pay the price.

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Ugly: White Democratic Official Uses Racial Slur Against Tim Scott

The effectiveness of Sen. Tim Scott’s GOP response to President Biden’s speech last week has been made clear by the volume of left-wing vitriol it has provoked. As we mentioned in our post last week, a nasty slur trended on Twitter in the hours following Scott’s address, and multiple white celebrities took it upon themselves to lecture Scott for not thinking the way he’s “supposed to” as a Black man. Two of these white celebrities were “The View’s” Joy Behar, and Democratic spokesperson and part-time comedian Jimmy Kimmel: 

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President Trump: ‘The Fraudulent Presidential Election of 2020 will be, From this day forth, Known as THE BIG LIE!’

President Trump dropped a bomb this morning on his Save America webpage.

President Trump wrote, “The Fraudulent Presidential Election of 2020 will be, from this day forth, know as THE BIG LIE!”

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U.S. Teacher Training Org Is Partnered With A Chinese Communist Group Promoting ‘Socialist’ Nursery Rhymes

The Erikson Institute – one of America’s premier graduate schools training teachers and influencing classroom curricula – is engaged in a “long-term cooperative relationship” with a Chinese Communist Party group overseeing the regime’s Communist Youth League and publishing books including “nursery rhymes embodying the core values of socialism” and magazines praising Xi Jinping and Karl Marx, The National Pulse can reveal.

The Erikson Institute offers academic programs and degrees for educators and social workers and notes “individuals who influence early childhood policy and create programs for children and families, including government officials, program administrators, advocates, and grant foundation officers” rely on the group’s research.

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John Kerry Financial Disclosures Show Millions in Income From Stocks, Including Oil Companies

John Kerry, special presidential envoy on climate at the State Department, has disclosed millions of dollars in income from stocks—including of oil companies—that he liquidated after he assumed office in January, according to financial disclosure forms obtained by media outlets.

Under federal ethics laws, most political appointees are required to publicly disclose their current and past financial ties for reasons of transparency and public confidence that their policy decisions are free of conflict of interest.

The State Department told Axios, which first reported on the disclosures, that the department’s Ethics Office reviewed Kerry’s assets and investments to identify ones with a significant conflict-of-interest risk, and that “Special Presidential Envoy Kerry agreed to divest the assets identified by the Ethics Office and has done so.”

Kerry also signed a pledge stating he would not take part in decisions involving his former clients and employers, Axios reported.

According to Kerry’s filings, a periodic transaction report (pdf) and a public financial disclosure report (pdf), his total investments were valued between $4.2 million and $15 million. Kerry divested from the stocks in March, about a month and a half after taking over the position of special climate envoy, the forms show.

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Texas voters make Lubbock a sanctuary city for the unborn, becomes largest city to outlaw abortion

Texans voted overwhelmingly to make Lubbock a “Sanctuary City for the Unborn” by outlawing abortion.

The ordinance makes Lubbock, which has a 2019 population of 229,943, the largest city to ban abortion in the country. Before Lubbock, thelargest city to pass a similar ordinance was Big Spring, Texas, which has an estimated population of 28,187, KWKT-TV reported. There are 22 smaller cities in Texas and two in Nebraska that passed “Sanctuary City for the Unborn” legislation. Lubbock is the only town with an active abortion clinic to pass the ordinance, according to KLBK-TV.

The Lubbock County Elections Office released the voting results for the Sanctuary City for the Unborn ordinance, which easily passed by a 62.46% to 37.54% margin, according to the Dallas Morning News.

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Stock market peak? ‘Easy money’ has been made but room for more gains, strategists say

Investors need to be more focused on finding companies that can clear a higher bar on earnings: Nuveen’s Malik

Another week of booming U.S. economic data and strong corporate earnings, including blowouts by some of the world’s largest technology companies, is in the books, yet stocks still managed only a mixed performance, feeding fears that market participants have already priced in a post-pandemic economic boom.

“The way the markets are behaving has to do with investor concerns over whether the easy money has been made,” Saira Malik, chief investment officer for Nuveen’s $420 billion global equity division, told MarketWatch in an interview.

Those concerns aren’t necessarily misplaced. “A lot of easy money has been made,” Malik said, but there is still scope for gains. Investors, however, will need to be more selective, focusing on companies and sectors more likely to top rising earnings expectations, she said.

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‘Eradicate’ white people, urges Stanford student-government candidate

On college campuses ‘it’s acceptable to be racist to white Americans’

A candidate for student government at Stanford University posted racist threats, including “white people need to be eradicated,” then apparently deleted the account when caught.

The Federalist reported the tweets by Gabby Crooks, a sophomore running for reelection.

But a few hours after the report, Twitter said the account for that person does not exist.

The Federalist said tweets by Crooks from as recently as last year were found by the Stanford College Republicans.

Stephen Sills, head of the group, told The Federalist, “Racism in any form is obscene, and there’s a moral obligation that students need to know this stuff before they vote.

Among the statements credited to Crooks:

  • “Yes I think white people need to be eradicated yes I will go feral over mediocre white men we exist.”
  • “why do white people think everything is about them??”
  • “why did I see vinnie hacker tryna fly outside my window y’’ll n-ggas let spicy white get to these crackers’ heads.”
  • “not my mom walking in on me watching a video about unlearning christian homophobia and getting mad….girl do i potentially have news for you.”
  • “not a passionate amerikkka lover in my IR class….. I thought ya’ll were joking.”
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Christian MP faces 6 years in prison for tweeting Bible verses on marriage, sexuality

A Christian member of the Finnish Parliament is facing six years imprisonment for allegedly committing three crimes, including “hate speech,” for sharing her opinion on marriage and human sexuality on social media, on television and in a pamphlet.

The country’s chief prosecutor has brought three criminal charges against Finnish Member of Parliament and former Minister of the Interior, Päivi Räsänen, according to the Austria-based Christian legal group ADF International.

The politician, who is a member of the Evangelical Lutheran Church of Finland and former chair of the Christian Democrats, has been under police investigation since June 2019 for publicly voicing her opinion on marriage and human sexuality in a 2004 pamphlet, for comments made on a 2018 TV show, and a tweet directed at her church leadership.

A medical doctor, mother of five and grandmother of six, Räsänen now faces two years in prison for each alleged crime, the group said.

“I cannot accept that voicing my religious beliefs could mean imprisonment,” said Räsänen in a statement issued by ADF International, which is representing her. “I do not consider myself guilty of threatening, slandering or insulting anyone. My statements were all based on the Bible’s teachings on marriage and sexuality.”

A Member of Parliament since 1995, Räsänen said she will “defend my right to confess my faith so that no one else would be deprived of their right to freedom of religion and speech.” 

She said she holds on to “the view that my expressions are legal and they should not be censored.”

“I will not back down from my views. I will not be intimidated into hiding my faith. The more Christians keep silent on controversial themes, the narrower the space for freedom of speech gets,” she said.

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